NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Defensive Equity ETF (DEF)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-3.47%
AT&T, Inc.
  94,480   $2,156,978
Comcast Corp., Class A
  43,366   2,167,433
T-Mobile US, Inc.(b)
  19,521   2,124,080
Verizon Communications, Inc.
  47,498   2,387,725
        8,836,216
Consumer Discretionary-11.47%
AutoZone, Inc.(b)
  1,687   3,065,397
Dollar General Corp.
  11,649   2,577,924
Domino’s Pizza, Inc.
  5,023   2,632,755
Garmin Ltd.
  15,082   2,014,050
Genuine Parts Co.
  21,777   2,781,794
Home Depot, Inc. (The)
  7,886   3,159,211
McDonald’s Corp.
  10,943   2,676,658
O’Reilly Automotive, Inc.(b)
  4,431   2,827,687
Starbucks Corp.
  22,099   2,422,934
Target Corp.
  10,617   2,588,849
Yum! Brands, Inc.
  20,152   2,475,472
        29,222,731
Consumer Staples-11.15%
Altria Group, Inc.
  51,264   2,185,897
Archer-Daniels-Midland Co.
  43,566   2,710,241
Church & Dwight Co., Inc.
  30,853   2,757,641
Colgate-Palmolive Co.
  33,729   2,530,349
Costco Wholesale Corp.
  5,599   3,019,988
Hershey Co. (The)
  14,769   2,621,350
Kellogg Co.
  41,611   2,545,761
Monster Beverage Corp.(b)
  26,933   2,256,447
PepsiCo, Inc.
  16,647   2,659,858
Procter & Gamble Co. (The)
  18,134   2,621,814
Walmart, Inc.
  17,703   2,489,573
        28,398,919
Financials-10.17%
Aflac, Inc.
  47,296   2,560,605
Allstate Corp. (The)
  19,639   2,135,152
Everest Re Group Ltd.
  9,906   2,539,700
Intercontinental Exchange, Inc.
  21,794   2,848,912
JPMorgan Chase & Co.
  16,455   2,613,548
Moody’s Corp.
  6,843   2,673,149
Nasdaq, Inc.
  13,153   2,673,084
Raymond James Financial, Inc.
  28,535   2,804,705
S&P Global, Inc.
  5,801   2,643,690
Travelers Cos., Inc. (The)
  16,426   2,413,801
        25,906,346
Health Care-23.96%
Abbott Laboratories
  20,210   2,541,812
AbbVie, Inc.
  23,643   2,725,565
Agilent Technologies, Inc.
  14,636   2,208,572
Amgen, Inc.
  11,877   2,362,098
Baxter International, Inc.
  31,529   2,351,118
Becton, Dickinson and Co.
  9,918   2,351,955
Bristol-Myers Squibb Co.
  40,198   2,155,819
Cooper Cos., Inc. (The)
  5,765   2,170,350
Edwards Lifesciences Corp.(b)
  21,236   2,278,835
Gilead Sciences, Inc.
  36,286   2,501,194
Humana, Inc.
  6,343   2,662,221
IQVIA Holdings, Inc.(b)
  9,962   2,581,453
Johnson & Johnson
  15,265   2,380,271
Laboratory Corp. of America Holdings(b)
  8,544   2,437,859
McKesson Corp.
  12,727   2,758,704
  Shares   Value
Health Care-(continued)
Medtronic PLC
  19,417   $2,071,794
Merck & Co., Inc.
  34,792   2,606,269
PerkinElmer, Inc.
  13,747   2,504,153
Pfizer, Inc.
  56,074   3,012,856
Quest Diagnostics, Inc.
  16,515   2,455,450
Stryker Corp.
  9,307   2,202,315
UnitedHealth Group, Inc.
  6,310   2,803,028
Waters Corp.(b)
  6,165   2,022,552
Zimmer Biomet Holdings, Inc.
  17,700   2,116,920
Zoetis, Inc.
  12,477   2,770,393
        61,033,556
Industrials-17.44%
3M Co.
  13,888   2,361,516
Cummins, Inc.
  11,225   2,354,444
Dover Corp.
  14,911   2,443,167
Eaton Corp. PLC
  16,057   2,602,197
Expeditors International of Washington, Inc.
  21,091   2,565,087
Illinois Tool Works, Inc.
  11,783   2,735,424
Leidos Holdings, Inc.
  26,363   2,317,571
Lockheed Martin Corp.
  7,465   2,488,234
Masco Corp.
  44,821   2,953,704
Norfolk Southern Corp.
  10,463   2,775,520
Northrop Grumman Corp.
  7,256   2,530,893
Old Dominion Freight Line, Inc.
  8,717   3,096,017
PACCAR, Inc.
  31,866   2,658,262
Snap-on, Inc.
  11,693   2,407,706
Stanley Black & Decker, Inc.
  13,853   2,420,950
Union Pacific Corp.
  12,139   2,860,434
Verisk Analytics, Inc.
  12,712   2,858,547
        44,429,673
Information Technology-5.93%
Broadridge Financial Solutions, Inc.
  15,265   2,573,221
Fidelity National Information Services, Inc.
  20,188   2,109,646
Fiserv, Inc.(b)
  22,435   2,165,426
Keysight Technologies, Inc.(b)
  14,401   2,800,707
Motorola Solutions, Inc.
  10,600   2,683,708
Paychex, Inc.
  23,279   2,774,857
        15,107,565
Materials-5.30%
Air Products and Chemicals, Inc.
  9,745   2,801,103
Corteva, Inc.
  59,088   2,658,960
International Flavors & Fragrances, Inc.
  17,280   2,456,698
Linde PLC (United Kingdom)
  8,410   2,675,557
Sherwin-Williams Co. (The)
  8,793   2,912,593
        13,504,911
Real Estate-6.29%
Alexandria Real Estate Equities, Inc.
  12,620   2,524,883
Digital Realty Trust, Inc.
  15,697   2,633,015
Duke Realty Corp.
  48,935   2,854,378
Equinix, Inc.
  2,975   2,416,295
Mid-America Apartment Communities, Inc.
  13,419   2,767,669
Prologis, Inc.
  18,844   2,840,733
        16,036,973
Utilities-4.77%
DTE Energy Co.
  21,501   2,329,418
Evergy, Inc.
  38,122   2,413,123
Eversource Energy
  28,377   2,334,576
See accompanying notes which are an integral part of this schedule.
Invesco Defensive Equity ETF (DEF)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Utilities-(continued)
Exelon Corp.
  51,803   $2,731,572
Sempra Energy
  19,466   2,333,389
        12,142,078
TOTAL INVESTMENTS IN SECURITIES-99.95%

(Cost $240,996,139)
  254,618,968
OTHER ASSETS LESS LIABILITIES-0.05%
  120,949
NET ASSETS-100.00%
  $254,739,917
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.
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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $242,808   $792,811   $(1,035,619)   $-   $-   $-   $7
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   2,534,220   (2,534,220)   -   -   -   5*
Invesco Private Prime Fund -   5,913,134   (5,912,738)   -   (396)   -   67*
Total $242,808   $9,240,165   $(9,482,577)   $-   $(396)   $-   $79
    
* 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.
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)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.65%
Australia-5.48%
AGL Energy Ltd.
  42,078   $161,111
Ampol Ltd.
  8,394   170,637
Aristocrat Leisure Ltd.
  2,576   80,568
Aurizon Holdings Ltd.
  58,486   139,752
BHP Group Ltd.
  72,361   2,019,979
BHP Group PLC
  86,153   2,355,407
BlueScope Steel Ltd.
  11,275   158,052
Boral Ltd.(a)
  16,302   71,087
Brambles Ltd.
  24,593   174,551
Coles Group Ltd.
  26,910   343,831
Computershare Ltd.
  5,757   77,925
Crown Resorts Ltd.(a)(b)
  7,472   58,384
CSL Ltd.
  1,437   312,590
Downer EDI Ltd.
  25,087   101,036
Endeavour Group Ltd.
  19,694   95,654
Fortescue Metals Group Ltd.
  15,812   190,708
Glencore PLC
  436,756   2,063,426
Incitec Pivot Ltd.
  53,752   121,961
JB Hi-Fi Ltd.
  1,873   63,999
Lendlease Corp. Ltd.(b)
  19,109   144,706
Metcash Ltd.(b)
  37,185   107,310
Newcrest Mining Ltd.
  9,166   153,510
OceanaGold Corp.(a)
  37,270   67,404
Orica Ltd.
  8,671   87,058
Origin Energy Ltd.
  72,255   245,916
Orora Ltd.
  27,375   65,024
Qantas Airways Ltd.(a)(b)
  40,835   146,508
Ramsay Health Care Ltd.
  2,816   133,419
Rio Tinto Ltd.
  26,340   1,746,242
Rio Tinto PLC
  24,526   1,496,498
Santos Ltd.
  34,262   154,992
Sonic Healthcare Ltd.
  4,588   138,908
South32 Ltd.
  145,028   362,997
Tabcorp Holdings Ltd.
  26,646   94,089
Telstra Corp. Ltd.
  310,273   895,396
Treasury Wine Estates Ltd.
  9,768   83,805
Wesfarmers Ltd.
  18,018   726,424
Woolworths Group Ltd.
  19,694   570,012
        16,180,876
Austria-0.34%
ams AG(a)
  3,721   65,823
ANDRITZ AG
  1,398   66,091
Mondi PLC
  8,792   200,009
OMV AG
  4,592   242,776
UNIQA Insurance Group AG
  11,909   102,949
Verbund AG
  769   80,067
voestalpine AG(b)
  4,903   164,902
Wienerberger AG
  2,034   74,408
        997,025
Belgium-0.82%
Anheuser-Busch InBev S.A./N.V.
  30,384   1,684,533
Etablissements Franz Colruyt N.V.
  1,090   50,720
Groupe Bruxelles Lambert S.A.
  1,325   142,460
Proximus SADP
  5,100   91,964
Solvay S.A., Class A
  1,627   181,157
UCB S.A.
  1,402   151,718
Umicore S.A.
  2,532   122,579
        2,425,131
  Shares   Value
Brazil-0.06%
Yara International ASA
  3,787   $185,207
Burkina Faso-0.03%
Endeavour Mining PLC
  4,005   93,569
Canada-15.76%
Aecon Group, Inc.
  6,636   84,217
Agnico Eagle Mines Ltd.
  5,265   261,362
Alamos Gold, Inc., Class A
  14,672   111,744
Alimentation Couche-Tard, Inc., Class B
  51,986   1,896,589
AltaGas Ltd.
  16,752   317,332
ARC Resources Ltd.
  22,073   192,889
Atco Ltd., Class I
  6,925   224,733
B2Gold Corp.
  38,349   151,268
Barrick Gold Corp.
  60,151   1,138,499
Baytex Energy Corp.(a)
  63,558   182,330
BCE, Inc.
  19,260   965,252
BlackBerry Ltd.(a)
  10,538   99,975
Boyd Group Services, Inc.
  439   70,634
Brookfield Asset Management, Inc., Class A
  63,660   3,540,306
BRP, Inc.
  2,299   180,938
CAE, Inc.(a)
  5,344   127,893
Cameco Corp.
  4,069   94,493
Canaccord Genuity Group, Inc.
  7,431   82,200
Canadian National Railway Co.
  13,209   1,666,673
Canadian Natural Resources Ltd.
  59,446   2,420,844
Canadian Pacific Railway Ltd.
  10,432   727,020
Canadian Solar, Inc.(a)
  2,262   85,820
Canadian Tire Corp. Ltd., Class A
  3,181   418,678
Canfor Corp.(a)
  3,696   78,513
Capital Power Corp.
  5,324   158,126
Cascades, Inc.
  10,054   105,258
CCL Industries, Inc., Class B
  3,810   186,193
Celestica, Inc.(a)
  21,928   223,759
Cenovus Energy, Inc.
  70,763   836,270
Centerra Gold, Inc.
  22,185   162,565
CGI, Inc., Class A(a)
  8,178   680,352
Chartwell Retirement Residences
  6,199   53,301
CI Financial Corp.
  10,348   227,159
Cogeco Communications, Inc.
  1,081   82,272
Cogeco, Inc.
  897   55,835
Constellation Software, Inc.
  159   269,424
Crescent Point Energy Corp.
  51,484   220,737
Dollarama, Inc.
  4,009   172,448
Emera, Inc.
  10,089   461,587
Empire Co. Ltd., Class A
  20,091   573,693
Enbridge, Inc.
  105,347   3,936,141
Enerflex Ltd.
  10,124   58,165
Enerplus Corp.
  16,855   158,590
Fairfax Financial Holdings Ltd.
  1,972   871,551
Finning International, Inc.
  9,296   235,878
Franco-Nevada Corp.
  1,895   258,782
George Weston Ltd.
  6,983   733,901
Gibson Energy, Inc.
  9,076   163,507
Gildan Activewear, Inc.
  5,128   206,871
Hudbay Minerals, Inc.
  11,498   77,263
Hydro One Ltd.(c)
  13,473   328,003
iA Financial Corp., Inc.
  8,629   456,608
IAMGOLD Corp.(a)
  38,179   116,966
IGM Financial, Inc.
  2,932   105,527
Imperial Oil Ltd.(b)
  11,885   391,256
Intact Financial Corp.
  4,676   577,829
Interfor Corp.
  3,254   80,919
Keyera Corp.(b)
  10,306   225,434
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Canada-(continued)
Kinross Gold Corp.
  53,612   $316,791
Kirkland Lake Gold Ltd.(b)
  9,269   364,965
Linamar Corp.
  3,331   190,439
Loblaw Cos. Ltd.
  12,521   939,953
Magna International, Inc.
  15,821   1,180,902
Maple Leaf Foods, Inc.
  4,000   88,089
Martinrea International, Inc.
  10,302   79,104
MEG Energy Corp.(a)
  23,626   191,542
Methanex Corp.
  4,436   176,465
Metro, Inc.
  12,601   598,813
Mullen Group Ltd.
  6,153   55,304
NFI Group, Inc.
  4,475   71,862
North West Co., Inc. (The)
  2,474   64,936
Northland Power, Inc.
  6,250   186,311
Nutrien Ltd.
  30,319   2,001,413
Onex Corp.
  5,550   401,583
Open Text Corp.
  7,470   352,653
Pan American Silver Corp.
  4,574   116,347
Parkland Corp.
  11,397   293,010
Pembina Pipeline Corp.
  27,004   795,721
Precision Drilling Corp.(a)
  2,459   77,749
Premium Brands Holdings Corp.
  1,035   100,289
Quebecor, Inc., Class B
  4,589   101,704
Restaurant Brands International, Inc.
  6,283   350,051
Ritchie Bros. Auctioneers, Inc.
  1,981   133,904
Rogers Communications, Inc., Class B
  9,631   429,146
Russel Metals, Inc.
  4,052   104,680
Saputo, Inc.
  8,168   180,068
Secure Energy Services, Inc.
  19,172   77,866
Shaw Communications, Inc., Class B
  7,984   230,284
Shopify, Inc., Class A(a)
  164   248,152
SNC-Lavalin Group, Inc.
  9,016   217,036
Spin Master Corp.(a)(c)
  2,221   80,128
SSR Mining, Inc.
  5,306   95,920
Stantec, Inc.
  3,872   208,752
Stella-Jones, Inc.
  2,546   79,429
Suncor Energy, Inc.(b)
  100,283   2,432,809
Superior Plus Corp.
  7,608   79,057
Teck Resources Ltd., Class B
  38,079   1,005,704
TELUS Corp.
  22,117   503,443
TFI International, Inc.
  2,093   206,951
Thomson Reuters Corp.
  2,851   339,706
Torex Gold Resources, Inc.(a)
  4,934   53,809
Toromont Industries Ltd.
  1,580   132,159
Tourmaline Oil Corp.
  13,023   431,562
TransAlta Corp.
  18,051   182,790
Transcontinental, Inc., Class A
  6,969   101,102
Vermilion Energy, Inc.(a)
  18,557   184,586
West Fraser Timber Co. Ltd.
  2,442   199,959
Wheaton Precious Metals Corp.
  6,187   257,647
Whitecap Resources, Inc.
  24,954   132,279
WSP Global, Inc.
  2,865   396,852
Yamana Gold, Inc.
  45,030   179,025
        46,573,173
Chile-0.08%
Antofagasta PLC(b)
  3,831   69,944
Lundin Mining Corp.
  21,626   169,090
        239,034
China-0.47%
NXP Semiconductors N.V.
  5,141   1,148,294
  Shares   Value
China-(continued)
Topsports International Holdings Ltd.(c)
  70,000   $81,351
Wilmar International Ltd.
  52,974   158,788
        1,388,433
Colombia-0.07%
Millicom International Cellular S.A., SDR(a)(b)
  3,090   96,568
Parex Resources, Inc.
  7,570   120,855
        217,423
Denmark-1.29%
AP Moller - Maersk A/S, Class B
  214   640,495
Carlsberg A/S, Class B
  1,715   264,759
Coloplast A/S, Class B
  657   106,697
Dfds A/S(a)(b)
  1,050   47,453
DSV A/S
  549   118,655
H Lundbeck A/S
  2,975   74,227
ISS A/S(a)
  7,025   125,250
Novo Nordisk A/S, Class B
  14,956   1,595,165
Novozymes A/S, Class B
  1,618   121,733
Orsted A/S(c)
  956   122,236
Pandora A/S
  1,357   167,182
Rockwool International A/S, Class B
  154   63,678
Tryg A/S
  3,776   90,840
Vestas Wind Systems A/S
  7,936   264,247
        3,802,617
Finland-0.96%
Elisa OYJ
  1,416   84,410
Fortum OYJ
  8,600   245,973
Huhtamaki OYJ
  1,514   64,622
Kesko OYJ, Class B(b)
  5,480   171,108
Kone OYJ, Class B
  2,838   186,045
Neste OYJ
  2,904   136,536
Nokia OYJ(a)
  107,571   595,057
Nokian Renkaat OYJ
  1,940   71,733
Outokumpu OYJ(a)
  15,263   88,271
Sampo OYJ, Class A
  8,393   409,912
Stora Enso OYJ, Class R
  14,784   249,197
UPM-Kymmene OYJ
  9,460   341,274
Valmet OYJ(b)
  1,525   62,139
Wartsila OYJ Abp(b)
  8,646   119,557
        2,825,834
France-7.97%
Air France-KLM(a)(b)
  16,664   68,932
Air Liquide S.A.
  4,896   803,605
Airbus SE(a)
  5,524   613,823
Alstom S.A.
  2,995   106,124
Arkema S.A.
  1,227   159,656
Atos SE
  3,324   141,428
Bollore S.A.
  24,607   131,176
Bouygues S.A.
  10,712   361,120
Bureau Veritas S.A.
  2,601   81,858
Capgemini SE
  2,279   523,566
Carrefour S.A.
  34,473   567,297
Casino Guichard Perrachon S.A.(a)(b)
  5,794   130,369
Cie de Saint-Gobain
  12,475   788,872
Cie Generale des Etablissements Michelin S.C.A.
  3,813   560,095
Criteo S.A., ADR(a)
  2,775   104,229
Danone S.A.
  8,856   518,253
Dassault Systemes SE
  2,038   122,016
Eiffage S.A.
  3,369   311,790
Electricite de France S.A.
  21,303   297,096
Elis S.A.(a)
  5,564   86,740
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
France-(continued)
ENGIE S.A.
  82,084   $1,183,564
EssilorLuxottica S.A.
  2,318   461,870
Faurecia SE
  5,293   225,801
Hermes International
  61   113,498
Kering S.A.
  367   281,483
Korian S.A.
  2,331   68,533
Legrand S.A.
  2,055   223,863
L’Oreal S.A.
  1,267   566,889
LVMH Moet Hennessy Louis Vuitton SE
  1,186   916,585
Nexity S.A.
  1,489   63,387
Orange S.A.
  80,813   865,059
Orpea S.A.
  717   67,308
Pernod Ricard S.A.
  1,622   369,709
Publicis Groupe S.A.
  4,344   279,392
Rallye S.A.(a)(b)
  19,120   94,587
Renault S.A.(a)
  17,520   561,246
Rexel S.A.
  10,004   182,702
Rubis S.C.A.
  2,068   56,518
Safran S.A.
  3,581   398,160
Sanofi
  19,209   1,813,192
Schneider Electric SE
  5,797   1,019,352
SCOR SE
  9,417   294,568
SEB S.A.
  376   55,400
Sodexo S.A.(a)
  2,201   183,430
SPIE S.A.
  4,068   101,103
Suez S.A.
  9,565   212,474
Teleperformance
  314   128,192
Thales S.A.
  1,668   136,081
TotalEnergies SE
  88,661   4,052,749
Ubisoft Entertainment S.A.(a)(b)
  1,004   51,205
Valeo
  9,927   285,380
Veolia Environnement S.A.
  16,653   532,347
Vinci S.A.
  9,790   921,902
Vivendi SE
  13,446   170,267
Wendel SE
  798   90,811
Worldline S.A.(a)(c)
  746   38,949
        23,545,601
Germany-7.88%
adidas AG
  1,203   346,039
Aurubis AG
  1,122   95,704
BASF SE
  22,128   1,441,633
Bayer AG
  23,074   1,156,278
Bayerische Motoren Werke AG
  11,435   1,093,798
Beiersdorf AG
  685   68,021
Brenntag SE
  2,255   192,144
CECONOMY AG(a)
  20,435   80,874
Continental AG(a)
  3,540   377,344
Covestro AG(c)
  5,258   294,973
Daimler AG
  27,129   2,534,522
Deutsche Lufthansa AG(a)
  30,835   186,069
Deutsche Post AG
  9,327   547,705
Deutsche Telekom AG
  86,094   1,510,593
E.ON SE
  52,696   646,174
Evonik Industries AG
  10,962   328,336
Freenet AG
  3,313   83,458
Fresenius Medical Care AG & Co. KGaA
  4,309   255,994
Fresenius SE & Co. KGaA
  16,221   611,564
Fuchs Petrolub SE, Preference Shares
  1,494   66,593
GEA Group AG
  2,762   139,061
Hannover Rueck SE
  1,458   253,800
HeidelbergCement AG
  4,191   278,986
Henkel AG & Co. KGaA, Preference Shares
  5,573   437,226
  Shares   Value
Germany-(continued)
HOCHTIEF AG
  1,164   $87,312
Infineon Technologies AG
  7,371   331,291
Jungheinrich AG, Preference Shares
  1,370   64,027
K+S AG(a)
  9,332   157,824
KION Group AG
  789   84,725
Knorr-Bremse AG
  695   68,654
LANXESS AG
  1,959   113,075
Merck KGaA
  2,863   705,426
METRO AG
  10,639   119,513
MTU Aero Engines AG
  426   79,094
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R
  4,502   1,207,827
ProSiebenSat.1 Media SE
  6,165   90,177
Rheinmetall AG
  1,112   98,406
RWE AG
  11,413   438,707
Salzgitter AG(a)
  2,121   62,550
SAP SE
  7,127   907,947
Schaeffler AG, Preference Shares
  24,776   191,032
Siemens AG
  11,368   1,807,794
Siemens Healthineers AG(c)
  2,073   150,082
Symrise AG
  690   96,695
Telefonica Deutschland Holding AG
  41,250   109,484
thyssenkrupp AG(a)
  24,065   263,670
TUI AG(a)(b)
  30,088   78,717
Uniper SE
  6,032   260,857
United Internet AG
  1,869   69,739
Volkswagen AG, Preference Shares
  14,401   2,620,471
        23,291,985
Hong Kong-1.34%
AIA Group Ltd.
  156,045   1,642,347
CK Hutchison Holdings Ltd.
  96,330   603,619
CLP Holdings Ltd.
  38,357   375,902
HKT Trust & HKT Ltd.
  79,732   108,207
Hong Kong & China Gas Co. Ltd. (The)
  97,007   144,841
Jardine Matheson Holdings Ltd.
  4,526   256,126
Melco Resorts & Entertainment Ltd., ADR(a)
  15,245   148,791
PCCW Ltd.
  144,767   73,165
Swire Pacific Ltd., Class A
  41,510   229,758
Techtronic Industries Co. Ltd.
  6,161   127,158
WH Group Ltd.
  300,022   188,191
Yue Yuen Industrial Holdings Ltd.(a)
  38,708   67,130
        3,965,235
Indonesia-0.03%
First Pacific Co. Ltd.
  248,976   89,424
Ireland-0.48%
CRH PLC
  13,099   632,822
Flutter Entertainment PLC(a)
  868   117,018
ICON PLC(a)
  889   240,448
Kerry Group PLC, Class A
  1,070   130,797
Kingspan Group PLC
  815   93,755
Smurfit Kappa Group PLC
  3,813   193,222
        1,408,062
Israel-0.44%
Bezeq The Israeli Telecommunication Corp. Ltd.(a)
  70,801   100,674
Check Point Software Technologies Ltd.(a)
  4,094   455,703
ICL Group Ltd.
  10,905   95,598
Teva Pharmaceutical Industries Ltd., ADR(a)
  77,509   639,449
        1,291,424
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Italy-1.82%
A2A S.p.A.
  39,307   $76,409
Assicurazioni Generali S.p.A.(b)
  72,181   1,440,508
Enel S.p.A.
  166,174   1,254,514
Eni S.p.A.
  113,496   1,487,279
Ferrari N.V.
  432   112,666
Hera S.p.A.
  18,450   70,713
Leonardo S.p.A.(a)
  17,295   116,453
Prysmian S.p.A.
  4,217   155,643
Saipem S.p.A.(a)(b)
  36,898   73,159
Telecom Italia S.p.A.(b)
  901,054   466,544
Unipol Gruppo S.p.A.
  24,296   125,881
        5,379,769
Japan-22.87%
Advantest Corp.
  804   70,738
Aeon Co. Ltd.(b)
  26,910   626,743
AGC, Inc.
  6,745   329,691
Air Water, Inc.(b)
  5,503   81,276
Aisin Corp.
  7,880   289,397
Ajinomoto Co., Inc.
  8,384   251,568
Alfresa Holdings Corp.
  12,815   173,583
Alps Alpine Co. Ltd.(b)
  11,084   99,863
Amada Co. Ltd.
  9,288   86,954
ANA Holdings, Inc.(a)
  4,696   92,621
Asahi Group Holdings Ltd.
  7,415   273,887
Asahi Kasei Corp.
  32,504   306,733
Astellas Pharma, Inc.
  33,646   527,307
Bandai Namco Holdings, Inc.
  1,698   132,152
Bridgestone Corp.
  17,642   715,500
Brother Industries Ltd.
  5,944   102,291
Canon, Inc.
  28,647   630,741
Chubu Electric Power Co., Inc.
  38,763   391,232
Chugai Pharmaceutical Co. Ltd.
  2,399   77,752
Chugoku Electric Power Co., Inc. (The)(b)
  17,783   139,545
Coca-Cola Bottlers Japan Holdings, Inc.
  5,495   61,220
COMSYS Holdings Corp.
  2,436   53,120
Cosmo Energy Holdings Co. Ltd.
  7,769   152,239
Dai Nippon Printing Co. Ltd.
  9,190   215,535
Daicel Corp.(b)
  12,132   83,662
Daiichi Sankyo Co. Ltd.
  12,592   313,234
Daikin Industries Ltd.
  2,083   424,690
Daito Trust Construction Co. Ltd.
  2,278   246,568
Daiwa House Industry Co. Ltd.
  18,320   535,022
Denka Co. Ltd.
  1,897   55,885
Denso Corp.
  8,622   632,612
Dentsu Group, Inc.
  5,956   189,362
DIC Corp.
  3,476   87,095
East Japan Railway Co.
  8,972   552,014
Ebara Corp.
  2,213   118,889
Eisai Co. Ltd.
  2,573   155,746
Electric Power Development Co. Ltd.
  11,474   146,021
ENEOS Holdings, Inc.
  273,064   1,018,233
FANUC Corp.
  1,629   319,143
Fast Retailing Co. Ltd.
  267   158,490
Fuji Electric Co. Ltd.
  2,257   118,073
FUJIFILM Holdings Corp.
  5,888   463,127
Fujikura Ltd.(a)
  17,148   86,537
Fujitsu Ltd.
  3,032   501,884
Furukawa Electric Co. Ltd.
  3,811   75,686
H2O Retailing Corp.(b)
  8,578   59,682
Hakuhodo DY Holdings, Inc.
  7,170   106,907
Hankyu Hanshin Holdings, Inc.
  5,679   168,302
Hanwa Co. Ltd.
  4,377   118,344
  Shares   Value
Japan-(continued)
Haseko Corp.
  8,204   $97,831
Hino Motors Ltd.
  11,251   93,540
Hitachi Construction Machinery Co. Ltd.(b)
  2,164   62,893
Hitachi Ltd.
  26,217   1,544,227
Hitachi Metals Ltd.(a)
  3,814   70,607
Hokkaido Electric Power Co., Inc.
  23,620   97,563
Hokuriku Electric Power Co.
  14,921   73,984
Honda Motor Co. Ltd.
  62,275   1,700,777
Hoya Corp.
  1,853   294,078
Idemitsu Kosan Co. Ltd.
  14,901   384,648
IHI Corp.
  6,199   116,888
Iida Group Holdings Co. Ltd.
  2,940   60,796
Isetan Mitsukoshi Holdings Ltd.
  17,825   121,821
Isuzu Motors Ltd.
  18,911   255,156
ITOCHU Corp.
  34,476   989,843
Iwatani Corp.
  1,314   66,310
J. Front Retailing Co. Ltd.
  8,866   72,774
Japan Airlines Co. Ltd.(a)
  4,736   85,756
Japan Tobacco, Inc.(b)
  26,032   521,236
JFE Holdings, Inc.
  31,879   369,481
JGC Holdings Corp.
  8,144   68,641
JSR Corp.
  3,063   114,379
JTEKT Corp.
  10,857   94,854
Kajima Corp.
  17,579   193,679
Kamigumi Co. Ltd.
  3,173   58,656
Kaneka Corp.
  1,728   56,309
Kanematsu Corp.
  4,900   53,123
Kansai Electric Power Co., Inc. (The)
  47,052   425,579
Kao Corp.
  5,683   289,643
Kawasaki Heavy Industries Ltd.
  7,259   121,980
KDDI Corp.
  17,680   513,840
Keio Corp.
  1,059   47,659
Keyence Corp.
  471   291,738
Kinden Corp.
  3,923   56,766
Kintetsu Group Holdings Co. Ltd.(a)
  3,773   108,327
Kirin Holdings Co. Ltd.
  17,700   283,244
Kobe Steel Ltd.
  31,165   150,685
Koito Manufacturing Co. Ltd.
  1,401   80,572
Komatsu Ltd.
  16,188   369,539
Konica Minolta, Inc.(b)
  27,603   114,015
K’s Holdings Corp.(b)
  6,808   68,892
Kubota Corp.
  13,147   274,299
Kuraray Co. Ltd.(b)
  12,470   103,674
Kyocera Corp.
  6,920   410,221
Kyushu Electric Power Co., Inc.
  36,272   259,074
Kyushu Railway Co.
  3,577   75,450
Lawson, Inc.
  1,671   81,530
Lixil Corp.
  7,924   194,637
Makita Corp.
  2,318   101,747
Marubeni Corp.
  89,012   797,655
Mazda Motor Corp.(a)
  45,392   366,990
Medipal Holdings Corp.
  12,257   220,215
MEIJI Holdings Co. Ltd.
  2,637   154,674
MINEBEA MITSUMI, Inc.
  5,311   140,323
Mitsubishi Chemical Holdings Corp.
  61,967   486,917
Mitsubishi Corp.
  64,119   1,914,902
Mitsubishi Electric Corp.
  44,187   554,356
Mitsubishi Estate Co. Ltd.
  16,286   224,471
Mitsubishi Gas Chemical Co., Inc.
  4,152   69,075
Mitsubishi Heavy Industries Ltd.
  17,279   389,727
Mitsubishi Materials Corp.
  8,761   150,768
Mitsubishi Motors Corp.(a)
  40,765   131,402
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Japan-(continued)
Mitsui & Co. Ltd.
  52,045   $1,172,038
Mitsui Chemicals, Inc.
  5,993   160,718
Mitsui Fudosan Co. Ltd.
  16,035   329,894
Mitsui Mining & Smelting Co. Ltd.
  2,440   62,964
Mitsui OSK Lines Ltd.
  4,005   229,270
MS&AD Insurance Group Holdings, Inc.
  21,174   618,371
Murata Manufacturing Co. Ltd.
  4,812   355,142
Nagase & Co. Ltd.
  5,024   74,467
Nagoya Railroad Co. Ltd.(a)(b)
  5,511   80,569
NEC Corp.
  7,519   339,049
Nexon Co. Ltd.
  2,721   54,015
NGK Insulators Ltd.
  5,307   83,990
NGK Spark Plug Co. Ltd.
  5,383   89,507
NH Foods Ltd.
  3,067   104,534
NHK Spring Co. Ltd.
  10,133   75,588
Nidec Corp.
  1,985   227,267
Nikon Corp.
  12,113   125,563
Nintendo Co. Ltd.
  716   315,924
Nippon Electric Glass Co. Ltd.(b)
  3,281   84,925
Nippon Express Co. Ltd.
  1,094   62,338
Nippon Light Metal Holdings Co. Ltd.
  3,931   57,782
Nippon Paper Industries Co. Ltd.
  10,108   94,897
Nippon Steel Corp.
  41,605   622,728
Nippon Steel Trading Corp.
  1,958   79,410
Nippon Suisan Kaisha Ltd.
  13,871   69,999
Nippon Telegraph & Telephone Corp.
  46,667   1,284,375
Nippon Yusen K.K.(b)
  4,986   324,950
Nissan Motor Co. Ltd.(a)
  211,935   1,050,669
Nisshin Seifun Group, Inc.
  4,571   65,861
Nissin Foods Holdings Co. Ltd.
  1,001   73,525
Nitori Holdings Co. Ltd.(b)
  657   104,326
Nitto Denko Corp.
  2,784   193,699
Nomura Real Estate Holdings, Inc.
  2,891   62,762
Nomura Research Institute Ltd.
  3,914   168,218
NSK Ltd.
  13,656   92,728
NTN Corp.(a)(b)
  24,164   44,691
NTT Data Corp.
  11,130   234,667
Obayashi Corp.
  28,630   210,795
Odakyu Electric Railway Co. Ltd.(b)
  3,111   59,921
Oji Holdings Corp.
  31,059   143,608
Olympus Corp.
  5,998   134,122
Omron Corp.
  1,932   186,573
Ono Pharmaceutical Co. Ltd.
  4,334   95,635
ORIX Corp.
  51,334   1,014,971
Osaka Gas Co. Ltd.
  12,167   195,774
Otsuka Corp.
  1,206   55,125
Otsuka Holdings Co. Ltd.
  7,154   261,222
Pan Pacific International Holdings Corp.
  4,223   72,004
Panasonic Corp.
  77,881   852,236
Persol Holdings Co. Ltd.
  4,213   121,702
Rakuten Group, Inc.(b)
  14,777   151,095
Recruit Holdings Co. Ltd.
  7,429   451,517
Renesas Electronics Corp.(a)(b)
  8,363   106,209
Ricoh Co. Ltd.
  21,870   193,189
Rohm Co. Ltd.
  1,602   149,978
Santen Pharmaceutical Co. Ltd.
  5,265   69,739
Secom Co. Ltd.
  3,273   220,919
Seibu Holdings, Inc.(a)
  7,553   72,174
Seiko Epson Corp.
  8,026   129,355
Sekisui Chemical Co. Ltd.
  9,466   153,814
Sekisui House Ltd.
  18,240   355,017
Seven & i Holdings Co. Ltd.
  18,334   735,330
  Shares   Value
Japan-(continued)
Sharp Corp.(b)
  5,074   $56,753
Shikoku Electric Power Co., Inc.
  12,640   84,048
Shimano, Inc.
  480   132,740
Shimizu Corp.
  23,747   149,955
Shin-Etsu Chemical Co. Ltd.
  3,164   529,446
Shionogi & Co. Ltd.
  3,638   253,854
Shiseido Co. Ltd.
  2,332   133,559
Showa Denko K.K.
  4,150   91,447
SMC Corp.
  388   248,256
Softbank Corp.
  46,235   636,243
Sojitz Corp.(b)
  13,937   197,127
Sompo Holdings, Inc.
  13,074   538,182
Sony Group Corp.
  16,682   2,031,165
Stanley Electric Co. Ltd.
  2,612   67,908
Subaru Corp.
  25,015   472,012
SUMCO Corp.
  3,632   79,584
Sumitomo Chemical Co. Ltd.
  61,057   281,773
Sumitomo Corp.
  54,281   739,076
Sumitomo Electric Industries Ltd.
  29,839   391,432
Sumitomo Forestry Co. Ltd.
  4,336   87,335
Sumitomo Heavy Industries Ltd.
  4,032   89,521
Sumitomo Metal Mining Co. Ltd.
  4,207   156,839
Sumitomo Realty & Development Co. Ltd.
  4,631   144,340
Sumitomo Rubber Industries Ltd.(b)
  8,202   82,276
Suntory Beverage & Food Ltd.
  2,826   99,680
Suzuken Co. Ltd.
  4,553   123,704
Suzuki Motor Corp.
  9,328   376,669
Sysmex Corp.
  724   90,289
Taiheiyo Cement Corp.
  6,108   118,292
Taisei Corp.
  6,752   196,831
Taisho Pharmaceutical Holdings Co. Ltd.
  1,158   56,908
Takashimaya Co. Ltd.(b)
  9,112   79,849
Takeda Pharmaceutical Co. Ltd.
  28,149   751,417
TDK Corp.
  6,329   250,830
Teijin Ltd.
  8,432   96,614
Terumo Corp.
  4,208   171,515
TIS, Inc.
  2,608   80,621
Tobu Railway Co. Ltd.
  4,737   107,010
Toho Holdings Co. Ltd.
  5,142   76,624
Tohoku Electric Power Co., Inc.
  39,359   272,457
Tokio Marine Holdings, Inc.
  23,999   1,206,449
Tokyo Electric Power Co. Holdings, Inc.(a)
  236,988   632,413
Tokyo Electron Ltd.
  928   489,071
Tokyo Gas Co. Ltd.
  16,701   286,084
Tokyu Corp.
  12,622   174,637
Tokyu Fudosan Holdings Corp.
  20,745   107,064
Toppan, Inc.
  11,796   179,000
Toray Industries, Inc.
  47,385   275,767
Toshiba Corp.
  11,860   472,854
Tosoh Corp.
  7,404   106,354
TOTO Ltd.
  1,632   72,297
Toyo Seikan Group Holdings Ltd.
  10,076   122,994
Toyo Suisan Kaisha Ltd.
  1,636   66,279
Toyota Boshoku Corp.
  3,618   71,344
Toyota Industries Corp.
  3,024   248,216
Toyota Motor Corp.
  265,389   4,676,942
Toyota Tsusho Corp.
  8,720   380,533
Trend Micro, Inc.
  1,435   82,780
Tsuruha Holdings, Inc.
  603   67,977
Ube Industries Ltd.
  4,958   82,964
Unicharm Corp.
  2,480   106,762
West Japan Railway Co.
  4,800   207,058
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Japan-(continued)
Yakult Honsha Co. Ltd.
  1,543   $77,051
Yamada Holdings Co. Ltd.
  30,536   106,497
Yamaha Corp.
  1,367   70,069
Yamaha Motor Co. Ltd.(b)
  6,872   173,033
Yamato Holdings Co. Ltd.
  2,793   61,594
Yamazaki Baking Co. Ltd.(b)
  4,630   60,146
Yaskawa Electric Corp.(b)
  1,628   72,980
Yokogawa Electric Corp.
  4,276   80,402
Yokohama Rubber Co. Ltd. (The)(b)
  3,790   58,947
Z Holdings Corp.
  39,526   261,778
        67,587,293
Luxembourg-0.23%
Aperam S.A.
  1,209   57,605
ArcelorMittal S.A.
  23,073   621,485
        679,090
Netherlands-2.15%
Aalberts N.V.
  1,162   70,891
Akzo Nobel N.V.
  3,901   408,008
ASM International N.V.
  282   125,952
ASML Holding N.V.
  1,025   807,157
EXOR N.V.
  11,432   999,833
Heineken Holding N.V.
  2,238   185,279
Heineken N.V.(b)
  2,559   253,303
Koninklijke Ahold Delhaize N.V.
  43,044   1,436,552
Koninklijke BAM Groep N.V.(a)
  27,136   80,331
Koninklijke DSM N.V.
  1,700   363,856
Koninklijke KPN N.V.
  73,751   215,920
Koninklijke Philips N.V.
  11,024   387,087
Randstad N.V.
  3,259   204,399
SBM Offshore N.V.
  4,183   58,596
Signify N.V.
  2,499   112,881
Universal Music Group N.V.
  13,446   383,062
Wolters Kluwer N.V.
  2,236   249,822
        6,342,929
New Zealand-0.12%
Contact Energy Ltd.
  12,233   65,175
Fletcher Building Ltd.
  19,026   87,162
Meridian Energy Ltd.
  31,210   100,616
Spark New Zealand Ltd.
  30,538   95,340
        348,293
Norway-0.51%
Equinor ASA
  27,158   681,681
Gjensidige Forsikring ASA
  5,749   129,602
Mowi ASA
  5,281   119,515
Norsk Hydro ASA
  34,331   221,932
Orkla ASA
  12,769   116,067
Telenor ASA
  16,663   244,787
        1,513,584
Portugal-0.14%
Galp Energia SGPS S.A.
  17,791   165,571
Jeronimo Martins SGPS S.A.
  6,326   136,821
Sonae SGPS S.A.
  117,162   124,295
        426,687
Russia-0.26%
Coca-Cola HBC AG
  2,879   88,443
Evraz PLC
  9,925   75,633
VEON Ltd., ADR(a)
  342,109   591,849
        755,925
  Shares   Value
Singapore-0.32%
ComfortDelGro Corp. Ltd.
  67,326   $67,270
Jardine Cycle & Carriage Ltd.
  5,241   80,957
Keppel Corp. Ltd.
  37,700   140,225
Singapore Technologies Engineering Ltd.
  23,049   64,046
Singapore Telecommunications Ltd.
  193,722   333,431
STMicroelectronics N.V.
  5,412   262,554
        948,483
South Africa-0.25%
Anglo American PLC
  20,175   739,890
South Korea-5.19%
CJ CheilJedang Corp.
  306   91,190
CJ Corp.
  1,727   116,306
DB Insurance Co. Ltd.
  3,493   158,198
Doosan Co. Ltd.
  1,123   102,572
Doosan Heavy Industries & Construction Co. Ltd.(a)
  11,819   189,040
E-MART, Inc.
  1,290   155,291
GS Engineering & Construction Corp.
  2,650   81,871
GS Holdings Corp.
  3,220   101,650
Hankook Tire & Technology Co. Ltd.
  2,104   68,014
Hanwha Corp.
  10,995   276,287
Hanwha Life Insurance Co. Ltd.
  41,136   96,096
Hanwha Solutions Corp.(a)
  2,696   74,895
Hyundai Engineering & Construction Co. Ltd.
  3,103   115,458
Hyundai Glovis Co. Ltd.
  460   56,343
Hyundai Heavy Industries Holdings Co. Ltd.
  2,561   114,047
Hyundai Marine & Fire Insurance Co. Ltd.
  6,310   122,174
Hyundai Mobis Co. Ltd.
  1,823   338,388
Hyundai Motor Co.
  4,909   807,904
Hyundai Steel Co.
  4,929   153,941
Kia Corp.
  7,433   486,815
Korea Electric Power Corp.
  31,804   555,546
Korea Gas Corp.(a)
  3,722   109,821
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)
  1,100   81,025
Korea Zinc Co. Ltd.
  170   70,625
Korean Air Lines Co. Ltd.(a)
  3,685   82,206
KT Corp., ADR
  15,877   201,479
KT&G Corp.
  2,593   178,775
LG Chem Ltd.
  434   253,553
LG Corp.
  1,324   87,382
LG Display Co. Ltd.(a)
  14,963   250,664
LG Electronics, Inc.
  3,581   348,182
LG Household & Health Care Ltd.
  60   53,237
LG Uplus Corp.
  9,931   113,280
LOTTE Chemical Corp.
  595   100,928
LOTTE Shopping Co. Ltd.
  1,151   80,906
LS Corp.
  1,053   43,568
LX International Corp.
  2,285   44,531
NAVER Corp.
  418   134,067
POSCO
  3,159   694,081
Posco International Corp.
  4,211   66,290
Samsung C&T Corp.
  1,969   174,871
Samsung Electro-Mechanics Co. Ltd.
  742   104,001
Samsung Electronics Co. Ltd.
  86,668   5,201,977
Samsung Fire & Marine Insurance Co. Ltd.
  1,257   213,750
Samsung SDI Co. Ltd.
  262   151,743
Samsung SDS Co. Ltd.
  480   57,985
SK Hynix, Inc.
  8,686   833,575
SK Innovation Co. Ltd.(a)
  1,540   252,151
SK Square Co. Ltd.(a)
  2,088   119,525
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
South Korea-(continued)
SK Telecom Co. Ltd.
  3,231   $148,236
SK, Inc.
  3,357   733,346
S-Oil Corp.
  1,241   83,472
        15,331,258
Spain-1.76%
Acciona S.A.
  467   82,791
ACS Actividades de Construccion y Servicios S.A.
  14,460   345,218
Amadeus IT Group S.A.(a)
  3,174   201,783
Endesa S.A.
  6,904   154,141
Ferrovial S.A.(b)
  5,067   140,076
Grifols S.A.
  4,184   74,551
Iberdrola S.A.
  98,597   1,099,154
Industria de Diseno Textil S.A.
  8,684   272,323
Mapfre S.A.(b)
  61,853   125,946
Naturgy Energy Group S.A.
  8,779   240,124
Red Electrica Corp. S.A.
  8,475   178,722
Repsol S.A.
  75,101   827,669
Telefonica S.A.
  320,972   1,443,880
        5,186,378
Sweden-1.55%
Alfa Laval AB
  2,322   89,582
Assa Abloy AB, Class B(b)
  7,635   213,535
Atlas Copco AB, Class A
  5,269   322,247
Boliden AB
  4,593   157,711
Electrolux AB, Class B(b)
  6,176   137,816
Epiroc AB, Class A
  4,397   106,307
Essity AB, Class B
  8,014   254,690
Getinge AB, Class B
  1,962   81,920
H & M Hennes & Mauritz AB, Class B(b)
  10,915   192,447
Hexagon AB, Class B
  10,595   154,114
Holmen AB, Class B
  1,375   61,351
Husqvarna AB, Class B
  6,142   86,194
ICA Gruppen AB
  2,010   118,278
Lundin Energy AB
  4,214   148,366
Peab AB, Class B
  4,758   56,049
Sandvik AB
  9,066   224,185
Securitas AB, Class B
  8,595   123,696
Skanska AB, Class B
  7,999   183,785
SKF AB, Class B
  6,492   148,302
SSAB AB, Class A(a)
  23,362   114,458
Svenska Cellulosa AB S.C.A., Class B
  8,566   139,184
Swedish Match AB
  11,768   85,407
Tele2 AB, Class B(b)
  8,746   124,424
Telefonaktiebolaget LM Ericsson, Class B
  34,400   345,566
Telia Co. AB(b)
  66,758   256,815
Trelleborg AB, Class B
  3,881   88,058
Volvo AB, Class B
  26,662   574,155
        4,588,642
Switzerland-5.26%
ABB Ltd.
  20,137   693,937
Adecco Group AG
  4,946   228,754
Alcon, Inc.
  4,391   345,055
Aryzta AG(a)
  58,957   68,488
Barry Callebaut AG
  34   80,095
Chocoladefabriken Lindt & Spruengli AG, PC
  17   207,770
Cie Financiere Richemont S.A.
  5,183   765,632
Clariant AG(b)
  3,845   74,997
DKSH Holding AG
  934   74,082
Dufry AG(a)
  1,677   75,278
  Shares   Value
Switzerland-(continued)
Geberit AG
  212   $161,234
Georg Fischer AG
  55   79,760
Givaudan S.A.
  45   218,824
Helvetia Holding AG
  1,119   122,976
Holcim Ltd.
  12,383   594,796
IWG PLC(a)
  12,957   47,912
Kuehne + Nagel International AG, Class R
  459   130,796
Logitech International S.A., Class R
  793   62,436
Lonza Group AG
  287   230,431
Nestle S.A.
  30,790   3,926,108
Novartis AG
  32,900   2,610,953
Partners Group Holding AG
  99   170,099
Roche Holding AG
  8,412   3,269,263
Schindler Holding AG, PC
  629   161,090
SGS S.A.
  55   165,048
SIG Combibloc Group AG
  2,550   66,795
Sika AG(b)
  698   272,065
Sonova Holding AG, Class A
  280   104,841
Swatch Group AG (The), BR
  935   274,215
Swisscom AG
  473   260,881
        15,544,611
Taiwan-0.06%
Sea Ltd., ADR(a)
  657   189,262
Turkey-0.04%
Eldorado Gold Corp.(a)
  13,516   121,062
United Kingdom-12.38%
Admiral Group PLC
  2,121   82,976
Ashtead Group PLC
  2,339   187,031
Associated British Foods PLC
  5,635   143,362
AstraZeneca PLC
  8,194   897,174
B&M European Value Retail S.A.
  11,186   91,784
Babcock International Group PLC(a)(b)
  32,208   126,129
BAE Systems PLC(b)
  60,904   441,718
Balfour Beatty PLC
  22,934   70,939
Barratt Developments PLC
  18,258   168,459
Beazley PLC(a)
  15,639   82,844
Bellway PLC
  1,919   79,161
Berkeley Group Holdings PLC
  1,930   109,387
BP PLC
  1,036,322   4,462,098
British American Tobacco PLC
  48,146   1,611,539
BT Group PLC(a)
  331,330   695,223
Bunzl PLC
  5,472   207,628
Burberry Group PLC
  4,467   103,866
Centrica PLC(a)
  569,307   487,919
CNH Industrial N.V.
  18,291   301,722
Coca-Cola Europacific Partners PLC
  4,762   235,100
Compass Group PLC(a)
  22,116   427,920
Croda International PLC
  766   102,507
Currys PLC
  90,961   157,166
DCC PLC
  2,449   179,433
Diageo PLC
  18,130   911,348
Direct Line Insurance Group PLC
  42,425   151,883
Drax Group PLC
  14,304   104,083
DS Smith PLC
  23,292   110,411
easyJet PLC(a)
  6,922   45,469
Entain PLC(a)
  4,070   89,869
Experian PLC
  5,827   260,568
Firstgroup PLC(a)
  107,178   131,871
GlaxoSmithKline PLC
  82,550   1,665,509
Hays PLC
  37,347   72,336
Imperial Brands PLC
  28,781   587,152
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
United Kingdom-(continued)
Inchcape PLC
  12,664   $138,895
InterContinental Hotels Group PLC(a)
  1,639   96,472
International Consolidated Airlines Group S.A.(a)
  128,408   216,534
Intertek Group PLC
  1,163   82,164
ITV PLC(a)
  69,186   100,641
J Sainsbury PLC
  95,550   349,658
John Wood Group PLC(a)
  36,212   96,536
Johnson Matthey PLC(b)
  4,721   130,914
Just Group PLC(a)
  49,296   51,066
Kingfisher PLC
  61,733   258,739
Man Group PLC
  32,033   90,862
Marks & Spencer Group PLC(a)
  108,651   339,526
Meggitt PLC(a)
  13,036   127,211
Melrose Industries PLC
  99,679   191,219
Micro Focus International PLC
  22,680   103,580
National Grid PLC
  84,253   1,122,025
Next PLC
  1,646   171,208
Pearson PLC(b)
  16,491   129,422
Persimmon PLC
  4,851   175,657
Petrofac Ltd.(a)
  39,908   57,392
Reckitt Benckiser Group PLC
  7,142   577,326
RELX PLC
  17,722   547,938
Rentokil Initial PLC
  10,950   88,891
Rolls-Royce Holdings PLC(a)(b)
  141,861   229,911
Royal Dutch Shell PLC, Class A
  403,767   8,424,082
Royal Mail PLC
  29,949   198,667
Sage Group PLC (The)
  9,438   96,371
Severn Trent PLC
  3,055   116,645
Smith & Nephew PLC
  8,631   139,024
Smiths Group PLC(b)
  5,176   98,746
SSE PLC
  21,433   440,083
Subsea 7 S.A.
  10,506   73,220
Tate & Lyle PLC
  8,411   70,038
Taylor Wimpey PLC
  72,491   151,435
Tesco PLC
  338,741   1,240,268
Travis Perkins PLC
  5,853   112,281
Unilever PLC
  33,422   1,706,347
Vodafone Group PLC
  1,444,731   2,089,903
  Shares   Value
United Kingdom-(continued)
Weir Group PLC (The)
  2,520   $55,594
WPP PLC
  37,865   521,994
        36,592,069
United States-1.10%
Atlassian Corp. PLC, Class A(a)
  547   205,847
Bausch Health Cos., Inc.(a)
  10,120   239,194
Constellium SE(a)
  8,508   149,486
Ferguson PLC
  2,760   418,642
QIAGEN N.V.(a)
  1,371   75,617
Spotify Technology S.A.(a)
  952   227,052
Stellantis N.V.
  48,528   826,994
Swiss Re AG
  10,973   1,024,969
Tenaris S.A.
  9,256   90,245
        3,258,046
Zambia-0.14%
First Quantum Minerals Ltd.
  18,980   402,889
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.65%

(Cost $270,753,117)
  294,456,213
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.34%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  3,856,237   3,856,237
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  8,971,998   8,974,689
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $12,830,985)
  12,830,926
TOTAL INVESTMENTS IN SECURITIES-103.99%

(Cost $283,584,102)
  307,287,139
OTHER ASSETS LESS LIABILITIES-(3.99)%
  (11,793,255)
NET ASSETS-100.00%
  $295,493,884
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
November 30, 2021
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
PC-Participation Certificate
SDR-Swedish Depository Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at November 30, 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 November 30, 2021 was $1,095,722, which represented less than 1% of the Fund’s Net Assets.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $177,555   $2,627,876   $(2,805,431)   $-   $-   $-   $19
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 6,627,619   11,779,408   (14,550,790)   -   -   3,856,237   245*
Invesco Private Prime Fund 15,478,746   20,524,863   (27,028,359)   (59)   (502)   8,974,689   3,019*
Total $22,283,920   $34,932,147   $(44,384,580)   $(59)   $(502)   $12,830,926   $3,283
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of November 30, 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 Emerging Markets ETF (ISEM)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Brazil-6.80%
Ambev S.A.
  25,100   $71,363
Americanas S.A.(a)
  699   3,752
B3 S.A. - Brasil, Bolsa, Balcao
  14,800   29,109
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares
  9,200   16,450
Banco Pan S.A., Preference Shares
  3,400   6,777
BB Seguridade Participacoes S.A.
  4,487   16,586
Braskem S.A., Class A, Preference Shares(a)
  3,307   29,302
BRF S.A.(a)
  6,907   24,150
CCR S.A.
  7,926   17,273
Centrais Eletricas Brasileiras S.A.
  2,678   15,470
Cia Brasileira de Distribuicao
  3,400   13,483
Cia de Saneamento Basico do Estado de Sao Paulo
  2,634   15,705
Cia de Saneamento do Parana, Preference Shares
  16,200   10,898
Cia Energetica de Minas Gerais, Preference Shares
  13,643   31,737
Cia Paranaense de Energia, Class B, Preference Shares
  22,900   24,892
Cia Siderurgica Nacional S.A.
  2,418   9,315
Cogna Educacao(a)
  30,943   13,585
Cosan S.A.
  3,992   15,018
EDP - Energias do Brasil S.A.
  3,233   12,248
Embraer S.A.(a)
  8,110   27,480
Equatorial Energia S.A.
  3,865   15,443
Gerdau S.A., Preference Shares
  9,009   41,148
IRB Brasil Resseguros S.A.(a)
  11,200   8,546
Klabin S.A.
  4,100   17,326
Lojas Americanas S.A., Preference Shares
  3,886   3,763
Lojas Renner S.A.
  1,761   8,869
M Dias Branco S.A.
  2,300   11,311
Marfrig Global Foods S.A.
  3,300   13,770
Metalurgica Gerdau S.A., Preference Shares
  15,100   28,470
Natura & Co. Holding S.A.(a)
  1,200   5,670
Neoenergia S.A.
  6,000   18,461
Pagseguro Digital Ltd., Class A(a)(b)
  619   15,822
Petroleo Brasileiro S.A., Preference Shares
  115,361   601,042
Suzano S.A.(a)
  1,900   18,890
Telefonica Brasil S.A., ADR
  25,820   227,991
TIM S.A.
  7,937   19,391
Ultrapar Participacoes S.A.
  11,207   28,629
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares
  5,797   13,947
Vale S.A.
  17,467   216,302
Vibra Energia S.A.
  9,000   34,670
        1,754,054
Chile-0.65%
Cencosud S.A.
  15,334   24,296
Colbun S.A.
  76,423   4,970
Embotelladora Andina S.A., Class B, Preference Shares
  6,584   13,435
Empresas CMPC S.A.
  7,489   12,046
Empresas COPEC S.A.
  2,922   21,405
Enel Americas S.A.
  169,541   21,698
Enel Chile S.A.
  251,583   10,871
Falabella S.A.
  5,733   17,616
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares
  669   41,837
        168,174
  Shares   Value
China-48.46%
360 DigiTech, Inc., ADR(a)
  804   $18,717
51job, Inc., ADR(a)
  249   14,367
AAC Technologies Holdings, Inc.
  3,249   14,170
Agile Group Holdings Ltd.
  9,798   6,460
Air China Ltd., H Shares(a)
  55,880   35,194
Alibaba Group Holding Ltd.(a)
  24,900   406,597
Aluminum Corp. of China Ltd., H Shares(a)
  150,288   73,835
Angang Steel Co. Ltd., H Shares
  123,695   55,216
Anhui Conch Cement Co. Ltd., H Shares
  27,107   123,263
ANTA Sports Products Ltd.
  644   10,260
Autohome, Inc., ADR
  355   12,130
BAIC Motor Corp. Ltd., H Shares(c)
  245,704   101,486
Baidu, Inc., ADR(a)
  1,786   267,614
BBMG Corp., H Shares
  366,404   54,050
Beijing Enterprises Holdings Ltd.
  7,859   26,563
Beijing North Star Co. Ltd., H Shares
  67,727   9,817
BEST, Inc., ADR(a)
  21,632   22,497
BYD Co. Ltd., H Shares
  3,150   123,804
China Aoyuan Group Ltd.
  12,000   3,356
China BlueChemical Ltd., H Shares
  37,470   11,439
China Coal Energy Co. Ltd., H Shares
  89,147   44,826
China Communications Services Corp. Ltd., H Shares
  52,000   24,813
China Conch Venture Holdings Ltd.(b)
  3,845   18,767
China Datang Corp. Renewable Power Co. Ltd., H Shares
  53,000   20,463
China Eastern Airlines Corp. Ltd., H Shares(a)
  57,360   19,940
China Feihe Ltd.(c)
  5,000   6,657
China Galaxy Securities Co. Ltd., H Shares
  55,500   30,612
China Gas Holdings Ltd.
  5,215   9,379
China Jinmao Holdings Group Ltd.
  66,427   20,280
China Longyuan Power Group Corp. Ltd., H Shares
  34,185   70,160
China Mengniu Dairy Co. Ltd.
  6,389   35,650
China Molybdenum Co. Ltd., H Shares
  78,614   48,504
China National Building Material Co. Ltd., H Shares
  59,747   64,530
China Oilfield Services Ltd., H Shares
  35,440   28,094
China Overseas Land & Investment Ltd.
  27,393   63,108
China Pacific Insurance (Group) Co. Ltd., H Shares
  118,419   343,294
China Petroleum & Chemical Corp., H Shares
  2,898,148   1,267,685
China Power International Development Ltd.
  67,713   34,569
China Railway Group Ltd., H Shares
  651,620   310,102
China Railway Signal & Communication Corp. Ltd., H Shares(c)
  75,263   26,453
China Reinsurance Group Corp., H Shares
  1,129,423   105,759
China Resources Beer Holdings Co. Ltd.
  1,819   14,886
China Resources Cement Holdings Ltd.
  15,410   11,267
China Resources Gas Group Ltd.
  2,723   14,094
China Resources Land Ltd.
  12,182   50,707
China Resources Pharmaceutical Group Ltd.(c)
  29,516   12,835
China Resources Power Holdings Co. Ltd.
  26,456   68,720
China Shenhua Energy Co. Ltd., H Shares
  234,312   485,705
China Southern Airlines Co. Ltd., H Shares(a)
  59,313   32,792
China Taiping Insurance Holdings Co. Ltd.
  58,603   81,637
China Tower Corp. Ltd., H Shares(c)
  1,383,607   175,705
China Vanke Co. Ltd., H Shares
  133,300   301,966
China Yongda Automobiles Services Holdings Ltd.
  9,931   15,083
CIFI Holdings Group Co. Ltd.
  22,347   12,183
CIFI Holdings Group Co. Ltd.
  1,117   36
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
China-(continued)
CITIC Securities Co. Ltd., H Shares
  36,500   $87,085
COSCO SHIPPING Development Co. Ltd., H Shares
  125,000   23,089
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares
  28,160   11,089
COSCO SHIPPING Holdings Co. Ltd., H Shares(a)
  47,219   80,800
COSCO SHIPPING Ports Ltd.
  16,000   12,581
Country Garden Holdings Co. Ltd.
  69,397   61,244
CSPC Pharmaceutical Group Ltd.
  12,944   13,416
Daqo New Energy Corp., ADR(a)
  180   10,321
Datang International Power Generation Co. Ltd., H Shares
  254,721   40,516
Dongfang Electric Corp. Ltd., H Shares
  29,800   47,705
Dongfeng Motor Group Co. Ltd., H Shares
  109,547   101,736
DouYu International Holdings Ltd., ADR(a)
  2,334   6,488
ENN Energy Holdings Ltd.
  1,802   33,840
FinVolution Group, ADR
  2,192   12,867
Fosun International Ltd.
  20,703   22,626
Fuyao Glass Industry Group Co. Ltd., H Shares(c)
  6,185   34,075
GDS Holdings Ltd., ADR(a)(b)
  242   13,562
Geely Automobile Holdings Ltd.
  16,926   50,262
GF Securities Co. Ltd., H Shares
  37,000   64,452
GOME Retail Holdings Ltd.(a)
  85,525   7,460
Great Wall Motor Co. Ltd., H Shares(b)
  32,159   134,480
Guangdong Investment Ltd.
  14,070   18,734
Guangshen Railway Co. Ltd., H Shares(a)
  126,726   20,970
Guangzhou Automobile Group Co. Ltd., H Shares
  83,945   85,928
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares
  11,482   27,984
Guangzhou R&F Properties Co. Ltd., H Shares
  23,828   12,898
Harbin Electric Co. Ltd., H Shares
  52,000   24,613
Hello Group, Inc., ADR(b)
  4,130   47,784
Hengan International Group Co. Ltd.
  3,544   17,116
Hisense Home Appliances Group Co. Ltd., H Shares
  10,973   10,585
Hollysys Automation Technologies Ltd.(a)
  1,035   16,001
Huadian Power International Corp. Ltd., H Shares(b)
  244,322   76,156
Huaneng Power International, Inc., H Shares
  365,188   163,485
Huatai Securities Co. Ltd., H Shares(c)
  15,800   22,659
Huazhu Group Ltd., ADR(a)
  275   10,868
HUYA, Inc., ADR(a)
  1,372   11,813
iQIYI, Inc., ADR(a)
  2,481   15,481
Jiangsu Expressway Co. Ltd., H Shares
  33,219   32,299
Jiangxi Copper Co. Ltd., H Shares
  34,319   55,292
JinkoSolar Holding Co. Ltd., ADR(a)
  1,065   55,678
JOYY, Inc., ADR
  728   37,274
Kaisa Group Holdings Ltd.
  26,000   3,535
Kingboard Holdings Ltd.
  5,006   25,107
Kunlun Energy Co. Ltd.
  32,756   30,841
Legend Holdings Corp., H Shares(c)
  35,952   56,724
Lenovo Group Ltd.
  72,895   74,523
LexinFintech Holdings Ltd., ADR(a)
  1,963   8,245
Longfor Group Holdings Ltd.(c)
  5,826   27,651
Maanshan Iron & Steel Co. Ltd., H Shares
  56,091   20,074
Meituan, B Shares(a)(c)
  1,461   44,603
Metallurgical Corp. of China Ltd., H Shares
  853,302   216,723
New China Life Insurance Co. Ltd., H Shares
  45,348   121,283
New Oriental Education & Technology Group, Inc., ADR(a)
  5,917   13,077
People’s Insurance Co. Group of China Ltd. (The), H Shares
  378,492   110,695
  Shares   Value
China-(continued)
PetroChina Co. Ltd., H Shares
  4,709,960   $2,048,111
PICC Property & Casualty Co. Ltd., H Shares
  85,441   73,102
Pinduoduo, Inc., ADR(a)
  1,311   87,181
Ping An Insurance (Group) Co. of China Ltd., H Shares
  115,383   799,971
Qingdao Port International Co. Ltd., H Shares(c)
  29,539   14,777
Qudian, Inc., ADR(a)
  12,801   17,921
Red Star Macalline Group Corp. Ltd., H Shares(a)(c)
  53,085   27,033
Seazen Group Ltd.
  17,908   12,933
Shandong Chenming Paper Holdings Ltd., H Shares
  38,502   18,224
Shandong Gold Mining Co. Ltd., H Shares(c)
  14,189   25,481
Shanghai Electric Group Co. Ltd., H Shares
  193,592   55,377
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(b)
  3,695   19,125
Shanghai Industrial Holdings Ltd.
  7,000   10,057
Shanghai Jin Jiang Capital Co. Ltd., H Shares
  70,900   26,192
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares
  29,379   53,589
Shenzhen Expressway Co. Ltd., H Shares
  18,772   17,530
Shenzhen International Holdings Ltd.
  9,217   10,049
Shenzhou International Group Holdings Ltd.
  759   14,312
Shimao Group Holdings Ltd.
  11,567   13,354
Sino Biopharmaceutical Ltd.
  12,853   9,381
Sino-Ocean Group Holding Ltd.
  113,931   26,598
Sinopec Engineering Group Co. Ltd., H Shares
  21,207   10,337
Sinopec Shanghai Petrochemical Co. Ltd., H Shares
  206,062   48,371
Sinopharm Group Co. Ltd., H Shares
  44,617   96,951
Sinotrans Ltd., H Shares
  81,815   26,237
Sinotruk Hong Kong Ltd.
  5,500   8,156
Sohu.com Ltd., ADR(a)
  634   10,696
Sun Art Retail Group Ltd.(b)
  16,769   6,819
Sunac China Holdings Ltd.
  18,312   32,979
Sunny Optical Technology Group Co. Ltd.
  696   21,052
TAL Education Group, ADR(a)
  1,726   8,941
Tencent Holdings Ltd.
  4,704   277,201
Tencent Music Entertainment Group, ADR(a)
  6,740   48,461
Tianneng Power International Ltd.
  8,000   8,866
Tingyi Cayman Islands Holding Corp.
  9,885   19,147
Tsingtao Brewery Co. Ltd., H Shares
  1,984   15,995
Vipshop Holdings Ltd., ADR(a)
  3,951   38,601
Want Want China Holdings Ltd.
  18,656   15,770
Weibo Corp., ADR(a)(b)
  745   29,658
Weichai Power Co. Ltd., H Shares
  53,368   94,881
WuXi AppTec Co. Ltd., H Shares(b)(c)
  1,028   22,905
Xiaomi Corp., B Shares(a)(c)
  30,400   75,183
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares(b)
  20,400   45,009
Xinyuan Real Estate Co. Ltd., ADR
  10,009   8,815
Yangzijiang Shipbuilding Holdings Ltd.
  15,475   14,672
Yanzhou Coal Mining Co. Ltd., H Shares(b)
  44,412   69,730
Yiren Digital Ltd., ADR(a)(b)
  3,656   12,467
Yuexiu Property Co. Ltd.
  8,800   8,218
Yum China Holdings, Inc.(b)
  1,836   91,984
Zhengqi Holdings Co. Ltd., Rts., TBA(a)(d)
  1,142   0
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares(b)
  11,800   13,017
Zhongsheng Group Holdings Ltd.
  1,500   12,343
Zhuzhou CRRC Times Electric Co. Ltd., H Shares
  4,200   27,692
Zijin Mining Group Co. Ltd., H Shares
  63,189   83,973
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
China-(continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares
  31,200   $20,491
ZTE Corp., H Shares
  19,050   51,682
ZTO Express Cayman, Inc., ADR
  2,831   89,488
        12,495,575
Colombia-0.09%
Grupo de Inversiones Suramericana S.A.
  3,585   22,497
Czech Republic-0.14%
CEZ A.S.
  1,142   37,140
Greece-0.38%
Hellenic Telecommunications Organization S.A.
  1,043   17,909
Motor Oil Hellas Corinth Refineries S.A.
  1,068   16,109
OPAP S.A.
  838   11,574
Public Power Corp. S.A.(a)
  1,650   17,476
Star Bulk Carriers Corp.
  882   18,531
Tsakos Energy Navigation Ltd.
  2,095   15,231
        96,830
Hong Kong-0.14%
Nine Dragons Paper Holdings Ltd.
  10,182   11,441
Skyworth Group Ltd.(a)
  39,409   23,962
        35,403
Hungary-0.24%
Gedeon Richter PLC
  539   14,200
MOL Hungarian Oil & Gas PLC
  6,248   46,515
        60,715
India-3.66%
Dr. Reddy’s Laboratories Ltd., ADR
  547   34,155
ICICI Bank Ltd., ADR
  14,279   263,590
Infosys Ltd., ADR
  15,362   346,874
Tata Motors Ltd., ADR(a)(b)
  4,220   128,879
Tata Steel Ltd., GDR(c)
  5,627   78,215
Wipro Ltd., ADR
  7,834   66,902
WNS (Holdings) Ltd., ADR(a)
  312   26,230
        944,845
Indonesia-1.32%
PT Adaro Energy Tbk
  216,721   25,723
PT Astra International Tbk
  134,209   54,115
PT Bank Mandiri (Persero) Tbk
  119,000   58,160
PT Bank Rakyat Indonesia (Persero) Tbk
  221,669   63,301
PT Indah Kiat Pulp & Paper Corp. Tbk
  19,400   10,227
PT Indofood Sukses Makmur Tbk
  36,998   16,274
PT Perusahaan Gas Negara Tbk(a)
  170,734   17,881
PT Telkom Indonesia (Persero) Tbk
  272,657   75,957
PT United Tractors Tbk
  11,657   17,377
        339,015
Kuwait-0.15%
Agility Public Warehousing Co. KSC
  5,153   15,706
Mobile Telecommunications Co. KSCP
  12,056   22,677
        38,383
Malaysia-1.05%
Axiata Group Bhd.
  33,202   30,746
DRB-Hicom Bhd
  30,900   11,299
Genting Bhd.
  26,582   27,772
Genting Malaysia Bhd.
  23,900   15,719
IJM Corp. Bhd.
  33,100   13,833
Kuala Lumpur Kepong Bhd.
  2,500   12,490
MISC Bhd.
  16,432   25,946
  Shares   Value
Malaysia-(continued)
Petronas Chemicals Group Bhd.
  11,312   $22,831
Sime Darby Bhd.
  77,322   40,208
Telekom Malaysia Bhd.
  9,974   13,168
Tenaga Nasional Bhd.
  26,398   57,917
        271,929
Mexico-3.61%
Alfa S.A.B. de C.V., Class A
  55,045   39,268
Arca Continental S.A.B. de C.V.
  4,561   27,755
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander
  10,054   12,370
Cemex S.A.B. de C.V., ADR(a)
  20,032   123,197
Coca-Cola FEMSA S.A.B. de C.V., ADR
  2,559   125,698
El Puerto de Liverpool S.A.B. de C.V., Series C-1(b)
  7,756   29,711
Fomento Economico Mexicano, S.A.B. de C.V., ADR
  3,757   265,770
Gruma S.A.B. de C.V., Class B
  1,185   14,332
Grupo Bimbo S.A.B. de C.V., Series A
  11,268   29,479
Grupo Financiero Banorte S.A.B. de C.V., Class O
  10,843   64,651
Grupo Financiero Inbursa S.A.B. de C.V., Class O
  14,534   13,993
Grupo Mexico S.A.B. de C.V., Class B
  11,646   48,623
Grupo Televisa S.A.B., ADR
  4,359   40,059
Industrias Penoles S.A.B. de C.V.
  1,000   12,233
Kimberly-Clark de Mexico S.A.B. de C.V., Class A
  9,593   15,030
Orbia Advance Corp. S.A.B. de C.V.
  6,739   15,661
Wal-Mart de Mexico S.A.B. de C.V., Series V
  17,260   54,119
        931,949
Peru-0.09%
Cia de Minas Buenaventura S.A.A., ADR(a)
  3,083   22,537
Philippines-0.14%
Ayala Corp.
  1,083   17,970
International Container Terminal Services, Inc.
  4,580   17,989
        35,959
Poland-1.07%
Cyfrowy Polsat S.A.
  1,562   13,247
Enea S.A.(a)
  6,929   14,741
Grupa Lotos S.A.(a)
  1,412   18,359
KGHM Polska Miedz S.A.
  683   23,291
Orange Polska S.A.(a)
  7,014   14,473
PGE Polska Grupa Energetyczna S.A.(a)
  13,331   26,712
Polski Koncern Naftowy ORLEN S.A.
  4,539   78,878
Polskie Gornictwo Naftowe i Gazownictwo S.A.
  13,366   17,889
Powszechny Zaklad Ubezpieczen S.A.
  5,926   51,491
Tauron Polska Energia S.A.(a)
  23,265   16,114
        275,195
Russia-9.89%
Aeroflot PJSC(a)
  14,160   11,483
Alrosa PJSC
  20,154   34,845
Bashneft PJSC, Preference Shares
  2,990   41,042
Federal Grid Co. Unified Energy System PJSC
  4,435,199   9,988
Gazprom PJSC
  175,697   798,678
Inter RAO UES PJSC
  437,817   25,193
Lenta International Co. PJSC, GDR(a)
  6,496   17,868
Lukoil PJSC
  4,896   433,840
Magnit PJSC
  756   59,072
MMC Norilsk Nickel PJSC
  255   74,414
Mobile TeleSystems PJSC
  8,183   32,108
Nizhnekamskneftekhim PJSC, Preference Shares
  15,731   20,781
Novatek PJSC
  1,738   38,063
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Russia-(continued)
Novolipetsk Steel PJSC
  6,650   $19,340
PhosAgro PJSC
  194   14,796
Polymetal International PLC
  995   18,581
Polyus PJSC
  83   16,180
Rosneft Oil Co. PJSC
  26,413   201,876
Rostelecom PJSC
  14,250   16,234
RusHydro PJSC
  1,071,670   10,568
Severstal PAO
  951   20,158
Sistema PJSFC
  50,361   17,094
Surgutneftegas PJSC
  696,958   346,131
Tatneft PJSC
  16,965   108,772
TCS Group Holding PLC, GDR(c)
  170   16,559
Transneft PJSC, Preference Shares
  24   45,705
X5 Retail Group N.V., GDR(c)
  2,843   79,731
Yandex N.V., Class A(a)
  292   21,160
        2,550,260
South Africa-2.34%
Aspen Pharmacare Holdings Ltd.
  1,304   19,389
Barloworld Ltd.
  2,271   21,429
Bid Corp. Ltd.
  1,464   27,864
Bidvest Group Ltd. (The)
  1,842   20,784
Capitec Bank Holdings Ltd.
  172   19,568
Discovery Ltd.(a)
  1,611   13,400
Exxaro Resources Ltd.
  2,375   22,501
Foschini Group Ltd. (The)(a)
  1,415   10,678
Gold Fields Ltd.
  2,187   25,700
Impala Platinum Holdings Ltd.
  1,228   15,507
Motus Holdings Ltd.
  2,228   14,767
Mr Price Group Ltd.
  865   10,743
Nedbank Group Ltd.
  889   9,164
Old Mutual Ltd.
  67,419   51,120
Pick n Pay Stores Ltd.
  3,521   11,683
Remgro Ltd.
  3,879   30,386
Sanlam Ltd.
  12,810   44,289
Sappi Ltd.(a)
  7,585   21,173
Sasol Ltd.(a)
  7,090   117,409
Shoprite Holdings Ltd.
  2,764   34,009
Sibanye Stillwater Ltd.
  5,482   17,256
SPAR Group Ltd. (The)
  1,639   16,632
Tiger Brands Ltd.
  879   9,832
Woolworths Holdings Ltd.
  5,828   18,768
        604,051
Switzerland-0.05%
Mediclinic International PLC(a)
  3,520   13,780
Taiwan-17.34%
Acer, Inc.
  22,169   22,086
ASE Technology Holding Co. Ltd.
  16,457   60,372
Asia Cement Corp.
  14,028   21,190
Asustek Computer, Inc.
  4,360   55,275
AU Optronics Corp.
  75,784   54,785
Catcher Technology Co. Ltd.
  6,100   34,005
Chailease Holding Co. Ltd.
  2,100   18,655
Cheng Shin Rubber Industry Co. Ltd.
  10,108   12,179
Chicony Electronics Co. Ltd.
  5,000   14,296
China Airlines Ltd.(a)
  23,401   21,882
China Development Financial Holding Corp.
  184,439   108,788
China Life Insurance Co. Ltd.
  81,802   90,174
China Life Insurance Co. Ltd., H Shares
  537,733   885,662
China Steel Corp.
  56,512   66,157
Chunghwa Telecom Co. Ltd.
  15,419   62,110
Compal Electronics, Inc.
  94,252   78,474
  Shares   Value
Taiwan-(continued)
Delta Electronics, Inc.
  4,239   $39,029
Eva Airways Corp.(a)
  22,716   20,588
Evergreen Marine Corp. Taiwan Ltd.
  4,000   17,911
Far Eastern New Century Corp.
  37,520   37,649
Far EasTone Telecommunications Co. Ltd.
  8,180   18,093
Formosa Chemicals & Fibre Corp.
  23,552   66,155
Formosa Plastics Corp.
  20,272   74,732
Foxconn Technology Co. Ltd.
  8,653   20,291
Fubon Financial Holding Co. Ltd.
  33,400   87,811
General Interface Solution Holding Ltd.
  4,000   14,329
Hon Hai Precision Industry Co. Ltd.
  132,589   493,552
Hotai Motor Co. Ltd.
  792   17,262
Innolux Corp.
  77,264   48,491
Inventec Corp.
  36,325   33,706
Largan Precision Co. Ltd.
  260   18,608
Lite-On Technology Corp.
  13,514   29,308
MediaTek, Inc.
  2,174   78,971
Mercuries & Associates Holding Ltd.
  27,518   23,258
Mercuries Life Insurance Co. Ltd.(a)
  74,587   24,948
Micro-Star International Co. Ltd.
  2,040   11,959
Nan Ya Plastics Corp.
  24,667   73,191
Nanya Technology Corp.
  5,468   14,592
Novatek Microelectronics Corp.
  889   14,884
Pegatron Corp.
  38,819   92,983
Pou Chen Corp.
  24,628   28,388
Powertech Technology, Inc.
  4,877   17,382
President Chain Store Corp.
  2,402   23,239
Qisda Corp.
  14,000   14,854
Quanta Computer, Inc.
  23,874   73,757
Radiant Opto-Electronics Corp.
  3,000   10,358
Realtek Semiconductor Corp.
  780   15,569
Shin Kong Financial Holding Co. Ltd.
  109,000   41,358
Silicon Motion Technology Corp., ADR(b)
  202   13,944
Sino-American Silicon Products, Inc.
  2,586   19,252
Synnex Technology International Corp.
  11,879   24,950
Taiwan Cement Corp.
  22,481   37,193
Taiwan Mobile Co. Ltd.
  6,381   22,261
Taiwan Semiconductor Manufacturing Co. Ltd.
  35,652   764,214
Teco Electric and Machinery Co. Ltd.
  12,556   13,931
TPK Holding Co. Ltd.
  8,240   11,706
Unimicron Technology Corp.
  4,000   32,800
Uni-President Enterprises Corp.
  26,385   62,061
United Microelectronics Corp.
  38,003   87,065
Walsin Lihwa Corp.
  20,141   18,906
Winbond Electronics Corp.
  11,000   12,680
Wistron Corp.
  63,194   65,002
WPG Holdings Ltd.
  25,406   45,961
Yageo Corp.
  1,150   18,881
Zhen Ding Technology Holding Ltd.
  5,101   17,979
        4,472,082
Tanzania-0.08%
AngloGold Ashanti Ltd.
  973   20,955
Thailand-1.21%
Advanced Info Service PCL, NVDR
  3,623   22,148
Airports of Thailand PCL, NVDR
  6,173   10,946
Charoen Pokphand Foods PCL, NVDR
  22,949   16,209
Charoen Pokphand Foods PCL, Rts., expiring 12/09/2021(a)(d)
  327   0
CP ALL PCL, NVDR
  16,792   29,151
CP ALL PCL, Rts., expiring 12/09/2021(a)(d)
  1,119   0
Indorama Ventures PCL, NVDR
  9,882   11,510
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Thailand-(continued)
IRPC PCL, NVDR
  119,858   $13,303
PTT Exploration & Production PCL, NVDR
  9,150   30,819
PTT Global Chemical PCL, NVDR
  15,229   25,421
PTT PCL, NVDR
  98,586   103,859
Siam Cement PCL (The), NVDR
  1,928   21,284
Thai Beverage PCL
  28,581   13,966
Thai Oil PCL, NVDR
  10,283   14,190
        312,806
Turkey-0.51%
BIM Birlesik Magazalar A.S.
  2,594   13,558
Eregli Demir ve Celik Fabrikalari TAS
  21,263   36,096
Is Yatirim Menkul Degerler A.S.
  6,101   8,946
Turk Hava Yollari AO(a)
  13,026   16,894
Turkcell Iletisim Hizmetleri A.S.
  13,859   19,727
Turkiye Petrol Rafinerileri A.S.(a)
  2,381   27,203
Turkiye Vakiflar Bankasi T.A.O., Class D(a)
  35,427   9,872
        132,296
United Arab Emirates-0.26%
Aldar Properties PJSC
  16,372   17,918
Emaar Properties PJSC
  38,373   48,997
        66,915
United States-0.24%
JBS S.A.
  9,671   61,036
Total Common Stocks & Other Equity Interests

(Cost $27,595,626)
  25,764,381
  Shares   Value
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)

(Cost $15,963)
  15,963   $15,963
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.97%

(Cost $27,611,589)
  25,780,344
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.04%
Invesco Private Government Fund, 0.02%(e)(f)(g)
  157,698   157,698
Invesco Private Prime Fund, 0.11%(e)(f)(g)
  367,852   367,962
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $525,665)
  525,660
TOTAL INVESTMENTS IN SECURITIES-102.01%

(Cost $28,137,254)
  26,306,004
OTHER ASSETS LESS LIABILITIES-(2.01)%
  (518,502)
NET ASSETS-100.00%
  $25,787,502
 
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 November 30, 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 November 30, 2021 was $848,732, which represented 3.29% 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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $361,841   $(345,878)   $-   $-   $15,963   $2
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
November 30, 2021
(Unaudited)
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $122,013   $549,510   $(513,825)   $-   $-   $157,698   $7*
Invesco Private Prime Fund 284,696   1,040,028   (956,732)   (5)   (25)   367,962   91*
Total $406,709   $1,951,379   $(1,816,435)   $(5)   $(25)   $541,623   $100
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of November 30, 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(a)
Invesco RAFITM Strategic US ETF (IUS)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-11.42%
Activision Blizzard, Inc.
  1,856   $108,762
Alphabet, Inc., Class A(b)
  2,315   6,569,854
Altice USA, Inc., Class A(b)
  5,752   91,112
AT&T, Inc.
  133,066   3,037,897
Charter Communications, Inc., Class A(b)
  1,195   772,305
Comcast Corp., Class A
  32,810   1,639,844
Discovery, Inc., Class A(b)(c)
  7,148   166,334
DISH Network Corp., Class A(b)
  4,135   129,219
Electronic Arts, Inc.
  1,152   143,101
Fox Corp., Class A(c)
  6,055   216,224
Interpublic Group of Cos., Inc. (The)
  3,382   112,249
Liberty Global PLC, Class C (United Kingdom)(b)
  11,498   306,307
Liberty Media Corp.-Liberty SiriusXM, Class C(b)
  3,611   176,686
Loyalty Ventures, Inc.(b)
  279   8,007
Lumen Technologies, Inc.
  27,013   333,340
Meredith Corp.(b)
  1,670   98,530
Meta Platforms, Inc., Class A(b)
  7,552   2,450,322
Netflix, Inc.(b)
  340   218,246
News Corp., Class A
  4,482   96,901
Nexstar Media Group, Inc., Class A
  467   69,816
Omnicom Group, Inc.
  1,867   125,668
Sinclair Broadcast Group, Inc., Class A
  2,096   48,900
Take-Two Interactive Software, Inc.(b)
  293   48,603
Telephone & Data Systems, Inc.
  3,239   57,265
T-Mobile US, Inc.(b)
  5,369   584,201
Twitter, Inc.(b)
  1,780   78,213
Verizon Communications, Inc.
  43,383   2,180,863
ViacomCBS, Inc., Class B
  6,937   214,700
Walt Disney Co. (The)(b)
  6,227   902,292
        20,985,761
Consumer Discretionary-11.38%
Adient PLC(b)
  1,388   58,921
Advance Auto Parts, Inc.
  563   124,265
Amazon.com, Inc.(b)
  879   3,082,715
Aptiv PLC(b)
  978   156,822
Aramark
  2,427   81,062
Asbury Automotive Group, Inc.(b)(c)
  248   40,583
Autoliv, Inc. (Sweden)(c)
  649   62,557
AutoNation, Inc.(b)
  952   117,905
AutoZone, Inc.(b)
  124   225,317
Bath & Body Works, Inc.
  1,204   90,457
Bed Bath & Beyond, Inc.(b)(c)
  2,781   50,976
Best Buy Co., Inc.
  3,075   328,594
Booking Holdings, Inc.(b)
  117   245,916
BorgWarner, Inc.
  2,004   86,733
Brunswick Corp.
  607   57,003
Capri Holdings Ltd.(b)
  1,000   59,220
CarMax, Inc.(b)
  1,185   167,381
Chipotle Mexican Grill, Inc.(b)
  44   72,310
D.R. Horton, Inc.
  2,241   218,946
Dana, Inc.
  2,045   43,968
Darden Restaurants, Inc.
  616   84,977
Dick’s Sporting Goods, Inc.
  1,102   129,551
Dollar General Corp.
  1,899   420,249
Dollar Tree, Inc.(b)
  1,995   266,991
eBay, Inc.
  6,837   461,224
Foot Locker, Inc.
  1,145   52,258
Ford Motor Co.
  100,223   1,923,279
Gap, Inc. (The)
  1,780   29,423
Garmin Ltd.
  518   69,174
General Motors Co.(b)
  20,207   1,169,379
  Shares   Value
Consumer Discretionary-(continued)
Gentex Corp.
  1,504   $51,783
Genuine Parts Co.
  1,202   153,543
Goodyear Tire & Rubber Co. (The)(b)
  5,374   108,071
Group 1 Automotive, Inc.
  437   85,106
Hanesbrands, Inc.
  3,612   58,334
Harley-Davidson, Inc.
  1,410   51,648
Hasbro, Inc.
  762   73,845
Hilton Worldwide Holdings, Inc.(b)
  705   95,224
Home Depot, Inc. (The)
  4,796   1,921,326
Kohl’s Corp.
  2,886   147,850
Lear Corp.
  692   116,111
Leggett & Platt, Inc.
  958   38,694
Lennar Corp., Class A
  3,280   344,564
Lithia Motors, Inc., Class A
  234   68,171
LKQ Corp.
  2,415   134,998
Lowe’s Cos., Inc.
  4,856   1,187,729
Macy’s, Inc.
  8,120   231,420
Marriott International, Inc., Class A(b)
  1,001   147,708
Marriott Vacations Worldwide Corp.
  291   44,421
McDonald’s Corp.
  2,190   535,674
Mohawk Industries, Inc.(b)
  549   92,161
Murphy USA, Inc.
  525   90,998
Newell Brands, Inc.
  4,099   88,006
NIKE, Inc., Class B
  3,627   613,833
NVR, Inc.(b)
  20   104,507
ODP Corp. (The)(b)
  1,588   59,963
O’Reilly Automotive, Inc.(b)
  357   227,823
Penske Automotive Group, Inc.
  618   61,565
Polaris, Inc.
  529   59,137
PulteGroup, Inc.
  2,481   124,124
PVH Corp.
  882   94,180
Qurate Retail, Inc., Class A
  12,556   100,448
Ralph Lauren Corp.
  610   70,784
Ross Stores, Inc.
  1,315   143,453
Service Corp. International
  1,312   86,802
Signet Jewelers Ltd.
  869   84,415
Starbucks Corp.
  2,887   316,531
Tapestry, Inc.
  1,731   69,448
Target Corp.
  3,617   881,969
Taylor Morrison Home Corp., Class A(b)
  2,334   72,494
Tenneco, Inc., Class A(b)
  5,346   56,133
Tesla, Inc.(b)
  428   489,957
Thor Industries, Inc.(c)
  529   55,921
TJX Cos., Inc. (The)
  5,240   363,656
Toll Brothers, Inc.
  1,750   111,073
Tractor Supply Co.
  621   139,930
Tri Pointe Homes, Inc.(b)
  2,231   55,708
Ulta Beauty, Inc.(b)
  241   92,532
VF Corp.
  1,818   130,405
Victoria’s Secret & Co.(b)
  391   21,223
Wayfair, Inc., Class A(b)(c)
  243   60,225
Whirlpool Corp.(c)
  712   155,031
Williams-Sonoma, Inc.
  501   97,615
Yum! Brands, Inc.
  475   58,349
        20,904,775
Consumer Staples-8.67%
Altria Group, Inc.
  13,733   585,575
Archer-Daniels-Midland Co.
  5,455   339,356
BJ’s Wholesale Club Holdings, Inc.(b)
  1,867   123,502
Brown-Forman Corp., Class B
  783   55,092
Bunge Ltd.
  1,889   163,531
Campbell Soup Co.
  1,422   57,349
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Casey’s General Stores, Inc.
  273   $53,041
Church & Dwight Co., Inc.
  952   85,090
Clorox Co. (The)
  678   110,412
Coca-Cola Co. (The)
  16,364   858,292
Colgate-Palmolive Co.
  3,544   265,871
Conagra Brands, Inc.
  4,055   123,880
Constellation Brands, Inc., Class A
  808   182,067
Costco Wholesale Corp.
  2,981   1,607,892
Estee Lauder Cos., Inc. (The), Class A
  727   241,415
General Mills, Inc.
  4,292   265,117
Herbalife Nutrition Ltd.(b)
  1,203   44,944
Hershey Co. (The)
  802   142,347
Hormel Foods Corp.
  2,680   110,952
Ingredion, Inc.
  703   65,470
JM Smucker Co. (The)
  1,104   139,623
Kellogg Co.
  2,053   125,603
Keurig Dr Pepper, Inc.
  3,919   133,207
Kimberly-Clark Corp.
  2,108   274,693
Kraft Heinz Co. (The)
  11,584   389,338
Kroger Co. (The)
  22,304   926,285
McCormick & Co., Inc.
  992   85,133
Molson Coors Beverage Co., Class B
  3,121   138,697
Mondelez International, Inc., Class A
  8,525   502,463
Monster Beverage Corp.(b)
  870   72,889
Nomad Foods Ltd. (United Kingdom)(b)
  1,768   42,238
PepsiCo, Inc.
  6,933   1,107,755
Performance Food Group Co.(b)
  2,604   104,967
Philip Morris International, Inc.
  6,759   580,868
Post Holdings, Inc.(b)(c)
  745   71,967
Procter & Gamble Co. (The)
  13,283   1,920,456
Rite Aid Corp.(b)(c)
  5,385   66,343
SpartanNash Co.
  2,388   57,145
Spectrum Brands Holdings, Inc.
  579   57,958
Sysco Corp.
  4,206   294,588
Tyson Foods, Inc., Class A
  4,883   385,562
United Natural Foods, Inc.(b)
  3,441   171,087
US Foods Holding Corp.(b)
  3,501   110,001
Walgreens Boots Alliance, Inc.
  14,597   653,946
Walmart, Inc.
  14,491   2,037,869
        15,931,876
Energy-7.02%
Antero Resources Corp.(b)
  5,254   92,260
APA Corp.
  3,628   93,494
Baker Hughes Co., Class A
  9,948   232,186
Cheniere Energy, Inc.
  1,151   120,636
Chevron Corp.
  22,911   2,585,965
ConocoPhillips
  11,648   816,874
Coterra Energy, Inc.
  3,315   66,565
Devon Energy Corp.
  4,446   186,999
DT Midstream, Inc.(b)
  842   38,623
EOG Resources, Inc.
  4,641   403,767
Exxon Mobil Corp.
  55,129   3,298,919
Halliburton Co.
  8,573   185,091
Helmerich & Payne, Inc.
  1,954   43,867
Hess Corp.
  1,285   95,758
HollyFrontier Corp.
  3,738   120,812
Kinder Morgan, Inc.
  23,310   360,373
Marathon Petroleum Corp.
  11,870   722,290
NOV, Inc.(b)
  5,757   68,623
Occidental Petroleum Corp.
  17,420   516,503
ONEOK, Inc.
  3,766   225,357
Ovintiv, Inc.
  5,586   194,169
  Shares   Value
Energy-(continued)
PBF Energy, Inc., Class A(b)
  4,809   $60,257
Phillips 66
  8,055   557,164
Pioneer Natural Resources Co.
  1,312   233,956
Schlumberger N.V.
  13,576   389,360
Targa Resources Corp.
  3,400   175,542
TechnipFMC PLC (United Kingdom)(b)(c)
  11,973   67,887
Valero Energy Corp.
  8,152   545,695
Williams Cos., Inc. (The)
  11,254   301,495
World Fuel Services Corp.
  4,028   100,660
        12,901,147
Financials-7.68%
Affiliated Managers Group, Inc.
  459   78,090
Alleghany Corp.(b)
  179   115,792
Allstate Corp. (The)
  4,990   542,513
American Express Co.
  3,609   549,651
Aon PLC, Class A
  931   275,362
Apollo Global Management, Inc.
  901   63,773
Arch Capital Group Ltd.(b)
  4,272   172,503
Arthur J. Gallagher & Co.
  822   133,904
Assurant, Inc.
  791   120,311
AXIS Capital Holdings Ltd.
  1,300   64,584
Berkshire Hathaway, Inc., Class B(b)
  19,432   5,376,640
Blackstone, Inc., Class A
  3,170   448,396
Brown & Brown, Inc.
  979   63,057
Cboe Global Markets, Inc.
  800   103,152
Chubb Ltd.
  4,894   878,326
Cincinnati Financial Corp.
  1,195   136,110
Everest Re Group Ltd.
  662   169,724
Fidelity National Financial, Inc.
  2,907   142,181
First American Financial Corp.
  1,406   104,297
Franklin Resources, Inc.
  2,555   82,782
Globe Life, Inc.
  1,182   102,290
Hanover Insurance Group, Inc. (The)
  545   66,354
Hartford Financial Services Group, Inc. (The)
  4,833   319,461
Janus Henderson Group PLC
  2,084   89,049
Kemper Corp.
  842   46,579
Lazard Ltd., Class A
  1,049   44,708
Loews Corp.
  3,917   209,403
LPL Financial Holdings, Inc.
  452   71,240
Markel Corp.(b)
  118   140,989
Marsh & McLennan Cos., Inc.
  1,908   312,950
MGIC Investment Corp.
  4,208   59,333
Moody’s Corp.
  403   157,428
Mr. Cooper Group, Inc.(b)
  1,514   59,455
MSCI, Inc.
  145   91,270
Nasdaq, Inc.
  504   102,428
Old Republic International Corp.
  4,356   104,370
OneMain Holdings, Inc.
  1,817   90,468
Progressive Corp. (The)
  5,405   502,341
Radian Group, Inc.
  2,789   56,812
Raymond James Financial, Inc.
  1,919   188,619
Reinsurance Group of America, Inc.
  1,925   182,702
S&P Global, Inc.
  555   252,930
StoneX Group, Inc.(b)
  2,899   162,851
T. Rowe Price Group, Inc.
  1,130   225,943
Travelers Cos., Inc. (The)
  3,396   499,042
Unum Group
  5,318   122,846
W.R. Berkley Corp.
  1,336   102,391
Willis Towers Watson PLC
  603   136,182
        14,121,582
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Health Care-15.00%
Abbott Laboratories
  5,737   $721,543
AbbVie, Inc.
  8,700   1,002,936
Agilent Technologies, Inc.
  936   141,242
Align Technology, Inc.(b)
  79   48,311
AmerisourceBergen Corp.
  5,390   623,893
Amgen, Inc.
  3,277   651,730
Anthem, Inc.
  2,722   1,105,758
Avantor, Inc.(b)
  2,548   100,595
Baxter International, Inc.
  2,404   179,266
Becton, Dickinson and Co.
  1,486   352,390
Biogen, Inc.(b)
  2,254   531,358
Bio-Rad Laboratories, Inc., Class A(b)
  108   81,346
Boston Scientific Corp.(b)
  4,311   164,120
Bristol-Myers Squibb Co.
  18,049   967,968
Cardinal Health, Inc.
  13,087   605,012
Centene Corp.(b)
  8,679   619,767
Cerner Corp.
  1,964   138,364
Cigna Corp.
  4,958   951,440
Community Health Systems, Inc.(b)
  5,605   67,428
Cooper Cos., Inc. (The)
  134   50,447
CVS Health Corp.
  22,595   2,012,311
Danaher Corp.
  1,588   510,764
DaVita, Inc.(b)
  1,711   161,690
DENTSPLY SIRONA, Inc.
  1,144   55,759
Edwards Lifesciences Corp.(b)
  1,096   117,612
Elanco Animal Health, Inc.(b)
  1,572   45,179
Eli Lilly and Co.
  2,175   539,487
Encompass Health Corp.
  582   33,535
Gilead Sciences, Inc.
  10,202   703,224
HCA Healthcare, Inc.
  2,064   465,618
Henry Schein, Inc.(b)
  1,113   79,090
Hologic, Inc.(b)
  1,383   103,352
Humana, Inc.
  1,345   564,510
Illumina, Inc.(b)
  259   94,620
Intuitive Surgical, Inc.(b)
  466   151,142
IQVIA Holdings, Inc.(b)
  687   178,022
Jazz Pharmaceuticals PLC(b)
  333   39,917
Johnson & Johnson
  11,885   1,853,228
Laboratory Corp. of America Holdings(b)
  606   172,910
McKesson Corp.
  5,832   1,264,144
Medtronic PLC
  6,156   656,845
Merck & Co., Inc.
  13,857   1,038,028
Mettler-Toledo International, Inc.(b)
  55   83,277
Molina Healthcare, Inc.(b)
  561   159,986
PerkinElmer, Inc.
  371   67,581
Perrigo Co. PLC
  1,733   63,618
Pfizer, Inc.
  34,475   1,852,342
Quest Diagnostics, Inc.
  1,149   170,833
Regeneron Pharmaceuticals, Inc.(b)
  847   539,141
ResMed, Inc.
  300   76,455
STERIS PLC
  307   67,089
Stryker Corp.
  935   221,249
Tenet Healthcare Corp.(b)
  2,278   165,998
Thermo Fisher Scientific, Inc.
  1,315   832,171
UnitedHealth Group, Inc.
  5,774   2,564,926
Universal Health Services, Inc., Class B
  945   112,200
Vertex Pharmaceuticals, Inc.(b)
  799   149,365
Viatris, Inc.
  11,506   141,639
Waters Corp.(b)
  230   75,456
Zimmer Biomet Holdings, Inc.
  877   104,889
Zoetis, Inc.
  775   172,081
        27,566,197
  Shares   Value
Industrials-9.14%
3M Co.
  2,979   $506,549
A.O. Smith Corp.
  733   57,944
Acuity Brands, Inc.
  272   54,767
AECOM(b)
  1,628   112,234
AGCO Corp.
  516   56,868
AMETEK, Inc.
  691   94,322
Avis Budget Group, Inc.(b)
  819   224,889
Booz Allen Hamilton Holding Corp.
  872   73,196
Builders FirstSource, Inc.(b)
  1,120   77,773
C.H. Robinson Worldwide, Inc.
  1,187   112,872
CACI International, Inc., Class A(b)
  235   60,966
Carlisle Cos., Inc.
  396   89,179
Caterpillar, Inc.
  2,790   539,447
Cintas Corp.
  291   122,857
CSX Corp.
  10,952   379,596
Cummins, Inc.
  1,136   238,276
Deere & Co.
  1,277   441,255
Dover Corp.
  655   107,322
Eaton Corp. PLC
  2,684   434,969
EMCOR Group, Inc.
  575   68,621
Emerson Electric Co.
  3,272   287,412
Equifax, Inc.
  255   71,056
Expeditors International of Washington, Inc.
  734   89,269
Fastenal Co.
  1,918   113,488
FedEx Corp.
  1,871   431,022
Fluor Corp.(b)(c)
  4,401   97,306
Fortive Corp.
  1,530   113,021
Fortune Brands Home & Security, Inc.
  725   72,884
General Dynamics Corp.
  2,258   426,694
General Electric Co.
  6,685   635,008
GXO Logistics, Inc.(b)
  646   62,048
Honeywell International, Inc.
  3,293   665,976
Howmet Aerospace, Inc.
  1,960   55,135
Hubbell, Inc.
  308   60,276
Huntington Ingalls Industries, Inc.
  417   74,022
IHS Markit Ltd.
  1,547   197,738
Illinois Tool Works, Inc.(c)
  1,146   266,044
Ingersoll Rand, Inc.
  1,357   79,167
J.B. Hunt Transport Services, Inc.
  440   84,110
Jacobs Engineering Group, Inc.
  833   118,752
Johnson Controls International PLC
  6,988   522,423
Kansas City Southern
  394   114,595
Knight-Swift Transportation Holdings, Inc.
  1,610   92,173
L3Harris Technologies, Inc.
  1,499   313,411
Leidos Holdings, Inc.
  1,154   101,448
Lockheed Martin Corp.
  1,822   607,309
ManpowerGroup, Inc.
  1,114   99,848
Masco Corp.
  1,788   117,829
MasTec, Inc.(b)(c)
  421   38,804
MSC Industrial Direct Co., Inc., Class A
  547   43,049
Nielsen Holdings PLC
  2,575   49,337
Norfolk Southern Corp.
  1,307   346,708
Northrop Grumman Corp.
  1,163   405,654
Old Dominion Freight Line, Inc.
  283   100,513
Oshkosh Corp.
  530   57,028
Owens Corning
  922   78,222
PACCAR, Inc.
  3,010   251,094
Parker-Hannifin Corp.
  605   182,746
Pentair PLC
  766   56,447
Quanta Services, Inc.
  1,206   137,219
Raytheon Technologies Corp.
  9,731   787,433
Republic Services, Inc.
  1,141   150,909
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Industrials-(continued)
Robert Half International, Inc.
  690   $76,707
Rockwell Automation, Inc.
  408   137,170
Roper Technologies, Inc.
  283   131,354
Rush Enterprises, Inc., Class A
  980   49,941
Ryder System, Inc.
  1,337   111,078
Schneider National, Inc., Class B
  2,070   50,922
Science Applications International Corp.
  689   57,800
Sensata Technologies Holding PLC(b)
  837   46,621
Snap-on, Inc.
  328   67,538
Southwest Airlines Co.(b)
  820   36,408
Stanley Black & Decker, Inc.
  845   147,672
Textron, Inc.
  1,803   127,652
Trane Technologies PLC
  909   169,665
TransDigm Group, Inc.(b)
  228   131,795
TransUnion
  450   50,036
Trinity Industries, Inc.(c)
  1,890   50,085
Uber Technologies, Inc.(b)
  997   37,886
Union Pacific Corp.
  3,330   784,681
United Parcel Service, Inc., Class B
  3,900   773,643
United Rentals, Inc.(b)
  475   160,902
Univar Solutions, Inc.(b)
  2,008   52,027
Verisk Analytics, Inc.
  450   101,192
W.W. Grainger, Inc.
  258   124,204
Wabtec Corp.
  1,530   135,818
Waste Connections, Inc.
  961   127,871
Waste Management, Inc.
  1,802   289,527
Watsco, Inc.
  185   54,151
WESCO International, Inc.(b)
  632   78,450
XPO Logistics, Inc.(b)
  661   47,883
Xylem, Inc.
  609   73,756
        16,792,964
Information Technology-22.84%
Accenture PLC, Class A
  2,599   928,883
Adobe, Inc.(b)
  907   607,554
Advanced Micro Devices, Inc.(b)
  1,136   179,908
Akamai Technologies, Inc.(b)
  720   81,144
Alliance Data Systems Corp.
  710   48,394
Amdocs Ltd.
  1,138   79,455
Amphenol Corp., Class A
  2,202   177,437
Analog Devices, Inc.
  1,334   240,454
ANSYS, Inc.(b)
  152   59,505
Apple, Inc.
  68,387   11,304,371
Applied Materials, Inc.
  2,501   368,122
Arista Networks, Inc.(b)
  686   85,105
Arrow Electronics, Inc.(b)
  1,688   205,345
Autodesk, Inc.(b)
  308   78,291
Automatic Data Processing, Inc.
  1,524   351,876
Avnet, Inc.
  2,803   101,665
Broadcom, Inc.
  1,915   1,060,297
Broadridge Financial Solutions, Inc.
  378   63,719
Cadence Design Systems, Inc.(b)
  555   98,490
CDW Corp.
  872   165,122
Cisco Systems, Inc.
  25,503   1,398,585
Citrix Systems, Inc.
  951   76,489
Cognizant Technology Solutions Corp., Class A
  4,330   337,653
CommScope Holding Co., Inc.(b)
  2,988   29,760
Corning, Inc.
  4,730   175,436
Dell Technologies, Inc., Class C(b)
  6,345   358,302
DXC Technology Co.(b)
  4,461   133,785
Fiserv, Inc.(b)
  3,455   333,477
FleetCor Technologies, Inc.(b)
  424   87,823
Flex Ltd.(b)
  6,139   104,977
  Shares   Value
Information Technology-(continued)
Fortinet, Inc.(b)
  369   $122,549
Gartner, Inc.(b)
  231   72,130
GoDaddy, Inc., Class A(b)
  851   59,715
Hewlett Packard Enterprise Co.
  21,206   304,306
HP, Inc.
  17,613   621,387
Insight Enterprises, Inc.(b)(c)
  495   48,817
Intel Corp.
  48,444   2,383,445
International Business Machines Corp.
  8,010   937,971
Intuit, Inc.
  429   279,837
Jabil, Inc.
  2,881   168,423
Juniper Networks, Inc.
  3,689   114,839
Keysight Technologies, Inc.(b)
  600   116,688
KLA Corp.
  516   210,595
Kyndryl Holdings, Inc.(b)
  1,576   24,901
Lam Research Corp.
  439   298,454
Marvell Technology, Inc.
  2,239   159,350
Mastercard, Inc., Class A
  1,715   540,088
Microchip Technology, Inc.
  1,574   131,319
Micron Technology, Inc.
  6,747   566,748
Microsoft Corp.
  20,166   6,666,678
Motorola Solutions, Inc.
  581   147,098
NCR Corp.(b)
  1,317   51,231
NetApp, Inc.
  1,471   130,742
NortonLifeLock, Inc.
  13,859   344,396
NVIDIA Corp.
  2,255   736,844
ON Semiconductor Corp.(b)
  1,696   104,185
Oracle Corp.
  13,485   1,223,629
Palo Alto Networks, Inc.(b)
  306   167,364
Paychex, Inc.
  1,038   123,730
PayPal Holdings, Inc.(b)
  1,812   335,021
Qorvo, Inc.(b)
  532   77,794
QUALCOMM, Inc.
  4,681   845,201
salesforce.com, inc.(b)
  1,838   523,757
Sanmina Corp.(b)
  1,272   46,479
Seagate Technology Holdings PLC(c)
  1,993   204,621
ServiceNow, Inc.(b)
  203   131,483
Skyworks Solutions, Inc.
  743   112,683
Square, Inc., Class A(b)
  334   69,582
SS&C Technologies Holdings, Inc.
  1,201   91,672
Synopsys, Inc.(b)
  381   129,921
TD SYNNEX Corp.
  1,051   108,736
TE Connectivity Ltd.
  1,717   264,298
Teradyne, Inc.
  453   69,250
Texas Instruments, Inc.
  3,147   605,388
Trimble, Inc.(b)
  710   60,968
VeriSign, Inc.(b)
  247   59,258
Visa, Inc., Class A(c)
  4,977   964,393
VMware, Inc., Class A
  3,924   458,088
Western Digital Corp.(b)
  2,357   136,329
Western Union Co. (The)
  3,131   49,532
Workday, Inc., Class A(b)
  242   66,364
Xerox Holdings Corp.
  4,686   86,316
Xilinx, Inc.
  925   211,316
Zebra Technologies Corp., Class A(b)
  130   76,541
        41,963,874
Materials-3.64%
Air Products and Chemicals, Inc.
  820   235,701
Albemarle Corp.
  417   111,126
Alcoa Corp.
  2,097   97,573
Amcor PLC
  14,923   168,928
Avery Dennison Corp.
  337   69,109
Ball Corp.
  1,472   137,558
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Materials-(continued)
Berry Global Group, Inc.(b)
  1,380   $95,289
Celanese Corp.
  762   115,336
CF Industries Holdings, Inc.
  1,768   107,123
Chemours Co. (The)
  1,590   47,223
Commercial Metals Co.
  1,684   52,036
Corteva, Inc.
  6,273   282,285
Crown Holdings, Inc.
  831   87,920
Dow, Inc.
  7,465   410,052
DuPont de Nemours, Inc.
  5,670   419,353
Eastman Chemical Co.
  1,090   113,676
Ecolab, Inc.
  746   165,217
FMC Corp.
  607   60,815
Freeport-McMoRan, Inc.
  4,299   159,407
Graphic Packaging Holding Co.
  4,058   80,105
Huntsman Corp.
  2,356   74,662
International Flavors & Fragrances, Inc.
  716   101,794
International Paper Co.
  4,057   184,675
Linde PLC (United Kingdom)
  2,778   883,793
LyondellBasell Industries N.V., Class A
  2,920   254,420
Martin Marietta Materials, Inc.
  248   100,070
Mosaic Co. (The)
  3,558   121,755
Newmont Corp.
  4,907   269,492
Nucor Corp.
  2,479   263,418
Olin Corp.
  1,253   68,101
Packaging Corp. of America
  591   77,179
PPG Industries, Inc.
  958   147,695
Reliance Steel & Aluminum Co.
  740   109,986
RPM International, Inc.
  661   60,177
Sherwin-Williams Co. (The)
  1,019   337,534
Sonoco Products Co.
  848   49,294
Steel Dynamics, Inc.
  1,807   108,059
Sylvamo Corp.(b)
  369   11,173
Ternium S.A., ADR (Mexico)
  3,138   119,840
United States Steel Corp.
  3,098   70,046
Vulcan Materials Co.
  509   97,545
WestRock Co.
  3,587   155,640
        6,682,180
Real Estate-0.73%
American Tower Corp.
  1,142   299,752
CBRE Group, Inc., Class A(b)
  1,957   187,031
Equinix, Inc.
  220   178,684
Iron Mountain, Inc.(c)
  1,948   88,517
Jones Lang LaSalle, Inc.(b)
  535   125,677
Public Storage
  707   231,458
SBA Communications Corp., Class A
  318   109,328
Weyerhaeuser Co.
  3,213   120,841
        1,341,288
Utilities-2.35%
AES Corp. (The)
  5,307   124,078
Alliant Energy Corp.
  1,223   67,008
Ameren Corp.
  1,707   139,274
  Shares   Value
Utilities-(continued)
American Electric Power Co., Inc.
  3,851   $312,124
Atmos Energy Corp.
  746   67,379
CenterPoint Energy, Inc.
  5,475   141,857
CMS Energy Corp.
  1,595   93,866
Consolidated Edison, Inc.
  3,165   245,731
DTE Energy Co.
  1,729   187,320
Edison International
  3,588   234,225
Entergy Corp.
  2,005   201,182
Evergy, Inc.
  2,445   154,768
Eversource Energy
  2,410   198,271
Exelon Corp.
  11,747   619,419
FirstEnergy Corp.
  4,698   176,927
MDU Resources Group, Inc.
  1,984   54,024
NiSource, Inc.
  3,926   96,226
NRG Energy, Inc.
  3,419   123,152
OGE Energy Corp.
  1,872   64,247
Pinnacle West Capital Corp.
  1,045   67,977
Public Service Enterprise Group, Inc.
  4,179   261,146
UGI Corp.
  1,984   81,840
Vistra Corp.
  10,461   207,965
WEC Energy Group, Inc.
  2,022   175,772
Xcel Energy, Inc.
  3,373   214,961
        4,310,739
Total Common Stocks & Other Equity Interests

(Cost $145,545,661)
  183,502,383
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $139,861)
  139,861   139,861
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $145,685,522)
  183,642,244
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.51%
Invesco Private Government Fund, 0.02%(d)(e)(f)
  831,041   831,041
Invesco Private Prime Fund, 0.11%(d)(e)(f)
  1,938,515   1,939,096
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,770,137)
  2,770,137
TOTAL INVESTMENTS IN SECURITIES-101.45%

(Cost $148,455,659)
  186,412,381
OTHER ASSETS LESS LIABILITIES-(1.45)%
  (2,667,769)
NET ASSETS-100.00%
  $183,744,612
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
November 30, 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 November 30, 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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,154,034   $(1,014,173)   $-   $-   $139,861   $10
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 303,264   2,179,274   (1,651,497)   -   -   831,041   24*
Invesco Private Prime Fund 707,615   4,002,556   (2,770,957)   -   (118)   1,939,096   305*
Total $1,010,879   $7,335,864   $(5,436,627)   $-   $(118)   $2,909,998   $339
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of November 30, 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)
November 30, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-3.37%
Advantage Solutions, Inc.(b)(c)
  545   $3,940
AMC Networks, Inc., Class A(b)(c)
  1,679   64,826
Angi, Inc., Class A(b)(c)
  3,469   33,337
ATN International, Inc.
  278   10,622
Bandwidth, Inc., Class A(b)(c)
  61   4,371
Cable One, Inc.
  28   49,618
Cardlytics, Inc.(b)(c)
  35   2,365
Cargurus, Inc.(b)
  497   18,638
Cars.com, Inc.(b)
  1,376   22,952
Cogent Communications Holdings, Inc.
  281   21,055
comScore, Inc.(b)
  1,426   4,948
Consolidated Communications Holdings, Inc.(b)
  3,561   26,779
E.W. Scripps Co. (The), Class A
  1,423   26,368
EchoStar Corp., Class A(b)
  3,727   102,008
Entercom Communications Corp.(b)(c)
  5,990   14,795
EverQuote, Inc., Class A(b)
  124   1,634
Globalstar, Inc.(b)
  1,977   2,748
Gravity Co. Ltd., ADR (South Korea)(b)
  36   2,826
Gray Television, Inc.
  3,449   71,118
iClick Interactive Asia Group Ltd., ADR (China)(b)
  297   1,969
iHeartMedia, Inc., Class A(b)
  2,781   54,536
Iridium Communications, Inc.(b)
  905   34,797
John Wiley & Sons, Inc., Class A
  900   46,782
Liberty Latin America Ltd., Class A (Chile)(b)
  3,122   35,466
Lions Gate Entertainment Corp., Class A(b)(c)
  4,601   67,405
Madison Square Garden Sports Corp., Class A(b)
  87   14,988
Magnite, Inc.(b)(c)
  161   2,839
Manchester United PLC, Class A (United Kingdom)
  1,501   23,130
New York Times Co. (The), Class A
  1,238   58,805
Pinterest, Inc., Class A(b)
  1,051   42,103
QuinStreet, Inc.(b)
  558   8,543
Roku, Inc.(b)
  97   22,078
Scholastic Corp.
  889   33,462
Sirius XM Holdings, Inc.(c)
  13,919   84,906
Snap, Inc., Class A(b)
  546   25,995
Spok Holdings, Inc.
  565   5,452
TechTarget, Inc.(b)
  96   9,277
TEGNA, Inc.
  4,477   88,421
TripAdvisor, Inc.(b)
  1,295   33,489
TrueCar, Inc.(b)
  2,097   6,899
United States Cellular Corp.(b)
  1,068   31,090
WideOpenWest, Inc.(b)
  767   14,266
World Wrestling Entertainment, Inc., Class A(c)
  711   35,095
Yelp, Inc.(b)
  1,093   37,468
Ziff Davis, Inc.(b)
  567   64,564
Zynga, Inc., Class A(b)
  5,987   36,102
        1,404,875
Consumer Discretionary-15.96%
1-800-Flowers.com, Inc., Class A(b)(c)
  917   27,308
2U, Inc.(b)(c)
  472   11,229
Abercrombie & Fitch Co., Class A(b)
  1,821   65,556
Accel Entertainment, Inc.(b)
  205   2,610
Acushnet Holdings Corp.
  397   21,589
Adtalem Global Education, Inc.(b)
  1,251   37,117
American Axle & Manufacturing Holdings, Inc.(b)
  7,029   62,277
American Eagle Outfitters, Inc.
  2,069   53,566
American Public Education, Inc.(b)
  413   7,802
America’s Car-Mart, Inc.(b)
  73   7,164
Arko Corp.(b)(c)
  824   7,770
Bally’s Corp.(b)
  279   10,697
  Shares   Value
Consumer Discretionary-(continued)
Beazer Homes USA, Inc.(b)
  1,746   $34,291
Big Lots, Inc.(c)
  1,592   69,061
Biglari Holdings, Inc., Class B(b)
  36   5,107
BJ’s Restaurants, Inc.(b)
  328   9,794
Bloomin’ Brands, Inc.(b)
  1,505   26,593
Bluegreen Vacations Holding Corp.(b)
  848   25,211
Boot Barn Holdings, Inc.(b)
  217   26,548
Boyd Gaming Corp.(b)
  694   40,675
Bright Horizons Family Solutions, Inc.(b)
  354   43,524
Brinker International, Inc.(b)
  653   22,594
Buckle, Inc. (The)(c)
  503   23,661
Burlington Stores, Inc.(b)
  297   87,060
Caesars Entertainment, Inc.(b)
  436   39,271
Caleres, Inc.
  1,427   33,691
Callaway Golf Co.(b)(c)
  679   18,306
Camping World Holdings, Inc., Class A(c)
  2,052   90,001
Carrols Restaurant Group, Inc.
  2,558   7,316
Carter’s, Inc.
  812   82,036
Carvana Co.(b)(c)
  49   13,741
Cato Corp. (The), Class A
  776   12,765
Cavco Industries, Inc.(b)
  111   33,021
Century Communities, Inc.
  656   46,622
Cheesecake Factory, Inc. (The)(b)(c)
  553   21,191
Chegg, Inc.(b)
  411   11,446
Chewy, Inc., Class A(b)(c)
  616   42,048
Chico’s FAS, Inc.(b)
  4,328   24,799
Children’s Place, Inc. (The)(b)
  254   21,979
Choice Hotels International, Inc.
  159   22,824
Churchill Downs, Inc.
  180   40,360
Chuy’s Holdings, Inc.(b)
  204   5,847
Citi Trends, Inc.(b)(c)
  179   15,179
Columbia Sportswear Co.
  471   45,937
Conn’s, Inc.(b)
  1,359   29,735
Cooper-Standard Holdings, Inc.(b)
  1,091   25,191
Cracker Barrel Old Country Store, Inc.
  341   41,609
Crocs, Inc.(b)
  385   63,148
Dave & Buster’s Entertainment, Inc.(b)
  764   24,815
Deckers Outdoor Corp.(b)
  201   81,485
Denny’s Corp.(b)
  512   7,091
Designer Brands, Inc., Class A(b)(c)
  1,726   23,612
Dillard’s, Inc., Class A
  494   135,307
Dine Brands Global, Inc.(b)(c)
  188   13,502
Domino’s Pizza, Inc.
  222   116,359
Dorman Products, Inc.(b)
  284   31,518
DraftKings, Inc., Class A(b)(c)
  719   24,841
El Pollo Loco Holdings, Inc.(b)
  290   3,660
Ethan Allen Interiors, Inc.
  537   12,083
Etsy, Inc.(b)
  446   122,463
Everi Holdings, Inc.(b)
  459   9,520
Expedia Group, Inc.(b)
  471   75,873
Express, Inc.(b)
  3,813   13,879
Farfetch Ltd., Class A (United Kingdom)(b)
  399   13,730
Fiesta Restaurant Group, Inc.(b)
  719   6,708
Five Below, Inc.(b)
  245   49,843
Fiverr International Ltd.(b)
  17   2,408
Floor & Decor Holdings, Inc., Class A(b)
  481   62,006
Fossil Group, Inc.(b)
  1,833   21,904
Fox Factory Holding Corp.(b)
  128   22,499
Franchise Group, Inc.
  541   25,833
frontdoor, inc.(b)
  399   13,789
Funko, Inc., Class A(b)
  384   6,275
GameStop Corp., Class A(b)(c)
  354   69,458
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
Genesco, Inc.(b)
  630   $39,816
Gentherm, Inc.(b)
  334   28,206
G-III Apparel Group Ltd.(b)
  1,525   45,201
Golden Entertainment, Inc.(b)
  213   9,779
GoPro, Inc., Class A(b)(c)
  1,334   13,340
Graham Holdings Co., Class B
  141   79,879
Grand Canyon Education, Inc.(b)
  615   44,569
Green Brick Partners, Inc.(b)
  739   18,438
Groupon, Inc.(b)(c)
  394   8,140
GrowGeneration Corp.(b)(c)
  46   750
Guess?, Inc.
  1,017   22,933
H&R Block, Inc.
  3,881   91,902
Haverty Furniture Cos., Inc., (Acquired 06/19/2019 - 11/17/2021; Cost $8,574)(d)
  474   14,177
Helen of Troy Ltd.(b)
  274   65,897
Hibbett, Inc.
  347   27,049
Hilton Grand Vacations, Inc.(b)
  643   30,542
Hooker Furnishings Corp.
  320   7,597
Houghton Mifflin Harcourt Co.(b)
  2,635   41,001
Hyatt Hotels Corp., Class A(b)
  1,064   83,811
Installed Building Products, Inc.
  201   25,947
International Game Technology PLC
  2,344   63,335
iRobot Corp.(b)(c)
  343   26,037
Jack in the Box, Inc.
  233   19,246
Johnson Outdoors, Inc., Class A
  104   10,820
KB Home
  2,295   91,777
Kontoor Brands, Inc.
  615   33,161
Lands’ End, Inc.(b)(c)
  386   8,882
Laureate Education, Inc., Class A(c)
  4,681   46,810
La-Z-Boy, Inc.
  976   32,589
LCI Industries
  385   58,624
Levi Strauss & Co., Class A
  3,579   91,515
LGI Homes, Inc.(b)
  253   36,346
Liquidity Services, Inc.(b)
  163   3,695
Lovesac Co. (The)(b)(c)
  48   3,037
lululemon athletica, inc.(b)(c)
  324   147,229
M.D.C. Holdings, Inc.
  928   44,396
M/I Homes, Inc.(b)
  720   40,241
Malibu Boats, Inc., Class A(b)
  196   13,616
MarineMax, Inc.(b)
  613   32,655
Mattel, Inc.(b)
  2,936   62,273
MercadoLibre, Inc. (Argentina)(b)
  74   87,942
Meritage Homes Corp.(b)
  898   101,348
Modine Manufacturing Co.(b)
  1,603   16,607
Monarch Casino & Resort, Inc.(b)
  84   5,659
Monro, Inc.
  478   26,778
Motorcar Parts of America, Inc.(b)
  471   7,555
Movado Group, Inc.
  471   21,134
National Vision Holdings, Inc.(b)
  753   36,174
Noodles & Co.(b)
  336   3,457
Nordstrom, Inc.(b)(c)
  2,436   51,570
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
  617   38,186
Overstock.com, Inc.(b)
  391   34,901
Oxford Industries, Inc.
  236   22,547
Papa John’s International, Inc.
  252   30,724
Party City Holdco, Inc.(b)(c)
  2,780   15,290
Patrick Industries, Inc.
  443   35,338
Peloton Interactive, Inc., Class A(b)
  710   31,240
Penn National Gaming, Inc.(b)
  1,084   55,533
Perdoceo Education Corp.(b)
  1,708   16,824
PetMed Express, Inc.(c)
  306   8,372
Planet Fitness, Inc., Class A(b)
  341   27,856
  Shares   Value
Consumer Discretionary-(continued)
PlayAGS, Inc.(b)
  458   $3,298
Pool Corp.
  178   98,633
Porch Group, Inc.(b)(c)
  11   231
Purple Innovation, Inc.(b)
  280   2,890
Quotient Technology, Inc.(b)
  943   6,610
RealReal, Inc. (The)(b)(c)
  36   561
Red Robin Gourmet Burgers, Inc.(b)
  326   5,314
Red Rock Resorts, Inc., Class A
  644   30,616
Regis Corp.(b)
  495   1,346
Rent-A-Center, Inc.
  964   42,580
Revolve Group, Inc.(b)
  251   19,119
RH(b)
  77   44,905
Ruth’s Hospitality Group, Inc.(b)
  392   6,664
Sally Beauty Holdings, Inc.(b)(c)
  2,772   54,303
Scientific Games Corp.(b)
  247   15,788
SeaWorld Entertainment, Inc.(b)
  191   11,267
Shake Shack, Inc., Class A(b)(c)
  142   10,365
Shoe Carnival, Inc.
  323   12,629
Shutterstock, Inc.
  145   16,531
Skechers U.S.A., Inc., Class A(b)
  1,979   88,897
Skyline Champion Corp.(b)
  573   44,837
Sleep Number Corp.(b)(c)
  448   35,741
Smith & Wesson Brands, Inc.
  1,070   24,343
Sonic Automotive, Inc., Class A(c)
  1,809   81,242
Sonos, Inc.(b)
  879   27,820
Standard Motor Products, Inc.
  474   23,719
Steven Madden Ltd.
  955   45,315
Stitch Fix, Inc., Class A(b)
  498   12,400
Stoneridge, Inc.(b)
  367   8,012
Strategic Education, Inc.
  621   33,223
Stride, Inc.(b)
  836   28,533
Sturm Ruger & Co., Inc.
  297   21,292
Tempur Sealy International, Inc.
  2,764   118,410
Terminix Global Holdings, Inc.(b)
  1,427   53,256
Texas Roadhouse, Inc.
  626   51,920
TopBuild Corp.(b)
  358   96,585
Travel + Leisure Co.
  1,154   56,800
Tupperware Brands Corp.(b)
  787   12,309
Under Armour, Inc., Class A(b)
  3,578   84,405
Unifi, Inc.(b)
  390   7,944
Universal Electronics, Inc.(b)
  281   10,172
Urban Outfitters, Inc.(b)
  1,271   40,253
Vail Resorts, Inc.
  269   89,230
Veoneer, Inc. (Sweden)(b)
  877   31,221
Vera Bradley, Inc.(b)
  708   6,733
Vista Outdoor, Inc.(b)
  955   41,705
Visteon Corp.(b)
  338   35,801
Wendy’s Co. (The)
  2,489   51,224
Wingstop, Inc.
  75   12,045
Winmark Corp.
  33   8,319
Winnebago Industries, Inc.
  656   47,376
Wolverine World Wide, Inc.
  1,623   50,524
WW International, Inc.(b)(c)
  307   5,164
Wyndham Hotels & Resorts, Inc.
  768   61,041
Wynn Resorts Ltd.(b)
  340   27,543
XL Fleet Corp.(b)(c)
  9   41
XPEL, Inc.(b)(e)
  20   1,438
YETI Holdings, Inc.(b)
  272   25,068
Zumiez, Inc.(b)
  482   22,056
        6,655,228
Consumer Staples-4.35%
Alico, Inc.
  82   2,855
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Andersons, Inc. (The)
  2,886   $98,066
B&G Foods, Inc.(c)
  1,865   56,192
Beyond Meat, Inc.(b)(c)
  47   3,302
Boston Beer Co., Inc. (The), Class A(b)
  33   14,889
Calavo Growers, Inc.
  228   9,243
Cal-Maine Foods, Inc.
  788   28,415
Celsius Holdings, Inc.(b)(c)
  14   958
Central Garden & Pet Co., Class A(b)
  1,092   47,338
Chefs’ Warehouse, Inc. (The)(b)(c)
  502   15,597
Coca-Cola Consolidated, Inc.
  137   78,168
Coty, Inc., Class A(b)
  4,936   48,027
Darling Ingredients, Inc.(b)
  1,491   100,672
Edgewell Personal Care Co.
  1,042   44,243
elf Beauty, Inc.(b)
  255   7,681
Energizer Holdings, Inc.
  1,360   50,578
Farmer Brothers Co.(b)
  473   2,975
Flowers Foods, Inc.
  3,725   96,180
Fresh Del Monte Produce, Inc.
  1,731   42,860
Freshpet, Inc.(b)
  47   5,077
Grocery Outlet Holding Corp.(b)(c)
  1,228   35,563
Hain Celestial Group, Inc. (The)(b)
  1,436   56,621
Hostess Brands, Inc.(b)
  2,349   39,910
Ingles Markets, Inc., Class A
  1,147   88,067
Inter Parfums, Inc.
  137   12,033
J&J Snack Foods Corp.
  139   18,985
John B. Sanfilippo & Son, Inc.
  226   18,622
Lamb Weston Holdings, Inc.
  1,059   54,983
Lancaster Colony Corp.
  190   27,778
Medifast, Inc.
  75   15,431
MGP Ingredients, Inc.
  87   6,784
National Beverage Corp.
  183   9,505
Natural Grocers by Vitamin Cottage, Inc.
  556   7,150
Nu Skin Enterprises, Inc., Class A
  1,207   52,963
Pilgrim’s Pride Corp.(b)
  1,369   38,442
PriceSmart, Inc.
  562   40,307
Primo Water Corp.
  3,031   50,375
Sanderson Farms, Inc.
  386   72,483
Seaboard Corp.
  7   27,230
Seneca Foods Corp., Class A(b)
  539   23,021
Simply Good Foods Co. (The)(b)
  672   24,844
Sprouts Farmers Market, Inc.(b)(c)
  3,520   93,139
SunOpta, Inc. (Canada)(b)
  1,059   6,322
Tattooed Chef, Inc.(b)(c)
  28   451
Tootsie Roll Industries, Inc.(c)
  479   15,065
TreeHouse Foods, Inc.(b)(c)
  1,679   61,619
Turning Point Brands, Inc.(c)
  169   6,422
Universal Corp.
  833   38,793
USANA Health Sciences, Inc.(b)
  206   20,542
Utz Brands, Inc.(c)
  123   1,736
Vector Group Ltd.
  2,084   32,385
WD-40 Co.(c)
  63   14,134
Weis Markets, Inc.
  785   49,416
        1,814,437
Energy-5.28%
Arch Resources, Inc.
  742   57,498
Archrock, Inc.
  4,921   36,366
Berry Corp.
  5,107   41,571
Bristow Group, Inc.(b)
  204   6,059
Cactus, Inc., Class A
  548   20,002
Callon Petroleum Co.(b)
  1,641   83,428
Centennial Resource Development, Inc., Class A(b)
  8,635   53,796
  Shares   Value
Energy-(continued)
ChampionX Corp.(b)
  1,182   $24,125
Civitas Resources, Inc.
  569   29,082
Clean Energy Fuels Corp.(b)(c)
  1,265   9,070
Comstock Resources, Inc.(b)(c)
  4,895   39,601
CONSOL Energy, Inc.(b)
  1,836   40,300
Continental Resources, Inc.
  1,417   62,830
Core Laboratories N.V.
  390   8,927
CVR Energy, Inc.(c)
  4,004   62,502
Delek US Holdings, Inc.(b)
  4,791   75,123
DHT Holdings, Inc.(c)
  7,619   42,285
DMC Global, Inc.(b)
  145   5,293
Dorian LPG Ltd.
  1,624   19,991
Dril-Quip, Inc.(b)
  631   12,058
Expro Group Holdings N.V.(b)
  556   7,790
Exterran Corp.(b)(c)
  2,768   9,439
Golar LNG Ltd. (Cameroon)(b)
  2,584   30,491
Green Plains, Inc.(b)
  1,294   50,013
Helix Energy Solutions Group, Inc.(b)
  6,814   20,715
International Seaways, Inc.(c)
  1,375   20,075
Kosmos Energy Ltd. (Ghana)(b)(c)
  12,706   46,504
Laredo Petroleum, Inc.(b)(c)
  665   39,168
Liberty Oilfield Services, Inc., Class A(b)
  1,024   9,421
Magnolia Oil & Gas Corp., Class A(c)
  3,292   62,449
Matador Resources Co.
  1,932   75,870
Nabors Industries Ltd.(b)(c)
  705   57,429
Navigator Holdings Ltd.(b)(c)
  939   8,573
Newpark Resources, Inc.(b)
  4,767   13,014
NexTier Oilfield Solutions, Inc.(b)
  5,148   18,533
Nordic American Tankers Ltd.(c)
  5,640   11,167
Oceaneering International, Inc.(b)
  2,291   24,491
Oil States International, Inc.(b)
  3,930   19,886
Par Pacific Holdings, Inc.(b)
  2,902   39,293
Patterson-UTI Energy, Inc.
  9,068   64,020
PDC Energy, Inc.
  2,445   123,301
Peabody Energy Corp.(b)(c)
  12,671   126,203
ProPetro Holding Corp.(b)
  2,693   22,136
Range Resources Corp.(b)
  5,143   100,597
Renewable Energy Group, Inc.(b)(c)
  1,027   49,070
REX American Resources Corp.(b)
  120   10,920
RPC, Inc.(b)(c)
  4,087   16,471
Scorpio Tankers, Inc. (Monaco)(c)
  2,033   28,279
Select Energy Services, Inc., Class A(b)
  3,971   22,754
SFL Corp. Ltd. (Norway)
  3,309   27,597
SM Energy Co.
  4,789   138,881
Southwestern Energy Co.(b)
  13,994   62,693
Talos Energy, Inc.(b)
  969   9,661
Teekay Corp. (Bermuda)(b)(c)
  12,907   42,851
Texas Pacific Land Corp.
  23   27,802
Tidewater, Inc.(b)
  1,100   11,473
US Silica Holdings, Inc.(b)
  1,770   17,169
W&T Offshore, Inc.(b)(c)
  1,609   5,535
        2,201,641
Financials-7.01%
AMERISAFE, Inc.
  340   18,051
Ares Management Corp., Class A
  312   25,322
Argo Group International Holdings Ltd.
  945   51,295
Artisan Partners Asset Management, Inc., Class A
  1,116   49,919
AssetMark Financial Holdings, Inc.(b)
  181   4,590
B. Riley Financial, Inc.
  210   16,260
BGC Partners, Inc., Class A
  9,995   44,678
Blucora, Inc.(b)
  960   15,542
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Financials-(continued)
Brightsphere Investment Group, Inc.
  1,003   $30,120
BRP Group, Inc., Class A(b)
  209   7,741
Cannae Holdings, Inc.(b)
  296   8,753
Carlyle Group, Inc. (The)
  1,072   58,628
Citizens, Inc.(b)(c)
  1,407   7,978
Cohen & Steers, Inc.
  225   20,198
Compass Diversified Holdings
  1,477   42,552
Cowen, Inc., Class A
  1,093   38,670
Crawford & Co., Class A
  988   7,202
Credit Acceptance Corp.(b)(c)
  217   135,603
Diamond Hill Investment Group, Inc.
  75   14,407
Donegal Group, Inc., Class A
  652   8,867
Donnelley Financial Solutions, Inc.(b)
  600   28,032
eHealth, Inc.(b)
  179   3,952
Employers Holdings, Inc.
  873   33,707
Encore Capital Group, Inc.(b)(c)
  973   56,765
Enova International, Inc.(b)
  1,706   65,033
Erie Indemnity Co., Class A
  284   52,770
Essent Group Ltd.
  1,977   82,204
Evercore, Inc., Class A
  608   84,330
EZCORP, Inc., Class A(b)
  2,650   19,610
FactSet Research Systems, Inc.
  256   119,954
Federated Hermes, Inc., Class B(c)
  2,072   69,847
FirstCash, Inc.
  779   49,731
Focus Financial Partners, Inc., Class A(b)
  490   30,155
Goosehead Insurance, Inc., Class A
  62   8,142
Green Dot Corp., Class A(b)
  863   30,982
Greenhill & Co., Inc.
  502   8,564
Hamilton Lane, Inc., Class A
  173   18,298
Heritage Insurance Holdings, Inc.
  2,171   14,459
Hilltop Holdings, Inc.
  1,301   44,273
Houlihan Lokey, Inc.
  793   86,072
James River Group Holdings Ltd.
  1,628   43,044
Kinsale Capital Group, Inc.
  138   28,704
LendingClub Corp.(b)
  1,538   50,323
LendingTree, Inc.(b)
  80   9,070
MarketAxess Holdings, Inc.
  111   39,149
Mercury General Corp.
  754   38,469
Moelis & Co., Class A
  1,139   69,832
Morningstar, Inc.
  132   40,964
NMI Holdings, Inc., Class A(b)
  1,363   26,715
Open Lending Corp., Class A(b)
  26   604
Oppenheimer Holdings, Inc., Class A
  315   15,448
Palomar Holdings, Inc.(b)
  106   7,746
PennyMac Mortgage Investment Trust
  4,104   71,286
Piper Sandler Cos.
  392   64,974
PJT Partners, Inc., Class A
  454   34,540
PRA Group, Inc.(b)
  863   36,643
ProAssurance Corp.
  1,472   33,856
PROG Holdings, Inc.
  1,423   64,206
RLI Corp.
  428   43,990
Safety Insurance Group, Inc.
  365   28,204
SEI Investments Co.
  1,615   96,302
Selective Insurance Group, Inc.
  1,153   87,098
SiriusPoint Ltd. (Bermuda)(b)
  1,480   11,396
State Auto Financial Corp.
  571   29,384
Stewart Information Services Corp.
  776   55,267
Tradeweb Markets, Inc., Class A
  1,172   112,512
Trupanion, Inc.(b)(c)
  78   9,619
United Fire Group, Inc.
  833   17,426
United Insurance Holdings Corp.
  1,448   5,980
Universal Insurance Holdings, Inc.
  1,882   28,362
  Shares   Value
Financials-(continued)
Virtu Financial, Inc., Class A
  3,050   $85,949
Virtus Investment Partners, Inc.
  45   13,382
Walker & Dunlop, Inc.
  17   2,392
Waterstone Financial, Inc.
  495   10,271
Westwood Holdings Group, Inc.
  254   4,117
White Mountains Insurance Group Ltd.
  41   41,119
WisdomTree Investments, Inc.
  1,417   8,700
World Acceptance Corp.(b)(c)
  204   41,906
        2,922,205
Health Care-10.71%
10X Genomics, Inc., Class A(b)(c)
  21   3,209
ABIOMED, Inc.(b)
  163   51,309
Acadia Healthcare Co., Inc.(b)
  1,295   72,740
Acadia Pharmaceuticals, Inc.(b)(c)
  229   4,397
Accuray, Inc.(b)(c)
  1,046   5,031
AdaptHealth Corp.(b)(c)
  429   8,421
Addus HomeCare Corp.(b)
  173   15,089
Akebia Therapeutics, Inc.(b)
  73   198
Alkermes PLC(b)
  1,228   26,918
Allscripts Healthcare Solutions, Inc.(b)
  2,933   48,776
Amedisys, Inc.(b)
  178   24,858
AMN Healthcare Services, Inc.(b)
  523   59,627
Amneal Pharmaceuticals, Inc.(b)
  4,073   17,025
Amphastar Pharmaceuticals, Inc.(b)
  514   10,054
AnaptysBio, Inc.(b)
  113   3,656
AngioDynamics, Inc.(b)
  382   9,836
ANI Pharmaceuticals, Inc.(b)
  136   5,595
Anika Therapeutics, Inc.(b)
  148   5,791
Antares Pharma, Inc.(b)
  721   2,329
Apollo Medical Holdings, Inc.(b)
  359   33,628
Arcus Biosciences, Inc.(b)(c)
  152   6,658
Arrowhead Pharmaceuticals, Inc.(b)
  71   4,974
AtriCure, Inc.(b)
  88   5,579
Atrion Corp.
  13   9,230
Avanos Medical, Inc.(b)
  546   16,473
Avid Bioservices, Inc.(b)(c)
  108   3,300
AxoGen, Inc.(b)
  85   813
BioLife Solutions, Inc.(b)
  55   2,099
BioMarin Pharmaceutical, Inc.(b)
  1,010   87,153
BioNTech SE, ADR (Germany)(b)
  47   16,532
Bio-Techne Corp.
  121   57,116
Blueprint Medicines Corp.(b)
  209   20,106
Brookdale Senior Living, Inc.(b)
  8,567   50,203
Bruker Corp.
  606   49,080
Cardiovascular Systems, Inc.(b)
  125   2,500
CareDx, Inc.(b)
  72   3,106
Castle Biosciences, Inc.(b)
  48   1,984
Catalent, Inc.(b)
  921   118,496
Change Healthcare, Inc.(b)
  2,229   45,204
Charles River Laboratories International, Inc.(b)
  247   90,370
Chemed Corp.
  148   68,893
Codexis, Inc.(b)
  64   2,221
Coherus Biosciences, Inc.(b)
  923   17,140
Collegium Pharmaceutical, Inc.(b)
  347   6,100
Computer Programs & Systems, Inc.(b)
  231   6,808
CONMED Corp.
  170   22,348
Corcept Therapeutics, Inc.(b)
  788   16,548
CorVel Corp.(b)
  75   14,100
Covetrus, Inc.(b)
  1,731   31,123
Cross Country Healthcare, Inc.(b)
  609   15,931
CryoLife, Inc.(b)(c)
  212   3,644
CryoPort, Inc.(b)(c)
  40   2,658
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Health Care-(continued)
CytomX Therapeutics, Inc.(b)
  27   $178
Denali Therapeutics, Inc.(b)
  152   7,032
DexCom, Inc.(b)
  159   89,452
Dicerna Pharmaceuticals, Inc.(b)
  311   11,821
Eagle Pharmaceuticals, Inc.(b)
  188   8,964
Emergent BioSolutions, Inc.(b)
  748   33,002
Enanta Pharmaceuticals, Inc.(b)
  136   12,006
Endo International PLC(b)
  6,370   35,672
Ensign Group, Inc. (The)
  563   42,974
Envista Holdings Corp.(b)
  1,860   72,168
Evolent Health, Inc., Class A(b)(c)
  887   23,062
Exact Sciences Corp.(b)
  392   33,465
Exelixis, Inc.(b)
  2,067   34,705
FibroGen, Inc.(b)(c)
  422   5,279
Fluidigm Corp.(b)(c)
  372   1,715
Fulgent Genetics, Inc.(b)(c)
  93   8,697
Glaukos Corp.(b)
  117   5,035
Global Cord Blood Corp. (Hong Kong)(b)
  643   2,566
Globus Medical, Inc., Class A(b)
  614   38,449
Guardant Health, Inc.(b)
  93   9,776
Haemonetics Corp.(b)
  553   28,341
Halozyme Therapeutics, Inc.(b)
  363   11,935
Hanger, Inc.(b)
  617   10,409
Health Catalyst, Inc.(b)(c)
  56   2,430
HealthEquity, Inc.(b)
  341   18,646
HealthStream, Inc.(b)
  311   7,221
Heska Corp.(b)
  21   3,380
Hill-Rom Holdings, Inc.
  823   127,976
Horizon Therapeutics PLC(b)
  872   90,479
ICU Medical, Inc.(b)
  196   44,337
IDEXX Laboratories, Inc.(b)
  172   104,588
Incyte Corp.(b)
  685   46,388
Inmode Ltd.(b)
  135   10,260
Innoviva, Inc.(b)
  1,199   20,047
Inogen, Inc.(b)
  129   3,941
Inspire Medical Systems, Inc.(b)
  4   893
Insulet Corp.(b)
  79   22,787
Integer Holdings Corp.(b)
  371   29,584
Integra LifeSciences Holdings Corp.(b)
  662   42,335
Intersect ENT, Inc.(b)
  13   348
Invacare Corp.(b)(c)
  1,499   4,107
Ionis Pharmaceuticals, Inc.(b)(c)
  1,153   30,554
iRhythm Technologies, Inc.(b)
  60   6,336
Ironwood Pharmaceuticals, Inc.(b)
  832   9,227
Joint Corp. (The)(b)
  18   1,439
Jounce Therapeutics, Inc.(b)
  45   345
Lannett Co., Inc.(b)(c)
  2,006   3,129
Lantheus Holdings, Inc.(b)
  431   11,542
LeMaitre Vascular, Inc.
  93   4,351
LHC Group, Inc.(b)
  300   34,416
Ligand Pharmaceuticals, Inc.(b)(c)
  263   42,585
LivaNova PLC(b)
  262   21,002
Magellan Health, Inc.(b)
  698   66,163
Masimo Corp.(b)
  208   57,849
MEDNAX, Inc.(b)
  1,440   35,366
Medpace Holdings, Inc.(b)
  177   36,712
Meridian Bioscience, Inc.(b)(c)
  403   8,024
Merit Medical Systems, Inc.(b)
  442   27,784
Mesa Laboratories, Inc.
  24   7,411
MiMedx Group, Inc.(b)
  76   533
Moderna, Inc.(b)
  577   203,352
ModivCare, Inc.(b)
  254   34,806
  Shares   Value
Health Care-(continued)
Myriad Genetics, Inc.(b)
  780   $20,171
Natera, Inc.(b)
  3   274
National HealthCare Corp.
  369   23,797
National Research Corp.
  88   3,524
Natus Medical, Inc.(b)
  458   10,351
Neogen Corp.(b)
  386   15,490
NeoGenomics, Inc.(b)
  326   11,169
Neurocrine Biosciences, Inc.(b)
  345   28,721
Nevro Corp.(b)(c)
  45   3,919
NextGen Healthcare, Inc.(b)
  678   10,509
NGM Biopharmaceuticals, Inc.(b)
  14   252
Novavax, Inc.(b)(c)
  101   21,072
Novocure Ltd.(b)(c)
  52   4,869
NuVasive, Inc.(b)
  539   25,904
Omnicell, Inc.(b)
  251   44,427
OPKO Health, Inc.(b)
  4,991   19,615
OptimizeRx Corp.(b)
  12   780
Option Care Health, Inc.(b)
  1,175   29,739
OraSure Technologies, Inc.(b)(c)
  657   6,130
Organogenesis Holdings, Inc.(b)(c)
  35   352
Orthofix Medical, Inc.(b)
  273   8,357
OrthoPediatrics Corp.(b)(c)
  23   1,281
Owens & Minor, Inc.
  2,957   118,280
Pacific Biosciences of California, Inc.(b)
  78   1,810
Pacira BioSciences, Inc.(b)
  189   9,945
Patterson Cos., Inc.
  1,516   47,709
Pennant Group, Inc. (The)(b)
  159   3,232
Penumbra, Inc.(b)
  47   11,546
Personalis, Inc.(b)
  21   285
PetIQ, Inc.(b)(c)
  265   5,292
Phibro Animal Health Corp., Class A
  516   10,108
Phreesia, Inc.(b)
  79   4,557
Premier, Inc., Class A
  1,409   52,232
Prestige Consumer Healthcare, Inc.(b)
  787   44,033
Progyny, Inc.(b)
  54   2,742
PTC Therapeutics, Inc.(b)(c)
  32   1,189
Quanterix Corp.(b)
  20   799
Quidel Corp.(b)
  391   57,696
R1 RCM, Inc.(b)
  402   9,576
RadNet, Inc.(b)
  778   20,975
REGENXBIO, Inc.(b)
  48   1,536
Repligen Corp.(b)
  117   33,520
Sangamo Therapeutics, Inc.(b)(c)
  877   7,270
Sarepta Therapeutics, Inc.(b)
  227   18,344
Seagen, Inc.(b)
  408   65,280
Select Medical Holdings Corp.
  2,379   63,876
Shockwave Medical, Inc.(b)
  1   180
SI-BONE, Inc.(b)
  10   193
Simulations Plus, Inc.(c)
  33   1,550
SmileDirectClub, Inc.(b)(c)
  3,791   11,638
STAAR Surgical Co.(b)
  34   3,236
Supernus Pharmaceuticals, Inc.(b)
  644   19,301
Surgalign Holdings, Inc.(b)
  1,824   1,496
Surgery Partners, Inc.(b)
  324   14,373
SurModics, Inc.(b)
  64   2,812
Syneos Health, Inc.(b)(c)
  1,052   102,212
Tabula Rasa HealthCare, Inc.(b)(c)
  123   1,399
Tactile Systems Technology, Inc.(b)
  57   1,111
Tandem Diabetes Care, Inc.(b)
  104   13,366
Taro Pharmaceutical Industries Ltd.(b)
  129   6,868
Teladoc Health, Inc.(b)(c)
  349   35,336
Teleflex, Inc.
  221   65,730
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Health Care-(continued)
Tivity Health, Inc.(b)
  565   $13,458
Travere Therapeutics, Inc.(b)
  150   4,282
Ultragenyx Pharmaceutical, Inc.(b)
  13   978
United Therapeutics Corp.(b)
  468   88,686
US Physical Therapy, Inc.
  104   8,942
Vanda Pharmaceuticals, Inc.(b)
  524   8,489
Varex Imaging Corp.(b)
  548   15,645
Veeva Systems, Inc., Class A(b)
  256   72,340
Veracyte, Inc.(b)(c)
  126   5,226
Vericel Corp.(b)
  59   2,195
Vocera Communications, Inc.(b)(c)
  168   9,801
West Pharmaceutical Services, Inc.
  245   108,452
Xencor, Inc.(b)
  203   7,353
Zynex, Inc.(b)(c)
  45   576
        4,466,112
Industrials-22.80%
AAON, Inc.
  236   18,408
AAR Corp.(b)
  768   25,083
ABM Industries, Inc.
  2,008   90,360
ACCO Brands Corp.
  4,089   33,775
Advanced Drainage Systems, Inc.
  373   46,144
Aerojet Rocketdyne Holdings, Inc.
  1,177   49,481
AeroVironment, Inc.(b)
  108   8,722
Air Transport Services Group, Inc.(b)
  1,906   47,059
Alamo Group, Inc.
  169   24,035
Alaska Air Group, Inc.(b)
  502   24,382
Albany International Corp., Class A
  343   27,759
Allegiant Travel Co.(b)
  52   9,007
Allegion PLC
  708   87,537
Allison Transmission Holdings, Inc.
  2,336   80,802
Altra Industrial Motion Corp.
  917   48,335
AMERCO
  139   97,934
Ameresco, Inc., Class A(b)
  125   11,291
American Airlines Group, Inc.(b)(c)
  1,159   20,503
American Woodmark Corp.(b)
  343   21,143
API Group Corp.(b)
  2,966   69,137
Apogee Enterprises, Inc.
  768   31,718
Applied Industrial Technologies, Inc.
  649   61,681
ArcBest Corp.
  609   62,776
Arcosa, Inc.
  971   49,686
Argan, Inc.
  353   13,873
Armstrong World Industries, Inc.
  382   40,481
ASGN, Inc.(b)
  778   94,667
Astec Industries, Inc.
  371   23,254
Astronics Corp.(b)
  899   9,404
Atkore, Inc.(b)
  505   53,782
Atlas Air Worldwide Holdings, Inc.(b)
  1,274   111,615
Axon Enterprise, Inc.(b)
  149   25,150
AZZ, Inc.
  513   26,620
Barnes Group, Inc.
  824   35,803
Barrett Business Services, Inc.
  134   9,459
Beacon Roofing Supply, Inc.(b)
  1,552   77,460
Bloom Energy Corp., Class A(b)(c)
  125   3,435
Boise Cascade Co.
  1,237   80,195
Brady Corp., Class A
  714   35,879
BrightView Holdings, Inc.(b)
  1,347   18,319
Brink’s Co. (The)
  743   45,442
BWX Technologies, Inc.
  807   38,494
Casella Waste Systems, Inc., Class A(b)
  232   19,669
CBIZ, Inc.(b)
  836   30,121
Chart Industries, Inc.(b)(c)
  262   45,732
Cimpress PLC (Ireland)(b)
  705   54,870
  Shares   Value
Industrials-(continued)
CIRCOR International, Inc.(b)
  275   $7,411
Clarivate PLC(b)(c)
  1,204   28,101
Clean Harbors, Inc.(b)
  753   76,384
Colfax Corp.(b)
  1,718   79,784
Columbus McKinnon Corp.
  349   15,503
Comfort Systems USA, Inc.
  641   60,812
Construction Partners, Inc.(b)
  499   17,235
Copart, Inc.(b)
  754   109,451
CoreCivic, Inc.(b)
  7,639   82,272
Cornerstone Building Brands, Inc.(b)
  1,623   25,514
Costamare, Inc. (Monaco)
  1,790   21,480
CoStar Group, Inc.(b)
  1,186   92,223
CRA International, Inc.
  137   12,614
Crane Co.
  853   82,349
CSW Industrials, Inc.
  118   14,184
Curtiss-Wright Corp.
  636   80,022
Deluxe Corp.
  1,012   34,246
Donaldson Co., Inc.
  1,316   74,262
Douglas Dynamics, Inc.
  328   13,038
Ducommun, Inc.(b)
  237   10,075
DXP Enterprises, Inc.(b)
  576   15,915
Dycom Industries, Inc.(b)
  734   68,614
Encore Wire Corp.
  340   47,756
Energy Recovery, Inc.(b)
  132   2,805
Enerpac Tool Group Corp.
  532   11,231
EnerSys
  731   54,160
Ennis, Inc.
  585   11,127
EnPro Industries, Inc.
  349   35,598
ESCO Technologies, Inc.
  256   20,925
Evoqua Water Technologies Corp.(b)
  861   38,728
Exponent, Inc.
  266   30,989
Federal Signal Corp.
  708   30,040
Flowserve Corp.
  2,103   63,048
Forrester Research, Inc.(b)
  119   6,716
Forward Air Corp.
  337   33,279
Franklin Electric Co., Inc.
  385   33,899
FTI Consulting, Inc.(b)
  583   85,170
FuelCell Energy, Inc.(b)(c)
  2   17
Gates Industrial Corp. PLC(b)
  1,045   16,751
GATX Corp.(c)
  730   71,905
Genco Shipping & Trading Ltd.
  1,047   16,134
Generac Holdings, Inc.(b)
  201   84,669
Gibraltar Industries, Inc.(b)
  310   21,049
Global Industrial Co.
  206   8,252
GMS, Inc.(b)
  1,112   62,127
Gorman-Rupp Co. (The)
  226   9,770
Graco, Inc.
  973   70,922
GrafTech International Ltd.
  2,934   34,181
Granite Construction, Inc.
  1,633   63,491
Great Lakes Dredge & Dock Corp.(b)
  1,087   16,066
Greenbrier Cos., Inc. (The)
  1,217   48,668
Griffon Corp.
  1,350   35,519
H&E Equipment Services, Inc.
  840   35,364
Harsco Corp.(b)
  1,200   17,496
Healthcare Services Group, Inc.
  1,199   20,983
Heartland Express, Inc.
  1,017   17,025
HEICO Corp.
  406   56,239
Heidrick & Struggles International, Inc.
  328   14,160
Helios Technologies, Inc.
  264   26,487
Herc Holdings, Inc.
  548   93,407
Heritage-Crystal Clean, Inc.(b)
  216   6,931
Hexcel Corp.(b)(c)
  1,261   64,790
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Industrials-(continued)
Hillenbrand, Inc.
  1,335   $59,541
HNI Corp.
  1,014   40,063
Hub Group, Inc., Class A(b)
  842   65,398
Huron Consulting Group, Inc.(b)
  472   21,566
Hyster-Yale Materials Handling, Inc.
  317   12,445
IAA, Inc.(b)
  1,028   49,652
ICF International, Inc.
  364   35,213
IDEX Corp.
  457   102,638
IES Holdings, Inc.(b)
  351   16,844
Insperity, Inc.
  801   92,708
Insteel Industries, Inc.
  312   13,154
Interface, Inc.
  1,496   21,333
ITT, Inc.
  963   91,081
JELD-WEN Holding, Inc.(b)
  1,904   46,134
JetBlue Airways Corp.(b)
  1,761   23,633
John Bean Technologies Corp.
  285   44,964
Kadant, Inc.
  105   24,618
Kaman Corp.
  400   14,800
KAR Auction Services, Inc.(b)(c)
  4,385   65,731
KBR, Inc.
  2,395   105,380
Kelly Services, Inc., Class A
  2,634   44,409
Kennametal, Inc.
  1,324   46,830
Kforce, Inc.
  451   34,560
Kimball International, Inc., Class B
  927   9,492
Kirby Corp.(b)
  1,362   71,124
Korn Ferry
  871   63,357
Kratos Defense & Security Solutions, Inc.(b)
  734   14,467
Landstar System, Inc.
  496   83,601
Lawson Products, Inc.(b)
  103   4,957
LB Foster Co., Class A(b)
  433   6,560
Lennox International, Inc.
  261   80,654
Lincoln Electric Holdings, Inc.
  661   89,209
Lindsay Corp.
  75   10,914
Luxfer Holdings PLC (United Kingdom)
  298   5,656
Lyft, Inc., Class A(b)
  201   8,163
Manitowoc Co., Inc. (The)(b)
  1,085   20,680
ManTech International Corp., Class A
  694   47,157
Marten Transport Ltd.
  1,360   21,869
Masonite International Corp.(b)(c)
  402   43,014
Matrix Service Co.(b)
  1,310   11,384
Matson, Inc.
  881   71,828
Matthews International Corp., Class A
  871   30,198
Maxar Technologies, Inc.
  1,246   34,302
McGrath RentCorp
  335   25,896
Mercury Systems, Inc.(b)
  488   23,888
Meritor, Inc.(b)
  2,740   69,295
Middleby Corp. (The)(b)
  487   85,069
MillerKnoll, Inc.
  1,136   43,100
Moog, Inc., Class A
  940   65,020
MRC Global, Inc.(b)
  4,435   30,513
MSA Safety, Inc.
  239   34,253
Mueller Industries, Inc.
  999   55,275
Mueller Water Products, Inc., Class A
  1,995   27,212
MYR Group, Inc.(b)
  389   43,066
National Presto Industries, Inc.
  93   7,606
NN, Inc.(b)
  1,352   6,016
Nordson Corp.
  370   94,050
NOW, Inc.(b)
  3,749   31,342
NV5 Global, Inc.(b)
  124   16,306
nVent Electric PLC
  2,856   99,474
Omega Flex, Inc.
  22   2,596
PAE, Inc.(b)
  4,960   49,203
  Shares   Value
Industrials-(continued)
Park Aerospace Corp.
  360   $4,644
Park-Ohio Holdings Corp.
  383   8,085
Parsons Corp.(b)
  1,820   60,406
PGT Innovations, Inc.(b)
  706   14,501
Pitney Bowes, Inc.
  6,628   45,269
Powell Industries, Inc.
  284   6,935
Primoris Services Corp.
  1,762   39,504
Proto Labs, Inc.(b)(c)
  227   11,377
Quanex Building Products Corp.
  743   15,878
Raven Industries, Inc.(b)
  273   15,834
RBC Bearings, Inc.(b)
  157   31,037
Regal Rexnord Corp.
  693   109,563
Resideo Technologies, Inc.(b)
  2,608   68,043
Resources Connection, Inc.
  1,004   17,249
REV Group, Inc.
  754   11,838
Rollins, Inc.
  1,927   64,131
Saia, Inc.(b)
  196   64,911
Shyft Group, Inc. (The)
  277   13,465
Simpson Manufacturing Co., Inc.
  431   49,720
SiteOne Landscape Supply, Inc.(b)
  241   57,927
SkyWest, Inc.(b)
  479   18,762
SP Plus Corp.(b)
  635   17,215
Spirit AeroSystems Holdings, Inc., Class A
  1,050   39,753
Spirit Airlines, Inc.(b)
  394   8,239
SPX Corp.(b)
  445   25,877
SPX FLOW, Inc.
  475   39,667
Standex International Corp.
  176   18,130
Steelcase, Inc., Class A
  4,367   48,867
Stericycle, Inc.(b)
  1,010   57,065
Sunrun, Inc.(b)
  298   13,720
Team, Inc.(b)
  1,644   2,219
Tennant Co.
  259   20,373
Terex Corp.
  1,241   52,594
Tetra Tech, Inc.
  603   111,362
Textainer Group Holdings Ltd. (China)(b)
  1,618   52,860
Thermon Group Holdings, Inc.(b)
  545   9,407
Timken Co. (The)
  1,180   77,679
Titan Machinery, Inc.(b)
  749   24,897
Toro Co. (The)
  787   79,141
TPI Composites, Inc.(b)(c)
  381   6,793
Trex Co., Inc.(b)
  250   33,193
TriNet Group, Inc.(b)
  730   73,219
Triumph Group, Inc.(b)
  368   6,168
TrueBlue, Inc.(b)
  1,380   35,908
Tutor Perini Corp.(b)
  3,912   50,308
UFP Industries, Inc.
  1,052   87,611
UniFirst Corp.
  274   52,512
United Airlines Holdings, Inc.(b)(c)
  1,801   76,110
Universal Logistics Holdings, Inc.
  270   5,019
Upwork, Inc.(b)
  173   6,446
US Ecology, Inc.(b)
  592   20,169
Valmont Industries, Inc.
  277   66,211
Veritiv Corp.(b)
  1,558   196,370
Vertiv Holdings Co.
  1,170   29,999
Viad Corp.(b)
  229   9,689
Vicor Corp.(b)
  59   8,464
Wabash National Corp.
  1,947   32,515
Watts Water Technologies, Inc., Class A
  338   63,784
Welbilt, Inc.(b)
  804   18,942
Werner Enterprises, Inc.
  1,349   60,853
WillScot Mobile Mini Holdings Corp.(b)
  1,134   43,194
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Industrials-(continued)
Woodward, Inc.
  625   $66,125
Zurn Water Solutions Corp.
  1,065   37,328
        9,505,380
Information Technology-15.38%
3D Systems Corp.(b)(c)
  440   10,023
8x8, Inc.(b)
  169   3,642
A10 Networks, Inc.
  651   10,038
ACI Worldwide, Inc.(b)
  1,115   32,491
ACM Research, Inc., Class A(b)
  29   2,535
ADTRAN, Inc.
  537   10,944
Advanced Energy Industries, Inc.
  298   26,132
Agilysys, Inc.(b)
  64   2,787
Alarm.com Holdings, Inc.(b)
  176   14,043
Alpha & Omega Semiconductor Ltd.(b)
  328   16,111
Altair Engineering, Inc., Class A(b)
  162   12,061
Alteryx, Inc., Class A(b)(c)
  191   12,696
Ambarella, Inc.(b)
  98   17,593
Amkor Technology, Inc.
  4,697   101,267
Anaplan, Inc.(b)
  107   4,581
AppFolio, Inc., Class A(b)(c)
  60   7,229
Appian Corp.(b)(c)
  59   4,387
Applied Optoelectronics, Inc.(b)(c)
  451   2,665
Arlo Technologies, Inc.(b)
  748   5,797
Aspen Technology, Inc.(b)
  262   37,998
AudioCodes Ltd. (Israel)
  151   5,234
Avalara, Inc.(b)
  106   14,806
Avaya Holdings Corp.(b)
  2,522   49,103
Avid Technology, Inc.(b)
  92   2,950
Axcelis Technologies, Inc.(b)
  354   21,884
Azenta, Inc.
  306   34,609
Badger Meter, Inc.
  167   17,094
Belden, Inc.
  899   55,441
Benchmark Electronics, Inc.
  1,397   32,941
Benefitfocus, Inc.(b)
  237   2,384
Black Knight, Inc.(b)
  890   63,608
Blackbaud, Inc.(b)
  358   27,015
Blackline, Inc.(b)(c)
  97   10,675
Bottomline Technologies (DE), Inc.(b)
  395   17,712
Box, Inc., Class A(b)
  855   20,016
Brightcove, Inc.(b)
  237   2,282
CalAmp Corp.(b)
  435   3,993
Calix, Inc.(b)
  170   11,383
Cambium Networks Corp.(b)
  29   789
Cantaloupe, Inc.(b)
  145   1,308
Casa Systems, Inc.(b)
  509   2,540
CDK Global, Inc.
  710   27,434
Cerence, Inc.(b)(c)
  346   26,012
Ceridian HCM Holding, Inc.(b)
  352   38,509
CEVA, Inc.(b)
  133   5,865
ChannelAdvisor Corp.(b)
  180   4,502
Ciena Corp.(b)
  1,920   115,642
Cirrus Logic, Inc.(b)
  753   60,376
Cloudflare, Inc., Class A(b)
  163   30,683
CMC Materials, Inc.
  310   41,168
Cognex Corp.
  812   62,727
Coherent, Inc.(b)
  132   34,179
Cohu, Inc.(b)
  391   12,891
CommVault Systems, Inc.(b)
  317   19,933
Comtech Telecommunications Corp.
  643   16,326
Conduent, Inc.(b)
  8,795   44,327
Consensus Cloud Solutions, Inc.(b)
  211   13,217
Coupa Software, Inc.(b)
  59   11,603
  Shares   Value
Information Technology-(continued)
Crowdstrike Holdings, Inc., Class A(b)
  162   $35,177
CSG Systems International, Inc.
  632   33,313
CTS Corp.
  382   13,309
Daktronics, Inc.(b)
  1,337   6,525
Datadog, Inc., Class A(b)
  205   36,549
Diebold Nixdorf, Inc.(b)
  1,972   15,993
Digi International, Inc.(b)
  492   10,593
Digimarc Corp.(b)(c)
  5   215
Digital Turbine, Inc.(b)(c)
  82   4,351
Diodes, Inc.(b)
  664   70,616
DocuSign, Inc.(b)
  326   80,313
Dolby Laboratories, Inc., Class A
  1,003   83,660
Dropbox, Inc., Class A(b)
  3,524   86,726
DSP Group, Inc.(b)
  247   5,432
Dynatrace, Inc.(b)
  264   16,592
Ebix, Inc.
  491   15,005
Elastic N.V.(b)
  64   9,949
Enphase Energy, Inc.(b)
  190   47,500
Entegris, Inc.
  601   87,794
Envestnet, Inc.(b)
  437   33,505
EPAM Systems, Inc.(b)
  147   89,457
ePlus, Inc.(b)
  231   24,368
Euronet Worldwide, Inc.(b)
  575   58,288
Everbridge, Inc.(b)(c)
  55   6,238
EVERTEC, Inc.
  414   17,384
Evo Payments, Inc., Class A(b)
  129   2,746
ExlService Holdings, Inc.(b)
  347   45,065
Extreme Networks, Inc.(b)
  1,213   16,375
F5, Inc.(b)
  555   126,307
Fabrinet (Thailand)(b)
  466   51,521
Fair Isaac Corp.(b)
  148   52,263
FARO Technologies, Inc.(b)
  118   8,196
Fastly, Inc., Class A(b)(c)
  160   6,522
First Solar, Inc.(b)
  1,270   131,572
Five9, Inc.(b)
  55   7,828
FormFactor, Inc.(b)
  710   29,763
Genpact Ltd.
  2,181   105,277
Grid Dynamics Holdings, Inc.(b)
  416   16,320
Guidewire Software, Inc.(b)(c)
  390   45,373
Hackett Group, Inc. (The)
  393   8,041
Harmonic, Inc.(b)
  1,199   12,889
HubSpot, Inc.(b)
  42   33,890
Ichor Holdings Ltd.(b)
  249   11,925
II-VI Incorporated(b)(c)
  1,180   73,785
Impinj, Inc.(b)
  48   3,599
Infinera Corp.(b)(c)
  1,117   9,081
Inseego Corp.(b)(c)
  340   2,196
InterDigital, Inc.
  409   27,775
IPG Photonics Corp.(b)
  262   43,018
Itron, Inc.(b)
  406   25,135
Jack Henry & Associates, Inc.
  604   91,585
Knowles Corp.(b)(c)
  1,595   34,643
Kulicke & Soffa Industries, Inc. (Singapore)(c)
  592   34,135
Lattice Semiconductor Corp.(b)
  340   25,816
Limelight Networks, Inc.(b)
  1,730   4,758
Littelfuse, Inc.
  220   65,666
LivePerson, Inc.(b)(c)
  101   3,905
LiveRamp Holdings, Inc.(b)
  680   31,912
Lumentum Holdings, Inc.(b)(c)
  1,042   90,414
MACOM Technology Solutions Holdings, Inc.(b)
  214   15,389
MagnaChip Semiconductor Corp. (South Korea)(b)
  342   6,183
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Information Technology-(continued)
Mandiant, Inc.(b)
  984   $16,698
Manhattan Associates, Inc.(b)
  178   27,796
Marathon Digital Holdings, Inc.(b)(c)
  29   1,481
Maximus, Inc.
  950   71,677
MaxLinear, Inc.(b)
  339   22,825
Methode Electronics, Inc.
  575   25,570
MicroStrategy, Inc., Class A(b)(c)
  57   41,122
Mimecast Ltd.(b)
  259   20,979
MiX Telematics Ltd., ADR (South Africa)
  143   1,619
MKS Instruments, Inc.
  433   65,885
Model N, Inc.(b)(c)
  87   2,445
Momentive Global, Inc.(b)
  465   9,500
MongoDB, Inc.(b)
  12   5,977
Monolithic Power Systems, Inc.
  121   66,969
N-able, Inc.(b)(c)
  408   4,814
National Instruments Corp.
  1,546   64,190
Net 1 UEPS Technologies, Inc. (South Africa)(b)
  313   1,443
NETGEAR, Inc.(b)
  789   21,098
NetScout Systems, Inc.(b)
  2,058   61,534
New Relic, Inc.(b)
  217   24,050
nLight, Inc.(b)
  193   4,804
Novanta, Inc.(b)
  135   21,796
Nuance Communications, Inc.(b)
  1,232   68,364
Nutanix, Inc., Class A(b)
  489   16,245
Okta, Inc.(b)
  81   17,434
OneSpan, Inc.(b)
  254   4,341
Onto Innovation, Inc.(b)
  435   40,960
Opera Ltd., ADR (Norway)(b)
  1,877   14,490
OSI Systems, Inc.(b)
  314   28,552
PagerDuty, Inc.(b)(c)
  168   5,956
PAR Technology Corp.(b)(c)
  28   1,466
Paya Holdings, Inc., Class A(b)
  100   644
Paycom Software, Inc.(b)
  90   39,373
Paylocity Holding Corp.(b)
  86   21,701
PC Connection, Inc.
  713   31,258
PDF Solutions, Inc.(b)
  236   7,063
Pegasystems, Inc.
  99   11,367
Perficient, Inc.(b)
  254   34,806
Photronics, Inc.(b)
  1,904   25,152
Ping Identity Holding Corp.(b)
  238   5,667
Plantronics, Inc.(b)
  716   18,272
Plexus Corp.(b)
  618   51,999
Power Integrations, Inc.
  346   34,610
Progress Software Corp.
  527   25,533
PROS Holdings, Inc.(b)(c)
  101   3,668
PTC, Inc.(b)
  349   38,243
Pure Storage, Inc., Class A(b)
  2,469   76,465
Q2 Holdings, Inc.(b)
  97   7,789
Qualys, Inc.(b)
  278   36,221
Rambus, Inc.(b)
  1,395   37,525
Rapid7, Inc.(b)
  71   8,808
Repay Holdings Corp.(b)(c)
  1,100   17,996
Ribbon Communications, Inc.(b)
  2,060   11,227
RingCentral, Inc., Class A(b)
  77   16,630
Rogers Corp.(b)
  163   44,437
Sabre Corp.(b)(c)
  1,392   10,482
SailPoint Technologies Holding, Inc.(b)
  246   12,937
ScanSource, Inc.(b)
  1,619   50,594
Semtech Corp.(b)
  513   43,949
Silicon Laboratories, Inc.(b)
  273   53,582
SiTime Corp.(b)
  20   5,970
SMART Global Holdings, Inc.(b)
  321   18,303
  Shares   Value
Information Technology-(continued)
Smartsheet, Inc., Class A(b)
  152   $9,728
SolarEdge Technologies, Inc.(b)
  153   50,147
SolarWinds Corp.(c)
  438   6,307
Splunk, Inc.(b)
  381   46,101
Sprout Social, Inc., Class A(b)
  52   5,807
SPS Commerce, Inc.(b)
  149   21,008
StoneCo Ltd., Class A (Brazil)(b)
  318   4,961
Stratasys Ltd.(b)(c)
  849   22,915
SunPower Corp.(b)(c)
  35   1,003
Super Micro Computer, Inc.(b)
  1,283   53,116
Switch, Inc., Class A
  1,074   29,374
Synaptics, Inc.(b)
  314   88,623
Teledyne Technologies, Inc.(b)
  232   96,347
Tenable Holdings, Inc.(b)
  152   7,509
Teradata Corp.(b)
  1,171   50,845
Trade Desk, Inc. (The), Class A(b)
  654   67,637
TTEC Holdings, Inc.
  167   14,093
TTM Technologies, Inc.(b)(c)
  3,569   49,181
Tucows, Inc., Class A(b)
  60   4,880
Tufin Software Technologies Ltd. (Israel)(b)
  69   570
Twilio, Inc., Class A(b)
  271   77,547
Tyler Technologies, Inc.(b)
  130   67,467
Ultra Clean Holdings, Inc.(b)
  441   24,171
Universal Display Corp.
  126   18,024
Upland Software, Inc.(b)
  150   2,937
Varonis Systems, Inc.(b)
  64   3,316
Veeco Instruments, Inc.(b)
  484   12,865
Velodyne Lidar, Inc.(b)(c)
  20   110
Verint Systems, Inc.(b)
  1,196   56,918
Verra Mobility Corp.(b)
  756   10,879
ViaSat, Inc.(b)
  1,636   72,458
Viavi Solutions, Inc.(b)
  2,081   30,820
Vishay Intertechnology, Inc.
  2,714   55,284
Vonage Holdings Corp.(b)
  1,729   35,652
WEX, Inc.(b)
  460   58,153
Wolfspeed, Inc.(b)(c)
  350   42,917
Workiva, Inc.(b)
  59   8,229
Xperi Holding Corp.
  1,997   35,786
Yext, Inc.(b)
  372   3,594
Zendesk, Inc.(b)
  124   12,662
Zoom Video Communications, Inc., Class A(b)
  270   57,081
Zscaler, Inc.(b)
  51   17,695
Zuora, Inc., Class A(b)(c)
  356   7,052
        6,414,021
Materials-6.46%
AdvanSix, Inc.
  735   33,288
Allegheny Technologies, Inc.(b)
  2,846   40,527
American Vanguard Corp.
  555   7,942
AptarGroup, Inc.
  604   72,232
Arconic Corp.(b)
  1,578   42,164
Ashland Global Holdings, Inc.
  1,016   102,687
Avient Corp.
  1,331   73,218
Axalta Coating Systems Ltd.(b)
  2,680   81,258
Balchem Corp.
  211   33,338
Cabot Corp.
  1,146   60,142
Carpenter Technology Corp.
  1,263   34,707
Century Aluminum Co.(b)
  1,114   14,738
Chase Corp.
  77   7,591
Clearwater Paper Corp.(b)
  1,163   46,811
Cleveland-Cliffs, Inc.(b)(c)
  3,141   63,919
Coeur Mining, Inc.(b)
  2,220   12,432
Compass Minerals International, Inc.
  575   27,974
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Materials-(continued)
Eagle Materials, Inc.
  468   $72,175
Element Solutions, Inc.
  2,592   59,279
Ferro Corp.(b)
  609   12,862
Ferroglobe PLC(b)
  2,322   13,955
Forterra, Inc.(b)
  525   12,490
GCP Applied Technologies, Inc.(b)
  624   14,564
Glatfelter Corp.
  1,416   23,322
Gold Resource Corp.
  1,639   3,147
Greif, Inc., Class A
  1,390   84,345
H.B. Fuller Co.
  939   68,697
Hawkins, Inc.
  357   11,845
Haynes International, Inc.
  315   12,622
Hecla Mining Co.
  4,304   23,844
Ingevity Corp.(b)
  483   34,733
Innospec, Inc.
  337   27,364
Intrepid Potash, Inc.(b)
  221   9,083
Kaiser Aluminum Corp.
  308   27,483
Koppers Holdings, Inc.(b)
  668   20,174
Kraton Corp.(b)
  1,072   49,376
Livent Corp.(b)(c)
  604   18,295
Louisiana-Pacific Corp.
  1,472   96,195
Materion Corp.
  333   28,192
Mercer International, Inc. (Germany)
  1,164   12,455
Mesabi Trust(c)
  136   3,218
Minerals Technologies, Inc.
  608   39,927
Myers Industries, Inc.
  521   10,149
Neenah, Inc.
  395   18,364
NewMarket Corp.
  134   44,394
O-I Glass, Inc.(b)
  5,428   60,088
Orion Engineered Carbons S.A. (Germany)(b)
  1,228   21,551
Quaker Chemical Corp.
  123   28,026
Ranpak Holdings Corp.(b)
  585   23,184
Rayonier Advanced Materials, Inc.(b)
  3,773   20,676
Resolute Forest Products, Inc.
  2,186   24,724
Royal Gold, Inc.
  515   51,515
Schnitzer Steel Industries, Inc., Class A
  600   28,860
Schweitzer-Mauduit International, Inc., Class A
  697   20,004
Scotts Miracle-Gro Co. (The)
  380   55,058
Sealed Air Corp.
  1,681   104,424
Sensient Technologies Corp.
  471   45,824
Silgan Holdings, Inc.
  1,706   70,748
Stepan Co.
  311   35,053
Summit Materials, Inc., Class A(b)
  1,849   68,968
SunCoke Energy, Inc.
  4,605   28,044
TimkenSteel Corp.(b)
  1,394   19,962
Tredegar Corp.
  1,433   15,763
TriMas Corp.
  767   25,403
Trinseo PLC
  922   43,546
Tronox Holdings PLC, Class A
  2,250   49,478
Valvoline, Inc.
  1,785   60,815
Venator Materials PLC(b)
  3,144   8,143
Verso Corp., Class A
  1,804   38,137
Warrior Met Coal, Inc.
  2,041   43,861
Westlake Chemical Corp.
  621   57,703
Worthington Industries, Inc.
  724   34,738
        2,691,813
Real Estate-5.25%
Alexander & Baldwin, Inc.
  846   18,637
Alexander’s, Inc.
  41   10,479
American Homes 4 Rent, Class A
  1,805   72,362
Americold Realty Trust
  1,810   59,078
Armada Hoffler Properties, Inc.
  1,485   20,716
  Shares   Value
Real Estate-(continued)
Camden Property Trust
  642   $106,065
CatchMark Timber Trust, Inc., Class A
  650   4,999
Centerspace
  251   25,650
Community Healthcare Trust, Inc.
  170   7,315
CorePoint Lodging, Inc.(b)
  1,116   17,220
CoreSite Realty Corp.
  384   65,683
Corporate Office Properties Trust
  1,547   39,696
CubeSmart
  1,030   55,538
Cushman & Wakefield PLC(b)(c)
  4,657   82,336
CyrusOne, Inc.
  1,086   96,676
Diversified Healthcare Trust
  14,830   41,376
EastGroup Properties, Inc.
  235   47,869
Empire State Realty Trust, Inc., Class A(c)
  3,868   35,160
Equity LifeStyle Properties, Inc.
  954   77,560
eXp World Holdings, Inc.(c)
  385   14,133
Forestar Group, Inc.(b)
  117   2,319
Franklin Street Properties Corp.
  2,968   17,096
Gaming and Leisure Properties, Inc.
  2,207   99,580
GEO Group, Inc. (The)(c)
  13,009   109,276
Gladstone Commercial Corp.
  474   10,532
Healthcare Realty Trust, Inc.
  1,630   51,052
Highwoods Properties, Inc.
  1,655   71,496
Independence Realty Trust, Inc.
  1,090   26,705
Lamar Advertising Co., Class A
  934   102,049
Life Storage, Inc.
  427   56,424
Marcus & Millichap, Inc.(b)
  226   9,684
National Storage Affiliates Trust
  701   43,027
Newmark Group, Inc., Class A
  3,745   60,145
Office Properties Income Trust
  1,566   37,161
Outfront Media, Inc.
  2,261   56,502
Piedmont Office Realty Trust, Inc., Class A
  3,031   52,679
PotlatchDeltic Corp.
  697   37,736
PS Business Parks, Inc.
  326   57,115
Rayonier, Inc.
  1,181   44,606
RE/MAX Holdings, Inc., Class A
  273   7,505
Realogy Holdings Corp.(b)
  5,075   77,089
Redfin Corp.(b)(c)
  232   9,440
RMR Group, Inc. (The), Class A
  355   11,598
Saul Centers, Inc.
  341   16,787
St. Joe Co. (The)
  164   7,874
Sun Communities, Inc.(c)
  357   67,323
Tanger Factory Outlet Centers, Inc.(c)
  1,846   36,569
UMH Properties, Inc.
  743   17,148
Uniti Group, Inc.
  3,222   42,756
Universal Health Realty Income Trust
  92   5,122
Urstadt Biddle Properties, Inc., Class A
  893   16,860
Zillow Group, Inc., Class C(b)(c)
  500   27,135
        2,186,938
Utilities-3.35%
ALLETE, Inc.
  1,016   59,568
American States Water Co.
  297   27,971
Avangrid, Inc.(c)
  1,515   76,689
Avista Corp.
  1,491   57,418
Black Hills Corp.
  1,282   82,202
California Water Service Group
  514   32,387
Chesapeake Utilities Corp.
  186   23,689
Hawaiian Electric Industries, Inc.
  2,165   82,248
IDACORP, Inc.
  795   83,173
Macquarie Infrastructure Holdings LLC
  2,776   10,049
MGE Energy, Inc.
  381   27,657
Middlesex Water Co.
  119   12,262
National Fuel Gas Co.
  1,765   102,035
 
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
  Shares   Value
Utilities-(continued)
New Jersey Resources Corp.
  1,623   $59,694
Northwest Natural Holding Co.
  620   26,734
NorthWestern Corp.(c)
  1,076   59,503
ONE Gas, Inc.
  756   49,019
Ormat Technologies, Inc.(c)
  610   46,055
Otter Tail Corp.
  713   46,623
PNM Resources, Inc.
  1,510   74,352
Portland General Electric Co.
  1,991   96,902
SJW Group
  405   27,277
South Jersey Industries, Inc.
  2,309   54,262
Southwest Gas Holdings, Inc.
  1,526   100,426
Spire, Inc.
  1,161   69,486
Unitil Corp.
  266   11,023
        1,398,704
Total Common Stocks & Other Equity Interests

(Cost $38,831,061)
  41,661,354
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g)

(Cost $35,051)
  35,051   35,051
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $38,866,112)
  41,696,405
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.55%
Invesco Private Government Fund, 0.02%(f)(g)(h)
  1,319,122   $1,319,122
Invesco Private Prime Fund, 0.11%(f)(g)(h)
  3,076,673   3,077,596
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $4,396,960)
  4,396,718
TOTAL INVESTMENTS IN SECURITIES-110.55%

(Cost $43,263,072)
  46,093,123
OTHER ASSETS LESS LIABILITIES-(10.55)%
  (4,397,820)
NET ASSETS-100.00%
  $41,695,303
 
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 November 30, 2021.
(d) Restricted security. The value of this security at November 30, 2021 represented less than 1% of the Fund’s Net Assets.
(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at November 30, 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 three months ended November 30, 2021.
    
  Value
August 31, 2021 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2021 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $34,048   $392,835   $(391,832)   $-   $-   $35,051   $2
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 731,400   1,573,223   (985,501)   -   -   1,319,122   49*
Invesco Private Prime Fund 1,892,831   3,289,779   (2,104,703)   (242)   (69)   3,077,596   599*
Total $2,658,279   $5,255,837   $(3,482,036)   $(242)   $(69)   $4,431,769   $650
    
* 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.
    
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
November 30, 2021
(Unaudited)
(g) The rate shown is the 7-day SEC standardized yield as of November 30, 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.
Notes to Quarterly Schedules of Portfolio Holdings
November 30, 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 November 30, 2021, for each Fund (except for Defensive Equity ETF). As of November 30, 2021, all of the securities in Defensive Equity ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Invesco RAFITM Strategic Developed ex-US ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $294,456,213   $-   $-   $294,456,213
Money Market Funds -   12,830,926   -   12,830,926
Total Investments $294,456,213   $12,830,926   $-   $307,287,139
Invesco RAFITM Strategic Emerging Markets ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $25,751,412   $12,969   $0   $25,764,381
Money Market Funds 15,963   525,660   -   541,623
Total Investments $25,767,375   $538,629   $0   $26,306,004
Invesco RAFITM Strategic US ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $183,502,383   $-   $-   $183,502,383
Money Market Funds 139,861   2,770,137   -   2,909,998
Total Investments $183,642,244   $2,770,137   $-   $186,412,381
Invesco RAFITM Strategic US Small Company ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $41,517,544   $143,810   $-   $41,661,354
Money Market Funds 35,051   4,396,718   -   4,431,769
Total Investments $41,552,595   $4,540,528   $-   $46,093,123