NPORT-EX 2 edgar_wcq2j3vt.htm
Schedule of Investments(a)
Invesco Defensive Equity ETF (DEF)
November 30, 2019
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-5.95%
Charter Communications, Inc., Class A(b)
  6,364   $2,991,144
Comcast Corp., Class A
  58,117   2,565,865
Omnicom Group, Inc.
  32,891   2,614,177
T-Mobile US, Inc.(b)
  33,817   2,656,325
Verizon Communications, Inc.
  44,844   2,701,402
Walt Disney Co. (The)
  19,801   3,001,436
        16,530,349
Consumer Discretionary-6.53%
Darden Restaurants, Inc.
  21,200   2,510,928
Expedia Group, Inc.
  20,659   2,100,194
Garmin Ltd.
  32,148   3,140,538
Home Depot, Inc. (The)
  11,591   2,555,932
Starbucks Corp.
  29,638   2,531,974
TJX Cos., Inc. (The)
  47,563   2,907,526
Yum! Brands, Inc.
  23,697   2,385,577
        18,132,669
Consumer Staples-9.70%
Brown-Forman Corp., Class B
  41,374   2,805,985
Church & Dwight Co., Inc.
  37,520   2,635,405
Coca-Cola Co. (The)
  49,234   2,629,096
Constellation Brands, Inc., Class A
  13,082   2,434,037
Hershey Co. (The)
  17,839   2,643,026
McCormick & Co., Inc.
  17,180   2,907,715
Mondelez International, Inc., Class A
  49,473   2,599,311
Procter & Gamble Co. (The)
  22,235   2,714,004
Sysco Corp.
  34,990   2,818,444
Walmart, Inc.
  23,310   2,775,988
        26,963,011
Energy-3.67%
Chevron Corp.
  22,300   2,611,999
Exxon Mobil Corp.
  37,491   2,554,262
Kinder Morgan, Inc.
  131,869   2,585,951
Williams Cos., Inc. (The)
  108,037   2,454,601
        10,206,813
Financials-17.77%
Aflac, Inc.
  52,467   2,877,290
American Express Co.
  22,856   2,745,463
Aon PLC
  14,357   2,923,229
Bank of America Corp.
  91,840   3,060,109
BB&T Corp.
  51,876   2,838,655
BlackRock, Inc.
  6,251   3,093,682
Capital One Financial Corp.
  29,284   2,928,693
CME Group, Inc., Class A
  13,311   2,698,539
Globe Life, Inc.
  28,446   2,923,111
Intercontinental Exchange, Inc.
  30,280   2,851,467
JPMorgan Chase & Co.
  23,088   3,042,075
Marsh & McLennan Cos., Inc.
  27,313   2,951,716
Nasdaq, Inc.
  27,469   2,878,751
People’s United Financial, Inc.
  168,914   2,787,081
PNC Financial Services Group, Inc. (The)
  19,894   3,047,960
S&P Global, Inc.
  10,701   2,832,019
U.S. Bancorp
  48,198   2,893,326
        49,373,166
Health Care-13.86%
Abbott Laboratories
  31,905   2,726,282
Baxter International, Inc.
  31,100   2,549,267
Becton, Dickinson and Co.
  10,364   2,679,094
Danaher Corp.
  19,329   2,821,647
  Shares   Value
Health Care-(continued)
Hologic, Inc.(b)
  54,422   $2,792,937
Johnson & Johnson
  20,561   2,826,932
Medtronic PLC
  24,823   2,765,034
Merck & Co., Inc.
  32,520   2,835,094
ResMed, Inc.
  20,173   3,017,881
Stryker Corp.
  12,375   2,535,143
Thermo Fisher Scientific, Inc.
  9,176   2,880,805
Waters Corp.(b)
  11,663   2,590,002
Zimmer Biomet Holdings, Inc.
  19,221   2,792,427
Zoetis, Inc.
  22,407   2,700,492
        38,513,037
Industrials-14.12%
Allegion PLC
  27,072   3,249,452
AMETEK, Inc.
  30,694   3,039,013
C.H. Robinson Worldwide, Inc.
  30,277   2,326,787
Eaton Corp. PLC
  30,722   2,841,785
Emerson Electric Co.
  41,472   3,063,122
Expeditors International of Washington, Inc.
  35,556   2,658,167
General Dynamics Corp.
  14,298   2,598,519
Honeywell International, Inc.
  15,798   2,820,733
Ingersoll-Rand PLC
  21,915   2,873,276
Lockheed Martin Corp.
  7,070   2,764,582
Republic Services, Inc.
  31,692   2,809,496
Union Pacific Corp.
  16,164   2,844,702
Waste Management, Inc.
  24,028   2,713,001
Xylem, Inc.
  34,010   2,636,115
        39,238,750
Information Technology-14.32%
Accenture PLC, Class A
  14,092   2,834,747
Amphenol Corp., Class A
  29,569   3,075,176
Automatic Data Processing, Inc.
  16,785   2,866,542
Broadridge Financial Solutions, Inc.
  21,698   2,684,260
Citrix Systems, Inc.
  28,034   3,162,515
Fidelity National Information Services, Inc.
  20,613   2,847,686
Fiserv, Inc.(b)
  26,514   3,081,987
FLIR Systems, Inc.
  51,236   2,744,200
International Business Machines Corp.
  18,780   2,524,971
Jack Henry & Associates, Inc.
  18,595   2,825,324
Leidos Holdings, Inc.
  31,634   2,873,633
Motorola Solutions, Inc.
  16,312   2,728,998
Oracle Corp.
  47,906   2,689,443
Paychex, Inc.
  33,190   2,858,323
        39,797,805
Materials-4.11%
Air Products and Chemicals, Inc.
  12,467   2,946,326
Ball Corp.
  37,515   2,478,241
International Flavors & Fragrances, Inc.(c)
  21,160   2,988,427
Sherwin-Williams Co. (The)
  5,130   2,991,457
        11,404,451
Real Estate-5.04%
Boston Properties, Inc.
  20,485   2,837,992
Crown Castle International Corp.
  19,507   2,607,306
Duke Realty Corp.
  83,959   2,953,677
Prologis, Inc.
  32,691   2,992,861
Welltower, Inc.
  30,758   2,601,204
        13,993,040
Utilities-4.79%
CMS Energy Corp.
  44,026   2,698,794
Consolidated Edison, Inc.
  29,987   2,605,570
Invesco Defensive Equity ETF (DEF)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Utilities-(continued)
DTE Energy Co.
  20,866   $2,606,998
Duke Energy Corp.
  28,537   2,516,107
NextEra Energy, Inc.
  12,257   2,865,932
        13,293,401
Total Common Stocks & Other Equity Interests

(Cost $248,421,983)
  277,446,492
Money Market Funds-0.08%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.50%(d)

(Cost $216,554)
  216,554   216,554
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $248,638,537)
  277,663,046
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.44%
Invesco Government & Agency Portfolio, Institutional Class, 1.53%(d)(e)
  920,301   $920,301
Invesco Liquid Assets Portfolio, Institutional Class, 1.72%(d)(e)
  306,999   307,122
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,227,423)
  1,227,423
TOTAL INVESTMENTS IN SECURITIES-100.38%

(Cost $249,865,960)
  278,890,469
OTHER ASSETS LESS LIABILITIES-(0.38)%
  (1,045,020)
NET ASSETS-100.00%
  $277,845,449
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at November 30, 2019.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of November 30, 2019.
(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.
Schedule of Investments
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
November 30, 2019
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.49%
Australia-5.04%
AGL Energy Ltd.
  13,292   $183,500
Aurizon Holdings Ltd.
  41,857   163,644
BHP Group Ltd.
  84,616   2,188,066
BHP Group PLC
  96,226   2,128,409
BlueScope Steel Ltd.
  13,482   132,685
Brambles Ltd.
  17,801   151,110
Caltex Australia Ltd.
  8,940   208,985
Coca-Cola Amatil Ltd.
  10,114   77,852
Computershare Ltd.
  4,331   51,940
Crown Resorts Ltd.
  7,476   65,283
CSL Ltd.
  1,804   345,910
Downer EDI Ltd.
  15,437   87,396
Fortescue Metals Group Ltd.
  24,061   158,354
Incitec Pivot Ltd.
  37,995   83,010
Lendlease Group
  15,096   197,173
Metcash Ltd.
  45,755   92,846
Newcrest Mining Ltd.
  8,357   173,876
Orica Ltd.
  6,657   107,077
Origin Energy Ltd.
  41,860   246,333
Ramsay Health Care Ltd.
  2,305   113,783
Rio Tinto Ltd.
  25,643   1,680,723
Rio Tinto plc
  26,087   1,417,735
Santos Ltd.
  25,410   140,077
Sonic Healthcare Ltd.
  4,944   100,725
South32 Ltd.
  97,747   178,513
Tabcorp Holdings Ltd.
  19,916   64,527
Treasury Wine Estates Ltd.
  5,896   74,577
Wesfarmers Ltd.
  33,140   949,762
Woodside Petroleum Ltd.
  17,007   396,987
Woolworths Group Ltd.
  24,034   646,362
        12,607,220
Austria-0.33%
ANDRITZ AG
  2,184   85,246
Lenzing AG
  443   43,130
OMV AG
  4,605   262,709
UNIQA Insurance Group AG
  10,192   101,533
Verbund AG
  1,014   52,749
Vienna Insurance Group AG Wiener Versicherung Gruppe
  2,132   59,004
voestalpine AG
  6,226   165,098
Wienerberger AG
  2,365   64,930
        834,399
Belgium-1.10%
Ackermans & van Haaren N.V.
  591   88,948
Anheuser-Busch InBev S.A./N.V.
  24,690   1,956,532
Bekaert S.A.
  2,547   67,007
Colruyt S.A.
  690   35,757
Groupe Bruxelles Lambert S.A.
  1,489   151,207
Solvay S.A., Class A
  1,818   208,471
UCB S.A.
  1,215   98,545
Umicore S.A.
  3,115   133,881
        2,740,348
Brazil-0.16%
Adecoagro S.A.(a)
  9,371   64,472
Yamana Gold, Inc.
  89,764   325,739
        390,211
Canada-16.40%
Aecon Group, Inc.
  5,869   81,037
Agnico Eagle Mines Ltd.
  5,880   349,369
  Shares   Value
Canada-(continued)
Air Canada(a)
  17,767   $669,481
Alamos Gold, Inc., Class A
  20,970   118,881
Alimentation Couche-Tard, Inc., Class B
  41,778   1,366,966
AltaGas Ltd.(b)
  12,150   180,203
ARC Resources Ltd.(b)
  28,994   145,379
Atco Ltd., Class I
  4,935   187,220
B2Gold Corp.
  35,183   130,057
Barrick Gold Corp.
  46,986   784,603
Baytex Energy Corp.(a)
  45,373   49,190
BCE, Inc.
  16,683   803,095
Birchcliff Energy Ltd.
  23,519   38,955
BlackBerry Ltd.(a)
  9,618   53,077
Bombardier, Inc., Class B(a)
  101,720   150,867
Brookfield Asset Management, Inc., Class A
  42,361   2,450,926
BRP, Inc.
  5,250   256,996
CAE, Inc.
  5,115   137,440
Cameco Corp.(b)
  9,346   85,140
Canadian National Railway Co.
  14,886   1,351,704
Canadian Natural Resources Ltd.
  68,729   1,920,221
Canadian Pacific Railway Ltd.
  2,482   587,813
Canadian Solar, Inc.(a)
  4,093   66,921
Canadian Tire Corp. Ltd., Class A
  4,041   470,834
Canfor Corp.(a)
  9,992   119,385
Cascades, Inc.
  11,525   107,940
CCL Industries, Inc., Class B
  3,485   149,055
Celestica, Inc.(a)
  22,097   171,852
Cenovus Energy, Inc.
  95,992   848,444
Centerra Gold, Inc.(a)
  13,081   111,877
CGI, Inc., Class A(a)
  7,196   596,321
Chartwell Retirement Residences(b)
  5,263   57,692
Chorus Aviation, Inc.
  9,405   57,000
CI Financial Corp.
  14,222   223,997
Cineplex, Inc.
  3,523   67,344
Cogeco Communications, Inc.
  960   82,922
Cogeco, Inc.
  809   62,716
Constellation Software, Inc.
  149   159,293
Corus Entertainment, Inc., Class B
  10,207   44,186
Crescent Point Energy Corp.
  93,450   324,340
Detour Gold Corp.(a)
  9,970   184,651
Dollarama, Inc.
  5,618   205,518
Dorel Industries, Inc., Class B
  9,153   40,795
ECN Capital Corp.
  20,299   68,007
Emera, Inc.(b)
  9,902   407,188
Empire Co. Ltd., Class A
  18,749   502,091
Enbridge, Inc.
  76,273   2,888,411
Encana Corp.
  77,439   303,751
Enerflex Ltd.
  5,038   45,516
Enerplus Corp.
  12,463   77,222
Fairfax Financial Holdings Ltd.
  1,271   574,149
Finning International, Inc.
  9,248   167,101
George Weston Ltd.
  6,493   528,141
Gibson Energy, Inc.
  8,751   164,446
Gildan Activewear, Inc.
  6,039   177,317
Great Canadian Gaming Corp.(a)
  1,759   56,442
Hudbay Minerals, Inc.
  22,442   73,159
Hudsons Bay Co.
  15,612   114,247
Husky Energy, Inc.(b)
  28,946   210,734
Hydro One Ltd.(c)
  14,646   275,884
iA Financial Corp., Inc.
  7,719   395,176
IAMGOLD Corp.(a)
  42,454   154,698
IGM Financial, Inc.
  3,310   95,194
Imperial Oil Ltd.
  16,034   401,499
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Canada-(continued)
Intact Financial Corp.
  4,271   $440,428
Inter Pipeline Ltd.(b)
  14,530   240,663
Interfor Corp.(a)
  7,014   83,170
Keyera Corp.
  7,440   181,540
Kinross Gold Corp.(a)
  81,532   352,339
Kirkland Lake Gold Ltd.
  2,708   113,743
Linamar Corp.
  4,330   145,588
Loblaw Cos., Ltd.
  11,544   622,285
Magna International, Inc.
  36,826   2,028,930
Maple Leaf Foods, Inc.
  3,484   64,080
Martinrea International, Inc.
  11,161   103,858
MEG Energy Corp.(a)
  29,504   123,058
Methanex Corp.
  5,854   217,853
Metro, Inc.
  9,384   411,038
New Gold, Inc.(a)
  110,891   95,175
NFI Group, Inc.
  3,299   66,837
Norbord, Inc.(b)
  8,456   230,777
North West Co., Inc. (The)
  2,336   49,824
Nutrien Ltd.
  24,918   1,176,253
Onex Corp.
  7,830   466,293
Open Text Corp.(b)
  5,898   256,790
Pan American Silver Corp.
  6,801   130,772
Paramount Resources Ltd., Class A(a)
  10,184   46,693
Parkland Fuel Corp.
  7,880   280,138
Pembina Pipeline Corp.
  16,835   587,847
Precision Drilling Corp.(a)
  32,657   34,667
Premium Brands Holdings Corp.
  902   59,536
Quebecor, Inc., Class B
  3,952   98,008
Restaurant Brands International, Inc.
  10,083   662,483
Ritchie Bros Auctioneers, Inc.
  1,932   83,491
Rogers Communications, Inc., Class B
  7,356   356,765
Russel Metals, Inc.
  4,442   74,744
Saputo, Inc.
  5,728   173,145
Secure Energy Services, Inc.
  12,109   38,745
Seven Generations Energy Ltd., Class A(a)
  38,671   209,331
Shaw Communications, Inc., Class B
  7,811   161,424
ShawCor Ltd.
  3,729   36,104
Shopify, Inc., Class A(a)
  196   65,732
SNC-Lavalin Group, Inc.(b)
  11,303   204,403
Spin Master Corp.(a)(c)
  1,785   53,432
Stantec, Inc.
  4,249   112,795
Stars Group, Inc. (The)(a)
  6,891   165,135
Stella-Jones, Inc.
  1,914   54,887
Suncor Energy, Inc.
  85,762   2,675,038
Superior Plus Corp.
  9,184   86,914
Teck Resources Ltd., Class B
  47,750   747,751
TELUS Corp.
  10,604   400,369
TFI International, Inc.
  4,519   148,847
Thomson Reuters Corp.
  8,351   583,957
TORC Oil & Gas Ltd.(b)
  16,260   45,172
Toromont Industries Ltd.
  2,331   120,915
Tourmaline Oil Corp.
  17,365   161,720
TransAlta Corp.
  21,672   146,193
Transcontinental, Inc., Class A
  8,418   93,164
Uni-Select, Inc.
  5,301   41,386
Vermilion Energy, Inc.(b)
  6,506   93,555
West Fraser Timber Co. Ltd.
  4,934   214,596
WestJet Airlines Ltd.
  8,189   187,301
Whitecap Resources, Inc.
  38,577   119,078
WSP Global, Inc.
  3,742   241,522
        41,000,353
  Shares   Value
Chile-0.11%
Antofagasta PLC
  6,639   $74,540
Lundin Mining Corp.
  36,403   197,054
        271,594
China-0.04%
Fosun International Ltd.
  69,261   93,259
Colombia-0.09%
Gran Tierra Energy, Inc.(a)
  28,924   29,833
Millicom International Cellular S.A., SDR(b)
  2,400   107,412
Parex Resources, Inc.(a)
  5,463   80,819
        218,064
Denmark-0.99%
Carlsberg A/S, Class B
  1,724   248,205
Chr Hansen Holding A/S
  494   37,544
Coloplast A/S, Class B
  765   90,449
DSV Panalpina A/S
  739   80,526
H Lundbeck A/S
  1,570   60,192
Novo Nordisk A/S, Class B
  21,851   1,229,207
Novozymes A/S, Class B
  2,210   105,667
Orsted A/S(c)
  1,287   118,702
Pandora A/S
  3,945   158,932
Rockwool International A/S, Class B
  196   43,820
Vestas Wind Systems A/S
  2,733   260,297
William Demant Holding A/S(a)(b)
  1,509   46,207
        2,479,748
Finland-0.68%
Elisa Oyj
  1,469   78,573
Fortum Oyj
  7,960   187,734
Huhtamaki Oyj
  1,328   58,350
Kesko Oyj, Class B
  2,391   161,448
Kone Oyj, Class B
  3,186   199,602
Metso Oyj
  1,716   65,844
Neste Oyj
  3,309   111,936
Nokian Renkaat Oyj
  2,117   57,328
Orion Oyj, Class B(b)
  1,552   67,594
Outokumpu Oyj
  20,103   57,653
Stora Enso Oyj, Class R
  18,146   244,095
UPM-Kymmene Oyj
  10,804   361,187
Wartsila Oyj Abp
  5,514   55,544
        1,706,888
France-8.70%
Accor S.A.
  2,793   119,579
Aeroports de Paris
  316   61,845
Air France-KLM(a)
  6,088   71,691
Air Liquide S.A.
  5,110   693,299
Airbus SE
  4,734   696,309
Alstom S.A.
  2,569   112,114
Arkema S.A.
  1,596   165,522
Atos SE
  2,147   182,470
Bollore S.A.
  19,382   82,918
Bouygues S.A.
  8,772   358,638
Capgemini SE
  2,283   270,225
Carrefour S.A.
  30,076   496,764
Casino Guichard Perrachon S.A.
  6,274   276,293
Cie de Saint-Gobain
  17,253   699,101
Cie Generale des Etablissements Michelin SCA
  3,922   470,927
Criteo S.A., ADR(a)
  4,478   79,932
Danone S.A.
  5,967   491,599
Dassault Systemes SE
  397   62,596
Eiffage S.A.
  2,389   261,041
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
France-(continued)
Electricite de France S.A.
  18,628   $191,508
Elis S.A.
  3,688   73,642
Engie S.A.
  84,514   1,338,139
EssilorLuxottica S.A.
  1,509   234,599
Faurecia S.A.
  3,094   164,227
Hermes International
  92   68,979
Iliad S.A.(b)
  500   63,703
Ingenico Group S.A.
  618   66,001
Kering S.A.
  375   226,047
Korian S.A.
  1,418   62,414
Lagardere SCA
  5,040   110,197
Legrand S.A.
  2,384   188,418
L’Oreal S.A.
  1,779   507,447
LVMH Moet Hennessy Louis Vuitton SE
  1,601   718,992
Nexity S.A.
  1,145   57,746
Orange S.A.(b)
  63,244   1,045,993
Pernod Ricard S.A.
  1,475   271,110
Peugeot S.A.
  22,707   548,805
Publicis Groupe S.A.
  3,882   170,955
Rallye S.A.(b)
  12,157   89,139
Renault S.A.
  9,477   454,076
Rexel S.A.
  13,888   169,591
Rubis SCA
  1,290   73,536
Safran S.A.
  2,772   453,724
Sanofi
  21,227   1,977,948
Schneider Electric SE
  8,958   865,233
SCOR SE
  6,155   264,606
SEB S.A.
  360   55,968
Sodexo S.A.
  1,539   179,532
SPIE S.A.
  3,738   75,836
Suez
  13,078   193,730
Teleperformance
  396   93,875
Thales S.A.
  1,132   110,985
TOTAL S.A.
  59,197   3,109,493
Ubisoft Entertainment S.A.(a)
  624   37,910
Valeo S.A.
  8,494   334,910
Vinci S.A.
  8,429   919,902
Vivendi S.A.
  15,835   435,095
Wendel S.A.
  702   94,663
        21,751,537
Germany-7.68%
adidas AG
  1,189   370,683
Aurubis AG
  2,109   99,898
BASF SE
  22,009   1,655,503
Bayer AG
  19,398   1,469,372
Beiersdorf AG
  550   64,191
Bilfinger SE
  1,803   65,047
Brenntag AG
  2,568   137,072
CECONOMY AG(a)
  27,818   133,976
Continental AG
  2,931   383,282
Covestro AG(c)
  5,886   275,821
Daimler AG
  30,582   1,726,450
Deutsche Lufthansa AG
  12,665   240,467
Deutsche Post AG
  13,945   520,316
Deutsche Telekom AG
  74,752   1,255,775
E.ON SE
  71,153   745,150
Evonik Industries AG
  3,938   114,369
Freenet AG
  3,693   86,039
Fresenius SE & Co. KGaA
  8,727   477,656
Fuchs Petrolub SE, Preference Shares
  1,417   61,245
GEA Group AG
  3,488   112,184
Hannover Rueck SE
  1,229   228,334
  Shares   Value
Germany-(continued)
HeidelbergCement AG
  3,728   $275,814
Henkel AG & Co. KGaA, Preference Shares
  5,077   536,727
HOCHTIEF AG
  576   70,813
HUGO BOSS AG
  1,084   51,096
Infineon Technologies AG
  9,794   209,368
K+S AG
  5,722   64,700
KION Group AG
  956   63,477
LANXESS AG
  2,123   141,620
Leoni AG(a)(b)
  3,179   41,010
Merck KGaA
  3,736   436,647
MTU Aero Engines AG
  337   91,371
Muenchener Rueckversicherungs-Gesellschaft AG
  4,131   1,186,992
OSRAM Licht AG(b)
  3,034   130,935
ProSiebenSat.1 Media SE
  9,403   141,105
Rheinmetall AG
  690   73,523
RWE AG
  19,529   579,444
Salzgitter AG
  2,552   50,508
SAP SE
  5,285   719,548
Schaeffler AG, Preference Shares
  23,614   258,233
Symrise AG
  626   60,768
Telefonica Deutschland Holding AG
  27,181   83,046
Uniper SE
  12,531   404,829
United Internet AG
  1,613   54,689
Volkswagen AG, Preference Shares
  16,862   3,262,532
        19,211,625
Ghana-0.02%
Tullow Oil PLC
  27,420   46,445
Hong Kong-0.86%
CK Hutchison Holdings Ltd.
  76,358   693,565
CLP Holdings Ltd.
  26,800   276,294
HKT Trust & HKT Ltd.
  56,736   83,208
Hong Kong & China Gas Co., Ltd. (The)
  55,754   106,269
Li & Fung Ltd.
  750,115   86,245
Melco Resorts & Entertainment Ltd., ADR
  13,731   292,195
MTR Corp. Ltd.
  19,840   111,268
NWS Holdings Ltd.
  26,395   35,406
PCCW Ltd.
  115,633   69,725
Swire Pacific Ltd., Class A
  12,950   116,550
Techtronic Industries Co. Ltd.
  11,047   83,053
WH Group Ltd.(c)
  190,525   195,691
        2,149,469
Indonesia-0.05%
First Pacific Co., Ltd.
  183,087   67,362
Golden Agri-Resources Ltd.
  298,623   46,951
        114,313
Ireland-0.26%
Kerry Group PLC, Class A
  885   113,583
Ryanair Holdings PLC, ADR(a)
  4,334   361,109
Smurfit Kappa Group PLC
  5,302   188,241
        662,933
Israel-0.14%
Check Point Software Technologies Ltd.(a)
  2,883   339,848
Italy-1.66%
A2A S.p.A.
  37,374   70,364
Atlantia S.p.A.
  8,581   190,364
Enel S.p.A.
  211,460   1,598,517
Eni S.p.A.
  87,983   1,330,396
Hera S.p.A.
  16,193   71,489
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Italy-(continued)
Leonardo S.p.A.
  10,333   $120,938
Saipem S.p.A.(a)
  18,022   82,465
Saras S.p.A.
  44,612   78,604
Societa Cattolica di Assicurazioni SC
  13,255   106,689
Telecom Italia S.p.A.(a)
  781,470   489,589
        4,139,415
Japan-17.25%
Aeon Co. Ltd.
  29,312   597,696
AGC, Inc.
  6,847   249,783
Aisin Seiki Co. Ltd.
  6,844   258,736
Alfresa Holdings Corp.
  6,074   125,407
Alps Alpine Co. Ltd.
  5,115   115,416
ANA Holdings, Inc.
  3,124   106,320
Asahi Group Holdings, Ltd.
  5,117   246,061
Astellas Pharma, Inc.
  31,146   531,140
Bandai Namco Holdings, Inc.
  1,793   108,667
Bridgestone Corp.
  15,012   599,740
Brother Industries Ltd.
  5,227   103,576
Canon, Inc.
  21,500   594,877
Central Japan Railway Co.
  1,926   388,594
Chugai Pharmaceutical Co. Ltd.
  808   70,522
Chugoku Electric Power Co., Inc. (The)
  11,517   152,179
Coca-Cola Bottlers Japan Holdings, Inc.
  2,324   55,792
Dai Nippon Printing Co., Ltd.
  7,419   198,296
Daicel Corp.
  8,465   83,174
Daiichi Sankyo Co. Ltd.
  4,287   268,627
Daikin Industries, Ltd.
  2,242   322,348
Daito Trust Construction Co., Ltd.
  1,425   174,172
Daiwa House Industry Co., Ltd.
  13,379   409,152
Denso Corp.
  11,987   535,042
Dentsu, Inc.
  4,560   165,311
East Japan Railway Co.
  5,989   550,719
Ebara Corp.
  2,224   66,815
Eisai Co. Ltd.
  2,364   175,071
Electric Power Development Co. Ltd.
  6,103   146,291
FamilyMart UNY Holdings Co. Ltd.
  2,155   50,849
FANUC Corp.
  1,824   348,194
Fast Retailing Co. Ltd.
  237   144,330
Fuji Electric Co. Ltd.
  2,398   73,795
FUJIFILM Holdings Corp.
  7,235   341,699
Fujikura Ltd.
  17,384   74,768
Fujitsu Ltd.
  5,810   527,945
Furukawa Electric Co. Ltd.
  3,105   85,344
H2O Retailing Corp.
  5,823   64,552
Hanwa Co. Ltd.
  3,527   89,826
Haseko Corp.
  8,643   111,125
Hitachi Construction Machinery Co. Ltd.
  2,601   68,546
Hitachi Metals Ltd.
  6,427   89,911
Hitachi, Ltd.
  31,280   1,228,235
Hokuriku Electric Power Co.(a)
  11,327   80,885
Holdings Corp.
  45,367   156,181
Honda Motor Co., Ltd.
  65,784   1,842,385
Hoya Corp.
  2,801   255,520
IHI Corp.
  6,177   144,004
Iida Group Holdings Co. Ltd.
  3,486   61,915
INPEX Corp.
  30,303   295,808
ITOCHU Corp.
  36,994   806,700
J Front Retailing Co. Ltd.
  7,834   102,870
Japan Airlines Co. Ltd.
  3,320   103,138
Japan Tobacco, Inc.
  17,919   408,172
JFE Holdings, Inc.
  24,819   316,158
JSR Corp.
  4,925   87,113
  Shares   Value
Japan-(continued)
JTEKT Corp.
  8,819   $109,523
JXTG Holdings, Inc.
  173,641   771,562
Kajima Corp.
  11,898   156,778
Kamigumi Co. Ltd.
  2,147   47,563
Kaneka Corp.
  1,587   51,374
Kansai Electric Power Co., Inc. (The)
  32,210   367,072
Kao Corp.
  3,387   266,358
Kawasaki Heavy Industries Ltd.
  6,534   146,659
Kawasaki Kisen Kaisha Ltd.(a)
  6,424   106,588
KDDI Corp.
  16,960   486,142
Keio Corp.
  838   53,719
Keyence Corp.
  422   144,276
Kikkoman Corp.
  985   49,470
Kintetsu Group Holdings Co. Ltd.
  2,584   146,059
Kirin Holdings Co. Ltd.
  13,206   292,194
Kobe Steel Ltd.
  28,799   147,006
Koito Manufacturing Co. Ltd.
  1,391   71,639
Komatsu Ltd.
  17,079   400,345
Konica Minolta, Inc.
  14,040   91,925
K’s Holdings Corp.
  6,312   77,582
Kubota Corp.
  16,191   249,644
Kuraray Co. Ltd.
  8,753   105,746
Kyushu Electric Power Co., Inc.
  21,504   189,296
Lawson, Inc.
  1,232   67,051
LIXIL Group Corp.
  13,944   235,562
Marubeni Corp.
  94,459   697,121
Maruha Nichiro Corp.
  1,616   42,617
Mazda Motor Corp.
  28,608   253,399
Medipal Holdings Corp.
  8,160   174,958
MINEBEA MITSUMI, Inc.
  5,935   115,112
Mitsubishi Corp.
  43,897   1,148,834
Mitsubishi Estate Co., Ltd.
  10,563   193,541
Mitsubishi Gas Chemical Co.Inc.
  5,910   92,393
Mitsubishi Materials Corp.
  5,939   158,576
Mitsui & Co., Ltd.
  55,777   987,850
Mitsui Chemicals, Inc.
  6,247   149,629
Mitsui E&S Holdings Co., Ltd.(a)
  7,683   63,002
Mitsui Fudosan Co., Ltd.
  11,057   274,936
Mitsui Mining & Smelting Co. Ltd.
  2,583   64,888
MS&AD Insurance Group Holdings, Inc.
  20,970   678,064
Murata Manufacturing Co., Ltd.
  6,005   347,874
Nagase & Co. Ltd.
  3,741   54,795
Nagoya Railroad Co. Ltd.
  2,977   94,739
NEC Corp.
  7,437   297,113
NGK Insulators Ltd.
  5,116   84,325
NGK Spark Plug Co., Ltd.
  3,563   71,286
NHK Spring Co. Ltd.
  8,854   78,183
Nikon Corp.
  8,257   113,175
Nippon Electric Glass Co. Ltd.
  2,586   54,809
Nippon Express Co. Ltd.
  1,218   77,189
Nippon Paper Industries Co. Ltd.
  5,554   96,818
Nippon Sheet Glass Co., Ltd.
  8,463   49,923
Nippon Steel Corp.
  40,227   589,758
Nippon Steel Trading Corp.
  1,516   69,633
Nippon Yusen KK
  11,441   196,308
Nissan Motor Co. Ltd.
  123,340   764,526
Nitori Holdings Co. Ltd.
  599   93,807
Nitto Denko Corp.
  3,914   219,450
Nomura Real Estate Holdings, Inc.
  2,974   71,831
Nomura Research Institute Ltd.
  3,501   73,818
NSK Ltd.
  12,943   125,045
Obayashi Corp.
  18,978   201,027
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Japan-(continued)
Odakyu Electric Railway Co. Ltd.
  2,757   $67,748
Oji Holdings Corp.
  27,937   159,443
Olympus Corp.
  7,603   112,750
Omron Corp.
  2,602   152,779
Ono Pharmaceutical Co. Ltd.
  3,883   87,049
Oriental Land Co. Ltd.
  654   90,447
ORIX Corp.
  40,765   667,257
Osaka Gas Co. Ltd.
  10,846   203,233
Otsuka Holdings Co. Ltd.
  6,307   274,949
Panasonic Corp.
  82,391   776,436
Persol Holdings Co. Ltd.
  2,324   42,720
Rakuten, Inc.
  9,236   80,038
Recruit Holdings Co., Ltd.
  6,441   233,031
Renesas Electronics Corp.(a)
  13,690   89,133
Ricoh Co. Ltd.
  23,028   236,988
Rohm Co. Ltd.
  1,797   150,967
Santen Pharmaceutical Co. Ltd.
  3,309   61,944
Secom Co. Ltd.
  2,405   204,395
Seibu Holdings, Inc.
  3,954   69,649
Seiko Epson Corp.
  7,481   113,810
Sekisui House Ltd.
  15,812   341,479
Seven & i Holdings Co., Ltd.
  18,770   698,969
Sharp Corp.
  6,795   102,629
Shimano, Inc.
  448   72,410
Shiseido Co. Ltd.
  1,588   114,630
Showa Denko K.K.
  3,394   90,591
SoftBank Group Corp.
  11,543   448,291
Sojitz Corp.
  55,160   173,272
Sompo Holdings, Inc.
  9,717   382,966
Stanley Electric Co. Ltd.
  2,397   66,322
Subaru Corp.
  17,471   457,316
SUMCO Corp.
  4,471   69,039
Sumitomo Chemical Co., Ltd.
  58,058   261,900
Sumitomo Corp.
  40,301   606,852
Sumitomo Electric Industries Ltd.
  28,719   428,517
Sumitomo Forestry Co. Ltd.
  5,614   81,101
Sumitomo Realty & Development Co., Ltd.
  3,309   115,245
Sumitomo Rubber Industries Ltd.
  7,797   99,038
Suntory Beverage & Food Ltd.
  1,800   78,075
Suzuken Co. Ltd.
  2,047   89,443
Suzuki Motor Corp.
  8,222   364,588
Sysmex Corp.
  708   49,051
Taiheiyo Cement Corp.
  3,707   107,138
Taisho Pharmaceutical Holdings Co. Ltd.
  633   46,705
Takashimaya Co. Ltd.
  7,799   92,013
Takeda Pharmaceutical Co. Ltd.
  15,697   638,573
TDK Corp.
  2,557   268,752
Teijin Ltd.
  6,315   118,734
Tobu Railway Co. Ltd.
  3,408   124,637
Tokio Marine Holdings, Inc.
  16,615   903,045
Tokyo Electric Power Co. Holdings, Inc.(a)
  131,251   575,294
Tokyu Fudosan Holdings Corp.
  15,104   103,581
Toray Industries, Inc.
  35,633   235,579
Toshiba Corp.
  12,264   440,120
Toyota Industries Corp.
  3,689   216,604
Toyota Tsusho Corp.
  10,941   382,151
Unicharm Corp.
  2,654   86,883
West Japan Railway Co.
  3,026   266,291
Yamada Denki Co. Ltd.
  23,077   115,058
Yamato Holdings Co. Ltd.
  2,908   49,710
Yaskawa Electric Corp.
  1,616   59,322
  Shares   Value
Japan-(continued)
Yokogawa Electric Corp.
  2,778   $50,811
Yokohama Rubber Co. Ltd. (The)
  3,351   69,003
        43,127,471
Luxembourg-0.33%
ArcelorMittal S.A.
  35,246   603,453
Orion Engineered Carbons S.A.
  2,707   49,213
Tenaris S.A.
  7,242   77,072
Ternium S.A., ADR
  4,259   91,824
        821,562
Macau-0.05%
Galaxy Entertainment Group Ltd.
  19,783   129,397
Netherlands-3.49%
Akzo Nobel N.V.
  3,182   304,957
ASM International N.V.
  826   91,940
ASML Holding N.V.
  1,868   508,735
Cimpress PLC(a)
  823   105,459
EXOR N.V.
  11,656   892,437
Heineken N.V.
  2,276   235,995
Koninklijke BAM Groep N.V.
  13,868   37,860
Koninklijke DSM N.V.
  1,880   241,077
Koninklijke KPN N.V.
  76,435   235,639
Koninklijke Philips N.V.
  11,145   517,898
NXP Semiconductors N.V.
  14,717   1,700,991
Randstad N.V.
  3,303   192,510
Royal Dutch Shell PLC, Class A
  117,855   3,378,621
Signify N.V.(c)
  4,084   121,897
Wolters Kluwer N.V.
  2,268   162,945
        8,728,961
New Zealand-0.10%
Contact Energy Ltd.
  14,288   65,759
Fletcher Building Ltd.
  29,731   99,811
Spark New Zealand Ltd.
  33,813   98,539
        264,109
Norway-0.14%
Gjensidige Forsikring A.S.A.
  5,922   111,532
Mowi ASA
  4,702   116,713
Orkla A.S.A.
  12,376   119,949
        348,194
Portugal-0.27%
EDP - Energias de Portugal S.A., Class R
  80,184   324,468
Galp Energia SGPS S.A.
  11,207   182,572
Jeronimo Martins SGPS S.A.
  5,642   90,172
Sonae SGPS S.A.
  79,733   80,045
        677,257
Russia-0.34%
Evraz PLC
  8,787   42,100
VEON Ltd., ADR
  243,833   643,719
Yandex N.V., Class A(a)
  3,708   155,625
        841,444
Singapore-0.41%
ComfortDelGro Corp. Ltd.
  39,734   68,284
Genting Singapore Ltd.
  89,328   60,425
Keppel Corp. Ltd.
  31,500   154,799
Sembcorp Industries Ltd.
  28,200   45,163
Singapore Airlines Ltd.
  18,938   127,274
Singapore Technologies Engineering Ltd.
  18,791   56,753
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Singapore-(continued)
Singapore Telecommunications Ltd.
  135,855   $335,800
Wilmar International Ltd.
  55,694   166,579
        1,015,077
South Africa-0.22%
Anglo American PLC
  20,599   539,957
South Korea-6.10%
CJ CheilJedang Corp.
  320   67,189
CJ Corp.
  1,284   100,120
Daelim Industrial Co. Ltd.
  1,013   77,102
DB Insurance Co. Ltd.
  2,729   128,693
Doosan Co. Ltd.
  578   33,374
Doosan Fuel Cell Co. Ltd.(a)
  1,935   12,893
Doosan Heavy Industries & Construction Co. Ltd.(a)
  24,802   114,650
Doosan Solus Co. Ltd.(a)
  1,067   17,164
E-MART, Inc.
  1,013   112,351
GS Engineering & Construction Corp.
  2,299   58,392
GS Holdings Corp.
  2,293   92,893
Hankook Tire & Technology Co. Ltd. (The)
  2,487   70,010
Hanwha Chemical Corp.
  4,553   67,650
Hanwha Corp.
  13,055   271,346
Hyosung Corp.
  782   52,568
Hyundai Engineering & Construction Co. Ltd.
  2,759   95,653
Hyundai Glovis Co. Ltd.
  430   54,790
Hyundai Marine & Fire Insurance Co. Ltd.
  4,717   111,820
Hyundai Mobis Co., Ltd.
  2,005   415,887
Hyundai Motor Co.
  7,840   803,149
Hyundai Steel Co.
  5,523   148,461
Kia Motors Corp.
  11,912   436,180
Korea Electric Power Corp.(a)
  26,774   632,430
Korea Gas Corp.
  2,915   92,301
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)
  1,980   201,160
Korea Zinc Co. Ltd.
  156   53,622
Korean Air Lines Co. Ltd.
  3,302   69,191
Korean Reinsurance Co.
  7,289   52,146
KT Corp., ADR
  14,508   163,215
KT&G Corp.
  1,695   140,347
LG Chem Ltd.
  890   230,949
LG Corp.
  2,123   127,615
LG Display Co. Ltd.(a)
  18,732   233,129
LG Electronics, Inc.
  6,093   360,581
LG Household & Health Care Ltd.
  51   54,621
LG International Corp.
  4,092   51,447
LG Uplus Corp.
  7,651   86,800
Lotte Chemical Corp.
  530   98,717
Lotte Shopping Co. Ltd.
  825   92,548
LS Corp.
  1,409   52,667
NAVER Corp.
  909   132,369
POSCO
  4,143   808,501
Posco International Corp.
  3,957   61,140
Samsung C&T Corp.
  1,770   148,206
Samsung Electro-Mechanics Co. Ltd.
  978   91,909
Samsung Electronics Co., Ltd.
  133,052   5,666,101
Samsung Fire & Marine Insurance Co., Ltd.
  916   180,307
Samsung Heavy Industries Co. Ltd.(a)
  11,736   69,155
Samsung SDI Co. Ltd.
  586   114,605
Samsung SDS Co. Ltd.
  335   55,448
SK Holdings Co. Ltd.
  1,902   414,651
SK Hynix, Inc.
  11,440   783,555
SK Innovation Co. Ltd.
  2,004   248,559
  Shares   Value
South Korea-(continued)
SK Networks Co. Ltd.
  12,520   $60,631
SK Telecom Co., Ltd.
  1,033   215,145
Woongjin Coway Co. Ltd.
  795   60,307
        15,246,410
Spain-1.96%
Acciona S.A.
  530   54,932
Aena SME S.A.(c)
  619   113,774
Amadeus IT Group S.A.
  2,474   197,222
Distribuidora Internacional de Alimentacion S.A.(a)(b)
  300,343   38,514
Endesa S.A.
  11,404   310,328
Ferrovial, S.A.
  5,873   174,517
Grifols S.A.
  3,477   118,884
Iberdrola S.A.
  113,432   1,116,626
Industria de Diseno Textil, S.A.
  9,389   292,556
Mapfre S.A.
  44,248   124,848
Naturgy Energy Group S.A.
  6,542   170,232
Repsol S.A.
  49,885   785,996
Telefonica S.A.
  184,464   1,413,968
        4,912,397
Sweden-1.50%
Alfa Laval AB
  3,171   78,048
Atlas Copco AB, Class A
  9,962   365,191
Boliden AB
  5,300   136,761
Electrolux AB, Series B
  6,250   160,688
Hennes & Mauritz AB, Class B(b)
  16,633   321,186
Hexagon AB, Class B
  1,942   109,839
Husqvarna AB, Class B
  7,231   56,490
ICA Gruppen AB(b)
  1,810   79,040
NCC AB, Class B
  3,664   57,646
Peab AB, Class B
  6,087   52,176
Sandvik AB
  11,708   213,008
Securitas AB, Class B
  6,068   100,667
Skanska AB, Class B
  11,349   250,879
SKF AB, Class B
  8,447   161,401
SSAB AB, Class A(b)
  27,536   85,725
Swedish Match AB
  1,741   83,429
Tele2 AB, Class B
  6,214   91,729
Telefonaktiebolaget LM Ericsson, Class B
  49,630   447,451
Telia Co. AB
  64,939   281,204
Trelleborg AB, Class B
  5,473   90,310
Volvo AB, Class B
  34,421   532,381
        3,755,249
Switzerland-5.74%
ABB Ltd.
  33,396   730,846
Adecco Group AG
  5,082   314,374
Aryzta AG(a)
  64,102   67,672
Chocoladefabriken Lindt & Spruengli AG, PC(b)
  15   114,449
Cie Financiere Richemont S.A.
  6,467   492,847
Clariant AG(a)
  3,073   63,529
Coca-Cola HBC AG(a)
  1,949   65,017
DKSH Holding AG
  807   41,789
Dufry AG(a)
  787   76,845
Geberit AG
  254   136,436
Georg Fischer AG
  71   69,590
Givaudan S.A.
  60   176,455
Glencore PLC(a)
  454,092   1,432,591
Kuehne + Nagel International AG
  894   145,459
LafargeHolcim Ltd.(a)
  9,394   484,670
Lonza Group AG(a)
  377   128,112
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Switzerland-(continued)
Nestle S.A.
  29,955   $3,114,948
Novartis AG
  30,339   2,794,825
Pargesa Holding S.A., BR
  1,152   90,952
Partners Group Holding AG
  98   82,687
Roche Holding AG
  7,846   2,419,710
Schindler Holding AG, PC
  923   230,254
SGS S.A.
  47   122,374
Sika AG
  973   169,461
Sonova Holding AG
  355   81,099
STMicroelectronics N.V.
  8,647   212,612
Swatch Group AG (The), BR
  977   273,738
Swisscom AG
  440   227,892
        14,361,233
United Kingdom-12.19%
Admiral Group PLC
  2,340   64,773
Aggreko PLC
  5,726   61,460
Ashtead Group PLC
  2,967   90,189
Associated British Foods PLC
  4,730   157,178
AstraZeneca PLC
  10,951   1,056,435
Avon Products, Inc.(a)
  26,029   119,473
Babcock International Group PLC
  17,199   131,346
BAE Systems PLC
  60,856   451,365
Balfour Beatty PLC
  25,254   72,127
Barratt Developments PLC
  18,995   163,833
Beazley PLC
  7,382   50,799
Bellway PLC
  1,809   78,131
Berkeley Group Holdings PLC
  2,255   133,766
BP PLC
  581,414   3,611,389
British American Tobacco PLC
  35,033   1,386,645
BT Group PLC
  262,194   649,672
Bunzl PLC
  4,732   129,945
Burberry Group PLC
  4,926   134,062
Capita PLC(a)
  57,736   118,296
Centrica PLC
  403,291   418,473
CNH Industrial N.V.
  28,061   300,985
Cobham PLC
  35,566   72,779
Coca-Cola European Partners PLC
  6,100   307,806
Compass Group PLC
  18,747   459,402
Croda International PLC
  795   51,211
Daily Mail and General Trust PLC, Class A
  5,868   62,468
DCC PLC
  1,758   150,264
Diageo PLC
  15,485   633,945
Direct Line Insurance Group PLC
  40,830   161,293
Dixons Carphone PLC
  73,309   117,014
Drax Group PLC
  17,006   61,372
DS Smith PLC
  22,324   110,249
Firstgroup PLC(a)
  67,692   105,422
G4S PLC
  40,622   109,871
GlaxoSmithKline PLC
  62,854   1,426,031
Hays PLC
  31,481   67,881
IMI PLC
  4,122   59,770
Imperial Brands PLC
  20,902   460,490
Inchcape PLC
  17,210   144,920
Informa PLC
  9,347   95,683
InterContinental Hotels Group PLC
  1,775   114,959
International Consolidated Airlines Group S.A.
  86   616
International Consolidated Airlines Group S.A., ADR
  25,958   371,770
Intertek Group PLC
  1,075   76,701
ITV PLC
  88,040   165,240
J Sainsbury PLC
  123,348   341,917
Janus Henderson Group PLC
  11,170   283,718
  Shares   Value
United Kingdom-(continued)
John Wood Group PLC(b)
  15,869   $72,110
Kier Group PLC(b)
  12,717   14,558
Kingfisher PLC
  97,541   264,829
Liberty Global PLC, Class C(a)
  51,882   1,115,463
Man Group PLC
  35,617   69,912
Manchester United PLC, Class A
  2,909   53,758
Marks & Spencer Group PLC
  72,539   182,357
Meggitt PLC
  13,242   110,136
Melrose Industries PLC
  75,723   224,888
Mondi PLC
  8,406   182,180
National Grid PLC(b)
  80,045   921,180
Next PLC
  2,451   214,254
Nomad Foods Ltd.(a)
  5,532   116,172
Pearson PLC
  19,604   163,963
Pennon Group PLC
  7,662   90,386
Persimmon PLC
  5,713   189,030
Petrofac Ltd.
  13,240   65,849
Playtech PLC
  10,510   52,217
Reckitt Benckiser Group PLC
  6,864   538,575
RELX PLC
  17,443   422,596
Rentokil Initial PLC
  10,583   60,903
Rolls-Royce Holdings PLC
  26,265   241,757
Rolls-Royce Holdings PLC, Class C(a)(d)
  1,208,190   1,563
Royal Mail PLC
  72,007   194,199
RSA Insurance Group PLC
  18,140   129,381
Saga PLC
  170,370   113,052
Sage Group PLC (The)
  7,798   76,034
Severn Trent PLC
  4,057   117,707
Signature Aviation PLC
  12,392   51,630
Smith & Nephew plc
  7,216   161,570
Smiths Group PLC
  5,514   118,469
SSE PLC
  36,992   622,039
Subsea 7 S.A.
  7,789   81,632
Tate & Lyle PLC
  7,607   71,967
Taylor Wimpey PLC
  64,906   146,293
Tesco PLC
  246,585   731,689
Thomas Cook Group PLC(a)(b)(d)
  511,753   0
Travis Perkins PLC
  6,885   137,104
Unilever N.V.
  23,587   1,399,178
Unilever PLC
  26,684   1,580,132
Vodafone Group PLC
  1,477,307   2,930,552
Weir Group PLC (The)
  3,112   56,174
Whitbread PLC
  2,149   127,895
William Hill PLC
  36,190   83,653
WM Morrison Supermarkets PLC(b)
  103,594   265,720
WPP PLC
  40,513   524,298
        30,482,138
United States-5.09%
Aon PLC
  4,446   905,250
Atlassian Corp. PLC, Class A(a)
  549   69,783
Bausch Health Cos., Inc.(a)
  16,029   452,782
Brightsphere Investment Group, Inc.
  5,079   48,911
Capri Holdings Ltd.(a)
  6,832   253,740
Carnival PLC
  12,960   545,325
Chubb Ltd.
  18,493   2,801,320
Constellium SE, Class A(a)
  10,027   141,782
Cott Corp.
  6,823   91,744
Delphi Technologies PLC
  13,146   163,799
Flex Ltd.(a)
  37,526   445,434
Garmin Ltd.
  2,688   262,591
IHS Markit Ltd.(a)
  9,113   662,059
International Game Technology PLC(b)
  6,426   95,426
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
United States-(continued)
James Hardie Industries PLC, CDI
  4,090   $80,117
LivaNova PLC(a)
  1,027   86,022
LyondellBasell Industries N.V., Class A
  18,794   1,739,197
Masonite International Corp.(a)
  1,774   127,373
Mellanox Technologies Ltd.(a)
  572   65,723
Mylan N.V.(a)
  41,949   787,802
Pentair PLC
  8,069   357,860
Resolute Forest Products, Inc.
  21,115   84,671
Samsonite International S.A.(c)
  23,263   51,710
Sensata Technologies Holding PLC(a)
  4,904   252,507
TE Connectivity Ltd.
  10,988   1,018,698
Venator Materials PLC(a)
  11,486   42,383
Waste Connections, Inc.
  4,303   388,007
Willis Towers Watson PLC
  3,615   710,131
        12,732,147
Total Common Stocks & Other Equity Interests

(Cost $244,200,299)
  248,740,672
Money Market Funds-0.15%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.50%(e)

(Cost $387,378)
  387,378   387,378
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.64%

(Cost $244,587,677)
  249,128,050
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.97%
Invesco Government & Agency Portfolio, Institutional Class, 1.53%(e)(f)
  3,751,581   $3,751,581
Invesco Liquid Assets Portfolio, Institutional Class, 1.72%(e)(f)
  1,164,549   1,165,014
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $4,916,585)
  4,916,595
TOTAL INVESTMENTS IN SECURITIES-101.61%

(Cost $249,504,262)
  254,044,645
OTHER ASSETS LESS LIABILITIES-(1.61)%
  (4,028,415)
NET ASSETS-100.00%
  $250,016,230
 
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
PC-Participation Certificate
SDR-Swedish Depository Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at November 30, 2019.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2019 was $1,206,911, which represented less than 1% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of November 30, 2019.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)
November 30, 2019
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.65%
Argentina-0.07%
Globant S.A.(a)
  98   $10,486
Australia-5.38%
A2B Australia Ltd.
  8,136   8,640
Accent Group Ltd.
  4,599   5,304
Adelaide Brighton Ltd.
  4,810   11,420
ALS Ltd.
  3,380   20,690
Ansell Ltd.
  1,440   28,889
AP Eagers Ltd.
  2,455   16,240
Aristocrat Leisure Ltd.
  1,329   30,492
Asaleo Care Ltd.(a)
  10,132   7,025
Australian Pharmaceutical Industries Ltd.
  16,091   14,258
Beach Energy Ltd.
  8,717   14,151
Breville Group Ltd.
  456   5,296
CIMIC Group Ltd.
  936   21,298
Cleanaway Waste Management Ltd.
  13,986   20,055
Cochlear Ltd.
  150   23,741
Costa Group Holdings Ltd.
  3,789   6,663
CSR Ltd.
  9,089   29,264
Estia Health Ltd.
  6,613   12,032
Evolution Mining Ltd.
  7,273   19,235
Flight Centre Travel Group Ltd.(b)
  522   15,546
G8 Education Ltd.
  4,510   5,994
GrainCorp Ltd., Class A(a)
  4,395   24,169
Harvey Norman Holdings Ltd.
  9,212   26,793
Iluka Resources Ltd.
  2,726   17,554
InvoCare Ltd.
  730   6,503
IOOF Holdings Ltd.
  1,296   6,864
JB Hi-Fi Ltd.(b)
  1,331   33,680
MACA Ltd.
  14,311   11,132
Magellan Financial Group Ltd.
  144   5,113
Mineral Resources Ltd.
  1,496   15,715
Monadelphous Group Ltd.
  1,277   14,122
Myer Holdings Ltd.(a)(b)
  32,830   11,325
New Hope Corp. Ltd.
  3,382   4,964
Nine Entertainment Co. Holdings Ltd.
  10,327   12,329
Northern Star Resources Ltd.
  1,919   12,448
Nufarm Ltd.(a)
  3,594   12,033
Orora Ltd.
  12,430   27,157
OZ Minerals Ltd.
  3,475   24,798
Pact Group Holdings Ltd.(a)(b)
  4,169   7,134
Pendal Group Ltd.
  1,114   6,450
Perenti Global Ltd.
  7,122   9,370
Platinum Asset Management Ltd.
  1,715   4,965
Premier Investments Ltd.
  953   12,660
Qube Holdings Ltd.
  10,782   24,504
REA Group Ltd.(b)
  164   11,577
Regis Resources Ltd.
  3,586   11,521
Resolute Mining Ltd.(a)
  10,322   8,064
Sandfire Resources NL
  2,191   8,284
Seven Group Holdings Ltd.(b)
  969   12,552
Sigma Healthcare Ltd.
  42,854   20,001
St Barbara Ltd.
  3,626   6,426
Star Entertainment Group Ltd. (The)
  8,944   28,797
Super Retail Group Ltd.
  2,112   14,271
Tassal Group Ltd.
  3,424   10,051
Village Roadshow Ltd.
  2,987   6,526
Vocus Group Ltd.(a)
  4,312   9,217
Whitehaven Coal Ltd.
  6,392   13,619
Worley Ltd.
  2,101   21,317
WPP AUNZ Ltd., Class A
  20,374   7,097
        837,335
  Shares   Value
Austria-0.37%
ams AG(a)
  381   $18,395
Oesterreichische Post AG
  459   16,676
Porr Ag(b)
  459   8,482
Semperit AG Holding(a)
  458   5,555
Zumtobel Group AG(a)
  1,100   8,757
        57,865
Belgium-1.13%
AGFA-Gevaert N.V.(a)
  4,128   21,165
Barco N.V.
  71   16,401
bpost S.A.
  1,798   21,282
Dieteren S.A./N.V.
  430   27,736
Econocom Group S.A./N.V.(b)
  2,952   7,662
Greenyard N.V.(a)(b)
  2,060   11,470
Ontex Group N.V.
  905   17,233
Orange Belgium S.A.
  592   13,153
Recticel S.A.
  808   7,100
Telenet Group Holding N.V.
  261   11,787
Tessenderlo Group S.A.(a)
  370   12,912
Viohalco S.A.(a)
  2,053   8,511
        176,412
Canada-5.89%
Ag Growth International, Inc.
  324   11,267
AGF Management Ltd., Class B
  4,186   19,665
Aimia, Inc.(a)
  4,703   13,773
Alcanna, Inc.(a)
  1,430   4,780
Altus Group Ltd.
  302   8,381
Athabasca Oil Corp.(a)
  29,468   8,431
ATS Automation Tooling Systems, Inc.(a)
  1,331   19,711
AutoCanada, Inc.
  3,037   30,913
Badger Daylighting Ltd.
  421   11,515
Bird Construction, Inc.
  3,016   15,145
Calfrac Well Services Ltd.(a)(b)
  8,189   5,055
Canaccord Genuity Group, Inc.
  7,042   25,978
Canada Goose Holdings, Inc.(a)
  181   6,957
Canfor Pulp Products, Inc.(b)
  1,523   9,586
Capstone Mining Corp.(a)
  35,218   15,378
Cardinal Energy Ltd.
  7,472   11,420
CES Energy Solutions Corp.
  9,351   13,165
Clearwater Seafoods, Inc.
  1,784   7,575
Colliers International Group, Inc.
  302   21,859
Computer Modelling Group Ltd.
  1,087   6,915
DIRTT Environmental Solutions(a)
  1,145   3,836
Dundee Precious Metals, Inc.(a)
  5,272   20,123
Enghouse Systems Ltd.
  447   13,932
Ensign Energy Services, Inc.
  5,767   10,030
Exchange Income Corp.
  877   29,270
Extendicare, Inc.
  3,174   20,288
Fiera Capital Corp.
  1,732   14,591
FirstService Corp.
  206   19,709
Fortuna Silver Mines, Inc.(a)
  6,164   20,233
Guyana Goldfields, Inc.(a)
  14,560   6,139
High Liner Foods, Inc.
  1,462   10,358
Horizon North Logistics, Inc.
  5,385   4,500
Intertape Polymer Group, Inc.
  1,463   17,733
Just Energy Group, Inc.
  6,057   16,462
Kelt Exploration Ltd.(a)
  3,658   10,603
Magellan Aerospace Corp.
  654   7,775
Medical Facilities Corp.
  1,555   5,514
Morneau Shepell, Inc.
  862   21,390
MTY Food Group, Inc.
  223   9,388
Mullen Group Ltd.
  3,409   21,123
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Canada-(continued)
NuVista Energy Ltd.(a)
  8,801   $16,499
Pason Systems, Inc.
  835   8,110
Pretium Resources, Inc.(a)
  2,771   27,767
Quarterhill, Inc.
  8,695   11,718
Recipe Unlimited Corp.
  940   14,211
Rogers Sugar, Inc.
  4,339   15,778
SEMAFO, Inc.(a)
  5,832   12,250
Sienna Senior Living, Inc.
  1,423   20,088
Sierra Wireless, Inc.(a)
  1,256   10,988
Sleep Country Canada Holdings, Inc.(c)
  835   12,428
SSR Mining, Inc.(a)
  2,010   31,264
Stelco Holdings, Inc.
  1,131   9,051
Tamarack Valley Energy Ltd.(a)
  10,518   14,333
TMAC Resources, Inc.(a)(c)
  1,029   2,704
Torex Gold Resources, Inc.(a)
  2,421   36,436
Transat AT, Inc.(a)
  2,865   35,180
Trevali Mining Corp.(a)
  64,640   9,611
Trican Well Service Ltd.(a)
  23,223   16,260
Wajax Corp.
  1,316   14,624
Western Forest Products, Inc.(b)
  18,896   17,214
Westshore Terminals Investment Corp.(b)
  962   15,659
Winpak Ltd.
  431   15,037
        917,676
China-0.65%
BYD Electronic International Co. Ltd.
  9,421   16,850
CGN New Energy Holdings Co. Ltd.
  44,801   6,238
COSCO SHIPPING International Hong Kong Co. Ltd.
  62,211   16,133
Kerry Logistics Network Ltd.
  8,581   13,242
Road King Infrastructure Ltd.
  5,925   10,779
Sinotruk Hong Kong Ltd.
  7,565   12,776
Towngas China Co. Ltd.(a)
  13,679   9,664
VSTECS Holdings Ltd.
  29,917   15,326
        101,008
Colombia-0.08%
Frontera Energy Corp.
  1,688   11,971
Denmark-1.22%
ALK-Abello A/S(a)
  34   8,359
D/S Norden A/S
  742   11,300
FLSmidth & Co. A/S
  545   20,034
Genmab A/S(a)
  71   16,554
GN Store Nord A/S
  575   27,111
Matas A/S
  960   7,098
NKT A/S(a)
  795   16,730
NNIT A/S(c)
  361   5,327
Per Aarsleff Holding A/S
  427   13,359
Schouw & Co. A/S
  196   14,968
Topdanmark A/S
  533   24,651
Tryg A/S
  840   24,172
        189,663
Egypt-0.15%
Centamin PLC
  16,557   23,794
Finland-1.33%
Bittium Oyj
  1,488   10,057
Cargotec Oyj, Class B
  664   21,920
Caverion Oyj
  1,492   11,713
Ferratum Oyj(b)(c)
  257   2,834
Kemira Oyj
  1,691   26,439
Konecranes Oyj
  561   17,876
Lehto Group Oyj(b)
  956   2,228
Outotec Oyj(a)
  2,027   11,980
  Shares   Value
Finland-(continued)
Sanoma Oyj
  1,242   $12,804
Stockmann OYJ Abp, Class B(a)
  4,918   11,198
Tieto Oyj
  863   24,816
Uponor Oyj
  994   12,768
Valmet Oyj
  1,020   22,853
YIT Oyj
  2,678   17,864
        207,350
France-3.35%
Akka Technologies(b)
  92   5,660
Albioma S.A.
  353   8,894
Altran Technologies S.A.
  1,514   23,654
Beneteau S.A.
  469   5,559
Bonduelle SCA
  395   10,366
CGG S.A.(a)
  9,662   25,355
Cie des Alpes
  330   10,679
Cie Plastic Omnium S.A.
  777   21,127
Dassault Aviation S.A.
  21   28,596
Derichebourg S.A.
  2,942   10,134
Elior Group S.A.(c)
  2,085   26,713
Eramet
  152   6,801
Fnac Darty S.A.(a)
  248   13,946
Gaztransport Et Technigaz S.A.
  102   9,020
Imerys S.A.
  482   19,132
Innate Pharma S.A.(a)(b)
  523   3,244
Ipsen S.A.
  135   15,257
Ipsos
  695   22,223
JCDecaux S.A.
  726   20,813
Kaufman & Broad S.A.
  323   13,056
LISI
  245   8,671
Maisons du Monde S.A.(c)
  496   7,192
Mersen S.A.
  318   10,554
Metropole Television S.A.
  814   14,145
Nexans S.A.
  760   30,100
Quadient
  1,068   22,574
Societe BIC S.A.
  299   20,605
Sopra Steria Group
  218   33,002
Tarkett S.A.
  528   7,749
Technicolor S.A.(a)
  19,720   16,079
Television Francaise 1
  2,097   16,960
Vicat S.A.
  409   17,362
Vilmorin & Cie S.A.
  139   7,663
Worldline S.A.(a)(c)
  143   9,263
        522,148
Germany-4.21%
AIXTRON SE(a)
  368   3,485
Amadeus Fire AG
  87   11,703
AURELIUS Equity Opportunities SE & Co. KGaA
  438   18,004
Axel Springer SE
  419   29,406
Bechtle AG
  184   24,224
Bertrandt AG
  139   8,123
CANCOM SE
  223   13,216
CTS Eventim AG & Co. KGaA
  283   17,287
Deutz AG
  1,383   8,295
Draegerwerk AG & Co. KGaA, Preference Shares
  239   14,652
Duerr AG
  521   16,050
ElringKlinger AG(a)(b)
  1,395   12,059
Fielmann AG
  402   31,404
Fraport AG Frankfurt Airport Services Worldwide
  312   26,599
Gerresheimer AG
  277   20,387
Heidelberger Druckmaschinen AG(a)(b)
  8,271   11,390
Hella GmbH & Co. KGaA
  474   25,599
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Germany-(continued)
Jungheinrich AG, Preference Shares
  831   $21,495
Kloeckner & Co. SE
  4,477   28,458
Krones AG
  197   13,684
KSB SE & Co. KGaA, Preference Shares
  39   12,728
MLP SE
  2,508   13,052
Nordex SE(a)(b)
  795   10,852
Norma Group SE
  308   12,755
Puma SE
  275   20,679
QSC AG
  4,745   6,226
Rational AG
  14   10,728
RHOEN-KLINIKUM AG
  717   14,705
RIB Software SE
  205   5,407
SAF-Holland S.A.
  764   6,116
Sartorius AG, Preference Shares
  79   16,663
Scout24 AG(c)
  429   26,583
Siltronic AG
  172   14,254
Sixt SE
  68   6,441
SMA Solar Technology AG(a)(b)
  255   8,739
Stabilus S.A.
  143   9,303
STO SE & Co. KGaA, Preference Shares
  95   11,187
Stroeer SE & Co. KGaA
  150   11,734
Suedzucker AG
  1,359   20,409
Takkt AG
  553   7,134
Trivago N.V., ADR(a)
  2,301   5,361
Wacker Chemie AG
  199   13,736
Wirecard AG
  159   21,003
Zalando SE(a)(c)
  316   13,623
        654,938
Hong Kong-1.34%
ASM Pacific Technology Ltd.
  2,316   30,238
Cafe de Coral Holdings Ltd.
  5,419   13,569
Cathay Pacific Airways Ltd.
  12,847   17,167
Cosmopolitan International Holdings Ltd.(a)
  13,606   1,947
Esprit Holdings Ltd.(a)
  70,492   13,958
Giordano International Ltd.
  28,774   8,822
Hutchison Telecommunications Hong Kong Holdings Ltd.(b)
  39,837   7,888
Luk Fook Holdings International Ltd.
  4,191   11,672
Melco International Development Ltd.
  9,812   24,067
Pacific Basin Shipping Ltd.
  73,286   15,261
Pacific Textiles Holdings Ltd.
  18,148   13,516
Television Broadcasts Ltd.
  7,605   12,377
Texhong Textile Group Ltd.
  5,901   6,129
Truly International Holdings Ltd.(a)(b)
  84,494   11,010
VTech Holdings Ltd.
  2,137   20,189
        207,810
Ireland-0.63%
C&C Group PLC
  3,483   17,571
Dalata Hotel Group PLC
  1,299   7,763
Glanbia PLC
  1,182   13,763
Greencore Group PLC
  5,992   18,826
Kingspan Group PLC
  556   29,990
Origin Enterprises PLC
  2,501   10,341
        98,254
Israel-0.23%
Ituran Location and Control Ltd.
  357   8,568
Plus500 Ltd.
  1,679   16,723
Wix.com Ltd.(a)
  86   10,396
        35,687
  Shares   Value
Italy-2.01%
ACEA S.p.A.
  603   $12,553
ASTM S.p.A.
  496   15,182
Autogrill S.p.A.
  1,887   20,182
Brunello Cucinelli S.p.A.
  133   4,930
Davide Campari-Milano S.p.A.
  1,955   17,859
De Longhi S.p.A.
  509   10,860
Fincantieri S.p.A.(b)
  7,319   7,303
IMMSI S.p.A.(a)
  13,472   8,437
Iren S.p.A.
  7,946   24,654
Italmobiliare S.p.A.
  722   20,340
Maire Tecnimont S.p.A.(b)
  3,029   8,389
MARR S.p.A.
  424   9,771
Mediaset S.p.A.(a)(b)
  6,295   19,046
Moncler S.p.A.
  358   15,698
OVS S.p.A.(a)(c)
  5,608   12,886
Piaggio & C S.p.A.
  2,736   8,839
PRADA S.p.A.
  4,089   14,861
Recordati S.p.A.
  422   17,714
Safilo Group S.p.A.(a)
  5,088   8,135
Salini Impregilo S.p.A.(a)
  4,949   9,658
Salvatore Ferragamo S.p.A.
  298   5,946
Societa Iniziative Autostradali e Servizi S.p.A.
  815   13,731
Sogefi S.p.A.(a)
  4,681   7,706
Tods S.p.A.
  129   5,681
Zignago Vetro S.p.A.
  907   13,041
        313,402
Ivory Coast-0.19%
Endeavour Mining Corp.(a)
  1,516   28,956
Japan-38.14%
ABC-Mart, Inc.
  235   15,644
Achilles Corp.
  930   15,634
Adastria Co. Ltd.
  322   7,213
ADEKA Corp.
  1,553   23,229
Advantest Corp.
  772   37,715
Aeon Delight Co. Ltd.
  424   15,061
Aeon Mall Co. Ltd.
  1,214   19,500
Aica Kogyo Co. Ltd.
  465   14,798
Aichi Steel Corp.
  616   20,503
Ain Holdings, Inc.
  165   10,246
Aisan Industry Co. Ltd.
  2,005   15,727
Alpen Co. Ltd.
  871   14,491
Anritsu Corp.
  746   14,176
AOKI Holdings, Inc.
  1,236   12,788
Aoyama Trading Co. Ltd.
  1,203   18,389
Arata Corp.
  599   23,575
Ariake Japan Co. Ltd.
  117   8,344
Aruhi Corp.
  218   4,949
Asahi Diamond Industrial Co. Ltd.
  2,086   12,401
Asahi Holdings, Inc.
  435   10,332
Asahi Intecc Co. Ltd.
  326   9,496
Asics Corp.
  1,823   30,181
ASKUL Corp.
  302   8,108
Ateam, Inc.
  361   3,709
Autobacs Seven Co. Ltd.
  1,234   20,159
Axial Retailing, Inc.
  385   13,483
Belc Co. Ltd.
  295   13,900
Benesse Holdings, Inc.
  1,025   27,031
Bic Camera, Inc.
  1,738   18,965
Canon Marketing Japan, Inc.
  791   18,202
Capcom Co Ltd.
  500   11,994
Casio Computer Co. Ltd.
  2,108   40,173
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Japan-(continued)
Cawachi Ltd.
  748   $15,683
Central Glass Co. Ltd.
  828   20,127
Chiyoda Co. Ltd.
  953   14,063
Chiyoda Corp.(a)
  4,659   11,700
Chugoku Marine Paints Ltd.
  1,085   10,056
CI Takiron Corp.
  1,910   11,808
Citizen Watch Co. Ltd.
  5,861   32,433
Cleanup Corp.
  2,477   15,765
cocokara fine, Inc.
  365   21,365
Colowide Co. Ltd.
  576   11,551
COMSYS Holdings Corp.
  1,213   35,057
CyberAgent, Inc.
  377   13,013
Daido Steel Co. Ltd.
  575   25,912
Daifuku Co. Ltd.
  359   20,882
Daihen Corp.
  338   11,312
Daiichi Jitsugyo Co. Ltd.
  618   21,021
Daiichikosho Co. Ltd.
  405   20,045
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.
  525   15,796
Daio Paper Corp.
  1,343   18,187
DCM Holdings Co. Ltd.
  2,309   22,371
DeNA Co. Ltd.
  1,001   16,106
Disco Corp.
  133   28,687
DMG Mori Co. Ltd.
  1,882   29,766
Doutor Nichires Holdings Co. Ltd.
  808   16,350
Duskin Co. Ltd.
  860   23,874
EDION Corp.
  3,159   34,097
FCC Co. Ltd.
  588   12,720
FP Corp.
  215   12,781
Freebit Co., Ltd.
  229   2,001
Fudo Tetra Corp.
  944   13,042
Fuji Corp.
  1,033   18,281
Fuji Oil Co. Ltd.
  5,474   12,097
Fuji Oil Holdings, Inc.
  540   15,163
Fuji Seal International, Inc.
  356   7,981
Fujimori Kogyo Co. Ltd.
  602   19,405
Fujitec Co. Ltd.
  1,219   19,257
Fujitsu General Ltd.
  735   13,954
Funai Electric Co. Ltd.(a)
  1,007   6,759
Futaba Industrial Co. Ltd.
  2,768   20,954
Gakken Holdings Co., Ltd.
  115   7,718
Geo Holdings Corp.
  1,045   12,434
GNI Group Ltd.(a)
  390   6,328
Godo Steel Ltd.
  509   12,164
GS Yuasa Corp.
  1,333   26,962
G-Tekt Corp.
  851   13,382
GungHo Online Entertainment, Inc.
  475   10,219
Gunze Ltd.
  293   13,859
Gurunavi, Inc.
  1,119   10,699
H.I.S. Co., Ltd.
  510   14,204
Hamakyorex Co. Ltd.
  261   8,747
Hamamatsu Photonics K.K.
  726   29,402
Happinet Corp.
  749   9,794
Hazama Ando Corp.
  3,215   25,953
Heiwa Corp.
  726   14,930
Hibiya Engineering Ltd.
  890   15,775
Hisamitsu Pharmaceutical Co., Inc.
  443   21,723
Hitachi Chemical Co. Ltd.
  927   33,352
Hitachi High-Technologies Corp.
  574   37,425
Hitachi Transport System Ltd.
  678   19,286
Hitachi Zosen Corp.
  5,779   22,164
Hokuto Corp.
  973   17,548
  Shares   Value
Japan-(continued)
Hoshizaki Corp.
  296   $25,867
Hosiden Corp.
  1,156   14,040
House Foods Group, Inc.
  564   19,545
Ichikoh Industries Ltd.
  484   3,770
IDOM Inc.
  2,040   9,743
Inaba Denki Sangyo Co. Ltd.
  1,116   26,700
Ines Corp.
  1,247   15,236
Iseki & Co. Ltd.
  1,070   15,751
Ishihara Sangyo Kaisha Ltd.
  739   7,916
Itochu Enex Co. Ltd.
  2,489   20,297
Itochu Techno-Solutions Corp.
  757   20,206
Itochu-Shokuhin Co. Ltd.
  484   22,850
Itoki Corp.
  2,830   13,386
Iwatani Corp.
  866   28,904
Izumi Co. Ltd.
  438   16,878
Japan Aviation Electronics Industry Ltd.
  1,112   21,162
Japan Petroleum Exploration Co. Ltd.
  916   23,463
Japan Pulp & Paper Co. Ltd.
  672   24,638
Japan Wool Textile Co. Ltd. (The)
  1,681   16,317
Jeol Ltd.
  399   11,022
J-Oil Mills, Inc.
  583   23,211
Joshin Denki Co. Ltd.
  637   14,158
Joyful Honda Co. Ltd.
  1,352   18,136
Juki Corp.
  831   6,898
Kaga Electronics Co. Ltd.
  1,002   22,307
Kaken Pharmaceutical Co. Ltd.
  428   23,020
Kamei Corp.
  1,620   17,811
Kanamoto Co. Ltd.
  636   18,120
Kanematsu Corp.
  2,536   32,374
Kato Sangyo Co. Ltd.
  836   27,979
Keihan Holdings Co. Ltd.
  681   33,270
Keihin Corp.
  1,246   29,275
Keikyu Corp.
  1,675   34,430
Keiyo Co. Ltd.
  3,144   15,245
Klab, Inc.
  576   4,455
KNT-CT Holdings Co., Ltd.(a)
  743   10,028
Kobe Bussan Co., Ltd.
  384   11,905
Konami Holdings Corp.
  667   29,357
Krosaki Harima Corp.
  103   5,389
Kumiai Chemical Industry Co. Ltd.
  1,114   10,549
Kureha Corp.
  226   13,394
Kurita Water Industries Ltd.
  1,130   31,575
KYB Corp.(a)
  603   17,978
Kyodo Printing Co. Ltd.
  640   16,977
Kyoritsu Maintenance Co. Ltd.
  203   9,751
Kyowa Hakko Kirin Co. Ltd.
  1,576   33,431
Leopalace21 Corp.(a)
  9,552   24,946
Life Corp.
  712   16,254
Linical Co., Ltd.
  339   3,235
M3, Inc.
  493   13,551
Mabuchi Motor Co. Ltd.
  599   22,809
Maeda Corp.
  2,476   22,203
Makino Milling Machine Co. Ltd.
  439   21,647
Marui Group Co. Ltd.
  1,169   28,117
Maruwa Co., Ltd.
  111   7,643
Matsumotokiyoshi Holdings Co. Ltd.
  761   29,047
Maxell Holdings Ltd.
  904   12,143
McDonald’s Holdings Co. Japan Ltd.
  354   17,488
Megmilk Snow Brand Co. Ltd.
  1,061   25,723
Meidensha Corp.
  1,158   22,661
Meitec Corp.
  296   15,650
Miraca Holdings, Inc.
  954   23,573
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Japan-(continued)
Mirait Holdings Corp.
  1,219   $18,189
Misawa Homes Co. Ltd.
  1,152   12,455
MISUMI Group, Inc.
  972   24,054
Mitsuba Corp.
  2,473   16,485
Mitsubishi Logisnext Co. Ltd.
  665   7,433
Mitsubishi Paper Mills Ltd.
  2,661   12,417
Mitsubishi Shokuhin Co. Ltd.
  1,206   31,981
Mitsuboshi Belting Ltd.
  617   11,770
Mitsui High-Tec, Inc.
  509   9,519
Mitsui-Soko Holdings Co. Ltd.
  872   15,822
Miura Co. Ltd.
  393   13,135
Mixi, Inc.
  960   18,339
Mizuno Corp.
  636   16,337
Morinaga & Co. Ltd.
  348   17,732
Morinaga Milk Industry Co. Ltd.
  658   27,459
Nabtesco Corp.
  855   26,233
Namura Shipbuilding Co. Ltd.
  3,312   8,529
NET One Systems Co. Ltd.
  465   13,057
Neturen Co. Ltd.
  1,464   11,738
Nichias Corp.
  1,013   24,217
Nichicon Corp.
  1,287   14,209
Nihon Parkerizing Co. Ltd.
  1,380   14,630
Nihon Unisys Ltd.
  508   16,329
Nikkiso Co. Ltd.
  720   8,869
Nikkon Holdings Co. Ltd.
  1,060   26,280
Nippon Carbon Co., Ltd.
  117   4,551
Nippon Chemical Industrial Co., Ltd.
  317   9,292
Nippon Chemi-Con Corp.
  535   10,069
Nippon Flour Mills Co. Ltd.
  1,540   23,892
NIPPON GAS CO., LTD.
  436   13,776
Nippon Light Metal Holdings Co. Ltd.
  13,053   26,580
Nippon Paint Holdings Co. Ltd.
  639   34,077
Nippon Shokubai Co. Ltd.
  406   25,099
Nippon Soda Co. Ltd.
  643   17,157
Nippon Yakin Kogyo Co. Ltd.
  441   9,399
Nishimatsu Construction Co. Ltd.
  1,072   23,376
Nissan Chemical Corp.
  609   24,108
Nissan Shatai Co. Ltd.
  1,915   19,358
Nissha Co. Ltd.
  1,164   11,947
Nisshin Oillio Group Ltd. (The)
  712   25,292
Nisshin Seifun Group, Inc.
  1,606   30,152
Nissin Kogyo Co. Ltd.
  1,107   22,492
Nittetsu Mining Co. Ltd.
  362   14,875
NOF Corp.
  640   21,361
Nojima Corp.
  870   18,010
Obic Co. Ltd.
  178   23,617
Oki Electric Industry Co. Ltd.
  2,237   30,784
Okinawa Electric Power Co., Inc. (The)
  1,105   20,070
OKUMA Corp.
  289   15,966
Okuwa Co. Ltd.
  1,405   18,180
Onward Holdings Co. Ltd.
  3,080   17,803
Open House Co. Ltd.
  462   12,357
Oracle Corp. Japan
  243   22,345
OSJB Holdings Corp.
  3,356   8,182
Otsuka Corp.
  675   27,028
OUTSOURCING, Inc.
  649   7,100
Pacific Industrial Co. Ltd.
  771   10,624
Pacific Metals Co., Ltd.
  328   7,191
Paltac Corp.
  372   18,411
Paramount Bed Holdings Co. Ltd.
  368   14,450
Park24 Co. Ltd.
  846   20,433
Pasona Group, Inc.
  536   8,184
  Shares   Value
Japan-(continued)
Penta-Ocean Construction Co. Ltd.
  4,911   $28,297
Pigeon Corp.
  320   14,874
Pilot Corp.
  327   12,571
Plenus Co. Ltd.
  764   13,437
Pola Orbis Holdings, Inc.
  754   18,576
Prima Meat Packers Ltd.
  700   16,217
Qol Holdings Co. Ltd.
  494   7,173
Relo Group, Inc.
  532   14,074
Resorttrust, Inc.
  927   15,550
Riken Corp.
  295   11,503
Rinnai Corp.
  365   27,997
Riso Kagaku Corp.
  730   12,672
Roland DG Corp.
  664   12,763
Round One Corp.
  591   5,942
Royal Holdings Co. Ltd.
  550   12,676
Ryohin Keikaku Co. Ltd.
  1,210   27,546
Ryosan Co. Ltd.
  937   24,865
S Foods, Inc.
  388   10,735
Saibu Gas Co. Ltd.
  709   16,296
Saizeriya Co. Ltd.
  448   10,579
Sakai Chemical Industry Co. Ltd.
  502   11,378
Sakata INX Corp.
  1,243   13,473
San-Ai Oil Co. Ltd.
  2,789   26,767
Sanden Holdings Corp.(a)
  2,393   16,739
Sanken Electric Co. Ltd.
  577   16,755
Sanki Engineering Co. Ltd.
  1,402   18,628
Sankyo Tateyama, Inc.
  1,567   17,686
Sanoh Industrial Co. Ltd.(b)
  2,576   30,933
Sanwa Holdings Corp.
  2,193   24,051
Sanyo Denki Co., Ltd.
  188   9,459
Sawai Pharmaceutical Co. Ltd.
  414   24,422
SBS Holdings, Inc.
  433   7,853
SCREEN Holdings Co. Ltd.
  390   27,173
SCSK Corp.
  481   25,168
Seed Co., Ltd.
  451   4,155
Sega Sammy Holdings, Inc.
  1,854   26,732
Seiko Holdings Corp.
  558   14,364
Senko Group Holdings Co. Ltd.
  2,623   21,701
Seria Co., Ltd.
  243   6,393
SG Holdings Co. Ltd.
  886   21,246
Shima Seiki Manufacturing Ltd.
  276   6,956
Shimadzu Corp.
  1,082   32,556
Shimamura Co. Ltd.
  335   26,859
Shinko Electric Industries Co. Ltd.
  1,557   15,697
Shinmaywa Industries Ltd.
  1,176   15,582
Shinoken Group Co., Ltd.
  681   7,680
Ship Healthcare Holdings, Inc.
  480   19,921
Shizuoka Gas Co. Ltd.
  1,680   13,991
Showa Corp.
  962   20,011
Showa Sangyo Co. Ltd.
  774   22,617
Siix Corp.
  810   11,176
SKY Perfect JSAT Holdings, Inc.
  2,720   11,624
Sohgo Security Services Co. Ltd.
  549   28,525
Square Enix Holdings Co. Ltd.(b)
  541   26,726
Sugi Holdings Co. Ltd.
  355   19,937
Sumida Corp.
  592   6,957
Sumitomo Bakelite Co. Ltd.
  452   17,831
Sumitomo Dainippon Pharma Co. Ltd.
  853   16,100
Sumitomo Mitsui Construction Co. Ltd.
  3,457   18,941
Sumitomo Osaka Cement Co. Ltd.
  630   26,262
Sumitomo Riko Co. Ltd.
  1,703   15,504
Sundrug Co. Ltd.
  766   26,860
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Japan-(continued)
Tachi-S Co. Ltd.
  1,373   $17,879
Tadano Ltd.
  1,406   13,738
Taiyo Nippon Sanso Corp.
  1,090   24,257
Taiyo Yuden Co. Ltd.
  1,115   29,181
Takamatsu Construction Group Co. Ltd.
  637   15,921
Takasago International Corp.
  460   10,863
Takasago Thermal Engineering Co. Ltd.
  1,179   20,423
Takeuchi Manufacturing Co. Ltd.
  568   8,760
Tamron Co. Ltd.
  447   10,429
Tamura Corp.
  1,918   11,612
Tateru, Inc.
  601   1,383
TechnoPro Holdings, Inc.
  190   12,631
T-Gaia Corp.
  610   14,577
TIS, Inc.
  627   37,216
TKC Corp.
  341   16,005
Toa Corp.
  551   7,653
Tobishima Corp.
  1,153   15,098
Toenec Corp.
  537   17,849
Toho Co. Ltd.
  606   24,597
Toho Zinc Co. Ltd.
  456   8,824
Token Corp.
  200   13,332
Tokushu Tokai Paper Co. Ltd.
  428   15,809
Tokuyama Corp.
  861   23,225
Tokyo Century Corp.
  301   16,052
Tokyu Construction Co. Ltd.
  2,436   17,328
Tomy Co. Ltd.
  975   11,859
Tonami Holdings Co. Ltd.
  205   9,453
Topy Industries Ltd.
  612   11,747
Towa Pharmaceutical Co. Ltd.
  398   10,227
Toyo Construction Co. Ltd.
  3,637   16,639
Toyo Tire Corp.
  1,415   20,364
Toyobo Co. Ltd.
  2,023   29,539
Toyota Boshoku Corp.
  1,825   28,714
Transcosmos, Inc.
  646   16,918
Trend Micro, Inc.
  622   33,568
TS Tech Co. Ltd.
  828   25,707
TSI Holdings Co. Ltd.
  1,961   9,903
Tsubaki Nakashima Co. Ltd.
  527   8,200
Tsubakimoto Chain Co.
  559   19,091
Tsugami Corp.
  829   8,236
Tsuruha Holdings, Inc.
  284   33,792
UACJ Corp.
  1,142   25,633
Uchida Yoko Co. Ltd.
  339   14,039
Ulvac, Inc.
  525   20,639
United Super Markets Holdings, Inc.
  1,839   16,407
Unitika Ltd.(a)
  3,487   11,941
Valor Holdings Co. Ltd.
  957   17,723
Wacoal Holdings Corp.
  721   19,949
Wacom Co. Ltd.
  2,521   10,267
Warabeya Nichiyo Holdings Co. Ltd.
  904   15,098
Welcia Holdings Co. Ltd.
  403   24,693
Yorozu Corp.
  1,003   13,207
Yoshinoya Holdings Co. Ltd.
  893   22,482
Yuasa Trading Co. Ltd.
  892   28,142
Zeon Corp.
  2,125   27,361
Zojirushi Corp.
  622   10,139
ZOZO, Inc.(b)
  519   10,327
        5,940,194
Jordan-0.12%
Hikma Pharmaceuticals PLC
  758   18,776
  Shares   Value
Luxembourg-0.24%
Eurofins Scientific SE
  38   $19,969
L’Occitane International S.A.
  6,988   17,229
        37,198
Macau-0.13%
SJM Holdings Ltd.
  20,113   20,504
Malta-0.08%
Kindred Group PLC, SDR
  2,082   13,029
Mexico-0.05%
Fresnillo PLC(b)
  1,076   8,039
Netherlands-1.81%
Aalberts N.V.
  767   32,517
Accell Group N.V.
  329   9,323
AMG Advanced Metallurgical Group N.V.(b)
  257   6,053
Arcadis N.V.
  1,206   24,547
BE Semiconductor Industries N.V.
  502   18,537
Boskalis Westminster
  1,081   25,280
Corbion N.V.
  724   22,416
Euronext N.V.(c)
  302   22,826
Fugro N.V., CVA(a)
  1,920   18,075
Heijmans N.V., CVA(a)
  977   7,950
Intertrust N.V.(c)
  827   15,556
InterXion Holding N.V.(a)
  480   40,819
OCI N.V.(a)
  422   8,003
PostNL N.V.
  4,018   8,506
TKH Group N.V., CVA
  313   16,234
TomTom N.V.(a)
  464   4,874
        281,516
New Zealand-0.93%
Air New Zealand Ltd.
  12,122   22,021
Fisher & Paykel Healthcare Corp. Ltd.
  1,801   25,607
Genesis Energy Ltd.
  9,999   20,539
Meridian Energy Ltd.
  10,703   32,359
SKY Network Television Ltd.
  21,079   11,501
SKYCITY Entertainment Group Ltd.
  6,833   17,544
Z Energy Ltd.
  4,436   14,607
        144,178
Norway-1.33%
Aker A.S.A., Class A
  317   17,210
Atea A.S.A.
  1,937   26,711
Austevoll Seafood A.S.A.
  1,440   13,791
BW Offshore Ltd.(a)
  3,183   21,100
DNO A.S.A.
  3,642   4,144
Frontline Ltd.(a)
  831   9,150
Norwegian Air Shuttle A.S.A.(a)(b)
  1,742   7,437
Odfjell Drilling Ltd.(a)(b)
  4,290   11,851
PGS A.S.A.(a)
  8,460   14,298
Schibsted A.S.A., Class A
  809   22,180
Stolt-Nielsen Ltd.
  1,976   23,644
TGS NOPEC Geophysical Co. A.S.A.
  876   24,969
Tomra Systems A.S.A.
  368   10,973
        207,458
Portugal-0.29%
Mota-Engil SGPS S.A.
  2,766   5,816
Navigator Co. S.A. (The)
  3,145   12,102
NOS, SGPS S.A.
  2,922   15,864
Semapa-Sociedade de Investimento e Gestao
  761   11,479
        45,261
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Russia-0.10%
Highland Gold Mining Ltd.
  2,493   $5,888
Petropavlovsk PLC(a)
  66,920   9,262
        15,150
Singapore-0.66%
Accordia Golf Trust
  28,228   14,450
China Aviation Oil Singapore Corp. Ltd.
  18,311   16,604
Singapore Exchange Ltd.
  4,175   27,020
Singapore Post Ltd.
  16,140   10,918
StarHub Ltd.
  9,780   10,013
Venture Corp. Ltd.
  2,081   24,151
        103,156
South Africa-0.02%
Petra Diamonds Ltd.(a)
  25,554   2,953
South Korea-8.55%
Able C&C Co. Ltd.(a)
  325   2,807
AK Holdings, Inc.
  275   7,334
Amorepacific Corp.
  170   27,202
Amorepacific Group
  360   24,749
Amorepacific Group, Rts. expiring 12/06/2019(a)
  24   243
Asiana Airlines, Inc.(a)
  3,405   15,336
Celltrion, Inc.(a)
  97   14,289
Chabiotech Co. Ltd.(a)
  335   4,084
CJ CGV Co. Ltd.
  279   8,681
CJ ENM Co., Ltd.
  77   9,948
CJ Logistics Corp.(a)
  119   15,868
CLIO Cosmetics Co., Ltd.(a)
  149   2,409
Coreana Cosmetics Co., Ltd.(a)
  2,358   7,886
COSON Co., Ltd.(a)
  773   4,385
Cuckoo Holdings Co. Ltd.
  27   2,457
Dae Hwa Pharmaceutical Co., Ltd.
  487   4,762
Daesang Holdings Co. Ltd.
  2,848   16,758
Daewoo Engineering & Construction Co. Ltd.(a)
  5,741   21,678
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)
  501   11,177
DB HiTek Co. Ltd.
  635   10,215
Dongkuk Steel Mill Co. Ltd.(a)
  4,113   20,754
Dongwha Pharm Co., Ltd.
  1,434   9,943
Dongwon F&B Co. Ltd.
  28   5,334
Doosan Bobcat, Inc.
  847   22,445
Doosan Infracore Co. Ltd.(a)
  4,540   20,602
DY Corp.
  1,933   8,870
E1 Corp.
  282   11,520
Eugene Corp.
  1,241   5,043
Fila Korea Ltd.
  130   5,679
Grand Korea Leisure Co., Ltd.
  493   8,139
Gravity Co. Ltd., ADR(a)
  45   1,745
GS Global Corp.
  4,446   8,394
GS Home Shopping, Inc.
  72   9,113
GS Retail Co. Ltd.
  523   16,870
Halla Corp.(a)
  2,225   5,708
Hana Tour Service, Inc.
  132   5,426
Hanjin Kal Corp.
  198   6,010
Hanjin Transportation Co. Ltd.
  201   5,012
Hanon Systems
  1,566   14,319
Hansol Holdings Co. Ltd.(a)
  2,922   10,019
Hansol Technics Co., Ltd.(a)
  1,106   7,912
Hanwha Aerospace Co. Ltd.(a)
  644   20,964
Hanwha General Insurance Co. Ltd.
  5,553   13,446
Hanyang Eng Co., Ltd.
  587   5,318
HDC Holdings Co. Ltd.
  1,687   16,354
Hite Jinro Co. Ltd.
  826   19,756
  Shares   Value
South Korea-(continued)
Hotel Shilla Co. Ltd.
  119   $8,533
Humax Co., Ltd.(a)
  1,153   4,554
Humedix Co., Ltd.
  346   6,855
Hyundai Corp.
  506   7,497
Hyundai Department Store Co. Ltd.
  271   19,089
Hyundai Elevator Co. Ltd.(a)
  104   6,252
Hyundai Greenfood Co. Ltd.
  1,131   11,203
Hyundai Home Shopping Network Corp.
  132   9,499
Hyundai Merchant Marine Co. Ltd.(a)
  3,431   10,486
Hyundai Rotem Co. Ltd.(a)
  488   6,259
Hyundai Wia Corp.
  665   29,952
iMarketKorea, Inc.
  1,155   9,779
Interpark Holdings Corp.
  6,156   11,596
IS Dongseo Co. Ltd.
  333   9,416
It’s Hanbul Co., Ltd.
  191   2,975
JW Holdings Corp.
  1,959   11,063
JW Shinyak Corp.
  1,562   5,931
Kakao Corp.
  175   23,039
Kangwon Land, Inc.
  1,015   25,221
KCC Corp.
  122   22,414
KEPCO Plant Service & Engineering Co., Ltd.
  377   11,347
KH Vatec Co., Ltd.(a)
  492   8,206
Kolon Corp.
  711   10,835
Kolon Industries, Inc.
  523   21,143
Korea Aerospace Industries Ltd.
  506   15,979
Korea Line Corp.(a)
  291   5,383
Korea Petrochemical Ind Co. Ltd.
  115   11,440
Kumho Industrial Co., Ltd.
  416   3,839
Kumho Petrochemical Co. Ltd.
  247   15,287
Kumho Tire Co., Inc.(a)
  2,504   8,999
LF Corp.
  642   9,729
LG Hausys Ltd.
  301   14,704
LG Innotek Co. Ltd.
  291   30,057
Lotte Chilsung Beverage Co. Ltd.
  98   11,159
LOTTE Fine Chemical Co., Ltd.
  308   11,721
Lotte Food Co., Ltd.
  23   8,393
Lotte Non-Life Insurance Co. Ltd.(a)
  6,165   11,144
LS Industrial Systems Co., Ltd.
  283   12,076
Mando Corp.
  721   21,212
Meritz Fire & Marine Insurance Co. Ltd.
  1,511   23,538
NCSoft Corp.
  62   25,878
NHN Entertainment Corp.(a)
  128   7,337
NICE Holdings Co. Ltd.
  541   9,229
OCI Co. Ltd.
  343   17,975
Ottogi Corp.
  22   10,375
Pan Ocean Co. Ltd.(a)
  3,385   12,037
Paradise Co. Ltd.
  435   6,924
Partron Co. Ltd.
  543   5,448
POSCO Chemical Co. Ltd.
  115   4,683
S&T Motiv Co. Ltd.
  248   8,493
Sam Kwang Glass Co., Ltd.
  180   4,587
Samchully Co. Ltd.
  196   14,238
SAMPYO Cement Co., Ltd.(a)
  1,020   3,152
Samsung Engineering Co., Ltd.(a)
  1,395   22,204
Samyang Holdings Corp.
  190   10,585
Seah Besteel Corp.
  786   10,547
Sejong Industrial Co., Ltd.
  963   3,608
Seoul Semiconductor Co. Ltd.
  589   6,607
SFA Engineering Corp.
  282   10,183
SFA Semicon Co., Ltd.(a)
  1,550   4,764
Shinsegae, Inc.
  90   21,449
SK Discovery Co. Ltd.
  739   16,549
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
South Korea-(continued)
SK Gas Ltd.
  178   $12,960
SKC Co. Ltd.
  464   18,640
Ssangyong Cement Industrial Co. Ltd.
  1,237   5,718
Sungwoo Hitech Co. Ltd.
  4,168   12,492
Taekwang Industrial Co. Ltd.
  10   9,093
Taeyoung Engineering & Construction Co. Ltd.
  730   7,108
Youngone Corp.
  287   8,638
Yuhan Corp.
  87   15,910
        1,332,178
Spain-1.26%
Acerinox S.A.
  2,235   23,441
Almirall S.A.
  575   9,776
Construcciones y Auxiliar de Ferrocarriles S.A.
  407   17,793
Ence Energia y Celulosa S.A.
  1,903   7,306
Euskaltel S.A.(c)
  1,357   13,750
Grupo Catalana Occidente S.A.
  531   19,145
Indra Sistemas S.A.(a)
  1,863   19,997
Melia Hotels International S.A.
  1,277   10,602
Pharma Mar S.A.(a)
  1,348   3,300
Prosegur Cia de Seguridad S.A.
  3,988   16,446
Sacyr S.A.
  5,721   15,568
Tecnicas Reunidas S.A.(a)
  543   13,244
Tubacex S.A.
  3,206   10,039
Zardoya Otis S.A.
  2,035   15,594
        196,001
Sweden-3.47%
AAK AB
  1,290   23,584
Axfood AB
  1,287   27,738
Betsson AB(a)
  1,888   8,688
Bilia AB, Class A
  1,891   18,985
BillerudKorsnas AB(b)
  2,189   24,938
Bravida Holding AB(c)
  2,212   19,423
Clas Ohlson AB, Class B
  1,011   10,066
Dometic Group AB(c)
  2,273   22,772
Elekta AB, Class B
  1,721   21,611
Fingerprint Cards AB, Class B(a)(b)
  3,394   5,365
Granges AB
  1,438   14,354
Hexpol AB
  2,366   21,801
Holmen AB, Class B
  1,466   43,679
Indutrade AB
  678   22,170
Intrum AB(b)
  600   15,163
JM AB(b)
  782   21,404
Loomis AB, Class B
  706   29,502
Lundin Petroleum AB
  593   18,288
Mekonomen AB(a)
  694   6,514
New Wave Group AB, Class B
  1,304   8,337
Nibe Industrier AB, Class B
  2,049   31,338
Nobia AB
  2,594   17,669
Nobina AB(c)
  1,648   11,182
Nolato AB, Class B
  177   9,800
Ratos AB, Class B
  9,740   34,271
Saab AB, Class B
  671   22,179
SAS AB(a)
  7,635   15,969
Thule Group AB(c)
  650   14,165
        540,955
Switzerland-3.50%
ALSO Holding AG(a)
  211   33,444
Ascom Holding AG
  787   7,859
Barry Callebaut AG
  14   28,158
Bucher Industries AG
  63   20,198
  Shares   Value
Switzerland-(continued)
Burckhardt Compression Holding AG
  48   $11,816
Conzzeta AG
  17   16,535
dormakaba Holding AG(a)
  24   16,259
Emmi AG
  19   15,904
Forbo Holding AG
  10   16,541
GAM Holding AG(a)
  6,061   16,618
Implenia AG
  593   23,130
IWG PLC
  5,486   28,995
Kudelski S.A., BR(a)
  1,445   9,399
Logitech International S.A.
  750   32,804
Metall Zug AG, Class B
  7   15,130
Meyer Burger Technology AG(a)(b)
  6,064   2,593
Mobilezone Holding AG(a)
  983   10,367
OC Oerlikon Corp. AG
  1,931   21,506
Schmolz + Bickenbach AG(a)
  22,690   4,938
Schweiter Technologies AG, BR
  22   25,184
SFS Group AG
  271   25,138
Siegfried Holding AG(a)
  39   17,035
Sulzer AG
  255   27,354
Sunrise Communications Group AG(a)(c)
  351   27,554
Tecan Group AG, Class R
  74   19,889
Temenos AG(a)
  119   18,064
Valora Holding AG(a)
  62   16,441
Vifor Pharma AG
  204   36,397
        545,250
Taiwan-0.08%
Silicon Motion Technology Corp., ADR
  281   12,448
Ukraine-0.04%
Ferrexpo PLC
  3,195   5,926
United Arab Emirates-0.05%
NMC Health PLC
  247   8,016
United Kingdom-9.81%
888 Holdings PLC
  5,547   11,681
Abcam PLC
  570   9,843
AO World PLC(a)
  3,758   4,132
Ashmore Group PLC(b)
  3,123   19,229
ASOS PLC(a)
  167   6,915
B&M European Value Retail S.A.
  4,808   23,521
Bodycote PLC
  2,015   22,728
Bovis Homes Group PLC
  1,525   24,164
Cairn Energy PLC(a)
  5,858   13,632
Card Factory PLC
  4,966   10,168
Chemring Group PLC
  5,629   14,635
Cineworld Group PLC
  3,666   9,854
Coats Group PLC
  7,178   6,699
Computacenter PLC
  1,274   24,900
ConvaTec Group PLC(c)
  12,363   30,616
Costain Group PLC
  4,047   10,145
Countrywide PLC(a)
  101,401   6,991
Crest Nicholson Holdings PLC
  3,367   16,741
Dart Group PLC
  1,016   19,476
Debenhams PLC(a)(b)(d)
  10,288   0
Dechra Pharmaceuticals PLC
  264   9,678
Dialog Semiconductor PLC(a)
  522   26,579
Dignity PLC
  754   5,862
Diploma PLC
  698   16,631
Domino’s Pizza Group PLC
  3,262   13,072
Dunelm Group PLC
  847   9,340
Electrocomponents PLC
  2,818   23,824
Elementis PLC
  7,028   15,400
EnQuest PLC(a)
  58,228   13,828
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
United Kingdom-(continued)
Essentra PLC
  3,815   $20,785
Galliford Try PLC
  3,396   32,243
Games Workshop Group PLC
  104   7,708
Genus PLC
  322   13,237
Go-Ahead Group PLC (The)
  1,140   32,235
Greggs PLC
  576   15,512
GVC Holdings PLC
  2,234   24,609
Halfords Group PLC
  5,147   10,692
Halma PLC
  977   26,615
Hargreaves Lansdown PLC(b)
  567   13,605
Hill & Smith Holdings PLC
  696   12,235
HomeServe PLC
  1,353   21,089
Howden Joinery Group PLC
  4,059   33,108
Hunting PLC
  1,629   8,226
Indivior PLC(a)
  28,564   14,982
International Personal Finance PLC
  6,197   11,222
J D Wetherspoon PLC
  1,116   23,111
JD Sports Fashion PLC
  1,469   14,453
John Menzies PLC
  2,257   13,225
Just Eat PLC(a)
  945   9,346
Keller Group PLC
  1,970   16,232
Lookers PLC
  21,328   14,842
Luxfer Holdings PLC
  358   6,254
Marshalls PLC
  1,397   14,086
Mitchells & Butlers PLC(a)
  4,436   25,763
Mitie Group PLC
  10,475   17,750
Moneysupermarket.com Group PLC
  2,826   12,447
Morgan Advanced Materials PLC
  5,070   18,808
Morgan Sindall Group PLC
  1,214   22,455
N Brown Group PLC
  3,524   5,839
National Express Group PLC
  5,571   33,407
Ocado Group PLC(a)
  464   7,952
Pendragon PLC
  84,763   12,061
Pets at Home Group PLC
  7,827   25,513
Polypipe Group PLC
  1,944   12,336
Premier Oil PLC(a)
  16,237   18,243
Provident Financial PLC
  3,190   17,706
PZ Cussons PLC
  6,619   17,466
QinetiQ Group PLC
  5,695   24,619
Redde PLC
  6,033   8,662
Redrow PLC
  2,286   19,545
Restaurant Group PLC (The)
  7,125   13,640
Rightmove PLC
  3,445   27,788
Rotork PLC
  4,415   18,720
Senior PLC
  5,782   13,515
Serco Group PLC(a)
  11,842   23,834
SIG PLC
  11,724   18,941
Spectris PLC
  875   31,725
Spirax-Sarco Engineering PLC
  147   16,970
Spire Healthcare Group PLC(c)
  10,447   16,689
Spirent Communications PLC
  4,341   11,848
Sports Direct International PLC(a)
  3,870   16,880
SSP Group PLC
  2,909   25,361
Staffline Group PLC
  1,719   2,401
  Shares   Value
United Kingdom-(continued)
Stagecoach Group PLC
  13,305   $23,474
Stobart Group Ltd.
  5,878   8,622
Superdry PLC
  1,168   7,705
Synthomer PLC
  3,212   12,647
TalkTalk Telecom Group PLC
  10,174   13,831
Ted Baker PLC
  450   2,314
Telecom Plus PLC
  626   10,769
Ultra Electronics Holdings PLC
  733   19,778
Vesuvius PLC
  3,468   20,348
Victrex PLC
  515   15,322
WH Smith PLC
  785   24,857
        1,528,487
United States-0.76%
Altisource Portfolio Solutions S.A.(a)
  600   10,812
Caesarstone Ltd.
  716   11,213
Core Laboratories N.V.
  418   18,308
CyberArk Software Ltd.(a)
  132   16,177
Ferroglobe PLC(a)
  9,841   6,286
Frank’s International N.V.(a)
  1,594   8,129
IMAX Corp.(a)
  908   19,522
Playa Hotels & Resorts N.V.(a)
  1,941   15,295
Wright Medical Group N.V.(a)(b)
  438   13,039
        118,781
Total Common Stocks & Other Equity Interests

(Cost $15,359,804)
  15,520,209
Money Market Funds-0.10%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.50%(e)

(Cost $14,937)
  14,937   14,937
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $15,374,741)
  15,535,146
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.66%
Invesco Government & Agency Portfolio, Institutional Class, 1.53%(e)(f)
  312,029   312,029
Invesco Liquid Assets Portfolio, Institutional Class, 1.72%(e)(f)
  102,834   102,875
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $414,901)
  414,904
TOTAL INVESTMENTS IN SECURITIES-102.41%

(Cost $15,789,642)
  15,950,050
OTHER ASSETS LESS LIABILITIES-(2.41)%
  (375,070)
NET ASSETS-100.00%
  $15,574,980
 
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)—(continued)
November 30, 2019
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CVA-Dutch Certificates
Rts.-Rights
SDR-Swedish Depository Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at November 30, 2019.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2019 was $314,086, which represented 2.02% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of November 30, 2019.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
November 30, 2019
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Brazil-8.79%
Banco Bradesco S.A., Preference Shares
  63,690   $502,645
BB Seguridade Participacoes S.A.
  3,130   25,502
Braskem S.A., Class A, Preference Shares
  4,207   27,849
BRF S.A.(a)
  6,807   58,921
CCR S.A.
  7,326   29,784
Cia de Saneamento Basico do Estado de Sao Paulo
  2,034   27,612
Cia de Saneamento do Parana, Preference Shares
  3,900   17,064
Cia Energetica de Minas Gerais, Preference Shares
  10,957   33,817
Cia Energetica de Sao Paulo, Class B, Preference Shares
  2,700   19,182
Cia Siderurgica Nacional S.A.
  3,718   11,044
Cielo S.A.
  13,642   25,165
Cogna Educacao
  12,143   29,436
Cosan Ltd., Class A(a)
  6,689   116,991
Cosan S.A.
  1,473   21,634
EDP - Energias do Brasil S.A.
  2,983   14,032
Embraer S.A.
  7,200   30,651
Equatorial Energia S.A.
  4,400   21,478
Gerdau S.A., Preference Shares
  18,709   75,220
Hypera S.A.
  1,650   12,994
Lojas Americanas S.A., Preference Shares
  3,286   17,315
Lojas Renner S.A.
  1,301   15,938
Metalurgica Gerdau S.A., Preference Shares
  32,800   60,507
Oi S.A.(a)
  102,053   22,205
Petroleo Brasileiro S.A., Preference Shares
  95,512   658,462
Telefonica Brasil S.A., Preference Shares
  5,625   74,831
TIM Participacoes S.A.
  7,054   22,588
Ultrapar Participacoes S.A.
  10,200   52,613
Usinas Siderurgicas de Minas Gerais S.A., Class A, Preference Shares
  9,297   18,711
Vale S.A.(a)
  22,098   261,206
        2,305,397
Chile-0.53%
Embotelladora Andina S.A., Class B, Preference Shares
  3,375   8,574
Empresas COPEC S.A.
  2,730   21,653
Enel Americas S.A.
  306,089   58,584
Enel Chile S.A.
  207,203   15,507
SACI Falabella
  3,274   13,105
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares
  905   21,421
        138,844
China-55.34%
58.com, Inc., ADR(a)
  774   47,616
AAC Technologies Holdings, Inc.
  2,917   20,458
Agile Group Holdings Ltd.
  14,515   20,323
Air China Ltd., H Shares
  50,567   45,995
Alibaba Group Holding Ltd., ADR(a)
  8,472   1,694,400
Aluminum Corp. of China Ltd., H Shares(a)
  210,514   64,544
Angang Steel Co. Ltd., H Shares(b)
  47,338   17,961
Anhui Conch Cement Co. Ltd., H Shares
  19,571   125,135
Autohome, Inc., ADR(a)
  188   12,793
AVIC International Holdings Ltd., H Shares(a)
  36,366   37,027
BAIC Motor Corp. Ltd., H Shares(c)
  113,950   63,906
Baidu, Inc., ADR(a)
  2,240   265,507
BBMG Corp., H Shares
  140,461   38,759
  Shares   Value
China-(continued)
Beijing Capital International Airport Co. Ltd., H Shares
  24,033   $22,720
Beijing Enterprises Holdings Ltd.
  5,493   24,280
BEST, Inc., ADR(a)(b)
  4,968   29,858
BYD Co. Ltd., H Shares(b)
  6,290   29,852
CGN Power Co. Ltd., H Shares(c)
  106,610   26,694
Changyou.com Ltd., ADR
  921   8,796
China Agri-Industries Holdings Ltd.
  56,066   29,438
China BlueChemical Ltd., H Shares
  43,838   10,473
China Coal Energy Co. Ltd., H Shares
  100,005   39,605
China Communications Construction Co. Ltd., H Shares
  94,386   73,432
China Communications Services Corp. Ltd., H Shares
  24,184   16,282
China Conch Venture Holdings Ltd.
  3,002   11,678
China Datang Corp. Renewable Power Co. Ltd., H Shares
  120,304   11,834
China Eastern Airlines Corp. Ltd., H Shares(a)
  47,446   24,063
China Gas Holdings Ltd.
  3,608   13,413
China International Marine Containers Group Co., Ltd., H Shares
  12,709   10,975
China Jinmao Holdings Group Ltd.
  25,926   17,223
China Life Insurance Co., Ltd., H Shares
  114,327   288,894
China Longyuan Power Group Corp. Ltd., H Shares
  73,995   40,080
China Machinery Engineering Corp., H Shares
  54,134   21,508
China Mengniu Dairy Co. Ltd.(a)
  7,110   27,204
China Mobile Ltd.
  46,586   351,132
China Molybdenum Co., Ltd., H Shares
  104,745   35,862
China National Building Material Co. Ltd., H Shares
  119,153   115,077
China Oilfield Services Ltd., H Shares
  47,297   63,685
China Overseas Land & Investment Ltd.
  15,934   53,434
China Pacific Insurance (Group) Co., Ltd., H Shares
  114,269   404,363
China Petroleum & Chemical Corp., H Shares
  2,164,473   1,213,891
China Power International Development Ltd.
  70,748   14,642
China Railway Construction Corp. Ltd., H Shares
  282,058   291,147
China Railway Group Ltd., H Shares
  406,285   237,716
China Railway Signal & Communication Corp. Ltd., H Shares(c)
  42,243   22,666
China Reinsurance Group Corp., H Shares
  487,835   77,278
China Resources Beer Holdings Co. Ltd.
  3,740   19,589
China Resources Cement Holdings Ltd.
  12,036   14,407
China Resources Gas Group Ltd.
  4,047   22,542
China Resources Land Ltd.
  12,352   53,414
China Resources Pharmaceutical Group Ltd.(c)
  13,530   11,823
China Resources Power Holdings Co. Ltd.
  26,803   34,857
China Shenhua Energy Co. Ltd., H Shares
  241,454   467,624
China Southern Airlines Co. Ltd., H Shares
  65,478   40,904
China Taiping Insurance Holdings Co. Ltd.
  27,767   64,205
China Telecom Corp. Ltd., H Shares
  179,158   67,747
China Unicom Hong Kong Ltd.
  75,463   64,591
China Vanke Co., Ltd., H Shares
  84,947   317,965
China Yuchai International Ltd.
  758   10,195
Chongqing Iron & Steel Co. Ltd., H Shares(a)
  83,794   8,992
CIFI Holdings Group Co., Ltd.
  18,040   13,136
CNOOC Ltd.
  118,002   171,250
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares
  41,274   17,031
COSCO SHIPPING Holdings Co. Ltd., H Shares(a)
  115,025   42,467
COSCO SHIPPING Ports Ltd.
  18,040   14,680
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
China-(continued)
Country Garden Holdings Co. Ltd.(b)
  39,096   $54,440
CRRC Corp. Ltd., H Shares
  199,103   130,993
CSPC Pharmaceutical Group Ltd.
  4,384   9,980
Datang International Power Generation Co. Ltd., H Shares
  163,578   30,301
Dongfang Electric Corp. Ltd., H Shares
  42,031   22,552
Dongfeng Motor Group Co. Ltd., H Shares
  109,273   104,977
ENN Energy Holdings Ltd.
  2,706   29,384
FIH Mobile Ltd.(a)
  106,718   17,860
Fuyao Glass Industry Group Co. Ltd., H Shares(c)
  11,346   33,482
GCL-Poly Energy Holdings Ltd.(a)(b)
  274,506   8,031
Geely Automobile Holdings Ltd.
  16,677   31,190
GOME Retail Holdings Ltd.(a)(b)
  143,879   12,683
Great Wall Motor Co. Ltd., H Shares
  106,209   82,088
Guangdong Investment Ltd.
  6,043   12,491
Guangshen Railway Co. Ltd., H Shares
  78,235   24,387
Guangzhou Automobile Group Co. Ltd., H Shares
  63,992   68,343
Guangzhou R&F Properties Co. Ltd., H Shares
  32,193   54,123
Harbin Electric Co. Ltd., H Shares(a)
  35,110   8,836
Hengan International Group Co. Ltd.
  2,981   19,689
Hisense Home Appliances Group Co. Ltd., H Shares
  8,161   7,569
Hollysys Automation Technologies Ltd.
  710   10,444
Huadian Fuxin Energy Corp. Ltd., H Shares(b)
  150,366   27,469
Huadian Power International Corp. Ltd., H Shares
  214,690   78,166
Huaneng Power International, Inc., H Shares
  249,023   123,434
Huaneng Renewables Corp. Ltd., H Shares
  102,250   39,057
JD.com, Inc., ADR(a)
  16,656   543,818
Jiangsu Expressway Co. Ltd., H Shares
  29,361   39,159
Jiangxi Copper Co. Ltd., H Shares
  62,441   72,031
JinkoSolar Holding Co. Ltd., ADR(a)(b)
  1,571   28,828
Kingboard Holdings Ltd.
  8,455   23,277
Kunlun Energy Co. Ltd.
  34,672   29,367
Legend Holdings Corp., H Shares(c)
  18,917   38,908
Lenovo Group Ltd.
  88,403   58,388
Longfor Group Holdings Ltd.(c)
  6,020   24,648
Maanshan Iron & Steel Co. Ltd., H Shares
  64,578   24,502
Metallurgical Corp. of China Ltd., H Shares
  266,473   55,489
Momo, Inc., ADR
  1,278   47,836
NetEase, Inc., ADR
  503   158,606
New China Life Insurance Co. Ltd., H Shares
  29,508   113,655
New Oriental Education & Technology Group, Inc., ADR(a)
  400   48,432
Peoples Insurance Co. Group of China Ltd. (The), H Shares
  657,957   263,931
PetroChina Co., Ltd., H Shares
  3,416,342   1,575,548
PICC Property & Casualty Co. Ltd., H Shares
  237,551   274,946
Ping An Insurance (Group) Co. of China Ltd., H Shares
  74,626   845,623
Qingdao Port International Co., Ltd., H Shares(c)
  23,596   13,866
Qinhuangdao Port Co. Ltd., H Shares
  87,402   16,079
Qudian, Inc., ADR(a)(b)
  4,110   20,386
Red Star Macalline Group Corp. Ltd., H Shares(c)
  31,274   25,770
Semiconductor Manufacturing International Corp.(a)
  19,482   24,839
Shandong Chenming Paper Holdings Ltd., H Shares
  43,372   17,620
Shanghai Electric Group Co. Ltd., H Shares
  158,204   48,708
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares
  7,867   22,110
Shanghai Industrial Holdings Ltd.
  5,560   10,015
  Shares   Value
China-(continued)
Shanghai Industrial Urban Development Group Ltd.
  5,560   $689
Shanghai Jin Jiang Capital Co. Ltd., H Shares
  62,756   11,224
Shanghai Pharmaceuticals Holding Co., Ltd., H Shares
  27,536   49,389
Shenzhen Expressway Co. Ltd., H Shares
  15,752   21,009
Shimao Property Holdings Ltd.
  7,528   27,264
SINA Corp.(a)
  735   25,644
Sinopec Engineering Group Co. Ltd., H Shares
  43,961   25,778
Sinopec Shanghai Petrochemical Co. Ltd., H Shares
  117,747   32,642
Sinopharm Group Co. Ltd., H Shares
  30,100   99,401
Sinotrans Ltd., H Shares
  86,730   27,035
Sogou, Inc., ADR(a)(b)
  2,829   13,890
Sohu.com Ltd., ADR(a)
  942   9,646
Sunac China Holdings Ltd.
  6,530   31,825
TAL Education Group, ADR(a)
  714   31,602
Tencent Holdings Ltd.
  4,543   192,567
Tingyi Cayman Islands Holding Corp.
  10,446   17,001
TravelSky Technology Ltd., H Shares
  9,020   21,963
Trip.com Group Ltd., ADR(a)
  3,874   128,772
Tsingtao Brewery Co. Ltd., H Shares
  3,180   19,662
Vipshop Holdings Ltd., ADR(a)
  10,651   136,120
Want Want China Holdings Ltd.
  19,047   16,400
Weibo Corp., ADR(a)
  441   18,879
Weichai Power Co. Ltd., H Shares
  45,114   77,114
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares
  25,376   28,236
Xinyuan Real Estate Co. Ltd., ADR
  5,245   20,246
Yangzijiang Shipbuilding Holdings Ltd.
  17,512   13,191
Yanzhou Coal Mining Co. Ltd., H Shares
  50,505   44,648
Yuexiu Property Co. Ltd.
  54,134   11,549
YY, Inc., ADR(a)
  482   30,747
Zhengqi Financial Holding Corp., Rts.(a)(d)
  1,142   0
Zhuzhou CRRC Times Electric Co., Ltd., H Shares
  3,608   12,330
Zijin Mining Group Co. Ltd., H Shares
  210,518   78,799
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares
  46,271   32,748
ZTE Corp., H Shares(a)
  18,646   49,665
ZTO Express Cayman, Inc., ADR
  3,752   79,843
        14,516,910
Colombia-0.23%
Avianca Holdings S.A., Preference Shares
  46,068   23,267
Grupo Argos S.A.
  3,316   16,522
Grupo de Inversiones Suramericana S.A.
  2,284   20,997
        60,786
Czech Republic-0.12%
CEZ A.S.
  1,463   32,419
Greece-0.54%
Hellenic Telecommunications Organization S.A.
  1,216   18,288
Motor Oil Hellas Corinth Refineries S.A.
  694   16,253
OPAP S.A.
  1,488   18,310
Public Power Corp. S.A.(a)
  14,050   50,100
Star Bulk Carriers Corp.
  1,908   20,969
Tsakos Energy Navigation Ltd.
  4,804   17,054
        140,974
Hong Kong-0.42%
Haier Electronics Group Co. Ltd.
  6,232   17,316
Nine Dragons Paper Holdings Ltd.
  14,806   15,075
Seaspan Corp.
  2,540   29,845
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Hong Kong-(continued)
Sun Art Retail Group Ltd.
  16,487   $18,661
Yue Yuen Industrial Holdings Ltd.
  9,983   29,524
        110,421
Hungary-0.19%
Gedeon Richter PLC
  732   14,037
MOL Hungarian Oil & Gas PLC
  3,711   35,907
        49,944
India-2.89%
Dr Reddys Laboratories Ltd., ADR
  754   30,703
Infosys Ltd., ADR
  38,755   380,962
Reliance Infrastructure Ltd., GDR(a)(c)
  4,276   5,174
Tata Motors Ltd., ADR(a)
  8,251   92,576
Tata Steel Ltd., GDR(b)(c)
  9,123   53,643
Vedanta Ltd., ADR
  22,275   179,314
WNS (Holdings) Ltd., ADR(a)
  255   16,095
        758,467
Indonesia-0.71%
PT Adaro Energy Tbk
  165,988   14,475
PT Astra International Tbk
  101,555   46,799
PT Indofood Sukses Makmur Tbk
  35,067   19,765
PT Perusahaan Gas Negara Tbk
  115,587   15,734
PT Semen Indonesia Persero Tbk
  14,137   11,476
PT Telekomunikasi Indonesia (Persero) Tbk
  233,486   65,055
PT United Tractors Tbk
  9,522   14,126
        187,430
Malaysia-1.22%
Axiata Group Bhd
  27,287   26,983
Genting Bhd
  20,382   28,451
Genting Malaysia Bhd
  19,800   14,886
IHH Healthcare Bhd
  8,099   10,413
IOI Corp.Bhd
  12,600   13,124
Kuala Lumpur Kepong Bhd
  2,100   11,736
Maxis Bhd
  10,939   13,567
MISC Bhd
  11,232   21,918
Petronas Chemicals Group Bhd
  10,512   17,770
Petronas Gas Bhd
  3,443   12,778
Sime Darby Bhd
  119,422   64,336
Telekom Malaysia Bhd
  21,600   19,446
Tenaga Nasional Bhd
  20,847   65,688
        321,096
Mexico-3.16%
Arca Continental S.A.B. de C.V.
  3,253   17,263
Cemex S.A.B. de C.V., ADR
  37,831   141,110
Coca-Cola FEMSA, S.A.B. de C.V., ADR
  2,130   123,135
El Puerto de Liverpool S.A.B. de C.V., Series C1
  6,018   29,751
Fomento Economico Mexicano, S.A.B. de C.V., ADR
  3,092   281,156
Grupo Bimbo, S.A.B. de C.V., Series A
  9,692   16,795
Grupo Financiero Banorte S.A.B. de C.V., Class O
  6,610   34,884
Grupo Financiero Inbursa S.A.B. de C.V., Class O
  11,430   13,601
Grupo Televisa SAB, ADR
  6,459   70,855
Industrias Penoles S.A.B. de C.V.
  944   10,033
Kimberly-Clark de Mexico, S.A.B. de C.V., Class A
  10,256   19,691
Orbia Advance Corp. S.A.B. de C.V.
  7,386   16,161
Wal-Mart de Mexico S.A.B. de C.V., Series V
  19,362   54,079
        828,514
  Shares   Value
Peru-0.20%
Cia de Minas Buenaventura S.A.A., ADR
  2,725   $41,883
Nexa Resourses S.A.
  1,199   10,180
        52,063
Philippines-0.05%
Ayala Corp.
  795   12,610
Poland-1.01%
Enea S.A.(a)
  5,832   13,338
Energa S.A.(a)
  5,411   9,525
Grupa Lotos S.A.
  672   15,753
KGHM Polska Miedz S.A.(a)
  1,277   29,353
Orange Polska S.A.(a)
  11,055   18,062
PGE Polska Grupa Energetyczna S.A.(a)
  15,266   34,045
Polski Koncern Naftowy ORLEN S.A.
  3,466   82,329
Polskie Gornictwo Naftowe i Gazownictwo S.A.
  15,083   17,817
Powszechny Zaklad Ubezpieczen S.A.
  4,528   44,805
        265,027
Russia-6.95%
Alrosa PJSC
  19,214   23,289
Federal Grid Co. Unified Energy System PJSC
  4,360,810   13,251
Gazprom PJSC
  171,026   685,328
Inter RAO UES PJSC
  399,994   27,754
Lenta Ltd., GDR(a)(c)
  2,891   8,991
LUKOIL PJSC
  4,259   406,716
Magnit PJSC
  905   46,229
MMC Norilsk Nickel PJSC
  317   84,076
Mobile TeleSystems PJSC
  9,626   45,606
Novatek PJSC
  1,360   26,823
QIWI PLC, ADR
  797   15,797
Rosneft Oil Co. PJSC
  31,002   212,726
RusHydro PJSC
  1,386,428   11,465
Severstal PJSC
  1,298   18,338
Sistema PJSFC
  208,714   48,712
Tatneft PJSC
  8,180   94,235
Transneft PJSC, Preference Shares
  20   52,871
        1,822,207
South Africa-2.28%
AngloGold Ashanti Ltd.
  1,979   37,015
Aspen Pharmacare Holdings Ltd.(a)
  2,623   21,015
Barloworld Ltd.
  2,095   16,280
Bid Corp. Ltd.
  1,556   34,260
Bidvest Group Ltd. (The)
  2,451   33,951
DataTec Ltd.
  5,661   13,383
Discovery Ltd.
  1,655   13,334
Exxaro Resources Ltd.
  1,884   17,143
FirstRand Ltd.
  12,191   52,099
Foschini Group Ltd. (The)
  984   10,421
Gold Fields Ltd.
  5,601   29,414
Impala Platinum Holdings Ltd.(a)
  3,527   27,103
Life Healthcare Group Holdings Ltd.
  6,734   11,360
Momentum Metropolitan Holdings
  14,386   19,979
Mr Price Group Ltd.
  884   10,558
Netcare Ltd.
  8,435   11,513
Pick n Pay Stores Ltd.
  2,603   12,058
Remgro Ltd.
  2,559   33,566
Sappi Ltd.
  5,513   14,993
Sasol Ltd.
  4,951   89,201
Shoprite Holdings Ltd.
  2,558   22,373
SPAR Group Ltd. (The)
  1,428   20,068
Tiger Brands Ltd.
  903   12,590
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
South Africa-(continued)
Truworths International Ltd.
  2,431   $8,478
Woolworths Holdings Ltd.
  7,322   26,074
        598,229
Taiwan-12.70%
Acer, Inc.
  39,169   23,044
Asia Cement Corp.
  15,028   22,386
Asustek Computer, Inc.
  9,054   68,401
AU Optronics Corp.
  227,784   65,549
Catcher Technology Co. Ltd.
  5,274   43,128
Chailease Holding Co. Ltd.
  3,090   13,824
Cheng Shin Rubber Industry Co. Ltd.
  18,108   24,690
Chicony Electronics Co. Ltd.
  4,549   13,195
China Airlines Ltd.
  43,401   12,817
China Development Financial Holding Corp.
  169,439   53,924
China Life Insurance Co., Ltd.(a)
  79,228   65,828
China Steel Corp.
  93,025   71,345
Chunghwa Telecom Co., Ltd.
  18,032   66,784
Compal Electronics, Inc.
  115,420   71,120
Delta Electronics, Inc.
  9,190   42,169
Eva Airways Corp.
  24,716   11,341
Far Eastern New Century Corp.
  28,476   27,766
Far EasTone Telecommunications Co. Ltd.
  8,769   21,010
Formosa Chemicals & Fibre Corp.
  19,629   56,165
Formosa Plastics Corp.
  16,548   52,718
Foxconn Technology Co. Ltd.
  11,796   25,749
Hon Hai Precision Industry Co., Ltd.
  185,785   538,896
Hotai Motor Co. Ltd.
  556   10,879
Innolux Corp.
  289,264   74,898
Inventec Corp.
  40,319   30,196
Largan Precision Co., Ltd.
  213   30,962
Lite-On Technology Corp.
  22,679   35,977
MediaTek, Inc.
  7,680   106,099
Mercuries & Associates Holding Ltd.(a)
  30,113   21,121
Mercuries Life Insurance Co. Ltd.(a)
  70,539   27,281
Micro-Star International Co. Ltd.
  4,289   11,794
Nan Ya Plastics Corp.
  28,322   66,371
Nanya Technology Corp.
  6,000   14,002
Novatek Microelectronics Corp.
  2,218   16,248
Pegatron Corp.
  52,677   117,403
Pou Chen Corp.
  25,480   33,196
Powertech Technology, Inc.
  7,544   23,267
President Chain Store Corp.
  1,688   16,902
Qisda Corp.
  18,000   13,038
Quanta Computer, Inc.
  37,374   73,865
Radiant Opto-Electronics Corp.
  3,338   12,800
Sino-American Silicon Products, Inc.
  3,000   8,535
Synnex Technology International Corp.
  21,164   25,562
Taiwan Cement Corp.
  24,315   32,993
Taiwan Mobile Co. Ltd.
  4,693   17,612
Taiwan Semiconductor Manufacturing Co., Ltd.
  75,385   753,591
Teco Electric and Machinery Co. Ltd.
  16,556   14,705
TPK Holding Co. Ltd.(a)
  8,827   16,028
Unimicron Technology Corp.
  12,061   18,243
Uni-President Enterprises Corp.
  25,670   60,998
United Microelectronics Corp.
  145,296   71,194
Walsin Lihwa Corp.
  33,141   15,424
  Shares   Value
Taiwan-(continued)
Wistron Corp.
  79,178   $71,884
WPG Holdings Ltd.
  28,561   35,525
WT Microelectronics Co., Ltd.
  9,000   12,596
Yageo Corp.
  2,044   22,108
Zhen Ding Technology Holding Ltd.
  6,000   26,450
        3,331,596
Thailand-1.35%
Advanced Info Service PCL, NVDR
  3,274   22,970
Airports of Thailand PCL, NVDR
  4,806   12,008
Charoen Pokphand Foods PCL, NVDR
  24,790   22,561
CP ALL PCL, NVDR
  10,403   26,165
Indorama Ventures PCL, NVDR
  8,414   9,676
IRPC PCL, NVDR
  99,818   11,562
PTT Exploration & Production PCL, NVDR
  8,749   34,744
PTT Global Chemical PCL, NVDR
  16,612   29,549
PTT PCL, NVDR
  79,116   113,238
Siam Cement PCL (The), NVDR
  1,716   21,636
Star Petroleum Refining PCL, NVDR
  34,586   11,388
Thai Beverage PCL
  24,140   15,711
Thai Oil PCL, NVDR
  9,647   22,028
        353,236
Turkey-1.00%
BIM Birlesik Magazalar A.S.
  2,888   23,130
Eregli Demir ve Celik Fabrikalari TAS
  35,967   50,223
KOC Holding A.S.
  17,013   59,302
Tupras-Turkiye Petrol Rafinerileri A.S.
  1,404   30,288
Turk Hava Yollari AO(a)
  10,887   25,893
Turkcell Iletisim Hizmetleri A.S.
  14,491   34,212
Turkiye Vakiflar Bankasi T.A.O., Class D(a)
  43,314   38,687
        261,735
United States-0.25%
JBS S.A.
  9,737   65,584
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $27,353,998)
  26,213,489
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.75%
Invesco Government & Agency Portfolio, Institutional Class, 1.53%(e)(f)
  147,573   147,573
Invesco Liquid Assets Portfolio, Institutional Class, 1.72%(e)(f)
  50,204   50,224
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $197,796)
  197,797
TOTAL INVESTMENTS IN SECURITIES-100.68%

(Cost $27,551,794)
  26,411,286
OTHER ASSETS LESS LIABILITIES-(0.68)%
  (177,970)
NET ASSETS-100.00%
  $26,233,316
 
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2019
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at November 30, 2019.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2019 was $329,571, which represented 1.26% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Additional Valution Information.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of November 30, 2019.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Schedule of Investments(a)
Invesco RAFITM Strategic US ETF (IUS)
November 30, 2019
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-10.66%
Activision Blizzard, Inc.
  2,496   $136,856
Alphabet, Inc., Class A(b)
  1,940   2,529,935
Altice USA, Inc., Class A(b)
  4,417   112,987
AMC Entertainment Holdings, Inc., Class A(c)
  3,839   31,403
AT&T, Inc.
  78,617   2,938,703
CBS Corp., Class B
  2,016   81,406
CenturyLink, Inc.
  32,793   475,171
Charter Communications, Inc., Class A(b)
  1,463   687,625
Comcast Corp., Class A
  30,474   1,345,427
Discovery, Inc., Class A(b)(c)
  3,743   123,294
DISH Network Corp., Class A(b)
  3,360   114,811
Electronic Arts, Inc.(b)
  1,055   106,566
Facebook, Inc., Class A(b)
  7,879   1,588,722
Frontier Communications Corp.(b)(c)
  39,841   26,889
IAC/InterActiveCorp.(b)
  191   42,536
Interpublic Group of Cos., Inc. (The)
  2,977   66,685
Liberty Media Corp.-Liberty SiriusXM, Series C(b)
  2,783   135,003
News Corp., Class A
  7,873   101,404
Omnicom Group, Inc.
  1,631   129,632
Take-Two Interactive Software, Inc.(b)
  383   46,477
Telephone & Data Systems, Inc.
  1,633   38,718
T-Mobile US, Inc.(b)
  1,824   143,275
Twitter, Inc.(b)
  1,441   44,541
Verizon Communications, Inc.
  27,080   1,631,299
Viacom, Inc., Class B
  4,127   99,337
Walt Disney Co. (The)
  6,680   1,012,554
Zayo Group Holdings, Inc.(b)
  1,153   39,479
        13,830,735
Consumer Discretionary-11.89%
Adient PLC
  4,512   98,632
Advance Auto Parts, Inc.
  433   68,016
Amazon.com, Inc.(b)
  587   1,057,070
American Axle & Manufacturing Holdings, Inc.(b)
  3,551   35,013
Aptiv PLC
  1,439   135,093
Aramark
  2,497   108,969
AutoNation, Inc.(b)
  2,016   102,997
AutoZone, Inc.(b)
  112   131,927
Bed Bath & Beyond, Inc.(c)
  4,801   69,999
Best Buy Co., Inc.
  3,302   266,273
Booking Holdings, Inc.(b)
  197   375,094
BorgWarner, Inc.
  2,113   88,852
Brunswick Corp.
  767   45,077
Burlington Stores, Inc.(b)
  235   52,875
CarMax, Inc.(b)
  1,247   121,283
Carnival Corp.
  5,471   246,633
Chipotle Mexican Grill, Inc.(b)
  56   45,580
Core-Mark Holding Co., Inc.
  1,151   31,019
D.R. Horton, Inc.
  2,113   116,955
Dana, Inc.
  2,497   42,324
Darden Restaurants, Inc.
  576   68,221
Dicks Sporting Goods, Inc.
  1,631   74,716
Dollar General Corp.
  1,535   241,548
Dollar Tree, Inc.(b)
  1,343   122,831
Domino’s Pizza, Inc.
  128   37,670
eBay, Inc.
  6,720   238,694
Expedia Group, Inc.
  865   87,936
Foot Locker, Inc.
  1,248   49,982
Ford Motor Co.
  100,911   914,254
GameStop Corp., Class A(c)
  5,185   32,873
Gap, Inc. (The)
  3,553   59,015
General Motors Co.
  27,788   1,000,368
  Shares   Value
Consumer Discretionary-(continued)
Gentex Corp.
  2,017   $57,283
Genuine Parts Co.
  1,056   110,215
Goodyear Tire & Rubber Co. (The)
  6,528   104,383
Group 1 Automotive, Inc.
  577   59,483
H&R Block, Inc.
  1,247   30,402
Hanesbrands, Inc.
  2,591   39,046
Harley-Davidson, Inc.
  1,920   69,850
Hasbro, Inc.
  481   48,918
Hilton Worldwide Holdings, Inc.
  1,248   131,040
Home Depot, Inc. (The)
  5,209   1,148,637
Hyatt Hotels Corp., Class A
  863   69,730
J.C. Penney Co., Inc.(b)(c)
  39,936   45,128
Kohl’s Corp.
  2,304   108,311
L Brands, Inc.
  3,361   64,330
Las Vegas Sands Corp.
  2,016   126,504
Lear Corp.
  1,055   126,927
Leggett & Platt, Inc.
  959   50,175
Lennar Corp., Class A
  2,497   148,946
Lithia Motors, Inc., Class A
  385   61,823
LKQ Corp.(b)
  2,400   84,672
Lowe’s Cos., Inc.
  4,415   517,924
Lululemon Athletica, Inc.(b)
  192   43,332
Macy’s, Inc.(c)
  6,911   105,876
Marriott International, Inc., Class A
  1,631   228,927
McDonald’s Corp.
  2,264   440,303
MGM Resorts International
  5,376   171,763
Mohawk Industries, Inc.(b)
  545   75,957
Murphy USA, Inc.(b)
  576   67,697
Newell Brands, Inc.
  8,256   158,680
NIKE, Inc., Class B
  5,303   495,777
Nordstrom, Inc.(c)
  1,824   69,622
Norwegian Cruise Line Holdings Ltd.(b)
  1,633   87,594
NVR, Inc.(b)
  17   64,462
Office Depot, Inc.
  26,208   58,444
O’Reilly Automotive, Inc.(b)
  328   145,068
Penske Automotive Group, Inc.
  864   43,623
Polaris, Inc.
  481   46,994
PulteGroup, Inc.
  2,784   110,386
PVH Corp.
  754   73,108
Qurate Retail, Inc., Class A(b)
  8,736   82,643
Ralph Lauren Corp.
  575   61,720
Ross Stores, Inc.
  1,439   167,140
Royal Caribbean Cruises Ltd.
  1,151   138,143
Service Corp. International
  865   38,077
Signet Jewelers Ltd.
  3,649   67,032
Starbucks Corp.
  7,103   606,809
Tapestry, Inc.
  2,112   56,792
Target Corp.
  7,013   876,695
Tenneco, Inc., Class A
  4,032   49,956
Tesla, Inc.(b)(c)
  288   95,023
Thor Industries, Inc.
  767   48,912
Tiffany & Co.
  650   86,970
TJX Cos., Inc. (The)
  5,664   346,240
Toll Brothers, Inc.
  1,633   65,598
Tractor Supply Co.
  576   54,397
Ulta Beauty, Inc.(b)
  191   44,667
Under Armour, Inc., Class A(b)
  1,345   25,407
Vail Resorts, Inc.
  149   36,158
VF Corp.
  1,435   127,055
Whirlpool Corp.
  1,125   160,987
Williams-Sonoma, Inc.
  864   59,962
Wyndham Destinations, Inc.
  960   46,560
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
Wynn Resorts, Ltd.
  479   $57,887
Yum China Holdings, Inc. (China)
  1,631   72,612
Yum! Brands, Inc.
  959   96,543
        15,429,114
Consumer Staples-8.95%
Altria Group, Inc.
  9,672   480,698
Archer-Daniels-Midland Co.
  5,856   251,398
Brown-Forman Corp., Class B
  1,056   71,618
Bunge Ltd.
  2,784   148,610
Campbell Soup Co.
  1,153   53,695
Casey’s General Stores, Inc.
  351   60,993
Church & Dwight Co., Inc.
  673   47,272
Clorox Co. (The)
  479   71,002
Coca-Cola Co. (The)
  12,439   664,243
Colgate-Palmolive Co.
  2,783   188,743
Conagra Brands, Inc.
  3,264   94,232
Constellation Brands, Inc., Class A
  767   142,708
Costco Wholesale Corp.
  2,687   805,589
Estee Lauder Cos., Inc. (The), Class A
  960   187,651
General Mills, Inc.
  3,264   174,037
Herbalife Nutrition Ltd.(b)
  1,057   48,210
Hershey Co. (The)
  672   99,564
Hormel Foods Corp.
  2,209   98,367
Ingredion, Inc.
  671   55,807
JM Smucker Co. (The)
  767   80,604
Kellogg Co.
  1,919   124,965
Kimberly-Clark Corp.
  1,439   196,193
Kraft Heinz Co. (The)
  11,519   351,330
Kroger Co. (The)
  22,705   620,755
McCormick & Co., Inc.
  383   64,823
Molson Coors Brewing Co., Class B
  2,401   121,203
Mondelez International, Inc., Class A
  7,352   386,274
Monster Beverage Corp.(b)
  959   57,367
PepsiCo., Inc.
  4,991   677,928
Performance Food Group Co.(b)
  1,537   72,331
Philip Morris International, Inc.
  5,208   431,899
Post Holdings, Inc.(b)
  479   50,582
Procter & Gamble Co. (The)
  10,934   1,334,604
Rite Aid Corp.(b)
  7,200   65,232
Sysco Corp.
  3,744   301,579
TreeHouse Foods, Inc.(b)(c)
  671   32,805
Tyson Foods, Inc., Class A
  3,099   278,569
United Natural Foods, Inc.(b)
  3,936   35,896
US Foods Holding Corp.(b)
  2,687   106,862
Walgreens Boots Alliance, Inc.
  14,369   856,392
Walmart, Inc.
  13,611   1,620,934
        11,613,564
Energy-7.86%
Antero Resources Corp.(b)
  9,217   18,342
Apache Corp.
  4,415   98,366
Baker Hughes Co.
  7,201   161,446
Cabot Oil & Gas Corp.
  2,303   36,710
Cheniere Energy, Inc.(b)
  767   46,434
Chesapeake Energy Corp.(b)
  16,512   9,830
Chevron Corp.
  14,388   1,685,266
Cimarex Energy Co.
  673   30,938
ConocoPhillips
  9,870   591,608
CVR Energy, Inc.
  864   37,489
Delek US Holdings, Inc.
  1,441   49,441
Devon Energy Corp.
  5,951   130,267
EOG Resources, Inc.
  2,879   204,121
  Shares   Value
Energy-(continued)
Exxon Mobil Corp.
  36,672   $2,498,463
Gulfport Energy Corp.(b)
  4,896   11,603
Halliburton Co.
  7,775   163,197
Helmerich & Payne, Inc.
  864   34,154
Hess Corp.
  1,976   122,690
HollyFrontier Corp.
  2,687   138,515
Marathon Oil Corp.
  9,121   106,260
Marathon Petroleum Corp.
  11,601   703,485
Murphy Oil Corp.
  2,016   46,388
National Oilwell Varco, Inc.
  4,223   95,229
Oasis Petroleum, Inc.(b)
  6,110   14,297
Occidental Petroleum Corp.
  7,008   270,299
ONEOK, Inc.
  2,111   149,987
Parsley Energy, Inc., Class A
  2,209   33,091
Patterson-UTI Energy, Inc.
  3,455   30,888
PBF Energy, Inc., Class A
  3,169   99,190
Peabody Energy Corp.
  3,073   29,747
Phillips 66
  8,363   959,403
Pioneer Natural Resources Co.
  942   120,425
QEP Resources, Inc.
  4,801   15,699
Range Resources Corp.(c)
  5,951   20,769
Schlumberger Ltd.
  12,398   448,808
Southwestern Energy Co.(b)
  12,097   22,016
Targa Resources Corp.
  2,496   91,179
Valero Energy Corp.
  7,021   670,435
Whiting Petroleum Corp.(b)
  1,824   8,354
World Fuel Services Corp.
  3,743   158,703
WPX Energy, Inc.(b)
  3,167   31,163
        10,194,695
Financials-5.74%
Affiliated Managers Group, Inc.
  673   57,454
AGNC Investment Corp.
  6,721   116,408
Alleghany Corp.(b)
  114   88,925
Allstate Corp. (The)
  4,223   470,231
American Express Co.
  5,067   608,648
Arthur J. Gallagher & Co.
  768   71,631
Berkshire Hathaway, Inc., Class B(b)
  15,001   3,304,720
Cboe Global Markets, Inc.
  384   45,658
Cincinnati Financial Corp.
  864   92,491
Everest Re Group, Ltd.
  351   95,212
Fidelity National Financial, Inc.
  1,728   82,305
First American Financial Corp.
  865   55,031
Franklin Resources, Inc.
  3,360   92,366
Hanover Insurance Group, Inc. (The)
  384   52,197
Hartford Financial Services Group, Inc. (The)
  3,359   207,788
INTL. FCStone, Inc.(b)
  1,921   76,840
Lazard Ltd., Class A
  1,441   55,680
Legg Mason, Inc.
  1,344   52,524
LPL Financial Holdings, Inc.
  481   44,420
Markel Corp.(b)
  77   87,437
Marsh & McLennan Cos., Inc.
  1,824   197,120
Moody’s Corp.
  335   75,935
Mr Cooper Group, Inc.(b)
  4,128   55,480
MSCI, Inc.
  191   49,505
Nasdaq, Inc.
  672   70,426
Old Republic International Corp.
  2,977   67,161
OneMain Holdings, Inc.
  1,151   49,597
Progressive Corp. (The)
  3,565   260,423
Raymond James Financial, Inc.
  959   86,137
S&P Global, Inc.
  629   166,465
Santander Consumer USA Holdings, Inc.
  2,112   49,738
T. Rowe Price Group, Inc.
  1,056   130,479
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Financials-(continued)
Travelers Cos., Inc. (The)
  2,365   $323,343
W.R. Berkley Corp.
  864   58,752
White Mountains Insurance Group Ltd.
  37   40,956
        7,439,483
Health Care-15.23%
Abbott Laboratories
  5,471   467,497
AbbVie, Inc.
  10,133   888,968
Agilent Technologies, Inc.
  1,056   85,293
Alexion Pharmaceuticals, Inc.(b)
  575   65,516
AmerisourceBergen Corp.
  5,405   475,154
Amgen, Inc.
  5,806   1,362,784
Anthem, Inc.
  2,083   601,279
Baxter International, Inc.
  2,423   198,613
Becton, Dickinson and Co.
  960   248,160
Biogen, Inc.(b)
  1,412   423,332
Boston Scientific Corp.(b)
  2,207   95,453
Bristol-Myers Squibb Co.
  7,103   404,445
Cardinal Health, Inc.
  11,813   650,069
Centene Corp.(b)
  4,128   249,620
Cerner Corp.
  1,152   82,472
Cigna Corp.
  2,268   453,419
Community Health Systems, Inc.(b)
  13,825   44,240
Cooper Cos., Inc. (The)
  127   39,762
CVS Health Corp.
  18,509   1,393,172
Danaher Corp.
  1,823   266,122
DaVita, Inc.(b)
  2,401   172,320
DENTSPLY SIRONA, Inc.
  1,152   65,134
Edwards Lifesciences Corp.(b)
  384   94,057
Eli Lilly and Co.
  3,647   427,975
Encompass Health Corp.
  576   40,729
Gilead Sciences, Inc.
  7,750   521,110
HCA Healthcare, Inc.
  1,891   262,206
Henry Schein, Inc.(b)
  1,056   72,758
Hologic, Inc.(b)
  960   49,267
Humana, Inc.
  1,211   413,230
Illumina, Inc.(b)
  191   61,265
Intuitive Surgical, Inc.(b)
  136   80,634
IQVIA Holdings, Inc.(b)
  906   132,258
Jazz Pharmaceuticals PLC(b)
  288   43,523
Johnson & Johnson
  10,250   1,409,273
Laboratory Corp. of America Holdings(b)
  671   115,607
McKesson Corp.
  6,395   924,973
MEDNAX, Inc.(b)
  1,345   35,131
Medtronic PLC
  6,905   769,148
Merck & Co., Inc.
  10,696   932,477
Mettler-Toledo International, Inc.(b)
  52   37,409
Molina Healthcare, Inc.(b)
  479   64,905
Owens & Minor, Inc.
  9,600   63,552
Patterson Cos., Inc.
  1,441   28,042
Perrigo Co. PLC
  1,345   68,904
Pfizer, Inc.
  33,159   1,277,285
Quest Diagnostics, Inc.
  865   92,166
Regeneron Pharmaceuticals, Inc.(b)
  251   92,619
ResMed, Inc.
  288   43,085
STERIS PLC
  288   43,528
Stryker Corp.
  863   176,794
Tenet Healthcare Corp.(b)
  3,551   114,342
Thermo Fisher Scientific, Inc.
  1,131   355,077
UnitedHealth Group, Inc.
  5,700   1,595,259
Universal Health Services, Inc., Class B
  767   106,989
Vertex Pharmaceuticals, Inc.(b)
  288   63,864
Waters Corp.(b)
  288   63,956
  Shares   Value
Health Care-(continued)
WellCare Health Plans, Inc.(b)
  288   $92,756
Zimmer Biomet Holdings, Inc.
  1,036   150,510
Zoetis, Inc.
  864   104,129
        19,753,616
Industrials-11.21%
3M Co.
  2,941   499,294
A.O. Smith Corp.
  768   37,171
Acuity Brands, Inc.
  287   37,534
AECOM(b)
  2,784   120,631
AGCO Corp.
  672   52,503
Allison Transmission Holdings, Inc.
  1,057   51,159
American Airlines Group, Inc.(c)
  1,920   55,181
AMETEK, Inc.
  672   66,535
Arconic, Inc.
  3,553   110,001
Avis Budget Group, Inc.(b)
  2,687   79,938
Boeing Co. (The)
  2,909   1,065,218
C.H. Robinson Worldwide, Inc.
  1,055   81,077
Carlisle Cos., Inc.
  383   59,740
Caterpillar, Inc.
  3,839   555,618
Cintas Corp.
  247   63,494
CSX Corp.
  4,127   295,246
Cummins, Inc.
  1,247   228,026
Deere & Co.
  1,728   290,390
Delta Air Lines, Inc.
  1,920   110,035
Dover Corp.
  971   108,247
Eaton Corp. PLC
  3,353   310,152
EMCOR Group, Inc.
  480   42,686
Emerson Electric Co.
  3,360   248,170
Equifax, Inc.
  384   53,622
Expeditors International of Washington, Inc.
  959   71,695
Fastenal Co.
  1,632   57,969
FedEx Corp.
  2,399   383,960
Fluor Corp.
  2,592   45,204
Fortive Corp.
  768   55,427
Fortune Brands Home & Security, Inc.
  1,152   72,875
General Dynamics Corp.
  1,771   321,861
General Electric Co.
  91,205   1,027,880
Genesee & Wyoming, Inc., Class A(b)
  480   53,496
HD Supply Holdings, Inc.(b)
  1,057   42,090
Hertz Global Holdings, Inc.(b)
  5,472   84,816
Honeywell International, Inc.
  3,132   559,219
Hubbell, Inc.
  288   42,342
Huntington Ingalls Industries, Inc.
  351   88,336
IDEX Corp.
  193   31,409
Illinois Tool Works, Inc.
  1,344   234,299
Ingersoll-Rand PLC
  1,247   163,494
J.B. Hunt Transport Services, Inc.
  479   55,382
Jacobs Engineering Group, Inc.
  959   88,314
Johnson Controls International PLC
  7,265   311,160
Kansas City Southern
  533   81,240
KAR Auction Services, Inc.
  768   16,220
Knight-Swift Transportation Holdings, Inc.
  1,249   46,200
L3Harris Technologies, Inc.
  384   77,219
Lockheed Martin Corp.
  1,056   412,928
ManpowerGroup, Inc.
  1,057   97,920
Masco Corp.
  1,633   76,016
Nielsen Holdings PLC
  3,263   63,792
Norfolk Southern Corp.
  1,343   259,870
Northrop Grumman Corp.
  740   260,310
Old Dominion Freight Line, Inc.
  287   54,986
Oshkosh Corp.
  672   60,789
Owens Corning
  1,343   90,062
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Industrials-(continued)
PACCAR, Inc.
  2,783   $226,453
Parker-Hannifin Corp.
  805   160,026
Quanta Services, Inc.
  1,729   71,996
Raytheon Co.
  1,490   323,956
Republic Services, Inc.
  1,728   153,187
Robert Half International, Inc.
  769   44,756
Rockwell Automation, Inc.
  672   131,604
Roper Technologies, Inc.
  214   77,119
Ryder System, Inc.
  1,248   65,507
Snap-on, Inc.
  337   54,075
Southwest Airlines Co.
  1,248   71,935
Spirit AeroSystems Holdings, Inc., Class A
  863   75,072
Stanley Black & Decker, Inc.
  916   144,490
Terex Corp.
  1,439   40,393
Textron, Inc.
  2,689   124,339
TransDigm Group, Inc.
  76   43,100
Trinity Industries, Inc.
  2,209   46,477
Union Pacific Corp.
  3,815   671,402
United Airlines Holdings, Inc.(b)
  961   89,181
United Parcel Service, Inc., Class B
  5,183   620,561
United Rentals, Inc.(b)
  863   132,082
United Technologies Corp.
  4,011   594,992
Verisk Analytics, Inc.
  289   42,622
W.W. Grainger, Inc.
  287   90,965
Waste Management, Inc.
  1,823   205,835
WESCO International, Inc.(b)
  768   40,412
XPO Logistics, Inc.(b)
  1,753   144,956
Xylem, Inc.
  577   44,723
        14,542,664
Information Technology-22.00%
Accenture PLC, Class A
  2,439   490,629
Adobe, Inc.(b)
  767   237,410
Akamai Technologies, Inc.(b)
  768   66,908
Alliance Data Systems Corp.
  672   71,844
Amdocs Ltd.
  959   66,459
Amphenol Corp., Class A
  1,056   109,824
Analog Devices, Inc.
  1,439   162,535
ANSYS, Inc.(b)
  192   48,901
Apple, Inc.
  28,938   7,733,681
Applied Materials, Inc.
  7,679   444,614
Arrow Electronics, Inc.(b)
  1,727   137,538
Automatic Data Processing, Inc.
  1,117   190,761
Avnet, Inc.
  2,303   93,617
Booz Allen Hamilton Holding Corp.
  671   48,822
Broadcom, Inc.
  1,961   620,088
Broadridge Financial Solutions, Inc.
  384   47,505
CDK Global, Inc.
  768   41,126
CDW Corp.
  844   113,982
Cisco Systems, Inc.
  26,878   1,217,842
Citrix Systems, Inc.
  863   97,355
Cognizant Technology Solutions Corp., Class A
  3,360   215,410
CommScope Holding Co., Inc.(b)
  1,727   23,487
Conduent, Inc.(b)
  4,223   28,590
Corning, Inc.
  7,969   231,420
Dell Technologies, Inc., Class C(b)
  8,574   415,753
DXC Technology Co.
  3,457   129,050
F5 Networks, Inc.(b)
  365   53,184
Fidelity National Information Services, Inc.
  1,343   185,535
Fiserv, Inc.(b)
  1,247   144,951
Global Payments, Inc.
  358   64,834
Hewlett Packard Enterprise Co.
  26,360   417,279
HP, Inc.
  19,121   383,950
  Shares   Value
Information Technology-(continued)
Intel Corp.
  34,305   $1,991,405
International Business Machines Corp.
  7,171   964,141
Intuit, Inc.
  403   104,333
Jabil, Inc.
  3,551   137,921
Juniper Networks, Inc.
  3,456   86,607
Keysight Technologies, Inc.(b)
  479   51,267
KLA Corp.
  672   110,114
Lam Research Corp.
  1,211   323,131
Leidos Holdings, Inc.
  959   87,116
LogMeIn, Inc.
  385   30,022
Marvell Technology Group Ltd.
  2,401   63,314
Mastercard, Inc., Class A
  1,536   448,865
Maxim Integrated Products, Inc.
  1,153   65,341
Microchip Technology, Inc.(c)
  865   81,777
Micron Technology, Inc.(b)
  15,527   737,688
Microsoft Corp.
  19,104   2,891,964
Motorola Solutions, Inc.
  383   64,076
NCR Corp.(b)
  1,249   41,005
NetApp, Inc.
  1,727   104,639
NortonLifeLock, Inc.
  3,648   90,835
NVIDIA Corp.
  1,439   311,889
ON Semiconductor Corp.(b)
  3,072   65,956
Oracle Corp.
  17,472   980,878
Palo Alto Networks, Inc.(b)
  192   43,626
Paychex, Inc.
  767   66,054
PayPal Holdings, Inc.(b)
  2,495   269,485
PTC, Inc.(b)
  384   29,414
Qorvo, Inc.(b)
  959   99,937
QUALCOMM, Inc.
  10,191   851,458
Sabre Corp.
  1,824   40,912
salesforce.com, inc.(b)
  960   156,374
Sanmina Corp.(b)
  1,153   36,677
Seagate Technology PLC
  2,592   154,691
ServiceNow, Inc.(b)
  136   38,493
Skyworks Solutions, Inc.
  1,249   122,777
SS&C Technologies Holdings, Inc.
  575   34,529
SYNNEX Corp.
  670   82,283
Synopsys, Inc.(b)
  384   54,159
Tech Data Corp.(b)
  1,344   194,732
Teradyne, Inc.
  1,055   66,032
Texas Instruments, Inc.
  4,127   496,107
Trimble, Inc.(b)
  865   35,058
Visa, Inc., Class A
  4,556   840,628
VMware, Inc., Class A
  1,099   171,026
Western Digital Corp.
  4,992   251,247
Western Union Co. (The)
  2,881   77,441
Xerox Holdings Corp.
  2,591   100,868
Xilinx, Inc.
  577   53,534
        28,536,710
Materials-3.19%
Air Products and Chemicals, Inc.
  722   170,630
Albemarle Corp.
  768   50,212
Alcoa Corp.(b)
  2,976   60,562
Ashland Global Holdings, Inc.
  479   34,344
Avery Dennison Corp.
  481   62,708
Axalta Coating Systems Ltd.(b)
  1,345   38,292
Ball Corp.
  1,632   107,810
Berry Global Group, Inc.(b)
  961   44,869
Celanese Corp.
  863   108,367
CF Industries Holdings, Inc.
  1,727   79,805
Chemours Co. (The)
  2,784   43,959
Crown Holdings, Inc.(b)
  673   51,081
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Materials-(continued)
Domtar Corp.
  959   $35,790
DuPont de Nemours, Inc.
  11,173   724,122
Eastman Chemical Co.
  1,535   120,298
Ecolab, Inc.
  835   155,869
FMC Corp.
  481   47,119
Freeport-McMoRan, Inc.
  18,143   206,467
Huntsman Corp.
  3,361   76,026
International Flavors & Fragrances, Inc.(c)
  288   40,674
International Paper Co.
  4,127   191,245
Louisiana-Pacific Corp.
  1,439   42,681
Martin Marietta Materials, Inc.
  236   63,342
Mosaic Co. (The)
  3,936   74,981
Newmont Goldcorp Corp.
  3,935   151,104
Nucor Corp.
  3,361   189,426
Olin Corp.
  2,400   42,048
Owens-Illinois, Inc.
  2,399   23,702
Packaging Corp. of America
  646   72,287
PPG Industries, Inc.
  1,440   185,530
Reliance Steel & Aluminum Co.
  863   101,817
RPM International, Inc.
  672   49,546
Sealed Air Corp.
  1,344   50,709
Sherwin-Williams Co. (The)
  305   177,855
Sonoco Products Co.
  577   34,926
Steel Dynamics, Inc.
  2,783   93,870
United States Steel Corp.(c)
  5,183   68,001
Vulcan Materials Co.
  479   67,956
Warrior Met Coal, Inc.
  1,249   25,642
Westrock Co.
  4,320   174,226
        4,139,898
Real Estate-0.93%
American Tower Corp.
  863   184,708
CBRE Group, Inc., Class A(b)
  2,111   120,369
Equinix, Inc.
  192   108,835
Host Hotels & Resorts, Inc.
  4,224   73,878
Iron Mountain, Inc.
  1,632   52,420
Jones Lang LaSalle, Inc.
  480   79,838
Park Hotels & Resorts, Inc.
  1,728   40,867
Public Storage
  479   100,916
Realogy Holdings Corp.(c)
  6,048   63,323
SBA Communications Corp., Class A
  287   67,867
Service Properties Trust
  1,345   31,325
Simon Property Group, Inc.
  1,055   159,526
Weyerhaeuser Co.
  4,225   124,680
        1,208,552
Utilities-2.27%
AES Corp. (The)
  6,241   118,017
  Shares   Value
Utilities-(continued)
Alliant Energy Corp.
  865   $45,845
Ameren Corp.
  1,440   107,035
American Electric Power Co., Inc.
  2,879   262,997
CenterPoint Energy, Inc.
  3,551   87,213
CMS Energy Corp.
  1,440   88,272
Consolidated Edison, Inc.
  2,107   183,077
DTE Energy Co.
  1,219   152,302
Edison International
  3,071   212,206
Entergy Corp.
  1,441   167,718
Eversource Energy
  1,823   150,653
Exelon Corp.
  9,244   410,434
FirstEnergy Corp.
  2,881   137,395
MDU Resources Group, Inc.
  1,535   44,576
NiSource, Inc.
  2,112   55,862
NRG Energy, Inc.
  2,305   91,578
PG&E Corp.(b)
  14,005   104,477
Portland General Electric Co.
  577   32,029
UGI Corp.
  1,247   54,307
Vistra Energy Corp.
  3,647   96,755
WEC Energy Group, Inc.
  1,749   155,049
Xcel Energy, Inc.
  2,975   182,933
        2,940,730
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $123,180,245)
  129,629,761
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.64%
Invesco Government & Agency Portfolio, Institutional Class, 1.53%(d)(e)
  627,990   627,990
Invesco Liquid Assets Portfolio, Institutional Class, 1.72%(d)(e)
  208,627   208,711
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $836,701)
  836,701
TOTAL INVESTMENTS IN SECURITIES-100.57%

(Cost $124,016,946)
  130,466,462
OTHER ASSETS LESS LIABILITIES-(0.57)%
  (743,801)
NET ASSETS-100.00%
  $129,722,661
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at November 30, 2019.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of November 30, 2019.
(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.
Schedule of Investments(a)
Invesco RAFITM Strategic US Small Company ETF (IUSS)
November 30, 2019
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.84%
Communication Services-4.16%
AMC Networks, Inc., Class A(b)
  1,055   $40,544
ANGI Homeservices, Inc., Class A(b)(c)
  1,364   10,571
ATN International, Inc.
  155   8,703
Bandwidth, Inc., Class A(b)
  23   1,286
Boingo Wireless, Inc.(b)
  287   3,303
Cable One, Inc.
  22   33,770
Cargurus, Inc.(b)
  132   5,292
Cars.com, Inc.(b)(c)
  1,585   21,065
Central European Media Enterprises Ltd., Class A (Czech Republic)(b)
  946   4,257
Cincinnati Bell, Inc.(b)
  1,563   10,144
Cinemark Holdings, Inc.
  1,394   47,215
Clear Channel Outdoor Holdings, Inc.(b)
  1,387   3,440
Cogent Communications Holdings, Inc.
  198   12,411
comScore, Inc.(b)
  330   1,350
Consolidated Communications Holdings, Inc.
  6,116   22,201
E.W. Scripps Co. (The), Class A
  925   13,801
Emerald Expositions Events, Inc.
  374   3,744
Entercom Communications Corp., Class A(c)
  3,872   18,315
Entravision Communications Corp., Class A
  4,004   11,371
Eros International PLC (India)(b)(c)
  946   2,526
Gannett Co., Inc.(c)
  2,244   14,272
Globalstar, Inc.(b)
  3,147   1,227
Glu Mobile, Inc.(b)
  375   2,074
Gogo, Inc.(b)
  220   1,113
Gray Television, Inc.(b)
  1,320   26,717
John Wiley & Sons, Inc., Class A
  830   39,226
Liberty TripAdvisor Holdings, Inc., Class A(b)
  2,245   15,558
Lions Gate Entertainment Corp., Class A(b)(c)
  3,759   35,147
Live Nation Entertainment, Inc.(b)
  962   67,157
Madison Square Garden Co. (The), Class A(b)
  124   34,941
Marcus Corp. (The)
  358   11,263
Match Group, Inc.(c)
  770   54,270
MDC Partners, Inc., Class A(b)
  1,562   3,639
Meredith Corp.
  660   23,126
MSG Networks, Inc., Class A(b)
  265   4,304
National CineMedia, Inc.
  1,100   7,381
Netflix, Inc.(b)
  110   34,613
New York Times Co. (The), Class A
  616   19,866
Nexstar Media Group, Inc., Class A
  526   56,655
ORBCOMM, Inc.(b)
  506   2,029
QuinStreet, Inc.(b)
  287   4,517
Roku, Inc.(b)
  78   12,509
Rosetta Stone, Inc.(b)
  44   684
Scholastic Corp.
  708   26,288
Shenandoah Telecommunications Co.
  406   15,245
Sinclair Broadcast Group, Inc., Class A
  1,122   39,079
Sirius XM Holdings, Inc.(c)
  10,787   75,293
Snap, Inc., Class A(b)(c)
  484   7,381
Spok Holdings, Inc.
  308   3,791
TechTarget, Inc.(b)
  132   3,501
TEGNA, Inc.
  2,692   41,322
Tribune Publishing Co.(c)
  330   4,132
TripAdvisor, Inc.
  771   21,896
TrueCar, Inc.(b)
  770   4,043
United States Cellular Corp.(b)
  485   16,446
Vonage Holdings Corp.(b)
  1,386   10,963
WideOpenWest, Inc.(b)
  528   3,237
World Wrestling Entertainment, Inc., Class A(c)
  223   13,830
Yelp, Inc.(b)
  902   31,281
  Shares   Value
Communication Services-(continued)
Zillow Group, Inc., Class C(b)(c)
  463   $18,126
Zynga, Inc., Class A(b)
  4,488   27,960
        1,111,411
Consumer Discretionary-15.58%
1-800-Flowers.com, Inc., Class A(b)
  594   8,001
Aaron’s, Inc.
  1,040   60,736
Abercrombie & Fitch Co., Class A
  1,892   30,215
Acushnet Holdings Corp.
  441   13,261
Adtalem Global Education, Inc.(b)
  881   29,716
American Eagle Outfitters, Inc.
  2,936   43,952
American Outdoor Brands Corp.(b)
  1,101   9,623
American Public Education, Inc.(b)
  199   4,927
America’s Car-Mart, Inc.(b)
  86   9,396
Asbury Automotive Group, Inc.(b)
  643   71,270
Ascena Retail Group, Inc.(b)
  33,089   14,913
At Home Group, Inc.(b)
  528   4,530
BBX Capital Corp.
  2,728   12,494
Beazer Homes USA, Inc.(b)
  1,827   27,990
Big Lots, Inc.
  1,722   35,990
Biglari Holdings, Inc., Class B(b)
  44   4,963
BJ’s Restaurants, Inc.
  354   14,567
Bloomin’ Brands, Inc.
  2,152   51,756
Boot Barn Holdings, Inc.(b)
  308   12,265
Boyd Gaming Corp.
  1,232   36,233
Bright Horizons Family Solutions, Inc.(b)
  284   42,748
Brinker International, Inc.
  1,120   50,176
Buckle, Inc. (The)(c)
  617   17,165
Caesars Entertainment Corp.(b)
  4,198   54,742
Caleres, Inc.
  1,232   26,968
Callaway Golf Co.
  1,145   23,793
Camping World Holdings, Inc., Class A
  2,113   25,441
Career Education Corp.(b)
  418   6,972
Carrols Restaurant Group, Inc.(b)
  1,012   8,015
Carter’s, Inc.
  615   63,536
Cato Corp. (The), Class A
  902   17,192
Cavco Industries, Inc.(b)
  88   17,601
Century Communities, Inc.(b)
  353   10,061
Cheesecake Factory, Inc. (The)(c)
  748   32,620
Chegg, Inc.(b)
  286   11,088
Chico’s FAS, Inc.
  7,634   36,414
Childrens Place, Inc. (The)
  330   23,846
Choice Hotels International, Inc.
  213   20,714
Churchill Downs, Inc.
  443   57,594
Chuy’s Holdings, Inc.(b)
  243   7,003
Citi Trends, Inc.
  484   9,937
Columbia Sportswear Co.
  230   21,275
Conn’s, Inc.(b)
  594   13,026
Container Store Group, Inc. (The)(b)(c)
  396   1,647
Cooper Tire & Rubber Co.(c)
  1,343   38,705
Cooper-Standard Holdings, Inc.(b)
  902   25,644
Cracker Barrel Old Country Store, Inc.(c)
  298   45,815
Crocs, Inc.(b)
  885   30,886
Dave & Buster’s Entertainment, Inc.
  550   22,099
Deckers Outdoor Corp.(b)
  327   54,995
Denny’s Corp.(b)
  462   9,027
Designer Brands Inc., Class A
  1,782   29,403
Dillard’s, Inc., Class A(c)
  1,014   72,805
Dine Brands Global, Inc.
  141   11,686
Dorman Products, Inc.(b)
  213   15,830
Drive Shack, Inc.(b)
  419   1,609
Duluth Holdings, Inc., Class B(b)(c)
  199   1,837
Dunkin’ Brands Group, Inc.
  739   56,570
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
El Pollo Loco Holdings, Inc.(b)
  330   $5,320
Eldorado Resorts, Inc.(b)(c)
  486   26,006
Ethan Allen Interiors, Inc.
  507   9,065
Etsy, Inc.(b)
  308   13,364
Everi Holdings, Inc.(b)
  704   9,483
Express, Inc.(b)
  7,018   27,581
Fiesta Restaurant Group, Inc.(b)
  529   5,237
Five Below, Inc.(b)
  154   19,051
Floor & Decor Holdings, Inc., Class A(b)
  432   20,740
Fossil Group, Inc.(b)
  1,914   14,336
Fox Factory Holding Corp.(b)
  110   7,252
Funko, Inc., Class A(b)
  67   956
Genesco, Inc.(b)
  594   22,061
Gentherm, Inc.(b)
  487   20,381
G-III Apparel Group Ltd.(b)
  880   26,048
GNC Holdings, Inc.(b)(c)
  9,857   28,980
Golden Entertainment, Inc.(b)
  507   9,187
GoPro, Inc., Class A(b)
  1,254   5,066
Graham Holdings Co., Class B
  82   51,792
Grand Canyon Education, Inc.(b)
  198   16,868
Groupon, Inc.(b)
  6,336   18,374
GrubHub, Inc.(b)
  423   18,240
Guess?, Inc.
  1,232   23,716
Haverty Furniture Cos., Inc.
  595   11,965
Helen of Troy Ltd.(b)
  248   40,032
Hibbett Sports, Inc.(b)(c)
  660   18,724
Hilton Grand Vacations, Inc.(b)
  845   29,262
Hooker Furniture Corp.
  242   5,762
Houghton Mifflin Harcourt Co.(b)
  2,640   15,497
Installed Building Products, Inc.(b)
  198   14,197
iRobot Corp.(b)(c)
  190   8,276
Jack in the Box, Inc.
  285   22,598
Johnson Outdoors, Inc., Class A
  88   5,685
K12, Inc.(b)
  485   9,530
KB Home
  2,079   71,892
Land’s End, Inc.(b)
  397   4,677
Laureate Education, Inc., Class A(b)
  2,677   46,446
La-Z-Boy, Inc.
  682   21,551
LCI Industries
  341   36,303
LGI Homes, Inc.(b)
  110   7,950
Lindblad Expeditions Holdings, Inc.(b)
  198   3,069
Liquidity Services, Inc.(b)
  242   1,692
M/I Homes, Inc.(b)
  682   30,192
Malibu Boats, Inc., Class A(b)
  154   6,089
Marine Products Corp.
  66   999
MarineMax, Inc.(b)
  704   11,658
Marriott Vacations Worldwide Corp.
  428   52,576
Mattel, Inc.(b)(c)
  3,543   41,453
MDC Holdings, Inc.
  792   31,339
MercadoLibre, Inc. (Argentina)(b)
  38   22,062
Meritage Homes Corp.(b)
  763   50,770
Michaels Cos., Inc. (The)(b)
  2,706   22,135
Modine Manufacturing Co.(b)
  1,496   11,100
Monarch Casino & Resort, Inc.(b)
  88   4,013
Monro, Inc.
  243   17,836
Motorcar Parts of America, Inc.(b)
  221   4,312
Movado Group, Inc.
  330   6,452
National Vision Holdings, Inc.(b)
  529   15,976
Noodles & Co.(b)(c)
  287   1,808
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
  154   10,072
Overstock.com, Inc.(b)
  594   4,508
Oxford Industries, Inc.
  198   14,735
  Shares   Value
Consumer Discretionary-(continued)
Papa John’s International, Inc.
  407   $25,755
Party City Holdco, Inc.(b)(c)
  2,794   5,392
Penn National Gaming, Inc.(b)
  1,841   42,398
PetMed Express, Inc.
  264   6,027
Planet Fitness, Inc., Class A(b)
  224   16,558
Pool Corp.
  206   42,529
Quotient Technology, Inc.(b)
  639   6,665
Red Robin Gourmet Burgers, Inc.(b)
  493   13,444
Red Rock Resorts, Inc., Class A
  1,210   28,314
Regis Corp.(b)
  748   12,065
Rent-A-Center, Inc.
  968   25,197
RH(b)
  521   107,112
Ruth’s Hospitality Group, Inc.
  308   7,198
Sally Beauty Holdings, Inc.(b)
  2,685   49,485
Scientific Games Corp.(b)(c)
  397   10,862
SeaWorld Entertainment, Inc.(b)(c)
  616   18,036
ServiceMaster Global Holdings, Inc.(b)
  740   29,001
Shake Shack, Inc., Class A(b)
  110   6,818
Shoe Carnival, Inc.(c)
  359   12,745
Shutterstock, Inc.(b)
  177   7,360
Six Flags Entertainment Corp.
  836   36,349
Skechers U.S.A., Inc., Class A(b)
  2,189   88,042
Sleep Number Corp.(b)
  830   40,064
Sonic Automotive, Inc., Class A
  2,666   87,311
Stamps.com, Inc.(b)
  587   51,216
Standard Motor Products, Inc.
  286   14,406
Steven Madden Ltd.
  858   36,439
Stitch Fix, Inc., Class A(b)(c)
  485   11,436
Stoneridge, Inc.(b)
  352   10,609
Strategic Education, Inc.
  66   9,355
Sturm Ruger & Co., Inc.
  198   9,019
Superior Industries International, Inc.
  3,718   10,410
Tailored Brands, Inc.(c)
  4,730   25,022
Taylor Morrison Home Corp., Class A(b)
  2,573   59,745
Tempur Sealy International, Inc.(b)
  352   29,878
Texas Roadhouse, Inc.
  673   38,967
TopBuild Corp.(b)
  396   43,671
TRI Pointe Group, Inc.(b)
  3,812   59,391
Tupperware Brands Corp.
  1,320   11,154
Unifi, Inc.(b)
  352   8,571
Universal Electronics, Inc.(b)
  177   9,841
Urban Outfitters, Inc.(b)
  1,315   33,743
Vera Bradley, Inc.(b)
  440   4,858
Vista Outdoor, Inc.(b)
  3,102   25,685
Visteon Corp.(b)
  902   84,364
Wayfair, Inc., Class A(b)(c)
  229   19,447
Wendy’s Co. (The)
  2,111   45,260
William Lyon Homes, Inc., Class A(b)
  1,079   22,530
Wingstop, Inc.
  110   8,800
Winmark Corp.
  23   4,071
Winnebago Industries, Inc.(c)
  576   27,377
Wolverine World Wide, Inc.
  1,226   39,355
WW International, Inc.(b)
  512   22,164
Zovio Inc.(b)
  859   1,735
Zumiez, Inc.(b)
  374   11,048
        4,161,874
Consumer Staples-4.19%
Alico, Inc.
  111   3,759
Andersons, Inc. (The)
  946   21,853
B&G Foods, Inc.(c)
  1,387   22,969
Boston Beer Co., Inc. (The), Class A(b)
  63   24,212
Calavo Growers, Inc.
  110   9,811
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Cal-Maine Foods, Inc.
  419   $18,239
Central Garden & Pet Co., Class A(b)
  836   20,908
Chefs’ Warehouse, Inc. (The)(b)
  290   10,312
Coca-Cola Consolidated, Inc.
  79   21,343
Coty, Inc., Class A
  4,707   54,319
Darling Ingredients, Inc.(b)
  2,663   63,379
Edgewell Personal Care Co.(b)
  1,408   43,873
elf Beauty, Inc.(b)
  220   3,645
Energizer Holdings, Inc.(c)
  531   26,492
Farmer Brothers Co.(b)
  220   3,337
Flowers Foods, Inc.
  2,234   48,098
Fresh Del Monte Produce, Inc.
  1,166   38,128
Freshpet, Inc.(b)
  44   2,365
Hain Celestial Group, Inc. (The)(b)
  1,320   32,630
Hostess Brands, Inc.(b)
  1,430   19,234
Ingles Markets, Inc., Class A
  1,144   50,839
Inter Parfums, Inc.
  88   6,203
J&J Snack Foods Corp.
  108   19,980
John B. Sanfilippo & Son, Inc.
  132   12,902
Lamb Weston Holdings, Inc.
  661   55,511
Lancaster Colony Corp.
  143   22,598
Medifast, Inc.(c)
  71   6,242
MGP Ingredients, Inc.(c)
  66   3,011
National Beverage Corp.(b)(c)
  102   5,063
Natural Grocers by Vitamin Cottage, Inc.
  243   2,272
Nu Skin Enterprises, Inc., Class A
  768   29,368
Pilgrim’s Pride Corp.(b)
  749   23,594
PriceSmart, Inc.
  467   34,904
Sanderson Farms, Inc.
  287   47,522
Seaboard Corp.
  4   16,446
Seneca Foods Corp., Class A(b)
  513   20,058
Simply Good Foods Co. (The)(b)
  353   9,753
SpartanNash Co.
  3,968   56,187
Spectrum Brands Holdings, Inc.
  628   39,263
Sprouts Farmers Market, Inc.(b)
  2,780   55,044
Tootsie Roll Industries, Inc.(c)
  242   8,313
Turning Point Brands, Inc.(c)
  45   1,242
Universal Corp.
  591   30,862
USANA Health Sciences, Inc.(b)
  154   11,334
Vector Group Ltd.(c)
  1,941   26,087
WD-40 Co.
  68   13,132
Weis Markets, Inc.
  528   21,030
        1,117,666
Energy-3.01%
Arch Coal, Inc., Class A(c)
  598   44,318
Archrock, Inc.
  2,354   19,797
Bonanza Creek Energy, Inc.(b)
  397   6,932
California Resources Corp.(b)(c)
  990   6,475
Carrizo Oil & Gas, Inc.(b)(c)
  2,575   16,506
Centennial Resource Development, Inc., Class A(b)
  3,455   10,676
Clean Energy Fuels Corp.(b)
  1,651   3,219
CONSOL Energy, Inc.(b)
  814   10,387
Continental Resources, Inc.
  1,013   31,281
Contura Energy, Inc.(b)
  440   2,935
Denbury Resources, Inc.(b)(c)
  17,491   17,255
DHT Holdings, Inc.
  1,321   9,696
DMC Global, Inc.
  44   2,028
Dril-Quip, Inc.(b)
  462   19,524
Exterran Corp.(b)
  1,276   6,865
Extraction Oil & Gas, Inc.(b)(c)
  6,798   9,789
Forum Energy Technologies, Inc.(b)
  2,641   3,460
  Shares   Value
Energy-(continued)
Geospace Technologies Corp.(b)
  110   $1,586
Golar LNG Ltd. (Bermuda)
  1,145   14,908
Green Plains, Inc.
  1,717   26,184
Gulf Island Fabrication, Inc.(b)
  198   1,077
Helix Energy Solutions Group, Inc.(b)
  2,795   23,198
HighPoint Resources Corp.(b)
  3,895   4,869
International Seaways, Inc.(b)
  550   14,564
Jagged Peak Energy, Inc.(b)(c)
  573   3,822
Laredo Petroleum, Inc.(b)
  8,360   18,058
Magnolia Oil & Gas Corp., Class A(b)(c)
  1,299   14,107
Mammoth Energy Services, Inc.
  1,277   2,005
Matador Resources Co.(b)(c)
  1,541   21,697
Matrix Service Co.(b)
  529   11,077
McDermott International, Inc.(b)
  7,327   5,865
Montage Resources Corp.(b)
  682   3,369
Nabors Industries Ltd.
  14,762   30,410
NACCO Industries, Inc., Class A
  66   3,109
Newpark Resources, Inc.(b)
  1,519   8,901
Northern Oil and Gas, Inc.(b)(c)
  1,584   2,820
Oceaneering International, Inc.(b)
  1,409   18,895
Oil States International, Inc.(b)
  1,034   16,482
Par Pacific Holdings, Inc.(b)
  1,188   29,569
PDC Energy, Inc.(b)
  1,452   33,004
Penn Virginia Corp.(b)
  309   7,462
ProPetro Holding Corp.(b)
  837   7,215
Renewable Energy Group, Inc.(b)
  1,782   30,401
REX American Resources Corp.(b)
  88   8,083
RigNet, Inc.(b)
  221   1,149
Ring Energy, Inc.(b)
  1,386   2,661
RPC, Inc.(c)
  1,100   4,246
SandRidge Energy, Inc.(b)
  1,629   5,359
SEACOR Holdings, Inc.(b)
  243   10,289
Select Energy Services, Inc., Class A(b)
  1,408   10,813
SemGroup Corp., Class A
  2,768   42,544
SFL Corp. Ltd. (Norway)(c)
  1,716   24,299
SM Energy Co.
  3,623   30,107
SRC Energy, Inc.(b)
  5,919   21,131
Teekay Corp. (Bermuda)
  4,687   22,544
TETRA Technologies, Inc.(b)
  4,093   5,034
Texas Pacific Land Trust
  18   12,150
Tidewater, Inc.(b)
  441   6,747
Unit Corp.(b)
  2,442   2,090
US Silica Holdings, Inc.(c)
  2,839   13,996
W&T Offshore, Inc.(b)
  1,144   4,896
        803,935
Financials-6.41%
AMERISAFE, Inc.
  271   18,320
Arbor Realty Trust, Inc.
  1,078   16,342
Argo Group International Holdings Ltd.
  535   35,192
Artisan Partners Asset Management, Inc., Class A
  1,341   39,787
Ashford, Inc.(b)
  10   236
Blucora, Inc.(b)
  375   8,827
Brown & Brown, Inc.
  1,786   67,404
CBTX, Inc.
  155   4,576
Cohen & Steers, Inc.
  154   10,338
Compass Diversified Holdings
  1,188   28,156
Cowen, Inc., Class A(b)
  924   14,156
Crawford & Co., Class A(c)
  682   7,475
Credit Acceptance Corp.(b)
  74   31,854
Diamond Hill Investment Group, Inc.
  44   6,008
Donegal Group, Inc., Class A
  397   5,808
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Financials-(continued)
Donnelley Financial Solutions, Inc.(b)
  682   $6,847
Eaton Vance Corp.
  1,255   59,198
eHealth, Inc.(b)
  44   4,059
Employers Holdings, Inc.
  484   20,797
Encore Capital Group, Inc.(b)
  484   17,651
Enova International, Inc.(b)
  1,343   30,929
Erie Indemnity Co., Class A
  132   22,348
Essent Group Ltd.
  915   50,005
Evercore, Inc., Class A
  586   45,345
EZCORP, Inc., Class A(b)
  1,474   7,547
FactSet Research Systems, Inc.
  183   47,516
Federated Investors, Inc., Class B
  946   31,710
FirstCash, Inc.
  506   40,905
GAMCO Investors, Inc., Class A
  352   6,329
Green Dot Corp., Class A(b)
  462   10,977
Greenhill & Co., Inc.
  837   14,237
Hamilton Lane, Inc., Class A
  133   7,714
Heritage Insurance Holdings, Inc.
  550   7,530
Houlihan Lokey, Inc.
  594   28,316
James River Group Holdings Ltd.
  528   20,888
Kemper Corp.
  662   48,935
Kinsale Capital Group, Inc.
  97   9,822
KKR Real Estate Finance Trust, Inc.
  550   11,104
Ladenburg Thalmann Financial Services, Inc.
  3,411   11,904
LendingTree, Inc.(b)
  22   7,932
Luther Burbank Corp.
  616   7,121
MarketAxess Holdings, Inc.
  76   30,690
Merchants Bancorp
  45   809
Mercury General Corp.
  506   24,784
MGIC Investment Corp.
  4,556   65,652
Moelis & Co., Class A
  1,166   38,431
Morningstar, Inc.
  113   17,752
National General Holdings Corp.
  1,496   31,850
NMI Holdings, Inc., Class A(b)
  473   15,879
On Deck Capital, Inc.(b)
  2,046   8,409
Oppenheimer Holdings, Inc., Class A
  396   11,290
Piper Jaffray Cos.
  370   29,926
PJT Partners, Inc., Class A
  221   9,419
PRA Group, Inc.(b)
  572   20,958
Primerica, Inc.
  453   60,630
ProAssurance Corp.
  1,098   41,285
Protective Insurance Corp.
  462   7,794
Radian Group, Inc.
  2,690   69,510
RLI Corp.
  323   29,513
Safety Insurance Group, Inc.
  195   19,042
SEI Investments Co.
  1,196   77,178
Selective Insurance Group, Inc.
  659   43,639
State Auto Financial Corp.
  176   5,769
Stewart Information Services Corp.
  485   20,743
Trupanion, Inc.(b)(c)
  66   2,249
United Fire Group, Inc.
  454   19,949
United Insurance Holdings Corp.
  331   4,200
Universal Insurance Holdings, Inc.
  660   19,206
Virtu Financial, Inc., Class A(c)
  1,122   18,625
Waddell & Reed Financial, Inc., Class A
  2,178   35,175
Walker & Dunlop, Inc.
  577   37,874
Westwood Holdings Group, Inc.
  154   4,752
WisdomTree Investments, Inc.
  837   4,068
World Acceptance Corp.(b)
  128   12,159
        1,711,354
Health Care-9.36%
ABIOMED, Inc.(b)
  88   17,264
  Shares   Value
Health Care-(continued)
Acadia Healthcare Co., Inc.(b)
  1,664   $53,514
Accuray, Inc.(b)
  727   2,239
Acorda Therapeutics, Inc.(b)
  1,232   1,971
Addus HomeCare Corp.(b)
  88   8,202
Akorn, Inc.(b)
  1,826   6,665
Align Technology, Inc.(b)
  176   48,812
Alkermes PLC(b)
  792   16,648
Allscripts Healthcare Solutions, Inc.(b)
  3,080   33,202
AMAG Pharmaceuticals, Inc.(b)
  1,210   12,886
Amedisys, Inc.(b)
  278   45,303
American Renal Associates Holdings, Inc.(b)
  1,298   12,279
AMN Healthcare Services, Inc.(b)
  565   33,601
Amneal Pharmaceuticals, Inc.(b)
  1,650   6,204
Amphastar Pharmaceuticals, Inc.(b)
  242   4,721
AngioDynamics, Inc.(b)
  396   6,086
ANI Pharmaceuticals, Inc.(b)
  45   2,773
Anika Therapeutics, Inc.(b)
  167   9,653
Apollo Medical Holdings, Inc.(b)
  198   3,617
Arena Pharmaceuticals, Inc.(b)
  132   6,254
Arrowhead Pharmaceuticals, Inc.(b)(c)
  88   6,425
Assertio Therapeutics, Inc.(b)
  1,673   1,271
AtriCure, Inc.(b)
  88   2,618
Atrion Corp.
  6   4,228
Avanos Medical, Inc.(b)
  286   9,913
AxoGen, Inc.(b)
  22   381
BioMarin Pharmaceutical, Inc.(b)
  419   33,817
Bio-Rad Laboratories, Inc., Class A(b)
  173   63,903
Bio-Techne Corp.
  116   25,317
BioTelemetry, Inc.(b)
  132   6,113
Brookdale Senior Living, Inc.(b)
  6,492   46,353
Bruker Corp.
  506   25,902
Cambrex Corp.(b)
  286   17,151
Cantel Medical Corp.
  210   16,149
Capital Senior Living Corp.(b)(c)
  991   3,786
Cara Therapeutics, Inc.(b)
  1   26
Cardiovascular Systems, Inc.(b)
  66   3,007
CareDx, Inc.(b)
  1   21
Catalent, Inc.(b)
  814   42,320
Charles River Laboratories International, Inc.(b)
  302   43,865
Chemed Corp.
  103   44,292
ChemoCentryx, Inc.(b)
  67   2,032
Codexis, Inc.(b)
  22   342
Collegium Pharmaceutical, Inc.(b)
  352   7,649
Computer Programs & Systems, Inc.
  111   2,951
CONMED Corp.
  176   19,935
Corcept Therapeutics, Inc.(b)
  639   8,198
CorVel Corp.(b)
  78   6,436
Cross Country Healthcare, Inc.(b)
  1,012   12,215
CryoLife, Inc.(b)
  132   3,264
CytomX Therapeutics, Inc.(b)
  66   413
Denali Therapeutics, Inc.(b)(c)
  132   2,348
DexCom, Inc.(b)
  120   27,277
Dicerna Pharmaceuticals, Inc.(b)
  44   1,059
Diplomat Pharmacy, Inc.(b)
  5,478   28,212
Eagle Pharmaceuticals, Inc.(b)
  132   7,719
Emergent BioSolutions, Inc.(b)
  372   20,408
Enanta Pharmaceuticals, Inc.(b)
  79   5,029
Endo International PLC(b)
  4,049   20,569
Ensign Group, Inc. (The)
  374   16,243
Evolent Health, Inc., Class A(b)
  815   5,876
Exact Sciences Corp.(b)
  62   5,023
Exelixis, Inc.(b)
  1,166   19,391
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Health Care-(continued)
FibroGen, Inc.(b)
  89   $3,771
Fluidigm Corp.(b)
  1   3
Glaukos Corp.(b)
  44   2,822
Globus Medical, Inc., Class A(b)
  475   26,576
Haemonetics Corp.(b)
  311   37,507
Halozyme Therapeutics, Inc.(b)
  308   5,972
Hanger, Inc.(b)
  308   8,070
HealthEquity, Inc.(b)
  137   8,616
HealthStream, Inc.(b)
  220   6,409
Heska Corp.(b)
  22   2,101
Hill-Rom Holdings, Inc.
  523   56,071
HMS Holdings Corp.(b)
  418   12,624
Horizon Therapeutics Plc(b)
  924   30,289
ICON PLC (Ireland)(b)
  298   48,622
ICU Medical, Inc.(b)
  110   20,623
IDEXX Laboratories, Inc.(b)
  193   48,555
Incyte Corp.(b)
  441   41,525
Innoviva, Inc.(b)
  507   6,834
Inogen, Inc.(b)
  67   4,932
Inovalon Holdings, Inc., Class A(b)
  858   15,444
Insulet Corp.(b)
  66   12,256
Integer Holdings Corp.(b)
  286   21,693
Integra LifeSciences Holdings Corp.(b)
  425   25,921
Intersect ENT, Inc.(b)
  44   954
Intrexon Corp.(b)(c)
  110   613
Invacare Corp.
  1,145   9,996
Ionis Pharmaceuticals, Inc.(b)
  352   22,514
iRhythm Technologies, Inc.(b)
  1   72
Lannett Co., Inc.(b)(c)
  1,672   14,747
Lantheus Holdings, Inc.(b)
  176   3,678
LeMaitre Vascular, Inc.
  67   2,383
LHC Group, Inc.(b)
  154   20,544
Luminex Corp.
  375   7,924
MacroGenics, Inc.(b)
  44   417
Magellan Health, Inc.(b)
  884   68,713
Masimo Corp.(b)
  156   24,191
Medpace Holdings, Inc.(b)
  255   19,551
Meridian Bioscience, Inc.
  484   4,429
Merit Medical Systems, Inc.(b)
  243   6,804
Mesa Laboratories, Inc.(c)
  17   3,980
Myriad Genetics, Inc.(b)
  704   18,121
National HealthCare Corp.
  176   14,960
National Research Corp.
  83   5,354
Natus Medical, Inc.(b)
  287   9,181
Nektar Therapeutics(b)
  1,122   22,765
Neogen Corp.(b)
  154   10,252
NeoGenomics, Inc.(b)
  287   7,407
Neurocrine Biosciences, Inc.(b)
  88   10,262
Nevro Corp.(b)
  74   8,272
NextGen Healthcare, Inc.(b)
  309   5,692
NuVasive, Inc.(b)
  355   25,645
Omnicell, Inc.(b)
  167   13,358
OPKO Health, Inc.(b)(c)
  5,126   8,150
Option Care Health, Inc.(b)
  1,211   3,766
OraSure Technologies, Inc.(b)
  507   4,107
Orthofix Medical, Inc.(b)
  132   5,993
OrthoPediatrics Corp.(b)
  1   39
Pacira BioSciences Inc.(b)
  153   7,072
Pennant Group, Inc. (The)(b)
  187   4,380
Penumbra, Inc.(b)
  52   9,200
PerkinElmer, Inc.
  595   55,275
PetIQ, Inc.(b)(c)
  110   2,530
  Shares   Value
Health Care-(continued)
Phibro Animal Health Corp., Class A
  309   $7,496
PRA Health Sciences, Inc.(b)
  372   40,477
Premier, Inc., Class A(b)
  844   29,996
Prestige Consumer Healthcare, Inc.(b)
  858   32,407
Providence Service Corp. (The)(b)
  251   14,982
PTC Therapeutics, Inc.(b)
  67   3,146
Quidel Corp.(b)
  162   11,116
R1 RCM, Inc.(b)
  397   5,117
RadNet, Inc.(b)
  793   15,194
REGENXBIO, Inc.(b)
  132   5,525
Repligen Corp.(b)
  110   9,762
Retrophin, Inc.(b)
  133   1,845
RTI Surgical Holdings, Inc.(b)
  704   1,302
Seattle Genetics, Inc.(b)
  114   13,720
Select Medical Holdings Corp.(b)
  2,897   64,053
Spectrum Pharmaceuticals, Inc.(b)
  286   2,568
STAAR Surgical Co.(b)
  66   2,433
Supernus Pharmaceuticals, Inc.(b)
  286   6,687
Surgery Partners, Inc.(b)
  793   10,928
SurModics, Inc.(b)
  66   2,709
Syneos Health, Inc.(b)
  892   48,980
Tabula Rasa HealthCare, Inc.(b)(c)
  44   1,963
Tactile Systems Technology, Inc.(b)
  43   2,761
Tandem Diabetes Care, Inc.(b)
  1   69
Teladoc Health, Inc.(b)(c)
  111   9,295
Teleflex, Inc.
  179   63,248
Tivity Health, Inc.(b)
  529   11,982
United Therapeutics Corp.(b)
  565   52,127
US Physical Therapy, Inc.
  66   7,713
Vanda Pharmaceuticals, Inc.(b)
  221   3,697
Varex Imaging Corp.(b)
  396   11,856
Varian Medical Systems, Inc.(b)
  447   59,777
Veeva Systems, Inc., Class A(b)
  176   26,256
Veracyte, Inc.(b)
  1   29
Vericel Corp.(b)
  44   821
Vocera Communications, Inc.(b)(c)
  89   1,931
West Pharmaceutical Services, Inc.
  360   52,931
Xencor, Inc.(b)
  45   1,773
        2,500,540
Industrials-23.64%
AAON, Inc.
  154   7,603
AAR Corp.
  660   29,495
ABM Industries, Inc.
  1,546   58,733
Acacia Research Corp.(b)
  1,013   3,009
ACCO Brands Corp.
  3,819   34,944
Actuant Corp., Class A
  594   14,589
Advanced Disposal Services, Inc.(b)
  886   29,194
Advanced Drainage Systems, Inc.
  463   17,668
Aegion Corp.(b)
  968   20,967
Aerojet Rocketdyne Holdings, Inc.(b)
  592   26,166
Aerovironment, Inc.(b)
  89   5,459
Air Transport Services Group, Inc.(b)
  815   20,057
Alamo Group, Inc.
  110   12,628
Alaska Air Group, Inc.
  575   39,681
Albany International Corp.
  234   19,581
Allegiant Travel Co.
  69   11,711
Allegion PLC
  437   52,453
Altra Industrial Motion Corp.
  485   15,942
AMERCO
  110   39,844
American Woodmark Corp.(b)
  237   24,387
Apogee Enterprises, Inc.
  509   19,464
Applied Industrial Technologies, Inc.
  647   41,311
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Industrials-(continued)
ArcBest Corp.
  1,100   $31,658
Argan, Inc.
  45   1,649
Armstrong Flooring, Inc.(b)
  1,035   4,150
Armstrong World Industries, Inc.
  348   33,415
ASGN, Inc.(b)
  653   43,758
Astec Industries, Inc.
  462   17,306
Astronics Corp.(b)
  220   6,413
Atkore International Group, Inc.(b)
  1,589   66,293
Atlas Air Worldwide Holdings, Inc.(b)
  1,174   30,630
Axon Enterprise, Inc.(b)
  110   8,118
AZZ, Inc.
  309   11,764
Barnes Group, Inc.
  646   38,237
Barrett Business Services, Inc.
  132   11,664
Beacon Roofing Supply, Inc.(b)
  1,546   45,839
BMC Stock Holdings, Inc.(b)
  1,564   46,310
Brady Corp., Class A
  437   24,909
Briggs & Stratton Corp.
  1,695   9,068
Brink’s Co. (The)
  483   44,919
Builders FirstSource, Inc.(b)
  3,448   87,614
BWX Technologies, Inc.
  625   37,581
CAI International, Inc.(b)
  660   15,906
Casella Waste Systems, Inc., Class A(b)
  177   8,268
CBIZ, Inc.(b)
  705   18,936
Chart Industries, Inc.(b)
  204   11,261
CIRCOR International, Inc.(b)
  353   15,659
Civeo Corp.(b)
  2,905   2,631
Clean Harbors, Inc.(b)
  598   49,425
Colfax Corp.(b)
  1,859   62,648
Columbus McKinnon Corp.
  308   12,653
Comfort Systems USA, Inc.
  440   22,484
Commercial Vehicle Group, Inc.(b)
  836   5,969
Continental Building Products, Inc.(b)
  559   20,566
Copa Holdings S.A., Class A (Panama)
  183   19,080
Copart, Inc.(b)
  716   63,724
Cornerstone Building Brands, Inc.(b)
  1,167   8,052
CoStar Group, Inc.(b)
  84   51,480
Covanta Holding Corp.
  1,826   26,860
CRA International, Inc.
  176   9,024
Crane Co.
  594   49,344
CSW Industrials, Inc.
  111   8,195
Cubic Corp.
  220   13,101
Curtiss-Wright Corp.
  431   59,181
Deluxe Corp.
  1,144   58,435
Donaldson Co., Inc.
  1,000   56,080
Douglas Dynamics, Inc.
  221   11,958
Ducommun, Inc.(b)
  132   6,452
DXP Enterprises, Inc.(b)
  242   9,324
Dycom Industries, Inc.(b)
  584   30,397
Echo Global Logistics, Inc.(b)
  881   17,646
Encore Wire Corp.
  297   17,327
Energy Recovery, Inc.(b)
  111   967
EnerSys
  665   46,663
Ennis, Inc.
  375   7,740
EnPro Industries, Inc.
  425   28,216
ESCO Technologies, Inc.
  212   18,671
Evoqua Water Technologies Corp.(b)
  660   12,500
Exponent, Inc.
  204   12,964
Federal Signal Corp.
  551   18,150
Flowserve Corp.
  1,034   50,356
Forrester Research, Inc.
  67   2,675
Forward Air Corp.
  378   26,471
Foundation Building Materials, Inc.(b)
  418   8,544
  Shares   Value
Industrials-(continued)
Franklin Electric Co., Inc.
  384   $21,300
FTI Consulting, Inc.(b)
  434   47,302
Gardner Denver Holdings, Inc.(b)
  814   27,570
GATX Corp.
  682   55,126
Genco Shipping & Trading Ltd.
  1,343   14,101
Generac Holdings, Inc.(b)
  503   49,545
Gibraltar Industries, Inc.(b)
  352   18,381
GMS, Inc.(b)
  991   30,681
Gorman-Rupp Co. (The)
  177   6,551
GP Strategies Corp.(b)
  331   4,204
Graco, Inc.
  946   45,701
Granite Construction, Inc.
  792   20,402
Great Lakes Dredge & Dock Corp.(b)
  815   8,704
Greenbrier Cos., Inc. (The)
  946   26,620
Griffon Corp.
  1,188   25,209
H&E Equipment Services, Inc.
  630   20,790
Harsco Corp.(b)
  771   17,155
Hawaiian Holdings, Inc.
  440   13,328
Healthcare Services Group, Inc.
  594   14,939
Heartland Express, Inc.
  551   11,797
HEICO Corp.(c)
  264   34,291
Heidrick & Struggles International, Inc.
  286   8,872
Helios Technologies, Inc.
  198   8,866
Herc Holdings, Inc.(b)
  815   38,109
Heritage-Crystal Clean, Inc.(b)
  133   4,114
Herman Miller, Inc.
  858   40,995
Hexcel Corp.
  858   68,323
Hillenbrand, Inc.
  814   25,739
HNI Corp.
  843   33,121
Hub Group, Inc., Class A(b)
  808   41,265
Huron Consulting Group, Inc.(b)
  264   17,701
Hyster-Yale Materials Handling, Inc.
  265   15,696
ICF International, Inc.
  220   19,741
InnerWorkings, Inc.(b)
  2,223   10,470
Insperity, Inc.
  308   23,953
Insteel Industries, Inc.
  308   7,186
Interface, Inc.
  947   15,900
ITT, Inc.
  823   57,429
JELD-WEN Holding, Inc.(b)
  1,386   31,531
JetBlue Airways Corp.(b)
  2,222   42,818
John Bean Technologies Corp.
  176   19,281
Kadant, Inc.
  110   10,714
Kaman Corp.
  424   26,966
Kelly Services, Inc., Class A
  1,636   35,845
Kennametal, Inc.
  1,100   38,313
Kforce, Inc.
  353   13,951
Kimball International, Inc., Class B
  528   11,289
Kirby Corp.(b)
  633   53,406
Knoll, Inc.
  770   21,221
Korn Ferry
  709   27,849
Kratos Defense & Security Solutions, Inc.(b)
  330   5,960
Landstar System, Inc.
  497   55,371
Lawson Products, Inc.(b)
  67   3,455
LB Foster Co., Class A(b)
  199   3,769
Lennox International, Inc.
  227   58,078
Lincoln Electric Holdings, Inc.
  649   59,877
Lindsay Corp.
  88   7,939
LSC Communications, Inc.
  5,500   2,374
Lydall, Inc.(b)
  440   8,193
Manitowoc Co., Inc. (The)(b)
  199   3,184
Marten Transport Ltd.
  528   11,157
MasTec, Inc.(b)
  1,215   80,603
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Industrials-(continued)
Matson, Inc.
  771   $29,098
Matthews International Corp., Class A
  668   25,618
McGrath RentCorp
  242   17,748
Mercury Systems, Inc.(b)
  179   13,112
Meritor, Inc.(b)
  1,967   49,667
Middleby Corp. (The)(b)
  330   38,201
Mistras Group, Inc.(b)
  374   4,952
Mobile Mini, Inc.
  596   22,624
Moog, Inc., Class A
  438   37,611
MRC Global, Inc.(b)
  1,937   25,840
MSA Safety, Inc.
  229   28,380
MSC Industrial Direct Co., Inc., Class A
  752   55,204
Mueller Industries, Inc.
  917   28,785
Mueller Water Products, Inc., Class A
  1,804   20,349
MYR Group, Inc.(b)
  353   12,129
National Presto Industries, Inc.
  66   5,873
Navistar International Corp.(b)
  484   15,803
NN, Inc.
  859   7,482
Nordson Corp.
  330   54,724
NOW, Inc.(b)
  1,914   21,456
NV5 Global, Inc.(b)
  69   3,318
Omega Flex, Inc.
  39   3,737
Park Aerospace Corp.
  374   6,100
Park-Ohio Holdings Corp.
  286   9,046
Patrick Industries, Inc.(b)
  572   28,325
PGT Innovations, Inc.(b)
  550   7,909
Pitney Bowes, Inc.
  9,560   45,028
Powell Industries, Inc.
  111   4,616
Primoris Services Corp.
  1,012   22,284
Proto Labs, Inc.(b)
  99   9,592
Quad/Graphics, Inc.
  4,096   18,391
Quanex Building Products Corp.
  836   16,269
Raven Industries, Inc.
  242   8,318
RBC Bearings, Inc.(b)
  117   19,408
Regal Beloit Corp.
  816   66,692
Resources Connection, Inc.
  506   7,818
REV Group, Inc.
  771   10,023
Rexnord Corp.(b)
  1,144   36,139
Rollins, Inc.
  447   16,025
RR Donnelley & Sons Co.
  16,262   64,560
Rush Enterprises, Inc., Class A
  1,383   63,369
Saia, Inc.(b)
  349   33,120
Schneider National, Inc., Class B
  2,973   67,636
Simpson Manufacturing Co., Inc.
  396   32,155
SiteOne Landscape Supply, Inc.(b)
  246   21,835
SkyWest, Inc.
  294   18,416
SP Plus Corp.(b)
  396   17,365
Spartan Motors, Inc.
  726   12,886
Spirit Airlines, Inc.(b)
  264   10,314
SPX Corp.(b)
  462   22,074
SPX FLOW, Inc.(b)
  704   33,370
Standex International Corp.
  180   13,892
Steelcase, Inc., Class A
  2,124   38,487
Stericycle, Inc.(b)(c)
  1,217   76,452
Sunrun, Inc.(b)
  418   5,802
Systemax, Inc.
  265   6,137
Team, Inc.(b)
  705   11,400
Teledyne Technologies, Inc.(b)
  210   71,818
Tennant Co.
  198   14,743
Tetra Tech, Inc.
  584   51,561
Textainer Group Holdings Ltd. (China)(b)
  1,012   9,240
Thermon Group Holdings, Inc.(b)
  199   5,222
  Shares   Value
Industrials-(continued)
Timken Co. (The)
  1,117   $58,743
Titan International, Inc.
  2,200   6,446
Titan Machinery, Inc.(b)
  616   8,298
Toro Co. (The)
  684   53,475
TPI Composites, Inc.(b)
  309   5,577
TransUnion
  794   68,530
Trex Co., Inc.(b)
  198   17,040
TriMas Corp.(b)
  484   14,994
TriNet Group, Inc.(b)
  219   11,990
Triton International Ltd. (Bermuda)
  1,808   68,487
Triumph Group, Inc.
  551   15,268
TrueBlue, Inc.(b)
  1,035   24,126
Tutor Perini Corp.(b)
  2,179   34,711
Twin Disc, Inc.(b)
  154   1,568
UniFirst Corp.
  238   49,087
Univar Solutions, Inc.(b)
  2,686   62,906
Universal Forest Products, Inc.
  1,121   55,602
Universal Logistics Holdings, Inc.
  177   3,529
US Ecology, Inc.
  176   9,678
Valmont Industries, Inc.
  315   45,089
Veritiv Corp.(b)
  2,217   40,660
Viad Corp.
  242   15,222
Vicor Corp.(b)
  67   2,752
Vivint Solar, Inc.(b)(c)
  176   1,294
Wabash National Corp.
  1,695   26,696
WABCO Holdings, Inc.(b)
  475   64,006
Watsco, Inc.(c)
  344   61,222
Watts Water Technologies, Inc., Class A
  307   29,767
Werner Enterprises, Inc.
  793   29,151
Wesco Aircraft Holdings, Inc.(b)
  1,101   12,067
Westinghouse Air Brake Technologies Corp.
  837   65,763
WillScot Corp.(b)
  286   5,079
Woodward, Inc.
  380   44,380
YRC Worldwide, Inc.(b)(c)
  5,171   18,047
        6,313,283
Information Technology-17.44%
2U, Inc.(b)(c)
  155   3,866
3D Systems Corp.(b)
  1,056   8,965
8x8, Inc.(b)
  199   4,083
A10 Networks, Inc.(b)
  242   1,614
Acacia Communications, Inc.(b)
  205   13,661
ACI Worldwide, Inc.(b)
  727   27,262
ADTRAN, Inc.
  572   5,257
Advanced Energy Industries, Inc.(b)
  374   24,015
Advanced Micro Devices, Inc.(b)
  1,686   66,007
Agilysys, Inc.(b)
  67   1,697
Alarm.com Holdings, Inc.(b)
  67   2,923
Altair Engineering, Inc., Class A(b)
  110   3,649
Alteryx, Inc., Class A(b)(c)
  44   4,995
Ambarella, Inc.(b)
  258   14,123
Amkor Technology, Inc.(b)
  8,615   104,155
Anixter International, Inc.(b)
  1,055   90,561
AppFolio, Inc., Class A(b)
  41   4,630
Appian Corp.(b)(c)
  22   948
Applied Optoelectronics, Inc.(b)(c)
  660   7,062
Arista Networks, Inc.(b)
  154   30,050
Aspen Technology, Inc.(b)
  220   27,588
Autodesk, Inc.(b)
  342   61,868
Avid Technology, Inc.(b)
  110   866
AVX Corp.
  770   15,669
Axcelis Technologies, Inc.(b)
  418   8,962
Badger Meter, Inc.
  154   9,548
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Information Technology-(continued)
Bel Fuse, Inc., Class B
  242   $4,010
Belden, Inc.
  834   44,819
Benchmark Electronics, Inc.
  1,593   54,911
Benefitfocus, Inc.(b)
  23   552
Black Knight, Inc.(b)
  814   51,290
Blackbaud, Inc.
  220   18,234
Blackline, Inc.(b)
  67   3,606
Bottomline Technologies (DE), Inc.(b)
  396   19,598
Box, Inc., Class A(b)
  418   7,624
Brightcove, Inc.(b)
  154   1,377
Brooks Automation, Inc.
  374   16,744
Cabot Microelectronics Corp.
  183   24,414
CACI International, Inc., Class A(b)
  286   68,446
Cadence Design Systems, Inc.(b)
  907   63,717
CalAmp Corp.(b)
  573   6,011
Calix, Inc.(b)
  396   3,069
Carbonite, Inc.(b)
  177   4,071
Cardtronics PLC, Class A(b)
  650   27,443
Casa Systems, Inc.(b)
  440   1,619
Cerence, Inc.(b)
  365   5,679
CEVA, Inc.(b)
  176   4,562
ChannelAdvisor Corp.(b)
  154   1,461
Ciena Corp.(b)
  1,344   51,018
Cirrus Logic, Inc.(b)
  968   69,406
Cision Ltd.(b)
  572   5,686
Cloudera, Inc.(b)(c)
  792   7,825
Cognex Corp.
  770   38,639
Coherent, Inc.(b)
  319   48,124
Cohu, Inc.
  440   7,806
CommVault Systems, Inc.(b)
  352   17,818
Comtech Telecommunications Corp.
  440   16,628
CoreLogic, Inc.(b)
  1,056   43,750
Cornerstone OnDemand, Inc.(b)
  176   10,854
Coupa Software, Inc.(b)
  44   6,754
Cree, Inc.(b)
  505   22,326
CSG Systems International, Inc.
  350   20,016
CTS Corp.
  308   8,433
Cypress Semiconductor Corp.
  3,870   90,751
Daktronics, Inc.
  858   5,285
Diebold Nixdorf, Inc.(b)
  2,641   19,200
Digi International, Inc.(b)
  330   5,887
Digimarc Corp.(b)
  1   32
Diodes, Inc.(b)
  532   24,546
Dolby Laboratories, Inc., Class A
  906   62,405
DSP Group, Inc.(b)
  177   2,508
Ebix, Inc.
  198   6,886
Endurance International Group Holdings, Inc.(b)
  1,695   6,865
Enphase Energy, Inc.(b)(c)
  89   1,946
Entegris, Inc.
  1,012   47,888
Envestnet, Inc.(b)
  198   14,100
EPAM Systems, Inc.(b)
  164   34,743
ePlus, Inc.(b)
  181   15,126
Euronet Worldwide, Inc.(b)
  288   45,271
Everbridge, Inc.(b)
  22   1,935
Exela Technologies, Inc.(b)
  858   278
ExlService Holdings, Inc.(b)
  271   18,918
Extreme Networks, Inc.(b)
  1,386   9,744
Fabrinet (Thailand)(b)
  462   27,946
Fair Isaac Corp.(b)
  137   50,382
FARO Technologies, Inc.(b)
  111   5,408
FireEye, Inc.(b)
  748   12,536
First Solar, Inc.(b)
  836   46,181
  Shares   Value
Information Technology-(continued)
Fitbit, Inc., Class A(b)
  3,608   $25,112
Five9, Inc.(b)
  66   4,499
FLIR Systems, Inc.
  1,100   58,916
ForeScout Technologies, Inc.(b)
  67   2,401
FormFactor, Inc.(b)
  661   15,296
Fortinet, Inc.(b)
  720   75,679
Gartner, Inc.(b)
  354   56,803
Genpact Ltd.
  1,101   44,811
GoDaddy, Inc., Class A(b)
  688   45,669
GTT Communications, Inc.(b)(c)
  375   3,326
Guidewire Software, Inc.(b)
  195   23,757
Hackett Group, Inc. (The)
  242   3,710
Harmonic, Inc.(b)
  792   6,542
HubSpot, Inc.(b)
  44   6,644
Ichor Holdings Ltd.(b)
  506   15,964
II-VI, Inc.(b)
  668   19,499
Impinj, Inc.(b)
  23   726
Infinera Corp.(b)
  2,596   16,562
Inphi Corp.(b)
  222   15,458
Insight Enterprises, Inc.(b)
  1,012   66,377
Instructure, Inc.(b)
  23   1,225
IPG Photonics Corp.(b)
  321   45,611
Itron, Inc.(b)
  428   34,274
j2 Global, Inc.
  408   39,584
Jack Henry & Associates, Inc.
  337   51,204
KBR, Inc.
  2,110   62,815
KEMET Corp.
  793   21,189
Knowles Corp.(b)
  1,013   22,185
Kulicke & Soffa Industries, Inc. (Singapore)
  1,189   29,832
Lattice Semiconductor Corp.(b)
  484   9,143
Limelight Networks, Inc.(b)
  1,078   4,603
Littelfuse, Inc.
  201   36,463
LivePerson, Inc.(b)
  88   3,493
LiveRamp Holdings, Inc.(b)
  484   24,244
Lumentum Holdings, Inc.(b)
  560   41,250
MACOM Technology Solutions Holdings, Inc.(b)
  551   13,593
MagnaChip Semiconductor Corp. (South Korea)(b)
  507   5,775
Manhattan Associates, Inc.(b)
  286   23,884
ManTech International Corp., Class A
  487   37,781
MAXIMUS, Inc.
  572   42,700
MaxLinear, Inc.(b)
  375   7,451
Methode Electronics, Inc.
  550   20,465
MicroStrategy, Inc., Class A(b)
  103   15,484
MKS Instruments, Inc.
  596   63,343
MobileIron, Inc.(b)
  331   1,599
Model N, Inc.(b)
  45   1,369
MongoDB, Inc.(b)
  21   3,123
Monolithic Power Systems, Inc.
  132   21,210
MTS Systems Corp.
  232   10,537
National Instruments Corp.
  856   36,055
NETGEAR, Inc.(b)
  573   14,388
NetScout Systems, Inc.(b)
  1,950   49,140
New Relic, Inc.(b)
  66   4,489
NIC, Inc.
  419   9,507
Novanta, Inc.(b)
  110   10,250
Nuance Communications, Inc.(b)
  3,045   54,597
Nutanix, Inc., Class A(b)
  309   11,541
Okta, Inc.(b)
  51   6,619
OneSpan, Inc.(b)
  198   3,693
Onto Innovation, Inc.(b)
  265   8,893
OSI Systems, Inc.(b)
  176   17,510
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Information Technology-(continued)
Paycom Software, Inc.(b)
  85   $23,529
Paylocity Holding Corp.(b)
  66   8,073
PC Connection, Inc.
  666   32,847
PDF Solutions, Inc.(b)
  242   3,833
Pegasystems, Inc.
  137   10,634
Perficient, Inc.(b)
  353   14,925
Photronics, Inc.(b)
  1,628   19,145
Plantronics, Inc.
  352   8,920
Plexus Corp.(b)
  643   48,804
Power Integrations, Inc.
  220   20,128
Presidio, Inc.
  1,321   21,810
Progress Software Corp.
  464   19,493
Proofpoint, Inc.(b)
  132   15,667
PROS Holdings, Inc.(b)
  22   1,370
Pure Storage, Inc., Class A(b)
  771   12,390
Q2 Holdings, Inc.(b)
  40   3,377
QAD, Inc., Class A
  88   4,498
Qualys, Inc.(b)
  147   12,864
Rapid7, Inc.(b)
  23   1,290
RealPage, Inc.(b)
  286   15,739
Ribbon Communications, Inc.(b)
  1,475   4,322
RingCentral, Inc., Class A(b)
  78   13,453
Rogers Corp.(b)
  110   14,302
SailPoint Technologies Holding, Inc.(b)
  264   6,608
ScanSource, Inc.(b)
  1,023   36,235
Science Applications International Corp.
  548   46,772
Semtech Corp.(b)
  462   22,389
Silicon Laboratories, Inc.(b)
  249   26,377
SMART Global Holdings, Inc.(b)
  330   10,164
SolarEdge Technologies, Inc.(b)
  264   21,545
Splunk, Inc.(b)
  247   36,857
SPS Commerce, Inc.(b)
  132   7,436
Square, Inc., Class A(b)
  634   43,822
Stratasys Ltd.(b)
  638   11,765
Switch, Inc., Class A
  419   6,603
Sykes Enterprises, Inc.(b)
  748   26,285
Synaptics, Inc.(b)
  878   50,186
Telenav, Inc.(b)
  177   1,012
Teradata Corp.(b)
  1,298   34,475
TiVo Corp.
  4,653   36,340
Trade Desk, Inc. (The), Class A(b)
  44   11,587
TTEC Holdings, Inc.
  153   7,027
TTM Technologies, Inc.(b)
  3,274   43,904
Twilio, Inc., Class A(b)(c)
  67   6,920
Tyler Technologies, Inc.(b)
  132   38,302
Ubiquiti, Inc.(c)
  91   17,945
Ultra Clean Holdings, Inc.(b)
  792   17,614
Unisys Corp.(b)
  793   9,024
Universal Display Corp.
  88   17,091
Upland Software, Inc.(b)
  23   890
Varonis Systems, Inc.(b)
  44   3,437
Veeco Instruments, Inc.(b)
  705   9,651
Verint Systems, Inc.(b)
  409   19,881
VeriSign, Inc.(b)
  308   58,748
ViaSat, Inc.(b)
  432   31,752
Viavi Solutions, Inc.(b)
  1,386   20,818
Virtusa Corp.(b)
  286   12,781
Vishay Intertechnology, Inc.
  2,709   53,882
WEX, Inc.(b)
  176   35,399
Workday, Inc., Class A(b)
  241   43,168
Workiva, Inc.(b)
  22   954
Xperi Corp.
  727   14,387
  Shares   Value
Information Technology-(continued)
Yext, Inc.(b)
  44   $759
Zebra Technologies Corp., Class A(b)
  313   78,544
Zendesk, Inc.(b)
  120   9,480
        4,659,222
Materials-6.86%
AdvanSix, Inc.(b)
  726   14,687
AK Steel Holding Corp.(b)
  19,887   54,888
Allegheny Technologies, Inc.(b)
  1,978   45,613
American Vanguard Corp.
  374   6,021
AptarGroup, Inc.
  455   51,015
Balchem Corp.
  154   15,343
Boise Cascade Co.
  1,616   61,279
Cabot Corp.
  1,272   59,771
Carpenter Technology Corp.
  761   40,006
Century Aluminum Co.(b)
  1,342   9,461
Chase Corp.
  54   6,353
Clearwater Paper Corp.(b)
  1,101   24,101
Cleveland-Cliffs, Inc.(c)
  2,465   19,695
Coeur Mining, Inc.(b)
  4,401   28,871
Commercial Metals Co.
  2,772   59,210
Compass Minerals International, Inc.
  498   27,524
Eagle Materials, Inc.
  495   45,555
Element Solutions, Inc.(b)
  3,549   41,488
Ferro Corp.(b)
  1,079   15,559
Flotek Industries, Inc.(b)
  880   1,558
Forterra, Inc.(b)
  572   6,355
FutureFuel Corp.
  419   4,701
GCP Applied Technologies, Inc.(b)
  220   4,921
Gold Resource Corp.
  924   4,121
Graphic Packaging Holding Co.
  4,010   65,243
Greif, Inc., Class A
  1,276   55,059
H.B. Fuller Co.
  792   39,505
Hawkins, Inc.
  177   7,314
Haynes International, Inc.
  176   6,463
Hecla Mining Co.
  13,508   33,365
Ingevity Corp.(b)
  218   19,688
Innophos Holdings, Inc.
  418   13,334
Innospec, Inc.
  242   23,813
Intrepid Potash, Inc.(b)
  1,453   3,313
Kaiser Aluminum Corp.
  295   32,326
Koppers Holdings, Inc.(b)
  462   17,117
Kraton Corp.(b)
  924   20,818
LSB Industries, Inc.(b)
  1,145   4,534
Materion Corp.
  220   12,949
Mercer International, Inc. (Germany)
  858   10,751
Mesabi Trust(c)
  111   2,617
Minerals Technologies, Inc.
  528   28,512
Myers Industries, Inc.
  397   6,570
Neenah, Inc.
  242   17,613
NewMarket Corp.
  80   39,518
Olympic Steel, Inc.
  594   9,955
OMNOVA Solutions, Inc.(b)
  1,012   10,241
PH Glatfelter Co.
  1,211   21,616
PolyOne Corp.
  1,661   52,371
PQ Group Holdings, Inc.(b)
  946   15,004
Quaker Chemical Corp.
  66   9,849
Rayonier Advanced Materials, Inc.
  3,058   11,987
Royal Gold, Inc.
  435   51,012
Schnitzer Steel Industries, Inc., Class A
  1,056   22,757
Schweitzer-Mauduit International, Inc., Class A
  634   27,807
Scotts Miracle-Gro Co. (The)
  472   47,710
Sensient Technologies Corp.
  396   25,063
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Materials-(continued)
Silgan Holdings, Inc.
  1,188   $36,602
Stepan Co.
  264   25,582
Summit Materials, Inc., Class A(b)
  1,881   44,899
SunCoke Energy, Inc.
  2,289   11,720
TimkenSteel Corp.(b)
  1,386   8,067
Tredegar Corp.
  748   16,104
Trinseo S.A.
  1,538   58,429
Tronox Holdings PLC, Class A
  1,409   16,316
US Concrete, Inc.(b)
  286   11,706
Valvoline, Inc.
  2,058   46,614
Verso Corp., Class A(b)
  1,386   25,586
W.R. Grace & Co.
  446   29,806
Westlake Chemical Corp.(c)
  699   48,007
Worthington Industries, Inc.
  995   38,108
        1,831,436
Real Estate-5.93%
Alexander & Baldwin, Inc.
  594   12,878
Alexanders, Inc.
  19   6,201
American Assets Trust, Inc.
  286   13,594
American Homes 4 Rent, Class A
  1,670   44,606
Apple Hospitality REIT, Inc.
  2,965   48,211
Ashford Hospitality Trust, Inc.
  6,425   17,669
Camden Property Trust
  343   38,262
CBL & Associates Properties, Inc.(c)
  33,635   48,434
Chatham Lodging Trust
  529   9,681
Consolidated-Tomoka Land Co.
  75   4,702
CoreCivic, Inc.
  1,921   29,103
CoreSite Realty Corp.
  264   29,935
Corporate Office Properties Trust
  858   25,036
CubeSmart
  837   25,813
CyrusOne, Inc.
  581   36,196
DiamondRock Hospitality Co.
  2,090   21,527
EastGroup Properties, Inc.
  157   21,382
Empire State Realty Trust, Inc., Class A
  1,606   22,420
Equity LifeStyle Properties, Inc.
  676   50,078
eXp World Holdings, Inc.(b)
  88   964
Extra Space Storage, Inc.
  470   49,843
Forestar Group, Inc.(b)
  111   2,264
Franklin Street Properties Corp.
  1,540   13,413
GEO Group, Inc. (The)
  2,288   31,712
Healthcare Realty Trust, Inc.
  793   26,320
Hersha Hospitality Trust
  880   12,478
Highwoods Properties, Inc.
  917   44,520
Howard Hughes Corp. (The)(b)
  176   19,432
JBG SMITH Properties
  683   27,238
Lamar Advertising Co., Class A
  739   61,655
Marcus & Millichap, Inc.(b)
  155   5,698
New Senior Investment Group, Inc.
  2,508   19,688
Newmark Group, Inc., Class A
  2,848   37,166
NexPoint Residential Trust, Inc.
  191   9,139
Outfront Media, Inc.
  1,599   39,943
Pebblebrook Hotel Trust
  837   21,929
Pennsylvania REIT(c)
  2,289   13,185
Piedmont Office Realty Trust, Inc., Class A
  2,414   53,398
PotlatchDeltic Corp.
  575   24,972
PS Business Parks, Inc.
  198   34,965
QTS Realty Trust, Inc., Class A
  430   22,820
Rayonier, Inc.
  969   29,680
RE/MAX Holdings, Inc., Class A
  155   5,944
Redfin Corp.(b)(c)
  111   2,140
RLJ Lodging Trust
  2,765   47,254
RMR Group, Inc. (The), Class A
  110   5,167
  Shares   Value
Real Estate-(continued)
Ryman Hospitality Properties, Inc.
  400   $35,692
Saul Centers, Inc.
  155   8,237
Summit Hotel Properties, Inc.
  2,178   26,397
Sun Communities, Inc.
  242   39,860
Sunstone Hotel Investors, Inc.
  2,596   36,344
Tanger Factory Outlet Centers, Inc.(c)
  1,408   21,430
UDR, Inc.
  1,378   66,213
Uniti Group, Inc.(c)
  5,452   36,637
Universal Health Realty Income Trust
  65   7,748
Urban Edge Properties
  1,101   22,824
VICI Properties, Inc.
  2,099   51,908
Washington Prime Group, Inc.(c)
  7,898   32,856
Xenia Hotels & Resorts, Inc.
  1,364   28,726
        1,583,527
Utilities-3.26%
ALLETE, Inc.
  610   48,867
American States Water Co.
  198   16,888
Atlantic Power Corp.(b)
  3,103   7,323
Avangrid, Inc.
  980   47,569
Avista Corp.
  1,094   51,724
Black Hills Corp.
  662   50,689
California Water Service Group
  385   19,789
Chesapeake Utilities Corp.
  167   15,220
El Paso Electric Co.
  509   34,521
Hawaiian Electric Industries, Inc.
  1,388   60,614
IDACORP, Inc.
  519   54,521
MGE Energy, Inc.
  264   20,465
Middlesex Water Co.
  88   5,527
National Fuel Gas Co.
  917   41,283
New Jersey Resources Corp.
  985   41,902
Northwest Natural Holding Co.
  309   21,250
NorthWestern Corp.
  550   39,364
ONE Gas, Inc.
  542   48,168
Ormat Technologies, Inc.
  360   27,666
Otter Tail Corp.
  396   19,467
PNM Resources, Inc.
  966   46,803
SJW Group
  183   12,960
South Jersey Industries, Inc.
  1,022   31,927
Southwest Gas Holdings, Inc.
  652   49,396
Spire, Inc.
  618   47,846
Unitil Corp.
  154   9,400
        871,149
Total Common Stocks & Other Equity Interests

(Cost $26,010,963)
  26,665,397
Money Market Funds-0.06%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.50%(d)

(Cost $16,993)
  16,993   16,993
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $26,027,956)
  26,682,390
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.32%
Invesco Government & Agency Portfolio, Institutional Class, 1.53%(d)(e)
  1,073,434   1,073,434
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2019
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 1.72%(d)(e)
  346,759   $346,897
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,420,313)
  1,420,331
TOTAL INVESTMENTS IN SECURITIES-105.22%

(Cost $27,448,269)
  28,102,721
OTHER ASSETS LESS LIABILITIES-(5.22)%
  (1,393,921)
NET ASSETS-100.00%
  $26,708,800
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at November 30, 2019.
(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of November 30, 2019.
(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.
Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
Except for the Funds listed below, as of November 30, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Invesco RAFITM Strategic Developed ex-US ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $248,739,109   $-   $1,563   $248,740,672
Money Market Funds 5,303,973   -   -   5,303,973
Total Investments $254,043,082   $-   $1,563   $254,044,645
Invesco RAFITM Strategic Developed ex-US Small Company ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $15,519,966   $243   $0   $15,520,209
Money Market Funds 429,841   -   -   429,841
Total Investments $15,949,807   $243   $0   $15,950,050
Invesco RAFITM Strategic Emerging Markets ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $26,197,778   $15,711   $0   $26,213,489
Money Market Funds 197,797   -   -   197,797
Total Investments $26,395,575   $15,711   $0   $26,411,286