NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments
Invesco California AMT-Free Municipal Bond ETF (PWZ)
November 30, 2024
(Unaudited)
 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations-99.02%
 
 
 
 
 
California-99.01%
 
 
 
 
 
Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)(a)
5.00%
10/01/2052
$
1,000
$1,087,268
Alameda (County of), CA Transportation Commission, Series 2022, RB
5.00%
03/01/2045
 
750
832,004
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
5.00%
08/01/2049
 
55
61,140
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
4.00%
08/01/2052
 
225
226,997
Alvord Unified School District, Series 2023 A, GO Bonds, (INS - BAM)(a)
5.00%
08/01/2052
 
1,500
1,669,463
Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB
5.00%
04/01/2043
 
5
5,577
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB
4.00%
04/01/2042
 
1,000
1,005,774
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%
04/01/2047
 
1,300
1,304,158
Bay Area Toll Authority (San Francisco Bay Area), Series 2021 F-2, Ref. RB
2.60%
04/01/2056
 
3,600
2,527,777
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%
04/01/2054
 
1,000
1,098,444
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.25%
04/01/2054
 
500
560,050
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-2, RB
4.13%
04/01/2054
 
1,200
1,219,005
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(a)
5.00%
09/01/2049
 
220
228,301
Burbank (City of), CA, Series 2023, RB
5.00%
06/01/2048
 
520
564,459
Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGM)(a)
4.00%
07/01/2054
 
830
830,642
California (State of), Series 2013, GO Bonds
4.00%
04/01/2043
 
105
105,003
California (State of), Series 2014, GO Bonds(b)
5.00%
12/04/2024
 
305
305,035
California (State of), Series 2014, GO Bonds(b)
5.00%
12/04/2024
 
1,395
1,395,158
California (State of), Series 2014, GO Bonds(b)
5.00%
12/05/2024
 
635
635,108
California (State of), Series 2014, Ref. GO Bonds
4.00%
11/01/2044
 
1,500
1,500,027
California (State of), Series 2015, GO Bonds
4.00%
03/01/2045
 
195
195,077
California (State of), Series 2015, GO Bonds
5.00%
03/01/2045
 
2,000
2,004,520
California (State of), Series 2015, GO Bonds
5.00%
08/01/2045
 
2,100
2,113,316
California (State of), Series 2016, GO Bonds
4.00%
09/01/2045
 
1,250
1,254,115
California (State of), Series 2016, GO Bonds
5.00%
09/01/2045
 
1,100
1,131,806
California (State of), Series 2016, GO Bonds
3.00%
09/01/2046
 
530
443,623
California (State of), Series 2016, GO Bonds
5.00%
09/01/2046
 
900
925,792
California (State of), Series 2017, GO Bonds
5.00%
08/01/2046
 
1,000
1,027,332
California (State of), Series 2017, GO Bonds
5.00%
11/01/2047
 
2,370
2,472,058
California (State of), Series 2018, GO Bonds
4.00%
10/01/2039
 
70
70,322
California (State of), Series 2018, GO Bonds
5.00%
10/01/2047
 
1,720
1,757,381
California (State of), Series 2019, GO Bonds
5.00%
04/01/2049
 
1,200
1,270,961
California (State of), Series 2019, Ref. GO Bonds
4.00%
10/01/2039
 
1,000
1,033,255
California (State of), Series 2019, Ref. GO Bonds
5.00%
11/01/2039
 
1,100
1,173,947
California (State of), Series 2020, GO Bonds
3.00%
11/01/2041
 
140
125,221
California (State of), Series 2020, GO Bonds
4.00%
11/01/2041
 
1,000
1,001,889
California (State of), Series 2020, GO Bonds
4.00%
11/01/2045
 
175
175,306
California (State of), Series 2020, GO Bonds
3.00%
03/01/2046
 
1,400
1,178,690
California (State of), Series 2020, GO Bonds
4.00%
03/01/2046
 
1,260
1,282,301
California (State of), Series 2020, GO Bonds
4.00%
03/01/2046
 
165
167,920
California (State of), Series 2020, GO Bonds
3.00%
03/01/2050
 
400
327,256
California (State of), Series 2020, GO Bonds
3.00%
03/01/2050
 
2,890
2,364,427
California (State of), Series 2020, GO Bonds
4.00%
03/01/2050
 
2,025
2,049,515
California (State of), Series 2020, GO Bonds
3.00%
11/01/2050
 
1,050
856,915
California (State of), Series 2020, Ref. GO Bonds
4.00%
03/01/2040
 
1,000
1,031,760
California (State of), Series 2020, Ref. GO Bonds
4.00%
11/01/2040
 
175
181,202
California (State of), Series 2021, GO Bonds
4.00%
10/01/2039
 
990
1,032,156
California (State of), Series 2021, GO Bonds
2.38%
12/01/2043
 
500
376,673
California (State of), Series 2021, GO Bonds
3.00%
12/01/2043
 
400
346,927
California (State of), Series 2021, GO Bonds
5.00%
12/01/2043
 
1,200
1,313,594
California (State of), Series 2021, GO Bonds
3.00%
12/01/2046
 
750
629,450
California (State of), Series 2021, GO Bonds
5.00%
12/01/2046
 
500
543,480
California (State of), Series 2021, GO Bonds
2.50%
12/01/2049
 
550
390,050
California (State of), Series 2021, GO Bonds
3.00%
12/01/2049
 
225
184,547
California (State of), Series 2021, Ref. GO Bonds
5.00%
09/01/2041
 
2,445
2,715,583
California (State of), Series 2021, Ref. GO Bonds
4.00%
10/01/2041
 
1,765
1,825,329
California (State of), Series 2021, Ref. GO Bonds
5.00%
10/01/2041
 
1,170
1,292,258
California (State of), Series 2022 CU, GO Bonds
4.75%
12/01/2042
 
3,000
3,179,823
California (State of), Series 2022 CU, GO Bonds
4.85%
12/01/2046
 
700
741,441
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
California (State of), Series 2022 CU, GO Bonds
5.50%
12/01/2052
$
865
$946,949
California (State of), Series 2022, GO Bonds
5.00%
04/01/2047
 
1,100
1,211,553
California (State of), Series 2022, GO Bonds
5.25%
09/01/2047
 
1,350
1,521,395
California (State of), Series 2022, GO Bonds
4.00%
04/01/2049
 
1,900
1,933,198
California (State of), Series 2022, GO Bonds
3.00%
04/01/2052
 
2,245
1,825,947
California (State of), Series 2022, GO Bonds
5.00%
09/01/2052
 
990
1,085,881
California (State of), Series 2022, Ref. GO Bonds
4.00%
04/01/2042
 
1,700
1,760,362
California (State of), Series 2022, Ref. GO Bonds
5.00%
04/01/2042
 
2,320
2,428,389
California (State of), Series 2022, Ref. GO Bonds
5.00%
04/01/2042
 
2,045
2,284,150
California (State of), Series 2022, Ref. GO Bonds
4.00%
09/01/2042
 
2,600
2,696,896
California (State of), Series 2022, Ref. GO Bonds
5.00%
09/01/2042
 
3,000
3,368,419
California (State of), Series 2022, Ref. GO Bonds
5.00%
09/01/2042
 
300
315,217
California (State of), Series 2022, Ref. GO Bonds
5.00%
11/01/2042
 
125
140,644
California (State of), Series 2023, GO Bonds
5.00%
10/01/2045
 
1,600
1,791,603
California (State of), Series 2023, GO Bonds
5.25%
10/01/2045
 
2,100
2,397,578
California (State of), Series 2023, GO Bonds
4.00%
10/01/2050
 
1,900
1,934,625
California (State of), Series 2023, GO Bonds
5.25%
10/01/2050
 
2,600
2,931,653
California (State of), Series 2023, GO Bonds
5.25%
09/01/2053
 
3,200
3,611,408
California (State of), Series 2023, Ref. GO Bonds
4.00%
10/01/2042
 
2,500
2,599,254
California (State of), Series 2023, Ref. GO Bonds
5.00%
10/01/2042
 
1,200
1,284,287
California (State of), Series 2023, Ref. GO Bonds
5.00%
10/01/2042
 
4,065
4,597,097
California (State of), Series 2023, Ref. GO Bonds
4.00%
09/01/2043
 
3,615
3,750,033
California (State of), Series 2023, Ref. GO Bonds
5.00%
09/01/2043
 
2,000
2,264,529
California (State of), Series 2024, GO Bonds
5.00%
09/01/2041
 
20
22,956
California (State of), Series 2024, GO Bonds
5.25%
08/01/2044
 
1,300
1,515,151
California (State of), Series 2024, GO Bonds
5.00%
09/01/2044
 
510
578,979
California (State of), Series 2024, GO Bonds
5.00%
09/01/2044
 
2,000
2,270,508
California (State of), Series 2024, GO Bonds
4.00%
09/01/2047
 
600
614,752
California (State of), Series 2024, GO Bonds
5.00%
09/01/2048
 
2,625
2,938,801
California (State of), Series 2024, GO Bonds
5.00%
08/01/2049
 
1,750
1,962,851
California (State of), Series 2024, GO Bonds
5.50%
08/01/2049
 
2,000
2,333,553
California (State of), Series 2024, GO Bonds
4.00%
09/01/2052
 
2,000
2,028,064
California (State of), Series 2024, GO Bonds
5.00%
09/01/2053
 
1,095
1,216,598
California (State of), Series 2024, GO Bonds
5.25%
08/01/2054
 
100
113,801
California (State of), Series 2024, Ref. GO Bonds
5.00%
09/01/2043
 
2,620
2,983,548
California (State of), Series 2024, Ref. GO Bonds
4.00%
08/01/2044
 
800
829,138
California (State of), Series 2024, Ref. GO Bonds
5.00%
08/01/2044
 
1,000
1,140,447
California (State of) Educational Facilities Authority (Art Center College of Design), Series 2018 A, Ref.
RB
5.00%
12/01/2044
 
1,000
1,022,105
California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB
5.00%
06/01/2043
 
3,000
3,730,345
California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB
5.00%
05/01/2045
 
3,200
3,981,156
California (State of) Educational Facilities Authority (Stanford University), Series 2016 U-7, RB
5.00%
06/01/2046
 
1,900
2,365,755
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
5.00%
05/01/2049
 
4,300
5,365,169
California (State of) Educational Facilities Authority (Stanford University), Series 2021 V-2, Ref. RB
5.00%
04/01/2051
 
2,000
2,505,011
California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds),
Series 2021, Ref. RB
2.25%
04/01/2051
 
400
265,806
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB
5.00%
10/01/2053
 
1,000
1,040,608
California (State of) Enterprise Development Authority (Castilleja School Foundation), Series 2024,
RB
4.00%
06/01/2054
 
1,000
1,000,462
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness
Village), Series 2024, RB
5.25%
11/01/2049
 
800
906,021
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness
Village), Series 2024, RB
5.25%
11/01/2054
 
1,250
1,405,127
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness
Village), Series 2024, RB
5.50%
11/01/2059
 
1,400
1,602,511
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A,
RB
4.00%
03/01/2043
 
345
335,391
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021,
Ref. RB
5.00%
08/15/2041
 
1,000
1,116,427
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A,
Ref. RB
4.00%
08/15/2040
$
715
$738,757
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A,
Ref. RB
5.00%
08/15/2051
 
1,515
1,641,596
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021,
Ref. RB
3.00%
08/15/2051
 
1,920
1,572,155
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B,
Ref. RB
3.25%
08/15/2039
 
1,000
974,565
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B,
Ref. RB
4.00%
08/15/2039
 
1,825
1,837,500
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A,
Ref. RB
4.00%
08/15/2048
 
4,330
4,350,080
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles),
Series 2017 A, Ref. RB
5.00%
08/15/2042
 
700
715,613
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB
5.00%
11/15/2049
 
1,900
1,931,248
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref.
RB
4.00%
04/01/2044
 
1,000
1,006,466
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020, Ref.
RB(b)
4.00%
04/01/2030
 
35
37,490
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020, Ref. RB
4.00%
04/01/2049
 
1,065
1,055,983
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2024 A, RB
5.25%
12/01/2049
 
625
697,483
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2024 A, RB
5.00%
12/01/2054
 
250
272,691
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
4.00%
02/01/2042
 
25
25,245
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
5.00%
02/01/2047
 
525
540,030
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2,
RB
4.00%
11/01/2044
 
6,965
6,976,478
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2,
RB
5.00%
11/01/2047
 
6,000
7,236,243
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at
Stanford), Series 2016 B, RB
5.00%
08/15/2055
 
1,000
1,015,916
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at
Stanford), Series 2017, RB
5.00%
11/15/2056
 
145
149,774
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at
Stanford), Series 2022, Ref. RB
4.00%
05/15/2051
 
1,700
1,720,051
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB
4.00%
05/15/2046
 
500
506,983
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
3.00%
06/01/2047
 
1,000
842,704
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
4.00%
06/01/2050
 
1,000
993,856
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014
B, RB
5.00%
10/01/2044
 
1,200
1,200,274
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016
A, Ref. RB
3.00%
10/01/2047
 
3,130
2,578,919
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016
A, Ref. RB
4.00%
10/01/2047
 
335
331,578
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016,
Ref. RB
3.00%
10/01/2041
 
355
314,948
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
5.00%
11/15/2041
 
1,000
1,136,248
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
5.00%
11/15/2043
 
1,000
1,127,527
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
5.00%
11/15/2044
 
1,005
1,128,947
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref.
RB
4.00%
11/15/2040
 
1,910
1,930,098
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref.
RB
4.00%
08/15/2050
 
1,100
1,107,578
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
4.00%
11/15/2041
 
1,995
2,001,183
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
4.00%
11/15/2048
 
1,175
1,173,892
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
5.00%
11/15/2048
 
40
41,401
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
4.00%
11/15/2042
 
1,170
1,172,064
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts &
Sciences Obligated Group), Series 2015, Ref. RB
4.00%
11/01/2045
 
1,395
1,395,084
California (State of) Infrastructure & Economic Development Bank (Adventist Health System),
Series 2024 A, RB
5.25%
07/01/2054
 
955
1,026,997
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
California (State of) Infrastructure & Economic Development Bank (California State Teachers’
Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%
08/01/2044
$
495
$527,532
California (State of) Infrastructure & Economic Development Bank (California State Teachers’
Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%
08/01/2049
 
1,260
1,330,134
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund),
Series 2023, RB
4.00%
10/01/2040
 
150
158,045
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund),
Series 2023, RB
4.00%
10/01/2047
 
500
509,510
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB
5.00%
10/01/2043
 
50
52,966
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of
Natural History Foundation), Series 2020, Ref. RB
3.00%
07/01/2050
 
2,000
1,601,468
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of
Natural History Foundation), Series 2020, Ref. RB
4.00%
07/01/2050
 
250
249,616
California (State of) Infrastructure & Economic Development Bank (Social Bonds), Series 2024, RB
5.00%
11/01/2049
 
125
136,591
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street),
Series 2017, RB
5.00%
05/15/2042
 
60
63,207
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street),
Series 2017, RB
5.00%
05/15/2047
 
1,000
1,046,272
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street),
Series 2017, RB
5.00%
05/15/2052
 
1,000
1,043,806
California (State of) Municipal Finance Authority, Series 2024 A, RB
5.00%
09/01/2054
 
320
351,295
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing),
Series 2018, RB
5.00%
05/15/2043
 
1,000
1,036,948
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB
4.00%
03/01/2050
 
3,085
2,644,052
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref.
RB
4.00%
02/01/2042
 
1,000
988,894
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref.
RB
5.00%
02/01/2047
 
1,000
1,011,777
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref.
RB
5.00%
07/01/2042
 
1,000
1,018,918
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
4.00%
05/15/2046
 
500
500,962
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
3.00%
05/15/2051
 
1,000
809,331
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
3.00%
05/15/2054
 
1,000
789,693
California (State of) Municipal Finance Authority (Humangood - California Obligated Group),
Series 2021, RB
4.00%
10/01/2049
 
1,000
924,967
California (State of) Municipal Finance Authority (NCROC-Paradise Valley Estates), Series 2019, RB,
(INS - Cal-Mortgage)(a)
5.00%
01/01/2049
 
685
717,195
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.25%
11/01/2041
 
610
616,438
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.00%
11/01/2047
 
1,000
1,001,342
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.25%
11/01/2047
 
500
502,927
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure
Improvement Program - Phase I), Series 2017 A, RB
5.00%
06/01/2042
 
1,000
1,039,060
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP,
(INS - AGM)(a)
5.25%
11/01/2052
 
1,900
2,034,680
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing),
Series 2019, RB
5.00%
05/15/2049
 
1,000
1,035,653
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing),
Series 2019, RB
5.00%
05/15/2052
 
1,000
1,033,256
California (State of) Pollution Control Financing Authority (San Diego County Water Authority),
Series 2019, Ref. RB(c)
5.00%
11/21/2045
 
1,000
1,028,169
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
5.00%
07/15/2046
 
500
551,910
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
4.00%
07/15/2051
 
1,000
1,006,894
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
4.00%
08/01/2047
 
1,010
1,004,369
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
5.00%
08/01/2047
 
55
57,379
California (State of) Public Works Board (Green Bonds), Series 2021, RB
4.00%
11/01/2046
 
535
542,557
California (State of) Public Works Board (Green Bonds), Series 2021, RB
5.00%
11/01/2046
 
850
930,643
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%
04/01/2041
 
15
17,156
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%
04/01/2042
 
155
176,579
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%
04/01/2043
 
355
402,807
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%
04/01/2044
 
5
5,656
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%
04/01/2045
$
1,000
$1,127,760
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%
04/01/2049
 
1,925
2,145,807
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
4.00%
05/01/2046
 
950
962,558
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB(b)
5.00%
12/30/2024
 
1,250
1,251,842
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A,
RB
4.00%
04/01/2045
 
1,000
988,393
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A,
RB
3.00%
04/01/2050
 
1,000
800,881
California (State of) Statewide Communities Development Authority (Enloe Medical Center),
Series 2022 A, RB, (INS - AGM)(a)
5.25%
08/15/2052
 
1,000
1,082,940
California (State of) Statewide Communities Development Authority (Front Porch Communities &
Services), Series 2017 A, Ref. RB
5.00%
04/01/2047
 
300
304,703
California (State of) Statewide Communities Development Authority (Front Porch Communities &
Services), Series 2021, Ref. RB
3.00%
04/01/2046
 
1,250
1,025,218
California (State of) Statewide Communities Development Authority (Front Porch Communities &
Services), Series 2021, Ref. RB
4.00%
04/01/2051
 
300
277,823
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital),
Series 2018, RB
4.00%
07/01/2048
 
1,000
996,780
California (State of) Statewide Communities Development Authority (Jewish Home of San Francisco),
Series 2016, RB, (INS - Cal-Mortgage)(a)
4.00%
11/01/2046
 
600
601,377
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016
A, Ref. RB
4.00%
08/15/2046
 
650
650,941
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016
A, Ref. RB
4.00%
08/15/2051
 
490
477,752
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016
A, Ref. RB
5.00%
08/15/2051
 
1,000
1,015,658
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018
A, Ref. RB
4.00%
12/01/2057
 
705
671,493
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018
A, Ref. RB
5.00%
12/01/2057
 
275
281,915
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green
Bonds), Series 2018, RB
4.00%
08/01/2045
 
1,000
926,696
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern
California), Series 2018, RB
5.00%
01/01/2048
 
475
493,418
California (State of) Statewide Communities Development Authority (University of California - Irvine
East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB
5.00%
05/15/2040
 
1,000
1,018,569
California (State of) Statewide Communities Development Authority (University of California - Irvine
East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB
5.00%
05/15/2047
 
500
510,468
California State University, Series 2015 A, Ref. RB
4.00%
11/01/2043
 
25
25,042
California State University, Series 2015 A, Ref. RB
5.00%
11/01/2047
 
1,600
1,622,203
California State University, Series 2016 A, Ref. RB
5.00%
11/01/2041
 
1,610
1,648,476
California State University, Series 2016 A, Ref. RB
4.00%
11/01/2045
 
1,000
1,002,555
California State University, Series 2016 A, Ref. RB
5.00%
11/01/2045
 
700
714,917
California State University, Series 2017 A, Ref. RB
5.00%
11/01/2042
 
1,300
1,354,919
California State University, Series 2018 A, Ref. RB
5.00%
11/01/2048
 
1,000
1,054,146
California State University, Series 2019 A, RB
5.00%
11/01/2049
 
1,000
1,062,750
California State University, Series 2020 C, RB
4.00%
11/01/2045
 
1,720
1,740,690
California State University, Series 2023 A, RB
5.25%
11/01/2048
 
800
912,532
California State University, Series 2023 A, RB
5.25%
11/01/2053
 
2,815
3,196,691
California State University, Series 2024 A, RB
5.50%
11/01/2046
 
500
593,021
California State University, Series 2024 A, RB
4.00%
11/01/2055
 
150
151,221
California State University, Series 2024 A, RB
5.50%
11/01/2055
 
2,000
2,343,573
Cerritos Community College District (Election of 2012), Series 2014 A, GO Bonds(b)
4.00%
02/07/2025
 
100
100,212
Cerritos Community College District (Election of 2012), Series 2019 C, GO Bonds
3.00%
08/01/2044
 
65
56,645
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%
08/01/2047
 
1,090
1,095,613
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds(b)
4.00%
06/01/2028
 
165
167,042
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds(b)
5.00%
06/01/2028
 
1,000
1,054,819
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds
5.00%
08/01/2044
 
2,000
2,005,292
Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds
4.00%
08/01/2052
 
175
176,398
Chino Valley Unified School District, Series 2020 B, GO Bonds
5.00%
08/01/2055
 
1,000
1,066,364
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds
4.00%
08/01/2055
$
2,835
$2,853,528
Coachella Valley Unified School District (Election of 2005), Series 2016 E, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2045
 
1,500
1,503,185
College of the Sequoias Visalia Area Improvement District No. 2, Series 2024, GO Bonds
5.00%
08/01/2054
 
1,000
1,101,363
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)
4.00%
06/01/2049
 
115
115,394
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds
4.00%
08/01/2039
 
100
100,007
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
4.00%
08/01/2049
 
1,450
1,457,070
Desert Community College District, Series 2017, Ref. GO Bonds
4.00%
08/01/2039
 
940
949,678
Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds
4.00%
08/01/2051
 
500
501,475
Desert Community College District (Election of 2016), Series 2024, GO Bonds
4.00%
08/01/2051
 
1,000
1,009,400
Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds
4.13%
08/01/2049
 
1,000
1,019,700
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
5.00%
06/01/2042
 
500
522,828
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
5.00%
06/01/2045
 
1,185
1,235,626
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB
5.00%
06/01/2049
 
5
5,328
East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB
5.00%
06/01/2049
 
1,000
1,125,487
Eastern Municipal Water District Financing Authority, Series 2017 D, RB
5.25%
07/01/2042
 
5
5,282
Eastern Municipal Water District Financing Authority, Series 2017 D, RB
5.00%
07/01/2047
 
2,000
2,082,498
El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)(a)
5.75%
08/01/2048
 
435
514,876
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)(a)
3.13%
02/01/2040
 
120
110,301
Elk Grove Unified School District (Election of 1998), Series 2023, RB, (INS - AGM)(a)
4.00%
12/01/2042
 
100
103,035
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)(a)
4.00%
10/01/2044
 
975
978,188
Folsom Cordova Unified School District (Election of 2014), Series 2018 C, GO Bonds
4.00%
10/01/2043
 
475
479,012
Foothill-De Anza Community College District, Series 2016, Ref. GO Bonds
4.00%
08/01/2040
 
2,000
2,008,877
Foothill-Eastern Transportation Corridor Agency, Series 2021 A, RB
4.00%
01/15/2046
 
1,000
1,003,977
Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB
4.00%
01/15/2046
 
1,500
1,505,965
Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB
4.00%
01/15/2043
 
1,336
1,345,337
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB
3.95%
01/15/2053
 
2,000
1,963,841
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-2, Ref. RB
3.50%
01/15/2053
 
1,500
1,350,979
Fremont Union High School District, Series 2015, GO Bonds
4.00%
08/01/2044
 
1,000
1,000,047
Fremont Union High School District, Series 2019 A, GO Bonds
4.00%
08/01/2046
 
3,110
3,120,992
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%
08/01/2052
 
2,000
2,012,231
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%
08/01/2055
 
500
502,501
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
4.00%
04/01/2054
 
1,000
1,007,725
Glendale (City of), CA, Second Series 2024, RB
5.00%
02/01/2054
 
2,000
2,188,712
Glendale Community College District, Series 2020 B, GO Bonds
3.00%
08/01/2047
 
300
249,365
Glendale Community College District, Series 2020 B, GO Bonds
4.00%
08/01/2050
 
2,400
2,413,834
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
5.00%
08/01/2044
 
1,000
1,058,138
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
4.00%
08/01/2047
 
120
120,836
Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds
4.00%
08/01/2046
 
1,295
1,299,577
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)(a)
4.00%
08/01/2050
 
1,000
1,006,352
Imperial (County of), CA Community college District (Election of 2022), Series 2024 B, GO Bonds,
(INS - AGM)(a)
5.00%
08/01/2054
 
300
331,691
Imperial Irrigation District, Series 2016 B-1, RB
5.00%
11/01/2046
 
1,200
1,233,777
Imperial Irrigation District, Series 2017, Ref. RB
4.00%
11/01/2041
 
70
70,583
Inland Valley Development Agency, Series 2014 A, Ref. RB
5.00%
09/01/2044
 
1,000
1,007,060
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)
5.00%
09/01/2044
 
1,000
1,007,140
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10),
Series 2023, RB, (INS - BAM)(a)
5.25%
09/01/2053
 
370
412,263
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10),
Series 2023, RB, (INS - BAM)(a)
4.00%
09/01/2058
 
550
553,616
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB
4.25%
05/01/2053
 
3,500
3,513,329
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB,
(INS - BAM)(a)
5.25%
09/01/2053
 
500
561,481
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB,
(INS - BAM)(a)
4.00%
09/01/2058
 
1,900
1,901,315
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)(a)
5.00%
09/01/2048
 
1,000
1,112,410
Jurupa Unified School District, Series 2017 B, GO Bonds
4.00%
08/01/2041
 
2,000
2,014,768
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
4.00%
08/01/2046
 
20
20,061
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds
4.00%
08/01/2047
 
200
201,744
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds
3.00%
08/01/2043
 
5,000
4,371,704
Long Beach (City of), CA, Series 2017 C, Ref. RB
5.00%
05/15/2047
 
420
436,452
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Long Beach (City of), CA, Series 2019 A, RB
7.15%
05/15/2044
$
600
$646,713
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB
5.00%
05/15/2040
 
500
502,014
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB
5.00%
05/15/2045
 
500
501,553
Long Beach (City of), CA Bond Finance Authority, Series 2023, RB
4.00%
08/01/2053
 
300
302,435
Long Beach Community College District, Series 2019 C, GO Bonds
4.00%
08/01/2049
 
1,500
1,507,314
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds
3.00%
08/01/2050
 
100
81,842
Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds
4.00%
08/01/2050
 
2,000
2,019,964
Los Angeles (City of), CA, Series 2013 A, RB
5.00%
06/01/2043
 
1,860
1,860,517
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB
5.00%
06/01/2045
 
700
705,316
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
5.25%
06/01/2047
 
700
730,527
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
5.00%
06/01/2047
 
1,000
1,100,707
Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB
5.00%
05/15/2048
 
20
21,230
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E,
RB
5.00%
05/15/2044
 
610
646,709
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E,
RB
5.00%
05/15/2049
 
1,000
1,054,349
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A,
Ref. RB
5.00%
05/15/2040
 
1,185
1,295,912
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B,
Ref. RB
4.00%
05/15/2040
 
645
662,024
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B,
Ref. RB
5.00%
05/15/2045
 
925
1,012,857
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B,
Ref. RB
5.00%
05/15/2048
 
600
652,419
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B,
RB
4.00%
05/15/2048
 
1,000
1,005,976
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds),
Series 2022 I, RB
5.00%
05/15/2048
 
600
656,791
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%
07/01/2040
 
1,000
1,018,468
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%
07/01/2046
 
2,200
2,234,500
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%
07/01/2046
 
2,500
2,538,672
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB
5.00%
07/01/2042
 
1,500
1,525,896
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%
07/01/2042
 
2,700
2,792,750
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
5.00%
07/01/2041
 
1,000
1,036,034
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
5.00%
07/01/2044
 
1,205
1,243,600
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
4.00%
07/01/2047
 
1,075
1,079,165
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB
5.00%
07/01/2048
 
2,000
2,093,590
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%
07/01/2043
 
1,285
1,361,291
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%
07/01/2048
 
1,000
1,047,756
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%
07/01/2043
 
1,000
1,058,676
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%
07/01/2048
 
680
712,008
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
5.00%
07/01/2042
 
40
43,102
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
5.00%
07/01/2049
 
1,000
1,064,046
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%
07/01/2044
 
350
375,694
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%
07/01/2049
 
2,235
2,378,143
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%
07/01/2041
 
40
44,028
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
5.00%
07/01/2040
 
1,210
1,337,115
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%
07/01/2051
 
1,100
1,189,595
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%
07/01/2040
 
1,000
1,106,138
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%
07/01/2041
 
1,000
1,100,706
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
5.00%
07/01/2045
 
750
823,883
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
5.00%
07/01/2051
 
1,250
1,359,270
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB
5.00%
07/01/2051
 
80
86,993
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%
07/01/2043
 
10
11,196
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%
07/01/2046
 
560
613,608
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%
07/01/2047
 
1,000
1,103,763
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%
07/01/2052
 
1,000
1,098,541
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%
07/01/2042
 
10
11,188
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%
07/01/2047
 
1,000
1,099,030
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
4.00%
07/01/2049
 
965
972,395
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2041
$
500
$561,835
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2042
 
500
558,716
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2043
 
1,500
1,681,502
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2043
 
1,000
1,112,542
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%
07/01/2047
 
1,100
1,215,685
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%
07/01/2052
 
1,200
1,319,926
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.25%
07/01/2053
 
1,235
1,399,034
Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB
5.25%
07/01/2053
 
10
11,246
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%
07/01/2041
 
5
5,733
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%
07/01/2042
 
160
182,266
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%
07/01/2053
 
750
831,677
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
5.00%
07/01/2044
 
20
22,714
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%
07/01/2043
 
140
159,601
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%
07/01/2044
 
20
22,714
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%
07/01/2046
 
550
619,816
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%
07/01/2049
 
500
558,526
Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB
5.00%
07/01/2043
 
500
573,301
Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB
5.00%
07/01/2045
 
650
738,932
Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB
5.00%
07/01/2047
 
950
1,070,618
Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB
5.00%
07/01/2050
 
200
224,361
Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB
5.00%
07/01/2052
 
500
560,249
Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB
5.00%
07/01/2048
 
1,500
1,686,068
Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB
5.00%
07/01/2054
 
1,500
1,677,851
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
5.00%
07/01/2042
 
1,030
1,080,985
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%
07/01/2040
 
85
89,367
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%
07/01/2041
 
415
436,087
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%
07/01/2042
 
1,170
1,227,618
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%
07/01/2044
 
1,200
1,275,839
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(b)
5.00%
12/01/2024
 
2,000
2,000,000
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
4.00%
12/01/2040
 
585
586,109
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
5.00%
12/01/2045
 
850
861,380
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
5.00%
12/01/2044
 
200
215,250
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
5.00%
12/01/2049
 
1,095
1,167,906
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
4.00%
12/01/2043
 
400
406,617
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
5.00%
12/01/2045
 
350
380,138
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
3.00%
12/01/2050
 
585
482,850
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB
4.00%
12/01/2046
 
100
101,553
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds
4.00%
08/01/2041
 
250
252,498
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
3.00%
08/01/2039
 
3,800
3,685,639
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
4.00%
08/01/2039
 
100
100,626
Los Angeles County Facilities 2, Inc., Series 2024 A, RB
5.25%
06/01/2049
 
500
567,382
Los Angeles County Facilities 2, Inc., Series 2024 A, RB
5.25%
06/01/2054
 
1,000
1,126,599
Los Angeles County Facilities 2, Inc., Series 2024 A, RB
5.25%
06/01/2057
 
500
563,299
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A,
RB
5.00%
12/01/2043
 
1,000
1,058,563
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018,
RB
4.00%
12/01/2048
 
1,025
1,031,909
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%
07/01/2040
 
1,000
1,028,482
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%
07/01/2044
 
100
101,442
Los Angeles Unified School District, Series 2020 C, GO Bonds
3.00%
07/01/2045
 
1,000
858,505
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
4.00%
07/01/2044
 
5,005
5,077,190
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
5.00%
07/01/2040
 
905
913,001
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.25%
07/01/2042
 
965
1,024,985
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.25%
07/01/2047
 
1,100
1,244,919
Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds
5.25%
07/01/2040
 
10
11,843
Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds
5.25%
07/01/2048
 
1,030
1,177,202
Los Angeles Unified School District (Sustainability Bonds), Series 2023, GO Bonds
5.00%
07/01/2041
 
15
17,389
Los Rios Community College District, Series 2019 D, GO Bonds
3.00%
08/01/2044
 
100
86,968
Madera Unified School District (Election of 2014), Series 2017, GO Bonds
4.00%
08/01/2046
 
3,000
3,015,273
Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds
5.25%
08/01/2053
 
300
335,406
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds
4.00%
08/01/2040
$
190
$190,400
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
5.00%
08/01/2041
 
880
914,051
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
4.00%
08/01/2047
 
150
150,229
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%
10/01/2045
 
1,000
1,076,093
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%
10/01/2049
 
45
48,080
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
5.00%
07/01/2040
 
1,205
1,330,284
Metropolitan Water District of Southern California, Series 2021 A, RB
5.00%
10/01/2046
 
1,000
1,096,027
Metropolitan Water District of Southern California, Series 2021 A, RB
5.00%
10/01/2051
 
1,000
1,087,979
Metropolitan Water District of Southern California, Series 2023 A, RB
5.00%
04/01/2048
 
15
16,778
Modesto High School District (Election of 2022), Series 2022 A, GO Bonds
4.00%
08/01/2052
 
300
302,397
Modesto Irrigation District, Series 2023 A, RB
5.25%
10/01/2048
 
500
568,344
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
4.00%
08/01/2046
 
60
60,048
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)
3.00%
08/01/2050
 
400
336,986
Moreno Valley Unified School District (Election of 2014), Series 2023 D, GO Bonds, (INS - AGM)(a)
5.25%
08/01/2052
 
80
88,667
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds
4.00%
08/01/2047
 
3,000
3,015,450
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)
5.00%
08/01/2048
 
200
209,692
M-S-R Energy Authority, Series 2009 A, RB
6.50%
11/01/2039
 
1,100
1,431,339
M-S-R Energy Authority, Series 2009 B, RB
6.50%
11/01/2039
 
1,815
2,361,709
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
4.00%
08/01/2049
 
2,400
2,414,648
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
5.00%
08/01/2044
 
70
75,036
Mt. San Antonio Community College District (Election of 2018), Series 2024 D, GO Bonds
4.00%
08/01/2049
 
1,000
1,011,583
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
4.00%
08/01/2043
 
795
803,070
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2044
 
1,245
1,248,708
Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)(a)
4.00%
08/01/2042
 
1,000
1,003,200
Norwalk-La Mirada Unified School District (Election of 2014), Series 2021 E, GO Bonds
3.00%
08/01/2050
 
45
37,184
Oak Grove School District (Election of 2022), Series 2023 A-2, GO Bonds
4.00%
08/01/2049
 
2,700
2,728,535
Oakland (City of), CA, Series 2020 B-1, GO Bonds
3.00%
01/15/2050
 
300
239,182
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
5.25%
08/01/2048
 
1,000
1,129,318
Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)(a)
4.00%
08/01/2046
 
1,000
1,006,903
Ohlone Community College District, Series 2016 C, GO Bonds
4.00%
08/01/2045
 
500
501,492
Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022 A, RB,
(INS - AGM)(a)
5.00%
11/01/2052
 
2,500
2,719,963
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%
02/15/2041
 
300
321,006
Orange (County of), CA Water District, Series 2017 A, Ref. RB
4.00%
08/15/2041
 
500
504,628
Oxnard Union High School District, Series 2020 B, GO Bonds
5.00%
08/01/2045
 
480
504,692
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
4.00%
08/01/2047
 
3,000
3,032,746
Palo Alto Unified School District, Series 2022, GO Bonds
3.25%
08/01/2042
 
710
687,955
Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds
5.25%
08/01/2045
 
2,000
2,094,383
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
5.00%
08/01/2048
 
2,000
2,209,023
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
4.00%
08/01/2052
 
400
403,196
Peralta Community College District, Series 2016 A, Ref. GO Bonds
4.00%
08/01/2039
 
50
50,017
Peralta Community College District, Series 2022 B, GO Bonds
5.50%
08/01/2052
 
1,000
1,132,092
Peralta Community College District (Election of 2006), Series 2016 D, GO Bonds
4.00%
08/01/2039
 
830
830,289
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%
05/15/2041
 
1,300
1,331,978
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%
05/15/2047
 
2,605
2,657,295
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%
05/15/2041
 
1,000
1,126,484
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%
05/15/2042
 
1,000
1,125,301
Regents of the University of California Medical Center, Series 2022 P, RB
4.00%
05/15/2043
 
1,300
1,323,349
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%
05/15/2047
 
5,150
5,678,519
Regents of the University of California Medical Center, Series 2022 P, RB
4.00%
05/15/2053
 
1,300
1,313,128
Regents of the University of California Medical Center, Series 2022 P, RB
3.50%
05/15/2054
 
1,400
1,323,974
River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGM)(a)
5.00%
09/01/2042
 
500
548,907
Riverside (City of), CA, Series 2024 A, Ref. RB
5.00%
10/01/2049
 
2,000
2,239,712
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
4.00%
06/01/2040
 
750
764,873
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
4.00%
06/01/2046
 
1,630
1,636,893
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
3.00%
06/01/2049
 
2,000
1,623,100
Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds
4.00%
08/01/2042
 
225
226,477
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
5.00%
06/01/2048
 
2,700
2,828,591
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2),
Series 2016, Ref. RB
5.00%
10/01/2047
 
5,000
5,134,022
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%
08/15/2040
$
5
$5,428
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
5.00%
08/15/2050
 
4,000
4,306,956
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%
08/15/2048
 
500
557,550
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%
08/15/2053
 
500
553,918
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB
5.00%
11/15/2049
 
1,000
1,121,123
Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2054
 
1,500
1,509,988
Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO
Bonds, (INS - BAM)(a)
5.50%
08/01/2047
 
1,500
1,660,081
Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO
Bonds, (INS - BAM)(a)
5.50%
08/01/2052
 
1,000
1,099,623
Sacramento (City of), CA Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO
Bonds, (INS - AGM)(a)
4.00%
08/01/2049
 
1,000
1,003,541
Sacramento (County of), CA, Series 2016 B, Ref. RB
5.00%
07/01/2041
 
1,000
1,026,493
Sacramento (County of), CA, Series 2024, RB
5.25%
07/01/2054
 
1,000
1,125,775
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
5.00%
12/01/2050
 
1,000
1,078,674
Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District
Treatment & Resource Recovery System), Series 2024, Ref. RB
5.00%
12/01/2039
 
20
23,833
Salinas Union High School District, Series 2022 A, GO Bonds
4.00%
08/01/2047
 
500
507,131
San Bernardino City Unified School District, Series 2020 F, GO Bonds, (INS - AGM)(a)
3.00%
08/01/2044
 
355
314,451
San Bernardino Community College District (Election of 2008), Series 2023 E, GO Bonds
4.13%
08/01/2049
 
50
50,785
San Diego (City of), CA (Green Bonds), Series 2023, COP
5.00%
10/01/2053
 
10
11,004
San Diego (City of), CA Association of Governments, Series 2017 A, RB
5.00%
07/01/2042
 
400
415,918
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.00%
08/01/2043
 
1,000
1,056,756
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.25%
08/01/2047
 
520
551,320
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB
4.00%
08/01/2045
 
300
303,467
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%
05/15/2052
 
1,050
1,151,230
San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB
5.00%
05/15/2049
 
1,000
1,123,694
San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB
5.00%
05/15/2054
 
1,000
1,112,172
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB
5.00%
10/15/2044
 
1,000
1,013,319
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
5.00%
10/15/2046
 
535
576,765
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
4.00%
10/15/2050
 
400
402,844
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref.
RB
5.00%
10/15/2049
 
1,000
1,113,208
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref.
RB
5.00%
10/15/2054
 
1,000
1,103,156
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%
07/01/2044
 
1,500
1,600,247
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%
07/01/2049
 
1,000
1,059,265
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%
07/01/2046
 
500
503,859
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
5.00%
07/01/2046
 
750
816,255
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%
07/01/2051
 
1,000
1,001,657
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%
07/01/2056
 
1,000
1,000,554
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
5.00%
04/01/2048
 
1,000
1,019,403
San Diego (County of), CA Water Authority, Series 2022 A, RB
5.00%
05/01/2047
 
500
553,007
San Diego Unified School District, Series 2020 M-2, GO Bonds
3.00%
07/01/2050
 
1,500
1,242,255
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds
4.00%
07/01/2045
 
115
115,121
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
3.13%
07/01/2042
 
50
45,552
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
4.00%
07/01/2047
 
2,770
2,783,881
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds
4.00%
07/01/2049
 
4,560
4,587,446
San Diego Unified School District (Election of 2012) (Green Bonds), Series 2021 N-2, GO Bonds
4.00%
07/01/2046
 
1,200
1,220,433
San Diego Unified School District (Election of 2018), Series 2019 B, GO Bonds
3.25%
07/01/2048
 
60
53,086
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds
4.00%
07/01/2050
 
1,000
1,007,805
San Diego Unified School District (Election of 2018), Series 2023, GO Bonds
4.00%
07/01/2053
 
2,700
2,725,709
San Diego Unified School District (Election of 2018), Series 2024 B-3, GO Bonds
4.00%
07/01/2054
 
1,000
1,009,510
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
5.00%
07/01/2048
 
130
144,785
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
4.00%
07/01/2053
 
1,700
1,716,187
San Dieguito Union High School District (Election of 2012), Series 2016 C-2, GO Bonds
3.00%
02/01/2041
 
15
13,396
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second
Series 2022 B, Ref. RB
5.00%
05/01/2052
 
105
114,432
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second
Series 2023 B, Ref. RB
5.00%
05/01/2043
 
2,000
2,260,511
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2016 C, RB
5.00%
05/01/2046
$
1,570
$1,605,096
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2017 B, RB
5.00%
05/01/2047
 
2,735
2,835,303
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2018, RB
5.00%
05/01/2048
 
1,625
1,699,200
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2019 F, RB
5.00%
05/01/2050
 
1,040
1,099,214
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2019, RB
5.00%
05/01/2049
 
900
954,185
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2024, Ref. RB
5.00%
05/01/2049
 
5
5,586
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
4.00%
11/01/2039
 
1,200
1,210,104
San Francisco (City & County of), CA Public Utilities Commission, Series 2024 D, RB
5.00%
10/01/2054
 
1,000
1,112,383
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
4.00%
10/01/2043
 
1,950
1,966,876
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB
5.00%
11/01/2050
 
1,000
1,076,554
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
5.00%
10/01/2045
 
110
120,778
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
4.00%
10/01/2050
 
950
954,885
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB
4.00%
11/01/2041
 
1,200
1,244,201
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB
5.00%
10/01/2049
 
2,000
2,241,476
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB
5.00%
10/01/2054
 
3,000
3,337,150
San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D,
RB
3.00%
11/01/2050
 
500
416,822
San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB
4.00%
11/01/2050
 
385
386,747
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water),
Series 2023 A, RB
5.25%
11/01/2048
 
1,100
1,245,692
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water),
Series 2023 A, RB
5.25%
11/01/2052
 
2,000
2,251,634
San Francisco (City & County of), CA Public Utilities Commission (Regional Water), Series 2020 B, RB
5.00%
11/01/2050
 
500
520,411
San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB
4.00%
03/01/2046
 
520
522,244
San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB
4.00%
03/01/2051
 
1,000
1,008,174
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO
Bonds
5.00%
08/01/2047
 
105
109,068
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2020 C-1, GO
Bonds
3.00%
08/01/2050
 
2,500
2,061,827
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO
Bonds
3.00%
08/01/2042
 
1,000
906,492
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO
Bonds
4.00%
08/01/2047
 
1,500
1,520,172
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO
Bonds
4.25%
08/01/2052
 
3,000
3,069,116
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 B-1, GO Bonds
3.00%
08/01/2049
 
80
66,447
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019, GO Bonds
4.00%
08/01/2044
 
15
15,145
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
4.00%
06/15/2045
 
3,000
3,033,211
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB
4.00%
01/15/2050
 
2,700
2,711,083
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
5.25%
01/15/2044
 
1,600
1,602,418
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
5.25%
01/15/2049
 
2,600
2,603,664
San Jose (City of), CA, Series 2017 B, Ref. RB
5.00%
03/01/2042
 
500
519,152
San Jose (City of), CA Financing Authority (Green Bonds), Series 2022 B, RB
5.00%
11/01/2052
 
1,100
1,218,252
San Juan Unified School District (Election of 2016), Series 2024, GO Bonds
4.00%
08/01/2049
 
2,000
2,021,137
San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds
5.25%
08/01/2048
 
1,000
1,107,024
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO Bonds
4.00%
08/01/2043
 
300
303,867
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019,
RB
4.00%
08/01/2044
 
1,000
1,013,946
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019,
RB
5.00%
08/01/2049
 
500
532,551
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
5.00%
07/15/2043
 
495
523,124
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds
5.00%
09/01/2045
 
1,655
1,750,420
San Mateo Foster City School District, Series 2021 A, GO Bonds
2.50%
08/01/2046
 
1,000
741,514
San Mateo Foster City School District, Series 2021 A, GO Bonds
2.50%
08/01/2051
 
1,000
698,450
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
San Mateo Foster City School District (Election of 2014), Series 2018 C, GO Bonds, (INS - AGM)(a)
5.00%
08/01/2043
$
790
$814,256
San Mateo Union High School District, Series 2021 B, GO Bonds
2.00%
09/01/2045
 
1,000
669,401
San Mateo Union High School District, Series 2021 B, GO Bonds
2.13%
09/01/2048
 
300
196,579
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds
4.00%
08/01/2047
 
1,000
1,006,968
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds
3.25%
08/01/2039
 
50
48,932
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB
3.13%
05/01/2047
 
205
175,771
Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds
3.50%
07/01/2042
 
50
49,305
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
3.25%
07/01/2044
 
1,000
938,230
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
4.00%
07/01/2048
 
100
100,276
Santa Clara Valley Water District, Series 2016 A, Ref. RB
5.00%
06/01/2046
 
390
396,439
Santa Clarita Community College District, Series 2019, GO Bonds
3.00%
08/01/2049
 
5
4,217
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds
5.00%
08/01/2043
 
15
15,937
Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds
5.00%
08/01/2053
 
10
10,959
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds
4.00%
08/01/2046
 
1,000
1,005,091
South San Francisco Unified School District, Series 2023, GO Bonds
4.00%
09/01/2052
 
550
553,928
South San Francisco Unified School District (Election of 2022), Series 2023, GO Bonds
4.00%
09/01/2048
 
125
126,495
Southern California Public Power Authority, Series 2023-1A, RB
5.00%
07/01/2048
 
1,905
2,129,158
Southern California Public Power Authority, Series 2023-1A, RB
5.25%
07/01/2053
 
2,545
2,864,911
Southern California Public Power Authority, Series 2024, RB
5.00%
07/01/2049
 
1,050
1,180,440
Southern California Public Power Authority, Series 2024, RB
5.00%
07/01/2053
 
1,600
1,788,608
Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024,
RB
5.25%
07/01/2049
 
1,000
1,144,461
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%
08/01/2047
 
1,300
1,306,695
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
4.00%
04/01/2045
 
2,000
2,021,879
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
4.00%
08/01/2042
 
1,000
1,002,480
Sweetwater Union High School District (Election of 2018), Series 2022 A-1, GO Bonds
5.00%
08/01/2052
 
200
219,691
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
5.00%
10/01/2049
 
1,200
1,227,810
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)
4.00%
08/01/2039
 
2,000
2,051,621
University of California, Series 2016 AR, Ref. RB
5.00%
05/15/2041
 
700
716,986
University of California, Series 2016 AR, Ref. RB
5.00%
05/15/2046
 
1,135
1,158,962
University of California, Series 2017 AV, RB
5.25%
05/15/2042
 
1,000
1,048,043
University of California, Series 2018 AZ, Ref. RB
5.00%
05/15/2043
 
1,915
2,020,386
University of California, Series 2018 AZ, Ref. RB
5.00%
05/15/2048
 
1,500
1,573,223
University of California, Series 2018 AZ, Ref. RB
5.25%
05/15/2058
 
1,000
1,055,770
University of California, Series 2019 BB, Ref. RB
5.00%
05/15/2049
 
1,705
1,814,293
University of California, Series 2020 BE, Ref. RB
5.00%
05/15/2041
 
10
10,981
University of California, Series 2020 BE, Ref. RB
4.00%
05/15/2047
 
1,750
1,766,782
University of California, Series 2020 BE, Ref. RB
4.00%
05/15/2050
 
2,000
2,007,485
University of California, Series 2021 BH, Ref. RB
4.00%
05/15/2046
 
1,000
1,014,447
University of California, Series 2021 BH, Ref. RB
4.00%
05/15/2051
 
355
356,385
University of California, Series 2022 BK, RB
5.00%
05/15/2052
 
2,980
3,261,166
University of California, Series 2023 BN, Ref. RB
5.50%
05/15/2040
 
1,000
1,191,644
University of California, Series 2023 BN, Ref. RB
5.00%
05/15/2041
 
1,000
1,147,146
University of California, Series 2024 BS, Ref. RB
5.00%
05/15/2041
 
1,000
1,162,220
University of California, Series 2024 BS, Ref. RB
5.00%
05/15/2042
 
1,000
1,154,890
University of California, Series 2024 BS, Ref. RB
5.00%
05/15/2044
 
1,150
1,314,560
University of California, Series 2024 BV, Ref. RB
5.00%
05/15/2041
 
500
581,110
University of California, Series 2024 BV, Ref. RB
5.00%
05/15/2042
 
500
577,445
University of California, Series 2024 BV, Ref. RB
5.00%
05/15/2044
 
1,000
1,143,096
University of California, Series 2024 BV, Ref. RB
5.00%
05/15/2045
 
1,000
1,137,882
University of California, Series 2024 BW, Ref. RB
5.00%
05/15/2054
 
2,000
2,224,345
University of California (Limited), Series 2016 K, RB
4.00%
05/15/2046
 
1,650
1,654,465
University of California (Limited), Series 2017 M, RB
5.00%
05/15/2042
 
2,225
2,317,806
University of California (Limited), Series 2017 M, RB
4.00%
05/15/2047
 
125
125,598
University of California (Limited), Series 2018 O, Ref. RB
5.00%
05/15/2048
 
3,000
3,144,455
University of California (Limited), Series 2018 O, Ref. RB
5.00%
05/15/2058
 
1,500
1,568,087
University of California (Limited), Series 2021 Q, Ref. RB
5.00%
05/15/2046
 
2,000
2,186,932
University of California (Limited), Series 2021 Q, Ref. RB
3.00%
05/15/2051
 
2,000
1,674,860
University of California (Limited), Series 2021 Q, Ref. RB
4.00%
05/15/2051
 
1,250
1,251,341
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP
5.00%
01/01/2047
 
400
409,569
See accompanying notes which are an integral part of this schedule.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Vacaville Unified School District, Series 2020 D, GO Bonds
4.00%
08/01/2045
$
1,000
$1,007,398
Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds
4.00%
08/01/2052
 
415
418,316
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
5.25%
08/01/2048
 
1,500
1,673,281
Washington Township Health Care District, Series 2015 B, GO Bonds
4.00%
08/01/2045
 
10
9,994
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds
5.00%
08/01/2043
 
20
20,000
West Valley-Mission Community College District (Election of 2012), Series 2015 B, GO Bonds
4.00%
08/01/2040
 
1,225
1,225,664
 
 
 
 
697,031,720
Guam-0.01%
 
 
 
 
 
Guam (Territory of) Waterworks Authority, Series 2020 A, RB
5.00%
01/01/2050
 
50
52,039
TOTAL INVESTMENTS IN SECURITIES(d)-99.02%
(Cost $693,589,015)
697,083,759
OTHER ASSETS LESS LIABILITIES-0.98%
6,923,382
NET ASSETS-100.00%
$704,007,141
 
Investment Abbreviations:
AGM
-Assured Guaranty Municipal Corp.
BAM
-Build America Mutual Assurance Co.
COP
-Certificates of Participation
GO
-General Obligation
INS
-Insurer
RB
-Revenue Bonds
Ref.
-Refunding
 
Notes to Schedule of Investments:
(a)
Principal and/or interest payments are secured by the bond insurance company listed.
(b)
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c)
Security 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 November 30,
2024 represented less than 1% of the Fund’s Net Assets.
(d)
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
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
Invesco CEF Income Composite ETF (PCEF)
November 30, 2024
(Unaudited)
 
 
Shares
Value
Closed-End Funds-99.85%
Bonds-27.58%
BlackRock Core Bond Trust(a)
 
367,100
$4,140,888
BlackRock Credit Allocation Income Trust(a)
 
1,124,534
12,347,383
BlackRock Limited Duration Income Trust(a)
 
296,048
4,242,368
BlackRock Multi-Sector Income Trust(a)
 
316,115
4,624,762
BlackRock Taxable Municipal Bond Trust(a)
 
581,704
9,912,236
Blackstone Long-Short Credit Income Fund(a)
 
120,572
1,551,762
Cohen & Steers Limited Duration Preferred
and Income Fund, Inc.(a)
 
340,317
7,163,673
Cohen & Steers Select Preferred and Income
Fund, Inc.(a)
 
141,991
2,893,777
DoubleLine Income Solutions Fund(a)
 
751,933
9,624,742
DoubleLine Opportunistic Credit Fund(a)
 
125,369
1,936,951
Eaton Vance Limited Duration Income
Fund(a)
 
1,370,557
13,938,565
Eaton Vance Short Duration Diversified
Income Fund(a)
 
111,966
1,249,541
First Trust Intermediate Duration Preferred &
Income Fund(a)
 
582,943
10,982,646
Flaherty & Crumrine Dynamic Preferred and
Income Fund, Inc.(a)
 
265,530
5,467,263
Flaherty & Crumrine Preferred & Income
Securities Fund, Inc.(a)
 
620,557
9,829,623
Flaherty & Crumrine Total Return Fund,
Inc.(a)
 
139,587
2,333,895
Franklin Limited Duration Income Trust(a)
 
484,757
3,218,787
Guggenheim Taxable Municipal Bond &
Investment Grade Debt Trust(a)
 
171,674
2,729,617
Invesco Bond Fund(a)(b)
 
94,412
1,495,486
Invesco Senior Income Trust(a)(b)
 
1,066,478
4,233,918
John Hancock Preferred Income Fund
 
174,854
3,086,173
John Hancock Preferred Income Fund II
 
145,658
2,527,166
John Hancock Preferred Income Fund III(a)
 
206,953
3,261,579
John Hancock Premium Dividend Fund
 
467,841
6,189,536
MFS Charter Income Trust(a)
 
518,871
3,276,670
MFS Intermediate Income Trust(a)
 
1,104,481
2,998,666
MFS Multimarket Income Trust(a)
 
675,482
3,181,520
Nuveen Credit Strategies Income Fund(a)
 
1,305,463
7,650,013
Nuveen Floating Rate Income Fund(a)
 
1,598,731
14,580,427
Nuveen Global High Income Fund(a)
 
280,251
3,727,338
Nuveen Preferred & Income Opportunities
Fund(a)
 
2,977,854
24,061,060
Nuveen Taxable Municipal Income Fund(a)
 
283,538
4,638,682
PIMCO Dynamic Income Opportunities
Fund(a)
 
806,484
11,016,571
PIMCO Income Strategy Fund(a)
 
290,229
2,466,947
PIMCO Income Strategy Fund II(a)
 
608,985
4,579,567
Pioneer Floating Rate Fund, Inc.(a)
 
119,819
1,182,614
Putnam Premier Income Trust
 
1,141,286
4,062,978
Saba Capital Income & Opportunities Fund II
 
380,426
3,389,596
Western Asset Inflation-Linked Opportunities
& Income Fund(a)
 
947,444
8,233,288
 
 
228,028,274
Bonds/High Yield-18.09%
Aberdeen Asia-Pacific Income Fund, Inc.(a)
 
497,686
7,893,300
AllianceBernstein Global High Income Fund,
Inc.(a)
 
816,907
8,994,146
Allspring Income Opportunities Fund(a)
 
707,770
4,968,545
Allspring Multi-Sector Income Fund(a)
 
375,896
3,416,895
Barings Global Short Duration High Yield
Fund(a)
 
242,618
3,852,774
BlackRock Corporate High Yield Fund, Inc.
 
1,043,750
10,343,562
 
Shares
Value
Bonds/High Yield-(continued)
BlackRock Debt Strategies Fund, Inc.(a)
 
339,540
$3,687,404
BlackRock Floating Rate Income Strategies
Fund, Inc.(a)
 
288,396
4,031,776
BlackRock Floating Rate Income Trust(a)
 
167,684
2,191,630
BNY Mellon High Yield Strategies Fund
 
978,561
2,593,187
Credit Suisse Asset Management Income
Fund, Inc.
 
387,343
1,154,282
Credit Suisse High Yield Bond Fund
 
1,202,779
2,646,114
Eaton Vance Floating-Rate Income Trust(a)
 
222,794
2,994,351
Eaton Vance Senior Floating-Rate Trust(a)
 
244,832
3,182,816
First Trust Senior Floating Rate Income Fund
II(a)
 
311,493
3,251,987
High Income Securities Fund(a)
 
390,821
2,661,491
Highland Opportunities and Income Fund(a)
 
1,833,388
10,798,655
Morgan Stanley Emerging Markets Debt
Fund, Inc.(a)
 
185,334
1,443,752
Morgan Stanley Emerging Markets Domestic
Debt Fund, Inc.(a)
 
880,879
4,104,896
Neuberger Berman High Yield Strategies
Fund, Inc.
 
182,211
1,424,890
New America High Income Fund, Inc. (The)(a)
 
193,117
1,602,871
Nuveen NASDAQ 100 Dynamic Overwrite
Fund
 
676,232
17,839,000
PGIM Global High Yield Fund, Inc.(a)
 
488,593
6,205,131
PGIM High Yield Bond Fund, Inc.(a)
 
316,378
4,416,637
PGIM Short Duration High Yield Opportunities
Fund(a)
 
331,998
5,544,367
PIMCO High Income Fund(a)
 
1,106,488
5,554,570
Pioneer High Income Fund, Inc.(a)
 
354,970
2,814,912
Templeton Emerging Markets Income Fund(a)
 
563,250
3,021,836
Western Asset Emerging Markets Debt Fund,
Inc.(a)
 
705,792
7,057,920
Western Asset Global High Income Fund,
Inc.(a)
 
224,305
1,509,573
Western Asset High Income Fund II, Inc.(a)
 
870,973
3,875,830
Western Asset High Income Opportunity
Fund, Inc.(a)
 
1,136,470
4,523,151
 
 
149,602,251
Domestic Equity-3.70%
John Hancock Tax-Advantaged Dividend
Income Fund
 
475,535
11,241,647
Virtus Dividend, Interest & Premium Strategy
Fund
 
1,464,461
19,374,819
 
 
30,616,466
Equities-9.11%
BlackRock Capital Allocation Term Trust(a)
 
1,249,638
20,381,596
BlackRock Health Sciences Term Trust
 
1,546,211
24,213,664
BlackRock Innovation and Growth Term
Trust
 
3,285,533
26,251,409
BlackRock Utilities, Infrastructure & Power
Opportunities Trust(a)
 
188,220
4,489,047
 
 
75,335,716
Fixed Income-8.12%
Barings Corporate Investors(a)
 
168,002
3,318,040
BlackRock ESG Capital Allocation Term
Trust(a)
 
1,193,599
20,840,239
BlackRock Income Trust, Inc.(a)
 
179,303
2,167,773
BlackRock Science & Technology Term
Trust(a)
 
1,106,653
23,582,775
See accompanying notes which are an integral part of this schedule.
Invesco CEF Income Composite ETF (PCEF)—(continued)
November 30, 2024
(Unaudited)
 
Shares
Value
Fixed Income-(continued)
Nuveen Variable Rate Preferred & Income
Fund(a)
 
295,098
$5,692,440
PIMCO Corporate & Income Strategy Fund(a)
 
361,466
5,082,212
Saba Capital Income & Opportunities Fund
 
569,857
4,467,678
TCW Strategic Income Fund, Inc.(a)
 
394,792
1,970,012
 
 
67,121,169
Foreign Equity-0.40%
Allspring Global Dividend Opportunity Fund(a)
 
654,537
3,259,594
Option Income-32.85%
BlackRock Energy and Resources Trust
 
404,734
5,532,714
BlackRock Enhanced Capital and Income
Fund, Inc.
 
585,024
11,770,683
BlackRock Enhanced Equity Dividend Trust
 
2,467,998
22,187,302
BlackRock Enhanced Global Dividend Trust
 
912,220
10,362,819
BlackRock Enhanced International Dividend
Trust
 
1,487,565
8,285,737
BlackRock Health Sciences Trust
 
166,555
6,647,210
BlackRock Resources & Commodities
Strategy Trust
 
1,239,010
11,733,425
BlackRock Science & Technology Trust(a)
 
423,698
15,681,063
Columbia Seligman Premium Technology
Growth Fund, Inc.(a)
 
117,115
4,004,162
Eaton Vance Enhanced Equity Income
Fund(a)
 
381,817
8,312,156
Eaton Vance Enhanced Equity Income Fund
II(a)
 
510,018
11,980,323
Eaton Vance Risk-Managed Diversified Equity
Income Fund
 
804,209
7,567,607
Eaton Vance Tax-Managed Buy-Write Income
Fund(a)
 
354,074
5,335,895
Eaton Vance Tax-Managed Buy-Write
Opportunities Fund
 
1,400,761
20,226,989
Eaton Vance Tax-Managed Diversified Equity
Income Fund(a)
 
1,522,038
23,028,435
Eaton Vance Tax-Managed Global Buy Write
Opportunities Fund(a)
 
1,655,483
14,187,489
Eaton Vance Tax-Managed Global Diversified
Equity Income Fund(a)
 
4,226,494
35,671,609
First Trust Enhanced Equity Income Fund
 
192,637
4,014,555
John Hancock Hedged Equity & Income
Fund(a)
 
184,023
2,044,496
 
Shares
Value
Option Income-(continued)
Nuveen Dow 30sm Dynamic Overwrite
Fund(a)
 
553,632
$8,719,704
Nuveen S&P 500 Buy-Write Income Fund(a)
 
1,439,365
20,194,291
Nuveen S&P 500 Dynamic Overwrite Fund(a)
 
222,550
3,925,782
Voya Global Advantage and Premium
Opportunity Fund(a)
 
207,281
2,014,771
Voya Global Equity Dividend and Premium
Opportunity Fund(a)
 
1,053,460
5,952,049
Voya Infrastructure Industrials and Materials
Fund(a)
 
201,615
2,231,878
 
 
271,613,144
Total Closed-End Funds
(Cost $768,128,129)
825,576,614
Money Market Funds-0.04%
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(b)(c)
(Cost $305,959)
 
305,959
305,959
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.89%
(Cost $768,434,088)
825,882,573
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.61%
Invesco Private Government Fund,
4.63%(b)(c)(d)
 
6,047,788
6,047,788
Invesco Private Prime Fund, 4.71%(b)(c)(d)
 
15,554,242
15,558,908
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $21,606,696)
21,606,696
TOTAL INVESTMENTS IN SECURITIES-102.50%
(Cost $790,040,784)
847,489,269
OTHER ASSETS LESS LIABILITIES-(2.50)%
(20,690,939
)
NET ASSETS-100.00%
$826,798,330
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at November 30, 2024.
(b)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend
Income
Invesco Bond Fund
$1,494,690
$85,120
$(3,374
)
$(81,327
)
$377
$1,495,486
$20,535
Invesco Senior Income
Trust
4,210,779
363,816
(9,058
)
(332,535
)
916
4,233,918
133,401
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
669,620
7,578,405
(7,942,066
)
-
-
305,959
6,289
See accompanying notes which are an integral part of this schedule.
Invesco CEF Income Composite ETF (PCEF)—(continued)
November 30, 2024
(Unaudited)
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend
Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
$5,109,502
$32,793,939
$(31,855,653
)
$-
$-
$6,047,788
$95,806
*
Invesco Private Prime Fund
13,276,703
68,373,443
(66,088,602
)
(788
)
(1,848
)
15,558,908
250,976
*
Total
$24,761,294
$109,194,723
$(105,898,753
)
$(414,650
)
$(555
)
$27,642,059
$507,007
 
*
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.
 
(c)
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
(d)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
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
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)
November 30, 2024
(Unaudited)
 
 
Principal
Amount
Value
U.S. Treasury Securities-98.86%
U.S. Treasury Bonds-78.76%
7.63%, 02/15/2025(a)
$
34,554,000
$34,763,658
6.00%, 02/15/2026
 
34,737,500
35,491,955
6.63%, 02/15/2027
 
33,390,900
35,270,442
5.25%, 02/15/2029
 
34,145,000
35,774,890
5.38%, 02/15/2031
 
33,225,900
35,569,884
4.50%, 02/15/2036
 
28,728,500
29,739,608
4.75%, 02/15/2037
 
33,625,300
35,416,898
4.38%, 02/15/2038
 
35,088,700
35,579,394
3.50%, 02/15/2039
 
39,237,000
36,010,677
4.63%, 02/15/2040
 
34,688,900
35,810,869
4.75%, 02/15/2041
 
34,230,100
35,816,585
3.13%, 02/15/2042
 
43,001,600
36,285,959
3.13%, 02/15/2043
 
43,475,300
36,138,843
3.63%, 02/15/2044
 
40,380,600
35,804,658
2.50%, 02/15/2045
 
49,083,800
35,948,131
2.50%, 02/15/2046
 
49,651,000
35,932,972
3.00%, 02/15/2047
 
45,508,200
35,706,161
3.00%, 02/15/2048
 
45,924,900
35,795,410
3.00%, 02/15/2049
 
45,891,700
35,592,957
2.00%, 02/15/2050
 
57,184,900
35,624,406
1.88%, 02/15/2051
 
59,555,600
35,747,319
2.25%, 02/15/2052
 
54,322,300
35,504,716
3.63%, 02/15/2053
 
40,642,400
35,430,330
4.25%, 02/15/2054
 
36,367,300
35,531,278
 
 
850,288,000
U.S. Treasury Notes-20.10%
2.75%, 02/15/2028
 
37,780,800
36,249,645
1.50%, 02/15/2030
 
41,656,700
36,611,521
1.88%, 02/15/2032
 
42,397,000
36,439,890
3.50%, 02/15/2033
 
37,796,000
36,049,411
4.00%, 02/15/2034
 
36,193,600
35,656,351
4.25%, 11/15/2034
 
35,860,000
36,025,292
 
 
217,032,110
Total U.S. Treasury Securities
(Cost $1,161,563,895)
1,067,320,110
 
Shares
Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(b)(c)
(Cost $40,599)
 
40,599
$40,599
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-98.86%
(Cost $1,161,604,494)
1,067,360,709
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.10%
Invesco Private Government Fund,
4.63%(b)(c)(d)
 
314,561
314,561
Invesco Private Prime Fund, 4.71%(b)(c)(d)
 
731,473
731,692
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $1,046,253)
1,046,253
TOTAL INVESTMENTS IN SECURITIES-98.96%
(Cost $1,162,650,747)
1,068,406,962
OTHER ASSETS LESS LIABILITIES-1.04%
11,181,187
NET ASSETS-100.00%
$1,079,588,149
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at November 30, 2024.
(b)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio, Institutional
Class
$16,348,308
$9,125,741
$(25,433,450
)
$-
$-
$40,599
$10,748
See accompanying notes which are an integral part of this schedule.
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)—(continued)
November 30, 2024
(Unaudited)
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend
Income
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$477,789
$272,577,077
$(272,740,305
)
$-
$-
$314,561
$124,455
*
Invesco Private Prime Fund
1,398,817
246,489,480
(247,150,215
)
-
(6,390
)
731,692
217,859
*
Total
$18,224,914
$528,192,298
$(545,323,970
)
$-
$(6,390
)
$1,086,852
$353,062
 
*
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.
 
(c)
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
(d)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
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
Invesco Floating Rate Municipal Income ETF (PVI)
November 30, 2024
(Unaudited)
 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations-98.98%
 
 
 
 
 
California-16.77%
 
 
 
 
 
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB(a)
1.70%
07/01/2034
$
1,500
$1,500,000
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB,
(LOC - Bank of the West)(a)(b)
1.75%
09/01/2033
 
900
900,000
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second
Series 2018 B, VRD RB, (LOC - Barclays Bank PLC)(a)(b)
1.15%
05/01/2058
 
1,000
1,000,000
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB,
(LOC - Wells Fargo Bank, N.A.)(a)(b)
1.90%
04/01/2039
 
1,800
1,800,000
 
 
 
 
5,200,000
Connecticut-3.87%
 
 
 
 
 
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(a)
2.85%
11/15/2050
 
1,200
1,200,000
District of Columbia-3.22%
 
 
 
 
 
District of Columbia (Tranche 3), Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)(a)(b)
2.15%
08/15/2038
 
1,000
1,000,000
Florida-15.80%
 
 
 
 
 
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)
2.15%
09/01/2035
 
1,200
1,200,000
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
3.00%
06/01/2048
 
500
500,000
JEA Electric System, Series 2008 3C-2, VRD RB(a)
2.90%
10/01/2034
 
500
500,000
Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB(a)
1.94%
10/01/2039
 
1,200
1,200,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c)
2.15%
10/01/2038
 
1,500
1,500,000
 
 
 
 
4,900,000
Illinois-3.87%
 
 
 
 
 
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 F,
Ref. VRD RB(a)
0.25%
08/15/2057
 
1,200
1,200,000
Louisiana-2.58%
 
 
 
 
 
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD
RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
2.15%
09/01/2033
 
800
800,000
Maryland-0.97%
 
 
 
 
 
Howard (County of), MD Housing Commission (Social Bonds) (Beech’s Farm Apartments), Series 2023,
VRD RB, (LOC - PNC Bank, N.A.)(a)(b)
2.80%
12/01/2062
 
300
300,000
Massachusetts-0.35%
 
 
 
 
 
Massachusetts (Commonwealth of) Water Resources Authority, Series 2008 E, VRD Ref. RB(a)
2.45%
08/01/2037
 
110
110,000
Minnesota-3.87%
 
 
 
 
 
Hennepin (County of), MN, Series 2018 B, Ref. VRD GO Bonds(a)
2.80%
12/01/2038
 
1,200
1,200,000
Missouri-0.65%
 
 
 
 
 
Kansas City (City of), MO (H Roe Bartle Convention Center), Series 2008 F, Ref. VRD RB,
(LOC - Sumitomo Mitsui Banking Corp.)(a)(b)
2.31%
04/15/2025
 
200
200,000
New York-27.33%
 
 
 
 
 
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a)
0.88%
11/01/2038
 
800
800,000
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)
3.02%
11/01/2026
 
700
700,000
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds(a)
0.60%
08/01/2044
 
1,000
1,000,000
New York (City of), NY Municipal Water Finance Authority, Series 2012, VRD RB(a)
2.80%
06/15/2046
 
1,375
1,375,000
New York (City of), NY Transitional Finance Authority, Subseries 2012 C-4, VRD RB(a)
0.60%
11/01/2036
 
1,200
1,200,000
New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB(a)
2.85%
07/01/2039
 
1,200
1,200,000
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010 A, VRD RB,
(LOC - Helaba)(a)(b)
2.25%
11/01/2044
 
1,000
1,000,000
New York City Housing Development Corp., Series 2006 A, VRD RB, (LOC - Fannie Mae)(a)(b)
2.16%
10/15/2041
 
1,200
1,200,000
 
 
 
 
8,475,000
Ohio-0.97%
 
 
 
 
 
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Museum of Art), Series 2005 D, VRD
RB(a)
2.80%
10/01/2040
 
300
300,000
Pennsylvania-4.51%
 
 
 
 
 
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGM)(a)(c)
2.25%
12/01/2028
 
1,400
1,400,000
Texas-8.42%
 
 
 
 
 
Board of Regents of the University of Texas System, Series 2008 B, VRD RB(a)
2.80%
08/01/2039
 
1,000
1,000,000
See accompanying notes which are an integral part of this schedule.
Invesco Floating Rate Municipal Income ETF (PVI)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), Series 2015, VRD
RB, (LOC - TD Bank, N.A.)(a)(b)
2.15%
10/01/2045
$
400
$400,000
Texas (State of), Series 2015 B, VRD GO Bonds(a)
2.10%
06/01/2046
 
1,210
1,210,000
 
 
 
 
2,610,000
Virginia-1.29%
 
 
 
 
 
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020,
VRD Ref. RB(a)
2.92%
07/01/2037
 
400
400,000
Wisconsin-4.51%
 
 
 
 
 
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004,
VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
2.15%
08/15/2034
 
200
200,000
Wisconsin (State of) Housing & Economic Development Authority, Series 2015 C, VRD RB(a)
2.85%
03/01/2031
 
1,200
1,200,000
 
 
 
 
1,400,000
TOTAL INVESTMENTS IN SECURITIES(d)-98.98%
(Cost $30,695,000)
30,695,000
OTHER ASSETS LESS LIABILITIES-1.02%
317,724
NET ASSETS-100.00%
$31,012,724
 
Investment Abbreviations:
AGC
-Assured Guaranty Corp.
AGM
-Assured Guaranty Municipal Corp.
GO
-General Obligation
INS
-Insurer
LOC
-Letter of Credit
RB
-Revenue Bonds
Ref.
-Refunding
VRD
-Variable Rate Demand
 
Notes to Schedule of Investments:
(a)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by
the issuer or agent based on current market conditions. Rate shown is the rate in effect on November 30, 2024.
(b)
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(c)
Principal and/or interest payments are secured by the bond insurance company listed.
(d)
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily
responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
 
Entities
Percentage
TD Bank, N.A.
7.49%
Wells Fargo Bank, N.A.
5.86%
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 Fundamental High Yield® Corporate Bond ETF (PHB)
November 30, 2024
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-99.04%
Aerospace & Defense-1.38%
Hexcel Corp., 4.20%, 02/15/2027
$
1,139,000
$1,118,099
Spirit AeroSystems, Inc., 9.75%,
11/15/2030(b)
 
1,239,000
1,377,956
TransDigm, Inc.
 
5.50%, 11/15/2027
 
1,631,000
1,618,530
6.63%, 03/01/2032(b)
 
1,602,000
1,642,914
 
 
5,757,499
Air Freight & Logistics-0.68%
GN Bondco LLC, 9.50%, 10/15/2031(b)(c)
 
853,000
908,604
GXO Logistics, Inc.
 
1.65%, 07/15/2026
 
1,018,000
967,057
2.65%, 07/15/2031(c)
 
1,139,000
987,589
 
 
2,863,250
Automobile Components-3.29%
Avis Budget Car Rental LLC/Avis Budget
Finance, Inc., 8.00%, 02/15/2031(b)(c)
 
3,226,000
3,358,937
Dana, Inc.
 
5.63%, 06/15/2028(c)
 
942,000
937,832
4.25%, 09/01/2030
 
1,066,000
953,456
Goodyear Tire & Rubber Co. (The)
 
5.00%, 07/15/2029(c)
 
1,417,000
1,327,429
5.25%, 07/15/2031(c)
 
1,428,000
1,314,946
Patrick Industries, Inc., 6.38%,
11/01/2032(b)(c)
 
1,180,000
1,168,346
PHINIA, Inc., 6.63%, 10/15/2032(b)(c)
 
1,230,000
1,240,079
United Rentals (North America), Inc.
 
4.88%, 01/15/2028(c)
 
1,742,000
1,716,693
3.88%, 02/15/2031(c)
 
1,907,000
1,744,736
 
 
13,762,454
Automobiles-1.98%
Ford Motor Co., 3.25%, 02/12/2032(c)
 
4,862,000
4,149,325
Ford Motor Credit Co. LLC, 3.38%,
11/13/2025
 
4,200,000
4,129,033
 
 
8,278,358
Broadline Retail-1.99%
Kohl’s Corp.
 
4.25%, 07/17/2025
 
1,486,000
1,468,433
4.63%, 05/01/2031(c)
 
1,764,000
1,428,267
Macy’s Retail Holdings LLC, 6.13%,
03/15/2032(b)
 
3,181,000
3,043,314
Nordstrom, Inc.
 
4.00%, 03/15/2027
 
1,252,000
1,207,167
4.38%, 04/01/2030(c)
 
1,287,000
1,177,072
 
 
8,324,253
Building Products-0.90%
Builders FirstSource, Inc., 4.25%,
02/01/2032(b)(c)
 
3,061,000
2,790,863
Griffon Corp., 5.75%, 03/01/2028(c)
 
1,003,000
991,656
 
 
3,782,519
Capital Markets-1.03%
Coinbase Global, Inc., 3.63%,
10/01/2031(b)(c)
 
3,254,000
2,827,632
StoneX Group, Inc., 7.88%, 03/01/2031(b)
 
1,391,000
1,472,323
 
 
4,299,955
Chemicals-3.52%
Ashland, Inc., 3.38%, 09/01/2031(b)(c)
 
1,506,000
1,313,828
 
Principal
Amount
Value
Chemicals-(continued)
Avient Corp., 6.25%, 11/01/2031(b)
$
1,368,000
$1,384,194
Axalta Coating Systems Dutch Holding B
B.V., 7.25%, 02/15/2031(b)(c)
 
1,650,800
1,733,259
Celanese US Holdings LLC
 
6.17%, 07/15/2027
 
1,268,000
1,294,091
6.95%, 11/15/2033
 
1,250,000
1,337,644
Chemours Co. (The), 5.38%, 05/15/2027
 
1,998,000
1,965,720
Olin Corp., 5.63%, 08/01/2029(c)
 
2,126,000
2,111,603
Scotts Miracle-Gro Co. (The), 4.00%,
04/01/2031(c)
 
1,883,000
1,683,123
Wayfair LLC, 7.25%, 10/31/2029(b)(c)
 
1,875,000
1,904,800
 
 
14,728,262
Commercial Services & Supplies-1.89%
ADT Security Corp. (The)
 
4.13%, 08/01/2029(b)(c)
 
1,346,000
1,262,152
4.88%, 07/15/2032(b)(c)
 
1,375,000
1,281,360
Brink’s Co. (The), 6.75%, 06/15/2032(b)(c)
 
1,404,000
1,433,813
Crown Americas LLC/Crown Americas
Capital Corp. V, 4.25%, 09/30/2026
 
1,202,000
1,180,561
GEO Group, Inc. (The), 10.25%,
04/15/2031
 
1,389,000
1,521,647
Steelcase, Inc., 5.13%, 01/18/2029
 
1,257,000
1,223,718
 
 
7,903,251
Construction & Engineering-1.46%
AECOM, 5.13%, 03/15/2027
 
2,543,000
2,526,879
Arcosa, Inc., 6.88%, 08/15/2032(b)(c)
 
976,000
1,008,480
Baldwin Insurance Group Holdings LLC/
Baldwin Insurance Group Holdings
Finance, 7.13%, 05/15/2031(b)
 
601,000
618,984
Fluor Corp., 4.25%, 09/15/2028(c)
 
1,998,000
1,930,945
 
 
6,085,288
Consumer Finance-4.29%
Ally Financial, Inc.
 
5.75%, 11/20/2025(c)
 
2,166,000
2,175,828
6.70%, 02/14/2033(c)
 
2,169,000
2,238,093
FirstCash, Inc., 6.88%, 03/01/2032(b)
 
1,187,000
1,211,734
Navient Corp.
 
5.50%, 03/15/2029(c)
 
1,363,000
1,306,321
5.63%, 08/01/2033
 
1,521,000
1,360,069
OneMain Finance Corp.
 
7.13%, 03/15/2026
 
1,232,000
1,259,648
4.00%, 09/15/2030
 
1,625,000
1,461,779
SLM Corp., 4.20%, 10/29/2025
 
1,939,000
1,912,785
Synchrony Financial, 7.25%,
02/02/2033(c)
 
4,738,000
4,998,462
 
 
17,924,719
Consumer Staples Distribution & Retail-2.37%
Performance Food Group, Inc., 6.13%,
09/15/2032(b)(c)
 
3,145,000
3,176,821
Walgreens Boots Alliance, Inc.
 
3.45%, 06/01/2026(c)
 
3,615,000
3,501,662
3.20%, 04/15/2030(c)
 
3,960,000
3,220,119
 
 
9,898,602
Containers & Packaging-3.28%
Ball Corp., 2.88%, 08/15/2030(c)
 
3,146,000
2,765,655
Berry Global, Inc.
 
1.57%, 01/15/2026
 
1,271,000
1,225,468
5.65%, 01/15/2034(b)
 
1,185,000
1,213,610
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Containers & Packaging-(continued)
Crown Americas LLC, 5.25%,
04/01/2030(c)
$
1,218,000
$1,203,463
Graphic Packaging International LLC
 
3.50%, 03/15/2028(b)(c)
 
1,086,000
1,021,695
6.38%, 07/15/2032(b)(c)
 
1,006,000
1,025,973
Owens-Brockway Glass Container, Inc.,
7.25%, 05/15/2031(b)(c)
 
1,758,000
1,753,601
Sealed Air Corp.
 
4.00%, 12/01/2027(b)
 
963,000
924,663
6.88%, 07/15/2033(b)(c)
 
874,000
927,682
Silgan Holdings, Inc., 4.13%, 02/01/2028
 
1,728,000
1,663,259
 
 
13,725,069
Distributors-1.00%
Windsor Holdings III LLC, 8.50%,
06/15/2030(b)
 
3,926,000
4,175,847
Diversified Consumer Services-0.48%
Service Corp. International
 
5.13%, 06/01/2029(c)
 
1,004,000
990,370
5.75%, 10/15/2032(c)
 
1,014,000
1,011,509
 
 
2,001,879
Diversified REITs-1.31%
Global Net Lease, Inc./Global Net Lease
Operating Partnership L.P., 3.75%,
12/15/2027(b)(c)
 
1,229,000
1,141,108
Hudson Pacific Properties L.P.
 
3.95%, 11/01/2027
 
830,000
736,814
3.25%, 01/15/2030(c)
 
948,000
703,511
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/2032(b)(c)
 
3,093,000
2,915,760
 
 
5,497,193
Diversified Telecommunication Services-1.11%
Level 3 Financing, Inc.
 
10.50%, 04/15/2029(b)
 
2,048,000
2,301,456
10.50%, 05/15/2030(b)
 
2,108,000
2,324,066
 
 
4,625,522
Electric Utilities-3.11%
DPL, Inc., 4.13%, 07/01/2025
 
3,350,000
3,333,466
NRG Energy, Inc., 6.25%, 11/01/2034(b)(c)
 
3,125,000
3,126,595
PG&E Corp., 5.25%, 07/01/2030(c)
 
3,793,000
3,730,559
Vistra Operations Co. LLC, 7.75%,
10/15/2031(b)
 
2,663,000
2,831,123
 
 
13,021,743
Electrical Equipment-1.72%
Atkore, Inc., 4.25%, 06/01/2031(b)(c)
 
1,560,000
1,418,668
Regal Rexnord Corp.
 
6.05%, 02/15/2026
 
832,000
840,450
6.40%, 04/15/2033
 
796,000
839,398
Sensata Technologies, Inc., 6.63%,
07/15/2032(b)(c)
 
1,526,000
1,558,212
WESCO Distribution, Inc., 6.63%,
03/15/2032(b)
 
2,463,000
2,544,562
 
 
7,201,290
Electronic Equipment, Instruments & Components-1.26%
Insight Enterprises, Inc., 6.63%,
05/15/2032(b)(c)
 
1,841,000
1,884,790
 
Principal
Amount
Value
Electronic Equipment, Instruments & Components-(continued)
Vontier Corp.
 
1.80%, 04/01/2026
$
798,000
$765,906
2.95%, 04/01/2031
 
887,000
770,405
Zebra Technologies Corp., 6.50%,
06/01/2032(b)
 
1,818,000
1,866,769
 
 
5,287,870
Energy Equipment & Services-0.64%
Diamond Foreign Asset Co./Diamond
Finance LLC, 8.50%, 10/01/2030(b)
 
553,000
577,826
Permian Resources Operating LLC, 7.00%,
01/15/2032(b)
 
1,269,000
1,307,575
Valaris Ltd., 8.38%, 04/30/2030(b)
 
762,000
776,608
 
 
2,662,009
Entertainment-0.67%
Cinemark USA, Inc., 7.00%,
08/01/2032(b)(c)
 
1,232,000
1,276,764
Light and Wonder International, Inc.,
7.50%, 09/01/2031(b)
 
1,476,000
1,538,054
 
 
2,814,818
Financial Services-2.67%
Adient Global Holdings Ltd., 8.25%,
04/15/2031(b)(c)
 
1,869,000
1,953,848
Block, Inc.
 
2.75%, 06/01/2026
 
1,211,000
1,170,718
3.50%, 06/01/2031(c)
 
1,299,000
1,168,084
HAT Holdings I LLC/HAT Holdings II LLC
 
8.00%, 06/15/2027(b)(c)
 
388,000
405,032
3.75%, 09/15/2030(b)(c)
 
491,000
431,689
Nationstar Mortgage Holdings, Inc., 7.13%,
02/01/2032(b)(c)
 
1,684,000
1,738,924
PennyMac Financial Services, Inc., 5.75%,
09/15/2031(b)(c)
 
1,872,000
1,814,952
Vornado Realty L.P.
 
2.15%, 06/01/2026
 
1,267,000
1,207,498
3.40%, 06/01/2031
 
1,481,000
1,282,522
 
 
11,173,267
Food Products-1.46%
Lamb Weston Holdings, Inc.
 
4.88%, 05/15/2028(b)(c)
 
895,000
877,571
4.38%, 01/31/2032(b)
 
980,000
898,775
Pilgrim’s Pride Corp., 3.50%, 03/01/2032
 
2,902,000
2,555,055
Post Holdings, Inc., 4.50%, 09/15/2031(b)
 
1,940,000
1,768,691
 
 
6,100,092
Gas Utilities-0.59%
AmeriGas Partners L.P./AmeriGas Finance
Corp., 5.88%, 08/20/2026
 
2,512,000
2,471,054
Ground Transportation-1.10%
Hertz Corp. (The), 12.63%,
07/15/2029(b)(c)
 
2,719,000
2,953,796
XPO, Inc., 7.13%, 02/01/2032(b)(c)
 
1,577,000
1,645,564
 
 
4,599,360
Health Care Equipment & Supplies-0.54%
Neogen Food Safety Corp., 8.63%,
07/20/2030(b)(c)
 
721,000
780,232
Teleflex, Inc., 4.63%, 11/15/2027(c)
 
1,517,000
1,485,502
 
 
2,265,734
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Health Care Providers & Services-4.19%
Centene Corp.
 
2.45%, 07/15/2028
$
3,564,000
$3,225,194
4.63%, 12/15/2029
 
3,289,000
3,155,480
DaVita, Inc., 6.88%, 09/01/2032(b)
 
2,866,000
2,962,191
Encompass Health Corp., 4.75%,
02/01/2030(c)
 
1,708,000
1,654,640
Molina Healthcare, Inc., 3.88%,
05/15/2032(b)
 
3,521,000
3,119,361
Tenet Healthcare Corp., 6.13%,
06/15/2030
 
3,375,000
3,396,489
 
 
17,513,355
Health Care REITs-0.83%
MPT Operating Partnership L.P./MPT
Finance Corp.
 
5.00%, 10/15/2027
 
1,221,000
1,032,825
3.50%, 03/15/2031(c)
 
1,523,000
995,441
Sabra Health Care L.P.
 
5.13%, 08/15/2026
 
713,000
713,848
3.20%, 12/01/2031(c)
 
853,000
746,999
 
 
3,489,113
Hotel & Resort REITs-0.66%
RHP Hotel Properties L.P./RHP Finance
Corp.
 
4.75%, 10/15/2027
 
601,000
590,402
6.50%, 04/01/2032(b)
 
583,000
593,084
Service Properties Trust
 
5.50%, 12/15/2027
 
839,000
803,504
8.63%, 11/15/2031(b)(c)
 
747,000
788,730
 
 
2,775,720
Hotels, Restaurants & Leisure-7.98%
Boyd Gaming Corp., 4.75%,
06/15/2031(b)(c)
 
1,575,000
1,469,484
Brinker International, Inc., 8.25%,
07/15/2030(b)
 
1,155,000
1,228,943
Caesars Entertainment, Inc., 6.50%,
02/15/2032(b)(c)
 
2,428,000
2,478,578
Carnival Corp., 5.75%, 03/01/2027(b)
 
2,874,000
2,888,315
Churchill Downs, Inc.
 
5.50%, 04/01/2027(b)(c)
 
536,000
535,296
6.75%, 05/01/2031(b)
 
522,000
535,004
Hilton Domestic Operating Co., Inc., 4.88%,
01/15/2030(c)
 
2,296,000
2,234,404
International Game Technology PLC,
6.25%, 01/15/2027(b)
 
1,788,700
1,808,078
Las Vegas Sands Corp.
 
3.90%, 08/08/2029
 
1,913,000
1,791,561
6.20%, 08/15/2034
 
1,716,000
1,763,887
Life Time, Inc., 6.00%, 11/15/2031(b)
 
1,076,000
1,077,257
MGM Resorts International
 
4.75%, 10/15/2028(c)
 
1,600,000
1,553,625
6.50%, 04/15/2032(c)
 
1,539,000
1,555,352
NCL Corp. Ltd., 7.75%, 02/15/2029(b)
 
1,415,000
1,510,791
Royal Caribbean Cruises Ltd.
 
5.50%, 04/01/2028(b)(c)
 
1,107,000
1,108,011
6.25%, 03/15/2032(b)
 
1,111,000
1,135,965
Six Flags Entertainment Corp., 7.25%,
05/15/2031(b)(c)
 
1,222,000
1,262,883
Station Casinos LLC, 6.63%,
03/15/2032(b)(c)
 
1,259,000
1,263,132
 
Principal
Amount
Value
Hotels, Restaurants & Leisure-(continued)
Travel + Leisure Co., Series J, 6.00%,
04/01/2027
$
1,633,000
$1,649,822
Vail Resorts, Inc., 6.50%, 05/15/2032(b)(c)
 
1,630,000
1,675,231
Yum! Brands, Inc., 3.63%, 03/15/2031(c)
 
3,160,000
2,864,083
 
 
33,389,702
Household Durables-3.75%
Century Communities, Inc., 6.75%,
06/01/2027
 
1,170,000
1,177,946
KB Home, 4.00%, 06/15/2031
 
1,742,000
1,582,910
LGI Homes, Inc., 7.00%, 11/15/2032(b)
 
1,203,000
1,214,627
M/I Homes, Inc., 4.95%, 02/01/2028
 
1,396,000
1,374,483
MDC Holdings, Inc., 2.50%, 01/15/2031
 
1,852,000
1,628,310
Newell Brands, Inc.
 
6.63%, 09/15/2029
 
1,118,000
1,149,840
6.63%, 05/15/2032
 
1,150,000
1,173,063
Taylor Morrison Communities, Inc.
 
5.88%, 06/15/2027(b)
 
946,000
957,903
5.13%, 08/01/2030(b)
 
999,000
975,756
Tempur Sealy International, Inc., 3.88%,
10/15/2031(b)
 
1,665,000
1,477,330
TopBuild Corp., 4.13%, 02/15/2032(b)
 
1,641,000
1,477,307
Tri Pointe Homes, Inc., 5.70%,
06/15/2028
 
1,492,000
1,502,629
 
 
15,692,104
Independent Power and Renewable Electricity Producers-0.20%
Sunnova Energy Corp., 11.75%,
10/01/2028(b)(c)
 
1,072,000
850,321
IT Services-0.49%
Shift4 Payments LLC/Shift4 Payments
Finance Sub, Inc., 6.75%,
08/15/2032(b)
 
791,000
818,685
Twilio, Inc., 3.63%, 03/15/2029
 
1,325,000
1,228,066
 
 
2,046,751
Life Sciences Tools & Services-0.84%
Fortrea Holdings, Inc., 7.50%,
07/01/2030(b)(c)
 
504,000
510,503
IQVIA, Inc., 6.50%, 05/15/2030(b)(c)
 
2,911,000
2,990,817
 
 
3,501,320
Machinery-0.60%
Hillenbrand, Inc.
 
5.00%, 09/15/2026
 
595,000
594,756
3.75%, 03/01/2031(c)
 
674,000
599,132
Terex Corp., 6.25%, 10/15/2032(b)(c)
 
1,319,000
1,321,395
 
 
2,515,283
Media-4.43%
CCO Holdings LLC/CCO Holdings Capital
Corp., 4.75%, 03/01/2030(b)(c)
 
4,253,000
3,954,562
Charter Communications Operating LLC/
Charter Communications Operating
Capital Corp., 4.91%, 07/23/2025
 
1,483,000
1,482,421
Lamar Media Corp.
 
3.75%, 02/15/2028
 
1,084,000
1,029,302
3.63%, 01/15/2031(c)
 
1,150,000
1,027,312
News Corp., 5.13%, 02/15/2032(b)
 
2,289,000
2,218,234
Outfront Media Capital LLC/Outfront Media
Capital Corp., 7.38%, 02/15/2031(b)(c)
 
1,262,000
1,336,034
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Media-(continued)
Paramount Global
 
2.90%, 01/15/2027(c)
$
2,370,000
$2,271,697
4.95%, 01/15/2031(c)
 
2,435,000
2,319,410
Sirius XM Radio, Inc., 3.88%,
09/01/2031(b)(c)
 
3,326,000
2,881,733
 
 
18,520,705
Metals & Mining-2.63%
Alcoa Nederland Holding B.V., 7.13%,
03/15/2031(b)
 
2,518,000
2,636,837
ATI, Inc.
 
5.88%, 12/01/2027(c)
 
621,000
619,711
5.13%, 10/01/2031
 
656,000
623,370
Carpenter Technology Corp., 6.38%,
07/15/2028
 
1,013,000
1,017,656
Cleveland-Cliffs Steel Corp., 7.00%,
03/15/2027
 
760
759
Cleveland-Cliffs, Inc.
 
6.88%, 11/01/2029(b)(c)
 
1,170,000
1,179,057
6.75%, 04/15/2030(b)(c)
 
1,174,000
1,181,676
Kaiser Aluminum Corp., 4.50%,
06/01/2031(b)(c)
 
1,150,000
1,039,513
United States Steel Corp., 6.88%,
03/01/2029
 
2,689,000
2,721,558
 
 
11,020,137
Mortgage REITs-1.33%
Ladder Capital Finance Holdings LLLP/
Ladder Capital Finance Corp., 7.00%,
07/15/2031(b)(c)
 
1,144,000
1,186,064
Starwood Property Trust, Inc.
 
4.75%, 03/15/2025
 
1,488,000
1,491,409
7.25%, 04/01/2029(b)
 
2,798,000
2,884,617
 
 
5,562,090
Oil, Gas & Consumable Fuels-7.24%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp., 6.63%,
02/01/2032(b)
 
1,410,000
1,436,533
Civitas Resources, Inc., 8.75%,
07/01/2031(b)
 
1,302,000
1,381,884
CNX Resources Corp., 7.25%,
03/01/2032(b)(c)
 
1,317,000
1,370,286
EQM Midstream Partners L.P.
 
5.50%, 07/15/2028
 
914,000
929,616
4.75%, 01/15/2031(b)(c)
 
970,000
932,019
Expand Energy Corp.
 
5.70%, 01/23/2025
 
1,269,000
1,269,851
5.38%, 03/15/2030(c)
 
1,325,000
1,316,307
Kosmos Energy Ltd. (Ghana), 8.75%,
10/01/2031(b)
 
1,175,000
1,118,098
Matador Resources Co., 6.50%,
04/15/2032(b)
 
1,249,000
1,254,010
Murphy Oil Corp., 6.00%, 10/01/2032(c)
 
1,765,000
1,729,478
Murphy Oil USA, Inc., 4.75%, 09/15/2029
 
2,207,000
2,130,958
Northern Oil and Gas, Inc., 8.75%,
06/15/2031(b)
 
815,000
858,339
Occidental Petroleum Corp.
 
5.55%, 03/15/2026
 
2,603,000
2,618,589
6.63%, 09/01/2030
 
2,434,000
2,580,626
PBF Holding Co. LLC/PBF Finance Corp.,
7.88%, 09/15/2030(b)(c)
 
2,879,000
2,957,328
 
Principal
Amount
Value
Oil, Gas & Consumable Fuels-(continued)
Range Resources Corp., 4.88%,
05/15/2025
$
1,095,000
$1,093,323
SM Energy Co.
 
6.50%, 07/15/2028
 
719,000
721,009
7.00%, 08/01/2032(b)(c)
 
702,000
705,937
Talos Production, Inc., 9.38%,
02/01/2031(b)
 
1,123,000
1,180,466
VFH Parent LLC/Valor Co-Issuer, Inc.,
7.50%, 06/15/2031(b)
 
1,617,000
1,669,024
Vital Energy, Inc., 7.88%, 04/15/2032(b)(c)
 
1,059,000
1,042,641
 
 
30,296,322
Passenger Airlines-2.58%
Delta Air Lines, Inc., 3.75%,
10/28/2029(c)
 
4,627,000
4,317,523
JetBlue Airways Corp./JetBlue Loyalty L.P.,
9.88%, 09/20/2031(b)
 
1,801,000
1,896,315
United AirLines, Inc., 4.63%,
04/15/2029(b)(c)
 
4,750,000
4,568,024
 
 
10,781,862
Personal Care Products-0.79%
Coty, Inc./HFC Prestige Products, Inc./HFC
Prestige International US LLC, 6.63%,
07/15/2030(b)(c)
 
1,754,000
1,797,298
Sally Holdings LLC/Sally Capital, Inc.,
6.75%, 03/01/2032(c)
 
1,458,000
1,490,511
 
 
3,287,809
Pharmaceuticals-1.03%
Elanco Animal Health, Inc., 6.65%,
08/28/2028(c)
 
1,643,000
1,699,964
Organon & Co./Organon Foreign Debt
Co-Issuer B.V., 5.13%, 04/30/2031(b)(c)
 
2,854,000
2,614,746
 
 
4,314,710
Professional Services-0.35%
TriNet Group, Inc., 7.13%, 08/15/2031(b)
 
1,434,000
1,475,721
Real Estate Management & Development-1.45%
CoStar Group, Inc., 2.80%, 07/15/2030(b)
 
1,585,000
1,398,300
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/2031(b)(c)
 
1,874,000
2,025,721
Kennedy-Wilson, Inc.
 
4.75%, 03/01/2029(c)
 
788,000
729,543
5.00%, 03/01/2031(c)
 
835,000
753,306
Newmark Group, Inc., 7.50%, 01/12/2029
 
1,083,000
1,149,370
 
 
6,056,240
Semiconductors & Semiconductor Equipment-1.75%
Amkor Technology, Inc., 6.63%,
09/15/2027(b)
 
1,705,000
1,714,314
Entegris, Inc., 4.75%, 04/15/2029(b)
 
1,476,000
1,431,810
Qorvo, Inc., 4.38%, 10/15/2029
 
1,897,000
1,791,854
Skyworks Solutions, Inc.
 
1.80%, 06/01/2026
 
1,243,000
1,188,187
3.00%, 06/01/2031
 
1,384,000
1,205,192
 
 
7,331,357
Software-0.89%
CrowdStrike Holdings, Inc., 3.00%,
02/15/2029(c)
 
902,000
824,508
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Software-(continued)
RingCentral, Inc., 8.50%, 08/15/2030(b)
$
683,000
$725,617
SS&C Technologies, Inc., 6.50%,
06/01/2032(b)
 
2,103,000
2,153,619
 
 
3,703,744
Specialized REITs-0.94%
GLP Capital L.P./GLP Financing II, Inc.
 
5.30%, 01/15/2029
 
989,000
990,415
3.25%, 01/15/2032
 
1,162,000
1,015,844
SBA Communications Corp., 3.88%,
02/15/2027
 
1,959,000
1,904,600
 
 
3,910,859
Specialty Retail-4.03%
Advance Auto Parts, Inc.
 
1.75%, 10/01/2027
 
1,259,000
1,123,754
3.90%, 04/15/2030(c)
 
1,212,000
1,094,381
Asbury Automotive Group, Inc., 4.75%,
03/01/2030(c)
 
2,266,000
2,150,009
Bath & Body Works, Inc., 5.25%,
02/01/2028(c)
 
2,333,000
2,322,777
Gap, Inc. (The), 3.88%, 10/01/2031(b)(c)
 
3,023,000
2,661,555
JELD-WEN, Inc., 7.00%, 09/01/2032(b)(c)
 
1,461,000
1,426,308
Penske Automotive Group, Inc., 3.75%,
06/15/2029(c)
 
3,159,000
2,916,297
Sonic Automotive, Inc., 4.88%,
11/15/2031(b)(c)
 
2,053,000
1,886,726
Valvoline, Inc., 3.63%, 06/15/2031(b)
 
1,482,000
1,290,325
 
 
16,872,132
Technology Hardware, Storage & Peripherals-2.02%
Seagate HDD Cayman
 
4.88%, 06/01/2027
 
1,557,000
1,545,148
9.63%, 12/01/2032
 
1,339,168
1,531,000
Western Digital Corp.
 
4.75%, 02/15/2026
 
1,707,000
1,695,277
3.10%, 02/01/2032(c)
 
2,095,000
1,773,233
Xerox Holdings Corp., 5.50%,
08/15/2028(b)
 
2,280,000
1,888,552
 
 
8,433,210
 
Principal
Amount
Value
Textiles, Apparel & Luxury Goods-1.40%
Crocs, Inc., 4.13%, 08/15/2031(b)(c)
$
1,446,000
$1,270,841
Under Armour, Inc., 3.25%, 06/15/2026(c)
 
1,590,000
1,540,356
VF Corp., 2.80%, 04/23/2027(c)
 
3,239,000
3,054,663
 
 
5,865,860
Trading Companies & Distributors-0.44%
Beacon Roofing Supply, Inc., 6.50%,
08/01/2030(b)
 
1,793,000
1,839,548
Wireless Telecommunication Services-0.48%
United States Cellular Corp., 6.70%,
12/15/2033(c)
 
1,835,000
1,990,685
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.04%
(Cost $414,241,343)
414,267,817
 
Shares
 
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-32.51%
Invesco Private Government Fund,
4.63%(d)(e)(f)
 
38,095,260
38,095,260
Invesco Private Prime Fund, 4.71%(d)(e)(f)
 
97,854,086
97,883,442
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $135,982,355)
135,978,702
TOTAL INVESTMENTS IN SECURITIES-131.55%
(Cost $550,223,698)
550,246,519
OTHER ASSETS LESS LIABILITIES-(31.55)%
(131,956,186
)
NET ASSETS-100.00%
$418,290,333
 
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
November 30, 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)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
November 30, 2024 was $202,367,684, which represented 48.38% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at November 30, 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 three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$1,209,436
$14,719,993
$(15,929,429
)
$-
$-
$-
$26,219
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
50,797,037
42,980,882
(55,682,659
)
-
-
38,095,260
541,331
*
Invesco Private Prime Fund
135,289,682
39,345,853
(76,738,948
)
(6,171
)
(6,974
)
97,883,442
1,450,502
*
Total
$187,296,155
$97,046,728
$(148,351,036
)
$(6,171
)
$(6,974
)
$135,978,702
$2,018,052
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of November 30, 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 Fundamental Investment Grade Corporate Bond ETF (PFIG)
November 30, 2024
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-99.13%
Aerospace & Defense-2.34%
Boeing Co. (The)
 
4.88%, 05/01/2025
$
95,000
$94,898
5.15%, 05/01/2030
 
100,000
99,609
General Dynamics Corp.
 
3.75%, 05/15/2028
 
91,000
88,957
3.63%, 04/01/2030
 
70,000
66,993
General Electric Co., 6.75%, 03/15/2032
 
140,000
156,629
Howmet Aerospace, Inc.
 
3.00%, 01/15/2029
 
30,000
28,028
4.85%, 10/15/2031
 
40,000
39,849
Huntington Ingalls Industries, Inc.
 
3.48%, 12/01/2027
 
45,000
43,273
4.20%, 05/01/2030
 
40,000
38,190
L3Harris Technologies, Inc.
 
4.40%, 06/15/2028
 
63,000
62,392
5.40%, 07/31/2033
 
50,000
51,179
Lockheed Martin Corp.
 
3.55%, 01/15/2026
 
112,000
110,879
3.90%, 06/15/2032
 
107,000
101,422
Northrop Grumman Corp.
 
3.25%, 01/15/2028
 
76,000
73,080
4.40%, 05/01/2030
 
85,000
83,863
RTX Corp.
 
4.13%, 11/16/2028
 
128,000
125,781
6.10%, 03/15/2034
 
100,000
107,626
Textron, Inc., 3.00%, 06/01/2030
 
85,000
77,235
 
 
1,449,883
Air Freight & Logistics-0.86%
C.H. Robinson Worldwide, Inc., 4.20%,
04/15/2028
 
75,000
73,787
FedEx Corp.
 
3.10%, 08/05/2029
 
108,000
101,149
2.40%, 05/15/2031
 
100,000
86,836
United Parcel Service, Inc.
 
3.05%, 11/15/2027
 
144,000
138,891
4.45%, 04/01/2030
 
130,000
129,805
 
 
530,468
Automobile Components-0.31%
BorgWarner, Inc.
 
2.65%, 07/01/2027
 
45,000
42,934
5.40%, 08/15/2034
 
40,000
40,347
Lear Corp., 3.80%, 09/15/2027
 
110,000
107,279
 
 
190,560
Automobiles-0.44%
General Motors Co., 6.13%, 10/01/2025
 
120,000
121,004
PACCAR Financial Corp., 3.55%, 08/11/2025
 
150,000
149,019
 
 
270,023
Banks-6.19%
Bank of America Corp., 3.25%, 10/21/2027(b)
 
515,000
497,587
Citigroup, Inc.
 
4.45%, 09/29/2027(b)
 
240,000
237,497
6.63%, 06/15/2032(b)
 
210,000
229,180
Citizens Bank N.A., 3.75%, 02/18/2026
 
70,000
69,130
Citizens Financial Group, Inc., 3.25%,
04/30/2030
 
90,000
82,567
Comerica, Inc., 4.00%, 02/01/2029
 
113,000
108,491
Discover Bank, 4.65%, 09/13/2028
 
80,000
79,217
Fifth Third Bancorp, 2.55%, 05/05/2027
 
170,000
161,770
 
Principal
Amount
Value
Banks-(continued)
Huntington Bancshares, Inc., 2.55%,
02/04/2030
$
162,000
$144,104
JPMorgan Chase & Co., 2.95%, 10/01/2026(b)
 
631,000
614,148
KeyBank N.A., 5.00%, 01/26/2033
 
80,000
78,110
KeyCorp, 2.55%, 10/01/2029
 
80,000
71,821
Manufacturers & Traders Trust Co., 4.65%,
01/27/2026
 
130,000
129,842
PNC Bank N.A., 4.05%, 07/26/2028
 
130,000
126,874
PNC Financial Services Group, Inc. (The),
2.55%, 01/22/2030
 
125,000
112,618
Regions Financial Corp., 1.80%, 08/12/2028
 
150,000
135,082
Truist Bank, 3.63%, 09/16/2025
 
126,000
124,802
Truist Financial Corp., 1.95%, 06/05/2030
 
145,000
125,169
U.S. Bancorp
 
1.38%, 07/22/2030
 
170,000
142,323
Series V, 2.38%, 07/22/2026
 
141,000
136,345
Wells Fargo & Co., 4.15%, 01/24/2029(b)
 
430,000
421,332
 
 
3,828,009
Beverages-1.57%
Coca-Cola Co. (The)
 
1.45%, 06/01/2027
 
160,000
149,530
2.25%, 01/05/2032
 
170,000
147,298
Coca-Cola Consolidated, Inc.
 
5.25%, 06/01/2029
 
30,000
30,720
5.45%, 06/01/2034
 
25,000
25,723
Constellation Brands, Inc.
 
4.35%, 05/09/2027
 
50,000
49,682
2.25%, 08/01/2031
 
70,000
59,321
Keurig Dr Pepper, Inc.
 
4.60%, 05/25/2028
 
71,000
70,889
4.05%, 04/15/2032
 
60,000
57,332
Molson Coors Beverage Co., 3.00%,
07/15/2026
 
98,000
95,428
PepsiCo, Inc.
 
3.00%, 10/15/2027
 
134,000
129,512
2.75%, 03/19/2030
 
170,000
155,975
 
 
971,410
Biotechnology-1.64%
AbbVie, Inc.
 
3.20%, 11/21/2029
 
179,000
167,879
5.05%, 03/15/2034
 
150,000
151,961
Amgen, Inc.
 
5.15%, 03/02/2028
 
115,000
116,744
5.25%, 03/02/2033
 
110,000
111,823
Biogen, Inc.
 
4.05%, 09/15/2025
 
67,000
66,626
2.25%, 05/01/2030
 
90,000
78,621
Gilead Sciences, Inc.
 
3.65%, 03/01/2026
 
108,000
106,719
1.65%, 10/01/2030
 
115,000
97,272
Regeneron Pharmaceuticals, Inc., 1.75%,
09/15/2030
 
140,000
117,773
 
 
1,015,418
Broadline Retail-0.91%
Amazon.com, Inc.
 
3.15%, 08/22/2027
 
255,000
247,602
2.10%, 05/12/2031(b)
 
265,000
228,872
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Broadline Retail-(continued)
eBay, Inc.
 
3.60%, 06/05/2027
$
45,000
$44,029
2.70%, 03/11/2030
 
50,000
45,176
 
 
565,679
Building Products-0.86%
Carlisle Cos., Inc.
 
3.75%, 12/01/2027
 
10,000
9,749
2.75%, 03/01/2030
 
40,000
36,159
Carrier Global Corp.
 
2.24%, 02/15/2025
 
50,000
49,704
2.72%, 02/15/2030
 
60,000
54,282
Fortune Brands Innovations, Inc., 3.25%,
09/15/2029
 
33,000
30,866
Johnson Controls International PLC/Tyco Fire &
Security Finance S.C.A.
 
5.50%, 04/19/2029
 
65,000
67,062
1.75%, 09/15/2030
 
100,000
84,778
Lennox International, Inc., 5.50%, 09/15/2028
 
50,000
51,282
Masco Corp.
 
1.50%, 02/15/2028
 
45,000
40,887
2.00%, 02/15/2031
 
50,000
42,497
Owens Corning
 
5.50%, 06/15/2027
 
30,000
30,600
5.70%, 06/15/2034
 
30,000
31,228
 
 
529,094
Capital Markets-3.96%
Ameriprise Financial, Inc.
 
2.88%, 09/15/2026
 
85,000
82,737
4.50%, 05/13/2032
 
70,000
68,812
Bank of New York Mellon Corp. (The)
 
3.30%, 08/23/2029
 
116,000
108,981
1.80%, 07/28/2031
 
130,000
110,220
BlackRock, Inc.
 
3.20%, 03/15/2027
 
90,000
87,773
1.90%, 01/28/2031
 
115,000
98,481
Charles Schwab Corp. (The)
 
2.00%, 03/20/2028
 
130,000
119,889
2.90%, 03/03/2032
 
135,000
119,197
CME Group, Inc.
 
3.00%, 03/15/2025
 
91,000
90,554
2.65%, 03/15/2032
 
85,000
74,681
Franklin Resources, Inc., 1.60%, 10/30/2030
 
140,000
117,373
Goldman Sachs Group, Inc. (The)
 
3.50%, 04/01/2025
 
175,000
174,254
3.80%, 03/15/2030
 
190,000
180,860
Jefferies Financial Group, Inc.
 
4.85%, 01/15/2027
 
50,000
50,128
4.15%, 01/23/2030
 
45,000
43,370
Morgan Stanley
 
3.63%, 01/20/2027
 
187,000
183,860
7.25%, 04/01/2032
 
140,000
161,228
MSCI, Inc., 3.25%, 08/15/2033(c)
 
75,000
64,609
Nasdaq, Inc.
 
3.85%, 06/30/2026
 
80,000
79,044
1.65%, 01/15/2031
 
30,000
25,137
Northern Trust Corp.
 
4.00%, 05/10/2027
 
70,000
69,336
1.95%, 05/01/2030
 
75,000
65,416
Raymond James Financial, Inc., 4.65%,
04/01/2030
 
100,000
100,467
 
Principal
Amount
Value
Capital Markets-(continued)
State Street Corp.
 
3.55%, 08/18/2025
$
86,000
$85,405
2.40%, 01/24/2030
 
95,000
85,649
 
 
2,447,461
Chemicals-3.02%
Air Products and Chemicals, Inc.
 
1.50%, 10/15/2025
 
70,000
68,226
2.05%, 05/15/2030
 
69,000
60,677
Albemarle Corp.
 
4.65%, 06/01/2027
 
30,000
29,867
5.05%, 06/01/2032
 
30,000
29,273
CF Industries, Inc.
 
4.50%, 12/01/2026(c)
 
40,000
39,626
5.15%, 03/15/2034
 
40,000
39,565
Dow Chemical Co. (The)
 
4.80%, 11/30/2028
 
90,000
90,427
2.10%, 11/15/2030
 
110,000
94,610
DuPont de Nemours, Inc., 4.73%, 11/15/2028
 
125,000
126,088
Eastman Chemical Co.
 
4.50%, 12/01/2028
 
45,000
44,702
5.75%, 03/08/2033
 
40,000
41,483
Ecolab, Inc.
 
2.70%, 11/01/2026
 
50,000
48,434
4.80%, 03/24/2030
 
45,000
45,416
EIDP, Inc.
 
1.70%, 07/15/2025
 
50,000
49,080
2.30%, 07/15/2030
 
65,000
57,491
FMC Corp.
 
3.45%, 10/01/2029
 
42,000
39,018
5.65%, 05/18/2033
 
40,000
40,581
Huntsman International LLC, 4.50%,
05/01/2029
 
70,000
67,445
International Flavors & Fragrances, Inc.
 
1.83%, 10/15/2027(c)
 
40,000
36,824
2.30%, 11/01/2030(c)
 
70,000
60,060
Linde, Inc.
 
3.20%, 01/30/2026
 
97,000
95,668
1.10%, 08/10/2030
 
115,000
96,343
LYB International Finance II B.V., 3.50%,
03/02/2027
 
110,000
107,206
LYB International Finance III LLC, 2.25%,
10/01/2030
 
105,000
90,979
Mosaic Co. (The)
 
4.05%, 11/15/2027
 
55,000
54,031
5.45%, 11/15/2033
 
45,000
45,685
PPG Industries, Inc., 3.75%, 03/15/2028
 
86,000
83,817
Sherwin-Williams Co. (The)
 
2.95%, 08/15/2029
 
60,000
55,622
2.20%, 03/15/2032
 
60,000
50,592
Westlake Corp., 3.60%, 08/15/2026
 
79,000
77,518
 
 
1,866,354
Commercial Services & Supplies-0.82%
CDW LLC/CDW Finance Corp.
 
2.67%, 12/01/2026
 
40,000
38,235
3.57%, 12/01/2031
 
50,000
44,841
Cintas Corp. No. 2
 
3.70%, 04/01/2027
 
48,000
47,152
4.00%, 05/01/2032
 
55,000
52,529
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Commercial Services & Supplies-(continued)
Republic Services, Inc.
 
3.95%, 05/15/2028
$
59,000
$57,764
1.75%, 02/15/2032
 
70,000
57,252
Veralto Corp.
 
5.35%, 09/18/2028
 
35,000
35,762
5.45%, 09/18/2033
 
30,000
30,760
Waste Management, Inc.
 
3.15%, 11/15/2027
 
60,000
57,886
1.50%, 03/15/2031
 
100,000
83,016
 
 
505,197
Communications Equipment-0.71%
Cisco Systems, Inc.
 
2.50%, 09/20/2026
 
150,000
145,498
5.05%, 02/26/2034
 
140,000
142,805
Juniper Networks, Inc., 3.75%, 08/15/2029
 
73,000
69,770
Motorola Solutions, Inc.
 
4.60%, 05/23/2029
 
43,000
42,816
5.40%, 04/15/2034
 
40,000
40,839
 
 
441,728
Construction & Engineering-0.26%
MasTec, Inc., 5.90%, 06/15/2029
 
70,000
71,894
Quanta Services, Inc.
 
4.75%, 08/09/2027
 
50,000
50,042
2.90%, 10/01/2030
 
40,000
36,265
 
 
158,201
Construction Materials-0.25%
Eagle Materials, Inc., 2.50%, 07/01/2031
 
30,000
26,134
Martin Marietta Materials, Inc., 2.40%,
07/15/2031
 
70,000
60,295
Vulcan Materials Co., 3.50%, 06/01/2030
 
75,000
70,363
 
 
156,792
Consumer Finance-1.39%
Ally Financial, Inc.
 
2.20%, 11/02/2028
 
85,000
76,634
8.00%, 11/01/2031
 
60,000
67,472
American Express Co., 4.05%, 05/03/2029(b)
 
240,000
236,095
Capital One Financial Corp., 3.80%,
01/31/2028
 
260,000
251,947
Discover Financial Services, 6.70%,
11/29/2032
 
75,000
81,692
General Motors Financial Co., Inc., 3.10%,
01/12/2032
 
170,000
148,195
 
 
862,035
Consumer Staples Distribution & Retail-2.61%
Costco Wholesale Corp.
 
1.38%, 06/20/2027
 
145,000
134,833
1.60%, 04/20/2030
 
160,000
137,997
Dollar General Corp.
 
3.88%, 04/15/2027
 
55,000
53,860
3.50%, 04/03/2030
 
60,000
55,445
Dollar Tree, Inc.
 
4.20%, 05/15/2028
 
67,000
65,514
2.65%, 12/01/2031
 
70,000
59,560
Kroger Co. (The)
 
4.65%, 09/15/2029
 
110,000
110,308
1.70%, 01/15/2031
 
135,000
113,109
 
Principal
Amount
Value
Consumer Staples Distribution & Retail-(continued)
Sysco Corp.
 
3.30%, 07/15/2026
$
85,000
$83,187
5.95%, 04/01/2030
 
80,000
84,220
Target Corp.
 
3.38%, 04/15/2029
 
120,000
115,038
4.50%, 09/15/2032
 
110,000
108,281
Walmart, Inc.
 
3.90%, 09/09/2025(b)
 
250,000
249,070
1.80%, 09/22/2031(b)
 
285,000
242,972
 
 
1,613,394
Containers & Packaging-0.58%
Amcor Finance (USA), Inc., 3.63%,
04/28/2026
 
50,000
49,193
Amcor Flexibles North America, Inc., 2.69%,
05/25/2031
 
50,000
43,752
Avery Dennison Corp.
 
4.88%, 12/06/2028
 
31,000
31,220
2.25%, 02/15/2032
 
55,000
45,958
Packaging Corp. of America
 
3.40%, 12/15/2027
 
40,000
38,611
3.00%, 12/15/2029
 
40,000
36,978
Sealed Air Corp., 1.57%, 10/15/2026(c)
 
60,000
56,312
Sonoco Products Co.
 
4.60%, 09/01/2029
 
30,000
29,491
3.13%, 05/01/2030
 
30,000
27,510
 
 
359,025
Distributors-0.30%
Genuine Parts Co.
 
4.95%, 08/15/2029
 
50,000
50,007
1.88%, 11/01/2030
 
60,000
50,400
LKQ Corp.
 
5.75%, 06/15/2028
 
40,000
40,899
6.25%, 06/15/2033
 
40,000
41,996
 
 
183,302
Diversified REITs-0.64%
American Assets Trust L.P., 3.38%,
02/01/2031
 
30,000
26,527
COPT Defense Properties L.P., 2.75%,
04/15/2031
 
55,000
47,356
CubeSmart L.P.
 
2.25%, 12/15/2028
 
40,000
36,316
2.50%, 02/15/2032
 
30,000
25,570
Digital Realty Trust L.P., 3.60%, 07/01/2029
 
120,000
114,642
VICI Properties L.P.
 
4.75%, 02/15/2028
 
40,000
39,797
5.13%, 05/15/2032
 
40,000
39,554
W.P. Carey, Inc., 2.40%, 02/01/2031
 
80,000
69,046
 
 
398,808
Diversified Telecommunication Services-1.32%
AT&T, Inc.
 
4.35%, 03/01/2029
 
195,000
192,987
4.30%, 02/15/2030(b)
 
206,000
201,973
Verizon Communications, Inc.
 
4.33%, 09/21/2028
 
205,000
203,113
2.36%, 03/15/2032
 
260,000
219,471
 
 
817,544
Electric Utilities-4.98%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030
 
90,000
78,101
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Electric Utilities-(continued)
Alexander Funding Trust II, 7.47%,
07/31/2028(c)
$
35,000
$37,339
American Electric Power Co., Inc., 3.20%,
11/13/2027
 
81,000
77,947
American Transmission Systems, Inc., 2.65%,
01/15/2032(c)
 
75,000
64,914
Arizona Public Service Co., 5.55%,
08/01/2033
 
40,000
40,971
Avangrid, Inc., 3.80%, 06/01/2029
 
58,000
55,590
Berkshire Hathaway Energy Co., 3.70%,
07/15/2030(b)
 
275,000
262,789
Consolidated Edison Co. of New York, Inc.
 
2.40%, 06/15/2031
 
70,000
61,228
Series D, 4.00%, 12/01/2028
 
70,000
68,795
Constellation Energy Generation LLC
 
5.60%, 03/01/2028
 
50,000
51,432
5.80%, 03/01/2033
 
55,000
57,647
Duke Energy Corp.
 
2.65%, 09/01/2026
 
116,000
112,189
2.55%, 06/15/2031
 
135,000
117,608
Entergy Corp., 1.90%, 06/15/2028
 
75,000
68,371
Entergy Louisiana LLC, 4.00%, 03/15/2033
 
70,000
65,580
Evergy, Inc., 2.90%, 09/15/2029
 
105,000
96,606
Eversource Energy, 3.38%, 03/01/2032
 
70,000
62,754
Exelon Corp.
 
3.95%, 06/15/2025
 
80,000
79,574
4.05%, 04/15/2030
 
80,000
77,076
Interstate Power and Light Co., 4.10%,
09/26/2028
 
53,000
51,999
Mid-Atlantic Interstate Transmission LLC,
4.10%, 05/15/2028(c)
 
65,000
63,672
New York State Electric & Gas Corp., 5.30%,
08/15/2034(c)
 
50,000
50,497
NextEra Energy Capital Holdings, Inc.
 
3.55%, 05/01/2027
 
100,000
97,760
2.25%, 06/01/2030
 
106,000
93,100
NRG Energy, Inc., 7.00%, 03/15/2033(c)
 
50,000
54,777
Pacific Gas and Electric Co.
 
3.15%, 01/01/2026
 
70,000
68,721
4.55%, 07/01/2030
 
65,000
63,604
Pinnacle West Capital Corp., 1.30%,
06/15/2025
 
35,000
34,285
PPL Capital Funding, Inc., 3.10%, 05/15/2026
 
60,000
58,602
PPL Electric Utilities Corp., 5.00%,
05/15/2033
 
55,000
55,788
Public Service Co. of Colorado, 1.88%,
06/15/2031
 
70,000
58,925
San Diego Gas & Electric Co., Series VVV,
1.70%, 10/01/2030
 
85,000
72,351
Southern California Edison Co.
 
5.95%, 11/01/2032
 
70,000
74,676
Series E, 3.70%, 08/01/2025
 
80,000
79,418
Southern Co. (The)
 
3.25%, 07/01/2026
 
108,000
105,798
Series A, 3.70%, 04/30/2030
 
117,000
111,130
Virginia Electric & Power Co., Series A, 3.50%,
03/15/2027
 
90,000
87,936
Vistra Operations Co. LLC
 
3.70%, 01/30/2027(c)
 
50,000
48,805
6.95%, 10/15/2033(c)
 
40,000
44,044
 
Principal
Amount
Value
Electric Utilities-(continued)
Wisconsin Electric Power Co., 4.75%,
09/30/2032
$
60,000
$60,558
Wisconsin Power and Light Co., 3.95%,
09/01/2032
 
40,000
37,901
Xcel Energy, Inc., 4.00%, 06/15/2028
 
70,000
68,323
 
 
3,079,181
Electrical Equipment-0.32%
Acuity Brands Lighting, Inc., 2.15%,
12/15/2030
 
55,000
47,511
Emerson Electric Co.
 
0.88%, 10/15/2026
 
75,000
70,425
2.20%, 12/21/2031
 
90,000
77,027
 
 
194,963
Electronic Equipment, Instruments & Components-1.34%
Amphenol Corp.
 
4.35%, 06/01/2029
 
40,000
39,560
2.80%, 02/15/2030
 
50,000
45,690
Arrow Electronics, Inc.
 
3.88%, 01/12/2028
 
58,000
56,220
2.95%, 02/15/2032
 
50,000
43,244
Avnet, Inc., 4.63%, 04/15/2026
 
83,000
82,627
Flex Ltd.
 
4.88%, 06/15/2029
 
50,000
49,622
5.25%, 01/15/2032
 
50,000
50,142
Jabil, Inc.
 
3.95%, 01/12/2028
 
53,000
51,616
3.00%, 01/15/2031
 
50,000
44,682
Keysight Technologies, Inc., 3.00%,
10/30/2029
 
40,000
36,928
TD SYNNEX Corp.
 
1.75%, 08/09/2026
 
50,000
47,463
6.10%, 04/12/2034
 
50,000
52,267
Teledyne Technologies, Inc.
 
2.25%, 04/01/2028
 
40,000
37,013
2.75%, 04/01/2031
 
40,000
35,382
Trimble, Inc.
 
4.90%, 06/15/2028
 
20,000
20,054
6.10%, 03/15/2033
 
25,000
26,369
Tyco Electronics Group S.A. (Switzerland)
 
4.50%, 02/13/2026
 
55,000
55,006
2.50%, 02/04/2032
 
65,000
56,441
 
 
830,326
Energy Equipment & Services-0.58%
Halliburton Co., 2.92%, 03/01/2030
 
120,000
109,566
Helmerich & Payne, Inc., 2.90%, 09/29/2031
 
60,000
51,351
NOV, Inc., 3.60%, 12/01/2029
 
63,000
59,338
Schlumberger Holdings Corp., 3.90%,
05/17/2028(c)
 
75,000
73,436
Schlumberger Investment S.A., 2.65%,
06/26/2030
 
75,000
67,768
 
 
361,459
Entertainment-1.02%
Electronic Arts, Inc., 1.85%, 02/15/2031
 
85,000
71,808
Netflix, Inc.
 
4.88%, 04/15/2028
 
70,000
70,737
4.88%, 06/15/2030(c)
 
70,000
70,611
Take-Two Interactive Software, Inc.
 
3.55%, 04/14/2025
 
35,000
34,810
4.00%, 04/14/2032
 
30,000
28,313
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Entertainment-(continued)
Walt Disney Co. (The)
 
2.20%, 01/13/2028
$
125,000
$117,192
2.65%, 01/13/2031
 
120,000
107,684
Warnermedia Holdings, Inc.
 
3.76%, 03/15/2027
 
60,000
58,121
4.28%, 03/15/2032
 
80,000
72,221
 
 
631,497
Financial Services-3.26%
Apollo Global Management, Inc., 6.38%,
11/15/2033
 
130,000
143,805
Berkshire Hathaway, Inc., 3.13%,
03/15/2026(b)
 
273,000
268,665
Block Financial LLC
 
2.50%, 07/15/2028
 
30,000
27,480
3.88%, 08/15/2030
 
40,000
37,314
Corebridge Financial, Inc.
 
3.65%, 04/05/2027
 
100,000
97,604
3.90%, 04/05/2032
 
110,000
102,160
Enact Holdings, Inc., 6.25%, 05/28/2029
 
50,000
51,309
Equitable Holdings, Inc.
 
4.35%, 04/20/2028
 
61,000
60,212
5.59%, 01/11/2033
 
70,000
72,152
Essent Group Ltd., 6.25%, 07/01/2029
 
35,000
36,067
Fidelity National Information Services, Inc.
 
1.15%, 03/01/2026
 
50,000
47,836
2.25%, 03/01/2031
 
65,000
55,991
Fiserv, Inc.
 
3.50%, 07/01/2029
 
78,000
74,008
5.63%, 08/21/2033
 
65,000
67,398
Global Payments, Inc.
 
3.20%, 08/15/2029
 
53,000
49,107
5.40%, 08/15/2032
 
50,000
50,805
LPL Holdings, Inc.
 
6.75%, 11/17/2028
 
35,000
37,115
6.00%, 05/20/2034
 
30,000
31,066
Mastercard, Inc.
 
3.30%, 03/26/2027
 
85,000
83,132
3.35%, 03/26/2030
 
85,000
80,355
PayPal Holdings, Inc.
 
2.85%, 10/01/2029
 
65,000
60,211
4.40%, 06/01/2032
 
80,000
78,302
Radian Group, Inc., 6.20%, 05/15/2029
 
40,000
41,323
TPG Operating Group II L.P., 5.88%,
03/05/2034
 
60,000
63,106
Visa, Inc.
 
3.15%, 12/14/2025
 
111,000
109,570
2.05%, 04/15/2030
 
115,000
101,714
Western Union Co. (The), 1.35%, 03/15/2026
 
90,000
85,930
 
 
2,013,737
Food Products-2.54%
Archer-Daniels-Midland Co.
 
2.50%, 08/11/2026
 
90,000
86,980
3.25%, 03/27/2030
 
95,000
88,677
Bunge Ltd. Finance Corp.
 
1.63%, 08/17/2025
 
70,000
68,452
2.75%, 05/14/2031
 
80,000
70,647
Conagra Brands, Inc., 4.85%, 11/01/2028
 
100,000
100,229
Flowers Foods, Inc., 2.40%, 03/15/2031
 
65,000
56,044
 
Principal
Amount
Value
Food Products-(continued)
General Mills, Inc.
 
4.20%, 04/17/2028
$
66,000
$65,101
4.95%, 03/29/2033
 
75,000
74,833
Hershey Co. (The), 2.30%, 08/15/2026
 
108,000
104,262
Hormel Foods Corp.
 
1.70%, 06/03/2028
 
50,000
45,616
1.80%, 06/11/2030
 
50,000
43,052
Ingredion, Inc.
 
3.20%, 10/01/2026
 
28,000
27,244
2.90%, 06/01/2030
 
40,000
36,520
JM Smucker Co. (The)
 
3.50%, 03/15/2025
 
33,000
32,836
2.38%, 03/15/2030
 
40,000
35,710
Kraft Heinz Foods Co. (The)
 
3.00%, 06/01/2026
 
75,000
73,190
3.75%, 04/01/2030
 
85,000
81,268
McCormick & Co., Inc.
 
3.40%, 08/15/2027
 
48,000
46,684
1.85%, 02/15/2031
 
40,000
33,600
Mondelez International, Inc.
 
1.50%, 05/04/2025
 
85,000
83,784
2.75%, 04/13/2030
 
95,000
86,256
The Campbell’s Company
 
4.15%, 03/15/2028
 
33,000
32,464
2.38%, 04/24/2030
 
40,000
35,358
Tyson Foods, Inc.
 
4.35%, 03/01/2029
 
85,000
83,420
4.88%, 08/15/2034
 
80,000
78,308
 
 
1,570,535
Gas Utilities-0.36%
Atmos Energy Corp.
 
3.00%, 06/15/2027
 
21,000
20,292
1.50%, 01/15/2031
 
45,000
37,769
National Fuel Gas Co.
 
5.50%, 01/15/2026
 
30,000
30,133
2.95%, 03/01/2031
 
20,000
17,469
ONE Gas, Inc., 5.10%, 04/01/2029
 
50,000
50,933
Southwest Gas Corp., 4.05%, 03/15/2032
 
70,000
66,117
 
 
222,713
Ground Transportation-1.23%
CSX Corp.
 
4.25%, 03/15/2029
 
70,000
69,333
4.10%, 11/15/2032
 
75,000
71,818
J.B. Hunt Transport Services, Inc., 3.88%,
03/01/2026
 
90,000
89,172
Norfolk Southern Corp.
 
3.80%, 08/01/2028
 
70,000
68,393
5.05%, 08/01/2030
 
65,000
66,316
Ryder System, Inc.
 
5.25%, 06/01/2028
 
40,000
40,666
6.60%, 12/01/2033
 
40,000
44,049
Uber Technologies, Inc., 4.80%, 09/15/2034
 
90,000
88,157
Union Pacific Corp.
 
3.95%, 09/10/2028
 
124,000
121,921
2.80%, 02/14/2032
 
115,000
102,224
 
 
762,049
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Health Care Equipment & Supplies-1.89%
Abbott Laboratories
 
3.75%, 11/30/2026
$
107,000
$105,854
1.40%, 06/30/2030
 
120,000
102,637
Baxter International, Inc.
 
1.92%, 02/01/2027
 
60,000
56,544
2.54%, 02/01/2032
 
50,000
42,635
Becton, Dickinson and Co.
 
3.70%, 06/06/2027
 
70,000
68,614
1.96%, 02/11/2031
 
80,000
67,693
Boston Scientific Corp., 2.65%, 06/01/2030
 
120,000
108,358
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030
 
55,000
49,331
DH Europe Finance II S.a.r.l., 2.60%,
11/15/2029
 
161,000
147,379
Edwards Lifesciences Corp., 4.30%,
06/15/2028
 
57,000
56,195
GE HealthCare Technologies, Inc.
 
5.65%, 11/15/2027
 
65,000
66,894
5.91%, 11/22/2032
 
40,000
42,539
STERIS Irish FinCo Unlimited Co., 2.70%,
03/15/2031
 
60,000
52,468
Stryker Corp.
 
3.50%, 03/15/2026
 
74,000
73,007
1.95%, 06/15/2030
 
70,000
60,752
Zimmer Biomet Holdings, Inc.
 
3.55%, 04/01/2025
 
35,000
34,838
2.60%, 11/24/2031
 
35,000
30,333
 
 
1,166,071
Health Care Providers & Services-4.04%
Cardinal Health, Inc.
 
3.41%, 06/15/2027
 
109,000
105,903
5.45%, 02/15/2034
 
100,000
101,775
Cencora, Inc.
 
3.45%, 12/15/2027
 
124,000
119,992
2.70%, 03/15/2031
 
135,000
118,822
Cigna Group (The)
 
4.38%, 10/15/2028
 
124,000
122,883
2.38%, 03/15/2031
 
145,000
125,149
CVS Health Corp.
 
4.30%, 03/25/2028
 
165,000
161,864
5.25%, 02/21/2033
 
160,000
158,845
Elevance Health, Inc.
 
3.65%, 12/01/2027
 
115,000
112,068
2.25%, 05/15/2030
 
125,000
109,893
HCA, Inc.
 
5.38%, 02/01/2025
 
95,000
94,992
3.50%, 09/01/2030
 
105,000
96,888
Humana, Inc.
 
1.35%, 02/03/2027
 
110,000
102,308
2.15%, 02/03/2032
 
105,000
85,877
Laboratory Corp. of America Holdings
 
2.95%, 12/01/2029
 
40,000
36,676
4.80%, 10/01/2034
 
40,000
38,881
McKesson Corp.
 
1.30%, 08/15/2026
 
140,000
132,802
5.10%, 07/15/2033
 
125,000
127,461
Quest Diagnostics, Inc.
 
3.50%, 03/30/2025
 
50,000
49,763
2.95%, 06/30/2030
 
55,000
50,038
UnitedHealth Group, Inc.
 
3.75%, 07/15/2025
 
189,000
188,030
5.35%, 02/15/2033
 
180,000
186,322
 
Principal
Amount
Value
Health Care Providers & Services-(continued)
Universal Health Services, Inc.
 
1.65%, 09/01/2026
$
40,000
$37,827
2.65%, 10/15/2030
 
35,000
30,402
 
 
2,495,461
Health Care REITs-0.87%
Alexandria Real Estate Equities, Inc.
 
3.45%, 04/30/2025
 
43,000
42,765
2.00%, 05/18/2032
 
75,000
61,098
Healthcare Realty Holdings L.P.
 
3.50%, 08/01/2026
 
26,000
25,434
2.00%, 03/15/2031
 
40,000
33,220
Healthpeak OP LLC
 
3.25%, 07/15/2026
 
50,000
48,904
5.25%, 12/15/2032
 
40,000
40,590
Omega Healthcare Investors, Inc.
 
5.25%, 01/15/2026
 
28,000
28,047
3.38%, 02/01/2031
 
30,000
27,032
Ventas Realty L.P.
 
4.40%, 01/15/2029
 
44,000
43,348
2.50%, 09/01/2031
 
65,000
56,055
Welltower OP LLC
 
4.00%, 06/01/2025
 
56,000
55,755
3.10%, 01/15/2030
 
80,000
73,700
 
 
535,948
Hotel & Resort REITs-0.12%
Host Hotels & Resorts L.P.
 
Series E, 4.00%, 06/15/2025
 
40,000
39,749
Series H, 3.38%, 12/15/2029
 
39,000
36,018
 
 
75,767
Hotels, Restaurants & Leisure-1.44%
Booking Holdings, Inc.
 
3.60%, 06/01/2026
 
55,000
54,290
4.63%, 04/13/2030
 
60,000
60,151
Choice Hotels International, Inc., 5.85%,
08/01/2034
 
40,000
40,882
Darden Restaurants, Inc.
 
3.85%, 05/01/2027
 
34,000
33,287
6.30%, 10/10/2033
 
40,000
42,535
Expedia Group, Inc., 3.80%, 02/15/2028
 
68,000
66,060
Harley-Davidson Financial Services, Inc., 6.50%,
03/10/2028(c)
 
60,000
61,889
Hyatt Hotels Corp., 5.75%, 01/30/2027
 
60,000
61,137
Marriott International, Inc.
 
5.00%, 10/15/2027
 
35,000
35,403
Series FF, 4.63%, 06/15/2030
 
50,000
49,626
McDonald’s Corp.
 
3.80%, 04/01/2028
 
110,000
107,686
3.60%, 07/01/2030
 
115,000
109,183
Starbucks Corp.
 
3.80%, 08/15/2025
 
86,000
85,473
2.55%, 11/15/2030
 
90,000
79,932
 
 
887,534
Household Durables-0.86%
D.R. Horton, Inc.
 
1.40%, 10/15/2027
 
70,000
64,158
5.00%, 10/15/2034
 
50,000
49,338
Leggett & Platt, Inc., 4.40%, 03/15/2029
 
60,000
57,000
Lennar Corp., 4.75%, 11/29/2027
 
105,000
105,401
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Household Durables-(continued)
Mohawk Industries, Inc.
 
5.85%, 09/18/2028
$
40,000
$41,370
3.63%, 05/15/2030
 
45,000
42,197
NVR, Inc., 3.00%, 05/15/2030
 
80,000
72,787
Whirlpool Corp., 4.75%, 02/26/2029
 
99,000
97,976
 
 
530,227
Household Products-1.24%
Church & Dwight Co., Inc., 5.60%, 11/15/2032
 
70,000
73,300
Clorox Co. (The)
 
3.90%, 05/15/2028
 
35,000
34,320
4.60%, 05/01/2032
 
40,000
39,763
Colgate-Palmolive Co.
 
4.80%, 03/02/2026
 
70,000
70,402
3.25%, 08/15/2032
 
85,000
77,782
Kimberly-Clark Corp.
 
3.20%, 04/25/2029
 
67,000
64,043
2.00%, 11/02/2031
 
100,000
85,833
Procter & Gamble Co. (The)
 
1.90%, 02/01/2027
 
165,000
157,285
3.00%, 03/25/2030
 
175,000
163,403
 
 
766,131
Independent Power and Renewable Electricity Producers-0.28%
AES Corp. (The)
 
1.38%, 01/15/2026
 
55,000
52,801
2.45%, 01/15/2031
 
70,000
59,360
NSTAR Electric Co., 3.20%, 05/15/2027
 
63,000
61,082
 
 
173,243
Industrial Conglomerates-0.93%
3M Co., 2.38%, 08/26/2029(b)
 
240,000
217,396
Eaton Corp.
 
3.10%, 09/15/2027
 
74,000
71,586
4.00%, 11/02/2032
 
85,000
81,256
Honeywell International, Inc.
 
2.50%, 11/01/2026
 
103,000
99,532
1.75%, 09/01/2031
 
125,000
104,641
 
 
574,411
Industrial REITs-0.20%
Prologis L.P.
 
2.13%, 04/15/2027
 
75,000
71,138
2.25%, 04/15/2030
 
62,000
54,886
 
 
126,024
Insurance-6.07%
Aflac, Inc., 3.60%, 04/01/2030
 
145,000
138,225
Allstate Corp. (The)
 
3.28%, 12/15/2026
 
76,000
74,160
1.45%, 12/15/2030
 
110,000
90,471
American International Group, Inc., 5.13%,
03/27/2033(b)
 
250,000
252,541
Aon Corp., 2.80%, 05/15/2030
 
60,000
54,382
Aon Global Ltd., 3.88%, 12/15/2025
 
55,000
54,534
Arthur J. Gallagher & Co., 5.45%, 07/15/2034
 
90,000
92,374
Brighthouse Financial, Inc.
 
3.70%, 06/22/2027
 
67,000
65,316
5.63%, 05/15/2030
 
75,000
77,645
Brown & Brown, Inc., 2.38%, 03/15/2031
 
70,000
60,055
Chubb INA Holdings LLC
 
3.35%, 05/03/2026
 
95,000
93,562
1.38%, 09/15/2030
 
120,000
101,019
 
Principal
Amount
Value
Insurance-(continued)
CNA Financial Corp.
 
3.90%, 05/01/2029
$
73,000
$70,768
5.13%, 02/15/2034
 
60,000
60,243
CNO Financial Group, Inc.
 
5.25%, 05/30/2029
 
43,000
43,151
6.45%, 06/15/2034
 
30,000
31,616
F&G Annuities & Life, Inc., 6.25%, 10/04/2034
 
70,000
69,711
Fidelity National Financial, Inc., 3.40%,
06/15/2030
 
120,000
110,422
First American Financial Corp., 2.40%,
08/15/2031
 
90,000
75,057
Five Corners Funding Trust II, 2.85%,
05/15/2030(c)
 
160,000
144,744
Globe Life, Inc., 4.55%, 09/15/2028
 
76,000
75,467
Hartford Financial Services Group, Inc. (The),
2.80%, 08/19/2029
 
154,000
141,435
Jackson National Life Global Funding, 3.05%,
04/29/2026(c)
 
140,000
136,541
Lincoln National Corp.
 
3.80%, 03/01/2028
 
76,000
73,898
3.40%, 01/15/2031
 
80,000
73,115
Loews Corp.
 
3.75%, 04/01/2026
 
38,000
37,563
3.20%, 05/15/2030
 
60,000
55,723
Marsh & McLennan Cos., Inc.
 
4.38%, 03/15/2029
 
68,000
67,499
2.25%, 11/15/2030
 
80,000
70,024
MetLife, Inc., 4.55%, 03/23/2030
 
135,000
135,113
Metropolitan Life Global Funding I, 3.45%,
12/18/2026(c)
 
120,000
117,527
Old Republic International Corp., 3.88%,
08/26/2026
 
94,000
92,525
Primerica, Inc., 2.80%, 11/19/2031
 
55,000
47,786
Principal Financial Group, Inc.
 
3.70%, 05/15/2029
 
82,000
78,848
2.13%, 06/15/2030
 
100,000
87,588
Progressive Corp. (The)
 
4.00%, 03/01/2029
 
75,000
73,683
3.00%, 03/15/2032
 
105,000
94,265
Prudential Financial, Inc., 1.50%, 03/10/2026
 
160,000
154,142
Reinsurance Group of America, Inc., 3.90%,
05/15/2029
 
49,000
47,213
RGA Global Funding, 5.50%, 01/11/2031(c)
 
50,000
51,507
Travelers Property Casualty Corp., 6.38%,
03/15/2033
 
165,000
185,066
Willis North America, Inc.
 
2.95%, 09/15/2029
 
50,000
46,015
5.35%, 05/15/2033
 
50,000
50,829
 
 
3,753,368
Interactive Media & Services-1.29%
Alphabet, Inc.
 
2.00%, 08/15/2026(b)
 
237,000
228,062
1.10%, 08/15/2030(b)
 
290,000
243,953
Meta Platforms, Inc.
 
3.50%, 08/15/2027
 
160,000
156,625
3.85%, 08/15/2032
 
180,000
171,041
 
 
799,681
IT Services-0.68%
Amdocs Ltd., 2.54%, 06/15/2030
 
75,000
66,314
DXC Technology Co., 2.38%, 09/15/2028
 
98,000
88,619
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
IT Services-(continued)
International Business Machines Corp., 3.50%,
05/15/2029
$
135,000
$129,380
Kyndryl Holdings, Inc.
 
2.05%, 10/15/2026
 
55,000
52,250
3.15%, 10/15/2031
 
55,000
48,369
VeriSign, Inc.
 
5.25%, 04/01/2025
 
20,000
19,988
2.70%, 06/15/2031
 
20,000
17,301
 
 
422,221
Leisure Products-0.30%
Brunswick Corp., 2.40%, 08/18/2031
 
80,000
66,931
Hasbro, Inc.
 
3.90%, 11/19/2029
 
28,000
26,613
6.05%, 05/14/2034
 
40,000
41,190
Polaris, Inc., 6.95%, 03/15/2029
 
50,000
53,154
 
 
187,888
Life Sciences Tools & Services-0.78%
Agilent Technologies, Inc.
 
2.75%, 09/15/2029
 
30,000
27,466
2.30%, 03/12/2031
 
40,000
34,592
Bio-Rad Laboratories, Inc., 3.70%,
03/15/2032
 
55,000
50,164
Illumina, Inc.
 
5.75%, 12/13/2027
 
30,000
30,788
2.55%, 03/23/2031
 
20,000
17,258
IQVIA, Inc., 6.25%, 02/01/2029
 
90,000
93,959
Revvity, Inc.
 
3.30%, 09/15/2029
 
33,000
30,773
2.25%, 09/15/2031
 
30,000
25,218
Thermo Fisher Scientific, Inc.
 
4.80%, 11/21/2027
 
85,000
85,958
2.00%, 10/15/2031(b)
 
100,000
84,611
 
 
480,787
Machinery-2.37%
AGCO Corp., 5.80%, 03/21/2034
 
70,000
71,883
Caterpillar Financial Services Corp., 3.40%,
05/13/2025
 
105,000
104,471
Caterpillar, Inc., 2.60%, 04/09/2030
 
115,000
104,693
Cummins, Inc.
 
4.90%, 02/20/2029
 
50,000
50,752
1.50%, 09/01/2030
 
80,000
67,812
Flowserve Corp., 3.50%, 10/01/2030
 
55,000
50,933
Fortive Corp., 3.15%, 06/15/2026
 
63,000
61,518
IDEX Corp., 3.00%, 05/01/2030
 
20,000
18,205
Illinois Tool Works, Inc., 2.65%, 11/15/2026
 
153,000
148,409
Ingersoll Rand, Inc.
 
5.40%, 08/14/2028
 
30,000
30,704
5.70%, 08/14/2033
 
30,000
31,300
John Deere Capital Corp.
 
4.95%, 07/14/2028
 
100,000
101,788
5.10%, 04/11/2034
 
90,000
92,214
Nordson Corp., 5.80%, 09/15/2033
 
50,000
52,763
Otis Worldwide Corp.
 
2.06%, 04/05/2025
 
55,000
54,461
2.57%, 02/15/2030
 
60,000
53,909
Parker-Hannifin Corp.
 
3.25%, 06/14/2029
 
77,000
72,876
4.20%, 11/21/2034
 
60,000
57,132
 
Principal
Amount
Value
Machinery-(continued)
Stanley Black & Decker, Inc.
 
3.40%, 03/01/2026
$
60,000
$59,007
2.30%, 03/15/2030
 
55,000
48,348
Wabtec Corp.
 
3.45%, 11/15/2026
 
30,000
29,257
5.61%, 03/11/2034
 
40,000
41,394
Xylem, Inc.
 
3.25%, 11/01/2026
 
35,000
34,110
2.25%, 01/30/2031
 
35,000
30,216
 
 
1,468,155
Marine Transportation-0.05%
Kirby Corp., 4.20%, 03/01/2028
 
33,000
32,294
Media-1.03%
Comcast Corp.
 
4.15%, 10/15/2028
 
166,000
163,676
1.50%, 02/15/2031(b)
 
220,000
182,153
Fox Corp.
 
4.71%, 01/25/2029
 
55,000
55,010
6.50%, 10/13/2033
 
45,000
48,313
Interpublic Group of Cos., Inc. (The)
 
4.65%, 10/01/2028
 
40,000
39,921
4.75%, 03/30/2030
 
50,000
49,809
Omnicom Group, Inc., 2.60%, 08/01/2031
 
60,000
52,057
Omnicom Group, Inc./Omnicom Capital, Inc.,
3.60%, 04/15/2026
 
48,000
47,354
 
 
638,293
Metals & Mining-0.95%
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
 
145,000
147,315
Newmont Corp.
 
2.80%, 10/01/2029
 
70,000
64,525
2.25%, 10/01/2030
 
56,000
49,001
Nucor Corp.
 
3.95%, 05/01/2028
 
69,000
67,808
3.13%, 04/01/2032
 
80,000
71,664
Reliance, Inc., 2.15%, 08/15/2030
 
100,000
86,300
Steel Dynamics, Inc., 3.45%, 04/15/2030
 
111,000
103,962
 
 
590,575
Multi-Utilities-1.42%
Ameren Corp.
 
1.95%, 03/15/2027
 
60,000
56,626
3.50%, 01/15/2031
 
55,000
51,093
CenterPoint Energy, Inc.
 
1.45%, 06/01/2026
 
55,000
52,459
2.65%, 06/01/2031
 
60,000
52,566
Consumers Energy Co.
 
4.90%, 02/15/2029
 
40,000
40,497
4.63%, 05/15/2033
 
50,000
49,490
Dominion Energy, Inc., Series C, 3.38%,
04/01/2030
 
95,000
88,553
DTE Electric Co., Series C, 2.63%, 03/01/2031
 
75,000
67,059
DTE Energy Co., Series F, 1.05%, 06/01/2025
 
60,000
58,887
NiSource, Inc.
 
0.95%, 08/15/2025
 
50,000
48,644
3.60%, 05/01/2030
 
40,000
37,783
Public Service Enterprise Group, Inc.
 
5.20%, 04/01/2029
 
65,000
66,381
2.45%, 11/15/2031
 
80,000
68,991
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Multi-Utilities-(continued)
Sempra, 3.40%, 02/01/2028
$
81,000
$77,856
WEC Energy Group, Inc., 4.75%, 01/09/2026
 
60,000
60,053
 
 
876,938
Office REITs-0.31%
Boston Properties L.P.
 
3.65%, 02/01/2026
 
60,000
59,107
3.25%, 01/30/2031
 
35,000
31,104
Cousins Properties L.P., 5.88%, 10/01/2034
 
50,000
51,050
Kilroy Realty L.P., 3.05%, 02/15/2030
 
58,000
51,378
 
 
192,639
Oil, Gas & Consumable Fuels-5.45%
Cheniere Corpus Christi Holdings LLC, 3.70%,
11/15/2029(b)
 
50,000
47,377
Cheniere Energy, Inc., 5.65%, 04/15/2034
 
50,000
51,241
Chevron Corp.
 
2.95%, 05/16/2026(b)
 
202,000
197,866
2.24%, 05/11/2030(b)
 
225,000
199,982
ConocoPhillips Co.
 
6.95%, 04/15/2029
 
110,000
120,759
5.05%, 09/15/2033
 
110,000
111,827
Coterra Energy, Inc.
 
3.90%, 05/15/2027
 
50,000
48,979
5.60%, 03/15/2034
 
50,000
50,787
Devon Energy Corp., 7.88%, 09/30/2031
 
110,000
126,652
Diamondback Energy, Inc.
 
3.50%, 12/01/2029
 
55,000
51,670
5.40%, 04/18/2034
 
50,000
50,520
EOG Resources, Inc.
 
4.15%, 01/15/2026
 
90,000
89,565
4.38%, 04/15/2030
 
90,000
88,769
EQT Corp.
 
3.90%, 10/01/2027
 
40,000
39,121
7.00%, 02/01/2030
 
30,000
32,419
Exxon Mobil Corp.
 
3.04%, 03/01/2026
 
251,000
246,637
2.61%, 10/15/2030(b)
 
275,000
248,016
Hess Corp.
 
4.30%, 04/01/2027
 
50,000
49,654
7.30%, 08/15/2031
 
40,000
45,458
HF Sinclair Corp., 5.88%, 04/01/2026
 
100,000
100,909
Kinder Morgan, Inc.
 
4.30%, 03/01/2028
 
75,000
74,170
5.20%, 06/01/2033
 
85,000
84,996
Marathon Oil Corp.
 
4.40%, 07/15/2027
 
28,000
27,896
6.80%, 03/15/2032
 
35,000
39,211
Marathon Petroleum Corp., 4.70%,
05/01/2025(b)
 
225,000
224,761
ONEOK, Inc.
 
4.55%, 07/15/2028
 
71,000
70,649
5.05%, 11/01/2034
 
70,000
69,023
Ovintiv, Inc.
 
5.65%, 05/15/2028
 
40,000
40,811
7.38%, 11/01/2031
 
30,000
33,347
Phillips 66
 
3.90%, 03/15/2028
 
109,000
106,516
2.15%, 12/15/2030
 
125,000
107,444
Targa Resources Corp., 5.20%, 07/01/2027
 
45,000
45,581
Targa Resources Partners L.P./Targa Resources
Partners Finance Corp., 5.50%, 03/01/2030
 
60,000
60,741
 
Principal
Amount
Value
Oil, Gas & Consumable Fuels-(continued)
Valero Energy Corp.
 
2.15%, 09/15/2027
$
110,000
$103,255
7.50%, 04/15/2032
 
95,000
109,010
Williams Cos., Inc. (The)
 
3.75%, 06/15/2027
 
85,000
83,188
2.60%, 03/15/2031
 
105,000
91,690
 
 
3,370,497
Passenger Airlines-0.17%
Southwest Airlines Co.
 
5.13%, 06/15/2027
 
50,000
50,439
2.63%, 02/10/2030
 
60,000
53,586
 
 
104,025
Personal Care Products-0.35%
Estee Lauder Cos., Inc. (The)
 
2.38%, 12/01/2029
 
63,000
56,552
4.65%, 05/15/2033
 
60,000
58,345
Kenvue, Inc.
 
5.05%, 03/22/2028
 
50,000
51,054
4.90%, 03/22/2033
 
50,000
50,348
 
 
216,299
Pharmaceuticals-2.74%
Bristol-Myers Squibb Co.
 
3.40%, 07/26/2029
 
119,000
113,338
5.20%, 02/22/2034
 
110,000
112,647
Eli Lilly and Co.
 
3.38%, 03/15/2029
 
96,000
92,298
4.70%, 02/09/2034
 
100,000
99,130
Johnson & Johnson
 
2.45%, 03/01/2026
 
193,000
188,588
1.30%, 09/01/2030(b)
 
235,000
199,696
Merck & Co., Inc.
 
3.40%, 03/07/2029
 
140,000
134,403
2.15%, 12/10/2031
 
165,000
141,012
Pfizer Investment Enterprises Pte. Ltd.
 
4.45%, 05/19/2028
 
170,000
169,656
4.75%, 05/19/2033
 
175,000
173,223
Royalty Pharma PLC
 
1.20%, 09/02/2025
 
30,000
29,162
2.20%, 09/02/2030
 
40,000
34,329
Utah Acquisition Sub, Inc., 3.95%,
06/15/2026
 
60,000
59,097
Viatris, Inc., 2.70%, 06/22/2030
 
65,000
57,052
Zoetis, Inc.
 
3.00%, 09/12/2027
 
45,000
43,267
2.00%, 05/15/2030
 
55,000
47,813
 
 
1,694,711
Professional Services-0.76%
Automatic Data Processing, Inc.
 
3.38%, 09/15/2025
 
76,000
75,306
1.25%, 09/01/2030
 
100,000
83,908
Broadridge Financial Solutions, Inc.
 
3.40%, 06/27/2026
 
25,000
24,506
2.60%, 05/01/2031
 
30,000
26,074
Concentrix Corp.
 
6.60%, 08/02/2028
 
30,000
30,751
6.85%, 08/02/2033
 
20,000
20,543
Equifax, Inc.
 
5.10%, 12/15/2027
 
40,000
40,483
2.35%, 09/15/2031
 
50,000
42,491
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Professional Services-(continued)
Jacobs Engineering Group, Inc., 6.35%,
08/18/2028
$
70,000
$73,375
Verisk Analytics, Inc.
 
4.13%, 03/15/2029
 
20,000
19,623
5.75%, 04/01/2033
 
30,000
31,647
 
 
468,707
Real Estate Management & Development-0.19%
CBRE Services, Inc.
 
4.88%, 03/01/2026
 
65,000
65,004
2.50%, 04/01/2031
 
60,000
52,206
 
 
117,210
Residential REITs-1.04%
American Homes 4 Rent L.P.
 
4.25%, 02/15/2028
 
28,000
27,570
3.63%, 04/15/2032
 
20,000
18,202
AvalonBay Communities, Inc.
 
3.45%, 06/01/2025
 
40,000
39,737
2.30%, 03/01/2030
 
60,000
53,361
Camden Property Trust
 
5.85%, 11/03/2026
 
30,000
30,735
2.80%, 05/15/2030
 
30,000
27,242
ERP Operating L.P.
 
2.85%, 11/01/2026
 
38,000
36,858
2.50%, 02/15/2030
 
50,000
44,956
Essex Portfolio L.P.
 
3.50%, 04/01/2025
 
40,000
39,788
3.00%, 01/15/2030
 
30,000
27,480
Invitation Homes Operating Partnership L.P.
 
2.30%, 11/15/2028
 
30,000
27,387
2.00%, 08/15/2031
 
45,000
37,254
Mid-America Apartments L.P., 3.95%,
03/15/2029
 
75,000
73,060
Sun Communities Operating L.P.
 
5.50%, 01/15/2029
 
35,000
35,449
2.70%, 07/15/2031
 
55,000
47,150
UDR, Inc., 3.20%, 01/15/2030
 
82,000
75,943
 
 
642,172
Retail REITs-0.72%
Brixmor Operating Partnership L.P.
 
4.13%, 05/15/2029
 
30,000
29,022
4.05%, 07/01/2030
 
30,000
28,616
Kimco Realty OP LLC
 
2.80%, 10/01/2026
 
30,000
29,025
4.60%, 02/01/2033
 
30,000
29,218
NNN REIT, Inc., 5.60%, 10/15/2033
 
50,000
51,547
Realty Income Corp.
 
4.13%, 10/15/2026
 
45,000
44,586
3.25%, 01/15/2031
 
40,000
36,664
Regency Centers L.P.
 
3.60%, 02/01/2027
 
22,000
21,510
3.70%, 06/15/2030
 
40,000
37,954
Simon Property Group L.P.
 
2.45%, 09/13/2029
 
76,000
68,964
2.65%, 02/01/2032
 
80,000
69,346
 
 
446,452
Semiconductors & Semiconductor Equipment-3.15%
Analog Devices, Inc.
 
3.50%, 12/05/2026
 
70,000
68,770
2.10%, 10/01/2031
 
60,000
51,213
 
Principal
Amount
Value
Semiconductors & Semiconductor Equipment-(continued)
Applied Materials, Inc.
 
3.30%, 04/01/2027
$
65,000
$63,436
1.75%, 06/01/2030
 
60,000
51,817
Broadcom Corp./Broadcom Cayman Finance
Ltd., 3.88%, 01/15/2027
 
133,000
131,032
Broadcom, Inc., 2.45%, 02/15/2031(c)
 
150,000
130,873
Intel Corp.
 
2.45%, 11/15/2029
 
162,000
144,751
5.20%, 02/10/2033
 
160,000
160,062
KLA Corp.
 
4.10%, 03/15/2029
 
50,000
49,254
4.65%, 07/15/2032
 
55,000
54,919
Lam Research Corp.
 
4.00%, 03/15/2029
 
68,000
66,764
1.90%, 06/15/2030
 
70,000
60,681
Marvell Technology, Inc.
 
1.65%, 04/15/2026
 
35,000
33,509
2.95%, 04/15/2031
 
45,000
40,069
Micron Technology, Inc.
 
4.19%, 02/15/2027
 
86,000
84,988
4.66%, 02/15/2030
 
90,000
88,935
NVIDIA Corp.
 
3.20%, 09/16/2026
 
62,000
60,820
2.85%, 04/01/2030
 
67,000
62,040
QUALCOMM, Inc.
 
3.25%, 05/20/2027
 
108,000
105,130
1.65%, 05/20/2032
 
140,000
113,378
Texas Instruments, Inc.
 
2.25%, 09/04/2029
 
116,000
105,282
4.90%, 03/14/2033
 
100,000
101,807
Xilinx, Inc., 2.38%, 06/01/2030
 
130,000
116,090
 
 
1,945,620
Software-2.74%
Accenture Capital, Inc.
 
4.05%, 10/04/2029
 
100,000
98,280
4.50%, 10/04/2034
 
110,000
107,003
Adobe, Inc.
 
3.25%, 02/01/2025
 
63,000
62,814
2.30%, 02/01/2030
 
50,000
44,971
Autodesk, Inc.
 
3.50%, 06/15/2027
 
23,000
22,395
2.85%, 01/15/2030
 
30,000
27,481
Cadence Design Systems, Inc.
 
4.30%, 09/10/2029
 
30,000
29,652
4.70%, 09/10/2034
 
30,000
29,467
Fortinet, Inc.
 
1.00%, 03/15/2026
 
26,000
24,799
2.20%, 03/15/2031
 
16,000
13,865
Intuit, Inc.
 
0.95%, 07/15/2025
 
60,000
58,629
5.20%, 09/15/2033
 
55,000
56,334
Microsoft Corp.
 
3.30%, 02/06/2027(b)
 
265,000
260,003
3.50%, 02/12/2035(b)
 
270,000
250,932
Oracle Corp.
 
2.50%, 04/01/2025
 
130,000
128,960
2.88%, 03/25/2031
 
150,000
133,856
Roper Technologies, Inc.
 
1.00%, 09/15/2025
 
55,000
53,470
1.75%, 02/15/2031
 
60,000
50,014
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Software-(continued)
Salesforce, Inc.
 
3.70%, 04/11/2028
$
72,000
$70,620
1.95%, 07/15/2031
 
84,000
71,593
ServiceNow, Inc., 1.40%, 09/01/2030
 
75,000
63,088
Workday, Inc.
 
3.50%, 04/01/2027
 
20,000
19,546
3.80%, 04/01/2032
 
20,000
18,531
 
 
1,696,303
Specialized REITs-1.23%
American Tower Corp.
 
3.80%, 08/15/2029
 
93,000
89,146
5.55%, 07/15/2033
 
80,000
82,182
Crown Castle, Inc.
 
3.65%, 09/01/2027
 
86,000
83,611
2.25%, 01/15/2031
 
80,000
68,081
EPR Properties, 3.75%, 08/15/2029
 
50,000
46,514
Equinix, Inc.
 
3.20%, 11/18/2029
 
60,000
55,776
3.90%, 04/15/2032
 
60,000
56,340
Extra Space Storage L.P.
 
5.70%, 04/01/2028
 
30,000
30,935
2.35%, 03/15/2032
 
35,000
29,163
Public Storage Operating Co.
 
1.85%, 05/01/2028
 
55,000
50,552
2.30%, 05/01/2031
 
60,000
52,342
Weyerhaeuser Co.
 
4.75%, 05/15/2026
 
60,000
60,048
7.38%, 03/15/2032
 
50,000
56,942
 
 
761,632
Specialty Retail-2.85%
AutoNation, Inc., 3.85%, 03/01/2032
 
110,000
100,125
AutoZone, Inc.
 
3.75%, 06/01/2027
 
50,000
49,008
4.00%, 04/15/2030
 
60,000
57,833
Best Buy Co., Inc.
 
4.45%, 10/01/2028
 
75,000
74,432
1.95%, 10/01/2030
 
90,000
76,943
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033
 
50,000
52,025
Dell International LLC/EMC Corp.
 
5.30%, 10/01/2029
 
85,000
86,858
5.40%, 04/15/2034
 
80,000
81,694
Dick’s Sporting Goods, Inc., 3.15%,
01/15/2032
 
95,000
84,215
Home Depot, Inc. (The)
 
2.95%, 06/15/2029
 
188,000
176,135
4.50%, 09/15/2032
 
165,000
163,921
Leidos, Inc.
 
3.63%, 05/15/2025
 
40,000
39,791
2.30%, 02/15/2031
 
45,000
38,578
Lowe’s Cos., Inc.
 
2.50%, 04/15/2026
 
109,000
106,115
2.63%, 04/01/2031
 
140,000
123,538
O’Reilly Automotive, Inc.
 
3.60%, 09/01/2027
 
59,000
57,485
4.70%, 06/15/2032
 
50,000
49,101
Ross Stores, Inc.
 
4.60%, 04/15/2025
 
47,000
46,955
1.88%, 04/15/2031
 
65,000
54,520
 
Principal
Amount
Value
Specialty Retail-(continued)
TJX Cos., Inc. (The)
 
2.25%, 09/15/2026
$
85,000
$81,911
1.60%, 05/15/2031
 
100,000
83,247
Tractor Supply Co., 1.75%, 11/01/2030
 
95,000
80,221
 
 
1,764,651
Technology Hardware, Storage & Peripherals-1.81%
Apple, Inc.
 
3.25%, 02/23/2026
 
275,000
271,530
1.65%, 02/08/2031(b)
 
355,000
303,286
Hewlett Packard Enterprise Co.
 
4.90%, 10/15/2025
 
68,000
68,083
5.00%, 10/15/2034
 
80,000
78,966
HP, Inc.
 
3.00%, 06/17/2027
 
90,000
86,454
4.20%, 04/15/2032
 
90,000
85,748
IBM International Capital Pte. Ltd., 4.90%,
02/05/2034
 
140,000
139,228
NetApp, Inc.
 
1.88%, 06/22/2025
 
35,000
34,418
2.70%, 06/22/2030
 
55,000
49,233
 
 
1,116,946
Textiles, Apparel & Luxury Goods-0.49%
NIKE, Inc.
 
2.40%, 03/27/2025
 
95,000
94,330
2.85%, 03/27/2030
 
100,000
92,212
Ralph Lauren Corp., 2.95%, 06/15/2030
 
55,000
50,732
Tapestry, Inc., 3.05%, 03/15/2032
 
75,000
64,813
 
 
302,087
Tobacco-0.89%
Altria Group, Inc.
 
4.80%, 02/14/2029
 
130,000
129,875
2.45%, 02/04/2032
 
160,000
134,339
Philip Morris International, Inc.
 
5.13%, 11/17/2027
 
135,000
137,176
5.75%, 11/17/2032
 
140,000
146,874
 
 
548,264
Trading Companies & Distributors-0.15%
W.W. Grainger Inc., 1.85%, 02/15/2025
 
42,000
41,741
W.W. Grainger, Inc., 4.45%, 09/15/2034
 
50,000
48,936
 
 
90,677
Water Utilities-0.24%
American Water Capital Corp.
 
3.40%, 03/01/2025
 
42,000
41,844
4.45%, 06/01/2032
 
40,000
39,233
Essential Utilities, Inc.
 
4.80%, 08/15/2027
 
30,000
30,083
2.70%, 04/15/2030
 
40,000
35,980
 
 
147,140
Wireless Telecommunication Services-0.43%
T-Mobile USA, Inc.
 
3.75%, 04/15/2027
 
145,000
142,078
3.88%, 04/15/2030
 
130,000
124,237
 
 
266,315
Total U.S. Dollar Denominated Bonds & Notes
(Cost $62,134,358)
61,300,209
See accompanying notes which are an integral part of this schedule.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
November 30, 2024
(Unaudited)
 
Shares
Value
Money Market Funds-0.32%
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(d)(e)
(Cost $200,603)
 
200,603
$200,603
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.45%
(Cost $62,334,961)
61,500,812
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-9.02%
Invesco Private Government Fund,
4.63%(d)(e)(f)
 
1,562,008
1,562,008
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.71%(d)(e)(f)
 
4,012,280
$4,013,484
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $5,575,492)
5,575,492
TOTAL INVESTMENTS IN SECURITIES-108.47%
(Cost $67,910,453)
67,076,304
OTHER ASSETS LESS LIABILITIES-(8.47)%
(5,237,964
)
NET ASSETS-100.00%
$61,838,340
 
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at November 30, 2024.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
November 30, 2024 was $1,408,607, which represented 2.28% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$182,485
$1,039,798
$(1,021,680
)
$-
$-
$200,603
$2,145
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
1,368,978
5,295,045
(5,102,015
)
-
-
1,562,008
17,657
*
Invesco Private Prime Fund
3,566,104
11,085,073
(10,637,359
)
(76
)
(258
)
4,013,484
49,192
*
Total
$5,117,567
$17,419,916
$(16,761,054
)
$(76
)
$(258
)
$5,776,095
$68,994
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(e)
The rate shown is the 7-day SEC standardized yield as of November 30, 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
Invesco National AMT-Free Municipal Bond ETF (PZA)
November 30, 2024
(Unaudited)
 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations-98.69%
 
 
 
 
 
Alabama-1.16%
 
 
 
 
 
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
5.25%
07/01/2047
$
3,000
$3,248,488
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
5.25%
07/01/2052
 
3,000
3,225,197
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
4.00%
11/01/2040
 
585
591,614
Alhambra Unified School District, Series 2016 B, RB
4.00%
10/01/2043
 
500
500,578
Auburn University, Series 2018 A, RB
5.00%
06/01/2048
 
500
520,805
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB
5.00%
07/01/2048
 
3,000
3,093,347
Huntsville (City of), AL Health Care Authority, Series 2020 B-1, RB, (INS - AGM)(a)
3.00%
06/01/2050
 
355
296,879
Jefferson (County of), AL, Series 2024, Ref. RB
5.25%
10/01/2041
 
1,000
1,118,622
Jefferson (County of), AL, Series 2024, Ref. RB
5.25%
10/01/2042
 
1,030
1,147,872
Jefferson (County of), AL, Series 2024, Ref. RB
5.25%
10/01/2045
 
1,000
1,099,928
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%
10/01/2040
 
1,000
1,123,469
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%
10/01/2043
 
1,000
1,110,236
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%
10/01/2044
 
1,055
1,167,875
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%
10/01/2049
 
2,865
3,114,668
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.50%
10/01/2053
 
4,100
4,525,204
Lower Alabama Gas District (The), Series 2016 A, RB
5.00%
09/01/2046
 
2,085
2,335,322
Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021
A, Ref. RB
4.00%
02/01/2046
 
5,000
4,666,316
Montgomery (City of), AL, Series 2023, RB
5.00%
09/01/2048
 
1,000
1,094,854
Pike Road (Town of), AL, Series 2023, GO Wts.
5.00%
03/01/2052
 
1,175
1,262,089
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
3.63%
09/01/2041
 
155
151,184
University of Alabama (The), Series 2012 A, Ref. RB
3.50%
07/01/2042
 
220
203,079
University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)(a)
5.25%
04/01/2054
 
1,000
1,092,779
 
 
 
 
36,690,405
Alaska-0.01%
 
 
 
 
 
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services,
Inc.), Series 2019, RB
4.00%
10/01/2049
 
200
192,264
Alaska (State of) Industrial Development & Export Authority (Tanana Chiefs Conferene),
Series 2019, RB
4.00%
10/01/2044
 
30
29,160
 
 
 
 
221,424
Arizona-1.51%
 
 
 
 
 
Arizona (State of) Industrial Development Authority, Series 2024, RB
5.00%
11/01/2049
 
35
37,945
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020 A,
RB
3.00%
02/01/2045
 
2,000
1,671,360
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020 A,
RB
4.00%
02/01/2050
 
1,000
988,041
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB
4.00%
11/01/2050
 
2,000
1,951,730
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2023, RB
5.25%
11/01/2048
 
15
16,339
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
4.00%
07/15/2047
 
750
758,861
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group),
Series 2017 A, RB
4.00%
01/01/2041
 
2,000
2,010,810
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group),
Series 2019 A, RB
4.00%
01/01/2044
 
45
45,087
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group),
Series 2019 E, RB
3.00%
01/01/2049
 
3,355
2,807,212
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group),
Series 2019 F, RB
4.00%
01/01/2045
 
715
715,239
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group),
Series 2019 F, RB
3.00%
01/01/2049
 
2,000
1,673,450
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2019 E, RB
4.00%
01/01/2045
 
1,000
1,000,334
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB
3.00%
09/01/2051
 
2,250
1,731,294
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB
4.00%
09/01/2051
 
2,625
2,545,610
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing,
LLC- Arizona State University), Series 2018 A, Ref. RB
5.00%
07/01/2042
 
1,000
1,020,068
Phoenix Civic Improvement Corp., Series 2015 A, RB
5.00%
07/01/2045
 
2,000
2,010,604
Phoenix Civic Improvement Corp., Series 2019 A, RB
5.00%
07/01/2045
 
5,000
5,227,588
Phoenix Civic Improvement Corp., Series 2019, RB
5.00%
07/01/2049
 
4,000
4,176,879
Phoenix Civic Improvement Corp., Series 2021 A, RB
5.00%
07/01/2045
 
750
813,558
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Arizona-(continued)
 
 
 
 
 
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB
5.00%
07/01/2040
$
5
$5,452
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB
5.00%
07/01/2044
 
5,000
5,387,583
Pima (County of), AZ Industrial Development Authority (The) (Tucson Medical Center), Series 2021,
Ref. RB
4.00%
04/01/2046
 
5
4,838
Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB
5.00%
01/01/2047
 
210
231,380
Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB
5.00%
01/01/2050
 
50
54,589
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.00%
01/01/2043
 
1,000
1,126,573
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.00%
01/01/2044
 
1,000
1,119,019
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.00%
01/01/2048
 
1,055
1,163,649
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.25%
01/01/2053
 
2,000
2,232,576
Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB
5.00%
01/01/2049
 
1,000
1,114,338
University of Arizona (The) (Stimulus Plan for Economic and Educational Development),
Series 2020, Ref. RB
4.00%
08/01/2044
 
4,000
4,011,740
University of Arizona Board of Regents, Series 2017 B, Ref. RB
5.00%
07/01/2042
 
75
77,917
University of Arizona Board of Regents (Green Bonds), Series 2023 A, RB
5.50%
07/01/2048
 
5
5,666
Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024,
Ref. RB, (INS - AGC)(a)
4.00%
08/01/2054
 
200
199,783
 
 
 
 
47,937,112
Arkansas-0.20%
 
 
 
 
 
Arkansas (State of) Development Finance Authority (Arkansas Division of Emergency Management),
Series 2020, RB
4.00%
06/01/2045
 
25
24,996
Fayetteville School District No. 1, Series 2020, Ref. GO Bonds
2.75%
06/01/2046
 
100
75,757
Fayetteville School District No. 1, Series 2024, GO Bonds
4.00%
02/01/2050
 
500
498,057
University of Arkansas, Series 2021 A, RB
5.00%
12/01/2045
 
5,445
5,873,013
 
 
 
 
6,471,823
California-15.62%
 
 
 
 
 
Antelope Valley Healthcare District, Series 2016 A, Ref. RB
5.00%
03/01/2041
 
1,000
1,003,945
Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB
5.00%
04/01/2041
 
5
5,620
Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB
5.00%
04/01/2042
 
5
5,602
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB
4.00%
04/01/2056
 
5,000
5,010,834
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB
4.00%
04/01/2042
 
2,625
2,640,157
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%
04/01/2047
 
15
15,048
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%
04/01/2054
 
2,000
2,196,888
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(a)
5.00%
09/01/2049
 
1,000
1,037,732
Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGM)(a)
4.00%
07/01/2054
 
575
575,444
California (State of), Series 2015, GO Bonds
4.00%
08/01/2045
 
130
130,163
California (State of), Series 2015, GO Bonds
5.00%
08/01/2045
 
2,200
2,213,950
California (State of), Series 2016, GO Bonds
4.00%
09/01/2046
 
200
200,575
California (State of), Series 2016, GO Bonds
5.00%
09/01/2046
 
3,000
3,085,974
California (State of), Series 2017, GO Bonds
5.00%
08/01/2046
 
10
10,273
California (State of), Series 2018, GO Bonds
3.63%
10/01/2047
 
195
184,861
California (State of), Series 2018, GO Bonds
5.00%
10/01/2047
 
3,400
3,473,894
California (State of), Series 2019, GO Bonds
4.00%
10/01/2044
 
185
188,075
California (State of), Series 2019, GO Bonds
3.25%
04/01/2045
 
325
290,418
California (State of), Series 2019, GO Bonds
5.00%
04/01/2045
 
4,000
4,258,724
California (State of), Series 2019, GO Bonds
5.00%
04/01/2049
 
1,000
1,059,134
California (State of), Series 2019, Ref. GO Bonds
5.00%
10/01/2039
 
200
217,201
California (State of), Series 2020, GO Bonds
4.00%
11/01/2041
 
55
55,104
California (State of), Series 2020, GO Bonds
4.00%
11/01/2045
 
1,100
1,101,922
California (State of), Series 2020, GO Bonds
4.00%
03/01/2046
 
1,000
1,017,699
California (State of), Series 2020, GO Bonds
4.00%
03/01/2046
 
1,000
1,017,699
California (State of), Series 2020, GO Bonds
3.00%
03/01/2050
 
10
8,181
California (State of), Series 2020, GO Bonds
4.00%
03/01/2050
 
40
40,484
California (State of), Series 2020, GO Bonds
3.00%
11/01/2050
 
40
32,644
California (State of), Series 2020, Ref. GO Bonds
4.00%
03/01/2040
 
1,155
1,191,683
California (State of), Series 2021, GO Bonds
5.00%
12/01/2043
 
20
21,893
California (State of), Series 2021, GO Bonds
3.00%
12/01/2049
 
50
41,010
California (State of), Series 2021, Ref. GO Bonds
5.00%
09/01/2041
 
2,085
2,315,742
California (State of), Series 2021, Ref. GO Bonds
4.00%
10/01/2041
 
1,165
1,204,821
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
California (State of), Series 2021, Ref. GO Bonds
5.00%
10/01/2041
$
5,565
$6,146,510
California (State of), Series 2022, GO Bonds
3.00%
04/01/2052
 
1,400
1,138,675
California (State of), Series 2022, Ref. GO Bonds
4.00%
04/01/2042
 
10
10,355
California (State of), Series 2022, Ref. GO Bonds
5.00%
04/01/2042
 
20
20,934
California (State of), Series 2022, Ref. GO Bonds
5.00%
04/01/2042
 
1,585
1,770,356
California (State of), Series 2022, Ref. GO Bonds
4.00%
09/01/2042
 
1,000
1,037,268
California (State of), Series 2022, Ref. GO Bonds
5.00%
09/01/2042
 
25
28,070
California (State of), Series 2022, Ref. GO Bonds
5.00%
11/01/2042
 
1,170
1,316,429
California (State of), Series 2023, GO Bonds
5.00%
10/01/2039
 
65
74,415
California (State of), Series 2023, GO Bonds
5.00%
10/01/2045
 
1,025
1,147,746
California (State of), Series 2023, GO Bonds
5.25%
10/01/2045
 
1,035
1,181,663
California (State of), Series 2023, GO Bonds
4.00%
10/01/2050
 
1,355
1,379,693
California (State of), Series 2023, GO Bonds
5.25%
09/01/2053
 
2,400
2,708,556
California (State of), Series 2023, Ref. GO Bonds
4.00%
10/01/2042
 
1,200
1,247,642
California (State of), Series 2023, Ref. GO Bonds
5.00%
10/01/2042
 
25
28,272
California (State of), Series 2023, Ref. GO Bonds
4.00%
09/01/2043
 
7,500
7,780,152
California (State of), Series 2023, Ref. GO Bonds
5.00%
09/01/2043
 
10,020
11,345,289
California (State of), Series 2024, GO Bonds
5.00%
09/01/2041
 
435
499,301
California (State of), Series 2024, GO Bonds
5.25%
08/01/2044
 
1,005
1,171,328
California (State of), Series 2024, GO Bonds
5.00%
09/01/2044
 
2,005
2,276,184
California (State of), Series 2024, GO Bonds
4.00%
09/01/2047
 
110
112,705
California (State of), Series 2024, GO Bonds
5.00%
09/01/2048
 
2,000
2,239,087
California (State of), Series 2024, GO Bonds
5.00%
09/01/2053
 
1,025
1,138,825
California (State of), Series 2024, GO Bonds
4.00%
08/01/2054
 
1,000
1,010,366
California (State of), Series 2024, Ref. GO Bonds
4.00%
09/01/2043
 
10
10,392
California (State of), Series 2024, Ref. GO Bonds
5.00%
09/01/2043
 
1,460
1,662,588
California (State of), Series 2024, Ref. GO Bonds
5.00%
08/01/2044
 
1,000
1,140,447
California (State of) Educational Facilities Authority (Chapman University), Series 2017 B, RB
4.00%
04/01/2047
 
50
49,901
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
5.00%
05/01/2049
 
4,000
4,990,855
California (State of) Educational Facilities Authority (Stanford University), Series 2021 V-2, Ref. RB
5.00%
04/01/2051
 
1,100
1,377,756
California (State of) Educational Facilities Authority (University of Redlands), Series 2022 A, RB
5.00%
10/01/2052
 
600
616,871
California (State of) Enterprise Development Authority (Castilleja School Foundation), Series 2024,
RB
4.00%
06/01/2054
 
940
940,434
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A,
RB
4.00%
03/01/2043
 
345
335,391
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021
A, Ref. RB
4.00%
08/15/2040
 
400
413,291
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021,
Ref. RB
3.00%
08/15/2051
 
215
176,049
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021
A, Ref. RB
4.00%
08/15/2048
 
3,200
3,214,840
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange),
Series 2021, Ref. RB
2.13%
11/01/2041
 
5,000
3,796,154
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange),
Series 2024, RB
5.00%
11/01/2054
 
750
825,643
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB
4.00%
11/15/2045
 
1,360
1,354,178
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
4.00%
02/01/2042
 
3,000
3,029,401
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
5.00%
02/01/2042
 
2,250
2,321,360
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2,
RB
4.00%
11/01/2044
 
4,600
4,607,581
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2,
RB
5.00%
11/01/2047
 
3,500
4,221,142
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at
Stanford), Series 2017, RB
5.00%
11/15/2056
 
800
826,337
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
4.00%
06/01/2050
 
3,860
3,836,284
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health),
Series 2016 A, Ref. RB
3.00%
10/01/2047
 
280
230,702
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health),
Series 2016, Ref. RB
3.00%
10/01/2041
 
765
678,691
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref.
RB
4.00%
11/15/2040
$
3,000
$3,031,567
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref.
RB
4.00%
08/15/2050
 
7,360
7,410,702
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
4.00%
11/15/2041
 
175
175,542
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
5.00%
11/15/2046
 
1,185
1,212,971
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
4.00%
11/15/2042
 
500
500,882
California (State of) Infrastructure & Economic Development Bank (California State Teachers’
Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%
08/01/2044
 
2,755
2,936,063
California (State of) Infrastructure & Economic Development Bank (California State Teachers’
Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%
08/01/2049
 
595
628,119
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund),
Series 2023, RB
4.00%
10/01/2042
 
750
782,409
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB
5.00%
10/01/2043
 
1,000
1,059,322
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving
Fund), Series 2022, RB
5.00%
10/01/2047
 
35
38,954
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving
Fund), Series 2022, RB
5.00%
10/01/2052
 
10
11,044
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of
Natural History Foundation), Series 2020, Ref. RB
4.00%
07/01/2050
 
1,000
998,466
California (State of) Infrastructure & Economic Development Bank (Social Bonds), Series 2024, RB
5.00%
11/01/2049
 
495
540,899
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street),
Series 2017, RB
5.00%
05/15/2052
 
20
20,876
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing),
Series 2018, RB
5.00%
05/15/2048
 
20
20,601
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref.
RB
4.00%
02/01/2042
 
4,000
3,955,576
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref.
RB
5.00%
02/01/2042
 
1,715
1,744,765
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref.
RB
5.00%
02/01/2047
 
2,500
2,529,442
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.25%
11/01/2041
 
1,000
1,010,555
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure
Improvement Program - Phase I), Series 2017 A, RB
5.00%
06/01/2042
 
6,000
6,234,358
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP,
(INS - AGM)(a)
5.25%
11/01/2052
 
2,000
2,141,769
California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A,
RB
5.00%
09/01/2049
 
15
16,589
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB
5.00%
06/01/2043
 
1,750
1,798,740
California (State of) Pollution Control Financing Authority (San Diego County Water Authority),
Series 2019, Ref. RB(b)
5.00%
11/21/2045
 
1,000
1,028,169
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
4.00%
07/15/2051
 
1,000
1,006,894
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
4.00%
08/01/2047
 
215
213,801
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
5.00%
08/01/2047
 
1,000
1,043,262
California (State of) Public Works Board, Series 2019 C, RB
5.00%
11/01/2044
 
5
5,361
California (State of) Public Works Board (Green Bonds), Series 2021, RB
4.00%
11/01/2046
 
345
349,873
California (State of) Public Works Board (Green Bonds), Series 2021, RB
5.00%
11/01/2046
 
555
607,655
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%
04/01/2045
 
1,000
1,127,760
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%
04/01/2049
 
1,000
1,114,705
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
4.00%
05/01/2046
 
185
187,446
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020
A, RB
4.00%
04/01/2045
 
60
59,304
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020
A, RB
3.00%
04/01/2050
 
2,565
2,054,259
California (State of) Statewide Communities Development Authority (Front Porch Communities &
Services), Series 2017 A, Ref. RB
5.00%
04/01/2047
 
1,100
1,117,246
California (State of) Statewide Communities Development Authority (Front Porch Communities &
Services), Series 2021, Ref. RB
2.50%
04/01/2051
 
100
70,166
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016
A, Ref. RB
4.00%
08/15/2046
 
130
130,188
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018
A, Ref. RB
4.00%
12/01/2057
$
500
$476,236
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024
A, Ref. RB
5.25%
12/01/2054
 
1,000
1,116,156
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern
California), Series 2018, RB
4.25%
01/01/2043
 
115
116,321
California State University, Series 2016 A, Ref. RB
5.00%
11/01/2041
 
1,010
1,034,137
California State University, Series 2016 A, Ref. RB
4.00%
11/01/2045
 
400
401,022
California State University, Series 2017 A, Ref. RB
5.00%
11/01/2042
 
6,180
6,441,077
California State University, Series 2017 A, Ref. RB
5.00%
11/01/2047
 
2,335
2,422,281
California State University, Series 2018 A, Ref. RB
5.00%
11/01/2043
 
30
31,891
California State University, Series 2023 A, RB
5.25%
11/01/2048
 
275
313,683
California State University, Series 2023 A, RB
5.25%
11/01/2053
 
245
278,220
California State University, Series 2024 A, RB
5.50%
11/01/2049
 
10
11,769
California State University, Series 2024 A, RB
4.00%
11/01/2055
 
145
146,180
California State University, Series 2024 A, RB
5.50%
11/01/2055
 
1,000
1,171,786
Centinela Valley Union High School District, Series 2016 B, Ref. GO Bonds, (INS - AGM)(a)
4.00%
08/01/2050
 
125
125,174
Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds
5.25%
08/01/2048
 
20
22,681
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds(c)
4.00%
06/01/2028
 
335
339,146
Chaffey Joint Union High School District, Series 2019 D, GO Bonds
4.00%
08/01/2049
 
10
10,049
Chino Valley Unified School District, Series 2020 B, GO Bonds
4.00%
08/01/2045
 
2,500
2,535,267
Chino Valley Unified School District, Series 2020 B, GO Bonds
3.38%
08/01/2050
 
7,500
6,733,287
Citrus Community College District (Election of 2020), Series 2024 B, GO Bonds
5.00%
08/01/2049
 
500
561,250
Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds
5.00%
08/01/2047
 
25
27,013
Clovis Unified School District (Election of 2020), Series 2024 C, GO Bonds
4.00%
08/01/2048
 
750
755,066
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)
4.00%
06/01/2049
 
100
100,343
Corona-Norco Unified School District (Election of 2014), Series 2018 B, GO Bonds
4.00%
08/01/2043
 
55
55,596
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
4.00%
08/01/2049
 
100
100,488
Desert Sands Unified School District (Election Of 2014), Series 2019, GO Bonds
4.00%
08/01/2044
 
500
502,478
East Bay Municipal Utility District (Green Bonds), Series 2015 B, RB
4.00%
06/01/2045
 
1,020
1,020,889
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
5.00%
06/01/2045
 
25
26,068
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB
5.00%
06/01/2044
 
740
796,480
East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB
5.00%
06/01/2049
 
505
568,371
East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB
5.00%
06/01/2054
 
1,100
1,234,129
El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)(a)
5.75%
08/01/2048
 
1,500
1,775,436
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)(a)
3.13%
02/01/2040
 
205
188,432
Elk Grove Unified School District (Election of 1998), Series 2023, RB, (INS - AGM)(a)
4.00%
12/01/2042
 
110
113,338
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)(a)
4.00%
10/01/2044
 
1,000
1,003,270
Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB
4.00%
01/15/2043
 
640
644,473
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB
3.95%
01/15/2053
 
3,090
3,034,135
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%
08/01/2052
 
135
135,826
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
5.00%
04/01/2049
 
35
39,162
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
4.00%
04/01/2054
 
1,000
1,007,725
Glendale (City of), CA, Second Series 2024, RB
5.00%
02/01/2054
 
500
547,178
Grossmont Healthcare District, Series 2015 D, Ref. GO Bonds
4.00%
07/15/2040
 
500
500,448
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds
4.00%
08/01/2042
 
60
60,346
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds
3.00%
08/01/2045
 
100
83,589
Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds
5.00%
08/01/2047
 
425
464,342
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2042
 
30
30,099
Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)(a)
5.00%
08/01/2044
 
5
5,287
Hayward Unified School District, Series 2019, Ref. GO Bonds, (INS - BAM)(a)
4.00%
08/01/2043
 
2,090
2,103,417
Hayward Unified School District, Series 2020, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2050
 
20
20,072
Hayward Unified School District (Election of 2018), Series 2019 A, GO Bonds, (INS - BAM)(a)
4.00%
08/01/2048
 
475
476,713
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB
5.25%
05/01/2048
 
2,200
2,249,027
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB,
(INS - BAM)(a)
5.25%
09/01/2053
 
600
673,777
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB,
(INS - BAM)(a)
4.00%
09/01/2058
 
1,615
1,616,118
Irvine Ranch Water District, Series 2016, RB
5.25%
02/01/2046
 
750
772,245
Jurupa Unified School District, Series 2017 B, GO Bonds
4.00%
08/01/2041
 
10,000
10,073,838
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
4.00%
08/01/2046
$
7,000
$7,021,448
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds
4.00%
08/01/2047
 
3,000
3,026,159
Long Beach (City of), CA, Series 2017 C, Ref. RB
5.00%
05/15/2047
 
75
77,938
Long Beach (City of), CA, Series 2019 A, RB
7.15%
05/15/2044
 
1,000
1,077,856
Long Beach (City of), CA, Series 2019 A, RB
5.00%
05/15/2049
 
120
128,155
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds
3.00%
08/01/2050
 
1,270
1,039,396
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB
5.00%
06/01/2044
 
750
755,660
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB
5.00%
06/01/2045
 
400
403,038
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
5.25%
06/01/2047
 
1,500
1,565,415
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
5.00%
06/01/2047
 
75
82,553
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
4.00%
06/01/2052
 
5,000
5,032,922
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021
B, Ref. RB
5.00%
05/15/2045
 
1,260
1,379,675
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022
B, RB
4.00%
05/15/2048
 
5,000
5,029,880
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%
07/01/2041
 
30
30,535
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%
07/01/2046
 
1,100
1,117,250
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%
07/01/2042
 
140
144,809
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%
07/01/2047
 
1,100
1,132,059
Los Angeles (City of), CA Department of Water & Power, Series 2017 C, RB
5.00%
07/01/2042
 
50
52,088
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%
07/01/2043
 
495
524,388
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%
07/01/2043
 
135
142,921
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.25%
07/01/2049
 
80
85,514
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%
07/01/2044
 
2,375
2,549,354
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%
07/01/2040
 
50
55,307
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
5.00%
07/01/2040
 
25
27,626
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%
07/01/2046
 
1,000
1,089,168
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%
07/01/2040
 
110
121,675
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%
07/01/2046
 
4,000
4,382,914
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%
07/01/2047
 
2,120
2,339,978
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%
07/01/2042
 
50
55,939
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2040
 
20
22,610
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2041
 
105
117,985
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2042
 
50
56,311
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%
07/01/2043
 
10
11,125
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%
07/01/2047
 
25
27,629
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%
07/01/2052
 
1,065
1,171,434
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.25%
07/01/2053
 
270
305,862
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%
07/01/2041
 
10
11,466
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%
07/01/2042
 
15
17,087
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%
07/01/2043
 
10
11,333
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%
07/01/2048
 
20
22,259
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%
07/01/2053
 
500
554,451
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
5.00%
07/01/2044
 
330
374,782
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%
07/01/2044
 
15
17,036
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A,
RB
5.00%
07/01/2041
 
85
89,319
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A,
RB
5.00%
07/01/2044
 
70
74,424
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
4.00%
12/01/2040
 
200
200,379
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
5.00%
12/01/2045
 
1,400
1,418,744
Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB
4.00%
12/01/2053
 
45
45,414
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
4.00%
12/01/2043
 
15
15,248
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
5.00%
12/01/2045
 
40
43,444
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB
4.00%
12/01/2046
 
15
15,233
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2016 A, Ref.
RB
4.00%
10/01/2042
 
700
701,540
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018
A, RB
5.00%
12/01/2051
 
2,680
2,810,315
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018,
RB
4.00%
12/01/2048
$
25
$25,169
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%
07/01/2040
 
1,015
1,043,909
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%
07/01/2044
 
1,000
1,014,424
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
4.00%
07/01/2044
 
955
968,775
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
4.00%
07/01/2040
 
20
20,022
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
5.00%
07/01/2040
 
2,195
2,214,407
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.25%
07/01/2042
 
150
159,324
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.25%
07/01/2047
 
1,015
1,148,721
Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds
5.25%
07/01/2042
 
15
17,617
Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds
5.25%
07/01/2048
 
1,000
1,142,915
Los Angeles Unified School District (Sustainability Bonds), Series 2023, GO Bonds
5.00%
07/01/2043
 
15
17,215
Madera Unified School District (Election of 2014), Series 2017, GO Bonds
4.00%
08/01/2046
 
5,055
5,080,735
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds
4.00%
09/01/2045
 
5,635
5,738,900
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
4.00%
08/01/2047
 
3,000
3,004,571
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%
10/01/2045
 
1,080
1,162,181
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%
10/01/2049
 
1,050
1,121,864
Modesto Irrigation District, Series 2023 A, RB
5.25%
10/01/2048
 
125
142,086
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
4.00%
08/01/2046
 
150
150,119
Monterey Peninsula Community College District (Election of 2020), Series 2024 B, GO Bonds
4.00%
08/01/2051
 
1,000
1,010,870
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)
3.00%
08/01/2050
 
35
29,486
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds
4.00%
08/01/2047
 
2,000
2,010,300
Mountain View Whisman School District (Santa Clara County, California) (Election of 2020),
Series 2022 B, GO Bonds
4.25%
09/01/2045
 
5,750
5,902,090
M-S-R Energy Authority, Series 2009 B, RB
6.50%
11/01/2039
 
1,500
1,951,826
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
4.00%
08/01/2049
 
540
543,296
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
5.00%
08/01/2044
 
270
289,426
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
4.00%
08/01/2043
 
175
176,776
Napa Valley Unified School District (Election of 2016), Series 2016 A, GO Bonds
3.50%
08/01/2041
 
415
402,478
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2044
 
3,000
3,008,934
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2049
 
3,885
3,893,845
Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)(a)
4.00%
08/01/2042
 
15
15,048
North Orange County Community College District, Series 2022 C, GO Bonds
4.00%
08/01/2047
 
2,500
2,527,350
Oak Grove School District, Series 2023 A-2, GO Bonds
5.00%
08/01/2052
 
3,500
3,848,674
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
5.25%
08/01/2048
 
500
564,659
Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)(a)
4.00%
08/01/2046
 
50
50,345
Ohlone Community College District, Series 2016 C, GO Bonds
4.00%
08/01/2041
 
20
20,062
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(a)
5.00%
08/01/2045
 
5,000
5,207,788
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
4.00%
08/01/2047
 
845
854,224
Palo Alto Unified School District, Series 2022, GO Bonds
3.25%
08/01/2042
 
1,000
968,950
Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB
5.00%
06/01/2051
 
1,230
1,327,442
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(a)
4.00%
09/01/2048
 
7,500
7,565,366
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%
05/15/2041
 
80
81,968
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%
05/15/2041
 
1,000
1,126,484
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%
05/15/2042
 
1,015
1,142,181
Regents of the University of California Medical Center, Series 2022 P, RB
4.00%
05/15/2043
 
1,000
1,017,961
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%
05/15/2047
 
5,000
5,513,125
Regents of the University of California Medical Center, Series 2022 P, RB
3.50%
05/15/2054
 
1,110
1,049,722
Riverside (City of), CA, Series 2024 A, Ref. RB
5.00%
10/01/2049
 
1,000
1,119,856
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
3.00%
06/01/2049
 
70
56,809
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
5.00%
06/01/2043
 
1,100
1,163,939
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District
No.2), Series 2016, Ref. RB
5.00%
10/01/2047
 
5,000
5,134,022
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%
08/15/2040
 
5
5,428
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
4.00%
08/15/2045
 
15
15,213
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%
08/15/2048
 
50
55,755
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%
08/15/2053
 
2,300
2,548,022
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB
5.00%
11/15/2054
 
205
228,343
Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
4.00%
08/01/2054
 
500
503,329
Sacramento (County of), CA, Series 2016 A, Ref. RB
5.00%
07/01/2041
 
2,400
2,463,584
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Sacramento (County of), CA, Series 2016 B, Ref. RB
5.00%
07/01/2041
$
2,250
$2,309,610
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
5.00%
12/01/2050
 
2,400
2,588,817
San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds
5.00%
08/01/2049
 
275
299,065
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.25%
08/01/2047
 
40
42,409
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%
05/15/2047
 
145
160,226
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%
05/15/2052
 
640
701,702
San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB
5.00%
05/15/2054
 
1,000
1,112,172
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A,
RB
5.00%
10/15/2046
 
1,015
1,094,237
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A,
RB
4.00%
10/15/2050
 
150
151,066
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2023 A,
RB
5.25%
10/15/2052
 
1,135
1,265,091
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024,
Ref. RB
5.00%
10/15/2049
 
280
311,698
San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB
5.00%
07/01/2042
 
5
5,196
San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB
5.00%
07/01/2047
 
5
5,174
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%
07/01/2049
 
5
5,296
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%
07/01/2056
 
1,000
1,000,554
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
5.00%
07/01/2056
 
1,000
1,074,084
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
5.00%
04/01/2041
 
80
81,874
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
5.00%
04/01/2048
 
6,635
6,763,740
San Diego (County of), CA Water Authority, Series 2022 A, RB
5.00%
05/01/2047
 
20
22,120
San Diego Unified School District, Series 2020 M-2, GO Bonds
3.00%
07/01/2050
 
320
265,015
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
3.13%
07/01/2042
 
300
273,312
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
4.00%
07/01/2047
 
5,000
5,025,056
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds
4.00%
07/01/2050
 
14,300
14,411,610
San Diego Unified School District (Election of 2018), Series 2023, GO Bonds
5.00%
07/01/2043
 
10
11,349
San Diego Unified School District (Election of 2018), Series 2024 B-3, GO Bonds
4.00%
07/01/2054
 
1,000
1,009,510
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
5.00%
07/01/2048
 
2,010
2,238,601
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Second Series 2023 B, Ref. RB
5.00%
05/01/2043
 
5,000
5,651,277
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2016 C, RB
5.00%
05/01/2046
 
25
25,559
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2019, RB
5.00%
05/01/2049
 
35
37,107
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2023, Ref. RB
5.25%
05/01/2048
 
2,750
3,098,780
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2024, Ref. RB
5.00%
05/01/2049
 
10
11,173
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
4.00%
11/01/2039
 
1,000
1,008,420
San Francisco (City & County of), CA Public Utilities Commission, Series 2023 A, RB
5.00%
11/01/2053
 
10
10,950
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
4.00%
10/01/2043
 
610
615,279
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
5.00%
10/01/2044
 
115
126,782
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
4.00%
10/01/2050
 
920
924,730
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
4.00%
10/01/2051
 
1,000
1,004,670
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref.
RB
4.00%
11/01/2040
 
1,000
1,043,095
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB
5.00%
10/01/2054
 
1,500
1,668,575
San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020
D, RB
3.00%
11/01/2050
 
710
591,887
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water),
Series 2023 A, RB
5.25%
11/01/2048
 
50
56,622
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water),
Series 2023 A, RB
5.25%
11/01/2052
 
25
28,145
San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB
4.00%
03/01/2051
 
250
252,043
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB
3.00%
07/01/2044
 
270
234,350
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO
Bonds
5.00%
08/01/2047
 
2,000
2,077,476
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1,
GO Bonds
3.00%
08/01/2041
$
3,000
$2,759,917
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
4.00%
06/15/2045
 
150
151,661
San Francisco Community College District (Election of 2020), Series 2024 B, GO Bonds,
(INS - BAM)(a)
5.25%
06/15/2049
 
1,000
1,131,136
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB
4.00%
01/15/2050
 
1,600
1,606,568
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
5.25%
01/15/2049
 
1,000
1,001,409
San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB
4.00%
01/15/2044
 
1,000
1,020,417
San Jose (City of), CA, Series 2017 B, Ref. RB
5.00%
03/01/2042
 
1,300
1,349,796
San Jose (City of), CA, Series 2017 B, Ref. RB
5.00%
03/01/2047
 
1,500
1,549,017
San Jose (City of), CA, Series 2019 A-1, GO Bonds
5.00%
09/01/2045
 
10
10,680
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB
5.00%
11/01/2047
 
1,035
1,155,851
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds
4.00%
08/01/2042
 
100
101,317
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO
Bonds
4.00%
08/01/2043
 
215
217,771
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019,
RB
4.00%
08/01/2044
 
15
15,209
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
5.00%
07/15/2043
 
665
702,782
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2021 A-1, RB
3.00%
06/15/2046
 
1,500
1,290,957
San Mateo Union High School District (Election of 2020), Series 2023 C, GO Bonds
4.00%
09/01/2043
 
760
787,392
San Rafael City High School District (Election of 2022), Series 2024 B, GO Bonds
4.00%
08/01/2053
 
1,500
1,512,174
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB
3.13%
05/01/2047
 
35
30,010
Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds
3.50%
07/01/2042
 
710
700,124
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
3.25%
07/01/2044
 
1,000
938,230
Santa Clarita Community College District, Series 2019, GO Bonds
3.00%
08/01/2049
 
30
25,299
Santa Clarita Community College District (Election of 2016), Series 2022, GO Bonds
5.25%
08/01/2048
 
1,005
1,123,962
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds
5.00%
08/01/2043
 
10
10,624
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds
4.00%
08/01/2046
 
4,000
4,020,364
South San Francisco Unified School District, Series 2023, GO Bonds
4.00%
09/01/2052
 
90
90,643
Southern California Public Power Authority, Series 2023-1A, RB
5.00%
07/01/2048
 
1,150
1,285,318
Southern California Public Power Authority, Series 2024, RB
5.00%
07/01/2053
 
450
503,046
Southern California Water Replenishment District, Series 2015, Ref. RB
5.00%
08/01/2041
 
80
80,952
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%
08/01/2047
 
100
100,515
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
4.00%
04/01/2045
 
70
70,766
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
4.00%
08/01/2042
 
1,130
1,132,803
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
5.00%
10/01/2045
 
2,000
2,059,157
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
5.00%
10/01/2049
 
1,000
1,023,175
University of California, Series 2016 AR, Ref. RB
5.00%
05/15/2046
 
9,500
9,700,562
University of California, Series 2018 AZ, Ref. RB
5.00%
05/15/2043
 
1,300
1,371,541
University of California, Series 2020 BE, Ref. RB
5.00%
05/15/2043
 
500
545,481
University of California, Series 2020 BE, Ref. RB
4.00%
05/15/2047
 
70
70,671
University of California, Series 2021 BH, Ref. RB
4.00%
05/15/2046
 
40
40,578
University of California, Series 2021 BH, Ref. RB
4.00%
05/15/2051
 
1,000
1,003,901
University of California, Series 2022 BK, RB
5.00%
05/15/2052
 
4,525
4,951,939
University of California, Series 2023 BN, Ref. RB
5.00%
05/15/2041
 
2,005
2,300,028
University of California, Series 2023 BN, Ref. RB
5.00%
05/15/2042
 
2,015
2,298,206
University of California, Series 2023 BN, Ref. RB
5.00%
05/15/2043
 
2,080
2,360,280
University of California, Series 2024 BS, Ref. RB
5.00%
05/15/2040
 
440
514,945
University of California, Series 2024 BS, Ref. RB
5.00%
05/15/2042
 
150
173,234
University of California, Series 2024 BS, Ref. RB
5.00%
05/15/2044
 
220
251,481
University of California, Series 2024 BV, Ref. RB
5.00%
05/15/2040
 
35
40,962
University of California, Series 2024 BV, Ref. RB
5.00%
05/15/2044
 
60
68,586
University of California, Series 2024 BW, Ref. RB
5.00%
05/15/2054
 
1,000
1,112,172
University of California (Limited), Series 2016 K, RB
4.00%
05/15/2046
 
630
631,705
University of California (Limited), Series 2017 M, RB
5.00%
05/15/2042
 
1,325
1,380,266
University of California (Limited), Series 2017 M, RB
5.00%
05/15/2047
 
25
25,919
University of California (Limited), Series 2018 O, Ref. RB
5.00%
05/15/2043
 
1,575
1,660,622
University of California (Limited), Series 2018 O, Ref. RB
4.00%
05/15/2048
 
165
165,968
University of California (Limited), Series 2018 O, Ref. RB
5.00%
05/15/2048
 
200
209,630
University of California (Limited), Series 2018 O, Ref. RB
5.00%
05/15/2058
 
700
731,774
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
University of California (Limited), Series 2018 O, Ref. RB
5.50%
05/15/2058
$
750
$797,371
University of California (Limited), Series 2021 Q, Ref. RB
3.00%
05/15/2051
 
130
108,866
University of California (Limited), Series 2021 Q, Ref. RB
4.00%
05/15/2051
 
1,000
1,001,073
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP
4.00%
01/01/2042
 
20
19,714
Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB
4.00%
08/01/2050
 
200
200,170
Vacaville Unified School District, Series 2020 D, GO Bonds
4.00%
08/01/2045
 
575
579,254
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
5.25%
08/01/2048
 
30
33,466
Washington Township Health Care District, Series 2015 B, GO Bonds
4.00%
08/01/2045
 
25
24,984
West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds,
(INS - BAM)(a)
5.00%
08/01/2049
 
1,000
1,115,484
West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds,
(INS - BAM)(a)
4.00%
08/01/2054
 
1,000
1,005,057
West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds,
(INS - BAM)(a)
5.00%
08/01/2054
 
1,000
1,107,103
West Valley-Mission Community College District, Series 2019 A, GO Bonds
4.00%
08/01/2044
 
25
25,370
West Valley-Mission Community College District (Election of 2012), Series 2015 B, GO Bonds
4.00%
08/01/2040
 
345
345,187
 
 
 
 
495,731,706
Colorado-2.25%
 
 
 
 
 
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds
5.00%
12/01/2040
 
140
141,893
Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds
5.00%
12/01/2047
 
75
83,263
Adams (County of), CO , Series 2015, Ref. COP
4.00%
12/01/2045
 
55
55,010
Adams County School District No. 1 (Mapleton Public Schools), Series 2017, GO Bonds
5.25%
12/01/2040
 
75
78,212
Board of Governors of Colorado State University System, Series 2017 C, Ref. RB,
(CEP - Colorado Higher Education Intercept Program)
4.00%
03/01/2047
 
10
9,926
Colorado (State of), Series 2020 R, COP
4.00%
03/15/2045
 
300
300,314
Colorado (State of), Series 2021 A, COP
4.00%
12/15/2039
 
5
5,072
Colorado (State of), Series 2022, COP
6.00%
12/15/2040
 
85
101,651
Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 A, RB, (INS - AGM)(a)
5.25%
12/01/2049
 
10
11,166
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A,
RB
5.00%
03/01/2047
 
2,000
2,049,150
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref.
RB
4.00%
11/15/2043
 
160
158,786
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref.
RB
3.00%
11/15/2046
 
395
334,833
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref.
RB
4.00%
11/15/2046
 
4,570
4,481,402
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref.
RB
4.00%
11/15/2050
 
15,000
14,453,626
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref.
RB
3.00%
11/15/2051
 
7,000
5,603,802
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group),
Series 2016, Ref. RB
4.00%
11/15/2046
 
885
871,706
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group),
Series 2018, RB
4.00%
11/15/2048
 
345
336,363
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
5.00%
08/01/2044
 
75
78,156
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
3.25%
08/01/2049
 
360
289,109
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
4.00%
08/01/2049
 
730
682,937
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
5.50%
11/01/2047
 
1,500
1,678,142
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
5.25%
11/01/2052
 
1,015
1,102,708
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB
5.00%
12/01/2039
 
180
201,964
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB
5.25%
12/01/2054
 
260
285,474
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB
5.00%
05/15/2047
 
75
81,057
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB
5.00%
05/15/2044
 
5
5,455
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB
5.00%
05/15/2045
 
45
48,981
Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB
4.00%
01/15/2045
 
120
116,384
Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes),
Series 2017, RB
5.00%
12/31/2056
 
450
450,038
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB
2.00%
11/01/2041
 
1,000
707,077
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB
2.25%
11/01/2045
 
1,000
685,335
Colorado Springs (City of), CO, Series 2024 A, RB
5.25%
11/15/2054
 
170
190,568
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Colorado-(continued)
 
 
 
 
 
Denver (City & County of), CO, Series 2012 B, RB
4.00%
11/15/2043
$
5
$5,000
Denver (City & County of), CO, Series 2016 A, Ref. RB
5.00%
08/01/2042
 
1,000
1,022,787
Denver (City & County of), CO, Series 2016 A, Ref. RB
5.00%
08/01/2044
 
770
785,545
Denver (City & County of), CO, Series 2018 A-1, RB
5.00%
08/01/2041
 
180
185,367
Denver (City & County of), CO, Series 2021 A, RB
4.00%
08/01/2051
 
1,050
1,045,719
Denver (City & County of), CO Board of Water Commissioners (The), Series 2024 A, Ref. RB
5.00%
09/15/2049
 
5
5,549
Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A,
RB
5.00%
09/15/2047
 
5,000
5,178,990
Denver City & County School District No. 1, Series 2021, GO Bonds
3.00%
12/01/2043
 
3,970
3,437,323
Denver City & County School District No. 1, Series 2021, GO Bonds
4.00%
12/01/2045
 
2,000
2,014,781
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%
12/01/2042
 
1,000
1,106,674
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%
12/01/2045
 
770
844,473
E-470 Public Highway Authority, Series 2024 A, Ref. RB
5.00%
09/01/2040
 
415
472,036
Ebert Metropolitan District, Series 2018 A-1, GO Bonds, (INS - BAM)(a)
5.00%
12/01/2043
 
355
372,806
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB
5.00%
12/01/2044
 
5,000
5,250,615
Weld County School District No. 6 Greeley, Series 2021, GO Bonds
4.00%
12/01/2045
 
750
756,809
Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds
5.00%
12/01/2044
 
3,550
3,795,341
Weld County School District No. RE-4, Series 2016, GO Bonds
5.25%
12/01/2041
 
20
20,676
Weld County School District No. RE-4, Series 2023, GO Bonds
5.25%
12/01/2047
 
5,000
5,563,938
Weld County School District No. RE-5J, Series 2021, GO Bonds
4.00%
12/01/2045
 
4,000
4,010,424
 
 
 
 
71,554,413
Connecticut-0.42%
 
 
 
 
 
Connecticut (State of), Series 2020 A, GO Bonds
5.00%
01/15/2040
 
3,000
3,224,510
Connecticut (State of), Series 2020 A, RB
3.13%
05/01/2040
 
1,000
911,551
Connecticut (State of), Series 2020, RB
5.00%
05/01/2040
 
70
75,514
Connecticut (State of), Series 2021 A, RB
4.00%
05/01/2040
 
600
613,433
Connecticut (State of), Series 2021 A, RB
5.00%
05/01/2041
 
1,000
1,096,062
Connecticut (State of), Series 2021 D, RB
4.00%
11/01/2039
 
1,200
1,235,537
Connecticut (State of), Series 2021 D, RB
4.00%
11/01/2040
 
750
767,840
Connecticut (State of), Series 2021 D, RB
5.00%
11/01/2041
 
250
275,761
Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds
5.00%
11/15/2041
 
20
22,746
Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds
4.00%
01/15/2041
 
5
5,118
Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds
4.00%
01/15/2042
 
5
5,091
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.25%
07/01/2040
 
750
855,579
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.00%
07/01/2041
 
770
859,573
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.25%
07/01/2042
 
600
679,326
Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB
4.13%
07/01/2041
 
295
295,346
Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB
5.00%
07/01/2045
 
10
10,057
Connecticut (State of) Health & Educational Facilities Authority, Series 2022 M, Ref. RB
4.00%
07/01/2052
 
10
9,699
Connecticut (State of) Health & Educational Facilities Authority, Series 2023 N, RB
5.25%
07/01/2053
 
250
268,930
Connecticut (State of) Health & Educational Facilities Authority (Connecticut Children’s Medical
Center), Series 2023, RB
4.25%
07/15/2053
 
500
502,905
Connecticut (State of) Health & Educational Facilities Authority (Fairfield University), Series 2017 R,
Ref. RB
4.00%
07/01/2042
 
100
100,339
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2021
A, RB
4.00%
07/01/2051
 
5
4,750
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016,
RB
5.00%
12/01/2045
 
25
25,280
University of Connecticut, Series 2018 A, RB
5.00%
11/15/2043
 
1,450
1,525,911
 
 
 
 
13,370,858
Delaware-0.08%
 
 
 
 
 
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB
4.00%
07/01/2043
 
500
499,717
Delaware (State of) Health Facilities Authority (Beebe Medical Center), Series 2018, RB
5.00%
06/01/2043
 
50
51,144
Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref.
RB
4.00%
10/01/2049
 
1,050
1,030,184
Delaware (State of) Transportation Authority, Series 2015, RB
5.00%
06/01/2055
 
1,000
1,004,833
 
 
 
 
2,585,878
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
District of Columbia-1.65%
 
 
 
 
 
District of Columbia, Series 2015 A, GO Bonds
4.00%
06/01/2040
$
500
$500,493
District of Columbia, Series 2016 D, GO Bonds
5.00%
06/01/2041
 
55
56,382
District of Columbia, Series 2017 D, GO Bonds
5.00%
06/01/2042
 
1,100
1,138,427
District of Columbia, Series 2018 A, GO Bonds
5.00%
06/01/2043
 
4,035
4,230,040
District of Columbia, Series 2019 A, GO Bonds
5.00%
10/15/2044
 
45
47,665
District of Columbia, Series 2019 A, RB
4.00%
03/01/2040
 
250
252,343
District of Columbia, Series 2019 A, RB
4.00%
03/01/2044
 
1,100
1,102,878
District of Columbia, Series 2019 A, RB
5.00%
03/01/2044
 
55
58,520
District of Columbia, Series 2020 A, RB
2.63%
03/01/2045
 
1,000
762,058
District of Columbia, Series 2020 A, RB
4.00%
03/01/2045
 
500
501,890
District of Columbia, Series 2020 C, RB
4.00%
05/01/2045
 
1,200
1,204,405
District of Columbia, Series 2020 C, RB
5.00%
05/01/2045
 
1,000
1,070,719
District of Columbia, Series 2021 D, GO Bonds
4.00%
02/01/2046
 
1,000
1,005,664
District of Columbia, Series 2021 D, GO Bonds
5.00%
02/01/2046
 
1,000
1,075,771
District of Columbia, Series 2022 A, RB
5.00%
07/01/2040
 
1,035
1,156,706
District of Columbia, Series 2022 A, RB
5.00%
07/01/2041
 
1,080
1,202,678
District of Columbia, Series 2022 A, RB
5.00%
07/01/2042
 
1,065
1,180,581
District of Columbia, Series 2022 A, RB
5.00%
07/01/2047
 
865
941,831
District of Columbia, Series 2022 A, RB
5.50%
07/01/2047
 
960
1,080,867
District of Columbia, Series 2023 A, GO Bonds
5.00%
01/01/2040
 
15
16,891
District of Columbia, Series 2023 A, GO Bonds
5.00%
01/01/2041
 
35
39,245
District of Columbia, Series 2023 A, GO Bonds
5.00%
01/01/2042
 
70
78,171
District of Columbia, Series 2023 A, GO Bonds
5.00%
01/01/2043
 
20
22,256
District of Columbia, Series 2023 A, GO Bonds
5.25%
01/01/2048
 
185
205,189
District of Columbia, Series 2023 A, RB
5.00%
05/01/2040
 
10
11,307
District of Columbia, Series 2023 A, RB
5.00%
05/01/2041
 
35
39,381
District of Columbia, Series 2023 A, RB
5.00%
05/01/2042
 
15
16,816
District of Columbia, Series 2023 A, RB
5.00%
05/01/2043
 
10
11,170
District of Columbia, Series 2023 A, RB
5.25%
05/01/2048
 
2,535
2,821,334
District of Columbia, Series 2024 A, GO Bonds
5.00%
08/01/2049
 
1,000
1,104,361
District of Columbia (Children’s Hospital Obligated Group), Series 2015, Ref. RB
5.00%
07/15/2040
 
5
5,058
District of Columbia Water & Sewer Authority, Series 2018 B, RB
5.00%
10/01/2049
 
1,800
1,869,248
District of Columbia Water & Sewer Authority (Green Bonds), Series 2017 A, RB
5.00%
10/01/2052
 
1,000
1,025,683
District of Columbia Water & Sewer Authority (Green Bonds), Series 2019 A, RB
5.00%
10/01/2044
 
55
58,703
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 C-1, RB
4.00%
10/01/2051
 
320
320,434
Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB
5.00%
10/01/2044
 
1,515
1,592,626
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB
4.00%
10/01/2044
 
1,000
978,363
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB
4.00%
10/01/2049
 
1,025
977,585
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)
3.00%
10/01/2050
 
4,755
3,737,264
Metropolitan Washington Airports Authority, Series 2019, Ref. RB
5.00%
10/01/2047
 
515
534,336
Metropolitan Washington Airports Authority, Series 2022, Ref. RB, (INS - AGM)(a)
4.00%
10/01/2052
 
3,615
3,532,657
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
5.00%
07/01/2042
 
1,005
1,040,566
Washington Metropolitan Area Transit Authority, Series 2018, RB
5.00%
07/01/2043
 
30
31,022
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
4.00%
07/15/2045
 
475
476,327
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%
07/15/2045
 
3,040
3,239,969
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
3.00%
07/15/2040
 
250
226,031
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%
07/15/2041
 
1,605
1,751,179
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
3.00%
07/15/2043
 
210
183,059
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
4.00%
07/15/2043
 
510
515,296
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
4.00%
07/15/2046
 
1,970
1,980,175
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%
07/15/2046
 
275
294,991
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
4.13%
07/15/2047
 
1,000
1,012,152
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.00%
07/15/2048
 
20
21,678
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.50%
07/15/2051
 
40
44,923
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.25%
07/15/2053
 
255
280,804
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB
5.00%
07/15/2042
 
15
16,594
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB
4.38%
07/15/2056
 
1,500
1,530,080
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB
5.00%
07/15/2056
 
1,000
1,086,660
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB
4.38%
07/15/2059
 
1,000
1,020,053
 
 
 
 
52,319,555
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Florida-4.75%
 
 
 
 
 
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.),
Series 2014 A, RB
4.00%
12/01/2044
$
365
$361,473
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.),
Series 2019, RB
3.00%
12/01/2046
 
840
673,727
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.),
Series 2019, RB
4.00%
12/01/2049
 
1,340
1,305,893
Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)
4.25%
07/01/2047
 
300
305,998
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A,
Ref. RB
5.00%
04/01/2052
 
35
36,960
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref.
RB
5.00%
04/01/2047
 
950
1,009,274
Broward (County of), FL, Series 2012 Q-1, RB
4.00%
10/01/2042
 
460
460,002
Broward (County of), FL, Series 2019 A, RB
5.00%
10/01/2039
 
10
10,789
Broward (County of), FL, Series 2019 A, RB
3.00%
10/01/2041
 
700
621,672
Broward (County of), FL, Series 2019 A, RB
4.00%
10/01/2042
 
215
217,943
Broward (County of), FL, Series 2019 A, RB
4.00%
10/01/2043
 
95
95,828
Broward (County of), FL, Series 2022, RB
4.00%
01/01/2051
 
345
346,591
Broward (County of), FL (Convention Center Expansion), Series 2021, RB
4.00%
09/01/2047
 
1,000
1,003,093
Broward (County of), FL (Convention Center Expansion), Series 2021, RB
4.00%
09/01/2051
 
1,000
982,790
Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)(a)
5.60%
03/01/2048
 
765
861,860
Central Florida Expressway Authority, Series 2016 B, Ref. RB
4.00%
07/01/2040
 
145
145,464
Central Florida Expressway Authority, Series 2017, Ref. RB
4.00%
07/01/2041
 
645
646,960
Central Florida Expressway Authority, Series 2017, Ref. RB
5.00%
07/01/2042
 
25
25,945
Central Florida Expressway Authority, Series 2018, RB
5.00%
07/01/2048
 
1,060
1,102,793
Central Florida Expressway Authority, Series 2019 A, RB
5.00%
07/01/2044
 
25
26,435
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
2.50%
07/01/2040
 
1,500
1,188,860
Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB,
(INS - AGM)(a)
5.00%
10/01/2049
 
370
401,250
Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB,
(INS - AGM)(a)
5.00%
10/01/2054
 
440
473,024
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB
5.00%
04/01/2048
 
2,150
2,208,568
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group),
Series 2020, Ref. RB
4.00%
08/15/2045
 
15
14,149
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group),
Series 2020, Ref. RB
4.00%
08/15/2050
 
155
142,090
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group),
Series 2020, Ref. RB, (INS - AGM)(a)
3.00%
08/15/2050
 
5,000
3,830,660
Florida (State of) Department of Transportation, Series 2022, RB
5.00%
07/01/2047
 
340
372,891
Florida (State of) Department of Transportation, Series 2024 B, RB
4.00%
07/01/2051
 
465
465,817
Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2020, Ref.
RB
3.00%
12/01/2048
 
370
289,371
Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB
5.00%
01/01/2042
 
90
92,536
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)
4.00%
02/01/2046
 
2,500
2,481,097
Fort Lauderdale (City of), FL, Series 2023 A, RB
5.50%
09/01/2048
 
4,000
4,528,336
Fort Lauderdale (City of), FL, Series 2023 A, RB
5.50%
09/01/2053
 
2,000
2,255,945
Fort Lauderdale (City of), FL, Series 2023, RB
5.50%
09/01/2048
 
1,500
1,698,126
Fort Lauderdale (City of), FL, Series 2023, RB
5.50%
09/01/2053
 
800
902,378
Fort Myers (City of), FL, Series 2019 A, Ref. RB
4.00%
10/01/2044
 
250
250,200
Fort Myers (City of), FL, Series 2023, Ref. RB
5.50%
10/01/2049
 
1,000
1,129,281
Fort Myers (City of), FL, Series 2023, Ref. RB
5.25%
10/01/2053
 
1,000
1,102,480
Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGM)(a)
4.00%
10/01/2052
 
2,500
2,500,439
Gainesville (City of), FL, Series 2019 A, RB
5.00%
10/01/2044
 
80
85,204
Halifax Hospital Medical Center, Series 2016, Ref. RB
3.75%
06/01/2041
 
280
257,845
Halifax Hospital Medical Center, Series 2016, Ref. RB
4.00%
06/01/2046
 
380
366,009
Hillsborough (County of), FL, Series 2023, GO Bonds
5.00%
07/01/2053
 
55
60,137
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB
5.00%
10/01/2043
 
190
199,014
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB
5.00%
10/01/2048
 
1,745
1,812,183
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital),
Series 2020 A, RB
4.00%
08/01/2045
 
285
279,068
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Florida-(continued)
 
 
 
 
 
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital),
Series 2020 A, RB
4.00%
08/01/2050
$
35
$33,944
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital),
Series 2020 A, RB
3.50%
08/01/2055
 
1,085
885,234
Jacksonville (City of), FL, Series 2023 A, Ref. RB
5.25%
10/01/2048
 
3,000
3,324,397
Jacksonville (City of), FL, Series 2023 A, Ref. RB
5.50%
10/01/2053
 
50
56,251
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB
4.00%
11/01/2040
 
35
33,722
JEA Electric System, Series 2017 A, Ref. RB
4.00%
10/01/2039
 
5
5,071
JEA Water & Sewer System, Series 2024 A, Ref. RB
5.25%
10/01/2049
 
1,020
1,132,054
JEA Water & Sewer System, Series 2024 A, Ref. RB
5.50%
10/01/2054
 
1,100
1,237,362
Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB
4.00%
04/01/2049
 
85
82,682
Lee (County of), FL Industrial Development Authority (Shell Point/Waterside Health), Series 2019,
RB
5.00%
11/15/2049
 
570
584,039
Lee County School Board (The), Series 2023 A, COP
4.00%
08/01/2048
 
60
59,463
Manatee (County of), FL, Series 2022, Ref. RB
5.25%
10/01/2047
 
25
27,960
Manatee (County of), FL, Series 2023, RB
5.25%
10/01/2048
 
300
336,988
Manatee (County of), FL, Series 2023, RB
5.50%
10/01/2053
 
1,400
1,583,983
Martin (County of), FL Health Facilities Authority, Series 2019, Ref. RB
4.00%
01/01/2046
 
1,265
1,250,396
Miami (City of) & Dade (County of), FL Health Facilities Authority, Series 2017, Ref. RB
5.00%
08/01/2042
 
55
56,374
Miami (City of) & Dade (County of), FL Health Facilities Authority, Series 2017, Ref. RB
4.00%
08/01/2047
 
645
641,093
Miami (City of) & Dade (County of), FL Health Facilities Authority (Nicklaus Children’s Hospital),
Series 2021 A, Ref. RB
4.00%
08/01/2051
 
1,000
985,733
Miami (City of) & Dade (County of), FL School Board, Series 2022 A, GO Bonds, (INS - BAM)(a)
5.00%
03/15/2052
 
430
464,658
Miami (City of), FL, Series 2023 A, RB
5.00%
03/01/2048
 
2,000
2,171,902
Miami (City of), FL, Series 2023 A, RB
5.25%
03/01/2053
 
1,000
1,095,978
Miami (City of), FL (Miami Forever Infrastructure Programs), Series 2024, RB
5.50%
01/01/2049
 
595
677,694
Miami Beach (City of), FL, Series 2015, RB
5.00%
09/01/2040
 
3,515
3,545,629
Miami Beach (City of), FL, Series 2015, RB
4.00%
09/01/2045
 
405
405,162
Miami Beach (City of), FL, Series 2015, RB
5.00%
09/01/2045
 
2,000
2,007,448
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds
4.00%
05/01/2049
 
6,000
5,958,888
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB
4.00%
11/15/2046
 
2,190
2,132,006
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB
4.00%
11/15/2051
 
2,045
1,947,491
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
3.75%
07/01/2042
 
210
206,872
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
4.00%
07/01/2042
 
370
370,336
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
5.00%
07/01/2043
 
90
91,848
Miami-Dade (County of), FL, Series 2016 A, GO Bonds
4.00%
07/01/2042
 
335
337,087
Miami-Dade (County of), FL, Series 2016, Ref. RB
4.00%
10/01/2039
 
90
90,138
Miami-Dade (County of), FL, Series 2016, Ref. RB
4.00%
10/01/2040
 
45
45,097
Miami-Dade (County of), FL, Series 2017 A, RB
4.00%
10/01/2044
 
1,180
1,182,581
Miami-Dade (County of), FL, Series 2017 A, RB
3.38%
10/01/2047
 
5,060
4,528,863
Miami-Dade (County of), FL, Series 2017 A, RB
4.00%
10/01/2047
 
50
50,024
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
3.13%
10/01/2039
 
140
133,234
Miami-Dade (County of), FL, Series 2019 B, RB
4.00%
10/01/2044
 
1,115
1,119,038
Miami-Dade (County of), FL, Series 2019 B, RB
4.00%
10/01/2049
 
2,660
2,642,541
Miami-Dade (County of), FL, Series 2019, RB
4.00%
10/01/2048
 
5
4,989
Miami-Dade (County of), FL, Series 2021 B-2, Ref. RB
4.00%
10/01/2043
 
65
65,184
Miami-Dade (County of), FL, Series 2021, RB
3.00%
10/01/2040
 
175
159,793
Miami-Dade (County of), FL, Series 2021, RB
4.00%
10/01/2041
 
200
202,298
Miami-Dade (County of), FL, Series 2021, RB
4.00%
10/01/2042
 
1,065
1,074,529
Miami-Dade (County of), FL, Series 2021, RB
3.00%
10/01/2043
 
250
217,098
Miami-Dade (County of), FL, Series 2021, RB
4.00%
10/01/2044
 
175
175,630
Miami-Dade (County of), FL, Series 2021, RB
4.00%
10/01/2046
 
540
540,479
Miami-Dade (County of), FL, Series 2021, RB
4.00%
10/01/2048
 
250
250,089
Miami-Dade (County of), FL, Series 2021, RB
4.00%
10/01/2051
 
300
296,201
Miami-Dade (County of), FL, Series 2023 A, RB
5.00%
04/01/2048
 
20
21,596
Miami-Dade (County of), FL, Series 2024 A, RB
4.13%
10/01/2050
 
245
246,536
Miami-Dade (County of), FL, Series 2024 A, RB
5.25%
10/01/2054
 
1,480
1,641,062
Miami-Dade (County of), FL, Subseries 2021 A-2, Ref. RB, (INS - AGM)(a)
3.00%
10/01/2050
 
1,090
887,180
Miami-Dade (County of), FL (Building Better Communities Program), Series 2015 D, GO Bonds
5.00%
07/01/2045
 
485
494,657
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Florida-(continued)
 
 
 
 
 
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A,
Ref. RB
5.00%
04/01/2040
$
5
$5,030
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A,
RB
4.00%
04/01/2053
 
30
29,492
Miami-Dade (County of), FL Expressway Authority, Series 2014 A, RB
5.00%
07/01/2044
 
1,000
1,001,198
Miami-Dade (County of), FL Transit System, Series 2018, RB
4.00%
07/01/2045
 
20
20,057
Miami-Dade (County of), FL Transit System, Series 2020 A, RB
4.00%
07/01/2049
 
75
74,449
Miami-Dade (County of), FL Transit System, Series 2022, RB
5.00%
07/01/2043
 
25
27,540
Miami-Dade (County of), FL Transit System, Series 2022, RB
5.00%
07/01/2049
 
165
177,108
Miami-Dade (County of), FL Transit System, Series 2022, RB
5.00%
07/01/2051
 
60
64,321
Mid-Bay Bridge Authority, Series 2015 A, Ref. RB
5.00%
10/01/2040
 
125
125,705
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A,
RB
5.00%
10/01/2047
 
150
157,501
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2022,
RB
4.00%
10/01/2052
 
255
250,085
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A,
RB
5.00%
10/01/2053
 
1,000
1,064,739
Orlando (City of), FL, Series 2018 B, RB
5.00%
10/01/2048
 
5,685
5,956,520
Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida), Series 2019,
RB
3.00%
08/15/2044
 
185
158,073
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB
5.00%
11/01/2047
 
1,250
1,300,189
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB
5.00%
11/01/2052
 
1,500
1,553,674
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B,
RB
5.00%
05/15/2053
 
1,000
971,884
Palm Beach County School District, Series 2023 A, COP
5.00%
08/01/2040
 
25
28,010
Pasco (City of), FL, Series 2014 B, RB
4.00%
10/01/2044
 
1,000
999,991
Pasco (City of), FL, Series 2023, RB, (INS - AGM)(a)
5.00%
09/01/2048
 
300
320,046
Pompano Beach (City of), FL (John Knox Village), Series 2021 A, RB
4.00%
09/01/2056
 
85
72,619
Port St. Lucie (City of), FL, Series 2016, Ref. RB
3.25%
07/01/2045
 
455
400,462
Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 A, Ref.
RB
5.00%
03/15/2042
 
195
202,418
Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 B, Ref.
PCR
5.00%
03/15/2042
 
725
752,580
Putnam County School District, Series 2023, GO Bonds, (INS - AGM)(a)
4.25%
07/01/2052
 
55
55,929
Sarasota (County of), FL, Series 2022, RB
5.25%
10/01/2052
 
1,000
1,102,694
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB
5.00%
07/01/2041
 
100
104,764
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB
4.00%
07/01/2048
 
625
605,380
Seminole (County of), FL, Series 2022, Ref. RB
5.00%
10/01/2052
 
915
986,464
South Broward Hospital District, Series 2016 A, Ref. RB
4.00%
05/01/2044
 
75
74,325
South Broward Hospital District, Series 2021 A, RB
3.00%
05/01/2051
 
1,000
790,508
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group),
Series 2017, Ref. RB
4.00%
08/15/2042
 
1,000
992,528
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group),
Series 2017, Ref. RB
5.00%
08/15/2042
 
275
283,891
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group),
Series 2017, Ref. RB
4.00%
08/15/2047
 
1,310
1,283,451
St. Johns County School Board, Series 2024 A, COP, (INS - AGM)(a)
5.50%
07/01/2049
 
525
588,800
St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGM)(a)
5.00%
07/01/2048
 
4,855
5,216,745
St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGM)(a)
5.25%
07/01/2053
 
5,000
5,454,484
St. Petersburg (City of), FL, Series 2016 B, Ref. RB
3.00%
10/01/2039
 
705
642,653
Tallahassee (City of), FL, Series 2024, RB
5.00%
10/01/2049
 
70
75,935
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB
5.00%
12/01/2055
 
280
279,559
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 B, Ref. RB
4.00%
07/01/2042
 
805
805,519
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB
5.00%
07/01/2048
 
2,000
2,075,310
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB
5.00%
07/01/2047
 
5,000
5,121,548
Tampa (City of), FL, Series 2016 A, RB
4.00%
11/15/2046
 
700
700,533
Tampa (City of), FL, Series 2016 A, RB
5.00%
11/15/2046
 
1,750
1,773,815
Tampa (City of), FL, Series 2024, RB
5.00%
10/01/2047
 
1,035
1,155,545
Tampa (City of), FL, Series 2024, RB
5.00%
10/01/2054
 
185
203,221
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
5.00%
10/01/2047
 
1,500
1,651,017
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Florida-(continued)
 
 
 
 
 
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
5.00%
10/01/2052
$
1,000
$1,092,241
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB
4.00%
07/01/2045
 
2,500
2,449,496
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB
5.00%
07/01/2050
 
3,250
3,391,946
Tampa Bay (City of), FL Water, Series 2024 A, RB
5.00%
10/01/2049
 
500
551,627
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
5.25%
10/01/2047
 
2,190
2,449,518
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
5.00%
10/01/2052
 
1,500
1,636,227
Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB,
(INS - BAM)(a)
5.00%
10/01/2052
 
2,010
2,128,365
 
 
 
 
150,864,759
Georgia-2.02%
 
 
 
 
 
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%
11/01/2040
 
2,940
2,958,001
Atlanta (City of), GA, Series 2018 B, RB
3.50%
11/01/2043
 
125
115,443
Atlanta (City of), GA, Series 2018 B, RB
5.00%
11/01/2047
 
5,000
5,171,783
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%
12/01/2039
 
1,000
1,129,906
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%
12/01/2040
 
1,000
1,122,796
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%
12/01/2041
 
1,000
1,116,052
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%
12/01/2042
 
1,000
1,112,166
Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2024 A-1, RB
5.00%
07/01/2049
 
5
5,501
Atlanta Development Authority (The), Series 2015 A-1, RB
5.25%
07/01/2040
 
415
418,757
Atlanta Development Authority (The), Series 2015 A-1, RB
5.25%
07/01/2044
 
25
25,197
Augusta (City of), GA, Series 2012, Ref. RB, (INS - AGM)(a)
3.50%
10/01/2042
 
240
223,119
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.),
Series 2019 A, RB
4.00%
07/01/2044
 
1,005
1,005,464
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.),
Series 2019 A, RB
3.00%
07/01/2046
 
70
59,029
Burke (County of), GA Development Authority (Georgia Transmission Corporation Vogtle),
Series 2012, Ref. RB
2.75%
01/01/2052
 
2,000
1,384,132
Burke (County of), GA Development Authority (Oglethorpe Power Corp.), Series 2017, Ref. RB
4.13%
11/01/2045
 
70
67,100
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020,
Ref. RB
5.00%
04/01/2050
 
915
957,999
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022,
RAC
4.00%
04/01/2052
 
1,000
984,723
Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RAC
5.13%
04/01/2048
 
80
86,882
Coweta County Water & Sewage Authority, Series 2024, RB
4.25%
06/01/2057
 
450
454,211
Dalton Whitfield (County of), GA Joint Development Authority (Hamilton Health Care System),
Series 2017, RB
4.00%
08/15/2048
 
410
391,649
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%
10/01/2040
 
1,005
1,120,220
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%
10/01/2041
 
1,050
1,165,762
Fulton (County of), GA, Series 2020 A, RB
2.25%
01/01/2042
 
500
380,853
Fulton (County of), GA, Series 2020 A, RB
2.25%
01/01/2043
 
115
86,100
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB
3.63%
07/01/2041
 
220
212,614
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2019, RB
4.00%
07/01/2049
 
5
4,917
Fulton (County of), GA Development Authority (Robert W. Woodruff Arts Center), Series 2019, Ref.
RB
5.00%
03/15/2044
 
10
10,421
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2017, RAC
5.00%
04/01/2042
 
5
5,121
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB
4.00%
04/01/2050
 
1,035
1,032,095
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System,
Inc.), Series 2017 B, Ref. RB
5.50%
02/15/2042
 
2,000
2,094,980
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System,
Inc.), Series 2017, Ref. RB
4.00%
02/15/2042
 
15
15,021
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System,
Inc.), Series 2020, Ref. RB
4.00%
02/15/2045
 
1,345
1,318,770
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System,
Inc.), Series 2021 A, RB
2.50%
02/15/2051
 
1,000
691,522
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System,
Inc.), Series 2021 A, RB
3.00%
02/15/2051
 
1,000
788,187
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System,
Inc.), Series 2021 A, RB
4.00%
02/15/2051
 
4,000
3,920,502
George L Smith II Congress Center Authority (Convention Center Hotel), Series 2021, RB
4.00%
01/01/2054
 
1,100
1,026,484
Georgia (State of) Municipal Electric Authority, Series 2019 A, Ref. RB
5.00%
01/01/2044
 
750
782,519
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Georgia-(continued)
 
 
 
 
 
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB,
(INS - AGM)(a)
5.00%
01/01/2062
$
2,305
$2,392,785
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB,
(INS - AGM)(a)
5.00%
01/01/2062
 
4,500
4,671,381
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB
4.50%
07/01/2063
 
3,000
3,026,791
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB,
(INS - AGM)(a)
5.00%
07/01/2055
 
2,000
2,117,058
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB,
(INS - AGM)(a)
5.00%
07/01/2064
 
5,000
5,285,608
Georgia (State of) Ports Authority, Series 2021, RB
4.00%
07/01/2051
 
1,000
1,005,112
Georgia (State of) Ports Authority, Series 2022, RB
4.00%
07/01/2047
 
1,000
1,008,885
Georgia (State of) Ports Authority, Series 2022, RB
4.00%
07/01/2052
 
1,410
1,418,416
Georgia (State of) Ports Authority, Series 2022, RB
5.25%
07/01/2052
 
1,015
1,115,474
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health
System), Series 2017, RAC
5.00%
08/01/2047
 
3,000
3,009,192
Griffin-Spalding County Hospital Authority, Series 2017, RAC
4.00%
04/01/2042
 
85
85,110
Griffin-Spalding County Hospital Authority, Series 2017, RAC
3.75%
04/01/2047
 
1,150
1,059,493
Gwinnett County School District, Series 2019, GO Bonds
5.00%
02/01/2040
 
50
53,472
Main Street Natural Gas, Inc., Series 2019 A, RB
5.00%
05/15/2043
 
800
830,996
Main Street Natural Gas, Inc., Series 2019 A, RB
5.00%
05/15/2049
 
1,965
2,164,372
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB
4.00%
10/01/2046
 
525
525,620
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB
5.00%
10/01/2046
 
25
25,639
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
4.00%
09/01/2041
 
10
10,234
Private Colleges & Universities Authority (Mercer University), Series 2015, RB
5.00%
10/01/2045
 
25
25,185
Private Colleges & Universities Authority (Mercer University), Series 2021, Ref. RB
4.00%
10/01/2050
 
30
30,032
Private Colleges & Universities Authority (The Savannah College of Art and Design), Series 2021,
RB
4.00%
04/01/2044
 
695
695,597
Valdosta (City of) & Lowndes (County of), GA Hospital Authority (South Georgia Medical Center),
Series 2024, RB
4.13%
10/01/2049
 
45
45,874
 
 
 
 
64,048,324
Hawaii-0.20%
 
 
 
 
 
Honolulu (City & County of), HI, Series 2018 A, RB
5.00%
07/01/2047
 
500
519,221
Honolulu (City & County of), HI, Series 2019 A, RB
5.00%
07/01/2049
 
1,500
1,582,134
Honolulu (City & County of), HI (Green Bonds), First Series 2024, RB
5.25%
07/01/2054
 
1,000
1,121,484
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB
4.13%
07/01/2047
 
3,000
3,039,541
 
 
 
 
6,262,380
Idaho-0.15%
 
 
 
 
 
Idaho (State of) Health Facilities Authority, Series 2017, RB
4.00%
12/01/2046
 
30
29,246
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2021, Ref. RB
4.00%
03/01/2046
 
20
19,740
Idaho (State of) Housing & Finance Association, Series 2022, RB
5.00%
08/15/2047
 
2,860
3,117,158
Idaho (State of) Housing & Finance Association, Series 2023 A, RB
5.25%
08/15/2048
 
1,005
1,119,431
Idaho (State of) Housing & Finance Association, Series 2024, RB
5.00%
08/15/2048
 
65
71,796
Idaho (State of) Housing & Finance Association, Series 2024, RB
4.00%
08/15/2049
 
525
527,636
 
 
 
 
4,885,007
Illinois-3.78%
 
 
 
 
 
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)
5.25%
01/01/2042
 
2,500
2,579,902
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)
4.00%
01/01/2052
 
7,000
6,873,234
Chicago (City of), IL, Series 2019 A, GO Bonds
5.00%
01/01/2044
 
2,000
2,033,605
Chicago (City of), IL, Series 2019 A, GO Bonds
5.50%
01/01/2049
 
1,500
1,545,769
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.25%
01/01/2048
 
1,000
1,089,456
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.25%
11/01/2048
 
1,000
1,100,033
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.25%
01/01/2053
 
1,500
1,630,664
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.50%
11/01/2062
 
1,200
1,327,494
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%
11/01/2039
 
250
275,238
Chicago (City of), IL, Series 2024 A, GO Bonds
5.00%
01/01/2045
 
1,000
1,027,912
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
5.50%
01/01/2040
 
200
214,556
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
5.50%
01/01/2041
 
225
236,596
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
5.50%
01/01/2043
 
250
261,675
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Illinois-(continued)
 
 
 
 
 
Chicago (City of), IL (O’Hare International Airport), Series 2016 B, Ref. RB
5.00%
01/01/2041
$
1,000
$1,010,284
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
5.00%
01/01/2047
 
240
244,626
Chicago (City of), IL (O’Hare International Airport), Series 2017 F, RB, (INS - BAM)(a)
4.25%
01/01/2042
 
70
70,320
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
4.00%
01/01/2044
 
530
525,723
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%
01/01/2048
 
1,595
1,657,706
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%
01/01/2053
 
250
258,955
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(a)
4.00%
01/01/2053
 
6,645
6,580,387
Chicago (City of), IL (O’Hare International Airport), Series 2024 B, RB
5.00%
01/01/2048
 
740
801,335
Chicago (City of), IL (O’Hare International Airport), Series 2024 B, RB
5.25%
01/01/2053
 
20
21,890
Chicago (City of), IL Board of Education, Series 2016, RB
6.00%
04/01/2046
 
2,000
2,072,693
Chicago (City of), IL Board of Education, Series 2023, RB
5.00%
04/01/2045
 
100
104,783
Chicago (City of), IL Board of Education, Series 2023, RB
5.75%
04/01/2048
 
1,000
1,097,307
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB
5.00%
01/01/2046
 
20
20,155
Chicago (City of), IL Transit Authority, Series 2014, RB
5.25%
12/01/2049
 
900
901,419
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(a)
5.00%
12/01/2051
 
1,000
1,021,310
Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB
5.00%
12/01/2045
 
500
525,197
Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB
4.00%
12/01/2050
 
35
34,046
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
4.00%
12/01/2049
 
575
564,751
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
5.00%
12/01/2052
 
600
633,383
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
5.00%
12/01/2057
 
815
852,673
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)
5.00%
12/01/2046
 
135
143,712
Cook (County of), IL, Series 2021 A, Ref. RB
4.00%
11/15/2039
 
25
25,268
Cook (County of), IL, Series 2022 A, Ref. RB
5.25%
11/15/2045
 
95
104,727
Cook (County of), IL, Series 2024, Ref. RB
5.00%
11/15/2042
 
50
54,596
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB
3.00%
05/15/2047
 
3,370
2,736,690
Illinois (State of), Series 2019 B, GO Bonds
4.00%
11/01/2041
 
20
19,729
Illinois (State of), Series 2020 C, GO Bonds
4.00%
10/01/2040
 
70
69,508
Illinois (State of), Series 2020 C, GO Bonds
4.25%
10/01/2045
 
525
528,346
Illinois (State of), Series 2020, GO Bonds
5.75%
05/01/2045
 
1,790
1,963,507
Illinois (State of), Series 2021 A, GO Bonds
4.00%
03/01/2040
 
980
972,875
Illinois (State of), Series 2021 A, GO Bonds
5.00%
03/01/2046
 
1,130
1,190,925
Illinois (State of), Series 2022 A, GO Bonds
5.50%
03/01/2042
 
2,240
2,478,663
Illinois (State of), Series 2022 A, GO Bonds
5.50%
03/01/2047
 
1,500
1,632,389
Illinois (State of), Series 2022 C, GO Bonds
5.50%
10/01/2045
 
500
550,144
Illinois (State of), Series 2023 B, GO Bonds
5.25%
05/01/2040
 
400
440,099
Illinois (State of), Series 2023 B, GO Bonds
5.25%
05/01/2041
 
370
405,699
Illinois (State of), Series 2023 B, GO Bonds
5.25%
05/01/2042
 
250
272,995
Illinois (State of), Series 2023 B, GO Bonds
5.25%
05/01/2043
 
200
217,557
Illinois (State of), Series 2023 B, GO Bonds
5.50%
05/01/2047
 
1,370
1,494,454
Illinois (State of), Series 2023 C, GO Bonds
5.00%
12/01/2045
 
15
16,108
Illinois (State of), Series 2024 B, GO Bonds
5.00%
05/01/2040
 
115
126,871
Illinois (State of), Series 2024 B, GO Bonds
5.00%
05/01/2041
 
20
21,989
Illinois (State of), Series 2024 B, GO Bonds
5.25%
05/01/2042
 
25
27,817
Illinois (State of), Series 2024 B, GO Bonds
5.25%
05/01/2043
 
20
22,150
Illinois (State of), Series 2024 B, GO Bonds
5.25%
05/01/2044
 
5
5,518
Illinois (State of), Series 2024 B, GO Bonds
5.25%
05/01/2047
 
110
120,083
Illinois (State of), Series 2024 C, RB
5.00%
06/15/2040
 
190
208,758
Illinois (State of), Series 2024 C, RB
5.00%
06/15/2044
 
45
48,652
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
4.00%
11/01/2039
 
10
9,947
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%
02/15/2041
 
1,000
1,024,609
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%
08/15/2040
 
1,350
1,335,955
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%
08/15/2041
 
1,370
1,356,015
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
3.00%
08/15/2048
 
1,015
812,645
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%
08/15/2048
 
1,400
1,374,695
Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB
5.00%
12/01/2046
 
100
101,155
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017,
Ref. RB
5.00%
07/15/2042
 
1,030
1,071,100
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022
A, Ref. RB
5.00%
08/15/2047
 
405
433,550
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Illinois-(continued)
 
 
 
 
 
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022
A, Ref. RB
5.00%
08/15/2051
$
550
$584,413
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB
4.00%
07/15/2047
 
1,600
1,545,173
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
5.00%
11/15/2045
 
245
245,853
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB
3.00%
05/15/2050
 
4,280
3,396,742
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB
4.00%
05/15/2050
 
4,575
4,310,777
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB
5.00%
08/15/2044
 
125
125,518
Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB
5.25%
05/15/2048
 
3,040
3,356,878
Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB
5.25%
05/15/2054
 
95
103,944
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2016 B, Ref. RB
4.00%
08/15/2041
 
250
250,735
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
5.00%
08/15/2047
 
190
202,743
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
5.00%
08/15/2052
 
110
116,305
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB
4.00%
10/01/2050
 
1,535
1,426,656
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB
4.00%
10/01/2055
 
1,450
1,325,191
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion),
Series 2020, Ref. RB
5.00%
06/15/2042
 
1,000
1,058,798
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion),
Series 2020, Ref. RB
4.00%
06/15/2050
 
60
56,933
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion),
Series 2020, Ref. RB
5.00%
06/15/2050
 
625
647,969
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion),
Series 2022, Ref. RB
4.00%
12/15/2042
 
1,000
993,996
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion),
Series 2022, Ref. RB
4.00%
12/15/2047
 
1,000
963,023
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion),
Series 2022, Ref. RB
4.00%
06/15/2052
 
1,840
1,732,163
Illinois (State of) Regional Transportation Authority, Series 2016 A, RB
4.00%
06/01/2046
 
130
129,104
Illinois (State of) Toll Highway Authority, Series 2015 A, RB
5.00%
01/01/2040
 
25
25,225
Illinois (State of) Toll Highway Authority, Series 2015 B, RB
5.00%
01/01/2040
 
200
202,476
Illinois (State of) Toll Highway Authority, Series 2016 B, RB
5.00%
01/01/2041
 
175
178,075
Illinois (State of) Toll Highway Authority, Series 2017 A, RB
5.00%
01/01/2042
 
5,630
5,869,366
Illinois (State of) Toll Highway Authority, Series 2019 A, RB
5.00%
01/01/2044
 
130
138,554
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
5.00%
01/01/2041
 
4,090
4,446,494
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
5.00%
01/01/2045
 
2,790
2,995,948
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
5.00%
01/01/2041
 
85
93,883
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
4.00%
01/01/2042
 
10
10,049
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
5.00%
01/01/2043
 
35
38,352
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
4.00%
01/01/2046
 
15
14,953
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
5.00%
01/01/2046
 
1,045
1,135,376
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.00%
01/01/2042
 
1,500
1,669,352
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.25%
01/01/2043
 
1,500
1,689,521
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.00%
01/01/2044
 
1,000
1,104,786
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.25%
01/01/2045
 
2,015
2,258,393
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB
4.00%
12/01/2041
 
320
320,031
Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGM)(a)
5.00%
12/01/2046
 
600
617,167
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%
01/01/2040
 
5,200
5,394,289
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
5.25%
01/01/2043
 
150
158,319
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(a)
4.00%
01/01/2040
 
2,000
2,014,193
Sangamon (County of), IL School District No. 186 (Springfield), Series 2023, GO Bonds,
(INS - AGM)(a)
4.50%
06/01/2063
 
750
763,262
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council),
Series 2016 B, RB
4.00%
10/15/2040
 
165
164,484
Springfield (City of), IL, Series 2015, Ref. RB(c)
4.00%
03/01/2025
 
110
110,219
Springfield (City of), IL, Series 2015, Ref. RB(c)
5.00%
03/01/2025
 
3,000
3,006,167
University of Illinois, Series 2018 A, Ref. RB, (INS - AGM)(a)
4.00%
04/01/2043
 
25
24,907
Will (County of), IL, Series 2019, GO Bonds
4.00%
11/15/2047
 
315
309,757
 
 
 
 
119,941,089
Indiana-0.88%
 
 
 
 
 
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
5.63%
07/15/2053
 
1,000
1,148,794
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
5.75%
07/15/2058
 
2,000
2,329,990
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Indiana-(continued)
 
 
 
 
 
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
5.75%
01/15/2063
$
2,000
$2,321,556
Indiana (State of) Finance Authority (CWA Authority) (Green Bonds), Series 2016 A, RB
5.00%
10/01/2046
 
50
50,833
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB
4.00%
11/01/2051
 
1,475
1,437,124
Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB
5.25%
10/01/2047
 
1,500
1,620,399
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2015 A,
Ref. RB
4.00%
12/01/2040
 
1,000
1,000,219
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019 A, RB
4.00%
12/01/2049
 
1,000
979,123
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB
5.00%
10/01/2053
 
45
48,289
Indiana (State of) Finance Authority (Tippecanoe LLC-Student HSG), Series 2023, RB
5.00%
06/01/2053
 
290
299,562
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit
Group), Series 2006 B-2, Ref. RB
4.00%
11/15/2046
 
5
4,854
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit
Group), Series 2006, Ref. RB
5.00%
11/15/2046
 
3,000
3,053,231
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%
01/01/2042
 
65
66,257
Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB
5.25%
02/01/2048
 
5
5,563
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
5.00%
02/01/2044
 
5,000
5,284,298
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
5.00%
02/01/2049
 
6,500
6,809,412
Merrillville Multi School Building Corp., Series 2022, RB,
(CEP - Colorado Higher Education Intercept Program)
5.00%
01/15/2042
 
50
55,001
Northern Indiana Commuter Transportation District, Series 2016, RB
5.00%
07/01/2041
 
1,250
1,270,656
 
 
 
 
27,785,161
Iowa-0.02%
 
 
 
 
 
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics), Series 2022 B, RB
3.00%
09/01/2056
 
150
118,816
Iowa (State of) Finance Authority (Lifespace Communities, Inc.), Series 2018 A, RB
5.00%
05/15/2048
 
30
29,632
Iowa (State of) Finance Authority (Unitypoint Health), Series 2016 E, Ref. RB
4.00%
08/15/2046
 
20
19,549
Iowa (State of) Higher Education Loan Authority (Des Moines University), Series 2020, RB
4.00%
10/01/2045
 
50
48,817
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB
5.00%
12/01/2046
 
500
513,920
 
 
 
 
730,734
Kansas-0.14%
 
 
 
 
 
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
5.00%
09/01/2042
 
1,515
1,643,627
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
5.00%
09/01/2047
 
250
268,130
University of Kansas Hospital Authority (KS Health System), Series 2017 A, Ref. RB
5.00%
03/01/2047
 
25
25,490
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
5.00%
09/01/2040
 
1,000
1,009,377
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
5.00%
09/01/2045
 
1,500
1,510,642
 
 
 
 
4,457,266
Kentucky-0.30%
 
 
 
 
 
Kentucky (Commonwealth of) Economic Development Finance Authority, Series 2019 A, Ref. RB
5.00%
08/01/2044
 
5
5,210
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare
System), Series 2017 B, RB
5.00%
08/15/2041
 
1,110
1,143,633
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority,
Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)
5.00%
12/01/2045
 
1,240
1,284,234
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority,
Inc.), Series 2017, Ref. RB, (INS - AGM)(a)
4.00%
12/01/2041
 
275
275,268
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky
Information Highway), Series 2015 A, RB
5.00%
07/01/2040
 
810
812,507
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky
Information Highway), Series 2015 A, RB
5.00%
01/01/2045
 
1,000
1,002,088
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.),
Series 2017 A, Ref. RB
5.25%
06/01/2041
 
1,000
1,020,730
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.),
Series 2017 A, Ref. RB, (INS - AGM)(a)
4.00%
06/01/2045
 
65
63,304
Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB
5.00%
10/01/2042
 
5
5,581
Kentucky Bond Development Corp., Series 2018, RB
4.00%
09/01/2048
 
795
781,389
Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019,
RB, (INS - BAM)(a)
5.00%
09/01/2049
 
200
210,381
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.),
Series 2023 A, Ref. RB
5.00%
10/01/2041
 
25
27,320
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Kentucky-(continued)
 
 
 
 
 
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health),
Series 2022 A, RB
5.00%
05/15/2052
$
230
$240,189
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health),
Series 2022 A, RB, (INS - AGM)(a)
5.00%
05/15/2047
 
1,015
1,078,649
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB
5.00%
05/15/2053
 
500
541,289
Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016,
RB
3.13%
06/01/2041
 
470
421,785
Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016,
RB, (INS - AGM)(a)
3.13%
06/01/2046
 
635
537,701
University of Kentucky, Series 2014 A, RB, (CEP - Colorado Higher Education Intercept Program)
4.00%
04/01/2044
 
5
4,900
 
 
 
 
9,456,158
Louisiana-0.84%
 
 
 
 
 
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2019 A, Ref. RB
4.00%
02/01/2045
 
25
24,881
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(a)
5.00%
11/01/2042
 
5
5,049
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(a)
5.00%
11/01/2047
 
2,000
2,015,052
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(a)
5.00%
12/01/2042
 
2,750
2,843,639
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority
(Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(a)
5.00%
10/01/2048
 
3,500
3,568,498
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority
(Woman’s Hospital Foundation), Series 2017 A, Ref. RB
5.00%
10/01/2041
 
3,285
3,383,888
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of Our Lady Health System),
Series 2017 A, RB
5.00%
07/01/2047
 
1,025
1,043,872
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB,
(INS - AGM)(a)
3.00%
06/01/2050
 
6,805
5,643,204
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB
4.00%
05/15/2042
 
125
125,159
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB
5.00%
05/15/2042
 
30
30,723
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB
3.00%
05/15/2047
 
2,790
2,259,203
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB
4.00%
05/15/2049
 
1,235
1,212,212
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref.
RB
5.00%
10/15/2048
 
1,000
1,077,919
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref.
RB
5.00%
10/15/2052
 
70
74,801
Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB
5.00%
07/01/2048
 
110
118,309
Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB
5.25%
07/01/2053
 
760
826,109
New Orleans (City of), LA, Series 2021 A, GO Bonds
5.00%
12/01/2046
 
1,000
1,062,393
Shreveport (City of), LA, Series 2015, Ref. RB
5.00%
12/01/2040
 
65
65,752
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(a)
4.00%
12/01/2049
 
1,250
1,208,758
 
 
 
 
26,589,421
Maine-0.21%
 
 
 
 
 
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB
4.00%
07/01/2045
 
2,000
1,962,315
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB
4.00%
07/01/2050
 
4,500
4,325,794
Maine (State of) Turnpike Authority, Series 2018, RB
5.00%
07/01/2047
 
15
15,649
Maine (State of) Turnpike Authority, Series 2020, RB
4.00%
07/01/2045
 
300
301,894
 
 
 
 
6,605,652
Maryland-0.90%
 
 
 
 
 
Baltimore (City of), MD (Water), Series 2017 A, RB
5.00%
07/01/2046
 
9,510
9,732,940
Baltimore (City of), MD (Water), Series 2020 A, RB
5.00%
07/01/2050
 
600
634,559
Baltimore (County of), MD (Riderwood Village, Inc.), Series 2020, Ref. RB
4.00%
01/01/2045
 
1,000
968,971
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2024, RB
5.25%
07/01/2054
 
55
60,467
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health),
Series 2015, Ref. RB
4.13%
07/01/2047
 
25
25,013
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health),
Series 2015, Ref. RB
5.00%
07/01/2047
 
1,000
1,005,295
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2015,
Ref. RB
5.00%
08/15/2042
 
300
300,643
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017
A, RB
5.00%
05/15/2042
 
2,000
2,063,286
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Maryland-(continued)
 
 
 
 
 
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017
A, RB
5.00%
05/15/2045
$
1,100
$1,128,297
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017
A, RB
3.75%
05/15/2047
 
235
223,206
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017
A, RB
4.00%
05/15/2047
 
540
540,252
Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Health),
Series 2020, RB
4.00%
07/01/2048
 
50
47,853
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical
System), Series 2017, RB
4.00%
07/01/2048
 
1,000
992,260
Maryland (State of) Stadium Authority, Series 2018, RB,
(CEP - Colorado Higher Education Intercept Program)
5.00%
05/01/2042
 
1,050
1,095,178
Maryland (State of) Stadium Authority, Series 2022 A, RB
4.00%
06/01/2047
 
1,890
1,895,680
Maryland (State of) Stadium Authority, Series 2022 A, RB
4.00%
06/01/2052
 
1,000
990,465
Maryland (State of) Stadium Authority, Series 2024, RB
4.00%
06/01/2049
 
280
279,358
Maryland (State of) Stadium Authority, Series 2024, RB
5.25%
06/01/2051
 
110
122,982
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB,
(CEP - Colorado Higher Education Intercept Program)
5.00%
05/01/2047
 
1,000
1,036,322
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB
4.00%
06/01/2046
 
300
301,098
Maryland (State of) Transportation Authority, Series 2020, RB
4.00%
07/01/2045
 
500
502,456
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%
07/01/2046
 
1,000
1,073,134
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%
07/01/2051
 
1,000
1,065,022
Maryland (State of) Transportation Authority, Series 2024, Ref. RB
5.00%
07/01/2042
 
555
625,280
Maryland (State of) Transportation Authority, Series 2024, Ref. RB
5.00%
07/01/2043
 
5
5,602
Maryland Economic Development Corp. (College Park Leonardtown), Series 2024, RB,
(INS - AGM)(a)
5.00%
07/01/2054
 
195
205,941
Montgomery (County of), MD (Trinity Health Credit Group), Series 2015, RB
5.00%
12/01/2044
 
1,650
1,656,012
 
 
 
 
28,577,572
Massachusetts-4.51%
 
 
 
 
 
Massachusetts (Commonwealth of), Series 2015 A, RB
4.00%
06/01/2045
 
45
45,020
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds
5.00%
07/01/2040
 
1,000
1,008,780
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
3.25%
09/01/2040
 
70
66,712
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
4.00%
09/01/2042
 
1,100
1,100,933
Massachusetts (Commonwealth of), Series 2015, GO Bonds
4.00%
05/01/2045
 
100
100,005
Massachusetts (Commonwealth of), Series 2016 B, RB
4.00%
06/01/2046
 
800
800,972
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
3.00%
04/01/2041
 
760
683,245
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
4.00%
04/01/2042
 
300
300,095
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
3.00%
04/01/2044
 
340
294,903
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
4.00%
04/01/2046
 
1,065
1,065,306
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
4.00%
09/01/2042
 
1,810
1,813,636
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
4.00%
12/01/2044
 
2,900
2,906,569
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%
04/01/2042
 
4,210
4,351,183
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%
04/01/2047
 
15
15,433
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.25%
04/01/2047
 
1,000
1,037,579
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB
5.00%
06/01/2043
 
5,000
5,213,093
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds
3.50%
02/01/2040
 
500
491,632
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds
4.00%
02/01/2041
 
60
60,164
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds
4.00%
02/01/2044
 
300
300,722
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%
11/01/2039
 
40
41,942
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%
11/01/2041
 
8,000
8,344,166
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%
11/01/2045
 
45
46,701
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%
11/01/2046
 
20
20,736
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
5.00%
01/01/2041
 
10
10,466
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
5.00%
01/01/2045
 
100
103,984
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds
5.25%
09/01/2043
 
10
10,645
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.25%
01/01/2044
 
1,675
1,789,392
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%
01/01/2049
 
5,000
5,233,374
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%
05/01/2042
 
30
31,929
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%
05/01/2043
 
5
5,310
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%
05/01/2044
 
135
143,149
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Massachusetts-(continued)
 
 
 
 
 
Massachusetts (Commonwealth of), Series 2020 B, GO Bonds
2.50%
03/01/2043
$
470
$377,042
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds
3.00%
03/01/2049
 
135
110,428
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%
07/01/2045
 
1,005
1,077,072
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%
07/01/2048
 
40
42,544
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
3.00%
11/01/2039
 
20
18,377
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%
11/01/2045
 
2,500
2,688,913
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%
11/01/2050
 
3,500
3,725,667
Massachusetts (Commonwealth of), Series 2021 A, GO Bonds
2.00%
03/01/2040
 
70
53,749
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB
5.00%
06/01/2042
 
750
818,647
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
5.00%
09/01/2051
 
1,000
1,071,346
Massachusetts (Commonwealth of), Series 2021, Ref. RB
5.00%
06/01/2043
 
20
21,742
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds
4.00%
02/01/2042
 
1,000
1,017,608
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds
3.00%
02/01/2043
 
50
43,738
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
5.25%
10/01/2047
 
15
16,726
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds
5.00%
11/01/2048
 
17,345
18,858,672
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
5.00%
05/01/2048
 
290
317,331
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
5.00%
05/01/2043
 
5
5,554
Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds
5.00%
08/01/2042
 
60
67,211
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds
5.00%
10/01/2051
 
1,000
1,093,126
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds
5.00%
10/01/2052
 
1,025
1,119,071
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds
5.00%
10/01/2053
 
1,100
1,199,200
Massachusetts (Commonwealth of), Series 2023, RB
5.00%
06/01/2053
 
205
223,060
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds
5.00%
01/01/2049
 
2,170
2,383,233
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds
5.00%
01/01/2054
 
2,500
2,726,513
Massachusetts (Commonwealth of), Series 2024 B, GO Bonds
5.00%
05/01/2043
 
5
5,610
Massachusetts (Commonwealth of), Series 2024 B, GO Bonds
5.00%
05/01/2044
 
5
5,592
Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds
5.00%
11/01/2041
 
5
5,681
Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds
5.00%
11/01/2042
 
670
756,465
Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds
5.00%
11/01/2043
 
5
5,610
Massachusetts (Commonwealth of), Series 2024 E, GO Bonds
5.00%
08/01/2051
 
1,000
1,100,442
Massachusetts (Commonwealth of), Series 2024 E, GO Bonds
5.00%
08/01/2053
 
1,000
1,097,254
Massachusetts (Commonwealth of), Series 2024 E, GO Bonds
5.00%
08/01/2054
 
1,000
1,095,414
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017
A, RB
5.00%
06/01/2047
 
25
25,772
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018
A, RB
5.25%
06/01/2043
 
5,000
5,307,666
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB
5.00%
06/01/2045
 
3,000
3,020,351
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 A, RB
5.00%
07/01/2045
 
460
463,045
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB
5.00%
07/01/2050
 
5,580
5,814,780
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB
5.00%
07/01/2046
 
15
16,746
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB
5.25%
07/01/2052
 
1,000
1,119,091
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
4.00%
07/01/2053
 
1,000
993,534
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds),
Series 2022 A, Ref. RB
5.00%
07/01/2052
 
730
790,312
Massachusetts (Commonwealth of) Development Finance Agency, Series 2015 F, Ref. RB
5.00%
08/15/2040
 
430
432,980
Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, Ref. RB
4.00%
04/01/2041
 
165
165,161
Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB
5.00%
07/01/2044
 
1,035
1,036,811
Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB
5.00%
10/01/2041
 
5
5,577
Massachusetts (Commonwealth of) Development Finance Agency, Series 2024 T, RB
5.25%
03/01/2054
 
675
746,798
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center),
Series 1999 P, RB
5.45%
05/15/2059
 
280
310,104
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center),
Series 2017 T, Ref. RB
4.00%
07/01/2042
 
25
25,096
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center),
Series 2021, RB
4.00%
06/01/2056
 
590
491,217
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center),
Series 2023, Ref. RB
5.25%
07/01/2048
 
1,725
1,861,197
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green
Bonds), Series 2015, RB
5.00%
07/01/2044
 
265
265,183
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Massachusetts-(continued)
 
 
 
 
 
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green
Bonds), Series 2015, RB
4.00%
07/01/2045
$
305
$294,573
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green
Bonds), Series 2017, RB
4.00%
07/01/2047
 
90
86,457
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center)
(Sustainability Bopnds), Series 2023, Ref. RB
5.25%
07/01/2052
 
1,820
1,952,649
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016
BB-1, RB
4.00%
10/01/2046
 
145
145,324
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016
BB-1, RB
5.00%
10/01/2046
 
4,500
4,625,448
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2018 J-2, RB
5.00%
07/01/2043
 
15
15,521
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute),
Series 2016, RB
5.00%
12/01/2041
 
2,665
2,730,337
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute),
Series 2016, RB
5.00%
12/01/2046
 
2,000
2,041,269
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2016 A,
RB
5.00%
01/01/2047
 
150
151,014
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016
A, Ref. RB
5.00%
10/01/2043
 
175
175,504
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016
A, Ref. RB
4.00%
10/01/2046
 
220
189,759
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016
A, Ref. RB
5.00%
07/15/2040
 
2,400
2,963,022
Massachusetts (Commonwealth of) Development Finance Agency (Northern University),
Series 2022, Ref. RB
5.00%
10/01/2044
 
1,605
1,773,856
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System),
Series 2015 O-1, RB
4.00%
07/01/2045
 
30
29,873
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System),
Series 2016, Ref. RB
5.00%
07/01/2041
 
45
45,874
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System),
Series 2016, Ref. RB
5.00%
07/01/2047
 
40
40,568
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System),
Series 2017, Ref. RB
4.00%
07/01/2041
 
70
70,216
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital),
Series 2013, RB
4.00%
07/01/2043
 
380
369,297
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital),
Series 2016 I, Ref. RB
5.00%
07/01/2041
 
1,015
1,024,245
Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System
Obligated Group), Series 2021 G, Ref. RB
5.00%
07/01/2050
 
1,050
1,100,114
Massachusetts (Commonwealth of) Development Finance Agency (SpringField College), Series 2021
B, Ref. RB
4.00%
06/01/2050
 
500
428,854
Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University), Series 2021,
RB
4.00%
07/01/2051
 
700
568,214
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C,
Ref. RB, (INS - AGM)(a)
3.00%
10/01/2045
 
3,500
2,918,744
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C,
Ref. RB, (INS - AGM)(a)
4.00%
10/01/2045
 
1,500
1,479,574
Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2017 S,
RB
4.00%
07/01/2046
 
145
145,386
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
4.00%
11/15/2046
 
5
5,008
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
5.00%
11/15/2046
 
3,415
3,504,602
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
4.00%
02/15/2043
 
140
140,495
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
5.25%
02/15/2048
 
1,000
1,047,692
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB
5.25%
02/15/2048
 
1,000
1,049,235
Massachusetts (Commonwealth of) Water Resources Authority, Series 2018 B, RB
5.00%
08/01/2043
 
3,155
3,326,265
University of Massachusetts Building Authority, Series 2015-1, RB
4.00%
11/01/2045
 
25
25,022
University of Massachusetts Building Authority, Series 2017-1, RB
4.00%
11/01/2044
 
20
20,055
University of Massachusetts Building Authority, Series 2020 1, RB
5.00%
11/01/2050
 
5,000
5,302,977
 
 
 
 
143,264,878
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Michigan-1.94%
 
 
 
 
 
Eastern Michigan University, Series 2018 A, RB
4.00%
03/01/2047
$
50
$48,437
Eastern Michigan University, Series 2018 A, RB, (INS - AGM)(a)
4.00%
03/01/2044
 
165
164,379
Great Lakes Water Authority, Series 2023 B, RB
5.25%
07/01/2053
 
65
72,347
Great Lakes Water Authority, Series 2023 C, RB
5.25%
07/01/2053
 
500
556,514
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB
5.00%
07/01/2044
 
300
318,493
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB
5.00%
07/01/2051
 
750
801,344
Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB
5.00%
07/01/2049
 
1,000
1,100,240
Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB
5.00%
07/01/2054
 
1,000
1,090,557
Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB
5.25%
07/01/2054
 
715
796,374
Michigan (State of), Series 2020 B, RB
4.00%
11/15/2045
 
1,300
1,315,102
Michigan (State of), Series 2020, RB
4.00%
11/15/2040
 
370
379,033
Michigan (State of), Series 2020, RB
5.00%
11/15/2045
 
135
146,180
Michigan (State of), Series 2021 A, RB
4.00%
11/15/2044
 
1,055
1,064,592
Michigan (State of), Series 2021, RB
4.00%
11/15/2041
 
1,075
1,096,437
Michigan (State of), Series 2021, RB
4.00%
11/15/2046
 
2,390
2,409,454
Michigan (State of), Series 2023, RB
5.00%
11/15/2040
 
100
113,628
Michigan (State of), Series 2023, RB
5.00%
11/15/2042
 
1,000
1,127,763
Michigan (State of), Series 2023, RB
5.00%
11/15/2043
 
30
33,702
Michigan (State of), Series 2023, RB
5.50%
11/15/2044
 
1,005
1,164,103
Michigan (State of), Series 2023, RB
5.00%
11/15/2046
 
690
768,634
Michigan (State of), Series 2023, RB
5.25%
11/15/2049
 
1,020
1,147,416
Michigan (State of), Series 2023, RB
5.50%
11/15/2049
 
1,120
1,281,169
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%
10/15/2045
 
800
807,845
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%
10/15/2050
 
600
604,994
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%
04/15/2041
 
750
770,637
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%
10/15/2046
 
5
5,120
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
5.00%
10/15/2047
 
1,000
1,091,042
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
4.00%
10/15/2052
 
1,000
982,300
Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB
4.00%
10/15/2047
 
750
750,464
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB
5.00%
12/01/2041
 
175
186,401
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
5.00%
11/01/2044
 
1,000
1,009,133
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
4.00%
11/01/2046
 
435
418,205
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
4.00%
04/15/2042
 
1,000
1,003,470
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center),
Series 2018, RB
5.00%
11/01/2043
 
155
161,958
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
5.00%
11/15/2041
 
1,000
1,018,712
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
4.00%
11/15/2046
 
1,410
1,355,165
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2019 A, RB
4.00%
11/15/2050
 
1,175
1,109,208
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2024, RB
4.38%
02/28/2054
 
870
869,069
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2024, RB
5.50%
02/28/2057
 
540
596,749
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB
4.00%
02/15/2044
 
1,005
983,521
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB
4.00%
02/15/2047
 
115
110,293
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, RB
4.00%
12/01/2040
 
450
449,747
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016 MI-2, Ref. RB
4.00%
03/01/2051
 
100
97,652
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB
5.00%
12/01/2045
 
1,000
1,011,190
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB
5.00%
12/01/2042
 
1,500
1,551,936
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
4.00%
12/01/2040
 
1,610
1,609,089
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
4.00%
12/01/2046
 
580
565,427
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB
3.00%
12/01/2049
 
3,575
2,976,005
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB
4.00%
12/01/2049
 
550
536,006
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB
4.00%
12/01/2048
 
2,500
2,429,780
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB
4.00%
12/01/2047
 
1,100
1,075,157
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010,
Ref. RB
5.00%
11/15/2047
 
3,000
3,157,336
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB
4.00%
10/15/2047
 
335
327,189
Michigan State University Board of Trustees, Series 2019 B, RB
5.00%
02/15/2044
 
1,250
1,315,085
Michigan State University Board of Trustees, Series 2019 B, RB
5.00%
02/15/2048
 
250
261,435
Michigan State University Board of Trustees, Series 2024 A, RB
5.00%
08/15/2049
 
100
109,786
Michigan State University Board of Trustees, Series 2024 A, RB
5.25%
08/15/2054
 
1,000
1,109,846
Pontiac School District, Series 2020, GO Bonds
4.00%
05/01/2050
 
200
198,607
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Michigan-(continued)
 
 
 
 
 
Troy School District, Series 2023, GO Bonds
5.00%
05/01/2047
$
5,000
$5,423,497
University of Michigan, Series 2018 A, RB
5.00%
04/01/2048
 
1,005
1,051,166
Walled Lake Consolidated School District, Series 2020, GO Bonds
5.00%
05/01/2050
 
2,500
2,633,919
Wayne (County of), MI Airport Authority, Series 2015 D, RB
5.00%
12/01/2045
 
1,000
1,009,089
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021
A, RB
5.00%
12/01/2046
 
220
237,130
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D,
RB
5.00%
12/01/2040
 
500
505,307
Wayne State University, Series 2018 A, RB
4.00%
11/15/2048
 
1,200
1,171,738
 
 
 
 
61,643,303
Minnesota-0.43%
 
 
 
 
 
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group),
Series 2018 A, Ref. RB
5.25%
02/15/2053
 
1,190
1,224,764
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group),
Series 2018 A, Ref. RB
5.25%
02/15/2058
 
1,000
1,028,381
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group),
Series 2018, Ref. RB
4.25%
02/15/2043
 
20
20,051
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group),
Series 2018, Ref. RB
4.25%
02/15/2048
 
910
910,055
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022
B, RB
5.25%
06/15/2047
 
2,000
2,193,725
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022
B, RB
5.25%
06/15/2052
 
1,000
1,091,489
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB
5.00%
01/01/2041
 
1,000
1,029,722
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB
5.00%
01/01/2046
 
15
15,361
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB
4.25%
01/01/2052
 
5
5,049
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2024 A, RB
4.00%
01/01/2054
 
500
494,062
Minneapolis (City of), MN (Fairview Health Services), Series 2015 A, Ref. RB
5.00%
11/15/2044
 
100
100,356
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
4.00%
11/15/2048
 
70
64,355
Minnesota (State of), Series 2023, COP
5.00%
11/01/2042
 
505
564,730
Minnesota (State of), Series 2024 A, GO Bonds
5.00%
08/01/2042
 
80
91,263
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas), Series 2024 A,
RB
4.13%
10/01/2053
 
75
74,622
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group),
Series 2024, RB
5.25%
01/01/2047
 
10
11,130
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group),
Series 2024, RB
5.25%
01/01/2054
 
480
527,207
Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group),
Series 2024, RB
4.00%
01/01/2049
 
580
580,981
Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB
5.00%
11/15/2057
 
50
53,835
St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB
5.00%
05/01/2048
 
1,070
1,118,269
St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB
4.00%
05/01/2050
 
2,000
2,001,789
St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB
5.00%
05/01/2054
 
215
231,243
St. Paul (City of), MN Housing & Redevelopment Authority (Fairview Health Services), Series 2017
A, Ref. RB
4.00%
11/15/2043
 
70
64,976
St. Paul (City of), MN Housing & Redevelopment Authority (Fairview Health Services), Series 2017
A, Ref. RB
5.00%
11/15/2047
 
10
10,144
Western Minnesota Municipal Power Agency (Red Rock Hydroelectric), Series 2018, RB
5.00%
01/01/2049
 
10
10,405
 
 
 
 
13,517,964
Mississippi-0.05%
 
 
 
 
 
Medical Center Educational Building Corp., Series 2017, Ref. RB
4.00%
06/01/2047
 
340
336,785
Mississippi (State of) Development Bank, Series 2015, Ref. RB, (INS - AGM)(a)
4.00%
03/01/2041
 
295
295,111
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care),
Series 2016, RB
5.00%
09/01/2041
 
1,000
1,008,832
 
 
 
 
1,640,728
Missouri-0.86%
 
 
 
 
 
Kansas (City of), MO, Series 2024 A, RB
5.00%
12/01/2048
 
200
218,678
Kansas (City of), MO, Series 2024 A, RB
4.00%
01/01/2049
 
250
250,785
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Missouri-(continued)
 
 
 
 
 
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB
5.00%
04/01/2040
$
2,190
$2,193,308
Metropolitan St. Louis Sewer District, Series 2016 C, RB(c)
5.00%
05/01/2046
 
1,025
1,052,998
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
5.00%
05/01/2047
 
750
773,843
Missouri (State of) Health & Educational Facilities Authority, Series 2020, RB
3.00%
06/01/2053
 
640
492,848
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2013 C,
RB(d)
4.00%
01/01/2046
 
50
49,398
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2015 A,
RB
4.00%
01/01/2045
 
550
550,022
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2017 D,
RB(d)
4.00%
01/01/2048
 
60
59,198
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A,
Ref. RB
4.00%
07/01/2046
 
185
185,532
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A,
Ref. RB
3.00%
07/01/2051
 
2,500
2,003,951
Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2015 A, Ref. RB
5.00%
11/15/2039
 
635
640,457
Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2019, RB
4.00%
11/15/2049
 
20
19,986
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2012, RB
4.00%
11/15/2042
 
1,910
1,893,745
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
4.00%
11/15/2045
 
855
840,682
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
4.25%
11/15/2048
 
215
215,003
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
3.63%
11/15/2047
 
435
401,846
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
4.00%
11/15/2047
 
1,515
1,509,783
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
4.00%
11/15/2049
 
65
64,245
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB
5.50%
12/01/2048
 
40
45,152
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB
5.00%
12/01/2052
 
500
532,492
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A,
Ref. RB
4.00%
02/15/2044
 
925
926,292
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A,
Ref. RB
4.00%
02/15/2049
 
5,065
5,011,780
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB
4.00%
06/01/2052
 
5,000
4,922,611
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A,
RB
4.00%
10/01/2042
 
20
20,032
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.),
Series 2016, Ref. RB
4.00%
11/15/2042
 
215
215,219
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital),
Series 2017 A, RB
4.00%
05/15/2048
 
1,500
1,459,142
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref.
RB
5.00%
12/01/2040
 
190
193,399
St. Louis (City of), MO, Series 2024, RB, (INS - AGM)(a)
5.25%
07/01/2054
 
500
550,998
 
 
 
 
27,293,425
Montana-0.10%
 
 
 
 
 
Missoula (City of), MT, Series 2019 A, RB
4.00%
07/01/2044
 
2,400
2,409,762
Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated
Group), Series 2021, Ref. RB
3.00%
06/01/2050
 
800
648,593
 
 
 
 
3,058,355
Nebraska-0.51%
 
 
 
 
 
Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB
5.00%
09/01/2042
 
1,300
1,464,504
Douglas (County of), NE Hospital Authority No. 3 (NE Methodist Health), Series 2015, Ref. RB
5.00%
11/01/2045
 
10
10,081
Fremont School District, Series 2022, GO Bonds, (INS - AGM)(a)
4.00%
12/15/2047
 
750
747,266
Gretna Public Schools, Series 2022, GO Bonds
4.00%
12/15/2047
 
10
10,052
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB
4.00%
02/01/2042
 
15
15,061
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB
5.00%
02/01/2042
 
600
624,262
Omaha (City of), NE Public Power District, Series 2021 A, RB
5.00%
02/01/2046
 
700
747,985
Omaha (City of), NE Public Power District, Series 2022 A, RB
4.25%
02/01/2047
 
1,805
1,844,031
Omaha (City of), NE Public Power District, Series 2022 A, RB
5.00%
02/01/2047
 
1,250
1,360,091
Omaha (City of), NE Public Power District, Series 2023 A, RB
5.25%
02/01/2048
 
2,010
2,238,333
Omaha (City of), NE Public Power District, Series 2023 A, RB
5.25%
02/01/2053
 
2,000
2,219,387
Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB
5.25%
02/01/2053
 
2,000
2,219,387
Omaha (City of), NE Public Power District, Series 2024 C, RB
4.00%
02/01/2049
 
1,000
990,833
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
3.00%
05/15/2046
 
125
99,941
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Nebraska-(continued)
 
 
 
 
 
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
4.00%
05/15/2051
$
75
$72,140
University of Nebraska Facilities Corp. (The), Series 2021 A, RB
4.00%
07/15/2059
 
500
500,563
University of Nebraska Facilities Corp. (The), Series 2021 A, RB
4.00%
07/15/2062
 
1,000
999,971
 
 
 
 
16,163,888
Nevada-0.46%
 
 
 
 
 
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB
5.00%
09/01/2047
 
130
132,144
Clark (County of), NV, Series 2018 A, GO Bonds
5.00%
06/01/2043
 
1,100
1,153,540
Clark (County of), NV, Series 2022, RB, (INS - AGM)(a)
4.00%
07/01/2040
 
475
487,193
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds
5.00%
05/01/2048
 
2,355
2,452,423
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB
5.00%
07/01/2040
 
1,035
1,075,701
Henderson (City of), NV, Series 2020 A-1, GO Bonds
4.00%
06/01/2045
 
620
623,928
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
5.00%
07/01/2043
 
1,740
1,818,472
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
4.00%
07/01/2049
 
2,360
2,288,966
Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB
5.00%
07/01/2049
 
930
1,001,521
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%
06/01/2041
 
1,045
1,066,830
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%
06/01/2046
 
1,155
1,175,410
Las Vegas Valley Water District, Series 2022 A, GO Bonds
4.00%
06/01/2046
 
1,000
1,005,570
Reno (City of), NV, Series 2019 A-1, Ref. RB, (INS - AGM)(a)
4.00%
06/01/2043
 
175
175,004
Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB
5.00%
02/01/2042
 
195
206,501
 
 
 
 
14,663,203
New Hampshire-0.14%
 
 
 
 
 
New Hampshire (State of) Business Finance Authority, Series 2021 A, RB
4.00%
07/01/2051
 
1,500
1,500,535
New Hampshire (State of) Business Finance Authority (NCCD - Unr Properties LLC - University of
Nevada, Reno Project), Series 2023 A, RB, (INS - BAM)(a)
5.25%
06/01/2051
 
300
326,549
New Hampshire (State of) Business Finance Authority (St. Elizabeth Medical Center, Inc.),
Series 2021, RB
4.00%
05/01/2051
 
500
491,939
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021,
RB, (INS - AGM)(a)
3.00%
08/15/2046
 
2,210
1,873,332
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021,
RB, (INS - AGM)(a)
3.00%
08/15/2051
 
300
245,227
 
 
 
 
4,437,582
New Jersey-3.14%
 
 
 
 
 
Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange -
H-1), Series 2023, RB
5.00%
08/15/2053
 
1,205
1,316,070
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
5.25%
11/01/2047
 
5,000
5,503,558
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
5.00%
11/01/2052
 
2,500
2,675,857
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB
4.00%
06/15/2046
 
500
502,892
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB
4.00%
06/15/2050
 
500
501,080
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB
5.00%
06/15/2043
 
750
782,236
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
4.00%
11/01/2044
 
60
60,190
New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB
5.00%
03/01/2043
 
250
285,548
New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB
5.00%
03/01/2044
 
90
102,558
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
4.63%
09/01/2048
 
1,500
1,569,425
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
5.25%
09/01/2053
 
750
817,284
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB
4.00%
03/01/2053
 
1,610
1,636,967
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB
5.25%
03/01/2054
 
2,200
2,499,954
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green
Bonds), Series 2020 A, RB
3.00%
07/01/2050
 
1,000
773,074
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green
Bonds), Series 2020 A, RB
4.00%
07/01/2050
 
2,800
2,631,947
New Jersey (State of) Health Care Facilities Financing Authority, Series 2016, Ref. RB
4.00%
07/01/2048
 
1,200
1,112,241
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016,
Ref. RB
4.00%
07/01/2041
 
55
55,217
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024,
RB
5.00%
07/01/2041
 
10
11,277
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024,
RB
4.25%
07/01/2054
 
800
823,147
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New Jersey-(continued)
 
 
 
 
 
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System
Obligated Group), Series 2021, RB
3.00%
07/01/2046
$
730
$607,646
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System
Obligated Group), Series 2021, RB
3.00%
07/01/2051
 
225
179,742
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group),
Series 2016, Ref. RB
4.00%
07/01/2041
 
1,235
1,236,580
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group),
Series 2024 A, Ref. RB
4.13%
07/01/2054
 
385
385,592
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated
Group), Series 2017, RB
5.00%
07/01/2042
 
1,000
1,028,319
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated
Group), Series 2016 A, Ref. RB
5.00%
07/01/2043
 
1,605
1,634,414
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated
Group), Series 2021, RB
4.00%
07/01/2045
 
360
360,971
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated
Group), Series 2021, RB
3.00%
07/01/2051
 
1,000
816,808
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated
Group), Series 2021, RB
4.00%
07/01/2051
 
610
610,568
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated
Group), Series 2024, RB
5.25%
07/01/2054
 
25
27,843
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015
A, RB, (INS - AGM)(a)
5.00%
07/01/2046
 
3,000
3,011,756
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated
Group), Series 2019, RB
3.00%
07/01/2049
 
345
277,733
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
4.25%
06/15/2044
 
935
933,097
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB(c)
4.25%
01/15/2025
 
555
555,583
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
5.00%
06/15/2045
 
25
25,122
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
4.00%
06/15/2044
 
1,200
1,201,965
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
5.00%
06/15/2044
 
1,500
1,566,439
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
3.50%
06/15/2046
 
520
478,358
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
4.00%
06/15/2050
 
1,300
1,279,692
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB(c)
5.00%
12/15/2028
 
1,525
1,663,536
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB
5.00%
06/15/2046
 
2,840
2,956,517
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
4.00%
12/15/2039
 
25
25,207
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 A, RB
5.00%
06/15/2050
 
780
824,760
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB(c)
5.00%
12/15/2030
 
220
247,847
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%
06/15/2040
 
1,000
1,008,211
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%
06/15/2040
 
1,050
1,138,820
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%
06/15/2045
 
2,200
2,197,366
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%
06/15/2045
 
1,000
1,066,474
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
3.00%
06/15/2050
 
1,000
817,330
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%
06/15/2050
 
3,200
3,160,000
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
4.00%
06/15/2040
 
215
217,707
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
4.00%
06/15/2042
 
710
713,777
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
4.00%
06/15/2046
 
1,325
1,317,159
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 CC, RB
5.25%
06/15/2041
 
10
11,225
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB(c)
5.25%
12/15/2032
 
290
340,674
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB(c)
5.50%
12/15/2032
 
1,000
1,192,611
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
4.00%
06/15/2040
 
1,475
1,488,866
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
4.00%
06/15/2041
 
1,250
1,258,528
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
4.00%
06/15/2042
 
1,000
1,005,012
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%
06/15/2042
 
460
505,679
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.25%
06/15/2043
 
595
662,103
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%
06/15/2044
 
500
544,424
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.25%
06/15/2046
 
280
308,673
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB(c)
5.00%
06/15/2048
 
345
399,117
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
4.25%
06/15/2040
 
250
260,615
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
5.25%
06/15/2041
 
1,000
1,129,100
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
5.25%
06/15/2042
 
70
78,600
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%
06/15/2040
 
30
33,445
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New Jersey-(continued)
 
 
 
 
 
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
4.25%
06/15/2044
$
250
$256,383
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%
06/15/2043
 
155
171,107
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%
06/15/2046
 
1,450
1,581,355
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.25%
06/15/2050
 
2,100
2,319,320
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%
01/01/2040
 
625
652,591
New Jersey (State of) Turnpike Authority, Series 2021 A, RB
4.00%
01/01/2042
 
5,000
5,064,723
New Jersey (State of) Turnpike Authority, Series 2021 A, RB
4.00%
01/01/2051
 
5,450
5,466,111
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.00%
01/01/2042
 
1,500
1,671,623
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
4.25%
01/01/2043
 
1,500
1,542,146
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.00%
01/01/2046
 
5,400
5,955,823
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
4.50%
01/01/2048
 
1,795
1,874,638
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.25%
01/01/2052
 
3,500
3,895,927
New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB
5.00%
01/01/2043
 
1,430
1,601,497
Newark (City of), NJ (Mulberry Pedestrian Bridge Redevelopment), Series 2022, RB, (INS - AGM)(a)
6.00%
11/15/2062
 
1,000
1,162,433
 
 
 
 
99,667,810
New Mexico-0.03%
 
 
 
 
 
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A,
Ref. RB
4.00%
08/01/2046
 
1,000
982,768
New York-21.84%
 
 
 
 
 
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%
11/01/2048
 
90
99,485
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%
11/01/2053
 
2,000
2,197,713
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB,
(INS - AGM)(a)
3.00%
04/01/2045
 
3,000
2,503,279
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB,
(INS - AGM)(a)
3.00%
04/01/2050
 
8,750
6,855,138
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB,
(INS - AGM)(a)
4.00%
04/01/2050
 
3,000
2,937,069
Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds), Series 2023, RB
5.25%
07/01/2052
 
110
115,549
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
5.00%
07/01/2041
 
1,000
1,001,262
Dutchess County Local Development Corp. (Bard College), Series 2020 A, Ref. RB
5.00%
07/01/2051
 
1,000
1,022,877
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
4.00%
07/01/2041
 
195
188,902
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB
5.00%
07/01/2042
 
1,700
1,756,767
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB
4.00%
07/01/2046
 
130
129,077
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group), Series 2022 A,
Ref. RB
5.25%
12/01/2052
 
800
846,098
Hempstead Town Local Development Corp., Series 2017, Ref. RB
5.00%
07/01/2047
 
285
292,491
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%
02/15/2042
 
5,000
5,144,871
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
4.00%
02/15/2044
 
1,075
1,077,901
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGM)(a)
4.00%
02/15/2047
 
2,500
2,507,010
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB
4.00%
02/15/2041
 
35
36,060
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%
09/01/2041
 
815
835,064
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%
09/01/2046
 
25
25,513
Long Island (City of), NY Power Authority, Series 2017, RB
5.00%
09/01/2042
 
1,300
1,351,722
Long Island (City of), NY Power Authority, Series 2017, RB
5.00%
09/01/2047
 
1,230
1,270,905
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
5.00%
09/01/2049
 
2,000
2,197,647
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
5.00%
09/01/2054
 
2,000
2,189,669
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
5.25%
09/01/2054
 
1,000
1,119,334
Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGM)(a)
5.00%
09/01/2053
 
2,500
2,725,585
Metropolitan Transportation Authority, Series 2013 B, RB
4.00%
11/15/2043
 
630
625,026
Metropolitan Transportation Authority, Series 2015 B, RB
5.00%
11/15/2040
 
45
45,183
Metropolitan Transportation Authority, Series 2015 B, RB
4.00%
11/15/2045
 
10
9,804
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%
11/15/2041
 
620
620,512
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%
11/15/2046
 
25
24,373
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
4.00%
11/15/2042
 
2,280
2,252,008
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
4.00%
11/15/2046
 
80
78,217
Metropolitan Transportation Authority, Series 2021 A-2, RB
4.00%
11/15/2042
 
65
64,940
Metropolitan Transportation Authority, Series 2021 A-2, RB
4.00%
11/15/2043
 
225
223,813
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
5.00%
11/15/2040
 
2,240
2,249,122
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
5.00%
11/15/2045
 
1,650
1,654,977
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
4.00%
11/15/2045
$
500
$494,347
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
4.00%
11/15/2051
 
1,380
1,375,306
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
4.00%
11/15/2052
 
1,000
995,336
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
3.50%
11/15/2041
 
320
278,021
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
5.00%
11/15/2041
 
20
20,230
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
5.25%
11/15/2056
 
1,040
1,051,265
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%
11/15/2047
 
1,300
1,333,016
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB
4.00%
11/15/2043
 
110
109,132
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB
5.25%
11/15/2057
 
750
774,162
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB
5.00%
11/15/2047
 
1,000
1,030,852
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB
5.00%
11/15/2052
 
3,525
3,650,261
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB
5.00%
11/15/2039
 
80
85,226
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB
5.00%
11/15/2040
 
25
26,534
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB
5.00%
11/15/2042
 
55
57,986
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - AGM)(a)
4.00%
11/15/2047
 
370
367,067
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(a)
5.00%
11/15/2043
 
10
10,532
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
4.00%
11/15/2051
 
2,900
2,829,462
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%
11/15/2041
 
500
502,311
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%
11/15/2044
 
25
25,059
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%
11/15/2050
 
5,000
4,973,710
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
4.75%
11/15/2045
 
2,300
2,380,221
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
5.00%
11/15/2050
 
2,230
2,320,196
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
5.25%
11/15/2055
 
6,000
6,313,049
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB
5.00%
11/15/2044
 
95
100,549
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-3, RB
4.00%
11/15/2049
 
1,000
979,126
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
4.00%
11/15/2045
 
1,005
993,638
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB
5.00%
11/15/2049
 
325
357,777
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB
4.00%
11/15/2051
 
515
513,248
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB
5.25%
11/15/2054
 
785
877,900
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB
5.00%
11/15/2043
 
25
27,322
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB
5.00%
11/15/2044
 
5
5,447
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB
5.25%
11/15/2049
 
210
230,233
Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB
4.00%
11/15/2044
 
700
694,190
Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB
5.00%
11/15/2048
 
10
11,033
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
5.00%
11/15/2046
 
2,355
2,413,211
Monroe County Industrial Development Corp. (Highland Hospital of Rochester), Series 2017, RB
5.00%
12/01/2046
 
65
65,818
Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB
4.00%
07/01/2043
 
480
481,107
Monroe County Industrial Development Corp. (University of Rochester), Series 2017, Ref. RB
4.00%
07/01/2043
 
115
115,265
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB
4.00%
07/01/2050
 
2,060
2,058,768
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(a)
5.00%
04/01/2049
 
5,000
5,327,844
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref.
RB
5.00%
05/01/2045
 
3,660
3,677,680
New York & New Jersey (States of) Port Authority, One Hundred Eighty Ninth Series 2015, Ref. RB
5.00%
05/01/2040
 
1,000
1,005,572
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref.
RB
5.00%
10/15/2041
 
1,120
1,132,410
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref.
RB
4.00%
10/15/2045
 
1,045
1,045,096
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB
5.00%
11/15/2041
 
35
35,928
New York & New Jersey (States of) Port Authority, Series 2019 217, RB
4.00%
11/01/2049
 
1,000
999,446
New York & New Jersey (States of) Port Authority, Series 2019, RB
4.00%
11/01/2041
 
15
15,127
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB
4.00%
07/15/2040
 
2,070
2,111,132
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%
07/15/2049
 
1,055
1,161,995
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%
07/15/2054
 
1,000
1,096,747
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
4.00%
09/01/2043
 
25
25,073
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
5.00%
09/01/2048
 
5,590
5,818,261
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%
07/15/2048
 
1,000
1,094,649
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%
07/15/2053
 
1,000
1,089,900
New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB
5.00%
07/15/2043
 
85
94,950
New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB
4.00%
09/01/2049
 
20
19,998
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB
4.00%
07/15/2061
 
500
492,423
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref.
RB
4.00%
07/15/2040
$
100
$102,139
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref.
RB
4.00%
07/15/2041
 
100
101,634
New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB
5.25%
10/15/2057
 
2,400
2,489,072
New York (City of), NY, Series 2016 B-1, GO Bonds
5.00%
12/01/2041
 
4,955
5,091,948
New York (City of), NY, Series 2017 B-1, GO Bonds
5.00%
10/01/2039
 
25
26,166
New York (City of), NY, Series 2017 B-1, GO Bonds
4.00%
10/01/2041
 
985
987,187
New York (City of), NY, Series 2019 B-1, GO Bonds
4.00%
10/01/2039
 
510
516,922
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%
10/01/2042
 
15
16,041
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%
10/01/2043
 
90
95,865
New York (City of), NY, Series 2020 C, GO Bonds
5.00%
08/01/2042
 
5
5,394
New York (City of), NY, Series 2020 C, GO Bonds
5.00%
08/01/2043
 
35
37,712
New York (City of), NY, Series 2020 D-1, GO Bonds
4.00%
03/01/2041
 
15
15,166
New York (City of), NY, Series 2021 A-1, GO Bonds
4.00%
08/01/2042
 
5
5,053
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%
08/01/2047
 
3,700
3,987,651
New York (City of), NY, Series 2021 F-1, GO Bonds
3.00%
03/01/2041
 
100
87,103
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%
03/01/2042
 
30
32,632
New York (City of), NY, Series 2022 A-1, GO Bonds
5.00%
09/01/2041
 
40
44,397
New York (City of), NY, Series 2023 A, GO Bonds
5.00%
08/01/2040
 
5
5,634
New York (City of), NY, Series 2023 A, GO Bonds
5.00%
08/01/2041
 
40
44,815
New York (City of), NY, Series 2023 A, GO Bonds
5.00%
08/01/2042
 
95
105,889
New York (City of), NY, Series 2023 A, GO Bonds
5.00%
08/01/2046
 
40
43,898
New York (City of), NY, Series 2024 A, GO Bonds
5.00%
08/01/2051
 
130
141,411
New York (City of), NY, Series 2024 A, GO Bonds
4.13%
08/01/2053
 
3,100
3,119,371
New York (City of), NY, Series 2024 C, GO Bonds
5.00%
03/01/2042
 
115
128,935
New York (City of), NY, Series 2024 C, GO Bonds
5.00%
03/01/2043
 
5
5,580
New York (City of), NY, Series 2024 C, GO Bonds
5.00%
03/01/2044
 
25
27,791
New York (City of), NY, Series 2024 C, GO Bonds
5.25%
03/01/2048
 
15
16,798
New York (City of), NY, Series 2024 C, GO Bonds
5.25%
03/01/2049
 
15
16,763
New York (City of), NY, Series 2024 C, GO Bonds
5.25%
03/01/2053
 
15
16,672
New York (City of), NY, Series 2024 C, GO Bonds
4.13%
03/01/2054
 
230
231,310
New York (City of), NY, Series 2024 C-1, GO Bonds
5.25%
09/01/2046
 
1,000
1,131,446
New York (City of), NY, Series 2024 C-1, GO Bonds
5.00%
09/01/2047
 
1,000
1,103,510
New York (City of), NY, Series 2024 C-1, GO Bonds
5.00%
09/01/2048
 
1,000
1,100,651
New York (City of), NY, Series 2024 D, GO Bonds
5.00%
04/01/2043
 
75
84,013
New York (City of), NY, Series 2024 D, GO Bonds
5.00%
04/01/2044
 
1,000
1,112,504
New York (City of), NY, Series 2024 D, GO Bonds
4.00%
04/01/2045
 
230
230,868
New York (City of), NY, Series 2024 D, GO Bonds
5.25%
04/01/2054
 
100
111,131
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%
12/01/2039
 
560
593,445
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%
12/01/2040
 
220
232,510
New York (City of), NY, Subseries 2018 D-1, GO Bonds
4.00%
12/01/2042
 
5
5,021
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%
12/01/2042
 
25
26,314
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%
12/01/2044
 
10
10,494
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%
04/01/2043
 
1,100
1,146,822
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%
04/01/2045
 
10
10,406
New York (City of), NY, Subseries 2018 F-1, GO Bonds
3.50%
04/01/2046
 
100
91,255
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%
08/01/2040
 
55
55,454
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%
08/01/2041
 
25
26,739
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%
08/01/2042
 
1,000
1,004,730
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%
08/01/2043
 
460
489,026
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%
08/01/2044
 
50
50,101
New York (City of), NY, Subseries 2020 B-1, GO Bonds
3.00%
10/01/2044
 
55
46,011
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2039
 
500
569,004
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2040
 
775
879,970
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2041
 
505
570,407
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2042
 
565
636,009
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2043
 
325
363,881
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2047
 
2,250
2,489,405
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.00%
04/01/2041
 
5
5,582
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%
04/01/2043
$
1,605
$1,807,601
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%
04/01/2044
 
3,080
3,456,726
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%
04/01/2047
 
1,590
1,767,230
New York (City of), NY, Subseries 2023 E-1, GO Bonds
4.00%
04/01/2050
 
1,575
1,566,789
New York (City of), NY, Subseries 2024 C-1, GO Bonds
5.25%
09/01/2050
 
885
992,284
New York (City of), NY, Subseries 2024 C-1, GO Bonds
4.00%
09/01/2052
 
1,200
1,190,419
New York (City of), NY Educational Construction Fund, Series 2021 B, RB,
(CEP - Colorado Higher Education Intercept Program)
5.00%
04/01/2052
 
2,000
2,128,429
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A,
Ref. RB, (INS - AGM)(a)
3.00%
01/01/2040
 
1,750
1,553,590
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A,
Ref. RB, (INS - AGM)(a)
3.00%
01/01/2046
 
5,000
4,126,091
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB,
(INS - AGM)(a)
3.00%
03/01/2049
 
5,000
4,062,077
New York (City of), NY Municipal Water Finance Authority, Series 2012, RB
4.00%
06/15/2047
 
1,520
1,512,540
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB
4.25%
06/15/2047
 
305
305,004
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC, RB
4.00%
06/15/2045
 
1,500
1,499,841
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
4.00%
06/15/2046
 
10
10,001
New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB
3.00%
06/15/2046
 
435
365,729
New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB
4.00%
06/15/2046
 
200
200,205
New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB
5.00%
06/15/2046
 
25
25,489
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB, RB
3.38%
06/15/2045
 
385
369,401
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB
5.00%
06/15/2046
 
100
103,619
New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB
5.00%
06/15/2048
 
30
31,041
New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB
5.00%
06/15/2047
 
45
46,192
New York (City of), NY Municipal Water Finance Authority, Series 2018 CC-1, RB
4.00%
06/15/2048
 
140
137,057
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB
3.63%
06/15/2048
 
410
391,425
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%
06/15/2040
 
1,315
1,386,094
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB
5.00%
06/15/2049
 
45
47,718
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
5.00%
06/15/2044
 
5,015
5,359,277
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-2, Ref. RB
4.00%
06/15/2041
 
30
30,371
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
5.00%
06/15/2049
 
1,000
1,044,477
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
5.25%
06/15/2049
 
335
353,793
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
5.00%
06/15/2040
 
855
922,156
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
4.00%
06/15/2042
 
700
709,237
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
3.00%
06/15/2050
 
1,000
823,976
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
4.00%
06/15/2050
 
2,000
1,993,895
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
5.00%
06/15/2050
 
1,000
1,066,239
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB
4.00%
06/15/2042
 
1,460
1,479,266
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-3, Ref. RB
4.00%
06/15/2042
 
175
177,089
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
4.00%
06/15/2042
 
55
55,657
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
5.00%
06/15/2041
 
40
43,299
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
3.50%
06/15/2048
 
120
111,413
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
5.00%
06/15/2048
 
3,000
3,224,283
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
4.00%
06/15/2051
 
5,000
4,973,552
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
5.00%
06/15/2044
 
9,155
9,972,986
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
4.00%
06/15/2051
 
1,000
994,710
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
5.00%
06/15/2047
 
1,105
1,205,399
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB
5.00%
06/15/2052
 
2,395
2,572,467
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
5.00%
06/15/2045
 
60
65,425
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
4.13%
06/15/2046
 
5,000
5,074,107
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
4.13%
06/15/2047
 
500
506,815
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
5.00%
06/15/2047
 
5,000
5,478,401
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
5.25%
06/15/2047
 
2,500
2,790,440
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE, Ref. RB
4.00%
06/15/2040
 
50
50,731
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB
4.00%
06/15/2049
 
2,500
2,474,300
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB
5.00%
06/15/2049
 
6,165
6,510,620
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
4.00%
06/15/2041
 
1,000
1,011,229
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.00%
06/15/2043
 
1,000
1,115,330
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.25%
06/15/2048
 
1,500
1,681,270
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
5.00%
06/15/2053
$
1,500
$1,636,775
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
5.25%
06/15/2053
 
1,000
1,113,390
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.25%
06/15/2047
 
10
11,219
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB
5.25%
06/15/2054
 
2,235
2,497,894
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB
5.00%
06/15/2046
 
475
525,616
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
5.00%
02/01/2041
 
160
160,331
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
5.00%
07/15/2040
 
1,000
1,007,737
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
5.00%
07/15/2041
 
150
151,087
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%
07/15/2040
 
730
731,051
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%
07/15/2043
 
1,260
1,261,601
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB
4.00%
07/15/2044
 
70
70,008
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB
5.00%
05/01/2040
 
5
5,087
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
4.00%
07/15/2040
 
250
250,136
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
5.00%
07/15/2043
 
90
91,412
New York (City of), NY Transitional Finance Authority, Series 2016, RB
4.00%
05/01/2042
 
15
15,015
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
4.00%
08/01/2042
 
95
94,916
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
4.00%
08/01/2043
 
50
49,894
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
4.00%
08/01/2042
 
105
104,907
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
5.00%
08/01/2045
 
30
31,048
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
5.00%
02/01/2043
 
15
15,439
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
5.00%
05/01/2042
 
1,100
1,141,018
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
3.25%
05/01/2043
 
1,415
1,302,537
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
4.00%
05/01/2044
 
95
94,831
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%
02/01/2040
 
195
201,182
New York (City of), NY Transitional Finance Authority, Series 2017, RB
4.00%
02/01/2044
 
30
30,031
New York (City of), NY Transitional Finance Authority, Series 2018 A, RB
4.00%
08/01/2041
 
420
422,235
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
5.00%
05/01/2041
 
25
26,262
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
4.00%
05/01/2042
 
65
65,223
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
4.00%
05/01/2043
 
245
245,418
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
5.00%
07/15/2045
 
60
62,986
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
3.50%
07/15/2047
 
590
549,424
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
5.00%
07/15/2043
 
65
68,451
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
3.63%
07/15/2047
 
505
479,641
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
4.00%
05/01/2041
 
550
553,659
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
4.00%
05/01/2042
 
520
521,425
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
4.00%
11/01/2041
 
30
30,213
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
4.00%
11/01/2043
 
20
20,038
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
4.00%
11/01/2045
 
435
435,597
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
3.00%
11/01/2047
 
100
83,831
New York (City of), NY Transitional Finance Authority, Series 2019, RB
4.00%
11/01/2040
 
5,000
5,044,655
New York (City of), NY Transitional Finance Authority, Series 2019, RB
4.00%
11/01/2042
 
180
180,412
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%
05/01/2045
 
1,725
1,729,666
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
4.00%
11/01/2041
 
15
15,237
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%
05/01/2040
 
50
51,014
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%
05/01/2043
 
10
10,095
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
3.00%
11/01/2039
 
4,000
3,662,628
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
3.00%
08/01/2040
 
50
45,170
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
3.00%
08/01/2041
 
65
57,829
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2040
 
750
765,827
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2041
 
200
203,220
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2042
 
1,640
1,658,965
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2043
 
1,000
1,009,420
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2046
 
970
972,062
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2049
 
2,000
1,993,334
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
2.25%
02/01/2051
 
300
187,754
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
3.00%
02/01/2051
 
635
509,554
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%
08/01/2041
 
30
33,367
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.25%
08/01/2042
 
750
844,504
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%
08/01/2044
 
785
862,546
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
4.00%
08/01/2048
 
1,250
1,248,874
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2041
$
5
$5,530
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2042
 
35
38,594
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2043
 
630
691,643
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2044
 
385
420,860
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2047
 
260
280,712
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%
02/01/2040
 
3,000
3,072,339
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%
02/01/2041
 
3,000
3,055,165
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%
02/01/2042
 
3,000
3,039,620
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%
02/01/2044
 
2,230
2,437,710
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%
02/01/2047
 
3,535
3,540,944
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%
02/01/2047
 
3,495
3,773,420
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2040
 
240
270,990
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2041
 
1,000
1,122,049
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2042
 
1,720
1,922,913
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2043
 
300
333,699
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2044
 
740
819,081
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2045
 
200
220,002
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2046
 
545
596,402
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2047
 
300
327,440
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2048
 
400
435,584
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
4.00%
05/01/2053
 
1,000
977,293
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2053
 
2,065
2,237,599
New York (City of), NY Transitional Finance Authority, Series 2023 C, RB
5.50%
05/01/2053
 
1,000
1,133,295
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%
11/01/2040
 
5,000
5,645,634
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%
11/01/2041
 
5,000
5,610,244
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2041
 
2,000
2,238,006
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2042
 
2,000
2,229,816
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2043
 
1,275
1,414,510
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2044
 
2,000
2,208,209
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2045
 
2,000
2,194,862
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.25%
02/01/2047
 
2,545
2,825,925
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%
05/01/2048
 
525
586,017
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%
05/01/2050
 
215
239,708
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%
05/01/2050
 
1,000
1,114,919
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
4.38%
05/01/2053
 
5,000
5,088,016
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.00%
05/01/2042
 
1,500
1,703,602
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.00%
05/01/2044
 
1,000
1,122,840
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.00%
05/01/2045
 
5
5,574
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.00%
05/01/2046
 
1,000
1,108,297
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.00%
05/01/2047
 
1,000
1,105,002
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.00%
05/01/2048
 
1,000
1,102,100
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.25%
05/01/2049
 
1,000
1,124,552
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
5.00%
05/01/2050
 
1,000
1,100,690
New York (City of), NY Transitional Finance Authority, Series 2024 C, RB
4.00%
05/01/2051
 
500
495,464
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%
11/01/2039
 
120
137,332
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%
11/01/2040
 
570
651,103
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%
11/01/2041
 
235
266,592
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2040
 
80
91,122
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2041
 
80
90,509
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2043
 
330
369,879
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2046
 
500
550,692
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2047
 
315
345,968
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2049
 
500
547,468
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.25%
02/01/2053
 
3,720
4,143,627
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2042
 
30
33,897
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2043
 
500
561,830
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2047
 
1,000
1,100,574
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.25%
05/01/2048
 
1,000
1,121,684
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
4.00%
08/01/2041
 
1,960
1,962,890
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
3.00%
08/01/2042
 
150
133,208
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
3.25%
02/01/2042
$
395
$368,157
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%
08/01/2040
 
395
416,956
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%
08/01/2042
 
25
26,298
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2039
 
1,035
1,183,851
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2040
 
400
456,787
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2041
 
1,005
1,140,881
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2042
 
1,000
1,129,825
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2043
 
1,000
1,125,914
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.50%
11/01/2045
 
2,000
2,272,772
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.00%
11/01/2046
 
1,000
1,089,482
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2048
 
1,400
1,546,991
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB
5.00%
02/15/2044
 
140
140,265
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%
02/15/2042
 
325
325,776
New York (State of) Dormitory Authority, Series 2016 A, RB
5.00%
02/15/2040
 
135
138,342
New York (State of) Dormitory Authority, Series 2016 A, RB
4.00%
07/01/2041
 
30
30,072
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%
03/15/2040
 
1,020
1,052,502
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%
03/15/2042
 
25
25,745
New York (State of) Dormitory Authority, Series 2017 A, RB
4.00%
03/15/2046
 
1,000
997,806
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%
02/15/2040
 
285
297,086
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
4.00%
02/15/2046
 
645
646,025
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%
03/15/2041
 
10
10,511
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%
03/15/2040
 
1,000
1,064,066
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
4.00%
03/15/2043
 
400
400,738
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
4.00%
03/15/2048
 
120
120,215
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%
03/15/2048
 
1,200
1,255,590
New York (State of) Dormitory Authority, Series 2019 A, RB
4.00%
07/01/2045
 
1,505
1,505,424
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%
03/15/2041
 
1,000
1,064,406
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%
03/15/2042
 
665
706,984
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%
03/15/2044
 
15
15,909
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%
03/15/2047
 
1,000
1,054,412
New York (State of) Dormitory Authority, Series 2020 A, RB
3.00%
07/01/2048
 
4,000
3,271,833
New York (State of) Dormitory Authority, Series 2020 A, RB
3.00%
03/15/2049
 
40
32,653
New York (State of) Dormitory Authority, Series 2020 A, RB
4.00%
07/01/2050
 
1,315
1,306,733
New York (State of) Dormitory Authority, Series 2020 A, RB
4.00%
07/01/2053
 
4,000
3,943,570
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%
03/15/2041
 
1,050
952,856
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%
03/15/2042
 
575
514,726
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%
03/15/2043
 
1,015
1,021,211
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%
02/15/2040
 
1,305
1,325,031
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%
02/15/2041
 
285
306,637
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%
02/15/2047
 
3,475
3,454,865
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%
02/15/2049
 
500
496,541
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%
03/15/2040
 
5
5,082
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%
03/15/2041
 
65
65,663
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%
03/15/2042
 
540
543,851
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%
03/15/2044
 
50
53,843
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%
03/15/2044
 
1,680
1,688,143
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%
03/15/2048
 
230
230,131
New York (State of) Dormitory Authority, Series 2021, Ref. RB
3.00%
03/15/2050
 
505
415,443
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%
03/15/2041
 
2,175
2,398,588
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%
03/15/2042
 
235
236,909
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%
03/15/2043
 
20
20,134
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%
03/15/2046
 
1,055
1,142,142
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
3.50%
03/15/2052
 
855
779,612
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%
05/01/2052
 
1,750
1,864,966
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%
03/15/2041
 
30
33,589
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%
03/15/2042
 
10
11,152
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
4.00%
03/15/2049
 
1,000
1,002,618
New York (State of) Dormitory Authority, Series 2024 A, RB
5.00%
03/15/2044
 
15
16,836
New York (State of) Dormitory Authority, Series 2024 A, RB
5.00%
03/15/2049
 
625
691,990
New York (State of) Dormitory Authority, Series 2024 A, RB
5.50%
05/01/2049
 
100
110,143
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (State of) Dormitory Authority, Series 2024 A, RB
5.00%
03/15/2053
$
500
$550,422
New York (State of) Dormitory Authority, Series 2024 A, RB
5.50%
05/01/2056
 
100
109,531
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2041
 
255
287,357
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2042
 
175
195,986
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2043
 
460
511,964
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2044
 
820
908,459
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2045
 
30
33,137
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2046
 
25
27,542
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%
03/15/2048
 
500
558,470
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%
03/15/2052
 
3,850
4,280,648
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
4.00%
03/15/2054
 
1,355
1,347,604
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.50%
07/01/2054
 
3,830
4,395,099
New York (State of) Dormitory Authority, Series 2024, RB
5.25%
07/01/2054
 
375
403,334
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB
5.00%
03/15/2040
 
25
26,655
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 A, RB
4.00%
03/15/2048
 
500
498,683
New York (State of) Dormitory Authority (Bid Group 5), Series 2020 A, Ref. RB
3.00%
03/15/2050
 
5,100
4,205,956
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%
03/15/2040
 
275
291,152
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB
5.00%
03/15/2040
 
45
47,378
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB
3.00%
03/15/2041
 
25
22,829
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
5.00%
03/15/2044
 
1,010
1,055,282
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
4.00%
03/15/2047
 
1,635
1,632,327
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
4.00%
03/15/2044
 
50
50,091
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB
4.00%
03/15/2042
 
1,500
1,512,184
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB
4.00%
03/15/2046
 
225
225,765
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB
5.00%
10/01/2046
 
500
509,236
New York (State of) Dormitory Authority (Columbia University), Series 2017 A, RB
5.00%
10/01/2047
 
625
755,645
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB
5.00%
07/01/2050
 
6,500
6,911,308
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB
5.00%
07/01/2041
 
750
765,065
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
4.00%
07/01/2046
 
1,045
1,047,165
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
4.00%
07/01/2050
 
2,000
1,984,272
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
5.00%
02/15/2048
 
5,645
5,968,153
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A,
Ref. RB
4.00%
07/01/2040
 
90
83,617
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A,
Ref. RB
5.00%
07/01/2040
 
1,000
1,001,464
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB,
(CEP - Federal Housing Administration)
3.00%
02/01/2050
 
2,000
1,624,462
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB
5.00%
07/01/2042
 
110
114,389
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB
4.00%
09/01/2050
 
30
28,060
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB,
(INS - AGM)(a)
3.00%
09/01/2050
 
40
31,355
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
4.00%
07/01/2043
 
2,300
2,304,654
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
5.00%
07/01/2046
 
1,000
1,017,915
New York (State of) Dormitory Authority (New School (The)), Series 2022 A, Ref. RB
4.00%
07/01/2047
 
75
74,271
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
4.00%
07/01/2043
 
755
756,032
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%
07/01/2042
 
2,510
2,695,315
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
3.00%
07/01/2041
 
225
206,446
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
4.00%
07/01/2046
 
1,775
1,783,174
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
5.00%
07/01/2051
 
5,000
5,351,304
New York (State of) Dormitory Authority (North Shore-Long Island Jewish Obligated Group),
Series 2015 A, Ref. RB(c)
4.13%
05/01/2042
 
5
5,015
New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB
4.25%
05/01/2052
 
6,000
6,047,796
New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB
4.00%
07/01/2044
 
5
5,015
New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB
5.00%
07/01/2049
 
80
83,837
New York (State of) Dormitory Authority (Rockefeller University), Series 2022 A, Ref. RB
4.00%
07/01/2042
 
190
193,034
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB
4.00%
07/01/2048
 
1,750
1,732,285
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities),
Series 2019 A, RB
4.00%
07/01/2049
 
1,000
992,654
New York (State of) Dormitory Authority (Wagner College), Series 2022, Ref. RB
5.00%
07/01/2057
 
2,000
1,928,355
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB
5.00%
07/15/2042
 
2,500
2,594,926
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB
5.00%
07/15/2050
$
3,000
$3,067,965
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
4.00%
11/15/2050
 
1,220
1,215,513
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
4.00%
11/15/2055
 
2,500
2,469,368
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
3.25%
11/15/2060
 
3,620
2,929,926
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB,
(INS - AGM)(a)
4.00%
11/15/2047
 
1,500
1,504,292
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB,
(INS - AGM)(a)
4.00%
11/15/2061
 
330
328,738
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB,
(INS - AGM)(a)
5.13%
11/15/2058
 
1,200
1,318,742
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%
01/01/2041
 
510
517,245
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%
01/01/2046
 
1,530
1,549,300
New York (State of) Thruway Authority, Series 2016 A, RB
4.00%
01/01/2051
 
5
4,885
New York (State of) Thruway Authority, Series 2016 A, RB
4.00%
01/01/2056
 
165
159,579
New York (State of) Thruway Authority, Series 2016 A, RB
5.25%
01/01/2056
 
4,000
4,056,275
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%
01/01/2045
 
1,000
991,539
New York (State of) Thruway Authority, Series 2019 B, RB
3.00%
01/01/2046
 
605
495,016
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%
01/01/2050
 
30
29,599
New York (State of) Thruway Authority, Series 2019 B, RB
3.00%
01/01/2053
 
410
313,438
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
4.00%
01/01/2040
 
5,000
5,071,312
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
4.00%
01/01/2045
 
1,325
1,320,844
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
4.00%
01/01/2050
 
1,000
991,428
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
3.00%
01/01/2053
 
290
230,987
New York (State of) Thruway Authority, Series 2020 N, RB
3.00%
01/01/2049
 
3,400
2,701,101
New York (State of) Thruway Authority, Series 2020 N, RB
3.00%
01/01/2050
 
215
168,202
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
3.00%
03/15/2049
 
8,315
6,791,406
New York (State of) Thruway Authority, Series 2022 A, Ref. RB
4.00%
03/15/2050
 
375
372,200
New York (State of) Thruway Authority, Series 2022 A, Ref. RB
4.13%
03/15/2052
 
50
50,213
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
5.00%
01/01/2042
 
10
11,224
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
5.00%
01/01/2049
 
225
247,578
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
4.00%
03/15/2049
 
60
59,794
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB
5.00%
03/15/2040
 
1,010
1,125,615
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%
03/15/2053
 
945
1,019,182
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
4.13%
03/15/2057
 
475
476,079
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB
4.00%
01/01/2042
 
700
705,725
New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds), Series 2022 C, RB
4.13%
03/15/2056
 
240
240,704
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%
03/15/2041
 
140
155,252
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%
03/15/2042
 
55
60,723
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2046
 
1,130
1,229,808
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2048
 
1,025
1,109,104
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%
03/15/2045
 
385
385,474
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%
03/15/2058
 
3,000
2,967,219
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%
03/15/2059
 
495
488,612
New York (State of) Thruway Authority (Bidding Group 5), Series 2022 A, Ref. RB
4.00%
03/15/2051
 
1,000
992,219
New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB
4.00%
01/01/2041
 
25
25,332
New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB
4.00%
03/15/2044
 
5
5,010
New York (State of) Utility Debt Securitization Authority, Series 2017, RB
5.00%
12/15/2039
 
1,000
1,046,662
New York (State of) Utility Debt Securitization Authority, Series 2022 TE-1, Ref. RB
5.00%
12/15/2039
 
75
85,930
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB
5.00%
12/15/2050
 
1,000
1,117,041
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB
5.00%
06/15/2053
 
1,000
1,114,863
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%
11/15/2040
 
2,000
2,019,543
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
4.00%
11/15/2045
 
65
64,091
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%
11/15/2045
 
3,000
3,024,925
New York Liberty Development Corp., Series 2021 1, Ref. RB
3.00%
02/15/2042
 
2,000
1,755,295
New York Liberty Development Corp., Series 2021 1WTC, Ref. RB
2.75%
02/15/2044
 
1,000
796,802
New York Liberty Development Corp., Series 2021-1, Ref. RB
4.00%
02/15/2043
 
2,000
1,997,144
New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB
3.50%
09/15/2052
 
10
8,592
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019,
Ref. RB
2.80%
09/15/2069
 
1,500
1,397,384
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
2.75%
11/15/2041
 
2,000
1,611,320
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
2.88%
11/15/2046
$
5,000
$3,877,199
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
3.00%
11/15/2051
 
1,000
785,600
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority),
Series 2020, Ref. RB
4.00%
06/15/2045
 
2,000
2,010,099
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority),
Series 2020, Ref. RB
4.00%
06/15/2049
 
5,500
5,525,657
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority),
Series 2022, Ref. RB
4.00%
06/15/2047
 
5,000
5,095,754
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority),
Series 2022, Ref. RB
5.00%
06/15/2051
 
5,000
5,440,278
New York State Urban Development Corp., Series 2017 C, Ref. RB
4.00%
03/15/2045
 
1,055
1,039,539
New York State Urban Development Corp., Series 2019 A, RB
5.00%
03/15/2040
 
50
52,801
New York State Urban Development Corp., Series 2019 A, RB
5.00%
03/15/2042
 
20
21,052
New York State Urban Development Corp., Series 2019 A, RB
5.00%
03/15/2043
 
40
42,056
New York State Urban Development Corp., Series 2019 A, RB
4.00%
03/15/2048
 
750
742,424
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%
03/15/2040
 
20
21,503
New York State Urban Development Corp., Series 2019 A, Ref. RB
4.00%
03/15/2043
 
625
625,896
New York State Urban Development Corp., Series 2019, RB
4.00%
03/15/2046
 
700
695,490
New York State Urban Development Corp., Series 2020 A, RB
5.00%
03/15/2041
 
1,000
1,083,636
New York State Urban Development Corp., Series 2020 A, RB
5.00%
03/15/2042
 
115
124,227
New York State Urban Development Corp., Series 2020 A, RB
4.00%
03/15/2045
 
2,255
2,257,572
New York State Urban Development Corp., Series 2020 A, RB
4.00%
03/15/2049
 
2,300
2,292,112
New York State Urban Development Corp., Series 2020 A, RB
3.00%
03/15/2050
 
2,000
1,627,569
New York State Urban Development Corp., Series 2020 C, Ref. RB
4.00%
03/15/2041
 
3,010
3,042,720
New York State Urban Development Corp., Series 2020 C, Ref. RB
5.00%
03/15/2047
 
1,000
1,065,317
New York State Urban Development Corp., Series 2020 C, Ref. RB
4.00%
03/15/2049
 
1,000
996,571
New York State Urban Development Corp., Series 2020 E, Ref. RB
3.00%
03/15/2050
 
50
40,689
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%
03/15/2040
 
1,060
966,101
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%
03/15/2044
 
1,065
1,143,292
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%
03/15/2048
 
400
332,246
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%
03/15/2041
 
1,000
1,111,112
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB
3.00%
03/15/2040
 
900
826,095
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%
03/15/2044
 
310
308,781
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%
03/15/2045
 
730
724,269
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%
03/15/2046
 
1,505
1,495,303
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
4.00%
03/15/2043
 
450
454,439
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
4.00%
03/15/2045
 
1,000
1,004,276
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
4.00%
03/15/2044
 
1,000
1,006,927
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
4.00%
03/15/2046
 
1,000
1,003,785
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
4.00%
03/15/2047
 
1,000
1,002,088
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
4.00%
03/15/2041
 
1,000
1,010,018
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
4.00%
03/15/2046
 
1,000
997,806
New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB
3.00%
03/15/2050
 
1,000
821,094
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2048
 
25
27,069
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2050
 
90
97,215
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%
03/15/2052
 
1,230
1,335,687
New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB
5.00%
03/15/2063
 
1,000
1,078,802
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020,
Ref. RB
4.00%
12/01/2039
 
2,500
2,510,629
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020,
Ref. RB
4.00%
12/01/2040
 
4,550
4,553,762
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020,
Ref. RB
4.00%
12/01/2041
 
1,000
995,754
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB,
(INS - AGM)(a)
3.00%
12/01/2044
 
1,555
1,230,051
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
4.00%
12/01/2047
 
1,525
1,531,632
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
4.00%
12/01/2049
 
55
55,186
Suffolk (County of), NY Water Authority, Series 2018 A, RB
4.00%
06/01/2041
 
30
30,254
Suffolk (County of), NY Water Authority, Series 2018 A, RB
3.25%
06/01/2043
 
565
529,438
Suffolk (County of), NY Water Authority, Series 2020 B, RB
3.00%
06/01/2044
 
500
439,441
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
Suffolk (County of), NY Water Authority, Series 2020 B, RB
3.00%
06/01/2045
$
200
$174,357
Triborough Bridge & Tunnel Authority, Series 2015 A, RB
5.00%
11/15/2040
 
225
226,397
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%
11/15/2041
 
4,000
4,079,480
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%
11/15/2046
 
3,000
3,052,365
Triborough Bridge & Tunnel Authority, Series 2017 A, RB
5.00%
11/15/2042
 
100
103,597
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
5.00%
05/15/2051
 
3,000
3,212,921
Triborough Bridge & Tunnel Authority, Series 2022 A, RB
5.00%
11/15/2042
 
30
33,392
Triborough Bridge & Tunnel Authority, Series 2022 A, RB
5.00%
11/15/2047
 
60
65,101
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%
05/15/2041
 
20
22,548
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.00%
05/15/2042
 
5,000
5,524,912
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%
05/15/2052
 
2,560
2,806,111
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.00%
05/15/2049
 
2,000
2,194,930
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
4.00%
05/15/2054
 
2,000
2,008,798
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.25%
05/15/2059
 
2,000
2,205,088
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
4.13%
05/15/2064
 
2,000
2,006,985
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.25%
05/15/2064
 
2,000
2,206,749
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB
5.00%
05/15/2046
 
110
118,654
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB
5.00%
05/15/2056
 
5,000
5,179,261
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
5.00%
11/15/2048
 
50
54,729
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
5.25%
11/15/2053
 
145
160,848
Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2,
RB
5.50%
05/15/2052
 
160
179,473
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB
5.00%
11/15/2042
 
9,675
10,098,737
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
5.00%
11/15/2044
 
35
36,706
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
5.00%
11/15/2046
 
25
26,140
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
4.00%
11/15/2048
 
2,500
2,478,603
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 C, RB
4.00%
11/15/2041
 
50
50,398
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
5.00%
11/15/2054
 
1,250
1,322,401
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
4.00%
11/15/2056
 
1,500
1,486,632
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%
11/15/2056
 
1,500
1,591,555
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB
5.00%
05/15/2051
 
3,000
3,219,795
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
4.00%
05/15/2052
 
5,775
5,785,056
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
5.25%
05/15/2052
 
175
192,173
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%
05/15/2043
 
1,000
1,099,702
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%
05/15/2044
 
1,000
1,095,509
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%
05/15/2047
 
500
542,559
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
5.00%
05/15/2047
 
1,000
1,085,499
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
4.00%
05/15/2057
 
10,000
10,006,673
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
5.25%
05/15/2062
 
1,000
1,086,550
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
5.00%
05/15/2048
 
1,375
1,500,941
 
 
 
 
693,260,861
North Carolina-0.76%
 
 
 
 
 
Brunswick (City of), NC, Series 2020, RB
3.00%
04/01/2046
 
500
413,476
Charlotte (City of), NC, Series 2022 A, Ref. RB
5.00%
07/01/2045
 
2,000
2,203,683
Charlotte (City of), NC, Series 2023 A, RB
5.00%
07/01/2053
 
10
10,827
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB
5.00%
07/01/2047
 
2,000
2,066,197
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB
5.00%
07/01/2049
 
1,750
1,831,867
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB
3.00%
07/01/2046
 
500
409,384
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB
4.00%
07/01/2051
 
750
745,036
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB
4.00%
07/01/2052
 
3,500
3,466,482
Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP
3.00%
06/01/2048
 
1,000
818,814
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB
4.00%
01/15/2043
 
10
10,078
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref.
RB
4.00%
01/15/2045
 
155
153,358
Fayetteville (City of), NC, Series 2023, RB
4.50%
03/01/2049
 
750
782,254
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB
5.00%
10/01/2044
 
100
103,003
North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016,
Ref. RB
4.00%
06/01/2042
 
10
10,032
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013,
Ref. RB
4.00%
11/01/2046
 
1,045
1,027,637
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
North Carolina-(continued)
 
 
 
 
 
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019 A,
RB
4.00%
11/01/2049
$
1,200
$1,186,268
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019,
RB
4.00%
11/01/2052
 
1,000
992,104
North Carolina (State of) Medical Care Commission (Rex Healthcare), Series 2020 A, RB
3.00%
07/01/2045
 
1,000
852,000
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
5.00%
06/01/2040
 
65
65,383
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
5.00%
06/01/2045
 
500
502,128
North Carolina (State of) Medical Care Commission (Wake Forest Baptist Obligated Group),
Series 2012 A, RB
4.00%
12/01/2045
 
75
74,676
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB
5.00%
07/01/2047
 
2,500
2,532,357
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(a)
4.00%
01/01/2041
 
50
50,046
North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB,
(INS - AGM)(a)
5.00%
01/01/2058
 
2,000
2,155,727
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB
5.00%
01/01/2043
 
15
15,739
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)
5.00%
01/01/2049
 
1,075
1,122,200
Raleigh (City of), NC Combined Enterprise System, Series 2016 A, RB
4.00%
03/01/2046
 
30
30,110
University of North Carolina at Chapel Hill, Series 2019, RB
5.00%
02/01/2049
 
430
501,725
 
 
 
 
24,132,591
North Dakota-0.14%
 
 
 
 
 
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB
4.00%
12/01/2046
 
45
40,850
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB
4.00%
12/01/2051
 
115
102,910
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)
3.00%
12/01/2046
 
1,650
1,329,439
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)
3.00%
12/01/2051
 
555
424,153
University of North Dakota, Series 2021 A, COP, (INS - AGM)(a)
3.00%
06/01/2061
 
3,500
2,566,830
 
 
 
 
4,464,182
Ohio-1.84%
 
 
 
 
 
Allen (County of), OH, Series 2017 A, Ref. RB
4.00%
08/01/2047
 
110
109,172
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB
4.00%
11/01/2044
 
430
416,239
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB
4.00%
12/01/2040
 
470
471,505
American Municipal Power, Inc. (Combined Hydroelectric), Series 2016 A, Ref. RB
5.00%
02/15/2041
 
45
45,672
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
5.00%
02/15/2041
 
2,000
2,029,857
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
5.00%
02/15/2046
 
2,000
2,024,676
Brunswick City School District, Series 2023, GO Bonds, (INS - BAM)(a)
5.50%
12/01/2060
 
175
191,145
Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB
4.00%
12/01/2042
 
1,015
957,972
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
5.00%
02/15/2042
 
45
45,731
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
5.00%
02/15/2057
 
1,000
1,008,640
Dublin City School District (Construction and Improvement), Series 2019, GO Bonds
3.63%
12/01/2048
 
45
41,907
Franklin (County of), OH, Series 2018 A, RB
4.00%
05/15/2047
 
990
972,151
Franklin (County of), OH, Series 2018, RB
5.00%
06/01/2048
 
505
527,192
Franklin (County of), OH, Series 2019 A, RB
4.00%
12/01/2044
 
100
99,304
Franklin (County of), OH, Series 2019 A, RB
4.00%
12/01/2049
 
50
48,728
Franklin (County of), OH (OhioHealth Corp.), Series 2015, RB
4.13%
05/15/2045
 
60
60,030
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB
4.00%
12/01/2046
 
140
136,482
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center),
Series 2019, RB
5.00%
12/01/2051
 
750
751,948
Greater Cincinnati (Port of), OH Development Authority, Series 2024, Ref. RB, (INS - AGM)(a)
4.25%
12/01/2048
 
1,000
1,012,751
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB
5.00%
11/15/2049
 
5,900
6,831,194
Hamilton (County of), OH (Trihealth, Inc. Obligated), Series 2020, Ref. RB
3.75%
08/15/2050
 
175
161,635
Licking Heights Local School District, Series 2022, GO Bonds
5.50%
10/01/2059
 
10,000
10,813,806
Miami University, Series 2020 A, Ref. RB
4.00%
09/01/2045
 
3,500
3,505,917
Middleburg Heights (City of), OH (Southwest General Health Center), Series 2020, Ref. RB
4.00%
08/01/2047
 
795
730,279
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB
4.00%
08/01/2046
 
300
298,094
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB
4.00%
08/01/2051
 
1,000
993,773
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
3.00%
08/01/2051
 
1,270
964,740
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
4.00%
08/01/2051
 
2,280
2,179,628
North Ridgeville City School District, Series 2024, GO Bonds
4.50%
12/01/2061
 
2,000
2,018,650
North Royalton City School District, Series 2017, GO Bonds
5.00%
12/01/2047
 
5,000
5,021,470
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
4.00%
11/15/2043
 
130
130,257
Ohio (State of), Series 2014 A, Ref. RB
4.00%
01/15/2044
 
75
74,871
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Ohio-(continued)
 
 
 
 
 
Ohio (State of), Series 2019, RB
4.00%
01/01/2041
$
95
$95,347
Ohio (State of), Series 2019, RB
4.00%
01/01/2043
 
225
225,307
Ohio (State of), Series 2019, RB
3.55%
01/01/2046
 
5
4,796
Ohio (State of), Series 2019, RB
4.00%
01/01/2046
 
5
4,991
Ohio (State of), Series 2020 A, Ref. RB
3.00%
01/15/2045
 
105
85,431
Ohio (State of), Series 2020 A, Ref. RB
5.00%
01/15/2050
 
5
5,218
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016, Ref. RB
4.00%
01/15/2046
 
240
233,842
Ohio (State of) (University Hospitals Health System, Inc.), Series 2020 A, Ref. RB
4.00%
01/15/2050
 
2,250
2,199,013
Ohio (State of) (University Hospitals Health System, Inc.), Series 2021 A, Ref. RB
3.00%
01/15/2046
 
35
28,169
Ohio (State of) Higher Educational Facility Commission (John Carroll University 2022), Series 2022,
Ref. RB
4.00%
10/01/2052
 
35
31,227
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2016, Ref. RB
4.00%
07/01/2044
 
560
558,300
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
5.00%
02/15/2046
 
500
537,989
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
5.00%
02/15/2051
 
1,000
1,067,033
Ohio (State of) Water Development Authority, Series 2021, RB
5.00%
06/01/2046
 
1,000
1,090,546
Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB
5.00%
06/01/2044
 
5
5,363
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B,
RB
5.00%
12/01/2044
 
1,010
1,083,153
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A,
RB
5.00%
12/01/2050
 
1,000
1,066,545
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A,
RB
5.00%
12/01/2046
 
250
272,515
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B,
RB
5.00%
12/01/2039
 
10
11,378
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B,
RB
5.00%
12/01/2040
 
75
84,949
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 A,
RB
5.00%
12/01/2047
 
20
22,281
Ohio State University (The), Series 2023, RB
5.25%
12/01/2046
 
825
928,674
Ohio State University (The) (Green Bonds), Series 2021 A, RB
4.00%
12/01/2048
 
1,440
1,443,782
Worthington City School District, Series 2023, GO Bonds
5.00%
12/01/2048
 
2,550
2,785,666
 
 
 
 
58,546,931
Oklahoma-0.51%
 
 
 
 
 
Creek (County of), OK Educational Facilities Authority (Sapulpa Public Schools), Series 2024, RB,
(INS - BAM)(a)
4.00%
09/01/2044
 
420
420,957
Grand River Dam Authority, Series 2023, RB
5.00%
06/01/2041
 
30
33,318
Grand River Dam Authority, Series 2024 A, Ref. RB
5.00%
06/01/2042
 
1,000
1,114,572
Oklahoma (State of) Municipal Power Authority, Series 2016 A, Ref. RB, (INS - AGM)(a)
3.13%
01/01/2041
 
235
215,481
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
4.00%
01/01/2042
 
35
35,215
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
5.00%
01/01/2047
 
1,755
1,807,401
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
5.00%
01/01/2042
 
1,135
1,151,638
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
4.00%
01/01/2047
 
370
366,829
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
5.00%
01/01/2043
 
2,000
2,063,254
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
4.00%
01/01/2048
 
1,030
1,032,889
Oklahoma (State of) Turnpike Authority, Series 2023, RB
4.50%
01/01/2053
 
100
103,435
Oklahoma (State of) Turnpike Authority, Series 2023, RB
5.50%
01/01/2053
 
2,700
3,009,171
Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2023, RB
4.00%
04/01/2048
 
1,000
1,003,156
Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2024, RB
5.00%
04/01/2049
 
1,000
1,102,171
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)(a)
5.00%
07/01/2046
 
2,520
2,697,994
University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)(a)
5.00%
07/01/2049
 
40
43,779
 
 
 
 
16,201,260
Oregon-1.14%
 
 
 
 
 
Deschutes County Hospital Facilities Authority, Series 2016, Ref. RB
5.00%
01/01/2048
 
2,265
2,281,099
Deschutes County Hospital Facilities Authority, Series 2020, RB
3.00%
01/01/2051
 
25
19,722
Deschutes Public Library District, Series 2021, GO Bonds
3.00%
12/01/2041
 
10
8,828
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
5.00%
08/15/2045
 
5
5,281
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
5.00%
08/15/2050
 
10
10,475
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)
4.00%
08/15/2045
 
7,000
6,907,421
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)
3.00%
08/15/2050
 
5,000
3,976,291
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Oregon-(continued)
 
 
 
 
 
Multnomah County School District No. 1, Series 2017 B, GO Bonds,
(CEP - Oregon School Bond Guaranty)
3.50%
06/15/2044
$
20
$18,833
Oregon (State of) (Article XI-G OHSU), Series 2016 C, GO Bonds
5.00%
08/01/2041
 
35
35,866
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds
5.00%
08/01/2042
 
5,000
5,198,902
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds
5.00%
05/01/2042
 
2,500
2,590,443
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%
05/01/2041
 
115
129,485
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
5.00%
05/01/2043
 
10
11,170
Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB
5.00%
06/01/2052
 
2,500
2,647,380
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB
4.00%
10/01/2051
 
2,000
1,740,673
Oregon Health & Science University, Series 2016 B, Ref. RB
4.00%
07/01/2046
 
20
20,005
Oregon Health & Science University (Green Bonds), Series 2021 A, Ref. RB
3.00%
07/01/2051
 
1,000
809,333
Portland (City of), OR, Series 2019 A, RB
5.00%
05/01/2044
 
5
5,345
Salem Hospital Facility Authority, Series 2019, Ref. RB
3.00%
05/15/2049
 
40
32,073
Salem Hospital Facility Authority (Salem Health), Series 2019, Ref. RB
4.00%
05/15/2049
 
65
63,801
University of Oregon, Series 2015 A, RB
5.00%
04/01/2045
 
7,515
7,548,418
University of Oregon, Series 2020 A, RB
5.00%
04/01/2050
 
2,000
2,118,596
 
 
 
 
36,179,440
Pennsylvania-3.96%
 
 
 
 
 
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
4.00%
11/01/2045
 
3,875
3,859,036
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
4.00%
11/01/2049
 
5,000
4,896,748
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated
Group Issue), Series 2018 A, Ref. RB
4.00%
04/01/2044
 
2,110
2,045,247
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated
Group Issue), Series 2018 A, Ref. RB
5.00%
04/01/2047
 
2,785
2,841,407
Allegheny (County of), PA Sanitary Authority, Series 2018, RB
5.00%
06/01/2043
 
40
42,190
Allegheny (County of), PA Sanitary Authority, Series 2018, RB
4.00%
06/01/2048
 
210
210,204
Allegheny (County of), PA Sanitary Authority, Series 2022, RB
5.75%
06/01/2047
 
2,000
2,298,798
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network),
Series 2019, RB
3.00%
08/15/2050
 
450
350,054
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network),
Series 2019, RB
4.00%
08/15/2050
 
5
4,715
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network),
Series 2021, RB
3.00%
08/15/2053
 
810
612,226
Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGM)(a)
5.25%
12/01/2047
 
20
22,109
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System),
Series 2020 A, RB
4.00%
09/01/2050
 
5,250
5,131,361
Chester (County of), PA Industrial Development Authority (Sustainability Bonds), Series 2021, RB
4.00%
12/01/2046
 
300
297,580
Chester (County of), PA Industrial Development Authority (Sustainability Bonds), Series 2021, RB
4.00%
12/01/2051
 
680
666,708
Cumberland (County of), PA Municipal Authority (Penn State Health), Series 2019, RB
4.00%
11/01/2049
 
250
241,784
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
5.00%
07/01/2042
 
1,000
1,038,541
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB
4.00%
07/15/2048
 
240
216,442
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB
4.00%
02/15/2047
 
2,005
1,997,948
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
4.00%
04/01/2050
 
1,130
1,101,095
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
5.00%
04/01/2050
 
2,500
2,615,041
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)(a)
5.00%
03/15/2048
 
1,000
1,075,488
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
5.00%
11/01/2046
 
2,000
2,093,543
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
5.00%
11/01/2051
 
1,000
1,036,082
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB
5.00%
08/15/2046
 
1,500
1,524,652
Lancaster School District, Series 2023, GO Bonds, (INS - BAM)(a)
4.00%
04/01/2040
 
2,880
2,946,483
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB
4.00%
07/01/2043
 
75
71,953
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
4.13%
07/01/2040
 
485
483,727
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
4.25%
07/01/2045
 
600
600,178
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB
5.00%
07/01/2044
 
50
52,332
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB
3.25%
07/01/2049
 
110
92,113
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB
4.00%
07/01/2049
 
1,000
973,778
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University),
Series 2018 A, Ref. RB
4.00%
09/01/2049
 
165
158,158
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University),
Series 2019, Ref. RB
4.00%
09/01/2044
 
1,000
969,588
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Pennsylvania-(continued)
 
 
 
 
 
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University),
Series 2019, Ref. RB
4.00%
09/01/2049
$
1,000
$958,532
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University),
Series 2022, Ref. RB
5.00%
05/01/2057
 
1,000
1,041,430
Montgomery (County of), PA Industrial Development Authority (Meadwood Senior Living),
Series 2018 A, Ref. RB
5.00%
12/01/2048
 
45
45,298
Mt. Lebanon Hospital Authority (St. Clair Memorial Hospital), Series 2018, RB
4.00%
07/01/2048
 
10
9,774
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB
5.00%
11/01/2047
 
850
876,665
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network),
Series 2016, Ref. RB
4.00%
08/15/2040
 
100
98,894
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network),
Series 2024, Ref. RB
5.25%
08/15/2053
 
375
408,200
Pennsylvania (Commonwealth of), Series 2018 A, Ref. COP
4.00%
07/01/2046
 
50
49,361
Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023, GO Bonds
4.00%
09/01/2042
 
5
5,091
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP
5.00%
07/01/2043
 
250
259,084
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref.
RB
4.00%
11/15/2042
 
50
49,022
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB
4.00%
04/15/2045
 
40
38,779
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB
3.50%
04/15/2050
 
10
8,702
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2015
B, RB
4.00%
03/15/2045
 
10
9,813
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021
A, Ref. RB
3.00%
10/15/2046
 
10,090
8,325,505
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021
A, Ref. RB
4.00%
10/15/2051
 
8,555
8,402,818
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022
A, Ref. RB
4.00%
02/15/2042
 
3,500
3,490,437
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University),
Series 2024, RB
5.00%
08/01/2049
 
900
984,737
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University),
Series 2024, RB
4.00%
08/01/2054
 
500
501,729
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2016 AT-1, RB
3.00%
06/15/2045
 
90
74,361
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson
University), Series 2015 A, Ref. RB
5.00%
09/01/2045
 
1,105
1,109,340
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson
University), Series 2015, Ref. RB
5.25%
09/01/2050
 
1,000
1,004,535
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of
Pennsylvania), Series 2017 A, RB
5.00%
08/15/2046
 
2,000
2,054,474
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of
Pennsylvania), Series 2018 A, RB
4.00%
02/15/2043
 
350
352,805
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of
Pennsylvania), Series 2018 A, RB
5.00%
02/15/2048
 
1,160
1,205,074
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2015, Ref. RB
5.00%
08/15/2040
 
140
141,396
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2015, Ref. RB
4.00%
08/15/2045
 
405
405,074
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2016 C, Ref. RB
4.00%
08/15/2041
 
65
65,234
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2017 A, RB
4.00%
08/15/2042
 
820
820,394
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2017, RB
4.00%
08/15/2041
 
210
211,545
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2019, RB
3.00%
08/15/2047
 
545
460,159
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2019, RB
4.00%
08/15/2049
 
30
29,129
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2019, RB
5.00%
08/15/2049
 
1,435
1,502,535
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania
Health System), Series 2021 A, Ref. RB
5.00%
08/15/2044
 
1,000
1,078,745
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Pennsylvania-(continued)
 
 
 
 
 
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
5.00%
12/01/2040
$
5
$5,608
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB
5.00%
12/01/2040
 
30
34,000
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB
5.00%
12/01/2041
 
5
5,657
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%
12/01/2040
 
1,040
1,044,890
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
4.00%
12/01/2041
 
1,455
1,455,492
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%
12/01/2045
 
35
35,181
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
5.00%
12/01/2040
 
440
445,400
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
5.00%
12/01/2040
 
270
273,763
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
5.00%
12/01/2045
 
25
25,278
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
3.38%
12/01/2041
 
220
209,563
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%
12/01/2041
 
575
581,718
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%
12/01/2041
 
600
613,413
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%
12/01/2046
 
1,385
1,412,494
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%
12/01/2046
 
90
90,849
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB
5.00%
12/01/2042
 
80
83,601
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB
5.00%
12/01/2047
 
20
20,723
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB
5.00%
06/01/2042
 
815
844,953
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB
5.25%
06/01/2047
 
1,000
1,031,956
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
5.00%
12/01/2040
 
425
444,781
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB
5.00%
12/01/2048
 
40
41,921
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
5.00%
12/01/2043
 
125
132,271
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
5.00%
12/01/2048
 
1,465
1,535,343
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB
5.00%
12/01/2043
 
485
511,915
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB
5.25%
12/01/2048
 
5,000
5,289,964
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%
12/01/2039
 
25
26,967
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%
12/01/2044
 
110
117,758
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%
12/01/2044
 
125
132,579
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
4.00%
12/01/2049
 
1,175
1,143,311
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%
12/01/2049
 
30
31,828
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB, (INS - AGM)(a)
4.00%
12/01/2049
 
860
860,201
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB
5.00%
12/01/2045
 
30
32,296
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB
5.00%
12/01/2050
 
5
5,343
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
3.00%
12/01/2042
 
15
13,245
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%
12/01/2043
 
100
100,956
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%
12/01/2044
 
100
100,737
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%
12/01/2045
 
100
100,580
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%
12/01/2046
 
100
99,772
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%
12/01/2050
 
685
668,453
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
5.00%
12/01/2046
 
10
10,830
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
5.00%
12/01/2047
 
1,055
1,133,978
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
4.00%
12/01/2051
 
1,000
996,614
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
4.00%
12/01/2051
 
445
437,727
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB
4.00%
12/01/2046
 
1,120
1,120,968
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB
4.00%
12/01/2051
 
440
429,992
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
5.00%
12/01/2046
 
500
543,416
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
5.00%
12/01/2046
 
105
113,159
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
4.00%
12/01/2051
 
60
58,635
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
5.00%
12/01/2046
 
160
173,275
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
3.00%
12/01/2051
 
955
768,222
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
4.00%
12/01/2051
 
935
931,834
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
5.25%
12/01/2047
 
515
572,330
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
5.25%
12/01/2052
 
530
584,571
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB
5.00%
12/01/2048
 
1,000
1,091,795
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB
5.00%
12/01/2053
 
20
21,675
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB
5.25%
12/01/2053
 
480
529,228
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB
5.00%
12/01/2047
 
5
5,538
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB
5.00%
12/01/2049
 
35
38,574
Pennsylvania State University (The), Series 2023, RB
5.25%
09/01/2048
 
500
555,992
Pennsylvania State University (The), Series 2023, RB
5.25%
09/01/2053
 
500
552,001
Philadelphia (City of), PA, Series 2017 A, RB
5.00%
10/01/2047
 
5
5,175
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Pennsylvania-(continued)
 
 
 
 
 
Philadelphia (City of), PA, Series 2019 B, RB
5.00%
11/01/2049
$
55
$57,973
Philadelphia (City of), PA, Series 2020 A, RB
5.00%
11/01/2045
 
1,500
1,606,929
Philadelphia (City of), PA, Series 2020 A, RB
5.00%
11/01/2050
 
2,400
2,551,003
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
4.50%
09/01/2048
 
2,000
2,068,479
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.50%
09/01/2053
 
2,000
2,253,557
Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGM)(a)
4.00%
08/01/2045
 
1,015
1,014,358
Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGM)(a)
5.00%
08/01/2050
 
25
26,362
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia),
Series 2024, RB
5.25%
07/01/2049
 
10
11,125
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University),
Series 2022, RB
5.25%
11/01/2052
 
270
291,998
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University),
Series 2017 A, Ref. RB
4.00%
09/01/2042
 
505
496,975
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University),
Series 2017 A, Ref. RB
5.00%
09/01/2042
 
1,950
1,992,053
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University),
Series 2017 A, Ref. RB
4.00%
09/01/2047
 
10
9,635
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University),
Series 2017 A, Ref. RB
5.00%
09/01/2047
 
1,500
1,525,251
Philadelphia School District (The), Series 2018 B, GO Bonds
5.00%
09/01/2043
 
235
245,546
Philadelphia School District (The), Series 2018 B, GO Bonds, (INS - AGM)(a)
4.00%
09/01/2043
 
160
160,741
Philadelphia School District (The), Series 2019 A, GO Bonds
5.00%
09/01/2044
 
80
84,634
Philadelphia School District (The), Series 2021 A, GO Bonds
4.00%
09/01/2046
 
190
187,964
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2015 A,
RB
4.00%
08/15/2045
 
1,350
1,310,106
Southcentral Pennsylvania General Authority (Wellspan Health Obligated Group), Series 2019, Ref.
RB
4.00%
06/01/2049
 
10
9,838
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A,
Ref. RB
5.00%
06/01/2049
 
750
773,243
 
 
 
 
125,604,039
Rhode Island-0.10%
 
 
 
 
 
Rhode Island Health & Educational Building Corp., Series 2017 A, RB
4.00%
09/15/2047
 
945
922,596
Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group), Series 2024, RB
5.25%
05/15/2049
 
325
351,793
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB
5.00%
11/01/2047
 
2,000
2,035,649
Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB
5.00%
11/01/2053
 
20
21,616
 
 
 
 
3,331,654
South Carolina-0.92%
 
 
 
 
 
Charleston (City of), SC, Series 2022, RB
5.00%
01/01/2047
 
1,000
1,096,768
Charleston (City of), SC, Series 2024 A, RB
5.00%
01/01/2049
 
870
973,371
Columbia (City of), SC, Series 2016 B, Ref. RB
4.00%
02/01/2041
 
50
50,168
Greenville (City of), SC Health System, Series 2014 B, RB
4.00%
05/01/2044
 
35
33,801
Lexington County Health Services District, Inc. (Lexington Medical Center), Series 2016, RB
4.00%
11/01/2046
 
5
4,869
Rock Hill (City of), SC, Series 2024 A, RB
5.00%
01/01/2064
 
500
532,260
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health),
Series 2020, Ref. RB
4.00%
12/01/2044
 
920
919,849
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2022
A, RB
4.00%
04/01/2052
 
280
279,844
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB
5.00%
11/01/2043
 
1,000
1,035,939
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref.
RB
4.25%
11/01/2054
 
1,000
1,011,359
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group),
Series 2024, RB
5.25%
11/01/2040
 
25
28,473
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group),
Series 2024, RB
4.00%
11/01/2042
 
15
15,156
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group),
Series 2024, RB
5.50%
11/01/2045
 
5
5,688
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group),
Series 2024, RB
4.50%
11/01/2054
 
1,595
1,623,155
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
South Carolina-(continued)
 
 
 
 
 
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group),
Series 2018 A, Ref. RB
5.00%
05/01/2043
$
1,000
$1,030,633
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group),
Series 2018 A, Ref. RB
5.00%
05/01/2048
 
15
15,374
South Carolina (State of) Jobs-Economic Development Authority (Anmed Health), Series 2023, RB
4.25%
02/01/2048
 
1,445
1,473,187
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group),
Series 2024, RB
5.50%
11/01/2054
 
1,500
1,678,768
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
4.00%
12/01/2045
 
20
19,999
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB
5.00%
12/01/2050
 
25
25,085
South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB
5.25%
12/01/2055
 
2,500
2,520,998
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
4.00%
12/01/2040
 
500
503,866
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
3.00%
12/01/2041
 
1,095
908,314
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
4.00%
12/01/2042
 
505
506,949
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
5.00%
12/01/2043
 
500
531,632
South Carolina (State of) Public Service Authority, Series 2021 B, RB
5.00%
12/01/2043
 
120
128,699
South Carolina (State of) Public Service Authority, Series 2021 B, RB
5.00%
12/01/2051
 
1,250
1,320,895
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
5.00%
12/01/2044
 
2,025
2,175,273
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
4.00%
12/01/2047
 
6,600
6,528,240
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB
5.00%
12/01/2043
 
65
71,381
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB
5.25%
12/01/2054
 
100
109,700
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB,
(INS - AGM)(a)
5.00%
12/01/2049
 
65
70,398
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
4.00%
04/15/2043
 
200
196,015
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
5.00%
04/15/2048
 
300
308,822
Spartanburg County School District No. 4, Series 2022 A, GO Bonds
5.25%
03/01/2052
 
185
202,360
University of South Carolina (Campus Village), Series 2021 A, RB
5.00%
05/01/2046
 
1,000
1,077,162
University of South Carolina (Campus Village), Series 2021 A, RB
4.00%
05/01/2051
 
60
60,166
 
 
 
 
29,074,616
South Dakota-0.13%
 
 
 
 
 
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref.
RB
5.00%
07/01/2046
 
1,500
1,530,216
South Dakota (State of) Health & Educational Facilities Authority (Monument Health), Series 2020 A,
Ref. RB
3.00%
09/01/2045
 
100
82,258
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB
5.00%
09/01/2040
 
1,300
1,343,738
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group),
Series 2014 B, RB
4.00%
11/01/2044
 
100
96,149
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group),
Series 2015, Ref. RB
4.00%
11/01/2040
 
980
976,621
 
 
 
 
4,028,982
Tennessee-0.89%
 
 
 
 
 
Chattanooga (City of), TN Health, Educational & Housing Facility Board (Catholic Health Services),
Series 2024, Ref. RB
5.25%
12/01/2049
 
35
38,320
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health),
Series 2019 A-1, Ref. RB
4.00%
08/01/2044
 
385
371,873
Clarksville (City of), TN, Series 2021 A, RB
5.00%
02/01/2045
 
1,550
1,669,754
Cleveland (City of), TN Health & Educational Facilities Board (Hamilton Healthcare System, Inc.),
Series 2024, RB
5.00%
08/15/2049
 
20
21,717
Cleveland (City of), TN Health & Educational Facilities Board (Hamilton Healthcare System, Inc.),
Series 2024, RB
4.25%
08/15/2054
 
350
352,016
Jackson (City of), TN, Series 2015, Ref. RB
4.00%
04/01/2041
 
105
101,669
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016
A, Ref. RB
4.00%
01/01/2042
 
115
114,607
Knox (County of), TN Health, Educational & Housing Facility Board (East Tennesse Choldren’s
Hospital), Series 2019, Ref. RB
4.00%
11/15/2043
 
10
9,729
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB
5.00%
07/01/2045
 
1,500
1,507,953
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB
4.00%
07/01/2049
 
5
4,996
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB
5.00%
07/01/2054
 
10
10,480
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB
5.00%
07/01/2052
 
770
826,258
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB
5.00%
05/15/2046
 
1,005
1,080,229
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Tennessee-(continued)
 
 
 
 
 
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds
4.00%
01/01/2042
$
15
$15,159
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB
5.25%
05/15/2049
 
1,000
1,123,965
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB
5.00%
10/01/2045
 
135
136,518
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Lipscomb University), Series 2019, Ref. RB
5.25%
10/01/2058
 
20
20,574
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%
07/01/2040
 
3,000
3,055,735
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%
07/01/2046
 
2,750
2,786,519
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB
4.00%
07/01/2047
 
1,000
978,107
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB
5.00%
07/01/2048
 
2,000
2,043,937
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB
4.00%
10/01/2054
 
1,000
1,001,863
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium),
Series 2023 A, RB, (INS - AGM)(a)
5.25%
07/01/2048
 
2,000
2,218,206
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium),
Series 2023 A, RB, (INS - AGM)(a)
5.25%
07/01/2053
 
500
550,454
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium),
Series 2023 A, RB, (INS - AGM)(a)
5.25%
07/01/2056
 
2,000
2,191,935
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University),
Series 2023, RB
5.25%
05/01/2053
 
295
321,413
Tennessee (State of) School Bond Authority, Series 2017 A, RB,
(CEP - Colorado Higher Education Intercept Program)
5.00%
11/01/2047
 
3,000
3,097,454
Tennessee (State of) School Bond Authority, Series 2022 A, RB,
(CEP - Colorado Higher Education Intercept Program)
5.00%
11/01/2047
 
2,500
2,731,967
 
 
 
 
28,383,407
Texas-12.22%
 
 
 
 
 
Aldine Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
175
175,157
Aldine Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
40
40,089
Aldine Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
385
381,514
Aledo Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
35
37,805
Alvin Independent School District, Series 2020, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
25
25,036
Argyle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2047
 
135
146,357
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)(a)
4.00%
02/15/2044
 
5
4,975
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)(a)
5.00%
02/15/2048
 
1,000
1,032,140
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
100
99,954
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
500
494,628
Arlington Higher Education Finance Corp. (KIPP Texas, Inc.), Series 2018, RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2048
 
70
70,045
Arlington Higher Education Finance Corp. (KIPP Texas, Inc.), Series 2019, RB,
(CEP - Texas Permanent School Fund)
3.00%
08/15/2049
 
10
8,128
Arlington Higher Education Finance Corp. (Lifeschool of Dallas), Series 2024, RB,
(CEP - Texas Permanent School Fund)
4.13%
08/15/2049
 
595
600,675
Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2019, RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2044
 
1,025
1,026,169
Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB,
(CEP - Texas Permanent School Fund)
4.50%
08/15/2053
 
20
20,693
Aubrey Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2047
 
75
75,493
Austin (City of), TX, Series 2016, Ref. RB
5.00%
11/15/2045
 
1,000
1,021,990
Austin (City of), TX, Series 2017 A, RB
5.00%
11/15/2041
 
2,320
2,364,658
Austin (City of), TX, Series 2019 B, RB
5.00%
11/15/2044
 
25
26,634
Austin (City of), TX, Series 2019 B, RB
5.00%
11/15/2049
 
40
42,197
Austin (City of), TX, Series 2020 A, Ref. RB
5.00%
11/15/2045
 
515
551,921
Austin (City of), TX, Series 2020 A, Ref. RB
5.00%
11/15/2050
 
730
776,980
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Austin (City of), TX, Series 2020 C, Ref. RB
5.00%
11/15/2045
$
15
$16,109
Austin (City of), TX, Series 2023, Ref. RB
5.00%
11/15/2048
 
35
38,254
Austin (City of), TX, Series 2023, Ref. RB
5.25%
11/15/2053
 
1,000
1,109,295
Austin (City of), TX, Series 2024, Ref. RB
5.00%
11/15/2053
 
600
658,767
Austin Community College District, Series 2015, GO Bonds
4.00%
08/01/2040
 
1,030
1,030,558
Austin Community College District, Series 2023, GO Bonds
5.00%
08/01/2048
 
65
70,877
Austin Community College District, Series 2023, GO Bonds
5.25%
08/01/2053
 
130
143,614
Austin Independent School District, Series 2023, GO Bonds
5.00%
08/01/2043
 
2,000
2,204,973
Austin Independent School District, Series 2023, GO Bonds
5.00%
08/01/2048
 
1,540
1,618,612
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/01/2040
 
150
166,781
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/01/2043
 
110
112,244
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/01/2049
 
70
76,947
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.25%
08/01/2049
 
550
618,006
Azle Independent School District, Series 2024, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
285
281,938
Barbers Hill Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2041
 
60
61,289
Barbers Hill Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
1,250
1,256,243
Barbers Hill Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/15/2054
 
1,500
1,527,781
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
25
27,169
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2053
 
1,100
1,187,209
Belton Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2052
 
150
149,938
Bexar (County of), TX, Series 2016, Ctfs. Of Obligations
3.00%
06/15/2041
 
55
49,769
Bexar (County of), TX, Series 2018, Ctfs. of Obligations
4.00%
06/15/2045
 
25
24,699
Bexar (County of), TX, Series 2019, Ctfs. of Obligations
4.00%
06/15/2046
 
70
69,159
Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligations
4.00%
02/15/2043
 
25
24,875
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations
5.00%
02/15/2047
 
10
10,354
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB
4.00%
10/15/2048
 
20
19,862
Board of Regents of the University of North Texas System, Series 2018 A, RB
4.00%
04/15/2050
 
105
103,447
Board of Regents of the University of Texas System, Series 2017 B, RB
3.38%
08/15/2044
 
15
13,773
Board of Regents of the University of Texas System, Series 2019 B, RB
5.00%
08/15/2049
 
5,885
6,973,174
Board of Regents of the University of Texas System, Series 2023 A, RB
5.00%
08/15/2043
 
75
82,403
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
4.13%
08/15/2054
 
500
506,233
Board of Regents of the University of Texas System, Series 2024 B, RB
5.00%
08/15/2041
 
30
34,325
Board of Regents of the University of Texas System, Series 2024 B, RB
5.00%
08/15/2042
 
30
34,158
Board of Regents of the University of Texas System, Series 2024 B, RB
4.00%
08/15/2054
 
500
501,076
Brazoria (County of), TX, Series 2021, Ctfs. Of Obligation
4.00%
03/01/2046
 
35
35,057
Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
15
16,301
Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
1,035
1,031,085
Cedar Hill Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2050
 
1,000
1,001,449
Central Texas Regional Mobility Authority, Series 2016, Ref. RB
3.38%
01/01/2041
 
190
170,878
Central Texas Regional Mobility Authority, Series 2020 B, Ref. RB
5.00%
01/01/2045
 
5
5,239
Central Texas Regional Mobility Authority, Series 2020 E, RB
5.00%
01/01/2045
 
1,000
1,047,844
Central Texas Regional Mobility Authority, Series 2020 E, RB
4.00%
01/01/2050
 
1,295
1,254,500
Central Texas Regional Mobility Authority, Series 2021 B, RB
5.00%
01/01/2046
 
1,010
1,064,808
Central Texas Regional Mobility Authority, Series 2021 B, RB
4.00%
01/01/2051
 
1,055
1,018,368
Chapel Hill Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
3,005
2,978,600
Cleburne Independent School District, Series 2016, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2041
 
100
101,495
Cleveland Independent School District, Series 2020 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2052
 
20
19,893
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2042
 
7,000
7,015,828
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2018, RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2043
$
500
$501,212
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2044
 
85
85,353
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2049
 
450
443,948
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2054
 
570
556,057
Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2022, RB,
(CEP - Texas Permanent School Fund)
4.25%
08/15/2052
 
5
5,047
Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2024, Ref. RB,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2044
 
35
35,040
Comal Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/01/2042
 
115
116,617
Comal Independent School District, Series 2024, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
345
343,252
Conroe Independent School District, Series 2022 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2047
 
1,500
1,509,854
Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2040
 
25
28,233
Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2041
 
25
28,085
Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
1,000
1,002,214
Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2049
 
1,005
1,100,745
Corpus Christi (City of), TX, Series 2015 A, RB
5.00%
07/15/2045
 
10
10,063
Corpus Christi (City of), TX, Series 2015, RB
4.13%
07/15/2045
 
105
104,891
Corpus Christi (City of), TX, Series 2024, Ref. RB
5.00%
07/15/2049
 
40
43,685
Corpus Christi (City of), TX, Series 2024, Ref. RB
4.25%
07/15/2054
 
1,325
1,298,699
Crowley Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/01/2048
 
650
706,225
Crowley Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/01/2053
 
3,000
3,047,194
Cypress-Fairbanks Independent School District, Series 2020, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
3.00%
02/15/2041
 
110
97,777
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2043
 
775
786,543
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
4.00%
11/01/2045
 
2,000
2,007,945
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB
5.00%
11/01/2047
 
440
480,871
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB
5.00%
11/01/2044
 
30
33,340
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB
5.25%
11/01/2048
 
1,000
1,120,874
Dallas (City of), TX, Series 2016 A, Ref. RB
4.00%
10/01/2041
 
500
500,634
Dallas (City of), TX, Series 2017, RB
5.00%
10/01/2046
 
1,000
1,038,445
Dallas (City of), TX, Series 2018 C, RB
4.00%
10/01/2043
 
690
686,978
Dallas (City of), TX, Series 2021 C, RB
3.00%
10/01/2046
 
165
138,462
Dallas (City of), TX, Series 2023 A, RB
5.00%
10/01/2047
 
6,000
6,619,206
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB
5.00%
12/01/2047
 
1,700
1,817,565
Dallas (City of), TX Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
3,500
3,775,917
Dallas (City of), TX Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
200
198,189
Del Valle Independent School District, Series 2020, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
06/15/2045
 
555
554,435
Del Valle Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
06/15/2047
 
1,000
1,004,777
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2041
 
500
558,020
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2042
 
750
833,907
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2043
 
1,350
1,495,385
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2048
 
615
671,288
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2053
 
1,070
1,159,530
Dickinson Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/15/2053
 
30
30,451
Duncanville Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2049
 
85
92,221
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Duncanville Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.13%
02/15/2054
$
790
$793,520
Eagle Mountain & Saginaw Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2052
 
20
19,980
El Paso (City of), TX, Series 2019, Ctfs. Of Obligations
4.00%
08/15/2044
 
100
99,025
El Paso (City of), TX, Series 2021 B, GO Bonds
4.00%
08/15/2047
 
90
88,567
El Paso (City of), TX, Series 2022, RB
5.00%
03/01/2046
 
5,000
5,315,682
El Paso (City of), TX, Series 2022, RB
5.00%
03/01/2052
 
50
52,949
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/15/2045
 
1,335
1,337,087
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/15/2048
 
25
25,041
Elgin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/01/2049
 
1,000
1,004,355
Forney Independent School District, Series 2022 B, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2047
 
1,000
1,006,246
Forney Independent School District, Series 2022 B, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2052
 
1,000
998,988
Fort Bend (County of), TX, Series 2023, GO Bonds
5.25%
03/01/2053
 
15
16,434
Fort Worth (City of), TX, Series 2023, RB
4.25%
02/15/2053
 
50
50,306
Fort Worth Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
95
95,288
Fort Worth Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
25
25,055
Friendswood Independent School District, Series 2021, GO Bonds,
(CEP - Texas Permanent School Fund)
2.00%
02/15/2051
 
1,000
592,237
Frisco Independent School District, Series 2012 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
3.00%
08/15/2042
 
425
364,020
Frisco Independent School District, Series 2014, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/15/2044
 
945
945,003
Garland (City of), TX, Series 2019, Ref. RB
5.00%
03/01/2044
 
395
412,652
Garland (City of), TX, Series 2019, Ref. RB
4.00%
03/01/2049
 
590
567,034
Garland Independent School District, Series 2023 A, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2043
 
10
11,009
Garland Independent School District, Series 2023 A, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
1,545
1,679,458
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)
5.00%
08/15/2042
 
25
27,114
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)
4.25%
08/15/2047
 
55
55,427
Georgetown Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/15/2054
 
1,000
1,016,693
Georgetown Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2054
 
410
445,896
Grand Parkway Transportation Corp., Series 2020, Ref. RB
4.00%
10/01/2045
 
185
185,000
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%
10/01/2043
 
10,265
10,731,504
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%
10/01/2048
 
95
98,647
Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB
5.25%
06/01/2049
 
490
520,688
Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB
5.25%
06/01/2054
 
305
321,800
Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB, (INS - BAM)(a)
5.25%
10/01/2048
 
20
21,903
Greater Texoma Utility Authority (City of Sherman), Series 2024, RB, (INS - BAM)(a)
5.00%
10/01/2049
 
150
161,351
Greenwood Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2049
 
170
184,192
Harris (County of), TX, Series 2016 A, Ref. RB
5.00%
08/15/2041
 
10
10,216
Harris (County of), TX, Series 2023 A, GO Bonds
4.25%
09/15/2048
 
4,500
4,589,182
Harris (County of), TX, Series 2024 A, RB
4.00%
08/15/2041
 
5
5,099
Harris (County of), TX, Series 2024, Ctfs. of Obligations
4.00%
09/15/2049
 
1,000
992,322
Harris (County of), TX, Series 2024, Ctfs. Of Obligations
5.00%
09/15/2054
 
1,000
1,087,881
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds
4.00%
10/01/2045
 
1,030
1,031,037
Harris (County of), TX Flood Control District (Sustainability Bonds), Series 2022 A, GO Bonds
4.25%
10/01/2047
 
240
245,819
Harris (County of), TX Flood Control District (Sustainability Bonds), Series 2023 A, GO Bonds
4.00%
09/15/2048
 
925
927,693
Harris (County of), TX Port Authority of Houston, Series 2021, RB
5.00%
10/01/2051
 
190
202,359
Harris (County of), TX Port Authority of Houston, Series 2023, RB
5.00%
10/01/2048
 
1,765
1,902,407
Harris (County of), TX Port Authority of Houston, Series 2023, RB
5.00%
10/01/2053
 
2,000
2,147,733
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
4.00%
08/15/2048
 
800
791,169
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
4.00%
08/15/2045
 
1,350
1,352,326
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
3.00%
08/15/2050
$
1,000
$781,252
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
4.00%
08/15/2050
 
1,015
1,009,567
Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB
5.25%
08/15/2049
 
1,010
1,129,185
Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB
5.25%
08/15/2054
 
1,000
1,109,846
Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2015,
RB
4.00%
12/01/2045
 
85
83,331
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System),
Series 2022 A, Ref. RB
4.13%
07/01/2052
 
8,100
8,081,199
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System),
Series 2022, Ref. RB
5.00%
07/01/2052
 
20
21,403
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), Series 2021 A,
RB
4.00%
10/01/2042
 
5
4,963
Hays Consolidated Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
75
80,863
Hidalgo (County of), TX, Series 2018 A, Ctfs. of Obligations
4.00%
08/15/2043
 
280
280,064
Highland Park Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
25
25,085
Houston (City of), TX, Series 2017 B, Ref. RB
5.00%
11/15/2042
 
5
5,187
Houston (City of), TX, Series 2019 B, RB
5.00%
11/15/2049
 
5
5,268
Houston (City of), TX, Series 2020 C, Ref. RB
4.00%
11/15/2043
 
3,500
3,507,661
Houston (City of), TX, Series 2020 C, Ref. RB
5.00%
11/15/2045
 
3,500
3,739,333
Houston (City of), TX, Series 2020 C, Ref. RB
4.00%
11/15/2049
 
3,000
2,969,975
Houston (City of), TX, Series 2024 A, GO Bonds
5.25%
03/01/2049
 
1,410
1,566,360
Houston (City of), TX, Series 2024 A, Ref. RB
5.25%
11/15/2049
 
670
745,139
Houston Independent School District, Series 2016 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2040
 
25
25,055
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2047
 
2,565
2,773,375
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2052
 
2,000
1,999,171
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2041
 
1,200
1,235,540
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2042
 
870
891,134
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2050
 
800
800,571
Hutto (City of), TX, Series 2017, Ctfs. Of Obligations, (INS - AGM)(a)
5.00%
08/01/2057
 
5,000
5,127,448
Hutto (City of), TX, Series 2024, Ctfs. of Obligations, (INS - BAM)(a)
4.13%
08/01/2049
 
1,000
994,771
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/01/2048
 
1,500
1,636,774
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/01/2053
 
1,500
1,625,043
Hutto Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/01/2049
 
100
109,924
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2041
 
20
21,945
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2042
 
30
32,726
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2043
 
70
76,103
Jarrell Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
1,000
996,045
Judson Independent School District, Series 2016, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/01/2041
 
1,235
1,235,994
Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/01/2053
 
1,000
996,376
Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/01/2053
 
30
32,913
Katy Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2042
 
30
30,915
Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
15
16,242
Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
25
24,748
Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2044
 
205
205,174
Klein Independent School District, Series 2015 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/01/2040
 
1,000
1,000,542
Krum Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%
08/15/2054
 
1,000
1,014,968
Lake Travis Independent School District, Series 2023, GO Bonds
4.00%
02/15/2048
 
700
700,911
Lamar Consolidated Independent School District, Series 2015, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
1,000
1,000,010
Lamar Consolidated Independent School District, Series 2018, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2043
 
5,000
5,171,535
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2047
$
1,000
$1,002,676
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
3,000
3,010,191
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2053
 
3,000
3,237,843
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2058
 
2,000
2,153,081
Lamar Consolidated Independent School District, Series 2023, GO Bonds
4.00%
02/15/2053
 
5
4,925
Lamar Consolidated Independent School District, Series 2023, GO Bonds, (INS - AGM)(a)
5.50%
02/15/2058
 
1,100
1,223,299
Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
500
492,943
Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/15/2059
 
1,000
1,016,693
Laredo (City of), TX, Series 2022, RB
4.25%
03/01/2052
 
60
60,819
Leander Independent School District, Series 2020 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2045
 
1,000
1,001,869
Lewisville Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
08/15/2044
 
85
93,812
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.38%
02/01/2047
 
1,000
1,030,523
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/01/2052
 
5,000
5,362,055
Little Elm Independent School District, Series 2023, GO Bonds
4.25%
08/15/2053
 
25
25,219
Lone Star College System, Series 2017 A, GO Bonds
5.00%
08/15/2042
 
30
30,995
Lower Colorado River Authority, Series 2015, Ref. RB
5.00%
05/15/2040
 
610
613,130
Lower Colorado River Authority, Series 2015, Ref. RB
5.00%
05/15/2045
 
560
562,522
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
5.00%
05/15/2043
 
120
125,163
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
5.00%
05/15/2048
 
25
25,946
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
5.00%
05/15/2044
 
2,025
2,086,420
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
3.88%
05/15/2049
 
70
64,889
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB
5.00%
05/15/2050
 
770
813,433
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB
5.00%
05/15/2046
 
90
96,193
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%
05/15/2046
 
1,265
1,342,505
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%
05/15/2051
 
1,410
1,488,968
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%
05/15/2047
 
35
37,356
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB
5.25%
05/15/2048
 
80
88,083
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB,
(INS - AGM)(a)
5.50%
05/15/2048
 
30
33,347
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB,
(INS - AGM)(a)
5.25%
05/15/2053
 
35
38,458
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB,
(INS - AGM)(a)
5.50%
05/15/2053
 
50
55,549
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB,
(INS - AGC)(a)
5.00%
05/15/2049
 
1,000
1,091,644
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB,
(INS - AGC)(a)
5.00%
05/15/2054
 
1,000
1,082,973
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB,
(INS - AGM)(a)
5.25%
05/15/2054
 
75
82,287
Lubbock (City of), TX, Series 2021, RB
4.00%
04/15/2046
 
1,445
1,446,583
Lubbock Independent School District, Series 2020, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2050
 
10
9,958
Mansfield Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
500
497,425
Medina Valley Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
1,020
1,016,142
Melissa Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/01/2052
 
310
333,586
Mesquite Independent School District, Series 2018, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
08/15/2048
 
5,000
5,132,144
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Mesquite Independent School District, Series 2020 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2045
$
2,000
$2,003,126
Midland (City of), TX, Series 2022 B, Ref. GO Bonds
5.00%
03/01/2047
 
2,500
2,713,447
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2042
 
820
832,173
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2047
 
1,090
1,187,533
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2050
 
500
520,160
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
2,000
1,989,701
Midlothian Independent School District, Series 2020, GO Bonds,
(CEP - Texas Permanent School Fund)
3.00%
02/15/2045
 
150
128,504
Montgomery (County of), TX, Series 2018, RB
5.00%
09/15/2048
 
1,000
1,005,008
Montgomery Independent School District, Series 2015, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2045
 
1,375
1,374,954
Montgomery Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2047
 
25
25,144
Montgomery Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
175
175,531
Montgomery Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
125
123,947
New Caney Independent School District, Series 2015, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2045
 
10
9,999
New Caney Independent School District, Series 2023, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
1,000
1,091,525
New Caney Independent School District, Series 2023, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2053
 
1,000
1,083,673
New Caney Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
365
365,808
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas),
Series 2017 A, Ref. RB
4.00%
08/15/2040
 
15
15,005
Newark High Education Finance Corp. (Abilene Christian University Project), Series 2022, Ref. RB
4.00%
04/01/2057
 
1,000
926,447
North East Texas Regional Mobility Authority, Series 2016, RB
5.00%
01/01/2046
 
85
85,811
North Texas Tollway Authority, Series 2017 A, Ref. RB
4.00%
01/01/2043
 
1,025
1,025,187
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%
01/01/2043
 
900
936,598
North Texas Tollway Authority, Series 2017 B, Ref. RB
5.00%
01/01/2043
 
130
133,191
North Texas Tollway Authority, Series 2018, Ref. RB
5.00%
01/01/2048
 
5,350
5,548,017
North Texas Tollway Authority, Series 2018, Ref. RB
4.25%
01/01/2049
 
60
60,140
North Texas Tollway Authority, Series 2019 A, Ref. RB
4.00%
01/01/2044
 
165
164,064
North Texas Tollway Authority, Series 2021 B, RB
3.00%
01/01/2046
 
360
288,131
North Texas Tollway Authority, Series 2022 A, Ref. RB
4.13%
01/01/2040
 
1,150
1,173,179
North Texas Tollway Authority, Series 2024 A, Ref. RB
5.00%
01/01/2041
 
110
123,240
North Texas Tollway Authority, Series 2024 A, Ref. RB
5.25%
01/01/2042
 
50
56,642
Northside Independent School District, Series 2024 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2049
 
1,215
1,217,899
Northside Independent School District, Series 2024 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.13%
08/15/2054
 
1,000
1,005,140
Northwest Independent School District, Series 2022 A, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
35
37,736
Northwest Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
1,000
1,003,034
Northwest Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
1,065
1,148,260
Northwest Independent School District, Series 2024 A, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2049
 
1,045
1,133,775
Northwest Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2049
 
605
656,396
Permanent University Fund - University of Texas System, Series 2022 A, RB
5.00%
07/01/2042
 
375
411,489
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
5.00%
07/01/2040
 
780
874,382
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
5.00%
07/01/2041
 
565
633,796
Pflugerville (City of), TX, Series 2023, Ctfs. of Obligations
5.00%
08/01/2053
 
235
251,946
Plano Independent School District, Series 2023, GO Bonds
5.00%
02/15/2041
 
2,750
3,031,093
Plano Independent School District, Series 2023, GO Bonds
5.00%
02/15/2042
 
4,000
4,394,445
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Plano Independent School District, Series 2023, GO Bonds
5.00%
02/15/2043
$
1,500
$1,642,357
Princeton Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/15/2053
 
50
50,786
Prosper Independent School District, Series 2015, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2043
 
420
420,057
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2047
 
1,000
1,024,779
Prosper Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2044
 
15
15,656
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2049
 
2,000
2,085,604
Prosper Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2052
 
40
40,017
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2048
 
40
40,175
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
155
154,002
Prosper Independent School District, Series 2024 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
1,000
996,108
Prosper Independent School District, Series 2024 A, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
1,000
987,213
Prosper Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2054
 
1,150
1,135,295
Richardson Independent School District, Series 2017, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2042
 
2,285
2,316,746
Rockwall Independent School District, Series 2022 A, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2047
 
45
48,281
Rockwall Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
1,750
1,731,721
Royse (City of), TX Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2053
 
190
205,063
Sabine-Neches Navigation District, Series 2022, GO Bonds
4.63%
02/15/2047
 
50
51,639
Sabine-Neches Navigation District, Series 2022, GO Bonds
5.25%
02/15/2052
 
5
5,367
Salado Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%
02/15/2054
 
2,250
2,279,888
San Antonio (City of), TX, Series 2017, RB
5.00%
02/01/2047
 
5,010
5,151,464
San Antonio (City of), TX, Series 2017, Ref. RB
4.00%
02/01/2047
 
565
559,880
San Antonio (City of), TX, Series 2020, RB
5.00%
02/01/2049
 
4,000
4,224,263
San Antonio (City of), TX, Series 2021 A, RB
5.00%
02/01/2046
 
1,500
1,600,695
San Antonio (City of), TX, Series 2021 A, RB
5.00%
02/01/2049
 
500
530,655
San Antonio (City of), TX, Series 2023 A, Ref. RB
5.25%
02/01/2046
 
15
16,667
San Antonio (City of), TX, Series 2023 B, RB
5.25%
02/01/2041
 
5
5,659
San Antonio (City of), TX, Series 2024 A, RB
5.25%
02/01/2049
 
25
27,940
San Antonio (City of), TX, Series 2024 B, Ref. RB
5.25%
02/01/2049
 
600
670,570
San Antonio (City of), TX, Series 2024 B, Ref. RB
5.00%
02/01/2054
 
1,000
1,085,304
San Antonio (City of), TX, Series 2024 D, Ref. RB
5.25%
02/01/2049
 
15
16,839
San Antonio (City of), TX, Series 2024 D, Ref. RB
5.25%
02/01/2054
 
5
5,571
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB
5.00%
05/15/2043
 
2,500
2,614,609
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB
5.00%
05/15/2048
 
50
51,958
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB
5.00%
05/15/2050
 
3,000
3,175,270
San Antonio (City of), TX Water System, Series 2020 C, RB
5.00%
05/15/2046
 
5,000
5,312,773
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB
4.00%
04/01/2046
 
750
651,771
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB
4.00%
04/01/2051
 
750
636,863
San Antonio Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
08/15/2047
 
1,160
1,261,632
San Antonio Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
08/15/2052
 
110
118,791
San Antonio Municipal Facilities Corp. (City Tower Renovation), Series 2021, RB
4.00%
08/01/2048
 
25
24,927
San Antonio Public Facilities Corp., Series 2012, Ref. RB
4.00%
09/15/2042
 
1,495
1,482,310
San Jacinto Community College District, Series 2016 A, GO Bonds
4.00%
02/15/2041
 
95
94,998
San Jacinto Community College District, Series 2019 A, GO Bonds
5.00%
02/15/2044
 
5
5,236
San Jacinto Community College District, Series 2019 A, GO Bonds
5.00%
02/15/2049
 
2,025
2,106,891
San Marcos Consolidated Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.25%
08/15/2047
 
580
645,277
Sherman Independent School District, Series 2023 B, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2053
 
1,000
1,079,281
Smith (County of), TX, Series 2023, GO Bonds
5.00%
08/15/2043
 
140
152,565
Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2043
 
30
30,935
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/15/2044
$
1,000
$1,000,906
Southwest Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/01/2046
 
540
586,747
Southwest Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/01/2053
 
500
497,496
Splendora Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.10%
02/15/2048
 
30
30,289
Splendora Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/15/2053
 
95
96,428
Spring Branch Independent School District, Series 2019, GO Bonds,
(CEP - Texas Permanent School Fund)
3.00%
02/01/2043
 
40
35,185
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2042
 
2,000
2,043,713
Spring Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/15/2043
 
45
45,109
Spring Independent School District, Series 2023, GO Bonds
5.00%
08/15/2047
 
5,000
5,478,340
Spring Independent School District, Series 2023, GO Bonds
4.00%
08/15/2052
 
575
575,568
Tarrant (County of), TX, Series 2022, GO Bonds
4.00%
07/15/2047
 
515
515,596
Tarrant (County of), TX Hospital District, Series 2023, GO Bonds
4.00%
08/15/2043
 
25
25,239
Tarrant (County of), TX Hospital District, Series 2023, GO Bonds
5.25%
08/15/2048
 
20
21,924
Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB
4.00%
03/01/2054
 
500
481,603
Tarrant County College District, Series 2022, GO Bonds
5.00%
08/15/2040
 
65
72,012
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group),
Series 2015 A, RB
4.25%
11/15/2052
 
65
64,919
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health),
Series 2016 A, Ref. RB
4.00%
11/15/2042
 
175
175,107
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health),
Series 2016 A, Ref. RB
5.00%
11/15/2045
 
750
759,838
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health),
Series 2022, RB
5.00%
11/15/2051
 
1,200
1,286,097
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
5.00%
07/01/2043
 
10
10,477
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2022 A, RB
4.00%
07/01/2053
 
2,280
2,279,961
Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center),
Series 2020, Ref. RB
4.00%
12/01/2045
 
1,305
1,303,020
Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center),
Series 2020, Ref. RB
3.00%
12/01/2050
 
1,035
825,227
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas),
Series 2022, RB
4.00%
10/01/2042
 
330
330,013
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas),
Series 2022, RB
4.00%
10/01/2047
 
335
331,087
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas),
Series 2022, RB
4.00%
10/01/2052
 
425
420,171
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System),
Series 2016 A, Ref. RB
5.00%
02/15/2041
 
1,025
1,045,858
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System),
Series 2016, Ref. RB
4.00%
02/15/2047
 
395
389,612
Temple College, Series 2021, GO Bonds
3.00%
07/01/2046
 
10
8,258
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
5.00%
08/01/2040
 
2,000
2,016,295
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
5.00%
08/01/2041
 
2,000
2,016,164
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref.
RB
3.00%
08/15/2040
 
395
353,190
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref.
RB
5.00%
08/15/2042
 
165
181,678
Texas (State of) Water Development Board, Series 2015 A, RB
4.00%
10/15/2040
 
2,700
2,701,377
Texas (State of) Water Development Board, Series 2015 A, RB
5.00%
10/15/2040
 
500
505,754
Texas (State of) Water Development Board, Series 2015 A, RB
4.00%
10/15/2045
 
305
304,999
Texas (State of) Water Development Board, Series 2015 A, RB
5.00%
10/15/2045
 
3,910
3,949,977
Texas (State of) Water Development Board, Series 2016, RB
4.00%
10/15/2041
 
845
847,727
Texas (State of) Water Development Board, Series 2016, RB
5.00%
10/15/2046
 
1,000
1,021,894
Texas (State of) Water Development Board, Series 2017 A, RB
4.00%
10/15/2042
 
25
25,060
Texas (State of) Water Development Board, Series 2017 A, RB
5.00%
10/15/2047
 
5,065
5,221,759
Texas (State of) Water Development Board, Series 2018 A, RB
5.00%
10/15/2043
 
550
575,407
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Texas (State of) Water Development Board, Series 2018 B, RB
4.00%
10/15/2043
$
2,385
$2,398,102
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%
04/15/2049
 
4,000
4,179,667
Texas (State of) Water Development Board, Series 2019 A, RB
3.00%
10/15/2039
 
70
64,509
Texas (State of) Water Development Board, Series 2019 A, RB
4.00%
10/15/2044
 
50
50,202
Texas (State of) Water Development Board, Series 2019 A, RB
4.00%
10/15/2049
 
195
194,001
Texas (State of) Water Development Board, Series 2020, RB
4.00%
10/15/2045
 
1,135
1,142,291
Texas (State of) Water Development Board, Series 2022, RB
4.65%
10/15/2040
 
500
537,301
Texas (State of) Water Development Board, Series 2022, RB
4.70%
10/15/2041
 
170
182,532
Texas (State of) Water Development Board, Series 2022, RB
4.75%
10/15/2042
 
1,065
1,143,173
Texas (State of) Water Development Board, Series 2022, RB
4.80%
10/15/2052
 
35
37,077
Texas (State of) Water Development Board, Series 2022, RB
5.00%
10/15/2057
 
1,000
1,078,106
Texas (State of) Water Development Board, Series 2023 A, RB
5.00%
10/15/2044
 
35
38,941
Texas (State of) Water Development Board, Series 2023 A, RB
4.88%
10/15/2048
 
1,000
1,077,404
Texas (State of) Water Development Board, Series 2023 A, RB
5.25%
10/15/2051
 
1,000
1,116,189
Texas (State of) Water Development Board, Series 2023 A, RB
5.00%
10/15/2058
 
1,000
1,085,681
Texas (State of) Water Development Board (Master Trust), Series 2022, RB
5.00%
10/15/2047
 
145
158,189
Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB
4.00%
10/15/2043
 
15
15,195
Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB
5.00%
10/15/2045
 
260
290,902
Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB
5.00%
10/15/2049
 
950
1,046,770
Texas City Industrial Development Corp. (NRG Energy), Series 2012, RB
4.13%
12/01/2045
 
160
147,591
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%
06/30/2040
 
60
59,899
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North
Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
4.00%
12/31/2039
 
1,120
1,121,516
Texas State Technical College, Series 2022, RB, (INS - AGM)(a)
5.50%
08/01/2042
 
2,160
2,451,711
Texas State University Board of Regents, Series 2024, Ref. RB
4.00%
03/15/2049
 
1,995
1,999,216
Texas State University Board of Regents, Series 2024, Ref. RB
5.25%
03/15/2054
 
10
11,010
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
5,000
5,433,708
University of Houston, Series 2022 A, Ref. RB
5.00%
02/15/2042
 
110
119,701
Waco Educational Finance Corp. (Baylor University), Series 2021, RB
4.00%
03/01/2051
 
600
586,151
Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/15/2047
 
15
15,094
Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
3.00%
08/15/2052
 
150
117,114
Waller Consolidated Independent School District, Series 2016, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2046
 
20
19,891
Waller Consolidated Independent School District, Series 2020, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2044
 
60
60,062
Waxahachie Independent School District, Series 2015, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2045
 
260
259,992
Waxahachie Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
5.00%
02/15/2048
 
20
21,830
Waxahachie Independent School District, Series 2023, GO Bonds,
(CEP - Texas Permanent School Fund)
4.25%
02/15/2053
 
1,000
1,016,532
Waxahachie Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
50
50,111
Waxahachie Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2053
 
5
4,981
Weslaco Independent School District, Series 2024, GO Bonds,
(CEP - Texas Permanent School Fund)
4.13%
02/15/2049
 
250
253,135
West Travis County Public Utility Agency, Series 2017, Ref. RB, (INS - BAM)(a)
4.00%
08/15/2041
 
80
80,217
White Settlement Independent School District, Series 2022, GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2052
 
10
9,990
Willis Independent School District, Series 2016, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
02/15/2045
 
20
20,006
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
02/15/2049
 
1,350
1,354,885
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.25%
08/15/2049
 
605
670,173
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%
02/15/2054
 
850
861,291
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.25%
08/15/2054
 
500
550,159
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%
08/15/2047
 
15
15,015
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%
08/15/2047
 
2,500
2,545,525
Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%
08/15/2056
 
1,500
1,511,049
 
 
 
 
387,844,835
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Utah-0.57%
 
 
 
 
 
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%
07/01/2042
$
1,000
$1,092,897
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%
07/01/2043
 
1,000
1,089,657
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%
07/01/2044
 
1,000
1,084,039
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%
07/01/2045
 
625
676,216
Intermountain Power Agency, Series 2023 A, RB
5.00%
07/01/2041
 
1,010
1,123,883
Intermountain Power Agency, Series 2023 A, RB
5.00%
07/01/2042
 
1,000
1,104,591
Intermountain Power Agency, Series 2023 A, RB
5.25%
07/01/2043
 
1,155
1,295,539
Intermountain Power Agency, Series 2023 A, RB
5.25%
07/01/2044
 
750
839,041
Intermountain Power Agency, Series 2023 A, RB
5.25%
07/01/2045
 
1,000
1,112,073
Jordan Valley Water Conservancy District, Series 2024 A, RB
5.00%
10/01/2054
 
15
16,030
Salt Lake City (City of), UT, Series 2017 B, RB
5.00%
07/01/2042
 
2,000
2,058,050
Salt Lake City (City of), UT, Series 2017 B, RB
5.00%
07/01/2047
 
315
323,159
Salt Lake City (City of), UT, Series 2018 B, RB
5.00%
07/01/2048
 
3,015
3,121,012
University of Utah (The), Series 2023 B, RB
5.25%
08/01/2053
 
225
249,966
University of Utah (The) (Green Bonds), Series 2022 A, RB
5.00%
08/01/2046
 
210
227,519
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%
08/01/2040
 
60
67,186
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%
08/01/2041
 
1,000
1,114,842
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%
08/01/2042
 
170
188,854
University of Utah (The) (Green Bonds), Series 2023 B, RB
5.25%
08/01/2048
 
325
363,655
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB
3.00%
05/15/2047
 
400
337,232
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB
4.00%
05/15/2041
 
10
10,063
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB
5.00%
05/15/2041
 
400
407,614
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB
4.00%
05/15/2043
 
45
45,183
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB
5.00%
05/15/2043
 
50
53,498
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB
5.00%
05/15/2050
 
150
158,461
Utah (State of) Transit Authority, Series 2018, Ref. RB
4.00%
12/15/2041
 
75
75,447
 
 
 
 
18,235,707
Vermont-0.05%
 
 
 
 
 
University of Vermont and State Agricultural College, Series 2015, Ref. RB
4.00%
10/01/2040
 
1,215
1,216,993
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical
Center), Series 2016, RB
4.00%
12/01/2042
 
230
225,161
 
 
 
 
1,442,154
Virginia-1.11%
 
 
 
 
 
Arlington (County of), VA Industrial Development Authority (Virginia Hospital Center), Series 2020,
Ref. RB
3.75%
07/01/2050
 
1,250
1,190,676
Chesapeake (City of), VA Expressway, Series 2024, Ref. RB, (INS - AGM)(a)
4.00%
07/15/2047
 
250
250,850
Chesapeake (City of), VA Hospital Authority (Chesapeake Regional Medical Center), Series 2019,
Ref. RB
4.00%
07/01/2043
 
10
9,844
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB
5.00%
07/01/2051
 
3,395
3,426,132
Fairfax (County of), VA, Series 2024 A, RB
5.00%
07/15/2049
 
1,525
1,691,370
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2018 A,
Ref. RB
4.00%
05/15/2048
 
75
75,096
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref.
RB
4.00%
05/15/2042
 
3,015
3,050,063
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2024, RB
5.00%
05/15/2051
 
1,000
1,096,139
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB
5.00%
07/01/2048
 
1,000
1,036,817
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
4.00%
07/01/2045
 
110
110,640
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
5.00%
07/01/2045
 
15
16,084
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
4.00%
07/01/2055
 
580
574,937
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
4.00%
07/01/2060
 
1,000
985,047
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
5.00%
07/01/2060
 
1,000
1,057,747
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB
4.00%
07/01/2052
 
1,200
1,196,184
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB
4.00%
07/01/2057
 
1,250
1,238,741
Isle Wight (County of), VA Economic Development Authority (Riverside Health System),
Series 2023, RB, (INS - AGM)(a)
4.75%
07/01/2053
 
300
316,647
Loudoun (County of), VA Economic Development Authority (Howard Hughes Medical Institute, Inc),
Series 2022, Ref. RB
4.00%
10/01/2052
 
1,000
1,010,347
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB
5.00%
01/01/2047
 
1,000
1,011,704
Lynchburg Economic Development Authority, Series 2021, Ref. RB
3.00%
01/01/2051
 
215
167,990
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Virginia-(continued)
 
 
 
 
 
Norfolk (City of), VA Economic Development Authority, Series 2018 B, Ref. RB
4.00%
11/01/2048
$
820
$804,425
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB
5.00%
06/01/2052
 
1,000
1,086,526
Richmond (City of), VA, Series 2024 C, GO Bonds
4.00%
03/01/2054
 
500
504,168
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group),
Series 2020 A, Ref. RB
5.00%
07/01/2047
 
505
581,804
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group),
Series 2020, Ref. RB
3.00%
07/01/2045
 
2,225
1,938,086
Rockingham (County of), VA Economic Development Authority (Sentara RHM Medical Center),
Series 2021, Ref. RB
3.00%
11/01/2046
 
80
67,954
University of Virginia, Series 2015 A-1, RB
4.00%
04/01/2045
 
1,440
1,440,325
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment),
Series 2023, RB
5.25%
02/01/2042
 
15
17,025
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment),
Series 2023, RB
4.00%
02/01/2043
 
35
35,569
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment
Programs), Series 2022, RB
5.00%
02/01/2040
 
1,015
1,126,921
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment
Programs), Series 2022, RB
5.25%
02/01/2041
 
5
5,612
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment
Programs), Series 2022, RB
5.00%
02/01/2042
 
1,005
1,108,752
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment
Programs), Series 2023, RB
5.00%
02/01/2040
 
10
11,227
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment
Programs), Series 2024, RB
4.00%
02/01/2043
 
500
507,803
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB
4.00%
08/01/2042
 
1,000
1,015,814
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC),
Series 2020, Ref. RB
4.00%
11/01/2039
 
125
127,834
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC),
Series 2020, Ref. RB
4.00%
01/01/2045
 
1,025
982,471
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.),
Series 2020, Ref. RB
4.00%
12/01/2049
 
2,225
2,188,756
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.),
Series 2022, RB
5.00%
10/01/2041
 
1,000
1,097,963
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.),
Series 2022, RB
5.00%
10/01/2042
 
20
21,856
Virginia (Commonwealth of) Transportation Board, Series 2017, RB
4.00%
05/15/2042
 
5
5,023
Virginia Commonwealth University Health System Authority, Series 2024 A, RB
4.00%
07/01/2054
 
725
715,675
Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGM)(a)
4.13%
07/01/2058
 
250
250,443
 
 
 
 
35,155,087
Washington-2.07%
 
 
 
 
 
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
5.00%
11/01/2041
 
4,500
4,616,507
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
5.00%
11/01/2046
 
3,000
3,574,101
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
4.00%
11/01/2040
 
50
51,251
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%
11/01/2043
 
2,020
2,202,528
Clark County School District No. 114 Evergreen, Series 2022, GO Bonds,
(CEP - Oregon School Bond Guaranty)
5.25%
12/01/2040
 
125
140,590
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
5.00%
07/01/2040
 
1,050
1,158,193
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
5.00%
07/01/2041
 
1,025
1,124,377
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
4.00%
07/01/2042
 
1,025
1,041,256
Fircrest Properties (Sustainlability Bonds) (State of Washington DSHS), Series 2024, RB
5.50%
06/01/2049
 
2,000
2,263,828
King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)
5.00%
12/01/2039
 
120
134,636
King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)
5.00%
12/01/2041
 
1,050
1,186,770
King (County of), WA, Series 2015, Ref. RB
4.00%
07/01/2045
 
55
54,999
King (County of), WA, Series 2016 A, Ref. RB
4.00%
07/01/2040
 
500
501,332
King (County of), WA, Series 2016 A, Ref. RB
4.00%
07/01/2041
 
500
500,774
King (County of), WA, Series 2024 A, Ref. RB
5.25%
01/01/2055
 
1,000
1,112,961
Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds,
(CEP - Oregon School Bond Guaranty)
4.00%
12/01/2041
 
1,000
1,013,581
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Washington-(continued)
 
 
 
 
 
Pierce County School District No. 403 Bethel, Series 2024, GO Bonds,
(CEP - Oregon School Bond Guaranty)
5.00%
12/01/2042
$
70
$78,620
Seattle (City of), WA, Series 2012 A, Ref. RB
4.00%
06/01/2041
 
5
4,985
Seattle (City of), WA, Series 2014, Ref. RB
4.00%
09/01/2044
 
470
470,011
Seattle (City of), WA, Series 2015 A, RB
4.00%
05/01/2045
 
500
500,090
Seattle (City of), WA, Series 2017 C, Ref. RB
4.00%
09/01/2047
 
100
99,125
Seattle (City of), WA, Series 2017, Ref. RB
4.00%
07/01/2047
 
5
5,009
Seattle (City of), WA, Series 2021 A, Ref. RB
4.00%
07/01/2043
 
140
141,465
Seattle (City of), WA, Series 2023 A, Ref. RB
5.00%
03/01/2048
 
65
71,043
Seattle (City of), WA, Series 2023 A, Ref. RB
5.00%
03/01/2053
 
15
16,315
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB
5.00%
12/01/2040
 
1,000
1,013,621
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB
5.00%
12/01/2051
 
1,000
1,072,440
Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds,
(CEP - Oregon School Bond Guaranty)
5.00%
12/01/2040
 
40
45,316
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB
5.00%
01/01/2046
 
1,235
1,327,628
Tacoma (City of), WA (Green Bonds), Series 2024 A, Ref. RB
5.00%
01/01/2049
 
250
272,153
Tacoma (City of), WA (Green Bonds), Series 2024 A, Ref. RB
5.00%
01/01/2054
 
150
162,155
University of Washington, Series 2012 C, Ref. RB
3.13%
07/01/2042
 
1,110
955,200
University of Washington, Series 2016 A, Ref. RB
4.00%
12/01/2041
 
250
250,833
Washington (State of), Series 2015 A-1, GO Bonds
5.00%
08/01/2040
 
600
604,771
Washington (State of), Series 2017 D, GO Bonds
5.00%
02/01/2040
 
35
36,129
Washington (State of), Series 2017 D, GO Bonds
5.00%
02/01/2041
 
4,905
5,056,004
Washington (State of), Series 2018 A, GO Bonds
5.00%
08/01/2042
 
505
532,116
Washington (State of), Series 2018 A, GO Bonds
5.00%
08/01/2043
 
120
126,263
Washington (State of), Series 2018 C, GO Bonds
5.00%
02/01/2040
 
310
325,593
Washington (State of), Series 2018 C, GO Bonds
5.00%
02/01/2041
 
500
524,170
Washington (State of), Series 2018 C, GO Bonds
5.00%
02/01/2042
 
185
193,655
Washington (State of), Series 2019 A, GO Bonds
5.00%
08/01/2044
 
500
531,677
Washington (State of), Series 2020 A, GO Bonds
5.00%
08/01/2040
 
95
102,294
Washington (State of), Series 2020 A, GO Bonds
5.00%
08/01/2040
 
35
38,081
Washington (State of), Series 2020 A, GO Bonds
5.00%
08/01/2041
 
75
81,353
Washington (State of), Series 2020 A, GO Bonds
5.00%
08/01/2042
 
150
162,210
Washington (State of), Series 2020 A, GO Bonds
5.00%
08/01/2043
 
175
188,752
Washington (State of), Series 2020 A, GO Bonds
5.00%
08/01/2043
 
155
165,128
Washington (State of), Series 2020 A, GO Bonds
5.00%
08/01/2044
 
20
21,460
Washington (State of), Series 2020 C, GO Bonds
5.00%
02/01/2040
 
50
54,075
Washington (State of), Series 2020 C, GO Bonds
5.00%
02/01/2041
 
225
242,740
Washington (State of), Series 2020 C, GO Bonds
5.00%
02/01/2042
 
115
123,554
Washington (State of), Series 2020 C, GO Bonds
5.00%
02/01/2043
 
80
85,745
Washington (State of), Series 2020 C, GO Bonds
5.00%
02/01/2044
 
10
10,698
Washington (State of), Series 2021 A, Ref. GO Bonds
5.00%
06/01/2040
 
1,055
1,146,019
Washington (State of), Series 2021 A, Ref. GO Bonds
5.00%
06/01/2041
 
45
48,782
Washington (State of), Series 2021 C, GO Bonds
5.00%
02/01/2042
 
10
10,904
Washington (State of), Series 2021 C, GO Bonds
5.00%
02/01/2045
 
1,095
1,181,036
Washington (State of), Series 2025 A, GO Bonds
5.00%
08/01/2048
 
500
552,105
Washington (State of), Series 2025 A, GO Bonds
5.00%
08/01/2049
 
1,000
1,101,798
Washington (State of), Series R-2024C, Ref. GO Bonds
5.00%
08/01/2040
 
20
22,874
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%
08/01/2040
 
140
154,540
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%
08/01/2042
 
835
915,596
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%
08/01/2044
 
1,000
1,087,957
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%
08/01/2045
 
1,455
1,577,568
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%
08/01/2046
 
1,000
1,080,144
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%
08/01/2040
 
305
340,870
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%
08/01/2041
 
270
300,494
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%
08/01/2042
 
1,265
1,403,195
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%
08/01/2043
 
1,080
1,193,936
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%
02/01/2041
 
200
221,351
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%
02/01/2040
 
1,000
1,123,731
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%
02/01/2042
 
180
200,865
Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds
5.00%
08/01/2044
 
85
94,380
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Washington-(continued)
 
 
 
 
 
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
5.00%
02/01/2042
$
105
$118,418
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
5.00%
02/01/2043
 
705
791,965
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
5.00%
02/01/2047
 
205
225,991
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
5.00%
02/01/2048
 
125
137,459
Washington (State of) (Bid Group 2), Series 2024-A, GO Bonds
5.00%
08/01/2048
 
5
5,475
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%
08/01/2044
 
155
170,421
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%
08/01/2045
 
325
355,959
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%
08/01/2046
 
90
98,154
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%
08/01/2047
 
500
544,018
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%
02/01/2040
 
1,065
1,183,153
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%
02/01/2042
 
175
193,086
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%
02/01/2043
 
550
604,548
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%
02/01/2044
 
1,020
1,115,682
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%
02/01/2045
 
45
49,040
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%
02/01/2046
 
60
65,115
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%
02/01/2043
 
75
83,284
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%
02/01/2044
 
35
38,680
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%
02/01/2045
 
10
11,006
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%
02/01/2046
 
125
136,938
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%
02/01/2047
 
65
71,038
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%
02/01/2048
 
45
49,058
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%
08/01/2041
 
95
104,477
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%
08/01/2043
 
105
114,789
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
5.00%
07/01/2048
 
170
173,924
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
3.00%
07/01/2058
 
75
54,273
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
4.00%
07/01/2058
 
115
106,399
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
4.00%
07/01/2058
 
45
40,832
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
5.00%
07/01/2058
 
1,250
1,280,380
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A-1, Ref.
RB
4.00%
08/01/2044
 
305
294,600
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B,
Ref. RB
4.13%
08/15/2043
 
180
175,732
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B,
Ref. RB
4.00%
08/15/2041
 
1,000
980,794
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012
A, RB
4.25%
10/01/2040
 
85
82,567
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020,
Ref. RB
4.00%
09/01/2045
 
20
19,292
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020,
Ref. RB
5.00%
09/01/2055
 
3,000
3,155,661
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017,
Ref. RB
4.00%
08/15/2042
 
1,000
955,010
Washington (State of) Higher Education Facilities Authority (Gonzaga University), Series 2019 A,
RB
3.00%
04/01/2049
 
310
248,950
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB
4.00%
05/01/2050
 
1,200
1,141,404
Washington Biomedical Research Properties 3.2, Series 2015 A, RB
4.00%
01/01/2048
 
480
478,043
 
 
 
 
65,583,921
West Virginia-0.18%
 
 
 
 
 
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
4.00%
12/01/2042
 
740
741,497
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
4.00%
06/01/2043
 
15
15,020
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
5.00%
12/01/2043
 
10
10,606
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group),
Series 2018, Ref. RB
5.00%
01/01/2043
 
1,170
1,201,194
West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB
6.00%
09/01/2048
 
125
142,730
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System
Obligated Group), Series 2017 A, RB
4.25%
06/01/2047
 
5
5,014
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System
Obligated Group), Series 2017, RB
5.00%
06/01/2042
 
480
492,549
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System
Obligated Group), Series 2018 A, RB
4.00%
06/01/2051
 
1,000
980,488
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
West Virginia-(continued)
 
 
 
 
 
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System
Obligated Group), Series 2023, RB
4.25%
06/01/2047
$
360
$364,498
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System
Obligated Group), Series 2023, RB
4.38%
06/01/2053
 
70
70,504
West Virginia (State of) Parkways Authority, Series 2018, RB
5.00%
06/01/2043
 
910
955,822
West Virginia (State of) Parkways Authority, Series 2018, RB
4.00%
06/01/2047
 
80
79,243
West Virginia (State of) Parkways Authority, Series 2021, RB
5.00%
06/01/2047
 
195
209,292
West Virginia (State of) Parkways Authority, Series 2021, RB
4.00%
06/01/2051
 
605
601,883
 
 
 
 
5,870,340
Wisconsin-0.89%
 
 
 
 
 
University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2021, Ref. RB
4.00%
04/01/2046
 
50
49,181
University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2021, Ref. RB
4.00%
04/01/2051
 
35
34,667
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Covenant
Communities, Inc.), Series 2018 A, RB
4.00%
07/01/2048
 
170
141,847
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Marshfield Clinic
Health System), Series 2016, RB
3.50%
02/15/2046
 
165
128,399
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Marshfield Clinic
Health System), Series 2017, Ref. RB
4.00%
02/15/2042
 
495
458,426
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Marshfield Clinic
Health System), Series 2017, Ref. RB
5.00%
02/15/2047
 
1,000
1,003,373
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group),
Series 2016 A, Ref. RB
4.50%
11/15/2039
 
500
502,243
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group),
Series 2016 A, Ref. RB
4.00%
11/15/2046
 
1,430
1,386,355
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group),
Series 2016, Ref. RB
4.00%
11/15/2039
 
1,230
1,231,405
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group),
Series 2021, RB
4.00%
08/15/2046
 
1,075
1,076,120
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group),
Series 2021, RB
3.00%
08/15/2051
 
500
394,956
Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.),
Series 2022 B, RB
5.25%
12/01/2048
 
30
32,552
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital of Wisconsin, Inc.),
Series 2020, RB
4.00%
08/15/2050
 
305
293,901
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref.
RB
4.00%
08/15/2042
 
10
9,988
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref.
RB
4.00%
08/15/2047
 
3,210
3,071,941
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System),
Series 2016 B, RB
5.00%
02/15/2042
 
70
70,322
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin),
Series 2022, Ref. RB
4.00%
12/01/2046
 
1,360
1,343,178
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin),
Series 2022, Ref. RB
4.00%
12/01/2051
 
2,500
2,443,157
Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center),
Series 2018, Ref. RB
4.13%
04/01/2046
 
280
273,357
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.), Series 2019, Ref.
RB
3.13%
12/15/2049
 
55
43,956
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.), Series 2019, Ref.
RB
4.00%
12/15/2049
 
5
4,835
Wisconsin (State of) Public Finance Authority, Series 2023 A, RB(b)
5.75%
07/01/2063
 
800
863,415
Wisconsin (State of) Public Finance Authority, Series 2023, RB
5.75%
07/01/2062
 
339
361,161
Wisconsin (State of) Public Finance Authority (Bayhealth Medical Center Project), Series 2021 A,
RB
3.00%
07/01/2050
 
1,000
782,250
Wisconsin (State of) Public Finance Authority (Blue Ridge Healthcare), Series 2020 A, Ref. RB
3.00%
01/01/2050
 
420
327,687
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB
4.00%
10/01/2052
 
1,010
971,095
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)(a)
5.50%
07/01/2052
 
800
868,091
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District
Development), Series 2016, RB
5.00%
03/01/2041
 
5,000
5,068,402
See accompanying notes which are an integral part of this schedule.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Wisconsin-(continued)
 
 
 
 
 
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District
Development), Series 2016, RB
5.00%
03/01/2046
$
45
$45,512
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB
4.25%
06/01/2041
 
1,215
1,210,742
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref.
RB
4.00%
06/01/2045
 
1,000
954,690
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref.
RB, (INS - AGM)(a)
3.00%
06/01/2045
 
3,285
2,797,063
 
 
 
 
28,244,267
Wyoming-0.11%
 
 
 
 
 
University of Wyoming, Series 2021 C, RB, (INS - AGM)(a)
4.00%
06/01/2051
 
3,600
3,581,451
TOTAL INVESTMENTS IN SECURITIES(e)-98.69%
(Cost $3,188,368,901)
3,132,586,326
OTHER ASSETS LESS LIABILITIES-1.31%
41,548,249
NET ASSETS-100.00%
$3,174,134,575
 
Investment Abbreviations:
AGC
-Assured Guaranty Corp.
AGM
-Assured Guaranty Municipal Corp.
BAM
-Build America Mutual Assurance Co.
CEP
-Credit Enhancement Provider
COP
-Certificates of Participation
Ctfs.
-Certificates
GO
-General Obligation
INS
-Insurer
PCR
-Pollution Control Revenue Bonds
RAC
-Revenue Anticipation Certificates
RB
-Revenue Bonds
Ref.
-Refunding
Wts.
-Warrants
 
Notes to Schedule of Investments:
(a)
Principal and/or interest payments are secured by the bond insurance company listed.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
November 30, 2024 was $1,891,584, which represented less than 1% of the Fund’s Net Assets.
(c)
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(d)
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(e)
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily
responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
 
Entities
Percentage
Assured Guaranty Municipal Corp
7.25%
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
Invesco New York AMT-Free Municipal Bond ETF (PZT)
November 30, 2024
(Unaudited)
 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations-98.65%
 
 
 
 
 
Guam-0.16%
 
 
 
 
 
Guam (Territory of) Waterworks Authority, Series 2020 A, RB
5.00%
01/01/2050
$
200
$208,155
New York-98.49%
 
 
 
 
 
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
4.00%
11/01/2044
 
1,000
1,005,804
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
5.00%
11/01/2049
 
2,500
2,675,476
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%
11/01/2048
 
500
552,694
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB,
(INS - AGM)(a)
3.00%
04/01/2045
 
1,000
834,426
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
5.00%
07/01/2041
 
1,000
1,001,262
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
5.00%
07/01/2046
 
500
505,004
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%
02/15/2042
 
450
463,038
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
4.00%
02/15/2044
 
500
501,349
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGM)(a)
4.00%
02/15/2047
 
20
20,056
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%
09/01/2041
 
2,000
2,049,237
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
5.00%
09/01/2054
 
1,000
1,094,834
Metropolitan Transportation Authority, Series 2013 B, RB
4.00%
11/15/2043
 
65
64,487
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%
11/15/2041
 
50
50,041
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%
11/15/2046
 
50
48,745
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
4.00%
11/15/2046
 
30
29,332
Metropolitan Transportation Authority, Series 2021 A-2, RB
4.00%
11/15/2041
 
100
100,254
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
4.00%
11/15/2045
 
25
24,717
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
4.00%
11/15/2046
 
100
98,622
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
5.25%
11/15/2056
 
1,000
1,010,832
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%
11/15/2047
 
25
25,635
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)(a)
5.00%
11/15/2044
 
800
837,875
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(a)
4.00%
11/15/2049
 
500
494,169
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
4.00%
11/15/2040
 
5
5,026
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%
11/15/2043
 
50
50,145
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%
11/15/2054
 
110
108,675
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
4.75%
11/15/2045
 
400
413,952
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
5.25%
11/15/2055
 
1,000
1,052,175
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB
5.00%
11/15/2043
 
55
58,395
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-2, RB
4.00%
11/15/2048
 
65
63,755
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
4.00%
11/15/2045
 
20
19,774
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB
5.25%
11/15/2054
 
1,000
1,118,344
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB
5.00%
11/15/2044
 
80
87,158
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB
5.00%
11/15/2047
 
100
107,860
Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB, (INS - BAM)(a)
4.00%
11/15/2048
 
200
199,491
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB
4.00%
07/01/2050
 
500
499,701
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB
5.00%
11/15/2051
 
1,240
1,241,855
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.25%
10/15/2055
 
1,000
1,013,713
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB
3.25%
12/01/2042
 
30
26,133
New York & New Jersey (States of) Port Authority, Series 2022, RB
5.00%
01/15/2052
 
420
456,199
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%
07/15/2049
 
25
27,535
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%
07/15/2054
 
200
219,350
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
4.00%
09/01/2043
 
115
115,334
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
5.00%
09/01/2048
 
5
5,204
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.00%
11/15/2047
 
1,000
1,043,050
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%
07/15/2053
 
100
108,990
New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB
5.00%
07/15/2042
 
40
45,504
New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB
4.00%
09/01/2049
 
100
99,990
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%
07/15/2040
 
500
510,695
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%
07/15/2041
 
750
762,256
New York (City of), NY, Series 2017 B-1, GO Bonds
3.25%
10/01/2042
 
100
90,054
New York (City of), NY, Series 2018 E-1, GO Bonds
3.63%
03/01/2045
 
55
51,536
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%
10/01/2039
 
500
538,810
New York (City of), NY, Series 2019 B-1, GO Bonds
3.00%
10/01/2041
 
20
17,395
New York (City of), NY, Series 2020 C, GO Bonds
4.00%
08/01/2041
 
100
101,186
New York (City of), NY, Series 2020 C, GO Bonds
5.00%
08/01/2042
 
20
21,574
New York (City of), NY, Series 2020 C, GO Bonds
5.00%
08/01/2043
 
1,000
1,077,482
See accompanying notes which are an integral part of this schedule.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY, Series 2020 D-1, GO Bonds
3.00%
03/01/2045
$
90
$75,011
New York (City of), NY, Series 2020 D-1, GO Bonds
4.00%
03/01/2050
 
400
397,289
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%
08/01/2047
 
85
91,608
New York (City of), NY, Series 2021 A-1, GO Bonds
4.00%
08/01/2050
 
105
104,449
New York (City of), NY, Series 2021 F-1, GO Bonds
3.00%
03/01/2041
 
30
26,131
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%
03/01/2044
 
75
81,081
New York (City of), NY, Series 2021 F-1, GO Bonds
4.00%
03/01/2047
 
175
174,908
New York (City of), NY, Series 2022 A-1, GO Bonds
5.25%
09/01/2043
 
45
50,333
New York (City of), NY, Series 2022 A-1, GO Bonds
4.00%
09/01/2046
 
200
200,313
New York (City of), NY, Series 2023 A, GO Bonds
5.00%
08/01/2042
 
45
50,158
New York (City of), NY, Series 2023 A, GO Bonds
5.00%
08/01/2047
 
15
16,406
New York (City of), NY, Series 2023 A, GO Bonds
5.00%
08/01/2048
 
15
16,368
New York (City of), NY, Series 2024 A, GO Bonds
5.00%
08/01/2051
 
1,000
1,087,778
New York (City of), NY, Series 2024 C, GO Bonds
5.00%
03/01/2042
 
80
89,694
New York (City of), NY, Series 2024 C, GO Bonds
5.00%
03/01/2043
 
50
55,795
New York (City of), NY, Series 2024 C, GO Bonds
5.00%
03/01/2044
 
35
38,908
New York (City of), NY, Series 2024 C, GO Bonds
5.00%
03/01/2045
 
100
110,669
New York (City of), NY, Series 2024 C, GO Bonds
4.00%
03/01/2046
 
100
100,182
New York (City of), NY, Series 2024 C, GO Bonds
5.25%
03/01/2047
 
100
112,262
New York (City of), NY, Series 2024 C, GO Bonds
5.25%
03/01/2053
 
280
311,202
New York (City of), NY, Series 2024 D, GO Bonds
5.50%
04/01/2048
 
100
114,117
New York (City of), NY, Series 2024 D, GO Bonds
5.25%
04/01/2054
 
300
333,393
New York (City of), NY, Subseries 2016 A-1, GO Bonds
4.00%
08/01/2039
 
50
50,166
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%
12/01/2040
 
100
105,686
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%
12/01/2042
 
1,000
1,052,559
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%
04/01/2043
 
210
218,939
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%
08/01/2039
 
25
26,878
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%
08/01/2040
 
5
5,041
New York (City of), NY, Subseries 2019 A-1, GO Bonds
3.00%
08/01/2045
 
35
28,962
New York (City of), NY, Subseries 2020 B-1, GO Bonds
3.00%
10/01/2044
 
15
12,548
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2039
 
500
569,004
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2040
 
50
56,772
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2041
 
190
214,609
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%
10/01/2042
 
30
33,770
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.25%
05/01/2042
 
10
11,198
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.25%
05/01/2043
 
20
22,281
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.50%
05/01/2045
 
55
61,857
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.50%
05/01/2046
 
125
140,195
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.00%
04/01/2040
 
10
11,226
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%
04/01/2043
 
100
112,623
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%
04/01/2047
 
200
222,293
New York (City of), NY, Subseries 2023 E-1, GO Bonds
4.00%
04/01/2050
 
500
497,393
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A,
Ref. RB, (INS - AGM)(a)
3.00%
01/01/2046
 
100
82,522
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB
3.00%
03/01/2049
 
20
15,392
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB,
(INS - AGM)(a)
3.00%
03/01/2049
 
2,000
1,624,831
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB
5.25%
06/15/2052
 
100
110,339
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
4.00%
06/15/2046
 
200
200,029
New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB
3.00%
06/15/2046
 
200
168,151
New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB
5.00%
06/15/2048
 
5
5,173
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
3.50%
06/15/2040
 
25
25,010
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
5.00%
06/15/2040
 
100
105,125
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB
5.00%
06/15/2040
 
200
210,250
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%
06/15/2039
 
10
10,557
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%
06/15/2040
 
200
210,813
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB
4.00%
06/15/2049
 
1,000
989,720
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
4.00%
06/15/2049
 
100
98,972
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
5.00%
06/15/2040
 
20
21,571
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
4.00%
06/15/2043
 
200
201,964
See accompanying notes which are an integral part of this schedule.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
3.00%
06/15/2050
$
1,000
$823,976
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
4.00%
06/15/2050
 
1,000
996,947
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB
4.00%
06/15/2042
 
75
75,990
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
4.00%
06/15/2042
 
65
65,776
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
5.00%
06/15/2041
 
100
108,248
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB
5.00%
06/15/2050
 
1,000
1,061,299
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
5.00%
06/15/2048
 
2,000
2,149,522
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
3.00%
06/15/2044
 
5
4,321
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
4.00%
06/15/2051
 
1,000
994,710
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
5.00%
06/15/2051
 
1,000
1,070,500
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
5.00%
06/15/2047
 
60
65,452
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
5.00%
06/15/2045
 
50
54,521
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
4.13%
06/15/2047
 
2,000
2,027,259
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB
5.00%
06/15/2040
 
115
123,699
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.00%
06/15/2043
 
100
111,533
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.25%
06/15/2048
 
10
11,208
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
5.25%
06/15/2053
 
200
222,678
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-1, RB
5.25%
06/15/2054
 
300
333,733
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.00%
06/15/2044
 
100
111,034
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.25%
06/15/2047
 
310
347,799
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
5.00%
02/01/2041
 
300
300,621
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%
07/15/2040
 
100
100,144
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB
5.00%
05/01/2040
 
200
203,464
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
5.00%
07/15/2043
 
1,000
1,015,689
New York (City of), NY Transitional Finance Authority, Series 2016, RB
4.00%
05/01/2042
 
35
35,034
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
5.00%
08/01/2039
 
15
15,610
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
5.00%
08/01/2040
 
5
5,196
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
4.00%
08/01/2042
 
100
99,912
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
4.00%
08/01/2042
 
300
299,735
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
5.00%
08/01/2045
 
1,000
1,034,937
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
5.00%
02/01/2043
 
1,500
1,543,900
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
5.00%
05/01/2042
 
230
238,576
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
3.25%
05/01/2043
 
45
41,423
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
5.00%
05/01/2043
 
25
25,819
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%
02/01/2040
 
15
15,476
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
4.00%
05/01/2044
 
75
75,062
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
4.00%
07/15/2046
 
1,000
998,517
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
4.00%
05/01/2043
 
100
100,177
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
3.00%
05/01/2045
 
50
42,574
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
3.00%
11/01/2047
 
2,000
1,676,618
New York (City of), NY Transitional Finance Authority, Series 2019, RB
4.00%
11/01/2040
 
50
50,447
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%
05/01/2039
 
25
25,704
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%
05/01/2040
 
50
51,014
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%
05/01/2045
 
10
10,027
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
4.00%
11/01/2040
 
50
51,008
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
4.00%
11/01/2042
 
35
35,391
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%
05/01/2040
 
100
102,028
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%
05/01/2041
 
25
27,231
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%
05/01/2045
 
25
25,068
New York (City of), NY Transitional Finance Authority, Series 2020, RB
3.00%
05/01/2046
 
90
75,730
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%
05/01/2046
 
10
10,023
New York (City of), NY Transitional Finance Authority, Series 2020, RB
3.00%
05/01/2048
 
1,000
821,973
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
3.00%
08/01/2040
 
40
36,136
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
4.00%
08/01/2045
 
5
5,015
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
5.00%
08/01/2045
 
95
102,768
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
4.00%
08/01/2048
 
5
4,996
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2046
 
190
190,404
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%
02/01/2049
 
145
144,517
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%
08/01/2041
 
20
22,244
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%
08/01/2043
 
55
60,685
See accompanying notes which are an integral part of this schedule.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%
08/01/2044
$
20
$21,976
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%
08/01/2045
 
100
109,246
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
4.00%
08/01/2048
 
75
74,932
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2042
 
20
22,054
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2043
 
35
38,425
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%
02/01/2044
 
65
71,054
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%
02/01/2040
 
15
15,362
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%
02/01/2041
 
125
127,299
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%
02/01/2044
 
100
109,314
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%
02/01/2047
 
390
421,068
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%
02/01/2051
 
15
16,123
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2044
 
30
33,206
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2046
 
100
109,432
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2047
 
10
10,915
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2048
 
100
108,896
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%
05/01/2053
 
250
270,896
New York (City of), NY Transitional Finance Authority, Series 2023 C, RB
5.50%
05/01/2053
 
200
226,659
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%
11/01/2041
 
40
44,882
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.25%
02/01/2040
 
45
51,577
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2042
 
70
78,044
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2043
 
40
44,377
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%
02/01/2045
 
100
109,743
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.25%
02/01/2047
 
145
161,006
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
4.00%
02/01/2051
 
400
396,511
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.50%
05/01/2041
 
90
105,448
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.00%
05/01/2042
 
30
33,720
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.50%
05/01/2044
 
100
115,854
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%
05/01/2048
 
180
200,920
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%
05/01/2050
 
200
222,984
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
5.00%
05/01/2046
 
100
109,906
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
4.38%
05/01/2053
 
200
203,521
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%
11/01/2039
 
100
114,443
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%
11/01/2040
 
30
34,269
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%
11/01/2041
 
1,000
1,134,433
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2040
 
35
39,866
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2041
 
25
28,284
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2042
 
50
56,347
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2043
 
100
112,085
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2044
 
25
27,874
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2046
 
60
66,083
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2047
 
100
109,831
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2048
 
80
87,648
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%
02/01/2049
 
1,050
1,149,682
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.25%
02/01/2053
 
300
334,163
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2042
 
500
564,956
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2043
 
5
5,618
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2044
 
20
22,352
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2046
 
15
16,556
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%
05/01/2047
 
100
110,057
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.25%
05/01/2048
 
100
112,168
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.00%
05/01/2045
 
150
166,503
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.25%
05/01/2049
 
100
111,930
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.25%
05/01/2051
 
200
223,929
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.00%
05/01/2052
 
100
109,354
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
5.00%
08/01/2040
 
20
20,419
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
3.00%
08/01/2042
 
20
17,761
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%
08/01/2040
 
10
10,556
New York (City of), NY Transitional Finance Authority, Subseries 2020 A-3, RB
4.00%
05/01/2044
 
65
65,068
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2040
 
30
34,259
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%
11/01/2041
 
20
22,704
See accompanying notes which are an integral part of this schedule.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.50%
11/01/2045
$
300
$340,916
New York (City of), NY Trust for Cultural Resources (American Museum of Natural History),
Series 2024, Ref. RB
5.00%
07/15/2054
 
250
273,765
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%
03/15/2042
 
190
195,663
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%
02/15/2043
 
5
5,190
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%
03/15/2043
 
10
10,485
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%
03/15/2045
 
10
10,532
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%
03/15/2048
 
200
209,265
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%
03/15/2041
 
20
21,288
New York (State of) Dormitory Authority, Series 2020 A, RB
3.00%
03/15/2049
 
1,000
816,334
New York (State of) Dormitory Authority, Series 2020 A, RB
4.00%
07/01/2050
 
2,000
1,987,427
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%
03/15/2041
 
85
77,136
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%
03/15/2042
 
35
31,331
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%
03/15/2045
 
20
20,002
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%
03/15/2046
 
30
29,977
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%
03/15/2048
 
85
84,521
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%
02/15/2041
 
100
107,592
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%
02/15/2047
 
600
596,524
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
3.00%
02/15/2049
 
100
83,200
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%
02/15/2049
 
100
99,308
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%
03/15/2040
 
500
508,188
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%
03/15/2047
 
100
100,195
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%
03/15/2044
 
100
100,485
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%
03/15/2047
 
100
100,222
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
4.25%
10/01/2051
 
500
501,056
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%
03/15/2042
 
200
201,625
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%
03/15/2043
 
40
40,268
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%
03/15/2049
 
20
19,993
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)
5.25%
10/01/2050
 
1,000
1,088,350
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%
03/15/2053
 
100
108,798
New York (State of) Dormitory Authority, Series 2024 A, RB
5.00%
03/15/2051
 
1,000
1,104,078
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2041
 
80
90,151
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2042
 
5
5,600
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2043
 
105
116,861
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2044
 
25
27,697
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2045
 
100
110,458
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%
03/15/2046
 
115
126,694
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
4.00%
03/15/2047
 
100
99,983
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%
03/15/2048
 
100
111,694
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%
03/15/2049
 
100
111,377
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%
03/15/2052
 
355
394,709
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB
4.00%
02/15/2044
 
2,500
2,501,998
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB
3.00%
03/15/2041
 
75
68,488
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
5.00%
03/15/2043
 
1,000
1,048,483
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A,
Ref. RB
4.00%
07/01/2045
 
500
424,151
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB
5.00%
07/01/2050
 
1,000
1,063,278
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
4.00%
07/01/2050
 
500
496,068
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
5.00%
02/15/2048
 
15
15,859
New York (State of) Dormitory Authority (Group 4), Series 2020 A, Ref. RB
4.00%
03/15/2044
 
10
10,010
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB,
(CEP - Federal Housing Administration)
3.00%
02/01/2050
 
1,110
901,577
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB
4.00%
07/01/2047
 
2,000
1,989,340
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
5.00%
07/01/2046
 
500
508,958
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(a)
5.50%
07/01/2040
 
500
598,801
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB
5.00%
07/01/2050
 
500
526,380
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities),
Series 2019 A, RB
4.00%
07/01/2049
 
1,785
1,771,887
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB,
(INS - AGM)(a)
4.00%
11/15/2052
 
4,000
4,002,824
See accompanying notes which are an integral part of this schedule.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB,
(INS - AGM)(a)
4.00%
11/15/2061
$
1,990
$1,982,388
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%
01/01/2041
 
100
100,414
New York (State of) Thruway Authority, Series 2019 B, RB
3.00%
01/01/2046
 
130
106,367
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%
01/01/2050
 
250
246,659
New York (State of) Thruway Authority, Series 2020 N, RB
3.00%
01/01/2049
 
2,000
1,588,883
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
3.00%
03/15/2049
 
1,000
816,766
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
5.00%
01/01/2049
 
500
550,173
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
5.25%
01/01/2054
 
250
276,395
New York (State of) Thruway Authority (Bid Group 4), Series 2021 A-1, Ref. RB
4.00%
03/15/2056
 
100
99,115
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
4.00%
03/15/2049
 
20
19,931
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB
5.00%
03/15/2040
 
35
39,006
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%
03/15/2053
 
65
70,102
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%
03/15/2055
 
200
215,198
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
4.13%
03/15/2057
 
100
100,227
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%
03/15/2041
 
15
16,634
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%
03/15/2042
 
100
110,405
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
4.00%
03/15/2043
 
10
10,051
New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB
4.00%
03/15/2055
 
100
98,957
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2045
 
45
49,128
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2046
 
95
103,391
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2048
 
205
221,821
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%
03/15/2045
 
55
55,068
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
3.00%
03/15/2048
 
100
82,303
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%
03/15/2058
 
150
148,361
New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB
4.00%
03/15/2044
 
20
20,041
New York (State of) Thruway Authority (Group 5), Series 2021 A-1, Ref. RB
4.00%
03/15/2057
 
1,000
989,232
New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB
5.00%
12/15/2040
 
25
29,020
New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB
5.00%
12/15/2041
 
10
11,536
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%
11/15/2040
 
1,885
1,903,419
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%
11/15/2045
 
2,000
2,016,617
New York Liberty Development Corp., Series 2021 1, Ref. RB
3.00%
02/15/2042
 
1,075
943,471
New York Liberty Development Corp., Series 2021-1, Ref. RB
4.00%
02/15/2043
 
1,000
998,572
New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB
3.00%
09/15/2043
 
445
386,338
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref.
RB
2.63%
09/15/2069
 
385
362,138
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
2.75%
11/15/2041
 
100
80,566
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
3.00%
11/15/2051
 
2,000
1,571,200
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024,
Ref. RB
5.00%
06/15/2049
 
1,000
1,110,030
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024,
Ref. RB
5.25%
06/15/2053
 
1,000
1,128,022
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%
03/15/2041
 
100
107,271
New York State Urban Development Corp., Series 2019 A, Ref. RB
3.00%
03/15/2049
 
10
8,189
New York State Urban Development Corp., Series 2020 A, RB
5.00%
03/15/2041
 
1,000
1,083,636
New York State Urban Development Corp., Series 2020 A, RB
4.00%
03/15/2045
 
250
250,285
New York State Urban Development Corp., Series 2020 A, RB
4.00%
03/15/2049
 
565
563,062
New York State Urban Development Corp., Series 2020 C, Ref. RB
4.00%
03/15/2045
 
20
20,023
New York State Urban Development Corp., Series 2020 E, Ref. RB
3.00%
03/15/2047
 
100
83,547
New York State Urban Development Corp., Series 2020 E, Ref. RB
3.00%
03/15/2049
 
10
8,220
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%
03/15/2040
 
50
45,571
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%
03/15/2043
 
100
107,682
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%
03/15/2044
 
10
10,735
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%
03/15/2048
 
145
120,439
New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB
5.00%
03/15/2043
 
85
94,364
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%
03/15/2044
 
2,000
1,992,135
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
4.00%
03/15/2043
 
100
100,986
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%
03/15/2045
 
50
54,970
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%
03/15/2046
 
75
82,229
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%
03/15/2047
 
75
81,960
See accompanying notes which are an integral part of this schedule.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%
03/15/2048
$
25
$27,255
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
4.00%
03/15/2046
 
15
14,967
New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB
3.00%
03/15/2050
 
1,000
821,094
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2048
 
15
16,241
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2049
 
20
21,611
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%
03/15/2050
 
15
16,202
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%
03/15/2049
 
45
48,947
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%
03/15/2050
 
25
27,177
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%
03/15/2052
 
30
32,578
New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB
5.00%
03/15/2063
 
200
215,760
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref.
RB
4.00%
12/01/2039
 
500
502,126
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref.
RB
4.00%
12/01/2042
 
1,000
988,974
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
5.00%
12/01/2043
 
500
535,052
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%
11/15/2046
 
1,470
1,495,659
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
4.00%
05/15/2046
 
1,000
1,000,120
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
3.00%
05/15/2051
 
40
32,341
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
4.00%
05/15/2051
 
100
98,376
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.00%
05/15/2040
 
60
66,901
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%
05/15/2041
 
10
11,274
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%
05/15/2052
 
1,000
1,096,137
Triborough Bridge & Tunnel Authority, Series 2023 A, RB
5.00%
05/15/2053
 
35
37,885
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.00%
05/15/2049
 
100
109,747
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.00%
05/15/2054
 
1,000
1,088,739
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
4.13%
05/15/2064
 
425
426,484
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.25%
05/15/2064
 
500
551,687
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
5.00%
11/15/2048
 
500
547,287
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
5.25%
11/15/2053
 
1,000
1,109,295
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB
5.00%
11/15/2039
 
5
5,643
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-2, RB
4.50%
05/15/2047
 
10
10,342
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB
5.00%
11/15/2041
 
5
5,648
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB
5.00%
11/15/2043
 
5
5,605
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB
5.25%
05/15/2054
 
300
333,768
Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2,
RB
5.50%
05/15/2052
 
200
224,341
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%
11/15/2051
 
2,500
2,661,271
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%
11/15/2056
 
15
15,916
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
5.25%
05/15/2052
 
90
98,832
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%
05/15/2047
 
2,130
2,311,300
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
5.00%
05/15/2047
 
35
37,992
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
4.00%
05/15/2057
 
100
100,067
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
5.25%
05/15/2062
 
200
217,310
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
4.00%
05/15/2048
 
100
100,397
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
5.00%
05/15/2048
 
20
21,832
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
4.50%
05/15/2063
 
300
309,362
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB
5.25%
05/15/2064
 
100
108,964
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-3 RB
5.25%
05/15/2064
 
100
108,513
 
 
 
 
132,161,613
TOTAL INVESTMENTS IN SECURITIES(b)-98.65%
(Cost $135,992,107)
132,369,768
OTHER ASSETS LESS LIABILITIES-1.35%
1,814,234
NET ASSETS-100.00%
$134,184,002
 
See accompanying notes which are an integral part of this schedule.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
November 30, 2024
(Unaudited)
Investment Abbreviations:
AGM
-Assured Guaranty Municipal Corp.
AMBAC
-American Municipal Bond Assurance Corp.
BAM
-Build America Mutual Assurance Co.
CEP
-Credit Enhancement Provider
GO
-General Obligation
INS
-Insurer
RB
-Revenue Bonds
Ref.
-Refunding
 
Notes to Schedule of Investments:
(a)
Principal and/or interest payments are secured by the bond insurance company listed.
(b)
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily
responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
 
Entities
Percentage
Assured Guaranty Municipal Corp
8.41%
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 Preferred ETF (PGX)
November 30, 2024
(Unaudited)
 
 
Shares
Value
Preferred Stocks-99.49%
Automobiles-1.89%
Ford Motor Co.
 
Pfd., 6.00%(b)
 
1,298,641
$30,660,914
Pfd., 6.20%(b)
 
1,222,812
29,139,610
Pfd., 6.50%
 
978,919
24,277,191
 
 
84,077,715
Banks-33.16%
Associated Banc-Corp
 
Series F, Pfd., 5.63%(b)
 
171,553
3,640,355
Series E, Pfd., 5.88%(b)
 
157,098
3,523,708
Pfd., 6.63%(b)(c)
 
497,256
12,426,427
Bank of America Corp.
 
Series PP, Pfd., 4.13%
 
1,581,499
29,147,027
Series QQ, Pfd., 4.25%(b)
 
2,166,390
40,533,157
Series NN, Pfd., 4.38%(b)
 
1,799,889
35,043,839
Series SS, Pfd., 4.75%(b)
 
1,159,627
24,816,018
Series LL, Pfd., 5.00%
 
2,163,660
47,297,608
Series KK, Pfd., 5.38%
 
2,377,011
55,574,517
Series HH, Pfd., 5.88%
 
1,425,775
35,915,272
Series GG, Pfd., 6.00%
 
2,229,739
56,323,207
Series K, Pfd., 6.45%(b)
 
1,387,079
36,285,987
Bank of Hawaii Corp.
 
Series A, Pfd., 4.38%(b)
 
295,371
5,015,400
Pfd., 8.00%(b)
 
268,773
7,149,362
Bank OZK, Series A, Pfd., 4.63%(b)
 
571,824
10,086,975
Cadence Bank, Series A, Pfd., 5.50%(b)
 
299,044
6,294,876
Citizens Financial Group, Inc.
 
Series E, Pfd., 5.00%(b)
 
736,808
15,760,323
Pfd., 7.38%(b)
 
651,776
17,780,449
Cullen/Frost Bankers, Inc., Series B, Pfd.,
4.45%(b)
 
234,498
4,549,261
Fifth Third Bancorp
 
Series K, Pfd., 4.95%(b)
 
404,693
9,611,459
Series A, Pfd., 6.00%(b)
 
325,266
8,212,967
First Citizens BancShares, Inc.
 
Series A, Pfd., 5.38%
 
583,883
13,954,804
Series C, Pfd., 5.63%(b)
 
310,232
7,256,326
First Horizon Corp.
 
Series F, Pfd., 4.70%(b)
 
235,618
4,462,605
Series E, Pfd., 6.50%(b)
 
247,517
5,915,656
Fulton Financial Corp., Series A, Pfd.,
5.13%(b)
 
322,638
6,775,398
Hancock Whitney Corp., Pfd., 6.25%(b)
 
284,106
7,196,405
Huntington Bancshares, Inc.
 
Series H, Pfd., 4.50%
 
809,280
15,837,610
Series C, Pfd., 5.70%(b)
 
296,673
7,120,152
Series J, Pfd., 6.88%(c)
 
531,181
14,060,361
JPMorgan Chase & Co.
 
Series MM, Pfd., 4.20%
 
3,287,729
64,143,593
Series JJ, Pfd., 4.55%(b)
 
2,475,240
51,534,497
Series LL, Pfd., 4.63%(b)
 
3,052,575
65,141,950
Series GG, Pfd., 4.75%(b)
 
1,478,078
32,635,962
Series DD, Pfd., 5.75%
 
2,799,135
70,146,323
Series EE, Pfd., 6.00%(b)
 
3,021,231
76,316,295
KeyCorp
 
Series G, Pfd., 5.63%(b)
 
731,842
17,834,990
Series F, Pfd., 5.65%(b)
 
693,041
16,660,706
Series E, Pfd., 6.13%(c)
 
817,331
20,972,713
Pfd., 6.20%(b)(c)
 
971,739
24,779,344
M&T Bank Corp.
 
Series H, Pfd., 5.63%(c)
 
415,528
10,645,827
Series J, Pfd., 7.50%(b)
 
1,228,966
33,784,275
 
Shares
Value
Banks-(continued)
Old National Bancorp
 
Series A, Pfd., 7.00%(b)
 
178,850
$4,578,560
Series C, Pfd., 7.00%
 
195,976
4,971,911
Popular Capital Trust II, Pfd., 6.13%
 
51,785
1,344,856
Regions Financial Corp.
 
Series E, Pfd., 4.45%(b)
 
651,534
13,017,649
Series C, Pfd., 5.70%(b)(c)
 
812,749
20,465,020
Pfd., 6.95%(b)(c)
 
848,278
22,394,539
Texas Capital Bancshares, Inc., Series B,
Pfd., 5.75%(b)
 
493,153
10,612,653
Truist Financial Corp.
 
Series R, Pfd., 4.75%(b)
 
1,510,423
31,794,404
Series O, Pfd., 5.25%(b)
 
937,719
21,755,081
U.S. Bancorp
 
Series L, Pfd., 3.75%(b)
 
816,758
14,456,617
Series M, Pfd., 4.00%(b)
 
1,245,842
23,210,036
Series O, Pfd., 4.50%(b)
 
694,266
14,933,662
Series K, Pfd., 5.50%(b)
 
954,419
23,975,005
Valley National Bancorp, Series C, Pfd.,
8.25%(b)(c)
 
246,917
6,486,510
WaFd, Inc., Series A, Pfd., 4.88%(b)
 
481,556
8,682,455
Webster Financial Corp., Series F, Pfd.,
5.25%(b)
 
246,908
5,168,698
Wells Fargo & Co.
 
Series DD, Pfd., 4.25%(b)
 
2,055,300
38,947,935
Series CC, Pfd., 4.38%(b)
 
1,733,490
33,317,678
Series AA, Pfd., 4.70%
 
1,918,396
38,809,151
Series Z, Pfd., 4.75%
 
3,312,731
67,380,949
Series Y, Pfd., 5.63%(b)
 
1,142,722
28,190,952
Western Alliance Bancorporation, Series A,
Pfd., 4.25%(b)(c)
 
495,010
10,865,469
 
 
1,477,523,776
Broadline Retail-0.33%
QVC, Inc.
 
Pfd., 6.25%
 
806,013
9,970,381
Pfd., 6.38%(b)
 
357,079
4,570,611
 
 
14,540,992
Capital Markets-11.38%
Affiliated Managers Group, Inc.
 
Pfd., 4.20%(b)
 
328,048
5,708,035
Pfd., 4.75%(b)
 
452,705
8,940,924
Pfd., 5.88%(b)
 
491,980
11,635,327
Pfd., 6.75%(b)
 
736,737
18,772,059
Brookfield Finance I (UK) PLC, Pfd., 4.50%
(Canada)(b)
 
377,296
6,447,989
Brookfield Finance, Inc., Series 50, Pfd.,
4.63% (Canada)(b)
 
641,577
12,112,974
Brookfield Oaktree Holdings LLC
 
Series B, Pfd., 6.55%
 
381,402
8,615,871
Series A, Pfd., 6.63%
 
302,652
6,855,068
Charles Schwab Corp. (The)
 
Series J, Pfd., 4.45%(b)
 
976,542
20,751,518
Series D, Pfd., 5.95%(b)
 
1,228,623
31,268,455
See accompanying notes which are an integral part of this schedule.
Invesco Preferred ETF (PGX)—(continued)
November 30, 2024
(Unaudited)
 
Shares
Value
Capital Markets-(continued)
Morgan Stanley
 
Series O, Pfd., 4.25%(b)
 
2,145,921
$41,266,061
Series L, Pfd., 4.88%(b)
 
875,322
19,983,601
Series K, Pfd., 5.85%(b)(d)
 
1,754,666
43,743,824
Series I, Pfd., 6.38%(d)
 
1,766,218
44,773,626
Series P, Pfd., 6.50%(b)
 
1,653,059
43,128,309
Series Q, Pfd., 6.63%(b)
 
1,665,686
44,157,336
Series F, Pfd., 6.88%(d)
 
1,329,260
33,656,863
Series E, Pfd., 7.13%(b)(d)
 
1,081,730
27,411,038
New Mountain Finance Corp., Pfd.,
8.25%(b)
 
188,732
4,810,779
Northern Trust Corp., Series E, Pfd.,
4.70%
 
654,696
14,344,389
Prospect Capital Corp., Series A, Pfd.,
5.35%(b)
 
232,901
4,512,457
State Street Corp., Series G, Pfd.,
5.35%(b)(d)
 
815,469
20,443,808
Stifel Financial Corp.
 
Series D, Pfd., 4.50%(b)
 
516,997
10,464,019
Pfd., 5.20%(b)
 
369,762
8,230,902
Series C, Pfd., 6.13%(b)
 
366,016
9,285,826
Series B, Pfd., 6.25%(b)
 
231,485
5,875,089
 
 
507,196,147
Chemicals-0.12%
EIDP, Inc., Series B, Pfd., 4.50%(b)
 
71,554
5,221,295
Commercial Services & Supplies-0.31%
Pitney Bowes, Inc., Pfd., 6.70%(b)
 
700,551
14,018,026
Consumer Finance-4.22%
Capital One Financial Corp.
 
Series N, Pfd., 4.25%(b)
 
696,692
12,693,728
Series L, Pfd., 4.38%(b)
 
1,101,799
20,835,019
Series K, Pfd., 4.63%(b)
 
205,725
4,021,924
Series J, Pfd., 4.80%
 
2,044,856
40,815,326
Series I, Pfd., 5.00%
 
2,458,730
51,608,743
Navient Corp., Pfd., 6.00%(b)
 
517,427
10,669,345
Synchrony Financial
 
Series A, Pfd., 5.63%
 
1,218,532
25,503,875
Series B, Pfd., 8.25%(b)(c)
 
820,555
21,744,707
 
 
187,892,667
Diversified REITs-0.25%
Global Net Lease, Inc.
 
Series B, Pfd., 6.88%(b)
 
218,268
4,834,636
Series A, Pfd., 7.25%(b)
 
277,154
6,429,973
 
 
11,264,609
Diversified Telecommunication Services-5.21%
AT&T, Inc.
 
Series C, Pfd., 4.75%(b)
 
2,866,088
57,808,995
Series A, Pfd., 5.00%(b)
 
1,965,281
42,115,972
Pfd., 5.35%(b)
 
2,171,515
51,247,754
Pfd., 5.63%(b)
 
1,347,933
33,887,036
Qwest Corp.
 
Pfd., 6.50%(b)
 
1,591,945
28,034,151
Pfd., 6.75%
 
1,070,910
19,244,253
 
 
232,338,161
Electric Utilities-6.99%
BIP Bermuda Holdings I Ltd., Pfd., 5.13%
(Canada)(b)
 
489,759
8,996,873
 
Shares
Value
Electric Utilities-(continued)
Brookfield Infrastructure Finance ULC
 
Pfd., 5.00% (Canada)(b)
 
405,617
$7,386,286
Pfd., 7.25% (Canada)(b)
 
256,513
6,741,162
Duke Energy Corp.
 
Pfd., 5.63%(b)
 
816,501
20,167,575
Series A, Pfd., 5.75%(b)
 
1,628,546
40,485,654
Entergy Arkansas LLC, Pfd., 4.88%(b)
 
473,434
10,434,485
Entergy Louisiana LLC, Pfd., 4.88%(b)
 
433,023
9,526,506
Entergy Mississippi LLC, Pfd., 4.90%(b)
 
426,715
9,396,264
Entergy New Orleans LLC, Pfd., 5.50%(b)
 
380,498
8,850,383
Georgia Power Co., Series 2017-A, Pfd.,
5.00%(b)
 
443,491
10,169,249
National Rural Utilities Cooperative Finance
Corp., Pfd., 5.50%(b)
 
406,411
10,058,672
NextEra Energy Capital Holdings, Inc.,
Series N, Pfd., 5.65%(b)
 
1,115,549
27,185,929
Pacific Gas and Electric Co., Series A, Pfd.,
6.00%(b)
 
172,491
4,246,728
SCE Trust II, Pfd., 5.10%(b)
 
259,314
5,445,594
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)
 
75,569
1,876,378
SCE Trust V, Series K, Pfd., 5.45%(b)(c)
 
518,611
12,965,275
SCE Trust VI, Pfd., 5.00%(b)
 
797,412
16,323,024
SCE Trust VII, Series M, Pfd., 7.50%(b)
 
904,142
24,258,130
Southern Co. (The)
 
Series C, Pfd., 4.20%(b)
 
1,228,951
24,284,072
Series 2020, Pfd., 4.95%(b)
 
1,633,565
35,726,066
Pfd., 5.25%(b)
 
733,546
17,003,596
 
 
311,527,901
Financial Services-4.60%
Apollo Global Management, Inc., Pfd.,
7.63%(b)(c)
 
977,112
26,567,675
Brookfield BRP Holdings (Canada), Inc.
 
Pfd., 4.63% (Canada)
 
574,056
9,437,481
Pfd., 4.88% (Canada)(b)
 
436,923
7,545,660
Pfd., 7.25% (Canada)(b)
 
245,645
6,467,833
Carlyle Finance LLC, Pfd., 4.63%(b)
 
816,993
16,013,063
Corebridge Financial, Inc., Pfd., 6.38%
 
456,000
11,348,928
Equitable Holdings, Inc.
 
Series C, Pfd., 4.30%(b)
 
499,437
9,724,038
Series A, Pfd., 5.25%(b)
 
1,305,799
29,968,087
Jackson Financial, Inc., Pfd., 8.00%(c)
 
898,841
24,691,162
KKR Group Finance Co. IX LLC, Pfd.,
4.63%(b)
 
811,802
16,089,916
Merchants Bancorp
 
Series C, Pfd., 6.00%(b)
 
321,542
7,392,251
Pfd., 7.63%
 
183,000
4,675,650
Pfd., 8.25%(b)(c)
 
226,825
5,904,255
TPG Operating Group II L.P., Pfd., 6.95%(b)
 
650,319
16,940,810
Voya Financial, Inc., Series B, Pfd.,
5.35%(b)(c)
 
489,888
12,389,267
 
 
205,156,076
Gas Utilities-0.23%
Spire, Inc., Series A, Pfd., 5.90%(b)
 
408,231
10,050,647
Independent Power and Renewable Electricity Producers-0.14%
Brookfield Renewable Partners L.P.,
Series 17, Pfd., 5.25% (Canada)
 
320,711
6,189,722
Insurance-17.33%
AEGON Funding Co. LLC, Pfd., 5.10%
(Netherlands)(b)
 
1,513,951
32,988,992
See accompanying notes which are an integral part of this schedule.
Invesco Preferred ETF (PGX)—(continued)
November 30, 2024
(Unaudited)
 
Shares
Value
Insurance-(continued)
Allstate Corp. (The)
 
Series I, Pfd., 4.75%(b)
 
496,218
$10,509,897
Series H, Pfd., 5.10%
 
1,881,506
42,860,707
Series J, Pfd., 7.38%(b)
 
970,960
26,478,079
American Financial Group, Inc.
 
Pfd., 4.50%(b)
 
339,664
6,721,951
Pfd., 5.13%(b)
 
332,641
7,350,900
Pfd., 5.63%(b)
 
243,392
5,936,331
Pfd., 5.88%(b)
 
204,683
5,100,700
American National Group, Inc., Series B,
Pfd., 6.63%(c)
 
45,796
1,179,705
Arch Capital Group Ltd.
 
Series G, Pfd., 4.55%
 
813,751
16,226,195
Series F, Pfd., 5.45%
 
541,156
12,452,000
Argo Group International Holdings, Inc.,
Pfd., 7.00%(b)(c)
 
141,836
3,527,461
Argo Group US, Inc., Pfd., 6.50%(b)
 
231,002
5,100,524
Aspen Insurance Holdings Ltd.
 
Pfd., 5.63% (Bermuda)(b)
 
410,588
9,065,783
Pfd., 5.63% (Bermuda)(b)
 
409,703
8,837,294
Assurant, Inc., Pfd., 5.25%(b)
 
411,613
9,034,905
Athene Holding Ltd.
 
Series D, Pfd., 4.88%(b)
 
940,612
18,567,681
Series B, Pfd., 5.63%
 
561,182
12,620,983
Series A, Pfd., 6.35%(c)
 
1,408,992
36,211,094
Series C, Pfd., 6.38%(c)
 
522,330
13,214,949
Pfd., 7.25%(b)(c)
 
938,347
24,256,270
Series E, Pfd., 7.75%(c)
 
815,739
22,302,304
AXIS Capital Holdings Ltd., Series E, Pfd.,
5.50%
 
898,420
20,717,565
Brighthouse Financial, Inc.
 
Series D, Pfd., 4.63%
 
575,482
10,186,031
Series C, Pfd., 5.38%
 
944,098
18,872,519
Pfd., 6.25%(b)
 
610,739
14,932,569
Series A, Pfd., 6.60%(b)
 
698,225
16,673,613
Series B, Pfd., 6.75%
 
656,233
16,425,512
CNO Financial Group, Inc., Pfd., 5.13%(b)
 
253,172
5,298,890
Enstar Group Ltd.
 
Series D, Pfd., 7.00%(c)
 
661,603
13,602,558
Series E, Pfd., 7.00%
 
168,404
3,406,813
F&G Annuities & Life, Inc., Pfd., 7.95%(b)
 
560,263
15,491,272
Globe Life, Inc., Pfd., 4.25%(b)
 
534,242
9,253,071
Hartford Financial Services Group, Inc.
(The), Series G, Pfd., 6.00%(b)
 
563,007
14,306,008
Kemper Corp., Pfd., 5.88%(b)(c)
 
244,373
5,806,303
Lincoln National Corp., Series D, Pfd.,
9.00%(b)
 
826,030
23,376,649
MetLife, Inc.
 
Series F, Pfd., 4.75%(b)
 
1,638,870
34,481,825
Series E, Pfd., 5.63%(b)
 
1,298,348
31,484,939
Prudential Financial, Inc.
 
Pfd., 4.13%
 
812,285
16,018,260
Pfd., 5.63%(b)
 
925,037
23,135,175
Pfd., 5.95%
 
497,682
12,949,686
Reinsurance Group of America, Inc.
 
Pfd., 5.75%(b)(c)
 
646,930
16,186,189
Pfd., 7.13%(b)(c)
 
1,148,543
30,780,952
RenaissanceRe Holdings Ltd.
 
Series G, Pfd., 4.20% (Bermuda)
 
822,304
15,130,394
Series F, Pfd., 5.75% (Bermuda)
 
408,842
9,988,010
Selective Insurance Group, Inc., Series B,
Pfd., 4.60%(b)
 
326,579
6,273,583
 
Shares
Value
Insurance-(continued)
SiriusPoint Ltd., Series B, Pfd., 8.00%
(Sweden)(b)(c)
 
326,894
$8,407,714
Unum Group, Pfd., 6.25%(b)
 
491,315
12,425,356
W.R. Berkley Corp.
 
Pfd., 4.13%(b)
 
491,992
9,441,327
Pfd., 4.25%(b)
 
403,354
7,800,866
Pfd., 5.10%(b)
 
487,396
11,122,377
Pfd., 5.70%(b)
 
301,182
7,589,786
 
 
772,110,517
Leisure Products-0.50%
Brunswick Corp.
 
Pfd., 6.38%(b)
 
377,941
9,365,378
Pfd., 6.50%(b)
 
303,164
7,570,005
Pfd., 6.63%(b)
 
206,169
5,191,335
 
 
22,126,718
Multi-Utilities-2.82%
Brookfield Infrastructure Partners L.P.
 
Series 14, Pfd., 5.00% (Canada)
 
340,236
6,529,095
Series 13, Pfd., 5.13% (Canada)
 
321,809
6,185,169
CMS Energy Corp.
 
Series C, Pfd., 4.20%(b)
 
377,303
7,391,366
Pfd., 5.63%(b)
 
329,239
8,191,466
Pfd., 5.88%(b)
 
462,088
11,339,639
Pfd., 5.88%(b)
 
1,035,837
25,191,556
DTE Energy Co.
 
Pfd., 4.38%
 
455,405
8,834,857
Series G, Pfd., 4.38%(b)
 
375,713
7,363,975
Series E, Investment Units, 5.25%(b)
 
653,323
15,013,362
Sempra, Pfd., 5.75%(b)
 
1,228,369
29,529,991
 
 
125,570,476
Office REITs-1.22%
Hudson Pacific Properties, Inc., Series C,
Pfd., 4.75%(b)
 
688,600
9,798,778
SL Green Realty Corp., Series I, Pfd.,
6.50%(b)
 
378,813
9,220,308
Vornado Realty Trust
 
Series O, Pfd., 4.45%(b)
 
560,284
8,908,516
Series M, Pfd., 5.25%(b)
 
542,868
9,787,910
Series N, Pfd., 5.25%(b)
 
487,776
8,804,357
Series L, Pfd., 5.40%(b)
 
426,942
7,774,614
 
 
54,294,483
Oil, Gas & Consumable Fuels-0.34%
SCE Trust VIII, Series N, Pfd., 6.95%(b)
 
583,233
15,315,699
Real Estate Management & Development-0.84%
Brookfield Property Partners L.P.
 
Series A, Pfd., 5.75%
 
473,385
6,901,953
Series A-2, Pfd., 6.38%
 
416,231
6,842,838
Series A-1, Pfd., 6.50%
 
310,882
5,334,735
Brookfield Property Preferred L.P., Pfd.,
6.25%
 
1,088,767
18,193,297
 
 
37,272,823
Residential REITs-0.21%
American Homes 4 Rent
 
Series G, Pfd., 5.88%(b)
 
192,445
4,535,929
Series H, Pfd., 6.25%
 
188,011
4,673,953
 
 
9,209,882
See accompanying notes which are an integral part of this schedule.
Invesco Preferred ETF (PGX)—(continued)
November 30, 2024
(Unaudited)
 
Shares
Value
Retail REITs-0.64%
Agree Realty Corp., Series A, Pfd.,
4.25%(b)
 
281,539
$5,518,165
Federal Realty Investment Trust, Series C,
Pfd., 5.00%(b)
 
245,029
5,375,936
Kimco Realty Corp.
 
Series L, Pfd., 5.13%(b)
 
360,474
8,161,131
Series M, Pfd., 5.25%(b)
 
425,714
9,612,622
 
 
28,667,854
Specialized REITs-4.01%
Digital Realty Trust, Inc.
 
Series L, Pfd., 5.20%(b)
 
545,360
12,259,693
Series J, Pfd., 5.25%(b)
 
361,666
8,462,984
Series K, Pfd., 5.85%(b)
 
327,294
8,162,712
EPR Properties, Series G, Pfd., 5.75%(b)
 
268,426
5,972,478
Public Storage
 
Series N, Pfd., 3.88%(b)
 
458,517
7,932,344
Series O, Pfd., 3.90%(b)
 
301,555
5,337,524
Series Q, Pfd., 3.95%(b)
 
233,384
4,142,566
Series P, Pfd., 4.00%(b)
 
993,365
17,751,433
Series R, Pfd., 4.00%(b)
 
700,338
12,634,098
Series S, Pfd., 4.10%(b)
 
591,855
11,020,340
Series M, Pfd., 4.13%(b)
 
362,134
6,808,119
Series L, Pfd., 4.63%(b)
 
927,762
19,130,452
Series J, Pfd., 4.70%(b)
 
290,130
6,121,743
Series K, Pfd., 4.75%(b)
 
310,105
6,682,763
Series I, Pfd., 4.88%(b)
 
433,602
9,569,596
Series G, Pfd., 5.05%(b)
 
672,896
15,543,898
Series F, Pfd., 5.15%(b)
 
451,649
10,455,674
Series H, Pfd., 5.60%(b)
 
426,124
10,529,524
 
 
178,517,941
Trading Companies & Distributors-0.67%
FTAI Aviation Ltd., Series C, Pfd.,
8.25%(b)(c)
 
162,315
4,268,884
Triton International Ltd.
 
Series E, Pfd., 5.75% (Bermuda)(b)
 
297,621
6,636,948
Pfd., 6.88% (Bermuda)(b)
 
232,577
5,812,099
Pfd., 7.38% (Bermuda)(b)
 
287,352
7,298,741
Pfd., 8.00% (Bermuda)
 
236,754
6,039,595
 
 
30,056,267
 
Shares
Value
Wireless Telecommunication Services-2.08%
Telephone and Data Systems, Inc.
 
Series VV, Pfd., 6.00%
 
1,118,818
$21,302,295
Series UU, Pfd., 6.63%(b)
 
690,044
14,884,249
United States Cellular Corp.
 
Pfd., 5.50%(b)
 
819,417
18,617,154
Pfd., 5.50%(b)
 
818,791
18,652,059
Pfd., 6.25%(b)
 
813,758
19,066,350
 
 
92,522,107
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.49%
(Cost $5,115,601,755)
4,432,662,501
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.29%
Invesco Private Government Fund,
4.63%(e)(f)(g)
 
28,663,788
28,663,788
Invesco Private Prime Fund, 4.71%(e)(f)(g)
 
73,453,676
73,475,712
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $102,139,863)
102,139,500
TOTAL INVESTMENTS IN SECURITIES-101.78%
(Cost $5,217,741,618)
4,534,802,001
OTHER ASSETS LESS LIABILITIES-(1.78)%
(79,211,077
)
NET ASSETS-100.00%
$4,455,590,924
 
See accompanying notes which are an integral part of this schedule.
Invesco Preferred ETF (PGX)—(continued)
November 30, 2024
(Unaudited)
Investment Abbreviations:
Pfd.
-Preferred
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at November 30, 2024.
(c)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(d)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2024.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
November 30, 2024
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$897,929
$71,898,088
$(72,796,017
)
$-
$-
$-
$81,973
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
20,894,430
60,031,611
(52,262,253
)
-
-
28,663,788
326,851
*
Invesco Private Prime
Fund
54,517,239
151,336,599
(132,371,422
)
(4,740
)
(1,964
)
73,475,712
869,630
*
Total
$76,309,598
$283,266,298
$(257,429,692
)
$(4,740
)
$(1,964
)
$102,139,500
$1,278,454
 
*
Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from
borrowers, if any.
 
(f)
The rate shown is the 7-day SEC standardized yield as of November 30, 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
Invesco Short Term Treasury ETF (TBLL)
November 30, 2024
(Unaudited)
 
 
Principal
Amount
Value
U.S. Treasury Securities-99.82%
U.S. Treasury Bills-63.05%(a)
5.06%, 01/02/2025
$
72,300,200
$72,020,753
4.79%, 01/07/2025
 
45,176,700
44,975,212
5.05%, 01/09/2025
 
69,430,200
69,101,469
4.51%–4.74%, 01/14/2025
 
37,576,000
37,375,566
4.50%–5.05%, 01/16/2025
 
33,794,100
33,605,501
4.50%–4.68%, 01/21/2025
 
35,521,800
35,302,009
4.46%–5.20%, 01/23/2025
 
33,289,500
33,077,206
4.49%–4.66%, 01/28/2025
 
35,521,800
35,271,519
4.44%–5.04%, 01/30/2025
 
33,794,100
33,547,776
4.50%–4.64%, 02/04/2025
 
37,552,400
37,257,105
4.47%–4.85%, 02/06/2025
 
36,884,400
36,587,542
4.48%–4.61%, 02/11/2025
 
37,552,400
37,228,362
4.83%, 02/13/2025
 
25,828,900
25,598,986
4.46%–4.57%, 02/18/2025
 
37,552,400
37,199,282
4.43%–5.24%, 02/20/2025
 
30,742,300
30,443,530
4.48%–4.58%, 02/25/2025
 
37,552,400
37,165,376
4.79%, 02/27/2025
 
15,828,900
15,661,590
4.40%–4.56%, 03/06/2025
 
33,417,200
33,036,764
4.45%–4.54%, 03/13/2025
 
37,552,400
37,094,104
4.35%–5.23%, 03/20/2025
 
36,867,700
36,389,397
4.35%–4.51%, 03/27/2025
 
25,931,300
25,571,957
4.38%–4.50%, 04/03/2025
 
10,176,700
10,027,558
4.38%–4.50%, 04/10/2025
 
38,702,700
38,103,825
4.00%–5.24%, 04/17/2025
 
39,229,000
38,592,117
4.40%–4.49%, 04/24/2025
 
37,552,400
36,910,611
4.40%–4.49%, 05/01/2025
 
35,521,800
34,885,368
4.31%, 05/08/2025
 
20,000,000
19,625,184
4.04%–5.18%, 05/15/2025
 
45,901,600
45,008,712
4.30%, 05/22/2025
 
15,000,000
14,693,803
4.30%, 05/29/2025
 
20,000,000
19,575,305
3.97%–4.80%, 06/12/2025
 
33,794,100
33,040,131
3.98%–4.78%, 07/10/2025
 
33,794,100
32,936,012
3.98%–4.41%, 08/07/2025
 
31,127,500
30,237,599
3.96%–4.42%, 09/04/2025
 
31,119,500
30,129,381
4.26%–4.43%, 10/02/2025
 
25,372,600
24,491,198
4.13%, 10/30/2025
 
20,000,000
19,241,634
4.12%, 11/28/2025
 
15,000,000
14,382,163
 
 
1,225,391,607
 
Principal
Amount
Value
U.S. Treasury Notes-36.77%
1.13%, 01/15/2025
$
29,594,200
$29,466,067
1.38% - 4.13%, 01/31/2025
 
58,763,900
58,563,010
1.50% - 2.00%, 02/15/2025
 
57,556,700
57,220,438
2.75% - 4.63%, 02/28/2025
 
41,175,300
41,099,509
1.75%, 03/15/2025
 
24,004,900
23,819,200
0.50% - 3.88%, 03/31/2025
 
101,382,300
100,687,634
0.38% - 3.88%, 04/30/2025
 
75,285,700
74,678,115
2.13% - 2.75%, 05/15/2025
 
25,241,400
25,014,615
2.88%, 05/31/2025
 
20,745,800
20,586,340
2.88%, 06/15/2025
 
36,306,300
36,014,971
0.25% - 2.75%, 06/30/2025
 
67,425,800
66,368,638
2.00%, 08/15/2025
 
17,323,100
17,036,005
0.25% - 5.00%, 08/31/2025
 
21,657,800
21,371,497
0.25% - 5.00%, 09/30/2025
 
66,418,100
65,838,442
0.25% - 5.00%, 10/31/2025
 
50,298,600
49,578,542
2.25%, 11/15/2025
 
10,000,000
9,802,953
0.38% - 4.88%, 11/30/2025
 
18,135,700
17,573,174
 
 
714,719,150
Total U.S. Treasury Securities
(Cost $1,939,134,648)
1,940,110,757
 
Shares
 
Money Market Funds-0.00%
Invesco Government & Agency Portfolio,
Institutional Class, 4.57%(b)(c)
(Cost $58,103)
 
58,103
58,103
TOTAL INVESTMENTS IN SECURITIES-99.82%
(Cost $1,939,192,751)
1,940,168,860
OTHER ASSETS LESS LIABILITIES-0.18%
3,511,376
NET ASSETS-100.00%
$1,943,680,236
 
Notes to Schedule of Investments:
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
November 30, 2024
Dividend
Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$6,884
$737,906
$(686,687
)
$-
$-
$58,103
$568
 
(c)
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
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
Invesco Taxable Municipal Bond ETF (BAB)
November 30, 2024
(Unaudited)
 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations-97.98%
 
 
 
 
 
Alabama-0.57%
 
 
 
 
 
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2021 B, Ref. RB
1.27%
09/01/2026
$
1,000
$948,392
Auburn University, Series 2020 C, RB
2.53%
06/01/2040
 
400
307,334
Auburn University, Series 2020 C, RB
2.68%
06/01/2050
 
5,000
3,413,549
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB
2.61%
01/01/2037
 
1,000
804,004
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB
2.71%
01/01/2038
 
900
717,799
 
 
 
 
6,191,078
Arizona-1.31%
 
 
 
 
 
Arizona (State of) Department of Transportation, Series 2020, Ref. RB
2.46%
07/01/2030
 
2,560
2,319,151
Chandler (City of), AZ, Series 2021, Ref. GO Bonds
1.75%
07/01/2028
 
3,000
2,752,015
Flagstaff (City of), AZ, Series 2020 A, COP
3.01%
05/01/2040
 
950
756,436
Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB
2.97%
07/01/2044
 
105
77,643
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB
1.23%
07/01/2028
 
250
224,058
Tempe (City of), AZ, Series 2021, COP
2.59%
07/01/2037
 
2,950
2,340,389
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
1.31%
07/01/2027
 
850
785,595
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
1.70%
07/01/2029
 
450
399,119
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
2.86%
07/01/2047
 
1,750
1,299,944
Yuma (City of), AZ, Series 2021, RB
2.63%
07/15/2038
 
4,000
3,232,197
 
 
 
 
14,186,547
Arkansas-0.01%
 
 
 
 
 
University of Arkansas, Series 2021 B, RB
3.10%
12/01/2041
 
150
119,753
California-22.50%
 
 
 
 
 
Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS - AGM)(a)
5.40%
10/01/2046
 
450
455,377
Alameda (County of), CA (Social Bonds), Series 2022 A-1, GO Bonds
4.55%
08/01/2042
 
2,250
2,154,609
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB
7.04%
04/01/2050
 
3,455
4,183,876
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB
6.91%
10/01/2050
 
2,925
3,511,293
California (State of), Series 2009, GO Bonds
7.50%
04/01/2034
 
7,410
8,704,083
California (State of), Series 2009, GO Bonds
7.55%
04/01/2039
 
10,760
13,194,105
California (State of), Series 2009, GO Bonds
7.30%
10/01/2039
 
6,060
7,125,866
California (State of), Series 2009, GO Bonds
7.35%
11/01/2039
 
8,355
9,869,071
California (State of), Series 2010, GO Bonds
7.63%
03/01/2040
 
4,400
5,364,975
California (State of), Series 2010, GO Bonds
7.60%
11/01/2040
 
7,350
9,087,639
California (State of), Series 2018, Ref. GO Bonds
4.50%
04/01/2033
 
4,700
4,669,975
California (State of), Series 2023, GO Bonds
5.10%
03/01/2029
 
7,995
8,232,605
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB
1.77%
12/01/2034
 
1,310
1,017,821
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB
1.79%
12/01/2035
 
5,275
3,994,706
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving
Fund), Series 2020 A, Ref. RB
1.24%
10/01/2027
 
1,000
917,417
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving
Fund), Series 2020 A, Ref. RB
1.47%
10/01/2028
 
1,000
898,763
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving
Fund), Series 2020 A, Ref. RB
1.60%
10/01/2029
 
1,000
879,225
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving
Fund), Series 2020 A, Ref. RB
1.69%
10/01/2030
 
1,000
859,808
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving
Fund), Series 2020 A, Ref. RB
2.72%
10/01/2040
 
950
732,546
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building
19A), Series 2010 A, RB
6.49%
05/15/2049
 
950
1,052,523
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB
2.52%
10/01/2035
 
2,625
1,978,873
California (State of) Public Works Board (California State University), Series 2010 B-2, RB
7.80%
03/01/2035
 
750
856,788
California (State of) Statewide Communities Development Authority (California Independent
System Operator Corp.) (Green Bonds), Series 2021, Ref. RB
2.68%
02/01/2039
 
150
116,593
California (State of) Statewide Communities Development Authority (Marin General Hospital),
Series 2018 B, RB
4.82%
08/01/2045
 
2,000
1,737,052
California State University, Series 2010 B, RB
6.48%
11/01/2041
 
850
931,564
California State University, Series 2020 B, Ref. RB
2.98%
11/01/2051
 
2,900
2,094,266
California State University, Series 2021 B, Ref. RB
2.80%
11/01/2041
 
3,450
2,621,373
California State University, Series 2021 B, Ref. RB
2.72%
11/01/2052
 
1,150
810,632
California State University, Series 2023 B, RB
5.18%
11/01/2053
 
2,000
2,012,375
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB
3.70%
01/15/2044
$
2,950
$2,425,232
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a)
2.81%
06/01/2045
 
1,000
714,537
Coast Community College District, Series 2022, Ref. GO Bonds
2.98%
08/01/2039
 
1,000
814,234
Downey (City of), CA, Series 2021, RB
2.85%
06/01/2040
 
750
580,844
Downey (City of), CA, Series 2021, RB
3.00%
06/01/2044
 
550
401,857
East Bay Municipal Utility District, Series 2010, RB
5.03%
06/01/2032
 
1,000
1,000,659
East Bay Municipal Utility District, Series 2010, RB
5.87%
06/01/2040
 
2,900
3,089,251
El Segundo (City of), CA, Series 2021, RB
3.06%
07/01/2040
 
1,350
1,084,682
Foothill-Eastern Transportation Corridor Agency, Series 2019 A, Ref. RB
4.09%
01/15/2049
 
1,000
849,216
Fresno (City of), CA, Series 2010 A-2, Ref. RB
6.50%
06/01/2030
 
1,950
2,033,003
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB
3.49%
06/01/2036
 
850
724,961
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB
3.71%
06/01/2041
 
1,380
1,113,141
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB
3.12%
06/01/2038
 
6,400
5,351,557
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a)
2.87%
08/01/2040
 
3,950
3,136,632
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a)
3.92%
09/01/2050
 
4,000
3,170,845
Inglewood (City of), CA, Series 2023, RB, (INS - AGM)(a)
6.40%
09/01/2053
 
1,000
1,067,832
Jurupa Community Services District, Series 2010 B, COP
6.50%
09/01/2026
 
1,070
1,096,061
Jurupa Community Services District, Series 2010 B, COP
6.60%
09/01/2027
 
1,125
1,171,328
Jurupa Community Services District, Series 2010 B, COP
6.70%
09/01/2028
 
120
127,020
Jurupa Community Services District, Series 2010 B, COP
7.19%
09/01/2040
 
100
117,623
Los Angeles (City of), CA Department of Water & Power, Series 2010 A, RB
6.60%
07/01/2050
 
1,415
1,645,138
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB
6.57%
07/01/2045
 
6,000
6,827,751
Los Angeles Community College District, Series 2010, GO Bonds
6.60%
08/01/2042
 
2,950
3,337,974
Los Angeles Unified School District, Series 2010 J-05, GO Bonds
5.98%
05/01/2027
 
450
464,926
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)
4.06%
06/01/2039
 
1,000
918,977
Monterey Park (City of), CA, Series 2021 A, RB
3.02%
06/01/2043
 
2,500
1,905,109
Napa Valley Unified School District, Series 2010 B, GO Bonds
6.51%
08/01/2043
 
2,950
3,326,621
Northern California Power Agency, Series 2010 B, RB
7.31%
06/01/2040
 
1,000
1,144,439
Oakland (Port of), CA, Series 2020 R, Ref. RB
1.52%
05/01/2026
 
505
483,482
Oakland (Port of), CA, Series 2020 R, Ref. RB
1.67%
05/01/2027
 
842
786,626
Oakland (Port of), CA, Series 2020 R, Ref. RB
1.95%
05/01/2028
 
584
535,930
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.05%
05/01/2029
 
972
875,004
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.10%
05/01/2030
 
486
428,219
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.20%
05/01/2031
 
368
318,243
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.30%
05/01/2032
 
819
695,760
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)
2.63%
08/01/2041
 
6,340
4,799,426
Pasadena (City of), CA, Series 2020 A, Ref. RB
3.24%
05/01/2045
 
5,000
3,804,809
Pomona (City of), CA, Series 2020 BJ, RB
3.72%
08/01/2040
 
3,250
2,780,774
Pomona (City of), CA, Series 2020 BJ, RB
3.82%
08/01/2046
 
1,500
1,225,721
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds
0.96%
09/01/2026
 
5,450
5,144,770
Regents of the University of California Medical Center, Series 2009 F, RB
6.46%
05/15/2029
 
370
382,232
Regents of the University of California Medical Center, Series 2009 F, RB
6.58%
05/15/2049
 
4,335
4,860,116
Regents of the University of California Medical Center, Series 2020 N, RB
3.71%
05/15/2120
 
850
582,858
Regents of the University of California Medical Center, Series 2022, RB
4.56%
05/15/2053
 
2,500
2,298,624
Richmond (City of), CA, Series 2022, Ref. RB
5.79%
01/15/2044
 
4,950
5,065,694
Riverside (City of), CA, Series 2009 B, RB
6.35%
10/01/2039
 
500
553,365
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB
3.86%
06/01/2045
 
2,000
1,766,509
San Bernardino Community College District, Series 2021, Ref. GO Bonds
2.69%
08/01/2041
 
1,000
758,012
San Bernardino Community College District, Series 2021, Ref. GO Bonds
2.86%
08/01/2049
 
300
207,946
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB
4.23%
10/15/2038
 
2,000
1,872,432
San Francisco (City & County of), CA, Series 2010 C, GO Bonds
6.26%
06/15/2030
 
1,450
1,548,307
San Francisco (City & County of), CA, Series 2010 D, GO Bonds
6.26%
06/15/2030
 
3,800
4,051,940
San Francisco (City & County of), CA, Series 2020 C, GO Bonds
2.83%
06/15/2050
 
125
86,224
San Francisco (City & County of), CA, Series 2020 C, GO Bonds
3.08%
06/15/2060
 
1,000
666,679
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport),
Series 2021 C, Ref. RB
3.35%
05/01/2051
 
800
598,929
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 B, RB
6.00%
11/01/2040
 
1,245
1,325,413
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 E, RB
5.70%
11/01/2027
 
2,900
2,972,850
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 E, RB
6.00%
11/01/2040
 
980
1,046,617
San Francisco (City & County of), CA Public Utilities Commission, Series 2010, RB
6.95%
11/01/2050
 
1,600
1,878,695
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
California-(continued)
 
 
 
 
 
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB
2.80%
03/01/2044
$
450
$328,542
San Francisco Community College District, Series 2020 A-1, GO Bonds
3.17%
06/15/2041
 
4,000
3,228,528
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB
4.76%
05/01/2042
 
1,000
959,059
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB
4.86%
05/01/2052
 
1,000
941,417
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB
3.42%
06/01/2041
 
3,750
3,094,495
San Jose Unified School District, Series 2021, Ref. GO Bonds
2.31%
08/01/2039
 
3,000
2,292,997
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a)
3.74%
09/01/2050
 
200
158,484
Santa Ana (City of), CA, Series 2021 A, RB
3.10%
08/01/2044
 
1,350
1,071,552
Santa Clara Valley Water District, Series 2016 B, Ref. RB
4.35%
06/01/2046
 
3,000
2,689,157
Santa Monica Community College District, Series 2020, Ref. GO Bonds
2.70%
08/01/2040
 
1,180
911,855
Tulare (County of), CA, Series 2018, RB
4.45%
06/01/2037
 
2,000
1,906,947
University of California, Series 2015 AQ, RB
4.77%
05/15/2115
 
1,477
1,322,390
University of California, Series 2016 AS, Ref. RB
3.55%
05/15/2039
 
500
436,385
University of California, Series 2019 BD, RB
3.35%
07/01/2029
 
2,500
2,403,242
University of California, Series 2020 BG, RB
1.32%
05/15/2027
 
4,910
4,566,741
University of California, Series 2020 BG, RB
1.61%
05/15/2030
 
7,500
6,498,440
University of California, Series 2021 BI, Ref. RB
0.87%
05/15/2026
 
1,000
950,974
University of California, Series 2021 BI, Ref. RB
1.27%
05/15/2027
 
1,000
929,517
University of California, Series 2021 BI, Ref. RB
1.37%
05/15/2028
 
100
90,658
University of California, Series 2021 BI, Ref. RB
1.70%
05/15/2029
 
450
402,426
University of California, Series 2021 BI, Ref. RB
1.90%
05/15/2030
 
1,000
880,941
University of California, Series 2021 BI, Ref. RB
2.00%
05/15/2031
 
1,000
864,861
University of California, Series 2021 BI, Ref. RB
2.05%
05/15/2032
 
950
804,367
University of California, Series 2021 BI, Ref. RB
2.15%
05/15/2033
 
1,000
832,560
University of California, Series 2021 BI, Ref. RB
2.25%
05/15/2034
 
250
204,793
University of California, Series 2021 BI, Ref. RB
2.35%
05/15/2035
 
150
121,116
University of California, Series 2021 BI, Ref. RB
2.45%
05/15/2036
 
200
159,499
University of California, Series 2021 BJ, RB
3.07%
05/15/2051
 
160
113,243
University of California, Series 2024 B, RB
4.93%
05/15/2034
 
700
715,984
 
 
 
 
243,990,625
Colorado-1.50%
 
 
 
 
 
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB
2.72%
08/01/2046
 
175
123,377
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB
3.70%
11/01/2039
 
1,100
952,787
Colorado (State of) Regional Transportation District, Series 2010 B, RB
5.84%
11/01/2050
 
4,025
4,345,144
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)
5.54%
11/01/2038
 
1,000
1,013,193
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)
6.50%
11/01/2053
 
1,930
2,020,540
Colorado Housing and Finance Authority, Series 2023 Q-1, RB, (CEP - GNMA)
6.07%
11/01/2038
 
1,450
1,514,954
Colorado Mesa University, Series 2009 B, RB,
(CEP - Colorado Higher Education Intercept Program)
5.80%
05/15/2040
 
215
224,251
Denver (City & County of), CO, Series 2016 B, Ref. RB
3.82%
08/01/2032
 
950
906,708
Denver (City & County of), CO, Series 2020 C, Ref. RB
2.52%
11/15/2032
 
2,000
1,734,745
Denver (City & County of), CO, Series 2020 C, Ref. RB
2.62%
11/15/2033
 
1,450
1,241,755
Denver City & County School District No. 1, Series 2009 C, GO Bonds
5.66%
12/01/2033
 
450
463,962
Denver City & County School District No. 1, Series 2011 B, Ref. COP
7.02%
12/15/2037
 
1,220
1,411,143
University of Colorado, Series 2020 B-2, Ref. RB
2.81%
06/01/2048
 
435
308,015
 
 
 
 
16,260,574
Connecticut-1.80%
 
 
 
 
 
Connecticut (State of), Series 2008 A, GO Bonds
5.85%
03/15/2032
 
4,500
4,794,181
Connecticut (State of), Series 2019 A, GO Bonds
3.48%
04/15/2029
 
450
435,641
Connecticut (State of), Series 2021 A, GO Bonds
1.12%
06/01/2026
 
400
381,558
Connecticut (State of), Series 2021 A, GO Bonds
1.50%
06/01/2027
 
200
186,939
Connecticut (State of), Series 2021 A, GO Bonds
1.65%
06/01/2028
 
350
320,410
Connecticut (State of), Series 2021 A, GO Bonds
1.89%
06/01/2029
 
440
396,808
Connecticut (State of), Series 2021 A, GO Bonds
1.99%
06/01/2030
 
650
575,516
Connecticut (State of), Series 2021 A, GO Bonds
2.09%
06/01/2031
 
850
740,075
Connecticut (State of) (Transportation Infrastructure), Series 2010, RB
5.46%
11/01/2030
 
880
892,610
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021
L-2, RB
3.54%
07/01/2051
 
2,610
1,853,712
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB
2.56%
04/01/2039
 
950
741,927
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Connecticut-(continued)
 
 
 
 
 
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a)
4.35%
03/01/2039
$
4,765
$4,491,816
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a)
3.25%
09/01/2042
 
100
79,268
South Central Connecticut Regional Water Authority, Series 2010 A, RB
6.24%
08/01/2030
 
1,750
1,812,604
South Central Connecticut Regional Water Authority, Series 2010 A, RB
6.39%
08/01/2040
 
1,595
1,762,873
 
 
 
 
19,465,938
Delaware-0.06%
 
 
 
 
 
University of Delaware, Series 2018, RB
4.07%
11/01/2050
 
720
628,527
District of Columbia-0.56%
 
 
 
 
 
District of Columbia, Series 2023 B, Ref. RB
5.20%
05/01/2032
 
1,200
1,252,834
District of Columbia (National Public Radio, Inc.), Series 2020, Ref. RB
3.53%
04/01/2047
 
500
383,755
District of Columbia Water & Sewer Authority (Green Bonds), Series 2014 A, RB
4.81%
10/01/2114
 
1,450
1,359,222
Metropolitan Washington Airports Authority, Series 2009 D, RB
7.46%
10/01/2046
 
2,430
3,029,999
 
 
 
 
6,025,810
Florida-2.95%
 
 
 
 
 
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group),
Series 2020, Ref. RB, (INS - AGM)(a)
3.61%
08/15/2040
 
5,750
4,675,544
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)
3.22%
02/01/2032
 
950
830,390
Gainesville (City of), FL, Series 2020, RB
3.05%
10/01/2040
 
6,000
4,776,201
JEA Electric System, Series 2009 F, RB
6.41%
10/01/2034
 
450
478,100
JEA Water & Sewer System, Series 2010 A, RB
6.21%
10/01/2033
 
1,100
1,161,369
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
3.14%
10/01/2027
 
950
917,887
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
3.18%
10/01/2028
 
3,550
3,397,416
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
3.28%
10/01/2029
 
150
142,483
Miami-Dade (County of), FL, Series 2020 B, Ref. RB
3.27%
10/01/2041
 
250
204,482
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.29%
10/01/2031
 
500
432,506
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.44%
10/01/2032
 
450
384,391
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.54%
10/01/2033
 
450
379,001
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.79%
10/01/2037
 
450
356,442
Miami-Dade (County of), FL, Series 2023, RB
6.22%
11/01/2055
 
1,000
1,069,341
Miami-Dade (County of), FL Transit System, Series 2010 B, RB
5.53%
07/01/2032
 
2,450
2,508,227
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB
2.60%
07/01/2042
 
1,050
792,045
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds
2.73%
06/01/2038
 
350
280,298
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref.
RB, (INS - AGM)(a)
2.54%
10/01/2030
 
1,800
1,560,652
State Board of Administration Finance Corp., Series 2020 A, RB
1.71%
07/01/2027
 
4,505
4,192,331
State Board of Administration Finance Corp., Series 2020 A, RB
2.15%
07/01/2030
 
3,950
3,452,349
 
 
 
 
31,991,455
Georgia-1.94%
 
 
 
 
 
Atlanta (City of), GA, Series 2020, Ref. RB
2.26%
11/01/2035
 
900
736,082
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2019,
Ref. RB
3.24%
10/01/2049
 
1,080
790,150
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022,
Ref. RB
3.47%
10/01/2042
 
4,950
4,032,789
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB
3.13%
11/01/2049
 
100
71,457
Georgia (State of), Series 2010, GO Bonds
4.31%
10/01/2026
 
950
945,979
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB
6.66%
04/01/2057
 
3,214
3,630,480
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010, RB
7.06%
04/01/2057
 
1,180
1,361,034
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010-A, RB
6.64%
04/01/2057
 
1,593
1,789,541
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB
6.47%
07/01/2045
 
5,000
5,534,987
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 B, RB
6.70%
07/01/2056
 
1,900
2,159,834
 
 
 
 
21,052,333
Hawaii-1.69%
 
 
 
 
 
Hawaii (State of), Series 2010 DX, GO Bonds
5.53%
02/01/2030
 
950
988,718
Hawaii (State of), Series 2017 A, RB
3.89%
07/01/2037
 
1,200
1,097,106
Hawaii (State of), Series 2020 E, Ref. RB
2.23%
07/01/2029
 
100
91,482
Hawaii (State of), Series 2020 FZ, GO Bonds
0.89%
08/01/2026
 
1,000
945,934
Hawaii (State of), Series 2020 FZ, GO Bonds
2.00%
08/01/2027
 
4,850
4,578,474
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Hawaii-(continued)
 
 
 
 
 
Hawaii (State of), Series 2020 FZ, GO Bonds
1.70%
08/01/2032
$
5,000
$4,121,476
Hawaii (State of), Series 2020 FZ, GO Bonds
1.87%
08/01/2033
 
1,000
813,236
Hawaii (State of), Series 2020 FZ, GO Bonds
2.29%
08/01/2040
 
900
644,819
Hawaii (State of), Series 2023 GM, GO Bonds
5.32%
10/01/2038
 
400
414,459
Hawaii (State of), Series 2023 GM, GO Bonds
5.30%
10/01/2039
 
800
824,568
Hawaii (State of), Series 2023 GM, GO Bonds
5.40%
10/01/2041
 
500
515,280
Honolulu (City & County of), HI, Series 2020 A, Ref. RB
1.47%
07/01/2030
 
500
428,714
Honolulu (City & County of), HI, Series 2020 A, Ref. RB
1.62%
07/01/2031
 
1,000
840,991
Kauai (County of), HI, Series 2010 A, GO Bonds
5.76%
08/01/2033
 
1,850
1,996,617
 
 
 
 
18,301,874
Idaho-0.56%
 
 
 
 
 
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)
5.36%
01/01/2043
 
2,310
2,270,574
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)
5.45%
01/01/2048
 
265
257,614
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
5.37%
01/01/2039
 
1,000
1,002,797
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
5.51%
01/01/2044
 
1,000
993,740
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
5.55%
07/01/2049
 
1,000
980,594
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB
6.35%
07/15/2028
 
540
560,386
 
 
 
 
6,065,705
Illinois-7.12%
 
 
 
 
 
Chicago (City of), IL, Series 2010 B, GO Bonds
7.52%
01/01/2040
 
1,000
1,137,855
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds
6.21%
01/01/2032
 
4,515
4,645,172
Chicago (City of), IL, Series 2010 C, GO Bonds
6.21%
01/01/2036
 
240
246,770
Chicago (City of), IL, Series 2010 D, GO Bonds
6.26%
01/01/2040
 
500
512,341
Chicago (City of), IL, Series 2011 C-1, GO Bonds
7.78%
01/01/2035
 
1,665
1,884,092
Chicago (City of), IL, Series 2015 B, GO Bonds
7.38%
01/01/2033
 
2,049
2,223,410
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB
4.47%
01/01/2049
 
4,950
4,632,014
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB
4.57%
01/01/2054
 
4,580
4,353,421
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
1.70%
01/01/2026
 
4,815
4,676,281
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
2.35%
01/01/2030
 
2,950
2,674,447
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
2.45%
01/01/2031
 
2,000
1,787,106
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
2.55%
01/01/2032
 
2,000
1,762,071
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 E, Ref. GO Bonds
1.82%
12/01/2027
 
950
882,533
Chicago (City of), IL Transit Authority, Series 2010 B, RB
6.20%
12/01/2040
 
1,000
1,063,878
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB
3.60%
12/01/2035
 
4,950
4,447,730
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB
3.91%
12/01/2040
 
1,000
883,986
Du Page (County of), IL, Series 2010, GO Bonds
5.70%
01/01/2029
 
500
511,230
Illinois (State of), Series 2003, GO Bonds
5.10%
06/01/2033
 
3,812
3,833,236
Illinois (State of), Series 2010 2, GO Bonds
6.90%
03/01/2035
 
9,250
10,136,211
Illinois (State of), Series 2010, GO Bonds
6.75%
03/01/2028
 
1,815
1,904,534
Illinois (State of), Series 2010, GO Bonds
6.63%
02/01/2035
 
1,692
1,780,587
Illinois (State of), Series 2010-3, GO Bonds
6.73%
04/01/2035
 
846
894,740
Illinois (State of), Series 2023 A, GO Bonds
5.21%
05/01/2026
 
1,000
1,005,577
Illinois (State of), Series 2023 A, GO Bonds
5.11%
05/01/2027
 
950
957,634
Illinois (State of) Finance Authority (Ann & Robert H. Lurie Children’s Hospital), Series 2018, Ref.
RB
3.94%
08/15/2047
 
900
756,837
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB
3.51%
05/15/2041
 
4,000
3,289,108
Illinois (State of) Housing Development Authority (Social Bonds), Series 2023 I, Ref. RB,
(CEP - FNMA)
5.76%
10/01/2053
 
1,000
1,001,813
Illinois (State of) Housing Development Authority (Social Bonds), Series 2023 O, RB,
(CEP - FNMA)
6.28%
10/01/2049
 
1,000
1,031,315
Illinois (State of) Municipal Electric Agency, Series 2009, RB
6.83%
02/01/2035
 
845
903,357
Illinois (State of) Regional Transportation Authority, Series 2010, RB
6.00%
07/01/2035
 
500
527,543
Northern Illinois Municipal Power Agency, Series 2010 A, RB
7.62%
01/01/2030
 
145
154,775
Sales Tax Securitization Corp., Series 2017 B, Ref. RB
3.59%
01/01/2043
 
850
736,282
Sales Tax Securitization Corp., Series 2019 A, Ref. RB
4.79%
01/01/2048
 
250
243,112
Sales Tax Securitization Corp., Series 2020 B, Ref. RB
2.96%
01/01/2032
 
2,500
2,248,920
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a)
3.41%
01/01/2043
 
6,000
4,783,458
Sales Tax Securitization Corp., Series 2021 B, Ref. RB
3.24%
01/01/2042
 
995
826,385
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Illinois-(continued)
 
 
 
 
 
Sales Tax Securitization Corp., Series 2023 B, Ref. RB
4.87%
01/01/2032
$
500
$506,860
Sales Tax Securitization Corp. (Sustainable Bonds), Series 2023 B, RB
5.29%
01/01/2041
 
1,350
1,367,099
 
 
 
 
77,213,720
Indiana-0.70%
 
 
 
 
 
Indiana (State of) Finance Authority, Series 2009 B, RB
6.60%
02/01/2039
 
1,200
1,348,777
Indiana (State of) Finance Authority (Green Bonds) (Ohio River Bridges East and Crossing),
Series 2021, RB
3.05%
01/01/2051
 
450
343,429
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 B-3,
RB, (CEP - GNMA)
5.43%
07/01/2048
 
300
295,036
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2,
RB, (CEP - GNMA)
5.55%
07/01/2043
 
1,000
1,004,337
Indiana University, Series 2020 B, Ref. RB
3.07%
06/01/2060
 
1,000
686,703
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB
5.85%
01/15/2030
 
830
846,877
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB
5.97%
01/15/2030
 
2,970
3,029,937
 
 
 
 
7,555,096
Iowa-0.34%
 
 
 
 
 
Coralville (City of), IA, Series 2023 A, Ref. GO Bonds, (INS - AGM)(a)
6.22%
05/01/2043
 
3,000
3,094,196
Iowa Student Loan Liquidity Corp., Series 2022 A, RB
5.08%
12/01/2039
 
615
596,717
 
 
 
 
3,690,913
Kansas-0.40%
 
 
 
 
 
Kansas (State of) Development Finance Authority, Series 2015 H, RB
4.73%
04/15/2037
 
1,400
1,386,180
Kansas (State of) Development Finance Authority, Series 2015 H, RB
4.93%
04/15/2045
 
1,900
1,891,927
Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)(a)
2.77%
05/01/2051
 
1,500
1,081,933
 
 
 
 
4,360,040
Kentucky-0.35%
 
 
 
 
 
Kenton (County of), KY Airport Board, Series 2019, RB
4.69%
01/01/2049
 
1,000
905,780
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing),
Series 2021 A, Ref. RB, (INS - AGM)(a)
3.12%
07/01/2049
 
2,000
1,410,872
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing),
Series 2021 A, Ref. RB, (INS - AGM)(a)
3.22%
07/01/2053
 
1,950
1,355,391
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds
5.45%
11/15/2027
 
150
154,258
 
 
 
 
3,826,301
Louisiana-1.80%
 
 
 
 
 
Lafayette (Parish of), LA School Board, Series 2020, Ref. RB
2.83%
04/01/2048
 
1,965
1,394,741
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB,
(INS - AGM)(a)
3.17%
06/01/2040
 
1,450
1,135,828
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB,
(INS - AGM)(a)
3.25%
06/01/2044
 
1,000
738,086
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority, Series 2022, RB
5.20%
09/01/2039
 
930
950,189
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)
2.59%
02/01/2043
 
3,225
2,297,386
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)
2.64%
02/01/2048
 
950
626,187
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (Louisiana Utilities Restoration Corp./ELL), Series 2022, RB
4.48%
08/01/2039
 
3,540
3,395,959
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (Louisiana Utilities Restoration Corp./ELL), Series 2023, RB
5.05%
12/01/2034
 
1,250
1,274,693
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB,
(INS - AGM)(a)
2.28%
06/01/2030
 
4,850
4,292,713
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB
3.08%
08/15/2043
 
100
76,599
New Orleans (City of), LA, Series 2016, GO Bonds
4.55%
12/01/2046
 
1,000
923,912
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.84%
06/01/2041
 
1,400
1,072,094
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.89%
12/01/2041
 
1,500
1,157,919
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.94%
06/01/2045
 
170
122,294
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.99%
12/01/2045
 
150
109,499
 
 
 
 
19,568,099
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Maine-0.07%
 
 
 
 
 
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB,
(INS - AGM)(a)
3.12%
07/01/2043
$
1,000
$768,239
Maryland-1.10%
 
 
 
 
 
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
1.14%
07/01/2026
 
410
390,028
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
1.34%
07/01/2027
 
1,000
928,206
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
1.58%
07/01/2028
 
555
505,411
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
2.86%
07/01/2043
 
145
108,290
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
0.91%
08/01/2026
 
715
675,276
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
1.25%
08/01/2027
 
950
876,428
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
1.69%
08/01/2030
 
450
389,063
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland
Medical System), Series 2013 B, RB
4.67%
07/01/2036
 
1,000
980,056
Maryland Community Development Administration (Social Bonds), Series 2023 D, RB,
(CEP - GNMA)
5.36%
09/01/2038
 
1,000
1,002,047
Maryland Community Development Administration (Social Bonds), Series 2023 D, RB,
(CEP - GNMA)
5.48%
09/01/2043
 
500
497,618
Maryland Community Development Administration (Social Bonds), Series 2023 F, RB,
(CEP - GNMA)
6.15%
09/01/2038
 
1,000
1,048,356
Maryland Community Development Administration (Social Bonds), Series 2023 F, RB,
(CEP - GNMA)
6.23%
09/01/2043
 
1,000
1,037,802
Maryland Economic Development Corp. (Green Bonds), Series 2024, RB
5.94%
05/31/2057
 
1,000
1,043,138
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB
4.75%
06/01/2042
 
400
360,362
Maryland Economic Development Corp. (Sustainability Bonds), Series 2024, RB
5.43%
05/31/2056
 
2,000
2,039,111
 
 
 
 
11,881,192
Massachusetts-3.66%
 
 
 
 
 
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds
4.91%
05/01/2029
 
7,715
7,775,811
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds
4.50%
08/01/2031
 
1,650
1,626,382
Massachusetts (Commonwealth of), Series 2010, GO Bonds
4.68%
05/01/2026
 
2,400
2,396,886
Massachusetts (Commonwealth of), Series 2019 D, Ref. GO Bonds
2.81%
09/01/2043
 
650
496,174
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
0.70%
11/01/2025
 
2,000
1,935,607
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
0.99%
11/01/2026
 
1,000
940,517
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
1.14%
11/01/2027
 
3,000
2,749,192
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
1.37%
11/01/2028
 
2,500
2,245,860
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
1.87%
11/01/2033
 
1,850
1,502,108
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds
3.28%
06/01/2046
 
1,500
1,227,547
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2010, RB
5.19%
08/01/2040
 
730
736,944
Massachusetts (Commonwealth of) College Building Authority, Series 2009 C, RB,
(CEP - Colorado Higher Education Intercept Program)
5.83%
05/01/2030
 
4,950
5,102,886
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB,
(CEP - GNMA)
5.84%
12/01/2042
 
1,500
1,517,413
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB,
(CEP - GNMA)
5.92%
12/01/2047
 
750
755,144
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB,
(CEP - GNMA)
5.56%
12/01/2052
 
910
918,249
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB
2.72%
07/01/2042
 
500
383,617
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB
2.87%
07/01/2051
 
125
86,975
Massachusetts (Commonwealth of) School Building Authority, Series 2009, RB
5.72%
08/15/2039
 
1,650
1,735,925
Massachusetts (Commonwealth of) School Building Authority, Series 2019 B, Ref. RB
3.40%
10/15/2040
 
1,550
1,333,530
Massachusetts (Commonwealth of) School Building Authority, Series 2020 C, Ref. RB
2.95%
05/15/2043
 
800
624,493
Massachusetts (Commonwealth of) School Building Authority, Series 2021 A, Ref. RB
2.40%
02/15/2036
 
675
540,212
University of Massachusetts Building Authority, Series 2021 2, Ref. RB
2.65%
11/01/2036
 
3,805
3,089,247
 
 
 
 
39,720,719
Michigan-2.27%
 
 
 
 
 
Gerald R Ford International Airport Authority, Series 2023 A, RB
5.50%
01/01/2053
 
1,300
1,330,809
Macomb (County of), MI, Series 2020, Ref. GO Bonds
1.67%
11/01/2029
 
2,850
2,512,687
Michigan (State of) Finance Authority (Detroit Distributable State Aid Fifth Lien and LTGO Financial
Recovery Refunding), Series 2018 D, RB
5.02%
11/01/2043
 
1,774
1,681,588
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C,
Ref. RB
3.61%
11/01/2032
 
500
469,634
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Michigan-(continued)
 
 
 
 
 
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C-1,
Ref. RB
3.59%
11/01/2035
$
1,000
$888,393
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB
3.08%
12/01/2034
 
1,100
976,025
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
1.27%
09/01/2026
 
500
474,014
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
1.53%
09/01/2027
 
500
463,908
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
1.88%
09/01/2029
 
500
448,190
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
2.03%
09/01/2030
 
950
838,525
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
3.23%
09/01/2047
 
1,000
788,207
Michigan State University Board of Trustees, Series 2010, RB
6.17%
02/15/2050
 
955
996,375
Michigan State University Board of Trustees, Series 2022 A, RB
4.17%
08/15/2122
 
2,700
2,153,733
University of Michigan, Series 2010 A, RB
5.51%
04/01/2030
 
250
253,047
University of Michigan, Series 2020 B, RB
1.67%
04/01/2030
 
1,050
925,167
University of Michigan, Series 2022 A, RB
3.50%
04/01/2052
 
1,600
1,275,292
University of Michigan, Series 2022 A, RB
4.45%
04/01/2122
 
3,450
2,947,110
University of Michigan, Series 2022 C, Ref. RB
3.60%
04/01/2047
 
4,950
4,250,007
University of Michigan (Green Bonds), Series 2022 B, RB
3.50%
04/01/2052
 
1,033
823,360
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)(a)
2.88%
11/15/2043
 
100
75,733
 
 
 
 
24,571,804
Minnesota-0.32%
 
 
 
 
 
Minnesota (State of) Housing Finance Agency (Social Bonds), Series 2023 S, RB, (CEP - GNMA)
6.33%
07/01/2049
 
1,000
1,025,766
Minnesota (State of) Housing Finance Agency (Social Bonds), Series 2024 M, RB, (CEP - GNMA)
5.97%
07/01/2049
 
1,000
1,018,971
University of Minnesota, Series 2022, RB
4.05%
04/01/2052
 
1,650
1,441,188
 
 
 
 
3,485,925
Mississippi-1.60%
 
 
 
 
 
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB
2.92%
06/01/2041
 
500
389,544
Mississippi (State of), Series 2009 D, GO Bonds
5.54%
10/01/2029
 
2,076
2,142,798
Mississippi (State of), Series 2010 F, GO Bonds
5.25%
11/01/2034
 
950
962,670
Mississippi (State of), Series 2020 A, Ref. GO Bonds
0.94%
11/01/2026
 
4,500
4,227,612
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.04%
11/01/2027
 
5,000
4,567,398
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.63%
11/01/2031
 
500
420,226
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.73%
11/01/2032
 
3,750
3,090,016
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.78%
11/01/2033
 
1,900
1,529,287
 
 
 
 
17,329,551
Missouri-1.12%
 
 
 
 
 
Curators of the University of Missouri (The), Series 2020, Ref. RB
2.01%
11/01/2027
 
260
243,766
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B,
RB
4.20%
10/01/2049
 
4,900
4,202,430
Missouri (State of) Health & Educational Facilities Authority (Washington University (The)),
Series 2017 A, RB
3.65%
08/15/2057
 
1,400
1,107,080
Missouri (State of) Health & Educational Facilities Authority (Washington University (The)),
Series 2020, Ref. RB
3.23%
05/15/2050
 
1,400
1,060,346
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB
6.89%
01/01/2042
 
4,950
5,566,045
 
 
 
 
12,179,667
Montana-0.04%
 
 
 
 
 
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group),
Series 2021 B, RB
3.25%
08/15/2051
 
250
172,458
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB
3.00%
08/15/2051
 
400
266,700
 
 
 
 
439,158
Nebraska-0.22%
 
 
 
 
 
Omaha Public Facilities Corp., Series 2017, RB
4.35%
02/01/2047
 
1,735
1,535,934
University of Nebraska Facilities Corp. (The), Series 2019 A, Ref. RB
3.04%
10/01/2049
 
1,100
826,315
 
 
 
 
2,362,249
Nevada-0.41%
 
 
 
 
 
Clark (County of), NV, Series 2010 A, GO Bonds
6.55%
07/01/2030
 
130
136,019
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Nevada-(continued)
 
 
 
 
 
Clark (County of), NV, Series 2010 A, GO Bonds
6.75%
07/01/2038
$
620
$701,936
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB
7.45%
02/01/2040
 
3,000
3,574,127
 
 
 
 
4,412,082
New Hampshire-0.67%
 
 
 
 
 
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB
3.78%
01/01/2036
 
1,200
995,758
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020,
RB
3.28%
10/01/2037
 
2,850
2,140,692
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB
3.30%
04/01/2032
 
2,900
2,394,352
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center),
Series 2020, Ref. RB
3.18%
01/01/2036
 
1,900
1,476,512
New Hampshire (State of) Turnpike System, Series 2009 A, RB
6.01%
11/01/2039
 
200
213,991
 
 
 
 
7,221,305
New Jersey-3.29%
 
 
 
 
 
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A,
RB
6.18%
01/15/2027
 
185
187,774
New Jersey (State of) Economic Development Authority, Series 1997 A, RB, (INS - NATL)(a)
7.43%
02/15/2029
 
4,800
5,109,929
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021,
Ref. RB, (INS - AGM)(a)
4.43%
07/01/2051
 
1,950
1,677,701
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB,
(INS - AGM)(a)
3.96%
07/01/2048
 
100
83,882
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB
6.56%
12/15/2040
 
1,405
1,569,132
New Jersey (State of) Turnpike Authority, Series 2009 F, RB
7.41%
01/01/2040
 
5,000
6,003,123
New Jersey (State of) Turnpike Authority, Series 2010 A, RB
7.10%
01/01/2041
 
900
1,053,588
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.05%
01/01/2026
 
7,675
7,406,354
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.28%
01/01/2027
 
350
329,025
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.48%
01/01/2028
 
80
73,579
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.71%
01/01/2029
 
200
180,834
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.81%
01/01/2030
 
500
442,971
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.86%
01/01/2031
 
500
433,352
New Jersey Institute of Technology, Series 2020 B, Ref. RB
3.42%
07/01/2042
 
1,000
830,161
Passaic (County of), NJ Valley Water Commission, Series 2009, RB
7.57%
12/15/2029
 
500
536,223
Passaic (County of), NJ Valley Water Commission, Series 2009, RB
7.82%
12/15/2039
 
450
546,310
Rutgers The State University of New Jersey, Series 2010 H, RB
5.55%
05/01/2029
 
685
694,125
Rutgers The State University of New Jersey, Series 2019 P, RB
3.92%
05/01/2119
 
1,100
808,511
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB
3.27%
05/01/2043
 
2,500
2,074,395
South Jersey Port Corp., Series 2009, RB
7.37%
01/01/2040
 
4,950
5,614,012
 
 
 
 
35,654,981
New York-12.71%
 
 
 
 
 
Metropolitan Transportation Authority, Series 2009, RB
7.34%
11/15/2039
 
1,725
2,088,937
Metropolitan Transportation Authority, Series 2010 E, RB
6.81%
11/15/2040
 
2,375
2,640,170
Metropolitan Transportation Authority, Series 2010, RB
6.65%
11/15/2039
 
750
822,984
Metropolitan Transportation Authority, Series 2010, RB
6.67%
11/15/2039
 
1,250
1,376,486
Metropolitan Transportation Authority, Series 2010, RB
6.69%
11/15/2040
 
3,745
4,133,509
New York & New Jersey (States of) Port Authority, One Hudred Sixty Eighth Series 2011, RB
4.93%
10/01/2051
 
5,385
5,281,409
New York & New Jersey (States of) Port Authority, One Hundred and Seventy Fourth Series 2012,
RB
4.46%
10/01/2062
 
1,025
926,112
New York & New Jersey (States of) Port Authority, Series 2021, RB
3.14%
02/15/2051
 
2,000
1,485,422
New York & New Jersey (States of) Port Authority, Two Hundred First Series 2017, RB
4.23%
10/15/2057
 
975
853,009
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Ninth Series 2023, Ref.
RB
5.07%
07/15/2053
 
5,500
5,503,254
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fifth Series 2021, RB
3.18%
07/15/2060
 
800
556,053
New York (City of), NY, Series 2009 D-1, GO Bonds
5.99%
12/01/2036
 
1,400
1,478,827
New York (City of), NY, Series 2009, GO Bonds
5.21%
10/01/2031
 
6,000
6,033,405
New York (City of), NY, Series 2010 F-1, GO Bonds
6.27%
12/01/2037
 
1,870
2,038,591
New York (City of), NY, Series 2010 G-1, GO Bonds
5.97%
03/01/2036
 
8,395
8,914,326
New York (City of), NY, Series 2010 H-1, GO Bonds
5.65%
06/01/2027
 
705
709,605
New York (City of), NY, Series 2010 H-1, GO Bonds
5.85%
06/01/2040
 
4,850
5,114,288
New York (City of), NY, Series 2020 D-3, GO Bonds
2.22%
03/01/2035
 
930
737,679
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York-(continued)
 
 
 
 
 
New York (City of), NY, Subseries 2019 A-2, GO Bonds
2.63%
08/01/2028
$
7,000
$6,574,850
New York (City of), NY (Social Bonds), Series 2022, GO Bonds
5.26%
10/01/2052
 
1,550
1,596,716
New York (City of), NY (Social Bonds), Series 2023 B-1, GO Bonds
5.83%
10/01/2053
 
2,000
2,209,914
New York (City of), NY (Social Bonds), Series 2024 D-1, GO Bonds
5.09%
10/01/2049
 
1,500
1,508,735
New York (City of), NY Educational Construction Fund, Series 2010 A, RB
6.00%
04/01/2035
 
1,950
2,086,247
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB,
(INS - AGM)(a)
2.68%
03/01/2033
 
2,000
1,718,886
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB,
(INS - AGM)(a)
2.73%
03/01/2034
 
3,000
2,533,840
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB,
(INS - AGM)(a)
2.78%
03/01/2035
 
3,000
2,490,818
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB
5.72%
06/15/2042
 
4,460
4,641,431
New York (City of), NY Transitional Finance Authority, Series 2010 G-3, RB
5.27%
05/01/2027
 
4,000
4,084,584
New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB
6.83%
07/15/2040
 
3,480
3,840,685
New York (City of), NY Transitional Finance Authority, Series 2010, RB
5.51%
08/01/2037
 
1,525
1,555,790
New York (City of), NY Transitional Finance Authority, Series 2010, RB
5.57%
11/01/2038
 
1,500
1,539,503
New York (City of), NY Transitional Finance Authority, Subseries 2017 A-3, RB
2.45%
05/01/2027
 
1,000
956,596
New York (State of) Dormitory Authority, Series 2010 D, RB
5.50%
03/15/2030
 
2,760
2,782,009
New York (State of) Dormitory Authority, Series 2010 H, RB
5.29%
03/15/2033
 
1,345
1,354,368
New York (State of) Dormitory Authority, Series 2010 H, RB
5.39%
03/15/2040
 
800
809,386
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB
3.14%
07/01/2043
 
900
745,725
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB(b)
1.26%
03/15/2026
 
2,000
1,922,531
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
1.19%
03/15/2026
 
1,000
960,339
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
1.54%
03/15/2027
 
1,000
940,232
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
1.75%
03/15/2028
 
1,000
924,731
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
1.95%
03/15/2029
 
900
821,124
New York (State of) Dormitory Authority, Series 2021 C, RB
2.05%
03/15/2030
 
1,000
888,229
New York (State of) Dormitory Authority, Series 2021 C, RB
2.15%
03/15/2031
 
1,000
871,297
New York (State of) Dormitory Authority, Series 2021 C, RB
2.25%
03/15/2032
 
900
769,408
New York (State of) Dormitory Authority, Series 2021 C, RB
2.20%
03/15/2034
 
900
734,585
New York (State of) Dormitory Authority (Barnard College), Series 2022 B, Ref. RB
5.97%
07/01/2042
 
3,000
3,054,243
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB
4.85%
07/01/2048
 
4,950
4,780,653
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019 B-2,
RB
4.01%
07/01/2049
 
3,000
2,543,555
New York (State of) Thruway Authority, Series 2019 M, Ref. RB
2.90%
01/01/2035
 
4,950
4,352,721
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB
2.95%
11/01/2041
 
4,850
3,690,270
New York City Housing Development Corp. (Sustainable Development Bonds), Series 2024 D, RB
5.45%
08/01/2054
 
835
821,355
New York State Urban Development Corp., Series 2009, RB
5.77%
03/15/2039
 
1,900
1,950,430
New York State Urban Development Corp., Series 2010 B, RB
5.84%
03/15/2040
 
1,900
1,972,947
New York State Urban Development Corp., Series 2020 F, Ref. RB
1.80%
03/15/2031
 
5,000
4,266,103
New York State Urban Development Corp., Series 2020 F, Ref. RB
1.90%
03/15/2032
 
4,350
3,637,049
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment),
Series 2016 B, RB
3.47%
07/01/2028
 
2,950
2,847,538
Triborough Bridge & Tunnel Authority, Series 2009 B, RB
5.50%
11/15/2039
 
715
741,064
Western Nassau County Water Authority, Series 2010 B, RB
6.70%
04/01/2040
 
500
556,212
 
 
 
 
137,770,765
North Carolina-0.14%
 
 
 
 
 
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2021, RB
3.20%
01/15/2051
 
1,100
812,816
University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB
3.33%
12/01/2036
 
760
690,145
 
 
 
 
1,502,961
Ohio-2.72%
 
 
 
 
 
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB
8.08%
02/15/2050
 
5,880
7,792,698
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB
7.50%
02/15/2050
 
3,245
3,936,418
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB
6.27%
02/15/2050
 
1,905
2,048,251
American Municipal Power, Inc. (OH Combined Hydroelectric), Series 2009 B, RB
6.45%
02/15/2044
 
950
1,040,803
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB
6.05%
02/15/2043
 
1,005
1,069,116
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2010, RB
5.94%
02/15/2047
 
1,000
1,048,299
Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Ref. RB
1.95%
06/01/2026
 
950
912,083
Columbus (City of), OH Regional Airport Authority, Series 2019, RB
4.20%
12/15/2048
 
1,000
852,850
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Ohio-(continued)
 
 
 
 
 
Cuyahoga (County of), OH (MetroHealth System), Series 2010 B, RB
8.22%
02/15/2040
$
950
$1,079,525
JobsOhio Beverage System, Series 2020 A, Ref. RB
2.83%
01/01/2038
 
850
698,936
JobsOhio Beverage System, Series 2023, RB
4.43%
01/01/2033
 
2,655
2,644,832
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 B, Ref. RB
3.70%
01/01/2043
 
1,000
872,521
Ohio State University (The), Series 2011 A, RB
4.80%
06/01/2111
 
1,800
1,669,668
Ohio State University (The), Series 2014, RB
5.59%
12/01/2114
 
950
928,610
Ohio State University (The), Series 2016 A, RB
3.80%
12/01/2046
 
950
801,000
Ohio State University (The), Series 2016 A, RB
4.05%
12/01/2056
 
1,759
1,508,132
Ohio State University (The), Series 2020, Ref. RB
3.02%
12/01/2050
 
800
567,006
 
 
 
 
29,470,748
Oklahoma-0.99%
 
 
 
 
 
Oklahoma (City of), OK Water Utilities Trust, Series 2022, Ref. RB
4.64%
07/01/2042
 
950
906,319
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB
4.38%
11/01/2045
 
3,350
3,183,808
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB
4.71%
05/01/2052
 
2,000
1,936,083
Oklahoma (State of) Development Finance Authority (Public Service Co. of Oklahama),
Series 2022, RB
4.62%
06/01/2044
 
4,900
4,753,646
 
 
 
 
10,779,856
Oregon-1.87%
 
 
 
 
 
Hillsboro Economic Development Council, Series 2024, RB, (INS - AGM)(a)
5.94%
06/01/2043
 
400
412,384
Metro, Series 2019, GO Bonds
3.25%
06/01/2028
 
9,950
9,635,069
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB
2.99%
09/01/2036
 
1,850
1,578,288
Oregon (State of), Series 2003, GO Bonds
5.89%
06/01/2027
 
1,497
1,531,656
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB
1.66%
11/15/2031
 
4,000
3,349,769
Oregon (State of) Housing & Community Services Department (Single Family Mortgage),
Series 2023, Ref. RB
6.25%
07/01/2053
 
990
1,023,105
Oregon State University, Series 2020, RB, (INS - BAM)(a)
3.42%
03/01/2060
 
2,620
1,958,181
Portland (Port of), OR (Portland International Airport), Series 2019, RB
4.24%
07/01/2049
 
950
793,557
 
 
 
 
20,282,009
Pennsylvania-3.01%
 
 
 
 
 
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds
2.09%
11/01/2033
 
900
736,731
Commonwealth Financing Authority, Series 2010 C-2, RB
5.59%
06/01/2030
 
2,000
2,053,856
Commonwealth Financing Authority, Series 2019 A, RB
3.81%
06/01/2041
 
4,950
4,313,058
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a)
3.66%
06/01/2038
 
400
358,603
Commonwealth Financing Authority, Series 2020 C, Ref. RB
3.53%
06/01/2042
 
900
749,783
Commonwealth Financing Authority, Series 2021 A, RB
2.99%
06/01/2042
 
900
695,679
Erie (City & County of), PA Water Authority, Series 2020 C, RB, (INS - AGM)(a)
3.46%
06/01/2060
 
3,140
2,312,844
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
3.23%
12/01/2050
 
600
443,476
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
3.48%
12/01/2055
 
1,000
762,391
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
3.63%
12/01/2059
 
2,450
1,891,271
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds
4.65%
02/15/2026
 
2,135
2,133,089
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2010, RB
6.53%
06/15/2039
 
1,195
1,327,408
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System
Higher Education), Series 2021, RB
2.85%
06/15/2036
 
1,000
826,062
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System
Higher Education), Series 2021, RB
3.14%
06/15/2042
 
900
722,421
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB
6.14%
04/01/2030
 
950
982,976
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB
3.44%
12/01/2043
 
2,900
2,319,130
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB
6.38%
12/01/2037
 
685
744,939
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB
6.11%
12/01/2039
 
1,393
1,503,413
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB
3.42%
12/01/2041
 
150
123,109
Pennsylvania State University (The), Series 2020 D, RB
2.84%
09/01/2050
 
1,200
866,571
Philadelphia School District (The), Series 2010 B, GO Bonds
6.62%
06/01/2030
 
950
996,332
Pittsburgh (City of), PA, Series 2020 B, Ref. GO Bonds
1.19%
09/01/2026
 
4,000
3,790,203
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2018,
RB
5.05%
08/15/2049
 
1,500
1,400,607
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref.
RB
3.01%
09/15/2041
 
750
611,910
 
 
 
 
32,665,862
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
South Carolina-0.43%
 
 
 
 
 
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2020, Ref.
RB
1.42%
12/01/2027
$
1,000
$919,614
Columbia (City of), SC, Series 2021 B, Ref. RB
3.01%
02/01/2049
 
245
183,629
Columbia Facilities Corp. (City of Columbia), Series 2021, RB
3.14%
06/01/2051
 
200
146,068
Greenville-Spartanburg Airport District, Series 2024 B, RB
5.59%
07/01/2048
 
100
100,260
South Carolina (State of) Jobs-Economic Development Authority (Conway Hospital, Inc.),
Series 2020, RB, (INS - AGM)(a)
2.73%
07/01/2030
 
400
353,709
South Carolina (State of) Public Service Authority, Series 2010 C, RB
6.45%
01/01/2050
 
1,750
1,957,002
Spartanburg Stadium Facilities Corp., Series 2024, RB
6.11%
11/01/2054
 
1,000
1,033,134
 
 
 
 
4,693,416
South Dakota-0.01%
 
 
 
 
 
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B,
Ref. RB
3.69%
07/01/2042
 
150
125,139
Tennessee-0.70%
 
 
 
 
 
Memphis (City of), TN, Series 2010, GO Bonds
6.04%
07/01/2034
 
1,000
1,086,692
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO
Bonds
1.39%
07/01/2030
 
100
85,451
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO
Bonds
1.49%
07/01/2031
 
100
83,631
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO
Bonds
1.59%
07/01/2032
 
125
102,264
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO
Bonds
1.79%
07/01/2034
 
200
157,042
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 B, RB
4.05%
07/01/2026
 
1,000
993,239
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB
3.44%
10/01/2046
 
950
797,239
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 B, RB
3.24%
07/01/2052
 
750
524,763
Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center
Authority, Series 2010 B, RB
6.73%
07/01/2043
 
1,000
1,104,258
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority
(Stadium), Series 2023 D, RB
5.45%
07/01/2043
 
1,000
1,047,478
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority
(Stadium), Series 2023 D, RB
5.60%
07/01/2056
 
1,500
1,605,648
 
 
 
 
7,587,705
Texas-11.07%
 
 
 
 
 
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)(a)
2.86%
11/15/2042
 
2,485
1,846,438
Board of Regents of the University of Texas System, Series 2010 C, RB
4.64%
08/15/2030
 
10,000
9,935,287
Board of Regents of the University of Texas System, Series 2010 C, RB
4.79%
08/15/2046
 
1,000
977,872
Board of Regents of the University of Texas System, Series 2010 D, RB
5.13%
08/15/2042
 
850
864,224
Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)(a)
4.88%
10/01/2047
 
950
898,561
Corpus Christi (City of), TX, Series 2020, Ref. RB
2.81%
07/15/2040
 
230
176,591
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref.
RB
1.65%
11/01/2026
 
2,200
2,089,164
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref.
RB
2.92%
11/01/2050
 
900
666,278
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.30%
11/01/2025
 
950
922,468
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.53%
11/01/2026
 
1,000
947,369
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.73%
11/01/2027
 
1,000
929,474
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.93%
11/01/2028
 
750
686,000
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.04%
11/01/2029
 
2,000
1,796,688
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.14%
11/01/2030
 
2,000
1,766,481
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.74%
11/01/2035
 
2,000
1,663,125
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.87%
11/01/2037
 
1,500
1,216,932
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.84%
11/01/2046
 
2,500
1,858,562
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB
4.09%
11/01/2051
 
1,500
1,309,298
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB
4.51%
11/01/2051
 
3,400
3,136,731
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref.
RB
5.00%
11/01/2042
$
800
$796,409
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref.
RB
5.05%
11/01/2047
 
200
196,163
Dallas (City of), TX Area Rapid Transit, Series 2009 B, RB
6.00%
12/01/2044
 
2,000
2,173,922
Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB
2.61%
12/01/2048
 
1,350
950,633
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2026
 
900
896,166
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2027
 
250
248,753
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2028
 
950
944,022
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
4.00%
08/15/2029
 
400
396,370
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
1.94%
08/15/2030
 
1,000
883,241
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
2.01%
08/15/2031
 
1,000
866,997
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
2.09%
08/15/2032
 
250
212,154
Dallas Convention Center Hotel Development Corp., Series 2009, RB
7.09%
01/01/2042
 
2,730
3,116,196
Denison Independent School District, Series 2020, Ref. GO Bonds,
(CEP - Texas Permanent School Fund)
2.74%
08/01/2041
 
5,500
4,257,023
Fort Worth (City of), TX, Series 2017 B, RB
4.09%
03/01/2037
 
1,035
961,828
Grand Parkway Transportation Corp., Series 2020, Ref. RB
3.22%
10/01/2049
 
740
560,378
Grand Parkway Transportation Corp., Series 2020, Ref. RB
3.24%
10/01/2052
 
3,500
2,607,219
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB,
(INS - AGM)(a)
3.71%
11/15/2056
 
4,000
3,027,654
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB,
(INS - AGM)(a)
3.86%
11/15/2040
 
2,155
1,882,708
Houston (City of), TX, Series 2014 B, RB
3.83%
05/15/2028
 
1,200
1,188,861
Houston (City of), TX, Series 2017, GO Bonds
3.96%
03/01/2047
 
850
754,308
Houston (City of), TX, Series 2019 C, Ref. RB
2.26%
11/15/2029
 
500
454,543
Houston (City of), TX, Series 2020 C, Ref. RB
1.82%
07/01/2027
 
1,000
937,677
Midland (City of), TX, Series 2022 A, Ref. GO Bonds
4.52%
03/01/2042
 
3,000
2,851,042
Midland (City of), TX, Series 2022 A, Ref. GO Bonds
4.67%
03/01/2050
 
2,950
2,768,442
North Texas Tollway Authority, Series 2009 B, RB
6.72%
01/01/2049
 
1,700
1,985,066
Permanent University Fund - University of Texas System, Series 2009, RB
5.26%
07/01/2039
 
300
304,206
San Antonio (City of), TX, Series 2012, RB
4.43%
02/01/2042
 
1,500
1,448,847
San Antonio (City of), TX, Series 2016, Ctfs. Of Obligations
2.93%
02/01/2046
 
1,345
1,006,065
San Antonio (City of), TX, Series 2022, GO Bonds
4.53%
02/01/2042
 
2,000
1,884,429
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated
Group), Series 2021, Ref. RB, (INS - AGM)(a)
3.29%
09/01/2040
 
500
402,999
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated
Group), Series 2021, Ref. RB, (INS - AGM)(a)
3.42%
09/01/2050
 
900
662,799
Texas (State of), Series 2009, GO Bonds
5.52%
04/01/2039
 
2,580
2,666,978
Texas (State of), Series 2019, Ref. GO Bonds
3.21%
04/01/2044
 
1,000
821,012
Texas (State of), Series 2021 A, Ref. GO Bonds
5.00%
10/01/2026
 
1,450
1,470,393
Texas (State of), Series 2021 A, Ref. GO Bonds
5.00%
10/01/2027
 
3,175
3,247,112
Texas (State of), Series 2021 A, Ref. GO Bonds
5.00%
10/01/2028
 
250
257,582
Texas (State of), Series 2021 A, Ref. GO Bonds
4.00%
10/01/2029
 
1,000
992,642
Texas (State of), Series 2021 A, Ref. GO Bonds
1.84%
10/01/2030
 
1,780
1,563,453
Texas (State of), Series 2021 A, Ref. GO Bonds
1.94%
10/01/2031
 
1,345
1,161,108
Texas (State of), Series 2021 B, Ref. GO Bonds
5.00%
10/01/2026
 
1,570
1,592,082
Texas (State of), Series 2021 B, Ref. GO Bonds
5.00%
10/01/2027
 
2,730
2,792,005
Texas (State of), Series 2021 B, Ref. GO Bonds
5.00%
10/01/2028
 
185
190,611
Texas (State of), Series 2021 B, Ref. GO Bonds
3.00%
10/01/2029
 
655
621,796
Texas (State of), Series 2021 B, Ref. GO Bonds
1.84%
10/01/2030
 
200
175,669
Texas (State of), Series 2021 B, Ref. GO Bonds
1.94%
10/01/2031
 
850
733,786
Texas (State of), Series 2021 B, Ref. GO Bonds
2.04%
10/01/2032
 
1,570
1,333,460
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas-(continued)
 
 
 
 
 
Texas (State of), Series 2021 B, Ref. GO Bonds
2.14%
10/01/2033
$
1,000
$836,249
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref.
RB
3.03%
08/15/2041
 
1,950
1,515,240
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB
5.03%
04/01/2026
 
1,030
1,031,596
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB
5.18%
04/01/2030
 
3,765
3,803,708
Texas (State of) Water Development Board (Master Trust), Series 2024 B, RB
4.92%
10/15/2044
 
600
600,596
Texas (State of) Water Development Board (Master Trust), Series 2024 B, RB
4.99%
10/15/2054
 
500
502,015
Texas A&M University, Series 2019 A, RB
4.20%
05/15/2048
 
2,450
2,184,502
Texas A&M University, Series 2019 B, Ref. RB
2.62%
05/15/2029
 
2,950
2,755,347
Texas A&M University, Series 2021 B, RB
2.81%
05/15/2041
 
1,000
772,217
Texas Natural Gas Securitization Finance Corp., Series 2023 A-1, RB
5.10%
04/01/2035
 
834
850,320
Texas Natural Gas Securitization Finance Corp., Series 2023 A-2, RB
5.17%
04/01/2041
 
3,000
3,076,216
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North
Tarrant Express Managed Lanes), Series 2019 B, Ref. RB
3.92%
12/31/2049
 
500
421,255
University of Houston, Series 2024 B, RB
5.27%
02/15/2055
 
2,000
2,019,066
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)(a)
3.46%
09/01/2040
 
1,160
920,041
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB
2.84%
03/01/2040
 
4,900
3,812,701
 
 
 
 
120,035,421
Utah-0.80%
 
 
 
 
 
Salt Lake (County of), UT Municipal Building Authority, Series 2009 B, RB
5.82%
12/01/2029
 
400
409,735
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
1.72%
12/15/2027
 
4,000
3,708,949
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
1.82%
12/15/2028
 
150
136,368
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
1.94%
12/15/2029
 
4,900
4,373,574
 
 
 
 
8,628,626
Virgin Islands-0.07%
 
 
 
 
 
Virgin Islands (Government of) Water & Power Authority (Electric System), Series 2010 C, RB,
(INS - AGM)(a)
6.85%
07/01/2035
 
745
806,062
Virginia-0.60%
 
 
 
 
 
University of Virginia, Series 2017 C, RB
4.18%
09/01/2117
 
1,000
824,332
University of Virginia, Series 2019 A, RB
3.23%
09/01/2119
 
1,200
758,521
University of Virginia, Series 2020, Ref. RB
2.26%
09/01/2050
 
1,500
933,267
Virginia (Commonwealth of) Housing Development Authority, Series 2019 A, RB
2.95%
10/25/2049
 
114
94,746
Virginia (Commonwealth of) Housing Development Authority, Series 2020 B, RB
2.75%
10/25/2046
 
1,059
922,601
Virginia (Commonwealth of) Housing Development Authority, Series 2020 C, RB
3.83%
04/01/2055
 
1,600
1,224,784
Virginia (Commonwealth of) Housing Development Authority, Series 2020 F, RB
3.28%
07/01/2050
 
1,990
1,446,510
Virginia (Commonwealth of) Port Authority, Series 2016 A, Ref. RB
4.23%
07/01/2036
 
300
282,190
 
 
 
 
6,486,951
Washington-0.90%
 
 
 
 
 
Benton (County of), WA Public Utility District No. 1, Series 2010, RB
6.55%
11/01/2030
 
650
691,241
Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB
5.49%
11/01/2039
 
1,805
1,870,273
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB
6.88%
09/01/2032
 
450
490,633
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB
5.25%
09/01/2030
 
1,205
1,214,004
Seattle (Port of), WA, Series 2017, Ref. RB
3.76%
05/01/2036
 
500
459,765
Tacoma (City of), WA, Series 2010 B, RB
5.37%
12/01/2030
 
1,000
1,022,269
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a)
5.79%
01/01/2032
 
2,570
2,661,916
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB
6.42%
07/01/2030
 
1,260
1,307,467
 
 
 
 
9,717,568
West Virginia-0.25%
 
 
 
 
 
Ohio (County of), WV, Series 2019 A, Ref. RB
4.00%
03/01/2040
 
1,800
1,437,825
Tobacco Settlement Finance Authority, Series 2020, Ref. RB
4.31%
06/01/2049
 
1,650
1,297,273
 
 
 
 
2,735,098
Wisconsin-0.78%
 
 
 
 
 
Wisconsin (State of), Series 2016 B, Ref. RB
3.29%
05/01/2037
 
1,000
862,412
Wisconsin (State of), Series 2017 A, Ref. RB
3.95%
05/01/2036
 
2,950
2,774,871
Wisconsin (State of), Series 2020 A, Ref. RB
2.50%
05/01/2032
 
1,900
1,667,228
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a)
4.17%
12/15/2050
 
1,950
1,676,721
See accompanying notes which are an integral part of this schedule.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
November 30, 2024
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Wisconsin-(continued)
 
 
 
 
 
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB,
(INS - AGM)(a)
3.09%
06/01/2050
$
2,000
$1,379,062
Wisconsin (State of) Public Finance Authority (Texas Biomedical Research Institute), Series 2021,
RB
3.63%
06/01/2051
 
100
66,924
 
 
 
 
8,427,218
Total Municipal Obligations
(Cost $1,177,031,669)
1,062,236,665
 
 
 
Shares
 
Money Market Funds-0.82%
 
 
 
 
 
Invesco Government & Agency Portfolio, Institutional Class, 4.57%(c)(d)
(Cost $8,931,772)
 
8,931,772
8,931,772
TOTAL INVESTMENTS IN SECURITIES(e)-98.80%
(Cost $1,185,963,441)
1,071,168,437
OTHER ASSETS LESS LIABILITIES-1.20%
12,984,803
NET ASSETS-100.00%
$1,084,153,240
 
Investment Abbreviations:
AGM
-Assured Guaranty Municipal Corp.
BAM
-Build America Mutual Assurance Co.
BHAC
-Berkshire Hathaway Assurance Corp.
CEP
-Credit Enhancement Provider
COP
-Certificates of Participation
Ctfs.
-Certificates
FNMA
-Federal National Mortgage Association
GNMA
-Government National Mortgage Association
GO
-General Obligation
INS
-Insurer
NATL
-National Public Finance Guarantee Corp.
RB
-Revenue Bonds
Ref.
-Refunding
 
Notes to Schedule of Investments:
(a)
Principal and/or interest payments are secured by the bond insurance company listed.
(b)
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
November 30, 2024
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$10,657,047
$31,683,982
$(33,409,257
)
$-
$-
$8,931,772
$146,683
 
(d)
The rate shown is the 7-day SEC standardized yield as of November 30, 2024.
(e)
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily
responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
 
Entities
Percentage
Assured Guaranty Municipal Corp
5.98%
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 Variable Rate Preferred ETF (VRP)
November 30, 2024
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-82.53%
Automobile Components-0.21%
Aptiv PLC/Aptiv Global Financing DAC,
6.88%, 12/15/2054(b)
$
4,000,000
$3,895,333
Banks-29.68%
BAC Capital Trust XIV, Series G, 5.61% (3
mo. Term SOFR + 0.66%)(c)(d)
 
4,019,000
3,462,096
Bank of America Corp.
 
Series AA, 6.10%(b)(c)(e)
 
15,470,000
15,477,733
Series DD, 6.30%(b)(c)(e)
 
8,156,000
8,258,097
Series FF, 5.88%(b)(c)
 
18,509,000
18,640,451
Series MM, 4.30%(b)(c)(e)
 
6,253,000
6,215,290
Series RR, 4.38%(b)(c)(e)
 
13,633,000
13,195,822
Series TT, 6.13%(b)(c)(e)
 
16,318,000
16,717,693
Bank of Montreal (Canada), 4.80%(b)(c)(e)
 
4,065,000
4,066,088
Bank of Nova Scotia (The) (Canada)
 
4.90%(b)(c)
 
10,165,000
10,085,744
7.57% (3 mo. Term SOFR +
2.91%)(c)(d)
 
10,223,000
10,187,442
Citigroup, Inc.
 
Series AA, 7.63%(b)(c)
 
12,226,000
12,977,055
Series BB, 7.20%(b)(c)(e)
 
4,476,000
4,648,169
Series CC, 7.13%(b)(c)
 
14,242,000
14,687,632
Series DD, 7.00%(b)(c)
 
12,205,000
12,867,157
Series P, 5.95%(b)(c)
 
16,311,000
16,286,993
Series T, 6.25%(b)(c)
 
12,226,000
12,356,892
Series V, 4.70%(b)(c)
 
12,206,000
12,167,172
Series W, 4.00%(b)(c)
 
12,204,000
11,946,698
Series X, 3.88%(b)(c)
 
18,756,000
18,176,961
Series Y, 4.15%(b)(c)(e)
 
8,137,000
7,829,526
Series Z, 7.38%(b)(c)(e)
 
10,179,000
10,690,953
Citizens Financial Group, Inc., Series F,
5.65%(b)(c)(e)
 
3,250,000
3,237,665
CoBank, ACB
 
Series J, 4.25%(b)(c)
 
3,290,000
3,146,944
Series K, 6.45%(b)(c)
 
3,172,000
3,222,831
Comerica, Inc., 5.63%(b)(c)(e)
 
3,255,000
3,248,485
Fifth Third Bancorp
 
Series H, 7.90% (3 mo. Term SOFR +
3.29%)(c)(d)
 
4,865,000
4,862,050
Series L, 4.50%(b)(c)
 
2,850,000
2,815,664
Huntington Bancshares, Inc.
 
Series F, 5.63%(b)(c)
 
4,066,000
4,045,258
Series G, 4.45%(b)(c)(e)
 
4,085,000
3,926,552
JPMorgan Chase & Co.
 
Series CC, 7.41% (3 mo. Term SOFR +
2.84%)(c)(d)(e)
 
10,223,000
10,304,989
Series HH, 4.60%(b)(c)
 
24,475,000
24,409,106
Series II, 4.00%(b)(c)
 
12,262,000
12,140,159
Series KK, 3.65%(b)(c)(e)
 
16,329,000
15,917,725
Series NN, 6.88%(b)(c)(e)
 
20,431,000
21,625,519
Series W, 5.79% (3 mo. Term SOFR +
1.26%), 05/15/2047(d)
 
2,969,000
2,765,757
KeyCorp, Series D, 5.00%(b)(c)(e)
 
4,272,000
4,157,460
M&T Bank Corp.
 
3.50%(b)(c)
 
4,045,000
3,780,030
Series F, 5.13%(b)(c)(e)
 
4,077,000
4,043,710
Series G, 7.01%(b)(c)(e)
 
3,257,000
3,264,289
 
Principal
Amount
Value
Banks-(continued)
PNC Financial Services Group, Inc. (The)
 
Series R, 7.80% (3 mo. Term SOFR +
3.30%)(c)(d)
$
4,070,000
$4,071,544
Series S, 5.00%(b)(c)(e)
 
4,284,000
4,249,832
Series T, 3.40%(b)(c)
 
12,234,000
11,488,996
Series U, 6.00%(b)(c)
 
8,132,000
8,185,883
Series V, 6.20%(b)(c)(e)
 
10,191,000
10,339,208
Series W, 6.25%(b)(c)
 
12,208,000
12,377,885
Regions Financial Corp., Series D,
5.75%(b)(c)(e)
 
2,845,000
2,835,183
Truist Financial Corp.
 
Series A, 5.46% (3 mo. Term SOFR +
0.93%), 05/15/2027(d)
 
2,847,000
2,797,297
Series L, 8.31% (3 mo. Term SOFR +
3.36%)(c)(d)
 
6,089,000
6,094,882
Series M, 5.13%(b)(c)
 
4,075,000
3,989,266
Series N, 6.67%(b)(c)(e)
 
13,841,000
13,820,392
Series P, 4.95%(b)(c)
 
8,165,000
8,125,479
Series Q, 5.10%(b)(c)
 
8,106,000
7,836,013
U.S. Bancorp
 
3.70%(b)(c)
 
12,188,000
11,594,693
Series J, 5.30%(b)(c)(e)
 
8,156,000
8,103,726
USB Capital IX, 5.94% (3 mo. Term SOFR
+ 1.28%)(c)(d)
 
5,514,000
4,804,333
Wells Fargo & Co.
 
6.85%(b)(c)
 
16,318,000
16,948,315
7.63%(b)(c)(e)
 
14,061,000
15,011,158
Series BB, 3.90%(b)(c)
 
28,509,000
27,754,558
 
 
552,284,500
Capital Markets-11.39%
Bank of New York Mellon Corp. (The)
 
Series F, 4.63%(b)(c)(e)
 
8,121,000
7,983,628
Series G, 4.70%(b)(c)
 
8,155,000
8,076,336
Series H, 3.70%(b)(c)(e)
 
4,741,000
4,642,630
Series I, 3.75%(b)(c)
 
10,568,000
10,138,693
Charles Schwab Corp. (The)
 
Series F, 5.00%(b)(c)(e)
 
3,972,000
3,772,807
Series G, 5.38%(b)(c)
 
20,005,000
19,980,275
Series H, 4.00%(b)(c)
 
18,193,000
15,975,485
Series I, 4.00%(b)(c)
 
16,759,000
16,211,520
Series K, 5.00%(b)(c)(e)
 
6,105,000
5,985,877
Goldman Sachs Capital II, 5.53% (3 mo.
Term SOFR + 1.03%)(c)(d)(e)
 
6,184,000
5,406,188
Goldman Sachs Group, Inc. (The)
 
Series O, 5.30%(b)(c)(e)
 
5,303,000
5,307,331
Series Q, 7.38%(b)(c)
 
4,058,000
4,069,513
Series R, 4.95%(b)(c)(e)
 
4,869,000
4,854,920
Series S, 4.40%(b)(c)
 
2,845,000
2,827,499
Series T, 3.80%(b)(c)(e)
 
5,522,000
5,297,936
Series U, 3.65%(b)(c)(e)
 
6,102,000
5,843,661
Series V, 4.13%(b)(c)
 
6,117,000
5,884,763
Series W, 7.50%(b)(c)
 
12,227,000
13,118,642
Series X, 7.50%(b)(c)
 
18,463,000
19,365,961
Series Y, 6.13%(b)(c)(e)
 
16,310,000
16,374,794
Mellon Capital IV, Series 1, 5.64% (3 mo.
Term SOFR + 0.83%)(c)(d)(e)
 
4,056,000
3,570,921
Northern Trust Corp., Series D,
4.60%(b)(c)(e)
 
4,070,000
4,025,000
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Capital Markets-(continued)
State Street Corp.
 
6.21% (3 mo. Term SOFR + 1.26%),
06/15/2047(d)(e)
$
4,043,000
$3,607,083
Series I, 6.70%(b)(c)
 
12,200,000
12,553,263
Series J, 6.70%(b)(c)(e)
 
6,910,000
7,092,870
 
 
211,967,596
Consumer Finance-3.36%
Ally Financial, Inc.
 
Series B, 4.70%(b)(c)
 
10,997,000
10,398,426
Series C, 4.70%(b)(c)
 
8,067,000
7,033,243
American Express Co., 3.55%(b)(c)
 
13,062,000
12,504,817
Capital One Financial Corp., Series M,
3.95%(b)(c)(e)
 
8,155,000
7,811,299
Discover Financial Services
 
Series C, 5.50%(b)(c)(e)
 
4,624,000
4,518,119
Series D, 6.13%(b)(c)
 
4,070,000
4,077,449
General Motors Financial Co., Inc.
 
Series A, 5.75%(b)(c)
 
8,140,000
7,946,430
Series B, 6.50%(b)(c)(e)
 
4,098,000
4,137,660
Series C, 5.70%(b)(c)(e)
 
4,059,000
3,969,048
 
 
62,396,491
Electric Utilities-7.47%
American Electric Power Co., Inc.
 
6.95%, 12/15/2054(b)
 
4,875,000
5,105,643
7.05%, 12/15/2054(b)(e)
 
3,240,000
3,372,591
3.88%, 02/15/2062(b)
 
6,100,000
5,793,587
Duke Energy Corp.
 
6.45%, 09/01/2054(b)
 
8,140,000
8,284,208
3.25%, 01/15/2082(b)
 
4,057,000
3,771,202
Edison International
 
8.13%, 06/15/2053(b)
 
4,050,000
4,256,643
7.88%, 06/15/2054(b)
 
3,657,000
3,841,349
Series A, 5.38%(b)(c)
 
9,436,000
9,375,310
Series B, 5.00%(b)(c)(e)
 
4,093,000
4,009,436
Emera, Inc. (Canada), Series 16-A,
6.75%, 06/15/2076(b)
 
9,783,000
9,919,345
Entergy Corp., 7.13%, 12/01/2054(b)
 
9,782,000
10,057,256
National Rural Utilities Cooperative
Finance Corp.
 
5.25%, 04/20/2046(b)
 
2,832,000
2,817,654
7.13%, 09/15/2053(b)
 
3,250,000
3,392,743
NextEra Energy Capital Holdings, Inc.
 
6.75%, 06/15/2054(b)
 
9,810,000
10,234,081
6.70%, 09/01/2054(b)
 
8,149,000
8,328,751
4.80%, 12/01/2077(b)(e)
 
4,464,000
4,323,058
5.65%, 05/01/2079(b)
 
4,067,000
4,046,425
3.80%, 03/15/2082(b)
 
4,891,000
4,685,186
PG&E Corp., 7.38%, 03/15/2055(b)
 
11,260,000
11,664,816
PPL Capital Funding, Inc., Series A,
7.53% (3 mo. Term SOFR + 2.93%),
03/30/2067(d)
 
3,862,000
3,865,314
Southern Co. (The)
 
Series 21-A, 3.75%, 09/15/2051(b)
 
8,145,000
7,838,802
Series B, 4.00%, 01/15/2051(b)
 
10,212,000
10,027,535
 
 
139,010,935
Financial Services-1.56%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland), 6.95%,
03/10/2055(b)(e)
 
6,180,000
6,410,550
 
Principal
Amount
Value
Financial Services-(continued)
Apollo Global Management, Inc., 6.00%,
12/15/2054(b)
$
4,075,000
$4,088,480
Corebridge Financial, Inc.
 
6.88%, 12/15/2052(b)
 
8,176,000
8,371,994
6.38%, 09/15/2054(b)(e)
 
6,110,000
6,146,471
Equitable Holdings, Inc., Series B,
4.95%(b)(c)(e)
 
4,067,000
4,041,694
 
 
29,059,189
Independent Power and Renewable Electricity Producers-0.44%
AES Corp. (The), 7.60%, 01/15/2055(b)
 
7,772,000
8,097,553
Insurance-7.10%
Aegon N.V. (Netherlands), 5.50%,
04/11/2048(b)
 
6,520,000
6,462,323
Allstate Corp. (The)
 
6.50%, 05/15/2057(b)
 
4,089,000
4,249,538
Series B, 7.72% (3 mo. Term SOFR +
3.20%), 08/15/2053(d)
 
6,499,000
6,523,280
American International Group, Inc.,
Series A-9, 5.75%, 04/01/2048(b)
 
6,102,000
6,081,592
Assurant, Inc., 7.00%, 03/27/2048(b)
 
3,238,000
3,330,231
Athene Holding Ltd., 6.63%,
10/15/2054(b)
 
4,955,000
4,968,195
Enstar Finance LLC
 
5.75%, 09/01/2040(b)(e)
 
2,839,000
2,820,751
5.50%, 01/15/2042(b)
 
4,061,000
3,871,013
Lincoln National Corp.
 
7.10% (3 mo. Term SOFR + 2.62%),
05/17/2066(d)
 
4,525,000
3,801,278
6.92% (3 mo. Term SOFR + 2.30%),
04/20/2067(d)
 
3,480,000
2,800,680
Series C, 9.25%(b)(c)(e)
 
4,083,000
4,475,842
Markel Group, Inc., 6.00%(b)(c)
 
4,867,000
4,872,455
MetLife, Inc.
 
Series D, 5.88%(b)(c)(e)
 
4,080,000
4,109,968
Series G, 3.85%(b)(c)(e)
 
8,135,000
8,011,319
Nationwide Financial Services, Inc.,
6.75%, 05/15/2037
 
3,233,000
3,349,941
PartnerRe Finance B LLC, 4.50%,
10/01/2050(b)
 
4,065,000
3,791,093
Prudential Financial, Inc.
 
5.38%, 05/15/2045(b)
 
8,147,000
8,138,426
4.50%, 09/15/2047(b)
 
6,110,000
5,932,244
5.70%, 09/15/2048(b)
 
8,120,000
8,129,778
3.70%, 10/01/2050(b)
 
6,523,000
5,944,706
5.13%, 03/01/2052(b)
 
8,132,000
7,850,677
6.00%, 09/01/2052(b)
 
9,781,000
9,911,674
6.75%, 03/01/2053(b)
 
4,067,000
4,281,896
6.50%, 03/15/2054(b)
 
8,161,000
8,449,197
 
 
132,158,097
Machinery-0.32%
Stanley Black & Decker, Inc., 4.00%,
03/15/2060(b)
 
6,081,000
5,999,231
Media-0.69%
Paramount Global
 
6.25%, 02/28/2057(b)
 
5,243,000
4,966,297
6.38%, 03/30/2062(b)(e)
 
8,133,000
7,852,676
 
 
12,818,973
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
November 30, 2024
(Unaudited)
 
Principal
Amount
Value
Multi-Utilities-6.13%
Algonquin Power & Utilities Corp.
(Canada), 4.75%, 01/18/2082(b)
$
6,095,000
$5,754,329
CenterPoint Energy, Inc.
 
6.70%, 05/15/2055(b)
 
4,100,000
4,113,641
Series A, 7.00%, 02/15/2055(b)
 
3,250,000
3,354,676
Series B, 6.85%, 02/15/2055(b)
 
3,250,000
3,362,942
CMS Energy Corp.
 
4.75%, 06/01/2050(b)
 
4,090,000
3,880,970
3.75%, 12/01/2050(b)(e)
 
3,271,000
2,872,481
Dominion Energy, Inc.
 
6.63%, 05/15/2055(b)
 
10,250,000
10,527,775
Series A, 6.88%, 02/01/2055(b)
 
8,173,000
8,618,294
Series B, 7.00%, 06/01/2054(b)
 
8,217,000
8,728,418
Series B, 4.65%(b)(c)(e)
 
2,925,000
2,924,776
Series C, 4.35%(b)(c)
 
6,122,000
5,972,343
NiSource, Inc.
 
6.95%, 11/30/2054(b)
 
4,056,000
4,159,343
6.38%, 03/31/2055(b)
 
4,050,000
4,076,911
Sempra
 
4.13%, 04/01/2052(b)
 
8,115,000
7,727,676
6.40%, 10/01/2054(b)
 
10,240,000
10,273,989
6.88%, 10/01/2054(b)
 
8,999,000
9,221,302
6.55%, 04/01/2055(b)
 
4,950,000
4,975,493
6.63%, 04/01/2055(b)
 
3,250,000
3,278,537
4.88%(b)(c)
 
7,306,000
7,257,265
WEC Energy Group, Inc., 6.90% (3 mo.
Term SOFR + 2.37%), 05/15/2067(d)
 
2,913,000
2,918,660
 
 
113,999,821
Oil, Gas & Consumable Fuels-12.33%
BP Capital Markets PLC
 
4.38%(b)(c)(e)
 
9,764,000
9,666,414
4.88%(b)(c)
 
20,498,000
19,906,682
6.13%(b)(c)
 
10,250,000
10,246,966
6.45%(b)(c)(e)
 
10,602,000
11,045,821
Enbridge, Inc. (Canada)
 
7.20%, 06/27/2054(b)
 
5,720,000
5,953,410
7.38%, 03/15/2055(b)
 
4,095,000
4,267,588
5.50%, 07/15/2077(b)
 
8,151,000
7,903,863
6.25%, 03/01/2078(b)
 
6,915,000
6,798,664
7.38%, 01/15/2083(b)
 
4,053,000
4,144,950
7.63%, 01/15/2083(b)
 
4,909,000
5,187,939
8.50%, 01/15/2084(b)
 
10,159,000
11,338,856
Series 16-A, 6.00%, 01/15/2077(b)(e)
 
6,100,000
6,058,616
Series 20-A, Conv., 5.75%,
07/15/2080(b)
 
8,102,000
7,877,401
Series NC5, 8.25%, 01/15/2084(b)
 
6,122,000
6,492,259
Energy Transfer L.P.
 
8.00%, 05/15/2054(b)
 
6,535,000
6,955,449
7.13%, 10/01/2054(b)(e)
 
3,245,000
3,306,217
7.85% (3 mo. Term SOFR + 3.28%),
11/01/2066(d)(e)
 
4,413,000
4,407,828
Series B, 6.63%(b)(c)
 
4,479,000
4,432,778
Series F, 6.75%(b)(c)
 
4,046,000
4,059,961
Series G, 7.13%(b)(c)
 
8,896,000
9,102,156
Series H, 6.50%(b)(c)
 
7,318,000
7,339,661
Enterprise Products Operating LLC
 
5.38%, 02/15/2078(b)
 
5,691,000
5,483,721
Series D, 7.73% (3 mo. Term SOFR +
3.25%), 08/16/2077(d)
 
2,831,000
2,817,108
Series E, 5.25%, 08/16/2077(b)
 
8,125,000
7,942,452
 
Principal
Amount
Value
Oil, Gas & Consumable Fuels-(continued)
Plains All American Pipeline L.P., Series B,
8.90% (3 mo. Term SOFR +
4.37%)(c)(d)
$
6,521,000
$6,538,777
TransCanada PipeLines Ltd. (Canada),
7.00% (3 mo. Term SOFR + 2.47%),
05/15/2067(d)
 
8,043,000
7,548,309
Transcanada Trust (Canada)
 
5.63%, 05/20/2075(b)
 
6,084,000
6,059,644
5.30%, 03/15/2077(b)
 
12,226,000
11,913,049
5.50%, 09/15/2079(b)
 
8,960,000
8,670,527
5.60%, 03/07/2082(b)
 
6,517,000
6,252,118
Series 16-A, 5.88%, 08/15/2076(b)
 
9,777,000
9,745,479
 
 
229,464,663
Wireless Telecommunication Services-1.85%
Vodafone Group PLC (United Kingdom)
 
7.00%, 04/04/2079(b)
 
16,292,000
17,050,335
3.25%, 06/04/2081(b)
 
4,045,000
3,921,015
4.13%, 06/04/2081(b)
 
8,178,000
7,347,725
5.13%, 06/04/2081(b)
 
7,765,000
6,060,468
 
 
34,379,543
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,546,054,374)
1,535,531,925
 
Shares
 
Preferred Stocks-16.49%
Banks-4.68%
Associated Banc-Corp, Pfd., 6.63%(b)
 
98,115
2,451,894
Banc of California, Inc., Series F, Pfd.,
7.75%(b)(e)
 
167,718
4,192,950
Bank of America Corp.
 
Series E, Pfd., 5.14% (3 mo. Term
SOFR + 0.61%)(d)(e)
 
100,609
2,472,969
Series 5, Pfd., 5.28% (3 mo. Term
SOFR + 0.76%)(d)(e)
 
136,410
3,328,404
Series 2, Pfd., 5.43% (3 mo. Term
SOFR + 0.91%)(d)(e)
 
97,569
2,249,941
Series 4, Pfd., 5.53% (3 mo. Term
SOFR + 1.01%)(d)(e)
 
68,838
1,658,996
Series K, Pfd., 6.45%
 
342,736
8,965,974
ConnectOne Bancorp, Inc., Series A, Pfd.,
5.25%(b)(e)
 
37,745
837,939
Fifth Third Bancorp, Series I, Pfd.,
9.30%(b)(e)
 
147,035
3,806,736
Flagstar Financial, Inc., Series A, Pfd.,
6.38%(b)(e)
 
168,522
3,763,096
Heartland Financial USA, Inc., Series E,
Pfd., 7.00%(b)(e)
 
37,810
961,886
Huntington Bancshares, Inc., Series J,
Pfd., 6.88%(b)
 
106,563
2,820,723
KeyCorp
 
Series E, Pfd., 6.13%(b)
 
163,307
4,190,458
Pfd., 6.20%(b)
 
195,847
4,994,098
M&T Bank Corp., Series H, Pfd., 5.63%(b)
 
81,625
2,091,233
Midland States Bancorp, Inc., Pfd.,
7.75%(b)(e)
 
37,669
966,210
Regions Financial Corp.
 
Series C, Pfd., 5.70%(b)(e)
 
163,449
4,115,646
Pfd., 6.95%(b)(e)
 
163,515
4,316,796
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
November 30, 2024
(Unaudited)
 
Shares
Value
Banks-(continued)
Synovus Financial Corp.
 
Series D, Pfd., 8.09% (3 mo. Term
SOFR + 3.61%)(d)(e)
 
65,356
$1,682,263
Series E, Pfd., 8.40%(b)
 
114,282
3,061,615
Truist Financial Corp., Series I, Pfd.,
5.74% (3 mo. Term SOFR +
0.79%)(d)(e)
 
56,411
1,364,582
U.S. Bancorp
 
Series B, Pfd., 5.52% (3 mo. Term
SOFR + 0.86%)(d)(e)
 
326,811
7,542,798
Series A, Pfd., 5.94% (3 mo. Term
SOFR + 1.28%)(d)(e)
 
4,681
4,155,324
Valley National Bancorp
 
Series A, Pfd., 6.25%(b)(e)
 
37,747
950,469
Series C, Pfd., 8.25%(b)
 
51,769
1,359,972
Series B, Pfd., 8.43% (3 mo. SOFR +
3.58%)(d)(e)
 
32,685
820,720
WesBanco, Inc., Series A, Pfd.,
6.75%(b)(e)
 
49,341
1,247,834
Western Alliance Bancorporation,
Series A, Pfd., 4.25%(b)
 
97,991
2,150,902
Wintrust Financial Corp.
 
Series D, Pfd., 6.50%(b)(e)
 
40,753
1,033,089
Series E, Pfd., 6.88%(b)(e)
 
94,215
2,383,639
Zions Bancorporation N.A., Series G, Pfd.,
9.45% (3 mo. SOFR + 4.24%)(d)(e)
 
45,375
1,139,820
 
 
87,078,976
Capital Markets-1.43%
Goldman Sachs Group, Inc. (The)
 
Series D, Pfd., 5.45% (3 mo. Term
SOFR + 0.93%)(d)(e)
 
441,109
10,476,339
Series A, Pfd., 5.53% (3 mo. Term
SOFR + 1.01%)(d)(e)
 
245,147
5,932,557
Series C, Pfd., 5.53% (3 mo. Term
SOFR + 1.01%)(d)(e)
 
65,410
1,612,356
Morgan Stanley, Series A, Pfd., 5.62% (3
mo. Term SOFR + 0.96%)(d)(e)
 
359,449
8,623,182
 
 
26,644,434
Consumer Finance-0.23%
Synchrony Financial, Series B, Pfd.,
8.25%(b)
 
163,461
4,331,717
Electric Utilities-0.27%
SCE Trust IV, Series J, Pfd., 5.38%(b)
 
106,251
2,638,212
SCE Trust V, Series K, Pfd., 5.45%(b)
 
98,124
2,453,100
 
 
5,091,312
Financial Services-2.05%
Apollo Global Management, Inc., Pfd.,
7.63%(b)
 
195,999
5,329,213
Citigroup Capital XIII, Pfd., 11.22% (3
mo. Term SOFR + 6.63%)(d)
 
733,721
22,268,432
Compass Diversified Holdings, Series B,
Pfd., 7.88%(b)
 
39,272
927,997
Jackson Financial, Inc., Pfd., 8.00%(b)
 
179,778
4,938,502
Merchants Bancorp
 
Pfd., 8.25%(b)
 
46,393
1,207,610
Series B, Pfd., 9.42% (3 mo. SOFR +
4.57%)(d)(e)
 
41,171
1,047,802
Voya Financial, Inc., Series B, Pfd.,
5.35%(b)
 
97,999
2,478,395
 
 
38,197,951
 
Shares
Value
Food Products-0.40%
CHS, Inc.
 
Series 3, Pfd., 6.75%(d)(e)
 
160,959
$4,044,900
Series 2, Pfd., 7.10%(d)(e)
 
137,178
3,477,462
 
 
7,522,362
Independent Power and Renewable Electricity Producers-0.19%
Tennessee Valley Authority
 
Series D, Pfd., 2.13% (30 yr.
U.S. Treasury Yield Curve Rate +
0.94%)(d)(e)(f)
 
83,900
1,908,725
Series A, Pfd., 2.22% (30 yr.
U.S. Treasury Yield Curve Rate +
0.84%)(d)(e)(f)
 
68,244
1,542,314
 
 
3,451,039
Insurance-2.96%
Allstate Corp. (The), Pfd., 8.08% (3 mo.
Term SOFR + 3.43%)(d)(e)
 
163,515
4,323,337
American National Group, Inc.
 
Series B, Pfd., 6.63%(b)(e)
 
97,779
2,518,787
Series A, Pfd., 8.37%(b)
 
131,058
3,327,563
Argo Group International Holdings, Inc.,
Pfd., 7.00%(b)
 
49,504
1,231,165
Aspen Insurance Holdings Ltd., Pfd.,
8.92% (3 mo. SOFR + 4.06%),
(Bermuda)(d)(e)
 
89,968
2,299,582
Athene Holding Ltd.
 
Series A, Pfd., 6.35%(b)
 
281,789
7,241,977
Series C, Pfd., 6.38%(b)(e)
 
195,746
4,952,374
Pfd., 7.25%(b)
 
188,093
4,862,204
Series E, Pfd., 7.75%(b)
 
163,507
4,470,281
Enstar Group Ltd., Series D, Pfd.,
7.00%(b)
 
130,938
2,692,085
Kemper Corp., Pfd., 5.88%(b)
 
49,466
1,175,312
MetLife, Inc., Series A, Pfd., 6.21% (3
mo. Term SOFR + 1.26%)(d)(e)
 
196,045
4,861,916
Reinsurance Group of America, Inc.
 
Pfd., 5.75%(b)
 
131,748
3,296,335
Pfd., 7.13%(b)
 
228,813
6,132,188
SiriusPoint Ltd., Series B, Pfd., 8.00%
(Sweden)(b)
 
65,362
1,681,111
 
 
55,066,217
Mortgage REITs-3.37%
ACRES Commercial Realty Corp.,
Series C, Pfd., 10.52% (3 mo. Term
SOFR + 5.93%)(d)(e)
 
39,393
990,734
AGNC Investment Corp.
 
Series F, Pfd., 6.13%(b)
 
187,760
4,607,630
Series G, Pfd., 7.75%(b)
 
49,234
1,241,681
Series D, Pfd., 9.25% (3 mo. Term
SOFR + 4.59%)(d)(e)
 
77,012
1,960,726
Series E, Pfd., 9.85% (3 mo. SOFR +
4.99%)(d)(e)
 
129,804
3,277,551
Series C, Pfd., 10.03% (3 mo. Term
SOFR + 5.37%)(d)(e)
 
106,303
2,720,294
Annaly Capital Management, Inc.
 
Series G, Pfd., 8.91% (3 mo. Term
SOFR + 4.43%)(d)(e)
 
138,639
3,528,363
Series F, Pfd., 9.73% (3 mo. Term
SOFR + 5.25%)(d)(e)
 
235,446
6,076,861
Series I, Pfd., 10.58%(b)(e)
 
144,488
3,729,235
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
November 30, 2024
(Unaudited)
 
Shares
Value
Mortgage REITs-(continued)
Arbor Realty Trust, Inc., Series F, Pfd.,
6.25%(b)(e)
 
92,682
$1,912,957
Chimera Investment Corp.
 
Series C, Pfd., 7.75%(b)(e)
 
85,286
2,011,044
Series D, Pfd., 10.20% (3 mo. Term
SOFR + 5.60%)(d)(e)
 
65,351
1,646,845
Series B, Pfd., 10.66% (3 mo. Term
SOFR + 6.05%)(d)(e)
 
106,364
2,683,564
Dynex Capital, Inc., Series C, Pfd.,
6.90%(b)(e)
 
36,662
937,081
Ellington Financial, Inc.
 
Series B, Pfd., 6.25%(b)(e)
 
39,378
921,445
Series C, Pfd., 8.63%(b)(e)
 
28,891
747,410
Pfd., 10.05% (3 mo. SOFR +
5.20%)(d)(e)
 
37,536
954,540
Granite Point Mortgage Trust, Inc.,
Series A, Pfd., 7.00%(b)(e)
 
67,667
1,226,803
MFA Financial, Inc., Series C, Pfd.,
6.50%(b)(e)
 
90,010
2,189,943
New York Mortgage Trust, Inc.
 
Series F, Pfd., 6.88%(b)(e)
 
46,618
1,063,823
Series E, Pfd., 7.88%(b)(e)
 
59,888
1,505,584
Series D, Pfd., 8.00%(b)
 
50,128
1,152,944
Rithm Capital Corp.
 
Series C, Pfd., 6.38%(b)(e)
 
130,194
3,171,526
Series D, Pfd., 7.00%(b)(e)
 
151,948
3,633,077
Series B, Pfd., 10.49% (3 mo. SOFR +
5.64%)(d)(e)
 
91,976
2,320,555
Series A, Pfd., 10.66% (3 mo. SOFR +
5.80%)(d)(e)
 
50,810
1,298,704
Two Harbors Investment Corp.
 
Series C, Pfd., 7.25%(b)(e)
 
86,112
2,148,494
Series B, Pfd., 7.63%(b)(e)
 
83,411
1,951,817
Series A, Pfd., 8.13%(b)
 
41,456
1,004,893
 
 
62,616,124
Multi-Utilities-0.16%
Algonquin Power & Utilities Corp.,
Series 19-A, Pfd., 8.86% (3 mo. SOFR
+ 4.01%), (Canada)(d)(e)
 
114,629
2,927,625
Oil, Gas & Consumable Fuels-0.40%
GasLog Partners L.P., Series A, Pfd.,
8.63% (Greece)(b)
 
41,308
1,073,388
 
Shares
Value
Oil, Gas & Consumable Fuels-(continued)
NGL Energy Partners L.P., Series B, Pfd.,
11.95% (3 mo. Term SOFR +
7.47%)(d)
 
102,753
$2,404,420
Seapeak LLC, Series B, Pfd., 8.50%
(Bermuda)(b)
 
55,880
1,476,350
Tsakos Energy Navigation Ltd.
 
Series E, Pfd., 9.25% (Greece)(b)
 
39,010
1,020,174
Series F, Pfd., 9.50% (Greece)(b)
 
55,289
1,463,389
 
 
7,437,721
Trading Companies & Distributors-0.35%
FTAI Aviation Ltd.
 
Series B, Pfd., 8.00%(b)
 
40,550
1,034,025
Series C, Pfd., 8.25%(b)
 
34,783
914,793
WESCO International, Inc., Series A, Pfd.,
10.63%(b)(e)
 
175,793
4,582,924
 
 
6,531,742
Total Preferred Stocks
(Cost $307,023,838)
306,897,220
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.02%
(Cost $1,853,078,212)
1,842,429,145
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-9.85%
Invesco Private Government Fund,
4.63%(g)(h)(i)
 
51,347,966
51,347,966
Invesco Private Prime Fund, 4.71%(g)(h)(i)
 
131,881,785
131,921,350
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $183,275,828)
183,269,316
TOTAL INVESTMENTS IN SECURITIES-108.87%
(Cost $2,036,354,040)
2,025,698,461
OTHER ASSETS LESS LIABILITIES-(8.87)%
(165,091,620
)
NET ASSETS-100.00%
$1,860,606,841
 
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
November 30, 2024
(Unaudited)
Investment Abbreviations:
Conv.
-Convertible
Pfd.
-Preferred
REIT
-Real Estate Investment Trust
SOFR
-Secured Overnight Financing Rate
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(c)
Perpetual bond with no specified maturity date.
(d)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2024.
(e)
All or a portion of this security was out on loan at November 30, 2024.
(f)
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(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 three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
November 30, 2024
Dividend
Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$21,712,174
$111,413,884
$(133,126,058
)
$-
$-
$-
$309,601
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
47,189,112
77,789,112
(73,630,258
)
-
-
51,347,966
586,194
*
Invesco Private Prime
Fund
123,269,954
115,234,008
(106,570,118
)
(14,120
)
1,626
131,921,350
1,584,004
*
Total
$192,171,240
$304,437,004
$(313,326,434
)
$(14,120
)
$1,626
$183,269,316
$2,479,799
 
*
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 November 30, 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.
Notes to Quarterly Schedules of Portfolio Holdings
November 30, 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 November 30, 2024, for each Fund, (except for Invesco California AMT-Free Municipal Bond ETF, Invesco Floating Rate Municipal Income ETF, Fundamental High Yield® Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF and Invesco New York AMT-Free Municipal Bond ETF). As of November 30, 2024, all of the securities in Invesco California AMT-Free Municipal Bond ETF, Invesco Floating Rate Municipal Income ETF, Fundamental High Yield® Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF and Invesco New York AMT-Free Municipal Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Invesco CEF Income Composite ETF
Investments in Securities
Closed-End Funds
$825,576,614
$-
$-
$825,576,614
Money Market Funds
305,959
21,606,696
-
21,912,655
Total Investments
$825,882,573
$21,606,696
$-
$847,489,269
Invesco Equal Weight 0-30 Year Treasury ETF
Investments in Securities
U.S. Treasury Securities
$-
$1,067,320,110
$-
$1,067,320,110
Money Market Funds
40,599
1,046,253
-
1,086,852
Total Investments
$40,599
$1,068,366,363
$-
$1,068,406,962
Invesco Fundamental Investment Grade Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$61,300,209
$-
$61,300,209
Money Market Funds
200,603
5,575,492
-
5,776,095
Total Investments
$200,603
$66,875,701
$-
$67,076,304
Invesco Preferred ETF
Investments in Securities
Preferred Stocks
$4,432,662,501
$-
$-
$4,432,662,501
Money Market Funds
-
102,139,500
-
102,139,500
Total Investments
$4,432,662,501
$102,139,500
$-
$4,534,802,001
Invesco Short Term Treasury ETF
Investments in Securities
U.S. Treasury Securities
$-
$1,940,110,757
$-
$1,940,110,757
Money Market Funds
58,103
-
-
58,103
Total Investments
$58,103
$1,940,110,757
$-
$1,940,168,860
 
Level 1
Level 2
Level 3
Total
Invesco Taxable Municipal Bond ETF
Investments in Securities
Municipal Obligations
$-
$1,062,236,665
$-
$1,062,236,665
Money Market Funds
8,931,772
-
-
8,931,772
Total Investments
$8,931,772
$1,062,236,665
$-
$1,071,168,437
Invesco Variable Rate Preferred ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$1,535,531,925
$-
$1,535,531,925
Preferred Stocks
306,897,220
-
-
306,897,220
Money Market Funds
-
183,269,316
-
183,269,316
Total Investments
$306,897,220
$1,718,801,241
$-
$2,025,698,461