NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Investment Grade Defensive ETF (IIGD)
May 31, 2020
(Unaudited)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-99.30%
Aerospace & Defense-2.84%
General Dynamics Corp., 2.25%, 11/15/2022
$ 661,000   $685,440
Precision Castparts Corp., 2.50%, 01/15/2023
  681,000   708,060
Raytheon Co., 2.50%, 12/15/2022
  811,000   842,150
        2,235,650
Air Freight & Logistics-0.88%
United Parcel Service, Inc., 2.45%, 10/01/2022
  661,000   689,821
Banks-17.87%
Bank of America Corp., 3.30%, 01/11/2023
  624,000   661,011
Capital One Bank USA N.A., 3.38%, 02/15/2023
  700,000   723,825
Citibank N.A., 3.65%, 01/23/2024
  700,000   764,542
Comerica, Inc., 3.70%, 07/31/2023
  746,000   798,585
Huntington National Bank (The), 3.55%, 10/06/2023
  650,000   705,374
JPMorgan Chase & Co., 3.25%, 09/23/2022
  782,000   823,605
KeyBank N.A., 2.30%, 09/14/2022
  700,000   722,172
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025
  646,000   694,924
Regions Financial Corp., 2.75%, 08/14/2022
  788,000   807,035
Truist Bank        
2.80%, 05/17/2022
  594,000   618,679
2.45%, 08/01/2022
  661,000   685,555
1.25%, 03/09/2023
  800,000   806,709
2.15%, 12/06/2024(b)
  700,000   732,010
Truist Financial Corp., 3.05%, 06/20/2022
  744,000   776,531
U.S. Bancorp, Series V, 2.38%, 07/22/2026
  638,000   682,345
U.S. Bank N.A.        
3.40%, 07/24/2023
  700,000   753,220
2.05%, 01/21/2025
  700,000   733,363
Wells Fargo & Co., 2.63%, 07/22/2022
  694,000   716,561
Wells Fargo Bank N.A., 3.55%, 08/14/2023
  800,000   864,365
        14,070,411
Beverages-1.88%
Coca-Cola Co. (The), 2.88%, 10/27/2025
  661,000   736,669
PepsiCo, Inc., 2.25%, 03/19/2025
  700,000   747,957
        1,484,626
Biotechnology-0.65%
Gilead Sciences, Inc., 3.65%, 03/01/2026
  450,000   511,601
Capital Markets-8.41%
Ameriprise Financial, Inc., 4.00%, 10/15/2023
  666,000   737,965
Bank of New York Mellon Corp. (The)        
1.95%, 08/23/2022
  755,000   779,515
2.20%, 08/16/2023
  564,000   588,082
BlackRock, Inc., 3.50%, 03/18/2024
  714,000   792,752
Charles Schwab Corp. (The), 2.65%, 01/25/2023
  861,000   906,874
CME Group, Inc., 3.00%, 09/15/2022
  661,000   701,254
Morgan Stanley, 2.75%, 05/19/2022
  861,000   894,029
National Securities Clearing Corp., 1.20%, 04/23/2023(c)
  500,000   503,212
State Street Corp., 3.55%, 08/18/2025
  634,000   716,325
        6,620,008
Communications Equipment-0.90%
Cisco Systems, Inc., 2.50%, 09/20/2026
  638,000   708,021
Consumer Finance-1.83%
American Express Co., 2.50%, 08/01/2022
  708,000   735,306
Capital One N.A., 2.15%, 09/06/2022
  700,000   709,093
        1,444,399
  Principal
Amount 		  Value
Diversified Financial Services-2.98%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026
$ 661,000   $740,151
ERAC USA Finance LLC, 2.70%, 11/01/2023(c)
  829,000   826,343
Nuveen LLC, 4.00%, 11/01/2028(c)
  667,000   778,804
        2,345,298
Electric Utilities-3.68%
Duke Energy Carolinas LLC, 3.95%, 11/15/2028
  600,000   710,756
Florida Power & Light Co., 2.85%, 04/01/2025
  650,000   708,155
Georgia Power Co., Series A, 2.10%, 07/30/2023
  730,000   758,514
NSTAR Electric Co., 3.20%, 05/15/2027
  650,000   722,204
        2,899,629
Energy Equipment & Services-0.86%
Schlumberger Investment S.A., 3.65%, 12/01/2023
  638,000   676,048
Equity REITs-2.75%
Boston Properties L.P., 3.85%, 02/01/2023
  730,000   776,076
Federal Realty Investment Trust, 3.95%, 01/15/2024
  700,000   729,312
Realty Income Corp., 3.25%, 10/15/2022
  634,000   662,361
        2,167,749
Food & Staples Retailing-0.91%
Walmart, Inc., 3.40%, 06/26/2023
  661,000   717,196
Health Care Equipment & Supplies-2.85%
Ascension Health, Series B, 2.53%, 11/15/2029
  650,000   685,442
Covidien International Finance S.A., 3.20%, 06/15/2022
  844,000   885,292
Medtronic, Inc., 3.50%, 03/15/2025
  597,000   677,081
        2,247,815
Health Care Providers & Services-0.93%
UnitedHealth Group, Inc., 3.75%, 07/15/2025
  640,000   732,686
Household Durables-2.20%
Mohawk Industries, Inc., 3.85%, 02/01/2023
  800,000   851,126
NVR, Inc., 3.95%, 09/15/2022
  827,000   882,496
        1,733,622
Household Products-0.88%
Clorox Co. (The), 3.05%, 09/15/2022
  661,000   694,273
Industrial Conglomerates-0.87%
General Electric Co., 3.10%, 01/09/2023
  661,000   681,512
Insurance-9.60%
American International Group, Inc., 4.88%, 06/01/2022
  624,000   671,523
Athene Global Funding, 3.00%, 07/01/2022(c)
  646,000   652,426
Five Corners Funding Trust, 4.42%, 11/15/2023(c)
  728,000   805,208
MassMutual Global Funding II, 2.75%, 06/22/2024(c)
  700,000   747,587
MetLife, Inc., Series D, 4.37%, 09/15/2023
  776,000   871,400
Metropolitan Life Global Funding I, 1.95%, 01/13/2023(c)
  700,000   718,660
New York Life Global Funding, 2.88%, 04/10/2024(c)
  693,000   743,082
Nuveen Finance LLC, 4.13%, 11/01/2024(c)
  764,000   841,140
Principal Life Global Funding II, 3.00%, 04/18/2026(c)
  708,000   781,866
Prudential Financial, Inc., 3.50%, 05/15/2024
  661,000   723,945
        7,556,837
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
May 31, 2020
(Unaudited)
  Principal
Amount 		  Value
Interactive Media & Services-0.91%
Alphabet, Inc., 2.00%, 08/15/2026
$ 661,000   $716,038
Internet & Direct Marketing Retail-1.86%
Amazon.com, Inc., 3.15%, 08/22/2027
  650,000   738,874
eBay, Inc., 2.60%, 07/15/2022
  703,000   724,961
        1,463,835
IT Services-1.85%
Automatic Data Processing, Inc., 3.38%, 09/15/2025
  661,000   744,598
Visa, Inc., 3.15%, 12/14/2025
  632,000   711,126
        1,455,724
Machinery-7.01%
Caterpillar Financial Services Corp., 2.15%, 11/08/2024
  850,000   896,946
Caterpillar, Inc., 3.40%, 05/15/2024
  818,000   898,947
Deere & Co., 2.60%, 06/08/2022
  661,000   685,854
Eaton Corp., 2.75%, 11/02/2022
  788,000   824,437
Illinois Tool Works, Inc., 2.65%, 11/15/2026
  638,000   707,291
John Deere Capital Corp., 2.80%, 03/06/2023
  649,000   688,947
Stanley Black & Decker, Inc., 2.90%, 11/01/2022
  784,000   819,880
        5,522,302
Media-2.68%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022
  593,000   721,944
NBCUniversal Media LLC, 2.88%, 01/15/2023
  624,000   664,271
Sky Ltd. (United Kingdom), 3.75%, 09/16/2024(c)
  650,000   723,787
        2,110,002
Metals & Mining-0.89%
Nucor Corp., 4.13%, 09/15/2022
  661,000   704,764
Multiline Retail-0.95%
Target Corp., 2.25%, 04/15/2025
  700,000   748,731
Oil, Gas & Consumable Fuels-3.50%
Chevron Corp., 1.55%, 05/11/2025
  650,000   667,832
Enterprise Products Operating LLC, 3.35%, 03/15/2023
  600,000   636,106
EOG Resources, Inc., 2.63%, 03/15/2023
  699,000   728,582
Exxon Mobil Corp., 1.57%, 04/15/2023
  700,000   719,997
        2,752,517
Paper & Forest Products-0.98%
Georgia-Pacific LLC, 3.73%, 07/15/2023(c)
  726,000   773,467
Pharmaceuticals-3.76%
Johnson & Johnson, 2.45%, 03/01/2026
  744,000   815,052
Merck & Co., Inc., 2.75%, 02/10/2025
  661,000   724,434
Pfizer, Inc., 3.00%, 12/15/2026
  693,000   790,586
Zoetis, Inc., 3.25%, 02/01/2023
  600,000   626,992
        2,957,064
  Principal
Amount 		  Value
Road & Rail-0.92%
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023
$ 661,000   $722,817
Semiconductors & Semiconductor Equipment-3.67%
Intel Corp., 3.70%, 07/29/2025
  646,000   735,690
QUALCOMM, Inc., 3.00%, 05/20/2022
  659,000   691,779
Texas Instruments, Inc., 1.38%, 03/12/2025
  800,000   823,421
Xilinx, Inc., 2.95%, 06/01/2024
  600,000   640,204
        2,891,094
Software-3.24%
IBM Credit LLC, 3.00%, 02/06/2023
  852,000   907,728
Microsoft Corp., 2.40%, 08/08/2026
  813,000   894,421
Oracle Corp., 2.50%, 04/01/2025
  700,000   745,763
        2,547,912
Specialty Retail-0.99%
TJX Cos., Inc. (The), 3.50%, 04/15/2025
  700,000   780,925
Technology Hardware, Storage & Peripherals-0.89%
Apple, Inc., 2.40%, 05/03/2023
  661,000   700,210
Textiles, Apparel & Luxury Goods-0.53%
VF Corp., 2.40%, 04/23/2025
  400,000   417,984
Tobacco-0.90%
Philip Morris International, Inc., 2.88%, 05/01/2024(b)
  661,000   707,398
Total U.S. Dollar Denominated Bonds & Notes

(Cost $75,607,371)
  78,189,986
  Shares    
Money Market Funds-0.16%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $125,744)
  125,744   125,744
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.46%

(Cost $75,733,115)
  78,315,730
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.94%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $735,400)
  735,400   735,400
TOTAL INVESTMENTS IN SECURITIES-100.40%

(Cost $76,468,515)
  79,051,130
OTHER ASSETS LESS LIABILITIES-(0.40)%
  (312,529)
NET ASSETS-100.00%
  $78,738,601
    
 
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
May 31, 2020
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at May 31, 2020.
(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 May 31, 2020 was $8,895,582, which represented 11.30% of the Fund’s Net Assets.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $183,817   $11,445,309   $(11,503,382)   $-   $-   $125,744   $2,672
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 55,530   5,581,669   (5,637,199)   -   -   -   994
Invesco Liquid Assets Portfolio, Institutional Class* 18,511   1,610,295   (1,628,504)   -   (302)   -   170
Invesco Private Government Fund -   1,427,926   (692,526)   -   -   735,400   3
Total $257,858   $20,065,199   $(19,461,611)   $-   $(302)   $861,144   $3,839
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(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 Investment Grade Value ETF (IIGV)
May 31, 2020
(Unaudited)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-99.19%
Aerospace & Defense-2.35%
Boeing Co. (The), 5.15%, 05/01/2030
$ 300,000   $322,089
L3Harris Technologies, Inc., 4.40%, 06/15/2028
  200,000   231,851
Raytheon Technologies Corp., 4.13%, 11/16/2028
  200,000   232,372
Rockwell Collins, Inc., 3.50%, 03/15/2027
  250,000   269,562
        1,055,874
Airlines-0.68%
Southwest Airlines Co., 5.25%, 05/04/2025
  300,000   305,228
Auto Components-1.98%
Aptiv Corp., 4.15%, 03/15/2024
  400,000   422,333
Lear Corp., 3.80%, 09/15/2027
  486,000   467,189
        889,522
Banks-3.21%
Comerica, Inc., 3.70%, 07/31/2023
  300,000   321,147
PNC Bank N.A., 4.05%, 07/26/2028
  250,000   287,616
Synchrony Bank, 3.00%, 06/15/2022
  400,000   401,470
Wells Fargo Bank N.A., 3.55%, 08/14/2023
  400,000   432,182
        1,442,415
Beverages-1.02%
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028
  383,000   457,306
Biotechnology-1.75%
AbbVie, Inc., 3.20%, 11/21/2029(b)
  400,000   433,950
Biogen, Inc., 4.05%, 09/15/2025
  305,000   350,137
        784,087
Building Products-1.02%
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029
  456,000   458,006
Capital Markets-7.03%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(b)
  363,000   433,980
Ares Capital Corp., 3.50%, 02/10/2023
  104,000   101,932
Cboe Global Markets, Inc., 3.65%, 01/12/2027
  115,000   126,701
FMR LLC, 7.57%, 06/15/2029(b)
  250,000   356,909
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025
  300,000   323,159
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030
  400,000   404,629
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029(b)
  200,000   221,210
Morgan Stanley, 3.88%, 01/27/2026
  400,000   450,307
National Securities Clearing Corp., 1.20%, 04/23/2023(b)
  400,000   402,569
TD Ameritrade Holding Corp., 3.30%, 04/01/2027
  305,000   335,838
        3,157,234
Chemicals-0.86%
Westlake Chemical Corp., 3.60%, 08/15/2026
  384,000   386,352
Commercial Services & Supplies-0.88%
Cintas Corp. No. 2, 3.70%, 04/01/2027
  350,000   392,719
Consumer Finance-0.90%
Discover Financial Services, 4.10%, 02/09/2027
  384,000   403,268
Containers & Packaging-0.69%
WRKCo, Inc., 4.90%, 03/15/2029
  269,000   310,140
Diversified Financial Services-3.82%
Equitable Holdings, Inc., 4.35%, 04/20/2028
  384,000   412,781
  Principal
Amount 		  Value
Diversified Financial Services-(continued)
ERAC USA Finance LLC        
2.70%, 11/01/2023(b)
$ 104,000   $103,667
3.80%, 11/01/2025(b)
  517,000   535,826
Jefferies Financial Group, Inc., 5.50%, 10/18/2023
  300,000   322,859
Nuveen LLC, 4.00%, 11/01/2028(b)
  200,000   233,524
Pine Street Trust I, 4.57%, 02/15/2029(b)
  100,000   107,102
        1,715,759
Diversified Telecommunication Services-0.19%
AT&T, Inc., 3.40%, 05/15/2025
  80,000   86,475
Electric Utilities-5.05%
American Electric Power Co., Inc., Series J, 4.30%, 12/01/2028
  200,000   231,978
Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/2030
  300,000   333,979
DTE Electric Co., 2.25%, 03/01/2030
  350,000   362,868
Duke Energy Carolinas LLC, 3.95%, 11/15/2028
  300,000   355,378
Exelon Corp., 4.05%, 04/15/2030
  250,000   288,613
Exelon Generation Co. LLC, 3.25%, 06/01/2025
  300,000   310,908
Southern California Edison Co., Series E, 3.70%, 08/01/2025
  350,000   383,421
        2,267,145
Electronic Equipment, Instruments & Components-1.47%
Amphenol Corp., 2.80%, 02/15/2030
  300,000   314,731
Keysight Technologies, Inc., 4.60%, 04/06/2027
  301,000   343,837
        658,568
Energy Equipment & Services-2.57%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027
  104,000   108,153
Halliburton Co., 3.80%, 11/15/2025
  305,000   323,007
Schlumberger Holdings Corp., 3.90%, 05/17/2028(b)
  389,000   406,661
Schlumberger Investment S.A., 3.65%, 12/01/2023
  300,000   317,891
        1,155,712
Equity REITs-9.06%
AvalonBay Communities, Inc., 2.30%, 03/01/2030(c)
  350,000   357,594
Boston Properties L.P., 3.85%, 02/01/2023
  350,000   372,091
Camden Property Trust, 2.80%, 05/15/2030
  350,000   367,414
CBRE Services, Inc., 4.88%, 03/01/2026
  300,000   324,668
ERP Operating L.P., 3.00%, 07/01/2029
  350,000   377,875
Federal Realty Investment Trust, 3.95%, 01/15/2024
  400,000   416,749
Healthcare Trust of America Holdings L.P., 3.10%, 02/15/2030
  300,000   285,759
LifeStorage L.P., 3.50%, 07/01/2026
  354,000   369,575
Realty Income Corp., 3.25%, 10/15/2022
  350,000   365,657
Simon Property Group L.P., 2.45%, 09/13/2029
  341,000   312,640
Ventas Realty L.P., 4.40%, 01/15/2029
  200,000   204,272
Welltower, Inc., 4.00%, 06/01/2025
  300,000   313,756
        4,068,050
Food & Staples Retailing-3.06%
Costco Wholesale Corp., 1.60%, 04/20/2030
  300,000   302,577
Mars, Inc., 3.20%, 04/01/2030(b)
  300,000   340,692
Invesco Investment Grade Value ETF (IIGV)—(continued)
May 31, 2020
(Unaudited)
  Principal
Amount 		  Value
Food & Staples Retailing-(continued)
Sysco Corp., 5.95%, 04/01/2030
$ 300,000   $360,242
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024
  341,000   368,459
        1,371,970
Food Products-1.08%
Campbell Soup Co., 4.15%, 03/15/2028
  200,000   229,585
Cargill, Inc., 2.13%, 04/23/2030(b)
  250,000   254,694
        484,279
Gas Utilities-1.28%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029
  273,000   307,413
Southern California Gas Co., Series XX, 2.55%, 02/01/2030
  250,000   266,796
        574,209
Health Care Equipment & Supplies-3.79%
Ascension Health, Series B, 2.53%, 11/15/2029
  350,000   369,084
Baxter International, Inc., 3.75%, 10/01/2025(b)
  250,000   282,286
Providence St. Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/2029
  350,000   365,304
Stryker Corp., 3.50%, 03/15/2026
  320,000   360,522
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025
  300,000   323,237
        1,700,433
Health Care Providers & Services-2.88%
Anthem, Inc., 3.65%, 12/01/2027
  312,000   353,629
Cardinal Health, Inc., 3.41%, 06/15/2027
  104,000   115,699
Cigna Corp., 4.38%, 10/15/2028
  300,000   352,860
CommonSpirit Health, 3.35%, 10/01/2029
  350,000   353,329
CVS Health Corp., 4.30%, 03/25/2028
  104,000   119,032
        1,294,549
Hotels, Restaurants & Leisure-0.59%
Carnival Corp., 11.50%, 04/01/2023(b)
  250,000   266,813
Household Durables-1.18%
Whirlpool Corp., 4.75%, 02/26/2029
  466,000   530,693
Industrial Conglomerates-3.51%
3M Co., 2.38%, 08/26/2029
  350,000   371,332
Carlisle Cos., Inc., 2.75%, 03/01/2030
  400,000   392,603
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025
  300,000   305,046
General Electric Co.        
3.10%, 01/09/2023
  300,000   309,310
3.63%, 05/01/2030
  200,000   198,148
        1,576,439
Insurance-6.97%
Athene Global Funding, 3.00%, 07/01/2022(b)
  400,000   403,979
Athene Holding Ltd., 4.13%, 01/12/2028
  476,000   462,015
Brighthouse Financial, Inc., 3.70%, 06/22/2027(c)
  364,000   358,032
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029
  383,000   453,874
MassMutual Global Funding II, 2.75%, 06/22/2024(b)
  200,000   213,596
Metropolitan Life Global Funding I, 1.95%, 01/13/2023(b)
  400,000   410,663
New York Life Global Funding, 2.88%, 04/10/2024(b)
  400,000   428,908
Nuveen Finance LLC, 4.13%, 11/01/2024(b)
  363,000   399,652
        3,130,719
  Principal
Amount 		  Value
Internet & Direct Marketing Retail-1.69%
Booking Holdings, Inc., 4.63%, 04/13/2030
$ 350,000   $402,056
Expedia Group, Inc., 3.25%, 02/15/2030
  400,000   354,206
        756,262
IT Services-2.20%
Automatic Data Processing, Inc., 3.38%, 09/15/2025
  300,000   337,941
International Business Machines Corp., 3.50%, 05/15/2029
  300,000   342,756
Visa, Inc., 3.15%, 12/14/2025
  273,000   307,180
        987,877
Life Sciences Tools & Services-0.79%
PerkinElmer, Inc., 3.30%, 09/15/2029
  341,000   354,167
Machinery-0.90%
Fortive Corp., 3.15%, 06/15/2026
  384,000   405,714
Media-0.63%
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030
  250,000   280,871
Multiline Retail-0.48%
Nordstrom, Inc., 8.75%, 05/15/2025(b)
  200,000   214,918
Multi-Utilities-3.16%
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030
  250,000   274,913
DTE Energy Co., Series C, 2.53%, 10/01/2024
  350,000   362,135
NiSource, Inc., 3.60%, 05/01/2030
  250,000   283,340
Sempra Energy, 3.40%, 02/01/2028
  466,000   500,250
        1,420,638
Oil, Gas & Consumable Fuels-8.37%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026(b)
  350,000   362,679
Colonial Enterprises, Inc., 3.25%, 05/15/2030(b)
  300,000   317,778
Marathon Petroleum Corp., 4.50%, 05/01/2023
  400,000   426,090
Midwest Connector Capital Co. LLC, 3.90%, 04/01/2024(b)
  300,000   308,692
MPLX L.P., 4.13%, 03/01/2027
  415,000   429,409
ONEOK Partners L.P., 3.38%, 10/01/2022
  400,000   403,739
ONEOK, Inc., 3.10%, 03/15/2030
  400,000   361,944
Phillips 66, 3.90%, 03/15/2028
  350,000   391,532
Phillips 66 Partners L.P., 3.15%, 12/15/2029
  400,000   393,367
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026
  287,000   364,546
        3,759,776
Paper & Forest Products-0.69%
Georgia-Pacific LLC, 2.30%, 04/30/2030(b)
  300,000   307,288
Personal Products-0.84%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030
  350,000   379,077
Pharmaceuticals-1.28%
Bristol-Myers Squibb Co., 3.40%, 07/26/2029(b)
  200,000   229,710
Eli Lilly and Co., 3.38%, 03/15/2029
  300,000   345,780
        575,490
Road & Rail-1.41%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.88%, 07/11/2022(b)
  300,000   316,335
Union Pacific Corp., 3.95%, 09/10/2028
  274,000   318,496
        634,831
Invesco Investment Grade Value ETF (IIGV)—(continued)
May 31, 2020
(Unaudited)
  Principal
Amount 		  Value
Semiconductors & Semiconductor Equipment-2.45%
Lam Research Corp., 4.00%, 03/15/2029
$ 481,000   $561,646
NVIDIA Corp., 2.85%, 04/01/2030
  200,000   219,659
Xilinx, Inc., 2.95%, 06/01/2024
  300,000   320,102
        1,101,407
Specialty Retail-1.24%
Ross Stores, Inc., 4.60%, 04/15/2025
  250,000   279,139
TJX Cos., Inc. (The), 3.50%, 04/15/2025
  250,000   278,902
        558,041
Technology Hardware, Storage & Peripherals-1.17%
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025
  466,000   523,423
Textiles, Apparel & Luxury Goods-1.31%
NIKE, Inc., 2.85%, 03/27/2030
  200,000   222,815
VF Corp., 2.40%, 04/23/2025
  350,000   365,736
        588,551
Tobacco-0.99%
Altria Group, Inc., 4.80%, 02/14/2029
  383,000   442,305
Trading Companies & Distributors-0.72%
Air Lease Corp., 3.00%, 09/15/2023
  350,000   322,085
Total U.S. Dollar Denominated Bonds & Notes

(Cost $43,602,974)
  44,536,685
  Shares   Value
Money Market Funds-0.05%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.10%(d)(e)

(Cost $21,466)
  21,466   $21,466
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.24%

(Cost $43,624,440)
  44,558,151
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.21%
Invesco Private Government Fund, 0.02%(d)(e)(f)

(Cost $993,447)
  993,447   993,447
TOTAL INVESTMENTS IN SECURITIES-101.45%

(Cost $44,617,887)
  45,551,598
OTHER ASSETS LESS LIABILITIES-(1.45)%
  (650,452)
NET ASSETS-100.00%
  $44,901,146
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2020 was $8,294,081, which represented 18.47% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at May 31, 2020.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2020.
    
  Value
August 31, 2019 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
May 31, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $49,666   $9,363,615   $(9,391,815)   $-   $-   $21,466   $2,209
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Government & Agency Portfolio, Institutional Class* 1,100,899   5,734,481   (6,835,380)   -   -   -   3,749
Invesco Liquid Assets Portfolio, Institutional Class* 367,281   1,545,883   (1,913,135)   -   (29)   -   625
Invesco Private Government Fund -   3,112,973   (2,119,526)   -   -   993,447   10
Total $1,517,846   $19,756,952   $(20,259,856)   $-   $(29)   $1,014,913   $6,593
    
* At May 31, 2020, this security was no longer held.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2020.
(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.  
Invesco Investment Grade Value ETF (IIGV)—(continued)
May 31, 2020
(Unaudited)
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.
The following is a summary of the tiered valuation input levels, as of May 31, 2020. 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 Investment Grade Defensive ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $78,189,986   $-   $78,189,986
Money Market Funds 125,744   735,400   -   861,144
Total Investments $125,744   $78,925,386   $-   $79,051,130
Invesco Investment Grade Value ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $44,536,685   $-   $44,536,685
Money Market Funds 21,466   993,447   -   1,014,913
Total Investments $21,466   $45,530,132   $-   $45,551,598
Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedules of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.