NPORT-EX 2 edgar.htm
Schedule of Investments
Invesco AAA CLO Floating Rate Note ETF (ICLO)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Asset-Backed Securities-98.34%
ABPCI Direct Lending Fund IX LLC (Cayman Islands), Series 2020-9A, Class A1R, 6.98% (3 mo. Term SOFR + 1.66%), 11/18/2031(a)(b)

$ 470,969   $471,168
AGL CLO 13 Ltd. (Cayman Islands), Series 2021-13A, Class A1, 6.74% (3 mo. Term SOFR + 1.42%), 10/20/2034(a)(b)

  1,250,000   1,252,141
AGL CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.73% (3 mo. Term SOFR + 1.41%), 12/02/2034(a)(b)

  1,500,000   1,502,502
Aimco CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.57% (3 mo. Term SOFR + 1.25%), 04/20/2034(a)(b)

  1,500,000   1,501,255
Babson CLO Ltd. 2016-I (Cayman Islands), Series 2016-1A, Class A2R, 7.03% (3 mo. Term SOFR + 1.71%), 07/23/2030(a)(b)

  1,500,000   1,500,480
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2022-1A, Class A1, 6.62% (3 mo. Term SOFR + 1.32%), 04/18/2035(a)(b)

  1,600,000   1,599,459
BCRED BSL CLO 2021-1 Ltd. (Cayman Islands), Series 2021-1A, Class B, 7.38% (3 mo. Term SOFR + 2.06%), 07/20/2034(a)(b)

  1,000,000   999,969
Benefit Street Partners CLO XI (Cayman Islands), Series 2017-11A, Class A2R, 7.08% (3 mo. Term SOFR + 1.76%), 04/15/2029(a)(b)

  1,000,000   1,002,090
Broad River Bsl Funding CLO Ltd. (Cayman Islands), Series 2020-1A, Class AR, 6.75% (3 mo. Term SOFR + 1.43%), 07/20/2034(a)(b)

  1,670,000   1,670,568
Buckhorn Park CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 6.68% (3 mo. Term SOFR + 1.38%), 07/18/2034(a)(b)

  1,325,000   1,325,461
Carlyle Global Market Strategies CLO Ltd.        
Series 2012-3A, Class A1B2, 6.98% (3 mo. Term SOFR + 1.66%), 01/14/2032(a)(b)

  1,000,000   999,479
Series 2013-1A, Class A1RR, 6.59% (3 mo. Term SOFR + 1.21%), 08/14/2030(a)(b)

  495,586   495,827
Series 2014-2RA, Class A2, 6.97% (3 mo. Term SOFR + 1.59%), 05/15/2031(a)(b)

  1,000,000   1,000,264
CBAM Ltd. (Cayman Islands), Series 2017-1A, Class A1, 6.83% (3 mo. Term SOFR + 1.51%), 07/20/2030(a)(b)

  187,332   187,505
Cedar Funding IV CLO Ltd. (Cayman Islands), Series 2014-4A, Class ARR, 6.74% (3 mo. Term SOFR + 1.42%), 07/23/2034(a)(b)

  1,000,000   1,001,232
Cedar Funding XI CLO Ltd. (Cayman Islands), Series 2019-11A, Class A1R, 6.71% (3 mo. Term SOFR + 1.31%), 05/29/2032(a)(b)

  1,000,000   1,001,500
CIFC Funding 2013-II Ltd. (Cayman Islands), Series 2013-2A, Class A2L2, 7.06% (3 mo. Term SOFR + 1.76%), 10/18/2030(a)(b)

  500,000   500,297
CIFC Funding 2021-III Ltd. (Cayman Islands), Series 2021-3A, Class A, 6.72% (3 mo. Term SOFR + 1.40%), 07/15/2036(a)(b)

  1,200,000   1,200,406
Eaton Vance CLO Ltd., Series 2013-1A, Class A13R, 6.83% (3 mo. Term SOFR + 1.51%), 01/15/2034(a)(b)

  2,200,000   2,202,057
Elmwood CLO IX Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.71% (3 mo. Term SOFR + 1.39%), 07/20/2034(a)(b)

  1,640,000   1,640,817
  Principal
Amount
  Value
GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2017-1A, Class A1R2, 6.60% (3 mo. Term SOFR + 1.28%), 04/20/2034(a)(b)

$ 900,000   $900,468
Golub Capital Partners CLO 40(B) Ltd. (Cayman Islands), Series 2019-40A, Class AR, 6.68% (3 mo. Term SOFR + 1.35%), 01/25/2032(a)(b)

  345,000   341,970
Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 7.30% (3 mo. Term SOFR + 1.98%), 10/20/2031(a)(b)

  1,145,822   1,145,872
Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 7.21% (3 mo. Term SOFR + 1.94%), 05/05/2032(a)(b)

  1,150,000   1,149,801
Golub Capital Partners CLO 49(M) GP Ltd. (Cayman Islands), Series 2020-49A, Class AR, 7.11% (3 mo. Term SOFR + 1.79%), 08/26/2033(a)(b)

  1,400,000   1,394,645
Ivy Hill Middle Market Credit Fund IX Ltd. (Cayman Islands), Series 9A, Class A1, 6.94% (3 mo. Term SOFR + 1.62%), 04/23/2034(a)(b)

  1,200,000   1,184,417
Madison Park Funding XXVI Ltd. (Cayman Islands), Series 2017-26A, Class BR, 7.18% (3 mo. Term SOFR + 1.86%), 07/29/2030(a)(b)

  550,000   550,608
Madison Park Funding XXXVII Ltd. (Cayman Islands), Series 2019-37A, Class AR, 6.65% (3 mo. Term SOFR + 1.33%), 07/15/2033(a)(b)

  1,340,000   1,340,399
Magnetite XXVII Ltd. (Cayman Islands), Series 2020-27A, Class AR, 6.72% (3 mo. Term SOFR + 1.40%), 10/20/2034(a)(b)

  1,250,000   1,251,129
Mariner CLO LLC (Cayman Islands), Series 2016-3A, Class BR2, 7.08% (3 mo. Term SOFR + 1.76%), 07/23/2029(a)(b)

  1,000,000   1,000,524
Neuberger Berman CLO XV (Cayman Islands), Series 2013-15A, Class A1R2, 6.50% (3 mo. Term SOFR + 1.18%), 10/15/2029(a)(b)

  891,475   892,239
Owl Rock CLO IV Ltd. (Cayman Islands), Series 2020-4A, Class A1R, 7.23% (3 mo. Term SOFR + 1.86%), 08/20/2033(a)(b)

  750,000   748,315
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1A4, 6.76% (3 mo. Term SOFR + 1.39%), 05/21/2034(a)(b)

  1,795,000   1,795,652
Rad CLO 5 Ltd. (Cayman Islands), Series 2019-5A, Class BR, 7.28% (3 mo. Term SOFR + 1.96%), 07/24/2032(a)(b)

  2,000,000   1,999,860
Rad CLO 7 Ltd. (Cayman Islands), Series 2020-7A, Class A1, 6.78% (3 mo. Term SOFR + 1.46%), 04/17/2033(a)(b)

  1,250,000   1,250,772
Regatta XX Funding Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.74% (3 mo. Term SOFR + 1.42%), 10/15/2034(a)(b)

  1,345,000   1,345,483
Regatta XXII Funding Ltd. (Cayman Islands), Series 2022-2A, Class A, 6.86% (3 mo. Term SOFR + 1.54%), 07/20/2035(a)(b)

  1,000,000   1,002,104
RR 1 LLC, Series 2017-1A, Class A1AB, 6.73% (3 mo. Term SOFR + 1.41%), 07/15/2035(a)(b)

  1,310,000   1,312,011
RR15 Ltd. (Cayman Islands), Series 2021-15A, Class A2, 7.03% (3 mo. Term SOFR + 1.71%), 04/15/2036(a)(b)

  1,000,000   993,961
See accompanying notes which are an integral part of this schedule.

Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Shackleton 2021-XVI CLO Ltd. (Cayman Islands), Series 2021-16A, Class B, 7.33% (3 mo. Term SOFR + 2.01%), 10/20/2034(a)(b)

$ 1,000,000   $1,000,750
Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR3, 6.74% (3 mo. Term SOFR + 1.42%), 04/17/2034(a)(b)

  1,500,000   1,500,832
Symphony CLO XIX Ltd. (Cayman Islands), Series 2018-19A, Class B, 6.93% (3 mo. Term SOFR + 1.61%), 04/16/2031(a)(b)

  900,000   898,650
Symphony CLO XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 6.73% (3 mo. Term SOFR + 1.41%), 10/15/2031(a)(b)

  495,031   495,176
Symphony CLO XXXII Ltd. (Cayman Islands), Series 2022-32A, Class B, 7.17% (3 mo. Term SOFR + 1.85%), 04/23/2035(a)(b)

  500,000   494,965
Total Asset-Backed Securities

(Cost $48,390,932)

  49,045,080
  Shares   Value
Money Market Funds-1.28%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d)

(Cost $640,540)

  640,540   $640,540
TOTAL INVESTMENTS IN SECURITIES-99.62%

(Cost $49,031,472)

  49,685,620
OTHER ASSETS LESS LIABILITIES-0.38%

  189,377
NET ASSETS-100.00%

  $49,874,997
 
Investment Abbreviations:
BR -Bearer Shares
SOFR -Secured Overnight Financing Rate
    
Notes to Schedule of Investments:
(a) 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 January 31, 2024 was $49,045,080, which represented 98.34% of the Fund’s Net Assets.
(b) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $296,033   $11,636,664   $(11,292,157)   $-   $-   $640,540   $5,254
    
(d) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco Active U.S. Real Estate ETF (PSR)
January 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.99%(a)
Apartments -14.14%
Camden Property Trust

  39,192   $3,677,777
Equity Residential

  62,160   3,741,411
Mid-America Apartment Communities, Inc.

  16,974   2,145,174
UDR, Inc.

  40,293   1,451,354
        11,015,716
Data Centers -7.23%
Digital Realty Trust, Inc.

  26,504   3,722,752
Equinix, Inc.

  2,303   1,910,960
        5,633,712
Diversified-0.25%
W.P. Carey, Inc.(b)

  3,105   192,386
Free Standing -6.49%
Agree Realty Corp.

  10,244   610,645
NNN REIT, Inc.

  20,922   843,993
Realty Income Corp.

  66,209   3,601,108
        5,055,746
Gaming REITs-1.52%
Gaming and Leisure Properties, Inc.

  26,001   1,186,946
Health Care-11.38%
Healthcare Realty Trust, Inc.(b)

  59,547   959,302
Healthpeak Properties, Inc.

  128,746   2,381,801
Omega Healthcare Investors, Inc.

  81,424   2,361,296
Ventas, Inc.(b)

  19,995   927,568
Welltower, Inc.

  25,792   2,231,266
        8,861,233
Industrial-15.71%
Americold Realty Trust, Inc.

  58,920   1,620,300
Prologis, Inc.

  34,687   4,394,496
Rexford Industrial Realty, Inc.(b)

  88,441   4,651,112
Terreno Realty Corp.(b)

  26,314   1,571,735
        12,237,643
Infrastructure REITs-13.35%
American Tower Corp.

  23,567   4,610,884
Crown Castle, Inc.

  29,206   3,161,549
SBA Communications Corp., Class A

  11,745   2,629,236
        10,401,669
Lodging Resorts-3.24%
RLJ Lodging Trust(b)

  217,971   2,524,104
  Shares   Value
Manufactured Homes-0.36%
Equity LifeStyle Properties, Inc.

  4,150   $280,913
Office-8.40%
Alexandria Real Estate Equities, Inc.

  23,870   2,885,883
Cousins Properties, Inc.

  159,444   3,652,862
        6,538,745
Self Storage-7.15%
CubeSmart

  7,159   309,412
Extra Space Storage, Inc.

  10,180   1,470,399
Public Storage

  13,379   3,788,799
        5,568,610
Specialty-5.73%
Outfront Media, Inc.

  343,020   4,466,120
Timber REITs-5.04%
PotlatchDeltic Corp.(b)

  51,877   2,320,458
Weyerhaeuser Co.

  48,972   1,604,813
        3,925,271
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $83,588,776)

  77,888,814
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-5.70%
Invesco Private Government Fund, 5.29%(c)(d)(e)

  1,243,534   1,243,534
Invesco Private Prime Fund, 5.52%(c)(d)(e)

  3,195,423   3,197,660
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $4,441,273)

  4,441,194
TOTAL INVESTMENTS IN SECURITIES-105.69%

(Cost $88,030,049)

  82,330,008
OTHER ASSETS LESS LIABILITIES-(5.69)%

  (4,430,774)
NET ASSETS-100.00%

  $77,899,234
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs Index, which is exclusively owned by NAREIT.
(b) All or a portion of this security was out on loan at January 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $6,835   $598,824   $(605,659)   $-   $-   $-   $498
See accompanying notes which are an integral part of this schedule.

Invesco Active U.S. Real Estate ETF (PSR)—(continued)
January 31, 2024
(Unaudited)
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $3,486,152   $8,552,669   $(10,795,287)   $-   $-   $1,243,534   $28,029*
Invesco Private Prime Fund 8,968,417   18,608,931   (24,383,262)   582   2,992   3,197,660   75,497*
Total $12,461,404   $27,760,424   $(35,784,208)   $582   $2,992   $4,441,194   $104,024
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco High Yield Bond Factor ETF (IHYF)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-97.03%
Advertising-0.52%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)

$ 126,000   $118,584
Belo Corp., 7.25%, 09/15/2027

  130,000   131,713
        250,297
Aerospace & Defense-1.88%
Bombardier, Inc. (Canada)        
7.50%, 02/01/2029(b)(c)

  217,000   221,459
8.75%, 11/15/2030(b)

  181,000   190,178
Spirit AeroSystems, Inc.        
9.38%, 11/30/2029(b)

  62,000   67,253
9.75%, 11/15/2030(b)

  172,000   180,740
TransDigm, Inc., 6.25%, 03/15/2026(b)(c)

  254,000   252,478
        912,108
Agricultural & Farm Machinery-0.13%
Titan International, Inc., 7.00%, 04/30/2028

  65,000   64,852
Air Freight & Logistics-0.56%
GN Bondco LLC, 9.50%, 10/15/2031(b)

  86,000   84,871
Rand Parent LLC, 8.50%, 02/15/2030(b)

  188,000   186,268
        271,139
Alternative Carriers-0.47%
Lumen Technologies, Inc., 4.00%, 02/15/2027(b)

  144,000   75,177
Qwest Corp., 7.25%, 09/15/2025

  77,000   75,495
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)

  100,000   76,157
        226,829
Aluminum-0.19%
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)

  106,000   90,625
Apparel Retail-0.78%
Foot Locker, Inc., 4.00%, 10/01/2029(b)

  67,000   56,656
Gap, Inc. (The)        
3.63%, 10/01/2029(b)

  161,000   138,031
3.88%, 10/01/2031(b)

  159,000   131,288
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)

  62,000   52,496
        378,471
Apparel, Accessories & Luxury Goods-0.74%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)

  88,000   88,313
Hanesbrands, Inc., 4.88%, 05/15/2026(b)

  161,000   155,437
Under Armour, Inc., 3.25%, 06/15/2026

  122,000   114,880
        358,630
Application Software-1.10%
Cloud Software Group, Inc.        
6.50%, 03/31/2029(b)

  100,000   93,448
9.00%, 09/30/2029(b)

  100,000   94,735
Open Text Corp. (Canada), 3.88%, 02/15/2028(b)

  199,000   185,010
Open Text Holdings, Inc. (Canada)        
4.13%, 02/15/2030(b)

  103,000   93,313
4.13%, 12/01/2031(b)

  76,000   67,580
        534,086
Asset Management & Custody Banks-0.11%
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026

  58,000   55,322
Automobile Manufacturers-0.42%
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)

  200,000   202,070
  Principal
Amount
  Value
Automotive Parts & Equipment-2.45%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)

$ 37,000   $36,968
Dana, Inc., 4.25%, 09/01/2030

  84,000   73,522
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)

  200,000   199,002
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)

  200,000   187,674
Tenneco, Inc., 8.00%, 11/17/2028(b)(c)

  310,000   270,283
United Rentals (North America), Inc.        
3.88%, 11/15/2027

  144,000   137,307
4.88%, 01/15/2028

  97,000   94,744
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)

  192,000   189,236
        1,188,736
Automotive Retail-0.08%
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)

  45,000   40,802
Broadcasting-2.04%
Gray Television, Inc., 7.00%, 05/15/2027(b)

  110,000   107,648
iHeartCommunications, Inc.        
6.38%, 05/01/2026(c)

  256,000   220,186
5.25%, 08/15/2027(b)

  100,000   77,714
Liberty Interactive LLC, 8.25%, 02/01/2030

  79,000   41,710
Paramount Global, 6.38%, 03/30/2062(c)(e)

  298,000   266,320
TEGNA, Inc., 4.75%, 03/15/2026(b)

  150,000   146,036
Urban One, Inc., 7.38%, 02/01/2028(b)

  67,000   59,460
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)

  69,000   68,020
        987,094
Broadline Retail-2.37%
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b)

  90,000   78,625
Kohl’s Corp.        
4.63%, 05/01/2031

  90,000   72,098
5.55%, 07/17/2045

  100,000   67,425
Macy’s Retail Holdings LLC        
5.88%, 04/01/2029(b)(c)

  242,000   234,959
6.13%, 03/15/2032(b)

  93,000   87,833
6.70%, 07/15/2034(b)

  107,000   88,568
Nordstrom, Inc.        
4.00%, 03/15/2027

  99,000   92,823
6.95%, 03/15/2028

  124,000   125,664
4.38%, 04/01/2030

  79,000   68,620
4.25%, 08/01/2031

  96,000   79,837
QVC, Inc.        
4.75%, 02/15/2027

  125,000   104,586
5.45%, 08/15/2034

  68,000   45,120
        1,146,158
Building Products-1.78%
Adams Homes, Inc., 9.25%, 10/15/2028(b)

  66,000   67,684
JELD-WEN, Inc.        
4.63%, 12/15/2025(b)

  41,000   39,903
4.88%, 12/15/2027(b)(c)

  167,000   158,510
Masonite International Corp.        
5.38%, 02/01/2028(b)

  100,000   97,610
3.50%, 02/15/2030(b)

  90,000   77,513
Standard Industries, Inc.        
5.00%, 02/15/2027(b)

  89,000   86,535
4.75%, 01/15/2028(b)

  80,000   76,590
4.38%, 07/15/2030(b)(c)

  208,000   189,207
3.38%, 01/15/2031(b)

  81,000   68,950
        862,502
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Cable & Satellite-5.35%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)

$ 200,000   $174,509
CCO Holdings LLC/CCO Holdings Capital Corp.        
5.50%, 05/01/2026(b)

  195,000   193,353
5.13%, 05/01/2027(b)

  285,000   275,091
CSC Holdings LLC        
11.25%, 05/15/2028(b)

  200,000   202,802
6.50%, 02/01/2029(b)

  200,000   170,225
4.63%, 12/01/2030(b)

  200,000   102,372
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)(c)

  240,000   228,344
DISH DBS Corp.        
7.75%, 07/01/2026

  184,000   108,560
5.25%, 12/01/2026(b)

  159,000   125,512
5.75%, 12/01/2028(b)

  110,000   74,206
DISH Network Corp., 11.75%, 11/15/2027(b)

  137,000   143,095
Intelsat Jackson Holdings S.A. (Luxembourg), 6.50%, 03/15/2030(b)

  191,000   180,895
LCPR Senior Secured Financing DAC        
6.75%, 10/15/2027(b)

  200,000   192,803
5.13%, 07/15/2029(b)

  200,000   176,158
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028(b)

  40,000   17,259
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)

  53,000   49,512
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)

  200,000   174,963
        2,589,659
Casinos & Gaming-3.37%
Affinity Interactive, 6.88%, 12/15/2027(b)

  187,000   169,413
Caesars Entertainment, Inc.        
6.25%, 07/01/2025(b)

  182,000   182,735
4.63%, 10/15/2029(b)

  45,000   41,171
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)

  118,000   118,301
Churchill Downs, Inc., 5.50%, 04/01/2027(b)

  100,000   98,863
Las Vegas Sands Corp., 2.90%, 06/25/2025

  200,000   193,253
Melco Resorts Finance Ltd. (Hong Kong)        
5.25%, 04/26/2026(b)

  200,000   191,375
5.38%, 12/04/2029(b)

  200,000   178,868
MGM Resorts International        
6.75%, 05/01/2025

  36,000   36,111
4.63%, 09/01/2026

  200,000   194,468
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)

  61,000   57,343
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031(b)(c)

  234,000   170,199
        1,632,100
Commercial & Residential Mortgage Finance-0.26%
NMI Holdings, Inc., 7.38%, 06/01/2025(b)

  81,000   81,878
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)

  49,000   45,003
        126,881
Commodity Chemicals-0.25%
Methanex Corp. (Canada), 5.25%, 12/15/2029

  127,000   121,433
Communications Equipment-1.07%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)

  40,000   31,835
  Principal
Amount
  Value
Communications Equipment-(continued)
Hughes Satellite Systems Corp.        
5.25%, 08/01/2026

$ 200,000   $169,500
6.63%, 08/01/2026

  79,000   54,112
Viasat, Inc.        
5.63%, 04/15/2027(b)

  200,000   187,984
7.50%, 05/30/2031(b)

  100,000   74,250
        517,681
Construction & Engineering-0.78%
AECOM, 5.13%, 03/15/2027(c)

  298,000   293,165
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (Canada), 6.25%, 09/15/2027(b)

  88,000   85,519
        378,684
Construction Machinery & Heavy Transportation Equipment-0.29%
Manitowoc Co., Inc. (The), 9.00%, 04/01/2026(b)(c)

  40,000   40,004
Trinity Industries, Inc., 4.55%, 10/01/2024

  100,000   98,962
        138,966
Construction Materials-0.31%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)

  70,000   71,827
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)

  78,000   78,039
        149,866
Consumer Finance-3.75%
Ally Financial, Inc., 5.75%, 11/20/2025

  92,000   92,294
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)

  200,000   197,243
Bread Financial Holdings, Inc., 9.75%, 03/15/2029(b)

  120,000   119,952
Navient Corp.        
6.75%, 06/25/2025

  200,000   201,346
5.00%, 03/15/2027

  116,000   110,754
9.38%, 07/25/2030

  46,000   48,013
5.63%, 08/01/2033

  62,000   49,299
OneMain Finance Corp.        
6.88%, 03/15/2025

  72,000   72,327
7.13%, 03/15/2026

  140,000   142,010
9.00%, 01/15/2029

  138,000   145,479
4.00%, 09/15/2030

  130,000   110,205
PRA Group, Inc.        
7.38%, 09/01/2025(b)

  140,000   140,995
8.38%, 02/01/2028(b)

  182,000   173,476
Synchrony Financial, 7.25%, 02/02/2033(c)

  215,000   215,017
        1,818,410
Distributors-0.13%
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b)

  58,000   62,334
Diversified Banks-0.70%
Freedom Mortgage Corp.        
7.63%, 05/01/2026(b)

  50,000   49,834
6.63%, 01/15/2027(b)

  50,000   48,065
12.00%, 10/01/2028(b)

  220,000   241,676
        339,575
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Diversified Chemicals-1.01%
Chemours Co. (The)        
5.38%, 05/15/2027

$ 68,000   $66,224
5.75%, 11/15/2028(b)

  160,000   151,106
4.63%, 11/15/2029(b)

  54,000   46,950
INEOS Finance PLC (Luxembourg), 6.75%, 05/15/2028(b)

  200,000   195,780
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)

  78,000   30,420
        490,480
Diversified Financial Services-3.87%
AG Issuer LLC, 6.25%, 03/01/2028(b)

  92,000   90,949
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)

  200,000   196,655
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)

  200,000   200,789
eG Global Finance PLC (United Kingdom), 12.00%, 11/30/2028(b)

  200,000   211,573
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)

  200,000   180,722
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b)

  209,000   178,695
Resorts World Las Vegas LLC/RWLV Capital, Inc.        
4.63%, 04/16/2029(b)

  200,000   177,850
4.63%, 04/06/2031(b)

  200,000   169,667
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)

  163,000   153,334
United Wholesale Mortgage LLC        
5.50%, 11/15/2025(b)

  121,000   119,605
5.75%, 06/15/2027(b)

  47,000   46,162
5.50%, 04/15/2029(b)

  85,000   80,356
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), 6.38%, 02/01/2030(b)

  91,000   65,969
        1,872,326
Diversified Metals & Mining-0.74%
Mineral Resources Ltd. (Australia)        
8.13%, 05/01/2027(b)

  86,000   86,948
9.25%, 10/01/2028(b)

  111,000   117,382
8.50%, 05/01/2030(b)

  148,000   152,391
        356,721
Diversified Real Estate Activities-0.10%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)

  51,000   50,551
Diversified REITs-0.56%
Global Net Lease, Inc./Global Net Lease Operating Partnership L.P., 3.75%, 12/15/2027(b)

  148,000   125,681
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)

  82,000   76,281
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)

  76,000   68,624
        270,586
Diversified Support Services-1.01%
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028(b)

  81,000   71,989
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)

  307,000   293,485
  Principal
Amount
  Value
Diversified Support Services-(continued)
Prime Security Services Borrower LLC/Prime Finance, Inc.        
5.25%, 04/15/2024(b)

$ 5,000   $4,994
5.75%, 04/15/2026(b)

  120,000   120,058
        490,526
Electric Utilities-3.01%
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)

  200,000   198,750
Edison International, 8.13%, 06/15/2053(e)

  70,000   72,074
FirstEnergy Corp., Series B, 4.15%, 07/15/2027

  140,000   134,547
Mallinckrodt International Finance S.A., 14.75%, 11/14/2028(b)

  205,000   222,725
NextEra Energy Operating Partners, L.P., 7.25%, 01/15/2029(b)

  180,000   185,575
NRG Energy, Inc.        
5.25%, 06/15/2029(b)

  83,000   79,658
3.63%, 02/15/2031(b)

  87,000   74,699
3.88%, 02/15/2032(b)

  13,000   11,160
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)

  174,000   184,801
Vistra Operations Co. LLC        
5.63%, 02/15/2027(b)

  63,000   62,120
5.00%, 07/31/2027(b)

  240,000   232,726
        1,458,835
Electrical Components & Equipment-0.63%
EnerSys, 4.38%, 12/15/2027(b)

  200,000   188,275
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)

  114,000   114,694
        302,969
Electronic Components-0.60%
Imola Merger Corp., 4.75%, 05/15/2029(b)

  160,000   149,103
Likewize Corp., 9.75%, 10/15/2025(b)

  141,000   143,007
        292,110
Environmental & Facilities Services-0.43%
Enviri Corp., 5.75%, 07/31/2027(b)

  73,000   68,695
GFL Environmental, Inc. (Canada), 3.75%, 08/01/2025(b)

  141,000   137,273
        205,968
Fertilizers & Agricultural Chemicals-0.28%
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028(b)

  167,000   136,711
Financial Exchanges & Data-0.32%
Coinbase Global, Inc., 3.38%, 10/01/2028(b)

  189,000   155,150
Food Distributors-0.38%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)

  224,000   182,114
Food Retail-0.26%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)

  128,000   124,276
Footwear-0.57%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)

  147,000   149,419
Wolverine World Wide, Inc., 4.00%, 08/15/2029(b)

  154,000   124,224
        273,643
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Gas Utilities-0.64%
AmeriGas Partners L.P./AmeriGas Finance Corp.        
5.50%, 05/20/2025

$ 131,000   $128,778
5.88%, 08/20/2026

  60,000   58,200
9.38%, 06/01/2028(b)

  50,000   51,441
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)

  75,000   73,559
        311,978
Health Care Distributors-0.22%
Owens & Minor, Inc., 6.63%, 04/01/2030(b)

  110,000   104,875
Health Care Equipment-0.20%
Varex Imaging Corp., 7.88%, 10/15/2027(b)

  96,000   97,624
Health Care Facilities-1.09%
LifePoint Health, Inc.        
9.88%, 08/15/2030(b)

  110,000   112,620
11.00%, 10/15/2030(b)

  130,000   138,492
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)

  76,000   75,944
Tenet Healthcare Corp., 4.88%, 01/01/2026(c)

  204,000   202,357
        529,413
Health Care REITs-0.73%
MPT Operating Partnership L.P./MPT Finance Corp.        
5.00%, 10/15/2027(c)

  348,000   263,736
4.63%, 08/01/2029

  131,000   88,731
        352,467
Health Care Services-1.89%
Community Health Systems, Inc.        
8.00%, 03/15/2026(b)

  63,000   62,148
5.63%, 03/15/2027(b)

  180,000   166,508
6.00%, 01/15/2029(b)

  160,000   144,712
6.88%, 04/15/2029(b)

  102,000   69,441
6.13%, 04/01/2030(b)

  84,000   54,780
5.25%, 05/15/2030(b)

  83,000   68,808
Global Medical Response, Inc., 6.50%, 10/01/2025(b)

  10,000   8,582
ModivCare, Inc., 5.88%, 11/15/2025(b)

  97,000   95,884
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)

  75,000   74,686
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)

  192,000   167,958
        913,507
Health Care Technology-0.45%
athenahealth Group, Inc., 6.50%, 02/15/2030(b)

  244,000   218,214
Home Furnishings-0.34%
Tempur Sealy International, Inc.        
4.00%, 04/15/2029(b)

  100,000   90,325
3.88%, 10/15/2031(b)

  87,000   73,492
        163,817
Home Improvement Retail-0.24%
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)

  117,000   115,129
Homebuilding-0.91%
LGI Homes, Inc., 4.00%, 07/15/2029(b)

  202,000   173,021
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028

  78,000   74,198
  Principal
Amount
  Value
Homebuilding-(continued)
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b)

$ 80,000   $79,500
Tri Pointe Homes, Inc., 5.25%, 06/01/2027

  118,000   116,148
        442,867
Hotel & Resort REITs-0.61%
Service Properties Trust        
4.50%, 03/15/2025

  19,000   18,544
4.75%, 10/01/2026

  150,000   139,326
4.95%, 02/15/2027

  149,000   136,493
        294,363
Hotels, Resorts & Cruise Lines-1.01%
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028(c)

  256,000   236,407
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)

  66,000   66,363
Travel + Leisure Co., Series J, 6.00%, 04/01/2027

  188,000   188,172
        490,942
Housewares & Specialties-1.19%
Newell Brands, Inc.        
4.88%, 06/01/2025

  100,000   98,197
5.20%, 04/01/2026

  183,000   178,307
6.38%, 09/15/2027

  70,000   68,973
6.63%, 09/15/2029

  90,000   87,427
6.38%, 04/01/2036

  162,000   144,330
        577,234
Independent Power Producers & Energy Traders-0.44%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)

  270,000   211,528
Industrial Conglomerates-1.10%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.        
6.25%, 05/15/2026

  159,000   152,469
5.25%, 05/15/2027

  206,000   185,484
4.38%, 02/01/2029(c)

  230,000   192,419
        530,372
Industrial Machinery & Supplies & Components-0.51%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)

  57,000   55,918
TK Elevator U.S. Newco, Inc. (Germany), 5.25%, 07/15/2027(b)

  200,000   193,077
        248,995
Insurance Brokers-0.16%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)

  80,000   78,171
Integrated Telecommunication Services-2.24%
Altice France S.A. (France)        
5.50%, 01/15/2028(b)

  200,000   156,310
5.13%, 07/15/2029(b)

  200,000   146,396
CommScope, Inc., 6.00%, 03/01/2026(b)

  100,000   86,746
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)

  200,000   195,615
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)

  53,000   45,713
Frontier North, Inc., Series G, 6.73%, 02/15/2028

  154,000   147,923
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Integrated Telecommunication Services-(continued)
Level 3 Financing, Inc.        
3.88%, 11/15/2029(b)

$ 160,000   $118,400
10.50%, 05/15/2030(b)

  67,000   67,000
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)

  140,000   122,844
        1,086,947
Interactive Media & Services-0.80%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)

  37,000   23,781
Millennium Escrow Corp., 6.63%, 08/01/2026(b)

  72,000   46,153
Scripps Escrow II, Inc.        
3.88%, 01/15/2029(b)

  103,000   88,662
5.38%, 01/15/2031(b)(c)

  270,000   205,424
TripAdvisor, Inc., 7.00%, 07/15/2025(b)

  24,000   24,094
        388,114
Internet Services & Infrastructure-0.08%
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)

  43,000   41,061
Investment Banking & Brokerage-0.30%
NFP Corp., 6.88%, 08/15/2028(b)

  119,000   119,766
StoneX Group, Inc., 8.63%, 06/15/2025(b)

  26,000   26,295
        146,061
IT Consulting & Other Services-0.47%
EquipmentShare.com, Inc., 9.00%, 05/15/2028(b)

  180,000   182,871
Unisys Corp., 6.88%, 11/01/2027(b)

  49,000   44,449
        227,320
Leisure Facilities-0.48%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)

  48,000   47,936
Life Time, Inc., 5.75%, 01/15/2026(b)

  116,000   114,763
Vail Resorts, Inc., 6.25%, 05/15/2025(b)

  70,000   70,145
        232,844
Leisure Products-0.29%
Vista Outdoor, Inc., 4.50%, 03/15/2029(b)

  142,000   138,575
Life & Health Insurance-0.29%
Genworth Holdings, Inc., 6.50%, 06/15/2034

  155,000   142,215
Life Sciences Tools & Services-0.16%
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)

  75,000   76,318
Marine Transportation-0.47%
NCL Corp. Ltd., 5.88%, 03/15/2026(b)

  161,000   157,087
Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b)

  81,000   69,020
        226,107
Metal, Glass & Plastic Containers-1.55%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(b)

  200,000   197,947
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.        
5.25%, 04/30/2025(b)

  200,000   195,706
4.13%, 08/15/2026(b)

  200,000   179,819
  Principal
Amount
  Value
Metal, Glass & Plastic Containers-(continued)
Ball Corp.        
5.25%, 07/01/2025

$ 60,000   $59,897
4.88%, 03/15/2026

  73,000   72,156
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)

  49,000   46,192
        751,717
Mortgage REITs-0.17%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)

  82,000   80,663
Movies & Entertainment-0.67%
Cinemark USA, Inc.        
8.75%, 05/01/2025(b)

  87,000   87,834
5.88%, 03/15/2026(b)

  117,000   116,026
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)

  60,000   45,681
Live Nation Entertainment, Inc., 6.50%, 05/15/2027(b)

  75,000   75,831
        325,372
Multi-Utilities-0.36%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e)

  204,000   176,669
Office REITs-0.30%
Office Properties Income Trust        
4.50%, 02/01/2025

  124,000   107,590
2.65%, 06/15/2026, (Acquired 03/27/2023; Cost $42,995)(f)

  57,000   35,670
        143,260
Office Services & Supplies-0.74%
ACCO Brands Corp., 4.25%, 03/15/2029(b)

  171,000   155,200
Pitney Bowes, Inc.        
6.88%, 03/15/2027(b)

  153,000   138,239
7.25%, 03/15/2029(b)

  75,000   63,907
        357,346
Oil & Gas Drilling-1.60%
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)

  84,000   84,908
Nabors Industries, Inc.        
7.38%, 05/15/2027(b)(c)

  207,000   203,558
9.13%, 01/31/2030(b)

  145,000   147,662
Rockies Express Pipeline LLC        
3.60%, 05/15/2025(b)

  118,000   114,597
7.50%, 07/15/2038(b)

  62,000   62,520
6.88%, 04/15/2040(b)

  104,000   103,140
Valaris Ltd., 8.38%, 04/30/2030(b)

  56,000   57,457
        773,842
Oil & Gas Equipment & Services-0.57%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)

  184,000   185,102
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026

  90,000   89,576
        274,678
Oil & Gas Exploration & Production-4.10%
Baytex Energy Corp. (Canada)        
8.75%, 04/01/2027(b)

  63,000   65,609
8.50%, 04/30/2030(b)

  68,000   70,657
Civitas Resources, Inc., 8.75%, 07/01/2031(b)

  68,000   72,376
CNX Resources Corp., 7.38%, 01/15/2031(b)

  47,000   47,761
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Oil & Gas Exploration & Production-(continued)
Comstock Resources, Inc.        
6.75%, 03/01/2029(b)

$ 122,000   $112,139
5.88%, 01/15/2030(b)

  141,000   122,301
Crescent Energy Finance LLC        
7.25%, 05/01/2026(b)

  155,000   154,527
9.25%, 02/15/2028(b)

  160,000   166,216
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)

  63,000   62,738
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)

  63,000   62,573
Hilcorp Energy I L.P./Hilcorp Finance Co.        
6.25%, 11/01/2028(b)

  185,000   184,463
5.75%, 02/01/2029(b)

  55,000   53,164
6.00%, 04/15/2030(b)

  75,000   72,884
6.00%, 02/01/2031(b)

  58,000   55,900
6.25%, 04/15/2032(b)

  108,000   103,764
Moss Creek Resources Holdings, Inc.        
7.50%, 01/15/2026(b)

  57,000   56,834
10.50%, 05/15/2027(b)

  46,000   47,371
Murphy Oil Corp., 5.88%, 12/01/2042

  90,000   79,835
Southwestern Energy Co., 5.70%, 01/23/2025

  88,000   87,532
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)

  39,000   38,666
Vital Energy, Inc., 10.13%, 01/15/2028

  100,000   104,804
WPX Energy, Inc., 5.25%, 09/15/2024

  161,000   161,403
        1,983,517
Oil & Gas Refining & Marketing-1.17%
CVR Energy, Inc., 5.25%, 02/15/2025(b)

  105,000   104,953
EnLink Midstream Partners L.P.        
4.15%, 06/01/2025

  28,000   27,436
4.85%, 07/15/2026

  118,000   115,312
NuStar Logistics L.P.        
6.00%, 06/01/2026

  70,000   69,893
5.63%, 04/28/2027

  65,000   64,506
Parkland Corp. (Canada)        
4.50%, 10/01/2029(b)

  51,000   46,946
4.63%, 05/01/2030(b)

  109,000   100,516
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028

  36,000   35,211
        564,773
Oil & Gas Storage & Transportation-5.00%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)

  54,000   54,563
Buckeye Partners L.P.        
4.13%, 03/01/2025(b)

  110,000   107,508
3.95%, 12/01/2026

  71,000   67,417
EQM Midstream Partners L.P.        
7.50%, 06/01/2027(b)

  63,000   64,866
5.50%, 07/15/2028

  62,000   61,484
7.50%, 06/01/2030(b)

  37,000   39,710
4.75%, 01/15/2031(b)

  77,000   71,841
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)

  50,000   49,722
ITT Holdings LLC, 6.50%, 08/01/2029(b)

  92,000   80,563
New Fortress Energy, Inc.        
6.75%, 09/15/2025(b)

  202,000   199,730
6.50%, 09/30/2026(b)(c)

  246,000   238,505
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)

  73,000   71,200
  Principal
Amount
  Value
Oil & Gas Storage & Transportation-(continued)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b)(g)

$ 239,000   $239,196
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.        
6.00%, 03/01/2027(b)

  51,000   50,215
5.50%, 01/15/2028(b)

  55,000   52,991
6.00%, 12/31/2030(b)

  138,000   128,382
Venture Global LNG, Inc.        
8.13%, 06/01/2028(b)

  200,000   202,269
9.50%, 02/01/2029(b)

  218,000   231,661
8.38%, 06/01/2031(b)(c)

  223,000   225,337
9.88%, 02/01/2032(b)

  176,000   185,196
        2,422,356
Other Specialized REITs-0.48%
Iron Mountain, Inc.        
4.88%, 09/15/2027(b)

  58,000   56,092
5.25%, 07/15/2030(b)

  80,000   75,525
4.50%, 02/15/2031(b)

  72,000   64,644
5.63%, 07/15/2032(b)

  39,000   36,669
        232,930
Other Specialty Retail-1.53%
Bath & Body Works, Inc.        
9.38%, 07/01/2025(b)

  66,000   68,926
6.88%, 11/01/2035

  106,000   105,826
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)

  111,000   107,104
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)

  82,000   64,487
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)

  250,000   233,752
Staples, Inc., 7.50%, 04/15/2026(b)

  170,000   159,302
        739,397
Paper & Plastic Packaging Products & Materials-1.56%
Berry Global, Inc., 4.50%, 02/15/2026(b)

  82,000   79,740
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026

  43,000   42,141
LABL, Inc., 6.75%, 07/15/2026(b)

  184,000   179,175
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026(b)(c)

  224,000   226,521
Sealed Air Corp.        
6.13%, 02/01/2028(b)

  45,000   45,200
5.00%, 04/15/2029(b)

  81,000   77,767
6.88%, 07/15/2033(b)

  101,000   105,488
        756,032
Paper Products-0.22%
Domtar Corp., 6.75%, 10/01/2028(b)

  116,000   106,575
Passenger Airlines-1.85%
Air Canada (Canada), 3.88%, 08/15/2026(b)

  58,000   55,225
Allegiant Travel Co., 7.25%, 08/15/2027(b)

  135,000   132,083
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)(c)

  180,000   178,178
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b)

  107,000   97,767
Delta Air Lines, Inc., 7.38%, 01/15/2026(c)

  238,000   246,617
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Passenger Airlines-(continued)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)

$ 102,000   $96,071
United Airlines, Inc., 4.38%, 04/15/2026(b)

  94,000   90,762
        896,703
Passenger Ground Transportation-0.63%
Uber Technologies, Inc., 8.00%, 11/01/2026(b)

  300,000   305,678
Personal Care Products-0.35%
Coty, Inc., 5.00%, 04/15/2026(b)

  23,000   22,618
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)

  150,000   149,020
        171,638
Pharmaceuticals-2.32%
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b)

  79,000   76,701
AdaptHealth LLC        
4.63%, 08/01/2029(b)

  173,000   135,964
5.13%, 03/01/2030(b)

  200,000   156,645
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b)

  137,000   126,040
Elanco Animal Health, Inc., 6.65%, 08/28/2028

  61,000   62,067
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028(b)(h)(i)

  36,000   2,385
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)

  199,000   155,690
Jazz Securities DAC, 4.38%, 01/15/2029(b)(c)

  214,000   197,611
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)

  200,000   183,164
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)

  34,000   27,786
        1,124,053
Publishing-0.10%
Gannett Holdings LLC, 6.00%, 11/01/2026(b)

  52,000   47,011
Real Estate Services-0.38%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/2030(b)

  133,000   120,531
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028(b)

  66,000   65,140
        185,671
Regional Banks-0.19%
Verde Purchaser LLC, 10.50%, 11/30/2030(b)

  87,000   89,948
Reinsurance-0.30%
Global Atlantic (Fin) Co., 4.70%, 10/15/2051(b)(e)

  165,000   147,032
Renewable Electricity-0.20%
Sunnova Energy Corp., 5.88%, 09/01/2026(b)

  115,000   95,613
Research & Consulting Services-0.14%
CoreLogic, Inc., 4.50%, 05/01/2028(b)

  79,000   70,097
Restaurants-0.69%
CEC Entertainment LLC, 6.75%, 05/01/2026(b)

  282,000   280,422
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)

  52,000   51,915
        332,337
  Principal
Amount
  Value
Retail REITs-0.63%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC        
5.75%, 05/15/2026(b)

$ 136,000   $131,442
4.50%, 04/01/2027(b)

  83,000   73,574
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)

  116,000   98,257
        303,273
Security & Alarm Services-0.82%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b)

  258,000   255,009
CoreCivic, Inc., 4.75%, 10/15/2027

  153,000   143,925
        398,934
Specialized Consumer Services-0.40%
Sotheby’s, 7.38%, 10/15/2027(b)

  200,000   192,509
Specialty Chemicals-0.47%
Avient Corp., 5.75%, 05/15/2025(b)

  149,000   148,575
WR Grace Holdings LLC, 5.63%, 08/15/2029(b)

  90,000   79,432
        228,007
Steel-0.54%
Cleveland-Cliffs, Inc.        
6.75%, 03/15/2026(b)

  106,000   106,400
6.75%, 04/15/2030(b)

  64,000   64,641
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)

  100,000   90,417
        261,458
Systems Software-0.76%
Gen Digital, Inc.        
5.00%, 04/15/2025(b)

  53,000   52,758
6.75%, 09/30/2027(b)

  52,000   52,837
McAfee Corp., 7.38%, 02/15/2030(b)

  129,000   117,041
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)

  171,000   146,280
        368,916
Technology Hardware, Storage & Peripherals-1.47%
Seagate HDD Cayman        
4.88%, 06/01/2027

  65,000   63,774
4.09%, 06/01/2029

  100,000   92,252
4.13%, 01/15/2031

  32,000   28,279
9.63%, 12/01/2032

  123,000   141,408
Western Digital Corp., 4.75%, 02/15/2026

  133,000   129,471
Xerox Corp., 6.75%, 12/15/2039

  78,000   65,692
Xerox Holdings Corp.        
5.00%, 08/15/2025(b)(c)

  117,000   114,387
5.50%, 08/15/2028(b)

  85,000   77,537
        712,800
Telecom Tower REITs-0.44%
SBA Communications Corp., 3.88%, 02/15/2027

  222,000   212,006
Tires & Rubber-0.41%
Goodyear Tire & Rubber Co. (The)        
5.00%, 05/31/2026

  48,000   47,108
4.88%, 03/15/2027

  100,000   96,553
5.00%, 07/15/2029

  58,000   54,486
        198,147
Tobacco-0.20%
Vector Group Ltd., 5.75%, 02/01/2029(b)

  106,000   97,863
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Trading Companies & Distributors-0.32%
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)

$ 85,000   $80,470
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b)

  74,000   73,975
        154,445
Transaction & Payment Processing Services-0.44%
Block, Inc., 2.75%, 06/01/2026

  43,000   40,285
NCR Atleos Corp., 9.50%, 04/01/2029(b)

  161,000   172,837
        213,122
Total U.S. Dollar Denominated Bonds & Notes

(Cost $46,977,894)

  46,991,722
U.S. Treasury Securities-0.22%
U.S. Treasury Bills-0.22%
4.79%–5.40%, 04/18/2024(j)(k)

(Cost $104,913)

  106,000   104,822
  Shares    
Money Market Funds-0.74%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(l)(m)

(Cost $358,994)

  358,994   358,994
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-97.99%

(Cost $47,441,801)

  47,455,538
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-10.61%
Invesco Private Government Fund, 5.29%(l)(m)(n)

  1,438,763   $1,438,763
Invesco Private Prime Fund, 5.52%(l)(m)(n)

  3,697,089   3,699,677
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $5,138,315)

  5,138,440
TOTAL INVESTMENTS IN SECURITIES-108.60%

(Cost $52,580,116)

  52,593,978
OTHER ASSETS LESS LIABILITIES-(8.60)%

  (4,163,784)
NET ASSETS-100.00%

  $48,430,194
 
Investment Abbreviations:
PIK -Pay-in-Kind
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 January 31, 2024 was $36,293,230, which represented 74.94% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at January 31, 2024.
(d) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(e) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f) Restricted security. The value of this security at January 31, 2024 represented less than 1% of the Fund’s Net Assets.
(g) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(h) The borrower has filed for protection in federal bankruptcy court.
(i) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at January 31, 2024 represented less than 1% of the Fund’s Net Assets.
(j) $104,822 was pledged as collateral to cover margin requirements for open futures contracts.  
(k) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(l) 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 January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $72,923   $2,630,803   $(2,344,732)   $-   $-   $358,994   $6,141
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2024
(Unaudited)
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $797,268   $4,657,682   $(4,016,187)   $-   $-   $1,438,763   $14,003*
Invesco Private Prime Fund 2,050,708   8,592,068   (6,944,707)   82   1,526   3,699,677   38,417*
Total $2,920,899   $15,880,553   $(13,305,626)   $82   $1,526   $5,497,434   $58,561
    
* 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.
    
(m) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
(n) 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.  
    
Open Futures Contracts
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury 10 Year Notes   17   March-2024   $1,909,578   $50,729   $50,729
U.S. Treasury 10 Year Ultra Notes   3   March-2024   350,625   12,415   12,415
U.S. Treasury 5 Year Notes   16   March-2024   1,734,250   24,350   24,350
U.S. Treasury Ultra Bonds   1   March-2024   129,219   8,545   8,545
Subtotal—Long Futures Contracts               96,039   96,039
Short Futures Contracts                    
Interest Rate Risk                    
U.S. Treasury 2 Year Notes   14   March-2024   (2,879,188)   (25,075)   (25,075)
Total Futures Contracts   $70,964   $70,964
    
Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity   Buy/Sell
Protection
  (Pay)/
Receive
Fixed
Rate
  Payment
Frequency
  Maturity Date   Implied
Credit
Spread(b)
  Notional
Value
  Upfront
Payments
Paid
(Received)
  Value   Unrealized
Appreciation
Credit Risk                            
Markit CDX North America High Yield Index, Series 39, Version 2   Sell   5.00%   Quarterly   12/20/2027   3.218%   USD 419,440   $1,468   $24,565   $23,097
    
(a) Centrally cleared swap agreements collateralized by $70,955 cash held with the broker.
(b) Implied credit spreads represent the current level, as of January 31, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
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 High Yield Select ETF (HIYS)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-94.43%
Advertising-1.01%
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)(c)

$ 55,000   $51,841
Lamar Media Corp., 3.63%, 01/15/2031

  57,000   50,175
        102,016
Aerospace & Defense-1.44%
TransDigm, Inc.        
6.25%, 03/15/2026(b)

  47,000   46,719
6.75%, 08/15/2028(b)

  72,000   73,268
7.13%, 12/01/2031(b)

  25,000   26,088
        146,075
Aluminum-0.93%
Novelis Corp., 3.25%, 11/15/2026(b)

  101,000   94,671
Apparel Retail-0.56%
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)(c)

  67,000   56,730
Application Software-0.50%
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)

  52,000   51,095
Automobile Manufacturers-2.08%
Allison Transmission, Inc.        
4.75%, 10/01/2027(b)

  5,000   4,814
3.75%, 01/30/2031(b)

  235,000   205,703
        210,517
Automotive Parts & Equipment-2.05%
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)

  56,000   52,549
ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028(b)

  150,000   154,631
        207,180
Automotive Retail-4.45%
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)

  165,000   152,247
LCM Investments Holdings II LLC        
4.88%, 05/01/2029(b)

  57,000   51,437
8.25%, 08/01/2031(b)

  111,000   114,009
Lithia Motors, Inc.        
4.63%, 12/15/2027(b)

  31,000   29,723
3.88%, 06/01/2029(b)

  115,000   103,318
        450,734
Broadcasting-0.20%
Gray Television, Inc.        
7.00%, 05/15/2027(b)(c)

  10,000   9,786
5.38%, 11/15/2031(b)(c)

  7,000   5,485
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)

  7,000   5,415
        20,686
Broadline Retail-1.04%
Kohl’s Corp., 4.63%, 05/01/2031

  34,000   27,237
Macy’s Retail Holdings LLC        
5.88%, 03/15/2030(b)

  54,000   51,253
4.50%, 12/15/2034

  32,000   26,866
        105,356
Cable & Satellite-3.91%
CCO Holdings LLC/CCO Holdings Capital Corp.        
5.50%, 05/01/2026(b)

  84,000   83,290
5.13%, 05/01/2027(b)

  78,000   75,288
5.38%, 06/01/2029(b)

  26,000   24,195
4.50%, 05/01/2032

  24,000   20,037
CSC Holdings LLC, 5.38%, 02/01/2028(b)

  200,000   172,056
  Principal
Amount
  Value
Cable & Satellite-(continued)
DISH DBS Corp.        
5.25%, 12/01/2026(b)

$ 7,000   $5,526
5.75%, 12/01/2028(b)

  15,000   10,119
Scripps Escrow, Inc., 5.88%, 07/15/2027(b)

  6,000   5,415
        395,926
Casinos & Gaming-5.43%
International Game Technology PLC, 5.25%, 01/15/2029(b)

  200,000   195,329
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(b)

  200,000   178,868
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)

  7,000   5,255
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(b)

  200,000   170,916
        550,368
Commodity Chemicals-1.55%
Mativ Holdings, Inc., 6.88%, 10/01/2026(b)

  164,000   157,176
Construction & Engineering-1.00%
Howard Midstream Energy Partners LLC        
6.75%, 01/15/2027(b)

  63,000   62,780
8.88%, 07/15/2028(b)

  37,000   38,886
        101,666
Consumer Finance-1.27%
FirstCash, Inc., 5.63%, 01/01/2030(b)

  80,000   76,322
Navient Corp.        
5.00%, 03/15/2027

  37,000   35,326
9.38%, 07/25/2030

  16,000   16,700
        128,348
Diversified Banks-1.50%
Citigroup, Inc.        
3.88%(d)(e)

  45,000   41,577
7.38%(c)(d)(e)

  10,000   10,193
JPMorgan Chase & Co., Series FF, 5.00%(d)(e)

  101,000   100,125
        151,895
Diversified Financial Services-4.30%
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)(c)

  111,000   101,585
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)

  200,000   180,722
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(b)

  25,000   25,211
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b)

  51,000   50,643
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)

  82,000   77,137
        435,298
Diversified Metals & Mining-1.06%
Hudbay Minerals, Inc. (Canada)        
4.50%, 04/01/2026(b)

  22,000   21,341
6.13%, 04/01/2029(b)(c)

  87,000   85,992
        107,333
Diversified Support Services-1.45%
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b)

  144,000   147,070
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Drug Retail-0.50%
Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034

$ 56,000   $51,021
Electric Utilities-1.75%
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)

  49,000   52,042
Vistra Operations Co. LLC, 7.75%, 10/15/2031(b)

  120,000   124,744
        176,786
Electrical Components & Equipment-0.96%
EnerSys        
4.38%, 12/15/2027(b)

  56,000   52,717
6.63%, 01/15/2032(b)

  23,000   23,296
Sensata Technologies B.V., 5.00%, 10/01/2025(b)

  21,000   20,922
        96,935
Electronic Components-0.30%
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)

  35,000   30,422
Electronic Manufacturing Services-0.99%
EMRLD Borrower L.P./ Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b)

  99,000   100,121
Environmental & Facilities Services-0.75%
GFL Environmental, Inc. (Canada), 6.75%, 01/15/2031(b)

  74,000   75,778
Gold-0.49%
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)

  50,000   49,801
Health Care Facilities-1.49%
Encompass Health Corp., 4.50%, 02/01/2028

  56,000   53,541
Tenet Healthcare Corp., 4.88%, 01/01/2026

  98,000   97,211
        150,752
Health Care REITs-0.75%
Diversified Healthcare Trust, 0.00%, 01/15/2026(b)(f)

  79,000   66,469
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031

  16,000   9,819
        76,288
Health Care Services-2.83%
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)(c)

  58,000   51,022
Community Health Systems, Inc., 4.75%, 02/15/2031(b)(c)

  100,000   79,463
DaVita, Inc., 3.75%, 02/15/2031(b)

  64,000   52,817
Select Medical Corp., 6.25%, 08/15/2026(b)

  52,000   52,029
Star Parent, Inc., 9.00%, 10/01/2030(b)

  49,000   51,585
        286,916
Health Care Supplies-0.99%
Medline Borrower L.P., 3.88%, 04/01/2029(b)

  111,000   100,597
Hotel & Resort REITs-2.49%
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)

  57,000   50,494
Service Properties Trust        
5.50%, 12/15/2027

  81,000   76,252
8.63%, 11/15/2031(b)

  118,000   125,208
        251,954
Hotels, Resorts & Cruise Lines-3.19%
Carnival Corp.        
6.00%, 05/01/2029(b)(c)

  29,000   28,110
10.50%, 06/01/2030(b)

  47,000   51,635
  Principal
Amount
  Value
Hotels, Resorts & Cruise Lines-(continued)
IRB Holding Corp., 7.00%, 06/15/2025(b)

$ 97,000   $96,495
Royal Caribbean Cruises Ltd., 8.25%, 01/15/2029(b)

  138,000   146,492
        322,732
Household Products-0.50%
Prestige Brands, Inc., 3.75%, 04/01/2031(b)

  58,000   50,348
Independent Power Producers & Energy Traders-1.00%
Clearway Energy Operating LLC        
4.75%, 03/15/2028(b)

  52,000   49,554
3.75%, 02/15/2031(b)

  29,000   25,164
Vistra Corp., Series C, 8.88%(b)(d)(e)

  26,000   26,845
        101,563
Industrial Machinery & Supplies & Components-1.66%
Enpro, Inc., 5.75%, 10/15/2026

  75,000   74,457
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada), 9.00%, 02/15/2029(b)

  17,000   17,000
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)

  83,000   76,392
        167,849
Insurance Brokers-0.96%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031(b)

  49,000   49,557
HUB International Ltd.        
7.25%, 06/15/2030(b)

  25,000   25,735
7.38%, 01/31/2032(b)

  21,000   21,519
        96,811
Integrated Telecommunication Services-2.82%
Frontier Communications Holdings LLC, 8.63%, 03/15/2031(b)

  24,000   24,370
Iliad Holding S.A.S.U. (France), 6.50%, 10/15/2026(b)

  200,000   196,187
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)

  50,000   14,500
Telecom Italia Capital S.A. (Italy), 6.38%, 11/15/2033

  52,000   50,441
        285,498
Leisure Facilities-1.94%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)

  109,000   119,310
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(b)

  52,000   50,676
VOC Escrow Ltd., 5.00%, 02/15/2028(b)

  28,000   26,757
        196,743
Marine Transportation-2.48%
NCL Corp. Ltd.        
5.88%, 02/15/2027(b)

  102,000   100,561
8.13%, 01/15/2029(b)

  48,000   50,418
Stena International S.A. (Sweden), 7.25%, 01/15/2031(b)

  100,000   100,140
        251,119
Metal, Glass & Plastic Containers-0.97%
Ball Corp., 6.00%, 06/15/2029(c)

  48,000   48,480
OI European Group B.V., 4.75%, 02/15/2030(b)

  54,000   50,032
        98,512
Movies & Entertainment-0.05%
Cinemark USA, Inc., 5.25%, 07/15/2028(b)

  5,000   4,616
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Office REITs-0.53%
Office Properties Income Trust, 4.25%, 05/15/2024(c)

$ 55,000   $54,122
Oil & Gas Drilling-2.72%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)

  81,000   77,237
Rockies Express Pipeline LLC        
4.95%, 07/15/2029(b)

  52,000   49,757
6.88%, 04/15/2040(b)

  27,000   26,777
Transocean, Inc., 8.75%, 02/15/2030(b)

  45,600   47,288
Valaris Ltd., 8.38%, 04/30/2030(b)

  73,000   74,899
        275,958
Oil & Gas Equipment & Services-0.51%
Oceaneering International, Inc., 6.00%, 02/01/2028

  53,000   51,818
Oil & Gas Exploration & Production-5.21%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)

  146,000   144,832
Hilcorp Energy I L.P./Hilcorp Finance Co.        
6.00%, 04/15/2030(b)

  14,000   13,605
6.00%, 02/01/2031(b)

  64,000   61,683
8.38%, 11/01/2033(b)

  26,000   27,962
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/2027(b)

  50,000   51,490
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(b)

  48,000   49,260
SM Energy Co., 6.63%, 01/15/2027

  74,000   73,715
Southwestern Energy Co., 4.75%, 02/01/2032

  56,000   51,913
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)

  51,000   52,749
        527,209
Oil & Gas Refining & Marketing-1.03%
CVR Energy, Inc., 8.50%, 01/15/2029(b)

  52,000   52,108
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b)

  50,000   51,823
        103,931
Oil & Gas Storage & Transportation-4.76%
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028

  74,000   74,250
New Fortress Energy, Inc.        
6.75%, 09/15/2025(b)

  52,000   51,416
6.50%, 09/30/2026(b)

  54,000   52,355
NGL Energy Operating LLC/NGL Energy Finance Corp.        
8.13%, 02/15/2029(b)

  25,000   25,144
8.38%, 02/15/2032(b)

  27,000   27,216
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b)

  51,000   51,042
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b)

  76,000   75,872
Venture Global LNG, Inc.        
8.13%, 06/01/2028(b)

  49,000   49,556
9.50%, 02/01/2029(b)

  51,000   54,196
9.88%, 02/01/2032(b)

  20,000   21,045
        482,092
Other Specialty Retail-1.01%
Bath & Body Works, Inc., 6.88%, 11/01/2035

  102,000   101,832
  Principal
Amount
  Value
Paper & Plastic Packaging Products & Materials-1.25%
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b)

$ 51,000   $50,799
Sealed Air Corp.        
7.25%, 02/15/2031(b)

  48,000   50,241
6.88%, 07/15/2033(b)

  24,000   25,067
        126,107
Passenger Airlines-0.99%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029(b)

  102,000   100,270
Real Estate Services-0.49%
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b)

  48,000   50,133
Research & Consulting Services-0.51%
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)(c)

  56,000   52,104
Restaurants-2.14%
1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029(b)(c)

  114,000   104,411
Yum! Brands, Inc., 5.38%, 04/01/2032(c)

  115,000   111,940
        216,351
Retail REITs-0.51%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)(c)

  53,000   51,742
Single-Family Residential REITs-0.12%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b)

  12,000   11,835
Specialized Consumer Services-1.00%
Carriage Services, Inc., 4.25%, 05/15/2029(b)

  117,000   101,586
Steel-0.99%
Cleveland-Cliffs, Inc.        
6.75%, 04/15/2030(b)

  74,000   74,741
6.25%, 10/01/2040

  29,000   25,571
        100,312
Systems Software-1.48%
Camelot Finance S.A., 4.50%, 11/01/2026(b)

  103,000   99,401
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029

  57,000   50,990
        150,391
Telecom Tower REITs-1.00%
SBA Communications Corp., 3.13%, 02/01/2029

  114,000   101,696
Trading Companies & Distributors-1.52%
Fortress Transportation and Infrastructure Investors LLC        
5.50%, 05/01/2028(b)

  103,000   99,902
7.88%, 12/01/2030(b)

  51,000   53,839
        153,741
Wireless Telecommunication Services-1.07%
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(d)

  124,000   107,866
Total U.S. Dollar Denominated Bonds & Notes

(Cost $9,294,998)

  9,564,398
Non-U.S. Dollar Denominated Bonds & Notes-2.02%(g)
Casinos & Gaming-1.04%
Allwyn International A.S. (Czech Republic), 3.88%, 02/15/2027(b)

EUR 100,000   105,396
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Wireless Telecommunication Services-0.98%
VMED O2 UK Financing I PLC (United Kingdom), 3.25%, 01/31/2031(b)

EUR 100,000   $98,989
Total Non-U.S. Dollar Denominated Bonds & Notes

(Cost $194,694)

  204,385
  Shares    
Preferred Stocks-0.48%
Diversified Banks-0.48%
Bank of America Corp., Series Z, Pfd., 6.50%(c)(d)

(Cost $47,833)

  48,000   48,209
Money Market Funds-0.59%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(h)(i)

(Cost $59,906)

  59,906   59,906
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-97.52%

(Cost $9,597,431)

  9,876,898
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-10.30%
Invesco Private Government Fund, 5.29%(h)(i)(j)

  293,604   $293,604
Invesco Private Prime Fund, 5.52%(h)(i)(j)

  749,389   749,914
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,043,508)

  1,043,518
TOTAL INVESTMENTS IN SECURITIES-107.82%

(Cost $10,640,939)

  10,920,416
OTHER ASSETS LESS LIABILITIES-(7.82)%

  (792,159)
NET ASSETS-100.00%

  $10,128,257
 
Investment Abbreviations:
EUR -Euro
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) 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 January 31, 2024 was $8,173,612, which represented 80.70% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at January 31, 2024.
(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e) Perpetual bond with no specified maturity date.
(f) Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(g) Foreign denominated security. Principal amount is denominated in the currency indicated.
(h) 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 January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $142,401   $1,798,256   $(1,880,751)   $-   $-   $59,906   $2,329
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 199,263   907,371   (813,030)   -   -   293,604   2,813*
Invesco Private Prime Fund 391,390   1,837,480   (1,479,261)   4   301   749,914   7,379*
Total $733,054   $4,543,107   $(4,173,042)   $4   $301   $1,103,424   $12,521
    
* 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.
    
(i) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
(j) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
    
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)—(continued)
January 31, 2024
(Unaudited)
Open Forward Foreign Currency Contracts
Settlement Date   Counterparty   Contract to   Unrealized
Appreciation
(Depreciation)
Deliver   Receive  
Currency Risk                  
2/15/2024   Bank of America, N.A.   USD 23,058 EUR 21,000 $(232)  
2/15/2024   Barclays Capital, Inc.   EUR 506,000 USD 542,900 (7,100)  
2/15/2024   Canadian Imperial Bank of Commerce   USD 80,000 EUR 71,843 (1,909)  
2/15/2024   Citibank, N.A.   EUR 18,000 USD 19,491 (74)  
2/15/2024   Morgan Stanley Capital Services LLC   USD 180,247 EUR 164,000 (1,986)  
2/15/2024   RBC Capital Markets, LLC   USD 8,770 EUR 8,000 (74)  
Total Forward Foreign Currency Contracts   $(11,375)
    
Abbreviations:
EUR -Euro
USD -U.S. Dollar
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P 500® Downside Hedged ETF (PHDG)
January 31, 2024
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-94.32%
Communication Services-8.35%
Alphabet, Inc., Class A(b)

  16,184   $2,267,378
Alphabet, Inc., Class C(b)

  13,620   1,931,316
AT&T, Inc.

  19,553   345,893
Charter Communications, Inc., Class A(b)

  275   101,945
Comcast Corp., Class A

  10,982   511,102
Electronic Arts, Inc.

  669   92,041
Fox Corp., Class A

  680   21,964
Fox Corp., Class B

  363   10,894
Interpublic Group of Cos., Inc. (The)(c)

  1,053   34,739
Live Nation Entertainment, Inc.(b)

  358   31,808
Match Group, Inc.(b)

  748   28,708
Meta Platforms, Inc., Class A(b)

  6,069   2,367,760
Netflix, Inc.(b)

  1,197   675,240
News Corp., Class A

  1,047   25,798
News Corp., Class B(c)

  316   8,080
Omnicom Group, Inc.

  540   48,805
Paramount Global, Class B(c)

  1,327   19,361
Take-Two Interactive Software, Inc.(b)

  432   71,250
T-Mobile US, Inc.

  1,391   224,271
Verizon Communications, Inc.

  11,497   486,898
Walt Disney Co. (The)

  5,004   480,634
Warner Bros. Discovery, Inc.(b)

  6,069   60,811
        9,846,696
Consumer Discretionary-9.72%
Airbnb, Inc., Class A(b)

  1,189   171,382
Amazon.com, Inc.(b)

  24,870   3,859,824
Aptiv PLC(b)

  773   62,868
AutoZone, Inc.(b)

  49   135,344
Bath & Body Works, Inc.

  625   26,663
Best Buy Co., Inc.

  528   38,275
Booking Holdings, Inc.(b)

  95   333,210
BorgWarner, Inc.

  647   21,933
Caesars Entertainment, Inc.(b)

  593   26,015
CarMax, Inc.(b)(c)

  437   31,106
Carnival Corp.(b)

  2,756   45,694
Chipotle Mexican Grill, Inc.(b)

  74   178,249
D.R. Horton, Inc.

  824   117,758
Darden Restaurants, Inc.

  329   53,489
Domino’s Pizza, Inc.

  95   40,491
eBay, Inc.

  1,419   58,278
Etsy, Inc.(b)(c)

  330   21,965
Expedia Group, Inc.(b)

  365   54,140
Ford Motor Co.

  10,752   126,013
Garmin Ltd.

  418   49,947
General Motors Co.

  3,745   145,306
Genuine Parts Co.

  383   53,708
Hasbro, Inc.

  359   17,573
Hilton Worldwide Holdings, Inc.

  701   133,863
Home Depot, Inc. (The)

  2,735   965,346
Las Vegas Sands Corp.

  1,009   49,360
Lennar Corp., Class A

  685   102,647
LKQ Corp.

  675   31,502
Lowe’s Cos., Inc.

  1,579   336,074
lululemon athletica, inc.(b)

  315   142,953
Marriott International, Inc., Class A

  675   161,818
McDonald’s Corp.

  1,984   580,757
MGM Resorts International

  752   32,614
Mohawk Industries, Inc.(b)

  145   15,116
NIKE, Inc., Class B

  3,347   339,821
Norwegian Cruise Line Holdings Ltd.(b)(c)

  1,170   20,826
NVR, Inc.(b)

  9   63,678
  Shares   Value
Consumer Discretionary-(continued)
O’Reilly Automotive, Inc.(b)

  162   $165,734
Pool Corp.

  106   39,353
PulteGroup, Inc.

  590   61,690
Ralph Lauren Corp.

  109   15,660
Ross Stores, Inc.

  926   129,899
Royal Caribbean Cruises Ltd.(b)

  645   82,238
Starbucks Corp.

  3,124   290,626
Tapestry, Inc.

  631   24,477
Tesla, Inc.(b)

  7,563   1,416,474
TJX Cos., Inc. (The)

  3,128   296,878
Tractor Supply Co.(c)

  295   66,257
Ulta Beauty, Inc.(b)

  135   67,777
V.F. Corp.

  909   14,962
Whirlpool Corp.

  151   16,538
Wynn Resorts Ltd.

  264   24,930
Yum! Brands, Inc.

  766   99,189
        11,458,288
Consumer Staples-5.80%
Altria Group, Inc.

  4,836   194,020
Archer-Daniels-Midland Co.

  1,460   81,147
Brown-Forman Corp., Class B(c)

  503   27,615
Bunge Global S.A.

  397   34,972
Campbell Soup Co.

  540   24,100
Church & Dwight Co., Inc.

  674   67,299
Clorox Co. (The)

  339   49,240
Coca-Cola Co. (The)

  10,641   633,033
Colgate-Palmolive Co.

  2,251   189,534
Conagra Brands, Inc.

  1,307   38,099
Constellation Brands, Inc., Class A

  442   108,325
Costco Wholesale Corp.

  1,211   841,500
Dollar General Corp.

  600   79,242
Dollar Tree, Inc.(b)(c)

  572   74,715
Estee Lauder Cos., Inc. (The), Class A(c)

  635   83,814
General Mills, Inc.

  1,590   103,207
Hershey Co. (The)

  410   79,351
Hormel Foods Corp.(c)

  797   24,205
J. M. Smucker Co. (The)

  290   38,150
Kellanova

  722   39,537
Kenvue, Inc.

  4,714   97,863
Keurig Dr Pepper, Inc.

  2,753   86,554
Kimberly-Clark Corp.

  924   111,776
Kraft Heinz Co. (The)

  2,180   80,943
Kroger Co. (The)

  1,810   83,513
Lamb Weston Holdings, Inc.

  396   40,566
McCormick & Co., Inc.

  687   46,826
Molson Coors Beverage Co., Class B

  509   31,451
Mondelez International, Inc., Class A

  3,721   280,080
Monster Beverage Corp.(b)

  2,020   111,140
PepsiCo, Inc.

  3,760   633,673
Philip Morris International, Inc.

  4,246   385,749
Procter & Gamble Co. (The)

  6,446   1,012,924
Sysco Corp.

  1,379   111,602
Target Corp.

  1,262   175,519
Tyson Foods, Inc., Class A

  781   42,768
Walgreens Boots Alliance, Inc.(c)

  1,961   44,260
Walmart, Inc.

  3,901   644,640
        6,832,952
Energy-3.59%
APA Corp.

  844   26,443
Baker Hughes Co., Class A

  2,751   78,404
Chevron Corp.

  4,800   707,664
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2024
(Unaudited)
  Shares   Value
Energy-(continued)
ConocoPhillips

  3,248   $363,354
Coterra Energy, Inc.

  2,057   51,178
Devon Energy Corp.

  1,751   73,577
Diamondback Energy, Inc.

  489   75,179
EOG Resources, Inc.

  1,595   181,495
EQT Corp.

  1,124   39,790
Exxon Mobil Corp.

  10,954   1,126,181
Halliburton Co.

  2,448   87,271
Hess Corp.

  757   106,381
Kinder Morgan, Inc.

  5,288   89,473
Marathon Oil Corp.

  1,477   33,749
Marathon Petroleum Corp.

  1,038   171,893
Occidental Petroleum Corp.

  1,806   103,971
ONEOK, Inc.

  1,593   108,722
Phillips 66

  1,203   173,605
Pioneer Natural Resources Co.

  639   146,861
Schlumberger N.V.

  3,906   190,222
Targa Resources Corp.

  609   51,741
Valero Energy Corp.

  930   129,177
Williams Cos., Inc. (The)

  3,328   115,348
        4,231,679
Financials-12.39%
Aflac, Inc.

  1,454   122,630
Allstate Corp. (The)

  716   111,159
American Express Co.

  1,574   315,965
American International Group, Inc.

  1,919   133,390
Ameriprise Financial, Inc.

  276   106,765
Aon PLC, Class A

  548   163,540
Arch Capital Group Ltd.(b)

  1,021   84,161
Arthur J. Gallagher & Co.(c)

  591   137,207
Assurant, Inc.

  144   24,185
Bank of America Corp.

  18,829   640,374
Bank of New York Mellon Corp. (The)

  2,103   116,632
Berkshire Hathaway, Inc., Class B(b)

  4,975   1,909,106
BlackRock, Inc.

  382   295,786
Blackstone, Inc., Class A

  1,942   241,682
Brown & Brown, Inc.

  646   50,104
Capital One Financial Corp.

  1,040   140,733
Cboe Global Markets, Inc.

  289   53,133
Charles Schwab Corp. (The)

  4,070   256,084
Chubb Ltd.

  1,116   273,420
Cincinnati Financial Corp.

  429   47,533
Citigroup, Inc.

  5,234   293,994
Citizens Financial Group, Inc.

  1,274   41,660
CME Group, Inc., Class A

  984   202,547
Comerica, Inc.

  363   19,087
Discover Financial Services

  683   72,070
Everest Group Ltd.

  118   45,426
FactSet Research Systems, Inc.

  104   49,496
Fidelity National Information Services, Inc.

  1,620   100,861
Fifth Third Bancorp

  1,861   63,721
Fiserv, Inc.(b)

  1,641   232,809
FLEETCOR Technologies, Inc.(b)

  198   57,406
Franklin Resources, Inc.

  775   20,638
Global Payments, Inc.

  713   94,993
Globe Life, Inc.

  236   28,986
Goldman Sachs Group, Inc. (The)

  892   342,537
Hartford Financial Services Group, Inc. (The)

  822   71,481
Huntington Bancshares, Inc.

  3,961   50,424
Intercontinental Exchange, Inc.

  1,566   199,399
Invesco Ltd.(d)

  1,237   19,582
Jack Henry & Associates, Inc.

  183   30,347
  Shares   Value
Financials-(continued)
JPMorgan Chase & Co.

  7,906   $1,378,490
KeyCorp

  2,363   34,334
Loews Corp.

  461   33,588
M&T Bank Corp.

  453   62,559
MarketAxess Holdings, Inc.

  104   23,453
Marsh & McLennan Cos., Inc.

  1,349   261,490
Mastercard, Inc., Class A

  2,264   1,017,057
MetLife, Inc.

  1,701   117,913
Moody’s Corp.

  430   168,577
Morgan Stanley

  3,456   301,501
MSCI, Inc.

  216   129,302
Nasdaq, Inc.

  930   53,726
Northern Trust Corp.

  567   45,156
PayPal Holdings, Inc.(b)

  2,949   180,921
PNC Financial Services Group, Inc. (The)

  1,090   164,819
Principal Financial Group, Inc.

  600   47,460
Progressive Corp. (The)

  1,599   285,022
Prudential Financial, Inc.

  987   103,566
Raymond James Financial, Inc.

  514   56,633
Regions Financial Corp.

  2,544   47,496
S&P Global, Inc.

  885   396,790
State Street Corp.

  843   62,272
Synchrony Financial

  1,131   43,962
T. Rowe Price Group, Inc.

  610   66,155
Travelers Cos., Inc. (The)

  624   131,889
Truist Financial Corp.

  3,647   135,158
U.S. Bancorp

  4,258   176,877
Visa, Inc., Class A

  4,359   1,191,140
W.R. Berkley Corp.

  558   45,689
Wells Fargo & Co.

  9,930   498,287
Willis Towers Watson PLC

  283   69,703
Zions Bancorporation N.A.

  408   17,095
        14,609,133
Health Care-12.05%
Abbott Laboratories

  4,746   537,010
AbbVie, Inc.

  4,829   793,888
Agilent Technologies, Inc.

  800   104,080
Align Technology, Inc.(b)

  194   51,860
Amgen, Inc.

  1,464   460,077
Baxter International, Inc.

  1,388   53,702
Becton, Dickinson and Co.

  794   189,615
Biogen, Inc.(b)

  396   97,677
Bio-Rad Laboratories, Inc., Class A(b)(c)

  58   18,612
Bio-Techne Corp.

  435   30,589
Boston Scientific Corp.(b)

  4,004   253,293
Bristol-Myers Squibb Co.

  5,565   271,962
Cardinal Health, Inc.

  674   73,594
Catalent, Inc.(b)

  496   25,613
Cencora, Inc.(c)

  455   105,869
Centene Corp.(b)

  1,461   110,028
Charles River Laboratories International, Inc.(b)

  141   30,495
Cigna Group (The)

  800   240,760
Cooper Cos., Inc. (The)

  136   50,732
CVS Health Corp.

  3,512   261,187
Danaher Corp.

  1,798   431,358
DaVita, Inc.(b)

  148   16,008
DENTSPLY SIRONA, Inc.

  583   20,259
DexCom, Inc.(b)

  1,057   128,267
Edwards Lifesciences Corp.(b)

  1,659   130,182
Elevance Health, Inc.

  643   317,282
Eli Lilly and Co.

  2,180   1,407,430
GE HealthCare Technologies, Inc.

  1,071   78,569
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2024
(Unaudited)
  Shares   Value
Health Care-(continued)
Gilead Sciences, Inc.

  3,407   $266,632
HCA Healthcare, Inc.

  542   165,256
Henry Schein, Inc.(b)

  359   26,868
Hologic, Inc.(b)

  670   49,875
Humana, Inc.

  336   127,028
IDEXX Laboratories, Inc.(b)

  227   116,923
Illumina, Inc.(b)

  434   62,066
Incyte Corp.(b)

  512   30,090
Insulet Corp.(b)

  191   36,456
Intuitive Surgical, Inc.(b)

  962   363,848
IQVIA Holdings, Inc.(b)(c)

  501   104,323
Johnson & Johnson

  6,584   1,046,198
Laboratory Corp. of America Holdings(c)

  231   51,351
McKesson Corp.

  364   181,960
Medtronic PLC

  3,639   318,558
Merck & Co., Inc.(c)

  6,929   836,885
Mettler-Toledo International, Inc.(b)

  59   70,634
Moderna, Inc.(b)

  907   91,652
Molina Healthcare, Inc.(b)

  159   56,674
Pfizer, Inc.

  15,442   418,169
Quest Diagnostics, Inc.

  307   39,428
Regeneron Pharmaceuticals, Inc.(b)

  294   277,177
ResMed, Inc.

  403   76,651
Revvity, Inc.

  311   33,333
STERIS PLC

  271   59,335
Stryker Corp.

  925   310,319
Teleflex, Inc.

  130   31,568
Thermo Fisher Scientific, Inc.

  1,057   569,702
UnitedHealth Group, Inc.

  2,528   1,293,679
Universal Health Services, Inc., Class B

  168   26,680
Vertex Pharmaceuticals, Inc.(b)

  705   305,533
Viatris, Inc.

  3,281   38,617
Waters Corp.(b)

  162   51,469
West Pharmaceutical Services, Inc.

  203   75,725
Zimmer Biomet Holdings, Inc.

  572   71,843
Zoetis, Inc.

  1,255   235,702
        14,208,205
Industrials-8.10%
3M Co.

  1,510   142,469
A.O. Smith Corp.

  337   26,155
Allegion PLC

  242   29,981
American Airlines Group, Inc.(b)(c)

  1,798   25,586
AMETEK, Inc.

  631   102,254
Automatic Data Processing, Inc.(c)

  1,124   276,257
Axon Enterprise, Inc.(b)

  193   48,069
Boeing Co. (The)(b)

  1,555   328,167
Broadridge Financial Solutions, Inc.

  322   65,752
Builders FirstSource, Inc.(b)

  337   58,547
C.H. Robinson Worldwide, Inc.

  321   26,993
Carrier Global Corp.

  2,295   125,559
Caterpillar, Inc.

  1,395   418,932
Cintas Corp.

  237   143,283
Copart, Inc.(b)

  2,390   114,816
CSX Corp.

  5,404   192,923
Cummins, Inc.

  388   92,848
Dayforce, Inc.(b)(c)

  429   29,824
Deere & Co.

  733   288,494
Delta Air Lines, Inc.

  1,760   68,886
Dover Corp.

  383   57,366
Eaton Corp. PLC

  1,092   268,719
Emerson Electric Co.

  1,559   143,007
Equifax, Inc.

  337   82,343
  Shares   Value
Industrials-(continued)
Expeditors International of Washington, Inc.

  397   $50,153
Fastenal Co.

  1,562   106,575
FedEx Corp.

  632   152,495
Fortive Corp.

  961   75,131
Generac Holdings, Inc.(b)

  169   19,210
General Dynamics Corp.

  619   164,029
General Electric Co.

  2,976   394,082
Honeywell International, Inc.

  1,803   364,675
Howmet Aerospace, Inc.

  1,070   60,198
Hubbell, Inc.

  146   48,993
Huntington Ingalls Industries, Inc.

  109   28,222
IDEX Corp.

  206   43,569
Illinois Tool Works, Inc.

  749   195,414
Ingersoll Rand, Inc.

  1,107   88,405
J.B. Hunt Transport Services, Inc.

  223   44,819
Jacobs Solutions, Inc.

  344   46,361
Johnson Controls International PLC

  1,860   98,003
L3Harris Technologies, Inc.

  519   108,170
Leidos Holdings, Inc.

  376   41,537
Lockheed Martin Corp.

  605   259,793
Masco Corp.(c)

  614   41,316
Nordson Corp.

  148   37,255
Norfolk Southern Corp.

  618   145,378
Northrop Grumman Corp.

  388   173,343
Old Dominion Freight Line, Inc.

  245   95,800
Otis Worldwide Corp.

  1,118   98,876
PACCAR, Inc.

  1,430   143,558
Parker-Hannifin Corp.

  350   162,575
Paychex, Inc.

  880   107,122
Paycom Software, Inc.

  135   25,682
Pentair PLC

  454   33,219
Quanta Services, Inc.

  397   77,038
Republic Services, Inc.

  560   95,827
Robert Half, Inc.

  292   23,226
Rockwell Automation, Inc.

  313   79,277
Rollins, Inc.

  708   30,663
RTX Corp.

  3,932   358,284
Snap-on, Inc.

  144   41,750
Southwest Airlines Co.(c)

  1,630   48,721
Stanley Black & Decker, Inc.

  418   38,999
Textron, Inc.

  536   45,405
Trane Technologies PLC

  624   157,279
TransDigm Group, Inc.

  151   164,995
Uber Technologies, Inc.(b)

  5,628   367,340
Union Pacific Corp.

  1,667   406,631
United Airlines Holdings, Inc.(b)

  828   34,263
United Parcel Service, Inc., Class B

  1,977   280,536
United Rentals, Inc.

  185   115,699
Veralto Corp.(c)

  599   45,937
Verisk Analytics, Inc.

  396   95,646
W.W. Grainger, Inc.

  121   108,372
Wabtec Corp.

  489   64,338
Waste Management, Inc.

  1,002   186,001
Xylem, Inc.

  659   74,098
        9,551,513
Information Technology-27.83%
Accenture PLC, Class A

  1,716   624,418
Adobe, Inc.(b)

  1,245   769,136
Advanced Micro Devices, Inc.(b)

  4,418   740,854
Akamai Technologies, Inc.(b)

  412   50,771
Amphenol Corp., Class A

  1,636   165,400
Analog Devices, Inc.

  1,363   262,187
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2024
(Unaudited)
  Shares   Value
Information Technology-(continued)
ANSYS, Inc.(b)

  238   $78,024
Apple, Inc.

  39,964   7,369,362
Applied Materials, Inc.

  2,288   375,918
Arista Networks, Inc.(b)

  689   178,231
Autodesk, Inc.(b)

  584   148,225
Broadcom, Inc.

  1,200   1,416,000
Cadence Design Systems, Inc.(b)

  743   214,326
CDW Corp.

  367   83,206
Cisco Systems, Inc.

  11,077   555,844
Cognizant Technology Solutions Corp., Class A

  1,371   105,732
Corning, Inc.

  2,099   68,197
Enphase Energy, Inc.(b)

  372   38,736
EPAM Systems, Inc.(b)

  158   43,941
F5, Inc.(b)

  164   30,127
Fair Isaac Corp.(b)

  68   81,520
First Solar, Inc.(b)

  293   42,866
Fortinet, Inc.(b)

  1,742   112,342
Gartner, Inc.(b)

  214   97,892
Gen Digital, Inc.

  1,423   33,412
Hewlett Packard Enterprise Co.

  3,508   53,637
HP, Inc.

  2,378   68,272
Intel Corp.

  11,530   496,712
International Business Machines Corp.

  2,497   458,599
Intuit, Inc.

  766   483,599
Jabil, Inc.

  350   43,852
Juniper Networks, Inc.

  877   32,414
Keysight Technologies, Inc.(b)

  486   74,484
KLA Corp.

  372   220,983
Lam Research Corp.

  361   297,886
Microchip Technology, Inc.

  1,479   125,981
Micron Technology, Inc.

  3,002   257,421
Microsoft Corp.

  20,310   8,074,850
Monolithic Power Systems, Inc.

  131   78,956
Motorola Solutions, Inc.

  453   144,734
NetApp, Inc.

  571   49,791
NVIDIA Corp.

  6,756   4,156,764
NXP Semiconductors N.V. (China)

  705   148,452
ON Semiconductor Corp.(b)

  1,178   83,791
Oracle Corp.

  4,345   485,336
Palo Alto Networks, Inc.(b)

  850   287,733
PTC, Inc.(b)

  325   58,711
Qorvo, Inc.(b)

  268   26,730
QUALCOMM, Inc.

  3,044   452,064
Roper Technologies, Inc.

  293   157,341
Salesforce, Inc.(b)

  2,662   748,262
Seagate Technology Holdings PLC

  532   45,582
ServiceNow, Inc.(b)

  561   429,389
Skyworks Solutions, Inc.

  437   45,649
Synopsys, Inc.(b)

  416   221,874
TE Connectivity Ltd.

  850   120,862
Teledyne Technologies, Inc.(b)

  129   53,983
Teradyne, Inc.

  417   40,278
Texas Instruments, Inc.

  2,484   397,738
Trimble, Inc.(b)

  628   31,940
Tyler Technologies, Inc.(b)

  116   49,039
VeriSign, Inc.(b)

  243   48,328
Western Digital Corp.(b)

  886   50,724
Zebra Technologies Corp., Class A(b)(c)

  129   30,902
        32,820,310
Materials-2.15%
Air Products and Chemicals, Inc.

  607   155,216
Albemarle Corp.(c)

  321   36,832
  Shares   Value
Materials-(continued)
Amcor PLC

  3,952   $37,267
Avery Dennison Corp.

  219   43,680
Ball Corp.

  861   47,742
Celanese Corp.(c)

  274   40,083
CF Industries Holdings, Inc.

  523   39,492
Corteva, Inc.

  1,928   87,685
Dow, Inc.

  1,918   102,805
DuPont de Nemours, Inc.

  1,176   72,677
Eastman Chemical Co.

  326   27,237
Ecolab, Inc.

  694   137,565
FMC Corp.

  343   19,277
Freeport-McMoRan, Inc.

  3,921   155,624
International Flavors & Fragrances, Inc.

  698   56,315
International Paper Co.

  873   31,280
Linde PLC

  1,326   536,805
LyondellBasell Industries N.V., Class A

  701   65,978
Martin Marietta Materials, Inc.

  169   85,923
Mosaic Co. (The)

  899   27,608
Newmont Corp.

  3,151   108,741
Nucor Corp.

  672   125,617
Packaging Corp. of America

  246   40,806
PPG Industries, Inc.

  645   90,971
Sherwin-Williams Co. (The)

  644   196,021
Steel Dynamics, Inc.

  416   50,207
Vulcan Materials Co.

  364   82,268
WestRock Co.

  705   28,383
        2,530,105
Real Estate-2.24%
Alexandria Real Estate Equities, Inc.(c)

  428   51,745
American Tower Corp.

  1,274   249,258
AvalonBay Communities, Inc.

  389   69,635
Boston Properties, Inc.

  397   26,400
Camden Property Trust

  294   27,589
CBRE Group, Inc., Class A(b)

  834   71,983
CoStar Group, Inc.(b)

  1,117   93,247
Crown Castle, Inc.

  1,187   128,493
Digital Realty Trust, Inc.

  828   116,301
Equinix, Inc.

  257   213,251
Equity Residential

  945   56,880
Essex Property Trust, Inc.

  176   41,056
Extra Space Storage, Inc.

  578   83,486
Federal Realty Investment Trust

  202   20,549
Healthpeak Properties, Inc.

  1,505   27,842
Host Hotels & Resorts, Inc.

  1,929   37,075
Invitation Homes, Inc.(c)

  1,573   51,799
Iron Mountain, Inc.

  799   53,948
Kimco Realty Corp.

  1,819   36,744
Mid-America Apartment Communities, Inc.

  319   40,315
Prologis, Inc.

  2,526   320,019
Public Storage

  432   122,338
Realty Income Corp.

  2,271   123,520
Regency Centers Corp.(c)

  452   28,327
SBA Communications Corp., Class A

  295   66,039
Simon Property Group, Inc.

  892   123,640
UDR, Inc.

  833   30,005
Ventas, Inc.

  1,100   51,029
VICI Properties, Inc.

  2,829   85,209
Welltower, Inc.

  1,513   130,890
Weyerhaeuser Co.

  1,996   65,409
        2,644,021
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2024
(Unaudited)
  Shares   Value
Utilities-2.10%
AES Corp. (The)

  1,842   $30,724
Alliant Energy Corp.

  644   31,337
Ameren Corp.(c)

  719   50,021
American Electric Power Co., Inc.

  1,438   112,365
American Water Works Co., Inc.

  532   65,979
Atmos Energy Corp.

  406   46,260
CenterPoint Energy, Inc.

  1,727   48,252
CMS Energy Corp.

  798   45,614
Consolidated Edison, Inc.

  944   85,809
Constellation Energy Corp.

  873   106,506
Dominion Energy, Inc.(c)

  2,289   104,653
DTE Energy Co.

  564   59,457
Duke Energy Corp.

  2,107   201,914
Edison International

  1,048   70,719
Entergy Corp.

  579   57,761
Evergy, Inc.

  632   32,087
Eversource Energy

  955   51,780
Exelon Corp.

  2,722   94,753
FirstEnergy Corp.

  1,413   51,829
NextEra Energy, Inc.

  5,611   328,973
NiSource, Inc.

  1,137   29,528
NRG Energy, Inc.

  621   32,938
PG&E Corp.

  5,834   98,419
Pinnacle West Capital Corp.

  312   21,497
PPL Corp.

  2,016   52,819
Public Service Enterprise Group, Inc.

  1,363   79,040
Sempra

  1,721   123,155
Southern Co. (The)

  2,984   207,448
WEC Energy Group, Inc.

  862   69,615
Xcel Energy, Inc.

  1,509   90,344
        2,481,596
Total Common Stocks & Other Equity Interests

(Cost $109,059,750)

  111,214,498
  Shares   Value
Money Market Funds-4.20%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.22%(d)(e)

(Cost $4,950,856)

  4,950,856   $4,950,856
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.52%

(Cost $114,010,606)

  116,165,354
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.27%
Invesco Private Government Fund, 5.29%(d)(e)(f)

  421,175   421,175
Invesco Private Prime Fund, 5.52%(d)(e)(f)

  1,082,265   1,083,023
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,504,198)

  1,504,198
TOTAL INVESTMENTS IN SECURITIES-99.79%

(Cost $115,514,804)

  117,669,552
OTHER ASSETS LESS LIABILITIES-0.21%

  242,870
NET ASSETS-100.00%

  $117,912,422
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at January 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Invesco Ltd. $18,832   $21,977   $(25,730)   $(2,487)   $6,990   $19,582   $263
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class 10,129,502   151,808,285   (156,986,931)   -   -   4,950,856   198,767
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2024
(Unaudited)
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $1,195,929   $6,453,581   $(7,228,335)   $-   $-   $421,175   $13,574*
Invesco Private Prime Fund 3,075,244   12,122,906   (14,116,999)   1   1,871   1,083,023   38,364*
Total $14,419,507   $170,406,749   $(178,357,995)   $(2,486)   $8,861   $6,474,636   $250,968
    
* 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 January 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
    
Open Futures Contracts(a)
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Equity Risk                    
CBOE Volatility Index   86   February-2024   $1,279,121   $23,313   $23,313
CBOE Volatility Index   106   March-2024   1,661,529   70,138   70,138
E-Mini S&P 500 Index   15   March-2024   3,652,875   (37,431)   (37,431)
Total Futures Contracts   $56,020   $56,020
    
(a) Futures contracts collateralized by $8,653,512 cash held with Merrill Lynch International, the futures commission merchant.
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 Short Duration Bond ETF (ISDB)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-80.49%
Aerospace & Defense-0.95%
L3Harris Technologies, Inc., 5.40%, 01/15/2027

$ 30,000   $30,607
RTX Corp.        
5.00%, 02/27/2026

  13,000   13,070
5.75%, 11/08/2026

  38,000   38,992
TransDigm, Inc., 6.75%, 08/15/2028(b)

  12,000   12,211
        94,880
Agricultural & Farm Machinery-1.01%
CNH Industrial Capital LLC, 5.45%, 10/14/2025

  42,000   42,314
John Deere Capital Corp., 5.30%, 09/08/2025

  58,000   58,694
        101,008
Apparel, Accessories & Luxury Goods-0.26%
Tapestry, Inc.        
7.05%, 11/27/2025

  12,000   12,281
7.35%, 11/27/2028

  13,000   13,626
        25,907
Application Software-0.65%
Intuit, Inc.        
5.25%, 09/15/2026

  19,000   19,364
5.13%, 09/15/2028

  44,000   45,211
        64,575
Asset Management & Custody Banks-0.25%
State Street Corp., 5.68%, 11/21/2029(c)

  24,000   24,828
Automobile Manufacturers-4.30%
Allison Transmission, Inc., 4.75%, 10/01/2027(b)

  50,000   48,134
Ford Motor Credit Co. LLC, 8.31% (SOFR + 2.95%), 03/06/2026(d)

  200,000   205,241
Hyundai Capital America        
5.80%, 06/26/2025(b)

  36,000   36,266
5.50%, 03/30/2026(b)

  11,000   11,070
5.65%, 06/26/2026(b)

  27,000   27,278
Mercedes-Benz Finance North America LLC (Germany), 6.28% (SOFR + 0.93%), 03/30/2025(b)(d)

  100,000   100,727
        428,716
Automotive Parts & Equipment-0.98%
American Honda Finance Corp.        
5.80%, 10/03/2025

  55,000   55,927
4.95%, 01/09/2026

  42,000   42,212
        98,139
Automotive Retail-1.01%
Advance Auto Parts, Inc., 5.90%, 03/09/2026

  30,000   29,972
Asbury Automotive Group, Inc., 4.50%, 03/01/2028

  50,000   47,049
O’Reilly Automotive, Inc., 5.75%, 11/20/2026

  23,000   23,577
        100,598
Biotechnology-0.53%
Amgen, Inc., 5.25%, 03/02/2025

  53,000   53,129
Building Products-0.13%
Carrier Global Corp., 5.80%, 11/30/2025(b)

  13,000   13,193
  Principal
Amount
  Value
Cable & Satellite-1.29%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)

$ 99,000   $98,164
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.15%, 11/10/2026

  30,000   30,652
        128,816
Cargo Ground Transportation-1.07%
Penske Truck Leasing Co. L.P./PTL Finance Corp.        
3.95%, 03/10/2025(b)

  35,000   34,429
5.75%, 05/24/2026(b)

  28,000   28,284
5.35%, 01/12/2027(b)

  3,000   3,019
4.40%, 07/01/2027(b)

  29,000   28,392
6.05%, 08/01/2028(b)

  12,000   12,465
        106,589
Construction Machinery & Heavy Transportation Equipment-0.33%
Caterpillar Financial Services Corp., 5.15%, 08/11/2025

  33,000   33,255
Construction Materials-0.34%
Vulcan Materials Co., 5.80%, 03/01/2026

  34,000   34,021
Consumer Finance-1.80%
Capital One Financial Corp.        
3.30%, 10/30/2024

  70,000   68,889
6.71% (SOFR + 1.35%), 05/09/2025(d)(e)

  48,000   48,041
7.15%, 10/29/2027(c)

  10,000   10,425
6.31%, 06/08/2029(c)

  17,000   17,536
General Motors Financial Co., Inc., 5.40%, 04/06/2026

  34,000   34,227
        179,118
Distributors-0.22%
Genuine Parts Co., 6.50%, 11/01/2028

  21,000   22,359
Diversified Banks-17.39%
Bank of America Corp.        
5.82%, 09/15/2029(c)

  25,000   25,857
Series U, 8.77% (3 mo. Term SOFR + 3.40%)(d)(f)

  47,000   47,220
Bank of America N.A.        
5.65%, 08/18/2025

  68,000   68,842
5.53%, 08/18/2026

  68,000   69,358
Bank of Montreal (Canada), 5.92%, 09/25/2025

  63,000   64,100
Barclays PLC (United Kingdom), 7.33%, 11/02/2026(c)

  200,000   206,602
Citigroup, Inc., 5.61%, 09/29/2026(c)

  91,000   91,735
Discover Bank, 2.45%, 09/12/2024

  100,000   98,015
Fifth Third Bancorp        
2.38%, 01/28/2025

  24,000   23,305
6.34%, 07/27/2029(c)

  4,000   4,166
JPMorgan Chase & Co.        
6.07%, 10/22/2027(c)

  33,000   34,001
5.04%, 01/23/2028(c)

  23,000   23,104
6.09%, 10/23/2029(c)

  19,000   19,960
Series CC, 8.15% (3 mo. Term SOFR + 2.84%)(d)(e)(f)

  91,000   91,343
KeyCorp, 3.88%, 05/23/2025(c)(e)

  26,000   25,783
Macquarie Bank Ltd. (Australia), 5.39%, 12/07/2026(b)

  29,000   29,364
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026

  100,000   98,730
NatWest Group PLC (United Kingdom), 7.47%, 11/10/2026(c)

  200,000   207,347
See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Diversified Banks-(continued)
PNC Financial Services Group, Inc. (The)        
5.67%, 10/28/2025(c)

$ 42,000   $41,993
5.81%, 06/12/2026(c)

  26,000   26,155
6.62%, 10/20/2027(c)

  21,000   21,835
Royal Bank of Canada (Canada), 4.88%, 01/19/2027

  19,000   19,104
U.S. Bancorp, 6.79%, 10/26/2027(c)

  66,000   68,881
UBS AG (Switzerland), 5.80%, 09/11/2025

  200,000   202,665
Wells Fargo & Co.        
5.57%, 07/25/2029(c)

  16,000   16,361
6.30%, 10/23/2029(c)

  16,000   16,869
7.63%(c)(e)(f)

  16,000   16,800
Wells Fargo Bank N.A.        
5.55%, 08/01/2025

  47,000   47,507
5.45%, 08/07/2026

  28,000   28,455
        1,735,457
Diversified Chemicals-2.00%
Sasol Financing USA LLC (South Africa), 5.88%, 03/27/2024

  200,000   199,531
Diversified Financial Services-3.17%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)        
6.50%, 07/15/2025

  150,000   152,162
6.10%, 01/15/2027

  150,000   153,465
LPL Holdings, Inc., 6.75%, 11/17/2028

  10,000   10,521
        316,148
Diversified Metals & Mining-0.41%
BHP Billiton Finance (USA) Ltd. (Australia), 5.25%, 09/08/2026

  40,000   40,768
Diversified REITs-0.44%
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(b)

  44,000   43,960
Diversified Support Services-0.03%
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b)(e)

  3,000   3,064
Electric Utilities-5.71%
Duke Energy Corp.        
5.00%, 12/08/2025

  66,000   66,166
4.85%, 01/05/2027

  29,000   29,147
4.85%, 01/05/2029

  4,000   4,014
Eversource Energy, 5.00%, 01/01/2027

  17,000   17,039
Georgia Power Co., 6.11% (SOFR + 0.75%), 05/08/2025(d)

  44,000   44,116
National Rural Utilities Cooperative Finance Corp.        
4.45%, 03/13/2026

  29,000   28,871
5.60%, 11/13/2026

  22,000   22,566
4.80%, 02/05/2027

  56,000   56,207
6.15% (SOFR + 0.80%), 02/05/2027(d)

  66,000   66,159
4.85%, 02/07/2029

  15,000   15,128
NextEra Energy Capital Holdings, Inc.        
6.05%, 03/01/2025

  52,000   52,454
5.75%, 09/01/2025

  60,000   60,627
4.95%, 01/29/2026(e)

  49,000   49,018
PacifiCorp, 5.10%, 02/15/2029

  12,000   12,150
Wisconsin Public Service Corp., 5.35%, 11/10/2025

  46,000   46,488
        570,150
Electrical Components & Equipment-0.79%
Regal Rexnord Corp., 6.05%, 02/15/2026(b)

  78,000   78,858
  Principal
Amount
  Value
Environmental & Facilities Services-0.80%
Veralto Corp.        
5.50%, 09/18/2026(b)

$ 62,000   $62,904
5.35%, 09/18/2028(b)

  17,000   17,365
        80,269
Financial Exchanges & Data-0.16%
Nasdaq, Inc., 5.65%, 06/28/2025

  16,000   16,155
Health Care Services-0.97%
Cigna Group (The), 5.69%, 03/15/2026

  97,000   97,008
Home Improvement Retail-0.32%
Home Depot, Inc. (The), 5.13%, 04/30/2025

  32,000   32,184
Hotels, Resorts & Cruise Lines-0.42%
Hyatt Hotels Corp., 5.38%, 04/23/2025

  42,000   42,049
Industrial Machinery & Supplies & Components-0.09%
Nordson Corp., 5.60%, 09/15/2028

  9,000   9,279
Industrial REITs-0.06%
LXP Industrial Trust, 6.75%, 11/15/2028

  6,000   6,273
Integrated Oil & Gas-1.27%
BP Capital Markets PLC (United Kingdom), 4.38%(c)(f)

  35,000   34,343
Occidental Petroleum Corp., 5.50%, 12/01/2025

  42,000   42,188
Petroleos Mexicanos (Mexico), 6.88%, 10/16/2025

  51,000   50,633
        127,164
Integrated Telecommunication Services-0.90%
AT&T, Inc., 5.54%, 02/20/2026

  90,000   90,034
Investment Banking & Brokerage-0.73%
Charles Schwab Corp. (The), 5.88%, 08/24/2026

  63,000   64,521
Morgan Stanley, 5.45%, 07/20/2029(c)

  8,000   8,146
        72,667
Life & Health Insurance-2.59%
Corebridge Global Funding        
6.66% (SOFR + 1.30%), 09/25/2026(b)(d)

  25,000   25,162
5.90%, 09/19/2028(b)

  13,000   13,499
Pacific Life Global Funding II        
6.41% (SOFR + 1.05%), 07/28/2026(b)(d)

  25,000   25,144
5.50%, 08/28/2026(b)

  42,000   42,730
Protective Life Global Funding, 5.37%, 01/06/2026(b)

  150,000   151,439
        257,974
Managed Health Care-0.81%
Elevance Health, Inc., 5.35%, 10/15/2025

  46,000   46,309
Humana, Inc., 5.70%, 03/13/2026(e)

  34,000   34,012
        80,321
Movies & Entertainment-1.37%
Warnermedia Holdings, Inc., 6.41%, 03/15/2026

  137,000   137,025
Multi-Family Residential REITs-0.68%
Camden Property Trust, 5.85%, 11/03/2026

  66,000   68,026
Office REITs-1.88%
Brandywine Operating Partnership L.P., 4.10%, 10/01/2024

  100,000   98,347
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028

  84,000   89,474
        187,821
Oil & Gas Exploration & Production-1.23%
Civitas Resources, Inc., 8.38%, 07/01/2028(b)

  54,000   56,860
 
See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Oil & Gas Exploration & Production-(continued)
Pioneer Natural Resources Co., 5.10%, 03/29/2026

$ 14,000   $14,100
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)

  50,000   51,715
        122,675
Oil & Gas Storage & Transportation-5.16%
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(b)

  5,000   5,115
Enbridge, Inc. (Canada), 5.97%, 03/08/2026

  111,000   110,999
Energy Transfer L.P.        
4.50%, 04/15/2024

  142,000   141,617
6.05%, 12/01/2026

  87,000   89,425
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026

  50,000   49,809
MPLX L.P., 4.88%, 12/01/2024

  70,000   69,737
ONEOK, Inc.        
5.85%, 01/15/2026

  42,000   42,627
5.55%, 11/01/2026

  6,000   6,104
        515,433
Packaged Foods & Meats-0.29%
General Mills, Inc., 5.24%, 11/18/2025

  29,000   29,002
Paper & Plastic Packaging Products & Materials-0.49%
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)

  50,000   49,173
Passenger Airlines-0.42%
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)

  42,424   41,935
Personal Care Products-0.25%
Kenvue, Inc.        
5.50%, 03/22/2025

  18,000   18,148
5.35%, 03/22/2026

  7,000   7,109
        25,257
Pharmaceuticals-0.43%
Zoetis, Inc., 5.40%, 11/14/2025

  42,000   42,419
Regional Banks-4.03%
Morgan Stanley Bank N.A., 5.88%, 10/30/2026

  250,000   257,130
Synovus Financial Corp., 5.20%, 08/11/2025

  31,000   30,852
Truist Financial Corp.        
5.75% (SOFR + 0.40%), 06/09/2025(d)

  93,000   92,245
6.05%, 06/08/2027(c)

  17,000   17,323
7.16%, 10/30/2029(c)

  4,000   4,321
        401,871
Retail REITs-0.92%
Realty Income Corp.        
4.60%, 02/06/2024

  70,000   69,992
5.05%, 01/13/2026

  22,000   22,001
        91,993
Self-Storage REITs-0.14%
Public Storage Operating Co., 5.13%, 01/15/2029

  14,000   14,370
Soft Drinks & Non-alcoholic Beverages-0.62%
PepsiCo, Inc.        
5.25%, 11/10/2025

  45,000   45,592
5.13%, 11/10/2026

  16,000   16,304
        61,896
  Principal
Amount
  Value
Sovereign Debt-1.80%
Romanian Government International Bond (Romania)        
6.63%, 02/17/2028(b)

$ 128,000   $132,810
5.88%, 01/30/2029(b)(e)

  46,000   46,520
        179,330
Specialized Finance-0.32%
Blackstone Private Credit Fund, 1.75%, 09/15/2024

  33,000   32,197
Systems Software-1.39%
Oracle Corp., 5.80%, 11/10/2025

  137,000   139,099
Technology Hardware, Storage & Peripherals-2.32%
Hewlett Packard Enterprise Co.        
5.90%, 10/01/2024

  141,000   141,207
6.10%, 04/01/2026

  90,000   89,969
        231,176
Telecom Tower REITs-0.48%
SBA Communications Corp., 3.88%, 02/15/2027

  50,000   47,749
Tobacco-0.03%
Philip Morris International, Inc., 5.25%, 09/07/2028

  3,000   3,078
Trading Companies & Distributors-0.28%
Air Lease Corp., 3.38%, 07/01/2025

  29,000   28,136
Transaction & Payment Processing Services-0.78%
Block, Inc., 2.75%, 06/01/2026(e)

  50,000   46,844
Fidelity National Information Services, Inc., 4.50%, 07/15/2025(e)

  31,000   30,835
        77,679
Wireless Telecommunication Services-1.00%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b)

  62,500   62,040
T-Mobile USA, Inc.        
3.50%, 04/15/2025

  29,000   28,436
4.95%, 03/15/2028

  9,000   9,076
        99,552
Total U.S. Dollar Denominated Bonds & Notes

(Cost $7,937,585)

  8,035,336
Asset-Backed Securities-7.95%
Avis Budget Rental Car Funding (AESOP) LLC        
Series 2022-3A, Class A, 4.62%, 02/20/2027(b)

  100,000   98,946
Series 2023-2A, Class A, 5.20%, 10/20/2027(b)

  100,000   100,229
Series 2023-4A, Class A, 5.49%, 06/20/2029(b)

  100,000   101,462
Eaton Vance CLO Ltd., Series 2019-1A, Class AR, 6.68% (3 mo. Term SOFR + 1.36%), 04/15/2031(b)(d)

  100,000   100,139
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(b)

  25,000   25,234
OBX Trust, Series 2023-NQM1, Class A1, 6.12%, 11/25/2062(b)(g)

  87,993   88,283
PRKCM Trust, Series 2023-AFC4, Class A1, 7.23%, 11/25/2058(b)(h)

  97,199   99,926
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(b)

  29,000   30,168
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(b)

  28,000   26,660
UBS Commercial Mortgage Trust, Series 2017-C6, Class AS, 3.93%, 12/15/2050(g)

  50,000   45,924
 
See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Verus Securitization Trust, Series 2021-R3, Class A1, 1.02%, 04/25/2064(b)(g)

$ 85,207   $76,079
Total Asset-Backed Securities

(Cost $780,907)

  793,050
U.S. Treasury Securities-4.29%
U.S. Treasury Bills-0.33%
4.79%–5.34%, 04/18/2024(i)(j)

  33,000   32,633
U.S. Treasury Notes-3.96%
4.25%, 01/31/2026

  340,800   340,986
4.00%, 01/15/2027

  45,300   45,293
4.00%, 01/31/2029

  9,000   9,055
        395,334
Total U.S. Treasury Securities

(Cost $426,978)

  427,967
  Shares    
Preferred Stocks-0.80%
Diversified Financial Services-0.30%
Apollo Global Management, Inc., Pfd., 7.63%(c)

  1,100   29,799
Investment Banking & Brokerage-0.50%
Goldman Sachs Group, Inc. (The), Series P, Pfd., 8.50% (3 mo. Term SOFR + 3.14%)(d)(e)

  50,000   50,059
Total Preferred Stocks

(Cost $76,100)

  79,858
  Principal
Amount
   
Agency Credit Risk Transfer Notes-0.70%
Fannie Mae Connecticut Avenue Securities, Series 2023-R02, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(d)(k)

$ 25,692   26,357
  Principal
Amount
  Value
Freddie Mac, Series 2023-DNA1, Class M1, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(d)(l)

$ 43,067   $43,867
Total Agency Credit Risk Transfer Notes

(Cost $68,760)

  70,224
  Shares    
Money Market Funds-5.17%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(m)(n)

(Cost $516,305)

  516,305   516,305
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.40%

(Cost $9,806,635)

  9,922,740
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-4.13%
Invesco Private Government Fund, 5.29%(m)(n)(o)

  115,821   115,821
Invesco Private Prime Fund, 5.52%(m)(n)(o)

  296,279   296,486
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $412,311)

  412,307
TOTAL INVESTMENTS IN SECURITIES-103.53%

(Cost $10,218,946)

  10,335,047
OTHER ASSETS LESS LIABILITIES-(3.53)%

  (352,144)
NET ASSETS-100.00%

  $9,982,903
 
See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)—(continued)
January 31, 2024
(Unaudited)
Investment Abbreviations:
CLO -Collateralized Loan Obligation
Pfd. -Preferred
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
STACR® -Structured Agency Credit Risk
    
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 January 31, 2024 was $2,210,639, which represented 22.14% of the Fund’s Net Assets.
(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 January 31, 2024.
(e) All or a portion of this security was out on loan at January 31, 2024.
(f) Perpetual bond with no specified maturity date.
(g) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024.
(h) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(i) $32,633 was pledged as collateral to cover margin requirements for open futures contracts.  
(j) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(k) CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.
(l) Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(m) 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 January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $186,143   $1,425,343   $(1,095,181)   $-   $-   $516,305   $3,325
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 98,240   704,243   (686,662)   -   -   115,821   1,479*
Invesco Private Prime Fund 252,715   1,197,371   (1,153,759)   8   151   296,486   3,903*
Total $537,098   $3,326,957   $(2,935,602)   $8   $151   $928,612   $8,707
    
* 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.
    
(n) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
(o) 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.  
    
Open Futures Contracts
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury 2 Year Notes   18   March-2024   $3,701,812   $32,169   $32,169
Short Futures Contracts                    
Interest Rate Risk                    
U.S. Treasury 5 Year Notes   10   March-2024   (1,083,906)   (19,553)   (19,553)
Total Futures Contracts   $12,616   $12,616
See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)—(continued)
January 31, 2024
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco Total Return Bond ETF (GTO)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-47.35%
Aerospace & Defense-0.93%
L3Harris Technologies, Inc.        
5.40%, 07/31/2033

$ 213,000   $219,540
5.60%, 07/31/2053(b)

  421,000   440,198
Lockheed Martin Corp.        
5.10%, 11/15/2027

  154,000   158,131
4.50%, 02/15/2029(b)

  1,525,000   1,527,568
4.80%, 08/15/2034

  4,037,000   4,068,012
5.90%, 11/15/2063

  109,000   123,170
5.20%, 02/15/2064

  1,308,000   1,327,293
RTX Corp.        
5.75%, 01/15/2029

  1,256,000   1,311,655
5.15%, 02/27/2033

  547,000   554,587
6.40%, 03/15/2054

  708,000   816,088
TransDigm, Inc., 6.75%, 08/15/2028(c)

  876,000   891,429
        11,437,671
Agricultural & Farm Machinery-0.06%
John Deere Capital Corp., 4.70%, 06/10/2030

  767,000   776,186
Air Freight & Logistics-0.06%
United Parcel Service, Inc., 5.05%, 03/03/2053(b)

  763,000   772,802
Apparel, Accessories & Luxury Goods-0.40%
Tapestry, Inc.        
7.05%, 11/27/2025

  752,000   769,615
7.00%, 11/27/2026(b)

  691,000   712,998
7.35%, 11/27/2028

  837,000   877,304
7.70%, 11/27/2030

  1,142,000   1,211,042
7.85%, 11/27/2033

  1,258,000   1,345,391
        4,916,350
Application Software-0.12%
Intuit, Inc.        
5.20%, 09/15/2033

  845,000   877,029
5.50%, 09/15/2053(b)

  544,000   580,878
        1,457,907
Asset Management & Custody Banks-0.88%
Ameriprise Financial, Inc.        
5.70%, 12/15/2028(b)

  1,090,000   1,142,020
5.15%, 05/15/2033(b)

  605,000   619,614
Ares Capital Corp., 5.88%, 03/01/2029

  1,276,000   1,265,064
Bank of New York Mellon Corp. (The)        
5.83%, 10/25/2033(d)

  151,000   159,855
Series I, 3.75%(d)(e)

  151,000   135,806
Series J, 4.97%, 04/26/2034(d)

  337,000   334,971
Blackstone Secured Lending Fund, 2.13%, 02/15/2027

  771,000   694,938
Golub Capital BDC, Inc., 6.00%, 07/15/2029

  2,122,000   2,097,781
Northern Trust Corp., 6.13%, 11/02/2032

  170,000   183,315
State Street Corp.        
5.68%, 11/21/2029(b)(d)

  1,746,000   1,806,258
5.16%, 05/18/2034(b)(d)

  432,000   435,341
6.12%, 11/21/2034(d)

  1,285,000   1,359,548
Series I, 6.70%(d)(e)

  583,000   582,999
        10,817,510
  Principal
Amount
  Value
Automobile Manufacturers-1.61%
Daimler Truck Finance North America LLC (Germany)        
5.00%, 01/15/2027(c)

$ 1,238,000   $1,245,357
5.38%, 01/18/2034(b)(c)

  706,000   718,695
Ford Motor Credit Co. LLC        
6.95%, 06/10/2026

  1,400,000   1,437,078
7.35%, 11/04/2027

  1,305,000   1,373,343
6.80%, 05/12/2028(b)

  1,529,000   1,589,772
6.80%, 11/07/2028

  1,414,000   1,477,886
7.20%, 06/10/2030(b)

  1,079,000   1,147,994
7.12%, 11/07/2033

  1,449,000   1,553,778
Hyundai Capital America        
5.88%, 04/07/2025(c)

  8,000   8,045
5.65%, 06/26/2026(c)

  695,000   702,144
5.60%, 03/30/2028(c)

  459,000   469,276
5.80%, 04/01/2030(c)

  100,000   103,826
Mercedes-Benz Finance North America LLC (Germany)        
4.80%, 01/11/2027(b)(c)

  4,029,000   4,042,489
5.10%, 08/03/2028(b)(c)

  1,082,000   1,101,135
4.85%, 01/11/2029(b)(c)

  1,917,000   1,928,934
5.00%, 01/11/2034(c)

  337,000   336,987
Toyota Motor Credit Corp., 5.25%, 09/11/2028

  481,000   495,348
        19,732,087
Automotive Parts & Equipment-1.13%
American Honda Finance Corp.        
6.05% (SOFR + 0.71%), 01/09/2026(f)

  7,711,000   7,721,214
4.90%, 01/10/2034

  2,577,000   2,577,003
ERAC USA Finance LLC, 4.90%, 05/01/2033(c)

  598,000   597,845
ZF North America Capital, Inc. (Germany)        
6.88%, 04/14/2028(c)

  1,088,000   1,121,590
7.13%, 04/14/2030(c)

  1,809,000   1,909,886
        13,927,538
Automotive Retail-0.25%
Advance Auto Parts, Inc., 5.95%, 03/09/2028(b)

  443,000   442,586
AutoZone, Inc., 5.20%, 08/01/2033(b)

  559,000   565,083
LCM Investments Holdings II LLC, 8.25%, 08/01/2031(c)

  2,000,000   2,054,210
        3,061,879
Biotechnology-0.37%
Amgen, Inc.        
5.25%, 03/02/2025

  325,000   325,793
5.15%, 03/02/2028

  437,000   445,041
5.25%, 03/02/2030(b)

  197,000   201,758
5.60%, 03/02/2043

  391,000   402,564
5.65%, 03/02/2053

  710,000   732,088
Gilead Sciences, Inc.        
5.25%, 10/15/2033(b)

  1,426,000   1,480,595
5.55%, 10/15/2053(b)

  882,000   936,971
        4,524,810
Building Products-0.15%
Carrier Global Corp.        
5.90%, 03/15/2034(c)

  314,000   335,723
6.20%, 03/15/2054(c)

  507,000   574,309
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Building Products-(continued)
HP Communities LLC        
5.78%, 03/15/2046(c)

$ 150,000   $139,957
5.86%, 09/15/2053(c)

  100,000   90,683
Lennox International, Inc., 5.50%, 09/15/2028

  697,000   714,591
        1,855,263
Cable & Satellite-0.50%
CCO Holdings LLC/CCO Holdings Capital Corp.        
6.38%, 09/01/2029(b)(c)

  1,604,000   1,562,909
7.38%, 03/01/2031(b)(c)

  942,000   952,598
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.        
5.05%, 03/30/2029

  8,000   7,874
6.65%, 02/01/2034

  1,488,000   1,550,285
Comcast Corp., 5.50%, 11/15/2032

  286,000   301,487
Cox Communications, Inc.        
5.70%, 06/15/2033(c)

  193,000   197,571
5.80%, 12/15/2053(c)

  1,496,000   1,514,333
        6,087,057
Cargo Ground Transportation-0.29%
Penske Truck Leasing Co. L.P./PTL Finance Corp.        
5.75%, 05/24/2026(c)

  172,000   173,744
5.35%, 01/12/2027(c)

  502,000   505,186
5.70%, 02/01/2028(c)

  180,000   184,099
5.55%, 05/01/2028(c)

  401,000   408,449
6.05%, 08/01/2028(c)

  608,000   631,555
6.20%, 06/15/2030(c)

  176,000   185,154
Ryder System, Inc., 6.60%, 12/01/2033

  1,377,000   1,503,926
        3,592,113
Casinos & Gaming-0.04%
Caesars Entertainment, Inc., 6.50%, 02/15/2032(c)

  267,000   270,127
MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024(c)

  218,000   216,700
        486,827
Commercial & Residential Mortgage Finance-0.29%
Aviation Capital Group LLC        
6.25%, 04/15/2028(c)

  317,000   325,473
6.75%, 10/25/2028(c)

  1,079,000   1,133,723
6.38%, 07/15/2030(b)(c)

  640,000   664,670
Nationwide Building Society (United Kingdom), 6.56%, 10/18/2027(c)(d)

  1,443,000   1,490,522
        3,614,388
Construction Machinery & Heavy Transportation Equipment-0.17%
Daimler Trucks Finance North America LLC (Germany), 3.65%, 04/07/2027(c)

  766,000   740,885
SMBC Aviation Capital Finance DAC (Ireland), 5.70%, 07/25/2033(b)(c)

  1,398,000   1,410,042
        2,150,927
  Principal
Amount
  Value
Consumer Finance-0.25%
Capital One Financial Corp.        
7.15%, 10/29/2027(d)

$ 657,000   $684,970
6.31%, 06/08/2029(d)

  496,000   511,632
5.70%, 02/01/2030(d)

  450,000   454,501
7.62%, 10/30/2031(d)

  767,000   847,584
6.38%, 06/08/2034(d)

  446,000   463,577
General Motors Financial Co., Inc., 5.40%, 04/06/2026

  101,000   101,674
        3,063,938
Consumer Staples Merchandise Retail-0.03%
Dollar General Corp., 5.50%, 11/01/2052

  140,000   135,663
Target Corp., 4.80%, 01/15/2053(b)

  225,000   218,012
        353,675
Data Processing & Outsourced Services-0.12%
Concentrix Corp., 6.85%, 08/02/2033

  1,441,000   1,464,835
Distillers & Vintners-0.01%
Constellation Brands, Inc., 4.90%, 05/01/2033

  116,000   115,292
Distributors-0.32%
Genuine Parts Co.        
6.50%, 11/01/2028

  1,768,000   1,882,381
6.88%, 11/01/2033(b)

  1,870,000   2,096,832
        3,979,213
Diversified Banks-9.37%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(c)

  280,000   270,374
Australia and New Zealand Banking Group Ltd. (Australia)        
6.74%, 12/08/2032(b)(c)

  1,217,000   1,317,668
6.75%(c)(d)(e)

  1,036,000   1,044,718
Banco Bilbao Vizcaya Argentaria S.A. (Spain)        
7.88%, 11/15/2034(d)

  1,400,000   1,519,013
9.38%(d)(e)

  822,000   873,637
Banco Santander S.A. (Spain)        
6.53%, 11/07/2027(d)

  1,400,000   1,448,267
9.63%(d)(e)

  1,600,000   1,696,742
9.63%(d)(e)

  2,600,000   2,795,000
Bank of America Corp.        
6.41% (SOFR + 1.05%), 02/04/2028(b)(f)

  252,000   251,061
4.95%, 07/22/2028(d)

  142,000   142,310
5.20%, 04/25/2029(b)(d)

  1,208,000   1,218,362
5.82%, 09/15/2029(b)(d)

  1,328,000   1,373,536
5.02%, 07/22/2033(d)

  193,000   191,376
5.29%, 04/25/2034(d)

  1,385,000   1,394,014
5.87%, 09/15/2034(b)(d)

  1,006,000   1,053,825
5.47%, 01/23/2035(b)(d)

  1,262,000   1,285,648
Bank of Montreal (Canada), 5.30%, 06/05/2026

  362,000   365,836
Bank of Nova Scotia (The) (Canada)        
8.63%, 10/27/2082(b)(d)

  1,259,000   1,305,777
8.00%, 01/27/2084(b)(d)

  1,553,000   1,581,485
Barclays PLC (United Kingdom), 6.69%, 09/13/2034(b)(d)

  1,282,000   1,366,853
BBVA Bancomer S.A. (Mexico), 8.13%, 01/08/2039(c)(d)

  1,468,000   1,494,424
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Diversified Banks-(continued)
BPCE S.A. (France)        
5.20%, 01/18/2027(b)(c)

$ 959,000   $966,777
5.72%, 01/18/2030(c)(d)

  1,125,000   1,132,977
6.51%, 01/18/2035(b)(c)(d)

  1,084,000   1,097,487
Citigroup, Inc.        
3.98%, 03/20/2030(d)

  18,000   17,165
6.17%, 05/25/2034(b)(d)

  894,000   927,667
7.38%(b)(d)(e)

  2,823,000   2,877,382
7.63%(b)(d)(e)

  2,880,000   2,951,572
Series P, 5.95%(b)(d)(e)

  304,000   300,370
Comerica, Inc., 5.98%, 01/30/2030(d)

  730,000   728,045
Cooperatieve Rabobank U.A. (Netherlands), 3.65%, 04/06/2028(c)(d)

  652,000   623,750
Corp. Andina de Fomento (Supranational), 1.25%, 10/26/2024

  2,769,000   2,685,261
Credit Agricole S.A. (France)        
5.34%, 01/10/2030(c)(d)

  1,485,000   1,491,919
6.25%, 01/10/2035(c)(d)

  1,302,000   1,328,554
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024

  734,000   725,137
Federation des caisses Desjardins du Quebec (Canada)        
5.28%, 01/23/2026(c)(d)

  446,000   444,829
4.55%, 08/23/2027(b)(c)

  1,174,000   1,168,011
Fifth Third Bancorp        
2.38%, 01/28/2025

  167,000   162,165
1.71%, 11/01/2027(d)

  176,000   159,509
6.34%, 07/27/2029(d)

  140,000   145,817
4.77%, 07/28/2030(d)

  406,000   395,462
5.63%, 01/29/2032(b)(d)

  1,120,000   1,130,880
HSBC Holdings PLC (United Kingdom)        
5.21%, 08/11/2028(d)

  1,056,000   1,055,552
8.11%, 11/03/2033(b)(d)

  1,085,000   1,247,239
7.40%, 11/13/2034(d)

  906,000   991,082
6.33%, 03/09/2044(d)

  1,270,000   1,374,966
Intesa Sanpaolo S.p.A. (Italy)        
7.20%, 11/28/2033(b)(c)

  1,203,000   1,289,974
7.80%, 11/28/2053(c)

  1,325,000   1,454,979
JPMorgan Chase & Co.        
4.85%, 07/25/2028(d)

  161,000   160,831
5.30%, 07/24/2029(d)

  761,000   773,732
6.09%, 10/23/2029(d)

  1,038,000   1,090,428
5.01%, 01/23/2030(d)

  782,000   786,162
3.70%, 05/06/2030(d)

  10,000   9,451
5.72%, 09/14/2033(d)

  367,000   378,394
5.35%, 06/01/2034(d)

  1,392,000   1,415,751
6.25%, 10/23/2034(d)

  1,602,000   1,736,772
5.34%, 01/23/2035(b)(d)

  618,000   628,289
KeyBank N.A.        
3.30%, 06/01/2025(b)

  590,000   571,596
4.15%, 08/08/2025(b)

  330,000   322,832
5.85%, 11/15/2027

  571,000   572,754
KeyCorp        
3.88%, 05/23/2025(b)(d)

  257,000   254,854
2.55%, 10/01/2029

  167,000   143,721
Lloyds Banking Group PLC (United Kingdom), 5.68%, 01/05/2035(d)

  560,000   567,924
Manufacturers & Traders Trust Co.        
2.90%, 02/06/2025(b)

  1,255,000   1,221,973
4.70%, 01/27/2028

  1,298,000   1,273,018
  Principal
Amount
  Value
Diversified Banks-(continued)
Mitsubishi UFJ Financial Group, Inc. (Japan)        
5.02%, 07/20/2028(b)(d)

$ 1,079,000   $1,080,533
5.24%, 04/19/2029(b)(d)

  718,000   729,337
5.13%, 07/20/2033(b)(d)

  1,002,000   1,008,718
5.41%, 04/19/2034(b)(d)

  742,000   762,041
8.20%(b)(d)(e)

  2,697,000   2,910,586
Mizuho Financial Group, Inc. (Japan)        
5.78%, 07/06/2029(b)(d)

  970,000   996,743
5.75%, 07/06/2034(d)

  1,311,000   1,358,053
Multibank, Inc. (Panama), 7.75%, 02/03/2028(c)

  864,000   880,740
National Securities Clearing Corp.        
5.10%, 11/21/2027(c)

  1,359,000   1,385,588
5.00%, 05/30/2028(c)

  810,000   827,262
PNC Financial Services Group, Inc. (The)        
6.62%, 10/20/2027(d)

  1,092,000   1,135,425
5.58%, 06/12/2029(b)(d)

  833,000   850,718
6.04%, 10/28/2033(d)

  186,000   194,613
5.07%, 01/24/2034(b)(d)

  256,000   252,130
6.88%, 10/20/2034(d)

  905,000   1,006,175
Series V, 6.20%(b)(d)(e)

  368,000   361,370
Series W, 6.25%(d)(e)

  619,000   589,530
Royal Bank of Canada (Canada)        
6.06% (SOFR + 0.71%), 01/21/2027(f)

  225,000   223,971
4.95%, 02/01/2029(b)

  508,000   512,034
5.00%, 02/01/2033(b)

  315,000   315,242
5.15%, 02/01/2034(b)

  808,000   810,200
Societe Generale S.A. (France)        
6.07%, 01/19/2035(c)(d)

  1,040,000   1,044,746
7.13%, 01/19/2055(c)(d)

  1,014,000   1,010,729
Standard Chartered PLC (United Kingdom)        
6.19%, 07/06/2027(b)(c)(d)

  923,000   939,354
6.75%, 02/08/2028(b)(c)(d)

  648,000   669,680
7.02%, 02/08/2030(c)(d)

  925,000   978,728
2.68%, 06/29/2032(c)(d)

  810,000   661,456
6.10%, 01/11/2035(b)(c)(d)

  1,027,000   1,049,325
7.75%(b)(c)(d)(e)

  1,877,000   1,912,954
Sumitomo Mitsui Financial Group, Inc. (Japan)        
5.81%, 09/14/2033(b)

  1,314,000   1,387,173
6.18%, 07/13/2043(b)

  234,000   264,207
Sumitomo Mitsui Trust Bank Ltd. (Japan)        
5.65%, 03/09/2026(c)

  755,000   765,963
5.65%, 09/14/2026(c)

  958,000   974,864
5.55%, 09/14/2028(c)

  1,293,000   1,331,007
Synovus Bank, 5.63%, 02/15/2028(b)

  1,230,000   1,207,740
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(d)

  1,111,000   1,156,694
U.S. Bancorp        
5.78%, 06/12/2029(b)(d)

  638,000   654,026
5.38%, 01/23/2030(b)(d)

  1,517,000   1,535,465
4.97%, 07/22/2033(d)

  133,000   126,376
5.85%, 10/21/2033(b)(d)

  245,000   253,582
4.84%, 02/01/2034(b)(d)

  535,000   514,570
5.84%, 06/12/2034(d)

  636,000   656,627
5.68%, 01/23/2035(b)(d)

  978,000   1,001,112
UBS AG (Switzerland), 5.65%, 09/11/2028

  1,280,000   1,323,626
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Diversified Banks-(continued)
Wells Fargo & Co.        
4.81%, 07/25/2028(d)

$ 93,000   $92,470
5.57%, 07/25/2029(d)

  525,000   536,841
6.30%, 10/23/2029(b)(d)

  714,000   752,755
5.20%, 01/23/2030(d)

  875,000   882,073
4.90%, 07/25/2033(d)

  90,000   87,999
5.39%, 04/24/2034(d)

  280,000   282,620
5.56%, 07/25/2034(d)

  1,378,000   1,407,386
6.49%, 10/23/2034(b)(d)

  1,870,000   2,040,968
5.50%, 01/23/2035(b)(d)

  1,272,000   1,297,779
7.63%(b)(d)(e)

  597,000   626,867
Westpac Banking Corp. (Australia), 6.82%, 11/17/2033(b)

  2,405,000   2,625,028
        115,016,735
Diversified Capital Markets-0.51%
Credit Suisse Group AG (Switzerland)        
4.50% (5 yr. U.S. Treasury Yield Curve Rate + 3.55%)(c)(e)(f)(g)

  332,000   38,180
5.25% (5 yr. U.S. Treasury Yield Curve Rate + 4.89%)(c)(e)(f)(g)

  271,000   31,165
UBS Group AG (Switzerland)        
5.71%, 01/12/2027(b)(c)(d)

  491,000   494,215
5.43%, 02/08/2030(b)(c)(d)

  727,000   732,856
6.30%, 09/22/2034(c)(d)

  1,257,000   1,332,044
5.70%, 02/08/2035(c)(d)

  841,000   854,057
9.25%(b)(c)(d)(e)

  1,327,000   1,448,966
9.25%(c)(d)(e)

  1,195,000   1,281,266
        6,212,749
Diversified Chemicals-0.36%
Sasol Financing USA LLC (South Africa)        
4.38%, 09/18/2026

  682,000   638,177
8.75%, 05/03/2029(c)

  1,625,000   1,655,283
5.50%, 03/18/2031

  2,601,000   2,186,163
        4,479,623
Diversified Financial Services-0.90%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.10%, 01/19/2029(b)

  579,000   575,876
AMC East Communities LLC, 6.01%, 01/15/2053(c)

  182,558   170,126
Apollo Global Management, Inc., 6.38%, 11/15/2033

  935,000   1,017,995
Corebridge Financial, Inc.        
6.05%, 09/15/2033(c)

  773,000   810,119
5.75%, 01/15/2034

  1,421,000   1,459,108
Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038(c)

  2,139,000   2,160,499
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(c)

  543,000   547,574
Mid-Atlantic Military Family Communities LLC, 5.30%, 08/01/2050(c)

  216,475   182,571
OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(c)

  1,730,000   1,722,079
  Principal
Amount
  Value
Diversified Financial Services-(continued)
Pacific Beacon LLC        
5.38%, 07/15/2026(c)

$ 37,308   $37,527
5.51%, 07/15/2036(c)

  500,000   487,982
Pershing Square Holdings Ltd., 3.25%, 10/01/2031(c)

  2,300,000   1,862,140
        11,033,596
Diversified Metals & Mining-0.35%
BHP Billiton Finance (USA) Ltd. (Australia)        
5.10%, 09/08/2028(b)

  1,036,000   1,060,806
5.25%, 09/08/2030(b)

  744,000   768,080
5.25%, 09/08/2033(b)

  1,332,000   1,369,243
5.50%, 09/08/2053(b)

  472,000   501,397
Corp. Nacional del Cobre de Chile (Chile), 5.13%, 02/02/2033(c)

  674,000   643,798
        4,343,324
Diversified REITs-0.09%
Atlantic Marine Corps Communities LLC, 5.34%, 12/01/2050(c)

  90,885   83,181
Fort Moore Family Communities LLC, 5.81%, 01/15/2051(c)

  200,000   174,859
Trust Fibra Uno (Mexico), 4.87%, 01/15/2030(c)

  880,000   804,516
        1,062,556
Diversified Support Services-0.22%
Element Fleet Management Corp. (Canada), 6.32%, 12/04/2028(c)

  1,433,000   1,489,917
Ritchie Bros. Holdings, Inc. (Canada)        
6.75%, 03/15/2028(c)

  253,000   258,394
7.75%, 03/15/2031(c)

  911,000   961,169
        2,709,480
Drug Retail-0.11%
CK Hutchison International (23) Ltd. (United Kingdom), 4.88%, 04/21/2033(c)

  1,368,000   1,367,301
Electric Utilities-4.33%
Alabama Power Co., 5.85%, 11/15/2033

  587,000   628,461
Alexander Funding Trust II, 7.47%, 07/31/2028(b)(c)

  895,000   945,952
American Electric Power Co., Inc.        
5.75%, 11/01/2027

  149,000   153,708
5.20%, 01/15/2029(b)

  1,301,000   1,321,399
CenterPoint Energy Houston Electric LLC        
5.20%, 10/01/2028

  405,000   415,525
Series AJ, 4.85%, 10/01/2052

  170,000   162,877
Consolidated Edison Co. of New York, Inc.        
5.50%, 03/15/2034

  528,000   551,645
5.90%, 11/15/2053

  738,000   805,856
Constellation Energy Generation LLC        
6.13%, 01/15/2034

  521,000   556,412
6.50%, 10/01/2053

  271,000   303,631
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053

  344,000   392,114
Duke Energy Carolinas LLC, 5.35%, 01/15/2053

  240,000   241,706
Duke Energy Corp.        
4.85%, 01/05/2029

  2,079,000   2,086,134
5.00%, 08/15/2052

  190,000   175,932
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Electric Utilities-(continued)
Duke Energy Indiana LLC, 5.40%, 04/01/2053

$ 323,000   $323,094
Edison International, 7.88%, 06/15/2054(b)(d)

  1,847,000   1,881,995
Electricite de France S.A. (France)        
5.70%, 05/23/2028(b)(c)

  336,000   346,811
9.13%(c)(d)(e)

  685,000   766,736
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(c)

  1,072,000   1,099,710
Evergy Metro, Inc., 4.95%, 04/15/2033

  177,000   176,024
Eversource Energy        
5.00%, 01/01/2027

  1,611,000   1,614,712
5.50%, 01/01/2034(b)

  935,000   946,092
Exelon Corp., 5.60%, 03/15/2053

  275,000   277,782
Florida Power & Light Co., 4.80%, 05/15/2033(b)

  193,000   194,054
Georgia Power Co., 4.95%, 05/17/2033(b)

  240,000   240,263
Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027(c)

  4,126,000   3,845,303
Metropolitan Edison Co., 5.20%, 04/01/2028(c)

  99,000   100,160
MidAmerican Energy Co.        
5.35%, 01/15/2034(b)

  211,000   220,962
5.85%, 09/15/2054

  414,000   452,967
5.30%, 02/01/2055

  2,077,000   2,109,060
National Rural Utilities Cooperative Finance Corp.        
4.85%, 02/07/2029

  4,833,000   4,874,260
5.00%, 02/07/2031

  1,619,000   1,630,802
5.80%, 01/15/2033

  116,000   122,510
7.13%, 09/15/2053(b)(d)

  543,000   564,574
NextEra Energy Capital Holdings, Inc.        
6.05%, 03/01/2025

  278,000   280,426
4.90%, 03/15/2029(b)

  2,669,000   2,675,753
5.25%, 03/15/2034

  2,224,000   2,239,541
5.55%, 03/15/2054

  2,687,000   2,693,099
Niagara Mohawk Power Corp.        
5.29%, 01/17/2034(c)

  1,172,000   1,173,644
5.66%, 01/17/2054(c)

  446,000   451,049
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053

  160,000   167,346
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033

  1,323,000   1,402,943
PacifiCorp        
5.10%, 02/15/2029

  1,211,000   1,226,102
5.30%, 02/15/2031(b)

  1,637,000   1,661,825
5.45%, 02/15/2034

  1,499,000   1,519,974
5.80%, 01/15/2055(b)

  1,335,000   1,339,476
Public Service Co. of Colorado, 5.25%, 04/01/2053(b)

  248,000   244,185
Public Service Co. of New Hampshire, 5.35%, 10/01/2033

  288,000   299,224
Public Service Electric and Gas Co., 5.13%, 03/15/2053(b)

  169,000   170,810
San Diego Gas & Electric Co., 5.35%, 04/01/2053

  581,000   582,149
Sierra Pacific Power Co., 5.90%, 03/15/2054(c)

  264,000   277,121
Southern Co. (The), 5.70%, 10/15/2032

  126,000   131,486
  Principal
Amount
  Value
Electric Utilities-(continued)
Southwestern Electric Power Co., 5.30%, 04/01/2033(b)

$ 219,000   $219,990
Tampa Electric Co., 4.90%, 03/01/2029

  1,019,000   1,030,105
Virginia Electric and Power Co.        
5.00%, 04/01/2033(b)

  238,000   239,029
5.35%, 01/15/2054

  779,000   777,860
Vistra Operations Co. LLC        
7.75%, 10/15/2031(c)

  1,089,000   1,132,054
6.95%, 10/15/2033(c)

  651,000   688,482
        53,152,896
Electrical Components & Equipment-0.41%
Regal Rexnord Corp.        
6.30%, 02/15/2030(c)

  156,000   160,408
6.40%, 04/15/2033(c)

  597,000   620,843
Sensata Technologies B.V.        
4.00%, 04/15/2029(b)(c)

  2,179,000   1,996,895
5.88%, 09/01/2030(b)(c)

  411,000   406,513
Sociedad Quimica y Minera de Chile S.A. (Chile), 6.50%, 11/07/2033(c)

  1,810,000   1,878,599
        5,063,258
Electronic Manufacturing Services-0.22%
EMRLD Borrower L.P./ Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(c)

  2,620,000   2,649,658
Environmental & Facilities Services-0.67%
Clean Harbors, Inc., 6.38%, 02/01/2031(b)(c)

  639,000   647,925
GFL Environmental, Inc. (Canada), 6.75%, 01/15/2031(c)

  1,237,000   1,266,723
Republic Services, Inc.        
4.88%, 04/01/2029

  1,416,000   1,434,353
5.00%, 12/15/2033

  979,000   988,567
5.00%, 04/01/2034

  149,000   150,618
Veralto Corp.        
5.50%, 09/18/2026(c)

  1,939,000   1,967,273
5.35%, 09/18/2028(c)

  962,000   982,644
5.45%, 09/18/2033(c)

  730,000   748,948
        8,187,051
Financial Exchanges & Data-0.11%
Intercontinental Exchange, Inc.        
4.95%, 06/15/2052

  121,000   116,690
5.20%, 06/15/2062

  289,000   291,185
Nasdaq, Inc.        
5.35%, 06/28/2028

  167,000   171,331
5.55%, 02/15/2034

  306,000   317,487
5.95%, 08/15/2053

  126,000   134,760
6.10%, 06/28/2063(b)

  295,000   318,559
        1,350,012
Gas Utilities-0.10%
Atmos Energy Corp.        
5.90%, 11/15/2033(b)

  381,000   412,790
6.20%, 11/15/2053(b)

  296,000   339,177
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033

  370,000   378,930
Southwest Gas Corp., 5.45%, 03/23/2028

  157,000   160,465
        1,291,362
Health Care Facilities-0.10%
HCA, Inc., 5.90%, 06/01/2053

  552,000   562,207
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Health Care Facilities-(continued)
UPMC        
5.04%, 05/15/2033

$ 436,000   $439,162
5.38%, 05/15/2043

  166,000   168,413
        1,169,782
Health Care Services-0.27%
CVS Health Corp.        
5.00%, 01/30/2029

  467,000   472,642
5.25%, 01/30/2031

  115,000   117,086
5.30%, 06/01/2033(b)

  554,000   561,566
6.00%, 06/01/2063(b)

  211,000   218,089
Piedmont Healthcare, Inc.        
2.86%, 01/01/2052

  920,000   616,767
Series 2032, 2.04%, 01/01/2032

  334,000   273,362
Series 2042, 2.72%, 01/01/2042

  376,000   270,281
Quest Diagnostics, Inc., 6.40%, 11/30/2033(b)

  700,000   767,702
        3,297,495
Highways & Railtracks-0.02%
TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036(c)

  355,920   308,539
Home Improvement Retail-0.17%
Home Depot, Inc. (The), 4.90%, 04/15/2029(b)

  1,580,000   1,618,386
Lowe’s Cos., Inc.        
5.00%, 04/15/2033(b)

  244,000   247,417
5.75%, 07/01/2053

  130,000   137,627
5.80%, 09/15/2062

  51,000   53,526
5.85%, 04/01/2063

  7,000   7,382
        2,064,338
Hotels, Resorts & Cruise Lines-0.13%
Carnival Corp., 7.00%, 08/15/2029(c)

  448,000   466,208
Marriott International, Inc.        
5.55%, 10/15/2028

  756,000   779,186
4.90%, 04/15/2029

  336,000   338,205
        1,583,599
Independent Power Producers & Energy Traders-0.37%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(c)

  534,000   418,356
Vistra Corp.        
7.00%(b)(c)(d)(e)

  796,000   773,067
Series C, 8.88%(c)(d)(e)

  3,223,000   3,327,748
        4,519,171
Industrial Conglomerates-0.02%
Bidvest Group (UK) PLC (The) (South Africa), 3.63%, 09/23/2026(c)

  329,000   307,085
Industrial Machinery & Supplies & Components-0.17%
Ingersoll Rand, Inc.        
5.40%, 08/14/2028

  138,000   141,617
5.70%, 08/14/2033(b)

  780,000   815,136
Nordson Corp.        
5.60%, 09/15/2028

  210,000   216,514
5.80%, 09/15/2033

  375,000   396,437
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033

  519,000   533,067
        2,102,771
  Principal
Amount
  Value
Industrial REITs-0.47%
LXP Industrial Trust, 6.75%, 11/15/2028

$ 350,000   $365,951
Prologis L.P.        
4.88%, 06/15/2028(b)

  360,000   365,100
5.13%, 01/15/2034

  347,000   352,724
5.00%, 03/15/2034

  3,144,000   3,160,189
5.25%, 06/15/2053(b)

  806,000   814,491
5.25%, 03/15/2054(b)

  754,000   761,948
        5,820,403
Insurance Brokers-0.23%
Arthur J. Gallagher & Co.        
6.50%, 02/15/2034

  515,000   565,394
6.75%, 02/15/2054

  554,000   641,629
Marsh & McLennan Cos., Inc.        
5.40%, 09/15/2033(b)

  697,000   730,271
5.45%, 03/15/2053

  160,000   166,344
5.70%, 09/15/2053

  619,000   667,107
        2,770,745
Integrated Oil & Gas-0.91%
BP Capital Markets America, Inc.        
4.70%, 04/10/2029(b)

  3,825,000   3,849,628
4.81%, 02/13/2033

  141,000   140,935
Ecopetrol S.A. (Colombia)        
8.88%, 01/13/2033(b)

  1,780,000   1,880,789
8.38%, 01/19/2036

  2,304,000   2,334,816
Occidental Petroleum Corp., 4.63%, 06/15/2045

  392,000   321,759
Petroleos Mexicanos (Mexico)        
8.75%, 06/02/2029(b)

  939,000   907,638
6.70%, 02/16/2032

  954,000   779,519
10.00%, 02/07/2033(b)

  915,000   905,459
        11,120,543
Integrated Telecommunication Services-0.35%
AT&T, Inc.        
6.81% (3 mo. Term SOFR + 1.44%), 06/12/2024(f)

  6,000   6,018
5.40%, 02/15/2034(b)

  659,000   676,261
3.55%, 09/15/2055

  6,000   4,278
British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(c)(d)

  1,870,000   1,755,179
IHS Holding Ltd. (Nigeria)        
5.63%, 11/29/2026(c)

  771,000   698,546
6.25%, 11/29/2028(c)

  586,000   496,389
Level 3 Financing, Inc., 3.75%, 07/15/2029(c)

  636,000   184,440
Sitios Latinoamerica S.A.B. de C.V. (Brazil), 5.38%, 04/04/2032(c)

  512,000   477,160
Verizon Communications, Inc., 3.88%, 02/08/2029

  6,000   5,806
        4,304,077
Interactive Media & Services-0.05%
Meta Platforms, Inc., 5.75%, 05/15/2063(b)

  564,000   612,174
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Investment Banking & Brokerage-1.35%
Charles Schwab Corp. (The)        
5.64%, 05/19/2029(d)

$ 490,000   $501,613
6.20%, 11/17/2029(d)

  1,143,000   1,195,855
5.85%, 05/19/2034(d)

  489,000   506,900
6.14%, 08/24/2034(d)

  1,274,000   1,347,367
Series K, 5.00%(d)(e)

  170,000   158,433
Goldman Sachs Group, Inc. (The)        
6.14% (SOFR + 0.79%), 12/09/2026(f)

  93,000   92,670
Series V, 4.13%(d)(e)

  685,000   624,062
Series W, 7.50%(b)(d)(e)

  4,418,000   4,651,576
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031(b)(c)

  970,000   1,008,354
Morgan Stanley        
5.12%, 02/01/2029(d)

  156,000   156,636
5.16%, 04/20/2029(d)

  1,221,000   1,229,531
5.45%, 07/20/2029(d)

  278,000   283,084
6.41%, 11/01/2029(d)

  907,000   961,495
5.17%, 01/16/2030(d)

  850,000   857,584
5.25%, 04/21/2034(d)

  1,362,000   1,363,265
5.42%, 07/21/2034(d)

  606,000   614,118
5.47%, 01/18/2035(b)(d)

  894,000   912,677
5.95%, 01/19/2038(d)

  134,000   136,888
        16,602,108
Leisure Products-0.13%
Brunswick Corp., 5.10%, 04/01/2052

  303,000   245,803
Polaris, Inc., 6.95%, 03/15/2029

  1,268,000   1,347,109
        1,592,912
Life & Health Insurance-1.84%
Athene Global Funding, 5.58%, 01/09/2029(b)(c)

  2,145,000   2,165,642
Corebridge Global Funding        
5.90%, 09/19/2028(c)

  587,000   609,535
5.20%, 01/12/2029(c)

  4,661,000   4,682,583
Delaware Life Global Funding        
Series 21-1, 2.66%, 06/29/2026(c)

  4,125,000   3,854,302
Series 22-1, 3.31%, 03/10/2025(c)

  2,375,000   2,279,469
F&G Annuities & Life, Inc., 7.40%, 01/13/2028(b)

  325,000   337,737
GA Global Funding Trust, 5.50%, 01/08/2029(c)

  1,548,000   1,558,373
MAG Mutual Holding Co., 4.75%, 04/30/2041(c)(h)

  3,179,000   2,681,614
MetLife, Inc.        
9.25%, 04/08/2038(c)

  350,000   403,231
5.25%, 01/15/2054

  427,000   435,580
Pacific Life Global Funding II, 6.15% (SOFR + 0.80%), 03/30/2025(c)(f)

  834,000   835,742
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(c)

  18,000   12,009
Principal Financial Group, Inc., 5.38%, 03/15/2033

  303,000   311,795
Sumitomo Life Insurance Co. (Japan), 5.88%(b)(c)(d)(e)

  2,373,000   2,378,658
        22,546,270
Managed Health Care-0.26%
Humana, Inc.        
5.75%, 12/01/2028

  451,000   467,523
5.95%, 03/15/2034

  1,350,000   1,424,574
  Principal
Amount
  Value
Managed Health Care-(continued)
UnitedHealth Group, Inc.        
5.25%, 02/15/2028(b)

$ 210,000   $216,821
5.30%, 02/15/2030(b)

  355,000   368,372
5.35%, 02/15/2033

  306,000   320,293
5.05%, 04/15/2053(b)

  234,000   232,715
5.20%, 04/15/2063

  192,000   192,595
        3,222,893
Marine Transportation-0.12%
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(c)

  505,000   525,806
Stena International S.A. (Sweden), 7.25%, 01/15/2031(c)

  936,000   937,311
        1,463,117
Movies & Entertainment-0.05%
Warnermedia Holdings, Inc.        
5.05%, 03/15/2042

  236,000   209,353
5.14%, 03/15/2052

  170,000   146,228
5.39%, 03/15/2062

  256,000   220,511
        576,092
Multi-Family Residential REITs-0.09%
AvalonBay Communities, Inc., 5.30%, 12/07/2033

  1,066,000   1,096,694
Multi-line Insurance-0.08%
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(c)

  967,000   978,083
Multi-Utilities-0.35%
Ameren Illinois Co., 4.95%, 06/01/2033(b)

  283,000   286,070
Black Hills Corp., 6.15%, 05/15/2034

  1,273,000   1,337,327
Dominion Energy, Inc., 5.38%, 11/15/2032(b)

  354,000   359,308
NiSource, Inc., 5.25%, 03/30/2028

  110,000   112,244
Public Service Enterprise Group, Inc.        
5.88%, 10/15/2028(b)

  1,152,000   1,204,772
6.13%, 10/15/2033

  718,000   768,025
WEC Energy Group, Inc., 5.15%, 10/01/2027

  180,000   182,558
        4,250,304
Office REITs-0.55%
Brandywine Operating Partnership L.P., 7.80%, 03/15/2028(b)

  660,000   674,211
Office Properties Income Trust, 4.25%, 05/15/2024(b)

  602,000   592,392
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028

  5,108,000   5,440,878
        6,707,481
Oil & Gas Drilling-0.03%
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033(b)

  393,000   420,197
Oil & Gas Equipment & Services-0.08%
Northern Natural Gas Co., 5.63%, 02/01/2054(c)

  560,000   572,084
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(c)

  734,000   391,967
        964,051
Oil & Gas Exploration & Production-0.61%
Apache Corp., 7.75%, 12/15/2029

  250,000   271,826
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Oil & Gas Exploration & Production-(continued)
Civitas Resources, Inc.        
8.38%, 07/01/2028(c)

$ 959,000   $1,009,791
8.75%, 07/01/2031(c)

  993,000   1,056,904
ConocoPhillips Co.        
5.55%, 03/15/2054

  636,000   665,067
5.70%, 09/15/2063

  538,000   569,857
Murphy Oil Corp., 6.38%, 07/15/2028

  592,000   593,311
Rockcliff Energy II LLC, 5.50%, 10/15/2029(c)

  1,058,000   985,897
Southwestern Energy Co., 5.38%, 03/15/2030

  584,000   564,868
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(c)

  740,000   765,375
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(c)

  1,278,000   1,070,473
        7,553,369
Oil & Gas Refining & Marketing-0.47%
Cosan Luxembourg S.A. (Brazil), 7.50%, 06/27/2030(b)(c)

  1,610,000   1,658,368
CVR Energy, Inc., 8.50%, 01/15/2029(c)

  3,708,000   3,715,694
Phillips 66 Co., 5.30%, 06/30/2033

  419,000   428,695
        5,802,757
Oil & Gas Storage & Transportation-2.40%
Antero Midstream Partners L.P./ Antero Midstream Finance Corp., 6.63%, 02/01/2032(c)

  1,706,000   1,696,796
Cheniere Energy Partners L.P., 5.95%, 06/30/2033(b)(c)

  344,000   351,730
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(c)

  221,000   226,089
Enbridge, Inc. (Canada)        
5.99% (SOFR + 0.63%), 02/16/2024(f)

  395,000   395,044
5.70%, 03/08/2033(b)

  385,000   397,386
7.38%, 01/15/2083(d)

  244,000   244,142
7.63%, 01/15/2083(d)

  243,000   246,188
8.50%, 01/15/2084(d)

  654,000   700,823
Series NC5, 8.25%, 01/15/2084(b)(d)

  1,035,000   1,073,905
Energy Transfer L.P.        
6.05%, 12/01/2026

  602,000   618,782
5.50%, 06/01/2027

  107,000   108,585
6.10%, 12/01/2028(b)

  370,000   386,962
6.40%, 12/01/2030

  271,000   288,845
6.55%, 12/01/2033

  499,000   538,426
5.55%, 05/15/2034(b)

  1,946,000   1,958,685
5.80%, 06/15/2038

  4,000   4,055
6.00%, 06/15/2048

  4,000   4,031
5.95%, 05/15/2054

  1,473,000   1,478,345
8.00%, 05/15/2054(b)(d)

  1,072,000   1,110,029
Genesis Energy L.P./Genesis Energy Finance Corp.        
8.25%, 01/15/2029

  518,000   532,942
8.88%, 04/15/2030(b)

  460,000   481,586
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia)        
6.13%, 02/23/2038(c)

  770,000   789,050
6.51%, 02/23/2042(c)

  970,000   994,775
  Principal
Amount
  Value
Oil & Gas Storage & Transportation-(continued)
Kinder Morgan, Inc.        
7.80%, 08/01/2031

$ 87,000   $98,955
4.80%, 02/01/2033

  139,000   133,246
5.20%, 06/01/2033

  375,000   372,242
5.45%, 08/01/2052(b)

  290,000   276,457
MPLX L.P.        
5.00%, 03/01/2033

  236,000   230,993
4.95%, 03/14/2052

  149,000   132,533
NGL Energy Operating LLC/NGL Energy Finance Corp.        
8.13%, 02/15/2029(c)

  560,000   563,230
8.38%, 02/15/2032(c)

  1,680,000   1,693,471
ONEOK, Inc.        
5.65%, 11/01/2028

  242,000   249,911
5.80%, 11/01/2030

  396,000   411,793
6.05%, 09/01/2033(b)

  832,000   873,999
6.63%, 09/01/2053

  908,000   1,001,301
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033

  547,000   573,197
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(c)

  2,490,000   2,485,813
Targa Resources Corp., 6.25%, 07/01/2052

  118,000   122,149
TMS Issuer S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032(c)

  400,000   412,981
Venture Global LNG, Inc.        
9.50%, 02/01/2029(c)

  1,414,000   1,502,607
9.88%, 02/01/2032(c)

  1,450,000   1,525,765
Western Midstream Operating L.P., 6.15%, 04/01/2033(b)

  444,000   458,001
Williams Cos., Inc. (The)        
5.30%, 08/15/2028(b)

  1,316,000   1,341,562
5.65%, 03/15/2033

  394,000   409,179
        29,496,586
Other Specialty Retail-0.01%
Tractor Supply Co., 5.25%, 05/15/2033(b)

  165,000   167,817
Packaged Foods & Meats-0.32%
Bimbo Bakeries USA, Inc. (Mexico), 6.05%, 01/15/2029(c)

  1,004,000   1,047,855
General Mills, Inc., 5.50%, 10/17/2028

  779,000   806,080
J.M. Smucker Co. (The), 6.20%, 11/15/2033(b)

  397,000   429,944
McCormick & Co., Inc., 4.95%, 04/15/2033(b)

  157,000   156,940
Minerva Luxembourg S.A. (Brazil)        
4.38%, 03/18/2031(c)

  78,000   64,290
8.88%, 09/13/2033(b)(c)

  1,370,000   1,437,928
        3,943,037
Paper & Plastic Packaging Products & Materials-0.04%
Berry Global, Inc., 4.88%, 07/15/2026(c)

  83,000   81,721
Sealed Air Corp., 7.25%, 02/15/2031(c)

  452,000   473,104
        554,825
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Passenger Airlines-0.29%
American Airlines Pass-Through Trust        
Series 2021-1, Class A, 2.88%, 07/11/2034

$ 261,157   $222,648
Series 2021-1, Class B, 3.95%, 07/11/2030

  1,428,980   1,278,088
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(c)

  607,631   526,457
Delta Air Lines, Inc./SkyMiles IP Ltd.        
4.50%, 10/20/2025(c)

  167,399   165,469
4.75%, 10/20/2028(c)

  137,200   135,185
United Airlines Pass-Through Trust        
5.80%, 07/15/2037

  1,098,000   1,119,109
Series 2020-1, Class A, 5.88%, 10/15/2027

  59,298   59,882
        3,506,838
Personal Care Products-0.15%
Kenvue, Inc.        
5.05%, 03/22/2028

  211,000   215,844
5.00%, 03/22/2030

  587,000   601,698
4.90%, 03/22/2033(b)

  598,000   610,373
5.10%, 03/22/2043(b)

  206,000   211,345
5.20%, 03/22/2063

  199,000   202,550
        1,841,810
Pharmaceuticals-0.58%
Bayer US Finance LLC (Germany), 6.38%, 11/21/2030(c)

  1,487,000   1,518,429
Bristol-Myers Squibb Co.        
5.75%, 02/01/2031

  746,000   793,118
5.90%, 11/15/2033(b)

  600,000   648,252
6.25%, 11/15/2053(b)

  598,000   677,199
6.40%, 11/15/2063

  962,000   1,106,515
Merck & Co., Inc.        
4.30%, 05/17/2030

  1,072,000   1,065,160
4.90%, 05/17/2044

  871,000   871,171
5.00%, 05/17/2053(b)

  235,000   235,608
5.15%, 05/17/2063

  150,000   152,673
        7,068,125
Property & Casualty Insurance-0.02%
Travelers Cos., Inc. (The), 5.45%, 05/25/2053

  223,000   237,703
Rail Transportation-0.25%
CSX Corp., 6.15%, 05/01/2037

  270,000   300,774
Norfolk Southern Corp.        
5.05%, 08/01/2030(b)

  527,000   538,143
5.55%, 03/15/2034

  572,000   602,549
5.35%, 08/01/2054(b)

  480,000   490,063
5.95%, 03/15/2064

  724,000   794,936
Union Pacific Corp., 5.15%, 01/20/2063

  296,000   297,245
        3,023,710
Real Estate Development-0.00%
Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(c)(g)

  530,000   53,811
Regional Banks-1.15%
Citizens Financial Group, Inc.        
5.84%, 01/23/2030(d)

  1,288,000   1,297,397
5.64%, 05/21/2037(d)

  201,000   190,335
  Principal
Amount
  Value
Regional Banks-(continued)
Huntington Bancshares, Inc., 6.21%, 08/21/2029(d)

$ 1,357,000   $1,403,390
M&T Bank Corp., 5.05%, 01/27/2034(b)(d)

  236,000   222,737
Morgan Stanley Bank N.A.        
4.75%, 04/21/2026

  1,048,000   1,049,310
5.88%, 10/30/2026

  1,654,000   1,701,175
Truist Financial Corp.        
6.05%, 06/08/2027(d)

  458,000   466,687
4.87%, 01/26/2029(b)(d)

  254,000   251,208
7.16%, 10/30/2029(b)(d)

  1,726,000   1,864,531
5.44%, 01/24/2030(d)

  1,444,000   1,456,816
4.92%, 07/28/2033(d)

  331,000   311,508
6.12%, 10/28/2033(d)

  182,000   189,118
5.12%, 01/26/2034(d)

  242,000   235,717
5.87%, 06/08/2034(d)

  493,000   505,236
5.71%, 01/24/2035(d)

  2,918,000   2,968,404
        14,113,569
Reinsurance-0.31%
Global Atlantic (Fin) Co., 4.70%, 10/15/2051(b)(c)(d)

  929,000   827,833
RenaissanceRe Holdings Ltd. (Bermuda), 5.75%, 06/05/2033(b)

  2,915,000   2,959,947
        3,787,780
Restaurants-0.45%
Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029(c)

  796,000   788,558
McDonald’s Corp.        
4.80%, 08/14/2028(b)

  2,183,000   2,217,836
4.95%, 08/14/2033(b)

  1,553,000   1,582,801
5.45%, 08/14/2053(b)

  848,000   883,815
        5,473,010
Retail REITs-0.13%
Kite Realty Group L.P., 5.50%, 03/01/2034(b)

  369,000   367,723
NNN REIT, Inc., 5.60%, 10/15/2033

  284,000   290,703
Realty Income Corp.        
2.20%, 06/15/2028

  6,000   5,398
5.63%, 10/13/2032

  140,000   145,397
Regency Centers L.P., 5.25%, 01/15/2034(b)

  739,000   740,110
        1,549,331
Self-Storage REITs-0.23%
Extra Space Storage L.P.        
5.70%, 04/01/2028

  153,000   156,739
5.40%, 02/01/2034

  1,410,000   1,411,109
Public Storage Operating Co.        
5.13%, 01/15/2029

  115,000   118,041
5.10%, 08/01/2033

  665,000   678,268
5.35%, 08/01/2053(b)

  399,000   409,620
        2,773,777
Semiconductors-0.19%
Foundry JV Holdco LLC, 5.88%, 01/25/2034(c)

  1,373,000   1,415,432
Micron Technology, Inc.        
4.98%, 02/06/2026

  4,000   4,007
5.30%, 01/15/2031

  876,000   885,371
        2,304,810
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Single-Family Residential REITs-0.10%
American Homes 4 Rent L.P., 2.38%, 07/15/2031

$ 6,000   $4,935
Sun Communities Operating L.P., 5.50%, 01/15/2029

  1,155,000   1,166,779
        1,171,714
Sovereign Debt-4.12%
Brazilian Government International Bond (Brazil)        
6.13%, 03/15/2034

  6,435,000   6,385,715
7.13%, 05/13/2054

  7,345,000   7,350,597
Colombia Government International Bond (Colombia), 7.50%, 02/02/2034

  650,000   666,405
Costa Rica Government International Bond (Costa Rica), 7.30%, 11/13/2054(c)

  1,855,000   1,945,714
Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(c)

  1,119,000   500,473
Hungary Government International Bond (Hungary), 5.50%, 03/26/2036(c)

  2,750,000   2,699,636
Indonesia Government International Bond (Indonesia), 5.10%, 02/10/2054(b)

  3,190,000   3,094,070
Ivory Coast Government International Bond (Ivory Coast), 7.63%, 01/30/2033(c)

  2,205,000   2,188,551
Mexico Government International Bond (Mexico)        
6.35%, 02/09/2035

  620,000   646,284
6.00%, 05/07/2036

  2,470,000   2,519,930
6.34%, 05/04/2053(b)

  2,226,000   2,224,451
6.40%, 05/07/2054

  2,842,000   2,866,103
Paraguay Government International Bond (Paraguay), 5.40%, 03/30/2050(c)

  1,200,000   1,035,609
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(c)

  1,886,000   1,423,310
Qatar Government International Bond (Qatar), 3.38%, 03/14/2024(c)

  200,000   199,445
Republic of Uzbekistan International Bond (Uzbekistan), 7.85%, 10/12/2028(c)

  600,000   624,960
Romanian Government International Bond (Romania)        
6.63%, 02/17/2028(c)

  932,000   967,020
5.88%, 01/30/2029(b)(c)

  1,494,000   1,510,899
7.13%, 01/17/2033(c)

  536,000   579,882
6.38%, 01/30/2034(c)

  3,406,000   3,485,309
Saudi Government International Bond (Saudi Arabia)        
4.75%, 01/16/2030(c)

  2,100,000   2,104,809
5.00%, 01/16/2034(c)

  2,042,000   2,036,452
5.75%, 01/16/2054(c)

  2,612,000   2,579,898
Trinidad & Tobago Government International Bond (Trinidad), 5.95%, 01/14/2031(c)

  885,000   902,036
        50,537,558
Specialized Finance-0.06%
Blackstone Private Credit Fund, 6.25%, 01/25/2031(c)

  795,000   791,625
Steel-0.06%
POSCO (South Korea), 5.63%, 01/17/2026(c)

  774,000   780,425
  Principal
Amount
  Value
Systems Software-0.09%
Oracle Corp.        
6.25%, 11/09/2032(b)

$ 220,000   $237,383
4.90%, 02/06/2033(b)

  394,000   390,078
6.90%, 11/09/2052

  261,000   306,775
5.55%, 02/06/2053(b)

  213,000   211,823
        1,146,059
Technology Hardware, Storage & Peripherals-0.02%
Leidos, Inc., 5.75%, 03/15/2033

  244,000   251,956
Telecom Tower REITs-0.09%
SBA Communications Corp., 3.88%, 02/15/2027(b)

  1,190,000   1,136,427
Tobacco-0.37%
B.A.T Capital Corp. (United Kingdom)        
7.08%, 08/02/2043

  336,000   356,844
7.08%, 08/02/2053

  227,000   241,211
Philip Morris International, Inc.        
4.88%, 02/15/2028(b)

  980,000   988,424
5.25%, 09/07/2028

  824,000   845,498
5.75%, 11/17/2032

  66,000   69,118
5.38%, 02/15/2033(b)

  1,215,000   1,240,732
5.63%, 09/07/2033(b)

  832,000   862,978
        4,604,805
Trading Companies & Distributors-0.37%
Avolon Holdings Funding Ltd. (Ireland)        
6.38%, 05/04/2028(c)

  1,028,000   1,052,122
5.75%, 03/01/2029(c)

  2,247,000   2,243,689
Triton Container International Ltd. (Bermuda), 3.15%, 06/15/2031(c)

  1,481,000   1,191,035
        4,486,846
Transaction & Payment Processing Services-0.19%
Fiserv, Inc.        
5.38%, 08/21/2028

  938,000   962,121
5.63%, 08/21/2033

  715,000   745,080
Mastercard, Inc., 4.85%, 03/09/2033(b)

  589,000   605,241
        2,312,442
Wireless Telecommunication Services-0.36%
T-Mobile USA, Inc.        
5.05%, 07/15/2033

  325,000   325,497
5.75%, 01/15/2034(b)

  835,000   880,142
5.65%, 01/15/2053

  472,000   487,590
6.00%, 06/15/2054(b)

  269,000   294,258
5.50%, 01/15/2055(b)

  916,000   927,516
Vodafone Group PLC (United Kingdom)        
4.13%, 06/04/2081(b)(d)

  882,000   767,242
5.13%, 06/04/2081(d)

  1,011,000   765,701
        4,447,946
Total U.S. Dollar Denominated Bonds & Notes

(Cost $575,483,534)

  581,429,261
U.S. Government Sponsored Agency Mortgage-Backed
Securities-31.01%
Collateralized Mortgage Obligations-0.39%
Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1, 5.25%, 11/25/2055(c)(i)

  901,073   854,190
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Collateralized Mortgage Obligations-(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs.        
Series 2015-K042, Class X1, IO, 1.14%, 12/25/2024(j)

$ 4,026,571   $22,362
Series 2017-K066, Class AM, 3.20%, 06/25/2027

  250,000   241,080
Series 2017-KGX1, Class AFX, 3.00%, 10/25/2027

  1,000,000   951,732
Series 2018-K074, Class AM, 3.60%, 02/25/2028

  1,000,000   969,998
Series 2018-K154, Class A3, 3.46%, 11/25/2032(i)

  1,000,000   925,050
Series K038, Class X1, IO, 1.19%, 03/25/2024(j)

  1,187,614   467
Freddie Mac STRIPS, 0.00%, 09/15/2030(k)

  350,000   263,316
Seasoned Credit Risk Transfer Trust        
Series 2017-3, Class HT, 3.25%, 07/25/2056(l)

  258,751   224,303
Series 2017-4, Class HT, 3.25%, 06/25/2057(l)

  388,893   348,309
        4,800,807
Federal Home Loan Mortgage Corp. (FHLMC)-1.85%
0.00%, 12/14/2029(k)

  150,000   117,858
3.55%, 10/01/2033

  460,249   421,634
3.00%, 10/01/2034

  221,608   210,086
4.00%, 11/01/2048 to 07/01/2049

  250,952   239,773
3.50%, 08/01/2049

  1,652,737   1,527,336
6.00%, 06/01/2053 to 08/01/2053

  13,412,078   13,702,349
5.50%, 07/01/2053

  6,478,083   6,533,719
        22,752,755
Federal National Mortgage Association (FNMA)-1.29%
2.82%, 10/01/2029

  480,399   444,616
2.90%, 11/01/2029

  489,821   452,451
3.08%, 10/01/2032

  750,000   678,702
3.31%, 01/01/2033

  983,515   905,253
2.50%, 10/01/2034 to 12/01/2034

  2,097,723   1,953,039
3.50%, 05/01/2047 to 06/01/2047

  1,583,023   1,472,682
4.00%, 11/01/2047

  71,212   68,591
3.00%, 09/01/2049 to 10/01/2049

  2,907,767   2,589,372
5.50%, 09/01/2053

  7,262,723   7,314,153
        15,878,859
Government National Mortgage Association (GNMA)-3.80%
4.00%, 07/20/2049

  41,856   40,182
TBA, 2.00%, 02/01/2054(m)

  6,645,000   5,535,319
TBA, 2.50%, 02/01/2054(m)

  5,400,000   4,669,614
TBA, 4.50%, 02/01/2054(m)

  20,713,000   20,168,864
TBA, 5.50%, 02/01/2054(m)

  16,111,000   16,216,567
        46,630,546
Uniform Mortgage-Backed Securities-23.68%
TBA, 1.50%, 02/01/2039(m)

  8,760,000   7,661,516
TBA, 2.00%, 02/01/2039(m)

  4,687,000   4,207,648
TBA, 2.50%, 02/01/2054(m)

  27,877,711   23,447,146
TBA, 3.00%, 02/01/2054(m)

  13,373,242   11,706,811
TBA, 3.50%, 02/01/2054(m)

  45,101,671   41,052,916
TBA, 4.00%, 02/01/2054(m)

  37,432,361   35,238,220
TBA, 4.50%, 02/01/2054(m)

  24,304,732   23,501,527
TBA, 5.00%, 02/01/2054(m)

  59,479,456   58,709,612
  Principal
Amount
  Value
Uniform Mortgage-Backed Securities-(continued)
TBA, 5.50%, 02/01/2054(m)

$ 30,000,000   $30,090,079
TBA, 6.00%, 02/01/2054(m)

  54,327,141   55,079,445
        290,694,920
Total U.S. Government Sponsored Agency Mortgage-Backed Securities

(Cost $380,992,865)

  380,757,887
U.S. Treasury Securities-21.53%
U.S. Treasury Bills-0.40%(n)
4.79%–5.27%, 04/18/2024(o)

  4,956,000   4,900,906
U.S. Treasury Bonds-7.03%
4.75%, 11/15/2043

  7,503,800   7,945,821
4.13%, 08/15/2053

  79,750,100   78,441,700
        86,387,521
U.S. Treasury Notes-14.10%
4.25%, 01/31/2026

  10,198,000   10,203,577
4.00%, 01/15/2027

  11,379,500   11,377,722
3.75%, 12/31/2028

  350,000   348,045
4.00%, 01/31/2029

  47,607,500   47,897,608
4.00%, 01/31/2031

  12,870,500   12,938,875
4.50%, 11/15/2033

  86,498,100   90,336,453
        173,102,280
Total U.S. Treasury Securities

(Cost $253,785,372)

  264,390,707
Asset-Backed Securities-16.62%
AGL CLO 29 Ltd. (Jersey), Series 2024-29A, Class A1, 0.00%, 04/21/2037(c)(f)

  6,019,000   6,023,514
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(c)

  4,460,000   4,047,313
Angel Oak Mortgage Trust        
Series 2020-1, Class A1, 2.16%, 12/25/2059(c)(i)

  64,834   61,748
Series 2020-3, Class A1, 1.69%, 04/25/2065(c)(i)

  214,717   200,453
Series 2020-5, Class A1, 1.37%, 05/25/2065(c)(i)

  244,955   228,554
Series 2021-3, Class A1, 1.07%, 05/25/2066(c)(i)

  1,081,778   919,060
Series 2022-1, Class A1, 2.88%, 12/25/2066(c)(l)

  2,537,458   2,304,452
Series 2023-6, Class A1, 6.50%, 12/25/2067(c)(l)

  841,874   851,091
Avis Budget Rental Car Funding (AESOP) LLC        
Series 2023-1A, Class A, 5.25%, 04/20/2029(c)

  718,000   722,605
Series 2023-4A, Class A, 5.49%, 06/20/2029(c)

  2,738,000   2,778,042
Bain Capital Credit CLO Ltd. (Cayman Islands)        
Series 2017-2A, Class AR2, 6.77% (3 mo. Term SOFR + 1.44%), 07/25/2034(c)(f)

  3,000,000   3,002,034
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Series 2021-1A, Class A, 6.62% (3 mo. Term SOFR + 1.32%), 04/18/2034(c)(f)

$ 3,000,000   $3,001,302
Series 2022-1A, Class A1, 6.62% (3 mo. Term SOFR + 1.32%), 04/18/2035(c)(f)

  1,692,000   1,691,428
Bayview MSR Opportunity Master Fund Trust        
Series 2021-4, Class A3, 3.00%, 10/25/2051(c)(i)

  1,668,140   1,417,220
Series 2021-4, Class A4, 2.50%, 10/25/2051(c)(i)

  1,668,140   1,360,230
Series 2021-4, Class A8, 2.50%, 10/25/2051(c)(i)

  1,537,187   1,357,198
Series 2021-5, Class A1, 3.00%, 11/25/2051(c)(i)

  1,852,521   1,578,479
Series 2021-5, Class A2, 2.50%, 11/25/2051(c)(i)

  2,260,493   1,848,874
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 5.73% (1 mo. Term SOFR + 0.39%), 11/25/2036(f)

  103,794   101,453
Benchmark Mortgage Trust        
Series 2018-B3, Class C, 4.67%, 04/10/2051(i)

  2,500,000   1,948,094
Series 2019-B14, Class C, 3.90%, 12/15/2062(i)

  930,000   663,235
Series 2019-B15, Class B, 3.56%, 12/15/2072

  2,000,000   1,598,763
BRAVO Residential Funding Trust        
Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(c)(i)

  309,317   288,733
Series 2021-NQM2, Class A2, 1.28%, 03/25/2060(c)(i)

  1,015,781   941,105
BX Commercial Mortgage Trust        
Series 2021-VOLT, Class C, 6.55% (1 mo. Term SOFR + 1.21%), 09/15/2036(c)(f)

  3,005,000   2,955,602
Series 2021-VOLT, Class D, 7.10% (1 mo. Term SOFR + 1.76%), 09/15/2036(c)(f)

  8,799,000   8,646,152
BX Trust        
Series 2021-LGCY, Class B, 6.30% (1 mo. Term SOFR + 0.97%), 10/15/2036(c)(f)

  10,000,000   9,780,224
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(c)(f)

  2,085,000   2,069,875
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(c)(f)

  1,285,000   1,272,008
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(c)(f)

  690,000   682,313
Carlyle US CLO Ltd. (Cayman Islands), Series 2021-1A, Class A1, 6.72% (3 mo. Term SOFR + 1.40%), 04/15/2034(c)(f)

  2,458,000   2,459,084
CarMax Auto Owner Trust, Series 2024-1, Class A3, 4.92%, 10/16/2028

  3,710,000   3,729,857
  Principal
Amount
  Value
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(c)(i)

$ 80,240   $71,573
CIFC Funding Ltd. (Cayman Islands)        
Series 2014-5A, Class A1R2, 6.78% (3 mo. Term SOFR + 1.46%), 10/17/2031(c)(f)

  1,281,000   1,281,872
Series 2016-1A, Class ARR, 6.75% (3 mo. Term SOFR + 1.34%), 10/21/2031(c)(f)

  957,000   957,369
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B, 4.18%, 07/10/2047(i)

  184,000   177,487
Citigroup Mortgage Loan Trust, Inc., Series 2021-INV3, Class A3, 2.50%, 05/25/2051(c)(i)

  1,706,404   1,395,681
COLT Mortgage Loan Trust        
Series 2020-2, Class A1, 1.85%, 03/25/2065(c)(i)

  2,730   2,717
Series 2022-1, Class A1, 2.28%, 12/27/2066(c)(i)

  1,422,450   1,250,918
Series 2022-2, Class A1, 2.99%, 02/25/2067(c)(l)

  1,504,093   1,385,493
Credit Suisse Mortgage Capital Trust        
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(c)(i)

  454,253   387,603
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(c)(i)

  247,960   217,044
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(c)(i)

  1,928,160   1,809,863
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(c)(i)

  1,160,000   1,022,833
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053

  1,459,000   1,239,096
DLLST LLC, Series 2024-1A, Class A3, 5.05%, 08/20/2027(c)

  2,050,000   2,052,323
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(c)

  1,920,000   1,768,548
Dryden 93 CLO Ltd. (Cayman Islands), Series 2021-93A, Class A1A, 6.66% (3 mo. Term SOFR + 1.34%), 01/15/2034(c)(f)

  532,495   532,884
Ellington Financial Mortgage Trust        
Series 2019-2, Class A1, 2.74%, 11/25/2059(c)(i)

  174,737   165,657
Series 2020-1, Class A1, 2.01%, 05/25/2065(c)(i)

  22,837   22,142
Series 2021-1, Class A1, 0.80%, 02/25/2066(c)(i)

  250,643   212,677
Series 2022-1, Class A1, 2.21%, 01/25/2067(c)(i)

  1,342,413   1,160,143
Extended Stay America Trust, Series 2021-ESH, Class B, 6.83% (1 mo. Term SOFR + 1.49%), 07/15/2038(c)(f)

  636,669   631,766
Flagstar Mortgage Trust        
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(c)(i)

  2,778,791   2,441,701
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(c)(i)

  1,000,761   881,954
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(c)

$ 2,515,295   $2,538,852
GCAT Trust, Series 2019-NQM3, Class A1, 3.69%, 11/25/2059(c)(i)

  252,275   240,914
GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2021-9A, Class A, 6.65% (3 mo. Term SOFR + 1.33%), 01/20/2033(c)(f)

  4,000,000   4,001,544
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 6.49% (3 mo. Term SOFR + 1.17%), 11/20/2030(c)(f)

  1,422,613   1,424,125
GoldenTree Loan Management US CLO 5 Ltd. (Cayman Islands), Series 2019-5A, Class AR, 6.65% (3 mo. Term SOFR + 1.33%), 10/20/2032(c)(f)

  5,000,000   5,009,700
Golub Capital Partners CLO 40(B) Ltd. (Cayman Islands), Series 2019-40A, Class AR, 6.68% (3 mo. Term SOFR + 1.35%), 01/25/2032(c)(f)

  8,000,000   7,929,736
GS Mortgage Securities Trust        
Series 2020-GC45, Class A5, 2.91%, 02/13/2053

  1,560,000   1,395,070
Series 2020-GC47, Class A5, 2.38%, 05/12/2053

  1,530,000   1,314,995
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(c)(i)

  3,831,661   3,375,106
Hertz Vehicle Financing III L.P.        
Series 2021-2A, Class A, 1.68%, 12/27/2027(c)

  539,000   492,596
Series 2021-2A, Class B, 2.12%, 12/27/2027(c)

  286,000   261,488
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/2025(c)

  175,000   169,510
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031(c)

  750,000   756,274
IP Lending III Ltd. (Cayman Islands), Series 2022-3A, Class SNR, 3.38%, 11/02/2026(c)(h)

  235,840   210,834
IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027(c)(h)

  2,746,000   2,773,460
JP Morgan Mortgage Trust, Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(c)(i)

  2,214,508   1,832,263
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C, 3.85%, 05/13/2053(i)

  2,908,000   1,929,004
KKR CLO 27 Ltd. (Cayman Islands), Series A, 6.59% (3 mo. Term SOFR + 1.28%), 10/15/2032(c)(f)

  1,927,000   1,929,875
KKR CLO 30 Ltd. (Cayman Islands), Series 30A, Class A1R, 6.60% (3 mo. Term SOFR + 1.28%), 10/17/2031(c)(f)

  5,000,000   5,003,520
  Principal
Amount
  Value
Life Mortgage Trust        
Series 2021-BMR, Class B, 6.33% (1 mo. Term SOFR + 0.99%), 03/15/2038(c)(f)

$ 1,213,968   $1,196,787
Series 2021-BMR, Class C, 6.55% (1 mo. Term SOFR + 1.21%), 03/15/2038(c)(f)

  491,485   483,379
Madison Park Funding XXXIII Ltd. (Cayman Islands), Series 2019-33A, Class AR, 6.60% (3 mo. Term SOFR + 1.29%), 10/15/2032(c)(f)

  2,321,000   2,321,877
Med Trust, Series 2021-MDLN, Class A, 6.40% (1 mo. Term SOFR + 1.06%), 11/15/2038(c)(f)

  1,353,504   1,341,214
Mello Mortgage Capital Acceptance Trust        
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(c)(i)

  1,007,181   885,782
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(c)(i)

  1,051,588   923,533
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(c)(i)

  3,957,847   3,419,605
MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 6.35% (1 mo. Term SOFR + 1.01%), 07/15/2038(c)(f)

  615,000   606,723
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.67%, 10/15/2048(i)

  1,032,000   970,967
Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/2052

  1,580,000   1,403,772
Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman Islands), Series 2021-40A, Class A, 6.64% (3 mo. Term SOFR + 1.32%), 04/16/2033(c)(f)

  1,023,000   1,023,626
New Residential Mortgage Loan Trust        
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(c)(i)

  138,906   129,565
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(c)(i)

  437,482   403,680
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(c)(i)

  1,414,418   1,297,596
OBX Trust        
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(c)(i)

  1,665,139   1,447,137
Series 2022-NQM2, Class A1, 2.96%, 01/25/2062(c)(i)

  2,180,871   2,019,163
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(c)(l)

  1,360,742   1,273,077
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(c)(l)

  1,415,000   1,221,815
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(c)(i)

  1,106,145   978,226
OCP CLO Ltd. (Cayman Islands)        
Series 2017-13A, Class A1AR, 6.54% (3 mo. Term SOFR + 1.22%), 07/15/2030(c)(f)

  2,826,988   2,829,111
Series 2020-8RA, Class A1, 6.80% (3 mo. Term SOFR + 1.48%), 01/17/2032(c)(f)

  1,730,000   1,733,744
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Octagon Investment Partners 31 Ltd. (Cayman Islands), Series 2017-1A, Class AR, 6.63% (3 mo. Term SOFR + 1.31%), 07/20/2030(c)(f)

$ 2,933,206   $2,934,273
Octagon Investment Partners 49 Ltd. (Cayman Islands), Series 2020-5A, Class A1, 6.80% (3 mo. Term SOFR + 1.48%), 01/15/2033(c)(f)

  3,000,000   3,005,160
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(c)

  457,000   395,060
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(c)(i)

  1,806,953   1,495,695
PPM CLO 3 Ltd. (United Kingdom), Series 2019-3A, Class AR, 6.67% (3 mo. Term SOFR + 1.35%), 04/17/2034(c)(f)

  250,000   249,796
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(c)

  6,399,000   6,656,633
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 6.67% (3 mo. Term SOFR + 1.30%), 02/20/2030(c)(f)

  503,625   503,763
Residential Mortgage Loan Trust        
Series 2019-3, Class A1, 2.63%, 09/25/2059(c)(i)

  8,199   8,005
Series 2020-1, Class A1, 2.38%, 01/26/2060(c)(i)

  36,678   35,093
SG Residential Mortgage Trust, Series 2022-1, Class A1, 3.17%, 03/27/2062(c)(i)

  2,546,012   2,321,170
Sonic Capital LLC        
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(c)

  1,572,377   1,500,864
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(c)

  1,797,067   1,550,748
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(c)

  1,836,134   1,490,583
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(c)(i)

  842,921   747,274
Starwood Mortgage Residential Trust        
Series 2020-1, Class A1, 2.28%, 02/25/2050(c)(i)

  12,550   11,804
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(c)(i)

  512,664   473,228
Series 2021-6, Class A1, 1.92%, 11/25/2066(c)(i)

  2,354,723   1,990,671
Series 2022-1, Class A1, 2.45%, 12/25/2066(c)(i)

  1,787,711   1,560,169
Store Master Funding I-VII, Series 2016-1A, Class A2, 4.32%, 10/20/2046(c)

  433,137   406,052
Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 05/25/2046(c)

  140,625   138,675
Textainer Marine Containers VII Ltd. (China), Series 2021-2A, Class A, 2.23%, 04/20/2046(c)

  1,255,800   1,124,770
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(c)

  2,865,000   2,727,864
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(c)

  975,119   862,030
  Principal
Amount
  Value
Verus Securitization Trust        
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(c)(i)

$ 11,610   $11,498
Series 2021-1, Class A1B, 1.32%, 01/25/2066(c)(i)

  874,461   767,556
Series 2021-2, Class A1, 1.03%, 02/25/2066(c)(i)

  1,155,587   1,009,973
Series 2021-7, Class A1, 1.83%, 10/25/2066(c)(i)

  1,764,329   1,539,761
Series 2021-R1, Class A1, 0.82%, 10/25/2063(c)(i)

  699,492   636,065
Series 2022-1, Class A1, 2.72%, 01/25/2067(c)(l)

  1,390,082   1,261,858
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(c)

  178,498   161,237
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA, IO, 1.57%, 01/15/2059(j)

  1,288,525   28,205
Wendy’s Funding LLC, Series 2019-1A, Class A2II, 4.08%, 06/15/2049(c)

  449,994   424,057
WFRBS Commercial Mortgage Trust, Series 2014-C23, Class B, 4.53%, 10/15/2057(i)

  307,000   268,817
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(c)

  4,192,500   3,696,551
Total Asset-Backed Securities

(Cost $218,837,636)

  204,093,642
Agency Credit Risk Transfer Notes-0.52%
Fannie Mae Connecticut Avenue Securities        
Series 2022-R03, Class 1M1, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(f)(p)

  1,895,402   1,923,893
Series 2022-R04, Class 1M1, 7.34% (30 Day Average SOFR + 2.00%), 03/25/2042(c)(f)(p)

  917,096   930,054
Series 2023-R02, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 01/25/2043(c)(f)(p)

  616,609   632,561
Freddie Mac        
Series 2020-DNA5, Class M2, STACR®, 8.14% (30 Day Average SOFR + 2.80%), 10/25/2050(c)(f)(q)

  235,036   238,473
Series 2022-DNA3, Class M1A, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 04/25/2042(c)(f)(q)

  1,287,837   1,305,163
Series 2022-HQA3, Class M1, STACR®, 7.64% (30 Day Average SOFR + 2.30%), 08/25/2042(c)(f)(q)

  833,166   851,351
Series 2023-DNA1, Class M1, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2043(c)(f)(q)

  529,729   539,559
Total Agency Credit Risk Transfer Notes

(Cost $6,315,244)

  6,421,054
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Shares   Value
Preferred Stocks-0.39%
Diversified Banks-0.14%
Citigroup, Inc.        
Series U, Pfd., 5.00%(b)(d)

  1,099,000   $1,086,154
Series W, Pfd., 4.00%(d)

  634,000   594,024
        1,680,178
Diversified Financial Services-0.25%
Apollo Global Management, Inc., Pfd., 7.63%(d)

  111,250   3,013,762
Life & Health Insurance-0.00%
MetLife, Inc., Series G, Pfd., 3.85%(d)

  16,000   15,345
Total Preferred Stocks

(Cost $4,533,882)

  4,709,285
  Principal
Amount
   
U.S. Government Sponsored Agency Securities-0.19%
Fannie Mae STRIPS        
0.00%, 05/15/2029(k)

$ 450,000   362,100
0.00%, 01/15/2030(k)

  1,300,000   1,021,319
0.00%, 05/15/2030(k)

  850,000   654,508
Tennessee Valley Authority        
5.38%, 04/01/2056

  100,000   108,481
4.25%, 09/15/2065

  250,000   222,686
Total U.S. Government Sponsored Agency Securities

(Cost $2,191,086)

  2,369,094
Municipal Obligations-0.18%
California (State of) Health Facilities Financing Authority (Social Bonds)        
Series 2022, RB, 4.19%, 06/01/2037

  735,000   681,396
Series 2022, RB, 4.35%, 06/01/2041

  590,000   536,821
Illinois (State of), Series 2010-1, GO Bonds, (INS - AGM), 6.63%, 02/01/2035(r)

  184,615   195,771
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB, 6.57%, 07/01/2045

  255,000   303,166
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041

  580,000   438,196
Total Municipal Obligations(s)

(Cost $2,470,294)

  2,155,350
  Shares   Value
Exchange-Traded Funds-0.04%
Invesco High Yield Select ETF(b)(t)

  10,000   $254,361
Invesco Short Duration Bond ETF(t)

  10,672   266,274
Total Exchange-Traded Funds

(Cost $514,870)

  520,635
  Principal
Amount
   
Non-U.S. Dollar Denominated Bonds & Notes-0.04%(u)
Investment Banking & Brokerage-0.04%
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub B.V. (Netherlands), 8.50%, 01/15/2031(c)

(Cost $464,963)

GBP 375,000   514,088
  Shares    
Common Stocks & Other Equity Interests-0.00%
Agricultural Products & Services-0.00%
Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032(h)(v)

(Cost $0)

  14   0
Options Purchased-0.03%
(Cost $477,765)

  369,900
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-117.90%

(Cost $1,446,067,511)

  1,447,730,903
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-12.35%
Invesco Private Government Fund, 5.29%(t)(w)(x)

  42,202,294   42,202,294
Invesco Private Prime Fund, 5.52%(t)(w)(x)

  109,293,911   109,370,417
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $151,568,288)

  151,572,711
TOTAL INVESTMENTS IN SECURITIES-130.25%

(Cost $1,597,635,799)

  1,599,303,614
OTHER ASSETS LESS LIABILITIES-(30.25)%

  (371,404,610)
NET ASSETS-100.00%

  $1,227,899,004
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
BDC -Business Development Company
CLO -Collateralized Loan Obligation
Ctfs. -Certificates
ETF -Exchange-Traded Fund
GBP -British Pound Sterling
GO -General Obligation
INS -Insurer
IO -Interest Only
Pfd. -Preferred
RB -Revenue Bonds
Ref. -Refunding
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
STACR® -Structured Agency Credit Risk
STRIPS -Separately Traded Registered Interest and Principal Security
TBA -To Be Announced
Wts. -Warrants
    
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 January 31, 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 January 31, 2024 was $398,412,930, which represented 32.45% of the Fund’s Net Assets.
(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e) Perpetual bond with no specified maturity date.
(f) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024.
(g) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at January 31, 2024 was $123,156, which represented less than 1% of the Fund’s Net Assets.
(h) Security valued using significant unobservable inputs (Level 3). See Note 1.
(i) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024.
(j) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024.
(k) Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(l) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(m) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.  
(n) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(o) $4,900,906 was pledged as collateral to cover margin requirements for open futures contracts.  
(p) CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.
(q) Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(r) Principal and/or interest payments are secured by the bond insurance company listed.
(s) 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.
(t) 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 January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Invesco High Yield Select ETF $241,800   $-   $-   $12,561   $-   $254,361   $4,959
Invesco Short Duration Bond ETF 293,280   -   (33,095)   6,059   30   266,274   4,237
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $24,387,300   $87,650,319   $(69,835,325)   $-   $-   $42,202,294   $370,788*
Invesco Private Prime Fund 64,901,672   178,625,581   (134,202,833)   1,237   44,760   109,370,417   1,012,721*
Total $89,824,052   $266,275,900   $(204,071,253)   $19,857   $44,790   $152,093,346   $1,392,705
    
* 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.
    
(u) Foreign denominated security. Principal amount is denominated in the currency indicated.
(v) Non-income producing security.
(w) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
(x) 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 table below details options purchased.
    
Open Exchange-Traded Index Options Purchased
Description   Type of
Contract
  Expiration Date   Number of
Contracts
  Exercise Price   Notional
Value*
  Value
Equity Risk                  
S&P 500 Index   Call   05/17/2024   36     $4,960   $17,856,000   $369,900
    
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
    
Open Over-The-Counter Credit Default Swaptions Written
Counterparty   Type of
Contract
  Exercise
Rate
  Reference
Entity
  (Pay)/
Receive
Fixed
Rate
  Payment
Frequency
  Expiration
Date
  Implied
Credit
Spread(a)
  Premiums
Received
  Notional
Value
  Value   Unrealized
Appreciation
Credit Risk                                      
Bank of America, N.A.   Put   102.50%   Markit CDX North America High Yield Index, Series 41, Version 2   5.00%   Quarterly   02/21/2024   3.587%   $(148,206)   USD (48,136,000)   $(24,083)   $124,123
    
(a) Implied credit spreads represent the current level, as of January 31, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
    
Open Futures Contracts
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury 10 Year Notes   105   March-2024   $11,794,453   $(2,166)   $(2,166)
U.S. Treasury 2 Year Notes   335   March-2024   68,894,844   669,327   669,327
U.S. Treasury Long Bond Future   207   March-2024   25,325,156   1,338,567   1,338,567
U.S. Treasury Ultra Bonds   5   March-2024   646,094   42,723   42,723
Subtotal—Long Futures Contracts               2,048,451   2,048,451
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2024
(Unaudited)
Open Futures Contracts—(continued)
Short Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury 5 Year Notes   462   March-2024   $(50,076,469)   $(643,913)   $(643,913)
U.S. Treasury 10 Year Ultra Notes   1,269   March-2024   (148,314,375)   (3,830,366)   (3,830,366)
Subtotal—Short Futures Contracts               (4,474,279)   (4,474,279)
Total Futures Contracts   $(2,425,828)   $(2,425,828)
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 Ultra Short Duration ETF (GSY)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-53.67%
Agricultural & Farm Machinery-0.47%
John Deere Capital Corp., 5.85% (SOFR + 0.50%), 07/03/2025(b)(c)

$ 8,737,000   $8,759,560
Asset Management & Custody Banks-1.70%
Ares Capital Corp.        
4.20%, 06/10/2024

  10,000,000   9,934,526
3.25%, 07/15/2025

  10,000,000   9,635,884
7.00%, 01/15/2027

  4,285,000   4,398,769
Blue Owl Capital Corp., 5.25%, 04/15/2024

  7,400,000   7,382,978
        31,352,157
Automobile Manufacturers-2.79%
Mercedes-Benz Finance North America LLC (Germany)        
5.50%, 11/27/2024(d)

  11,250,000   11,267,389
6.28% (SOFR + 0.93%), 03/30/2025(c)(d)

  20,000,000   20,145,401
Toyota Motor Credit Corp., 6.00% (SOFR + 0.65%), 01/05/2026(c)

  10,000,000   10,020,249
Volkswagen Group of America Finance LLC (Germany), 5.80%, 09/12/2025(d)

  10,000,000   10,102,017
        51,535,056
Automotive Parts & Equipment-0.54%
American Honda Finance Corp., 6.13% (SOFR + 0.78%), 04/23/2025(c)

  10,000,000   10,037,476
Building Products-0.63%
Carrier Global Corp., 5.80%, 11/30/2025(d)

  11,440,000   11,609,704
Construction Machinery & Heavy Transportation Equipment-0.66%
Caterpillar Financial Services Corp., 5.81% (SOFR + 0.45%), 11/14/2024(b)(c)

  12,250,000   12,275,085
Construction Materials-0.43%
Vulcan Materials Co., 5.80%, 03/01/2026

  8,000,000   8,005,039
Consumer Finance-1.96%
American Express Co., 2.25%, 03/04/2025

  12,500,000   12,116,363
Capital One Financial Corp., 4.17%, 05/09/2025(e)

  9,600,000   9,557,815
General Motors Financial Co., Inc., 6.11% (SOFR + 0.76%), 03/08/2024(c)

  14,628,000   14,632,161
        36,306,339
Diversified Banks-14.65%
Bank of America Corp., 3.46%, 03/15/2025(e)

  8,050,000   8,028,348
Bank of America N.A., 5.53%, 08/18/2026

  12,000,000   12,239,713
Bank of Montreal (Canada), 6.30% (SOFR + 0.95%), 09/25/2025(c)

  5,000,000   5,023,294
Bank of Nova Scotia (The) (Canada), 6.44% (SOFR + 1.09%), 06/12/2025(c)

  15,000,000   15,085,239
Barclays PLC (United Kingdom), 6.50%, 09/13/2027(e)

  12,000,000   12,343,486
BPCE S.A. (France)        
5.15%, 07/21/2024(d)

  5,040,000   5,012,736
6.31% (SOFR + 0.96%), 09/25/2025(c)(d)

  9,500,000   9,532,302
Canadian Imperial Bank of Commerce (Canada), 6.57% (SOFR + 1.22%), 10/02/2026(c)

  10,000,000   10,064,949
Citibank N.A.        
6.16% (SOFR + 0.81%), 09/29/2025(c)

  9,524,000   9,554,711
5.49%, 12/04/2026

  9,783,000   9,971,906
Citigroup, Inc., 0.98%, 05/01/2025(e)

  12,000,000   11,845,195
  Principal
Amount
  Value
Diversified Banks-(continued)
HSBC Holdings PLC (United Kingdom), 2.10%, 06/04/2026(e)

$ 8,986,000   $8,595,885
JPMorgan Chase & Co.        
4.08%, 04/26/2026(e)

  13,000,000   12,812,848
6.55% (SOFR + 1.20%), 01/23/2028(c)

  5,556,000   5,607,544
KeyBank N.A., 5.67% (SOFR + 0.32%), 06/14/2024(c)

  8,109,000   8,057,772
Lloyds Banking Group PLC (United Kingdom)        
4.45%, 05/08/2025

  11,290,000   11,173,553
6.92% (SOFR + 1.56%), 08/07/2027(c)

  9,474,000   9,552,360
Manufacturers & Traders Trust Co., 2.90%, 02/06/2025

  11,588,000   11,283,050
Mitsubishi UFJ Financial Group, Inc. (Japan)        
2.19%, 02/25/2025

  6,461,000   6,263,814
0.95%, 07/19/2025(e)

  9,000,000   8,806,008
National Securities Clearing Corp., 5.15%, 05/30/2025(d)

  2,365,000   2,378,273
Royal Bank of Canada (Canada), 6.30% (SOFR + 0.95%), 01/19/2027(c)

  8,333,000   8,351,601
Swedbank AB (Sweden)        
6.73% (SOFR + 1.38%), 06/15/2026(c)(d)

  15,000,000   15,235,757
6.14%, 09/12/2026(d)

  4,065,000   4,154,895
Toronto-Dominion Bank (The) (Canada)        
6.43% (SOFR + 1.08%), 07/17/2026(c)

  12,500,000   12,565,178
7.00%, 10/20/2026(e)

  9,800,000   9,794,417
Wells Fargo & Co., 6.67% (SOFR + 1.32%), 04/25/2026(b)(c)

  12,000,000   12,077,485
Wells Fargo Bank N.A.        
6.14% (SOFR + 0.80%), 08/01/2025(c)

  10,000,000   10,033,887
6.05% (SOFR + 0.71%), 01/15/2026(c)

  5,333,000   5,337,890
        270,784,096
Diversified Capital Markets-0.49%
Macquarie Group Ltd. (Australia), 6.06% (SOFR + 0.71%), 10/14/2025(c)(d)

  9,000,000   8,958,852
Diversified Financial Services-0.53%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 1.65%, 10/29/2024

  10,174,000   9,881,284
Diversified Metals & Mining-0.82%
BHP Billiton Finance (USA) Ltd. (Australia), 5.25%, 09/08/2026

  14,815,000   15,099,517
Electric Utilities-1.58%
Georgia Power Co., 6.11% (SOFR + 0.75%), 05/08/2025(c)

  10,000,000   10,026,452
NextEra Energy Capital Holdings, Inc.        
6.05%, 03/01/2025

  7,600,000   7,666,314
6.10% (SOFR + 0.76%), 01/29/2026(c)

  11,456,000   11,471,733
        29,164,499
Home Improvement Retail-0.45%
Home Depot, Inc. (The), 5.13%, 04/30/2025

  8,333,000   8,381,008
Investment Banking & Brokerage-2.73%
Charles Schwab Corp. (The)        
5.85% (SOFR + 0.50%), 03/18/2024(c)

  12,379,000   12,376,891
5.88% (SOFR + 0.52%), 05/13/2026(b)(c)

  5,251,000   5,214,087
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Investment Banking & Brokerage-(continued)
Goldman Sachs Group, Inc. (The)        
5.84% (SOFR + 0.49%), 10/21/2024(c)

$ 6,538,000   $6,533,177
5.70%, 11/01/2024

  4,165,000   4,177,789
6.43% (SOFR + 1.07%), 08/10/2026(c)

  10,000,000   10,014,306
Morgan Stanley, 3.62%, 04/17/2025(e)

  12,230,000   12,177,997
        50,494,247
Leisure Products-0.75%
Hasbro, Inc., 3.00%, 11/19/2024(b)

  14,000,000   13,778,901
Life & Health Insurance-7.75%
Athene Global Funding        
2.51%, 03/08/2024(d)

  10,173,000   10,139,737
6.06% (SOFR + 0.70%), 05/24/2024(c)(d)

  9,750,000   9,759,060
Brighthouse Financial Global Funding, 6.11% (SOFR + 0.76%), 04/12/2024(c)(d)

  13,508,000   13,500,490
Corebridge Global Funding        
5.75%, 07/02/2026(d)

  6,336,000   6,426,287
6.66% (SOFR + 1.30%), 09/25/2026(c)(d)

  10,000,000   10,064,938
GA Global Funding Trust        
1.00%, 04/08/2024(d)

  6,000,000   5,945,630
5.85% (SOFR + 0.50%), 09/13/2024(c)(d)

  6,000,000   5,984,588
Jackson National Life Global Funding        
6.50% (SOFR + 1.15%), 06/28/2024(c)(d)

  10,000,000   10,021,357
5.50%, 01/09/2026(d)

  16,667,000   16,715,913
Met Tower Global Funding, 5.40%, 06/20/2026(d)

  12,000,000   12,172,612
Pacific Life Global Funding II        
5.98% (SOFR + 0.62%), 06/04/2026(c)(d)

  6,420,000   6,390,530
6.41% (SOFR + 1.05%), 07/28/2026(c)(d)

  12,500,000   12,571,988
Principal Life Global Funding II        
1.38%, 01/10/2025(d)

  10,400,000   10,044,766
5.00%, 01/16/2027(d)

  3,000,000   3,024,163
Protective Life Global Funding, 5.37%, 01/06/2026(d)

  10,339,000   10,438,197
        143,200,256
Managed Health Care-0.43%
Humana, Inc., 5.70%, 03/13/2026

  7,921,000   7,923,831
Multi-line Insurance-0.38%
New York Life Global Funding, 5.99% (SOFR + 0.65%), 05/02/2025(c)(d)

  7,000,000   7,038,545
Multi-Utilities-0.06%
CenterPoint Energy, Inc., 6.01% (SOFR + 0.65%), 05/13/2024(c)

  1,158,000   1,158,063
Oil & Gas Exploration & Production-1.55%
Canadian Natural Resources Ltd. (Canada)        
3.80%, 04/15/2024

  19,343,000   19,260,992
3.90%, 02/01/2025

  5,204,000   5,124,131
Pioneer Natural Resources Co., 5.10%, 03/29/2026

  4,314,000   4,344,827
        28,729,950
Oil & Gas Refining & Marketing-0.39%
Phillips 66 Co., 2.45%, 12/15/2024

  7,282,000   7,114,576
Oil & Gas Storage & Transportation-1.76%
Enbridge, Inc. (Canada)        
5.99% (SOFR + 0.63%), 02/16/2024(c)

  4,606,000   4,606,509
5.97%, 03/08/2026

  12,226,000   12,225,937
Energy Transfer L.P., 4.05%, 03/15/2025

  15,976,000   15,765,694
        32,598,140
  Principal
Amount
  Value
Paper & Plastic Packaging Products & Materials-0.51%
WRKCo, Inc., 3.00%, 09/15/2024

$ 9,523,000   $9,363,791
Paper Products-0.68%
Georgia-Pacific LLC, 3.60%, 03/01/2025(d)

  12,750,000   12,559,652
Regional Banks-1.65%
Huntington Bancshares, Inc., 2.63%, 08/06/2024

  5,105,000   5,021,793
Morgan Stanley Bank N.A.        
6.13% (SOFR + 0.78%), 07/16/2025(c)

  10,135,000   10,189,219
6.42% (SOFR + 1.08%), 01/14/2028(c)

  10,000,000   10,053,091
Santander Holdings USA, Inc., 3.50%, 06/07/2024

  5,186,000   5,139,894
        30,403,997
Research & Consulting Services-0.75%
Verisk Analytics, Inc., 4.00%, 06/15/2025(b)

  14,000,000   13,817,824
Restaurants-0.34%
Starbucks Corp., 5.78% (SOFR + 0.42%), 02/14/2024(c)

  6,318,000   6,318,236
Retail REITs-0.20%
Realty Income Corp., 5.05%, 01/13/2026

  3,687,000   3,687,118
Soft Drinks & Non-alcoholic Beverages-0.86%
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025

  10,000,000   9,743,001
PepsiCo, Inc., 5.76% (SOFR + 0.40%), 11/12/2024(c)

  6,167,000   6,178,561
        15,921,562
Specialized Finance-0.66%
Blackstone Private Credit Fund, 2.70%, 01/15/2025

  12,645,000   12,276,217
Specialty Chemicals-0.24%
Sherwin-Williams Co. (The), 3.45%, 08/01/2025(b)

  4,500,000   4,398,428
Systems Software-1.11%
Oracle Corp., 2.95%, 11/15/2024

  11,000,000   10,789,379
VMware LLC, 1.00%, 08/15/2024

  10,000,000   9,753,223
        20,542,602
Technology Distributors-1.11%
Arrow Electronics, Inc.        
4.00%, 04/01/2025

  9,120,000   8,970,179
6.13%, 03/01/2026

  11,494,000   11,499,194
        20,469,373
Technology Hardware, Storage & Peripherals-0.37%
Hewlett Packard Enterprise Co., 5.90%, 10/01/2024

  6,765,000   6,774,930
Telecom Tower REITs-0.71%
American Tower Corp., 4.00%, 06/01/2025

  13,261,000   13,060,709
Trading Companies & Distributors-0.46%
Air Lease Corp., 4.25%, 02/01/2024

  8,514,000   8,514,000
Transaction & Payment Processing Services-0.52%
Global Payments, Inc., 1.50%, 11/15/2024

  10,000,000   9,691,046
Total U.S. Dollar Denominated Bonds & Notes

(Cost $986,693,989)

  991,985,666
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Asset-Backed Securities-18.85%
ABPCI Direct Lending Fund CLO II LLC (Cayman Islands), Series 2017-1A, Class A1R, 7.18% (3 mo. Term SOFR + 1.86%), 04/20/2032(c)(d)

$ 2,000,000   $1,999,420
Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2, 6.09%, 12/20/2029(d)

  14,427,252   14,577,578
Angel Oak Mortgage Trust        
Series 2020-1, Class A1, 2.16%, 12/25/2059(d)(f)

  1,082,806   1,031,268
Series 2020-5, Class A1, 1.37%, 05/25/2065(d)(f)

  1,840,109   1,716,902
Atrium XIII (Cayman Islands), Series 13A, Class A1, 6.76% (3 mo. Term SOFR + 1.44%), 11/21/2030(c)(d)

  2,886,283   2,892,405
AUF Funding LLC, Series 2022-1A, Class A1LN, 7.82% (3 mo. Term SOFR + 2.50%), 01/20/2031(c)(d)

  11,425,339   11,439,107
Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-2A, Class A, 3.35%, 09/22/2025(d)

  9,000,000   8,914,066
Barclays Dryrock Issuance Trust, Series 2023-2, Class A, 6.25% (30 Day Average SOFR + 0.90%), 08/15/2028(c)

  9,260,000   9,286,382
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 5.73% (1 mo. Term SOFR + 0.39%), 11/25/2036(c)

  622,761   608,717
BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056(d)(f)

  3,713,874   3,248,717
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(d)(f)

  2,306,030   2,152,565
CBAM Ltd. (Cayman Islands), Series 2018-5A, Class A, 6.60% (3 mo. Term SOFR + 1.28%), 04/17/2031(c)(d)

  5,650,325   5,652,749
Chesapeake Funding II LLC (Canada)        
Series 2023-1A, Class A2, 6.60% (30 Day Average SOFR + 1.25%), 05/15/2035(c)(d)

  10,525,021   10,562,034
Series 2023-2A, Class A2, 6.45% (30 Day Average SOFR + 1.10%), 10/15/2035(c)(d)

  11,188,605   11,209,881
Citizens Auto Receivables Trust, Series 2023-2, Class A2B, 6.08% (30 Day Average SOFR + 0.73%), 10/15/2026(c)(d)

  5,000,000   5,006,672
COLT Mortgage Loan Trust        
Series 2020-2R, Class A1, 1.33%, 10/26/2065(d)(f)

  1,785,674   1,612,794
Series 2021-4, Class A1, 1.40%, 10/25/2066(d)(f)

  11,459,278   9,277,215
CSMC Trust, Series 2014-2R, Class 27A1, 3.66% (1 mo. Term SOFR + 0.31%), 02/27/2046(c)(d)

  4,036   4,026
CWABS, Inc. Asset-Backed Ctfs. Trust, Series 2004-4, Class M1, 6.17% (1 mo. Term SOFR + 0.83%), 07/25/2034(c)

  464,000   462,195
Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066(d)(f)

  4,732,409   4,134,670
DLLST LLC, Series 2024-1A, Class A3, 5.05%, 08/20/2027(d)

  2,730,000   2,733,094
  Principal
Amount
  Value
Dryden 30 Senior Loan Fund (Cayman Islands), Series 2013-30A, Class AR, 6.46% (3 mo. Term SOFR + 1.08%), 11/15/2028(c)(d)

$ 8,151,213   $8,150,561
Ellington Financial Mortgage Trust        
Series 2019-2, Class A1, 2.74%, 11/25/2059(d)(f)

  1,258,752   1,193,347
Series 2020-2, Class A1, 1.18%, 10/25/2065(d)(f)

  299,426   270,325
Enterprise Fleet Financing LLC        
Series 2023-3, Class A2, 6.40%, 03/20/2030(d)

  7,490,000   7,660,096
Series 2024-1, Class A2, 5.23%, 03/20/2030(d)

  2,990,000   3,001,457
FS KKR MM CLO 1 LLC, Series 2019-1A, Class A1R, 7.43% (3 mo. Term SOFR + 2.11%), 01/15/2031(c)(d)

  8,212,434   8,217,518
GM Financial Automobile Leasing Trust, Series 2023-2, Class A2B, 6.17% (30 Day Average SOFR + 0.82%), 10/20/2025(c)

  1,747,840   1,751,110
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A2, 6.50% (30 Day Average SOFR + 1.15%), 06/15/2028(c)(d)

  15,000,000   15,173,286
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 6.49% (3 mo. Term SOFR + 1.17%), 11/20/2030(c)(d)

  6,022,916   6,029,318
GoldenTree Loan Opportunities IX Ltd. (Cayman Islands), Series 2014-9A, Class AR2, 6.69% (3 mo. Term SOFR + 1.37%), 10/29/2029(c)(d)

  1,489,252   1,490,527
Golub Capital Partners CLO 34(M) Ltd. (Cayman Islands), Series 2017-34A, Class AR2, 6.98% (3 mo. Term SOFR + 1.71%), 03/14/2031(c)(d)

  10,994,348   10,982,771
Golub Capital Partners CLO 36(M) Ltd. (Cayman Islands), Series 2018-36A, Class A, 6.83% (3 mo. Term SOFR + 1.56%), 02/05/2031(c)(d)

  4,208,218   4,198,034
Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 7.30% (3 mo. Term SOFR + 1.98%), 10/20/2031(c)(d)

  4,583,288   4,583,489
Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 7.21% (3 mo. Term SOFR + 1.94%), 05/05/2032(c)(d)

  10,000,000   9,998,270
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, 09/27/2060(d)(f)

  1,586,832   1,460,525
HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 6.04% (1 mo. Term SOFR + 0.70%), 01/25/2036(c)

  633,294   619,660
Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A2B, 6.10% (30 Day Average SOFR + 0.75%), 09/15/2025(c)(d)

  2,693,004   2,696,529
KKR CLO 21 Ltd. (Cayman Islands), Series A, 6.58% (3 mo. Term SOFR + 1.26%), 04/15/2031(c)(d)

  1,851,872   1,852,498
Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class A1, 7.28%, 09/25/2068(d)(g)

  7,819,831   8,024,726
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Nationstar Home Equity Loan Trust, Series 2007-B, Class 1AV1, 5.67% (1 mo. Term SOFR + 0.33%), 04/25/2037(c)

$ 247,367   $245,878
Navient Private Education Refi Loan Trust        
Series 2020-FA, Class A, 1.22%, 07/15/2069(d)

  1,754,132   1,598,698
Series 2021-FA, Class A, 1.11%, 02/18/2070(d)

  3,443,048   2,942,662
Neuberger Berman CLO XIV Ltd. (Cayman Islands), Series 2013-14A, Class AR2, 6.61% (3 mo. Term SOFR + 1.29%), 01/28/2030(c)(d)

  7,254,131   7,258,759
Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman Islands), Series 2017-25A, Class AR, 6.49% (3 mo. Term SOFR + 1.19%), 10/18/2029(c)(d)

  8,990,232   8,994,529
New Residential Mortgage Loan Trust        
Series 2017-5A, Class A1, 6.95% (1 mo. Term SOFR + 1.61%), 06/25/2057(c)(d)

  261,286   259,140
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(d)(f)

  1,666,865   1,554,777
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(d)(f)

  1,048,134   967,150
OBX Trust        
Series 2018-EXP1, Class 2A1, 6.30% (1 mo. Term SOFR + 0.96%), 04/25/2048(c)(d)

  48,775   48,665
Series 2021-NQM2, Class A1, 1.10%, 05/25/2061(d)(f)

  8,740,955   7,005,160
OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 6.70% (3 mo. Term SOFR + 1.38%), 07/20/2029(c)(d)

  3,415,919   3,418,235
Octagon Investment Partners XVII Ltd. (Cayman Islands), Series 2013-1A, Class A1R2, 6.59% (3 mo. Term SOFR + 1.26%), 01/25/2031(c)(d)

  4,054,152   4,055,774
PRKCM Trust, Series 2023-AFC4, Class A1, 7.23%, 11/25/2058(d)(g)

  7,168,461   7,369,574
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 6.67% (3 mo. Term SOFR + 1.30%), 02/20/2030(c)(d)

  7,395,373   7,397,407
Residential Mortgage Loan Trust        
Series 2019-3, Class A1, 2.63%, 09/25/2059(d)(f)

  509,759   497,700
Series 2020-1, Class A1, 2.38%, 01/26/2060(d)(f)

  776,053   742,522
SBNA Auto Lease Trust, Series 2023-A, Class A3, 6.51%, 04/20/2027(d)

  12,000,000   12,248,196
Starwood Mortgage Residential Trust        
Series 2020-1, Class A1, 2.28%, 02/25/2050(d)(f)

  207,416   195,083
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(d)(f)

  2,565,566   2,368,217
Series 2021-2, Class A1, 0.94%, 05/25/2065(d)(f)

  2,541,733   2,310,068
Series 2021-4, Class A1, 1.16%, 08/25/2056(d)(f)

  8,351,763   7,037,223
Stratus CLO Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.48% (3 mo. Term SOFR + 1.16%), 12/28/2029(c)(d)

  7,658,521   7,660,627
Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.74%, 10/15/2029

  8,500,000   8,735,030
  Principal
Amount
  Value
TRK Trust, Series 2021-INV1, Class A1, 1.15%, 07/25/2056(d)(f)

$ 5,962,221   $5,194,686
Verus Securitization Trust        
Series 2020-1, Class A1, 3.42%, 01/25/2060(d)

  1,172,354   1,123,572
Series 2020-5, Class A1, 1.22%, 05/25/2065(d)(g)

  2,542,977   2,371,818
Series 2021-4, Class A1, 0.94%, 07/25/2066(d)(f)

  9,583,037   7,719,835
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(d)(g)

  7,421,641   7,534,520
Series 2023-7, Class A1, 7.07%, 10/25/2068(d)(g)

  9,694,488   9,959,300
Series 2023-INV2, Class A1, 6.44%, 08/25/2068(d)(g)

  8,902,262   9,026,755
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(d)

  2,218,472   2,003,943
World Omni Automobile Lease Securitization Trust, Series 2023-A, Class A2B, 6.11% (30 Day Average SOFR + 0.76%), 11/17/2025(c)

  2,589,430   2,593,428
Total Asset-Backed Securities

(Cost $357,535,281)

  348,315,435
U.S. Treasury Securities-1.08%
U.S. Treasury Notes-1.08%
4.25%, 01/31/2026

(Cost $19,978,906)

  20,000,000   20,010,938
Variable Rate Senior Loan Interests-0.07%(h)(i)
Aerospace & Defense-0.07%
Fly Funding II S.a.r.l. (India), Term Loan B, 7.07% (3 mo. SOFR + 1.75%), 08/09/2025

(Cost $1,330,929)

  1,333,967   1,267,409
  Shares    
Exchange-Traded Funds-0.05%
Invesco AAA CLO Floating Rate Note ETF(j)

(Cost $996,840)

  39,000   998,010
  Principal
Amount
   
Commercial Paper-24.15%(k)
Arrow Electronics, Inc., 5.87%, 02/07/2024(d)

$ 10,000,000   9,988,790
AT&T, Inc., 5.93%, 03/19/2024(d)

  10,000,000   9,926,653
AutoNation, Inc.        
5.92%, 02/01/2024(d)

  10,000,000   9,998,418
5.96%, 02/06/2024(d)

  6,000,000   5,994,264
Avangrid, Inc., 5.53%, 02/05/2024(d)

  400,000   399,694
Aviation Capital Group LLC        
5.92%, 02/05/2024(d)

  10,000,000   9,992,358
5.82%, 02/23/2024(d)

  10,915,000   10,876,563
Barclays Capital, Inc.        
5.41%, 02/01/2024

  8,000,000   7,998,828
6.14%, 07/24/2024

  15,000,000   14,618,488
Bayer Corp.        
6.31%, 07/16/2024(d)

  15,000,000   14,614,255
6.30%, 07/24/2024(d)

  10,000,000   9,731,075
6.15%, 08/12/2024(d)

  10,000,000   9,703,949
Brookfield BRP Holdings (Canada), Inc.        
5.97%, 02/02/2024

  2,000,000   1,999,398
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
5.97%, 02/05/2024

$ 11,500,000   $11,491,340
5.93%, 02/06/2024

  6,000,000   5,994,576
Brookfield Infrastructure Holdings (Canada), Inc.        
5.93%, 02/06/2024

  3,554,000   3,550,787
6.08%, 03/12/2024

  15,000,000   14,904,123
Crown Castle, Inc.        
6.04%, 02/13/2024(d)

  20,000,000   19,958,281
5.88%, 02/22/2024(d)

  7,000,000   6,975,090
Glencore Funding LLC, 5.71%, 07/08/2024(d)

  10,000,000   9,761,549
Global Payments, Inc., 5.98%, 02/05/2024

  19,000,000   18,984,221
Harley-Davidson Financial Services, Inc.        
5.97%, 02/08/2024(d)

  8,000,000   7,990,162
6.02%, 02/23/2024(d)

  2,000,000   1,992,743
6.14%, 03/04/2024(d)

  15,000,000   14,921,199
6.12%, 04/22/2024(d)

  5,500,000   5,426,032
HSBC USA, Inc., 6.40%, 08/01/2024(d)

  15,000,000   14,587,510
Jabil, Inc.        
6.00%, 02/01/2024(d)

  25,400,000   25,395,720
0.00%, 02/07/2024(d)

  10,000,000   9,989,917
National Fuel Gas Co.        
6.13%, 02/07/2024

  10,000,000   9,989,451
6.11%, 02/13/2024

  10,000,000   9,980,269
6.06%, 02/20/2024

  10,000,000   9,969,392
National Rural Utilities Cooperative Finance Corp., 5.49%, 02/01/2024

  4,400,000   4,399,351
NextEra Energy Capital Holdings, Inc., 5.77%, 02/02/2024(d)

  20,000,000   19,993,969
Oglethorpe Power Corp., 5.63%, 02/01/2024(d)

  20,000,000   19,996,996
UBS AG        
6.13%, 07/24/2024(d)

  14,750,000   14,372,456
6.13%, 08/21/2024(d)

  10,000,000   9,706,400
Western Midstream Operating L.P.        
6.20%, 02/09/2024(d)

  10,000,000   9,984,609
6.18%, 02/14/2024(d)

  5,000,000   4,987,860
6.18%, 02/23/2024(d)

  5,000,000   4,980,048
0.00%, 03/01/2024(d)

  10,000,000   9,948,125
WGL Holdings, Inc.        
5.95%, 02/02/2024(d)

  821,000   820,753
  Principal
Amount
  Value
5.96%, 02/05/2024(d)

$ 11,000,000   $10,991,721
5.97%, 02/08/2024(d)

  8,000,000   7,990,354
5.96%, 02/09/2024(d)

  400,000   399,457
5.96%, 02/13/2024(d)

  9,975,000   9,955,440
Total Commercial Paper

(Cost $446,005,826)

  446,232,634
Certificates of Deposit-1.30%
Diversified Banks-1.30%
Natixis S.A., 6.00%, 07/26/2024

  12,000,000   12,027,909
Standard Chartered Bank, 6.00%, 08/30/2024

  12,000,000   12,039,282
        24,067,191
Total Certificates of Deposit

(Cost $24,000,000)

  24,067,191
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.17%

(Cost $1,836,541,771)

  1,832,877,283
  Shares    
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.22%
Invesco Private Government Fund, 5.29%(j)(l)(m)

  1,140,684   1,140,684
Invesco Private Prime Fund, 5.52%(j)(l)(m)

  2,931,137   2,933,189
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $4,073,873)

  4,073,873
TOTAL INVESTMENTS IN SECURITIES-99.39%

(Cost $1,840,615,644)

  1,836,951,156
OTHER ASSETS LESS LIABILITIES-0.61%

  11,188,767
NET ASSETS-100.00%

  $1,848,139,923
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2024
(Unaudited)
Investment Abbreviations:
CLO -Collateralized Loan Obligation
Ctfs. -Certificates
ETF -Exchange-Traded Fund
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) All or a portion of this security was out on loan at January 31, 2024.
(c) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $917,561,224, which represented 49.65% of the Fund’s Net Assets.
(e) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024.
(g) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(h) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.
(i) Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(j) 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 January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Invesco AAA CLO Floating Rate Note ETF $994,305   $-   $-   $3,705   $-   $998,010   $22,403
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 7,266,577   13,192,785   (19,318,678)   -   -   1,140,684   45,903*
Invesco Private Prime Fund 18,691,275   25,127,975   (40,891,527)   1,415   4,051   2,933,189   124,707*
Total $26,952,157   $38,320,760   $(60,210,205)   $5,120   $4,051   $5,071,883   $193,013
    
* 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.
    
(k) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(l) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
(m) 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 Variable Rate Investment Grade ETF (VRIG)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-38.51%
Agricultural & Farm Machinery-0.08%
John Deere Capital Corp., 5.92% (SOFR + 0.56%), 03/07/2025(b)(c)

$ 678,000   $679,685
Automobile Manufacturers-2.95%
BMW US Capital LLC (Germany), 6.19% (SOFR + 0.84%), 04/01/2025(c)(d)

  897,000   902,693
Ford Motor Credit Co. LLC, 8.31% (SOFR + 2.95%), 03/06/2026(c)

  3,988,000   4,092,509
Hyundai Capital America        
6.51% (SOFR + 1.15%), 08/04/2025(b)(c)(d)

  3,100,000   3,103,546
6.68% (SOFR + 1.32%), 11/03/2025(c)(d)

  2,699,000   2,708,185
6.85% (SOFR + 1.50%), 01/08/2027(c)(d)

  4,500,000   4,528,473
Mercedes-Benz Finance North America LLC (Germany), 6.28% (SOFR + 0.93%), 03/30/2025(c)(d)

  2,000,000   2,014,540
Toyota Motor Credit Corp.        
5.61% (SOFR + 0.26%), 06/18/2024(b)(c)

  3,000,000   2,999,644
5.91% (SOFR + 0.56%), 01/10/2025(c)

  2,500,000   2,504,356
Volkswagen Group of America Finance LLC (Germany), 6.30% (SOFR + 0.95%), 06/07/2024(c)(d)

  1,667,000   1,668,922
        24,522,868
Commercial & Residential Mortgage Finance-0.48%
Nationwide Building Society (United Kingdom), 6.65% (SOFR + 1.29%), 02/16/2028(c)(d)

  4,000,000   3,944,072
Construction Machinery & Heavy Transportation Equipment-0.78%
Daimler Trucks Finance North America LLC (Germany)        
6.35% (SOFR + 1.00%), 04/05/2024(c)(d)

  3,500,000   3,502,619
6.10% (SOFR + 0.75%), 12/13/2024(b)(c)(d)

  3,000,000   3,002,253
        6,504,872
Consumer Finance-1.89%
American Express Co.        
6.70% (SOFR + 1.35%), 10/30/2026(c)

  4,000,000   4,028,877
6.32% (SOFR + 0.97%), 07/28/2027(c)

  2,500,000   2,504,597
Capital One Financial Corp., 6.71% (SOFR + 1.35%), 05/09/2025(b)(c)

  3,499,000   3,501,980
General Motors Financial Co., Inc.        
6.11% (SOFR + 0.76%), 03/08/2024(c)

  1,154,000   1,154,328
6.65% (SOFR + 1.30%), 04/07/2025(c)

  2,500,000   2,506,061
6.40% (SOFR + 1.04%), 02/26/2027(b)(c)

  2,000,000   1,981,832
        15,677,675
Diversified Banks-19.39%
ABN AMRO Bank N.V. (Netherlands), 7.13% (SOFR + 1.78%), 09/18/2027(c)(d)

  4,000,000   4,024,910
Banco Santander S.A. (Spain), 6.60% (SOFR + 1.24%), 05/24/2024(b)(c)

  2,600,000   2,607,258
Bank of America Corp.        
6.42% (3 mo. Term SOFR + 1.03%), 02/05/2026(b)(c)

  1,042,000   1,045,377
6.41% (3 mo. Term SOFR + 1.02%), 09/15/2026(c)

  2,696,000   2,664,865
6.32% (SOFR + 0.97%), 07/22/2027(c)

  6,539,000   6,532,679
6.41% (SOFR + 1.05%), 02/04/2028(b)(c)

  1,685,000   1,678,719
Bank of Montreal (Canada)        
6.69% (SOFR + 1.33%), 06/05/2026(c)

  2,429,000   2,455,888
6.51% (SOFR + 1.16%), 12/11/2026(c)

  3,000,000   3,021,469
  Principal
Amount
  Value
Diversified Banks-(continued)
Bank of Nova Scotia (The) (Canada)        
5.90% (SOFR + 0.55%), 03/02/2026(c)

$ 2,500,000   $2,486,064
5.25%, 06/12/2028(b)

  2,500,000   2,546,888
Banque Federative du Credit Mutuel S.A. (France), 6.75% (SOFR + 1.40%), 07/13/2026(c)(d)

  4,200,000   4,245,792
Barclays PLC (United Kingdom), 7.23% (SOFR + 1.88%), 09/13/2027(b)(c)

  2,500,000   2,519,230
BPCE S.A. (France), 7.33% (SOFR + 1.98%), 10/19/2027(c)(d)

  6,000,000   6,061,251
Canadian Imperial Bank of Commerce (Canada), 6.57% (SOFR + 1.22%), 10/02/2026(c)

  4,500,000   4,529,227
Citigroup, Inc.        
6.01% (SOFR + 0.67%), 05/01/2025(c)

  2,500,000   2,499,215
6.73% (SOFR + 1.37%), 05/24/2025(c)

  3,000,000   3,007,913
6.84% (3 mo. Term SOFR + 1.51%), 07/01/2026(c)

  1,882,000   1,895,757
Commonwealth Bank of Australia (Australia), 5.87% (SOFR + 0.52%), 06/15/2026(c)(d)

  3,000,000   2,995,299
HSBC Holdings PLC (United Kingdom)        
6.79% (SOFR + 1.43%), 03/10/2026(c)

  4,500,000   4,526,196
7.01% (3 mo. Term SOFR + 1.64%), 09/12/2026(c)

  5,000,000   5,048,563
6.93% (SOFR + 1.57%), 08/14/2027(c)

  2,500,000   2,520,884
Huntington National Bank (The), 6.55% (SOFR + 1.19%), 05/16/2025(c)

  3,300,000   3,267,822
ING Groep N.V. (Netherlands)        
6.99% (SOFR + 1.64%), 03/28/2026(b)(c)

  3,500,000   3,531,743
6.36% (SOFR + 1.01%), 04/01/2027(c)

  4,214,000   4,194,116
6.92% (SOFR + 1.56%), 09/11/2027(c)

  3,500,000   3,538,376
JPMorgan Chase & Co.        
5.89% (SOFR + 0.54%), 06/01/2025(c)

  4,000,000   3,998,098
5.95% (SOFR + 0.60%), 12/10/2025(c)

  3,000,000   2,999,205
6.67% (SOFR + 1.32%), 04/26/2026(c)

  2,400,000   2,421,505
6.55% (SOFR + 1.20%), 01/23/2028(c)

  1,667,000   1,682,465
6.54% (SOFR + 1.18%), 02/24/2028(b)(c)

  3,500,000   3,511,042
KeyBank N.A.        
5.67% (SOFR + 0.32%), 06/14/2024(c)

  2,500,000   2,484,206
5.67% (SOFR + 0.32%), 06/14/2024(c)

  1,351,000   1,342,863
Lloyds Banking Group PLC (United Kingdom)        
6.92% (SOFR + 1.56%), 08/07/2027(c)

  3,158,000   3,184,120
6.93% (SOFR + 1.58%), 01/05/2028(c)

  4,500,000   4,523,429
Macquarie Bank Ltd. (Australia), 6.55% (SOFR + 1.20%), 12/07/2026(c)(d)

  4,000,000   4,033,025
Mitsubishi UFJ Financial Group, Inc. (Japan), 6.30% (SOFR + 0.94%), 02/20/2026(b)(c)

  3,500,000   3,504,801
NatWest Markets PLC (United Kingdom), 5.89% (SOFR + 0.53%), 08/12/2024(c)(d)

  571,000   570,869
Royal Bank of Canada (Canada)        
6.19% (SOFR + 0.84%), 04/14/2025(c)

  4,000,000   4,016,773
6.43% (SOFR + 1.08%), 07/20/2026(b)(c)

  3,000,000   3,007,977
6.30% (SOFR + 0.95%), 01/19/2027(b)(c)

  2,917,000   2,923,511
Societe Generale S.A. (France)        
6.40% (SOFR + 1.05%), 01/21/2026(b)(c)(d)

  4,500,000   4,493,756
7.01% (SOFR + 1.66%), 01/19/2028(c)(d)

  5,000,000   5,014,403
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Diversified Banks-(continued)
Standard Chartered PLC (United Kingdom)        
7.09% (SOFR + 1.74%), 03/30/2026(c)(d)

$ 3,108,000   $3,128,509
7.28% (SOFR + 1.93%), 07/06/2027(c)(d)

  4,000,000   4,053,801
7.39% (SOFR + 2.03%), 02/08/2028(b)(c)(d)

  4,000,000   4,056,417
Sumitomo Mitsui Financial Group, Inc. (Japan), 6.78% (SOFR + 1.43%), 01/13/2026(b)(c)

  2,000,000   2,020,868
Svenska Handelsbanken AB (Sweden), 6.60% (SOFR + 1.25%), 06/15/2026(c)(d)

  1,275,000   1,288,013
Swedbank AB (Sweden), 6.26% (SOFR + 0.91%), 04/04/2025(c)(d)

  4,615,000   4,627,308
Toronto-Dominion Bank (The) (Canada), 6.43% (SOFR + 1.08%), 07/17/2026(c)

  1,839,000   1,848,589
USB Realty Corp., 6.72% (3 mo. Term SOFR + 1.41%)(c)(d)(e)

  1,100,000   826,580
Wells Fargo & Co., 6.67% (SOFR + 1.32%), 04/25/2026(c)

  2,000,000   2,012,914
        161,020,548
Diversified Capital Markets-0.18%
Deutsche Bank AG (Germany), 6.58% (SOFR + 1.22%), 11/16/2027(c)

  1,550,000   1,516,691
Electric Utilities-1.76%
National Rural Utilities Cooperative Finance Corp., 6.15% (SOFR + 0.80%), 02/05/2027(c)

  5,000,000   5,012,076
NextEra Energy Capital Holdings, Inc.        
6.37% (SOFR + 1.02%), 03/21/2024(c)

  4,850,000   4,852,166
6.10% (SOFR + 0.76%), 01/29/2026(c)

  4,773,000   4,779,555
        14,643,797
Health Care Services-0.26%
Roche Holdings, Inc., 5.60% (SOFR + 0.24%), 03/05/2024(c)(d)

  2,161,000   2,161,061
Industrial Conglomerates-0.30%
General Electric Co., 6.03% (3 mo. Term SOFR + 0.64%), 05/05/2026(c)

  2,481,000   2,474,198
Integrated Telecommunication Services-0.60%
AT&T, Inc., 6.81% (3 mo. Term SOFR + 1.44%), 06/12/2024(b)(c)

  3,832,000   3,843,453
Verizon Communications, Inc., 6.14% (SOFR + 0.79%), 03/20/2026(b)(c)

  1,116,000   1,121,440
        4,964,893
Investment Banking & Brokerage-2.92%
Charles Schwab Corp. (The)        
5.85% (SOFR + 0.50%), 03/18/2024(c)

  5,767,000   5,766,017
5.88% (SOFR + 0.52%), 05/13/2026(c)

  4,303,000   4,272,751
6.41% (SOFR + 1.05%), 03/03/2027(b)(c)

  4,000,000   3,972,854
Goldman Sachs Group, Inc. (The)        
6.16% (SOFR + 0.81%), 03/09/2027(c)

  2,460,000   2,444,331
7.33% (3 mo. Term SOFR + 2.01%), 10/28/2027(c)

  1,220,000   1,248,155
7.20% (SOFR + 1.85%), 03/15/2028(c)

  3,500,000   3,550,438
Morgan Stanley, 6.51% (SOFR + 1.17%), 04/17/2025(c)

  3,000,000   3,004,377
        24,258,923
Life & Health Insurance-4.91%
Athene Global Funding        
6.06% (SOFR + 0.70%), 05/24/2024(c)(d)

  5,000,000   5,004,646
6.06% (SOFR + 0.72%), 01/07/2025(c)(d)

  3,500,000   3,478,864
  Principal
Amount
  Value
Life & Health Insurance-(continued)
Brighthouse Financial Global Funding, 6.11% (SOFR + 0.76%), 04/12/2024(c)(d)

$ 2,500,000   $2,498,610
Corebridge Global Funding, 6.66% (SOFR + 1.30%), 09/25/2026(c)(d)

  4,000,000   4,025,975
GA Global Funding Trust        
5.85% (SOFR + 0.50%), 09/13/2024(c)(d)

  4,000,000   3,989,725
6.71% (SOFR + 1.36%), 04/11/2025(c)(d)

  5,820,000   5,818,501
Jackson National Life Global Funding, 6.50% (SOFR + 1.15%), 06/28/2024(c)(d)

  4,205,000   4,213,981
Pacific Life Global Funding II        
5.98% (SOFR + 0.62%), 06/04/2026(c)(d)

  4,222,000   4,202,620
6.41% (SOFR + 1.05%), 07/28/2026(c)(d)

  2,040,000   2,051,749
6.19% (SOFR + 0.85%), 02/05/2027(c)(d)

  3,000,000   3,000,000
Protective Life Global Funding, 6.33% (SOFR + 0.98%), 03/28/2025(c)(d)

  2,425,000   2,435,520
        40,720,191
Multi-line Insurance-0.48%
New York Life Global Funding, 5.83% (SOFR + 0.48%), 06/09/2026(c)(d)

  4,000,000   3,972,262
Multi-Utilities-0.34%
CenterPoint Energy, Inc., 6.01% (SOFR + 0.65%), 05/13/2024(c)

  2,843,000   2,843,154
Oil & Gas Storage & Transportation-0.14%
Enbridge, Inc. (Canada), 5.99% (SOFR + 0.63%), 02/16/2024(c)

  1,152,000   1,152,127
Regional Banks-1.05%
Morgan Stanley Bank N.A., 6.51% (SOFR + 1.17%), 10/30/2026(c)

  4,000,000   4,043,473
Truist Financial Corp., 5.75% (SOFR + 0.40%), 06/09/2025(c)

  4,702,000   4,663,830
        8,707,303
Total U.S. Dollar Denominated Bonds & Notes

(Cost $318,673,520)

  319,764,320
U.S. Treasury Securities-21.63%
U.S. Treasury Floating Rate Notes-21.63%
5.53% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.13%), 07/31/2025(c)

  96,500,000   96,402,099
5.50% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%), 10/31/2025(c)

  78,200,000   78,162,873
5.52% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%), 01/31/2026(c)

  5,000,000   5,003,192
Total U.S. Treasury Securities

(Cost $179,599,708)

  179,568,164
Asset-Backed Securities-18.76%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 5.51%, 02/25/2035(f)

  40,443   39,872
Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, 01/21/2031(d)

  3,500,000   3,505,948
Avis Budget Rental Car Funding (AESOP) LLC        
Series 2019-2A, Class C, 4.24%, 09/22/2025(d)

  4,250,000   4,207,174
Series 2020-2A, Class C, 4.25%, 02/20/2027(d)

  1,300,000   1,255,504
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
BAMLL Commercial Mortgage Securities Trust        
Series 2019-RLJ, Class B, 6.73% (1 mo. Term SOFR + 1.40%), 04/15/2036(c)(d)

$ 4,000,000   $3,981,962
Series 2022-DKLX, Class A, 6.48% (1 mo. Term SOFR + 1.15%), 01/15/2039(c)(d)

  1,000,000   983,639
BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 6.76% (1 mo. Term SOFR + 1.42%), 11/15/2034(c)(d)

  3,250,000   1,139,548
Bear Stearns Adjustable Rate Mortgage Trust        
Series 2003-7, Class 6A, 5.67%, 10/25/2033(f)

  100,724   94,852
Series 2003-8, Class 4A1, 5.90%, 01/25/2034(f)

  109,329   106,889
BPR Trust, Series 2021-KEN, Class A, 6.70% (1 mo. Term SOFR + 1.36%), 02/15/2029(c)(d)

  3,500,000   3,497,947
BX Commercial Mortgage Trust        
Series 2020-VKNG, Class A, 6.38% (1 mo. Term SOFR + 1.04%), 10/15/2037(c)(d)

  1,192,676   1,188,811
Series 2021-ACNT, Class B, 6.70% (1 mo. Term SOFR + 1.36%), 11/15/2038(c)(d)

  4,000,000   3,947,322
Series 2021-VINO, Class B, 6.30% (1 mo. Term SOFR + 0.97%), 05/15/2038(c)(d)

  1,776,197   1,752,724
Series 2021-VOLT, Class A, 6.15% (1 mo. Term SOFR + 0.81%), 09/15/2036(c)(d)

  700,000   691,164
Series 2021-VOLT, Class B, 6.40% (1 mo. Term SOFR + 1.06%), 09/15/2036(c)(d)

  3,252,772   3,203,253
Series 2021-VOLT, Class D, 7.10% (1 mo. Term SOFR + 1.76%), 09/15/2036(c)(d)

  1,250,000   1,228,286
BX Trust        
Series 2021-LGCY, Class B, 6.30% (1 mo. Term SOFR + 0.97%), 10/15/2036(c)(d)

  3,630,000   3,550,221
Series 2022-IND, Class C, 7.62% (1 mo. Term SOFR + 2.29%), 04/15/2037(c)(d)

  2,705,646   2,695,129
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(c)(d)

  1,000,000   989,890
CCG Receivables Trust, Series 2023-2, Class A2, 6.28%, 04/14/2032(d)

  3,000,000   3,052,844
Cold Storage Trust, Series 2020-ICE5, Class A, 6.35% (1 mo. Term SOFR + 1.01%), 11/15/2037(c)(d)

  2,457,476   2,451,045
COMM Mortgage Trust, Series 2019-521F, Class C, 6.78% (1 mo. Term SOFR + 1.45%), 06/15/2034(c)(d)

  4,000,000   3,011,240
Commonbond Student Loan Trust        
Series 2017-BGS, Class A2, 6.10% (1 mo. Term SOFR + 0.76%), 09/25/2042(c)(d)

  217,159   212,778
Series 2018-AGS, Class A2, 5.95% (1 mo. Term SOFR + 0.61%), 02/25/2044(c)(d)

  317,101   311,497
Series 2018-CGS, Class A2, 6.25% (1 mo. Term SOFR + 0.91%), 02/25/2046(c)(d)

  903,738   888,006
CPS Auto Receivables Trust, Series 2023-D, Class C, 7.17%, 01/15/2030(d)

  4,000,000   4,112,588
DBCG Mortgage Trust, Series 2017-BBG, Class C, 8.50% (PRIME), 06/15/2034(c)(d)

  3,750,000   3,750,134
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 6.26% (30 Day Average SOFR + 0.91%), 10/25/2056(c)(d)

  325,011   322,489
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A2, 6.60% (30 Day Average SOFR + 1.25%), 05/15/2028(c)(d)

  2,500,000   2,519,085
  Principal
Amount
  Value
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A2, 6.50% (30 Day Average SOFR + 1.15%), 06/15/2028(c)(d)

$ 4,000,000   $4,046,210
Great Wolf Trust        
Series 2019-WOLF, Class A, 6.68% (1 mo. Term SOFR + 1.35%), 12/15/2036(c)(d)

  4,500,000   4,499,919
Series 2019-WOLF, Class B, 6.98% (1 mo. Term SOFR + 1.65%), 12/15/2036(c)(d)

  3,384,000   3,376,907
GS Mortgage Securities Corp. Trust        
Series 2018-TWR, Class A, 6.53% (1 mo. Term SOFR + 1.20%), 07/15/2031(c)(d)

  3,000,000   2,495,662
Series 2021-ROSS, Class A, 6.60% (1 mo. Term SOFR + 1.26%), 05/15/2026(c)(d)

  2,500,000   2,313,953
Hertz Vehicle Financing LLC        
Series 2021-1A, Class B, 1.56%, 12/26/2025(d)

  4,850,000   4,697,835
Series 2021-1A, Class C, 2.05%, 12/26/2025(d)

  4,000,000   3,877,676
Home Equity Asset Trust, Series 2004-5, Class M2, 6.08% (1 mo. Term SOFR + 1.06%), 11/25/2034(c)

  480,983   474,034
HPEFS Equipment Trust, Series 2023-2A, Class D, 6.97%, 07/21/2031(d)

  1,500,000   1,543,295
Invitation Homes Trust, Series 2018-SFR4, Class C, 6.85% (1 mo. Term SOFR + 1.51%), 01/17/2038(c)(d)

  2,999,862   2,994,834
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class B, 6.84% (1 mo. Term SOFR + 1.51%), 06/15/2035(c)(d)

  2,385,000   2,090,453
JP Morgan Mortgage Trust        
Series 2019-6, Class A11, 6.35% (1 mo. Term SOFR + 1.01%), 12/25/2049(c)(d)

  64,528   62,102
Series 2019-INV2, Class A1, 6.35% (1 mo. Term SOFR + 1.01%), 02/25/2050(c)(d)

  190,198   182,576
Series 2019-INV3, Class A11, 6.00% (1 mo. Term SOFR + 1.11%), 05/25/2050(c)(d)

  81,457   78,020
Series 2019-LTV3, Class A1, 6.32% (1 mo. Term SOFR + 0.96%), 03/25/2050(c)(d)

  29,648   29,443
Series 2020-8, Class A11, 6.24% (30 Day Average SOFR + 0.90%), 03/25/2051(c)(d)

  206,201   194,279
Series 2020-LTV1, Class A11, 6.00% (1 mo. Term SOFR + 1.11%), 06/25/2050(c)(d)

  11,048   10,937
Series 2021-1, Class A11, 5.99% (30 Day Average SOFR + 0.65%), 06/25/2051(c)(d)

  612,921   566,124
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 05/15/2036(c)(d)

  1,925,000   1,921,310
Life Mortgage Trust, Series 2021-BMR, Class A, 6.15% (1 mo. Term SOFR + 0.81%), 03/15/2038(c)(d)

  3,440,396   3,402,871
Med Trust, Series 2021-MDLN, Class B, 6.90% (1 mo. Term SOFR + 1.56%), 11/15/2038(c)(d)

  2,985,671   2,952,180
Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A1, 5.00% (30 Day Average SOFR + 0.95%), 08/25/2051(c)(d)

  2,927,679   2,720,069
Merchants Fleet Funding LLC, Series 2023-1A, Class A, 7.21%, 05/20/2036(d)

  2,500,000   2,524,939
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Merrill Lynch Mortgage Investors Trust        
Series 2003-F, Class A1, 6.09% (1 mo. Term SOFR + 0.75%), 10/25/2028(c)

$ 51,321   $48,048
Series 2005-A2, Class A5, 5.35%, 02/25/2035(f)

  41,923   39,525
MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 6.55% (1 mo. Term SOFR + 1.22%), 04/15/2038(c)(d)

  2,097,192   2,080,488
MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 6.35% (1 mo. Term SOFR + 1.01%), 07/15/2038(c)(d)

  2,500,000   2,466,354
Nelnet Student Loan Trust        
Series 2020-5A, Class A, 6.33% (1 mo. Term SOFR + 0.99%), 10/25/2068(c)(d)

  4,660,522   4,638,100
Series 2021-A, Class A2, 6.48% (1 mo. Term SOFR + 1.14%), 04/20/2062(c)(d)

  2,680,000   2,636,832
OBX Trust        
Series 2018-EXP1, Class 2A1, 6.30% (1 mo. Term SOFR + 0.96%), 04/25/2048(c)(d)

  51,043   50,929
Series 2018-EXP2, Class 2A2, 6.40% (1 mo. Term SOFR + 1.06%), 07/25/2058(c)(d)

  217,292   211,881
Series 2019-EXP1, Class 2A1B, 6.16% (1 mo. Term SOFR + 1.06%), 01/25/2059(c)(d)

  980,185   957,261
Series 2019-EXP1, Class 2A2, 6.16% (1 mo. Term SOFR + 1.26%), 01/25/2059(c)(d)

  98,019   96,224
Series 2019-EXP2, Class 2A2, 6.25% (1 mo. Term SOFR + 1.31%), 06/25/2059(c)(d)

  191,985   184,970
Series 2019-INV2, Class A11, 6.42% (1 mo. Term SOFR + 1.06%), 05/27/2049(c)(d)

  3,022,745   2,929,628
Series 2020-EXP1, Class 2A2, 6.40% (1 mo. Term SOFR + 1.06%), 02/25/2060(c)(d)

  311,229   283,967
Series 2020-EXP3, Class 2A2, 6.65% (1 mo. Term SOFR + 1.31%), 01/25/2060(c)(d)

  364,307   357,317
Series 2020-INV1, Class A11, 6.00% (1 mo. Term SOFR + 1.01%), 12/25/2049(c)(d)

  193,019   182,585
OneMain Financial Issuance Trust, Series 2023-2A, Class A2, 6.85% (30 Day Average SOFR + 1.50%), 09/15/2036(c)(d)

  4,000,000   4,024,764
RLGH Trust, Series 2021-TROT, Class B, 6.61% (1 mo. Term SOFR + 1.28%), 04/15/2036(c)(d)

  3,000,000   2,951,982
SMB Private Education Loan Trust        
Series 2019-B, Class A2B, 6.45% (1 mo. Term SOFR + 1.11%), 06/15/2037(c)(d)

  1,726,229   1,715,696
Series 2020-A, Class A2B, 6.28% (1 mo. Term SOFR + 0.94%), 09/15/2037(c)(d)

  1,048,929   1,040,733
Series 2021-A, Class A2A2, 6.18% (1 mo. Term SOFR + 0.84%), 01/15/2053(c)(d)

  3,054,409   3,016,013
Series 2022-B, Class A1B, 6.80% (30 Day Average SOFR + 1.45%), 02/16/2055(c)(d)

  2,291,217   2,296,795
  Principal
Amount
  Value
Series 2022-C, Class A1B, 7.20% (30 Day Average SOFR + 1.85%), 05/16/2050(c)(d)

$ 2,208,817   $2,234,690
Series 2023-C, Class A1B, 6.90% (30 Day Average SOFR + 1.55%), 11/15/2052(c)(d)

  1,855,453   1,869,231
SMRT, Series 2022-MINI, Class B, 6.68% (1 mo. Term SOFR + 1.35%), 01/15/2039(c)(d)

  4,655,000   4,582,618
Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 07/20/2027(d)

  3,500,000   3,545,505
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2004-AR3, Class A2, 4.51%, 06/25/2034(f)

  45,905   41,632
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6FL, 7.00% (1 mo. Term SOFR + 1.66%), 01/15/2059(c)(d)

  2,500,000   2,477,694
Westlake Automobile Receivables Trust, Series 2023-4A, Class C, 6.64%, 11/15/2028(d)

  3,000,000   3,059,397
Total Asset-Backed Securities

(Cost $159,257,350)

  155,768,328
Agency Credit Risk Transfer Notes-16.84%
Fannie Mae Connecticut Avenue Securities        
Series 2019-R01, Class 2M2, 7.91% (30 Day Average SOFR + 2.56%), 07/25/2031(c)(d)(g)

  202,932   203,776
Series 2021-R01, Class 1M1, 6.09% (30 Day Average SOFR + 0.75%), 10/25/2041(c)(d)(g)

  185,268   185,219
Series 2021-R03, Class 1M1, 6.19% (30 Day Average SOFR + 0.85%), 12/25/2041(c)(d)(g)

  2,275,117   2,274,506
Series 2022-R01, Class 1M1, 6.34% (30 Day Average SOFR + 1.00%), 12/25/2041(c)(d)(g)

  2,348,144   2,349,109
Series 2022-R01, Class 1M2, 7.24% (30 Day Average SOFR + 1.90%), 12/25/2041(c)(d)(g)

  4,994,000   5,045,520
Series 2022-R02, Class 2M1, 6.54% (30 Day Average SOFR + 1.20%), 01/25/2042(c)(d)(g)

  1,845,186   1,847,167
Series 2022-R02, Class 2M2, 8.34% (30 Day Average SOFR + 3.00%), 01/25/2042(c)(d)(g)

  4,000,000   4,106,120
Series 2022-R03, Class 1M1, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(d)(g)

  1,375,850   1,396,531
Series 2022-R04, Class 1M1, 7.34% (30 Day Average SOFR + 2.00%), 03/25/2042(c)(d)(g)

  1,899,698   1,926,541
Series 2022-R04, Class 1M2, 8.44% (30 Day Average SOFR + 3.10%), 03/25/2042(c)(d)(g)

  3,400,000   3,545,685
Series 2022-R05, Class 2M1, 7.24% (30 Day Average SOFR + 1.90%), 04/25/2042(c)(d)(g)

  2,048,270   2,066,725
Series 2022-R05, Class 2M2, 8.34% (30 Day Average SOFR + 3.00%), 04/25/2042(c)(d)(g)

  1,750,000   1,803,730
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Series 2022-R06, Class 1M1, 8.09% (30 Day Average SOFR + 2.75%), 05/25/2042(c)(d)(g)

$ 1,114,612   $1,148,772
Series 2022-R07, Class 1M1, 8.29% (30 Day Average SOFR + 2.95%), 06/25/2042(c)(d)(g)

  2,816,770   2,905,124
Series 2022-R08, Class 1M1, 7.89% (30 Day Average SOFR + 2.55%), 07/25/2042(c)(d)(g)

  2,473,373   2,546,210
Series 2023-R01, Class 1M1, 7.74% (30 Day Average SOFR + 2.40%), 12/25/2042(c)(d)(g)

  4,697,202   4,823,443
Series 2023-R01, Class 1M2, 9.09% (30 Day Average SOFR + 3.75%), 12/25/2042(c)(d)(g)

  1,225,000   1,313,200
Series 2023-R02, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 01/25/2043(c)(d)(g)

  1,040,528   1,067,447
Series 2023-R02, Class 1M2, 8.69% (30 Day Average SOFR + 3.35%), 01/25/2043(c)(d)(g)

  700,000   743,366
Series 2023-R03, Class 2M1, 7.84% (30 Day Average SOFR + 2.50%), 04/25/2043(c)(d)(g)

  4,166,075   4,258,744
Series 2023-R04, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 05/25/2043(c)(d)(g)

  3,992,724   4,097,835
Series 2023-R04, Class 1M2, 8.89% (30 Day Average SOFR + 3.55%), 05/25/2043(c)(d)(g)

  4,023,816   4,305,860
Series 2023-R05, Class 1M1, 7.24% (30 Day Average SOFR + 1.90%), 06/25/2043(c)(d)(g)

  1,396,311   1,414,409
Series 2023-R05, Class 1M2, 8.44% (30 Day Average SOFR + 3.10%), 06/25/2043(c)(d)(g)

  1,100,000   1,159,013
Series 2023-R06, Class 1M1, 7.04% (30 Day Average SOFR + 1.70%), 07/25/2043(c)(d)(g)

  1,860,228   1,880,437
Series 2023-R06, Class 1M2, 8.04% (30 Day Average SOFR + 2.70%), 07/25/2043(c)(d)(g)

  5,680,000   5,912,958
Series 2023-R07, Class 2M2, 8.59% (30 Day Average SOFR + 3.25%), 09/25/2043(c)(d)(g)

  2,500,000   2,632,054
Series 2023-R08, Class 1M1, 6.84% (30 Day Average SOFR + 1.50%), 10/25/2043(c)(d)(g)

  1,772,508   1,781,465
Series 2023-R08, Class 1M2, 7.84% (30 Day Average SOFR + 2.50%), 10/25/2043(c)(d)(g)

  780,000   807,676
Freddie Mac        
Series 2020-DNA5, Class M2, STACR®, 8.14% (30 Day Average SOFR + 2.80%), 10/25/2050(c)(d)(h)

  728,562   739,215
Series 2021-DNA2, Class M2, STACR®, 7.64% (30 Day Average SOFR + 2.30%), 08/25/2033(c)(d)(h)

  4,188,950   4,269,846
Series 2021-DNA3, Class M1, STACR®, 6.09% (30 Day Average SOFR + 0.75%), 10/25/2033(c)(d)(h)

  413,774   413,801
  Principal
Amount
  Value
Series 2021-DNA3, Class M2, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 10/25/2033(c)(d)(h)

$ 3,125,000   $3,165,121
Series 2021-DNA5, Class M2, STACR®, 6.99% (30 Day Average SOFR + 1.65%), 01/25/2034(c)(d)(h)

  2,548,722   2,559,987
Series 2021-DNA6, Class M2, STACR®, 6.84% (30 Day Average SOFR + 1.50%), 10/25/2041(c)(d)(h)

  5,571,181   5,571,102
Series 2021-HQA3, Class M1, STACR®, 6.19% (30 Day Average SOFR + 0.85%), 09/25/2041(c)(d)(h)

  2,107,816   2,098,524
Series 2022-DNA2, Class M1A, STACR®, 6.64% (30 Day Average SOFR + 1.30%), 02/25/2042(c)(d)(h)

  1,606,324   1,611,823
Series 2022-DNA2, Class M1B, STACR®, 7.74% (30 Day Average SOFR + 2.40%), 02/25/2042(c)(d)(h)

  4,250,000   4,346,351
Series 2022-DNA3, Class M1A, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 04/25/2042(c)(d)(h)

  2,582,066   2,616,803
Series 2022-DNA3, Class M1B, STACR®, 8.24% (30 Day Average SOFR + 2.90%), 04/25/2042(c)(d)(h)

  4,730,000   4,914,810
Series 2022-DNA4, Class M1A, STACR®, 7.54% (30 Day Average SOFR + 2.20%), 05/25/2042(c)(d)(h)

  1,996,660   2,033,549
Series 2022-DNA4, Class M1B, STACR®, 8.69% (30 Day Average SOFR + 3.35%), 05/25/2042(c)(d)(h)

  2,500,000   2,633,488
Series 2022-DNA5, Class M1A, STACR®, 8.29% (30 Day Average SOFR + 2.95%), 06/25/2042(c)(d)(h)

  1,544,711   1,589,752
Series 2022-DNA6, Class M1, STACR®, 9.04% (30 Day Average SOFR + 3.70%), 09/25/2042(c)(d)(h)

  2,750,000   2,932,411
Series 2022-HQA1, Class M1A, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(d)(h)

  2,279,184   2,305,688
Series 2022-HQA2, Class M1A, STACR®, 7.99% (30 Day Average SOFR + 2.65%), 07/25/2042(c)(d)(h)

  1,381,026   1,418,769
Series 2022-HQA3, Class M1, STACR®, 7.64% (30 Day Average SOFR + 2.30%), 08/25/2042(c)(d)(h)

  1,487,505   1,519,974
Series 2023-DNA1, Class M1, STACR®, 8.44% (30 Day Average SOFR + 3.10%), 03/25/2043(c)(d)(h)

  2,775,000   2,901,044
Series 2023-DNA1, Class M1, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2043(c)(d)(h)

  2,349,755   2,393,363
Series 2023-DNA2, Class M1, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 04/25/2043(c)(d)(h)

  2,410,411   2,467,461
Series 2023-HQA1, Class M1, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 05/25/2043(c)(d)(h)

  4,022,187   4,071,715
Series 2023-HQA2, Class M1, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 06/25/2043(c)(d)(h)

  1,585,912   1,600,618
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2024
(Unaudited)
  Principal
Amount
  Value
Series 2023-HQA2, Class M1, STACR®, 8.69% (30 Day Average SOFR + 3.35%), 06/25/2043(c)(d)(h)

$ 2,500,000   $2,636,728
Series 2023-HQA3, Class M2, STACR®, 7.19% (30 Day Average SOFR + 1.85%), 11/25/2043(c)(d)(h)

  1,171,347   1,182,993
Series 2023-HQA3, Class M2, STACR®, 8.69% (30 Day Average SOFR + 3.35%), 11/25/2043(c)(d)(h)

  6,000,000   6,292,718
Total Agency Credit Risk Transfer Notes

(Cost $137,023,986)

  139,836,296
U.S. Government Sponsored Agency Mortgage-Backed
Securities-3.28%
Collateralized Mortgage Obligations-1.45%
Fannie Mae REMICs        
5.76% (30 Day Average SOFR + 0.41%), 04/25/2035(c)

  694,782   693,185
5.44% (30 Day Average SOFR + 0.43%), 01/25/2045(c)

  536,852   521,021
5.96% (30 Day Average SOFR + 0.61%), 05/25/2046(c)

  211,688   206,699
5.60% (30 Day Average SOFR + 0.41%), 09/25/2047(c)

  547,416   539,252
5.77% (30 Day Average SOFR + 0.43%), 12/25/2047(c)

  195,206   192,554
Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN2, Class M1, 7.14% (30 Day Average SOFR + 1.80%), 07/25/2041(c)(d)

  3,388,799   3,203,578
Freddie Mac Multifamily Structured Pass-Through Ctfs.        
Series KF35, Class A, 5.81% (30 Day Average SOFR + 0.46%), 08/25/2024(c)

  72,824   72,749
Series KF35, Class A, 5.85% (30 Day Average SOFR + 0.50%), 10/25/2025(c)

  971,784   968,168
Series KF81, Class AS, 5.74% (30 Day Average SOFR + 0.40%), 06/25/2027(c)

  1,216,307   1,207,770
Series Q008, Class A, 5.85% (30 Day Average SOFR + 0.50%), 10/25/2045(c)

  396,001   394,853
Freddie Mac REMICs        
5.52% (30 Day Average SOFR + 0.46%), 09/15/2038(c)

  536,094   531,099
5.53% (30 Day Average SOFR + 0.56%), 09/15/2040(c)

  443,642   432,014
5.96% (30 Day Average SOFR + 0.61%), 06/15/2041(c)

  145,454   143,081
5.29% (30 Day Average SOFR + 0.43%), 08/15/2043(c)

  544,699   538,149
5.81% (30 Day Average SOFR + 0.46%), 01/15/2048(c)

  2,510,426   2,422,961
        12,067,133
Federal Home Loan Mortgage Corp. (FHLMC)-1.35%
ARM, 4.33% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.57%), 06/01/2037(c)

  190,217   190,594
ARM, 5.57% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.74%), 11/01/2038(c)

  230,522   237,224
  Principal
Amount
  Value
Federal Home Loan Mortgage Corp. (FHLMC)-(continued)
ARM, 5.19% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.73%), 03/01/2043(c)

$ 211,279   $216,169
ARM, 5.58% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.76%), 11/01/2047(c)

  3,667,670   3,756,547
ARM, 3.51% (1 yr. U.S. Treasury Yield Curve Rate + 2.17%), 11/01/2048(c)

  3,045,434   3,027,236
ARM, 5.50% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.63%), 01/01/2049(c)

  3,726,741   3,797,502
        11,225,272
Federal National Mortgage Association (FNMA)-0.48%
ARM, 4.02% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.64%), 02/01/2035(c)

  44,325   44,249
ARM, 6.10% (1 yr. U.S. Treasury Yield Curve Rate + 2.37%), 07/01/2035(c)

  520,757   537,014
ARM, 7.34% (6 mo. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.57%), 07/01/2035(c)

  34,638   35,037
ARM, 5.97% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.72%), 10/01/2036(c)

  124,381   124,446
ARM, 4.53% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.78%), 03/01/2037(c)

  183,144   183,348
ARM, 4.88% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.48%), 11/01/2037(c)

  71,609   71,572
ARM, 3.07% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.58%), 04/01/2045(c)

  2,972,783   2,959,627
        3,955,293
Total U.S. Government Sponsored Agency Mortgage-Backed Securities

(Cost $27,506,571)

  27,247,698
Certificate of Deposit-0.48%
Diversified Banks-0.48%
Wells Fargo Bank N.A., 5.91% (SOFR + 0.60%), 08/14/2024(c)

(Cost $4,000,000)

  4,000,000   4,008,509
  Shares    
Money Market Funds-0.28%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(i)(j)

(Cost $2,384,890)

  2,384,890   2,384,890
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $828,446,025)

  828,578,205
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-3.60%
Invesco Private Government Fund, 5.29%(i)(j)(k)

  8,366,226   8,366,226
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2024
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.52%(i)(j)(k)

  21,498,102   $21,513,151
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $29,879,625)

  29,879,377
TOTAL INVESTMENTS IN SECURITIES-103.38%

(Cost $858,325,650)

  858,457,582
OTHER ASSETS LESS LIABILITIES-(3.38)%

  (28,089,636)
NET ASSETS-100.00%

  $830,367,946
Investment Abbreviations:
ARM -Adjustable Rate Mortgage
Ctfs. -Certificates
IBOR -Interbank Offered Rate
REMICs -Real Estate Mortgage Investment Conduits
SOFR -Secured Overnight Financing Rate
STACR® -Structured Agency Credit Risk
USD -U.S. Dollar
    
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 January 31, 2024.
(c) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2024.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $419,612,100, which represented 50.53% of the Fund’s Net Assets.
(e) Perpetual bond with no specified maturity date.
(f) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2024.
(g) CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.
(h) Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(i) 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 January 31, 2024.
    
  Value
October 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2024
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $3,549,222   $92,102,493   $(93,266,825)   $-   $-   $2,384,890   $54,801
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 5,111,416   25,283,793   (22,028,983)   -   -   8,366,226   64,540*
Invesco Private Prime Fund 13,146,985   55,418,862   (47,058,402)   214   5,492   21,513,151   175,188*
Total $21,807,623   $172,805,148   $(162,354,210)   $214   $5,492   $32,264,267   $294,529
    
* 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.
    
(j) The rate shown is the 7-day SEC standardized yield as of January 31, 2024.
(k) 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
January 31, 2024
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of January 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Invesco AAA CLO Floating Rate Note ETF              
Investments in Securities              
Asset-Backed Securities $-   $49,045,080   $-   $49,045,080
Money Market Funds 640,540   -   -   640,540
Total Investments $640,540   $49,045,080   $-   $49,685,620
Invesco Active U.S. Real Estate ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $77,888,814   $-   $-   $77,888,814
Money Market Funds -   4,441,194   -   4,441,194
Total Investments $77,888,814   $4,441,194   $-   $82,330,008
Invesco High Yield Bond Factor ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $46,991,722   $-   $46,991,722
U.S. Treasury Securities -   104,822   -   104,822
Money Market Funds 358,994   5,138,440   -   5,497,434
Total Investments in Securities 358,994   52,234,984   -   52,593,978
Other Investments - Assets*              
Futures Contracts 96,039   -   -   96,039
Investments Matured -   -   2,943   2,943
Swap Agreements -   23,097   -   23,097
  96,039   23,097   2,943   122,079
Other Investments - Liabilities*              
Futures Contracts (25,075)   -   -   (25,075)
Total Other Investments 70,964   23,097   2,943   97,004
Total Investments $429,958   $52,258,081   $2,943   $52,690,982

  Level 1   Level 2   Level 3   Total
Invesco High Yield Select ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $9,564,398   $-   $9,564,398
Non-U.S. Dollar Denominated Bonds & Notes -   204,385   -   204,385
Preferred Stocks -   48,209   -   48,209
Money Market Funds 59,906   1,043,518   -   1,103,424
Total Investments in Securities 59,906   10,860,510   -   10,920,416
Other Investments - Liabilities*              
Forward Foreign Currency Contracts -   (11,375)   -   (11,375)
Total Investments $59,906   $10,849,135   $-   $10,909,041
Invesco S&P 500® Downside Hedged ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $111,214,498   $-   $-   $111,214,498
Money Market Funds 4,950,856   1,504,198   -   6,455,054
Total Investments in Securities 116,165,354   1,504,198   -   117,669,552
Other Investments - Assets              
Futures Contracts 93,451   -   -   93,451
Other Investments - Liabilities              
Futures Contracts (37,431)   -   -   (37,431)
Total Other Investments 56,020   -   -   56,020
Total Investments $116,221,374   $1,504,198   $-   $117,725,572
Invesco Short Duration Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $8,035,336   $-   $8,035,336
Asset-Backed Securities -   793,050   -   793,050
U.S. Treasury Securities -   427,967   -   427,967
Preferred Stocks 29,799   50,059   -   79,858
Agency Credit Risk Transfer Notes -   70,224   -   70,224
Money Market Funds 516,305   412,307   -   928,612
Total Investments in Securities 546,104   9,788,943   -   10,335,047
Other Investments - Assets              
Futures Contracts 32,169   -   -   32,169
Other Investments - Liabilities              
Futures Contracts (19,553)   -   -   (19,553)
Total Other Investments 12,616   -   -   12,616
Total Investments $558,720   $9,788,943   $-   $10,347,663

  Level 1   Level 2   Level 3   Total
Invesco Total Return Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $578,747,647   $2,681,614   $581,429,261
U.S. Government Sponsored Agency Mortgage-Backed Securities -   380,757,887   -   380,757,887
U.S. Treasury Securities -   264,390,707   -   264,390,707
Asset-Backed Securities -   201,109,348   2,984,294   204,093,642
Agency Credit Risk Transfer Notes -   6,421,054   -   6,421,054
Preferred Stocks 3,013,762   1,695,523   -   4,709,285
U.S. Government Sponsored Agency Securities -   2,369,094   -   2,369,094
Municipal Obligations -   2,155,350   -   2,155,350
Exchange-Traded Funds 520,635   -   -   520,635
Non-U.S. Dollar Denominated Bonds & Notes -   514,088   -   514,088
Common Stocks & Other Equity Interests -   -   0   0
Options Purchased 369,900   -   -   369,900
Money Market Funds -   151,572,711   -   151,572,711
Total Investments in Securities 3,904,297   1,589,733,409   5,665,908   1,599,303,614
Other Investments - Assets*              
Futures Contracts 2,050,617   -   -   2,050,617
Investments Matured -   43,179   -   43,179
  2,050,617   43,179   -   2,093,796
Other Investments - Liabilities*              
Futures Contracts (4,476,445)   -   -   (4,476,445)
Options Written -   (24,083)   -   (24,083)
  (4,476,445)   (24,083)   -   (4,500,528)
Total Other Investments (2,425,828)   19,096   -   (2,406,732)
Total Investments $1,478,469   $1,589,752,505   $5,665,908   $1,596,896,882
Invesco Ultra Short Duration ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $991,985,666   $-   $991,985,666
Commercial Paper -   446,232,634   -   446,232,634
Asset-Backed Securities -   348,315,435   -   348,315,435
Certificates of Deposit -   24,067,191   -   24,067,191
U.S. Treasury Securities -   20,010,938   -   20,010,938
Variable Rate Senior Loan Interests -   1,267,409   -   1,267,409
Exchange-Traded Funds 998,010   -   -   998,010
Money Market Funds -   4,073,873   -   4,073,873
Total Investments $998,010   $1,835,953,146   $-   $1,836,951,156
Invesco Variable Rate Investment Grade ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $319,764,320   $-   $319,764,320
U.S. Treasury Securities -   179,568,164   -   179,568,164
Asset-Backed Securities -   155,768,328   -   155,768,328
Agency Credit Risk Transfer Notes -   139,836,296   -   139,836,296
U.S. Government Sponsored Agency Mortgage-Backed Securities -   27,247,698   -   27,247,698
Certificate of Deposit -   4,008,509   -   4,008,509
Money Market Funds 2,384,890   29,879,377   -   32,264,267
Total Investments $2,384,890   $856,072,692   $-   $858,457,582
    
* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.