NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-3.80%
Alphabet, Inc., Class A(b)
  163   $    28,117
Alphabet, Inc., Class C(b)
  136        23,659
AT&T, Inc.
  2,812        51,235
Comcast Corp., Class A
  1,152        46,114
Interpublic Group of Cos., Inc. (The)
  1,511        47,400
News Corp., Class A(c)
  1,474        40,078
News Corp., Class B
  444        12,379
Paramount Global, Class B
  3,732        44,448
Walt Disney Co. (The)
  412       42,811
        336,241
Consumer Discretionary-11.68%
Aptiv PLC(b)
  666        55,451
Best Buy Co., Inc.
  609        51,655
Carnival Corp.(b)
  3,288        49,583
D.R. Horton, Inc.
  326        48,183
Deckers Outdoor Corp.(b)
  58        63,447
eBay, Inc.
  920        49,882
Etsy, Inc.(b)(c)
  694        44,048
General Motors Co.
  1,094        49,219
Hasbro, Inc.
  839        50,156
Hilton Worldwide Holdings, Inc.
  239        47,943
Home Depot, Inc. (The)
  138        46,212
Lowe’s Cos., Inc.
  202        44,701
Marriott International, Inc., Class A
  197        45,541
NIKE, Inc., Class B
  490        46,575
Norwegian Cruise Line Holdings Ltd.(b)
  2,538        42,131
Ralph Lauren Corp.
  293        54,756
Royal Caribbean Cruises Ltd.(b)
  359        53,017
Starbucks Corp.
  529        42,436
TJX Cos., Inc. (The)
  498        51,344
Tractor Supply Co.
  184        52,493
Yum! Brands, Inc.(c)
  335       46,039
        1,034,812
Consumer Staples-7.79%
Archer-Daniels-Midland Co.
  740        46,206
Campbell Soup Co.(c)
  1,049        46,555
Colgate-Palmolive Co.
  532        49,455
Estee Lauder Cos., Inc. (The), Class A
  321        39,599
General Mills, Inc.
  658        45,237
Hershey Co. (The)
  251        49,655
Kellanova
  808        48,755
Kraft Heinz Co. (The)
  1,229        43,470
McCormick & Co., Inc.(c)
  627        45,282
Mondelez International, Inc., Class A(c)
  680        46,600
PepsiCo, Inc.
  266        45,991
Procter & Gamble Co. (The)(c)
  293        48,210
Target Corp.
  276        43,100
Walgreens Boots Alliance, Inc.
  2,545        41,280
Walmart, Inc.
  779       51,227
        690,622
Financials-15.76%
Aflac, Inc.(c)
  557        50,058
Allstate Corp. (The)
  268        44,895
American International Group, Inc.
  624        49,184
Assurant, Inc.
  267        46,316
Bank of America Corp.
  1,254        50,147
Bank of New York Mellon Corp. (The)
  825        49,178
Cboe Global Markets, Inc.
  256        44,285
Citigroup, Inc.
  784       48,851
  Shares   Value
Financials-(continued)
Fidelity National Information Services, Inc.
  655   $    49,701
Fifth Third Bancorp
  1,281        47,935
Globe Life, Inc.
  696        57,601
Hartford Financial Services Group, Inc. (The)
  468        48,415
Huntington Bancshares, Inc.
  3,496        48,664
Intercontinental Exchange, Inc.
  353        47,267
M&T Bank Corp.
  323        48,967
Mastercard, Inc., Class A
  102        45,601
MetLife, Inc.
  652        47,185
Moody’s Corp.
  124        49,227
Morgan Stanley
  511        49,996
MSCI, Inc.
  91        45,061
Nasdaq, Inc.
  768        45,335
Northern Trust Corp.
  569        47,933
PayPal Holdings, Inc.(b)
  744        46,865
Principal Financial Group, Inc.
  576        47,255
Prudential Financial, Inc.
  419        50,427
Regions Financial Corp.
  2,456        47,524
S&P Global, Inc.
  112        47,881
State Street Corp.
  632        47,773
Visa, Inc., Class A(c)
  172       46,863
        1,396,390
Health Care-13.53%
Abbott Laboratories
  432        44,146
AbbVie, Inc.(c)
  279        44,986
Agilent Technologies, Inc.
  349        45,513
Amgen, Inc.
  173        52,912
Baxter International, Inc.
  1,176        40,090
Becton, Dickinson and Co.
  198        45,930
Biogen, Inc.(b)
  239        53,761
Boston Scientific Corp.(b)
  688        51,992
Centene Corp.(b)
  617        44,171
Cigna Group (The)
  132        45,490
CVS Health Corp.
  664        39,574
Danaher Corp.
  197        50,590
DaVita, Inc.(b)
  363        53,405
Edwards Lifesciences Corp.(b)
  539        46,834
Elevance Health, Inc.
  87        46,848
Gilead Sciences, Inc.
  694        44,603
Humana, Inc.
  141        50,495
Illumina, Inc.(b)
  395        41,191
Medtronic PLC(c)
  583        47,439
Merck & Co., Inc.
  370        46,450
Moderna, Inc.(b)(c)
  457        65,145
Quest Diagnostics, Inc.
  361        51,251
Regeneron Pharmaceuticals, Inc.(b)
  52        50,968
UnitedHealth Group, Inc.(c)
  93        46,069
Waters Corp.(b)(c)
  157       48,497
        1,198,350
Industrials-16.42%
American Airlines Group, Inc.(b)
  3,290        37,835
Automatic Data Processing, Inc.
  191        46,780
C.H. Robinson Worldwide, Inc.
  651        56,227
Carrier Global Corp.
  866        54,723
Caterpillar, Inc.
  131        44,346
CSX Corp.
  1,352        45,630
Cummins, Inc.
  161        45,359
Dayforce, Inc.(b)(c)
  789        39,024
Deere & Co.(c)
  116        43,472
Dover Corp.
  273        50,183
Emerson Electric Co.
  427       47,892
See accompanying notes which are an integral part of this schedule.
Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Industrials-(continued)
Hubbell, Inc.
  119   $    46,278
Illinois Tool Works, Inc.(c)
  185        44,909
Ingersoll Rand, Inc.(c)
  524        48,758
J.B. Hunt Transport Services, Inc.
  277        44,528
Johnson Controls International PLC
  728        52,350
Norfolk Southern Corp.
  192        43,162
Otis Worldwide Corp.
  487        48,310
PACCAR, Inc.
  417        44,827
Pentair PLC
  590        48,014
Republic Services, Inc.
  244        45,186
Robert Half, Inc.
  660        42,392
Rockwell Automation, Inc.
  172        44,295
Stanley Black & Decker, Inc.
  519        45,241
Trane Technologies PLC
  161        52,721
Union Pacific Corp.
  200        46,564
United Rentals, Inc.
  74        49,536
Verisk Analytics, Inc.
  209        52,831
W.W. Grainger, Inc.
  49        45,152
Waste Management, Inc.
  224        47,204
Xylem, Inc.
  363       51,190
        1,454,919
Information Technology-14.42%
Accenture PLC, Class A
  146        41,214
Adobe, Inc.(b)
  100        44,476
Akamai Technologies, Inc.(b)
  457        42,154
Apple, Inc.
  281        54,022
Applied Materials, Inc.
  244        52,480
Autodesk, Inc.(b)
  214        43,142
Cisco Systems, Inc.
  961        44,686
Cognizant Technology Solutions Corp., Class A
  687        45,445
Hewlett Packard Enterprise Co.
  2,765        48,802
HP, Inc.
  1,670        60,955
Intel Corp.
  1,358        41,894
International Business Machines Corp.
  255        42,547
Juniper Networks, Inc.
  1,288        45,943
Keysight Technologies, Inc.(b)
  320        44,314
KLA Corp.
  74        56,205
Lam Research Corp.
  53        49,419
Micron Technology, Inc.
  434        54,250
Microsoft Corp.
  116        48,155
NVIDIA Corp.
  61        66,876
ON Semiconductor Corp.(b)
  765        55,876
Palo Alto Networks, Inc.(b)
  167        49,250
QUALCOMM, Inc.
  294        59,991
Salesforce, Inc.
  172        40,324
ServiceNow, Inc.(b)
  65        42,700
TE Connectivity Ltd.
  330        49,401
Western Digital Corp.(b)
  702       52,854
        1,277,375
Materials-6.02%
Air Products and Chemicals, Inc.(c)
  200        53,340
Albemarle Corp.(c)
  413        50,630
Ball Corp.
  714        49,573
Dow, Inc.
  818        47,141
Ecolab, Inc.
  213        49,459
Freeport-McMoRan, Inc.(c)
  936        49,355
Linde PLC
  104       45,294
  Shares   Value
Materials-(continued)
LyondellBasell Industries N.V., Class A
  460   $    45,733
Mosaic Co. (The)
  1,498        46,333
Newmont Corp.
  1,190        49,909
PPG Industries, Inc.
  354       46,519
        533,286
Real Estate-7.13%
Alexandria Real Estate Equities, Inc.(c)
  401        47,719
Boston Properties, Inc.
  770        46,716
CBRE Group, Inc., Class A(b)
  546        48,086
Digital Realty Trust, Inc.
  339        49,270
Equinix, Inc.
  62        47,305
Federal Realty Investment Trust
  465        46,942
Healthpeak Properties, Inc.(c)
  2,582        51,382
Host Hotels & Resorts, Inc.(c)
  2,481        44,509
Kimco Realty Corp.
  2,551        49,387
Prologis, Inc.
  448        49,500
Ventas, Inc.
  1,075        54,030
Welltower, Inc.(c)
  509        52,768
Weyerhaeuser Co.
  1,475       44,294
        631,908
Utilities-3.31%
American Water Works Co., Inc.
  391        51,131
Consolidated Edison, Inc.
  505        47,748
Edison International
  663        50,952
Eversource Energy
  778        46,081
Exelon Corp.
  1,237        46,449
Sempra(c)
  661       50,917
        293,278
Total Common Stocks & Other Equity Interests

(Cost $8,313,869)
  8,847,181
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)

(Cost $1,085)
  1,085        1,085
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.87%

(Cost $8,314,954)
  8,848,266
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.38%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  284,553       284,553
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  811,565      811,808
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,096,366)
  1,096,361
TOTAL INVESTMENTS IN SECURITIES-112.25%

(Cost $9,411,320)
  9,944,627
OTHER ASSETS LESS LIABILITIES-(12.25)%
  (1,084,973)
NET ASSETS-100.00%
  $8,859,654
 
See accompanying notes which are an integral part of this schedule.
Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
May 31, 2024
(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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Invesco Ltd. $60,719   $13,797   $(66,435)   $12,444   $(20,525)   $-   $1,224
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   153,687   (152,602)   -   -   1,085   129
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 217,712   2,722,138   (2,655,297)   -   -   284,553   6,340*
Invesco Private Prime Fund 704,912   5,696,521   (5,589,784)   (5)   164   811,808   17,075*
Total $983,343   $8,586,143   $(8,464,118)   $12,439   $(20,361)   $1,097,446   $24,768
    
* 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 May 31, 2024.
(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 MSCI USA ETF (PBUS)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-9.23%
Alphabet, Inc., Class A(b)
  587,322   $  101,313,045
Alphabet, Inc., Class C(b)
  508,677       88,489,451
AT&T, Inc.
  712,036       12,973,296
Charter Communications, Inc., Class A(b)
  9,354        2,685,720
Comcast Corp., Class A
  395,018       15,812,571
Electronic Arts, Inc.
  25,384        3,373,026
Fox Corp., Class A(c)
  24,741          851,833
Fox Corp., Class B
  13,980          446,521
Interpublic Group of Cos., Inc. (The)
  38,085        1,194,726
Liberty Media Corp.-Liberty Formula One(b)(c)
  19,750        1,464,265
Live Nation Entertainment, Inc.(b)
  16,008        1,500,590
Match Group, Inc.(b)
  27,005          827,163
Meta Platforms, Inc., Class A
  218,379      101,945,869
Netflix, Inc.(b)
  43,152       27,687,186
News Corp., Class A
  37,686        1,024,682
Omnicom Group, Inc.
  19,658        1,827,408
Paramount Global, Class B
  53,018          631,444
Pinterest, Inc., Class A(b)
  59,321        2,461,228
Roblox Corp., Class A(b)(c)
  47,136        1,584,712
Roku, Inc., Class A(b)(c)
  12,444          714,286
Snap, Inc., Class A(b)(c)
  103,956        1,561,419
Take-Two Interactive Software, Inc.(b)(c)
  16,166        2,592,380
T-Mobile US, Inc.
  53,230        9,313,121
Trade Desk, Inc. (The), Class A(b)
  44,433        4,122,494
Verizon Communications, Inc.
  419,100       17,245,965
Walt Disney Co. (The)
  182,910       19,006,178
Warner Bros. Discovery, Inc.(b)
  229,366       1,889,976
        424,540,555
Consumer Discretionary-9.86%
Airbnb, Inc., Class A(b)
  44,050        6,384,166
Amazon.com, Inc.(b)
  933,104      164,636,870
Aptiv PLC(b)
  27,176        2,262,674
AutoZone, Inc.(b)
  1,724        4,775,377
Bath & Body Works, Inc.
  21,222        1,102,271
Best Buy Co., Inc.
  19,096        1,619,723
Booking Holdings, Inc.
  3,406       12,862,248
Burlington Stores, Inc.(b)
  6,407        1,538,000
Caesars Entertainment, Inc.(b)
  21,050          748,538
CarMax, Inc.(b)(c)
  15,546        1,092,262
Carnival Corp.(b)
  99,911        1,506,658
Chipotle Mexican Grill, Inc.(b)
  2,752        8,612,439
D.R. Horton, Inc.
  29,837        4,409,909
Darden Restaurants, Inc.
  11,921        1,792,799
Deckers Outdoor Corp.(b)
  2,550        2,789,496
Dick’s Sporting Goods, Inc.
  5,777        1,315,076
Domino’s Pizza, Inc.
  3,451        1,755,110
DoorDash, Inc., Class A(b)
  28,162        3,100,918
DraftKings, Inc., Class A(b)
  42,667        1,498,892
eBay, Inc.
  51,667        2,801,385
Etsy, Inc.(b)
  12,019          762,846
Expedia Group, Inc.(b)
  13,266        1,497,201
Ford Motor Co.
  391,518        4,749,113
Garmin Ltd.
  15,257        2,499,859
General Motors Co.
  115,056        5,176,369
Genuine Parts Co.
  13,867        1,998,789
Hilton Worldwide Holdings, Inc.
  25,051        5,025,231
Home Depot, Inc. (The)
  98,769       33,074,775
Hyatt Hotels Corp., Class A(c)
  4,447          655,799
Las Vegas Sands Corp.
  37,484        1,687,905
Lennar Corp., Class A
  24,421       3,915,907
  Shares   Value
Consumer Discretionary-(continued)
LKQ Corp.
  26,671   $    1,147,653
Lowe’s Cos., Inc.
  57,026       12,619,284
lululemon athletica, inc.(b)
  11,465        3,576,965
Marriott International, Inc., Class A
  24,524        5,669,213
McDonald’s Corp.
  71,858       18,603,318
MercadoLibre, Inc. (Brazil)(b)
  4,561        7,870,370
MGM Resorts International(b)
  23,696          951,868
NIKE, Inc., Class B
  120,739       11,476,242
NVR, Inc.(b)
  319        2,450,153
O’Reilly Automotive, Inc.(b)
  5,877        5,661,079
Pool Corp.
  3,831        1,392,760
PulteGroup, Inc.
  21,433        2,514,520
Rivian Automotive, Inc., Class A(b)(c)
  72,478          791,460
Ross Stores, Inc.
  33,503        4,682,379
Royal Caribbean Cruises Ltd.(b)
  24,300        3,588,624
Starbucks Corp.
  112,788        9,047,853
Tesla, Inc.(b)
  285,669       50,871,935
TJX Cos., Inc. (The)
  112,917       11,641,743
Tractor Supply Co.
  10,773        3,073,429
Ulta Beauty, Inc.(b)
  4,852        1,916,977
Williams-Sonoma, Inc.(c)
  6,056        1,775,740
Wynn Resorts Ltd.
  10,208          968,535
Yum! Brands, Inc.
  27,909       3,835,534
        453,776,239
Consumer Staples-5.87%
Albertson’s Cos., Inc., Class A
  34,265          707,230
Altria Group, Inc.
  171,186        7,917,352
Archer-Daniels-Midland Co.
  50,008        3,122,499
Brown-Forman Corp., Class B(c)
  18,144          832,084
Bunge Global S.A.
  14,445        1,554,138
Campbell Soup Co.
  19,118          848,457
Celsius Holdings, Inc.(b)(c)
  15,099        1,207,618
Church & Dwight Co., Inc.
  24,368        2,607,620
Clorox Co. (The)
  12,369        1,627,266
Coca-Cola Co. (The)
  408,188       25,687,271
Colgate-Palmolive Co.
  77,821        7,234,240
Conagra Brands, Inc.
  47,469        1,418,374
Constellation Brands, Inc., Class A
  16,367        4,095,514
Costco Wholesale Corp.
  44,228       35,819,815
Dollar General Corp.
  21,867        2,993,811
Dollar Tree, Inc.(b)
  20,520        2,420,334
Estee Lauder Cos., Inc. (The), Class A
  23,052        2,843,695
General Mills, Inc.
  56,552        3,887,950
Hershey Co. (The)
  14,936        2,954,789
Hormel Foods Corp.
  29,915          926,767
J.M. Smucker Co. (The)
  10,502        1,172,443
Kellanova
  27,258        1,644,748
Kenvue, Inc.
  190,815        3,682,729
Keurig Dr Pepper, Inc.
  108,264        3,708,042
Kimberly-Clark Corp.
  33,600        4,478,880
Kraft Heinz Co. (The)
  90,677        3,207,245
Kroger Co. (The)
  68,225        3,572,943
Lamb Weston Holdings, Inc.
  14,301        1,262,635
McCormick & Co., Inc.
  25,028        1,807,522
Molson Coors Beverage Co., Class B
  18,669        1,023,248
Mondelez International, Inc., Class A
  134,196        9,196,452
Monster Beverage Corp.(b)(c)
  77,693        4,033,821
PepsiCo, Inc.
  136,981       23,684,015
Philip Morris International, Inc.
  154,806       15,694,232
Procter & Gamble Co. (The)
  234,512       38,586,604
Sysco Corp.
  50,044        3,644,204
Target Corp.
  45,992       7,182,111
See accompanying notes which are an integral part of this schedule.
Invesco MSCI USA ETF (PBUS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Tyson Foods, Inc., Class A
  28,519   $    1,632,713
Walgreens Boots Alliance, Inc.
  72,428        1,174,782
Walmart, Inc.
  441,705      29,046,521
        270,142,714
Energy-3.90%
APA Corp.
  37,633        1,148,935
Baker Hughes Co., Class A
  99,983        3,347,431
Cheniere Energy, Inc.
  22,989        3,627,434
Chesapeake Energy Corp.(c)
  11,171        1,015,779
Chevron Corp.
  174,906       28,387,244
Chord Energy Corp.
  6,192        1,148,059
ConocoPhillips
  117,246       13,656,814
Coterra Energy, Inc.
  74,981        2,138,458
Devon Energy Corp.
  63,805        3,131,549
Diamondback Energy, Inc.
  16,893        3,366,099
EOG Resources, Inc.
  57,953        7,218,046
EQT Corp.
  41,728        1,714,604
Exxon Mobil Corp.
  447,423       52,464,821
Halliburton Co.
  88,944        3,264,245
Hess Corp.
  27,520        4,240,832
HF Sinclair Corp.
  15,814          873,407
Kinder Morgan, Inc.
  198,665        3,871,981
Marathon Oil Corp.
  58,258        1,687,152
Marathon Petroleum Corp.
  35,913        6,342,595
Occidental Petroleum Corp.
  66,262        4,141,375
ONEOK, Inc.
  57,867        4,687,227
Ovintiv, Inc.
  26,805        1,385,014
Phillips 66
  42,639        6,059,428
Schlumberger N.V.
  142,259        6,528,266
Targa Resources Corp.
  21,030        2,486,377
Texas Pacific Land Corp.
  1,949        1,197,290
Valero Energy Corp.
  32,835        5,159,692
Williams Cos., Inc. (The)
  121,110       5,027,276
        179,317,430
Financials-12.76%
Aflac, Inc.
  54,480        4,896,118
Allstate Corp. (The)
  26,287        4,403,598
Ally Financial, Inc.
  27,086        1,055,541
American Express Co.
  57,410       13,778,400
American Financial Group, Inc.
  7,071          918,594
American International Group, Inc.
  67,177        5,294,891
Ameriprise Financial, Inc.
  10,071        4,397,099
Annaly Capital Management, Inc.(c)
  49,334          971,880
Aon PLC, Class A(c)
  19,922        5,610,832
Apollo Global Management, Inc.
  39,572        4,596,684
Arch Capital Group Ltd.(b)
  37,389        3,837,233
Ares Management Corp., Class A
  17,978        2,519,976
Arthur J. Gallagher & Co.
  21,607        5,473,701
Assurant, Inc.
  5,412          938,820
Bank of America Corp.
  707,773       28,303,842
Bank of New York Mellon Corp. (The)
  75,591        4,505,980
Berkshire Hathaway, Inc., Class B(b)
  130,659       54,145,090
BlackRock, Inc.
  14,859       11,471,594
Blackstone, Inc., Class A
  71,225        8,582,613
Block, Inc., Class A(b)
  55,108        3,531,321
Brown & Brown, Inc.
  23,945        2,143,317
Capital One Financial Corp.
  37,914        5,218,104
Carlyle Group, Inc. (The)(c)
  23,383        1,004,534
Cboe Global Markets, Inc.
  10,529        1,821,412
Charles Schwab Corp. (The)
  149,965       10,989,435
Chubb Ltd.
  40,462      10,957,919
  Shares   Value
Financials-(continued)
Cincinnati Financial Corp.
  15,644   $    1,839,422
Citigroup, Inc.
  190,885       11,894,044
Citizens Financial Group, Inc.
  46,632        1,645,643
CME Group, Inc., Class A
  35,877        7,282,313
Coinbase Global, Inc., Class A(b)(c)
  18,513        4,182,457
Corebridge Financial, Inc.
  24,833          724,379
Corpay, Inc.(b)
  6,803        1,820,959
Discover Financial Services
  24,862        3,049,573
Equitable Holdings, Inc.
  32,652        1,354,732
Erie Indemnity Co., Class A(c)
  2,517          912,236
Everest Group Ltd.
  4,331        1,693,118
FactSet Research Systems, Inc.
  3,804        1,537,805
Fidelity National Financial, Inc.(c)
  25,760        1,297,274
Fidelity National Information Services, Inc.
  57,456        4,359,761
Fifth Third Bancorp
  67,862        2,539,396
First Citizens BancShares, Inc., Class A
  1,011        1,717,113
Fiserv, Inc.(b)
  58,842        8,812,178
Franklin Resources, Inc.
  29,304          691,574
Global Payments, Inc.
  25,946        2,642,600
Goldman Sachs Group, Inc. (The)
  32,344       14,765,683
Hartford Financial Services Group, Inc. (The)
  29,928        3,096,052
Huntington Bancshares, Inc.
  144,195        2,007,194
Intercontinental Exchange, Inc.
  57,032        7,636,585
Jack Henry & Associates, Inc.
  7,255        1,194,753
JPMorgan Chase & Co.
  286,245       58,001,824
KeyCorp
  92,814        1,333,737
KKR & Co., Inc., Class A
  61,742        6,349,547
Loews Corp.
  18,954        1,455,667
LPL Financial Holdings, Inc.
  7,549        2,160,599
M&T Bank Corp.
  16,606        2,517,470
Markel Group, Inc.(b)
  1,307        2,145,558
MarketAxess Holdings, Inc.
  3,708          737,632
Marsh & McLennan Cos., Inc.
  49,109       10,194,046
Mastercard, Inc., Class A
  83,035       37,122,457
MetLife, Inc.
  61,250        4,432,663
Moody’s Corp.
  16,385        6,504,681
Morgan Stanley
  122,600       11,995,184
MSCI, Inc.
  7,886        3,904,990
Nasdaq, Inc.
  40,168        2,371,117
Northern Trust Corp.
  20,609        1,736,102
PayPal Holdings, Inc.(b)
  99,665        6,277,898
PNC Financial Services Group, Inc. (The)
  39,705        6,249,170
Principal Financial Group, Inc.
  23,687        1,943,282
Progressive Corp. (The)
  58,371       12,326,788
Prudential Financial, Inc.
  35,844        4,313,825
Raymond James Financial, Inc.
  19,766        2,426,277
Regions Financial Corp.
  92,018        1,780,548
Robinhood Markets, Inc., Class A(b)(c)
  52,310        1,093,279
S&P Global, Inc.
  31,918       13,645,264
SEI Investments Co.
  10,942          740,883
State Street Corp.
  30,093        2,274,730
Synchrony Financial
  41,193        1,804,253
T. Rowe Price Group, Inc.
  22,304        2,628,080
Toast, Inc., Class A(b)(c)
  33,861          820,452
Tradeweb Markets, Inc., Class A
  11,554        1,259,502
Travelers Cos., Inc. (The)
  22,822        4,922,705
Truist Financial Corp.
  132,792        5,012,898
U.S. Bancorp
  155,199        6,293,319
Visa, Inc., Class A(c)
  157,681       42,961,765
W.R. Berkley Corp.
  20,598       1,669,056
 
See accompanying notes which are an integral part of this schedule.
Invesco MSCI USA ETF (PBUS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Financials-(continued)
Wells Fargo & Co.
  352,852   $   21,142,892
Willis Towers Watson PLC
  10,279       2,624,126
        587,239,638
Health Care-11.81%
Abbott Laboratories
  172,814       17,659,863
AbbVie, Inc.
  176,470       28,454,023
Agilent Technologies, Inc.
  29,190        3,806,668
Align Technology, Inc.(b)
  7,248        1,864,258
Alnylam Pharmaceuticals, Inc.(b)
  12,456        1,848,844
Amgen, Inc.
  53,359       16,319,850
Avantor, Inc.(b)(c)
  67,359        1,622,005
Baxter International, Inc.
  50,761        1,730,442
Becton, Dickinson and Co.
  28,860        6,694,654
Biogen, Inc.(b)
  14,433        3,246,559
BioMarin Pharmaceutical, Inc.(b)(c)
  18,806        1,411,766
Bio-Rad Laboratories, Inc., Class A(b)
  2,110          605,275
Bio-Techne Corp.
  15,548        1,200,150
Boston Scientific Corp.(b)
  146,496       11,070,703
Bristol-Myers Squibb Co.
  202,662        8,327,382
Cardinal Health, Inc.
  24,396        2,421,791
Catalent, Inc.(b)
  17,840          959,614
Cencora, Inc.
  17,893        4,054,017
Centene Corp.(b)
  53,200        3,808,588
Charles River Laboratories International, Inc.(b)
  5,128        1,068,880
Cigna Group (The)
  28,277        9,744,820
Cooper Cos., Inc. (The)
  19,709        1,858,756
CVS Health Corp.
  125,422        7,475,151
Danaher Corp.
  70,116       18,005,789
DaVita, Inc.(b)
  5,435          799,597
DexCom, Inc.(b)
  38,403        4,561,124
Edwards Lifesciences Corp.(b)
  59,928        5,207,144
Elevance Health, Inc.
  23,189       12,486,813
Eli Lilly and Co.
  80,544       66,073,465
Exact Sciences Corp.(b)(c)
  17,682          803,647
GE HealthCare Technologies, Inc.
  43,114        3,362,892
Gilead Sciences, Inc.
  123,889        7,962,346
HCA Healthcare, Inc.
  19,770        6,716,857
Henry Schein, Inc.(b)
  12,841          890,395
Hologic, Inc.(b)
  23,847        1,759,432
Humana, Inc.
  12,083        4,327,164
IDEXX Laboratories, Inc.(b)
  8,286        4,117,728
Illumina, Inc.(b)
  15,637        1,630,626
Incyte Corp.(b)(c)
  18,986        1,097,201
Insulet Corp.(b)
  6,884        1,219,776
Intuitive Surgical, Inc.(b)
  35,326       14,205,291
IQVIA Holdings, Inc.(b)
  18,180        3,983,056
Johnson & Johnson
  240,169       35,225,587
Labcorp Holdings, Inc.
  8,472        1,651,278
McKesson Corp.
  13,097        7,459,920
Medtronic PLC
  132,407       10,773,958
Merck & Co., Inc.
  252,440       31,691,318
Mettler-Toledo International, Inc.(b)
  2,142        3,007,561
Moderna, Inc.(b)
  32,280        4,601,514
Molina Healthcare, Inc.(b)
  5,790        1,821,418
Neurocrine Biosciences, Inc.(b)(c)
  9,782        1,324,581
Pfizer, Inc.
  562,958       16,134,376
Quest Diagnostics, Inc.
  11,218        1,592,619
Regeneron Pharmaceuticals, Inc.(b)
  10,758       10,544,561
Repligen Corp.(b)(c)
  5,280          787,195
ResMed, Inc.
  14,654        3,023,560
Revvity, Inc.
  12,113       1,323,466
  Shares   Value
Health Care-(continued)
Royalty Pharma PLC, Class A
  37,525   $    1,028,560
Solventum Corp.(b)
  14,486          859,599
STERIS PLC
  9,794        2,182,887
Stryker Corp.
  34,036       11,609,339
Teleflex, Inc.
  4,694          981,375
Thermo Fisher Scientific, Inc.
  38,043       21,607,663
United Therapeutics Corp.(b)
  4,456        1,225,979
UnitedHealth Group, Inc.
  91,892       45,520,540
Universal Health Services, Inc., Class B
  6,063        1,150,757
Veeva Systems, Inc., Class A(b)
  15,247        2,656,790
Vertex Pharmaceuticals, Inc.(b)
  25,697       11,700,872
Viatris, Inc.
  117,865        1,249,369
Waters Corp.(b)
  5,864        1,811,390
West Pharmaceutical Services, Inc.
  7,372        2,443,154
Zimmer Biomet Holdings, Inc.
  20,440        2,353,666
Zoetis, Inc.
  45,731       7,754,148
        543,563,402
Industrials-8.81%
3M Co.
  54,982        5,505,897
A.O. Smith Corp.
  12,070        1,009,535
AECOM
  13,534        1,182,060
Allegion PLC(c)
  8,565        1,043,388
AMETEK, Inc.
  22,910        3,885,078
Automatic Data Processing, Inc.
  40,867       10,009,146
Axon Enterprise, Inc.(b)
  7,066        1,990,280
Boeing Co. (The)(b)
  57,768       10,260,174
Booz Allen Hamilton Holding Corp.
  12,947        1,970,663
Broadridge Financial Solutions, Inc.
  11,730        2,355,032
Builders FirstSource, Inc.(b)
  12,107        1,946,685
C.H. Robinson Worldwide, Inc.
  11,629        1,004,397
Carlisle Cos., Inc.
  4,764        1,992,734
Carrier Global Corp.
  80,490        5,086,163
Caterpillar, Inc.
  49,770       16,848,140
Cintas Corp.
  9,066        6,146,476
CNH Industrial N.V.
  86,882          917,474
Copart, Inc.(b)
  86,032        4,564,858
CSX Corp.
  195,256        6,589,890
Cummins, Inc.
  13,630        3,839,980
Dayforce, Inc.(b)(c)
  14,574          720,830
Deere & Co.
  26,420        9,901,159
Delta Air Lines, Inc.
  16,198          826,422
Dover Corp.
  13,692        2,516,863
Eaton Corp. PLC
  39,854       13,265,404
EMCOR Group, Inc.
  4,691        1,823,204
Emerson Electric Co.
  56,800        6,370,688
Equifax, Inc.
  12,381        2,864,840
Expeditors International of Washington, Inc.
  14,455        1,747,610
Fastenal Co.
  56,908        3,754,790
FedEx Corp.
  23,319        5,922,093
Ferguson PLC
  20,183        4,152,450
Fortive Corp.
  35,037        2,608,154
Fortune Brands Innovations, Inc.(c)
  12,517          876,941
GE Vernova, Inc.(b)
  27,317        4,805,060
General Dynamics Corp.
  23,210        6,957,662
General Electric Co.
  108,960       17,993,654
Graco, Inc.(c)
  16,824        1,358,538
HEICO Corp.(c)
  4,383          972,018
HEICO Corp., Class A
  7,395        1,299,006
Honeywell International, Inc.
  64,999       13,142,148
Howmet Aerospace, Inc.
  38,954        3,297,456
Hubbell, Inc.
  5,318       2,068,117
 
See accompanying notes which are an integral part of this schedule.
Invesco MSCI USA ETF (PBUS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Industrials-(continued)
Huntington Ingalls Industries, Inc.
  3,961   $    1,002,529
IDEX Corp.
  7,545        1,574,189
Illinois Tool Works, Inc.
  29,888        7,255,312
Ingersoll Rand, Inc.
  40,284        3,748,426
J.B. Hunt Transport Services, Inc.
  8,232        1,323,294
Jacobs Solutions, Inc.
  12,559        1,749,971
Johnson Controls International PLC
  67,792        4,874,923
Knight-Swift Transportation Holdings, Inc.
  16,180          780,685
L3Harris Technologies, Inc.
  18,890        4,247,039
Leidos Holdings, Inc.
  12,900        1,896,945
Lennox International, Inc.(c)
  3,185        1,600,781
Lockheed Martin Corp.
  21,572       10,146,174
Masco Corp.
  22,145        1,548,378
Nordson Corp.
  5,373        1,261,151
Norfolk Southern Corp.
  22,565        5,072,612
Northrop Grumman Corp.
  14,026        6,322,500
Old Dominion Freight Line, Inc.
  19,538        3,424,035
Otis Worldwide Corp.
  40,662        4,033,670
Owens Corning
  8,828        1,598,486
PACCAR, Inc.
  52,091        5,599,782
Parker-Hannifin Corp.
  12,756        6,780,069
Paychex, Inc.
  32,278        3,878,524
Paycom Software, Inc.
  5,370          780,368
Paylocity Holding Corp.(b)(c)
  4,433          630,240
Pentair PLC
  16,344        1,330,075
Quanta Services, Inc.
  14,589        4,025,689
Republic Services, Inc.
  21,966        4,067,884
Rockwell Automation, Inc.
  11,421        2,941,250
Rollins, Inc.
  28,726        1,312,491
RTX Corp.
  132,518       14,286,766
Snap-on, Inc.
  5,254        1,433,606
Southwest Airlines Co.
  14,247          382,389
SS&C Technologies Holdings, Inc.
  22,005        1,365,410
Stanley Black & Decker, Inc.
  15,305        1,334,137
Textron, Inc.
  19,497        1,708,132
Toro Co. (The)(c)
  10,316          827,240
Trane Technologies PLC
  22,631        7,410,747
TransDigm Group, Inc.
  5,542        7,444,181
TransUnion
  19,112        1,374,535
Uber Technologies, Inc.(b)
  186,710       12,053,998
U-Haul Holding Co., Series N(c)
  9,566          581,517
Union Pacific Corp.
  60,807       14,157,086
United Parcel Service, Inc., Class B
  72,540       10,077,982
United Rentals, Inc.
  6,746        4,515,840
Veralto Corp.
  24,571        2,422,209
Verisk Analytics, Inc.
  14,227        3,596,301
Vertiv Holdings Co., Class A
  36,095        3,539,837
W.W. Grainger, Inc.
  4,411        4,064,560
Wabtec Corp.
  17,843        3,019,571
Waste Connections, Inc.
  25,669        4,217,930
Waste Management, Inc.
  40,025        8,434,468
Watsco, Inc.(c)
  3,334        1,583,317
Xylem, Inc.
  23,998       3,384,198
        405,416,586
Information Technology-30.60%
Accenture PLC, Class A
  62,662       17,688,856
Adobe, Inc.(b)
  44,650       19,858,534
Advanced Micro Devices, Inc.(b)
  161,071       26,882,750
Akamai Technologies, Inc.(b)
  14,922        1,376,405
Amphenol Corp., Class A
  59,955        7,936,243
Analog Devices, Inc.
  49,436       11,592,248
ANSYS, Inc.(b)
  8,824       2,801,179
  Shares   Value
Information Technology-(continued)
Apple, Inc.
  1,462,054   $  281,079,882
Applied Materials, Inc.
  82,828       17,814,646
AppLovin Corp., Class A(b)(c)
  17,866        1,455,722
Arista Networks, Inc.(b)
  26,485        7,883,260
Aspen Technology, Inc.(b)(c)
  2,842          598,667
Atlassian Corp., Class A(b)
  15,684        2,460,192
Autodesk, Inc.(b)
  21,304        4,294,886
Bentley Systems, Inc., Class B
  15,808          794,194
Broadcom, Inc.
  43,877       58,292,788
Cadence Design Systems, Inc.(b)
  27,169        7,778,756
CDW Corp.
  13,307        2,975,711
Cisco Systems, Inc.
  403,559       18,765,494
Cloudflare, Inc., Class A(b)
  29,508        1,997,397
Cognizant Technology Solutions Corp., Class A
  49,898        3,300,753
Confluent, Inc., Class A(b)(c)
  20,249          525,867
Corning, Inc.
  80,237        2,989,631
CrowdStrike Holdings, Inc., Class A(b)
  22,882        7,177,397
Datadog, Inc., Class A(b)
  27,441        3,023,449
Dell Technologies, Inc., Class C
  26,197        3,656,053
DocuSign, Inc.(b)
  20,242        1,108,047
Dynatrace, Inc.(b)
  27,269        1,247,011
Enphase Energy, Inc.(b)
  13,622        1,742,254
Entegris, Inc.
  14,964        1,890,701
EPAM Systems, Inc.(b)
  5,729        1,019,361
F5, Inc.(b)
  5,976        1,009,765
Fair Isaac Corp.(b)
  2,477        3,195,157
First Solar, Inc.(b)
  10,082        2,739,884
Fortinet, Inc.(b)
  64,973        3,854,198
Gartner, Inc.(b)
  7,771        3,261,256
Gen Digital, Inc.
  57,490        1,427,477
GoDaddy, Inc., Class A(b)
  13,312        1,858,755
Hewlett Packard Enterprise Co.
  129,404        2,283,981
HP, Inc.
  97,520        3,559,480
HubSpot, Inc.(b)(c)
  4,777        2,918,986
Intel Corp.
  424,258       13,088,359
International Business Machines Corp.
  91,367       15,244,584
Intuit, Inc.
  27,900       16,082,676
Jabil, Inc.
  12,019        1,429,059
Juniper Networks, Inc.
  32,329        1,153,175
Keysight Technologies, Inc.(b)
  17,469        2,419,107
KLA Corp.
  13,527       10,274,162
Lam Research Corp.
  13,089       12,204,707
Lattice Semiconductor Corp.(b)(c)
  13,685        1,015,974
Manhattan Associates, Inc.(b)
  6,119        1,343,365
Marvell Technology, Inc.
  86,061        5,921,857
Microchip Technology, Inc.
  53,751        5,226,210
Micron Technology, Inc.
  110,365       13,795,625
Microsoft Corp.
  703,522      292,053,088
MicroStrategy, Inc., Class A(b)
  1,570        2,393,449
MongoDB, Inc.(b)(c)
  7,189        1,697,035
Monolithic Power Systems, Inc.
  4,850        3,567,806
Motorola Solutions, Inc.
  16,605        6,059,331
NetApp, Inc.
  20,508        2,469,779
NVIDIA Corp.
  249,161      273,162,679
NXP Semiconductors N.V. (China)
  25,524        6,945,080
Okta, Inc.(b)
  15,957        1,415,067
ON Semiconductor Corp.(b)
  42,960        3,137,798
Oracle Corp.
  164,352       19,260,411
Palantir Technologies, Inc., Class A(b)
  189,492        4,108,187
Palo Alto Networks, Inc.(b)
  32,202        9,496,692
PTC, Inc.(b)
  11,910       2,099,018
 
See accompanying notes which are an integral part of this schedule.
Invesco MSCI USA ETF (PBUS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Information Technology-(continued)
Pure Storage, Inc., Class A(b)
  30,763   $    1,854,701
Qorvo, Inc.(b)
  9,666          951,038
QUALCOMM, Inc.
  111,384       22,727,905
Roper Technologies, Inc.
  10,638        5,667,501
Salesforce, Inc.
  96,674       22,664,253
Samsara, Inc., Class A(b)(c)
  20,193          685,149
Seagate Technology Holdings PLC
  19,681        1,835,056
ServiceNow, Inc.(b)
  20,400       13,401,372
Skyworks Solutions, Inc.
  15,939        1,476,908
Snowflake, Inc., Class A(b)
  29,977        4,082,268
Super Micro Computer, Inc.(b)(c)
  5,252        4,120,247
Synopsys, Inc.(b)
  15,169        8,506,775
TE Connectivity Ltd.
  30,796        4,610,161
Teledyne Technologies, Inc.(b)
  4,714        1,871,222
Teradyne, Inc.
  15,238        2,147,644
Texas Instruments, Inc.
  90,700       17,687,407
Trimble, Inc.(b)
  24,774        1,379,416
Twilio, Inc., Class A(b)(c)
  17,041          978,153
Tyler Technologies, Inc.(b)
  4,203        2,018,953
UiPath, Inc., Class A(b)(c)
  43,643          535,063
Unity Software, Inc.(b)(c)
  26,925          491,920
VeriSign, Inc.(b)
  9,118        1,589,450
Western Digital Corp.(b)
  32,315        2,432,996
Workday, Inc., Class A(b)
  21,029        4,446,582
Zebra Technologies Corp., Class A(b)
  5,135        1,603,866
Zoom Video Communications, Inc., Class A(b)
  24,406        1,497,064
Zscaler, Inc.(b)
  8,961       1,523,012
        1,407,967,635
Materials-2.45%
Air Products and Chemicals, Inc.
  22,142        5,905,271
Albemarle Corp.(c)
  11,700        1,434,303
Amcor PLC
  144,276        1,467,287
Avery Dennison Corp.
  8,032        1,828,003
Ball Corp.
  31,394        2,179,685
Celanese Corp.
  11,119        1,690,533
CF Industries Holdings, Inc.
  19,071        1,520,531
Cleveland-Cliffs, Inc.(b)(c)
  50,191          867,300
Corteva, Inc.
  69,879        3,909,031
CRH PLC
  68,478        5,598,761
Crown Holdings, Inc.
  12,059        1,015,247
Dow, Inc.
  70,091        4,039,344
DuPont de Nemours, Inc.
  41,667        3,423,361
Eastman Chemical Co.
  11,822        1,197,923
Ecolab, Inc.
  25,588        5,941,534
Freeport-McMoRan, Inc.
  142,794        7,529,528
International Flavors & Fragrances, Inc.
  25,450        2,447,781
International Paper Co.
  32,509        1,465,831
Linde PLC
  48,036       20,920,639
LyondellBasell Industries N.V., Class A
  25,855        2,570,504
Martin Marietta Materials, Inc.
  6,134        3,509,139
Mosaic Co. (The)
  32,778        1,013,824
Newmont Corp.
  114,766        4,813,286
Nucor Corp.
  23,994        4,051,387
Packaging Corp. of America
  8,904        1,633,795
PPG Industries, Inc.
  23,418        3,077,359
Reliance, Inc.
  5,706        1,716,251
RPM International, Inc.(c)
  12,777        1,432,302
Sherwin-Williams Co. (The)
  24,165        7,341,327
Steel Dynamics, Inc.
  14,974        2,004,569
Vulcan Materials Co.
  13,194       3,374,629
  Shares   Value
Materials-(continued)
Westlake Corp.
  3,843   $      617,032
WestRock Co.
  25,297       1,356,931
        112,894,228
Real Estate-2.23%
Alexandria Real Estate Equities, Inc.
  15,693        1,867,467
American Homes 4 Rent, Class A
  32,454        1,169,642
American Tower Corp.
  46,453        9,092,710
AvalonBay Communities, Inc.
  14,142        2,724,881
Boston Properties, Inc.
  14,856          901,314
Camden Property Trust
  10,486        1,076,388
CBRE Group, Inc., Class A(b)
  30,334        2,671,515
CoStar Group, Inc.(b)
  40,584        3,172,451
Crown Castle, Inc.
  43,198        4,427,795
Digital Realty Trust, Inc.
  31,125        4,523,707
Equinix, Inc.
  9,459        7,217,028
Equity LifeStyle Properties, Inc.(c)
  17,414        1,093,077
Equity Residential
  33,990        2,210,370
Essex Property Trust, Inc.
  6,373        1,655,642
Extra Space Storage, Inc.
  21,038        3,045,671
Gaming and Leisure Properties, Inc.
  26,569        1,192,948
Healthpeak Properties, Inc.
  70,500        1,402,950
Host Hotels & Resorts, Inc.
  69,934        1,254,616
Invitation Homes, Inc.
  60,473        2,103,856
Iron Mountain, Inc.
  29,088        2,347,111
Kimco Realty Corp.
  67,126        1,299,559
Mid-America Apartment Communities, Inc.
  11,652        1,557,989
Prologis, Inc.
  92,050       10,170,604
Public Storage
  15,759        4,315,287
Realty Income Corp.
  85,826        4,553,928
Regency Centers Corp.
  17,459        1,071,983
SBA Communications Corp., Class A
  10,707        2,105,853
Simon Property Group, Inc.
  32,497        4,917,121
Sun Communities, Inc.(c)
  12,351        1,457,294
UDR, Inc.
  30,989        1,196,795
Ventas, Inc.
  40,272        2,024,071
VICI Properties, Inc.
  103,182        2,962,355
W.P. Carey, Inc.(c)
  21,783        1,228,561
Welltower, Inc.
  56,697        5,877,778
Weyerhaeuser Co.
  72,397        2,174,082
Zillow Group, Inc., Class C(b)(c)
  15,401         630,671
        102,695,070
Utilities-2.38%
AES Corp. (The)
  70,842        1,529,479
Alliant Energy Corp.
  25,482        1,312,068
Ameren Corp.
  26,372        1,934,914
American Electric Power Co., Inc.
  52,360        4,725,490
American Water Works Co., Inc.
  19,366        2,532,492
Atmos Energy Corp.
  15,032        1,742,509
CenterPoint Energy, Inc.
  62,861        1,917,889
CMS Energy Corp.
  29,762        1,872,923
Consolidated Edison, Inc.
  34,312        3,244,200
Constellation Energy Corp.
  31,406        6,822,954
Dominion Energy, Inc.
  83,312        4,492,183
DTE Energy Co.
  20,476        2,386,068
Duke Energy Corp.
  76,750        7,948,998
Edison International
  38,228        2,937,822
Entergy Corp.
  21,252        2,390,637
Essential Utilities, Inc.
  25,870          976,075
Evergy, Inc.
  22,853        1,249,145
Eversource Energy
  34,784        2,060,256
Exelon Corp.
  99,166       3,723,683
 
See accompanying notes which are an integral part of this schedule.
Invesco MSCI USA ETF (PBUS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-(continued)
FirstEnergy Corp.
  54,242   $    2,183,783
NextEra Energy, Inc.
  204,562       16,369,051
NiSource, Inc.
  44,527        1,293,955
NRG Energy, Inc.
  21,401        1,733,481
PG&E Corp.
  201,941        3,743,986
PPL Corp.
  73,416        2,153,291
Public Service Enterprise Group, Inc.
  49,646        3,761,181
Sempra
  63,003        4,853,121
Southern Co. (The)
  108,621        8,704,887
Vistra Corp.
  34,672        3,435,302
WEC Energy Group, Inc.
  31,437        2,547,340
Xcel Energy, Inc.
  55,361       3,069,767
        109,648,930
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.90%

(Cost $3,974,898,989)
  4,597,202,427
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.70%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  21,883,972   $   21,883,972
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  56,250,845      56,267,720
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $78,152,601)
  78,151,692
TOTAL INVESTMENTS IN SECURITIES-101.60%

(Cost $4,053,051,590)
  4,675,354,119
OTHER ASSETS LESS LIABILITIES-(1.60)%
  (73,404,561)
NET ASSETS-100.00%
  $4,601,949,558
 
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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Invesco Ltd. $413,411   $73,659   $(445,933)   $201,434   $(242,571)   $-   $5,830
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class 1,972,697   55,472,129   (57,444,826)   -   -   -   42,895
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 21,463,283   237,044,374   (236,623,685)   -   -   21,883,972   1,181,815*
Invesco Private Prime Fund 55,553,547   523,612,297   (522,934,790)   (187)   36,853   56,267,720   3,182,136*
Total $79,402,938   $816,202,459   $(817,449,234)   $201,247   $(205,718)   $78,151,692   $4,412,676
    
* 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 May 31, 2024.
(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 Russell 1000 Equal Weight ETF (EQAL)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-7.11%
Alphabet, Inc., Class A(b)
  3,047   $    525,607
AMC Entertainment Holdings, Inc.(b)
  71,023        307,530
AT&T, Inc.
  185,923     3,387,517
Cable One, Inc.(c)
  7,164     2,764,659
Charter Communications, Inc., Class A(b)
  11,222     3,222,061
Comcast Corp., Class A
  75,972     3,041,159
Electronic Arts, Inc.
  2,365        314,261
Fox Corp., Class A(c)
  11,185        385,100
Frontier Communications Parent, Inc.(b)(c)
  132,240     3,525,518
IAC, Inc.(b)(c)
  7,876        392,146
Interpublic Group of Cos., Inc. (The)
  9,849        308,963
Iridium Communications, Inc.
  111,566     3,359,252
Liberty Broadband Corp.(b)(d)
  22,093              0
Liberty Broadband Corp., Class C(b)
  56,047     3,031,582
Liberty Media Corp.-Liberty Formula One(b)
  4,512        334,520
Liberty Media Corp.-Liberty Live, Series C(b)
  7,908        301,058
Liberty Media Corp.-Liberty SiriusXM, Series C(b)(c)
  10,969        248,558
Live Nation Entertainment, Inc.(b)
  3,189        298,937
Madison Square Garden Sports Corp., Class A(b)
  1,729        319,260
Match Group, Inc.(b)
  11,972        366,702
Meta Platforms, Inc., Class A
  790        368,796
Netflix, Inc.(b)
  527        338,134
New York Times Co. (The), Class A
  7,397        378,726
News Corp., Class A
  12,263        333,431
Nexstar Media Group, Inc., Class A
  1,972        326,741
Omnicom Group, Inc.
  3,454        321,084
Paramount Global, Class B
  29,675        353,429
Pinterest, Inc., Class A(b)
  11,501        477,176
Playtika Holding Corp.(c)
  45,271        395,668
Roblox Corp., Class A(b)
  7,990        268,624
Roku, Inc., Class A(b)
  50,284     2,886,302
Sirius XM Holdings, Inc.(c)
  77,726        219,187
Spotify Technology S.A. (Sweden)(b)
  1,187        352,278
Take-Two Interactive Software, Inc.(b)(c)
  2,211        354,556
TKO Group Holdings, Inc.(c)
  4,009        437,262
T-Mobile US, Inc.
  19,282     3,373,579
Trade Desk, Inc. (The), Class A(b)
  3,919        363,605
TripAdvisor, Inc.(b)(c)
  12,178        223,466
Verizon Communications, Inc.
  80,275     3,303,316
Walt Disney Co. (The)
  2,907        302,066
Warner Bros. Discovery, Inc.(b)
  36,672        302,177
ZoomInfo Technologies, Inc., Class A(b)
  24,470       300,492
        42,414,485
Consumer Discretionary-6.85%
ADT, Inc.
  43,591        309,932
Advance Auto Parts, Inc.(c)
  4,351        307,355
Airbnb, Inc., Class A(b)
  1,959        283,918
Amazon.com, Inc.(b)
  1,814        320,062
Aptiv PLC(b)
  4,068        338,702
Aramark
  10,134        325,808
AutoNation, Inc.(b)
  2,178        370,804
AutoZone, Inc.(b)
  105        290,844
Bath & Body Works, Inc.
  7,319        380,149
Best Buy Co., Inc.
  4,060        344,369
Birkenstock Holding PLC (Luxembourg)(b)(c)
  6,621        377,397
Booking Holdings, Inc.
  93        351,200
BorgWarner, Inc.
  9,929        354,068
Boyd Gaming Corp.
  5,013        267,293
Bright Horizons Family Solutions, Inc.(b)(c)
  2,751       289,185
  Shares   Value
Consumer Discretionary-(continued)
Brunswick Corp.(c)
  3,267   $    269,625
Burlington Stores, Inc.(b)
  1,448        347,592
Caesars Entertainment, Inc.(b)
  7,687        273,350
Capri Holdings Ltd.(b)
  6,896        238,257
CarMax, Inc.(b)(c)
  3,972        279,073
Carnival Corp.(b)
  20,467        308,642
Carter’s, Inc.(c)
  3,859        263,956
CAVA Group, Inc.(b)(c)
  5,193        480,612
Chipotle Mexican Grill, Inc.(b)
  120        375,542
Choice Hotels International, Inc.(c)
  2,670        302,217
Churchill Downs, Inc.
  2,834        367,003
Columbia Sportswear Co.
  3,971        339,997
Coupang, Inc. (South Korea)(b)
  17,449        396,790
Crocs, Inc.(b)(c)
  2,584        402,174
D.R. Horton, Inc.
  2,064        305,059
Darden Restaurants, Inc.
  1,864        280,327
Deckers Outdoor Corp.(b)
  359        392,717
Dick’s Sporting Goods, Inc.
  1,761        400,874
Domino’s Pizza, Inc.
  718        365,160
DoorDash, Inc., Class A(b)
  3,043        335,065
DraftKings, Inc., Class A(b)
  7,529        264,494
eBay, Inc.
  6,312        342,237
Etsy, Inc.(b)
  4,686        297,420
Expedia Group, Inc.(b)
  2,400        270,864
Five Below, Inc.(b)(c)
  1,562        215,759
Floor & Decor Holdings, Inc., Class A(b)(c)
  2,530        295,656
Ford Motor Co.
  25,828        313,294
GameStop Corp., Class A(b)
  21,334        493,669
Gap, Inc. (The)
  16,580        480,157
Garmin Ltd.
  2,268        371,612
General Motors Co.
  8,143        366,354
Gentex Corp.
  8,641        302,435
Genuine Parts Co.
  2,125        306,297
Grand Canyon Education, Inc.(b)
  2,387        340,052
H&R Block, Inc.
  6,628        329,014
Harley-Davidson, Inc.
  8,200        294,216
Hasbro, Inc.(c)
  6,240        373,027
Hilton Worldwide Holdings, Inc.
  1,564        313,738
Home Depot, Inc. (The)
  850        284,639
Hyatt Hotels Corp., Class A
  2,046        301,724
Kohl’s Corp.
  11,945        267,449
Las Vegas Sands Corp.
  6,224        280,267
Lear Corp.
  2,255        282,664
Leggett & Platt, Inc.
  15,596        180,914
Lennar Corp., Class A
  1,948        312,362
Lithia Motors, Inc., Class A(c)
  1,099        278,201
LKQ Corp.
  6,226        267,905
Lowe’s Cos., Inc.
  1,324        292,988
Lucid Group, Inc.(b)(c)
  104,097        295,635
lululemon athletica, inc.(b)
  712        222,137
Macy’s, Inc.
  15,758        306,966
Marriott International, Inc., Class A
  1,300        300,521
Marriott Vacations Worldwide Corp.
  3,422        308,904
Mattel, Inc.(b)(c)
  16,396        291,685
McDonald’s Corp.
  1,101        285,038
MGM Resorts International(b)
  7,594        305,051
Mister Car Wash, Inc.(b)(c)
  41,518        291,871
Mohawk Industries, Inc.(b)
  2,404        293,120
Murphy USA, Inc.
  768        336,960
Newell Brands, Inc.
  41,464        320,102
NIKE, Inc., Class B
  3,265        310,338
Nordstrom, Inc.
  19,147       423,149
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
Norwegian Cruise Line Holdings Ltd.(b)
  16,328   $    271,045
NVR, Inc.(b)
  42        322,591
Ollie’s Bargain Outlet Holdings, Inc.(b)
  4,258        350,987
O’Reilly Automotive, Inc.(b)
  297        286,088
Peloton Interactive, Inc., Class A(b)(c)
  71,923        261,800
PENN Entertainment, Inc.(b)(c)
  17,325        303,187
Penske Automotive Group, Inc.
  2,098        319,106
Petco Health & Wellness Co., Inc.(b)(c)
  125,767        485,461
Phinia, Inc.(c)
  9,377        419,714
Planet Fitness, Inc., Class A(b)
  4,790        304,836
Polaris, Inc.
  3,452        288,587
Pool Corp.
  776        282,115
PulteGroup, Inc.
  2,818        330,608
PVH Corp.
  2,394        287,304
QuantumScape Corp.(b)(c)
  53,154        314,140
Ralph Lauren Corp.
  1,785        333,581
RH(b)
  1,169        317,886
Rivian Automotive, Inc., Class A(b)(c)
  26,016        284,095
Ross Stores, Inc.
  2,196        306,913
Royal Caribbean Cruises Ltd.(b)
  2,577        380,571
Service Corp. International
  4,281        306,776
Skechers U.S.A., Inc., Class A(b)
  5,242        374,384
Starbucks Corp.
  3,523        282,615
Tapestry, Inc.
  6,830        297,037
Tempur Sealy International, Inc.
  5,792        297,477
Tesla, Inc.(b)
  1,796        319,832
Texas Roadhouse, Inc.
  2,133        368,305
Thor Industries, Inc.
  3,009        298,613
TJX Cos., Inc. (The)
  3,348        345,179
Toll Brothers, Inc.
  2,668        324,535
TopBuild Corp.(b)
  701        292,983
Tractor Supply Co.
  1,289        367,739
Travel + Leisure Co.
  7,143        313,863
Ulta Beauty, Inc.(b)
  593        234,288
Under Armour, Inc., Class A(b)(c)
  38,080        273,795
V.F. Corp.
  20,193        268,163
Vail Resorts, Inc.(c)
  1,416        267,227
Valvoline, Inc.(b)
  31,591     1,282,595
Victoria’s Secret & Co.(b)(c)
  17,796        405,571
Wayfair, Inc., Class A(b)(c)
  5,355        318,569
Wendy’s Co. (The)
  17,458        304,642
Whirlpool Corp.(c)
  2,962        275,555
Williams-Sonoma, Inc.(c)
  1,297        380,306
Wingstop, Inc.
  863        318,145
Wyndham Hotels & Resorts, Inc.
  4,199        297,121
Wynn Resorts Ltd.
  3,170        300,770
YETI Holdings, Inc.(b)(c)
  8,236        335,535
Yum! Brands, Inc.(c)
  2,285       314,028
        40,862,266
Consumer Staples-8.94%
Albertson’s Cos., Inc., Class A
  48,074        992,247
Altria Group, Inc.
  23,945     1,107,456
Archer-Daniels-Midland Co.
  18,338     1,145,025
BJ’s Wholesale Club Holdings, Inc.(b)
  4,062        357,740
Boston Beer Co., Inc. (The), Class A(b)
  3,347     1,049,853
Brown-Forman Corp., Class B(c)
  18,251        836,991
Bunge Global S.A.
  10,793     1,161,219
Campbell Soup Co.(c)
  23,740     1,053,581
Casey’s General Stores, Inc.
  3,244     1,076,294
Celsius Holdings, Inc.(b)(c)
  11,147        891,537
Church & Dwight Co., Inc.
  9,569     1,023,979
Clorox Co. (The)(c)
  6,477       852,114
  Shares   Value
Consumer Staples-(continued)
Coca-Cola Co. (The)
  16,807   $  1,057,665
Colgate-Palmolive Co.
  11,278     1,048,403
Conagra Brands, Inc.
  35,920     1,073,290
Constellation Brands, Inc., Class A
  3,899        975,647
Costco Wholesale Corp.
  407        329,625
Coty, Inc., Class A(b)
  25,412        263,268
Darling Ingredients, Inc.(b)
  22,900        925,160
Dollar General Corp.
  2,016        276,011
Dollar Tree, Inc.(b)
  2,137        252,059
Estee Lauder Cos., Inc. (The), Class A
  2,164        266,951
Flowers Foods, Inc.
  44,507     1,033,453
Freshpet, Inc.(b)(c)
  9,200     1,206,764
General Mills, Inc.
  15,478     1,064,113
Grocery Outlet Holding Corp.(b)
  37,870        832,761
Hershey Co. (The)
  5,188     1,026,342
Hormel Foods Corp.
  29,404        910,936
Ingredion, Inc.
  8,568     1,007,425
J.M. Smucker Co. (The)
  8,466        945,144
Kellanova
  18,629     1,124,074
Kenvue, Inc.
  50,438        973,453
Keurig Dr Pepper, Inc.
  34,481     1,180,974
Kimberly-Clark Corp.
  7,935     1,057,736
Kraft Heinz Co. (The)
  28,943     1,023,714
Kroger Co. (The)
  18,005        942,922
Lamb Weston Holdings, Inc.(c)
  10,017        884,401
Maplebear, Inc.(b)(c)
  11,789        359,329
McCormick & Co., Inc.
  14,595     1,054,051
Molson Coors Beverage Co., Class B
  15,541        851,802
Mondelez International, Inc., Class A
  14,031        961,544
Monster Beverage Corp.(b)
  16,779        871,166
Olaplex Holdings, Inc.(b)(c)
  539,807        960,856
PepsiCo, Inc.
  6,099     1,054,517
Performance Food Group Co.(b)
  12,869        895,682
Philip Morris International, Inc.
  10,872     1,102,203
Pilgrim’s Pride Corp.(b)
  30,829     1,107,686
Post Holdings, Inc.(b)
  9,705     1,034,262
Procter & Gamble Co. (The)
  6,220     1,023,439
Reynolds Consumer Products, Inc.(c)
  34,662        985,787
Seaboard Corp.
  313     1,045,774
Spectrum Brands Holdings, Inc.
  12,027     1,079,303
Sysco Corp.
  12,508        910,833
Target Corp.
  1,867        291,551
Tyson Foods, Inc., Class A
  18,604     1,065,079
US Foods Holding Corp.(b)
  18,367        970,329
Walgreens Boots Alliance, Inc.(c)
  47,588        771,877
Walmart, Inc.
  5,310        349,186
WK Kellogg Co.
  68,453     1,299,922
        53,276,505
Energy-8.73%
Antero Midstream Corp.
  99,934     1,464,033
Antero Resources Corp.(b)
  51,015     1,817,664
APA Corp.
  43,955     1,341,946
Baker Hughes Co., Class A
  43,868     1,468,701
Cheniere Energy, Inc.
  8,772     1,384,134
Chesapeake Energy Corp.(c)
  16,585     1,508,074
Chevron Corp.
  9,054     1,469,464
ConocoPhillips
  11,997     1,397,411
Coterra Energy, Inc.
  51,700     1,474,484
Devon Energy Corp.
  29,475     1,446,633
Diamondback Energy, Inc.
  7,397     1,473,926
DT Midstream, Inc.(c)
  23,195     1,555,921
EOG Resources, Inc.
  11,476     1,429,336
 
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Energy-(continued)
EQT Corp.
  36,276   $  1,490,581
Exxon Mobil Corp.
  25,550     2,995,993
Halliburton Co.
  37,106     1,361,790
Hess Corp.
  9,370     1,443,917
HF Sinclair Corp.
  23,478     1,296,690
Kinder Morgan, Inc.
  75,165     1,464,966
Marathon Oil Corp.
  54,800     1,587,008
Marathon Petroleum Corp.
  7,504     1,325,281
New Fortress Energy, Inc.(c)
  39,936     1,012,378
NOV, Inc.
  76,546     1,440,596
Occidental Petroleum Corp.
  21,997     1,374,813
ONEOK, Inc.
  17,344     1,404,864
Ovintiv, Inc.
  27,296     1,410,384
Phillips 66
  9,001     1,279,132
Range Resources Corp.
  40,877     1,508,770
Schlumberger N.V.
  26,447     1,213,653
Southwestern Energy Co.(b)
  194,872     1,467,386
Targa Resources Corp.
  12,826     1,516,418
TechnipFMC PLC (United Kingdom)
  60,755     1,591,173
Texas Pacific Land Corp.
  2,699     1,658,023
Valero Energy Corp.
  9,075     1,426,045
Williams Cos., Inc. (The)
  37,638     1,562,353
        52,063,941
Financials-10.02%
Affiliated Managers Group, Inc.
  2,403        390,728
Affirm Holdings, Inc.(b)(c)
  8,103        237,175
Aflac, Inc.
  4,679        420,502
AGNC Investment Corp.(c)
  40,239        385,892
Allstate Corp. (The)
  2,478        415,115
Ally Financial, Inc.
  10,626        414,095
American Express Co.
  1,309        314,160
American Financial Group, Inc.
  2,996        389,210
American International Group, Inc.
  5,153        406,159
Ameriprise Financial, Inc.
  940        410,413
Annaly Capital Management, Inc.(c)
  19,628        386,672
Aon PLC, Class A(c)
  1,217        342,756
Apollo Global Management, Inc.
  3,470        403,075
Arch Capital Group Ltd.(b)
  4,393        450,854
Ares Management Corp., Class A
  2,843        398,503
Arthur J. Gallagher & Co.
  1,541        390,381
Assurant, Inc.
  2,152        373,307
Assured Guaranty Ltd.
  4,218        327,823
AXIS Capital Holdings Ltd.
  6,370        470,616
Bank of America Corp.
  10,898        435,811
Bank of New York Mellon Corp. (The)
  6,910        411,905
Bank OZK(c)
  8,835        370,010
Berkshire Hathaway, Inc., Class B(b)
  965        399,896
BlackRock, Inc.
  463        357,450
Blackstone, Inc., Class A
  3,085        371,742
Block, Inc., Class A(b)
  3,789        242,799
Blue Owl Capital, Inc.(c)
  21,891        393,819
BOK Financial Corp.(c)
  4,389        397,731
Brighthouse Financial, Inc.(b)
  8,397        373,750
Brown & Brown, Inc.(c)
  4,484        401,363
Capital One Financial Corp.
  2,125        292,464
Carlyle Group, Inc. (The)(c)
  8,088        347,460
Cboe Global Markets, Inc.
  2,095        362,414
Charles Schwab Corp. (The)
  5,692        417,110
Chubb Ltd.
  1,547        418,959
Cincinnati Financial Corp.
  3,286        386,368
Citigroup, Inc.
  6,726        419,097
Citizens Financial Group, Inc.
  11,458       404,353
  Shares   Value
Financials-(continued)
CME Group, Inc., Class A
  1,805   $    366,379
CNA Financial Corp.(c)
  8,823        405,329
Coinbase Global, Inc., Class A(b)
  1,587        358,535
Columbia Banking System, Inc.
  19,685        379,527
Comerica, Inc.
  7,457        382,097
Commerce Bancshares, Inc.
  7,326        407,619
Corebridge Financial, Inc.
  15,967        465,757
Corpay, Inc.(b)
  998        267,135
Credit Acceptance Corp.(b)(c)
  687        337,200
Cullen/Frost Bankers, Inc.
  3,512        356,749
Discover Financial Services
  3,169        388,710
East West Bancorp, Inc.
  5,008        371,543
Equitable Holdings, Inc.
  11,559        479,583
Euronet Worldwide, Inc.(b)
  2,607        303,924
Evercore, Inc., Class A
  1,982        402,227
Everest Group Ltd.
  1,048        409,695
F.N.B. Corp.
  28,148        387,598
FactSet Research Systems, Inc.
  830        335,536
Fidelity National Financial, Inc.(c)
  7,489        377,146
Fidelity National Information Services, Inc.
  4,230        320,972
Fifth Third Bancorp
  10,586        396,128
First American Financial Corp.
  6,848        380,612
First Citizens BancShares, Inc., Class A
  248        421,211
First Hawaiian, Inc.
  18,107        368,115
First Horizon Corp.
  25,689        406,914
Fiserv, Inc.(b)
  1,945        291,283
Franklin Resources, Inc.(c)
  13,876        327,474
Global Payments, Inc.
  2,268        230,996
Globe Life, Inc.
  3,087        255,480
Goldman Sachs Group, Inc. (The)
  999        456,063
Hanover Insurance Group, Inc. (The)
  2,935        387,215
Hartford Financial Services Group, Inc. (The)
  3,966        410,283
Houlihan Lokey, Inc.
  3,129        423,510
Huntington Bancshares, Inc.
  28,462        396,191
Interactive Brokers Group, Inc., Class A
  3,555        446,935
Intercontinental Exchange, Inc.
  2,774        371,439
Invesco Ltd.(e)
  24,589        386,293
Jack Henry & Associates, Inc.
  1,684        277,321
Janus Henderson Group PLC
  11,984        401,464
Jefferies Financial Group, Inc.
  8,964        417,005
JPMorgan Chase & Co.
  2,067        418,836
Kemper Corp.
  6,610        395,542
KeyCorp
  25,723        369,639
Kinsale Capital Group, Inc.
  724        277,741
KKR & Co., Inc., Class A
  3,962        407,452
Lazard, Inc.(c)
  9,886        397,714
Lincoln National Corp.
  14,311        472,120
Loews Corp.
  5,127        393,754
LPL Financial Holdings, Inc.
  1,432        409,853
M&T Bank Corp.
  2,708        410,533
Markel Group, Inc.(b)
  259        425,172
MarketAxess Holdings, Inc.
  1,840        366,031
Marsh & McLennan Cos., Inc.
  1,883        390,873
Mastercard, Inc., Class A
  626        279,866
MetLife, Inc.
  5,397        390,581
MGIC Investment Corp.
  19,508        409,668
Moody’s Corp.
  983        390,241
Morgan Stanley
  4,502        440,476
Morningstar, Inc.
  1,241        357,718
MSCI, Inc.
  701        347,121
Nasdaq, Inc.
  6,514        384,521
NCR Atleos Corp.(b)
  14,975       416,754
 
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Financials-(continued)
New York Community Bancorp, Inc.
  105,211   $    346,144
Northern Trust Corp.
  4,741        399,382
NU Holdings Ltd., Class A (Brazil)(b)
  33,455        397,445
Old Republic International Corp.
  13,116        416,826
OneMain Holdings, Inc.(c)
  7,932        389,620
PayPal Holdings, Inc.(b)
  4,998        314,824
Pinnacle Financial Partners, Inc.
  4,542        361,134
PNC Financial Services Group, Inc. (The)
  2,581        406,224
Popular, Inc.
  4,599        409,357
Primerica, Inc.
  1,549        349,904
Principal Financial Group, Inc.
  4,834        396,581
Progressive Corp. (The)
  1,979        417,925
Prosperity Bancshares, Inc.
  6,031        375,731
Prudential Financial, Inc.
  3,506        421,947
Raymond James Financial, Inc.
  3,185        390,959
Regions Financial Corp.
  19,695        381,098
Reinsurance Group of America, Inc.
  2,098        440,160
RenaissanceRe Holdings Ltd. (Bermuda)
  1,688        384,628
Rithm Capital Corp.(c)
  35,070        393,135
RLI Corp.
  2,631        384,073
Robinhood Markets, Inc., Class A(b)
  23,537        491,923
Rocket Cos., Inc., Class A(b)(c)
  30,708        426,841
Ryan Specialty Holdings, Inc., Class A(c)
  7,124        395,596
S&P Global, Inc.
  909        388,607
SEI Investments Co.
  5,591        378,567
Shift4 Payments, Inc., Class A(b)(c)
  3,656        245,976
SLM Corp.
  18,302        392,761
SoFi Technologies, Inc.(b)(c)
  51,551        355,702
Starwood Property Trust, Inc.(c)
  18,932        368,038
State Street Corp.
  5,330        402,895
Stifel Financial Corp.
  5,148        416,731
Synchrony Financial
  7,038        308,264
Synovus Financial Corp.(c)
  9,693        384,715
T. Rowe Price Group, Inc.
  3,295        388,250
TFS Financial Corp.(c)
  30,038        395,901
Toast, Inc., Class A(b)(c)
  16,468        399,020
TPG, Inc.
  8,453        354,350
Tradeweb Markets, Inc., Class A
  3,717        405,190
Travelers Cos., Inc. (The)
  1,757        378,985
Truist Financial Corp.
  10,430        393,732
U.S. Bancorp
  8,885        360,287
Unum Group
  7,494        403,627
UWM Holdings Corp.(c)
  58,996        434,800
Virtu Financial, Inc., Class A
  20,405        448,910
Visa, Inc., Class A(c)
  1,057        287,990
Voya Financial, Inc.
  5,709        432,856
W.R. Berkley Corp.
  4,573        370,550
Webster Financial Corp.
  7,888        348,807
Wells Fargo & Co.
  6,812        408,175
Western Alliance Bancorporation
  6,419        404,590
Western Union Co. (The)
  20,757        265,690
WEX, Inc.(b)
  1,278        239,395
White Mountains Insurance Group Ltd.(c)
  221        399,347
Willis Towers Watson PLC
  1,402        357,917
Wintrust Financial Corp.
  3,945        389,016
XP, Inc., Class A (Brazil)
  15,488        294,117
Zions Bancorporation N.A.
  9,273       400,501
        59,735,052
Health Care-8.93%
10X Genomics, Inc., Class A(b)(c)
  11,562        259,220
Abbott Laboratories
  3,919        400,483
AbbVie, Inc.
  2,645       426,480
  Shares   Value
Health Care-(continued)
Acadia Healthcare Co., Inc.(b)(c)
  5,661   $    389,986
Agilent Technologies, Inc.
  3,196        416,790
agilon health, inc.(b)(c)
  80,539        507,396
Align Technology, Inc.(b)
  1,524        391,988
Alnylam Pharmaceuticals, Inc.(b)
  3,185        472,750
Amedisys, Inc.(b)
  5,124        467,053
Amgen, Inc.
  1,756        537,073
Apellis Pharmaceuticals, Inc.(b)(c)
  7,588        297,829
Avantor, Inc.(b)
  18,639        448,827
Azenta, Inc.(b)(c)
  7,057        356,449
Baxter International, Inc.
  10,891        371,274
Becton, Dickinson and Co.
  2,008        465,796
Biogen, Inc.(b)
  2,175        489,244
BioMarin Pharmaceutical, Inc.(b)
  5,558        417,239
Bio-Rad Laboratories, Inc., Class A(b)
  1,401        401,891
Bio-Techne Corp.
  6,216        479,813
Boston Scientific Corp.(b)
  7,041        532,088
Bristol-Myers Squibb Co.
  8,890        365,290
Bristol-Myers Squibb Co., Rts., expiring 01/23/2031(b)(c)(d)
  7,730          5,411
Bruker Corp.
  5,137        336,525
Cardinal Health, Inc.
  4,167        413,658
Catalent, Inc.(b)
  8,469        455,548
Cencora, Inc.
  4,204        952,500
Centene Corp.(b)
  5,994        429,110
Certara, Inc.(b)(c)
  24,355        412,817
Charles River Laboratories International, Inc.(b)
  1,754        365,604
Chemed Corp.
  730        404,690
Cigna Group (The)
  1,391        479,366
Cooper Cos., Inc. (The)
  4,677        441,088
CVS Health Corp.
  13,407        799,057
Danaher Corp.
  1,882        483,298
DaVita, Inc.(b)
  3,558        523,453
DENTSPLY SIRONA, Inc.
  14,174        397,014
DexCom, Inc.(b)
  3,582        425,434
Doximity, Inc., Class A(b)(c)
  16,508        457,767
Edwards Lifesciences Corp.(b)
  5,088        442,096
Elanco Animal Health, Inc.(b)
  29,373        519,315
Elevance Health, Inc.
  951        512,094
Eli Lilly and Co.
  608        498,767
Encompass Health Corp.
  6,168        532,854
Enovis Corp.(b)
  7,584        381,248
Envista Holdings Corp.(b)
  22,606        437,652
Exact Sciences Corp.(b)(c)
  7,706        350,238
Exelixis, Inc.(b)
  21,612        468,764
Fortrea Holdings, Inc.(b)(c)
  12,912        327,836
GE HealthCare Technologies, Inc.
  5,155        402,090
Gilead Sciences, Inc.
  6,485        416,791
Globus Medical, Inc., Class A(b)(c)
  8,789        589,830
HCA Healthcare, Inc.
  1,469        499,093
Henry Schein, Inc.(b)
  6,346        440,032
Hologic, Inc.(b)
  6,253        461,346
Humana, Inc.
  1,399        501,010
ICON PLC(b)(c)
  1,403        455,722
ICU Medical, Inc.(b)(c)
  4,527        481,401
IDEXX Laboratories, Inc.(b)
  848        421,414
Illumina, Inc.(b)
  3,512        366,231
Incyte Corp.(b)
  8,089        467,463
Inspire Medical Systems, Inc.(b)(c)
  2,327        369,504
Insulet Corp.(b)
  2,720        481,957
Integra LifeSciences Holdings Corp.(b)
  13,121       405,439
 
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Health Care-(continued)
Intuitive Surgical, Inc.(b)
  1,217   $    489,380
Ionis Pharmaceuticals, Inc.(b)(c)
  10,605        398,430
IQVIA Holdings, Inc.(b)
  1,834        401,811
Jazz Pharmaceuticals PLC(b)(c)
  4,103        431,841
Johnson & Johnson
  3,004        440,597
Labcorp Holdings, Inc.
  2,187        426,268
Maravai LifeSciences Holdings, Inc., Class A(b)(c)
  66,544        576,936
Masimo Corp.(b)(c)
  3,558        442,971
McKesson Corp.
  1,883     1,072,538
Medpace Holdings, Inc.(b)
  1,166        450,472
Medtronic PLC
  5,604        455,997
Merck & Co., Inc.
  3,852        483,580
Mettler-Toledo International, Inc.(b)
  218        306,092
Moderna, Inc.(b)
  4,810        685,665
Molina Healthcare, Inc.(b)
  1,210        380,642
Natera, Inc.(b)(c)
  5,208        554,808
Neurocrine Biosciences, Inc.(b)
  3,527        477,591
Novocure Ltd.(b)(c)
  27,641        608,378
Organon & Co.(c)
  26,183        558,483
Penumbra, Inc.(b)(c)
  1,871        354,498
Perrigo Co. PLC
  16,104        443,343
Pfizer, Inc.
  17,823        510,807
Premier, Inc., Class A
  22,640        428,349
Qiagen N.V.(b)
  10,716        463,574
Quest Diagnostics, Inc.
  3,748        532,104
QuidelOrtho Corp.(b)(c)
  10,668        471,419
R1 RCM, Inc.(b)
  33,380        429,267
Regeneron Pharmaceuticals, Inc.(b)
  492        482,239
Repligen Corp.(b)
  2,406        358,711
ResMed, Inc.(c)
  2,481        511,905
Revvity, Inc.
  4,400        480,744
Roivant Sciences Ltd.(b)(c)
  42,919        444,641
Royalty Pharma PLC, Class A
  15,896        435,709
Sarepta Therapeutics, Inc.(b)
  3,949        512,817
Solventum Corp.(b)
  787         46,701
Sotera Health Co.(b)(c)
  33,881        378,790
STERIS PLC
  2,053        457,573
Stryker Corp.
  1,334        455,014
Tandem Diabetes Care, Inc.(b)(c)
  16,097        824,649
Teladoc Health, Inc.(b)(c)
  30,858        346,844
Teleflex, Inc.
  2,086        436,120
Tenet Healthcare Corp.(b)
  4,876        659,333
Thermo Fisher Scientific, Inc.
  797        452,680
Ultragenyx Pharmaceutical, Inc.(b)(c)
  9,314        373,864
United Therapeutics Corp.(b)
  1,988        546,958
UnitedHealth Group, Inc.
  999        494,875
Universal Health Services, Inc., Class B
  2,694        511,321
Veeva Systems, Inc., Class A(b)
  2,058        358,607
Vertex Pharmaceuticals, Inc.(b)
  1,163        529,560
Viatris, Inc.
  38,418        407,231
Waters Corp.(b)
  818        252,680
West Pharmaceutical Services, Inc.
  1,310        434,147
Zimmer Biomet Holdings, Inc.
  3,750        431,812
Zoetis, Inc.
  2,631       446,112
        53,254,964
Industrials-10.15%
3M Co.
  3,158        316,242
A.O. Smith Corp.
  3,377        282,452
Acuity Brands, Inc.
  1,139        295,696
Advanced Drainage Systems, Inc.
  1,766        306,383
AECOM
  3,229       282,021
  Shares   Value
Industrials-(continued)
AGCO Corp.
  2,588   $    277,770
Air Lease Corp., Class A
  6,668        317,664
Alaska Air Group, Inc.(b)(c)
  8,599        361,330
Allegion PLC
  2,218        270,197
Allison Transmission Holdings, Inc.
  3,881        294,219
American Airlines Group, Inc.(b)
  21,511        247,377
AMETEK, Inc.
  1,611        273,193
Armstrong World Industries, Inc.(c)
  2,388        276,530
Automatic Data Processing, Inc.
  1,199        293,659
Avis Budget Group, Inc.(c)
  2,877        327,201
Axon Enterprise, Inc.(b)
  927        261,108
AZEK Co., Inc. (The)(b)(c)
  5,928        284,307
Boeing Co. (The)(b)
  1,460        259,311
Booz Allen Hamilton Holding Corp.
  1,970        299,854
Broadridge Financial Solutions, Inc.
  1,902        381,865
Builders FirstSource, Inc.(b)
  1,432        230,251
BWX Technologies, Inc.
  2,808        258,701
C.H. Robinson Worldwide, Inc.
  4,027        347,812
CACI International, Inc., Class A(b)
  1,069        453,769
Carlisle Cos., Inc.
  799        334,214
Carrier Global Corp.
  4,913        310,452
Caterpillar, Inc.
  858        290,450
ChargePoint Holdings, Inc.(b)(c)
  688,551     1,156,766
Cintas Corp.
  465        315,256
Clarivate PLC(b)(c)
  56,634        322,814
Clean Harbors, Inc.(b)
  6,303     1,365,167
CNH Industrial N.V.
  24,761        261,476
Concentrix Corp.(c)
  6,118        375,217
Copart, Inc.(b)
  5,806        308,066
Core & Main, Inc., Class A(b)
  5,836        335,920
Crane Co.
  2,184        325,591
CSX Corp.
  7,712        260,280
Cummins, Inc.(c)
  1,099        309,621
Curtiss-Wright Corp.
  1,206        341,081
Dayforce, Inc.(b)(c)
  6,110        302,201
Deere & Co.
  781        292,688
Delta Air Lines, Inc.(c)
  7,493        382,293
Donaldson Co., Inc.
  3,970        292,510
Dover Corp.
  1,702        312,862
Driven Brands Holdings, Inc.(b)(c)
  21,757        249,988
Dun & Bradstreet Holdings, Inc.
  38,954        373,569
Eaton Corp. PLC
  971        323,197
EMCOR Group, Inc.
  897        348,628
Emerson Electric Co.
  2,652        297,448
Equifax, Inc.
  1,080        249,901
ESAB Corp.
  2,923        300,543
Expeditors International of Washington, Inc.
  2,395        289,556
Fastenal Co.
  18,137     1,196,679
FedEx Corp.
  1,170        297,133
Ferguson PLC
  1,444        297,089
Flowserve Corp.
  6,709        333,437
Fortive Corp.
  3,439        255,999
Fortune Brands Innovations, Inc.
  3,582        250,955
FTI Consulting, Inc.(b)
  1,419        304,801
Gates Industrial Corp. PLC(b)
  18,919        329,569
GE Vernova, Inc.(b)
  438         77,044
Generac Holdings, Inc.(b)
  2,572        378,624
General Dynamics Corp.
  1,077        322,852
General Electric Co.
  1,758        290,316
Genpact Ltd.
  8,585        283,820
Graco, Inc.
  3,128        252,586
GXO Logistics, Inc.(b)
  5,869       294,800
 
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Industrials-(continued)
Hayward Holdings, Inc.(b)(c)
  20,512   $    297,219
HEICO Corp.(c)
  1,570        348,179
Hertz Global Holdings, Inc.(b)(c)
  42,733        186,316
Hexcel Corp.
  17,882     1,231,533
Honeywell International, Inc.
  1,443        291,760
Howmet Aerospace, Inc.
  4,216        356,884
Hubbell, Inc.
  746        290,112
Huntington Ingalls Industries, Inc.
  1,002        253,606
IDEX Corp.
  1,226        255,793
Illinois Tool Works, Inc.
  1,119        271,637
Ingersoll Rand, Inc.(c)
  3,209        298,597
ITT, Inc.
  2,288        304,029
J.B. Hunt Transport Services, Inc.
  1,444        232,123
Jacobs Solutions, Inc.
  1,966        273,942
Johnson Controls International PLC
  4,770        343,011
KBR, Inc.
  6,579        431,977
Kirby Corp.(b)
  3,281        407,402
Knight-Swift Transportation Holdings, Inc.
  5,187        250,273
L3Harris Technologies, Inc.
  1,372        308,467
Landstar System, Inc.
  1,557        283,421
Leidos Holdings, Inc.
  3,148        462,913
Lennox International, Inc.
  608        305,581
Lincoln Electric Holdings, Inc.
  1,147        225,225
Lockheed Martin Corp.
  681        320,302
Lyft, Inc., Class A(b)
  17,756        277,171
ManpowerGroup, Inc.
  3,899        290,943
Masco Corp.
  3,793        265,207
MasTec, Inc.(b)
  3,198        358,975
MDU Resources Group, Inc.
  13,206        333,319
Mercury Systems, Inc.(b)(c)
  9,522        294,706
Middleby Corp. (The)(b)
  1,890        243,640
MSA Safety, Inc.
  1,578        284,040
MSC Industrial Direct Co., Inc., Class A
  2,918        250,656
Nordson Corp.
  1,094        256,784
Norfolk Southern Corp.
  1,146        257,621
Northrop Grumman Corp.
  642        289,394
nVent Electric PLC
  4,190        340,982
Old Dominion Freight Line, Inc.
  1,318        230,980
Oshkosh Corp.
  2,565        291,717
Otis Worldwide Corp.
  3,016        299,187
Owens Corning
  1,879        340,231
PACCAR, Inc.
  2,558        274,985
Parker-Hannifin Corp.
  542        288,084
Paychex, Inc.(c)
  2,413        289,946
Paycom Software, Inc.
  2,233        324,500
Paycor HCM, Inc.(b)(c)
  19,985        247,214
Paylocity Holding Corp.(b)(c)
  1,777        252,636
Pentair PLC
  3,586        291,829
Plug Power, Inc.(b)(c)
  344,344     1,146,666
Quanta Services, Inc.
  1,198        330,576
RB Global, Inc. (Canada)(c)
  4,229        307,364
RBC Bearings, Inc.(b)(c)
  5,129     1,514,491
Regal Rexnord Corp.
  1,730        258,704
Republic Services, Inc.
  6,488     1,201,513
Robert Half, Inc.
  3,691        237,073
Rockwell Automation, Inc.
  1,005        258,818
Rollins, Inc.
  7,083        323,622
RTX Corp.(c)
  3,231        348,334
Ryder System, Inc.
  2,520        306,104
Saia, Inc.(b)
  486        199,007
Schneider National, Inc., Class B
  12,629        283,900
Science Applications International Corp.
  2,869       386,311
  Shares   Value
Industrials-(continued)
Sensata Technologies Holding PLC
  8,340   $    344,609
SiteOne Landscape Supply, Inc.(b)(c)
  1,790        277,128
Snap-on, Inc.
  992        270,677
Southwest Airlines Co.(c)
  9,320        250,149
Spirit AeroSystems Holdings, Inc., Class A(b)(c)
  8,192        248,381
SS&C Technologies Holdings, Inc.
  6,489        402,642
Stanley Black & Decker, Inc.
  3,210        279,816
Stericycle, Inc.(b)(c)
  22,775     1,173,823
Sunrun, Inc.(b)(c)
  97,134     1,404,558
Tetra Tech, Inc.
  1,566        328,061
Textron, Inc.
  3,239        283,769
Timken Co. (The)
  16,159     1,404,056
Toro Co. (The)
  3,305        265,028
Trane Technologies PLC
  1,017        333,027
TransDigm Group, Inc.
  251        337,151
TransUnion
  3,693        265,601
Trex Co., Inc.(b)
  3,055        264,196
Uber Technologies, Inc.(b)
  4,035        260,500
U-Haul Holding Co., Series N(c)
  4,868        295,926
Union Pacific Corp.
  1,178        274,262
United Airlines Holdings, Inc.(b)
  7,284        385,979
United Parcel Service, Inc., Class B
  1,905        264,662
United Rentals, Inc.
  430        287,846
Valmont Industries, Inc.
  1,376        345,926
Veralto Corp.
  3,276        322,948
Verisk Analytics, Inc.
  1,240        313,447
Vertiv Holdings Co., Class A
  5,666        555,665
Vestis Corp.
  15,379        189,469
W.W. Grainger, Inc.
  294        270,909
Wabtec Corp.
  2,060        348,614
Waste Management, Inc.
  5,758     1,213,383
Watsco, Inc.(c)
  725        344,303
WESCO International, Inc.
  1,827        327,928
WillScot Mobile Mini Holdings Corp.(b)
  6,280        247,620
Woodward, Inc.
  1,956        364,794
XPO, Inc.(b)(c)
  2,287        244,663
Xylem, Inc.
  2,305       325,051
        60,516,470
Information Technology-11.72%
Accenture PLC, Class A
  758        213,976
Adobe, Inc.(b)
  731        325,120
Advanced Micro Devices, Inc.(b)
  1,917        319,947
Akamai Technologies, Inc.(b)
  3,593        331,418
Allegro MicroSystems, Inc. (Japan)(b)(c)
  12,958        390,554
Amdocs Ltd.
  4,336        342,544
Amphenol Corp., Class A
  3,668        485,533
Analog Devices, Inc.
  2,053        481,408
ANSYS, Inc.(b)
  1,196        379,670
Apple, Inc.
  2,417        464,668
Applied Materials, Inc.
  1,906        409,943
AppLovin Corp., Class A(b)
  6,479        527,909
Arista Networks, Inc.(b)
  11,075     3,296,474
Arrow Electronics, Inc.(b)
  3,371        442,646
Aspen Technology, Inc.(b)(c)
  1,939        408,450
Atlassian Corp., Class A(b)
  1,997        313,249
Autodesk, Inc.(b)
  1,598        322,157
Avnet, Inc.
  8,641        471,799
Bentley Systems, Inc., Class B
  8,229        413,425
BILL Holdings, Inc.(b)(c)
  4,453        231,779
Broadcom, Inc.
  289        383,951
Cadence Design Systems, Inc.(b)
  1,277       365,618
 
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Information Technology-(continued)
CCC Intelligent Solutions Holdings, Inc.(b)(c)
  33,318   $    372,495
CDW Corp.
  1,633        365,172
Ciena Corp.(b)
  60,042     2,892,223
Cirrus Logic, Inc.(b)
  4,335        497,225
Cisco Systems, Inc.
  64,911     3,018,362
Cloudflare, Inc., Class A(b)
  4,023        272,317
Cognex Corp.(c)
  7,210        328,199
Cognizant Technology Solutions Corp., Class A
  5,235        346,295
Coherent Corp.(b)
  6,304        359,706
Confluent, Inc., Class A(b)(c)
  12,185        316,444
Corning, Inc.
  12,539        467,203
Crane NXT Co.
  4,857        307,060
CrowdStrike Holdings, Inc., Class A(b)
  1,231        386,128
Datadog, Inc., Class A(b)
  3,301        363,704
DocuSign, Inc.(b)
  7,630        417,666
Dolby Laboratories, Inc., Class A
  4,926        399,055
DoubleVerify Holdings, Inc.(b)(c)
  12,733        231,741
Dropbox, Inc., Class A(b)(c)
  16,791        378,301
DXC Technology Co.(b)
  19,847        308,621
Dynatrace, Inc.(b)
  8,653        395,702
Elastic N.V.(b)
  3,798        395,182
Enphase Energy, Inc.(b)
  10,430     1,333,997
Entegris, Inc.
  2,791        352,643
EPAM Systems, Inc.(b)
  1,291        229,708
F5, Inc.(b)
  2,101        355,006
Fair Isaac Corp.(b)
  223        287,654
First Solar, Inc.(b)
  8,409     2,285,230
Five9, Inc.(b)
  6,932        324,140
Fortinet, Inc.(b)
  5,548        329,107
Gartner, Inc.(b)
  869        364,693
Gen Digital, Inc.
  18,667        463,502
GitLab, Inc., Class A(b)
  6,864        323,912
GLOBALFOUNDRIES, Inc.(b)(c)
  7,539        369,411
Globant S.A.(b)
  1,913        308,223
GoDaddy, Inc., Class A(b)
  3,588        500,992
Guidewire Software, Inc.(b)
  3,495        398,150
HashiCorp, Inc., Class A(b)
  15,524        521,296
Hewlett Packard Enterprise Co.
  22,303        393,648
HP, Inc.
  13,270        484,355
HubSpot, Inc.(b)(c)
  663        405,126
Informatica, Inc., Class A(b)(c)
  12,629        364,347
Intel Corp.
  8,786        271,048
International Business Machines Corp.
  2,063        344,212
Intuit, Inc.
  625        360,275
IPG Photonics Corp.(b)
  4,532        393,060
Jabil, Inc.
  2,624        311,994
Juniper Networks, Inc.
  84,897     3,028,276
Keysight Technologies, Inc.(b)
  1,858        257,296
KLA Corp.
  561        426,096
Kyndryl Holdings, Inc.(b)
  18,972        504,845
Lam Research Corp.
  407        379,503
Lattice Semiconductor Corp.(b)
  4,853        360,287
Littelfuse, Inc.
  1,214        311,512
Lumentum Holdings, Inc.(b)(c)
  64,928     2,824,368
Manhattan Associates, Inc.(b)
  1,524        334,579
Marvell Technology, Inc.
  4,766        327,948
Microchip Technology, Inc.
  4,345        422,464
Micron Technology, Inc.
  4,136        517,000
Microsoft Corp.
  991        411,394
MKS Instruments, Inc.
  2,194        277,738
MongoDB, Inc.(b)(c)
  987       232,991
  Shares   Value
Information Technology-(continued)
Monolithic Power Systems, Inc.
  533   $    392,091
Motorola Solutions, Inc.
  9,494     3,464,456
nCino, Inc.(b)(c)
  14,172        432,671
NCR Voyix Corp.(b)
  33,588        442,690
NetApp, Inc.
  3,891        468,593
Nutanix, Inc., Class A(b)
  6,266        346,604
NVIDIA Corp.
  441        483,482
Okta, Inc.(b)
  3,637        322,529
ON Semiconductor Corp.(b)
  4,889        357,093
Oracle Corp.
  3,569        418,251
Palantir Technologies, Inc., Class A(b)
  15,326        332,268
Palo Alto Networks, Inc.(b)
  1,426        420,542
Pegasystems, Inc.(c)
  6,334        363,952
Procore Technologies, Inc.(b)(c)
  5,142        345,182
PTC, Inc.(b)
  2,177        383,675
Pure Storage, Inc., Class A(b)
  7,092        427,577
Qorvo, Inc.(b)
  3,412        335,707
QUALCOMM, Inc.
  2,328        475,028
RingCentral, Inc., Class A(b)(c)
  11,621        397,438
Roper Technologies, Inc.
  744        396,373
Salesforce, Inc.
  1,339        313,915
SentinelOne, Inc., Class A(b)(c)
  14,939        251,423
ServiceNow, Inc.(b)
  528        346,859
Skyworks Solutions, Inc.
  3,762        348,587
Smartsheet, Inc., Class A(b)
  9,701        358,937
Snowflake, Inc., Class A(b)(c)
  2,406        327,649
Synopsys, Inc.(b)
  696        390,317
TD SYNNEX Corp.
  3,901        510,407
Teledyne Technologies, Inc.(b)
  684        271,514
Teradata Corp.(b)(c)
  10,558        344,296
Teradyne, Inc.
  3,714        523,451
Texas Instruments, Inc.
  2,334        455,153
Trimble, Inc.(b)
  4,680        260,582
Twilio, Inc., Class A(b)(c)
  6,629        380,505
Tyler Technologies, Inc.(b)
  970        465,949
UiPath, Inc., Class A(b)(c)
  17,181        210,639
Unity Software, Inc.(b)(c)
  14,833        270,999
Universal Display Corp.
  2,349        412,719
VeriSign, Inc.(b)
  2,105        366,944
Viasat, Inc.(b)(c)
  164,898     2,785,127
Vontier Corp.
  6,709        268,226
Western Digital Corp.(b)
  6,356        478,543
Wolfspeed, Inc.(b)(c)
  13,967        358,952
Workday, Inc., Class A(b)
  1,531        323,730
Zebra Technologies Corp., Class A(b)
  1,013        316,400
Zoom Video Communications, Inc., Class A(b)
  6,048        370,984
Zscaler, Inc.(b)
  2,014       342,299
        69,894,373
Materials-9.60%
Air Products and Chemicals, Inc.(c)
  5,656     1,508,455
Albemarle Corp.(c)
  11,230     1,376,686
Alcoa Corp.
  46,332     2,051,118
Amcor PLC
  31,051        315,789
AptarGroup, Inc.
  2,021        298,481
Ardagh Group S.A., Class A(b)(d)
  13,287         56,038
Ardagh Metal Packaging S.A.
  85,027        335,857
Ashland, Inc.
  14,343     1,436,738
Avery Dennison Corp.
  6,418     1,460,673
Axalta Coating Systems Ltd.(b)
  8,855        315,149
Ball Corp.
  4,486        311,463
Berry Global Group, Inc.
  4,957        296,825
Celanese Corp.
  8,858     1,346,770
 
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Materials-(continued)
CF Industries Holdings, Inc.
  16,421   $  1,309,246
Chemours Co. (The)
  54,686     1,357,307
Cleveland-Cliffs, Inc.(b)(c)
  65,820     1,137,370
Corteva, Inc.
  18,328     1,025,268
Crown Holdings, Inc.
  3,760        316,554
Dow, Inc.
  24,191     1,394,127
DuPont de Nemours, Inc.
  4,108        337,513
Eagle Materials, Inc.
  1,127        261,904
Eastman Chemical Co.
  15,542     1,574,871
Ecolab, Inc.
  6,176     1,434,067
Element Solutions, Inc.
  57,036     1,370,575
FMC Corp.(c)
  21,725     1,324,139
Freeport-McMoRan, Inc.
  34,780     1,833,949
Ginkgo Bioworks Holdings, Inc.(b)(c)
  394,731        208,615
Graphic Packaging Holding Co.
  10,921        309,283
Huntsman Corp.
  51,793     1,284,466
International Flavors & Fragrances, Inc.
  17,572     1,690,075
International Paper Co.
  38,621     1,741,421
Linde PLC
  2,982     1,298,721
Louisiana-Pacific Corp.
  3,868        354,618
LyondellBasell Industries N.V., Class A
  13,945     1,386,412
Martin Marietta Materials, Inc.
  478        273,454
Mosaic Co. (The)
  43,139     1,334,289
MP Materials Corp.(b)(c)
  90,816     1,473,035
NewMarket Corp.
  2,210     1,182,505
Newmont Corp.
  40,880     1,714,507
Nucor Corp.
  7,389     1,247,633
Olin Corp.
  24,039     1,292,337
Packaging Corp. of America
  1,583        290,465
PPG Industries, Inc.
  2,076        272,807
Reliance, Inc.
  4,279     1,287,038
Royal Gold, Inc.(c)
  12,405     1,590,197
RPM International, Inc.
  2,465        276,326
Scotts Miracle-Gro Co. (The)(c)
  20,611     1,436,381
Sealed Air Corp.
  8,159        317,140
Sherwin-Williams Co. (The)
  847        257,319
Silgan Holdings, Inc.
  6,691        316,150
Sonoco Products Co.
  5,086        312,128
Southern Copper Corp. (Mexico)(c)
  16,458     1,952,441
SSR Mining, Inc. (Canada)(c)
  307,587     1,642,515
Steel Dynamics, Inc.
  10,476     1,402,422
United States Steel Corp.
  28,955     1,110,424
Vulcan Materials Co.
  1,079        275,976
Westlake Corp.
  9,724     1,561,285
WestRock Co.
  6,454       346,193
        57,225,510
Real Estate-8.89%
Agree Realty Corp.
  15,199        923,491
Alexandria Real Estate Equities, Inc.
  7,005        833,595
American Homes 4 Rent, Class A
  23,807        858,004
American Tower Corp.
  4,250        831,895
Americold Realty Trust, Inc.
  33,189        885,151
Apartment Income REIT Corp.
  27,404     1,061,905
AvalonBay Communities, Inc.
  4,687        903,091
Boston Properties, Inc.
  13,766        835,183
Brixmor Property Group, Inc.
  38,247        860,940
Camden Property Trust
  8,783        901,575
CBRE Group, Inc., Class A(b)
  9,365        824,776
CoStar Group, Inc.(b)
  10,169        794,911
Cousins Properties, Inc.
  36,789        850,930
Crown Castle, Inc.
  7,796        799,090
CubeSmart
  19,509       825,426
  Shares   Value
Real Estate-(continued)
Digital Realty Trust, Inc.
  5,739   $    834,106
EastGroup Properties, Inc.
  4,824        796,828
EPR Properties
  20,517        842,018
Equinix, Inc.
  961        733,224
Equity LifeStyle Properties, Inc.
  13,199        828,501
Equity Residential
  13,811        898,129
Essex Property Trust, Inc.
  3,576        929,009
Extra Space Storage, Inc.
  5,939        859,789
Federal Realty Investment Trust
  8,523        860,397
First Industrial Realty Trust, Inc.
  16,454        775,312
Gaming and Leisure Properties, Inc.
  19,080        856,692
Healthcare Realty Trust, Inc.(c)
  64,025     1,039,126
Healthpeak Properties, Inc.
  49,493        984,911
Highwoods Properties, Inc.
  35,473        921,234
Host Hotels & Resorts, Inc.
  41,804        749,964
Howard Hughes Holdings, Inc.(b)(c)
  11,587        768,218
Invitation Homes, Inc.
  25,116        873,786
Iron Mountain, Inc.
  10,734        866,126
Jones Lang LaSalle, Inc.(b)
  4,673        944,273
Kilroy Realty Corp.
  23,911        801,736
Kimco Realty Corp.
  44,906        869,380
Lamar Advertising Co., Class A
  7,209        851,455
Medical Properties Trust, Inc.(c)
  195,602     1,048,427
Mid-America Apartment Communities, Inc.
  6,550        875,800
National Storage Affiliates Trust
  23,343        853,887
NET Lease Office Properties(c)
  36,381        863,685
NNN REIT, Inc.
  20,640        862,133
Omega Healthcare Investors, Inc.(c)
  28,382        917,590
Park Hotels & Resorts, Inc.
  50,632        803,024
Prologis, Inc.
  6,558        724,593
Public Storage
  3,040        832,443
Rayonier, Inc.(c)
  25,132        754,463
Realty Income Corp.
  16,601        880,849
Regency Centers Corp.
  14,154        869,056
Rexford Industrial Realty, Inc.(c)
  16,618        753,792
SBA Communications Corp., Class A
  3,987        784,163
Simon Property Group, Inc.
  5,809        878,960
STAG Industrial, Inc.
  23,441        821,841
Sun Communities, Inc.
  6,584        776,846
UDR, Inc.
  23,061        890,616
Ventas, Inc.
  19,921     1,001,229
VICI Properties, Inc.
  29,956        860,037
Vornado Realty Trust(c)
  33,372        818,281
W.P. Carey, Inc.
  15,229        858,916
Welltower, Inc.
  9,424        976,986
Weyerhaeuser Co.
  25,259        758,528
Zillow Group, Inc., Class C(b)
  15,578       637,919
        52,978,241
Utilities-8.96%
AES Corp. (The)
  74,348     1,605,173
Alliant Energy Corp.
  24,329     1,252,700
Ameren Corp.
  16,332     1,198,279
American Electric Power Co., Inc.
  14,192     1,280,828
American Water Works Co., Inc.
  10,063     1,315,939
Atmos Energy Corp.
  10,324     1,196,758
Avangrid, Inc.
  32,933     1,185,917
Brookfield Renewable Corp., Class A(c)
  47,339     1,493,072
CenterPoint Energy, Inc.
  42,160     1,286,302
Clearway Energy, Inc., Class C
  54,337     1,521,436
CMS Energy Corp.
  19,866     1,250,167
Consolidated Edison, Inc.
  13,271     1,254,773
Constellation Energy Corp.
  6,691     1,453,620
 
See accompanying notes which are an integral part of this schedule.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-(continued)
Dominion Energy, Inc.
  25,060   $  1,351,235
DTE Energy Co.
  10,595     1,234,635
Duke Energy Corp.
  12,633     1,308,400
Edison International
  17,443     1,340,495
Entergy Corp.
  11,605     1,305,446
Essential Utilities, Inc.
  34,227     1,291,385
Evergy, Inc.
  23,238     1,270,189
Eversource Energy
  20,086     1,189,694
Exelon Corp.
  32,404     1,216,770
FirstEnergy Corp.
  31,540     1,269,800
Hawaiian Electric Industries, Inc.(c)
  101,597     1,116,551
IDACORP, Inc.
  13,425     1,281,685
National Fuel Gas Co.
  23,568     1,347,147
NextEra Energy, Inc.
  21,356     1,708,907
NiSource, Inc.
  44,255     1,286,050
NRG Energy, Inc.
  19,817     1,605,177
OGE Energy Corp.
  34,989     1,270,101
PG&E Corp.
  71,947     1,333,897
Pinnacle West Capital Corp.(c)
  16,853     1,329,028
PPL Corp.
  44,753     1,312,606
Public Service Enterprise Group, Inc.
  18,424     1,395,802
Sempra
  16,905     1,302,192
Southern Co. (The)
  17,363     1,391,471
UGI Corp.
  47,937     1,220,476
Vistra Corp.
  19,460     1,928,097
  Shares   Value
Utilities-(continued)
WEC Energy Group, Inc.
  14,635   $  1,185,874
Xcel Energy, Inc.
  23,864     1,323,259
        53,411,333
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.90%

(Cost $568,210,168)
  595,633,140
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.47%
Invesco Private Government Fund, 5.30%(e)(f)(g)
  21,060,591    21,060,591
Invesco Private Prime Fund, 5.48%(e)(f)(g)
  59,242,403    59,260,176
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $80,324,850)
  80,320,767
TOTAL INVESTMENTS IN SECURITIES-113.37%

(Cost $648,535,018)
  675,953,907
OTHER ASSETS LESS LIABILITIES-(13.37)%
  (79,718,160)
NET ASSETS-100.00%
  $596,235,747
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at May 31, 2024.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Invesco Ltd. $406,995   $66,795   $(80,198)   $(5,073)   $(2,226)   $386,293   $15,493
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   11,960,178   (11,960,178)   -   -   -   8,228
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 23,600,718   109,767,913   (112,308,040)   -   -   21,060,591   954,780*
Invesco Private Prime Fund 60,687,562   251,737,898   (253,186,669)   (5,376)   26,761   59,260,176   2,572,131*
Total $84,695,275   $373,532,784   $(377,535,085)   $(10,449)   $24,535   $80,707,060   $3,550,632
    
* 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 Russell 1000 Equal Weight ETF (EQAL)—(continued)
May 31, 2024
(Unaudited)
(f) The rate shown is the 7-day SEC standardized yield as of May 31, 2024.
(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 500® Enhanced Value ETF (SPVU)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.66%
Communication Services-4.10%
Fox Corp., Class A(b)
  5,925   $    203,998
Paramount Global, Class B
  12,662        150,805
Verizon Communications, Inc.
  110,836     4,560,901
        4,915,704
Consumer Discretionary-8.59%
Aptiv PLC(c)
  6,180        514,547
Best Buy Co., Inc.
  5,186        439,876
BorgWarner, Inc.
  8,048        286,992
Caesars Entertainment, Inc.(b)(c)
  4,734        168,341
CarMax, Inc.(b)(c)
  4,700        330,222
D.R. Horton, Inc.
  6,602        975,776
Ford Motor Co.(b)
  191,801     2,326,546
General Motors Co.
  67,240     3,025,128
Lennar Corp., Class A
  6,219        997,217
LKQ Corp.
  5,731        246,605
Mohawk Industries, Inc.(c)
  993        121,076
PulteGroup, Inc.
  5,526        648,310
Tapestry, Inc.
  5,029       218,711
        10,299,347
Consumer Staples-4.10%
Archer-Daniels-Midland Co.
  18,276     1,141,153
Bunge Global S.A.
  6,527        702,240
Conagra Brands, Inc.
  10,463        312,634
Kraft Heinz Co. (The)
  20,389        721,159
Kroger Co. (The)
  19,663     1,029,751
Molson Coors Beverage Co., Class B(b)
  3,987        218,528
Tyson Foods, Inc., Class A
  8,550        489,488
Walgreens Boots Alliance, Inc.(b)
  18,597       301,643
        4,916,596
Energy-18.77%
APA Corp.
  6,177        188,584
Chevron Corp.(b)
  36,037     5,848,805
Coterra Energy, Inc.
  17,550        500,526
Devon Energy Corp.(b)
  14,306        702,139
Diamondback Energy, Inc.
  3,974        791,859
EQT Corp.
  11,532        473,850
Exxon Mobil Corp.(b)
  51,766     6,070,081
Marathon Oil Corp.
  15,418        446,505
Marathon Petroleum Corp.(b)
  14,981     2,645,794
Phillips 66
  16,695     2,372,527
Valero Energy Corp.
  15,695     2,466,312
        22,506,982
Financials-42.19%
American International Group, Inc.
  19,359     1,525,876
Assurant, Inc.
  1,060        183,878
Bank of America Corp.
  168,000     6,718,320
Bank of New York Mellon Corp. (The)
  19,987     1,191,425
Berkshire Hathaway, Inc., Class B(b)(c)
  14,574     6,039,466
Capital One Financial Corp.
  11,710     1,611,647
Cincinnati Financial Corp.
  3,667        431,166
Citigroup, Inc.(b)
  63,370     3,948,585
Citizens Financial Group, Inc.
  15,115        533,408
Comerica, Inc.
  3,660        187,538
Discover Financial Services
  5,717        701,247
Everest Group Ltd.
  1,232        481,626
Fifth Third Bancorp
  16,120        603,210
Franklin Resources, Inc.(b)
  6,673        157,483
Goldman Sachs Group, Inc. (The)
  6,956     3,175,553
Hartford Financial Services Group, Inc. (The)
  7,078       732,219
  Shares   Value
Financials-(continued)
Huntington Bancshares, Inc.
  41,635   $    579,559
Invesco Ltd.(d)
  12,829        201,544
JPMorgan Chase & Co.(b)
  32,815     6,649,304
KeyCorp
  23,606        339,218
Loews Corp.
  5,283        405,734
M&T Bank Corp.
  5,124        776,798
PNC Financial Services Group, Inc. (The)
  9,278     1,460,265
Principal Financial Group, Inc.
  4,743        389,116
Prudential Financial, Inc.
  8,333     1,002,877
Regions Financial Corp.
  27,606        534,176
State Street Corp.
  8,463        639,718
Synchrony Financial
  12,559        550,084
Truist Financial Corp.
  40,029     1,511,095
U.S. Bancorp
  33,797     1,370,468
Wells Fargo & Co.(b)
  99,641     5,970,489
        50,603,092
Health Care-9.70%
Baxter International, Inc.
  12,823        437,136
Cencora, Inc.
  4,099        928,711
Centene Corp.(c)
  19,031     1,362,429
Cigna Group (The)
  9,207     3,172,917
CVS Health Corp.
  50,155     2,989,238
McKesson Corp.
  3,470     1,976,477
Universal Health Services, Inc., Class B
  1,580        299,884
Viatris, Inc.
  44,357       470,184
        11,636,976
Industrials-4.95%
American Airlines Group, Inc.(b)(c)
  20,168        231,932
Cummins, Inc.
  2,705        762,080
Delta Air Lines, Inc.(b)
  21,238     1,083,563
Emerson Electric Co.
  12,726     1,427,348
FedEx Corp.(b)
  4,564     1,159,073
Huntington Ingalls Industries, Inc.
  708        179,195
Southwest Airlines Co.(b)
  13,046        350,154
United Airlines Holdings, Inc.(c)
  14,128       748,643
        5,941,988
Information Technology-1.04%
Hewlett Packard Enterprise Co.
  37,077        654,409
HP, Inc.
  16,174       590,351
        1,244,760
Materials-5.00%
Albemarle Corp.(b)
  3,449        422,813
Celanese Corp.(b)
  2,303        350,148
CF Industries Holdings, Inc.(b)
  4,434        353,523
Dow, Inc.
  13,488        777,313
DuPont de Nemours, Inc.
  12,687     1,042,364
Eastman Chemical Co.
  2,270        230,019
International Paper Co.(b)
  7,435        335,244
LyondellBasell Industries N.V., Class A
  5,660        562,717
Mosaic Co. (The)
  11,320        350,128
Nucor Corp.(b)
  6,089     1,028,128
Steel Dynamics, Inc.(b)
  4,102       549,135
        6,001,532
Utilities-1.22%
Consolidated Edison, Inc.
  6,737        636,984
Evergy, Inc.
  4,620       252,529
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Enhanced Value ETF (SPVU)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-(continued)
Eversource Energy
  6,810   $    403,356
Pinnacle West Capital Corp.(b)
  2,181       171,994
        1,464,863
Total Common Stocks & Other Equity Interests

(Cost $111,968,284)
  119,531,840
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)

(Cost $51,354)
  51,354        51,354
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.70%

(Cost $112,019,638)
  119,583,194
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.75%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  4,281,030   $  4,281,030
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  11,005,060    11,008,362
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $15,289,392)
  15,289,392
TOTAL INVESTMENTS IN SECURITIES-112.45%

(Cost $127,309,030)
  134,872,586
OTHER ASSETS LESS LIABILITIES-(12.45)%
  (14,929,917)
NET ASSETS-100.00%
  $119,942,669
 
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, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Invesco Ltd. $189,002   $54,203   $(36,464)   $1,994   $(7,191)   $201,544   $7,248
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   2,151,298   (2,099,944)   -   -   51,354   1,596
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 97,092   41,786,926   (37,602,988)   -   -   4,281,030   80,639*
Invesco Private Prime Fund 249,665   100,717,763   (89,952,459)   -   (6,607)   11,008,362   212,982*
Total $535,759   $144,710,190   $(129,691,855)   $1,994   $(13,798)   $15,542,290   $302,465
    
* 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 May 31, 2024.
(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 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.82%
Communication Services-2.21%
Electronic Arts, Inc.
  3,244   $   431,063
T-Mobile US, Inc.
  2,715      475,016
        906,079
Consumer Discretionary-6.14%
Darden Restaurants, Inc.(b)
  2,529       380,336
Home Depot, Inc. (The)
  1,068       357,641
McDonald’s Corp.
  1,847       478,170
Ross Stores, Inc.
  2,721       380,287
TJX Cos., Inc. (The)
  4,603       474,569
Yum! Brands, Inc.(b)
  3,232      444,174
        2,515,177
Consumer Staples-17.61%
Altria Group, Inc.
  8,610       398,212
Church & Dwight Co., Inc.
  3,906       417,981
Coca-Cola Co. (The)
  8,580       539,939
Colgate-Palmolive Co.
  5,370       499,195
Constellation Brands, Inc., Class A(b)
  1,537       384,604
General Mills, Inc.
  5,558       382,113
Hershey Co. (The)
  1,831       362,227
Kellanova
  6,080       366,867
Keurig Dr Pepper, Inc.(b)
  11,260       385,655
Kimberly-Clark Corp.
  3,214       428,426
Kraft Heinz Co. (The)
  11,048       390,768
Mondelez International, Inc., Class A
  5,896       404,053
PepsiCo, Inc.
  2,448       423,259
Philip Morris International, Inc.
  4,335       439,482
Procter & Gamble Co. (The)
  3,026       497,898
Sysco Corp.
  5,302       386,092
Walmart, Inc.
  7,667      504,182
        7,210,953
Energy-2.04%
Kinder Morgan, Inc.
  22,052       429,793
Williams Cos., Inc. (The)
  9,717      403,353
        833,146
Financials-17.86%
Aflac, Inc.
  4,246       381,588
Ameriprise Financial, Inc.(b)
  852       371,992
Arthur J. Gallagher & Co.
  1,655       419,261
Berkshire Hathaway, Inc., Class B(c)
  1,416       586,791
Brown & Brown, Inc.(b)
  4,567       408,792
Cboe Global Markets, Inc.
  2,086       360,857
Chubb Ltd.
  1,626       440,353
CME Group, Inc., Class A
  1,921       389,925
Fiserv, Inc.(c)
  2,732       409,144
Hartford Financial Services Group, Inc. (The)
  4,085       422,593
Intercontinental Exchange, Inc.
  3,236       433,300
JPMorgan Chase & Co.
  2,128       431,197
Loews Corp.
  6,234       478,771
Marsh & McLennan Cos., Inc.
  2,374       492,795
Mastercard, Inc., Class A
  962       430,081
Travelers Cos., Inc. (The)
  1,757       378,985
Visa, Inc., Class A(b)
  1,752      477,350
        7,313,775
Health Care-10.56%
Abbott Laboratories
  3,736       381,783
AbbVie, Inc.
  2,354       379,559
Becton, Dickinson and Co.
  1,523       353,290
Cencora, Inc.
  2,101      476,023
  Shares   Value
Health Care-(continued)
Hologic, Inc.(c)
  4,869   $   359,235
Johnson & Johnson
  3,149       461,864
Labcorp Holdings, Inc.
  1,938       377,736
McKesson Corp.
  668       380,486
Medtronic PLC
  4,613       375,360
Merck & Co., Inc.
  3,117       391,308
Quest Diagnostics, Inc.
  2,735      388,288
        4,324,932
Industrials-16.78%
AMETEK, Inc.
  2,650       449,387
Automatic Data Processing, Inc.
  1,569       384,279
Broadridge Financial Solutions, Inc.(b)
  2,036       408,768
Cintas Corp.
  556       376,951
CSX Corp.
  11,719       395,516
General Dynamics Corp.
  1,370       410,685
Honeywell International, Inc.
  2,173       439,359
IDEX Corp.
  1,687       351,976
Illinois Tool Works, Inc.
  1,656       401,994
Lockheed Martin Corp.
  878       412,959
Nordson Corp.(b)
  1,439       337,762
Paychex, Inc.(b)
  3,078       369,852
Republic Services, Inc.
  3,027       560,570
Union Pacific Corp.
  1,454       338,520
Verisk Analytics, Inc.
  1,583       400,151
Waste Management, Inc.
  2,235       470,982
Xylem, Inc.
  2,574      362,985
        6,872,696
Information Technology-7.82%
Amphenol Corp., Class A
  3,108       411,406
Apple, Inc.
  1,963       377,387
CDW Corp.
  1,722       385,074
Cisco Systems, Inc.
  7,883       366,559
Motorola Solutions, Inc.
  1,141       416,362
PTC, Inc.(c)
  1,995       351,599
Roper Technologies, Inc.
  922       491,205
VeriSign, Inc.(c)
  2,312      403,028
        3,202,620
Materials-2.91%
Avery Dennison Corp.
  1,642       373,703
Ecolab, Inc.
  1,630       378,486
Linde PLC
  1,011      440,311
        1,192,500
Real Estate-1.71%
Realty Income Corp.
  6,582       349,241
VICI Properties, Inc.
  12,213      350,635
        699,876
Utilities-14.18%
Alliant Energy Corp.
  7,299       375,826
Atmos Energy Corp.
  3,451       400,040
CenterPoint Energy, Inc.
  12,920       394,189
CMS Energy Corp.
  5,953       374,622
Consolidated Edison, Inc.
  4,128       390,302
DTE Energy Co.
  3,210       374,061
Duke Energy Corp.
  3,996       413,866
Entergy Corp.
  3,376       379,766
FirstEnergy Corp.
  9,451       380,497
NiSource, Inc.
  12,568       365,226
PPL Corp.
  13,840       405,927
Public Service Enterprise Group, Inc.
  5,451      412,968
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-(continued)
Sempra(b)
  5,025   $   387,076
Southern Co. (The)
  5,025       402,704
WEC Energy Group, Inc.
  4,287      347,376
        5,804,446
Total Common Stocks & Other Equity Interests

(Cost $37,408,169)
  40,876,200
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)

(Cost $10,784)
  10,784       10,784
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.85%

(Cost $37,418,953)
  40,886,984
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.11%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  815,252   $   815,252
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  2,095,737    2,096,366
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,911,618)
  2,911,618
TOTAL INVESTMENTS IN SECURITIES-106.96%

(Cost $40,330,571)
  43,798,602
OTHER ASSETS LESS LIABILITIES-(6.96)%
  (2,849,212)
NET ASSETS-100.00%
  $40,949,390
 
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, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $374,899   $(364,115)   $-   $-   $10,784   $385
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 31,992   10,315,877   (9,532,617)   -   -   815,252   14,662*
Invesco Private Prime Fund 84,005   21,032,052   (19,020,255)   8   556   2,096,366   38,534*
Total $115,997   $31,722,828   $(28,916,987)   $8   $556   $2,922,402   $53,581
    
* 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 May 31, 2024.
(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 500® High Beta ETF (SPHB)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-3.89%
Alphabet, Inc., Class C(b)
  31,115   $  5,412,765
Meta Platforms, Inc., Class A
  14,411     6,727,487
Paramount Global, Class B(c)
  481,352     5,732,902
Warner Bros. Discovery, Inc.(b)
  849,753     7,001,965
        24,875,119
Consumer Discretionary-17.48%
Airbnb, Inc., Class A(b)
  43,880     6,359,528
Amazon.com, Inc.(b)
  32,701     5,769,764
Aptiv PLC(b)
  67,379     5,609,976
Caesars Entertainment, Inc.(b)(c)
  236,331     8,403,930
CarMax, Inc.(b)(c)
  81,338     5,714,808
Carnival Corp.(b)(c)
  569,101     8,582,043
D.R. Horton, Inc.
  35,634     5,266,705
Etsy, Inc.(b)
  96,142     6,102,133
Expedia Group, Inc.(b)
  50,585     5,709,023
Ford Motor Co.
  438,518     5,319,223
Lennar Corp., Class A
  35,576     5,704,612
lululemon athletica, inc.(b)
  15,345     4,787,487
MGM Resorts International(b)
  154,014     6,186,742
Mohawk Industries, Inc.(b)
  49,631     6,051,508
Norwegian Cruise Line Holdings Ltd.(b)(c)
  415,336     6,894,578
PulteGroup, Inc.
  48,747     5,718,998
Royal Caribbean Cruises Ltd.(b)
  37,938     5,602,684
Tesla, Inc.(b)
  45,416     8,087,681
        111,871,423
Consumer Staples-0.83%
Estee Lauder Cos., Inc. (The), Class A
  42,983     5,302,383
Financials-12.33%
Blackstone, Inc., Class A
  55,917     6,737,998
Citizens Financial Group, Inc.
  179,480     6,333,849
Comerica, Inc.
  152,320     7,804,877
Fifth Third Bancorp
  138,341     5,176,720
Franklin Resources, Inc.(c)
  232,686     5,491,390
Huntington Bancshares, Inc.
  371,111     5,165,865
Invesco Ltd.(d)
  379,077     5,955,300
KeyCorp
  440,611     6,331,580
PayPal Holdings, Inc.(b)
  102,339     6,446,334
Regions Financial Corp.
  280,199     5,421,851
T. Rowe Price Group, Inc.
  52,257     6,157,442
Truist Financial Corp.
  163,963     6,189,603
U.S. Bancorp
  139,438     5,654,211
        78,867,020
Health Care-5.29%
Align Technology, Inc.(b)
  28,232     7,261,553
Charles River Laboratories International, Inc.(b)
  23,968     4,995,890
IDEXX Laboratories, Inc.(b)
  11,774     5,851,089
Illumina, Inc.(b)
  49,114     5,121,608
Intuitive Surgical, Inc.(b)
  13,652     5,489,742
IQVIA Holdings, Inc.(b)
  23,309     5,106,769
        33,826,651
Industrials-12.65%
American Airlines Group, Inc.(b)(c)
  390,111     4,486,276
Builders FirstSource, Inc.(b)
  47,658     7,662,930
Carrier Global Corp.
  81,932     5,177,283
Caterpillar, Inc.
  15,494     5,245,029
Dayforce, Inc.(b)(c)
  105,456     5,215,854
Equifax, Inc.
  25,123     5,813,211
  Shares   Value
Industrials-(continued)
Generac Holdings, Inc.(b)(c)
  51,804   $  7,626,067
Parker-Hannifin Corp.
  9,336     4,962,271
Paycom Software, Inc.
  31,866     4,630,767
Quanta Services, Inc.
  21,388     5,901,805
Rockwell Automation, Inc.
  20,428     5,260,823
Stanley Black & Decker, Inc.
  60,935     5,311,704
Uber Technologies, Inc.(b)
  92,461     5,969,282
United Rentals, Inc.
  11,472     7,679,471
        80,942,773
Information Technology-40.86%
Adobe, Inc.(b)
  13,877     6,171,935
Advanced Micro Devices, Inc.(b)
  61,087    10,195,420
Analog Devices, Inc.
  27,526     6,454,572
ANSYS, Inc.(b)
  16,574     5,261,416
Applied Materials, Inc.
  34,181     7,351,650
Arista Networks, Inc.(b)
  26,495     7,886,237
Autodesk, Inc.(b)
  27,521     5,548,234
Broadcom, Inc.
  6,045     8,031,085
Cadence Design Systems, Inc.(b)
  22,191     6,353,505
Enphase Energy, Inc.(b)(c)
  79,146    10,122,773
EPAM Systems, Inc.(b)
  23,507     4,182,601
First Solar, Inc.(b)
  31,885     8,665,068
Fortinet, Inc.(b)
  91,563     5,431,517
Intel Corp.
  173,843     5,363,057
Intuit, Inc.
  9,517     5,485,979
Jabil, Inc.
  53,084     6,311,688
KLA Corp.
  10,307     7,828,476
Lam Research Corp.
  7,953     7,415,695
Microchip Technology, Inc.
  78,289     7,612,039
Micron Technology, Inc.
  51,094     6,386,750
Monolithic Power Systems, Inc.
  12,887     9,480,064
NVIDIA Corp.
  10,825    11,867,772
NXP Semiconductors N.V. (China)
  26,297     7,155,414
ON Semiconductor Corp.(b)
  105,815     7,728,728
Oracle Corp.
  46,158     5,409,256
Palo Alto Networks, Inc.(b)
  17,670     5,211,060
Qorvo, Inc.(b)
  61,229     6,024,321
QUALCOMM, Inc.
  33,523     6,840,368
Salesforce, Inc.
  19,294     4,523,285
ServiceNow, Inc.(b)
  8,865     5,823,684
Skyworks Solutions, Inc.
  66,643     6,175,140
Super Micro Computer, Inc.(b)(c)
  16,730    13,124,852
Synopsys, Inc.(b)
  11,235     6,300,588
Teradyne, Inc.
  67,356     9,493,155
Texas Instruments, Inc.
  28,148     5,489,141
Western Digital Corp.(b)
  81,318     6,122,432
Zebra Technologies Corp., Class A(b)
  21,206     6,623,482
        261,452,439
Materials-2.99%
Albemarle Corp.(c)
  63,322     7,762,644
Celanese Corp.
  32,894     5,001,204
Freeport-McMoRan, Inc.
  120,471     6,352,436
        19,116,284
Real Estate-2.70%
Alexandria Real Estate Equities, Inc.
  45,475     5,411,525
Boston Properties, Inc.
  106,716     6,474,460
Digital Realty Trust, Inc.
  37,072     5,388,044
        17,274,029
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® High Beta ETF (SPHB)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-0.93%
AES Corp. (The)
  274,655   $  5,929,801
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $686,726,329)
  639,457,922
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.87%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  11,994,597    11,994,597
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  31,971,186   $ 31,980,777
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $43,975,374)
  43,975,374
TOTAL INVESTMENTS IN SECURITIES-106.82%

(Cost $730,701,703)
  683,433,296
OTHER ASSETS LESS LIABILITIES-(6.82)%
  (43,628,805)
NET ASSETS-100.00%
  $639,804,491
 
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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Invesco Ltd. $6,037,819   $7,331,042   $(7,346,744)   $343,273   $(410,090)   $5,955,300   $213,519
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   5,814,061   (5,814,061)   -   -   -   7,459
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 20,162,089   154,491,236   (162,658,728)   -   -   11,994,597   574,344*
Invesco Private Prime Fund 51,845,373   326,687,290   (346,570,267)   -   18,381   31,980,777   1,548,728*
Total $78,045,281   $494,323,629   $(522,389,800)   $343,273   $(391,709)   $49,930,674   $2,344,050
    
* 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 May 31, 2024.
(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 500 High Dividend Growers ETF (DIVG)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-2.97%
Comcast Corp., Class A
  604   $   24,178
Interpublic Group of Cos., Inc. (The)
  1,109       34,789
Omnicom Group, Inc.
  279      25,936
        84,903
Consumer Discretionary-1.95%
Domino’s Pizza, Inc.
  20       10,172
Lennar Corp., Class A
  61        9,781
Starbucks Corp.
  252       20,215
Yum! Brands, Inc.
  114      15,667
        55,835
Consumer Staples-12.56%
Altria Group, Inc.
  1,834       84,822
Archer-Daniels-Midland Co.
  422       26,350
Conagra Brands, Inc.
  1,329       39,710
Hershey Co. (The)
  124       24,531
Keurig Dr Pepper, Inc.
  795       27,229
Kroger Co. (The)
  319       16,706
Lamb Weston Holdings, Inc.
  151       13,332
Mondelez International, Inc., Class A
  332       22,752
PepsiCo, Inc.
  151       26,108
Philip Morris International, Inc.
  534       54,137
Procter & Gamble Co. (The)
  142      23,365
        359,042
Energy-7.07%
Baker Hughes Co., Class A
  628       21,025
Chevron Corp.
  211       34,245
ConocoPhillips
  116       13,512
Coterra Energy, Inc.
  904       25,782
EOG Resources, Inc.
  176       21,921
ONEOK, Inc.
  520       42,120
Williams Cos., Inc. (The)
  1,046      43,420
        202,025
Financials-18.01%
Aflac, Inc.
  240       21,569
American Express Co.
  48       11,520
Bank of America Corp.
  606       24,234
Bank of New York Mellon Corp. (The)
  448       26,705
BlackRock, Inc.
  26       20,073
Cincinnati Financial Corp.
  179       21,047
Fifth Third Bancorp
  931       34,838
Goldman Sachs Group, Inc. (The)
  57       26,022
Huntington Bancshares, Inc.
  2,811       39,129
JPMorgan Chase & Co.
  98       19,858
KeyCorp
  3,008       43,225
Morgan Stanley
  331       32,385
Northern Trust Corp.
  342       28,810
PNC Financial Services Group, Inc. (The)
  214       33,681
Prudential Financial, Inc.
  325       39,114
Regions Financial Corp.
  2,093       40,499
State Street Corp.
  409       30,916
Synchrony Financial
  481      21,068
        514,693
Health Care-7.78%
AbbVie, Inc.
  168       27,088
Amgen, Inc.
  102       31,197
Bristol-Myers Squibb Co.
  769       31,598
CVS Health Corp.
  397       23,661
Medtronic PLC
  345      28,073
  Shares   Value
Health Care-(continued)
Pfizer, Inc.
  1,944   $   55,715
UnitedHealth Group, Inc.
  31       15,357
Zoetis, Inc.
  57       9,665
        222,354
Industrials-4.98%
Automatic Data Processing, Inc.
  78       19,104
Deere & Co.
  31       11,617
Fastenal Co.
  222       14,647
FedEx Corp.
  58       14,730
General Dynamics Corp.
  58       17,387
Paychex, Inc.
  211       25,354
Robert Half, Inc.
  304       19,526
Snap-on, Inc.
  73      19,919
        142,284
Information Technology-6.15%
Accenture PLC, Class A
  40       11,292
Analog Devices, Inc.
  80       18,759
Broadcom, Inc.
  10       13,286
Hewlett Packard Enterprise Co.
  1,397       24,657
HP, Inc.
  1,086       39,639
Microchip Technology, Inc.
  200       19,446
Skyworks Solutions, Inc.
  215       19,922
Texas Instruments, Inc.
  148      28,861
        175,862
Materials-1.77%
CF Industries Holdings, Inc.
  245       19,534
FMC Corp.(b)
  508      30,962
        50,496
Real Estate-12.89%
Alexandria Real Estate Equities, Inc.
  275       32,725
Equinix, Inc.
  22       16,786
Equity Residential
  574       37,327
Essex Property Trust, Inc.
  137       35,591
Extra Space Storage, Inc.
  257       37,206
Invitation Homes, Inc.
  771       26,823
Iron Mountain, Inc.
  366       29,533
Mid-America Apartment Communities, Inc.
  290       38,776
Prologis, Inc.
  207       22,871
UDR, Inc.
  1,052       40,628
VICI Properties, Inc.
  1,740      49,955
        368,221
Utilities-23.78%
AES Corp. (The)
  1,883       40,654
Alliant Energy Corp.
  653       33,623
Ameren Corp.
  418       30,669
American Water Works Co., Inc.
  173       22,623
Atmos Energy Corp.
  203       23,532
CMS Energy Corp.
  492       30,962
DTE Energy Co.
  288       33,561
Edison International
  537       41,268
Entergy Corp.
  347       39,034
Evergy, Inc.
  791       43,236
Eversource Energy
  678       40,158
Exelon Corp.
  911       34,208
FirstEnergy Corp.
  969       39,012
NextEra Energy, Inc.
  426       34,088
NiSource, Inc.
  1,192       34,639
NRG Energy, Inc.
  277       22,437
Public Service Enterprise Group, Inc.
  451      34,168
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 High Dividend Growers ETF (DIVG)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-(continued)
Sempra
  413   $   31,813
WEC Energy Group, Inc.
  426       34,519
Xcel Energy, Inc.
  636      35,266
        679,470
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $2,678,261)
  2,855,185
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.10%
Invesco Private Government Fund, 5.30%(c)(d)(e)
  9,005       9,005
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.48%(c)(d)(e)
  22,313   $   22,320
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $31,325)
  31,325
TOTAL INVESTMENTS IN SECURITIES-101.01%

(Cost $2,709,586)
  2,886,510
OTHER ASSETS LESS LIABILITIES-(1.01)%
  (28,828)
NET ASSETS-100.00%
  $2,857,682
 
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, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $68,532   $(68,532)   $-   $-   $-   $37
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   24,986   (15,981)   -   -   9,005   24*
Invesco Private Prime Fund -   90,147   (67,827)   -   -   22,320   63*
Total $-   $183,665   $(152,340)   $-   $-   $31,325   $124
    
* 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.
    
(d) The rate shown is the 7-day SEC standardized yield as of May 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.78%
Communication Services-6.96%
AT&T, Inc.(b)
  4,696,536   $   85,570,886
Omnicom Group, Inc.
  430,742       40,041,776
Verizon Communications, Inc.
  1,995,566      82,117,541
        207,730,203
Consumer Discretionary-2.16%
Best Buy Co., Inc.(b)
  760,609      64,514,855
Consumer Staples-15.70%
Altria Group, Inc.
  2,073,481       95,898,496
Conagra Brands, Inc.
  1,914,319       57,199,852
General Mills, Inc.(b)
  646,808       44,468,050
Hormel Foods Corp.
  1,336,980       41,419,640
Kellanova
  928,674       56,036,189
Kimberly-Clark Corp.
  390,433       52,044,719
Kraft Heinz Co. (The)
  1,394,167       49,311,687
Philip Morris International, Inc.(b)
  711,766      72,158,837
        468,537,470
Energy-11.47%
Chevron Corp.
  331,515       53,804,885
Exxon Mobil Corp.(b)
  438,454       51,413,116
Kinder Morgan, Inc.
  4,472,245       87,164,055
ONEOK, Inc.(b)
  935,482       75,774,042
Williams Cos., Inc. (The)
  1,788,100      74,224,031
        342,380,129
Financials-2.20%
Prudential Financial, Inc.
  545,856      65,693,770
Health Care-9.28%
AbbVie, Inc.(b)
  275,989       44,500,466
Bristol-Myers Squibb Co.
  1,049,375       43,118,819
Gilead Sciences, Inc.
  552,460       35,506,604
Medtronic PLC
  467,486       38,039,336
Pfizer, Inc.
  2,381,237       68,246,252
Viatris, Inc.
  4,486,746      47,559,508
        276,970,985
Industrials-3.79%
3M Co.
  696,950       69,792,573
United Parcel Service, Inc., Class B
  312,285      43,385,755
        113,178,328
Information Technology-5.08%
Corning, Inc.
  1,436,920       53,539,639
HP, Inc.
  1,418,059       51,759,154
International Business Machines Corp.
  276,524      46,138,029
        151,436,822
Materials-9.14%
Amcor PLC
  6,498,494      66,089,684
  Shares   Value
Materials-(continued)
Dow, Inc.
  1,138,877   $   65,633,481
International Paper Co.
  1,675,095       75,530,034
LyondellBasell Industries N.V., Class A
  658,606      65,478,609
        272,731,808
Real Estate-13.63%
Crown Castle, Inc.
  610,812       62,608,230
Equity Residential
  874,870       56,892,796
Federal Realty Investment Trust
  493,601       49,829,021
Realty Income Corp.
  1,149,418       60,988,119
Simon Property Group, Inc.
  437,962       66,268,030
UDR, Inc.(b)
  1,384,270       53,460,507
VICI Properties, Inc.(b)
  1,974,871      56,698,547
        406,745,250
Utilities-20.37%
American Electric Power Co., Inc.
  639,407       57,706,482
Dominion Energy, Inc.
  1,523,794       82,162,972
Duke Energy Corp.
  525,059       54,380,360
Edison International(b)
  761,941       58,555,166
Entergy Corp.
  523,519       58,890,652
Evergy, Inc.
  1,142,192       62,432,215
Eversource Energy
  976,339       57,828,559
Exelon Corp.
  1,396,416       52,435,421
FirstEnergy Corp.
  1,421,972       57,248,593
Pinnacle West Capital Corp.(b)
  841,493      66,360,138
        608,000,558
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.78%

(Cost $2,962,993,085)
  2,977,920,178
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.49%
Invesco Private Government Fund, 5.30%(c)(d)(e)
  37,507,858       37,507,858
Invesco Private Prime Fund, 5.48%(c)(d)(e)
  96,411,046      96,439,969
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $133,947,827)
  133,947,827
TOTAL INVESTMENTS IN SECURITIES-104.27%

(Cost $3,096,940,912)
  3,111,868,005
OTHER ASSETS LESS LIABILITIES-(4.27)%
  (127,558,867)
NET ASSETS-100.00%
  $2,984,309,138
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)—(continued)
May 31, 2024
(Unaudited)
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at May 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $36,933,169   $(36,933,169)   $-   $-   $-   $24,618
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 28,958,085   481,215,643   (472,665,870)   -   -   37,507,858   954,658*
Invesco Private Prime Fund 74,463,646   928,053,865   (906,073,665)   2,356   (6,233)   96,439,969   2,567,117*
Total $103,421,731   $1,446,202,677   $(1,415,672,704)   $2,356   $(6,233)   $133,947,827   $3,546,393
    
* 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.
    
(d) The rate shown is the 7-day SEC standardized yield as of May 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
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 500® Low Volatility ETF (SPLV)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-2.21%
Electronic Arts, Inc.
  545,907   $   72,540,122
T-Mobile US, Inc.
  456,854      79,931,176
        152,471,298
Consumer Discretionary-6.12%
Darden Restaurants, Inc.(b)
  425,564       64,000,570
Home Depot, Inc. (The)
  179,669       60,165,758
McDonald’s Corp.
  310,775       80,456,540
Ross Stores, Inc.
  457,966       64,005,328
TJX Cos., Inc. (The)
  774,457       79,846,517
Yum! Brands, Inc.
  543,894      74,747,352
        423,222,065
Consumer Staples-18.57%
Altria Group, Inc.
  1,448,713       67,002,976
Church & Dwight Co., Inc.
  657,288       70,336,389
Coca-Cola Co. (The)
  1,443,652       90,849,021
Colgate-Palmolive Co.
  903,646       84,002,932
Constellation Brands, Inc., Class A
  258,745       64,745,761
Costco Wholesale Corp.
  85,884       69,556,593
General Mills, Inc.
  935,248       64,298,300
Hershey Co. (The)
  308,099       60,951,225
Kellanova
  1,022,893       61,721,364
Keurig Dr Pepper, Inc.
  1,894,575       64,889,194
Kimberly-Clark Corp.
  540,791       72,087,440
Kraft Heinz Co. (The)
  1,858,961       65,751,451
Mondelez International, Inc., Class A
  991,910       67,975,592
PepsiCo, Inc.
  411,810       71,201,949
Philip Morris International, Inc.
  729,408       73,947,383
Procter & Gamble Co. (The)
  509,089       83,765,504
Sysco Corp.
  892,141       64,965,708
Walmart, Inc.
  1,293,682      85,072,528
        1,283,121,310
Energy-2.03%
Kinder Morgan, Inc.
  3,710,575       72,319,107
Williams Cos., Inc. (The)
  1,635,022      67,869,763
        140,188,870
Financials-18.67%
Aflac, Inc.
  714,530       64,214,811
Ameriprise Financial, Inc.
  143,264       62,550,495
Arthur J. Gallagher & Co.
  278,485       70,548,605
Berkshire Hathaway, Inc., Class B(c)
  238,435       98,807,464
Brown & Brown, Inc.
  768,488       68,787,361
Cboe Global Markets, Inc.
  351,081       60,733,502
Chubb Ltd.
  273,520       74,074,687
CME Group, Inc., Class A
  323,341       65,631,756
Fiserv, Inc.(c)
  459,704       68,845,271
Hartford Financial Services Group, Inc. (The)
  687,312       71,102,426
Intercontinental Exchange, Inc.
  544,504       72,909,086
JPMorgan Chase & Co.
  358,041       72,549,848
Loews Corp.
  1,048,949       80,559,283
Marsh & McLennan Cos., Inc.
  399,472       82,922,398
Mastercard, Inc., Class A
  161,844       72,355,597
S&P Global, Inc.
  140,271       59,967,255
Travelers Cos., Inc. (The)
  295,604       63,761,783
Visa, Inc., Class A(b)
  294,757      80,309,492
        1,290,631,120
Health Care-9.67%
Abbott Laboratories
  628,656      64,242,357
  Shares   Value
Health Care-(continued)
AbbVie, Inc.
  396,097   $   63,866,680
Cencora, Inc.(b)
  353,591       80,113,113
Hologic, Inc.(b)(c)
  819,326       60,449,872
Johnson & Johnson
  529,846       77,712,513
Labcorp Holdings, Inc.
  325,441       63,431,705
McKesson Corp.
  112,367       64,003,119
Medtronic PLC
  776,286       63,166,392
Merck & Co., Inc.
  524,548       65,851,756
Quest Diagnostics, Inc.
  460,267      65,344,106
        668,181,613
Industrials-17.79%
AMETEK, Inc.
  445,904       75,616,400
Automatic Data Processing, Inc.
  264,066       64,675,045
Broadridge Financial Solutions, Inc.(b)
  342,728       68,809,501
Cintas Corp.
  93,522       63,405,110
CSX Corp.
  1,971,875       66,550,781
General Dynamics Corp.
  230,416       69,071,804
Honeywell International, Inc.
  365,695       73,939,872
IDEX Corp.
  283,734       59,198,262
Illinois Tool Works, Inc.
  278,754       67,667,533
Lockheed Martin Corp.
  147,794       69,513,430
Nordson Corp.
  242,109       56,827,824
Otis Worldwide Corp.
  735,736       72,985,011
Paychex, Inc.
  517,856       62,225,577
Republic Services, Inc.
  509,261       94,310,045
Union Pacific Corp.
  244,649       56,959,180
Verisk Analytics, Inc.
  266,329       67,322,645
Waste Management, Inc.
  376,179       79,272,201
Xylem, Inc.
  433,126      61,079,429
        1,229,429,650
Information Technology-6.94%
Amphenol Corp., Class A
  523,063       69,237,849
Apple, Inc.
  330,264       63,493,254
CDW Corp.
  289,787       64,802,169
Cisco Systems, Inc.
  1,326,435       61,679,228
Motorola Solutions, Inc.
  192,057       70,083,520
Roper Technologies, Inc.
  155,104       82,633,207
VeriSign, Inc.(c)
  388,931      67,798,452
        479,727,679
Materials-2.90%
Avery Dennison Corp.
  276,313       62,886,076
Ecolab, Inc.
  274,255       63,682,011
Linde PLC
  170,051      74,060,611
        200,628,698
Real Estate-0.85%
Realty Income Corp.
  1,107,643      58,771,538
Utilities-14.13%
Alliant Energy Corp.
  1,228,149       63,237,392
Atmos Energy Corp.
  580,677       67,312,078
CenterPoint Energy, Inc.
  2,174,023       66,329,442
CMS Energy Corp.
  1,001,650       63,033,834
Consolidated Edison, Inc.
  694,428       65,658,167
DTE Energy Co.
  540,174       62,946,476
Duke Energy Corp.
  672,472       69,647,925
Entergy Corp.
  568,021       63,896,682
FirstEnergy Corp.
  1,590,198       64,021,371
NiSource, Inc.
  2,114,747       61,454,548
PPL Corp.
  2,328,703       68,300,859
Public Service Enterprise Group, Inc.
  917,162      69,484,193
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Low Volatility ETF (SPLV)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-(continued)
Sempra
  845,484   $   65,127,633
Southern Co. (The)
  845,476       67,756,447
WEC Energy Group, Inc.
  721,357      58,451,558
        976,658,605
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $6,573,188,014)
  6,903,032,446
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.21%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  23,509,693      23,509,693
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  60,434,570   $   60,452,700
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $83,962,393)
  83,962,393
TOTAL INVESTMENTS IN SECURITIES-101.09%

(Cost $6,657,150,407)
  6,986,994,839
OTHER ASSETS LESS LIABILITIES-(1.09)%
  (75,424,537)
NET ASSETS-100.00%
  $6,911,570,302
 
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, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $73,639,326   $(73,639,326)   $-   $-   $-   $52,350
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 62,523,071   431,159,579   (470,172,957)   -   -   23,509,693   1,849,125*
Invesco Private Prime Fund 160,773,612   1,063,595,590   (1,163,970,512)   789   53,221   60,452,700   4,957,953*
Total $223,296,683   $1,568,394,495   $(1,707,782,795)   $789   $53,221   $83,962,393   $6,859,428
    
* 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 May 31, 2024.
(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 500 Minimum Variance ETF (SPMV)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-5.94%
Alphabet, Inc., Class C(b)
  172   $   29,921
AT&T, Inc.(c)
  1,311       23,886
Meta Platforms, Inc., Class A
  71       33,145
T-Mobile US, Inc.
  625     109,350
Verizon Communications, Inc.
  2,685     110,488
        306,790
Consumer Discretionary-5.30%
Amazon.com, Inc.(b)
  864     152,444
Home Depot, Inc. (The)
  363     121,558
        274,002
Consumer Staples-13.18%
Archer-Daniels-Midland Co.
  1,081       67,498
Conagra Brands, Inc.
  210        6,275
Estee Lauder Cos., Inc. (The), Class A
  235       28,990
General Mills, Inc.(c)
  1,335       91,781
Hershey Co. (The)
  341       67,460
Hormel Foods Corp.
  697       21,593
J.M. Smucker Co. (The)
  142       15,853
Kellanova
  182       10,982
Kraft Heinz Co. (The)
  848       29,994
McCormick & Co., Inc.(c)
  591       42,682
Mondelez International, Inc., Class A
  2,093     143,433
Procter & Gamble Co. (The)(c)
  938     154,338
        680,879
Energy-0.34%
Exxon Mobil Corp.
  148      17,354
Financials-20.41%
Allstate Corp. (The)
  353       59,135
American International Group, Inc.
  622       49,026
Aon PLC, Class A(c)
  300       84,492
Arch Capital Group Ltd.(b)
  381       39,102
Arthur J. Gallagher & Co.
  399     101,079
Berkshire Hathaway, Inc., Class B(b)(c)
  371     153,742
Chubb Ltd.
  546     147,868
JPMorgan Chase & Co.
  134       27,152
Marsh & McLennan Cos., Inc.
  735     152,571
Progressive Corp. (The)
  765     161,553
Travelers Cos., Inc. (The)
  95       20,492
Truist Financial Corp.
  546       20,611
W.R. Berkley Corp.(c)
  468      37,922
        1,054,745
Health Care-19.64%
Abbott Laboratories
  1,064     108,730
Amgen, Inc.(c)
  111       33,949
Becton, Dickinson and Co.
  32        7,423
Bristol-Myers Squibb Co.
  490       20,134
Elevance Health, Inc.
  193     103,927
Eli Lilly and Co.
  167     136,997
IDEXX Laboratories, Inc.(b)
  80       39,756
Illumina, Inc.(b)
  257       26,800
Insulet Corp.(b)(c)
  9        1,595
Intuitive Surgical, Inc.(b)
  80       32,170
Johnson & Johnson
  18        2,640
Medtronic PLC
  495       40,278
Merck & Co., Inc.
  970     121,774
Mettler-Toledo International, Inc.(b)
  5        7,020
Moderna, Inc.(b)(c)
  355       50,605
Pfizer, Inc.
  3,603     103,262
  Shares   Value
Health Care-(continued)
Regeneron Pharmaceuticals, Inc.(b)
  48   $   47,048
ResMed, Inc.(c)
  153       31,568
Vertex Pharmaceuticals, Inc.(b)
  211       96,077
Zoetis, Inc.
  18       3,052
        1,014,805
Industrials-1.28%
Republic Services, Inc.
  219       40,557
Rollins, Inc.
  63        2,878
RTX Corp.
  209      22,532
        65,967
Information Technology-22.11%
Accenture PLC, Class A
  50       14,115
Adobe, Inc.(b)
  210       93,400
Apple, Inc.
  554     106,506
Broadcom, Inc.
  32       42,514
Cadence Design Systems, Inc.(b)
  10        2,863
Cisco Systems, Inc.
  637       29,621
Intuit, Inc.
  162       93,383
Microsoft Corp.
  372     154,428
NVIDIA Corp.
  150     164,449
Oracle Corp.
  1,116     130,784
QUALCOMM, Inc.
  607     123,858
Salesforce, Inc.
  315       73,849
ServiceNow, Inc.(b)
  68       44,671
Synopsys, Inc.(b)
  121      67,857
        1,142,298
Real Estate-1.36%
Crown Castle, Inc.
  685      70,213
Utilities-10.30%
AES Corp. (The)(c)
  1,452       31,349
American Electric Power Co., Inc.
  985       88,896
Constellation Energy Corp.
  376       81,686
Dominion Energy, Inc.
  403       21,730
Duke Energy Corp.
  46        4,764
Eversource Energy
  237       14,037
NextEra Energy, Inc.
  2,700     216,054
Sempra(c)
  940       72,408
Xcel Energy, Inc.
  26       1,442
        532,366
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.86%

(Cost $4,879,145)
  5,159,419
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.82%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  199,960     199,960
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  514,025     514,179
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $714,139)
  714,139
TOTAL INVESTMENTS IN SECURITIES-113.68%

(Cost $5,593,284)
  5,873,558
OTHER ASSETS LESS LIABILITIES-(13.68)%
  (706,803)
NET ASSETS-100.00%
  $5,166,755
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Minimum Variance ETF (SPMV)—(continued)
May 31, 2024
(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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $287,239   $(287,239)   $-   $-   $-   $176
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   1,950,621   (1,750,661)   -   -   199,960   2,444*
Invesco Private Prime Fund -   3,964,967   (3,450,701)   -   (87)   514,179   6,527*
Total $-   $6,202,827   $(5,488,601)   $-   $(87)   $714,139   $9,147
    
* 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 May 31, 2024.
(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 500® Momentum ETF (SPMO)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.52%
Communication Services-9.69%
Meta Platforms, Inc., Class A
  267,797   $  125,015,674
Netflix, Inc.(b)
  30,089       19,305,704
Take-Two Interactive Software, Inc.(b)(c)
  11,245       1,803,248
        146,124,626
Consumer Discretionary-10.94%
Amazon.com, Inc.(b)
  641,411      113,170,557
Booking Holdings, Inc.
  2,648        9,999,775
Carnival Corp.(b)
  53,819          811,590
Chipotle Mexican Grill, Inc.(b)
  2,145        6,712,820
D.R. Horton, Inc.
  20,603        3,045,123
Hilton Worldwide Holdings, Inc.
  16,776        3,365,266
Lennar Corp., Class A
  18,429        2,955,090
lululemon athletica, inc.(b)
  7,776        2,426,034
Marriott International, Inc., Class A
  17,982        4,156,899
NVR, Inc.(b)(c)
  209        1,605,273
O’Reilly Automotive, Inc.(b)
  3,850        3,708,551
PulteGroup, Inc.
  23,872        2,800,663
Royal Caribbean Cruises Ltd.(b)(c)
  24,619        3,635,734
TJX Cos., Inc. (The)
  63,009       6,496,228
        164,889,603
Consumer Staples-3.55%
Costco Wholesale Corp.
  41,309       33,455,746
Mondelez International, Inc., Class A(c)
  69,968        4,794,907
Walmart, Inc.
  232,081      15,261,647
        53,512,300
Energy-0.54%
Marathon Petroleum Corp.
  19,778        3,492,992
Phillips 66
  33,062       4,698,441
        8,191,433
Financials-7.24%
Arch Capital Group Ltd.(b)
  20,228        2,076,000
Arthur J. Gallagher & Co.
  11,406        2,889,482
Berkshire Hathaway, Inc., Class B(b)
  134,985       55,937,784
Brown & Brown, Inc.(c)
  16,912        1,513,793
Cboe Global Markets, Inc.
  11,603        2,007,203
Corpay, Inc.(b)
  4,992        1,336,209
Fiserv, Inc.(b)
  42,083        6,302,350
JPMorgan Chase & Co.
  183,443      37,171,055
        109,233,876
Health Care-8.97%
Amgen, Inc.(c)
  33,945       10,382,078
Boston Scientific Corp.(b)
  114,764        8,672,716
Cardinal Health, Inc.
  21,048        2,089,435
Cencora, Inc.
  15,309        3,468,560
Eli Lilly and Co.
  87,940       72,140,700
Intuitive Surgical, Inc.(b)(c)
  27,438       11,033,369
McKesson Corp.
  9,438        5,375,790
Regeneron Pharmaceuticals, Inc.(b)
  5,640        5,528,102
Stryker Corp.
  21,969        7,493,406
Vertex Pharmaceuticals, Inc.(b)
  16,345        7,442,531
West Pharmaceutical Services, Inc.(c)
  5,005       1,658,708
        135,285,395
Industrials-7.64%
Broadridge Financial Solutions, Inc.(c)
  9,748        1,957,106
Builders FirstSource, Inc.(b)
  13,236        2,128,216
Cintas Corp.
  7,306        4,953,249
Copart, Inc.(b)
  74,109        3,932,223
Eaton Corp. PLC
  34,737      11,562,210
  Shares   Value
Industrials-(continued)
Fastenal Co.(c)
  45,187   $    2,981,438
General Electric Co.
  120,748       19,940,325
Howmet Aerospace, Inc.
  29,200        2,471,780
Hubbell, Inc.
  3,938        1,531,449
Ingersoll Rand, Inc.(c)
  30,994        2,883,992
PACCAR, Inc.
  44,189        4,750,317
Parker-Hannifin Corp.
  9,333        4,960,676
Pentair PLC
  10,507          855,060
Quanta Services, Inc.
  7,436        2,051,890
Republic Services, Inc.
  21,525        3,986,215
Trane Technologies PLC
  16,474        5,394,576
TransDigm Group, Inc.
  5,636        7,570,444
Uber Technologies, Inc.(b)
  242,558       15,659,545
United Rentals, Inc.
  3,692        2,471,462
Verisk Analytics, Inc.
  10,932        2,763,391
W.W. Grainger, Inc.
  3,834        3,532,878
Wabtec Corp.
  11,029        1,866,438
Waste Management, Inc.
  23,860       5,028,018
        115,232,898
Information Technology-48.69%
Accenture PLC, Class A
  42,629       12,033,740
Adobe, Inc.(b)
  39,212       17,439,929
Advanced Micro Devices, Inc.(b)
  165,095       27,554,356
Akamai Technologies, Inc.(b)
  10,834          999,328
Amphenol Corp., Class A
  40,470        5,357,014
Apple, Inc.
  361,028      139,303,197
Applied Materials, Inc.
  54,488       11,719,279
Arista Networks, Inc.(b)
  23,693        7,052,222
Broadcom, Inc.
  54,396       72,267,806
Cadence Design Systems, Inc.(b)
  23,547        6,741,742
Fair Isaac Corp.(b)
  2,933        3,783,365
Gartner, Inc.(b)
  5,122        2,149,550
Intel Corp.
  272,366        8,402,491
International Business Machines Corp.
  87,448       14,590,699
Intuit, Inc.
  21,526       12,408,447
Jabil, Inc.
  9,212        1,095,307
KLA Corp.
  9,331        7,087,174
Lam Research Corp.
  10,580        9,865,215
Microsoft Corp.
  317,412      131,767,244
Motorola Solutions, Inc.
  10,740        3,919,133
NVIDIA Corp.
  165,858      181,835,101
Palo Alto Networks, Inc.(b)
  35,750       10,543,033
PTC, Inc.(b)
  8,834        1,556,904
Roper Technologies, Inc.
  7,849        4,181,633
Salesforce, Inc.
  92,028       21,575,044
ServiceNow, Inc.(b)
  18,874       12,398,897
Synopsys, Inc.(b)
  11,543       6,473,314
        734,101,164
Materials-1.71%
Ecolab, Inc.
  17,070        3,963,654
Linde PLC
  29,450       12,826,064
Martin Marietta Materials, Inc.
  4,381        2,506,282
Sherwin-Williams Co. (The)
  15,136        4,598,317
Vulcan Materials Co.
  7,170       1,833,871
        25,728,188
Real Estate-0.10%
Iron Mountain, Inc.(c)
  18,271       1,474,287
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Momentum ETF (SPMO)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-0.45%
Constellation Energy Corp.
  23,661   $    5,140,352
NRG Energy, Inc.
  20,509       1,661,229
        6,801,581
Total Common Stocks & Other Equity Interests

(Cost $1,393,385,129)
  1,500,575,351
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)

(Cost $947,831)
  947,831         947,831
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $1,394,332,960)
  1,501,523,182
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.09%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  4,587,163   $    4,587,163
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  11,791,984      11,795,522
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $16,382,685)
  16,382,685
TOTAL INVESTMENTS IN SECURITIES-100.67%

(Cost $1,410,715,645)
  1,517,905,867
OTHER ASSETS LESS LIABILITIES-(0.67)%
  (10,120,175)
NET ASSETS-100.00%
  $1,507,785,692
 
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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $10,112,949   $(9,165,118)   $-   $-   $947,831   $8,368
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   78,145,507   (73,558,344)   -   -   4,587,163   98,026*
Invesco Private Prime Fund -   172,173,621   (160,372,001)   -   (6,098)   11,795,522   260,197*
Total $-   $260,432,077   $(243,095,463)   $-   $(6,098)   $17,330,516   $366,591
    
* 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 May 31, 2024.
(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 500 QVM Multi-factor ETF (QVML)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-9.94%
Alphabet, Inc., Class C(b)
  259,854   $ 45,204,202
AT&T, Inc.
  159,276     2,902,009
Charter Communications, Inc., Class A(b)(c)
  2,419        694,543
Comcast Corp., Class A
  92,283     3,694,089
Electronic Arts, Inc.
  5,830        774,691
Fox Corp., Class A(c)
  8,961        308,527
Interpublic Group of Cos., Inc. (The)
  8,825        276,840
Live Nation Entertainment, Inc.(b)
  3,249        304,561
Meta Platforms, Inc., Class A
  49,893    23,291,549
Netflix, Inc.(b)
  9,981     6,404,009
News Corp., Class A
  11,758        319,700
Omnicom Group, Inc.
  4,519        420,086
Paramount Global, Class B
  11,680        139,109
T-Mobile US, Inc.
  11,221     1,963,226
Verizon Communications, Inc.
  95,248     3,919,455
Walt Disney Co. (The)
  41,943     4,358,297
Warner Bros. Discovery, Inc.(b)
  49,838       410,665
        95,385,558
Consumer Discretionary-9.39%
Airbnb, Inc., Class A(b)
  9,344     1,354,226
Amazon.com, Inc.(b)
  210,583    37,155,264
Aptiv PLC(b)
  6,507        541,773
Best Buy Co., Inc.
  4,305        365,150
Booking Holdings, Inc.
  797     3,009,751
BorgWarner, Inc.
  5,353        190,888
Caesars Entertainment, Inc.(b)
  5,137        182,672
CarMax, Inc.(b)(c)
  3,462        243,240
Carnival Corp.(b)
  20,382        307,361
Chipotle Mexican Grill, Inc.(b)
  626     1,959,079
D.R. Horton, Inc.
  6,828     1,009,178
Darden Restaurants, Inc.
  2,739        411,918
eBay, Inc.
  11,337        614,692
Expedia Group, Inc.(b)
  3,171        357,879
Ford Motor Co.
  88,607     1,074,803
Garmin Ltd.
  3,509        574,950
General Motors Co.
  31,025     1,395,815
Genuine Parts Co.
  3,208        462,401
Home Depot, Inc. (The)
  23,015     7,707,033
Lennar Corp., Class A
  5,601        898,120
LKQ Corp.
  6,022        259,127
Lowe’s Cos., Inc.
  13,021     2,881,417
lululemon athletica, inc.(b)
  2,635        822,094
Marriott International, Inc., Class A
  5,645     1,304,955
MGM Resorts International(b)
  6,573        264,037
Mohawk Industries, Inc.(b)
  1,283        156,436
NIKE, Inc., Class B
  29,454     2,799,603
NVR, Inc.(b)
  73        560,693
O’Reilly Automotive, Inc.(b)
  1,346     1,296,548
Pool Corp.
  855        310,835
PulteGroup, Inc.
  4,906        575,572
Ralph Lauren Corp.
  963        179,965
Ross Stores, Inc.
  7,700     1,076,152
Royal Caribbean Cruises Ltd.(b)
  5,109        754,497
Tapestry, Inc.
  5,361        233,150
Tesla, Inc.(b)
  72,060    12,832,445
TJX Cos., Inc. (The)
  26,596     2,742,048
Tractor Supply Co.
  2,475        706,093
Ulta Beauty, Inc.(b)
  1,199       473,713
        90,045,573
  Shares   Value
Consumer Staples-5.52%
Altria Group, Inc.
  39,471   $  1,825,534
Archer-Daniels-Midland Co.
  11,825        738,353
Bunge Global S.A.
  3,483        374,736
Campbell Soup Co.(c)
  4,290        190,390
Church & Dwight Co., Inc.
  5,629        602,359
Clorox Co. (The)(c)
  2,856        375,735
Coca-Cola Co. (The)
  88,654     5,578,996
Conagra Brands, Inc.
  10,800        322,704
Constellation Brands, Inc., Class A(c)
  3,664        916,843
Costco Wholesale Corp.
  9,724     7,875,370
Dollar Tree, Inc.(b)
  4,797        565,806
General Mills, Inc.
  12,926        888,662
Hershey Co. (The)
  3,317        656,202
Hormel Foods Corp.
  6,525        202,145
J.M. Smucker Co. (The)
  2,319        258,893
Kellanova
  6,243        376,703
Kenvue, Inc.
  37,807        729,675
Keurig Dr Pepper, Inc.
  23,164        793,367
Kimberly-Clark Corp.
  7,418        988,819
Kraft Heinz Co. (The)
  18,181        643,062
Kroger Co. (The)
  14,709        770,310
Lamb Weston Holdings, Inc.(c)
  3,379        298,332
McCormick & Co., Inc.(c)
  5,642        407,465
Molson Coors Beverage Co., Class B
  4,307        236,067
Mondelez International, Inc., Class A
  31,375     2,150,129
Monster Beverage Corp.(b)
  16,928        878,902
PepsiCo, Inc.
  31,524     5,450,500
Procter & Gamble Co. (The)
  53,514     8,805,194
Sysco Corp.
  11,711        852,795
Target Corp.
  9,074     1,416,996
Tyson Foods, Inc., Class A
  6,256        358,156
Walgreens Boots Alliance, Inc.
  15,690        254,492
Walmart, Inc.
  93,620     6,156,451
        52,940,143
Energy-3.88%
APA Corp.
  7,321        223,510
Baker Hughes Co., Class A
  22,024        737,364
Chevron Corp.
  40,671     6,600,903
ConocoPhillips
  26,980     3,142,630
Coterra Energy, Inc.
  17,229        491,371
Devon Energy Corp.
  14,041        689,132
Diamondback Energy, Inc.
  4,086        814,176
EOG Resources, Inc.
  12,952     1,613,172
EQT Corp.
  9,198        377,946
Exxon Mobil Corp.
  88,995    10,435,554
Halliburton Co.
  20,073        736,679
Hess Corp.
  6,385        983,929
Kinder Morgan, Inc.
  42,670        831,638
Marathon Oil Corp.
  13,517        391,452
Marathon Petroleum Corp.
  8,304     1,466,569
Occidental Petroleum Corp.
  14,808        925,500
ONEOK, Inc.
  12,768     1,034,208
Phillips 66
  9,670     1,374,204
Schlumberger N.V.
  31,194     1,431,493
Targa Resources Corp.
  4,914        580,982
Valero Energy Corp.
  7,544     1,185,464
Williams Cos., Inc. (The)
  27,056     1,123,095
        37,190,971
Financials-13.16%
Aflac, Inc.
  11,819     1,062,174
Allstate Corp. (The)
  6,110     1,023,547
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Financials-(continued)
American Express Co.
  13,080   $  3,139,200
American International Group, Inc.
  15,464     1,218,872
Ameriprise Financial, Inc.
  2,245        980,189
Arch Capital Group Ltd.(b)
  8,334        855,318
Arthur J. Gallagher & Co.
  4,798     1,215,477
Assurant, Inc.
  1,245        215,970
Bank of America Corp.
  153,057     6,120,749
Bank of New York Mellon Corp. (The)
  17,486     1,042,340
Berkshire Hathaway, Inc., Class B(b)
  41,993    17,401,899
BlackRock, Inc.
  3,088     2,384,029
Blackstone, Inc., Class A
  16,711     2,013,676
Brown & Brown, Inc.(c)
  5,462        488,904
Capital One Financial Corp.
  8,750     1,204,263
Cboe Global Markets, Inc.
  2,534        438,357
Charles Schwab Corp. (The)
  32,646     2,392,299
Chubb Ltd.
  9,275     2,511,855
Cincinnati Financial Corp.
  3,550        417,409
Citigroup, Inc.
  41,903     2,610,976
Citizens Financial Group, Inc.
  9,857        347,854
CME Group, Inc., Class A
  8,168     1,657,941
Comerica, Inc.
  2,865        146,803
Corpay, Inc.(b)
  1,658        443,797
Discover Financial Services
  6,042        741,112
Everest Group Ltd.
  1,011        395,230
FactSet Research Systems, Inc.
  883        356,962
Fifth Third Bancorp
  15,141        566,576
Fiserv, Inc.(b)
  13,446     2,013,673
Franklin Resources, Inc.(c)
  6,488        153,117
Global Payments, Inc.
  5,958        606,822
Globe Life, Inc.
  1,988        164,527
Goldman Sachs Group, Inc. (The)
  7,364     3,361,813
Hartford Financial Services Group, Inc. (The)
  6,702        693,322
Huntington Bancshares, Inc.
  32,500        452,400
Intercontinental Exchange, Inc.
  12,850     1,720,615
Invesco Ltd.(d)
  10,217        160,509
Jack Henry & Associates, Inc.
  1,637        269,581
JPMorgan Chase & Co.
  64,463    13,062,138
KeyCorp
  19,981        287,127
Loews Corp.
  4,252        326,554
M&T Bank Corp.
  3,836        581,538
MarketAxess Holdings, Inc.
  814        161,929
Marsh & McLennan Cos., Inc.
  11,075     2,298,948
Mastercard, Inc., Class A
  19,028     8,506,848
MetLife, Inc.
  13,804        998,995
Moody’s Corp.
  3,487     1,384,304
Morgan Stanley
  28,710     2,808,986
Nasdaq, Inc.
  7,718        455,594
Northern Trust Corp.
  4,897        412,523
PayPal Holdings, Inc.(b)
  24,981     1,573,553
PNC Financial Services Group, Inc. (The)
  8,813     1,387,078
Principal Financial Group, Inc.
  5,129        420,783
Progressive Corp. (The)
  12,806     2,704,371
Prudential Financial, Inc.
  8,123        977,603
Raymond James Financial, Inc.
  4,353        534,331
Regions Financial Corp.
  20,931        405,015
S&P Global, Inc.
  7,363     3,147,756
State Street Corp.
  7,398        559,215
Synchrony Financial
  9,259        405,544
T. Rowe Price Group, Inc.
  4,894        576,660
Travelers Cos., Inc. (The)
  5,170     1,115,169
Truist Financial Corp.
  28,295     1,068,136
U.S. Bancorp
  34,274     1,389,811
  Shares   Value
Financials-(continued)
Visa, Inc., Class A(c)
  36,654   $  9,986,749
W.R. Berkley Corp.
  4,707        381,408
Wells Fargo & Co.
  79,910     4,788,207
Willis Towers Watson PLC
  2,333       595,592
        126,292,622
Health Care-11.78%
Abbott Laboratories
  39,015     3,986,943
AbbVie, Inc.
  39,225     6,324,639
Agilent Technologies, Inc.
  6,213        810,237
Align Technology, Inc.(b)
  1,649        424,139
Amgen, Inc.
  11,978     3,663,471
Baxter International, Inc.
  11,270        384,194
Becton, Dickinson and Co.
  6,558     1,521,259
Biogen, Inc.(b)
  3,266        734,654
Bio-Rad Laboratories, Inc., Class A(b)(c)
  493        141,422
Boston Scientific Corp.(b)
  32,506     2,456,478
Bristol-Myers Squibb Co.
  44,918     1,845,681
Cardinal Health, Inc.
  5,826        578,347
Cencora, Inc.
  3,792        859,154
Centene Corp.(b)
  12,394        887,287
Charles River Laboratories International, Inc.(b)
  1,159        241,582
Cigna Group (The)
  6,545     2,255,538
Cooper Cos., Inc. (The)
  4,259        401,666
CVS Health Corp.
  28,907     1,722,857
Danaher Corp.
  14,896     3,825,293
DaVita, Inc.(b)
  1,212        178,310
DexCom, Inc.(b)(c)
  7,515        892,557
Edwards Lifesciences Corp.(b)
  13,172     1,144,515
Elevance Health, Inc.
  5,280     2,843,174
Eli Lilly and Co.
  17,506    14,360,872
GE HealthCare Technologies, Inc.(c)
  8,983        700,674
Gilead Sciences, Inc.
  27,963     1,797,182
HCA Healthcare, Inc.
  4,328     1,470,438
Henry Schein, Inc.(b)
  2,892        200,531
Hologic, Inc.(b)
  5,625        415,013
Humana, Inc.
  2,873     1,028,879
IDEXX Laboratories, Inc.(b)
  1,925        956,629
Illumina, Inc.(b)
  3,714        387,296
Incyte Corp.(b)
  4,142        239,366
Intuitive Surgical, Inc.(b)
  7,911     3,181,171
IQVIA Holdings, Inc.(b)
  4,059        889,286
Johnson & Johnson
  55,639     8,160,572
Labcorp Holdings, Inc.(c)
  1,902        370,719
McKesson Corp.
  2,992     1,704,213
Medtronic PLC(c)
  29,308     2,384,792
Merck & Co., Inc.
  59,461     7,464,734
Molina Healthcare, Inc.(b)
  1,351        424,998
Quest Diagnostics, Inc.
  2,501        355,067
Regeneron Pharmaceuticals, Inc.(b)
  2,407     2,359,245
Revvity, Inc.(c)
  2,832        309,424
STERIS PLC
  2,360        525,997
Stryker Corp.
  7,526     2,567,043
Teleflex, Inc.
  1,101        230,186
Thermo Fisher Scientific, Inc.
  8,433     4,789,775
UnitedHealth Group, Inc.
  22,029    10,912,506
Universal Health Services, Inc., Class B
  1,367        259,457
Vertex Pharmaceuticals, Inc.(b)
  5,954     2,711,094
Viatris, Inc.
  28,154        298,432
Waters Corp.(b)
  1,346        415,779
West Pharmaceutical Services, Inc.
  1,728       572,677
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Health Care-(continued)
Zimmer Biomet Holdings, Inc.
  4,670   $    537,751
Zoetis, Inc.
  11,214     1,901,446
        113,006,641
Industrials-8.13%
A.O. Smith Corp.
  2,827        236,450
Allegion PLC
  2,014        245,345
American Airlines Group, Inc.(b)(c)
  14,153        162,760
AMETEK, Inc.
  5,230        886,903
Automatic Data Processing, Inc.
  9,576     2,345,354
Broadridge Financial Solutions, Inc.
  2,766        555,330
Builders FirstSource, Inc.(b)
  2,717        436,866
C.H. Robinson Worldwide, Inc.
  2,625        226,721
Carrier Global Corp.
  18,282     1,155,240
Caterpillar, Inc.
  11,475     3,884,517
Cintas Corp.
  1,980     1,342,381
Copart, Inc.(b)
  19,220     1,019,813
CSX Corp.
  44,496     1,501,740
Cummins, Inc.
  3,167        892,239
Dayforce, Inc.(b)(c)
  3,651        180,578
Deere & Co.
  6,029     2,259,428
Delta Air Lines, Inc.(c)
  14,323        730,759
Dover Corp.
  3,162        581,239
Eaton Corp. PLC
  8,791     2,926,084
Emerson Electric Co.
  12,541     1,406,599
Equifax, Inc.
  2,801        648,123
Expeditors International of Washington, Inc.
  3,358        405,982
Fastenal Co.(c)
  12,690        837,286
FedEx Corp.(c)
  5,269     1,338,115
Fortive Corp.
  8,249        614,056
Generac Holdings, Inc.(b)
  1,393        205,064
General Dynamics Corp.
  5,111     1,532,124
General Electric Co.
  24,210     3,998,039
Honeywell International, Inc.
  14,771     2,986,549
Howmet Aerospace, Inc.
  8,839        748,221
Hubbell, Inc.
  1,245        484,168
Huntington Ingalls Industries, Inc.
  927        234,624
Illinois Tool Works, Inc.
  6,234     1,513,304
Ingersoll Rand, Inc.(c)
  9,268        862,387
J.B. Hunt Transport Services, Inc.
  1,888        303,496
Jacobs Solutions, Inc.
  2,945        410,356
Johnson Controls International PLC
  15,329     1,102,308
L3Harris Technologies, Inc.
  4,256        956,876
Leidos Holdings, Inc.
  3,170        466,149
Lockheed Martin Corp.
  4,937     2,322,069
Masco Corp.
  5,041        352,467
Nordson Corp.
  1,253        294,104
Norfolk Southern Corp.
  5,099     1,146,255
Northrop Grumman Corp.
  3,203     1,443,816
Old Dominion Freight Line, Inc.
  4,123        722,556
PACCAR, Inc.
  11,363     1,221,523
Parker-Hannifin Corp.
  2,928     1,556,291
Paychex, Inc.(c)
  7,382        887,021
Paycom Software, Inc.
  1,075        156,219
Pentair PLC
  3,735        303,954
Quanta Services, Inc.
  3,283        905,911
Republic Services, Inc.
  4,619        855,393
Robert Half, Inc.
  2,397        153,959
Rockwell Automation, Inc.
  2,540        654,126
Rollins, Inc.
  6,444        294,426
RTX Corp.(c)
  32,311     3,483,449
Snap-on, Inc.
  1,196        326,341
Southwest Airlines Co.
  12,781       343,042
  Shares   Value
Industrials-(continued)
Stanley Black & Decker, Inc.
  3,522   $    307,013
Textron, Inc.
  4,509        395,033
Trane Technologies PLC
  5,085     1,665,134
Uber Technologies, Inc.(b)
  47,894     3,092,037
Union Pacific Corp.
  14,172     3,299,525
United Airlines Holdings, Inc.(b)
  7,671        406,486
United Parcel Service, Inc., Class B
  15,890     2,207,598
United Rentals, Inc.
  1,594     1,067,040
Veralto Corp.
  4,977        490,633
Verisk Analytics, Inc.
  3,365        850,605
W.W. Grainger, Inc.
  1,004        925,146
Wabtec Corp.
  4,090        692,151
Waste Management, Inc.
  8,212     1,730,515
Xylem, Inc.
  5,601       789,853
        77,965,264
Information Technology-31.62%
Accenture PLC, Class A
  13,981     3,946,696
Adobe, Inc.(b)
  10,622     4,724,241
Advanced Micro Devices, Inc.(b)
  33,389     5,572,624
Akamai Technologies, Inc.(b)
  3,562        328,559
Amphenol Corp., Class A
  13,386     1,771,905
Analog Devices, Inc.
  11,287     2,646,689
ANSYS, Inc.(b)
  1,967        624,424
Apple, Inc.
  355,376    68,321,036
Applied Materials, Inc.
  17,985     3,868,214
Arista Networks, Inc.(b)
  5,572     1,658,506
Autodesk, Inc.(b)
  4,962     1,000,339
Broadcom, Inc.
  9,628    12,791,279
Cadence Design Systems, Inc.(b)
  5,999     1,717,574
CDW Corp.
  3,095        692,104
Cisco Systems, Inc.
  91,366     4,248,519
Cognizant Technology Solutions Corp., Class A
  11,824        782,158
Corning, Inc.
  17,057        635,544
EPAM Systems, Inc.(b)
  1,331        236,825
F5, Inc.(b)
  1,373        231,996
Fair Isaac Corp.(b)
  551        710,751
First Solar, Inc.(b)
  2,347        637,821
Fortinet, Inc.(b)
  13,978        829,175
Gartner, Inc.(b)
  1,753        735,681
Gen Digital, Inc.
  12,758        316,781
Hewlett Packard Enterprise Co.
  24,297        428,842
HP, Inc.
  19,018        694,157
Intel Corp.
  93,764     2,892,619
International Business Machines Corp.
  19,477     3,249,737
Intuit, Inc.
  6,460     3,723,802
Jabil, Inc.
  2,719        323,289
Juniper Networks, Inc.
  7,372        262,959
Keysight Technologies, Inc.(b)
  4,086        565,829
KLA Corp.
  2,931     2,226,182
Lam Research Corp.
  2,850     2,657,454
Microchip Technology, Inc.
  11,724     1,139,925
Micron Technology, Inc.
  23,536     2,942,000
Microsoft Corp.
  173,892    72,187,786
Monolithic Power Systems, Inc.
  1,074        790,067
Motorola Solutions, Inc.
  3,680     1,342,869
NetApp, Inc.
  4,145        499,182
NVIDIA Corp.
  50,065    54,887,761
NXP Semiconductors N.V. (China)
  5,790     1,575,459
ON Semiconductor Corp.(b)
  9,914        724,119
Oracle Corp.
  35,738     4,188,136
Palo Alto Networks, Inc.(b)
  7,825     2,307,671
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Information Technology-(continued)
PTC, Inc.(b)
  2,751   $    484,836
Qorvo, Inc.(b)
  2,176        214,097
QUALCOMM, Inc.
  23,660     4,827,823
Roper Technologies, Inc.
  2,435     1,297,271
Salesforce, Inc.
  22,360     5,242,078
ServiceNow, Inc.(b)
  4,884     3,208,446
Skyworks Solutions, Inc.
  3,613        334,781
Synopsys, Inc.(b)
  3,435     1,926,348
TE Connectivity Ltd.
  7,139     1,068,708
Teledyne Technologies, Inc.(b)
  1,113        441,805
Teradyne, Inc.
  3,352        472,431
Texas Instruments, Inc.
  19,989     3,898,055
Trimble, Inc.(b)
  5,685        316,541
Tyler Technologies, Inc.(b)
  994        477,478
Western Digital Corp.(b)
  6,737       507,229
        303,357,213
Materials-2.25%
Albemarle Corp.(c)
  2,823        346,072
Amcor PLC
  32,174        327,210
Avery Dennison Corp.
  1,834        417,400
Ball Corp.
  7,137        495,522
Celanese Corp.
  2,240        340,570
CF Industries Holdings, Inc.
  4,414        351,928
Corteva, Inc.
  15,781        882,789
Dow, Inc.
  15,581        897,933
DuPont de Nemours, Inc.
  9,572        786,436
Eastman Chemical Co.
  2,735        277,138
Ecolab, Inc.
  5,775     1,340,955
Freeport-McMoRan, Inc.
  32,150     1,695,270
International Flavors & Fragrances, Inc.
  5,847        562,364
International Paper Co.
  7,924        357,293
Linde PLC
  10,618     4,624,351
LyondellBasell Industries N.V., Class A
  6,013        597,812
Martin Marietta Materials, Inc.
  1,328        759,722
Mosaic Co. (The)
  7,320        226,408
Newmont Corp.
  24,217     1,015,661
Nucor Corp.
  5,792        977,979
Packaging Corp. of America
  2,075        380,742
PPG Industries, Inc.
  5,498        722,492
Sherwin-Williams Co. (The)
  5,254     1,596,165
Steel Dynamics, Inc.
  3,658        489,696
Vulcan Materials Co.
  2,994        765,775
WestRock Co.
  5,662       303,710
        21,539,393
Real Estate-1.86%
Alexandria Real Estate Equities, Inc.
  3,285        390,915
AvalonBay Communities, Inc.
  3,201        616,769
Boston Properties, Inc.
  3,047        184,861
CBRE Group, Inc., Class A(b)
  6,860        604,160
CoStar Group, Inc.(b)
  9,364        731,984
Digital Realty Trust, Inc.
  6,712        975,522
Equinix, Inc.
  2,092     1,596,154
Equity Residential
  7,762        504,763
Essex Property Trust, Inc.(c)
  1,430        371,500
Extra Space Storage, Inc.
  4,676        676,944
Federal Realty Investment Trust
  1,706        172,221
Healthpeak Properties, Inc.
  15,254        303,555
Host Hotels & Resorts, Inc.
  16,322        292,817
Invitation Homes, Inc.
  13,094        455,540
Iron Mountain, Inc.(c)
  6,663        537,637
Kimco Realty Corp.
  14,245       275,783
  Shares   Value
Real Estate-(continued)
Mid-America Apartment Communities, Inc.
  2,551   $    341,094
Prologis, Inc.
  20,945     2,314,213
Public Storage
  3,561        975,109
Realty Income Corp.
  18,782        996,573
Regency Centers Corp.
  3,497        214,716
Simon Property Group, Inc.
  7,173     1,085,347
UDR, Inc.
  6,740        260,299
Ventas, Inc.
  9,142        459,477
VICI Properties, Inc.
  23,481        674,139
Welltower, Inc.
  12,536     1,299,607
Weyerhaeuser Co.
  16,963       509,399
        17,821,098
Utilities-2.40%
Alliant Energy Corp.
  5,810        299,157
Ameren Corp.
  5,977        438,533
American Electric Power Co., Inc.
  11,976     1,080,834
Atmos Energy Corp.
  3,396        393,664
CenterPoint Energy, Inc.
  14,323        436,995
CMS Energy Corp.
  6,494        408,667
Consolidated Edison, Inc.
  7,578        716,500
Constellation Energy Corp.
  6,768     1,470,348
Dominion Energy, Inc.
  19,208     1,035,695
DTE Energy Co.
  4,666        543,729
Duke Energy Corp.
  17,023     1,763,072
Edison International
  8,915        685,118
Entergy Corp.
  4,767        536,240
Evergy, Inc.
  5,244        286,637
Eversource Energy
  8,188        484,975
Exelon Corp.
  21,996        825,950
FirstEnergy Corp.
  11,778        474,182
NextEra Energy, Inc.
  46,187     3,695,884
NiSource, Inc.
  9,355        271,856
NRG Energy, Inc.
  4,757        385,317
PG&E Corp.
  48,913        906,847
Pinnacle West Capital Corp.(c)
  2,600        205,036
PPL Corp.
  16,898        495,618
Public Service Enterprise Group, Inc.
  10,848        821,845
Sempra
  14,230     1,096,137
Southern Co. (The)
  24,180     1,937,785
WEC Energy Group, Inc.
  6,890        558,297
Xcel Energy, Inc.
  14,471       802,417
        23,057,335
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $758,412,097)
  958,601,811
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.64%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  3,511,414     3,511,414
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  12,239,235   $ 12,242,907
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $15,754,499)
  15,754,321
TOTAL INVESTMENTS IN SECURITIES-101.57%

(Cost $774,166,596)
  974,356,132
OTHER ASSETS LESS LIABILITIES-(1.57)%
  (15,076,026)
NET ASSETS-100.00%
  $959,280,106
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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Invesco Ltd. $165,664   $6,419   $(10,437)   $(580)   $(557)   $160,509   $6,148
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   12,730,462   (12,730,462)   -   -   -   14,387
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 4,093,256   39,449,973   (40,031,815)   -   -   3,511,414   183,263*
Invesco Private Prime Fund 10,525,517   93,417,449   (91,704,925)   (178)   5,044   12,242,907   494,608*
Total $14,784,437   $145,604,303   $(144,477,639)   $(758)   $4,487   $15,914,830   $698,406
    
* 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 May 31, 2024.
(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 MidCap 400 QVM Multi-factor ETF (QVMM)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.44%
Communication Services-1.53%
Frontier Communications Parent, Inc.(b)(c)
  28,131   $    749,972
New York Times Co. (The), Class A
  21,661     1,109,043
Nexstar Media Group, Inc., Class A(c)
  4,293        711,307
TEGNA, Inc.
  24,747        368,978
TKO Group Holdings, Inc.
  8,157        889,684
Ziff Davis, Inc.(b)(c)
  5,973        344,105
ZoomInfo Technologies, Inc., Class A(b)(c)
  39,629       486,644
        4,659,733
Consumer Discretionary-14.44%
Adient PLC(b)
  11,599        327,556
Aramark
  32,799     1,054,488
Autoliv, Inc. (Sweden)(c)
  9,484     1,209,874
AutoNation, Inc.(b)(c)
  3,445        586,511
Boyd Gaming Corp.
  9,385        500,408
Brunswick Corp.(c)
  8,815        727,502
Capri Holdings Ltd.(b)(c)
  15,078        520,945
Carter’s, Inc.(c)
  4,541        310,604
Columbia Sportswear Co.(c)
  4,542        388,886
Crocs, Inc.(b)
  7,918     1,232,358
Dick’s Sporting Goods, Inc.(c)
  7,813     1,778,551
Five Below, Inc.(b)(c)
  6,911        954,616
Floor & Decor Holdings, Inc., Class A(b)(c)
  13,245     1,547,811
GameStop Corp., Class A(b)
  32,339        748,324
Gap, Inc. (The)(c)
  27,494        796,226
Gentex Corp.(c)
  29,697     1,039,395
Goodyear Tire & Rubber Co. (The)(b)
  36,708        451,875
Graham Holdings Co., Class B
  439        330,317
Grand Canyon Education, Inc.(b)
  3,837        546,619
H&R Block, Inc.
  18,486        917,645
Harley-Davidson, Inc.
  15,332        550,112
Helen of Troy Ltd.(b)(c)
  3,232        345,436
Hilton Grand Vacations, Inc.(b)(c)
  8,808        364,035
Hyatt Hotels Corp., Class A
  5,558        819,638
KB Home
  9,572        675,783
Lear Corp.
  7,365        923,203
Leggett & Platt, Inc.
  16,601        192,572
Light & Wonder, Inc.(b)(c)
  11,561     1,103,844
Lithia Motors, Inc., Class A(c)
  3,600        911,304
Macy’s, Inc.
  30,689        597,822
Marriott Vacations Worldwide Corp.
  4,108        370,829
Mattel, Inc.(b)(c)
  46,205        821,987
Murphy USA, Inc.(c)
  2,528     1,109,160
Nordstrom, Inc.
  14,654        323,853
Ollie’s Bargain Outlet Holdings, Inc.(b)
  8,502        700,820
PENN Entertainment, Inc.(b)(c)
  19,793        346,378
Penske Automotive Group, Inc.
  2,476        376,600
Polaris, Inc.
  6,948        580,853
PVH Corp.
  7,866        943,999
Service Corp. International(c)
  18,428     1,320,550
Skechers U.S.A., Inc., Class A(b)
  17,484     1,248,707
Taylor Morrison Home Corp., Class A(b)
  13,751        795,220
Tempur Sealy International, Inc.
  22,018     1,130,844
Texas Roadhouse, Inc.
  8,482     1,464,587
Thor Industries, Inc.(c)
  8,213        815,058
Toll Brothers, Inc.
  13,465     1,637,883
TopBuild Corp.(b)
  4,010     1,675,979
Travel + Leisure Co.
  8,981        394,625
Under Armour, Inc., Class A(b)
  50,725        364,713
Valvoline, Inc.(b)(c)
  17,621        715,413
Visteon Corp.(b)
  3,427        381,665
Wendy’s Co. (The)
  20,510       357,900
  Shares   Value
Consumer Discretionary-(continued)
Williams-Sonoma, Inc.
  8,117   $  2,380,067
Wyndham Hotels & Resorts, Inc.
  10,915        772,345
YETI Holdings, Inc.(b)(c)
  12,021       489,736
        43,974,031
Consumer Staples-5.34%
BellRing Brands, Inc.(b)
  15,980        929,557
BJ’s Wholesale Club Holdings, Inc.(b)
  17,430     1,535,060
Boston Beer Co., Inc. (The), Class A(b)
  1,240        388,951
Casey’s General Stores, Inc.
  4,869     1,615,437
Celsius Holdings, Inc.(b)(c)
  17,770     1,421,244
Coca-Cola Consolidated, Inc.
  627        615,112
Coty, Inc., Class A(b)
  47,927        496,524
Darling Ingredients, Inc.(b)
  20,102        812,121
e.l.f. Beauty, Inc.(b)
  7,158     1,337,902
Flowers Foods, Inc.
  24,526        569,494
Grocery Outlet Holding Corp.(b)(c)
  12,404        272,764
Ingredion, Inc.
  8,487        997,901
Lancaster Colony Corp.
  2,652        491,946
Performance Food Group Co.(b)
  20,007     1,392,487
Pilgrim’s Pride Corp.(b)
  5,095        183,063
Post Holdings, Inc.(b)
  6,552        698,247
Sprouts Farmers Market, Inc.(b)
  12,895     1,018,447
US Foods Holding Corp.(b)
  28,264     1,493,187
        16,269,444
Energy-6.16%
Antero Midstream Corp.
  43,269        633,891
Antero Resources Corp.(b)
  34,789     1,239,532
ChampionX Corp.
  24,912        812,630
Chesapeake Energy Corp.(c)
  14,495     1,318,030
Chord Energy Corp.(c)
  5,304        983,415
Civitas Resources, Inc.
  11,047        812,617
CNX Resources Corp.(b)(c)
  20,238        532,260
DT Midstream, Inc.(c)
  12,328        826,962
Equitrans Midstream Corp.
  53,721        767,136
HF Sinclair Corp.
  20,123     1,111,393
Matador Resources Co.
  14,164        898,706
Murphy Oil Corp.
  19,042        814,807
NOV, Inc.
  49,716        935,655
Ovintiv, Inc.
  32,716     1,690,436
PBF Energy, Inc., Class A
  13,631        631,524
Permian Resources Corp.
  53,277        873,210
Range Resources Corp.
  29,977     1,106,451
Southwestern Energy Co.(b)
  142,423     1,072,445
Valaris Ltd.(b)(c)
  7,762        600,779
Weatherford International PLC(b)
  9,044     1,088,355
        18,750,234
Financials-16.85%
Affiliated Managers Group, Inc.
  4,279        695,765
Ally Financial, Inc.
  35,851     1,397,113
American Financial Group, Inc.
  8,358     1,085,788
Associated Banc-Corp
  19,105        409,229
Bank OZK(c)
  13,690        573,337
Brighthouse Financial, Inc.(b)(c)
  8,227        366,184
Cadence Bank
  23,162        661,275
Carlyle Group, Inc. (The)(c)
  27,382     1,176,331
CNO Financial Group, Inc.
  14,128        405,332
Columbia Banking System, Inc.
  24,940        480,843
Commerce Bancshares, Inc.
  15,082        839,162
Cullen/Frost Bankers, Inc.
  8,080        820,766
East West Bancorp, Inc.
  17,141     1,271,691
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Financials-(continued)
Equitable Holdings, Inc.
  42,352   $  1,757,184
Erie Indemnity Co., Class A
  3,174     1,150,353
Essent Group Ltd.
  13,675        775,372
Euronet Worldwide, Inc.(b)(c)
  5,552        647,252
Evercore, Inc., Class A
  4,303        873,251
F.N.B. Corp.
  44,757        616,304
Federated Hermes, Inc., Class B
  10,633        352,697
Fidelity National Financial, Inc.(c)
  32,482     1,635,794
First American Financial Corp.
  13,514        751,108
First Financial Bankshares, Inc.(c)
  15,849        475,153
First Horizon Corp.
  68,078     1,078,356
FirstCash Holdings, Inc.
  4,734        558,233
Glacier Bancorp, Inc.(c)
  13,452        502,836
Hancock Whitney Corp.
  10,880        508,422
Hanover Insurance Group, Inc. (The)
  4,596        606,350
Home BancShares, Inc.
  23,684        557,048
Houlihan Lokey, Inc.
  6,867        929,448
Interactive Brokers Group, Inc., Class A
  13,654     1,716,581
International Bancshares Corp.
  6,549        372,180
Janus Henderson Group PLC(c)
  16,400        549,400
Jefferies Financial Group, Inc.
  21,503     1,000,320
Kemper Corp.
  7,581        453,647
Kinsale Capital Group, Inc.
  2,669     1,023,882
MGIC Investment Corp.
  35,595        747,495
New York Community Bancorp, Inc.
  131,315        432,026
Old National Bancorp
  36,910        630,792
Old Republic International Corp.
  33,193     1,054,874
Pinnacle Financial Partners, Inc.
  9,676        769,339
Primerica, Inc.
  4,395        992,787
Prosperity Bancshares, Inc.
  11,859        738,816
Reinsurance Group of America, Inc.
  8,226     1,725,815
RenaissanceRe Holdings Ltd. (Bermuda)
  6,700     1,526,662
RLI Corp.
  5,097        744,060
SEI Investments Co.
  12,640        855,854
Selective Insurance Group, Inc.
  7,787        760,089
SLM Corp.
  29,386        630,624
SouthState Corp.(c)
  9,805        758,025
Starwood Property Trust, Inc.(c)
  38,557        749,548
Stifel Financial Corp.
  13,296     1,076,311
Synovus Financial Corp.(c)
  17,975        713,428
Texas Capital Bancshares, Inc.(b)(c)
  5,844        352,276
UMB Financial Corp.
  5,479        451,689
United Bankshares, Inc.
  17,170        556,995
Unum Group
  23,069     1,242,496
Valley National Bancorp
  54,082        385,605
Voya Financial, Inc.
  13,504     1,023,873
Webster Financial Corp.
  21,552        953,029
Western Union Co. (The)
  45,716        585,165
WEX, Inc.(b)(c)
  5,347     1,001,600
Wintrust Financial Corp.(c)
  7,661       755,451
        51,288,711
Health Care-7.28%
Acadia Healthcare Co., Inc.(b)
  11,696        805,737
Azenta, Inc.(b)(c)
  7,621        384,937
Bruker Corp.
  11,412        747,600
Chemed Corp.
  1,909     1,058,292
Doximity, Inc., Class A(b)(c)
  15,000        415,950
Encompass Health Corp.
  12,533     1,082,726
Enovis Corp.(b)
  5,933        298,252
Envista Holdings Corp.(b)(c)
  21,461        415,485
Exelixis, Inc.(b)
  39,177        849,749
Globus Medical, Inc., Class A(b)(c)
  14,716       987,591
  Shares   Value
Health Care-(continued)
Haemonetics Corp.(b)(c)
  6,157   $    517,681
HealthEquity, Inc.(b)
  11,306        923,474
Integra LifeSciences Holdings Corp.(b)
  8,775        271,147
Jazz Pharmaceuticals PLC(b)(c)
  8,218        864,944
Lantheus Holdings, Inc.(b)
  9,302        761,183
LivaNova PLC(b)(c)
  7,289        445,139
Medpace Holdings, Inc.(b)
  2,911     1,124,636
Neurocrine Biosciences, Inc.(b)
  12,507     1,693,573
Option Care Health, Inc.(b)(c)
  22,729        677,779
Penumbra, Inc.(b)(c)
  4,679        886,530
Perrigo Co. PLC
  16,309        448,987
Progyny, Inc.(b)(c)
  11,440        308,308
QuidelOrtho Corp.(b)
  6,646        293,687
Repligen Corp.(b)(c)
  6,646        990,852
Shockwave Medical, Inc.(b)
  4,837     1,620,395
Tenet Healthcare Corp.(b)
  12,526     1,693,766
United Therapeutics Corp.(b)
  5,772     1,588,050
        22,156,450
Industrials-23.83%
Acuity Brands, Inc.
  3,845        998,200
Advanced Drainage Systems, Inc.
  8,820     1,530,182
AECOM
  17,739     1,549,324
AGCO Corp.
  7,912        849,195
Avis Budget Group, Inc.(c)
  2,395        272,383
Brink’s Co. (The)
  5,704        588,881
BWX Technologies, Inc.
  11,243     1,035,818
CACI International, Inc., Class A(b)
  2,854     1,211,466
Carlisle Cos., Inc.
  6,084     2,544,876
Clean Harbors, Inc.(b)
  6,214     1,345,890
Comfort Systems USA, Inc.
  4,484     1,467,793
Concentrix Corp.(c)
  6,410        393,125
Core & Main, Inc., Class A(b)
  20,910     1,203,580
Crane Co.
  6,077        905,959
Curtiss-Wright Corp.
  4,804     1,358,667
Donaldson Co., Inc.
  15,155     1,116,620
EMCOR Group, Inc.
  5,833     2,267,054
EnerSys
  5,222        563,140
ESAB Corp.
  7,262        746,679
ExlService Holdings, Inc.(b)
  20,878        623,417
Exponent, Inc.
  6,565        624,463
Flowserve Corp.
  16,821        836,004
Fluor Corp.(b)
  22,007        955,104
Fortune Brands Innovations, Inc.
  16,443     1,151,997
FTI Consulting, Inc.(b)(c)
  4,580        983,784
GATX Corp.
  4,431        611,301
Genpact Ltd.
  21,487        710,360
Graco, Inc.
  21,562     1,741,132
GXO Logistics, Inc.(b)(c)
  15,891        798,205
Hertz Global Holdings, Inc.(b)(c)
  19,723         85,992
Hexcel Corp.
  10,605        730,366
Insperity, Inc.
  4,579        433,723
ITT, Inc.
  10,474     1,391,785
KBR, Inc.
  16,905     1,109,982
Kirby Corp.(b)
  7,513        932,889
Knight-Swift Transportation Holdings, Inc.
  21,167     1,021,308
Landstar System, Inc.
  4,803        874,290
Lennox International, Inc.
  4,085     2,053,121
Lincoln Electric Holdings, Inc.
  7,430     1,458,955
ManpowerGroup, Inc.
  6,286        469,061
MasTec, Inc.(b)(c)
  6,627        743,881
Maximus, Inc.
  7,673        660,645
MDU Resources Group, Inc.
  25,906       653,867
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Industrials-(continued)
Middleby Corp. (The)(b)
  6,837   $    881,358
MSA Safety, Inc.
  4,706        847,080
MSC Industrial Direct Co., Inc., Class A(c)
  6,105        524,420
nVent Electric PLC
  20,803     1,692,948
Oshkosh Corp.
  8,391        954,308
Owens Corning
  11,373     2,059,309
Paylocity Holding Corp.(b)
  5,644        802,408
RBC Bearings, Inc.(b)(c)
  3,773     1,114,091
Regal Rexnord Corp.
  8,763     1,310,419
Ryder System, Inc.
  5,720        694,808
Saia, Inc.(b)
  3,246     1,329,172
Science Applications International Corp.
  6,654        895,961
Sensata Technologies Holding PLC
  19,492        805,409
Simpson Manufacturing Co., Inc.
  5,402        896,300
Stericycle, Inc.(b)(c)
  12,248        631,262
Terex Corp.
  8,684        518,174
Tetra Tech, Inc.
  6,592     1,380,958
Timken Co. (The)
  8,258        717,538
Toro Co. (The)
  13,168     1,055,942
Trex Co., Inc.(b)
  13,574     1,173,880
UFP Industries, Inc.
  8,028        959,185
Valmont Industries, Inc.
  2,737        688,082
Watsco, Inc.(c)
  4,364     2,072,464
Watts Water Technologies, Inc., Class A
  3,516        700,141
Werner Enterprises, Inc.(c)
  8,836        331,969
WESCO International, Inc.
  5,459        979,836
Woodward, Inc.
  7,419     1,383,644
XPO, Inc.(b)
  14,337     1,533,772
        72,539,302
Information Technology-8.56%
Allegro MicroSystems, Inc. (Japan)(b)(c)
  9,262        279,157
Amkor Technology, Inc.
  11,554        376,545
Arrow Electronics, Inc.(b)
  6,794        892,120
ASGN, Inc.(b)(c)
  6,037        566,935
Aspen Technology, Inc.(b)(c)
  3,574        752,863
Avnet, Inc.
  11,442        624,733
Belden, Inc.
  5,164        494,143
Blackbaud, Inc.(b)(c)
  5,293        412,536
Ciena Corp.(b)(c)
  17,505        843,216
Cirrus Logic, Inc.(b)
  6,980        800,606
Commvault Systems, Inc.(b)
  5,428        583,971
Crane NXT Co.
  5,955        376,475
Dolby Laboratories, Inc., Class A
  7,617        617,053
Dropbox, Inc., Class A(b)(c)
  33,191        747,793
Dynatrace, Inc.(b)
  32,842     1,501,865
IPG Photonics Corp.(b)
  3,619        313,876
Kyndryl Holdings, Inc.(b)
  30,380        808,412
Lattice Semiconductor Corp.(b)
  16,857     1,251,464
Littelfuse, Inc.(c)
  3,216        825,226
MACOM Technology Solutions Holdings, Inc.(b)(c)
  6,533        660,748
Manhattan Associates, Inc.(b)
  7,903     1,735,025
Novanta, Inc.(b)
  4,584        743,341
Onto Innovation, Inc.(b)
  6,116     1,325,337
Power Integrations, Inc.
  7,172        545,144
Pure Storage, Inc., Class A(b)
  34,953     2,107,316
Qualys, Inc.(b)
  4,889        687,491
Rambus, Inc.(b)
  12,877        711,583
Silicon Laboratories, Inc.(b)
  3,821        482,095
Synaptics, Inc.(b)(c)
  4,987        467,332
TD SYNNEX Corp.
  7,296        954,609
Teradata Corp.(b)
  11,976       390,537
  Shares   Value
Information Technology-(continued)
Universal Display Corp.
  5,786   $  1,016,600
Vishay Intertechnology, Inc.
  15,058        355,820
Vontier Corp.
  19,818       792,324
        26,044,291
Materials-7.56%
Alcoa Corp.
  22,155        980,802
AptarGroup, Inc.
  8,316     1,228,190
Arcadium Lithium PLC (Jersey)(b)(c)
  146,683        649,806
Ashland, Inc.
  6,478        648,901
Avient Corp.(c)
  11,784        526,509
Axalta Coating Systems Ltd.(b)
  28,484     1,013,746
Berry Global Group, Inc.
  14,832        888,140
Cabot Corp.
  7,039        720,090
Cleveland-Cliffs, Inc.(b)(c)
  67,054     1,158,693
Commercial Metals Co.
  15,440        869,581
Crown Holdings, Inc.
  15,659     1,318,331
Eagle Materials, Inc.
  4,445     1,032,973
Graphic Packaging Holding Co.
  39,253     1,111,645
Greif, Inc., Class A
  3,272        212,484
Knife River Corp.(b)(c)
  7,166        506,708
Louisiana-Pacific Corp.
  8,113        743,800
NewMarket Corp.
  912        487,984
Olin Corp.
  15,300        822,528
Reliance, Inc.
  7,382     2,220,358
Royal Gold, Inc.(c)
  7,838     1,004,753
RPM International, Inc.
  16,402     1,838,664
Silgan Holdings, Inc.
  10,632        502,362
Sonoco Products Co.
  12,638        775,594
United States Steel Corp.
  28,800     1,104,480
Westlake Corp.
  4,054       650,910
        23,018,032
Real Estate-6.50%
Agree Realty Corp.
  12,417        754,457
American Homes 4 Rent, Class A
  41,487     1,495,191
Apartment Income REIT Corp.
  18,263        707,691
Brixmor Property Group, Inc.
  38,560        867,986
Cousins Properties, Inc.
  18,690        432,300
CubeSmart
  28,622     1,210,997
EastGroup Properties, Inc.
  5,803        958,539
EPR Properties
  9,302        381,754
First Industrial Realty Trust, Inc.
  16,994        800,757
Gaming and Leisure Properties, Inc.
  34,497     1,548,915
Healthcare Realty Trust, Inc.(c)
  49,107        797,007
Independence Realty Trust, Inc.(c)
  27,365        456,995
Jones Lang LaSalle, Inc.(b)
  6,212     1,255,259
Kilroy Realty Corp.
  14,448        484,441
Kite Realty Group Trust(c)
  28,730        629,762
Lamar Advertising Co., Class A
  10,605     1,252,557
NNN REIT, Inc.
  23,030        961,963
Omega Healthcare Investors, Inc.(c)
  31,736     1,026,025
Park Hotels & Resorts, Inc.
  25,429        403,304
PotlatchDeltic Corp.
  9,777        417,771
Rexford Industrial Realty, Inc.
  26,491     1,201,632
Sabra Health Care REIT, Inc.(c)
  29,471        429,687
STAG Industrial, Inc.
  23,246        815,005
Vornado Realty Trust(c)
  20,544       503,739
        19,793,734
Utilities-2.39%
ALLETE, Inc.
  7,414        468,194
Black Hills Corp.
  8,905       502,687
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Utilities-(continued)
Essential Utilities, Inc.
  32,217   $  1,215,548
IDACORP, Inc.(c)
  6,503        620,841
National Fuel Gas Co.
  11,353        648,938
New Jersey Resources Corp.
  12,280        533,689
NorthWestern Energy Group, Inc.
  7,625        396,195
OGE Energy Corp.
  25,034        908,734
ONE Gas, Inc.(c)
  6,981        430,239
Portland General Electric Co.
  12,911        575,314
Southwest Gas Holdings, Inc.(c)
  7,268        563,924
Spire, Inc.
  6,733       412,667
        7,276,970
Total Common Stocks & Other Equity Interests

(Cost $257,591,722)
  305,770,932
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e)

(Cost $85,390)
  85,390        85,390
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.47%

(Cost $257,677,112)
  305,856,322
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.90%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  11,772,197   $ 11,772,197
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  30,542,524    30,551,687
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $42,325,307)
  42,323,884
TOTAL INVESTMENTS IN SECURITIES-114.37%

(Cost $300,002,419)
  348,180,206
OTHER ASSETS LESS LIABILITIES-(14.37)%
  (43,740,559)
NET ASSETS-100.00%
  $304,439,647
 
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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $96,110   $4,351,315   $(4,362,035)   $-   $-   $85,390   $3,207
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 9,701,199   71,881,960   (69,810,962)   -   -   11,772,197   408,474*
Invesco Private Prime Fund 24,945,939   135,444,661   (129,847,298)   (1,423)   9,808   30,551,687   1,094,355*
Total $34,743,248   $211,677,936   $(204,020,295)   $(1,423)   $9,808   $42,409,274   $1,506,036
    
* 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 May 31, 2024.
(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 MidCap Low Volatility ETF (XMLV)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.98%
Consumer Discretionary-8.38%
Columbia Sportswear Co.(b)
  110,792   $  9,486,011
Gentex Corp.(b)
  284,962     9,973,670
Graham Holdings Co., Class B(b)
  11,829     8,900,494
Murphy USA, Inc.(b)
  23,304    10,224,630
Texas Roadhouse, Inc.
  55,171     9,526,376
Wendy’s Co. (The)
  523,446     9,134,133
Wyndham Hotels & Resorts, Inc.
  125,601     8,887,527
        66,132,841
Consumer Staples-7.40%
Casey’s General Stores, Inc.(b)
  27,663     9,178,030
Flowers Foods, Inc.
  367,084     8,523,691
Ingredion, Inc.
  94,011    11,053,813
Performance Food Group Co.(c)
  132,049     9,190,610
Post Holdings, Inc.(c)
  103,750    11,056,638
US Foods Holding Corp.(c)
  177,481     9,376,321
        58,379,103
Energy-2.75%
Antero Midstream Corp.(b)
  708,221    10,375,438
DT Midstream, Inc.(b)
  168,818    11,324,311
        21,699,749
Financials-19.01%
American Financial Group, Inc.
  77,531    10,072,052
Essent Group Ltd.
  177,036    10,037,941
Federated Hermes, Inc., Class B
  279,407     9,267,930
Hanover Insurance Group, Inc. (The)
  75,989    10,025,229
Houlihan Lokey, Inc.
  69,706     9,434,707
MGIC Investment Corp.
  464,302     9,750,342
Old Republic International Corp.
  363,093    11,539,096
Primerica, Inc.(b)
  43,031     9,720,273
Reinsurance Group of America, Inc.
  48,625    10,201,525
RLI Corp.
  68,481     9,996,856
SEI Investments Co.
  184,310    12,479,630
Selective Insurance Group, Inc.
  97,986     9,564,413
Stifel Financial Corp.
  109,764     8,885,396
Unum Group(b)
  168,303     9,064,800
Voya Financial, Inc.(b)
  131,516     9,971,543
        150,011,733
Health Care-2.57%
Chemed Corp.
  16,920     9,379,941
Encompass Health Corp.
  126,293    10,910,452
        20,290,393
Industrials-17.36%
AECOM
  108,909     9,512,112
CACI International, Inc., Class A(c)
  25,956    11,017,803
Curtiss-Wright Corp.
  41,940    11,861,471
Donaldson Co., Inc.
  143,690    10,587,079
GATX Corp.
  72,704    10,030,244
Graco, Inc.
  116,248     9,387,026
ITT, Inc.
  66,308     8,811,007
KBR, Inc.
  134,288     8,817,350
Kirby Corp.(c)
  78,536     9,751,815
Landstar System, Inc.
  55,238    10,054,973
Lincoln Electric Holdings, Inc.
  39,222     7,701,632
Maximus, Inc.(b)
  106,250     9,148,125
MDU Resources Group, Inc.
  400,081    10,098,044
MSC Industrial Direct Co., Inc., Class A(b)
  119,704    10,282,574
        137,061,255
  Shares   Value
Information Technology-5.83%
Arrow Electronics, Inc.(c)
  69,555   $  9,133,267
Commvault Systems, Inc.(c)
  82,933     8,922,347
Dolby Laboratories, Inc., Class A(b)
  107,329     8,694,722
TD SYNNEX Corp.
  79,479    10,399,032
Vontier Corp.
  222,016     8,876,200
        46,025,568
Materials-5.13%
AptarGroup, Inc.
  82,438    12,175,268
NewMarket Corp.
  16,691     8,930,854
RPM International, Inc.
  78,043     8,748,620
Sonoco Products Co.
  173,010    10,617,624
        40,472,366
Real Estate-16.31%
Agree Realty Corp.
  188,590    11,458,728
American Homes 4 Rent, Class A
  281,749    10,154,234
Brixmor Property Group, Inc.(b)
  406,701     9,154,839
EastGroup Properties, Inc.
  59,631     9,849,848
EPR Properties
  238,669     9,794,976
Equity LifeStyle Properties, Inc.(b)
  158,436     9,945,028
First Industrial Realty Trust, Inc.
  192,448     9,068,150
Gaming and Leisure Properties, Inc.
  252,510    11,337,699
NNN REIT, Inc.(b)
  261,082    10,905,395
Omega Healthcare Investors, Inc.(b)
  294,490     9,520,862
PotlatchDeltic Corp.
  207,704     8,875,192
STAG Industrial, Inc.
  278,499     9,764,175
W.P. Carey, Inc.(b)
  157,724     8,895,634
        128,724,760
Utilities-15.24%
ALLETE, Inc.
  149,341     9,430,884
Black Hills Corp.(b)
  157,517     8,891,835
Essential Utilities, Inc.
  241,524     9,112,701
IDACORP, Inc.(b)
  113,738    10,858,567
National Fuel Gas Co.(b)
  166,025     9,489,989
New Jersey Resources Corp.
  235,173    10,220,619
NorthWestern Energy Group, Inc.
  200,219    10,403,379
OGE Energy Corp.
  303,065    11,001,259
ONE Gas, Inc.(b)
  144,581     8,910,527
PNM Resources, Inc.(b)
  314,996    12,076,947
Portland General Electric Co.(b)
  221,290     9,860,682
Spire, Inc.
  163,969    10,049,660
        120,307,049
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $729,224,068)
  789,104,817
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.61%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  14,644,422    14,644,422
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap Low Volatility ETF (XMLV)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  37,528,611   $ 37,539,870
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $52,184,917)
  52,184,292
TOTAL INVESTMENTS IN SECURITIES-106.59%

(Cost $781,408,985)
  841,289,109
OTHER ASSETS LESS LIABILITIES-(6.59)%
  (52,035,522)
NET ASSETS-100.00%
  $789,253,587
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 May 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $14,592,412   $(14,592,412)   $-   $-   $-   $13,277
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 24,241,901   151,015,371   (160,612,850)   -   -   14,644,422   685,810*
Invesco Private Prime Fund 62,336,320   354,971,201   (379,787,322)   (236)   19,907   37,539,870   1,807,298*
Total $86,578,221   $520,578,984   $(554,992,584)   $(236)   $19,907   $52,184,292   $2,506,385
    
* 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 May 31, 2024.
(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 600 QVM Multi-factor ETF (QVMS)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.43%
AMC Networks, Inc., Class A(b)
  5,540   $     96,064
ATN International, Inc.
  2,056         50,043
CarGurus, Inc.(b)
  14,864        359,857
Cars.com, Inc.(b)
  11,254        227,668
Cinemark Holdings, Inc.(b)(c)
  19,025        328,562
Cogent Communications Holdings, Inc.(c)
  8,653        512,431
Consolidated Communications Holdings, Inc.(b)
  12,923         56,861
EchoStar Corp., Class A(b)(c)
  20,533        394,234
John Wiley & Sons, Inc., Class A(c)
  7,639        278,442
Lumen Technologies, Inc.(b)(c)
  170,625        220,106
Marcus Corp. (The)(c)
  4,363         46,466
QuinStreet, Inc.(b)(c)
  8,881        156,394
Scholastic Corp.
  5,083        184,411
Shenandoah Telecommunications Co.(c)
  8,588        161,540
Shutterstock, Inc.
  4,125        167,599
Telephone & Data Systems, Inc.
  17,606        350,183
Thryv Holdings, Inc.(b)(c)
  5,368        113,104
TripAdvisor, Inc.(b)(c)
  18,990        348,467
Yelp, Inc.(b)
  12,288       454,287
        4,506,719
Consumer Discretionary-15.33%
Abercrombie & Fitch Co., Class A(b)
  8,421     1,455,738
Academy Sports & Outdoors, Inc.
  13,693        789,949
Adtalem Global Education, Inc.(b)
  7,280        468,759
Advance Auto Parts, Inc.(c)
  9,812        693,120
American Axle & Manufacturing Holdings, Inc.(b)
  20,962        160,150
American Eagle Outfitters, Inc.(c)
  33,330        732,260
Asbury Automotive Group, Inc.(b)(c)
  3,688        866,938
BJ’s Restaurants, Inc.(b)(c)
  3,691        129,333
Bloomin’ Brands, Inc.
  14,032        305,898
Boot Barn Holdings, Inc.(b)(c)
  5,511        655,423
Brinker International, Inc.(b)
  7,394        522,238
Buckle, Inc. (The)
  5,607        216,094
Caleres, Inc.
  5,986        207,594
Cavco Industries, Inc.(b)(c)
  1,395        498,294
Century Communities, Inc.
  5,173        436,653
Cheesecake Factory, Inc. (The)
  7,927        305,031
Chuy’s Holdings, Inc.(b)
  2,968         79,275
Cracker Barrel Old Country Store, Inc.(c)
  3,667        178,876
Dana, Inc.
  22,892        321,862
Dave & Buster’s Entertainment, Inc.(b)
  6,020        307,562
Designer Brands, Inc., Class A(c)
  7,687         77,254
Dorman Products, Inc.(b)
  5,157        474,289
Ethan Allen Interiors, Inc.(c)
  4,191        122,000
Foot Locker, Inc.
  20,618        571,737
Frontdoor, Inc.(b)
  14,421        510,071
G-III Apparel Group Ltd.(b)
  8,274        248,716
Golden Entertainment, Inc.
  4,184        126,650
Green Brick Partners, Inc.(b)
  5,061        276,331
Group 1 Automotive, Inc.
  2,526        785,535
Guess?, Inc.(c)
  4,677        108,834
Haverty Furniture Cos., Inc., (Acquired 12/03/2021 - 03/15/2024; Cost $71,011)(d)
  2,436         69,207
Hibbett, Inc.
  2,379        205,974
Installed Building Products, Inc.
  4,244        899,049
Jack in the Box, Inc.
  3,505        194,037
Kohl’s Corp.
  19,903        445,628
Kontoor Brands, Inc.
  8,551       627,130
  Shares   Value
Consumer Discretionary-(continued)
La-Z-Boy, Inc.
  7,963   $    298,772
LCI Industries
  4,863        534,346
LGI Homes, Inc.(b)(c)
  3,692        354,432
M/I Homes, Inc.(b)
  4,946        617,854
MarineMax, Inc.(b)(c)
  3,759        107,056
Meritage Homes Corp.
  6,526     1,150,860
Mister Car Wash, Inc.(b)(c)
  17,239        121,190
Monarch Casino & Resort, Inc.
  2,372        158,853
Monro, Inc.
  5,854        138,447
Movado Group, Inc.(c)
  2,800         74,200
National Vision Holdings, Inc.(b)
  14,376        216,934
Newell Brands, Inc.
  67,022        517,410
ODP Corp. (The)(b)
  6,355        248,862
Oxford Industries, Inc.(c)
  2,525        279,492
Patrick Industries, Inc.
  3,924        449,690
Perdoceo Education Corp.
  11,879        267,277
Phinia, Inc.
  8,043        360,005
Sally Beauty Holdings, Inc.(b)(c)
  20,144        245,354
Shake Shack, Inc., Class A(b)
  6,950        659,485
Shoe Carnival, Inc.
  3,450        130,238
Signet Jewelers Ltd.(c)
  8,410        920,811
Sonic Automotive, Inc., Class A
  2,697        152,839
Sonos, Inc.(b)(c)
  22,832        360,746
Standard Motor Products, Inc.
  3,510        107,792
Steven Madden Ltd.
  12,506        555,892
Strategic Education, Inc.
  4,010        454,814
Stride, Inc.(b)
  6,924        475,402
Sturm, Ruger & Co., Inc.
  3,162        140,519
Topgolf Callaway Brands Corp.(b)(c)
  25,684        401,955
Tri Pointe Homes, Inc.(b)
  17,605        681,842
Upbound Group, Inc.
  8,229        270,076
Urban Outfitters, Inc.(b)
  9,910        413,346
Victoria’s Secret & Co.(b)
  15,344        349,690
Vista Outdoor, Inc.(b)(c)
  10,142        353,753
Winnebago Industries, Inc.
  5,877        364,668
Worthington Enterprises, Inc.
  5,348        304,996
XPEL, Inc.(b)(c)(e)
  4,017       152,646
        28,466,033
Consumer Staples-3.78%
Andersons, Inc. (The)
  5,800        303,572
B&G Foods, Inc.(c)
  14,144        134,934
Calavo Growers, Inc.(c)
  3,028         81,665
Cal-Maine Foods, Inc.
  7,142        440,447
Central Garden & Pet Co., Class A(b)
  12,144        453,579
Chefs’ Warehouse, Inc. (The)(b)(c)
  6,215        244,995
Edgewell Personal Care Co.
  9,186        354,396
Energizer Holdings, Inc.
  12,108        346,531
Fresh Del Monte Produce, Inc.
  5,717        133,549
Hain Celestial Group, Inc. (The)(b)(c)
  16,474        126,191
Inter Parfums, Inc.
  3,306        395,993
J&J Snack Foods Corp.
  2,740        445,825
John B. Sanfilippo & Son, Inc.
  1,571        158,404
Medifast, Inc.(c)
  1,939         49,910
MGP Ingredients, Inc.
  2,852        221,372
National Beverage Corp.(b)(c)
  4,259        196,766
Nu Skin Enterprises, Inc., Class A
  8,375        111,806
PriceSmart, Inc.
  4,473        376,403
Simply Good Foods Co. (The)(b)
  16,995        654,138
SpartanNash Co.
  6,252        122,852
Tootsie Roll Industries, Inc.(c)
  3,068         89,770
TreeHouse Foods, Inc.(b)(c)
  8,814        320,036
United Natural Foods, Inc.(b)
  13,210       158,652
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Universal Corp.
  4,191   $    201,000
USANA Health Sciences, Inc.(b)
  2,055         97,818
WD-40 Co.(c)
  2,532        568,915
WK Kellogg Co.
  11,614       220,550
        7,010,069
Energy-5.01%
Archrock, Inc.
  24,144        488,674
Bristow Group, Inc.(b)
  4,271        153,372
California Resources Corp.
  11,096        525,395
Comstock Resources, Inc.(c)
  16,356        191,529
CONSOL Energy, Inc.
  4,558        472,528
Core Laboratories, Inc.(c)
  7,693        144,167
CVR Energy, Inc.(c)
  5,202        144,928
Dorian LPG Ltd.
  6,031        305,229
Dril-Quip, Inc.(b)(c)
  5,985        115,750
Green Plains, Inc.(b)(c)
  11,629        199,670
Helix Energy Solutions Group, Inc.(b)
  24,212        278,680
Helmerich & Payne, Inc.
  17,428        663,310
Liberty Energy, Inc., Class A
  27,163        670,654
Nabors Industries Ltd.(b)(c)
  1,487        111,168
Northern Oil and Gas, Inc.(c)
  16,245        664,908
Oceaneering International, Inc.(b)
  17,590        416,531
Par Pacific Holdings, Inc.(b)
  10,172        276,068
Patterson-UTI Energy, Inc.
  56,485        622,465
Peabody Energy Corp.(c)
  18,355        454,837
ProPetro Holding Corp.(b)
  15,158        145,214
REX American Resources Corp.(b)(c)
  2,764        138,172
RPC, Inc.(c)
  14,874        101,589
SM Energy Co.(c)
  20,233     1,020,350
Talos Energy, Inc.(b)
  23,900        287,039
U.S. Silica Holdings, Inc.(b)
  14,084        218,161
Vital Energy, Inc.(b)(c)
  4,516        220,607
World Kinect Corp.
  10,605       279,336
        9,310,331
Financials-18.07%
Ambac Financial Group, Inc.(b)
  8,823        156,344
Ameris Bancorp
  11,104        554,645
AMERISAFE, Inc.
  3,349        146,787
Apollo Commercial Real Estate Finance, Inc.(c)
  23,922        241,612
Arbor Realty Trust, Inc.(c)
  34,585        473,123
Artisan Partners Asset Management, Inc., Class A
  11,546        508,370
Assured Guaranty Ltd.
  9,610        746,889
Atlantic Union Bankshares Corp.
  12,895        420,764
Axos Financial, Inc.(b)
  9,296        500,776
BancFirst Corp.
  2,517        216,840
Bancorp, Inc. (The)(b)
  10,615        356,558
Bank of Hawaii Corp.
  6,767        390,727
BankUnited, Inc.
  12,877        369,441
Banner Corp.(c)
  5,677        265,854
Berkshire Hills Bancorp, Inc.
  7,243        161,012
Blackstone Mortgage Trust, Inc., Class A(c)
  31,392        547,476
Bread Financial Holdings, Inc.
  8,898        371,580
BrightSphere Investment Group, Inc.
  5,502        121,979
Brookline Bancorp, Inc.
  15,063        130,295
Capitol Federal Financial, Inc.
  21,583        111,584
Cathay General Bancorp
  12,452        458,732
Central Pacific Financial Corp.
  4,564         92,558
City Holding Co.(c)
  2,513        256,879
Community Financial System, Inc.
  9,119       414,550
  Shares   Value
Financials-(continued)
Customers Bancorp, Inc.(b)
  4,947   $    224,099
CVB Financial Corp.
  22,363        369,884
Dime Community Bancshares, Inc.
  6,189        114,311
Donnelley Financial Solutions, Inc.(b)
  4,375        266,700
Eagle Bancorp, Inc.
  5,289         95,361
Ellington Financial, Inc.
  13,690        165,923
Employers Holdings, Inc.
  4,500        189,810
Encore Capital Group, Inc.(b)(c)
  4,173        184,614
Enova International, Inc.(b)
  5,342        329,334
EVERTEC, Inc.
  11,072        387,188
EZCORP, Inc., Class A(b)(c)
  9,147         95,952
FB Financial Corp.
  6,050        223,850
First Bancorp
  29,510        523,212
First Bancorp/Southern Pines NC(c)
  7,078        223,311
First Commonwealth Financial Corp.(c)
  17,562        237,263
First Financial Bancorp
  16,507        368,106
First Hawaiian, Inc.
  22,071        448,703
Franklin BSP Realty Trust, Inc.
  14,996        191,049
Fulton Financial Corp.
  28,151        474,063
Genworth Financial, Inc., Class A(b)
  77,077        484,814
Goosehead Insurance, Inc., Class A(b)(c)
  4,054        261,483
Green Dot Corp., Class A(b)
  7,818         77,476
Hanmi Financial Corp.
  5,112         80,565
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c)
  19,459        647,790
HCI Group, Inc.(c)
  1,094        104,893
Heritage Financial Corp.
  5,695        103,250
Hilltop Holdings, Inc.
  8,078        247,106
Hope Bancorp, Inc.
  21,007        221,204
Horace Mann Educators Corp.
  7,409        253,166
Independent Bank Corp.
  7,807        396,518
Independent Bank Group, Inc.
  6,028        277,529
Jackson Financial, Inc., Class A
  11,799        896,842
KKR Real Estate Finance Trust, Inc.
  10,079         95,347
Lakeland Financial Corp.(c)
  4,285        265,799
Mercury General Corp.
  4,674        260,949
Moelis & Co., Class A(c)
  12,176        689,283
Mr. Cooper Group, Inc.(b)
  11,476        957,098
National Bank Holdings Corp., Class A
  6,515        237,602
Navient Corp.
  15,063        226,999
NBT Bancorp, Inc.
  8,171        303,798
NCR Atleos Corp.(b)
  13,055        363,321
NMI Holdings, Inc., Class A(b)
  14,689        487,381
Northfield Bancorp, Inc.
  6,850         60,691
Northwest Bancshares, Inc.
  22,282        243,988
OFG Bancorp
  8,039        298,729
Pacific Premier Bancorp, Inc.
  16,300        362,512
Palomar Holdings, Inc.(b)
  4,412        374,314
Park National Corp.(c)
  2,444        335,952
Pathward Financial, Inc.
  4,512        240,535
Payoneer Global, Inc.(b)
  49,968        299,308
PennyMac Mortgage Investment Trust(c)
  14,941        204,393
Piper Sandler Cos.
  2,637        558,464
PJT Partners, Inc., Class A
  4,152        442,894
PRA Group, Inc.(b)
  7,255        156,563
Preferred Bank(c)
  2,163        161,619
ProAssurance Corp.(b)
  8,563        123,050
PROG Holdings, Inc.
  7,736        292,343
Provident Financial Services, Inc.
  13,496        194,342
Radian Group, Inc.
  26,528        828,735
Ready Capital Corp.(c)
  29,548        245,248
Renasant Corp.
  10,048       302,646
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Financials-(continued)
S&T Bancorp, Inc.(c)
  6,710   $    214,116
Safety Insurance Group, Inc.
  2,703        209,077
Seacoast Banking Corp. of Florida
  14,580        345,109
ServisFirst Bancshares, Inc.(c)
  8,550        528,390
Simmons First National Corp., Class A
  21,163        367,813
SiriusPoint Ltd. (Bermuda)(b)
  15,605        205,206
Southside Bancshares, Inc.
  4,973        133,326
Stellar Bancorp, Inc.(c)
  8,014        181,036
Stewart Information Services Corp.
  4,812        304,648
StoneX Group, Inc.(b)
  4,781        358,910
Tompkins Financial Corp.
  2,069         97,057
Triumph Financial, Inc.(b)(c)
  3,858        286,649
TrustCo Bank Corp.
  3,278         91,128
Trustmark Corp.
  10,785        314,383
Two Harbors Investment Corp.(c)
  16,467        211,601
United Community Banks, Inc.
  20,897        536,217
United Fire Group, Inc., (Acquired 06/28/2021 - 03/27/2023; Cost $103,287)(d)
  3,726         82,903
Veritex Holdings, Inc.
  9,046        184,538
Virtus Investment Partners, Inc.
  1,128        257,850
WaFd, Inc.
  11,613        325,280
Walker & Dunlop, Inc.(c)
  6,029        578,724
Westamerica Bancorporation
  4,599        224,523
WisdomTree, Inc.(c)
  19,329        192,710
World Acceptance Corp.(b)(c)
  598         76,837
WSFS Financial Corp.
  10,367       456,770
        33,559,448
Health Care-8.88%
AdaptHealth Corp.(b)(c)
  13,773        130,568
Addus HomeCare Corp.(b)
  2,643        303,443
Alkermes PLC(b)(c)
  30,200        706,680
AMN Healthcare Services, Inc.(b)(c)
  6,422        359,247
Amphastar Pharmaceuticals, Inc.(b)
  6,668        282,256
ANI Pharmaceuticals, Inc.(b)
  2,741        177,891
Arcus Biosciences, Inc.(b)(c)
  9,604        144,732
Artivion, Inc.(b)
  6,825        161,070
Astrana Health, Inc.(b)(c)
  7,630        316,111
Avanos Medical, Inc.(b)
  7,989        159,061
BioLife Solutions, Inc.(b)(c)
  5,783        124,219
Catalyst Pharmaceuticals, Inc.(b)(c)
  19,712        318,743
Certara, Inc.(b)(c)
  16,878        286,082
CONMED Corp.
  5,125        391,755
Corcept Therapeutics, Inc.(b)(c)
  16,176        488,030
CorVel Corp.(b)(c)
  1,676        401,989
Cross Country Healthcare, Inc.(b)
  5,710         86,335
Dynavax Technologies Corp.(b)(c)
  22,914        274,739
Enhabit, Inc.(b)
  9,845         90,476
Ensign Group, Inc. (The)
  9,913     1,201,852
Fortrea Holdings, Inc.(b)
  16,176        410,709
Fulgent Genetics, Inc.(b)(c)
  3,301         68,166
Glaukos Corp.(b)(c)
  8,914     1,004,786
Harmony Biosciences Holdings, Inc.(b)(c)
  5,942        174,695
HealthStream, Inc.
  4,239        115,682
Innoviva, Inc.(b)(c)
  9,863        155,737
Integer Holdings Corp.(b)
  5,632        682,824
LeMaitre Vascular, Inc.
  3,624        285,861
Ligand Pharmaceuticals, Inc.(b)(c)
  3,122        265,526
Merit Medical Systems, Inc.(b)(c)
  10,402        844,122
Mesa Laboratories, Inc.
  891         85,269
National HealthCare Corp.
  2,462        260,356
NeoGenomics, Inc.(b)(c)
  22,317       305,966
  Shares   Value
Health Care-(continued)
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(f)
  762   $          0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(f)
  762              0
Omnicell, Inc.(b)
  7,434        242,274
OraSure Technologies, Inc.(b)(c)
  13,086         61,897
Owens & Minor, Inc.(b)(c)
  13,262        231,157
Pacira BioSciences, Inc.(b)
  8,220        249,313
Patterson Cos., Inc.
  15,217        374,186
Pediatrix Medical Group, Inc.(b)
  14,841        108,488
Phibro Animal Health Corp., Class A
  3,402         59,977
Premier, Inc., Class A
  21,052        398,304
Prestige Consumer Healthcare, Inc.(b)
  8,598        552,937
Privia Health Group, Inc.(b)(c)
  18,927        328,762
RadNet, Inc.(b)
  8,341        489,116
Schrodinger, Inc.(b)(c)
  9,731        209,411
Select Medical Holdings Corp.
  17,833        616,130
Simulations Plus, Inc.(c)
  2,732        131,792
Supernus Pharmaceuticals, Inc.(b)(c)
  9,054        245,544
U.S. Physical Therapy, Inc.(c)
  2,657        272,528
UFP Technologies, Inc.(b)(c)
  1,257        327,272
Varex Imaging Corp.(b)(c)
  6,886        106,389
Vericel Corp.(b)(c)
  8,552       407,930
        16,478,385
Industrials-18.77%
AAR Corp.(b)
  6,052        429,632
ABM Industries, Inc.
  11,759        555,848
AeroVironment, Inc.(b)(c)
  3,206        648,093
Alamo Group, Inc.
  1,842        349,962
Alaska Air Group, Inc.(b)(c)
  22,776        957,048
Albany International Corp., Class A
  5,514        483,688
Allegiant Travel Co.(c)
  2,608        138,746
American Woodmark Corp.(b)
  3,094        266,424
Apogee Enterprises, Inc.
  3,891        252,798
ArcBest Corp.
  4,340        457,957
Arcosa, Inc.
  8,581        754,356
Armstrong World Industries, Inc.
  7,699        891,544
Astec Industries, Inc.
  3,859        125,379
AZZ, Inc.
  4,563        382,744
Barnes Group, Inc.
  8,651        332,977
Boise Cascade Co.
  7,400     1,015,946
Brady Corp., Class A
  8,092        552,441
CoreCivic, Inc.(b)(c)
  20,681        331,930
CSG Systems International, Inc.
  5,153        222,352
Deluxe Corp.
  8,130        184,795
DNOW, Inc.(b)
  18,391        268,325
DXP Enterprises, Inc.(b)
  2,347        116,599
Dycom Industries, Inc.(b)
  4,852        873,166
Encore Wire Corp.
  3,036        876,584
Enerpac Tool Group Corp.
  9,858        387,617
Enpro, Inc.
  3,763        576,717
Enviri Corp.(b)
  13,401        118,599
ESCO Technologies, Inc.
  4,629        505,163
Federal Signal Corp.
  11,102     1,021,606
Forward Air Corp.
  5,398         90,686
Franklin Electric Co., Inc.
  7,161        712,376
GEO Group, Inc. (The)(b)(c)
  22,086        321,130
Gibraltar Industries, Inc.(b)
  5,548        418,652
GMS, Inc.(b)
  7,142        671,062
Granite Construction, Inc.(c)
  7,600        473,404
Greenbrier Cos., Inc. (The)(c)
  5,524        305,201
Griffon Corp.
  7,378       498,310
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Industrials-(continued)
Hayward Holdings, Inc.(b)(c)
  23,561   $    341,399
Healthcare Services Group, Inc.(b)
  12,758        137,531
Heartland Express, Inc.
  8,391         94,986
Heidrick & Struggles International, Inc.
  3,646        124,985
Hillenbrand, Inc.
  12,191        566,760
HNI Corp.
  8,538        401,713
Hub Group, Inc., Class A
  10,940        472,061
Insteel Industries, Inc.
  3,499        115,012
Interface, Inc.
  10,464        168,575
JetBlue Airways Corp.(b)(c)
  52,427        293,067
John Bean Technologies Corp.
  5,712        545,667
Kelly Services, Inc., Class A
  5,563        120,940
Kennametal, Inc.(c)
  13,971        359,753
Korn Ferry
  9,109        600,647
Lindsay Corp.
  1,923        220,799
Liquidity Services, Inc.(b)
  3,954         77,538
Marten Transport Ltd.
  10,214        180,788
MasterBrand, Inc.(b)
  22,420        374,638
Matson, Inc.
  6,413        822,147
Matthews International Corp., Class A
  5,143        145,701
Mercury Systems, Inc.(b)(c)
  9,279        287,185
MillerKnoll, Inc.
  13,503        372,413
Moog, Inc., Class A
  5,015        849,691
Mueller Industries, Inc.
  20,468     1,205,770
MYR Group, Inc.(b)
  2,943        456,342
National Presto Industries, Inc.
  964         71,799
NV5 Global, Inc.(b)(c)
  2,252        211,643
OPENLANE, Inc.(b)
  18,465        318,521
Pitney Bowes, Inc.(c)
  25,979        140,806
Powell Industries, Inc.(c)
  1,873        336,878
Proto Labs, Inc.(b)(c)
  4,460        138,126
Quanex Building Products Corp.
  5,848        192,750
Resideo Technologies, Inc.(b)
  25,838        558,101
Resources Connection, Inc.
  5,550         63,548
Rush Enterprises, Inc., Class A
  11,020        497,333
RXO, Inc.(b)(c)
  21,293        434,590
SkyWest, Inc.(b)
  6,860        512,236
SPX Technologies, Inc.(b)
  8,276     1,153,840
Standex International Corp.
  2,020        339,784
Sun Country Airlines Holdings, Inc.(b)
  6,826         72,287
SunPower Corp.(b)(c)
  15,494         51,750
Tennant Co.
  3,418        350,892
Titan International, Inc.(b)
  9,017         74,571
Trinity Industries, Inc.
  14,403        452,974
TTEC Holdings, Inc.
  4,998         31,387
UniFirst Corp.
  2,647        419,814
Verra Mobility Corp., Class A(b)
  29,250        779,220
Vestis Corp.
  23,633        291,159
Viad Corp.(b)
  3,791        132,495
Vicor Corp.(b)(c)
  3,872        135,481
Wabash National Corp.(c)
  8,245       186,419
        34,854,369
Information Technology-12.00%
A10 Networks, Inc.
  11,846        179,467
ACI Worldwide, Inc.(b)
  20,213        727,870
Adeia, Inc.
  19,699        233,039
Advanced Energy Industries, Inc.
  6,501        698,402
Agilysys, Inc.(b)
  3,545        338,441
Alarm.com Holdings, Inc.(b)(c)
  9,045        591,633
Alpha & Omega Semiconductor Ltd.(b)(c)
  3,711        108,769
Arlo Technologies, Inc.(b)(c)
  15,588        221,505
Axcelis Technologies, Inc.(b)
  5,795       651,880
  Shares   Value
Information Technology-(continued)
Badger Meter, Inc.
  5,067   $    977,728
Benchmark Electronics, Inc.
  6,240        268,757
Cerence, Inc.(b)(c)
  7,427         25,549
CEVA, Inc.(b)(c)
  4,053         80,736
Cohu, Inc.(b)
  8,273        266,722
Corsair Gaming, Inc.(b)
  7,697         89,208
CTS Corp.(c)
  5,425        287,254
Digi International, Inc.(b)(c)
  6,459        157,341
Diodes, Inc.(b)
  8,238        610,683
DoubleVerify Holdings, Inc.(b)
  25,576        465,483
DXC Technology Co.(b)
  36,706        570,778
ePlus, Inc.(b)
  4,850        362,974
Extreme Networks, Inc.(b)
  24,312        271,079
Fabrinet (Thailand)(b)(c)
  6,144     1,471,672
FormFactor, Inc.(b)
  13,252        725,149
Harmonic, Inc.(b)
  20,370        249,125
Ichor Holdings Ltd.(b)
  5,131        194,927
Insight Enterprises, Inc.(b)(c)
  4,941        965,966
InterDigital, Inc.(c)
  4,521        514,806
Itron, Inc.(b)
  7,828        841,901
Knowles Corp.(b)
  16,024        280,740
Kulicke & Soffa Industries, Inc. (Singapore)(c)
  9,558        436,514
LiveRamp Holdings, Inc.(b)
  11,772        368,346
MaxLinear, Inc.(b)
  12,700        225,679
N-able, Inc.(b)
  12,416        165,754
NCR Voyix Corp.(b)
  29,331        386,583
NetScout Systems, Inc.(b)
  12,919        265,356
OSI Systems, Inc.(b)
  2,724        391,548
PC Connection, Inc.
  2,050        138,662
PDF Solutions, Inc.(b)
  5,297        185,501
Perficient, Inc.(b)
  6,365        471,965
Photronics, Inc.(b)
  10,893        297,924
Plexus Corp.(b)
  4,849        534,069
Progress Software Corp.
  7,763        393,196
Rogers Corp.(b)
  3,023        356,714
Sanmina Corp.(b)
  9,725        666,552
ScanSource, Inc.(b)
  4,348        206,226
SMART Global Holdings, Inc.(b)(c)
  8,113        166,966
SPS Commerce, Inc.(b)
  6,568     1,235,375
TTM Technologies, Inc.(b)
  18,187        338,278
Ultra Clean Holdings, Inc.(b)
  7,406        343,490
Veeco Instruments, Inc.(b)(c)
  9,942        404,142
Viasat, Inc.(b)(c)
  14,078        237,777
Viavi Solutions, Inc.(b)
  34,511        259,523
Xerox Holdings Corp.(c)
  22,492        316,238
Xperi, Inc.(b)
  7,641        67,317
        22,289,279
Materials-6.57%
AdvanSix, Inc.
  4,857        115,111
Alpha Metallurgical Resources, Inc.(c)
  2,075        654,476
ATI, Inc.(b)(c)
  22,295     1,367,575
Balchem Corp.
  5,669        870,758
Carpenter Technology Corp.
  8,651        959,136
Century Aluminum Co.(b)(c)
  8,572        157,125
Clearwater Paper Corp.(b)
  2,879        152,990
H.B. Fuller Co.
  9,577        762,617
Hawkins, Inc.
  3,345        292,085
Haynes International, Inc.
  2,212        130,110
Ingevity Corp.(b)
  5,949        290,609
Innospec, Inc.
  4,416        577,613
Kaiser Aluminum Corp.
  2,813        275,111
Koppers Holdings, Inc.
  3,863       171,247
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Materials-(continued)
Materion Corp.
  3,675   $    420,346
Mercer International, Inc. (Germany)
  6,905         65,597
Metallus, Inc.(b)(c)
  7,175        172,272
Minerals Technologies, Inc.
  5,840        506,620
Myers Industries, Inc.
  5,677         89,697
O-I Glass, Inc.(b)
  28,685        364,013
Olympic Steel, Inc.
  1,915         99,848
Quaker Chemical Corp.
  2,451        444,489
Sealed Air Corp.
  24,926        968,874
Sensient Technologies Corp.
  7,506        582,991
Stepan Co.
  3,885        338,655
SunCoke Energy, Inc.
  14,479        152,753
Sylvamo Corp.
  6,231        444,395
Warrior Met Coal, Inc.
  8,648        591,783
Worthington Steel, Inc.
  5,394       177,948
        12,196,844
Real Estate-7.03%
Acadia Realty Trust(c)
  16,800        289,632
Alexander & Baldwin, Inc.
  12,660        212,688
American Assets Trust, Inc.
  9,029        196,381
Anywhere Real Estate, Inc.(b)
  21,031         85,596
Apple Hospitality REIT, Inc.
  36,441        526,208
Armada Hoffler Properties, Inc.
  11,271        127,813
Brandywine Realty Trust(c)
  29,402        135,543
CareTrust REIT, Inc.
  20,007        511,579
Centerspace(c)
  2,683        183,142
Chatham Lodging Trust
  8,468         71,639
Cushman & Wakefield PLC(b)
  30,288        336,500
DiamondRock Hospitality Co.
  36,684        310,713
Douglas Emmett, Inc.(c)
  28,649        399,654
Easterly Government Properties, Inc.(c)
  17,256        204,311
Elme Communities
  14,957        230,487
Essential Properties Realty Trust, Inc.(c)
  26,741        716,124
eXp World Holdings, Inc.(c)
  14,221        159,417
Four Corners Property Trust, Inc.(c)
  16,062        392,073
Getty Realty Corp.
  8,296        229,053
Highwoods Properties, Inc.
  18,398        477,796
Hudson Pacific Properties, Inc.(c)
  20,854        102,393
Innovative Industrial Properties, Inc.(c)
  5,063        545,690
JBG SMITH Properties, (Acquired 06/16/2023 - 05/03/2024; Cost $229,513)(d)
  14,965        215,496
LTC Properties, Inc.
  7,273        250,191
LXP Industrial Trust
  50,307        427,610
Macerich Co. (The)(c)
  39,359        595,108
Marcus & Millichap, Inc.(c)
  4,320        139,666
Pebblebrook Hotel Trust(c)
  20,906        295,820
Phillips Edison & Co., Inc.
  21,038       671,954
  Shares   Value
Real Estate-(continued)
Retail Opportunity Investments Corp.
  22,633   $    283,365
Safehold, Inc.(c)
  7,658        147,646
Saul Centers, Inc.
  2,119         77,110
Service Properties Trust(c)
  29,995        161,373
SITE Centers Corp.
  30,850        444,857
SL Green Realty Corp.
  10,949        579,969
St. Joe Co. (The)
  6,481        366,825
Summit Hotel Properties, Inc.
  18,557        113,569
Sunstone Hotel Investors, Inc.
  35,826        368,291
Tanger, Inc.
  18,142        503,441
Urban Edge Properties
  20,748        367,862
Veris Residential, Inc.
  14,260        218,035
Whitestone REIT
  8,348        108,858
Xenia Hotels & Resorts, Inc.
  18,401       266,631
        13,048,109
Utilities-2.07%
American States Water Co.
  6,560        482,750
Avista Corp.
  13,574        501,967
California Water Service Group
  10,308        514,266
Chesapeake Utilities Corp.
  3,796        425,190
Clearway Energy, Inc., Class C
  19,868        556,304
Northwest Natural Holding Co.
  6,388        239,039
Otter Tail Corp.(c)
  7,805        706,118
SJW Group
  4,922        269,283
Unitil Corp.
  2,837       151,751
        3,846,668
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $159,546,076)
  185,566,254
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.06%
Invesco Private Government Fund, 5.30%(g)(h)(i)
  11,928,020    11,928,020
Invesco Private Prime Fund, 5.48%(g)(h)(i)
  30,881,869    30,891,134
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $42,820,704)
  42,819,154
TOTAL INVESTMENTS IN SECURITIES-123.00%

(Cost $202,366,780)
  228,385,408
OTHER ASSETS LESS LIABILITIES-(23.00)%
  (42,709,548)
NET ASSETS-100.00%
  $185,675,860
 
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
May 31, 2024
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at May 31, 2024.
(d) Restricted security. The aggregate value of these securities at May 31, 2024 was $367,606, which represented less than 1% of the Fund’s Net Assets.
(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at May 31, 2024 represented less than 1% of the Fund’s Net Assets.
(f) Security valued using significant unobservable inputs (Level 3). See Note 1.
(g) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $5,184,077   $(5,184,077)   $-   $-   $-   $3,174
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 11,755,881   60,058,531   (59,886,392)   -   -   11,928,020   466,653*
Invesco Private Prime Fund 31,259,276   138,607,359   (138,983,794)   (2,724)   11,017   30,891,134   1,249,964*
Total $43,015,157   $203,849,967   $(204,054,263)   $(2,724)   $11,017   $42,819,154   $1,719,791
    
* 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.
    
(h) The rate shown is the 7-day SEC standardized yield as of May 31, 2024.
(i) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
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 600® GARP ETF (GRPZ)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Consumer Discretionary-27.83%
Asbury Automotive Group, Inc.(b)
  134   $   31,499
Boot Barn Holdings, Inc.(b)
  377       44,837
Buckle, Inc. (The)
  495       19,077
Cavco Industries, Inc.(b)
  100       35,720
Century Communities, Inc.
  345       29,121
Ethan Allen Interiors, Inc.
  935       27,218
Green Brick Partners, Inc.(b)
  724       39,530
Group 1 Automotive, Inc.
  93       28,921
Haverty Furniture Cos., Inc., (Acquired 03/25/2024 - 05/07/2024; Cost $25,242)(c)
  777       22,074
Hibbett, Inc.
  500       43,290
Installed Building Products, Inc.
  170       36,013
La-Z-Boy, Inc.
  561       21,049
M/I Homes, Inc.(b)
  228       28,482
MarineMax, Inc.(b)
  634       18,056
Meritage Homes Corp.
  183       32,272
Monarch Casino & Resort, Inc.
  412       27,592
Patrick Industries, Inc.
  374       42,860
Signet Jewelers Ltd.
  236       25,839
Sturm, Ruger & Co., Inc.
  456       20,265
Tri Pointe Homes, Inc.(b)
  953       36,910
Winnebago Industries, Inc.
  352       21,842
Worthington Enterprises, Inc.
  532       30,340
XPEL, Inc.(b)(d)
  723      27,474
        690,281
Consumer Staples-3.25%
Cal-Maine Foods, Inc.
  821       50,631
Inter Parfums, Inc.
  155       18,566
Medifast, Inc.
  444      11,429
        80,626
Energy-11.57%
Comstock Resources, Inc.
  4,373       51,208
CONSOL Energy, Inc.
  193       20,008
CVR Energy, Inc.
  734       20,449
Dorian LPG Ltd.
  513       25,963
Helmerich & Payne, Inc.
  708       26,947
Northern Oil and Gas, Inc.
  791       32,376
Par Pacific Holdings, Inc.(b)
  606       16,447
RPC, Inc.
  2,869       19,595
SM Energy Co.
  922       46,496
Vital Energy, Inc.(b)
  560      27,356
        286,845
Financials-15.13%
Axos Financial, Inc.(b)
  519       27,959
Bancorp, Inc. (The)(b)
  524       17,601
Customers Bancorp, Inc.(b)
  587       26,591
Dime Community Bancshares, Inc.
  1,117       20,631
First Bancorp
  1,481       26,258
Hanmi Financial Corp.
  1,319       20,787
Jackson Financial, Inc., Class A
  644       48,950
OFG Bancorp
  882       32,775
Palomar Holdings, Inc.(b)
  583       49,462
Pathward Financial, Inc.
  515       27,455
Preferred Bank
  311       23,238
PROG Holdings, Inc.
  853       32,235
Virtus Investment Partners, Inc.
  93      21,259
        375,201
Health Care-4.95%
AMN Healthcare Services, Inc.(b)
  529      29,592
  Shares   Value
Health Care-(continued)
Catalyst Pharmaceuticals, Inc.(b)
  2,109   $   34,103
Cross Country Healthcare, Inc.(b)
  1,845       27,896
Harmony Biosciences Holdings, Inc.(b)(e)
  1,058      31,105
        122,696
Industrials-19.31%
ArcBest Corp.
  291       30,706
Boise Cascade Co.
  289       39,677
Encore Wire Corp.
  223       64,387
Forward Air Corp.
  378        6,351
GMS, Inc.(b)
  441       41,436
Heidrick & Struggles International, Inc.
  696       23,859
Hillenbrand, Inc.
  584       27,150
Hub Group, Inc., Class A
  537       23,172
Korn Ferry
  413       27,233
Liquidity Services, Inc.(b)
  962       18,865
Matson, Inc.
  406       52,049
Mueller Industries, Inc.
  648       38,174
MYR Group, Inc.(b)
  154       23,879
Quanex Building Products Corp.
  644       21,226
Standex International Corp.
  159       26,745
Titan International, Inc.(b)
  1,696      14,026
        478,935
Information Technology-10.00%
A10 Networks, Inc.
  1,650       24,998
Axcelis Technologies, Inc.(b)
  339       38,134
Diodes, Inc.(b)
  375       27,799
Fabrinet (Thailand)(b)
  140       33,534
InterDigital, Inc.(e)
  230       26,190
Photronics, Inc.(b)
  1,249       34,160
Sanmina Corp.(b)
  451       30,912
Veeco Instruments, Inc.(b)
  796      32,357
        248,084
Materials-6.80%
AdvanSix, Inc.
  884       20,951
Alpha Metallurgical Resources, Inc.
  119       37,534
Clearwater Paper Corp.(b)
  604       32,096
Hawkins, Inc.
  401       35,015
Myers Industries, Inc.
  1,350       21,330
Warrior Met Coal, Inc.
  316      21,624
        168,550
Utilities-1.05%
Otter Tail Corp.
  289      26,146
Total Common Stocks & Other Equity Interests

(Cost $2,476,906)
  2,477,364
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(f)(g)

(Cost $2,333)
  2,333       2,333
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $2,479,239)
  2,479,697
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.31%
Invesco Private Government Fund, 5.30%(f)(g)(h)
  16,022      16,022
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap 600® GARP ETF (GRPZ)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.48%(f)(g)(h)
  41,184   $   41,196
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $57,218)
  57,218
TOTAL INVESTMENTS IN SECURITIES-102.29%

(Cost $2,536,457)
  2,536,915
OTHER ASSETS LESS LIABILITIES-(2.29)%
  (56,727)
NET ASSETS-100.00%
  $2,480,188
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) Restricted security. The value of this security at May 31, 2024 represented less than 1% of the Fund’s Net Assets.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at May 31, 2024 represented 1.11% of the Fund’s Net Assets.
(e) All or a portion of this security was out on loan at May 31, 2024.
(f) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $34,288   $(31,955)   $-   $-   $2,333   $8
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   16,022   -   -   -   16,022   2*
Invesco Private Prime Fund -   41,196   -   -   -   41,196   6*
Total $-   $91,506   $(31,955)   $-   $-   $59,551   $16
    
* 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.
    
(g) The rate shown is the 7-day SEC standardized yield as of May 31, 2024.
(h) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-3.39%
ATN International, Inc.
  6,158   $   149,885
Cogent Communications Holdings, Inc.(b)
  6,481       383,805
John Wiley & Sons, Inc., Class A
  12,924      471,080
        1,004,770
Consumer Discretionary-6.99%
Cracker Barrel Old Country Store, Inc.(b)
  9,075       442,678
Dine Brands Global, Inc.
  9,059       357,378
Ethan Allen Interiors, Inc.(b)
  14,810       431,119
Movado Group, Inc.
  16,457       436,110
Upbound Group, Inc.
  12,186      399,945
        2,067,230
Consumer Staples-12.97%
Cal-Maine Foods, Inc.
  13,745       847,654
Energizer Holdings, Inc.(b)
  11,954       342,123
Fresh Del Monte Produce, Inc.
  11,442       267,285
Medifast, Inc.(b)
  13,778       354,646
Nu Skin Enterprises, Inc., Class A
  43,952       586,759
SpartanNash Co.
  16,557       325,345
Universal Corp.
  8,051       386,126
Vector Group Ltd.
  66,207      726,291
        3,836,229
Energy-8.04%
Archrock, Inc.
  24,962       505,231
California Resources Corp.
  4,138       195,934
CVR Energy, Inc.(b)
  21,530       599,826
Helmerich & Payne, Inc.(b)
  7,842       298,467
Northern Oil and Gas, Inc.(b)
  11,854       485,184
World Kinect Corp.
  11,153      293,770
        2,378,412
Financials-22.12%
Apollo Commercial Real Estate Finance, Inc.(b)
  81,577       823,928
ARMOUR Residential REIT, Inc.(b)
  48,418       936,404
Blackstone Mortgage Trust, Inc., Class A(b)
  45,749       797,863
Ellington Financial, Inc.
  73,610       892,153
KKR Real Estate Finance Trust, Inc.(b)
  74,307       702,944
New York Mortgage Trust, Inc.(b)
  114,485       681,186
Ready Capital Corp.(b)
  96,835       803,730
Two Harbors Investment Corp.
  70,419      904,884
        6,543,092
Health Care-6.40%
National HealthCare Corp.
  2,598       274,739
Organon & Co.
  47,337    1,009,698
Premier, Inc., Class A
  17,176       324,970
Select Medical Holdings Corp.
  8,207      283,552
        1,892,959
Industrials-7.23%
Deluxe Corp.
  28,233       641,736
HNI Corp.
  7,485       352,169
Kennametal, Inc.(b)
  12,817       330,038
Resources Connection, Inc.
  29,001       332,061
Trinity Industries, Inc.
  15,348      482,695
        2,138,699
  Shares   Value
Information Technology-2.86%
Benchmark Electronics, Inc.
  8,836   $   380,567
Xerox Holdings Corp.(b)
  33,167      466,328
        846,895
Materials-5.33%
Compass Minerals International, Inc.(b)
  10,962       142,068
Myers Industries, Inc.
  14,666       231,723
Sealed Air Corp.
  6,144       238,817
Sensient Technologies Corp.
  4,084       317,204
SunCoke Energy, Inc.
  31,815       335,648
Sylvamo Corp.
  4,358      310,813
        1,576,273
Real Estate-16.10%
Easterly Government Properties, Inc.(b)
  62,295       737,573
Global Net Lease, Inc.(b)
  107,435       803,614
Highwoods Properties, Inc.
  39,179    1,017,478
Innovative Industrial Properties, Inc.(b)
  7,669       826,565
Kennedy-Wilson Holdings, Inc.(b)
  70,291       718,374
Service Properties Trust(b)
  122,384      658,426
        4,762,030
Utilities-8.44%
Avista Corp.
  15,425       570,417
Chesapeake Utilities Corp.
  2,099       235,109
Clearway Energy, Inc., Class C
  23,234       650,552
Northwest Natural Holding Co.
  12,967       485,225
SJW Group
  3,876       212,056
Unitil Corp.
  6,409      342,817
        2,496,176
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.87%

(Cost $32,988,964)
  29,542,765
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-32.44%
Invesco Private Government Fund, 5.30%(c)(d)(e)
  2,686,750    2,686,750
Invesco Private Prime Fund, 5.48%(c)(d)(e)
  6,906,615    6,908,687
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $9,595,585)
  9,595,437
TOTAL INVESTMENTS IN SECURITIES-132.31%

(Cost $42,584,549)
  39,138,202
OTHER ASSETS LESS LIABILITIES-(32.31)%
  (9,556,767)
NET ASSETS-100.00%
  $29,581,435
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)—(continued)
May 31, 2024
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at May 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,084,545   $(1,084,545)   $-   $-   $-   $578
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,724,212   18,921,711   (17,959,173)   -   -   2,686,750   69,168*
Invesco Private Prime Fund 4,433,688   41,026,535   (38,552,733)   (249)   1,446   6,908,687   183,787*
Total $6,157,900   $61,032,791   $(57,596,451)   $(249)   $1,446   $9,595,437   $253,533
    
* 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.
    
(d) The rate shown is the 7-day SEC standardized yield as of May 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
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 Low Volatility ETF (XSLV)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-1.86%
Madison Square Garden Sports Corp., Class A(b)
  14,205   $  2,622,953
Marcus Corp. (The)(c)
  329,057     3,504,457
        6,127,410
Consumer Discretionary-3.31%
Monarch Casino & Resort, Inc.
  48,251     3,231,369
Standard Motor Products, Inc.(c)
  73,144     2,246,252
Steven Madden Ltd.
  61,960     2,754,122
Sturm, Ruger & Co., Inc.
  60,856     2,704,441
        10,936,184
Consumer Staples-8.11%
Cal-Maine Foods, Inc.
  41,420     2,554,371
Edgewell Personal Care Co.
  71,998     2,777,683
Fresh Del Monte Produce, Inc.
  102,294     2,389,588
J&J Snack Foods Corp.(c)
  18,888     3,073,266
John B. Sanfilippo & Son, Inc.
  25,608     2,582,055
National Beverage Corp.(b)(c)
  54,579     2,521,550
PriceSmart, Inc.(c)
  33,094     2,784,860
SpartanNash Co.
  126,484     2,485,411
Tootsie Roll Industries, Inc.(c)
  106,638     3,120,228
Universal Corp.(c)
  51,495     2,469,700
        26,758,712
Energy-0.72%
Magnolia Oil & Gas Corp., Class A(c)
  91,362     2,370,844
Financials-17.93%
AMERISAFE, Inc.
  67,395     2,953,923
Assured Guaranty Ltd.
  37,162     2,888,231
BrightSphere Investment Group, Inc.
  107,949     2,393,229
City Holding Co.(c)
  25,931     2,650,667
Donnelley Financial Solutions, Inc.(b)
  41,160     2,509,113
Ellington Financial, Inc.
  244,659     2,965,267
Employers Holdings, Inc.
  82,515     3,480,483
EVERTEC, Inc.
  71,704     2,507,489
Franklin BSP Realty Trust, Inc.(c)
  201,112     2,562,167
Hilltop Holdings, Inc.
  76,870     2,351,453
Horace Mann Educators Corp.
  78,874     2,695,124
Mr. Cooper Group, Inc.(b)
  33,275     2,775,135
Navient Corp.
  157,471     2,373,088
NMI Holdings, Inc., Class A(b)
  89,515     2,970,108
Northwest Bancshares, Inc.(c)
  215,847     2,363,525
Piper Sandler Cos.
  11,923     2,525,053
PJT Partners, Inc., Class A(c)
  25,380     2,707,284
Radian Group, Inc.
  96,171     3,004,382
Safety Insurance Group, Inc.
  39,909     3,086,961
Stewart Information Services Corp.
  38,060     2,409,579
Westamerica Bancorporation
  48,434     2,364,548
WisdomTree, Inc.(c)
  260,838     2,600,555
        59,137,364
Health Care-6.04%
Addus HomeCare Corp.(b)
  22,487     2,581,732
CorVel Corp.(b)(c)
  9,768     2,342,855
Ensign Group, Inc. (The)(c)
  28,276     3,428,182
HealthStream, Inc.
  96,317     2,628,491
Innoviva, Inc.(b)(c)
  192,951     3,046,696
National HealthCare Corp.(c)
  28,696     3,034,602
Prestige Consumer Healthcare, Inc.(b)
  44,725     2,876,265
        19,938,823
  Shares   Value
Industrials-20.17%
AAR Corp.(b)(c)
  33,541   $  2,381,076
Air Lease Corp., Class A
  54,607     2,601,478
Albany International Corp., Class A
  29,080     2,550,898
Apogee Enterprises, Inc.
  38,745     2,517,263
Arcosa, Inc.
  30,188     2,653,827
Armstrong World Industries, Inc.(c)
  23,308     2,699,066
Brady Corp., Class A
  51,186     3,494,468
Enerpac Tool Group Corp.(c)
  63,367     2,491,590
ESCO Technologies, Inc.
  25,207     2,750,840
Federal Signal Corp.
  32,030     2,947,401
Franklin Electric Co., Inc.
  29,385     2,923,220
GMS, Inc.(b)
  27,767     2,608,987
Heartland Express, Inc.(c)
  226,606     2,565,180
HNI Corp.(c)
  53,507     2,517,504
Hub Group, Inc., Class A
  61,438     2,651,050
Kelly Services, Inc., Class A
  101,161     2,199,240
Korn Ferry
  44,627     2,942,704
Marten Transport Ltd.
  153,697     2,720,437
National Presto Industries, Inc.(c)
  37,755     2,811,992
OPENLANE, Inc.(b)
  135,300     2,333,925
Resources Connection, Inc.
  216,258     2,476,154
Rush Enterprises, Inc., Class A
  53,074     2,395,230
Tennant Co.
  26,396     2,709,813
UniFirst Corp.
  17,301     2,743,939
Verra Mobility Corp., Class A(b)(c)
  106,838     2,846,164
        66,533,446
Information Technology-7.60%
Benchmark Electronics, Inc.(c)
  64,268     2,768,023
Box, Inc., Class A(b)(c)
  94,712     2,580,902
Insight Enterprises, Inc.(b)(c)
  16,390     3,204,245
InterDigital, Inc.(c)
  22,561     2,569,021
N-able, Inc.(b)(c)
  194,349     2,594,559
OSI Systems, Inc.(b)(c)
  17,981     2,584,589
PC Connection, Inc.
  43,141     2,918,057
Plexus Corp.(b)(c)
  25,392     2,796,675
Progress Software Corp.
  59,988     3,038,392
        25,054,463
Materials-5.76%
Balchem Corp.
  19,172     2,944,819
H.B. Fuller Co.(c)
  35,479     2,825,193
Innospec, Inc.
  24,158     3,159,867
Minerals Technologies, Inc.
  32,907     2,854,682
Myers Industries, Inc.(c)
  142,344     2,249,035
Sensient Technologies Corp.
  32,609     2,532,741
Stepan Co.
  27,747     2,418,706
        18,985,043
Real Estate-21.53%
Acadia Realty Trust(c)
  153,135     2,640,047
Alexander & Baldwin, Inc.
  180,130     3,026,184
Apple Hospitality REIT, Inc.
  201,632     2,911,566
Armada Hoffler Properties, Inc.
  236,734     2,684,564
CareTrust REIT, Inc.
  139,291     3,561,671
Centerspace(c)
  35,557     2,427,121
Chatham Lodging Trust
  269,977     2,284,005
Community Healthcare Trust, Inc.
  109,350     2,565,351
DiamondRock Hospitality Co.
  304,056     2,575,354
Elme Communities
  167,341     2,578,725
Essential Properties Realty Trust, Inc.(c)
  120,093     3,216,090
Four Corners Property Trust, Inc.(c)
  136,851     3,340,533
Getty Realty Corp.(c)
  120,696     3,332,417
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Real Estate-(continued)
LTC Properties, Inc.
  108,259   $  3,724,110
LXP Industrial Trust(c)
  323,068     2,746,078
Phillips Edison & Co., Inc.
  96,057     3,068,061
Retail Opportunity Investments Corp.
  211,645     2,649,795
Saul Centers, Inc.(c)
  72,532     2,639,439
SITE Centers Corp.
  198,635     2,864,317
Sunstone Hotel Investors, Inc.(c)
  282,761     2,906,783
Tanger, Inc.(c)
  98,751     2,740,340
Universal Health Realty Income Trust(c)
  66,775     2,509,404
Urban Edge Properties
  156,172     2,768,930
Veris Residential, Inc.
  157,975     2,415,438
Whitestone REIT
  219,116     2,857,273
        71,033,596
Utilities-6.88%
American States Water Co.
  41,905     3,083,789
Avista Corp.(c)
  79,981     2,957,697
California Water Service Group
  55,215     2,754,676
Chesapeake Utilities Corp.
  25,827     2,892,882
MGE Energy, Inc.(c)
  30,103     2,412,154
Northwest Natural Holding Co.(c)
  71,077     2,659,701
SJW Group
  53,657     2,935,575
Unitil Corp.
  56,001     2,995,494
        22,691,968
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $329,507,421)
  329,567,853
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.51%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  12,547,804   $ 12,547,804
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  31,988,847    31,998,444
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $44,548,006)
  44,546,248
TOTAL INVESTMENTS IN SECURITIES-113.42%

(Cost $374,055,427)
  374,114,101
OTHER ASSETS LESS LIABILITIES-(13.42)%
  (44,254,765)
NET ASSETS-100.00%
  $329,859,336
 
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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $12,485,301   $(12,485,301)   $-   $-   $-   $8,567
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 13,093,200   86,904,756   (87,450,152)   -   -   12,547,804   562,841*
Invesco Private Prime Fund 41,909,242   176,736,943   (186,659,431)   (1,070)   12,760   31,998,444   1,509,339*
Total $55,002,442   $276,127,000   $(286,594,884)   $(1,070)   $12,760   $44,546,248   $2,080,747
    
* 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 Low Volatility ETF (XSLV)—(continued)
May 31, 2024
(Unaudited)
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2024.
(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 Quality ETF (XSHQ)
May 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.41%
CarGurus, Inc.(b)(c)
  68,319   $  1,654,003
Cars.com, Inc.(b)
  42,202        853,746
Cogent Communications Holdings, Inc.(c)
  24,863     1,472,387
        3,980,136
Consumer Discretionary-17.42%
Academy Sports & Outdoors, Inc.
  47,955     2,766,524
Asbury Automotive Group, Inc.(b)(c)
  14,506     3,409,925
Bloomin’ Brands, Inc.
  49,170     1,071,906
Buckle, Inc. (The)(c)
  25,672        989,399
Caleres, Inc.
  22,872        793,201
Frontdoor, Inc.(b)
  63,318     2,239,558
Golden Entertainment, Inc.
  19,472        589,417
Installed Building Products, Inc.(c)
  15,206     3,221,239
Kontoor Brands, Inc.
  35,752     2,622,052
M/I Homes, Inc.(b)
  14,225     1,776,987
Monarch Casino & Resort, Inc.
  8,661        580,027
Monro, Inc.
  17,836        421,821
ODP Corp. (The)(b)
  20,794        814,293
Signet Jewelers Ltd.(c)
  25,680     2,811,703
Steven Madden Ltd.
  50,759     2,256,238
Sturm, Ruger & Co., Inc.
  15,552        691,131
Worthington Enterprises, Inc.(c)
  30,361     1,731,488
        28,786,909
Consumer Staples-4.83%
Cal-Maine Foods, Inc.
  29,679     1,830,304
Inter Parfums, Inc.
  9,916     1,187,739
John B. Sanfilippo & Son, Inc.
  6,941        699,861
Medifast, Inc.(c)
  12,452        320,514
National Beverage Corp.(b)(c)
  20,742        958,280
USANA Health Sciences, Inc.(b)
  7,026        334,438
WD-40 Co.(c)
  11,819     2,655,611
        7,986,747
Energy-13.84%
California Resources Corp.
  42,444     2,009,723
Comstock Resources, Inc.(c)
  53,077        621,531
CONSOL Energy, Inc.
  30,819     3,195,006
Core Laboratories, Inc.(c)
  28,383        531,897
CVR Energy, Inc.(c)
  29,978        835,187
Dorian LPG Ltd.
  19,854     1,004,811
Helmerich & Payne, Inc.(c)
  63,612     2,421,073
Liberty Energy, Inc., Class A
  114,601     2,829,499
Par Pacific Holdings, Inc.(b)
  61,741     1,675,651
Patterson-UTI Energy, Inc.
  189,840     2,092,037
RPC, Inc.(c)
  48,584        331,829
SM Energy Co.(c)
  78,363     3,951,846
U.S. Silica Holdings, Inc.(b)
  51,665        800,291
Vital Energy, Inc.(b)(c)
  11,980       585,223
        22,885,604
Financials-18.04%
AMERISAFE, Inc.
  13,784        604,153
Artisan Partners Asset Management, Inc., Class A
  82,360     3,626,311
Axos Financial, Inc.(b)(c)
  28,217     1,520,050
BancFirst Corp.(c)
  8,886        765,529
Bancorp, Inc. (The)(b)
  42,741     1,435,670
Cathay General Bancorp
  41,533     1,530,076
Central Pacific Financial Corp.
  14,140        286,759
City Holding Co.(c)
  8,878        907,509
Donnelley Financial Solutions, Inc.(b)
  16,524     1,007,303
  Shares   Value
Financials-(continued)
Employers Holdings, Inc.
  14,799   $    624,222
EVERTEC, Inc.
  36,185     1,265,390
First Bancorp
  121,624     2,156,394
HCI Group, Inc.(c)
  3,406        326,567
Lakeland Financial Corp.(c)
  15,112        937,397
NCR Atleos Corp.(b)
  46,686     1,299,271
NMI Holdings, Inc., Class A(b)
  52,746     1,750,112
OFG Bancorp
  27,405     1,018,370
Palomar Holdings, Inc.(b)(c)
  15,182     1,288,041
Pathward Financial, Inc.
  17,470        931,326
Preferred Bank(c)
  9,045        675,842
PROG Holdings, Inc.
  30,285     1,144,470
Radian Group, Inc.
  91,418     2,855,898
Virtus Investment Partners, Inc.
  3,796        867,728
Westamerica Bancorporation
  20,378       994,854
        29,819,242
Health Care-4.28%
AMN Healthcare Services, Inc.(b)(c)
  28,748     1,608,163
Catalyst Pharmaceuticals, Inc.(b)(c)
  83,046     1,342,854
CorVel Corp.(b)
  7,269     1,743,470
Cross Country Healthcare, Inc.(b)(c)
  18,100        273,672
Ligand Pharmaceuticals, Inc.(b)(c)
  11,222        954,431
Schrodinger, Inc.(b)(c)
  31,472        677,277
Simulations Plus, Inc.(c)
  9,993       482,062
        7,081,929
Industrials-19.70%
American Woodmark Corp.(b)
  8,548        736,068
Apogee Enterprises, Inc.
  13,838        899,055
Arcosa, Inc.
  27,360     2,405,218
Brady Corp., Class A
  30,155     2,058,682
CSG Systems International, Inc.
  16,525        713,054
Encore Wire Corp.
  10,064     2,905,779
Enerpac Tool Group Corp.
  31,407     1,234,923
Enpro, Inc.
  13,514     2,071,156
Forward Air Corp.(c)
  13,853        232,730
GMS, Inc.(b)
  23,949     2,250,248
Hillenbrand, Inc.
  56,660     2,634,123
Insteel Industries, Inc.
  14,299        470,008
John Bean Technologies Corp.
  22,570     2,156,112
Lindsay Corp.
  6,690        768,146
Marten Transport Ltd.(c)
  30,901        546,948
MasterBrand, Inc.(b)
  90,991     1,520,460
Mueller Industries, Inc.
  77,828     4,584,847
Powell Industries, Inc.(c)
  5,222        939,229
Quanex Building Products Corp.
  18,793        619,417
Resources Connection, Inc.
  19,261        220,538
Standex International Corp.
  8,105     1,363,342
SunPower Corp.(b)(c)
  44,067        147,184
Titan International, Inc.(b)
  32,888        271,984
Wabash National Corp.(c)
  36,067       815,475
        32,564,726
Information Technology-10.98%
A10 Networks, Inc.
  52,547        796,087
Adeia, Inc.
  101,468     1,200,366
Badger Meter, Inc.
  20,011     3,861,323
Diodes, Inc.(b)
  25,090     1,859,922
Extreme Networks, Inc.(b)
  131,002     1,460,672
InterDigital, Inc.(c)
  16,419     1,869,632
Kulicke & Soffa Industries, Inc. (Singapore)(c)
  35,673     1,629,186
PDF Solutions, Inc.(b)
  20,574       720,501
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)
May 31, 2024
(Unaudited)
  Shares   Value
Information Technology-(continued)
Photronics, Inc.(b)
  42,030   $  1,149,520
Progress Software Corp.
  24,955     1,263,971
Sanmina Corp.(b)
  34,087     2,336,323
        18,147,503
Materials-7.06%
Alpha Metallurgical Resources, Inc.(c)
  10,169     3,207,404
Clearwater Paper Corp.(b)
  9,323        495,424
Hawkins, Inc.
  11,520     1,005,927
Innospec, Inc.
  13,910     1,819,428
Myers Industries, Inc.(c)
  19,363        305,935
Olympic Steel, Inc.
  5,973        311,432
Sylvamo Corp.
  28,976     2,066,568
Warrior Met Coal, Inc.
  35,857     2,453,695
        11,665,813
Utilities-1.38%
Otter Tail Corp.(c)
  25,163     2,276,497
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $154,066,522)
  165,195,106
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.13%
Invesco Private Government Fund, 5.30%(d)(e)(f)
  10,669,524   $ 10,669,524
Invesco Private Prime Fund, 5.48%(d)(e)(f)
  27,544,555    27,552,818
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $38,223,192)
  38,222,342
TOTAL INVESTMENTS IN SECURITIES-123.07%

(Cost $192,289,714)
  203,417,448
OTHER ASSETS LESS LIABILITIES-(23.07)%
  (38,130,459)
NET ASSETS-100.00%
  $165,286,989
 
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, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
May 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,098,068   $(1,098,068)   $-   $-   $-   $1,209
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 3,117,246   53,105,182   (45,552,904)   -   -   10,669,524   261,780*
Invesco Private Prime Fund 8,015,776   124,236,663   (104,697,569)   (850)   (1,202)   27,552,818   700,064*
Total $11,133,022   $178,439,913   $(151,348,541)   $(850)   $(1,202)   $38,222,342   $963,053
    
* 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 May 31, 2024.
(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
May 31, 2024
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of May 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Invesco ESG S&P 500 Equal Weight ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $8,847,181   $-   $-   $8,847,181
Money Market Funds 1,085   1,096,361   -   1,097,446
Total Investments $8,848,266   $1,096,361   $-   $9,944,627
Invesco MSCI USA ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $4,597,202,427   $-   $-   $4,597,202,427
Money Market Funds -   78,151,692   -   78,151,692
Total Investments $4,597,202,427   $78,151,692   $-   $4,675,354,119
Invesco Russell 1000 Equal Weight ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $595,571,691   $-   $61,449   $595,633,140
Money Market Funds -   80,320,767   -   80,320,767
Total Investments $595,571,691   $80,320,767   $61,449   $675,953,907
Invesco S&P 500® Enhanced Value ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $119,531,840   $-   $-   $119,531,840
Money Market Funds 51,354   15,289,392   -   15,340,746
Total Investments $119,583,194   $15,289,392   $-   $134,872,586
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $40,876,200   $-   $-   $40,876,200
Money Market Funds 10,784   2,911,618   -   2,922,402
Total Investments $40,886,984   $2,911,618   $-   $43,798,602
  Level 1   Level 2   Level 3   Total
Invesco S&P 500® High Beta ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $639,457,922   $-   $-   $639,457,922
Money Market Funds -   43,975,374   -   43,975,374
Total Investments $639,457,922   $43,975,374   $-   $683,433,296
Invesco S&P 500 High Dividend Growers ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,855,185   $-   $-   $2,855,185
Money Market Funds -   31,325   -   31,325
Total Investments $2,855,185   $31,325   $-   $2,886,510
Invesco S&P 500® High Dividend Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,977,920,178   $-   $-   $2,977,920,178
Money Market Funds -   133,947,827   -   133,947,827
Total Investments $2,977,920,178   $133,947,827   $-   $3,111,868,005
Invesco S&P 500® Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $6,903,032,446   $-   $-   $6,903,032,446
Money Market Funds -   83,962,393   -   83,962,393
Total Investments $6,903,032,446   $83,962,393   $-   $6,986,994,839
Invesco S&P 500 Minimum Variance ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $5,159,419   $-   $-   $5,159,419
Money Market Funds -   714,139   -   714,139
Total Investments $5,159,419   $714,139   $-   $5,873,558
Invesco S&P 500® Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,500,575,351   $-   $-   $1,500,575,351
Money Market Funds 947,831   16,382,685   -   17,330,516
Total Investments $1,501,523,182   $16,382,685   $-   $1,517,905,867
Invesco S&P 500 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $958,601,811   $-   $-   $958,601,811
Money Market Funds -   15,754,321   -   15,754,321
Total Investments $958,601,811   $15,754,321   $-   $974,356,132
Invesco S&P MidCap 400 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $304,150,537   $1,620,395   $-   $305,770,932
Money Market Funds 85,390   42,323,884   -   42,409,274
Total Investments $304,235,927   $43,944,279   $-   $348,180,206
Invesco S&P MidCap Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $789,104,817   $-   $-   $789,104,817
Money Market Funds -   52,184,292   -   52,184,292
Total Investments $789,104,817   $52,184,292   $-   $841,289,109
Invesco S&P SmallCap 600 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $185,566,254   $-   $0   $185,566,254
Money Market Funds -   42,819,154   -   42,819,154
Total Investments $185,566,254   $42,819,154   $0   $228,385,408
Invesco S&P SmallCap 600® GARP ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,477,364   $-   $-   $2,477,364
Money Market Funds 2,333   57,218   -   59,551
Total Investments $2,479,697   $57,218   $-   $2,536,915
  Level 1   Level 2   Level 3   Total
Invesco S&P SmallCap High Dividend Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $29,542,765   $-   $-   $29,542,765
Money Market Funds -   9,595,437   -   9,595,437
Total Investments $29,542,765   $9,595,437   $-   $39,138,202
Invesco S&P SmallCap Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $329,567,853   $-   $-   $329,567,853
Money Market Funds -   44,546,248   -   44,546,248
Total Investments $329,567,853   $44,546,248   $-   $374,114,101
Invesco S&P SmallCap Quality ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $165,195,106   $-   $-   $165,195,106
Money Market Funds -   38,222,342   -   38,222,342
Total Investments $165,195,106   $38,222,342   $-   $203,417,448