NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Defensive Equity ETF (DEF)
May 31, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-6.87%
Activision Blizzard, Inc.
  25,115   $2,442,434
Alphabet, Inc., Class C(b)
  1,116   2,691,301
AT&T, Inc.
  76,472   2,250,571
Charter Communications, Inc., Class A(b)
  3,650   2,535,035
Comcast Corp., Class A
  40,088   2,298,646
Electronic Arts, Inc.
  17,624   2,518,998
T-Mobile US, Inc.(b)
  17,998   2,545,817
        17,282,802
Consumer Discretionary-8.12%
Amazon.com, Inc.(b)
  750   2,417,302
Dollar General Corp.
  12,231   2,482,404
Domino’s Pizza, Inc.
  6,412   2,737,090
eBay, Inc.
  41,441   2,522,928
Garmin Ltd.
  18,075   2,570,988
NIKE, Inc., Class B
  16,661   2,273,560
Target Corp.
  12,843   2,914,334
Tractor Supply Co.
  13,694   2,488,200
        20,406,806
Consumer Staples-10.64%
Campbell Soup Co.(c)
  47,886   2,330,612
Church & Dwight Co., Inc.
  28,261   2,422,816
Clorox Co. (The)
  12,115   2,141,084
Conagra Brands, Inc.
  62,305   2,373,821
Costco Wholesale Corp.
  7,083   2,679,286
General Mills, Inc.
  39,163   2,461,786
JM Smucker Co. (The)
  18,942   2,524,779
Kraft Heinz Co. (The)
  58,031   2,529,571
Kroger Co. (The)
  65,063   2,406,030
Procter & Gamble Co. (The)
  18,009   2,428,514
Walmart, Inc.
  17,349   2,464,078
        26,762,377
Financials-5.09%
Allstate Corp. (The)
  20,169   2,755,287
Arthur J. Gallagher & Co.
  18,306   2,683,842
Intercontinental Exchange, Inc.
  19,843   2,239,878
Nasdaq, Inc.
  15,865   2,656,753
Progressive Corp. (The)
  24,860   2,463,129
        12,798,889
Health Care-20.91%
AbbVie, Inc.
  21,234   2,403,689
Agilent Technologies, Inc.
  19,109   2,639,526
AmerisourceBergen Corp.
  20,508   2,353,088
Amgen, Inc.
  9,972   2,372,738
Becton, Dickinson and Co.
  9,640   2,331,820
Biogen, Inc.(b)
  8,737   2,336,973
Bio-Rad Laboratories, Inc., Class A(b)
  4,100   2,469,717
Bristol-Myers Squibb Co.
  37,640   2,473,701
Cardinal Health, Inc.
  40,816   2,288,553
CVS Health Corp.
  31,537   2,726,058
Danaher Corp.
  10,769   2,758,372
DaVita, Inc.(b)
  21,405   2,570,098
Gilead Sciences, Inc.
  35,877   2,371,828
IDEXX Laboratories, Inc.(b)
  4,693   2,619,210
Incyte Corp.(b)
  29,266   2,451,905
Intuitive Surgical, Inc.(b)
  3,188   2,684,870
McKesson Corp.
  12,498   2,404,490
PerkinElmer, Inc.
  19,050   2,763,584
Perrigo Co. PLC
  55,103   2,542,452
  Shares   Value
Health Care-(continued)
Quest Diagnostics, Inc.
  19,624   $2,583,892
Thermo Fisher Scientific, Inc.
  5,203   2,442,809
        52,589,373
Industrials-14.66%
3M Co.
  12,430   2,523,787
A.O. Smith Corp.
  35,288   2,507,918
C.H. Robinson Worldwide, Inc.
  24,261   2,353,802
Cummins, Inc.
  8,396   2,160,123
Equifax, Inc.
  13,289   3,123,447
Expeditors International of Washington, Inc.
  23,533   2,957,863
Fastenal Co.
  49,694   2,635,770
General Dynamics Corp.
  13,300   2,525,803
Jacobs Engineering Group, Inc.
  18,385   2,612,141
Lockheed Martin Corp.
  6,731   2,572,588
Masco Corp.
  40,355   2,433,810
Northrop Grumman Corp.
  7,644   2,796,710
United Parcel Service, Inc., Class B
  13,879   2,978,433
W.W. Grainger, Inc.
  5,793   2,677,293
        36,859,488
Information Technology-21.41%
Amphenol Corp., Class A
  36,924   2,483,508
Apple, Inc.
  19,111   2,381,422
Arista Networks, Inc.(b)
  8,428   2,860,295
Automatic Data Processing, Inc.
  12,598   2,469,460
Broadridge Financial Solutions, Inc.
  16,109   2,569,063
Cadence Design Systems, Inc.(b)
  18,077   2,295,598
Cisco Systems, Inc.
  47,493   2,512,380
Citrix Systems, Inc.
  17,394   1,999,614
Fidelity National Information Services, Inc.
  15,764   2,348,521
Fiserv, Inc.(b)
  18,515   2,132,928
Intuit, Inc.
  5,995   2,632,345
Jack Henry & Associates, Inc.
  15,345   2,365,432
Juniper Networks, Inc.
  92,855   2,444,872
Keysight Technologies, Inc.(b)
  16,952   2,413,626
Mastercard, Inc., Class A
  6,013   2,168,168
Microsoft Corp.
  9,868   2,463,842
NortonLifeLock, Inc.
  109,158   3,019,310
Oracle Corp.
  31,799   2,503,853
Synopsys, Inc.(b)
  10,021   2,548,741
Texas Instruments, Inc.
  13,537   2,569,593
Tyler Technologies, Inc.(b)
  5,721   2,306,478
Visa, Inc., Class A
  10,279   2,336,417
        53,825,466
Materials-4.16%
Ball Corp.
  26,906   2,210,597
Linde PLC (United Kingdom)
  8,634   2,595,380
Newmont Corp.
  39,411   2,895,920
Sherwin-Williams Co. (The)
  9,741   2,761,866
        10,463,763
Real Estate-4.20%
Alexandria Real Estate Equities, Inc.
  14,187   2,528,975
Digital Realty Trust, Inc.
  16,943   2,567,881
Prologis, Inc.
  23,467   2,765,351
Public Storage
  9,561   2,700,791
        10,562,998
Utilities-3.88%
American Water Works Co., Inc.
  16,814   2,606,506
Eversource Energy
  28,068   2,278,841
See accompanying notes which are an integral part of this schedule.
Invesco Defensive Equity ETF (DEF)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Utilities-(continued)
NextEra Energy, Inc.
  30,793   $2,254,664
Xcel Energy, Inc.
  36,883   2,614,267
        9,754,278
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $215,278,769)
  251,306,240
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.81%
Invesco Private Government Fund, 0.01%(d)(e)(f)
  814,005   814,005
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.09%(d)(e)(f)
  1,220,519   $1,221,008
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,035,013)
  2,035,013
TOTAL INVESTMENTS IN SECURITIES-100.75%

(Cost $217,313,782)
  253,341,253
OTHER ASSETS LESS LIABILITIES-(0.75)%
  (1,896,604)
NET ASSETS-100.00%
  $251,444,649
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at May 31, 2021.
(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, 2021.
    
  Value
August 31, 2020 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
May 31, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $5,588,332   $(5,588,332)   $-   $-   $-   $52
Invesco Premier U.S. Government Money Portfolio, Institutional Class 116,684   341,857   (458,541)   -   -   -   2
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,654,316   5,279,043   (6,119,354)   -   -   814,005   115*
Invesco Private Prime Fund 551,445   7,741,178   (7,071,664)   (23)   72   1,221,008   406*
Total $2,322,445   $18,950,410   $(19,237,891)   $(23)   $72   $2,035,013   $575
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
May 31, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.58%
Australia-6.26%
AGL Energy Ltd.
  14,783   $94,253
Alumina Ltd.
  40,782   53,607
Ampol Ltd.
  7,580   170,464
Aristocrat Leisure Ltd.
  2,694   87,045
Aurizon Holdings Ltd.
  33,538   94,375
BHP Group Ltd.
  84,483   3,136,766
BHP Group PLC
  99,068   2,982,044
BlueScope Steel Ltd.
  16,445   270,935
Boral Ltd.(a)
  41,815   221,148
Brambles Ltd.
  15,980   133,670
Computershare Ltd.
  5,230   65,279
Crown Resorts Ltd.(a)
  8,128   81,086
CSL Ltd.
  959   213,758
Downer EDI Ltd.
  25,544   111,857
Fortescue Metals Group Ltd.
  16,951   289,072
Glencore PLC(a)
  669,463   3,051,200
Incitec Pivot Ltd.
  49,622   88,372
Lendlease Corp. Ltd.
  14,581   138,941
Metcash Ltd.
  41,501   112,623
Newcrest Mining Ltd.
  6,027   130,660
OceanaGold Corp.(a)
  30,401   64,426
Orica Ltd.(b)
  5,977   63,360
Origin Energy Ltd.
  42,520   133,746
Qantas Airways Ltd.(a)
  41,340   153,300
Ramsay Health Care Ltd.(b)
  1,903   92,957
Rio Tinto Ltd.
  26,578   2,520,719
Rio Tinto PLC
  25,681   2,208,014
Santos Ltd.
  32,840   174,188
Sonic Healthcare Ltd.
  3,948   105,982
South32 Ltd.
  153,541   355,117
Tabcorp Holdings Ltd.
  29,050   115,788
Telstra Corp. Ltd.
  293,492   789,674
Treasury Wine Estates Ltd.
  7,717   69,846
Wesfarmers Ltd.
  22,387   958,407
Woolworths Group Ltd.
  17,979   580,911
        19,913,590
Austria-0.42%
ANDRITZ AG
  2,106   123,141
Mondi PLC
  9,258   250,256
OMV AG
  5,058   293,406
UNIQA Insurance Group AG
  11,024   100,448
Verbund AG(b)
  922   85,302
Vienna Insurance Group AG Wiener Versicherung Gruppe
  2,050   57,935
voestalpine AG(b)
  7,207   323,777
Wienerberger AG
  2,468   96,145
        1,330,410
Belgium-1.24%
Ackermans & van Haaren N.V.
  596   96,633
Anheuser-Busch InBev S.A./N.V.
  39,186   2,975,766
Bekaert S.A.
  2,512   120,870
Etablissements Franz Colruyt N.V.
  729   44,366
Groupe Bruxelles Lambert S.A.
  1,505   170,865
Proximus SADP(b)
  3,263   66,479
Solvay S.A., Class A
  1,918   259,575
UCB S.A.
  859   80,698
Umicore S.A.
  2,091   125,855
        3,941,107
  Shares   Value
Brazil-0.07%
Yara International ASA
  3,919   $209,183
Canada-16.06%
Aecon Group, Inc.
  5,476   83,137
Agnico Eagle Mines Ltd.
  2,691   193,761
Air Canada(a)
  25,939   583,628
Alamos Gold, Inc., Class A
  8,880   81,081
Alimentation Couche-Tard, Inc., Class B
  38,828   1,420,051
AltaGas Ltd.
  16,616   329,844
ARC Resources Ltd.
  34,705   263,735
AutoCanada, Inc.(a)
  8,454   300,649
B2Gold Corp.
  14,859   76,017
Barrick Gold Corp.
  22,109   532,776
Baytex Energy Corp.(a)
  387,794   590,680
BCE, Inc.(b)
  14,260   708,986
BlackBerry Ltd.(a)
  13,767   138,354
Boyd Group Services, Inc.
  301   52,281
Brookfield Asset Management, Inc., Class A
  60,310   3,034,971
BRP, Inc.
  4,494   378,791
CAE, Inc.(a)
  8,083   250,453
Cameco Corp.
  5,770   115,161
Canadian National Railway Co.
  13,835   1,557,583
Canadian Natural Resources Ltd.
  85,778   2,971,696
Canadian Pacific Railway Ltd.
  11,357   922,286
Canadian Solar, Inc.(a)(b)
  3,194   126,419
Canadian Tire Corp. Ltd., Class A
  4,466   764,396
Canfor Corp.(a)
  6,107   151,310
Capital Power Corp.
  6,263   199,296
Cascades, Inc.
  8,104   91,573
CCL Industries, Inc., Class B
  4,255   240,119
Celestica, Inc.(a)
  23,409   202,116
Cenovus Energy, Inc.(b)
  183,703   1,491,827
Centerra Gold, Inc.
  6,350   51,620
CGI, Inc., Class A(a)
  6,722   600,862
Chartwell Retirement Residences
  7,418   80,566
CI Financial Corp.
  12,658   235,032
Cineplex, Inc.(a)
  4,784   60,394
Cogeco Communications, Inc.
  765   74,626
Cogeco, Inc.
  703   55,291
Constellation Software, Inc.
  148   212,429
Crescent Point Energy Corp.
  202,429   827,814
Dollarama, Inc.
  3,559   155,677
Empire Co. Ltd., Class A
  16,502   564,729
Enbridge, Inc.
  77,573   2,984,120
Enerflex Ltd.
  13,686   90,409
Enerplus Corp.
  42,480   277,808
Fairfax Financial Holdings Ltd.
  2,430   1,141,376
Finning International, Inc.
  10,923   271,267
George Weston Ltd.
  5,847   572,357
Gibson Energy, Inc.
  7,883   155,768
Gildan Activewear, Inc.
  11,685   422,711
Great Canadian Gaming Corp.(a)
  3,869   141,212
Hudbay Minerals, Inc.
  30,180   228,349
Hydro One Ltd.(c)
  9,655   245,691
IAMGOLD Corp.(a)
  19,570   70,795
IGM Financial, Inc.
  3,634   133,778
Imperial Oil Ltd.(b)
  25,059   826,864
Intact Financial Corp.
  3,337   453,147
Inter Pipeline Ltd.
  19,975   292,349
Keyera Corp.(b)
  10,807   268,028
Kinross Gold Corp.
  27,012   218,913
Kirkland Lake Gold Ltd.
  2,866   124,225
Linamar Corp.
  5,789   379,017
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Canada-(continued)
Loblaw Cos. Ltd.
  8,945   $550,473
Magna International, Inc.
  34,116   3,430,804
Maple Leaf Foods, Inc.
  3,033   67,113
Martinrea International, Inc.
  14,035   158,010
MEG Energy Corp.(a)
  48,974   325,142
Methanex Corp.
  11,855   421,500
Metro, Inc.
  7,440   360,298
New Gold, Inc.(a)
  41,568   87,747
NFI Group, Inc.
  6,216   132,707
North West Co., Inc. (The)
  2,118   63,663
Nutrien Ltd.
  42,868   2,666,120
Open Text Corp.
  5,029   236,255
Pan American Silver Corp.
  2,928   98,553
Parkland Corp.
  9,261   303,512
Pembina Pipeline Corp.
  21,380   691,133
Precision Drilling Corp.(a)
  5,526   175,203
Premium Brands Holdings Corp.
  837   84,760
Quebecor, Inc., Class B
  3,195   86,831
Restaurant Brands International, Inc.
  5,155   359,527
Ritchie Bros. Auctioneers, Inc.
  1,650   98,563
Rogers Communications, Inc., Class B
  7,712   398,177
Russel Metals, Inc.
  6,899   188,637
Saputo, Inc.(b)
  6,578   228,270
Secure Energy Services, Inc.
  71,637   250,848
Shaw Communications, Inc., Class B
  7,692   229,996
Shopify, Inc., Class A(a)
  80   99,498
SNC-Lavalin Group, Inc.(b)
  8,038   220,912
Spin Master Corp.(a)(c)
  3,307   114,020
Stantec, Inc.
  3,177   142,123
Stella-Jones, Inc.
  2,155   82,489
Suncor Energy, Inc.
  135,860   3,137,826
Superior Plus Corp.
  11,227   139,501
Teck Resources Ltd., Class B
  81,420   2,008,540
TELUS Corp.
  18,432   415,941
TFI International, Inc.
  4,741   454,477
Thomson Reuters Corp.
  6,108   598,260
Toromont Industries Ltd.
  1,515   137,654
TransAlta Corp.
  19,110   173,066
Transcontinental, Inc., Class A
  10,320   192,133
Vermilion Energy, Inc.(a)
  31,483   242,117
West Fraser Timber Co. Ltd.
  3,814   293,501
Whitecap Resources, Inc.
  94,017   445,958
WSP Global, Inc.
  2,845   322,700
Yamana Gold, Inc.
  24,468   128,214
        51,112,973
Chile-0.14%
Antofagasta PLC(b)
  4,847   106,143
Lundin Mining Corp.
  31,266   335,695
        441,838
China-0.79%
NXP Semiconductors N.V.
  11,210   2,370,018
Wilmar International Ltd.
  41,155   148,982
        2,519,000
Colombia-0.12%
Millicom International Cellular S.A., SDR(a)
  5,114   228,298
Parex Resources, Inc.(a)
  8,971   153,131
        381,429
Denmark-1.31%
AP Moller - Maersk A/S, Class B(b)
  456   1,259,726
Carlsberg A/S, Class B
  1,579   290,202
  Shares   Value
Denmark-(continued)
Chr. Hansen Holding A/S
  433   $38,854
Coloplast A/S, Class B
  408   64,800
Dfds A/S(a)
  1,641   96,769
DSV Panalpina A/S
  636   155,071
H Lundbeck A/S
  1,449   46,295
ISS A/S(a)
  7,609   161,968
Novo Nordisk A/S, Class B
  12,027   950,856
Novozymes A/S, Class B(b)
  1,552   113,308
Orsted A/S(c)
  840   128,459
Pandora A/S
  2,633   356,337
Rockwool International A/S, Class B
  204   101,251
Vestas Wind Systems A/S
  10,505   410,918
        4,174,814
Finland-0.89%
Elisa OYJ
  850   50,353
Fortum OYJ
  8,016   231,423
Huhtamaki OYJ
  1,207   56,886
Kesko OYJ, Class B
  6,624   230,129
Kone OYJ, Class B
  2,321   188,696
Neste OYJ
  3,053   201,199
Nokia OYJ(a)
  96,781   504,586
Nokian Renkaat OYJ
  2,523   101,053
Outokumpu OYJ(a)(b)
  21,244   118,471
Sampo OYJ, Class A
  8,566   407,370
Stora Enso OYJ, Class R
  15,782   280,971
UPM-Kymmene OYJ
  8,843   337,490
Wartsila OYJ Abp
  8,883   119,949
        2,828,576
France-8.07%
Accor S.A.(a)
  4,191   167,044
Aeroports de Paris(a)(b)
  567   77,081
Air France-KLM(a)(b)
  11,232   63,404
Air Liquide S.A.
  4,039   686,651
Airbus SE(a)
  9,541   1,255,217
Alstom S.A.(a)
  3,229   182,313
Arkema S.A.
  1,413   187,186
Atos SE
  1,892   126,622
Bollore S.A.
  29,021   150,246
Bouygues S.A.
  9,726   395,596
Bureau Veritas S.A.(a)
  2,508   76,897
Capgemini SE(b)
  2,502   467,992
Carrefour S.A.(b)
  32,932   669,939
Casino Guichard Perrachon S.A.(a)(b)
  3,568   115,179
Cie de Saint-Gobain(a)(b)
  21,334   1,432,980
Cie Generale des Etablissements Michelin S.C.A.
  4,188   640,763
Criteo S.A., ADR(a)
  7,514   279,821
Danone S.A.
  5,783   411,825
Dassault Systemes SE
  343   78,865
Eiffage S.A.
  2,436   268,788
Electricite de France S.A.
  25,816   364,951
Elior Group S.A.(a)(b)(c)
  7,985   63,468
Elis S.A.(a)
  5,386   102,679
ENGIE S.A.(b)
  92,563   1,383,061
EssilorLuxottica S.A.(b)
  1,740   302,210
Faurecia SE(a)
  5,208   286,184
Hermes International
  69   96,156
Kering S.A.
  415   378,543
Korian S.A.(a)
  1,702   62,282
Legrand S.A.(b)
  2,076   217,585
L’Oreal S.A.
  1,260   570,281
LVMH Moet Hennessy Louis Vuitton SE
  1,495   1,194,300
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
France-(continued)
Nexity S.A.
  1,434   $74,624
Orange S.A.
  63,713   813,064
Orpea S.A.(a)
  477   59,936
Pernod Ricard S.A.
  1,488   328,445
Publicis Groupe S.A.
  6,596   445,938
Rallye S.A.(a)(b)
  13,553   111,440
Renault S.A.(a)
  24,471   1,017,245
Rexel S.A.(a)
  15,673   318,647
Rubis S.C.A.
  1,328   63,835
Safran S.A.
  4,245   641,831
Sanofi
  13,779   1,476,400
SCOR SE(a)
  8,171   265,659
SEB S.A.
  401   75,226
Sodexo S.A.(a)
  2,091   201,836
SPIE S.A.
  4,136   99,203
Suez S.A.
  11,520   280,451
Teleperformance
  290   111,101
Thales S.A.
  1,545   158,506
TotalEnergies SE
  81,223   3,774,137
Ubisoft Entertainment S.A.(a)
  581   42,394
Valeo S.A.
  11,087   364,787
Veolia Environnement S.A.
  16,317   514,405
Vinci S.A.
  8,599   978,354
Vivendi SE
  16,147   588,117
Wendel SE
  892   124,741
        25,686,431
Germany-9.50%
adidas AG
  1,302   474,779
Aurubis AG
  1,233   115,322
BASF SE
  26,227   2,145,338
Bayer AG
  16,324   1,038,797
Bayerische Motoren Werke AG
  13,660   1,451,169
Beiersdorf AG
  501   59,381
Brenntag SE
  2,298   215,771
CECONOMY AG(a)
  44,921   252,371
Continental AG(a)
  4,119   610,437
Covestro AG(c)
  6,808   475,199
Daimler AG
  48,469   4,525,021
Deutsche Lufthansa AG(a)(b)
  25,703   334,580
Deutsche Post AG
  12,088   820,919
Deutsche Telekom AG
  70,782   1,473,036
E.ON SE
  35,693   433,925
Evonik Industries AG
  10,939   392,698
Freenet AG
  3,393   93,575
Fresenius Medical Care AG & Co. KGaA
  2,421   193,994
Fresenius SE & Co. KGaA
  9,472   515,244
Fuchs Petrolub SE, Preference Shares
  1,265   64,936
GEA Group AG
  2,795   121,583
Hannover Rueck SE
  1,064   186,122
HeidelbergCement AG
  5,511   503,761
Henkel AG & Co. KGaA, Preference Shares
  4,645   535,050
HOCHTIEF AG
  997   84,043
HUGO BOSS AG
  1,959   111,300
Infineon Technologies AG
  8,927   361,194
Jungheinrich AG, Preference Shares
  2,380   123,216
K+S AG(a)
  15,299   211,524
KION Group AG
  1,027   109,141
Knorr-Bremse AG
  464   57,653
LANXESS AG
  1,881   140,597
Leoni AG(a)(b)
  5,667   92,296
Merck KGaA
  2,709   487,075
METRO AG
  11,950   155,031
  Shares   Value
Germany-(continued)
MTU Aero Engines AG
  543   $141,155
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R
  4,202   1,208,518
OSRAM Licht AG(a)
  1,232   78,490
ProSiebenSat.1 Media SE(a)
  7,720   173,459
Rheinmetall AG
  980   102,188
Salzgitter AG(a)
  5,332   172,642
SAP SE
  4,988   699,485
Schaeffler AG, Preference Shares
  7,034   65,249
Siemens AG
  13,628   2,239,469
Siemens Energy AG(a)
  6,754   214,899
Symrise AG
  494   65,743
Telefonica Deutschland Holding AG
  23,514   64,706
thyssenkrupp AG(a)
  45,579   537,232
TUI AG(a)(b)
  64,963   397,998
Uniper SE
  10,233   375,580
United Internet AG
  1,272   53,039
Volkswagen AG, Preference Shares
  17,001   4,683,517
        30,239,447
Hong Kong-1.18%
AIA Group Ltd.
  132,245   1,758,382
CK Hutchison Holdings Ltd.
  83,330   663,505
CLP Holdings Ltd.
  22,357   230,584
HKT Trust & HKT Ltd.
  42,732   58,360
Hong Kong & China Gas Co. Ltd. (The)
  56,198   98,907
Melco Resorts & Entertainment Ltd., ADR(a)
  12,931   222,284
MTR Corp. Ltd.(b)
  16,224   91,869
NWS Holdings Ltd.
  45,822   51,953
PCCW Ltd.
  86,767   47,959
Swire Pacific Ltd., Class A
  20,010   155,718
Techtronic Industries Co. Ltd.
  7,656   144,311
WH Group Ltd.
  162,522   140,085
Yue Yuen Industrial Holdings Ltd.
  40,708   106,209
        3,770,126
Indonesia-0.05%
First Pacific Co. Ltd.
  288,976   100,899
Golden Agri-Resources Ltd.
  391,363   69,506
        170,405
Ireland-0.62%
CRH PLC
  14,656   766,796
Flutter Entertainment PLC(a)
  626   117,249
ICON PLC(a)(b)
  691   154,618
Kerry Group PLC, Class A
  767   103,803
Kingspan Group PLC
  816   77,632
Ryanair Holdings PLC, ADR(a)
  4,513   526,893
Smurfit Kappa Group PLC
  4,033   214,100
        1,961,091
Israel-0.30%
Check Point Software Technologies Ltd.(a)
  2,600   304,148
Nice Ltd., ADR(a)
  515   114,515
Teva Pharmaceutical Industries Ltd., ADR(a)
  45,219   470,278
Tower Semiconductor Ltd.(a)
  2,759   75,790
        964,731
Italy-1.38%
A2A S.p.A.
  37,744   78,783
Atlantia S.p.A.(a)
  12,126   231,171
Enel S.p.A.
  162,647   1,613,361
Eni S.p.A.
  110,930   1,363,997
Ferrari N.V.
  342   72,115
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Italy-(continued)
Hera S.p.A.
  13,624   $57,837
Leonardo S.p.A.(b)
  15,723   137,327
Pirelli & C S.p.A.(a)(b)(c)
  10,534   62,107
Prysmian S.p.A.
  4,464   154,053
Saipem S.p.A.(b)
  25,219   62,639
Saras S.p.A.(a)
  51,690   44,379
Societa Cattolica Di Assicurazione S.p.A.(a)(b)
  15,884   117,159
Telecom Italia S.p.A.
  772,723   413,886
        4,408,814
Japan-18.46%
Aeon Co. Ltd.
  21,606   584,870
AGC, Inc.(b)
  7,276   319,555
Air Water, Inc.
  3,562   60,600
Aisin Corp.
  6,228   272,679
Ajinomoto Co., Inc.
  6,583   153,119
Alfresa Holdings Corp.
  6,585   102,091
Alps Alpine Co. Ltd.
  6,924   75,111
Amada Co. Ltd.
  6,583   71,352
ANA Holdings, Inc.(a)
  3,659   88,518
Asahi Group Holdings Ltd.
  5,180   251,052
Asahi Kasei Corp.
  30,886   348,529
Astellas Pharma, Inc.
  20,985   335,932
Bandai Namco Holdings, Inc.
  1,429   102,652
Bridgestone Corp.
  14,582   648,516
Brother Industries Ltd.
  4,047   86,625
Canon, Inc.(b)
  20,653   492,498
Central Japan Railway Co.
  1,877   281,529
Chubu Electric Power Co., Inc.
  21,572   257,648
Chugai Pharmaceutical Co. Ltd.
  1,142   43,395
Chugoku Electric Power Co., Inc. (The)
  7,798   75,658
Coca-Cola Bottlers Japan Holdings, Inc.(b)
  2,923   49,304
COMSYS Holdings Corp.
  1,363   39,226
Cosmo Energy Holdings Co. Ltd.
  5,768   122,205
Dai Nippon Printing Co. Ltd.
  6,308   137,316
Daicel Corp.
  6,967   55,939
Daiichi Sankyo Co. Ltd.
  6,386   147,028
Daikin Industries Ltd.
  1,766   354,645
Daito Trust Construction Co. Ltd.
  1,583   172,874
Daiwa House Industry Co. Ltd.
  14,012   409,880
Denka Co. Ltd.
  1,781   68,098
Denso Corp.
  10,476   718,341
Dentsu Group, Inc.(b)
  5,759   201,611
DIC Corp.(b)
  2,206   56,727
Dowa Holdings Co. Ltd.
  1,363   56,206
East Japan Railway Co.
  5,860   414,822
Ebara Corp.
  2,502   123,308
EDION Corp.
  4,593   45,940
Eisai Co. Ltd.
  1,576   105,974
Electric Power Development Co. Ltd.
  5,566   78,701
ENEOS Holdings, Inc.
  194,348   804,077
FANUC Corp.
  1,460   351,940
Fast Retailing Co. Ltd.
  243   198,488
Fuji Electric Co. Ltd.
  2,470   116,566
FUJIFILM Holdings Corp.
  5,261   363,187
Fujikura Ltd.(a)
  15,392   66,760
Fujitsu Ltd.
  3,249   530,446
Furukawa Electric Co. Ltd.
  3,301   88,877
H2O Retailing Corp.
  6,115   49,710
Hakuhodo DY Holdings, Inc.
  7,022   119,976
Hankyu Hanshin Holdings, Inc.
  3,360   105,559
Hanwa Co. Ltd.
  4,886   144,614
Haseko Corp.
  6,420   91,885
  Shares   Value
Japan-(continued)
Hino Motors Ltd.
  11,023   $105,344
Hirose Electric Co. Ltd.
  318   45,600
Hitachi Construction Machinery Co. Ltd.
  1,846   62,694
Hitachi Ltd.
  28,408   1,502,350
Hitachi Metals Ltd.(a)(b)
  5,262   101,484
Hokkaido Electric Power Co., Inc.
  16,944   77,036
Hokuriku Electric Power Co.
  8,735   50,436
Honda Motor Co. Ltd.
  55,119   1,738,147
Hoya Corp.
  1,837   242,289
Idemitsu Kosan Co. Ltd.
  8,708   207,060
IHI Corp.(a)
  8,048   199,343
Iida Group Holdings Co. Ltd.
  3,601   97,216
INPEX Corp.
  34,168   233,949
Isetan Mitsukoshi Holdings Ltd.
  14,643   106,119
Isuzu Motors Ltd.
  17,309   234,826
ITOCHU Corp.
  29,229   883,980
J Front Retailing Co. Ltd.
  7,471   74,455
Japan Airlines Co. Ltd.(a)
  4,576   104,273
Japan Display, Inc.(a)
  103,765   37,741
Japan Tobacco, Inc.
  16,683   331,915
JFE Holdings, Inc.
  41,703   565,015
JGC Holdings Corp.
  5,025   48,525
JSR Corp.
  3,180   97,157
JTEKT Corp.(b)
  9,953   106,883
Kajima Corp.
  12,366   172,039
Kamigumi Co. Ltd.
  2,104   41,994
Kaneka Corp.
  1,635   67,719
Kanematsu Corp.
  3,562   48,584
Kansai Electric Power Co., Inc. (The)
  30,585   289,233
Kao Corp.
  2,556   157,160
Kawasaki Heavy Industries Ltd.(a)
  7,372   179,784
Kawasaki Kisen Kaisha Ltd.(a)(b)
  4,748   127,707
KDDI Corp.
  11,728   399,802
Keio Corp.
  762   48,502
Keyence Corp.
  323   160,303
Kikkoman Corp.(b)
  803   53,229
Kintetsu Group Holdings Co. Ltd.(a)
  1,847   65,583
Kirin Holdings Co. Ltd.
  10,409   209,931
Kobe Steel Ltd.
  36,594   250,892
Koito Manufacturing Co. Ltd.
  1,433   94,860
Komatsu Ltd.
  15,079   455,626
Konami Holdings Corp.(b)
  1,254   81,186
Konica Minolta, Inc.
  25,338   141,003
K’s Holdings Corp.
  4,284   51,614
Kubota Corp.
  14,249   329,227
Kuraray Co. Ltd.(b)
  7,981   84,763
Kyocera Corp.
  4,911   302,899
Kyushu Electric Power Co., Inc.
  21,778   178,026
Kyushu Railway Co.
  2,106   48,487
Lawson, Inc.(b)
  948   43,446
Lixil Corp.
  10,909   296,296
Makita Corp.
  1,976   94,331
Marubeni Corp.
  111,205   999,050
Maruha Nichiro Corp., Class C
  1,870   41,064
Mazda Motor Corp.(a)
  39,775   350,823
Medipal Holdings Corp.
  7,792   148,790
MEIJI Holdings Co. Ltd.
  1,363   84,773
MINEBEA MITSUMI, Inc.
  4,556   125,111
Mitsubishi Chemical Holdings Corp.
  53,220   431,954
Mitsubishi Corp.
  43,307   1,187,669
Mitsubishi Electric Corp.
  33,524   524,770
Mitsubishi Estate Co. Ltd.
  11,110   183,003
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Japan-(continued)
Mitsubishi Gas Chemical Co., Inc.
  4,309   $101,637
Mitsubishi Heavy Industries Ltd.
  15,061   464,669
Mitsubishi Materials Corp.
  5,489   117,791
Mitsubishi Motors Corp.(a)
  27,928   78,470
Mitsui & Co. Ltd.
  47,272   1,050,322
Mitsui Chemicals, Inc.
  6,418   218,262
Mitsui E&S Holdings Co. Ltd.(a)
  8,159   37,169
Mitsui Fudosan Co. Ltd.
  12,145   288,841
Mitsui Mining & Smelting Co. Ltd.
  2,352   68,651
Mitsui OSK Lines Ltd.
  6,509   258,940
MS&AD Insurance Group Holdings, Inc.
  17,028   522,878
Murata Manufacturing Co. Ltd.
  3,674   278,987
Nagase & Co. Ltd.
  3,755   55,587
Nagoya Railroad Co. Ltd.(a)
  2,131   41,603
NEC Corp.
  4,907   229,789
NGK Insulators Ltd.
  4,552   81,044
NGK Spark Plug Co. Ltd.
  3,465   55,232
NH Foods Ltd.
  2,199   88,880
NHK Spring Co. Ltd.
  7,786   59,116
Nidec Corp.
  2,299   265,386
Nikon Corp.
  9,549   100,114
Nintendo Co. Ltd.
  466   288,011
Nippon Electric Glass Co. Ltd.
  3,197   77,240
Nippon Express Co. Ltd.
  1,151   93,252
Nippon Light Metal Holdings Co. Ltd.
  2,505   43,437
Nippon Paper Industries Co. Ltd.
  5,514   65,531
Nippon Sheet Glass Co. Ltd.(a)(b)
  12,089   68,044
Nippon Steel Corp.
  63,428   1,212,615
Nippon Steel Trading Corp.
  1,664   67,180
Nippon Suisan Kaisha Ltd.
  9,314   43,532
Nippon Telegraph & Telephone Corp.
  35,378   955,423
Nippon Yusen KK
  9,724   397,890
Nissan Motor Co. Ltd.(a)
  196,276   987,493
Nisshin Seifun Group, Inc.
  2,826   42,939
Nisshinbo Holdings, Inc.
  5,789   49,007
Nissin Foods Holdings Co. Ltd.(b)
  527   38,240
Nitori Holdings Co. Ltd.
  408   70,656
Nitto Denko Corp.
  2,671   211,543
NOK Corp.
  3,265   41,208
Nomura Real Estate Holdings, Inc.
  2,855   75,052
Nomura Research Institute Ltd.
  2,873   91,696
NSK Ltd.
  12,001   116,436
NTN Corp.(a)
  22,638   66,489
NTT Data Corp.
  9,848   159,574
Obayashi Corp.
  18,011   153,620
Odakyu Electric Railway Co. Ltd.
  2,420   63,770
Oji Holdings Corp.
  24,111   144,699
Olympus Corp.
  5,624   120,279
Omron Corp.
  1,538   122,229
Ono Pharmaceutical Co. Ltd.
  2,329   53,209
Oriental Land Co. Ltd.
  463   68,708
Osaka Gas Co. Ltd.
  7,706   147,498
Otsuka Holdings Co. Ltd.
  4,412   184,784
Pan Pacific International Holdings Corp.
  2,603   52,072
Panasonic Corp.
  71,595   817,996
Persol Holdings Co. Ltd.
  3,671   71,701
Recruit Holdings Co. Ltd.
  6,095   313,520
Renesas Electronics Corp.(a)
  10,119   108,482
Ricoh Co. Ltd.
  24,171   289,459
Rohm Co. Ltd.
  1,333   125,330
Santen Pharmaceutical Co. Ltd.
  2,363   31,542
Secom Co. Ltd.
  1,850   146,537
  Shares   Value
Japan-(continued)
Seibu Holdings, Inc.(a)
  4,402   $50,755
Seiko Epson Corp.
  8,590   156,764
Seino Holdings Co. Ltd.
  4,196   59,482
Sekisui Chemical Co. Ltd.
  8,176   143,187
Sekisui House Ltd.
  12,947   273,362
Seven & i Holdings Co. Ltd.
  15,479   682,498
Sharp Corp.(b)
  5,328   99,705
Shikoku Electric Power Co., Inc.
  7,319   49,714
Shimano, Inc.
  332   75,638
Shimizu Corp.
  14,543   118,751
Shin-Etsu Chemical Co. Ltd.
  2,826   492,221
Shionogi & Co. Ltd.
  1,990   101,712
Shiseido Co. Ltd.
  1,636   118,429
Showa Denko K.K.
  3,515   111,387
SMC Corp.
  263   158,625
Softbank Corp.
  28,602   367,359
Sojitz Corp.
  59,757   185,832
Sompo Holdings, Inc.
  10,236   412,418
Sony Group Corp.
  14,620   1,458,344
Stanley Electric Co. Ltd.
  2,069   62,366
Subaru Corp.
  16,044   314,461
SUMCO Corp.
  3,246   75,265
Sumitomo Chemical Co. Ltd.
  65,061   362,650
Sumitomo Corp.
  40,747   578,739
Sumitomo Electric Industries Ltd.
  27,079   418,835
Sumitomo Forestry Co. Ltd.
  4,855   99,241
Sumitomo Heavy Industries Ltd.
  3,244   102,357
Sumitomo Metal Mining Co. Ltd.
  4,196   188,138
Sumitomo Realty & Development Co. Ltd.
  3,417   116,608
Sumitomo Rubber Industries Ltd.
  6,602   85,365
Suntory Beverage & Food Ltd.(b)
  1,628   60,620
Suzuken Co. Ltd.
  2,631   83,015
Suzuki Motor Corp.
  8,593   377,006
Sysmex Corp.
  728   75,729
Taiheiyo Cement Corp.
  4,549   106,181
Taisei Corp.
  4,405   156,013
Taisho Pharmaceutical Holdings Co. Ltd.
  760   43,468
Takashimaya Co. Ltd.
  7,416   83,618
Takeda Pharmaceutical Co. Ltd.
  13,552   463,830
TDK Corp.
  1,790   226,568
Teijin Ltd.
  5,369   88,657
Terumo Corp.
  2,942   113,988
THK Co. Ltd.
  1,672   55,417
TIS, Inc.
  1,881   48,353
Tobu Railway Co. Ltd.
  2,253   57,936
Toho Gas Co. Ltd.
  736   40,824
Toho Holdings Co. Ltd.
  2,617   40,763
Tohoku Electric Power Co., Inc.
  21,665   176,708
Tokio Marine Holdings, Inc.
  16,131   758,476
Tokyo Electric Power Co. Holdings, Inc.(a)
  152,753   479,198
Tokyo Electron Ltd.
  1,092   479,497
Tokyo Gas Co. Ltd.
  9,430   186,885
Tokyu Corp.
  7,131   95,901
Tokyu Fudosan Holdings Corp.
  14,479   87,289
Toppan Printing Co. Ltd.
  8,364   146,555
Toray Industries, Inc.
  42,082   279,220
Toshiba Corp.
  12,028   508,572
Tosoh Corp.
  6,070   108,457
TOTO Ltd.
  1,463   80,882
Toyo Seikan Group Holdings Ltd.
  8,176   111,962
Toyo Suisan Kaisha Ltd.
  836   34,056
Toyota Industries Corp.
  3,056   265,655
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Japan-(continued)
Toyota Motor Corp.
  47,079   $3,910,586
Toyota Tsusho Corp.
  10,643   487,754
Trend Micro, Inc.
  736   37,478
Ube Industries Ltd.
  3,966   84,459
Unicharm Corp.
  1,684   66,962
West Japan Railway Co.
  3,208   183,860
Yakult Honsha Co. Ltd.
  736   39,753
Yamada Holdings Co. Ltd.
  20,608   100,627
Yamaha Corp.
  1,045   63,189
Yamaha Motor Co. Ltd.
  8,903   262,698
Yamato Holdings Co. Ltd.
  2,680   73,351
Yamazaki Baking Co. Ltd.
  2,508   37,834
Yaskawa Electric Corp.
  1,359   64,753
Yokogawa Electric Corp.
  3,187   51,815
Yokohama Rubber Co. Ltd. (The)(b)
  3,480   71,293
Z Holdings Corp.
  38,680   184,862
        58,751,301
Luxembourg-0.54%
ArcelorMittal S.A.(a)
  52,789   1,703,760
Macau-0.07%
Galaxy Entertainment Group Ltd.(a)
  14,110   118,076
Sands China Ltd.(a)
  24,345   111,507
        229,583
Netherlands-1.86%
Akzo Nobel N.V.
  4,063   517,702
ASM International N.V.
  454   141,744
ASML Holding N.V.
  1,166   784,467
EXOR N.V.
  13,155   1,133,272
Heineken Holding N.V.(b)
  2,142   216,570
Heineken N.V.(b)
  2,556   305,568
Koninklijke Ahold Delhaize N.V.
  28,518   828,009
Koninklijke BAM Groep N.V.(a)
  35,613   104,811
Koninklijke DSM N.V.
  1,503   276,463
Koninklijke KPN N.V.
  74,399   248,143
Koninklijke Philips N.V.
  9,799   553,205
Randstad N.V.
  4,006   311,826
Signify N.V.
  5,290   326,583
Wolters Kluwer N.V.
  1,770   169,773
        5,918,136
New Zealand-0.14%
Air New Zealand Ltd.(a)
  95,719   115,545
Contact Energy Ltd.
  12,819   71,841
Fletcher Building Ltd.
  32,998   177,752
Spark New Zealand Ltd.
  21,449   69,900
        435,038
Norway-0.47%
Equinor ASA
  29,662   644,948
Mowi ASA
  5,013   130,609
Norsk Hydro ASA
  60,045   389,344
Orkla ASA
  9,677   101,035
Telenor ASA
  12,713   221,527
        1,487,463
Portugal-0.11%
Galp Energia SGPS S.A.
  13,525   169,450
Jeronimo Martins SGPS S.A.(b)
  4,880   94,311
Sonae SGPS S.A.
  105,042   101,790
        365,551
  Shares   Value
Russia-0.27%
Coca-Cola HBC AG(a)
  2,865   $104,357
Evraz PLC
  18,904   170,896
VEON Ltd., ADR(a)
  315,944   575,018
        850,271
Singapore-0.23%
ComfortDelGro Corp. Ltd.
  52,798   67,035
Genting Singapore Ltd.
  84,751   54,122
Jardine Cycle & Carriage Ltd.
  3,778   63,328
Keppel Corp. Ltd.
  22,780   92,277
Sembcorp Industries Ltd.
  37,837   62,909
Singapore Airlines Ltd.(a)
  33,750   126,512
Singapore Airlines Ltd., Rts., expiring 06/25/2021(a)(d)
  70,537   0
Singapore Technologies Engineering Ltd.
  17,249   50,709
Singapore Telecommunications Ltd.
  122,146   223,393
        740,285
South Africa-0.43%
Anglo American PLC
  30,596   1,359,981
South Korea-7.06%
CJ CheilJedang Corp.
  267   113,115
CJ Corp.
  1,593   156,401
Coway Co. Ltd.
  781   56,861
DB Insurance Co. Ltd.
  2,439   110,655
DL E&C Co. Ltd.(a)
  614   73,770
Doosan Co. Ltd.
  1,574   122,358
Doosan Heavy Industries & Construction Co. Ltd.(a)
  22,457   359,417
E-MART, Inc.
  1,010   141,271
GS Engineering & Construction Corp.
  2,994   119,191
GS Holdings Corp.
  2,544   105,496
Hankook Tire & Technology Co. Ltd.
  3,330   144,361
Hanwha Corp.
  13,335   379,616
Hanwha Solutions Corp.(a)
  5,560   225,581
Hyundai Engineering & Construction Co. Ltd.
  3,191   160,508
Hyundai Glovis Co. Ltd.
  553   94,952
Hyundai Heavy Industries Holdings Co. Ltd.
  2,620   163,735
Hyundai Marine & Fire Insurance Co. Ltd.
  4,141   91,152
Hyundai Mobis Co. Ltd.
  2,089   521,641
Hyundai Motor Co.
  8,544   1,777,287
Hyundai Steel Co.
  9,838   470,156
Kia Corp.
  14,053   1,067,237
Korea Electric Power Corp.
  23,618   538,938
Korea Gas Corp.(a)
  3,248   96,686
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)
  1,598   204,890
Korea Zinc Co. Ltd.
  146   60,348
Korean Air Lines Co. Ltd.(a)
  6,496   184,926
KT Corp., ADR
  12,741   192,517
KT&G Corp.
  1,776   133,284
LG Chem Ltd.
  694   517,715
LG Corp.
  1,706   163,671
LG Display Co. Ltd.(a)
  26,588   557,840
LG Electronics, Inc.
  6,459   877,377
LG Household & Health Care Ltd.
  39   53,501
LG International Corp.
  4,244   120,817
LG Uplus Corp.
  6,680   89,242
Lotte Chemical Corp.
  615   154,949
Lotte Shopping Co. Ltd.
  1,065   111,723
LX Holdings Corp.(a)
  827   9,083
NAVER Corp.
  439   140,915
POSCO
  4,690   1,501,237
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
South Korea-(continued)
Posco International Corp.
  4,174   $80,464
Samsung C&T Corp.
  1,636   202,428
Samsung Electro-Mechanics Co. Ltd.
  659   99,267
Samsung Electronics Co. Ltd.
  93,083   6,685,150
Samsung Fire & Marine Insurance Co. Ltd.
  912   171,721
Samsung Heavy Industries Co. Ltd.(a)
  13,776   72,629
Samsung SDI Co. Ltd.
  348   199,695
Samsung SDS Co. Ltd.
  312   50,774
SK Holdings Co. Ltd.
  2,487   592,037
SK Hynix, Inc.
  8,393   940,666
SK Innovation Co. Ltd.(a)
  3,102   762,080
SK Networks Co. Ltd.
  10,526   56,438
SK Telecom Co. Ltd.
  1,073   304,977
S-Oil Corp.(a)
  1,222   104,089
        22,486,835
Spain-1.68%
Acciona S.A.
  497   85,909
ACS Actividades de Construccion y Servicios S.A.
  12,252   377,597
Aena SME S.A.(a)(c)
  858   149,460
Amadeus IT Group S.A.(a)
  4,201   317,282
Endesa S.A.(b)
  5,429   156,405
Ferrovial S.A.
  4,104   119,833
Grifols S.A.
  2,264   63,018
Iberdrola S.A.
  84,006   1,156,863
Industria de Diseno Textil S.A.
  9,158   356,094
Mapfre S.A.
  58,751   134,404
Naturgy Energy Group S.A.
  8,892   232,559
Repsol S.A.
  75,124   1,003,341
Telefonica S.A.
  244,306   1,200,078
        5,352,843
Sweden-1.82%
Alfa Laval AB(b)
  2,958   110,190
Assa Abloy AB, Class B
  7,751   238,627
Atlas Copco AB, Class A
  6,224   379,941
Boliden AB(a)
  5,364   215,029
Electrolux AB, Series B(b)
  7,661   217,812
Epiroc AB, Class A
  5,667   129,046
Essity AB, Class B
  5,602   193,604
Getinge AB, Class B
  2,297   81,344
H & M Hennes & Mauritz AB, Class B(a)(b)
  16,561   427,567
Hexagon AB, Class B
  12,502   178,551
Husqvarna AB, Class B
  8,825   129,907
ICA Gruppen AB(b)
  1,371   67,102
Lundin Energy AB
  3,203   109,656
NCC AB, Class B
  3,020   57,593
Sandvik AB
  10,979   291,698
Securitas AB, Class B
  7,280   119,062
Skanska AB, Class B
  8,445   238,276
SKF AB, Class B
  7,285   196,968
SSAB AB, Class A(a)
  38,554   202,457
Svenska Cellulosa AB S.C.A., Class B
  9,986   166,797
Swedish Match AB
  10,240   94,749
Tele2 AB, Class B(b)
  5,751   78,230
Telefonaktiebolaget LM Ericsson, Class B
  37,264   498,567
Telia Co. AB
  63,742   282,641
Trelleborg AB, Class B
  5,461   140,039
Volvo AB, Class B
  35,658   939,034
        5,784,487
  Shares   Value
Switzerland-4.37%
ABB Ltd.
  25,455   $867,684
Adecco Group AG
  5,366   372,022
Aryzta AG(a)
  185,754   249,516
Chocoladefabriken Lindt & Spruengli AG, PC
  12   113,194
Cie Financiere Richemont S.A.
  6,972   846,664
Clariant AG(a)
  2,512   54,340
DKSH Holding AG
  824   67,198
Dufry AG(a)
  2,497   157,913
Geberit AG
  204   148,186
Georg Fischer AG
  75   107,827
Givaudan S.A.
  37   165,463
Holcim Ltd.(a)
  11,854   710,147
IWG PLC(a)
  15,969   81,510
Kuehne + Nagel International AG, Class R
  675   227,912
Logitech International S.A., Class R
  764   94,052
Lonza Group AG
  222   143,651
Nestle S.A.
  21,784   2,689,448
Novartis AG
  21,763   1,924,709
Partners Group Holding AG
  90   135,992
Roche Holding AG
  4,494   1,575,808
Schindler Holding AG, PC
  268   79,740
SGS S.A.
  51   159,508
Sika AG(b)
  729   234,968
Sonova Holding AG, Class A(a)
  334   118,341
STMicroelectronics N.V.
  5,208   194,321
Swatch Group AG (The), BR
  1,157   419,068
Swisscom AG(b)
  320   180,897
Zurich Insurance Group AG
  4,236   1,782,316
        13,902,395
United Kingdom-11.28%
Admiral Group PLC
  1,764   73,507
Aggreko PLC
  8,310   101,564
Ashtead Group PLC
  3,025   220,798
Associated British Foods PLC(a)
  5,908   194,422
AstraZeneca PLC
  5,531   630,978
Babcock International Group PLC(a)
  18,532   78,590
BAE Systems PLC(b)
  46,375   346,255
Balfour Beatty PLC(a)
  19,461   85,758
Barratt Developments PLC
  21,039   225,635
Beazley PLC(a)
  10,185   43,409
Bellway PLC
  1,940   98,418
Berkeley Group Holdings PLC
  1,778   117,955
BP PLC
  851,746   3,697,218
BT Group PLC(a)
  445,675   1,104,879
Bunzl PLC
  4,974   161,147
Burberry Group PLC(a)
  5,403   163,631
Capita PLC(a)
  125,243   71,492
Centrica PLC(a)
  729,764   565,565
CNH Industrial N.V.
  35,575   610,817
Coca-Cola Europacific Partners PLC
  6,730   407,300
Compass Group PLC(a)
  23,673   539,890
Croda International PLC(b)
  728   72,130
DCC PLC
  1,853   157,321
Diageo PLC
  16,855   813,484
Direct Line Insurance Group PLC
  37,221   156,897
Dixons Carphone PLC(a)
  123,769   239,538
Drax Group PLC
  23,174   143,192
DS Smith PLC
  22,332   132,480
easyJet PLC(a)
  9,805   139,924
Entain PLC(a)
  4,706   110,061
Experian PLC
  5,063   194,037
Firstgroup PLC(a)
  126,703   146,412
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
United Kingdom-(continued)
GlaxoSmithKline PLC
  47,151   $898,640
Hays PLC(a)
  42,384   104,203
Hiscox Ltd.(a)
  5,318   59,130
IMI PLC
  3,942   92,780
Imperial Brands PLC
  22,188   503,349
Inchcape PLC
  16,717   185,470
Informa PLC(a)
  17,115   132,010
InterContinental Hotels Group PLC(a)
  1,992   138,987
International Consolidated Airlines Group S.A.(a)
  200,095   574,786
Intertek Group PLC
  1,044   80,347
ITV PLC(a)
  110,236   200,687
J Sainsbury PLC
  105,576   397,580
John Wood Group PLC(a)
  40,110   139,275
Johnson Matthey PLC(b)
  5,760   248,761
Kingfisher PLC(a)
  102,642   524,349
Legal & General Group PLC
  292,767   1,180,130
Man Group PLC
  31,922   80,654
Marks & Spencer Group PLC(a)
  164,341   385,400
Meggitt PLC(a)
  22,067   159,255
Melrose Industries PLC
  138,903   340,122
Micro Focus International PLC
  19,078   140,659
National Grid PLC
  64,882   863,999
Next PLC(a)
  2,451   283,503
Pearson PLC(b)
  26,064   302,365
Pennon Group PLC
  3,718   55,721
Persimmon PLC(a)
  4,946   221,601
Petrofac Ltd.(a)
  28,038   52,912
Phoenix Group Holdings PLC
  10,370   108,156
Playtech PLC(a)
  14,534   94,792
Reckitt Benckiser Group PLC
  4,746   428,511
RELX PLC
  13,762   358,834
Rentokil Initial PLC
  7,821   52,540
Rolls-Royce Holdings PLC(a)(b)
  203,885   309,372
Royal Dutch Shell PLC, Class A
  356,942   6,809,957
Royal Mail PLC(a)
  74,136   608,189
Sage Group PLC (The)
  6,938   64,590
Smith & Nephew PLC
  6,463   141,165
Smiths Group PLC
  5,048   110,903
SSE PLC
  24,059   526,008
St James’s Place PLC(b)
  10,176   201,632
Subsea 7 S.A.
  13,889   137,964
Tate & Lyle PLC
  7,496   81,412
Taylor Wimpey PLC
  69,647   169,256
Tesco PLC
  149,406   472,923
Travis Perkins PLC(a)
  6,447   150,093
Unilever PLC
  24,489   1,467,515
Vodafone Group PLC
  1,162,368   2,114,468
Weir Group PLC (The)(a)
  4,152   113,029
Whitbread PLC(a)(b)
  4,914   221,700
  Shares   Value
United Kingdom-(continued)
Wickes Group PLC(a)
  7,224   $26,221
WM Morrison Supermarkets PLC
  88,328   221,480
WPP PLC
  52,949   731,219
        35,913,308
United States-2.39%
Atlassian Corp. PLC, Class A(a)
  358   83,514
Bausch Health Cos., Inc.(a)
  17,303   556,331
Carnival PLC(a)
  51,015   1,276,944
Constellium SE(a)
  15,180   271,115
Ferguson PLC
  3,368   457,667
James Hardie Industries PLC, CDI
  2,907   95,070
Primo Water Corp.
  7,449   128,877
Samsonite International S.A.(a)(c)
  58,146   110,426
Schneider Electric SE
  6,572   1,045,703
Spotify Technology S.A.(a)
  904   218,379
Stellantis N.V.
  112,118   2,199,703
Swiss Re AG
  10,725   1,037,646
Tenaris S.A.
  11,961   136,320
        7,617,695
Total Common Stocks & Other Equity Interests

(Cost $251,809,340)
  316,952,897
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)

(Cost $571,742)
  571,742   571,742
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.76%

(Cost $252,381,082)
  317,524,639
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.09%
Invesco Private Government Fund, 0.01%(e)(f)(g)
  6,485,365   6,485,365
Invesco Private Prime Fund, 0.09%(e)(f)(g)
  9,724,158   9,728,048
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $16,213,413)
  16,213,413
TOTAL INVESTMENTS IN SECURITIES-104.85%

(Cost $268,594,495)
  333,738,052
OTHER ASSETS LESS LIABILITIES-(4.85)%
  (15,449,647)
NET ASSETS-100.00%
  $318,288,405
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2021
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
PC-Participation Certificate
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 May 31, 2021.
(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, 2021 was $1,348,830, which represented less than 1% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) 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, 2021.
    
  Value
August 31, 2020 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $6,493,889   $(5,922,147)   $-   $-   $571,742   $49
Invesco Premier U.S. Government Money Portfolio, Institutional Class 202,131   397,850   (599,981)   -   -   -   3
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 3,545,303   39,855,399   (36,915,337)   -   -   6,485,365   647*
Invesco Private Prime Fund 1,181,207   50,344,894   (41,798,927)   -   874   9,728,048   4,544*
Total $4,928,641   $97,092,032   $(85,236,392)   $-   $874   $16,785,155   $5,243
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of May 31, 2021.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
May 31, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.82%
Brazil-10.43%
Ambev S.A.
  26,700   $91,271
B3 S.A. - Brasil, Bolsa, Balcao
  11,100   37,158
Banco Bradesco S.A., Preference Shares
  100,242   509,489
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares
  4,000   10,265
Banco Pan S.A., Preference Shares
  10,400   45,091
BB Seguridade Participacoes S.A.
  3,187   14,276
Braskem S.A., Class A, Preference Shares(a)
  5,207   51,594
BRF S.A.(a)
  7,007   34,554
CCR S.A.
  6,726   17,853
Centrais Eletricas Brasileiras S.A.
  4,678   38,639
Cia Brasileira de Distribuicao, ADR
  7,645   57,337
Cia de Saneamento Basico do Estado de Sao Paulo
  1,834   14,035
Cia de Saneamento do Parana, Preference Shares
  9,800   7,695
Cia Energetica de Minas Gerais, Preference Shares
  16,743   43,928
Cia Energetica de Sao Paulo, Class B, Preference Shares
  1,500   6,972
Cia Paranaense de Energia, Class B, Preference Shares
  15,500   19,205
Cia Siderurgica Nacional S.A.
  6,618   56,576
Cogna Educacao(a)
  20,243   16,515
Cosan S.A.
  3,892   16,338
EDP - Energias do Brasil S.A.
  2,833   10,118
Embraer S.A.(a)
  17,810   59,449
Equatorial Energia S.A.
  3,365   16,381
Gerdau S.A., Preference Shares
  18,209   113,855
IRB Brasil Resseguros S.A.
  7,900   9,077
Lojas Americanas S.A., Preference Shares
  1,586   6,090
Lojas Renner S.A.
  1,401   12,725
Metalurgica Gerdau S.A., Preference Shares
  32,400   91,087
Oi S.A.(a)
  159,653   46,779
Pagseguro Digital Ltd., Class A(a)
  487   23,916
Petrobras Distribuidora S.A.
  9,400   46,030
Petroleo Brasileiro S.A., Preference Shares
  117,861   609,196
Suzano S.A.(a)
  1,400   16,499
TIM S.A.
  4,937   11,431
Ultrapar Participacoes S.A.
  12,107   44,192
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares
  13,897   52,163
Vale S.A.
  19,167   409,603
Via Varejo S.A.(a)
  5,000   12,180
        2,679,562
Chile-0.65%
Cencosud S.A.
  14,361   27,932
Embotelladora Andina S.A., Class B, Preference Shares
  3,292   7,833
Empresas CMPC S.A.
  5,846   14,588
Empresas COPEC S.A.
  3,014   29,977
Enel Americas S.A.
  149,624   20,310
Enel Chile S.A.
  137,505   8,143
Falabella S.A.
  5,142   22,478
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares
  795   34,545
        165,806
China-49.31%
51job, Inc., ADR(a)
  167   11,971
AAC Technologies Holdings, Inc.
  1,940   11,735
  Shares   Value
China-(continued)
Agile Group Holdings Ltd.
  6,727   $9,499
Air China Ltd., H Shares(a)
  52,565   43,751
Alibaba Group Holding Ltd., ADR(a)
  5,654   1,209,730
Aluminum Corp. of China Ltd., H Shares(a)
  246,330   145,357
Angang Steel Co. Ltd., H Shares(b)
  176,445   116,168
Anhui Conch Cement Co. Ltd., H Shares
  11,103   68,665
Autohome, Inc., ADR
  191   14,720
BAIC Motor Corp. Ltd., H Shares(c)
  113,071   42,102
Baidu, Inc., ADR(a)
  1,793   351,912
BBMG Corp., H Shares
  140,372   27,490
Beijing Enterprises Holdings Ltd.
  4,986   17,409
Beijing Jingneng Clean Energy Co. Ltd., H Shares
  60,000   13,142
Beijing North Star Co. Ltd., H Shares
  32,000   6,019
BEST, Inc., ADR(a)(b)
  3,697   5,250
Bilibili, Inc., ADR(a)
  234   25,080
BYD Co. Ltd., H Shares
  5,238   119,924
Cheetah Mobile, Inc., ADR
  3,299   7,456
China BlueChemical Ltd., H Shares
  57,470   18,141
China Coal Energy Co. Ltd., H Shares
  107,913   65,486
China Conch Venture Holdings Ltd.
  2,024   9,310
China Eastern Airlines Corp. Ltd., H Shares
  50,390   23,697
China Gas Holdings Ltd.
  2,720   10,338
China Jinmao Holdings Group Ltd.
  13,898   5,372
China Life Insurance Co. Ltd.
  61,541   54,685
China Life Insurance Co. Ltd., H Shares
  308,344   653,118
China Longyuan Power Group Corp. Ltd., H Shares
  62,180   89,407
China Mengniu Dairy Co. Ltd.(a)
  5,375   31,787
China Molybdenum Co. Ltd., H Shares
  76,943   51,550
China National Building Material Co. Ltd., H Shares
  30,293   40,123
China Oilfield Services Ltd., H Shares
  11,440   10,657
China Overseas Land & Investment Ltd.
  11,350   27,492
China Pacific Insurance (Group) Co. Ltd., H Shares
  94,073   356,948
China Petroleum & Chemical Corp., H Shares
  2,072,398   1,124,112
China Power International Development Ltd.
  47,244   11,870
China Railway Group Ltd., H Shares
  339,287   179,228
China Railway Signal & Communication Corp. Ltd., H Shares(c)
  35,915   14,576
China Reinsurance Group Corp., H Shares
  537,711   58,887
China Resources Beer Holdings Co. Ltd.
  2,164   19,182
China Resources Cement Holdings Ltd.
  6,393   6,779
China Resources Gas Group Ltd.
  1,537   9,525
China Resources Land Ltd.
  8,511   40,189
China Resources Pharmaceutical Group Ltd.(c)
  19,946   14,186
China Resources Power Holdings Co. Ltd.
  20,826   26,886
China Shenhua Energy Co. Ltd., H Shares
  174,322   384,962
China Southern Airlines Co. Ltd., H Shares(a)
  58,978   41,945
China Taiping Insurance Holdings Co. Ltd.
  32,267   60,198
China Tower Corp. Ltd., H Shares(c)
  512,536   69,998
China Yongda Automobiles Services Holdings Ltd.
  8,000   14,100
CIFI Holdings Group Co. Ltd.
  13,830   12,063
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares
  15,394   7,180
COSCO SHIPPING Holdings Co. Ltd., H Shares(a)
  30,293   63,306
Country Garden Holdings Co. Ltd.(b)
  37,755   48,109
CSPC Pharmaceutical Group Ltd.
  9,168   13,773
Datang International Power Generation Co. Ltd., H Shares
  160,350   25,825
Dongfeng Motor Group Co. Ltd., H Shares
  87,965   83,641
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
China-(continued)
ENN Energy Holdings Ltd.
  1,526   $28,037
Fanhua, Inc., ADR
  394   5,236
FIH Mobile Ltd.(a)
  68,346   10,391
FinVolution Group, ADR
  6,916   52,008
Fosun International Ltd.
  15,000   24,196
Fuyao Glass Industry Group Co. Ltd., H Shares(c)
  8,620   54,198
GCL-Poly Energy Holdings Ltd.(a)(d)
  319,930   61,187
GDS Holdings Ltd., ADR(a)
  127   9,553
Geely Automobile Holdings Ltd.
  14,328   36,293
GOME Retail Holdings Ltd.(a)(b)
  73,415   12,107
Great Wall Motor Co. Ltd., H Shares
  76,550   212,543
Guangdong Investment Ltd.
  5,236   7,799
Guangshen Railway Co. Ltd., H Shares
  78,629   16,817
Guangzhou Automobile Group Co. Ltd., H Shares
  45,719   39,584
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares
  6,456   18,799
Guangzhou R&F Properties Co. Ltd., H Shares
  34,848   47,054
Haier Smart Home Co. Ltd., H Shares(a)
  6,600   27,764
Hebei Construction Group Corp. Ltd., H Shares
  14,000   5,051
Hengan International Group Co. Ltd.
  1,331   8,977
Hisense Home Appliances Group Co. Ltd., H Shares
  7,605   11,425
Hollysys Automation Technologies Ltd.
  682   9,207
Huadian Power International Corp. Ltd., H Shares(b)
  25,612   7,887
Huaneng Power International, Inc., H Shares
  226,952   80,704
Huazhu Group Ltd., ADR(a)
  322   18,409
HUYA, Inc., ADR(a)
  594   9,088
iQIYI, Inc., ADR(a)
  1,581   22,545
JD.com, Inc., ADR(a)
  7,261   536,878
Jiangsu Expressway Co. Ltd., H Shares
  19,757   23,775
Jiangxi Copper Co. Ltd., H Shares
  51,217   119,835
JinkoSolar Holding Co. Ltd., ADR(a)(b)
  1,284   47,007
JOYY, Inc., ADR(b)
  593   45,631
Kingboard Holdings Ltd.
  6,339   35,037
Kunlun Energy Co. Ltd.
  36,339   41,248
Legend Holdings Corp., H Shares(c)
  26,105   41,303
Lenovo Group Ltd.
  85,674   103,208
LexinFintech Holdings Ltd., ADR(a)
  1,128   10,310
Longfor Group Holdings Ltd.(c)
  3,663   21,450
Maanshan Iron & Steel Co. Ltd., H Shares
  57,924   28,210
Meituan, B Shares(a)(c)
  1,662   56,788
Metallurgical Corp. of China Ltd., H Shares
  657,335   160,067
Momo, Inc., ADR
  1,574   22,083
NetEase, Inc., ADR
  1,063   125,360
New China Life Insurance Co. Ltd., H Shares
  25,339   95,329
New Oriental Education & Technology Group, Inc., ADR(a)
  2,349   24,030
People’s Insurance Co. Group of China Ltd. (The), H Shares
  234,705   87,090
PetroChina Co. Ltd., H Shares
  3,514,824   1,435,546
PICC Property & Casualty Co. Ltd., H Shares
  171,051   166,831
Pinduoduo, Inc., ADR(a)
  955   119,260
Ping An Insurance (Group) Co. of China Ltd., H Shares
  59,034   645,369
Qingdao Port International Co. Ltd., H Shares(c)
  20,035   11,435
Qudian, Inc., ADR(a)
  11,929   24,693
Red Star Macalline Group Corp. Ltd., H Shares(c)
  33,172   20,216
Seazen Group Ltd.(a)
  10,000   11,338
Shandong Chenming Paper Holdings Ltd., H Shares
  41,592   34,189
Shandong Gold Mining Co. Ltd., H Shares(c)
  6,100   13,235
  Shares   Value
China-(continued)
Shanghai Electric Group Co. Ltd., H Shares(a)
  121,965   $39,757
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(b)
  4,413   36,417
Shanghai Jin Jiang Capital Co. Ltd., H Shares
  61,797   14,969
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares
  20,185   44,107
Shenzhen Expressway Co. Ltd., H Shares
  10,744   10,839
Shenzhen International Holdings Ltd.
  4,000   6,092
Shenzhou International Group Holdings Ltd.
  900   23,794
Shimao Group Holdings Ltd.
  3,871   11,097
Sino Biopharmaceutical Ltd.
  7,500   8,310
Sino-Ocean Group Holding Ltd.
  67,000   14,243
Sinopec Engineering Group Co. Ltd., H Shares
  19,248   12,176
Sinopec Shanghai Petrochemical Co. Ltd., H Shares
  127,271   31,812
Sinopharm Group Co. Ltd., H Shares
  32,424   108,198
Sinotrans Ltd., H Shares
  105,174   49,867
Sogou, Inc., ADR(a)(b)
  2,990   25,206
Sohu.com Ltd., ADR(a)(b)
  1,369   24,135
Sun Art Retail Group Ltd.
  5,339   4,059
Sunac China Holdings Ltd.
  6,172   22,703
Sunny Optical Technology Group Co. Ltd.
  500   12,723
TAL Education Group, ADR(a)
  438   17,507
Tencent Holdings Ltd.
  3,107   240,786
Tencent Music Entertainment Group, ADR(a)
  4,493   70,720
Tingyi Cayman Islands Holding Corp.
  5,078   9,657
Trip.com Group Ltd., ADR(a)
  3,823   159,993
Tsingtao Brewery Co. Ltd., H Shares
  1,377   14,619
Vipshop Holdings Ltd., ADR(a)
  3,111   71,957
Want Want China Holdings Ltd.
  13,232   9,820
Weibo Corp., ADR(a)
  543   27,606
Weichai Power Co. Ltd., H Shares
  32,554   75,497
WuXi AppTec Co. Ltd., H Shares(c)
  960   19,877
Xinyuan Real Estate Co. Ltd., ADR
  6,347   14,852
Yangzijiang Shipbuilding Holdings Ltd.
  17,111   19,268
Yanzhou Coal Mining Co. Ltd., H Shares
  42,669   54,370
Yiren Digital Ltd., ADR(a)
  1,891   7,167
Yum China Holdings, Inc.
  1,593   107,751
Zhengqi Financial Holding Corp., Rts., TBA(a)(d)
  1,142   0
Zijin Mining Group Co. Ltd., H Shares
  125,067   193,688
ZTE Corp., H Shares
  9,886   26,685
ZTO Express Cayman, Inc., ADR
  1,556   49,932
        12,661,877
Colombia-0.30%
Grupo Argos S.A.
  4,790   13,253
Grupo Aval Acciones y Valores S.A., Preference Shares
  138,379   39,739
Grupo de Inversiones Suramericana S.A.
  2,628   14,407
Interconexion Electrica S.A. ESP
  1,852   10,303
        77,702
Czech Republic-0.12%
CEZ A.S.
  1,053   31,417
Greece-0.56%
Hellenic Telecommunications Organization S.A.
  734   13,094
Motor Oil Hellas Corinth Refineries S.A.
  742   12,148
OPAP S.A.
  889   13,970
Public Power Corp. S.A.(a)
  4,404   48,363
Star Bulk Carriers Corp.
  2,446   47,722
Tsakos Energy Navigation Ltd.
  864   7,828
        143,125
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Hong Kong-0.09%
Nine Dragons Paper Holdings Ltd.
  9,511   $15,024
Skyworth Group Ltd.(a)
  30,000   8,542
        23,566
Hungary-0.20%
Gedeon Richter PLC
  420   11,722
MOL Hungarian Oil & Gas PLC(a)
  5,016   40,271
        51,993
India-5.23%
Dr. Reddy’s Laboratories Ltd., ADR
  440   31,403
Infosys Ltd., ADR
  22,141   428,207
Reliance Infrastructure Ltd., GDR(a)(c)
  21,353   33,738
Tata Motors Ltd., ADR(a)(b)
  12,431   270,125
Tata Steel Ltd., GDR(c)
  11,149   167,235
Vedanta Ltd., ADR(b)
  26,449   392,239
WNS (Holdings) Ltd., ADR(a)
  257   19,146
        1,342,093
Indonesia-0.50%
PT Adaro Energy Tbk
  136,200   11,155
PT Astra International Tbk
  115,667   41,700
PT Indofood Sukses Makmur Tbk
  21,371   9,313
PT Perusahaan Gas Negara Tbk(a)
  160,823   12,722
PT Telkom Indonesia (Persero) Tbk
  169,560   38,814
PT United Tractors Tbk
  10,306   15,746
        129,450
Malaysia-0.79%
Axiata Group Bhd.
  18,102   16,204
Genting Bhd.
  21,282   25,280
Genting Malaysia Bhd.
  18,000   12,062
IJM Corp. Bhd.
  21,200   9,232
Kuala Lumpur Kepong Bhd.
  1,500   8,078
Maxis Bhd.
  5,939   6,825
MISC Bhd.
  7,032   11,721
Petronas Chemicals Group Bhd.
  10,012   19,716
Petronas Gas Bhd.
  2,743   10,750
Sime Darby Bhd.
  73,322   40,444
Telekom Malaysia Bhd.
  7,974   11,961
Tenaga Nasional Bhd.
  12,698   30,689
        202,962
Mexico-5.02%
Alfa S.A.B. de C.V., Class A
  56,900   39,778
Arca Continental S.A.B. de C.V.
  3,133   17,420
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander(a)
  14,000   16,502
Cemex S.A.B. de C.V., ADR(a)
  53,564   443,510
Coca-Cola FEMSA S.A.B. de C.V., ADR
  2,064   101,177
El Puerto de Liverpool S.A.B. de C.V., Series C1
  9,070   37,936
Fomento Economico Mexicano, S.A.B. de C.V., ADR
  3,175   260,350
Grupo Bimbo S.A.B. de C.V., Series A
  8,540   18,527
Grupo Financiero Banorte S.A.B. de C.V., Class O
  13,767   93,967
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a)
  15,150   14,964
Grupo Mexico S.A.B. de C.V., Class B
  14,000   67,066
Grupo Televisa S.A.B., ADR
  7,709   99,986
Kimberly-Clark de Mexico S.A.B. de C.V., Class A
  6,400   11,530
Orbia Advance Corp. S.A.B. de C.V.
  7,978   22,429
Wal-Mart de Mexico S.A.B. de C.V., Series V
  14,166   45,243
        1,290,385
  Shares   Value
Peru-0.18%
Cia de Minas Buenaventura S.A.A., ADR(a)
  2,367   $27,268
Nexa Resources S.A.
  1,728   18,472
        45,740
Philippines-0.04%
Ayala Corp.
  683   11,132
Poland-1.15%
Enea S.A.(a)
  6,103   14,242
Grupa Lotos S.A.
  658   9,213
KGHM Polska Miedz S.A.(a)
  1,050   57,878
Orange Polska S.A.(a)
  4,870   8,877
PGE Polska Grupa Energetyczna S.A.(a)
  20,420   56,390
Polski Koncern Naftowy ORLEN S.A.
  3,519   76,423
Polskie Gornictwo Naftowe i Gazownictwo S.A.
  15,478   27,727
Tauron Polska Energia S.A.(a)
  48,850   45,029
        295,779
Russia-6.72%
Alrosa PJSC
  22,316   34,825
Bashneft PJSC, Preference Shares
  1,482   23,396
Federal Grid Co. Unified Energy System PJSC
  3,198,358   9,540
Gazprom PJSC
  157,894   564,835
Inter RAO UES PJSC
  268,138   18,497
Lukoil PJSC
  3,892   316,115
Magnit PJSC
  713   52,607
MMC Norilsk Nickel PJSC
  155   57,657
Mobile TeleSystems PJSC
  5,250   24,080
Nizhnekamskneftekhim PJSC, Preference Shares
  8,990   9,391
Novatek PJSC
  1,976   39,220
Polymetal International PLC
  372   8,940
Polyus PJSC
  63   13,636
Rosneft Oil Co. PJSC
  25,743   183,752
RusHydro PJSC
  840,768   9,557
Severstal PAO
  1,160   27,796
Sistema PJSFC
  75,201   32,694
Surgutneftegas PJSC
  393,936   194,612
Tatneft PJSC
  8,790   59,095
Transneft PJSC, Preference Shares
  14   27,052
Yandex N.V., Class A(a)
  259   17,579
        1,724,876
South Africa-3.85%
Aspen Pharmacare Holdings Ltd.(a)
  1,814   21,586
Barloworld Ltd.(a)
  3,355   29,040
Bid Corp. Ltd.(a)
  1,512   31,971
Bidvest Group Ltd. (The)
  2,380   33,576
DataTec Ltd.(a)
  5,831   13,019
Discovery Ltd.(a)
  2,170   22,526
Exxaro Resources Ltd.
  2,414   26,615
Foschini Group Ltd. (The)(a)
  2,551   24,682
Gold Fields Ltd.
  1,444   17,478
Impala Platinum Holdings Ltd.
  1,471   25,395
Momentum Metropolitan Holdings
  11,104   15,875
Mr Price Group Ltd.
  1,176   19,773
Netcare Ltd.(a)
  9,843   10,995
Pick n Pay Stores Ltd.
  3,265   13,812
Remgro Ltd.
  3,152   27,665
Sanlam Ltd.
  13,321   57,009
Sappi Ltd.(a)
  11,760   36,680
Sasol Ltd.(a)
  19,727   321,356
Shoprite Holdings Ltd.
  3,649   40,420
Sibanye Stillwater Ltd.
  3,861   17,557
SPAR Group Ltd. (The)
  1,470   20,233
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
South Africa-(continued)
Steinhoff International Holdings N.V., (Acquired 06/19/2020 – 01/29/2021; Cost $47,265)(a)(e)
  783,811   $105,749
Tiger Brands Ltd.
  985   16,117
Woolworths Holdings Ltd.(a)
  9,668   39,026
        988,155
Switzerland-0.05%
Mediclinic International PLC(a)
  2,763   12,889
Taiwan-12.70%
Acer, Inc.
  24,169   27,706
ASE Technology Holding Co. Ltd.
  17,457   69,537
Asia Cement Corp.
  9,028   16,402
Asustek Computer, Inc.
  5,360   75,645
AU Optronics Corp.(a)
  152,784   129,429
Catcher Technology Co. Ltd.
  3,100   20,450
Cheng Shin Rubber Industry Co. Ltd.
  10,108   17,272
China Airlines Ltd.(a)
  32,401   21,141
China Development Financial Holding Corp.
  134,439   59,610
China Steel Corp.
  63,512   83,681
Chunghwa Telecom Co. Ltd.
  10,419   42,441
Compal Electronics, Inc.
  70,252   59,007
Delta Electronics, Inc.
  5,787   60,810
Eva Airways Corp.
  22,716   14,248
Far Eastern New Century Corp.
  18,520   20,863
Far EasTone Telecommunications Co. Ltd.
  5,180   12,044
Formosa Chemicals & Fibre Corp.
  16,552   50,956
Formosa Plastics Corp.
  14,272   52,220
Foxconn Technology Co. Ltd.
  6,653   15,493
Hon Hai Precision Industry Co. Ltd.
  112,589   450,510
Hotai Motor Co. Ltd.
  492   10,003
Innolux Corp.(a)
  192,264   154,557
Inventec Corp.
  27,325   25,315
Largan Precision Co. Ltd.
  121   12,693
Lite-On Technology Corp.
  11,514   27,270
MediaTek, Inc.
  2,926   101,364
Mercuries & Associates Holding Ltd.
  15,518   12,167
Mercuries Life Insurance Co. Ltd.(a)
  39,539   13,355
Micro-Star International Co. Ltd.
  2,040   12,244
Nan Ya Plastics Corp.
  20,667   62,209
Nanya Technology Corp.
  4,468   12,982
Novatek Microelectronics Corp.
  1,218   22,173
Pegatron Corp.
  28,819   76,046
Pou Chen Corp.
  22,628   31,201
Powertech Technology, Inc.
  2,877   10,993
President Chain Store Corp.
  1,402   13,241
Qisda Corp.
  14,000   15,216
Quanta Computer, Inc.
  19,874   62,974
Shin Kong Financial Holding Co. Ltd.
  86,000   30,785
Sino-American Silicon Products, Inc.
  2,586   15,382
Synnex Technology International Corp.
  11,879   25,136
Taiwan Cement Corp.
  16,481   30,062
Taiwan Mobile Co. Ltd.
  3,381   12,151
Taiwan Semiconductor Manufacturing Co. Ltd.
  39,496   840,022
Teco Electric and Machinery Co. Ltd.
  7,556   8,975
TPK Holding Co. Ltd.(a)
  5,240   8,727
Uni-President Enterprises Corp.
  17,385   45,624
United Microelectronics Corp.
  72,003   136,009
Walsin Lihwa Corp.
  23,141   21,063
Wistron Corp.
  43,194   47,569
WPG Holdings Ltd.
  19,406   36,097
  Shares   Value
Taiwan-(continued)
WT Microelectronics Co. Ltd.
  6,128   $11,973
Yageo Corp.
  580   10,245
Zhen Ding Technology Holding Ltd.
  2,101   7,347
        3,262,635
Tanzania-0.05%
AngloGold Ashanti Ltd.
  488   11,681
Thailand-1.02%
Advanced Info Service PCL, NVDR
  1,870   10,113
Airports of Thailand PCL, NVDR
  3,990   7,948
Charoen Pokphand Foods PCL, NVDR
  11,458   9,991
CP ALL PCL, NVDR
  8,019   15,589
Indorama Ventures PCL, NVDR
  9,706   14,132
IRPC PCL, NVDR
  108,762   14,270
PTT Exploration & Production PCL, NVDR
  7,677   28,866
PTT Global Chemical PCL, NVDR
  15,840   31,933
PTT PCL, NVDR
  65,112   81,781
Siam Cement PCL (The), NVDR
  1,488   21,046
Thai Beverage PCL
  17,732   9,314
Thai Oil PCL, NVDR
  8,707   16,508
        261,491
Turkey-0.67%
BIM Birlesik Magazalar A.S.
  1,368   10,257
Eregli Demir ve Celik Fabrikalari TAS
  28,526   63,951
Is Yatirim Menkul Degerler A.S.
  11,263   22,437
KOC Holding A.S.
  13,234   28,696
Turk Hava Yollari AO(a)
  9,632   14,591
Turkcell Iletisim Hizmetleri A.S.
  8,133   14,978
Turkiye Petrol Rafinerileri A.S.(a)
  1,539   17,530
        172,440
United States-0.19%
JBS S.A.
  8,371   48,285
Total Common Stocks & Other Equity Interests

(Cost $22,091,566)
  25,635,041
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g)

(Cost $8,632)
  8,632   8,632
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $22,100,198)
  25,643,673
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.68%
Invesco Private Government Fund, 0.01%(f)(g)(h)
  378,277   378,277
Invesco Private Prime Fund, 0.09%(f)(g)(h)
  567,188   567,415
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $945,692)
  945,692
TOTAL INVESTMENTS IN SECURITIES-103.54%

(Cost $23,045,890)
  26,589,365
OTHER ASSETS LESS LIABILITIES-(3.54)%
  (908,600)
NET ASSETS-100.00%
  $25,680,765
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2021
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
TBA-To Be Announced
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at May 31, 2021.
(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, 2021 was $580,337, which represented 2.26% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) Restricted security. The value of this security at May 31, 2021 represented less than 1% of the Fund’s Net Assets.
(f) 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, 2021.
    
  Value
August 31, 2020 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $746,793   $(738,161)   $-   $-   $8,632   $5
Invesco Premier U.S. Government Money Portfolio, Institutional Class 15,111   260,468   (275,579)   -   -   -   -
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 78,501   1,871,323   (1,571,547)   -   -   378,277   18*
Invesco Private Prime Fund 26,168   2,134,877   (1,593,647)   -   17   567,415   144*
Total $119,780   $5,013,461   $(4,178,934)   $-   $17   $954,324   $167
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(g) The rate shown is the 7-day SEC standardized yield as of May 31, 2021.
(h) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco RAFITM Strategic US ETF (IUS)
May 31, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-9.98%
Activision Blizzard, Inc.
  1,344   $130,704
Alphabet, Inc., Class A(b)
  1,848   4,355,459
Altice USA, Inc., Class A(b)
  4,688   169,049
AMC Entertainment Holdings, Inc., Class A(b)(c)
  8,619   225,128
AT&T, Inc.
  86,214   2,537,278
Charter Communications, Inc., Class A(b)
  848   588,961
Comcast Corp., Class A
  31,520   1,807,357
Discovery, Inc., Class A(b)(c)
  6,113   196,288
DISH Network Corp., Class A(b)
  3,978   173,123
Electronic Arts, Inc.
  841   120,204
Facebook, Inc., Class A(b)
  6,431   2,114,063
IAC/InterActiveCorp.(b)
  164   26,153
Interpublic Group of Cos., Inc. (The)
  4,518   152,211
Liberty Global PLC, Class C (United Kingdom)(b)
  9,320   253,690
Liberty Media Corp.-Liberty SiriusXM, Class C(b)
  3,227   140,407
Live Nation Entertainment, Inc.(b)(c)
  795   71,637
Lumen Technologies, Inc.
  29,969   414,771
Match Group, Inc.(b)(c)
  328   47,029
News Corp., Class A
  7,187   193,977
Omnicom Group, Inc.
  2,136   175,665
Sinclair Broadcast Group, Inc., Class A
  2,279   76,780
Sirius XM Holdings, Inc.(c)
  5,892   36,825
Take-Two Interactive Software, Inc.(b)
  283   52,514
Telephone & Data Systems, Inc.
  2,718   69,907
T-Mobile US, Inc.(b)
  1,020   144,279
Twitter, Inc.(b)
  2,070   120,060
Verizon Communications, Inc.
  25,765   1,455,465
ViacomCBS, Inc., Class B
  6,502   275,815
Vimeo, Inc.(b)
  266   11,183
Walt Disney Co. (The)(b)
  6,433   1,149,255
        17,285,237
Consumer Discretionary-14.95%
Adient PLC(b)
  3,788   189,627
Advance Auto Parts, Inc.
  509   96,573
Amazon.com, Inc.(b)
  518   1,669,550
American Axle & Manufacturing Holdings, Inc.(b)
  5,907   66,158
Aptiv PLC(b)
  1,532   230,443
Aramark
  3,156   117,877
Autoliv, Inc. (Sweden)
  802   85,036
AutoNation, Inc.(b)
  1,872   191,187
AutoZone, Inc.(b)
  106   149,100
Bed Bath & Beyond, Inc.(b)(c)
  9,529   266,717
Best Buy Co., Inc.
  2,329   270,723
Booking Holdings, Inc.(b)
  273   644,703
BorgWarner, Inc.
  2,488   127,610
Brunswick Corp.
  606   61,951
Burlington Stores, Inc.(b)
  227   73,405
Capri Holdings Ltd.(b)
  3,140   178,069
CarMax, Inc.(b)
  1,122   129,243
Carnival Corp.(b)(c)
  20,364   601,960
Chipotle Mexican Grill, Inc.(b)
  38   52,135
Core-Mark Holding Co., Inc.
  1,491   68,377
D.R. Horton, Inc.
  2,109   200,967
Dana, Inc.
  4,088   110,907
Darden Restaurants, Inc.
  986   141,225
Dick’s Sporting Goods, Inc.
  1,656   161,510
Dollar General Corp.
  940   190,782
Dollar Tree, Inc.(b)
  1,578   153,855
eBay, Inc.
  6,110   371,977
Expedia Group, Inc.(b)
  1,405   248,615
Foot Locker, Inc.
  2,146   135,820
  Shares   Value
Consumer Discretionary-(continued)
Ford Motor Co.(b)
  181,681   $2,639,825
Gap, Inc. (The)
  6,973   233,247
Garmin Ltd.
  468   66,568
General Motors Co.(b)
  37,210   2,206,925
Gentex Corp.
  1,434   50,907
Genuine Parts Co.
  1,266   165,998
Goodyear Tire & Rubber Co. (The)(b)
  12,323   244,365
Group 1 Automotive, Inc.
  839   133,804
Hanesbrands, Inc.
  4,773   93,264
Harley-Davidson, Inc.
  2,721   131,887
Hasbro, Inc.
  649   62,285
Hilton Worldwide Holdings, Inc.(b)
  1,291   161,724
Home Depot, Inc. (The)
  3,694   1,178,054
Hyatt Hotels Corp., Class A(b)(c)
  1,081   84,404
Kohl’s Corp.
  7,504   416,397
L Brands, Inc.(b)
  4,553   318,118
Las Vegas Sands Corp.(b)
  1,722   99,446
Lear Corp.
  1,180   228,165
Leggett & Platt, Inc.
  1,196   65,816
Lennar Corp., Class A
  2,942   291,287
Lithia Motors, Inc., Class A
  452   159,099
LKQ Corp.(b)
  3,138   159,912
Lowe’s Cos., Inc.
  3,781   736,652
lululemon athletica, inc.(b)
  154   49,762
Macy’s, Inc.(b)
  24,039   439,433
Marriott International, Inc., Class A(b)
  1,765   253,419
Marriott Vacations Worldwide Corp.(b)
  506   87,179
McDonald’s Corp.
  2,153   503,565
MGM Resorts International
  8,651   370,868
Mohawk Industries, Inc.(b)
  897   188,980
Murphy USA, Inc.
  360   48,532
Newell Brands, Inc.
  9,018   258,726
NIKE, Inc., Class B
  4,189   571,631
Nordstrom, Inc.(b)(c)
  3,645   122,253
Norwegian Cruise Line Holdings Ltd.(b)(c)
  7,753   247,321
NVR, Inc.(b)
  21   102,632
ODP Corp. (The)(b)
  2,109   92,248
O’Reilly Automotive, Inc.(b)
  242   129,499
Penske Automotive Group, Inc.
  1,079   92,352
Polaris, Inc.
  500   65,610
PulteGroup, Inc.
  2,706   156,380
PVH Corp.(b)
  1,858   213,336
Qurate Retail, Inc., Class A
  12,366   168,549
Ralph Lauren Corp.(b)
  989   122,715
Ross Stores, Inc.
  1,444   182,507
Royal Caribbean Cruises Ltd.(b)
  3,930   366,551
Service Corp. International
  856   45,385
Signet Jewelers Ltd.(b)
  4,078   247,045
Skechers U.S.A., Inc., Class A(b)
  1,232   58,520
Starbucks Corp.
  6,321   719,835
Tapestry, Inc.(b)
  5,067   227,458
Target Corp.
  3,497   793,539
Taylor Morrison Home Corp., Class A(b)
  2,358   69,844
Tenneco, Inc., Class A(b)
  11,847   185,761
Tesla, Inc.(b)
  592   370,130
Thor Industries, Inc.
  495   60,885
TJX Cos., Inc. (The)
  5,473   369,646
Toll Brothers, Inc.
  2,217   144,637
Tractor Supply Co.
  505   91,759
Ulta Beauty, Inc.(b)
  288   99,464
Vail Resorts, Inc.(b)
  189   61,780
VF Corp.
  1,632   130,103
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
Whirlpool Corp.
  907   $215,041
Williams-Sonoma, Inc.
  562   95,281
Wynn Resorts Ltd.(b)
  780   102,859
Yum! Brands, Inc.
  609   73,062
        25,910,333
Consumer Staples-6.94%
Altria Group, Inc.
  11,500   566,030
Archer-Daniels-Midland Co.
  5,546   368,975
BJ’s Wholesale Club Holdings, Inc.(b)
  1,452   65,035
Brown-Forman Corp., Class B
  583   46,850
Bunge Ltd.
  3,565   309,513
Campbell Soup Co.
  708   34,458
Casey’s General Stores, Inc.
  253   55,873
Church & Dwight Co., Inc.
  610   52,295
Clorox Co. (The)
  298   52,666
Coca-Cola Co. (The)
  12,373   684,103
Colgate-Palmolive Co.
  2,390   200,234
Conagra Brands, Inc.
  2,363   90,030
Constellation Brands, Inc., Class A
  771   184,824
Costco Wholesale Corp.
  1,918   725,522
Estee Lauder Cos., Inc. (The), Class A
  895   274,335
General Mills, Inc.
  2,341   147,155
Hershey Co. (The)
  625   108,156
Hormel Foods Corp.
  1,630   79,120
Ingredion, Inc.
  531   50,408
JM Smucker Co. (The)
  680   90,637
Kellogg Co.
  1,511   98,955
Keurig Dr Pepper, Inc.(c)
  1,363   50,377
Kimberly-Clark Corp.
  1,074   140,297
Kraft Heinz Co. (The)
  10,757   468,898
Kroger Co. (The)
  13,184   487,544
McCormick & Co., Inc.
  581   51,744
Molson Coors Beverage Co., Class B(b)
  3,391   197,763
Mondelez International, Inc., Class A
  6,409   407,164
Monster Beverage Corp.(b)
  756   71,268
PepsiCo, Inc.
  4,418   653,599
Performance Food Group Co.(b)
  2,990   149,889
Philip Morris International, Inc.
  5,681   547,819
Post Holdings, Inc.(b)
  559   64,581
Procter & Gamble Co. (The)
  9,010   1,214,999
Rite Aid Corp.(b)(c)
  4,262   77,867
Sysco Corp.
  5,298   429,138
Tyson Foods, Inc., Class A
  3,793   301,544
United Natural Foods, Inc.(b)
  3,211   121,890
US Foods Holding Corp.(b)
  5,195   202,293
Walgreens Boots Alliance, Inc.
  15,293   805,329
Walmart, Inc.
  9,188   1,304,972
        12,034,149
Energy-9.26%
Antero Resources Corp.(b)
  21,456   276,997
APA Corp.
  10,141   210,933
Baker Hughes Co., Class A
  12,807   312,491
Cabot Oil & Gas Corp.
  3,042   49,889
Cheniere Energy, Inc.(b)
  1,352   114,785
Chevron Corp.
  19,227   1,995,570
Cimarex Energy Co.
  1,937   131,232
CNX Resources Corp.(b)(c)
  4,413   60,105
ConocoPhillips
  13,610   758,621
CVR Energy, Inc.
  2,754   57,145
Delek US Holdings, Inc.
  2,619   58,377
Devon Energy Corp.
  13,134   348,839
  Shares   Value
Energy-(continued)
EOG Resources, Inc.
  5,916   $475,291
EQT Corp.(b)
  7,703   160,839
Exxon Mobil Corp.
  56,862   3,319,035
Halliburton Co.
  16,533   371,166
Helmerich & Payne, Inc.
  2,613   73,817
Hess Corp.
  2,097   175,771
HollyFrontier Corp.
  4,375   142,056
Marathon Oil Corp.
  23,965   290,216
Marathon Petroleum Corp.
  21,944   1,356,139
Murphy Oil Corp.
  5,514   119,599
NOV, Inc.(b)
  6,600   106,392
Occidental Petroleum Corp.
  26,122   678,127
ONEOK, Inc.
  3,839   202,469
Ovintiv, Inc.
  21,453   571,293
Patterson-UTI Energy, Inc.
  12,391   103,713
PBF Energy, Inc., Class A(b)
  8,400   135,576
PDC Energy, Inc.(b)
  2,947   124,422
Peabody Energy Corp.(b)
  18,631   123,524
Phillips 66
  8,048   677,803
Pioneer Natural Resources Co.
  1,726   262,680
Range Resources Corp.(b)
  7,542   102,269
Schlumberger Ltd.
  25,175   788,733
Southwestern Energy Co.(b)
  15,319   79,199
Targa Resources Corp.
  5,856   227,564
TechnipFMC PLC (United Kingdom)(b)
  13,983   120,114
Valero Energy Corp.
  8,952   719,741
World Fuel Services Corp.
  5,048   155,125
        16,037,657
Financials-7.06%
Affiliated Managers Group, Inc.
  727   119,228
Alleghany Corp.(b)
  158   113,218
Allstate Corp. (The)
  3,996   545,894
American Express Co.
  5,515   883,117
Aon PLC, Class A(c)
  655   165,957
Arthur J. Gallagher & Co.
  701   102,774
Assurant, Inc.
  839   135,205
AXIS Capital Holdings Ltd.
  1,118   59,969
Berkshire Hathaway, Inc., Class B(b)
  17,317   5,012,232
Cboe Global Markets, Inc.
  372   41,404
Chubb Ltd.
  4,776   811,872
Cincinnati Financial Corp.
  1,596   194,249
Everest Re Group Ltd.
  509   132,320
Fidelity National Financial, Inc.
  2,625   123,349
First American Financial Corp.
  1,133   72,863
Franklin Resources, Inc.(c)
  3,371   115,322
Hanover Insurance Group, Inc. (The)
  617   86,065
Hartford Financial Services Group, Inc. (The)
  5,182   338,644
Janus Henderson Group PLC
  2,258   86,956
Kemper Corp.
  611   45,746
Lazard Ltd., Class A
  1,647   77,705
LPL Financial Holdings, Inc.
  726   107,361
Markel Corp.(b)
  97   118,872
Marsh & McLennan Cos., Inc.
  1,372   189,816
MGIC Investment Corp.
  5,087   74,881
Moody’s Corp.
  277   92,892
Mr. Cooper Group, Inc.(b)(c)
  4,179   144,552
MSCI, Inc.
  118   55,239
Nasdaq, Inc.
  398   66,649
Old Republic International Corp.
  4,570   120,008
OneMain Holdings, Inc.
  2,369   137,023
Progressive Corp. (The)
  3,754   371,946
Radian Group, Inc.
  2,757   64,376
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Financials-(continued)
Raymond James Financial, Inc.
  1,318   $174,754
S&P Global, Inc.
  370   140,404
StoneX Group, Inc.(b)
  2,110   142,847
T. Rowe Price Group, Inc.
  1,001   191,541
Travelers Cos., Inc. (The)
  3,561   568,692
W.R. Berkley Corp.
  1,147   89,454
Willis Towers Watson PLC
  474   123,885
        12,239,281
Health Care-11.30%
Abbott Laboratories
  4,032   470,333
AbbVie, Inc.
  6,049   684,747
Agilent Technologies, Inc.
  864   119,344
Alexion Pharmaceuticals, Inc.(b)
  834   147,243
Align Technology, Inc.(b)
  153   90,293
AmerisourceBergen Corp.
  4,331   496,939
Amgen, Inc.
  2,427   577,480
Anthem, Inc.
  1,832   729,539
Baxter International, Inc.
  1,771   145,435
Becton, Dickinson and Co.
  792   191,577
Biogen, Inc.(b)
  1,111   297,170
Boston Scientific Corp.(b)
  2,467   104,971
Bristol-Myers Squibb Co.
  6,801   446,962
Cardinal Health, Inc.
  9,121   511,414
Centene Corp.(b)
  3,432   252,595
Cerner Corp.
  1,377   107,750
Cigna Corp.
  3,125   808,906
Cooper Cos., Inc. (The)
  120   47,214
CVS Health Corp.
  17,034   1,472,419
Danaher Corp.
  1,289   330,164
DaVita, Inc.(b)
  1,530   183,707
DENTSPLY SIRONA, Inc.
  1,258   84,185
Edwards Lifesciences Corp.(b)
  828   79,405
Elanco Animal Health, Inc.(b)
  1,707   61,418
Eli Lilly and Co.
  2,187   436,831
Encompass Health Corp.
  469   40,236
Gilead Sciences, Inc.
  5,675   375,174
HCA Healthcare, Inc.
  2,181   468,457
Henry Schein, Inc.(b)
  1,098   83,492
Hologic, Inc.(b)
  701   44,205
Humana, Inc.
  700   306,390
Illumina, Inc.(b)
  160   64,902
Intuitive Surgical, Inc.(b)
  143   120,432
IQVIA Holdings, Inc.(b)
  765   183,722
Jazz Pharmaceuticals PLC(b)
  385   68,580
Johnson & Johnson
  8,539   1,445,226
Laboratory Corp. of America Holdings(b)
  575   157,826
McKesson Corp.
  5,119   984,844
Medtronic PLC
  5,618   711,183
Merck & Co., Inc.
  9,839   746,682
Mettler-Toledo International, Inc.(b)
  55   71,552
Molina Healthcare, Inc.(b)
  283   71,135
Perrigo Co. PLC
  885   40,834
Pfizer, Inc.
  29,521   1,143,348
Quest Diagnostics, Inc.
  692   91,116
Regeneron Pharmaceuticals, Inc.(b)
  141   70,843
ResMed, Inc.
  190   39,112
STERIS PLC(c)
  224   42,753
Stryker Corp.
  782   199,621
Tenet Healthcare Corp.(b)
  3,676   245,961
Thermo Fisher Scientific, Inc.
  852   400,014
UnitedHealth Group, Inc.
  4,314   1,777,023
Universal Health Services, Inc., Class B
  983   156,916
  Shares   Value
Health Care-(continued)
Vertex Pharmaceuticals, Inc.(b)
  220   $45,899
Viatris, Inc.
  7,005   106,756
Waters Corp.(b)
  432   139,212
Zimmer Biomet Holdings, Inc.
  855   143,922
Zoetis, Inc.
  620   109,542
        19,574,951
Industrials-13.18%
3M Co.
  2,890   586,786
A.O. Smith Corp.
  824   58,562
AECOM(b)
  2,201   143,087
AGCO Corp.
  907   125,502
Allison Transmission Holdings, Inc.
  1,171   49,545
American Airlines Group, Inc.(b)
  5,783   140,180
AMETEK, Inc.
  721   97,407
Avis Budget Group, Inc.(b)
  5,992   526,217
Boeing Co. (The)(b)
  4,379   1,081,701
Booz Allen Hamilton Holding Corp.
  525   44,588
Builders FirstSource, Inc.(b)
  1,779   79,237
C.H. Robinson Worldwide, Inc.
  1,029   99,834
CACI International, Inc., Class A(b)
  140   35,694
Carlisle Cos., Inc.
  449   86,352
Caterpillar, Inc.
  4,560   1,099,325
Cintas Corp.
  289   102,173
CSX Corp.
  4,681   468,662
Cummins, Inc.
  1,232   316,969
Deere & Co.
  2,127   768,060
Delta Air Lines, Inc.(b)
  5,373   256,185
Dover Corp.
  702   105,651
Eaton Corp. PLC
  3,343   485,571
EMCOR Group, Inc.
  657   82,854
Emerson Electric Co.
  3,651   349,364
Equifax, Inc.
  218   51,239
Expeditors International of Washington, Inc.
  805   101,180
Fastenal Co.
  1,256   66,618
FedEx Corp.
  3,393   1,068,150
Fluor Corp.(b)(c)
  5,956   110,186
Fortive Corp.
  1,100   79,772
Fortune Brands Home & Security, Inc.
  790   81,496
General Dynamics Corp.
  1,943   368,995
General Electric Co.
  96,376   1,355,047
Honeywell International, Inc.
  3,751   866,143
Howmet Aerospace, Inc.(b)
  8,120   288,098
Hubbell, Inc.
  301   57,383
Huntington Ingalls Industries, Inc.
  330   71,349
IDEX Corp.
  213   47,427
IHS Markit Ltd.
  1,175   123,739
Illinois Tool Works, Inc.
  1,149   266,292
J.B. Hunt Transport Services, Inc.
  469   80,452
Jacobs Engineering Group, Inc.
  803   114,090
Johnson Controls International PLC
  11,550   768,537
Kansas City Southern
  459   136,635
KAR Auction Services, Inc.(b)(c)
  2,663   47,774
Knight-Swift Transportation Holdings, Inc.
  1,020   48,685
L3Harris Technologies, Inc.
  676   147,409
Leidos Holdings, Inc.
  683   70,178
Lockheed Martin Corp.
  1,043   398,635
Macquarie Infrastructure Corp.
  1,197   41,751
ManpowerGroup, Inc.
  1,371   165,877
Masco Corp.
  1,363   82,203
MasTec, Inc.(b)(c)
  893   103,883
Nielsen Holdings PLC
  4,644   126,363
Norfolk Southern Corp.
  1,530   429,777
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Industrials-(continued)
Northrop Grumman Corp.
  755   $276,232
Old Dominion Freight Line, Inc.
  283   75,122
Oshkosh Corp.
  791   103,969
Owens Corning
  1,321   140,885
PACCAR, Inc.
  2,691   246,388
Parker-Hannifin Corp.
  791   243,747
Pentair PLC
  934   64,418
Quanta Services, Inc.
  1,680   160,188
Raytheon Technologies Corp.
  10,450   927,019
Republic Services, Inc.
  1,524   166,390
Robert Half International, Inc.
  884   78,490
Rockwell Automation, Inc.
  406   107,070
Roper Technologies, Inc.
  199   89,552
Ryder System, Inc.
  2,322   189,916
Science Applications International Corp.
  386   34,686
Sensata Technologies Holding PLC(b)
  1,198   71,197
Snap-on, Inc.
  380   96,756
Southwest Airlines Co.(b)
  2,475   152,114
Spirit AeroSystems Holdings, Inc., Class A
  2,576   126,765
Stanley Black & Decker, Inc.
  960   208,128
Textron, Inc.
  3,991   273,264
Trane Technologies PLC
  1,632   304,205
TransDigm Group, Inc.(b)
  191   123,928
Trinity Industries, Inc.
  1,878   52,171
Union Pacific Corp.
  3,454   776,217
United Airlines Holdings, Inc.(b)(c)
  3,972   231,766
United Parcel Service, Inc., Class B
  5,129   1,100,683
United Rentals, Inc.(b)
  919   306,909
Univar Solutions, Inc.(b)
  2,712   73,468
Verisk Analytics, Inc.
  276   47,701
W.W. Grainger, Inc.
  242   111,843
Wabtec Corp.
  1,141   94,429
Waste Connections, Inc.
  776   94,237
Waste Management, Inc.
  1,731   243,517
WESCO International, Inc.(b)
  1,486   158,363
XPO Logistics, Inc.(b)
  1,692   248,606
Xylem, Inc.
  714   84,338
        22,839,546
Information Technology-19.19%
Accenture PLC, Class A
  2,127   600,154
Adobe, Inc.(b)
  589   297,198
Akamai Technologies, Inc.(b)
  534   60,988
Amdocs Ltd.
  818   63,886
Amphenol Corp., Class A
  2,102   141,381
Analog Devices, Inc.
  1,309   215,461
Apple, Inc.
  61,167   7,622,020
Applied Materials, Inc.
  4,164   575,173
Arrow Electronics, Inc.(b)
  1,900   228,627
Autodesk, Inc.(b)
  214   61,174
Automatic Data Processing, Inc.
  1,252   245,417
Avnet, Inc.
  3,679   162,097
Broadcom, Inc.
  2,245   1,060,381
Broadridge Financial Solutions, Inc.
  352   56,137
Cadence Design Systems, Inc.(b)
  409   51,939
CDW Corp.
  881   145,735
Cisco Systems, Inc.
  25,783   1,363,921
Citrix Systems, Inc.
  354   40,696
Cognizant Technology Solutions Corp., Class A
  3,983   285,023
CommScope Holding Co., Inc.(b)
  3,445   69,968
Corning, Inc.
  8,281   361,300
Dell Technologies, Inc., Class C(b)
  12,653   1,248,092
DXC Technology Co.(b)
  10,861   411,849
  Shares   Value
Information Technology-(continued)
EchoStar Corp., Class A(b)
  1,165   $30,861
F5 Networks, Inc.(b)
  220   40,795
Fiserv, Inc.(b)
  1,132   130,406
FleetCor Technologies, Inc.(b)
  276   75,745
Flex Ltd.(b)
  4,128   75,419
GoDaddy, Inc., Class A(b)
  387   31,332
Hewlett Packard Enterprise Co.
  31,456   502,038
HP, Inc.
  21,070   615,876
Intel Corp.
  25,128   1,435,311
International Business Machines Corp.
  6,519   937,041
Intuit, Inc.
  361   158,511
Jabil, Inc.
  3,157   178,213
Juniper Networks, Inc.
  2,503   65,904
Keysight Technologies, Inc.(b)
  459   65,352
KLA Corp.
  517   163,832
Lam Research Corp.
  759   493,236
Marvell Technology, Inc.
  2,212   106,840
Mastercard, Inc., Class A
  1,400   504,812
Maxim Integrated Products, Inc.
  1,039   105,988
Microchip Technology, Inc.
  834   130,896
Micron Technology, Inc.(b)
  10,722   902,149
Microsoft Corp.
  13,510   3,373,177
Motorola Solutions, Inc.
  480   98,549
NCR Corp.(b)
  2,245   108,209
NetApp, Inc.
  2,401   185,765
NVIDIA Corp.
  492   319,692
ON Semiconductor Corp.(b)
  3,590   143,744
Oracle Corp.
  16,376   1,289,446
Palo Alto Networks, Inc.(b)
  192   69,744
Paychex, Inc.
  977   98,814
PayPal Holdings, Inc.(b)
  1,729   449,575
Qorvo, Inc.(b)
  618   112,921
QUALCOMM, Inc.
  7,416   997,749
salesforce.com, inc.(b)
  1,058   251,910
Sanmina Corp.(b)
  1,293   54,448
Seagate Technology Holdings PLC (Ireland)
  2,322   222,331
ServiceNow, Inc.(b)
  116   54,970
Skyworks Solutions, Inc.
  664   112,880
SS&C Technologies Holdings, Inc.
  832   61,460
SYNNEX Corp.
  680   86,088
Synopsys, Inc.(b)
  290   73,759
TE Connectivity Ltd.
  2,297   311,657
Teradyne, Inc.
  697   92,248
Texas Instruments, Inc.
  3,539   671,773
Trimble, Inc.(b)
  933   72,578
VeriSign, Inc.(b)
  146   32,108
Visa, Inc., Class A
  3,734   848,738
VMware, Inc., Class A(b)(c)
  1,741   274,886
Western Digital Corp.(b)
  3,267   245,776
Western Union Co. (The)
  2,812   68,810
Workday, Inc., Class A(b)
  189   43,228
Xerox Holdings Corp.
  5,931   139,082
Xilinx, Inc.
  792   100,584
Zebra Technologies Corp., Class A(b)
  146   72,569
        33,258,442
Materials-5.27%
Air Products and Chemicals, Inc.
  613   183,692
Albemarle Corp.
  685   114,450
Alcoa Corp.(b)
  9,257   367,225
Ashland Global Holdings, Inc.
  512   48,558
Avery Dennison Corp.
  469   103,429
Axalta Coating Systems Ltd.(b)
  1,524   49,439
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Materials-(continued)
Ball Corp.
  1,489   $122,336
Berry Global Group, Inc.(b)
  1,200   81,852
Celanese Corp.
  1,213   200,691
CF Industries Holdings, Inc.
  2,895   153,927
Chemours Co. (The)
  4,175   150,008
Crown Holdings, Inc.
  834   86,102
Domtar Corp.(b)
  1,992   108,026
DuPont de Nemours, Inc.
  12,186   1,030,814
Eastman Chemical Co.
  1,558   195,373
Ecolab, Inc.
  696   149,696
FMC Corp.
  469   54,728
Freeport-McMoRan, Inc.
  13,344   570,056
Graphic Packaging Holding Co.
  2,748   48,585
Huntsman Corp.
  3,581   101,629
International Flavors & Fragrances, Inc.
  417   59,076
International Paper Co.
  6,227   392,924
Linde PLC (United Kingdom)
  2,406   723,244
Louisiana-Pacific Corp.
  1,578   106,057
LyondellBasell Industries N.V., Class A
  5,067   570,645
Martin Marietta Materials, Inc.
  310   112,731
Mosaic Co. (The)
  8,908   321,935
Newmont Corp.
  2,230   163,860
Nucor Corp.
  4,618   473,530
O-I Glass, Inc.(b)
  4,766   87,837
Olin Corp.
  4,434   216,778
Packaging Corp. of America
  637   94,690
PPG Industries, Inc.
  1,398   251,248
Reliance Steel & Aluminum Co.
  913   153,448
RPM International, Inc.
  552   51,628
Sherwin-Williams Co. (The)
  674   191,099
Sonoco Products Co.
  719   48,547
Steel Dynamics, Inc.
  3,660   228,494
Ternium S.A., ADR (Mexico)
  6,621   242,395
United States Steel Corp.(c)
  9,504   246,439
Vulcan Materials Co.
  553   101,376
Westrock Co.
  6,440   375,581
        9,134,178
Real Estate-0.84%
CBRE Group, Inc., Class A(b)
  2,924   256,669
Equinix, Inc.
  129   95,037
Host Hotels & Resorts, Inc.(b)
  7,587   130,269
Iron Mountain, Inc.(c)
  2,195   95,570
Jones Lang LaSalle, Inc.(b)
  780   157,755
Park Hotels & Resorts, Inc.(b)(c)
  5,305   110,291
Public Storage
  545   153,952
Realogy Holdings Corp.(b)
  7,640   135,304
SBA Communications Corp., Class A
  158   47,103
Service Properties Trust
  7,327   92,027
Weyerhaeuser Co.
  4,572   173,553
        1,447,530
  Shares   Value
Utilities-1.84%
AES Corp. (The)
  7,310   $185,747
Alliant Energy Corp.
  958   54,750
Ameren Corp.
  1,377   115,943
American Electric Power Co., Inc.
  2,767   237,962
Atmos Energy Corp.
  499   49,486
CenterPoint Energy, Inc.
  5,843   147,828
CMS Energy Corp.
  1,263   79,241
Consolidated Edison, Inc.
  2,372   183,213
DTE Energy Co.
  1,404   193,738
Entergy Corp.
  1,344   141,469
Eversource Energy
  1,526   123,896
Exelon Corp.
  10,719   483,641
FirstEnergy Corp.
  2,919   110,659
MDU Resources Group, Inc.
  1,800   60,588
NiSource, Inc.
  2,623   66,886
NRG Energy, Inc.
  2,455   78,928
PG&E Corp.(b)
  14,225   144,241
Public Service Enterprise Group, Inc.
  3,546   220,278
UGI Corp.
  2,019   92,975
Vistra Corp.
  6,621   107,062
WEC Energy Group, Inc.
  1,392   130,723
Xcel Energy, Inc.
  2,603   184,501
        3,193,755
Total Common Stocks & Other Equity Interests

(Cost $125,240,608)
  172,955,059
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $41,905)
  41,905   41,905
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.83%

(Cost $125,282,513)
  172,996,964
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.23%
Invesco Private Government Fund, 0.01%(d)(e)(f)
  1,542,372   1,542,372
Invesco Private Prime Fund, 0.09%(d)(e)(f)
  2,312,633   2,313,558
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,855,930)
  3,855,930
TOTAL INVESTMENTS IN SECURITIES-102.06%

(Cost $129,138,443)
  176,852,894
OTHER ASSETS LESS LIABILITIES-(2.06)%
  (3,571,018)
NET ASSETS-100.00%
  $173,281,876
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2021
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at May 31, 2021.
(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, 2021.
    
  Value
August 31, 2020 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $2,570,974   $(2,529,069)   $-   $-   $41,905   $22
Invesco Premier U.S. Government Money Portfolio, Institutional Class 11,956   619,890   (631,846)   -   -   -   1
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,089,743   8,804,418   (8,351,789)   -   -   1,542,372   132*
Invesco Private Prime Fund 363,253   10,367,527   (8,417,373)   -   151   2,313,558   838*
Total $1,464,952   $22,362,809   $(19,930,077)   $-   $151   $3,897,835   $993
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2021.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco RAFITM Strategic US Small Company ETF (IUSS)
May 31, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-4.24%
AMC Networks, Inc., Class A(b)(c)
  1,149   $61,678
Angi, Inc., Class A(b)
  2,017   28,601
ATN International, Inc.
  103   4,869
Bandwidth, Inc., Class A(b)(c)
  18   2,129
Boingo Wireless, Inc.(b)
  341   4,767
Cable One, Inc.
  10   18,156
Cardlytics, Inc.(b)
  17   1,811
Cargurus, Inc., (Acquired 07/05/2019 - 06/19/2020; Cost $6,180)(b)(d)
  207   5,842
Cars.com, Inc.(b)
  3,083   45,043
Cincinnati Bell, Inc.(b)
  654   10,072
Cinemark Holdings, Inc.(b)(c)
  3,231   73,215
Clear Channel Outdoor Holdings, Inc.(b)
  484   1,157
Cogent Communications Holdings, Inc.
  98   7,409
comScore, Inc.(b)
  1,146   4,584
Consolidated Communications Holdings, Inc.(b)
  3,346   31,319
E.W. Scripps Co. (The), Class A
  1,359   28,824
Entercom Communications Corp.(b)
  14,501   63,079
Eros STX Global Corp. (United Arab Emirates)(b)
  2,151   2,581
Eventbrite, Inc., Class A(b)
  556   11,287
EverQuote, Inc., Class A(b)
  14   441
Globalstar, Inc.(b)(c)
  3,200   5,120
Gogo, Inc.(b)(c)
  685   9,330
Gravity Co. Ltd., ADR (South Korea)(b)
  40   5,238
Gray Television, Inc.
  1,783   41,473
Iridium Communications, Inc.(b)
  659   25,180
John Wiley & Sons, Inc., Class A
  643   40,753
Liberty Latin America Ltd., Class A (Chile)(b)
  2,156   30,766
Liberty TripAdvisor Holdings, Inc., Class A(b)
  11,544   54,949
Lions Gate Entertainment Corp., Class A(b)(c)
  5,138   100,088
Madison Square Garden Sports Corp., Class A(b)
  140   25,906
Magnite, Inc.(b)(c)
  277   8,227
Manchester United PLC, Class A (United Kingdom)
  168   2,626
Marcus Corp. (The)(b)(c)
  895   18,894
Match Group, Inc.(b)(c)
  491   70,400
Meredith Corp.(b)
  2,775   93,462
MSG Networks, Inc., Class A(b)(c)
  351   5,412
National CineMedia, Inc.
  1,867   9,036
Netflix, Inc.(b)
  77   38,716
New York Times Co. (The), Class A
  426   18,241
Nexstar Media Group, Inc., Class A
  552   83,854
ORBCOMM, Inc.(b)
  1,092   12,220
QuinStreet, Inc.(b)
  377   6,828
Roku, Inc.(b)
  61   21,149
Scholastic Corp.
  598   20,141
Shenandoah Telecommunications Co.
  235   11,724
Snap, Inc., Class A(b)
  366   22,736
Spok Holdings, Inc.
  288   3,361
TechTarget, Inc.(b)
  90   6,328
TEGNA, Inc.
  2,883   55,901
TripAdvisor, Inc.(b)
  1,861   80,861
TrueCar, Inc.(b)
  1,405   8,304
United States Cellular Corp.(b)
  531   20,045
WideOpenWest, Inc.(b)
  972   16,203
World Wrestling Entertainment, Inc., Class A(c)
  304   16,975
Yelp, Inc.(b)
  1,613   64,697
Zillow Group, Inc., Class C(b)
  285   33,436
Zynga, Inc., Class A(b)
  2,416   26,189
        1,521,633
  Shares   Value
Consumer Discretionary-23.86%
1-800-Flowers.com, Inc., Class A(b)(c)
  354   $10,786
2U, Inc.(b)(c)
  138   5,026
Abercrombie & Fitch Co., Class A(b)
  2,685   114,649
Accel Entertainment, Inc.(b)
  59   774
Acushnet Holdings Corp.
  267   14,204
Adtalem Global Education, Inc.(b)
  745   27,103
American Eagle Outfitters, Inc.(c)
  4,555   161,384
American Public Education, Inc.(b)
  138   3,864
America’s Car-Mart, Inc.(b)
  64   10,521
Asbury Automotive Group, Inc.(b)
  566   112,232
At Home Group, Inc.(b)
  2,955   110,931
Beazer Homes USA, Inc.(b)
  1,765   42,025
Big Lots, Inc.
  1,209   73,676
Biglari Holdings, Inc., Class B(b)
  54   8,649
BJ’s Restaurants, Inc.(b)
  642   35,490
Bloomin’ Brands, Inc.(b)
  2,601   76,860
Bluegreen Vacations Holding Corp.(b)
  943   19,794
Boot Barn Holdings, Inc.(b)
  295   22,535
Boyd Gaming Corp.(b)
  1,432   92,206
Bright Horizons Family Solutions, Inc.(b)
  206   28,475
Brinker International, Inc.(b)
  1,026   63,048
Buckle, Inc. (The)
  444   18,701
Caesars Entertainment, Inc.(b)
  830   89,183
Caleres, Inc.
  3,272   82,062
Callaway Golf Co.
  877   32,379
Camping World Holdings, Inc., Class A
  1,206   53,534
Carrols Restaurant Group, Inc.(b)
  1,218   7,198
Carter’s, Inc.
  499   51,018
Cato Corp. (The), Class A(b)
  666   10,296
Cavco Industries, Inc.(b)
  49   10,842
Century Communities, Inc.(b)
  389   31,657
Cheesecake Factory, Inc. (The)(b)
  1,145   67,349
Chegg, Inc.(b)
  141   10,844
Chico’s FAS, Inc.(b)
  13,344   62,050
Children’s Place, Inc. (The)(b)
  642   59,700
Choice Hotels International, Inc.(b)
  156   18,862
Churchill Downs, Inc.
  152   30,329
Chuy’s Holdings, Inc.(b)
  267   11,067
Citi Trends, Inc.(b)
  520   43,337
Columbia Sportswear Co.
  332   34,106
Conn’s, Inc.(b)
  1,833   42,507
Cooper Tire & Rubber Co.
  1,088   64,605
Cooper-Standard Holdings, Inc.(b)
  2,214   65,889
Cracker Barrel Old Country Store, Inc.
  341   53,783
Crocs, Inc.(b)
  708   71,678
Dave & Buster’s Entertainment, Inc.(b)
  2,639   111,577
Deckers Outdoor Corp.(b)
  193   64,740
Denny’s Corp.(b)
  629   11,058
Designer Brands, Inc., Class A(b)
  5,715   99,955
Dillard’s, Inc., Class A(c)
  1,425   187,972
Dine Brands Global, Inc.(b)
  280   26,586
Domino’s Pizza, Inc.
  78   33,296
Dorman Products, Inc.(b)
  149   15,255
El Pollo Loco Holdings, Inc.(b)
  195   3,288
Ethan Allen Interiors, Inc.
  611   17,640
Etsy, Inc.(b)
  186   30,640
Everi Holdings, Inc.(b)
  1,129   23,404
Express, Inc.(b)
  7,070   30,330
Farfetch Ltd., Class A (United Kingdom)(b)
  314   14,548
Fiesta Restaurant Group, Inc.(b)
  709   9,635
Five Below, Inc.(b)
  164   30,196
Floor & Decor Holdings, Inc., Class A(b)
  312   30,673
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
Fossil Group, Inc.(b)
  4,408   $62,241
Fox Factory Holding Corp.(b)
  101   15,703
frontdoor, inc.(b)
  171   9,183
Funko, Inc., Class A(b)
  931   24,439
GameStop Corp., Class A(b)(c)
  7,688   1,706,736
Genesco, Inc.(b)
  1,396   76,780
Gentherm, Inc.(b)
  366   26,546
G-III Apparel Group Ltd.(b)
  2,476   81,807
Golden Entertainment, Inc.(b)
  635   27,076
GoPro, Inc., Class A(b)(c)
  1,109   12,443
Graham Holdings Co., Class B
  101   66,917
Grand Canyon Education, Inc.(b)
  183   16,642
Groupon, Inc.(b)(c)
  696   32,886
Grubhub, Inc.(b)
  313   18,814
Guess?, Inc.
  2,269   66,641
H&R Block, Inc.
  2,716   67,411
Haverty Furniture Cos., Inc., (Acquired 06/19/2019 - 06/17/2020; Cost $7,945)(d)
  495   22,740
Helen of Troy Ltd.(b)(c)
  131   27,573
Hibbett Sports, Inc.(b)
  621   52,636
Hilton Grand Vacations, Inc.(b)
  1,233   56,385
Hooker Furniture Corp.
  309   11,078
Houghton Mifflin Harcourt Co.(b)
  10,273   102,114
Installed Building Products, Inc.
  159   18,857
International Game Technology PLC(b)
  3,577   86,778
iRobot Corp.(b)
  148   14,460
Jack in the Box, Inc.
  194   22,038
Johnson Outdoors, Inc., Class A
  72   8,798
KB Home
  1,351   63,240
Lands’ End, Inc.(b)
  647   16,570
Laureate Education, Inc., Class A(b)
  4,246   62,034
La-Z-Boy, Inc.
  650   26,799
LCI Industries
  240   35,772
LGI Homes, Inc.(b)
  109   19,708
Lindblad Expeditions Holdings, Inc.(b)(c)
  357   6,076
Liquidity Services, Inc.(b)
  181   4,328
M.D.C. Holdings, Inc.
  705   40,855
M/I Homes, Inc.(b)
  574   40,478
Malibu Boats, Inc., Class A(b)
  136   10,665
Marine Products Corp.
  70   1,137
MarineMax, Inc.(b)
  454   23,349
Mattel, Inc.(b)
  2,782   59,006
MercadoLibre, Inc. (Argentina)(b)
  31   42,119
Meritage Homes Corp.(b)
  582   62,664
Modine Manufacturing Co.(b)
  3,530   62,093
Monarch Casino & Resort, Inc.(b)
  90   6,422
Monro, Inc.
  243   15,149
Motorcar Parts of America, Inc.(b)
  163   3,809
Movado Group, Inc.
  730   20,243
National Vision Holdings, Inc.(b)
  574   28,511
Noodles & Co.(b)
  359   4,624
Ollie’s Bargain Outlet Holdings, Inc.(b)
  155   13,398
OneSpaWorld Holdings Ltd. (Bahamas)(b)
  798   8,946
Overstock.com, Inc.(b)
  199   17,001
Oxford Industries, Inc.
  274   26,235
Papa John’s International, Inc.
  74   6,952
Patrick Industries, Inc.
  355   30,423
Penn National Gaming, Inc.(b)
  1,975   161,891
Perdoceo Education Corp.(b)
  425   5,181
PetMed Express, Inc.(c)
  108   3,121
Planet Fitness, Inc., Class A(b)
  404   31,823
Playa Hotels & Resorts N.V.(b)
  3,265   23,867
  Shares   Value
Consumer Discretionary-(continued)
PlayAGS, Inc.(b)
  829   $8,439
Pool Corp.
  116   50,640
Quotient Technology, Inc.(b)
  1,039   12,219
Red Robin Gourmet Burgers, Inc.(b)
  615   22,054
Red Rock Resorts, Inc., Class A(b)
  1,723   77,104
Regis Corp.(b)
  1,156   10,566
Rent-A-Center, Inc.
  717   44,318
RH(b)(c)
  168   107,696
Ruth’s Hospitality Group, Inc.(b)
  664   16,029
Sally Beauty Holdings, Inc.(b)
  2,291   49,967
Scientific Games Corp.(b)
  498   36,125
SeaWorld Entertainment, Inc.(b)
  1,179   64,173
Shake Shack, Inc., Class A(b)
  100   9,398
Shoe Carnival, Inc.
  249   16,810
Shutterstock, Inc.
  121   10,981
Six Flags Entertainment Corp.(b)
  1,134   51,518
Skyline Champion Corp.(b)
  446   22,590
Sleep Number Corp.(b)
  550   61,319
Smith & Wesson Brands, Inc.
  487   10,354
Sonic Automotive, Inc., Class A
  1,488   71,766
Sonos, Inc.(b)
  770   28,490
Stamps.com, Inc.(b)
  69   12,950
Standard Motor Products, Inc.
  219   9,859
Steven Madden Ltd.
  1,004   41,566
Stitch Fix, Inc., Class A(b)
  410   21,919
Stoneridge, Inc.(b)
  412   12,541
Strategic Education, Inc.
  95   6,730
Stride, Inc.(b)
  388   10,429
Sturm Ruger & Co., Inc.
  78   6,157
Tempur Sealy International, Inc.
  1,630   62,755
Terminix Global Holdings, Inc.(b)
  966   47,662
Texas Roadhouse, Inc.(b)
  642   64,656
TopBuild Corp.(b)
  280   55,454
Travel + Leisure Co.
  1,765   114,990
Tri Pointe Homes, Inc.(b)
  2,938   70,865
Tupperware Brands Corp.(b)
  4,932   126,456
Under Armour, Inc., Class A(b)
  5,530   124,867
Unifi, Inc.(b)
  384   10,572
Universal Electronics, Inc.(b)
  141   7,058
Urban Outfitters, Inc.(b)
  1,597   62,539
Veoneer, Inc. (Sweden)(b)(c)
  1,320   31,244
Vera Bradley, Inc.(b)
  732   8,403
Vista Outdoor, Inc.(b)
  1,518   66,170
Visteon Corp.(b)
  296   36,248
Wayfair, Inc., Class A(b)(c)
  119   36,478
Wendy’s Co. (The)
  1,176   27,307
Wingstop, Inc.
  23   3,282
Winmark Corp.
  16   3,133
Winnebago Industries, Inc.
  274   20,265
Wolverine World Wide, Inc.
  1,720   62,711
WW International, Inc.(b)
  220   8,646
Wyndham Hotels & Resorts, Inc.
  758   56,895
YETI Holdings, Inc.(b)
  115   10,074
Zumiez, Inc.(b)
  344   15,074
        8,556,723
Consumer Staples-3.67%
Alico, Inc.
  60   1,920
Andersons, Inc. (The)
  2,907   90,349
B&G Foods, Inc.(c)
  762   23,317
Boston Beer Co., Inc. (The), Class A(b)
  24   25,396
Calavo Growers, Inc.
  128   9,114
Cal-Maine Foods, Inc.
  268   9,356
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Central Garden & Pet Co., Class A(b)
  578   $29,160
Chefs’ Warehouse, Inc. (The)(b)
  554   17,041
Coca-Cola Consolidated, Inc.
  75   30,369
Coty, Inc., Class A(b)
  10,004   89,136
Darling Ingredients, Inc.(b)
  1,691   115,766
Edgewell Personal Care Co.
  798   36,213
elf Beauty, Inc.(b)
  198   5,544
Energizer Holdings, Inc.
  405   18,646
Farmer Brothers Co.(b)
  457   5,502
Flowers Foods, Inc.
  1,404   33,822
Fresh Del Monte Produce, Inc.
  926   30,993
Freshpet, Inc.(b)
  26   4,597
Hain Celestial Group, Inc. (The)(b)
  586   23,885
Herbalife Nutrition Ltd.(b)
  686   36,063
Hostess Brands, Inc.(b)(c)
  1,146   17,969
Ingles Markets, Inc., Class A
  531   32,890
Inter Parfums, Inc.
  111   8,489
J&J Snack Foods Corp.
  89   15,627
John B. Sanfilippo & Son, Inc.
  93   8,678
Lamb Weston Holdings, Inc.
  699   57,660
Lancaster Colony Corp.
  95   17,734
Medifast, Inc.
  75   24,919
MGP Ingredients, Inc.
  82   5,715
National Beverage Corp.
  129   6,441
Natural Grocers by Vitamin Cottage, Inc.
  133   1,595
Nomad Foods Ltd. (United Kingdom)(b)
  1,358   41,650
Nu Skin Enterprises, Inc., Class A
  634   38,141
Pilgrim’s Pride Corp.(b)
  676   16,251
PriceSmart, Inc.
  312   27,550
Sanderson Farms, Inc.
  181   29,458
Seaboard Corp.
  4   14,660
Seneca Foods Corp., Class A(b)
  270   12,485
Simply Good Foods Co. (The)(b)(c)
  419   14,468
SpartanNash Co.
  2,114   44,330
Spectrum Brands Holdings, Inc.
  961   85,423
Sprouts Farmers Market, Inc.(b)
  1,567   41,682
Tootsie Roll Industries, Inc.(c)
  209   6,540
TreeHouse Foods, Inc.(b)
  662   32,246
Turning Point Brands, Inc.
  53   2,267
Universal Corp.
  482   27,011
USANA Health Sciences, Inc.(b)
  97   10,257
Vector Group Ltd.
  1,092   15,015
WD-40 Co.
  37   9,058
Weis Markets, Inc.
  253   12,873
        1,315,271
Energy-6.37%
Arch Resources, Inc.(b)
  1,225   69,911
Archrock, Inc.
  3,545   32,614
Berry Corp.
  4,246   27,005
Bonanza Creek Energy, Inc.(b)
  628   26,979
Cactus, Inc., Class A
  510   17,870
Callon Petroleum Co.(b)
  4,332   166,652
Centennial Resource Development, Inc., Class A(b)
  28,374   150,098
ChampionX Corp.(b)
  2,472   65,508
Clean Energy Fuels Corp.(b)
  1,586   12,561
Comstock Resources, Inc.(b)(c)
  825   4,645
CONSOL Energy, Inc.(b)
  2,528   38,780
Continental Resources, Inc.
  2,184   71,133
Core Laboratories N.V.(c)
  525   21,945
DHT Holdings, Inc.(c)
  1,430   9,152
DMC Global, Inc.(b)
  148   7,840
  Shares   Value
Energy-(continued)
Dorian LPG Ltd.(b)
  938   $13,329
Dril-Quip, Inc.(b)
  423   14,183
Equitrans Midstream Corp.
  4,561   37,583
Exterran Corp.(b)
  2,575   12,154
Frank’s International N.V.(b)
  2,848   9,569
Golar LNG Ltd. (Cameroon)(b)
  2,505   31,813
Green Plains, Inc.(b)
  2,401   76,568
Helix Energy Solutions Group, Inc.(b)
  7,293   38,142
International Seaways, Inc.(c)
  366   7,335
Kosmos Energy Ltd. (Ghana)(b)
  17,598   55,962
Laredo Petroleum, Inc.(b)
  1,116   62,675
Liberty Oilfield Services, Inc., Class A(b)
  3,268   48,889
Magnolia Oil & Gas Corp., Class A(b)
  4,237   54,742
Matador Resources Co.
  3,606   110,488
Nabors Industries Ltd.(b)
  2,608   244,161
NACCO Industries, Inc., Class A
  75   1,919
Navigator Holdings Ltd., (Acquired 06/19/2020; Cost $6,332)(b)(d)
  816   8,601
Newpark Resources, Inc.(b)
  5,763   19,248
Nordic American Tankers Ltd.(c)
  1,132   3,939
Northern Oil and Gas, Inc.(b)
  987   17,973
Oceaneering International, Inc.(b)
  3,803   54,269
Oil States International, Inc., (Acquired 09/10/2018 - 03/19/2021; Cost $40,744)(b)(d)
  5,396   34,696
Par Pacific Holdings, Inc.(b)
  2,951   41,078
ProPetro Holding Corp.(b)
  3,867   38,438
Renewable Energy Group, Inc.(b)(c)
  597   36,459
REX American Resources Corp.(b)
  72   6,914
RPC, Inc.(b)
  1,684   8,268
Scorpio Tankers, Inc. (Monaco)(c)
  895   20,030
Select Energy Services, Inc., Class A(b)
  3,213   18,250
SM Energy Co.
  12,703   252,790
Teekay Corp. (Bermuda)(b)(c)
  4,849   17,456
Texas Pacific Land Corp.
  27   39,234
Tidewater, Inc.(b)
  1,675   23,048
US Silica Holdings, Inc.(b)
  9,281   95,223
W&T Offshore, Inc.(b)
  1,624   6,074
        2,284,193
Financials-4.50%
AMERISAFE, Inc.
  160   10,485
Argo Group International Holdings Ltd.
  790   42,376
Artisan Partners Asset Management, Inc., Class A
  743   37,952
BGC Partners, Inc., Class A
  6,771   39,949
Blucora, Inc.(b)
  798   13,837
Brightsphere Investment Group, Inc.
  1,461   32,536
Brown & Brown, Inc.
  1,078   56,617
Cannae Holdings, Inc.(b)
  94   3,370
Citizens, Inc.(b)
  644   3,362
Cohen & Steers, Inc.
  106   7,752
Compass Diversified Holdings
  828   21,487
Cowen, Inc., Class A
  579   22,772
Crawford & Co., Class A
  643   6,218
Credit Acceptance Corp.(b)
  102   45,641
Diamond Hill Investment Group, Inc.
  50   8,770
Donegal Group, Inc., Class A
  292   4,465
Donnelley Financial Solutions, Inc.(b)
  868   25,875
eHealth, Inc.(b)(c)
  26   1,697
Employers Holdings, Inc.
  552   23,294
Encore Capital Group, Inc.(b)
  464   21,479
Enova International, Inc.(b)
  2,456   93,009
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Financials-(continued)
Erie Indemnity Co., Class A
  92   $18,504
Essent Group Ltd.
  1,204   57,599
Evercore, Inc., Class A
  655   95,538
EZCORP, Inc., Class A(b)
  1,805   13,267
FactSet Research Systems, Inc.
  111   37,114
Federated Hermes, Inc., Class B
  999   31,768
FirstCash, Inc.
  369   29,417
Focus Financial Partners, Inc., Class A(b)
  281   14,244
Freedom Holding Corp. (Kazakhstan)(b)(c)
  59   2,998
Goosehead Insurance, Inc., Class A(c)
  33   2,966
Green Dot Corp., Class A(b)
  509   20,660
Greenhill & Co., Inc.
  581   10,115
Hamilton Lane, Inc., Class A
  67   6,055
Heritage Insurance Holdings, Inc.
  623   5,190
Houlihan Lokey, Inc.
  315   23,590
James River Group Holdings Ltd.
  809   28,250
Kinsale Capital Group, Inc.
  45   7,491
LendingTree, Inc.(b)
  39   8,005
MarketAxess Holdings, Inc.
  32   14,929
Mercury General Corp.
  502   31,927
Moelis & Co., Class A
  747   40,106
Morningstar, Inc.
  69   16,283
NMI Holdings, Inc., Class A(b)
  841   20,344
Oppenheimer Holdings, Inc., Class A
  327   16,340
Piper Sandler Cos.
  300   38,238
PJT Partners, Inc., Class A
  166   12,088
PRA Group, Inc.(b)
  359   13,976
Primerica, Inc.
  389   63,100
ProAssurance Corp.
  1,427   34,747
RLI Corp.
  238   25,104
Safety Insurance Group, Inc.
  147   12,511
SEI Investments Co.
  791   50,181
Selective Insurance Group, Inc.
  731   55,022
SiriusPoint Ltd. (Bermuda)(b)
  1,656   17,421
State Auto Financial Corp.
  193   3,648
Stewart Information Services Corp.
  493   29,753
Trupanion, Inc.(b)
  69   6,222
United Fire Group, Inc.
  479   14,681
United Insurance Holdings Corp.
  551   3,108
Universal Insurance Holdings, Inc.
  647   9,123
Virtu Financial, Inc., Class A
  583   17,752
Virtus Investment Partners, Inc.
  65   18,280
Walker & Dunlop, Inc.
  526   53,410
Westwood Holdings Group, Inc.
  169   3,334
WisdomTree Investments, Inc.
  1,433   9,601
World Acceptance Corp.(b)(c)
  291   46,738
        1,613,681
Health Care-7.65%
ABIOMED, Inc.(b)
  93   26,466
AC Immune S.A. (Switzerland)(b)(c)
  164   999
Acadia Healthcare Co., Inc.(b)
  1,306   84,054
Acceleron Pharma, Inc.(b)
  2   262
Accuray, Inc.(b)
  585   2,492
AdaptHealth Corp.(b)(c)
  42   1,100
Addus HomeCare Corp.(b)
  48   4,616
Alkermes PLC(b)
  769   17,433
Allscripts Healthcare Solutions, Inc.(b)
  3,193   55,526
Alnylam Pharmaceuticals, Inc.(b)
  10   1,420
Amedisys, Inc.(b)
  83   21,445
AMN Healthcare Services, Inc.(b)
  474   42,044
Amneal Pharmaceuticals, Inc.(b)
  1,849   10,465
Amphastar Pharmaceuticals, Inc.(b)
  202   3,822
  Shares   Value
Health Care-(continued)
AngioDynamics, Inc.(b)
  473   $10,936
ANI Pharmaceuticals, Inc.(b)
  78   2,679
Anika Therapeutics, Inc.(b)
  129   6,018
Antares Pharma, Inc.(b)
  120   476
Apollo Medical Holdings, Inc.(b)
  170   5,930
Arrowhead Pharmaceuticals, Inc.(b)
  93   6,752
AtriCure, Inc.(b)
  43   3,213
Atrion Corp.
  4   2,484
Avanos Medical, Inc.(b)
  261   10,466
AxoGen, Inc.(b)
  70   1,421
BioMarin Pharmaceutical, Inc.(b)
  250   19,325
Bio-Rad Laboratories, Inc., Class A(b)
  86   51,804
Bio-Techne Corp.
  60   24,830
Brookdale Senior Living, Inc.(b)
  8,841   59,588
Bruker Corp.
  351   24,373
Cantel Medical Corp.(b)
  261   21,227
Cardiovascular Systems, Inc.(b)
  55   2,155
CareDx, Inc.(b)
  32   2,573
Catalent, Inc.(b)
  353   37,005
Charles River Laboratories International, Inc.(b)
  159   53,740
Chemed Corp.
  49   24,076
Codexis, Inc.(b)(c)
  40   820
Collegium Pharmaceutical, Inc.(b)
  127   3,034
Community Health Systems, Inc.(b)
  15,401   219,772
Computer Programs & Systems, Inc.
  130   4,208
CONMED Corp.
  140   19,277
Corcept Therapeutics, Inc.(b)
  444   9,590
CorVel Corp.(b)
  69   8,597
CRISPR Therapeutics AG (Switzerland)(b)
  34   4,018
Cross Country Healthcare, Inc.(b)
  770   12,051
CryoLife, Inc.(b)
  130   3,745
CryoPort, Inc.(b)(c)
  19   1,062
DexCom, Inc.(b)
  33   12,190
Dicerna Pharmaceuticals, Inc.(b)
  123   4,010
Eagle Pharmaceuticals, Inc.(b)
  86   3,407
Emergent BioSolutions, Inc.(b)
  112   6,793
Enanta Pharmaceuticals, Inc.(b)
  78   3,795
Endo International PLC(b)
  2,868   16,835
Ensign Group, Inc. (The)
  377   31,366
Evolent Health, Inc., Class A(b)
  959   18,633
Exact Sciences Corp.(b)
  67   7,406
Exelixis, Inc.(b)
  820   18,491
FibroGen, Inc.(b)
  73   1,551
Fluidigm Corp.(b)(c)
  95   551
Glaukos Corp.(b)
  69   5,077
Global Cord Blood Corp. (Hong Kong)(b)
  655   3,996
Globus Medical, Inc., Class A(b)
  306   22,050
Guardant Health, Inc.(b)
  21   2,607
Haemonetics Corp.(b)
  168   9,485
Halozyme Therapeutics, Inc.(b)
  38   1,574
Hanger, Inc.(b)
  326   8,421
HealthEquity, Inc.(b)
  149   12,385
HealthStream, Inc.(b)
  161   4,215
Heska Corp.(b)
  18   3,567
Hill-Rom Holdings, Inc.
  332   36,945
Horizon Therapeutics PLC(b)
  440   40,330
ICU Medical, Inc.(b)
  76   15,813
IDEXX Laboratories, Inc.(b)
  105   58,602
Incyte Corp.(b)
  302   25,302
Innoviva, Inc.(b)
  361   4,855
Inogen, Inc.(b)
  89   5,501
Inovalon Holdings, Inc., Class A(b)
  484   15,178
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Health Care-(continued)
Inspire Medical Systems, Inc.(b)
  4   $777
Insulet Corp.(b)
  29   7,820
Integer Holdings Corp.(b)
  192   17,370
Integra LifeSciences Holdings Corp.(b)
  324   22,372
Intersect ENT, Inc.(b)
  38   671
Invacare Corp.(b)
  778   6,224
Ionis Pharmaceuticals, Inc.(b)
  330   12,293
iRhythm Technologies, Inc.(b)
  6   453
Ironwood Pharmaceuticals, Inc.(b)
  16   185
Lannett Co., Inc.(b)
  819   3,522
Lantheus Holdings, Inc.(b)
  288   6,984
LeMaitre Vascular, Inc.
  59   3,021
Lexicon Pharmaceuticals, Inc.(b)
  671   2,946
LHC Group, Inc.(b)
  107   21,063
LivaNova PLC(b)
  261   21,804
Luminex Corp.
  120   4,427
Magellan Health, Inc.(b)
  539   50,768
Masimo Corp.(b)
  54   11,642
MEDNAX, Inc.(b)
  3,057   97,763
Medpace Holdings, Inc.(b)
  96   16,038
MeiraGTx Holdings PLC(b)
  51   703
Meridian Bioscience, Inc.(b)
  165   3,425
Merit Medical Systems, Inc.(b)
  251   15,145
Mesa Laboratories, Inc.
  8   1,968
ModivCare, Inc.(b)
  126   18,551
Molecular Templates, Inc.(b)
  4   36
Myriad Genetics, Inc.(b)
  749   21,459
National HealthCare Corp.
  166   12,153
National Research Corp.
  53   2,535
Natus Medical, Inc.(b)
  244   6,539
Neogen Corp.(b)
  99   9,139
NeoGenomics, Inc.(b)
  158   6,483
Neurocrine Biosciences, Inc.(b)
  67   6,447
Nevro Corp.(b)
  15   2,261
NextGen Healthcare, Inc.(b)
  493   8,095
Novocure Ltd.(b)
  35   7,140
NuVasive, Inc.(b)
  251   17,118
Omnicell, Inc.(b)
  166   23,074
OPKO Health, Inc.(b)
  1,997   7,629
Option Care Health, Inc.(b)
  152   2,788
OraSure Technologies, Inc.(b)(c)
  162   1,557
Orthofix Medical, Inc.(b)
  131   5,332
OrthoPediatrics Corp.(b)
  5   282
Owens & Minor, Inc.
  5,599   250,331
Pacira BioSciences, Inc.(b)
  109   6,613
Patterson Cos., Inc.
  2,085   67,846
Penumbra, Inc.(b)
  31   7,722
PerkinElmer, Inc.
  375   54,401
PetIQ, Inc.(b)(c)
  135   5,549
Phibro Animal Health Corp., Class A
  257   7,245
PRA Health Sciences, Inc.(b)
  310   52,985
Premier, Inc., Class A
  685   22,605
Prestige Consumer Healthcare, Inc.(b)
  397   19,798
PTC Therapeutics, Inc.(b)
  30   1,178
Quidel Corp.(b)(c)
  34   4,016
R1 RCM, Inc.(b)
  591   13,682
RadNet, Inc.(b)
  442   11,700
Repligen Corp.(b)
  41   7,487
Seagen, Inc.(b)
  44   6,835
Select Medical Holdings Corp.
  1,984   79,499
Simulations Plus, Inc.(c)
  13   686
STAAR Surgical Co.(b)(c)
  41   5,987
  Shares   Value
Health Care-(continued)
Supernus Pharmaceuticals, Inc.(b)
  298   $8,895
Surgalign Holdings, Inc.(b)
  921   1,805
Surgery Partners, Inc.(b)
  554   32,426
SurModics, Inc.(b)
  37   1,963
Syneos Health, Inc.(b)
  441   38,764
Tabula Rasa HealthCare, Inc.(b)(c)
  29   1,253
Tactile Systems Technology, Inc.(b)
  28   1,506
Tandem Diabetes Care, Inc.(b)
  27   2,306
Taro Pharmaceutical Industries Ltd.(b)
  116   8,238
Teladoc Health, Inc.(b)(c)
  39   5,873
Teleflex, Inc.
  101   40,621
Tivity Health, Inc.(b)
  802   21,012
Travere Therapeutics, Inc.(b)
  58   880
United Therapeutics Corp.(b)
  157   29,186
US Physical Therapy, Inc.
  69   8,029
Vanda Pharmaceuticals, Inc.(b)
  293   5,183
Varex Imaging Corp.(b)
  389   9,760
Veeva Systems, Inc., Class A(b)
  101   29,425
Veracyte, Inc.(b)
  38   1,484
Vericel Corp.(b)
  50   2,825
Vocera Communications, Inc.(b)
  116   3,912
Voyager Therapeutics, Inc.(b)
  69   294
West Pharmaceutical Services, Inc.
  125   43,439
Zynex, Inc.(b)(c)
  12   183
        2,743,749
Industrials-22.35%
AAON, Inc.
  107   7,089
AAR Corp.(b)
  946   39,496
ABM Industries, Inc.
  1,236   61,664
ACCO Brands Corp.
  3,248   29,589
Acuity Brands, Inc.
  486   90,275
Advanced Drainage Systems, Inc.
  312   35,387
Aerojet Rocketdyne Holdings, Inc.
  403   19,525
AeroVironment, Inc.(b)
  63   6,907
Air Transport Services Group, Inc.(b)
  759   18,854
Alamo Group, Inc.
  93   14,339
Alaska Air Group, Inc.(b)
  990   68,508
Albany International Corp., Class A
  247   22,069
Allegiant Travel Co.(b)
  76   16,831
Allegion PLC
  387   54,366
Altra Industrial Motion Corp.
  880   57,807
AMERCO
  105   60,379
Ameresco, Inc., Class A(b)
  64   3,441
American Woodmark Corp.(b)
  277   24,077
Apogee Enterprises, Inc.
  659   25,049
Applied Industrial Technologies, Inc.
  489   47,902
ArcBest Corp.
  1,050   81,732
Arcosa, Inc.
  628   39,878
Argan, Inc.
  74   3,633
Armstrong World Industries, Inc.
  257   27,332
ASGN, Inc.(b)
  540   55,669
Astec Industries, Inc.
  260   17,818
Astronics Corp.(b)
  992   16,824
Atkore, Inc.(b)
  595   45,934
Atlas Air Worldwide Holdings, Inc.(b)
  809   60,618
Axon Enterprise, Inc.(b)
  79   11,107
AZZ, Inc.
  368   19,684
Barnes Group, Inc.
  633   33,815
Barrett Business Services, Inc.
  129   9,607
Beacon Roofing Supply, Inc.(b)
  1,649   93,399
Bloom Energy Corp., Class A(b)(c)
  402   9,716
Boise Cascade Co.
  902   59,523
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Industrials-(continued)
Brady Corp., Class A
  342   $19,573
BrightView Holdings, Inc.(b)
  664   11,520
Brink’s Co. (The)
  705   53,164
BWX Technologies, Inc.
  402   25,141
CAI International, Inc.
  719   30,859
Casella Waste Systems, Inc., Class A(b)
  109   7,350
CBIZ, Inc.(b)
  459   15,243
Chart Industries, Inc.(b)
  385   56,187
Cimpress PLC (Ireland)(b)(c)
  364   36,149
CIRCOR International, Inc.(b)
  617   23,218
Clarivate PLC (United Kingdom)(b)
  309   9,282
Clean Harbors, Inc.(b)
  534   49,715
Colfax Corp.(b)
  1,132   50,034
Columbus McKinnon Corp.
  316   16,021
Comfort Systems USA, Inc.
  524   43,440
Copa Holdings S.A., Class A (Panama)(b)
  267   21,963
Copart, Inc.(b)
  517   66,698
CoreCivic, Inc.(b)
  2,630   20,593
CoreLogic, Inc.
  520   41,340
Cornerstone Building Brands, Inc.(b)
  1,626   27,577
Costamare, Inc. (Monaco)
  1,622   17,404
CoStar Group, Inc.(b)
  54   46,116
Covanta Holding Corp.
  2,319   34,344
CRA International, Inc.
  109   8,923
Crane Co.
  681   65,029
CSW Industrials, Inc.
  87   10,598
Curtiss-Wright Corp.
  382   47,872
Deluxe Corp.
  1,435   65,379
Donaldson Co., Inc.
  744   45,823
Douglas Dynamics, Inc.
  196   8,595
Ducommun, Inc.(b)
  176   9,464
DXP Enterprises, Inc.(b)
  474   14,642
Dycom Industries, Inc.(b)
  572   42,854
Echo Global Logistics, Inc.(b)
  845   28,865
Encore Wire Corp.
  271   22,276
Energy Recovery, Inc.(b)
  106   2,015
Enerpac Tool Group Corp.
  522   14,303
EnerSys
  470   44,293
Ennis, Inc.
  318   6,665
EnPro Industries, Inc.
  387   35,600
ESCO Technologies, Inc.
  129   12,209
Evoqua Water Technologies Corp.(b)
  432   13,444
Exponent, Inc.
  129   11,769
Federal Signal Corp.
  385   16,355
Flowserve Corp.
  1,603   67,951
Forrester Research, Inc.(b)
  73   3,132
Forward Air Corp.
  341   33,040
Franklin Electric Co., Inc.
  263   22,063
FTI Consulting, Inc.(b)
  205   28,198
GATX Corp.(c)
  628   61,958
Genco Shipping & Trading Ltd.
  1,615   25,517
Generac Holdings, Inc.(b)
  175   57,526
Gibraltar Industries, Inc.(b)
  248   19,704
GMS, Inc.(b)
  1,053   48,217
Gorman-Rupp Co. (The)
  152   5,469
Graco, Inc.
  611   46,265
GrafTech International Ltd.
  1,661   22,058
Granite Construction, Inc.
  1,585   63,971
Great Lakes Dredge & Dock Corp.(b)
  1,051   15,355
Greenbrier Cos., Inc. (The)
  1,098   48,762
Griffon Corp.
  783   20,585
H&E Equipment Services, Inc.
  954   35,680
  Shares   Value
Industrials-(continued)
Harsco Corp.(b)
  1,332   $29,863
Hawaiian Holdings, Inc.(b)
  709   18,292
Healthcare Services Group, Inc.
  558   16,734
Heartland Express, Inc.
  349   6,334
HEICO Corp.
  275   38,627
Heidrick & Struggles International, Inc.
  340   14,634
Helios Technologies, Inc.
  223   15,844
Herc Holdings, Inc.(b)
  1,110   127,672
Heritage-Crystal Clean, Inc.(b)
  204   6,283
Herman Miller, Inc.
  1,107   52,915
Hexcel Corp.(b)
  1,326   78,844
Hillenbrand, Inc.
  825   37,620
HNI Corp.
  956   43,613
Hub Group, Inc., Class A(b)
  611   42,654
Huron Consulting Group, Inc.(b)
  233   12,747
Hyster-Yale Materials Handling, Inc.
  225   17,008
ICF International, Inc.
  197   17,316
Ingersoll Rand, Inc.(b)
  963   47,803
Insperity, Inc.
  603   55,591
Insteel Industries, Inc.
  225   7,866
Interface, Inc.
  1,429   23,350
ITT, Inc.
  674   63,289
JELD-WEN Holding, Inc.(b)
  1,530   42,855
JetBlue Airways Corp.(b)
  3,359   67,516
John Bean Technologies Corp.
  207   29,814
Kadant, Inc.
  76   12,770
Kaman Corp.
  271   14,585
KBR, Inc.
  1,981   80,706
Kelly Services, Inc., Class A(b)
  2,352   60,376
Kennametal, Inc.
  1,060   39,761
Kforce, Inc.
  357   22,387
Kimball International, Inc., Class B
  561   7,473
Kirby Corp.(b)
  756   49,389
Knoll, Inc.
  1,155   30,030
Korn Ferry
  880   57,561
Kratos Defense & Security Solutions, Inc.(b)
  381   9,529
Landstar System, Inc.
  345   58,823
Lawson Products, Inc.(b)
  71   4,296
LB Foster Co., Class A(b)
  315   5,667
Lennox International, Inc.
  214   74,885
Lincoln Electric Holdings, Inc.
  538   69,176
Lindsay Corp.
  46   7,573
Luxfer Holdings PLC (United Kingdom)
  220   5,029
Lydall, Inc.(b)
  698   25,393
Manitowoc Co., Inc. (The)(b)
  505   13,039
ManTech International Corp., Class A
  314   27,321
Marten Transport Ltd.
  480   8,189
Masonite International Corp.(b)
  341   40,767
Matrix Service Co.(b)
  1,047   11,412
Matson, Inc.
  824   53,272
Matthews International Corp., Class A
  713   27,857
Maxar Technologies, Inc.
  1,449   45,064
McGrath RentCorp
  213   18,260
Mercury Systems, Inc.(b)
  131   8,574
Meritor, Inc.(b)
  1,612   41,912
Middleby Corp. (The)(b)
  487   80,004
Moog, Inc., Class A
  694   62,599
MRC Global, Inc.(b)
  6,043   64,902
MSA Safety, Inc.
  128   21,512
MSC Industrial Direct Co., Inc., Class A
  624   58,906
Mueller Industries, Inc.
  768   35,658
Mueller Water Products, Inc., Class A
  1,272   18,406
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Industrials-(continued)
MYR Group, Inc.(b)
  395   $34,381
National Presto Industries, Inc.
  46   4,665
Navistar International Corp.(b)
  997   44,097
NN, Inc.(b)
  2,008   15,080
Nordson Corp.
  181   40,126
NOW, Inc.(b)
  3,534   37,001
NV5 Global, Inc.(b)
  80   7,306
nVent Electric PLC
  2,197   71,490
Omega Flex, Inc.
  13   1,912
Park Aerospace Corp.
  339   5,227
Park-Ohio Holdings Corp.
  558   20,585
PGT Innovations, Inc.(b)
  603   14,568
Pitney Bowes, Inc.
  11,492   96,303
Powell Industries, Inc.
  158   5,429
Primoris Services Corp.
  1,267   40,278
Proto Labs, Inc.(b)
  78   6,972
Quanex Building Products Corp.
  824   21,943
Raven Industries, Inc.
  274   12,092
RBC Bearings, Inc.(b)
  101   19,775
Regal Beloit Corp.
  601   85,480
Resideo Technologies, Inc.(b)
  4,411   131,889
Resources Connection, Inc.
  625   9,113
REV Group, Inc.(b)
  1,136   21,266
Rexnord Corp.
  837   41,825
Rollins, Inc.
  393   13,397
Rush Enterprises, Inc., Class A
  1,499   71,652
Saia, Inc.(b)
  167   38,437
Schneider National, Inc., Class B
  1,856   45,453
Shyft Group, Inc. (The)
  245   9,550
Simpson Manufacturing Co., Inc.
  265   29,765
SiteOne Landscape Supply, Inc.(b)
  132   22,709
SkyWest, Inc.(b)
  509   24,956
SP Plus Corp.(b)
  631   20,627
Spirit Airlines, Inc.(b)
  1,199   42,816
SPX Corp.(b)
  314   19,666
SPX FLOW, Inc.
  499   34,246
Standex International Corp.
  174   17,337
Steelcase, Inc., Class A
  2,460   35,596
Stericycle, Inc.(b)
  649   50,985
Sunrun, Inc.(b)
  372   16,636
Systemax, Inc.
  269   9,232
Team, Inc.(b)
  1,980   16,830
Teledyne Technologies, Inc.(b)
  109   45,722
Tennant Co.
  150   12,411
Terex Corp.
  1,947   101,964
Tetra Tech, Inc.
  367   43,846
Thermon Group Holdings, Inc.(b)
  325   5,665
Timken Co. (The)
  1,061   93,845
Titan Machinery, Inc.(b)
  678   20,801
Toro Co. (The)
  448   49,768
TPI Composites, Inc.(b)
  300   14,490
TransUnion
  546   58,422
Trex Co., Inc.(b)
  170   16,560
TriMas Corp.(b)
  500   16,210
TriNet Group, Inc.(b)
  366   27,574
Triton International Ltd. (Bermuda)
  1,395   75,679
Triumph Group, Inc.(b)
  1,806   34,711
TrueBlue, Inc.(b)
  1,132   30,711
Tutor Perini Corp.(b)
  2,987   46,239
UFP Industries, Inc.
  737   58,606
UniFirst Corp.
  149   33,030
Universal Logistics Holdings, Inc.
  245   6,125
  Shares   Value
Industrials-(continued)
Upwork, Inc.(b)
  123   $5,790
US Ecology, Inc.(b)
  244   9,670
Valmont Industries, Inc.
  264   65,472
Veritiv Corp.(b)
  3,042   186,840
Viad Corp.(b)
  734   32,399
Vicor Corp.(b)
  34   3,063
Wabash National Corp.
  2,089   33,320
Watsco, Inc.
  255   74,307
Watts Water Technologies, Inc., Class A
  218   29,626
Werner Enterprises, Inc.
  622   29,850
WillScot Mobile Mini Holdings Corp.(b)
  442   12,818
Woodward, Inc.
  622   79,106
        8,016,678
Information Technology-12.10%
3D Systems Corp.(b)(c)
  778   22,881
8x8, Inc.(b)
  100   2,355
A10 Networks, Inc.(b)
  158   1,537
ACI Worldwide, Inc.(b)
  597   22,841
ACM Research, Inc., Class A(b)
  12   912
ADTRAN, Inc.
  480   9,509
Advanced Energy Industries, Inc.
  155   15,812
Advanced Micro Devices, Inc.(b)
  643   51,491
Agilysys, Inc.(b)
  69   3,505
Alarm.com Holdings, Inc.(b)
  71   5,813
Altair Engineering, Inc., Class A(b)
  120   8,084
Alteryx, Inc., Class A(b)
  32   2,489
Ambarella, Inc.(b)
  93   9,335
Amkor Technology, Inc.
  3,912   82,543
Anaplan, Inc.(b)
  55   2,833
ANSYS, Inc.(b)
  154   52,043
AppFolio, Inc., Class A(b)
  21   2,833
Appian Corp.(b)
  24   2,172
Applied Optoelectronics, Inc.(b)(c)
  277   2,280
Arista Networks, Inc.(b)
  176   59,731
Arlo Technologies, Inc.(b)
  877   5,885
Aspen Technology, Inc.(b)
  218   29,750
AudioCodes Ltd. (Israel)
  55   1,776
Avalara, Inc.(b)
  29   3,833
Avaya Holdings Corp.(b)
  2,066   59,253
Avid Technology, Inc.(b)
  185   5,713
Axcelis Technologies, Inc.(b)
  184   7,625
Badger Meter, Inc.
  104   9,939
Belden, Inc.
  997   50,448
Benchmark Electronics, Inc.
  1,266   39,183
Benefitfocus, Inc.(b)
  61   902
Black Knight, Inc.(b)
  308   22,604
Blackbaud, Inc.(b)
  208   14,704
Blackline, Inc.(b)(c)
  48   4,991
Bottomline Technologies (DE), Inc.(b)
  171   6,392
Box, Inc., Class A(b)
  311   7,249
Brightcove, Inc.(b)
  129   1,870
Brooks Automation, Inc.
  267   27,258
CalAmp Corp.(b)
  661   9,168
Calix, Inc.(b)
  189   8,375
Cardtronics PLC, Class A(b)
  776   30,210
Casa Systems, Inc.(b)
  348   3,021
CDK Global, Inc.
  858   44,908
CEVA, Inc.(b)
  70   3,141
ChannelAdvisor Corp.(b)
  91   2,159
Ciena Corp.(b)
  763   40,340
Cirrus Logic, Inc.(b)
  330   25,763
Cloudera, Inc.(b)(c)
  1,215   15,625
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Information Technology-(continued)
CMC Materials, Inc.
  131   $20,217
Cognex Corp.
  351   27,866
Cognyte Software Ltd. (Israel)(b)
  452   11,634
Coherent, Inc.(b)
  146   38,341
Cohu, Inc.(b)
  380   14,144
CommVault Systems, Inc.(b)
  295   22,470
Comtech Telecommunications Corp.
  467   11,810
Conduent, Inc.(b)
  18,603   141,011
Cornerstone OnDemand, Inc.(b)
  171   7,519
Coupa Software, Inc.(b)
  22   5,240
Cree, Inc.(b)(c)
  445   44,504
CSG Systems International, Inc.
  248   10,922
CTS Corp.
  310   11,857
Daktronics, Inc.(b)
  917   6,199
Diebold Nixdorf, Inc.(b)
  3,839   51,980
Digi International, Inc.(b)
  293   5,555
Diodes, Inc.(b)
  277   20,961
DocuSign, Inc.(b)
  130   26,211
Dolby Laboratories, Inc., Class A
  751   73,253
Dropbox, Inc., Class A(b)(c)
  1,011   27,651
DSP Group, Inc.(b)
  89   1,399
Ebix, Inc.
  362   9,919
Elastic N.V.(b)
  21   2,482
Enphase Energy, Inc.(b)
  71   10,157
Entegris, Inc.
  499   57,111
Envestnet, Inc.(b)
  155   11,155
EPAM Systems, Inc.(b)
  102   48,715
ePlus, Inc.(b)
  111   10,497
Euronet Worldwide, Inc.(b)
  392   58,659
Everbridge, Inc.(b)(c)
  12   1,410
EVERTEC, Inc.
  288   12,537
Evo Payments, Inc., Class A(b)
  425   12,172
ExlService Holdings, Inc.(b)
  210   21,416
Extreme Networks, Inc.(b)
  2,241   25,637
Fabrinet (Thailand)(b)
  252   22,602
Fair Isaac Corp.(b)
  68   34,412
FARO Technologies, Inc.(b)
  78   5,901
FireEye, Inc.(b)
  671   15,010
First Solar, Inc.(b)
  536   40,795
Five9, Inc.(b)
  29   5,136
FormFactor, Inc.(b)
  332   11,703
Fortinet, Inc.(b)
  293   64,032
Gartner, Inc.(b)
  371   86,013
Genpact Ltd.
  959   43,865
GreenSky, Inc., Class A(b)
  3,663   21,465
GTT Communications, Inc.(b)(c)
  942   1,404
Guidewire Software, Inc.(b)
  143   13,977
Hackett Group, Inc. (The)
  203   3,615
Harmonic, Inc.(b)
  574   4,001
HubSpot, Inc.(b)
  41   20,680
Ichor Holdings Ltd.(b)
  294   16,540
II-VI, Inc.(b)(c)
  411   27,689
Impinj, Inc.(b)(c)
  46   2,394
Infinera Corp.(b)
  623   5,981
Inseego Corp.(b)(c)
  29   249
Insight Enterprises, Inc.(b)
  811   84,733
InterDigital, Inc.
  318   25,688
IPG Photonics Corp.(b)
  162   33,900
Itron, Inc.(b)
  308   29,368
J2 Global, Inc.(b)
  337   41,967
Jack Henry & Associates, Inc.
  161   24,818
Knowles Corp.(b)
  966   19,842
  Shares   Value
Information Technology-(continued)
Kulicke & Soffa Industries, Inc. (Singapore)
  621   $32,230
Lattice Semiconductor Corp.(b)
  255   13,533
Limelight Networks, Inc.(b)(c)
  337   1,045
Littelfuse, Inc.
  173   45,195
LivePerson, Inc.(b)
  30   1,648
LiveRamp Holdings, Inc.(b)
  404   20,297
Lumentum Holdings, Inc.(b)
  357   29,049
MACOM Technology Solutions Holdings, Inc.(b)
  134   7,933
MagnaChip Semiconductor Corp. (South Korea)(b)
  341   8,082
Manhattan Associates, Inc.(b)
  143   19,445
Maximus, Inc.
  458   42,443
MaxLinear, Inc.(b)
  333   12,661
Methode Electronics, Inc.
  371   17,949
MicroStrategy, Inc., Class A(b)
  93   43,710
Mimecast Ltd.(b)
  102   5,099
MKS Instruments, Inc.
  300   56,469
Model N, Inc.(b)
  25   892
MongoDB, Inc.(b)
  9   2,627
Monolithic Power Systems, Inc.
  64   21,960
National Instruments Corp.
  670   27,336
Net 1 UEPS Technologies, Inc. (South Africa)(b)
  579   2,883
NETGEAR, Inc.(b)
  315   12,247
NetScout Systems, Inc.(b)
  917   26,960
New Relic, Inc.(b)
  81   5,077
nLight, Inc.(b)
  73   2,140
Novanta, Inc.(b)
  68   9,450
Nuance Communications, Inc.(b)
  1,693   89,560
Nutanix, Inc., Class A(b)
  216   6,806
Okta, Inc.(b)(c)
  25   5,561
OneSpan, Inc.(b)
  98   2,563
Onto Innovation, Inc.(b)
  164   11,770
Opera Ltd., ADR (Norway)(b)
  1,058   12,548
OSI Systems, Inc.(b)
  161   15,514
Paycom Software, Inc.(b)
  41   13,514
Paylocity Holding Corp.(b)
  43   7,303
PC Connection, Inc.
  369   18,004
PDF Solutions, Inc.(b)
  122   2,128
Pegasystems, Inc.
  54   6,380
Perficient, Inc.(b)
  228   16,323
Photronics, Inc.(b)
  836   11,319
Plantronics, Inc.(b)(c)
  902   29,586
Plexus Corp.(b)
  425   41,994
Power Integrations, Inc.
  181   14,876
Progress Software Corp.
  248   11,053
Proofpoint, Inc.(b)
  117   20,219
PROS Holdings, Inc.(b)
  62   2,751
PTC, Inc.(b)
  531   71,228
Pure Storage, Inc., Class A(b)
  928   17,678
Q2 Holdings, Inc.(b)
  29   2,753
QAD, Inc., Class A
  63   4,502
Qualys, Inc.(b)
  87   8,411
Rambus, Inc.(b)
  635   12,421
Rapid7, Inc.(b)
  34   2,844
Ribbon Communications, Inc.(b)
  1,526   11,353
RingCentral, Inc., Class A(b)
  25   6,562
Rogers Corp.(b)
  115   21,545
Sabre Corp.(b)(c)
  7,655   106,022
SailPoint Technologies Holding, Inc.(b)
  190   8,841
ScanSource, Inc.(b)
  933   28,484
Semtech Corp.(b)
  304   19,152
Silicon Laboratories, Inc.(b)
  166   22,669
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Information Technology-(continued)
SMART Global Holdings, Inc.(b)
  197   $9,338
Smartsheet, Inc., Class A(b)
  43   2,540
SolarEdge Technologies, Inc.(b)
  105   27,091
Splunk, Inc.(b)
  131   15,877
SPS Commerce, Inc.(b)
  88   8,260
Square, Inc., Class A(b)
  490   109,035
Stratasys Ltd.(b)(c)
  510   11,776
Super Micro Computer, Inc.(b)
  795   27,618
SVMK, Inc.(b)
  167   3,248
Switch, Inc., Class A(c)
  369   6,963
Sykes Enterprises, Inc.(b)
  526   22,050
Synaptics, Inc.(b)
  286   36,130
Tenable Holdings, Inc.(b)
  30   1,254
Teradata Corp.(b)
  1,299   62,183
Trade Desk, Inc. (The), Class A(b)
  26   15,292
TTEC Holdings, Inc.
  138   14,961
TTM Technologies, Inc.(b)
  2,276   34,481
Tucows, Inc., Class A(b)
  35   2,733
Twilio, Inc., Class A(b)
  100   33,600
Tyler Technologies, Inc.(b)
  58   23,383
Ultra Clean Holdings, Inc.(b)
  442   24,898
Unisys Corp.(b)
  382   9,821
Universal Display Corp.
  69   14,894
Upland Software, Inc.(b)
  61   2,500
Varonis Systems, Inc.(b)
  58   2,801
Veeco Instruments, Inc.(b)
  350   8,337
Verint Systems, Inc.(b)(c)
  428   19,735
Verra Mobility Corp.(b)
  440   6,270
ViaSat, Inc.(b)
  768   40,842
Viavi Solutions, Inc.(b)
  1,140   19,984
Vishay Intertechnology, Inc.
  1,930   46,455
Vonage Holdings Corp.(b)
  1,017   14,014
WEX, Inc.(b)
  264   51,720
Workiva, Inc.(b)
  38   3,606
Xperi Holding Corp.
  718   15,380
Yext, Inc.(b)
  94   1,360
Zendesk, Inc.(b)
  92   12,573
Zscaler, Inc.(b)(c)
  31   6,020
Zuora, Inc., Class A(b)
  135   2,088
        4,337,183
Materials-8.08%
AdvanSix, Inc.(b)
  1,191   37,707
Allegheny Technologies, Inc.(b)
  4,752   116,377
American Vanguard Corp.
  259   4,763
AptarGroup, Inc.
  344   50,675
Avient Corp.
  1,221   63,468
Balchem Corp.
  116   15,196
Cabot Corp.
  1,286   81,764
Carpenter Technology Corp.
  1,276   61,146
Century Aluminum Co.(b)
  1,320   17,965
Chase Corp.
  39   4,134
Clearwater Paper Corp.(b)
  353   10,071
Cleveland-Cliffs, Inc.(b)(c)
  8,306   167,117
Coeur Mining, Inc.(b)
  1,468   15,267
Commercial Metals Co.
  2,256   70,996
Compass Minerals International, Inc.
  361   25,234
Eagle Materials, Inc.
  654   95,981
Element Solutions, Inc.
  2,993   70,006
Ferro Corp.(b)
  859   18,554
Ferroglobe PLC(b)
  8,671   44,742
Forterra, Inc.(b)
  293   6,850
FutureFuel Corp.
  234   2,403
  Shares   Value
Materials-(continued)
GCP Applied Technologies, Inc.(b)
  394   $9,606
Glatfelter Corp.
  897   13,240
Gold Resource Corp.
  352   979
Greif, Inc., Class A
  1,225   75,595
H.B. Fuller Co.
  759   52,462
Hawkins, Inc.
  299   10,172
Haynes International, Inc.
  209   7,273
Hecla Mining Co.
  4,327   38,943
Ingevity Corp.(b)
  324   26,669
Innospec, Inc.
  217   21,941
Intrepid Potash, Inc.(b)
  340   9,731
Kaiser Aluminum Corp.
  302   39,076
Koppers Holdings, Inc.(b)
  754   26,141
Kraton Corp.(b)
  1,612   54,727
Livent Corp.(b)(c)
  1,045   20,388
Materion Corp.
  194   15,297
Mercer International, Inc. (Germany)
  1,197   17,764
Mesabi Trust(b)
  200   7,444
Minerals Technologies, Inc.
  523   45,501
Myers Industries, Inc.
  396   8,724
Neenah, Inc.
  205   10,851
NewMarket Corp.
  47   16,132
Orion Engineered Carbons S.A. (Germany)(b)
  1,778   35,987
PQ Group Holdings, Inc.
  563   9,199
Quaker Chemical Corp.
  46   11,157
Rayonier Advanced Materials, Inc.(b)
  7,900   60,988
Resolute Forest Products, Inc.(b)
  17,708   298,734
Royal Gold, Inc.
  165   20,422
Schnitzer Steel Industries, Inc., Class A
  1,196   65,158
Schweitzer-Mauduit International, Inc., Class A
  447   18,287
Scotts Miracle-Gro Co. (The)
  130   28,258
Sealed Air Corp.
  1,313   74,657
Sensient Technologies Corp.
  361   31,317
Silgan Holdings, Inc.
  740   31,176
Stepan Co.
  183   24,643
Summit Materials, Inc., Class A(b)
  1,831   63,755
SunCoke Energy, Inc.
  5,076   38,222
TimkenSteel Corp.(b)(c)
  2,792   42,299
Tredegar Corp.
  533   8,123
Trinseo S.A.
  2,069   134,361
Tronox Holdings PLC, Class A
  3,248   76,263
US Concrete, Inc.(b)
  482   27,469
Valvoline, Inc.
  1,237   40,821
Venator Materials PLC(b)
  4,992   24,810
Verso Corp., Class A
  1,126   19,153
W.R. Grace & Co.
  453   31,040
Warrior Met Coal, Inc.
  2,444   44,725
Westlake Chemical Corp.
  689   69,499
Worthington Industries, Inc.
  874   58,007
        2,897,602
Real Estate-5.20%
Alexander & Baldwin, Inc.
  961   18,461
Alexander’s, Inc.
  16   4,339
Altisource Portfolio Solutions S.A.(b)
  352   2,404
American Assets Trust, Inc.
  346   12,646
Americold Realty Trust
  561   21,329
Apple Hospitality REIT, Inc.
  3,758   59,639
Armada Hoffler Properties, Inc.
  936   12,421
Brandywine Realty Trust
  2,302   32,366
Camden Property Trust
  366   45,889
Centerspace
  97   6,905
Chatham Lodging Trust(b)
  1,422   18,728
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
  Shares   Value
Real Estate-(continued)
CorePoint Lodging, Inc.(b)
  2,276   $23,875
CoreSite Realty Corp.
  144   17,460
Corporate Office Properties Trust
  696   19,210
CubeSmart
  805   35,251
Cushman & Wakefield PLC(b)
  3,932   74,747
CyrusOne, Inc.
  386   28,468
DiamondRock Hospitality Co.(b)
  3,674   35,564
Diversified Healthcare Trust
  12,562   45,600
Easterly Government Properties, Inc.
  328   6,799
EastGroup Properties, Inc.
  118   18,653
Empire State Realty Trust, Inc., Class A
  2,511   29,705
Equity LifeStyle Properties, Inc.
  424   30,045
eXp World Holdings, Inc.(b)
  392   12,646
Extra Space Storage, Inc.
  447   66,965
Federal Realty Investment Trust
  491   56,141
Forestar Group, Inc.(b)
  106   2,439
Franklin Street Properties Corp.
  1,298   6,672
GEO Group, Inc. (The)(c)
  2,860   14,843
Healthcare Realty Trust, Inc.
  561   17,021
Hersha Hospitality Trust(b)
  2,263   24,327
Highwoods Properties, Inc.
  790   36,087
Howard Hughes Corp. (The)(b)
  519   54,926
Lamar Advertising Co., Class A
  720   75,470
Life Storage, Inc.
  306   30,429
Marcus & Millichap, Inc.(b)
  144   5,659
New Senior Investment Group, Inc.
  3,011   19,963
Newmark Group, Inc., Class A
  6,244   80,548
NexPoint Residential Trust, Inc.
  203   10,524
Office Properties Income Trust
  824   24,086
Outfront Media, Inc.(b)
  2,339   55,996
Pebblebrook Hotel Trust
  2,486   55,562
Piedmont Office Realty Trust, Inc., Class A
  1,391   25,720
PotlatchDeltic Corp.
  464   27,933
PS Business Parks, Inc.
  145   22,469
QTS Realty Trust, Inc., Class A(c)
  214   13,563
Rayonier, Inc.
  764   29,177
RE/MAX Holdings, Inc., Class A
  166   5,812
Redfin Corp.(b)(c)
  85   5,018
RLJ Lodging Trust
  4,141   63,647
RMR Group, Inc. (The), Class A
  272   10,641
Ryman Hospitality Properties, Inc.(b)
  1,004   75,210
Saul Centers, Inc.
  188   8,357
St. Joe Co. (The)
  173   8,091
Summit Hotel Properties, Inc.(b)
  2,620   25,178
Sun Communities, Inc.
  170   28,461
Sunstone Hotel Investors, Inc.(b)
  3,395   42,641
Tanger Factory Outlet Centers, Inc.
  2,842   49,820
UDR, Inc.
  950   45,249
Uniti Group, Inc.
  3,218   34,947
Universal Health Realty Income Trust
  31   2,145
Urban Edge Properties
  1,655   32,024
Washington Prime Group, Inc.(b)(c)
  2,886   6,407
Xenia Hotels & Resorts, Inc.(b)
  2,681   52,038
        1,865,356
  Shares   Value
Utilities-1.89%
ALLETE, Inc.
  572   $39,405
American States Water Co.
  120   9,524
Avangrid, Inc.
  744   39,194
Avista Corp.
  748   33,907
Black Hills Corp.
  611   40,198
California Water Service Group
  274   15,574
Chesapeake Utilities Corp.
  92   10,539
Hawaiian Electric Industries, Inc.
  1,083   46,623
IDACORP, Inc.
  383   37,515
MGE Energy, Inc.
  193   14,479
Middlesex Water Co.
  56   4,814
National Fuel Gas Co.
  984   51,060
New Jersey Resources Corp.
  880   37,594
Northwest Natural Holding Co.
  219   11,581
NorthWestern Corp.
  459   29,078
ONE Gas, Inc.
  376   27,944
Ormat Technologies, Inc.
  226   15,605
Otter Tail Corp.
  339   16,262
PNM Resources, Inc.
  782   38,412
Portland General Electric Co.
  968   46,406
SJW Group
  177   11,408
South Jersey Industries, Inc.
  796   21,221
Southwest Gas Holdings, Inc.
  559   36,899
Spire, Inc.
  500   35,830
Unitil Corp.
  130   7,130
        678,202
Total Common Stocks & Other Equity Interests

(Cost $23,500,138)
  35,830,271
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)

(Cost $24,374)
  24,374   24,374
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $23,524,512)
  35,854,645
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.96%
Invesco Private Government Fund, 0.01%(e)(f)(g)
  1,568,953   1,568,953
Invesco Private Prime Fund, 0.09%(e)(f)(g)
  2,363,306   2,364,251
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,933,204)
  3,933,204
TOTAL INVESTMENTS IN SECURITIES-110.94%

(Cost $27,457,716)
  39,787,849
OTHER ASSETS LESS LIABILITIES-(10.94)%
  (3,924,878)
NET ASSETS-100.00%
  $35,862,971
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2021
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at May 31, 2021.
(d) Restricted security. The aggregate value of these securities at May 31, 2021 was $71,879, which represented less than 1% of the Fund’s Net Assets.
(e) 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, 2021.
    
  Value
August 31, 2020 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
May 31, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $598,210   $(573,836)   $-   $-   $24,374   $3
Invesco Premier U.S. Government Money Portfolio, Institutional Class 63,744   60,572   (124,316)   -   -   -   -
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 943,582   8,106,391   (7,481,020)   -   -   1,568,953   140*
Invesco Private Prime Fund 317,504   11,067,840   (9,021,221)   -   128   2,364,251   976*
Total $1,324,830   $19,833,013   $(17,200,393)   $-   $128   $3,957,578   $1,119
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of May 31, 2021.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedules of Portfolio Holdings
May 31, 2021
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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, 2021. 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 Defensive Equity ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $251,306,240   $-   $-   $251,306,240
Money Market Funds -   2,035,013   -   2,035,013
Total Investments $251,306,240   $2,035,013   $-   $253,341,253
Invesco RAFITM Strategic Developed ex-US ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $316,952,897   $-   $0   $316,952,897
Money Market Funds 571,742   16,213,413   -   16,785,155
Total Investments $317,524,639   $16,213,413   $0   $333,738,052
Invesco RAFITM Strategic Emerging Markets ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $25,573,854   $-   $61,187   $25,635,041
Money Market Funds 8,632   945,692   -   954,324
Total Investments $25,582,486   $945,692   $61,187   $26,589,365
Invesco RAFITM Strategic US ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $172,955,059   $-   $-   $172,955,059
Money Market Funds 41,905   3,855,930   -   3,897,835
Total Investments $172,996,964   $3,855,930   $-   $176,852,894
Invesco RAFITM Strategic US Small Company ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $35,830,271   $-   $-   $35,830,271
Money Market Funds 24,374   3,933,204   -   3,957,578
Total Investments $35,854,645   $3,933,204   $-   $39,787,849