0001752724-22-164035.txt : 20220725 0001752724-22-164035.hdr.sgml : 20220725 20220725091430 ACCESSION NUMBER: 0001752724-22-164035 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20220725 DATE AS OF CHANGE: 20220725 PERIOD START: 20220831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Exchange-Traded Self-Indexed Fund Trust CENTRAL INDEX KEY: 0001657201 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23304 FILM NUMBER: 221101605 BUSINESS ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 FORMER COMPANY: FORMER CONFORMED NAME: PowerShares Exchange-Traded Self-Indexed Fund Trust DATE OF NAME CHANGE: 20151030 FORMER COMPANY: FORMER CONFORMED NAME: PowerShares Exchange-Traded Fund Trust III DATE OF NAME CHANGE: 20151030 0001657201 S000060841 Invesco Defensive Equity ETF C000197657 Invesco Defensive Equity ETF DEF NPORT-P 1 primary_doc.xml NPORT-P false 0001657201 XXXXXXXX S000060841 C000197657 Invesco Exchange-Traded Self-Indexed Fund Trust 811-23304 0001657201 549300U103VG1ABIOE62 3500 Lacey Road Suite 700 Downers Grove 60515 800-983-0903 Invesco Defensive Equity ETF S000060841 549300IFU2YYWEGANI95 2022-08-31 2022-05-31 N 281397181.07 204170.72 281193010.35 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Brown & Brown, Inc. 549300PC8KTJ71XKFY89 Brown & Brown, Inc. 115236101 44261.00000000 NS USD 2627775.57000000 0.934509562214 Long EC CORP US N 1 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 Intercontinental Exchange, Inc. 45866F104 21768.00000000 NS USD 2228825.52000000 0.792631906897 Long EC CORP US N 1 N N N Kraft Heinz Co. 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(The) 216648402 7265.00000000 NS USD 2548126.10000000 0.906184011056 Long EC CORP US N 1 N N N Verisk Analytics, Inc. 549300I1YSWNIRKBWP67 Verisk Analytics, Inc. 92345Y106 15018.00000000 NS USD 2626948.56000000 0.934215454619 Long EC CORP US N 1 N N N Teledyne Technologies, Inc. 549300VSMO9KYQWDND94 Teledyne Technologies, Inc. 879360105 6384.00000000 NS USD 2586477.60000000 0.919822863584 Long EC CORP US N 1 N N N Norfolk Southern Corp. 54930036C8MWP850MI84 Norfolk Southern Corp. 655844108 10681.00000000 NS USD 2559808.46000000 0.910338580896 Long EC CORP US N 1 N N N IQVIA Holdings, Inc. 549300W3R20NM4KQPH86 IQVIA Holdings, Inc. 46266C105 12796.00000000 NS USD 2754339.00000000 0.979519013140 Long EC CORP US N 1 N N N Procter & Gamble Co. (The) 2572IBTT8CCZW6AU4141 Procter & Gamble Co. (The) 742718109 18843.00000000 NS USD 2786502.84000000 0.990957362891 Long EC CORP US N 1 N N N Agilent Technologies, Inc. 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I07WOS4YJ0N7YRFE7309 Raytheon Technologies Corp. 75513E101 28454.00000000 NS USD 2706544.48000000 0.962521961919 Long EC CORP US N 1 N N N STERIS PLC 549300F1857N5E6G6T48 STERIS PLC G8473T100 12317.00000000 NS USD 2810739.40000000 0.999576552952 Long EC CORP IE N 1 N N N Old Dominion Freight Line, Inc. 5299009TWK32WE417T96 Old Dominion Freight Line, Inc. 679580100 9138.00000000 NS USD 2359797.12000000 0.839209024812 Long EC CORP US N 1 N N N HCA Healthcare, Inc. 529900PH4ZGUH2MNEU89 HCA Healthcare, Inc. 40412C101 10660.00000000 NS USD 2242864.00000000 0.797624378076 Long EC CORP US N 1 N N N Anthem, Inc. 8MYN82XMYQH89CTMTH67 Anthem, Inc. 036752103 6046.00000000 NS USD 3081102.06000000 1.095724981273 Long EC CORP US N 1 N N N Masco Corp. 5GCSNMQXHEYA1JO8QN11 Masco Corp. 574599106 51810.00000000 NS USD 2937108.90000000 1.044517037014 Long EC CORP US N 1 N N N Mondelez International, Inc. 549300DV9GIB88LZ5P30 Mondelez International, Inc., Class A 609207105 45750.00000000 NS USD 2907870.00000000 1.034118876703 Long EC CORP US N 1 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 18857.00000000 NS USD 2778956.09000000 0.988273530178 Long EC CORP US N 1 N N N Omnicom Group, Inc. HKUPACFHSSASQK8HLS17 Omnicom Group, Inc. 681919106 36583.00000000 NS USD 2729457.63000000 0.970670510836 Long EC CORP US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 18407.00000000 NS USD 3016171.02000000 1.072633710292 Long EC CORP US N 1 N N N Gilead Sciences, Inc. 549300WTZWR07K8MNV44 Gilead Sciences, Inc. 375558103 47521.00000000 NS USD 3081736.85000000 1.095950730128 Long EC CORP US N 1 N N N O'Reilly Automotive, Inc. 549300K2RLMQL149Q332 O'Reilly Automotive, Inc. 67103H107 4156.00000000 NS USD 2648078.52000000 0.941729851927 Long EC CORP US N 1 N N N Dover Corp. 549300FMC2ALGA7N9E80 Dover Corp. 260003108 18641.00000000 NS USD 2496216.31000000 0.887723456174 Long EC CORP US N 1 N N N Parker-Hannifin Corp. 5493002CONDB4N2HKI23 Parker-Hannifin Corp. 701094104 10111.00000000 NS USD 2751910.87000000 0.978655503056 Long EC CORP US N 1 N N N McDonald's Corp. UE2136O97NLB5BYP9H04 McDonald's Corp. 580135101 12657.00000000 NS USD 3192221.97000000 1.135242289993 Long EC CORP US N 1 N N N Yum! Brands, Inc. 549300JE8XHZZ7OHN517 Yum! Brands, Inc. 988498101 24166.00000000 NS USD 2935444.02000000 1.043924959708 Long EC CORP US N 1 N N N Accenture PLC 549300JY6CF6DO4YFQ03 Accenture PLC, Class A G1151C101 9066.00000000 NS USD 2705838.36000000 0.962270846146 Long EC CORP IE N 1 N N N CVS Health Corp. 549300EJG376EN5NQE29 CVS Health Corp. 126650100 27064.00000000 NS USD 2618442.00000000 0.931190286963 Long EC CORP US N 1 N N N Entergy Corp. 4XM3TW50JULSLG8BNC79 Entergy Corp. 29364G103 26079.00000000 NS USD 3137825.28000000 1.115897324792 Long EC CORP US N 1 N N N FMC Corp. CKDHZ2X64EEBQCSP7013 FMC Corp. 302491303 23364.00000000 NS USD 2863959.12000000 1.018502955117 Long EC CORP US N 1 N N N American Tower Corp. 5493006ORUSIL88JOE18 American Tower Corp. 03027X100 12030.00000000 NS USD 3081243.90000000 1.095775423494 Long EC CORP US N 1 N N N AmerisourceBergen Corp. AI8GXW8LG5WK7E9UD086 AmerisourceBergen Corp. 03073E105 19225.00000000 NS USD 2975837.75000000 1.058290085623 Long EC CORP US N 1 N N N Lockheed Martin Corp. DPRBOZP0K5RM2YE8UU08 Lockheed Martin Corp. 539830109 6292.00000000 NS USD 2769172.12000000 0.984794080248 Long EC CORP US N 1 N N N Extra Space Storage, Inc. N/A Extra Space Storage, Inc. 30225T102 14163.00000000 NS USD 2523846.60000000 0.897549550345 Long EC CORP US N 1 N N N CSX Corp. 549300JVQR4N1MMP3Q88 CSX Corp. 126408103 81004.00000000 NS USD 2575117.16000000 0.915782777386 Long EC CORP US N 1 N N N Embecta Corp. N/A Embecta Corp. 29082K105 2036.00000000 NS USD 50452.08000000 0.017942152949 Long EC CORP US N 1 N N N Zoetis, Inc. 549300HD9Q1LOC9KLJ48 Zoetis, Inc. 98978V103 14864.00000000 NS USD 2540703.52000000 0.903544336624 Long EC CORP US N 1 N N N 2022-06-30 Invesco Exchange-Traded Self-Indexed Fund Trust Sheri Morris Sheri Morris Vice President XXXX NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Defensive Equity ETF (DEF)
May 31, 2022
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-1.93%
Omnicom Group, Inc.

  36,583   $2,729,458
Verizon Communications, Inc.

  52,826   2,709,445
        5,438,903
Consumer Discretionary-8.17%
AutoZone, Inc.(b)

  1,500   3,089,475
Genuine Parts Co.

  23,178   3,169,128
Hasbro, Inc.

  31,180   2,798,405
McDonald’s Corp.

  12,657   3,192,222
NIKE, Inc., Class B

  22,086   2,624,921
O’Reilly Automotive, Inc.(b)

  4,156   2,648,079
Starbucks Corp.

  32,010   2,512,785
Yum! Brands, Inc.

  24,166   2,935,444
        22,970,459
Consumer Staples-14.01%
Archer-Daniels-Midland Co.

  34,317   3,116,670
Church & Dwight Co., Inc.

  28,882   2,601,113
Colgate-Palmolive Co.

  37,115   2,925,033
Costco Wholesale Corp.

  5,318   2,479,358
Hormel Foods Corp.

  56,180   2,734,281
Kimberly-Clark Corp.

  22,787   3,031,127
Kraft Heinz Co. (The)

  73,432   2,777,932
McCormick & Co., Inc.

  28,512   2,643,633
Mondelez International, Inc., Class A

  45,750   2,907,870
Monster Beverage Corp.(b)

  36,569   3,259,029
PepsiCo, Inc.

  17,817   2,988,802
Procter & Gamble Co. (The)

  18,843   2,786,503
Walgreens Boots Alliance, Inc.

  58,269   2,553,930
Walmart, Inc.

  20,196   2,597,811
        39,403,092
Energy-1.14%
Williams Cos., Inc. (The)

  86,270   3,197,166
Financials-9.63%
Allstate Corp. (The)

  22,904   3,130,748
Brown & Brown, Inc.

  44,261   2,627,776
Cboe Global Markets, Inc.

  24,485   2,749,910
Chubb Ltd.

  13,748   2,904,815
Globe Life, Inc.

  28,771   2,807,186
Intercontinental Exchange, Inc.

  21,768   2,228,826
Moody’s Corp.

  8,699   2,623,357
Nasdaq, Inc.

  16,625   2,581,198
S&P Global, Inc.

  7,181   2,509,616
Travelers Cos., Inc. (The)

  16,357   2,928,557
        27,091,989
Health Care-22.76%
AbbVie, Inc.

  18,857   2,778,956
Agilent Technologies, Inc.

  21,032   2,682,842
AmerisourceBergen Corp.

  19,225   2,975,838
Amgen, Inc.

  12,112   3,109,635
Anthem, Inc.

  6,046   3,081,102
Becton, Dickinson and Co.

  10,633   2,719,921
Boston Scientific Corp.(b)

  66,647   2,733,193
Bristol-Myers Squibb Co.

  41,157   3,105,296
Cardinal Health, Inc.

  52,952   2,982,257
Cooper Cos., Inc. (The)

  7,265   2,548,126
CVS Health Corp.

  27,064   2,618,442
Embecta Corp.(b)

  2,036   50,452
Gilead Sciences, Inc.

  47,521   3,081,737
HCA Healthcare, Inc.

  10,660   2,242,864
  Shares   Value
Health Care-(continued)
IQVIA Holdings, Inc.(b)

  12,796   $2,754,339
Johnson & Johnson

  16,560   2,973,017
Laboratory Corp. of America Holdings

  10,608   2,617,206
McKesson Corp.

  10,163   3,340,476
PerkinElmer, Inc.

  16,297   2,439,172
STERIS PLC

  12,317   2,810,739
Stryker Corp.

  11,230   2,633,435
Universal Health Services, Inc., Class B

  18,528   2,308,774
Waters Corp.(b)

  8,733   2,863,987
Zoetis, Inc.

  14,864   2,540,704
        63,992,510
Industrials-15.58%
3M Co.

  19,127   2,855,470
AMETEK, Inc.

  21,491   2,610,512
CSX Corp.

  81,004   2,575,117
Dover Corp.

  18,641   2,496,216
Expeditors International of Washington, Inc.

  27,814   3,027,276
IDEX Corp.

  14,607   2,797,971
Lockheed Martin Corp.

  6,292   2,769,172
Masco Corp.

  51,810   2,937,109
Norfolk Southern Corp.

  10,681   2,559,808
Old Dominion Freight Line, Inc.

  9,138   2,359,797
Otis Worldwide Corp.

  37,248   2,771,251
Parker-Hannifin Corp.

  10,111   2,751,911
Raytheon Technologies Corp.

  28,454   2,706,545
Snap-on, Inc.

  13,556   3,007,805
Verisk Analytics, Inc.

  15,018   2,626,949
Waste Management, Inc.

  18,697   2,963,661
        43,816,570
Information Technology-7.74%
Accenture PLC, Class A

  9,066   2,705,838
Akamai Technologies, Inc.(b)

  25,687   2,595,415
Broadridge Financial Solutions, Inc.

  19,069   2,788,269
Cognizant Technology Solutions Corp., Class A

  31,867   2,380,465
FleetCor Technologies, Inc.(b)

  12,236   3,044,439
Paychex, Inc.

  22,925   2,838,803
Roper Technologies, Inc.

  6,355   2,811,706
Teledyne Technologies, Inc.(b)

  6,384   2,586,478
        21,751,413
Materials-6.50%
Air Products and Chemicals, Inc.

  12,358   3,042,045
Avery Dennison Corp.

  16,918   2,919,370
Corteva, Inc.

  54,656   3,422,559
FMC Corp.

  23,364   2,863,959
Linde PLC (United Kingdom)

  9,577   3,109,461
PPG Industries, Inc.

  22,974   2,905,981
        18,263,375
Real Estate-5.81%
American Tower Corp.

  12,030   3,081,244
Extra Space Storage, Inc.

  14,163   2,523,847
Prologis, Inc.

  18,637   2,375,845
Public Storage

  7,624   2,520,799
Realty Income Corp.

  43,018   2,934,688
SBA Communications Corp., Class A

  8,602   2,895,519
        16,331,942
Utilities-6.59%
Consolidated Edison, Inc.

  31,722   3,148,726
Edison International

  42,829   2,994,175
Entergy Corp.

  26,079   3,137,825
See accompanying notes which are an integral part of this schedule.

Invesco Defensive Equity ETF (DEF)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Utilities-(continued)
Eversource Energy

  33,304   $3,074,625
Exelon Corp.

  64,372   3,163,884
Sempra Energy

  18,407   3,016,171
        18,535,406
Total Common Stocks & Other Equity Interests

(Cost $281,435,011)

  280,792,825
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.67%(c)(d)

(Cost $112,273)

  112,273   112,272
TOTAL INVESTMENTS IN SECURITIES-99.90%

(Cost $281,547,284)

  280,905,097
OTHER ASSETS LESS LIABILITIES-0.10%

  287,913
NET ASSETS-100.00%

  $281,193,010
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) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2022.
    
  Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
May 31, 2022
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $242,808   $5,428,884   $(5,559,420)   $-   $-   $112,272   $128
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   4,415,278   (4,415,278)   -   -   -   8*
Invesco Private Prime Fund -   10,301,030   (10,300,637)   -   (393)   -   83*
Total $242,808   $20,145,192   $(20,275,335)   $-   $(393)   $112,272   $219
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of May 31, 2022.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
May 31, 2022
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.66%
Australia-5.41%
AGL Energy Ltd.

  56,650   $355,988
Ampol Ltd.

  11,317   270,825
Aristocrat Leisure Ltd.

  3,489   84,571
Aurizon Holdings Ltd.

  78,698   226,945
BHP Group Ltd.

  96,959   3,102,784
BlueScope Steel Ltd.

  15,180   198,187
Boral Ltd.

  21,950   47,237
Brambles Ltd.

  33,100   258,338
Coles Group Ltd.

  36,175   454,906
Computershare Ltd.

  7,772   129,346
Crown Resorts Ltd.(a)

  10,055   92,614
CSL Ltd.

  1,928   375,955
Downer EDI Ltd.

  33,724   138,620
Endeavour Group Ltd.

  26,525   138,141
Fortescue Metals Group Ltd.

  21,216   306,060
Glencore PLC

  585,070   3,849,780
Incitec Pivot Ltd.

  72,298   182,558
JB Hi-Fi Ltd.

  2,507   82,654
Lendlease Corp. Ltd.

  25,733   198,810
Lottery Corp. Ltd. (The)(a)

  35,815   121,780
Metcash Ltd.(b)

  50,008   154,614
Newcrest Mining Ltd.

  12,307   221,064
OceanaGold Corp.(a)

  50,133   116,528
Orica Ltd.

  11,672   135,557
Origin Energy Ltd.

  97,213   477,690
Orora Ltd.

  36,855   103,637
Qantas Airways Ltd.(a)(b)

  54,917   217,065
Ramsay Health Care Ltd.

  3,792   212,637
Rio Tinto Ltd.

  35,286   2,897,006
Rio Tinto PLC

  33,148   2,402,147
Santos Ltd.

  46,080   271,055
Sonic Healthcare Ltd.

  6,188   162,732
South32 Ltd.

  195,077   699,692
Tabcorp Holdings Ltd.

  35,815   23,893
Telstra Corp. Ltd.

  417,382   1,161,707
Treasury Wine Estates Ltd.

  13,116   111,964
Wesfarmers Ltd.

  24,187   818,772
Woodside Energy Group Ltd.

  17,844   380,940
Woolworths Group Ltd.

  26,525   659,310
        21,844,109
Austria-0.31%
ams-OSRAM AG(a)

  4,982   61,018
ANDRITZ AG

  1,885   87,073
Mondi PLC(b)

  11,854   229,846
OMV AG(b)

  6,192   360,845
UNIQA Insurance Group AG

  16,027   131,514
Verbund AG

  1,044   103,618
voestalpine AG(b)

  6,584   192,409
Wienerberger AG

  2,734   75,329
        1,241,652
Belgium-0.78%
Anheuser-Busch InBev S.A./N.V.

  41,185   2,301,712
Etablissements Franz Colruyt N.V.(b)

  1,447   46,875
Groupe Bruxelles Lambert S.A.

  1,805   166,213
Proximus SADP(b)

  6,851   117,977
Solvay S.A., Class A

  2,187   213,431
UCB S.A.

  1,889   166,258
Umicore S.A.

  3,430   152,083
        3,164,549
  Shares   Value
Brazil-0.07%
Yara International ASA

  5,108   $263,857
Burkina Faso-0.03%
Endeavour Mining PLC

  5,398   124,233
Canada-18.49%
Aecon Group, Inc.

  8,936   104,489
Agnico Eagle Mines Ltd.

  7,082   375,363
Alamos Gold, Inc., Class A

  19,761   147,483
Alimentation Couche-Tard, Inc.

  69,720   3,167,813
AltaGas Ltd.

  22,545   544,353
ARC Resources Ltd.(b)

  29,663   446,757
Atco Ltd., Class I

  9,304   337,485
B2Gold Corp.

  51,562   204,642
Barrick Gold Corp.

  82,014   1,680,027
Baytex Energy Corp.(a)

  85,513   471,222
BCE, Inc.

  26,288   1,432,190
BlackBerry Ltd.(a)

  14,171   85,372
Boyd Group Services, Inc.

  582   65,730
Brookfield Asset Management, Inc., Class A

  85,459   4,321,428
BRP, Inc.

  3,075   239,028
CAE, Inc.(a)

  7,160   178,823
Cameco Corp.

  5,469   133,996
Canaccord Genuity Group, Inc.

  10,010   82,701
Canadian National Railway Co.

  17,906   2,036,005
Canadian Natural Resources Ltd.

  79,984   5,293,482
Canadian Pacific Railway Ltd.

  14,055   1,002,857
Canadian Solar, Inc.(a)(b)

  3,034   97,270
Canadian Tire Corp. Ltd., Class A

  4,293   589,823
Canfor Corp.(a)

  4,959   104,955
Capital Power Corp.

  7,146   256,835
Cascades, Inc.

  13,540   110,367
CCL Industries, Inc., Class B(b)

  5,133   246,413
Celestica, Inc.(a)

  29,529   326,375
Cenovus Energy, Inc.

  96,359   2,233,661
Centerra Gold, Inc.

  29,857   232,983
CGI, Inc., Class A(a)

  11,030   942,414
Chartwell Retirement Residences

  8,357   81,994
CI Financial Corp.

  13,908   176,042
Cogeco Communications, Inc.

  1,438   119,658
Cogeco, Inc.

  1,185   73,029
Constellation Software, Inc.

  237   373,013
Crescent Point Energy Corp.

  69,254   613,231
Dollarama, Inc.

  5,403   313,368
Emera, Inc.

  13,578   674,901
Empire Co. Ltd., Class A

  27,061   886,807
Enbridge, Inc.

  142,146   6,566,463
Enerflex Ltd.

  13,617   84,511
Enerplus Corp.

  22,708   336,800
Fairfax Financial Holdings Ltd.

  2,665   1,479,029
Finning International, Inc.

  12,508   332,465
Franco-Nevada Corp.

  2,531   358,044
George Weston Ltd.

  9,417   1,155,785
Gibson Energy, Inc.

  12,217   258,761
Gildan Activewear, Inc.

  6,877   216,610
Hudbay Minerals, Inc.

  15,476   88,585
Hydro One Ltd.(c)

  18,144   506,084
iA Financial Corp., Inc.

  11,626   603,705
IAMGOLD Corp.(a)

  51,349   113,671
IGM Financial, Inc.

  3,969   122,253
Imperial Oil Ltd.(b)

  16,000   876,373
Intact Financial Corp.

  6,285   908,079
Interfor Corp.(a)

  4,374   116,469
Keyera Corp.

  13,867   369,575
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Canada-(continued)
Kinross Gold Corp.

  72,126   $323,893
Linamar Corp.

  4,504   198,449
Loblaw Cos. Ltd.

  17,093   1,576,932
Magna International, Inc.

  21,579   1,400,328
Maple Leaf Foods, Inc.

  5,392   118,468
Martinrea International, Inc.

  13,863   107,958
MEG Energy Corp.(a)

  31,750   553,997
Methanex Corp.

  5,971   295,092
Metro, Inc.

  17,301   955,566
Mullen Group Ltd.

  8,248   80,468
NFI Group, Inc.

  6,014   57,532
North West Co., Inc. (The)

  3,317   95,195
Northland Power, Inc.

  8,413   255,147
Nutrien Ltd.

  40,636   3,971,234
Onex Corp.

  7,491   446,967
Open Text Corp.

  10,053   412,023
Pan American Silver Corp.

  6,172   135,751
Parkland Corp.

  15,362   457,393
Pembina Pipeline Corp.

  36,817   1,484,498
Precision Drilling Corp.(a)

  3,300   256,700
Premium Brands Holdings Corp.

  1,386   111,737
Quebecor, Inc., Class B

  6,189   140,431
Restaurant Brands International, Inc.

  8,449   443,675
Ritchie Bros. Auctioneers, Inc.

  2,675   161,005
Rogers Communications, Inc., Class B

  12,975   665,445
Russel Metals, Inc.

  5,449   136,650
Saputo, Inc.

  10,960   220,352
Secure Energy Services, Inc.

  25,798   150,523
Shaw Communications, Inc., Class B

  10,767   305,087
Shopify, Inc., Class A(a)

  277   103,991
SNC-Lavalin Group, Inc.

  12,150   243,413
Spin Master Corp.(a)(c)

  2,989   106,790
SSR Mining, Inc.

  7,127   138,613
Stantec, Inc.

  5,202   236,236
Stella-Jones, Inc.

  3,446   98,243
Suncor Energy, Inc.

  134,519   5,412,240
Superior Plus Corp.

  10,254   100,444
Teck Resources Ltd., Class B

  51,977   2,154,938
TELUS Corp.

  29,786   745,327
TFI International, Inc.

  2,798   229,773
Thomson Reuters Corp.

  3,830   379,079
Torex Gold Resources, Inc.(a)

  6,612   64,926
Toromont Industries Ltd.

  2,135   189,371
Tourmaline Oil Corp.

  17,550   1,083,373
TransAlta Corp.

  24,247   276,429
Transcontinental, Inc., Class A

  9,402   119,973
Vermilion Energy, Inc.

  24,973   540,192
West Fraser Timber Co. Ltd.

  3,282   302,810
Wheaton Precious Metals Corp.

  8,344   344,618
Whitecap Resources, Inc.

  33,601   298,859
WSP Global, Inc.

  3,847   424,650
Yamana Gold, Inc.

  60,572   325,643
        74,736,074
Chile-0.09%
Antofagasta PLC(b)

  5,157   96,028
Lundin Mining Corp.

  29,053   258,637
        354,665
China-0.40%
NXP Semiconductors N.V.

  7,027   1,333,443
  Shares   Value
China-(continued)
Topsports International Holdings Ltd.(c)

  96,489   $71,578
Wilmar International Ltd.

  71,317   216,932
        1,621,953
Colombia-0.08%
Millicom International Cellular S.A., Rts., expiring 06/13/2022(a)(b)

  4,218   17,060
Millicom International Cellular S.A., SDR(a)(b)

  5,899   97,858
Parex Resources, Inc.

  10,212   226,144
        341,062
Denmark-1.20%
AP Moller - Maersk A/S, Class B

  296   861,794
Carlsberg A/S, Class B

  2,278   289,369
Coloplast A/S, Class B

  872   103,486
Dfds A/S

  1,403   54,747
DSV A/S

  752   123,169
H Lundbeck A/S

  4,017   98,676
ISS A/S(a)(b)

  9,464   171,702
Novo Nordisk A/S, Class B

  20,409   2,256,026
Novozymes A/S, Class B

  2,177   137,893
Orsted A/S(c)

  1,300   146,792
Pandora A/S

  1,840   148,261
ROCKWOOL A/S, Class B

  266   73,902
Tryg A/S

  5,096   118,541
Vestas Wind Systems A/S

  10,664   271,876
        4,856,234
Finland-0.82%
Elisa OYJ

  1,905   107,547
Fortum OYJ

  11,594   213,625
Huhtamaki OYJ

  2,007   77,099
Kesko OYJ, Class B

  7,367   184,039
Kone OYJ, Class B

  3,816   194,093
Neste OYJ

  3,889   177,934
Nokia OYJ

  144,694   725,571
Nokian Renkaat OYJ(b)

  2,630   36,077
Outokumpu OYJ

  20,560   117,965
Sampo OYJ, Class A

  11,316   510,105
Stora Enso OYJ, Class R

  19,877   383,598
UPM-Kymmene OYJ(b)

  12,737   450,133
Valmet OYJ

  2,074   58,322
Wartsila OYJ Abp

  11,644   98,367
        3,334,475
France-7.81%
Air France-KLM(a)(b)

  50,302   96,914
Air France-KLM, Rts., expiring 06/09/2022(a)(b)

  22,864   36,744
Air Liquide S.A.

  6,707   1,169,985
Airbus SE

  7,416   864,191
Alstom S.A.(b)

  4,039   109,900
Arkema S.A.

  1,648   198,698
Atos SE(a)

  4,445   116,471
Bollore SE

  33,115   175,953
Bouygues S.A.(b)

  14,413   496,085
Bureau Veritas S.A.

  3,506   100,918
Capgemini SE

  3,053   590,330
Carrefour S.A.(b)

  46,357   945,029
Casino Guichard Perrachon S.A.(a)(b)

  7,812   150,049
Cie de Saint-Gobain(b)

  16,799   991,576
Cie Generale des Etablissements Michelin S.C.A.

  5,137   667,240
Criteo S.A., ADR(a)

  3,747   97,122
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
France-(continued)
Danone S.A.

  11,924   $699,099
Dassault Systemes SE

  2,738   114,933
Eiffage S.A.

  4,549   448,814
Electricite de France S.A.(b)

  31,695   280,386
Elis S.A.

  7,510   118,826
ENGIE S.A.(b)

  112,157   1,501,372
EssilorLuxottica S.A.(b)

  3,090   496,690
Euroapi S.A.(a)

  1,121   16,260
Faurecia SE

  7,112   196,716
Hermes International

  100   118,909
Kering S.A.

  503   274,646
Korian S.A.

  3,159   65,956
Legrand S.A.(b)

  2,757   237,929
L’Oreal S.A.

  1,755   617,689
LVMH Moet Hennessy Louis Vuitton SE

  1,602   1,024,881
Nexity S.A.

  1,986   57,145
Orange S.A.

  109,503   1,366,370
Orpea S.A.

  986   27,315
Pernod Ricard S.A.

  2,181   426,393
Publicis Groupe S.A.

  5,870   319,946
Rallye S.A.(a)(b)

  25,745   108,663
Renault S.A.(a)(b)

  23,589   645,642
Rexel S.A.(a)

  13,485   285,883
Rubis S.C.A.

  2,771   83,710
Safran S.A.

  4,832   498,217
Sanofi(b)

  25,776   2,744,135
Schneider Electric SE

  7,816   1,080,438
SCOR SE(b)

  12,690   332,106
SEB S.A.

  513   54,516
Sodexo S.A.

  2,967   220,708
SPIE S.A.

  5,467   132,592
Teleperformance

  444   146,829
Thales S.A.

  2,232   271,621
TotalEnergies SE

  119,571   7,120,550
Ubisoft Entertainment S.A.(a)

  1,353   70,658
Valeo(b)

  13,350   295,320
Veolia Environnement S.A.

  21,900   610,908
Vinci S.A.

  13,200   1,268,121
Vivendi SE

  18,115   215,403
Wendel SE

  1,076   110,368
Worldline S.A.(a)(c)

  1,019   41,492
        31,555,360
Germany-7.05%
adidas AG

  1,621   320,314
Aurubis AG

  1,532   143,897
BASF SE

  30,211   1,659,926
Bayer AG

  31,457   2,243,635
Bayerische Motoren Werke AG

  15,407   1,330,778
Beiersdorf AG

  902   93,264
Brenntag SE

  3,027   233,343
CECONOMY AG

  27,441   91,775
Continental AG

  4,787   365,529
Covestro AG(c)

  7,074   322,066
Deutsche Lufthansa AG(a)(b)

  41,592   304,136
Deutsche Post AG

  12,542   517,339
Deutsche Telekom AG

  117,429   2,405,720
E.ON SE

  70,885   720,173
Evonik Industries AG

  14,731   393,410
Freenet AG

  4,439   115,553
Fresenius Medical Care AG & Co. KGaA

  5,781   350,766
Fresenius SE & Co. KGaA

  21,766   743,341
Fuchs Petrolub SE, Preference Shares

  1,991   61,000
  Shares   Value
Germany-(continued)
GEA Group AG

  3,732   $148,522
Hannover Rueck SE

  1,951   297,617
HeidelbergCement AG

  5,652   327,560
Henkel AG & Co. KGaA, Preference Shares

  7,519   513,086
HOCHTIEF AG

  1,578   102,035
Infineon Technologies AG

  9,943   308,253
Jungheinrich AG, Preference Shares

  1,855   49,123
K+S AG

  12,548   351,241
KION Group AG

  1,066   52,153
Knorr-Bremse AG

  913   62,185
LANXESS AG

  2,651   123,166
Mercedes-Benz Group AG

  36,393   2,580,874
Merck KGaA

  3,844   720,630
METRO AG(a)

  14,332   130,041
MTU Aero Engines AG

  568   111,867
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R

  6,169   1,504,766
ProSiebenSat.1 Media SE

  8,319   90,187
Rheinmetall AG

  1,462   294,909
RWE AG

  15,382   675,597
Salzgitter AG(a)

  2,876   117,136
SAP SE

  9,576   951,867
Schaeffler AG, Preference Shares(b)

  33,351   209,898
Siemens AG

  15,329   2,010,612
Siemens Healthineers AG(c)

  2,777   166,235
Symrise AG

  908   99,944
Telefonica Deutschland Holding AG

  55,537   176,043
thyssenkrupp AG(a)

  32,329   309,614
TUI AG(a)(b)

  40,693   98,263
Uniper SE

  8,123   209,191
United Internet AG

  2,502   81,855
Volkswagen AG, Preference Shares

  19,319   3,201,178
        28,491,613
Hong Kong-1.32%
AIA Group Ltd.

  212,688   2,193,149
CK Hutchison Holdings Ltd.

  129,573   919,912
CLP Holdings Ltd.

  50,722   505,891
HKT Trust & HKT Ltd.

  105,597   145,362
Hong Kong & China Gas Co. Ltd. (The)

  130,778   148,021
Jardine Matheson Holdings Ltd.

  6,069   352,245
Melco Resorts & Entertainment Ltd., ADR(a)(b)

  20,540   115,846
PCCW Ltd.

  193,881   105,768
Swire Pacific Ltd., Class A

  55,537   337,658
Techtronic Industries Co. Ltd.

  8,468   110,956
WH Group Ltd.

  403,829   309,864
Yue Yuen Industrial Holdings Ltd.

  51,588   75,092
        5,319,764
Indonesia-0.04%
First Pacific Co. Ltd.

  335,330   147,031
Ireland-0.39%
CRH PLC

  17,634   729,643
Flutter Entertainment PLC(a)

  1,153   141,825
ICON PLC(a)(b)

  1,177   263,401
Kerry Group PLC, Class A

  1,425   147,158
Kingspan Group PLC

  1,096   90,170
Smurfit Kappa Group PLC

  5,137   207,794
        1,579,991
Israel-0.47%
Bezeq The Israeli Telecommunication Corp. Ltd.

  84,114   129,558
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Israel-(continued)
Check Point Software Technologies Ltd.(a)

  5,496   $687,440
ICL Group Ltd.

  12,961   144,013
Teva Pharmaceutical Industries Ltd., ADR(a)

  104,243   948,611
        1,909,622
Italy-1.75%
A2A S.p.A.(b)

  52,868   88,492
Assicurazioni Generali S.p.A.(b)

  98,376   1,786,281
Coca-Cola HBC AG

  3,862   85,056
Enel S.p.A.

  227,047   1,470,047
Eni S.p.A.(b)

  153,810   2,339,391
Ferrari N.V.

  575   111,737
Hera S.p.A.(b)

  24,786   92,003
Iveco Group N.V.(a)

  4,915   31,196
Leonardo S.p.A.(a)

  23,291   250,004
Prysmian S.p.A.

  5,680   182,906
Saipem S.p.A.(a)(b)

  10,419   62,771
Telecom Italia S.p.A.(b)

  1,212,170   386,445
Unipol Gruppo S.p.A.

  32,655   174,209
        7,060,538
Japan-21.37%
Advantest Corp.

  1,084   74,994
Aeon Co. Ltd.

  36,278   664,817
AGC, Inc.(b)

  9,055   341,731
Air Water, Inc.(b)

  7,393   100,340
Aisin Corp.

  10,610   348,457
Ajinomoto Co., Inc.

  11,312   275,579
Alfresa Holdings Corp.

  17,125   225,236
Alps Alpine Co. Ltd.

  14,934   160,780
Amada Co. Ltd.

  12,508   100,535
ANA Holdings, Inc.(a)

  6,306   124,605
Asahi Group Holdings Ltd.

  9,993   337,126
Asahi Kasei Corp.

  43,654   353,928
Astellas Pharma, Inc.

  45,269   725,775
Bandai Namco Holdings, Inc.

  2,258   168,940
Bridgestone Corp.

  23,627   933,546
Brother Industries Ltd.

  8,044   148,631
Canon, Inc.

  38,535   971,126
Chubu Electric Power Co., Inc.

  52,175   523,595
Chugai Pharmaceutical Co. Ltd.

  3,227   88,498
Chugoku Electric Power Co., Inc. (The)(b)

  23,926   158,645
Coca-Cola Bottlers Japan Holdings, Inc.

  7,385   78,646
COMSYS Holdings Corp.

  3,276   61,728
Cosmo Energy Holdings Co. Ltd.

  10,311   284,535
Dai Nippon Printing Co. Ltd.

  12,398   283,339
Daicel Corp.

  16,332   105,499
Daiichi Sankyo Co. Ltd.

  16,894   448,992
Daikin Industries Ltd.

  2,783   447,482
Daito Trust Construction Co. Ltd.

  3,048   270,101
Daiwa House Industry Co. Ltd.

  24,678   595,633
Denka Co. Ltd.

  2,527   62,760
Denso Corp.

  11,620   711,499
Dentsu Group, Inc.

  8,056   269,274
DIC Corp.(b)

  4,666   89,878
East Japan Railway Co.

  12,107   622,455
Ebara Corp.(b)

  2,983   128,693
Eisai Co. Ltd.

  3,471   142,947
Electric Power Development Co. Ltd.

  15,461   244,693
ENEOS Holdings, Inc.

  367,347   1,488,291
FANUC Corp.

  2,189   359,119
Fast Retailing Co. Ltd.

  337   162,285
Fuji Electric Co. Ltd.

  3,027   143,297
  Shares   Value
Japan-(continued)
FUJIFILM Holdings Corp.

  7,918   $437,430
Fujikura Ltd.

  23,093   142,351
Fujitsu Ltd.

  4,082   613,831
Furukawa Electric Co. Ltd.

  5,141   86,120
H2O Retailing Corp.

  11,576   84,765
Hakuhodo DY Holdings, Inc.

  9,678   98,928
Hankyu Hanshin Holdings, Inc.

  7,639   205,160
Hanwa Co. Ltd.

  5,917   137,386
Haseko Corp.

  11,062   132,422
Hino Motors Ltd.(a)

  15,159   84,606
Hitachi Construction Machinery Co. Ltd.

  2,922   68,709
Hitachi Ltd.

  34,935   1,826,250
Hitachi Metals Ltd.(a)

  5,154   82,892
Hokkaido Electric Power Co., Inc.(b)

  31,758   121,458
Hokuriku Electric Power Co.

  20,101   82,032
Honda Motor Co. Ltd.

  83,038   2,057,150
Hoya Corp.

  2,483   266,549
Idemitsu Kosan Co. Ltd.

  20,078   546,255
IHI Corp.

  8,357   235,486
Iida Group Holdings Co. Ltd.

  3,990   63,117
Isetan Mitsukoshi Holdings Ltd.

  23,882   199,937
Isuzu Motors Ltd.

  25,283   296,961
ITOCHU Corp.

  46,305   1,329,993
Iwatani Corp.

  1,634   68,081
J. Front Retailing Co. Ltd.

  11,946   96,667
Japan Airlines Co. Ltd.(a)

  6,416   117,004
Japan Tobacco, Inc.

  35,010   636,954
JFE Holdings, Inc.

  42,887   529,066
JGC Holdings Corp.

  10,844   152,488
JSR Corp.

  4,113   130,445
JTEKT Corp.

  14,625   111,525
Kajima Corp.

  23,652   254,823
Kamigumi Co. Ltd.

  4,293   85,196
Kaneka Corp.

  2,358   60,671
Kanematsu Corp.

  6,580   66,851
Kansai Electric Power Co., Inc. (The)

  63,317   617,199
Kao Corp.

  7,643   308,702
Kawasaki Heavy Industries Ltd.

  9,679   189,525
KDDI Corp.

  23,828   830,910
Keio Corp.

  1,409   47,151
Keyence Corp.

  611   245,027
Kinden Corp.

  5,256   60,672
Kintetsu Group Holdings Co. Ltd.

  5,103   149,347
Kirin Holdings Co. Ltd.

  23,848   369,366
Kobe Steel Ltd.

  41,986   221,932
Koito Manufacturing Co. Ltd.

  1,891   69,308
Komatsu Ltd.

  21,748   540,298
Konica Minolta, Inc.(b)

  37,176   124,840
K’s Holdings Corp.

  9,176   91,871
Kubota Corp.

  17,692   326,486
Kuraray Co. Ltd.(b)

  16,798   140,370
Kyocera Corp.

  9,300   525,346
Kyushu Electric Power Co., Inc.

  48,820   317,636
Kyushu Railway Co.

  4,837   96,857
Lawson, Inc.

  2,231   79,081
Lixil Corp.

  10,654   203,647
Makita Corp.

  3,158   86,483
Marubeni Corp.

  119,839   1,260,850
Mazda Motor Corp.

  60,975   516,163
Medipal Holdings Corp.

  16,515   231,463
MEIJI Holdings Co. Ltd.

  3,547   174,806
MINEBEA MITSUMI, Inc.

  7,131   133,590
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Japan-(continued)
Mitsubishi Chemical Holdings Corp.

  83,412   $496,796
Mitsubishi Corp.

  85,911   2,960,422
Mitsubishi Electric Corp.

  59,486   654,764
Mitsubishi Estate Co. Ltd.

  21,746   322,695
Mitsubishi Gas Chemical Co., Inc.

  5,622   91,380
Mitsubishi Heavy Industries Ltd.

  23,287   885,176
Mitsubishi Materials Corp.

  11,771   181,170
Mitsubishi Motors Corp.(a)

  54,747   163,843
Mitsui & Co. Ltd.

  69,938   1,757,080
Mitsui Chemicals, Inc.

  8,093   198,480
Mitsui Fudosan Co. Ltd.

  21,465   470,029
Mitsui Mining & Smelting Co. Ltd.

  3,280   86,816
Mitsui OSK Lines Ltd.

  16,179   433,259
MS&AD Insurance Group Holdings, Inc.

  28,507   906,985
Murata Manufacturing Co. Ltd.

  6,492   418,855
Nagase & Co. Ltd.

  6,762   95,402
Nagoya Railroad Co. Ltd.

  7,401   121,792
NEC Corp.

  10,109   409,405
Nexon Co. Ltd.

  3,701   92,061
NGK Insulators Ltd.

  7,127   106,147
NGK Spark Plug Co. Ltd.

  7,273   138,116
NH Foods Ltd.

  4,017   122,404
NHK Spring Co. Ltd.

  13,633   97,814
Nidec Corp.

  2,685   181,143
Nikon Corp.

  16,301   203,374
Nintendo Co. Ltd.

  981   437,864
Nippon Electric Glass Co. Ltd.

  4,401   93,360
Nippon Express Holdings, Inc.

  1,444   83,624
Nippon Light Metal Holdings Co. Ltd.

  5,266   64,553
Nippon Paper Industries Co. Ltd.(b)

  13,608   99,750
Nippon Steel Corp.

  55,861   977,226
Nippon Steel Trading Corp.

  2,658   110,746
Nippon Suisan Kaisha Ltd.

  18,689   75,689
Nippon Telegraph & Telephone Corp.

  63,780   1,939,007
Nippon Yusen K.K.

  6,736   560,264
Nissan Motor Co. Ltd.

  285,080   1,109,340
Nisshin Seifun Group, Inc.

  6,181   72,359
Nissin Foods Holdings Co. Ltd.

  1,351   88,425
Nitori Holdings Co. Ltd.

  767   77,567
Nitto Denko Corp.

  3,764   273,570
Nomura Real Estate Holdings, Inc.(a)

  3,871   97,042
Nomura Research Institute Ltd.

  5,244   144,710
NSK Ltd.

  18,404   104,863
NTN Corp.(a)(b)

  32,375   66,187
NTT Data Corp.

  14,980   235,684
Obayashi Corp.

  38,458   272,938
Odakyu Electric Railway Co. Ltd.

  4,161   55,019
Oji Holdings Corp.

  41,722   183,889
Olympus Corp.

  8,098   169,363
Omron Corp.

  2,632   151,932
Ono Pharmaceutical Co. Ltd.

  5,874   155,428
ORIX Corp.

  69,117   1,317,116
Osaka Gas Co. Ltd.

  16,365   306,069
Otsuka Corp.

  1,626   51,632
Otsuka Holdings Co. Ltd.

  9,604   320,196
Pan Pacific International Holdings Corp.

  5,693   87,755
Panasonic Holdings Corp.

  104,809   964,622
Persol Holdings Co. Ltd.

  5,671   110,515
Rakuten Group, Inc.(b)

  19,873   111,843
Recruit Holdings Co. Ltd.

  10,007   368,247
Renesas Electronics Corp.(a)

  11,233   133,072
Ricoh Co. Ltd.

  29,488   248,474
  Shares   Value
Japan-(continued)
Rohm Co. Ltd.

  2,162   $178,479
Santen Pharmaceutical Co. Ltd.

  7,085   57,387
Secom Co. Ltd.

  4,393   290,158
Seibu Holdings, Inc.

  10,210   106,826
Seiko Epson Corp.

  10,814   181,319
Sekisui Chemical Co. Ltd.

  12,753   183,397
Sekisui House Ltd.

  24,595   436,380
Seven & i Holdings Co. Ltd.

  24,518   1,031,073
Sharp Corp.

  6,824   55,644
Shikoku Electric Power Co., Inc.

  17,038   102,510
Shimano, Inc.

  620   109,811
Shimizu Corp.

  31,995   170,365
Shin-Etsu Chemical Co. Ltd.

  4,272   608,863
Shionogi & Co. Ltd.

  4,898   261,833
Shiseido Co. Ltd.

  3,160   133,283
Showa Denko K.K.

  5,620   108,778
SMC Corp.

  528   273,389
Softbank Corp.

  62,237   716,007
Sojitz Corp.

  18,767   297,454
Sompo Holdings, Inc.

  17,612   800,614
Sony Group Corp.

  22,575   2,125,976
Stanley Electric Co. Ltd.

  3,522   64,118
Subaru Corp.

  33,643   582,532
SUMCO Corp.

  4,892   79,743
Sumitomo Chemical Co. Ltd.

  82,052   338,681
Sumitomo Corp.

  73,066   1,050,737
Sumitomo Electric Industries Ltd.

  40,147   444,864
Sumitomo Forestry Co. Ltd.

  5,876   90,439
Sumitomo Heavy Industries Ltd.(b)

  5,432   127,941
Sumitomo Metal Mining Co. Ltd.

  5,665   238,498
Sumitomo Realty & Development Co. Ltd.

  6,238   168,503
Sumitomo Rubber Industries Ltd.

  11,072   101,300
Suntory Beverage & Food Ltd.

  3,706   138,710
Suzuken Co. Ltd.

  6,163   167,914
Suzuki Motor Corp.

  12,548   372,407
Sysmex Corp.

  1,004   65,534
Taiheiyo Cement Corp.

  8,208   122,822
Taisei Corp.

  9,062   271,201
Taisho Pharmaceutical Holdings Co. Ltd.

  1,578   60,841
Takashimaya Co. Ltd.

  12,262   122,005
Takeda Pharmaceutical Co. Ltd.

  37,925   1,091,657
TDK Corp.

  8,387   291,095
Teijin Ltd.

  11,360   117,004
Terumo Corp.

  5,678   184,051
TIS, Inc.

  3,506   91,980
Tobu Railway Co. Ltd.

  6,347   142,437
Toho Holdings Co. Ltd.

  6,962   105,530
Tohoku Electric Power Co., Inc.

  52,851   292,921
Tokio Marine Holdings, Inc.

  32,312   1,875,249
Tokyo Electric Power Co. Holdings, Inc.(a)

  318,802   1,191,992
Tokyo Electron Ltd.

  1,263   579,049
Tokyo Gas Co. Ltd.

  22,303   435,328
Tokyu Corp.

  17,020   193,426
Tokyu Fudosan Holdings Corp.

  27,769   143,329
Toppan, Inc.

  15,914   299,984
Toray Industries, Inc.

  63,795   330,418
Toshiba Corp.

  15,978   716,647
Tosoh Corp.

  9,982   145,488
TOTO Ltd.

  2,192   74,205
Toyo Seikan Group Holdings Ltd.

  13,476   144,141
Toyo Suisan Kaisha Ltd.

  2,196   82,193
Toyota Boshoku Corp.

  4,878   79,135
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Japan-(continued)
Toyota Industries Corp.

  3,974   $256,397
Toyota Motor Corp.

  358,341   5,912,230
Toyota Tsusho Corp.

  11,730   449,067
Trend Micro, Inc.

  1,925   113,275
Tsuruha Holdings, Inc.

  801   43,834
UBE Corp.

  6,696   103,164
Unicharm Corp.

  3,320   114,121
West Japan Railway Co.

  6,468   239,071
Yakult Honsha Co. Ltd.

  2,091   115,241
Yamada Holdings Co. Ltd.(b)

  41,078   144,968
Yamaha Corp.

  1,857   76,795
Yamaha Motor Co. Ltd.(b)

  9,252   187,924
Yamato Holdings Co. Ltd.

  3,761   65,078
Yamazaki Baking Co. Ltd.

  6,240   72,661
Yaskawa Electric Corp.

  2,188   76,281
Yokogawa Electric Corp.

  5,904   106,382
Yokohama Rubber Co. Ltd. (The)(b)

  5,120   65,828
Z Holdings Corp.

  53,182   176,192
        86,375,967
Luxembourg-0.26%
Aperam S.A.

  1,628   67,423
ArcelorMittal S.A.

  31,012   995,154
        1,062,577
Netherlands-5.78%
Aalberts N.V.

  1,575   77,983
Akzo Nobel N.V.

  5,234   455,843
ASM International N.V.(b)

  421   130,496
ASML Holding N.V.(b)

  1,375   789,512
EXOR N.V.

  15,403   1,133,582
Heineken Holding N.V.

  3,008   237,969
Heineken N.V.(b)

  3,460   347,746
Koninklijke Ahold Delhaize N.V.

  58,719   1,616,915
Koninklijke BAM Groep N.V.(a)

  36,547   104,690
Koninklijke DSM N.V.(b)

  2,267   382,007
Koninklijke KPN N.V.

  99,231   360,680
Koninklijke Philips N.V.

  14,855   381,763
Randstad N.V.(b)

  4,379   246,559
SBM Offshore N.V.(b)

  5,644   91,478
Shell PLC

  544,633   16,312,337
Universal Music Group N.V.(b)

  18,115   405,385
Wolters Kluwer N.V.

  3,005   296,609
        23,371,554
New Zealand-0.11%
Contact Energy Ltd.

  16,482   79,931
Fletcher Building Ltd.

  25,544   90,123
Meridian Energy Ltd.

  42,016   128,546
Spark New Zealand Ltd.

  41,059   129,895
        428,495
Norway-0.64%
Equinor ASA

  36,572   1,402,860
Gjensidige Forsikring ASA

  7,704   167,836
Mowi ASA

  7,099   184,787
Norsk Hydro ASA

  46,152   368,992
Orkla ASA

  17,165   134,607
Telenor ASA

  22,447   309,340
        2,568,422
Portugal-0.17%
Galp Energia SGPS S.A.

  23,926   314,233
  Shares   Value
Portugal-(continued)
Jeronimo Martins SGPS S.A.

  8,497   $173,583
Sonae SGPS S.A.

  157,630   186,760
        674,576
Singapore-0.36%
ComfortDelGro Corp. Ltd.

  90,649   95,218
Jardine Cycle & Carriage Ltd.

  7,061   150,913
Keppel Corp. Ltd.

  50,661   254,617
Sea Ltd., ADR(a)(b)

  871   71,997
Singapore Technologies Engineering Ltd.

  31,010   92,969
Singapore Telecommunications Ltd.

  260,706   492,544
STMicroelectronics N.V.

  7,292   290,473
        1,448,731
South Africa-0.33%
Anglo American PLC

  27,537   1,348,980
South Korea-4.89%
CJ CheilJedang Corp.

  378   120,226
CJ Corp.

  2,346   161,937
DB Insurance Co. Ltd.

  4,686   246,193
Doosan Co. Ltd.

  1,532   104,882
Doosan Enerbility Co. Ltd.(a)

  17,160   287,803
E-MART, Inc.

  1,717   160,986
GS Engineering & Construction Corp.

  3,560   114,523
GS Holdings Corp.

  4,336   159,113
Hankook Tire & Technology Co. Ltd.

  2,811   80,999
Hanwha Corp.

  14,727   344,011
Hanwha Life Insurance Co. Ltd.(a)

  55,327   117,612
Hanwha Solutions Corp.(a)

  3,611   113,975
HD Hyundai Co. Ltd.

  3,462   174,891
Hyundai Engineering & Construction Co. Ltd.

  4,158   145,523
Hyundai Glovis Co. Ltd.

  605   103,670
Hyundai Marine & Fire Insurance Co. Ltd.

  8,479   215,196
Hyundai Mobis Co. Ltd.

  2,452   433,044
Hyundai Motor Co.

  6,591   1,009,533
Hyundai Steel Co.

  6,611   220,420
Kia Corp.

  10,012   693,525
Korea Electric Power Corp.(a)

  42,819   808,134
Korea Gas Corp.

  4,983   178,626
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)

  1,458   107,712
Korea Zinc Co. Ltd.

  275   132,254
Korean Air Lines Co. Ltd.(a)

  4,946   116,134
KT Corp.

  10,813   331,242
KT&G Corp.

  3,497   240,256
LG Chem Ltd.

  577   272,830
LG Corp.

  1,804   116,942
LG Display Co. Ltd.

  20,125   282,225
LG Electronics, Inc.

  4,832   410,087
LG Household & Health Care Ltd.

  66   39,156
LG Uplus Corp.

  13,355   149,504
LOTTE Chemical Corp.

  803   132,730
LOTTE Shopping Co. Ltd.

  1,564   128,311
LS Corp.

  1,406   75,005
LX International Corp.

  3,060   94,110
NAVER Corp.

  559   130,126
POSCO Holdings, Inc.

  4,268   996,971
Posco International Corp.

  5,674   108,463
Samsung C&T Corp.

  2,662   260,348
Samsung Electro-Mechanics Co. Ltd.

  1,014   126,627
Samsung Electronics Co. Ltd.

  117,042   6,376,197
Samsung Fire & Marine Insurance Co. Ltd.

  1,681   270,384
Samsung SDI Co. Ltd.

  338   157,089
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
South Korea-(continued)
Samsung SDS Co. Ltd.

  627   $75,258
SK Hynix, Inc.

  11,688   1,020,291
SK Innovation Co. Ltd.(a)

  2,108   367,179
SK Telecom Co. Ltd.

  4,422   204,087
SK, Inc.

  4,536   909,253
S-Oil Corp.

  1,663   155,923
        19,781,516
Spain-2.00%
Acciona S.A.

  613   117,873
ACS Actividades de Construccion y Servicios S.A.(b)

  19,479   550,886
Amadeus IT Group S.A.(a)

  4,285   265,503
Endesa S.A.

  9,281   205,109
Ferrovial S.A.

  6,814   175,261
Grifols S.A.(b)

  5,645   118,465
Iberdrola S.A.

  134,567   1,590,750
Industria de Diseno Textil S.A.

  11,686   280,292
Mapfre S.A.(b)

  83,225   154,060
Naturgy Energy Group S.A.(b)

  11,840   356,917
Red Electrica Corp. S.A.

  11,406   235,698
Repsol S.A.

  102,393   1,644,780
Telefonica S.A.(b)

  437,866   2,373,465
        8,069,059
Sweden-1.31%
Alfa Laval AB

  3,096   83,415
Assa Abloy AB, Class B

  10,284   252,484
Atlas Copco AB, Class A(b)

  28,335   316,666
Boliden AB

  6,193   259,338
Electrolux AB, Class B(b)

  8,332   129,089
Epiroc AB, Class A

  5,928   114,456
Essity AB, Class B

  10,800   282,815
Getinge AB, Class B

  2,654   76,769
H & M Hennes & Mauritz AB, Class B(b)

  14,686   202,075
Hexagon AB, Class B

  14,283   173,580
Holmen AB, Class B

  1,859   95,234
Husqvarna AB, Class B

  8,234   74,078
Lundin Energy AB

  5,678   274,508
Peab AB, Class B

  6,424   48,392
Sandvik AB

  12,205   249,498
Securitas AB, Class B(b)

  11,588   123,358
Skanska AB, Class B

  10,783   185,601
SKF AB, Class B

  8,729   153,727
SSAB AB, Class A

  31,453   193,534
Svenska Cellulosa AB S.C.A., Class B

  11,497   207,821
Swedish Match AB

  15,817   163,123
Tele2 AB, Class B

  11,745   143,396
Telefonaktiebolaget LM Ericsson, Class B

  46,319   374,911
Telia Co. AB(b)

  89,826   367,433
Trelleborg AB, Class B

  5,212   121,248
Volvo AB, Class B

  35,828   626,427
        5,292,976
Switzerland-3.65%
ABB Ltd.

  27,112   830,995
Adecco Group AG

  6,681   259,908
Alcon, Inc.

  5,922   443,586
Aryzta AG(a)

  79,311   85,968
Barry Callebaut AG

  55   120,609
Chocoladefabriken Lindt & Spruengli AG, PC

  25   251,421
Cie Financiere Richemont S.A.

  6,991   775,643
Clariant AG(b)

  5,172   99,064
  Shares   Value
Switzerland-(continued)
DKSH Holding AG

  1,275   $106,411
Dufry AG(a)

  2,241   92,628
Geberit AG

  283   155,236
Georg Fischer AG

  1,783   100,259
Givaudan S.A.(b)

  68   249,852
Helvetia Holding AG

  1,528   188,260
Holcim AG(a)

  16,638   824,133
IWG PLC(a)

  17,423   55,181
Kuehne + Nagel International AG, Class R

  604   159,294
Logitech International S.A., Class R(b)

  1,071   65,363
Lonza Group AG

  417   251,101
Novartis AG

  44,201   4,005,319
Partners Group Holding AG

  149   160,029
Roche Holding AG

  11,308   3,850,536
Schindler Holding AG, PC(b)

  841   172,534
SGS S.A.

  84   208,565
SIG Group AG(a)

  3,450   75,367
Sika AG

  998   276,427
Sonova Holding AG, Class A

  421   148,891
Swatch Group AG (The), BR(b)

  1,277   328,259
Swisscom AG

  672   397,360
        14,738,199
Turkey-0.04%
Eldorado Gold Corp.(a)

  18,192   145,841
United Kingdom-9.29%
Admiral Group PLC

  2,876   80,575
Ashtead Group PLC

  3,169   165,866
Associated British Foods PLC

  7,587   165,421
AstraZeneca PLC

  11,048   1,455,595
B&M European Value Retail S.A.

  14,987   73,607
Babcock International Group PLC(a)

  43,362   184,496
BAE Systems PLC

  81,948   780,791
Balfour Beatty PLC

  30,883   101,353
Barratt Developments PLC

  24,599   156,499
Beazley PLC

  21,072   129,174
Bellway PLC

  2,604   76,663
Berkeley Group Holdings PLC(a)

  2,619   138,631
BP PLC

  1,397,803   7,649,978
British American Tobacco PLC

  65,154   2,875,621
BT Group PLC(b)

  445,753   1,051,939
Bunzl PLC

  7,359   256,627
Burberry Group PLC

  6,006   129,663
Centrica PLC(a)

  765,860   764,257
CNH Industrial N.V.

  24,635   366,033
Coca-Cola Europacific Partners PLC

  6,429   341,573
Compass Group PLC

  29,785   667,239
Croda International PLC(b)

  1,041   90,657
Currys PLC

  122,361   129,152
DCC PLC

  3,289   232,542
Diageo PLC

  24,408   1,130,483
Direct Line Insurance Group PLC

  57,062   185,038
Drax Group PLC

  19,257   163,456
DS Smith PLC

  31,302   120,875
easyJet PLC(a)

  9,301   60,673
Entain PLC(a)

  5,470   100,788
Experian PLC

  7,849   262,734
Firstgroup PLC(a)

  144,163   248,005
Hays PLC

  50,214   77,587
Imperial Brands PLC

  38,749   874,398
Inchcape PLC

  17,056   156,381
InterContinental Hotels Group PLC

  2,200   136,748
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
United Kingdom-(continued)
International Consolidated Airlines Group S.A.(a)(b)

  172,779   $277,941
Intertek Group PLC

  1,577   92,120
ITV PLC(b)

  93,092   82,455
J Sainsbury PLC

  128,554   370,046
John Wood Group PLC(a)

  48,759   146,622
Johnson Matthey PLC(b)

  6,334   168,436
Just Group PLC

  66,302   68,102
Kingfisher PLC

  83,059   275,935
Man Group PLC

  43,120   139,230
Marks & Spencer Group PLC(a)

  146,186   276,081
Meggitt PLC(a)

  17,564   171,554
Melrose Industries PLC

  134,082   228,804
Micro Focus International PLC

  30,480   143,246
National Grid PLC

  114,925   1,696,078
Next PLC

  2,207   180,185
Pearson PLC(b)

  22,208   211,147
Persimmon PLC

  6,527   179,080
Petrofac Ltd.(a)

  53,678   96,267
Reckitt Benckiser Group PLC

  9,587   741,624
RELX PLC

  23,860   684,411
Rentokil Initial PLC(b)

  14,720   93,908
Rolls-Royce Holdings PLC(a)(b)

  190,827   208,489
Royal Mail PLC(b)

  40,263   157,609
Sage Group PLC (The)

  12,713   105,202
Severn Trent PLC

  4,105   150,809
Smith & Nephew PLC

  11,628   189,486
Smiths Group PLC

  6,983   136,851
SSE PLC

  28,787   642,887
Subsea 7 S.A.(b)

  14,136   146,883
Tate & Lyle PLC

  9,716   91,165
Taylor Wimpey PLC

  97,482   159,837
Tesco PLC

  462,591   1,509,981
Travis Perkins PLC

  7,877   119,724
Unilever PLC

  45,469   2,191,903
Vodafone Group PLC(b)

  1,936,985   3,187,699
Weir Group PLC (The)

  3,361   67,287
WPP PLC

  50,974   591,417
        37,561,619
United States-2.77%
Atlassian Corp. PLC, Class A(a)

  750   132,990
Bausch Health Cos., Inc.(a)

  13,613   132,272
  Shares   Value
United States-(continued)
Constellium SE(a)

  11,443   $193,272
Ferguson PLC

  3,731   448,212
GSK PLC

  111,786   2,440,957
Nestle S.A.

  41,567   5,073,641
QIAGEN N.V.(a)

  1,855   85,071
Signify N.V.

  3,344   133,189
Spotify Technology S.A.(a)

  1,295   146,037
Stellantis N.V.

  65,295   974,646
Swiss Re AG

  15,012   1,235,978
Tenaris S.A.

  12,464   208,626
        11,204,891
Zambia-0.18%
First Quantum Minerals Ltd.

  25,537   739,348
Total Common Stocks & Other Equity Interests

(Cost $385,467,370)

  402,759,533
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.67%(d)(e)

(Cost $222,981)

  222,981   222,981
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.71%

(Cost $385,690,351)

  402,982,514
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.05%
Invesco Private Government Fund, 0.74%(d)(e)(f)

  9,758,685   9,758,685
Invesco Private Prime Fund, 0.87%(d)(e)(f)

  22,763,878   22,766,155
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $32,523,179)

  32,524,840
TOTAL INVESTMENTS IN SECURITIES-107.76%

(Cost $418,213,530)

  435,507,354
OTHER ASSETS LESS LIABILITIES-(7.76)%

  (31,368,306)
NET ASSETS-100.00%

  $404,139,048
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
May 31, 2022
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
PC-Participation Certificate
Rts.-Rights
SDR-Swedish Depository Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at May 31, 2022.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2022 was $1,361,037, 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 nine months ended May 31, 2022.
    
  Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
May 31, 2022
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $177,555   $17,872,989   $(17,827,563)   $-   $-   $222,981   $472
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 6,627,619   40,761,390   (37,630,324)   -   -   9,758,685   8,210*
Invesco Private Prime Fund 15,478,746   79,785,546   (72,498,539)   1,661   (1,259)   22,766,155   24,616*
Total $22,283,920   $138,419,925   $(127,956,426)   $1,661   $(1,259)   $32,747,821   $33,298
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of May 31, 2022.
(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)
May 31, 2022
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-98.92%
Brazil-8.93%
Ambev S.A.

  35,100   $105,109
Americanas S.A.

  1,099   4,662
B3 S.A. - Brasil, Bolsa, Balcao

  22,700   61,174
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares

  14,100   30,678
Banco Pan S.A., Preference Shares

  5,300   8,925
BB Seguridade Participacoes S.A.

  6,887   39,067
Braskem S.A., Class A, Preference Shares

  5,007   47,021
BRF S.A.(a)

  10,507   34,701
CCR S.A.

  12,026   33,855
Centrais Eletricas Brasileiras S.A.

  4,078   36,265
Cia Brasileira de Distribuicao

  5,300   22,627
Cia de Saneamento Basico do Estado de Sao Paulo

  4,034   38,973
Cia de Saneamento do Parana, Preference Shares

  24,800   20,830
Cia Energetica de Minas Gerais, Preference Shares

  31,255   76,841
Cia Paranaense de Energia, Class B, Preference Shares

  34,900   54,280
Cia Siderurgica Nacional S.A.

  3,018   13,910
Cogna Educacao(a)

  47,343   26,476
Cosan S.A.

  5,992   27,326
EDP - Energias do Brasil S.A.

  6,533   29,586
Embraer S.A.(a)

  12,510   33,634
Equatorial Energia S.A.

  5,865   29,433
Gerdau S.A., Preference Shares

  13,409   82,543
IRB Brasil Resseguros S.A.(a)

  17,200   10,671
Klabin S.A.

  6,200   29,230
Lojas Renner S.A.

  2,761   15,499
M Dias Branco S.A.

  3,400   18,591
Marfrig Global Foods S.A.

  5,000   16,492
Metalurgica Gerdau S.A., Preference Shares

  20,100   51,707
Natura & Co. Holding S.A.

  1,800   6,256
Neoenergia S.A.

  9,100   34,414
Pagseguro Digital Ltd., Class A(a)

  949   14,577
Petroleo Brasileiro S.A., Preference Shares

  176,885   1,122,096
Suzano S.A.

  2,900   32,742
Telefonica Brasil S.A., ADR(b)

  40,108   430,760
TIM S.A.

  12,037   36,579
Ultrapar Participacoes S.A.

  17,207   52,181
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares

  8,297   19,190
Vale S.A.

  26,490   481,936
Vibra Energia S.A.

  13,900   57,024
        3,287,861
Chile-0.80%
Cencosud S.A.

  23,414   37,560
Colbun S.A.

  116,695   8,719
Embotelladora Andina S.A., Class B, Preference Shares

  10,052   20,144
Empresas CMPC S.A.

  11,437   19,787
Empresas COPEC S.A.

  4,462   35,453
Enel Americas S.A.

  258,876   28,045
Enel Chile S.A.

  384,148   9,852
Falabella S.A.

  8,753   25,650
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares

  1,019   108,927
        294,137
  Shares   Value
China-56.39%
360 DigiTech, Inc., ADR(b)

  1,224   $19,254
AAC Technologies Holdings, Inc.

  5,249   11,414
Agile Group Holdings Ltd.

  17,798   7,554
Air China Ltd., H Shares(a)

  83,880   61,155
Alibaba Group Holding Ltd.(a)

  38,237   469,095
Aluminum Corp. of China Ltd., H Shares(a)

  228,288   104,170
Angang Steel Co. Ltd., H Shares

  177,695   75,422
Anhui Conch Cement Co. Ltd., H Shares

  41,107   208,533
ANTA Sports Products Ltd.

  844   9,628
Autohome, Inc., ADR

  545   19,805
BAIC Motor Corp. Ltd., H Shares(c)

  368,704   118,428
Baidu, Inc., ADR(a)

  2,698   378,664
BBMG Corp., H Shares

  551,404   80,825
Beijing Enterprises Holdings Ltd.

  12,359   43,320
Beijing North Star Co. Ltd., H Shares

  105,727   14,150
BEST, Inc., ADR(a)

  6,607   8,061
BYD Co. Ltd., H Shares

  5,150   183,798
China Aoyuan Group Ltd.(d)

  14,000   1,895
China BlueChemical Ltd., H Shares

  57,470   20,217
China Coal Energy Co. Ltd., H Shares

  134,147   123,109
China Communications Services Corp. Ltd., H Shares

  80,000   37,524
China Conch Environment Protection Holdings Ltd.(a)

  3,345   2,200
China Conch Venture Holdings Ltd.

  3,845   9,998
China Datang Corp. Renewable Power Co. Ltd., H Shares

  82,000   28,533
China Eastern Airlines Corp. Ltd., H Shares(a)

  89,360   31,778
China Feihe Ltd.(c)

  9,000   9,108
China Galaxy Securities Co. Ltd., H Shares

  85,000   46,912
China Gas Holdings Ltd.

  8,015   11,953
China Jinmao Holdings Group Ltd.

  104,427   28,218
China Life Insurance Co. Ltd., H Shares

  818,926   1,256,747
China Longyuan Power Group Corp. Ltd., H Shares

  53,185   114,294
China Mengniu Dairy Co. Ltd.

  10,389   53,365
China Molybdenum Co. Ltd., H Shares

  120,614   59,188
China National Building Material Co. Ltd., H Shares

  91,747   115,889
China Oilfield Services Ltd., H Shares

  55,440   65,718
China Overseas Land & Investment Ltd.

  40,893   118,839
China Pacific Insurance (Group) Co. Ltd., H Shares

  183,419   429,234
China Petroleum & Chemical Corp., H Shares

  4,455,679   2,152,433
China Power International Development Ltd.

  98,713   50,202
China Railway Group Ltd., H Shares

  1,002,620   693,925
China Railway Signal & Communication Corp. Ltd., H Shares(c)

  115,263   40,989
China Reinsurance Group Corp., H Shares

  1,692,423   148,845
China Resources Beer Holdings Co. Ltd.

  3,024   18,925
China Resources Cement Holdings Ltd.

  23,410   18,530
China Resources Gas Group Ltd.

  4,533   18,980
China Resources Land Ltd.

  20,182   90,035
China Resources Pharmaceutical Group Ltd.(c)

  44,516   24,625
China Resources Power Holdings Co. Ltd.

  43,895   90,413
China Shenhua Energy Co. Ltd., H Shares

  359,312   1,202,203
China Southern Airlines Co. Ltd., H Shares(a)

  91,313   50,396
China Taiping Insurance Holdings Co. Ltd.

  88,003   101,177
China Tower Corp. Ltd., H Shares(c)

  2,163,607   253,713
China Vanke Co. Ltd., H Shares

  207,900   460,024
China Yongda Automobiles Services Holdings Ltd.

  14,931   15,434
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
China-(continued)
CIFI Holdings Group Co. Ltd.(b)

  34,347   $14,929
CITIC Securities Co. Ltd., H Shares

  55,500   120,118
COSCO SHIPPING Development Co. Ltd., H Shares

  191,000   39,195
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares

  42,160   26,815
COSCO SHIPPING Holdings Co. Ltd., H Shares(a)

  71,719   127,065
COSCO SHIPPING Ports Ltd.

  24,000   18,079
Country Garden Holdings Co. Ltd.

  104,397   65,468
CSPC Pharmaceutical Group Ltd.

  20,944   22,424
Daqo New Energy Corp., ADR(a)

  270   13,203
Datang International Power Generation Co. Ltd., H Shares

  382,721   68,295
Dongfang Electric Corp. Ltd., H Shares

  45,600   52,310
Dongfeng Motor Group Co. Ltd., H Shares

  165,547   130,192
DouYu International Holdings Ltd., ADR(a)

  3,565   4,599
ENN Energy Holdings Ltd.

  2,802   42,965
FinVolution Group, ADR

  3,350   14,104
Fosun International Ltd.

  30,703   31,229
Fuyao Glass Industry Group Co. Ltd., H Shares(c)

  9,785   47,519
GDS Holdings Ltd., ADR(a)(b)

  372   10,412
Geely Automobile Holdings Ltd.

  26,926   51,480
GF Securities Co. Ltd., H Shares

  55,800   73,684
GOME Retail Holdings Ltd.(a)

  131,525   6,538
Great Wall Motor Co. Ltd., H Shares

  48,659   87,574
Guangdong Investment Ltd.

  18,070   22,802
Guangshen Railway Co. Ltd., H Shares(a)

  194,726   35,989
Guangzhou Automobile Group Co. Ltd., H Shares

  125,945   119,274
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares

  19,482   54,382
Guangzhou R&F Properties Co. Ltd., H Shares(b)

  36,228   12,883
Harbin Electric Co. Ltd., H Shares

  80,000   22,331
Hello Group, Inc., ADR

  6,309   38,359
Hengan International Group Co. Ltd.

  4,544   22,559
Hisense Home Appliances Group Co. Ltd., H Shares

  16,973   17,653
Hollysys Automation Technologies Ltd.

  1,583   24,125
Huadian Power International Corp. Ltd., H Shares

  366,322   131,204
Huaneng Power International, Inc., H Shares

  569,188   289,471
Huatai Securities Co. Ltd., H Shares(c)

  24,000   33,588
Huazhu Group Ltd., ADR

  425   13,813
HUYA, Inc., ADR(a)

  2,093   8,853
iQIYI, Inc., ADR(a)

  3,791   15,543
JD.com, Inc., A Shares

  293   8,440
Jiangsu Expressway Co. Ltd., H Shares

  51,219   52,945
Jiangxi Copper Co. Ltd., H Shares

  53,319   86,718
JinkoSolar Holding Co. Ltd., ADR(a)

  1,625   99,564
JOYY, Inc., ADR

  1,108   46,968
Kaisa Group Holdings Ltd.(d)

  32,000   2,912
Kingboard Holdings Ltd.

  8,006   38,369
Kunlun Energy Co. Ltd.

  50,756   43,733
Legend Holdings Corp., H Shares(c)

  54,352   64,428
Lenovo Group Ltd.

  112,895   111,376
LexinFintech Holdings Ltd., ADR(a)

  2,996   6,052
Longfor Group Holdings Ltd.(c)

  8,826   44,043
Maanshan Iron & Steel Co. Ltd., H Shares

  84,091   32,262
Meituan, B Shares(a)(c)

  2,361   56,275
Metallurgical Corp. of China Ltd., H Shares

  1,303,302   328,917
New China Life Insurance Co. Ltd., H Shares

  68,248   178,763
New Oriental Education & Technology Group, Inc., ADR(a)

  902   11,780
  Shares   Value
China-(continued)
People’s Insurance Co. Group of China Ltd. (The), H Shares

  538,492   $169,532
PetroChina Co. Ltd., H Shares

  7,212,398   3,870,244
PICC Property & Casualty Co. Ltd., H Shares

  127,441   123,777
Pinduoduo, Inc., ADR(a)

  2,001   100,750
Ping An Insurance (Group) Co. of China Ltd., H Shares

  176,105   1,129,058
Qingdao Port International Co. Ltd., H Shares(c)

  45,539   23,276
Qudian, Inc., ADR(a)

  19,549   16,544
Red Star Macalline Group Corp. Ltd., H Shares(a)(c)

  81,085   33,486
Seazen Group Ltd.

  25,908   10,997
Shandong Chenming Paper Holdings Ltd., H Shares

  58,502   22,519
Shandong Gold Mining Co. Ltd., H Shares(c)

  21,189   37,703
Shanghai Electric Group Co. Ltd., H Shares

  291,592   72,846
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares

  5,695   23,991
Shanghai Industrial Holdings Ltd.

  11,000   16,544
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares

  44,379   72,291
Shenzhen Expressway Co. Ltd., H Shares

  26,772   28,323
Shenzhen International Holdings Ltd.

  14,217   13,700
Shenzhou International Group Holdings Ltd.

  1,159   16,028
Shimao Group Holdings Ltd.(d)

  13,567   3,822
Sino Biopharmaceutical Ltd.

  18,853   10,597
Sino-Ocean Group Holding Ltd.

  173,931   30,815
Sinopec Engineering Group Co. Ltd., H Shares

  31,707   16,206
Sinopec Shanghai Petrochemical Co. Ltd., H Shares

  314,062   61,647
Sinopharm Group Co. Ltd., H Shares

  67,817   168,212
Sinotrans Ltd., H Shares

  125,815   39,931
Sinotruk Hong Kong Ltd.

  8,500   12,069
Sohu.com Ltd., ADR(a)

  964   13,930
Sun Art Retail Group Ltd.

  26,269   7,902
Sunac China Holdings Ltd.(d)

  22,312   9,769
Sunny Optical Technology Group Co. Ltd.

  1,096   17,295
TAL Education Group, ADR(a)

  2,636   10,808
Tencent Holdings Ltd.

  7,240   334,429
Tencent Music Entertainment Group, ADR(a)

  10,294   43,029
Tianneng Power International Ltd.(b)

  10,000   9,572
Tingyi Cayman Islands Holding Corp.

  11,885   21,057
Tsingtao Brewery Co. Ltd., H Shares

  3,030   26,185
Vipshop Holdings Ltd., ADR(a)

  6,032   56,098
Want Want China Holdings Ltd.

  28,656   28,526
Weibo Corp., ADR(a)

  1,135   24,970
Weichai Power Co. Ltd., H Shares

  81,368   126,529
WuXi AppTec Co. Ltd., H Shares(c)

  1,628   20,097
Xiaomi Corp., B Shares(a)(c)

  46,000   71,179
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares(b)

  31,200   51,141
Xinyuan Real Estate Co. Ltd., ADR(a)

  15,287   14,064
Yangzijiang Shipbuilding Holdings Ltd.

  23,634   15,947
Yankuang Energy Group Co. Ltd., H Shares

  68,412   224,972
Yiren Digital Ltd., ADR(a)

  5,584   9,605
Yuexiu Property Co. Ltd.

  12,800   13,917
Yum China Holdings, Inc.

  2,771   125,970
Zhengqi Holdings Co. Ltd., Rts., TBA(a)(d)(e)

  1,142   0
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares

  17,800   19,013
Zhongsheng Group Holdings Ltd.

  2,500   17,749
Zhuzhou CRRC Times Electric Co. Ltd., H Shares

  6,300   26,981
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
China-(continued)
Zijin Mining Group Co. Ltd., H Shares

  97,189   $132,054
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares

  47,400   29,242
ZTE Corp., H Shares

  28,850   63,543
ZTO Express Cayman, Inc., ADR

  4,267   114,953
        20,758,849
Czech Rep-0.28%
CEZ A.S.

  2,114   102,654
Egypt-0.08%
Commercial International Bank Egypt S.A.E.

  13,531   29,964
Greece-0.45%
Hellenic Telecommunications Organization S.A.

  1,593   30,188
Motor Oil Hellas Corinth Refineries S.A.

  1,628   28,549
OPAP S.A.

  756   11,249
Public Power Corp. S.A.(a)

  2,520   16,521
Star Bulk Carriers Corp.

  1,345   44,008
Tsakos Energy Navigation Ltd.

  3,198   34,411
        164,926
Hong Kong-0.12%
Nine Dragons Paper Holdings Ltd.

  16,182   14,541
Skyworth Group Ltd.

  59,409   30,365
        44,906
Hungary-0.21%
Gedeon Richter PLC

  473   9,237
MOL Hungarian Oil & Gas PLC

  9,419   67,572
        76,809
India-3.57%
Dr. Reddy’s Laboratories Ltd., ADR

  1,017   56,291
ICICI Bank Ltd., ADR(b)

  21,746   418,611
Infosys Ltd., ADR

  23,515   443,493
Tata Motors Ltd., ADR(a)(b)

  6,609   188,357
Tata Steel Ltd., GDR(c)

  7,363   96,455
Wipro Ltd., ADR

  12,803   76,562
WNS (Holdings) Ltd., ADR(a)

  472   34,347
        1,314,116
Indonesia-1.69%
PT Adaro Energy Indonesia Tbk

  297,121   66,634
PT Astra International Tbk

  202,360   102,006
PT Bank Mandiri (Persero) Tbk

  179,438   104,604
PT Bank Rakyat Indonesia (Persero) Tbk

  311,174   98,809
PT Indah Kiat Pulp & Paper Corp. Tbk

  29,622   16,760
PT Indofood Sukses Makmur Tbk

  56,502   25,575
PT Perusahaan Gas Negara Tbk(a)

  260,735   32,187
PT Telkom Indonesia (Persero) Tbk

  433,299   128,079
PT United Tractors Tbk

  21,670   46,517
        621,171
Kuwait-0.16%
Agility Public Warehousing Co. KSC

  7,759   29,090
Mobile Telecommunications Co. KSCP

  15,304   31,488
        60,578
Malaysia-1.04%
Axiata Group Bhd.

  50,802   37,244
DRB-Hicom Bhd

  47,300   13,180
Genting Bhd.

  40,582   44,025
Genting Malaysia Bhd.

  26,400   18,089
IJM Corp. Bhd.

  50,500   20,761
Kuala Lumpur Kepong Bhd.

  2,800   16,345
  Shares   Value
Malaysia-(continued)
MISC Bhd.

  25,032   $40,991
Petronas Chemicals Group Bhd.

  14,312   33,537
Sime Darby Bhd.

  116,522   58,281
Telekom Malaysia Bhd.

  15,374   18,820
Tenaga Nasional Bhd.

  39,998   83,586
        384,859
Mexico-4.12%
Alfa S.A.B. de C.V., Class A

  82,990   63,654
Arca Continental S.A.B. de C.V.

  6,812   46,232
Cemex S.A.B. de C.V., ADR(a)

  30,108   140,604
Coca-Cola FEMSA S.A.B. de C.V., ADR

  3,850   229,653
El Puerto de Liverpool S.A.B. de C.V., Series C-1

  11,845   62,413
Fomento Economico Mexicano, S.A.B. de C.V., ADR

  5,891   440,882
Gruma S.A.B. de C.V., Class B

  1,808   21,449
Grupo Bimbo S.A.B. de C.V., Series A

  17,208   56,496
Grupo Financiero Banorte S.A.B. de C.V., Class O(b)

  16,405   106,179
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a)

  22,195   45,138
Grupo Mexico S.A.B. de C.V., Class B

  15,954   78,673
Grupo Televisa S.A.B., ADR

  6,658   67,978
Industrias Penoles S.A.B. de C.V.

  1,070   12,563
Kimberly-Clark de Mexico S.A.B. de C.V., Class A(b)

  14,653   22,649
Orbia Advance Corp. S.A.B. de C.V.

  10,288   27,582
Wal-Mart de Mexico S.A.B. de C.V., Series V

  26,052   96,170
        1,518,315
Peru-0.09%
Cia de Minas Buenaventura S.A.A., ADR

  3,961   33,827
Philippines-0.14%
AC Energy Corp.

  4,935   673
Ayala Corp.

  1,645   21,886
International Container Terminal Services, Inc.

  6,987   28,942
        51,501
Poland-1.08%
Cyfrowy Polsat S.A.

  2,383   12,505
Enea S.A.(a)

  10,579   22,042
Grupa Lotos S.A.(a)

  2,153   35,504
KGHM Polska Miedz S.A.

  820   27,910
Orange Polska S.A.(a)(b)

  10,713   15,732
PGE Polska Grupa Energetyczna S.A.(a)

  20,359   48,108
Polski Koncern Naftowy ORLEN S.A.

  6,442   111,325
Polskie Gornictwo Naftowe i Gazownictwo S.A.

  20,409   28,559
Powszechny Zaklad Ubezpieczen S.A.(b)

  8,936   67,662
Tauron Polska Energia S.A.(a)

  35,529   27,442
        396,789
Russia-0.00%
Aeroflot PJSC(a)(d)

  15,654   0
Alrosa PJSC(d)

  20,898   0
Bashneft PJSC, Preference Shares(d)

  3,265   0
Federal Grid Co. Unified Energy System PJSC(d)

  4,903,095   0
Gazprom PJSC(d)

  192,768   0
Inter RAO UES PJSC(d)

  484,005   0
Lenta International Co. PJSC, GDR(a)(d)

  7,182   0
Lukoil PJSC(d)

  5,375   0
Magnit PJSC(d)

  825   0
MMC Norilsk Nickel PJSC(d)

  264   0
Mobile TeleSystems PJSC(d)

  9,047   0
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Russia-(continued)
Nizhnekamskneftekhim PJSC, Preference Shares(d)

  17,391   $0
Novatek PJSC(d)

  1,922   0
Novolipetsk Steel PJSC(d)

  7,352   0
PhosAgro PJSC(d)

  214   0
Polymetal International PLC(d)

  1,099   0
Polyus PJSC(d)

  91   0
Rosneft Oil Co. PJSC(d)

  28,631   0
Rostelecom PJSC(d)

  15,754   0
RusHydro PJSC(d)

  1,184,728   0
Severstal PAO(d)

  1,051   0
Sistema PJSFC(d)

  55,673   0
Surgutneftegas PJSC(d)

  771,775   0
Tatneft PJSC(d)

  18,419   0
TCS Group Holding PLC, GDR(a)(c)(d)

  188   0
Transneft PJSC, Preference Shares(d)

  26   0
X5 Retail Group N.V., GDR(c)(d)

  3,143   0
Yandex N.V., Class A(a)(d)

  322   0
        -
Singapore-0.02%
Yangzijiang Financial Holding Ltd.(a)

  23,634   8,620
South Africa-2.98%
Aspen Pharmacare Holdings Ltd.

  1,994   20,682
Barloworld Ltd.

  3,469   21,971
Bid Corp. Ltd.

  2,234   48,038
Bidvest Group Ltd. (The)

  2,812   39,364
Capitec Bank Holdings Ltd.

  262   37,882
Discovery Ltd.(a)

  2,461   22,970
Exxaro Resources Ltd.

  3,626   51,485
Foschini Group Ltd. (The)

  2,163   19,664
Gold Fields Ltd.

  2,893   28,412
Impala Platinum Holdings Ltd.

  1,647   22,620
Motus Holdings Ltd.

  3,401   24,995
Mr Price Group Ltd.

  1,325   17,642
Nedbank Group Ltd.

  1,359   20,703
Old Mutual Ltd.(b)

  101,677   83,253
Pick n Pay Stores Ltd.

  5,379   18,988
Remgro Ltd.

  5,922   57,207
Sanlam Ltd.

  19,318   83,637
Sappi Ltd.(a)

  11,584   42,281
Sasol Ltd.(a)

  10,632   283,208
Shoprite Holdings Ltd.

  4,222   58,422
Sibanye Stillwater Ltd.

  7,787   25,529
SPAR Group Ltd. (The)(b)

  2,500   24,595
Tiger Brands Ltd.(b)

  1,339   12,291
Woolworths Holdings Ltd.

  8,897   31,783
        1,097,622
Switzerland-0.07%
Mediclinic International PLC(a)

  5,378   25,972
Taiwan-13.90%
Acer, Inc.

  33,169   33,255
ASE Technology Holding Co. Ltd.

  25,457   91,654
Asia Cement Corp.

  22,028   33,697
Asustek Computer, Inc.

  6,855   80,654
AU Optronics Corp.

  114,784   71,184
Catcher Technology Co. Ltd.

  9,100   51,418
Chailease Holding Co. Ltd.

  3,168   24,558
Cheng Shin Rubber Industry Co. Ltd.

  10,108   12,380
Chicony Electronics Co. Ltd.(a)

  6,000   17,860
China Airlines Ltd.(a)

  34,401   32,119
  Shares   Value
Taiwan-(continued)
China Development Financial Holding Corp.

  282,439   $157,640
China Steel Corp.

  82,512   98,503
Chunghwa Telecom Co. Ltd.

  23,419   102,471
Compal Electronics, Inc.

  138,252   109,554
Delta Electronics, Inc.

  6,764   56,279
Eva Airways Corp.(a)

  33,716   39,611
Evergreen Marine Corp. Taiwan Ltd.

  6,000   29,044
Far Eastern New Century Corp.

  57,520   60,443
Far EasTone Telecommunications Co. Ltd.

  12,180   33,445
Formosa Chemicals & Fibre Corp.

  33,552   94,789
Formosa Plastics Corp.

  32,272   116,746
Foxconn Technology Co. Ltd.

  12,653   23,802
Fubon Financial Holding Co. Ltd.

  58,400   128,973
General Interface Solution Holding Ltd.

  6,000   18,791
Hon Hai Precision Industry Co. Ltd.

  201,589   784,825
Hotai Motor Co. Ltd.

  1,658   36,159
Innolux Corp.

  116,264   55,879
Inventec Corp.

  56,325   50,067
Largan Precision Co. Ltd.

  389   22,382
Lite-On Technology Corp.

  21,514   46,845
MediaTek, Inc.

  3,436   107,134
Mercuries & Associates Holding Ltd.

  41,518   28,108
Mercuries Life Insurance Co. Ltd.(a)

  114,587   28,425
Micro-Star International Co. Ltd.

  5,040   23,442
Nan Ya Plastics Corp.

  36,667   107,759
Nanya Technology Corp.

  9,468   21,790
Novatek Microelectronics Corp.

  1,416   19,807
Pegatron Corp.

  58,819   141,044
Pou Chen Corp.

  38,628   41,656
Powertech Technology, Inc.

  7,877   26,569
President Chain Store Corp.

  3,976   37,739
Qisda Corp.

  20,000   20,121
Quanta Computer, Inc.

  37,874   103,868
Radiant Opto-Electronics Corp.

  5,000   18,002
Realtek Semiconductor Corp.

  1,261   19,333
Shin Kong Financial Holding Co. Ltd.

  166,000   53,017
Silicon Motion Technology Corp., ADR

  312   28,177
Sino-American Silicon Products, Inc.

  4,586   27,255
Synnex Technology International Corp.

  17,879   43,304
Taiwan Cement Corp.

  33,481   49,140
Taiwan Mobile Co. Ltd.

  10,381   38,627
Taiwan Semiconductor Manufacturing Co. Ltd.

  54,990   1,060,961
Teco Electric and Machinery Co. Ltd.

  18,556   19,787
TPK Holding Co. Ltd.

  12,240   14,443
Unimicron Technology Corp.

  5,519   40,977
Uni-President Enterprises Corp.

  40,385   93,779
United Microelectronics Corp.

  58,003   102,717
Walsin Lihwa Corp.(a)

  30,141   48,911
Winbond Electronics Corp.

  17,000   17,161
Wistron Corp.

  96,194   94,123
WPG Holdings Ltd.

  39,406   71,684
Yageo Corp.

  1,748   24,391
Zhen Ding Technology Holding Ltd.

  7,101   29,603
        5,117,881
Thailand-1.39%
Advanced Info Service PCL, NVDR

  5,534   35,093
Airports of Thailand PCL, NVDR(a)

  9,427   19,215
Charoen Pokphand Foods PCL, NVDR

  35,049   26,630
CP ALL PCL, NVDR

  25,643   49,645
Indorama Ventures PCL, NVDR

  15,092   21,721
IRPC PCL, NVDR

  183,037   18,507
PTT Exploration & Production PCL, NVDR

  13,972   69,207
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Thailand-(continued)
PTT Global Chemical PCL, NVDR

  23,258   $32,794
PTT PCL, NVDR

  147,804   165,210
Siam Cement PCL (The), NVDR

  2,256   24,524
Thai Beverage PCL

  43,645   22,126
Thai Oil PCL, NVDR

  15,703   26,615
        511,287
Turkey-0.70%
BIM Birlesik Magazalar A.S.

  3,962   19,950
Eregli Demir ve Celik Fabrikalari TAS

  31,269   65,269
Is Yatirim Menkul Degerler A.S.

  9,320   11,087
Turk Hava Yollari AO(a)

  19,894   60,589
Turkcell Iletisim Hizmetleri A.S.

  21,162   24,979
Turkiye Petrol Rafinerileri A.S.(a)

  3,639   60,211
Turkiye Vakiflar Bankasi T.A.O., Class D(a)

  54,101   14,099
        256,184
United Arab Emirates-0.34%
Aldar Properties PJSC

  24,650   35,501
Emaar Properties PJSC

  57,776   89,815
        125,316
United Republic of Tanzania-0.07%
AngloGold Ashanti Ltd.

  1,483   26,086
  Shares   Value
United States-0.30%
JBS S.A.

  14,571   $109,469
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.92%

(Cost $40,073,200)

  36,419,699
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.41%
Invesco Private Government Fund, 0.74%(f)(g)(h)

  380,384   380,384
Invesco Private Prime Fund, 0.87%(f)(g)(h)

  873,872   873,960
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,254,275)

  1,254,344
TOTAL INVESTMENTS IN SECURITIES-102.33%

(Cost $41,327,475)

  37,674,043
OTHER ASSETS LESS LIABILITIES-(2.33)%

  (858,156)
NET ASSETS-100.00%

  $36,815,887
 
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
TBA-To Be Announced
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at May 31, 2022.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2022 was $974,912, which represented 2.65% of the Fund’s Net Assets.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.  
(f) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2022.
    
  Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
May 31, 2022
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $8,167,813   $(8,167,813)   $-   $-   $-   $120
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 122,013   2,804,380   (2,546,009)   -   -   380,384   374*
Invesco Private Prime Fund 284,696   5,816,510   (5,227,069)   69   (246)   873,960   1,102*
Total $406,709   $16,788,703   $(15,940,891)   $69   $(246)   $1,254,344   $1,596
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(g) The rate shown is the 7-day SEC standardized yield as of May 31, 2022.
(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.  
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
May 31, 2022
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco RAFITM Strategic US ETF (IUS)
May 31, 2022
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.79%
Communication Services-9.51%
Activision Blizzard, Inc.

  1,289   $100,387
Alphabet, Inc., Class A(a)

  1,601   3,642,659
Altice USA, Inc., Class A(a)

  3,997   45,486
AT&T, Inc.

  91,997   1,958,616
Charter Communications, Inc., Class A(a)

  827   419,231
Comcast Corp., Class A

  22,663   1,003,518
DISH Network Corp., Class A(a)(b)

  2,872   65,568
Electronic Arts, Inc.

  801   111,059
Fox Corp., Class A

  4,206   149,355
Interpublic Group of Cos., Inc. (The)

  2,349   75,708
Liberty Global PLC, Class C (United Kingdom)(a)

  7,990   203,026
Liberty Media Corp.-Liberty SiriusXM, Class C(a)

  2,509   103,120
Loyalty Ventures, Inc.(a)

  202   2,141
Lumen Technologies, Inc.(b)

  18,770   229,745
Meta Platforms, Inc., Class A(a)

  5,223   1,011,382
Netflix, Inc.(a)

  236   46,596
News Corp., Class A

  3,116   54,218
Nexstar Media Group, Inc., Class A

  326   57,122
Omnicom Group, Inc.

  1,297   96,769
Paramount Global, Class B

  4,822   165,539
Sinclair Broadcast Group, Inc., Class A

  1,456   35,279
Take-Two Interactive Software, Inc.(a)(b)

  203   25,280
Telephone & Data Systems, Inc.(b)

  2,251   39,910
T-Mobile US, Inc.(a)

  3,699   493,040
Twitter, Inc.(a)

  1,237   48,985
Verizon Communications, Inc.

  29,980   1,537,674
Walt Disney Co. (The)(a)

  4,308   475,775
        12,197,188
Consumer Discretionary-8.90%
Adient PLC(a)

  965   34,151
Advance Auto Parts, Inc.

  391   74,235
Amazon.com, Inc.(a)

  608   1,461,748
Aptiv PLC(a)

  680   72,243
Aramark

  1,686   58,116
Asbury Automotive Group, Inc.(a)(b)

  173   31,339
Autoliv, Inc. (Sweden)

  452   36,196
AutoNation, Inc.(a)(b)

  662   79,149
AutoZone, Inc.(a)

  86   177,130
Bath & Body Works, Inc.

  837   34,334
Bed Bath & Beyond, Inc.(a)(b)

  1,935   16,738
Best Buy Co., Inc.

  2,137   175,362
Booking Holdings, Inc.(a)

  80   179,485
BorgWarner, Inc.

  1,394   56,206
Brunswick Corp.

  422   31,747
Capri Holdings Ltd.(a)

  695   33,874
CarMax, Inc.(a)(b)

  824   81,798
Chipotle Mexican Grill, Inc.(a)

  31   43,479
D.R. Horton, Inc.

  1,556   116,933
Dana, Inc.

  1,420   23,515
Darden Restaurants, Inc.

  429   53,625
Dick’s Sporting Goods, Inc.

  765   62,141
Dollar General Corp.

  1,319   290,628
Dollar Tree, Inc.(a)

  1,383   221,736
eBay, Inc.

  4,714   229,430
Foot Locker, Inc.

  795   26,219
Ford Motor Co.

  69,240   947,203
Gap, Inc. (The)(b)

  1,238   13,655
Garmin Ltd.

  359   37,918
General Motors Co.(a)

  13,979   540,708
Gentex Corp.

  1,045   32,479
Genuine Parts Co.

  836   114,306
  Shares   Value
Consumer Discretionary-(continued)
Goodyear Tire & Rubber Co. (The)(a)

  3,735   $48,256
Group 1 Automotive, Inc.

  304   54,595
Hanesbrands, Inc.

  2,510   29,794
Harley-Davidson, Inc.

  981   34,512
Hasbro, Inc.

  529   47,478
Hilton Worldwide Holdings, Inc.

  489   68,881
Home Depot, Inc. (The)

  3,314   1,003,313
Kohl’s Corp.

  2,005   80,842
Lear Corp.

  480   67,661
Leggett & Platt, Inc.

  666   26,087
Lennar Corp., Class A

  2,280   182,970
Lithia Motors, Inc., Class A

  163   49,629
LKQ Corp.

  1,677   86,181
Lowe’s Cos., Inc.

  3,359   656,013
Macy’s, Inc.

  5,644   133,481
Marriott International, Inc., Class A

  696   119,420
Marriott Vacations Worldwide Corp.

  195   28,805
McDonald’s Corp.

  1,512   381,342
Mohawk Industries, Inc.(a)

  381   53,896
Murphy USA, Inc.

  364   90,680
Newell Brands, Inc.

  2,850   61,104
NIKE, Inc., Class B

  2,504   297,600
NVR, Inc.(a)

  14   62,309
ODP Corp. (The)(a)

  1,104   42,162
O’Reilly Automotive, Inc.(a)

  248   158,018
Penske Automotive Group, Inc.

  430   49,510
Polaris, Inc.

  367   39,104
PulteGroup, Inc.

  1,723   77,983
PVH Corp.

  612   43,372
Qurate Retail, Inc., Class A(b)

  8,726   31,501
Ralph Lauren Corp.

  425   42,963
Ross Stores, Inc.

  913   77,623
Service Corp. International

  911   63,797
Signet Jewelers Ltd.(b)

  603   35,939
Starbucks Corp.

  2,006   157,471
Tapestry, Inc.

  1,203   41,504
Target Corp.

  2,502   405,024
Taylor Morrison Home Corp., Class A(a)

  1,622   46,989
Tenneco, Inc., Class A(a)

  3,714   64,289
Tesla, Inc.(a)

  296   224,445
Thor Industries, Inc.(b)

  367   27,881
TJX Cos., Inc. (The)

  3,643   231,586
Toll Brothers, Inc.

  1,216   61,372
Tractor Supply Co.

  432   80,940
Tri Pointe Homes, Inc.(a)

  1,549   32,637
Ulta Beauty, Inc.(a)

  168   71,081
VF Corp.

  1,265   63,832
Victoria’s Secret & Co.(a)(b)

  279   11,498
Wayfair, Inc., Class A(a)(b)

  170   10,096
Whirlpool Corp.

  494   91,015
Williams-Sonoma, Inc.

  347   44,388
Yum! Brands, Inc.

  326   39,599
        11,420,294
Consumer Staples-9.08%
Altria Group, Inc.

  9,480   512,773
Archer-Daniels-Midland Co.

  3,793   344,480
BJ’s Wholesale Club Holdings, Inc.(a)

  1,296   75,000
Brown-Forman Corp., Class B

  544   35,969
Bunge Ltd.

  1,312   155,236
Campbell Soup Co.

  995   47,671
Casey’s General Stores, Inc.

  191   40,022
Church & Dwight Co., Inc.

  661   59,530
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Clorox Co. (The)

  470   $68,319
Coca-Cola Co. (The)

  11,322   717,588
Colgate-Palmolive Co.

  2,465   194,267
Conagra Brands, Inc.

  2,818   92,684
Constellation Brands, Inc., Class A

  562   137,954
Costco Wholesale Corp.

  2,060   960,413
Estee Lauder Cos., Inc. (The), Class A

  504   128,344
General Mills, Inc.

  2,984   208,432
Herbalife Nutrition Ltd.(a)(b)

  837   18,238
Hershey Co. (The)

  557   117,923
Hormel Foods Corp.

  1,862   90,624
Ingredion, Inc.

  487   46,114
JM Smucker Co. (The)

  767   96,159
Kellogg Co.

  1,426   99,449
Keurig Dr Pepper, Inc.

  2,725   94,667
Kimberly-Clark Corp.

  1,465   194,874
Kraft Heinz Co. (The)

  8,051   304,569
Kroger Co. (The)

  15,430   817,327
McCormick & Co., Inc.

  690   63,977
Molson Coors Beverage Co., Class B

  2,169   121,117
Mondelez International, Inc., Class A

  5,866   372,843
Monster Beverage Corp.(a)

  603   53,739
Nomad Foods Ltd. (United Kingdom)(a)

  1,229   25,649
PepsiCo, Inc.

  4,796   804,529
Performance Food Group Co.(a)

  1,767   76,582
Philip Morris International, Inc.

  4,668   495,975
Post Holdings, Inc.(a)

  517   42,513
Procter & Gamble Co. (The)

  9,179   1,357,391
Rite Aid Corp.(a)(b)

  3,742   20,843
SpartanNash Co.

  1,662   57,189
Spectrum Brands Holdings, Inc.

  403   35,359
Sysco Corp.

  2,923   246,058
Tyson Foods, Inc., Class A

  3,395   304,226
United Natural Foods, Inc.(a)

  2,391   101,402
US Foods Holding Corp.(a)

  2,433   80,581
Walgreens Boots Alliance, Inc.

  10,083   441,938
Walmart, Inc.

  10,013   1,287,972
        11,648,509
Energy-11.26%
Antero Resources Corp.(a)

  3,653   156,641
APA Corp.

  2,520   118,465
Baker Hughes Co., Class A

  6,912   248,694
Cheniere Energy, Inc.

  799   109,279
Chevron Corp.

  15,842   2,766,964
ConocoPhillips

  8,056   905,172
Coterra Energy, Inc.

  2,302   79,028
Devon Energy Corp.

  3,090   231,441
DT Midstream, Inc.

  601   34,918
EOG Resources, Inc.

  3,225   441,696
Exxon Mobil Corp.

  38,109   3,658,464
Halliburton Co.

  5,956   241,218
Helmerich & Payne, Inc.

  1,358   68,375
Hess Corp.

  892   109,779
HF Sinclair Corp.

  2,599   127,611
Kinder Morgan, Inc.

  16,200   318,978
Marathon Petroleum Corp.

  8,205   835,187
NOV, Inc.

  4,000   80,000
Occidental Petroleum Corp.

  12,025   833,453
ONEOK, Inc.

  2,616   172,264
Ovintiv, Inc.

  3,882   217,353
PBF Energy, Inc., Class A(a)

  3,342   110,954
Phillips 66

  5,561   560,604
  Shares   Value
Energy-(continued)
Pioneer Natural Resources Co.

  911   $253,203
Schlumberger N.V.

  9,433   433,541
Targa Resources Corp.

  2,362   170,111
TechnipFMC PLC (United Kingdom)(a)(b)

  8,322   68,573
Valero Energy Corp.

  5,631   729,778
Williams Cos., Inc. (The)

  7,819   289,772
World Fuel Services Corp.

  2,799   69,387
        14,440,903
Financials-8.37%
Affiliated Managers Group, Inc.

  320   42,758
Alleghany Corp.(a)

  123   102,555
Allstate Corp. (The)

  3,445   470,897
American Express Co.

  2,489   420,193
Aon PLC, Class A

  647   178,358
Apollo Global Management, Inc.

  626   36,083
Arch Capital Group Ltd.(a)

  2,975   141,193
Arthur J. Gallagher & Co.

  572   92,630
Assurant, Inc.

  550   97,180
AXIS Capital Holdings Ltd.

  902   52,830
Berkshire Hathaway, Inc., Class B(a)

  13,439   4,246,455
Blackstone, Inc., Class A

  2,175   256,193
Brown & Brown, Inc.

  680   40,372
Cboe Global Markets, Inc.

  556   62,444
Chubb Ltd.

  3,384   715,005
Cincinnati Financial Corp.

  831   106,252
Everest Re Group Ltd.

  467   131,927
Fidelity National Financial, Inc.

  2,020   85,446
First American Financial Corp.

  978   59,257
Franklin Resources, Inc.

  1,776   48,094
Globe Life, Inc.

  822   80,203
Hanover Insurance Group, Inc. (The)

  378   55,415
Hartford Financial Services Group, Inc. (The)

  3,359   243,561
Janus Henderson Group PLC(b)

  1,448   40,703
Kemper Corp.

  586   30,958
Lazard Ltd., Class A

  731   25,775
Loews Corp.

  2,724   178,395
LPL Financial Holdings, Inc.

  315   61,800
Markel Corp.(a)

  81   110,924
Marsh & McLennan Cos., Inc.

  1,326   212,094
MGIC Investment Corp.

  2,924   40,731
Moody’s Corp.

  280   84,440
Mr. Cooper Group, Inc.(a)

  1,052   45,615
MSCI, Inc.

  97   42,908
Nasdaq, Inc.

  349   54,186
Old Republic International Corp.

  3,026   72,382
OneMain Holdings, Inc.

  1,265   55,736
Progressive Corp. (The)

  3,727   444,929
Radian Group, Inc.

  1,937   41,665
Raymond James Financial, Inc.

  1,334   131,386
Reinsurance Group of America, Inc.

  1,338   168,387
S&P Global, Inc.

  385   134,550
StoneX Group, Inc.(a)

  2,015   151,266
T. Rowe Price Group, Inc.(b)

  785   99,766
Travelers Cos., Inc. (The)

  2,359   422,355
Unum Group

  3,695   134,683
W.R. Berkley Corp.

  1,393   99,084
Willis Towers Watson PLC

  419   88,438
        10,738,457
Health Care-16.59%
Abbott Laboratories

  3,964   465,611
AbbVie, Inc.

  6,016   886,578
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Health Care-(continued)
Agilent Technologies, Inc.

  650   $82,914
Align Technology, Inc.(a)

  56   15,548
AmerisourceBergen Corp.

  3,723   576,283
Amgen, Inc.

  2,264   581,259
Anthem, Inc.

  1,884   960,105
Avantor, Inc.(a)

  1,771   56,743
Baxter International, Inc.

  1,669   126,927
Becton, Dickinson and Co.

  1,032   263,986
Biogen, Inc.(a)

  1,565   313,000
Bio-Rad Laboratories, Inc., Class A(a)

  73   39,259
Boston Scientific Corp.(a)

  2,997   122,907
Bristol-Myers Squibb Co.

  12,482   941,767
Cardinal Health, Inc.

  9,038   509,020
Centene Corp.(a)

  5,992   487,989
Cerner Corp.

  1,365   129,470
Cigna Corp.

  3,429   919,966
Community Health Systems, Inc.(a)

  3,890   20,384
Cooper Cos., Inc. (The)

  95   33,320
CVS Health Corp.

  15,611   1,510,364
Danaher Corp.

  1,093   288,355
DaVita, Inc.(a)

  1,189   115,916
DENTSPLY SIRONA, Inc.

  795   31,450
Edwards Lifesciences Corp.(a)

  761   76,747
Elanco Animal Health, Inc.(a)

  1,093   25,904
Eli Lilly and Co.

  1,502   470,787
Embecta Corp.(a)(b)

  207   5,130
Encompass Health Corp.

  404   26,478
Gilead Sciences, Inc.

  7,047   456,998
HCA Healthcare, Inc.

  1,434   301,714
Henry Schein, Inc.(a)

  773   66,200
Hologic, Inc.(a)

  961   72,335
Humana, Inc.

  926   420,617
Illumina, Inc.(a)

  181   43,346
Intuitive Surgical, Inc.(a)

  319   72,617
IQVIA Holdings, Inc.(a)

  476   102,459
Jazz Pharmaceuticals PLC(a)(b)

  231   34,576
Johnson & Johnson

  8,211   1,474,121
Laboratory Corp. of America Holdings

  421   103,869
McKesson Corp.

  4,038   1,327,250
Medtronic PLC

  4,255   426,138
Merck & Co., Inc.

  9,591   882,660
Mettler-Toledo International, Inc.(a)

  37   47,586
Molina Healthcare, Inc.(a)

  390   113,186
PerkinElmer, Inc.

  258   38,615
Perrigo Co. PLC

  1,204   47,991
Pfizer, Inc.

  23,814   1,263,095
Quest Diagnostics, Inc.

  798   112,534
Regeneron Pharmaceuticals, Inc.(a)

  585   388,873
ResMed, Inc.

  207   42,116
STERIS PLC

  212   48,378
Stryker Corp.

  649   152,191
Tenet Healthcare Corp.(a)

  1,583   102,436
Thermo Fisher Scientific, Inc.

  909   515,921
UnitedHealth Group, Inc.

  3,991   1,982,649
Universal Health Services, Inc., Class B

  656   81,744
Vertex Pharmaceuticals, Inc.(a)

  556   149,369
Viatris, Inc.

  7,996   98,111
Waters Corp.(a)

  161   52,800
Zimmer Biomet Holdings, Inc.

  608   73,088
Zoetis, Inc.

  538   91,960
        21,271,710
  Shares   Value
Industrials-8.64%
3M Co.

  2,054   $306,642
A.O. Smith Corp.

  509   30,601
Acuity Brands, Inc.

  190   33,254
AECOM

  1,133   79,140
AGCO Corp.

  358   45,871
AMETEK, Inc.

  479   58,184
Avis Budget Group, Inc.(a)(b)

  570   108,460
Booz Allen Hamilton Holding Corp.

  604   51,859
Builders FirstSource, Inc.(a)

  778   50,640
C.H. Robinson Worldwide, Inc.

  825   89,521
CACI International, Inc., Class A(a)

  164   45,981
Carlisle Cos., Inc.

  275   69,968
Caterpillar, Inc.

  1,938   418,317
Cintas Corp.

  195   77,674
CSX Corp.

  7,611   241,954
Cummins, Inc.

  789   164,996
Deere & Co.

  887   317,351
Dover Corp.

  456   61,063
Eaton Corp. PLC

  1,865   258,489
EMCOR Group, Inc.

  400   42,252
Emerson Electric Co.

  2,273   201,524
Equifax, Inc.

  178   36,059
Expeditors International of Washington, Inc.

  509   55,400
Fastenal Co.

  1,333   71,395
FedEx Corp.

  1,299   291,729
Fluor Corp.(a)(b)

  3,058   86,327
Fortive Corp.

  1,063   65,662
Fortune Brands Home & Security, Inc.

  503   34,883
General Dynamics Corp.

  1,568   352,659
General Electric Co.

  4,619   361,621
GXO Logistics, Inc.(a)

  467   25,344
Honeywell International, Inc.

  2,276   440,679
Howmet Aerospace, Inc.

  1,363   48,755
Hubbell, Inc.

  213   40,440
Huntington Ingalls Industries, Inc.

  290   61,033
Illinois Tool Works, Inc.

  796   165,624
Ingersoll Rand, Inc.

  943   44,462
J.B. Hunt Transport Services, Inc.

  306   52,809
Jacobs Engineering Group, Inc.

  580   81,252
Johnson Controls International PLC

  4,812   262,302
Knight-Swift Transportation Holdings, Inc.

  1,126   54,769
L3Harris Technologies, Inc.

  1,041   250,777
Leidos Holdings, Inc.

  802   83,809
Lockheed Martin Corp.

  1,260   554,539
ManpowerGroup, Inc.

  774   69,358
Masco Corp.

  1,243   70,466
MasTec, Inc.(a)

  293   24,492
MDU Resources Group, Inc.

  1,380   37,784
MSC Industrial Direct Co., Inc., Class A

  380   32,273
Nielsen Holdings PLC

  1,791   45,778
Norfolk Southern Corp.

  907   217,372
Northrop Grumman Corp.

  808   378,120
Old Dominion Freight Line, Inc.

  193   49,840
Oshkosh Corp.

  367   34,098
Owens Corning

  640   61,171
PACCAR, Inc.

  2,090   181,496
Parker-Hannifin Corp.

  421   114,584
Pentair PLC

  532   26,690
Quanta Services, Inc.

  839   99,841
Raytheon Technologies Corp.

  6,731   640,253
Republic Services, Inc.

  793   106,135
Robert Half International, Inc.

  479   43,182
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Industrials-(continued)
Rockwell Automation, Inc.

  284   $60,549
Rush Enterprises, Inc., Class A

  681   34,717
Ryder System, Inc.

  929   74,339
Schneider National, Inc., Class B

  1,438   34,713
Science Applications International Corp.

  477   41,289
Sensata Technologies Holding PLC

  582   27,953
Snap-on, Inc.

  227   50,367
Southwest Airlines Co.(a)

  571   26,186
Stanley Black & Decker, Inc.

  588   69,790
Textron, Inc.

  1,249   81,547
Trane Technologies PLC

  631   87,116
TransDigm Group, Inc.(a)

  159   96,254
TransUnion

  314   27,258
Trinity Industries, Inc.

  1,313   32,641
Uber Technologies, Inc.(a)

  693   16,078
Union Pacific Corp.

  2,303   506,153
United Parcel Service, Inc., Class B

  2,697   491,528
United Rentals, Inc.(a)

  326   97,207
Univar Solutions, Inc.(a)

  1,398   42,947
Verisk Analytics, Inc.

  314   54,925
W.W. Grainger, Inc.

  180   87,673
Wabtec Corp.

  1,063   100,411
Waste Connections, Inc.

  668   85,197
Waste Management, Inc.

  1,259   199,564
Watsco, Inc.

  137   35,021
WESCO International, Inc.(a)

  440   55,255
XPO Logistics, Inc.(a)

  467   24,956
Xylem, Inc.

  424   35,722
        11,086,359
Information Technology-20.00%
Accenture PLC, Class A

  1,796   536,034
Adobe, Inc.(a)

  629   261,966
Advanced Micro Devices, Inc.(a)

  789   80,368
Akamai Technologies, Inc.(a)

  500   50,520
Amdocs Ltd.

  791   68,730
Amphenol Corp., Class A

  1,532   108,558
Analog Devices, Inc.

  927   156,107
ANSYS, Inc.(a)

  108   28,119
Apple, Inc.

  47,303   7,040,579
Applied Materials, Inc.

  1,738   203,850
Arista Networks, Inc.(a)

  466   47,662
Arrow Electronics, Inc.(a)

  1,173   141,522
Autodesk, Inc.(a)

  213   44,251
Automatic Data Processing, Inc.

  1,059   236,093
Avnet, Inc.

  1,947   94,332
Block, Inc., Class A(a)(b)

  232   20,302
Bread Financial Holdings, Inc.

  492   27,109
Broadcom, Inc.

  1,325   768,672
Broadridge Financial Solutions, Inc.

  263   38,456
Cadence Design Systems, Inc.(a)

  386   59,340
CDW Corp.

  605   102,765
Cisco Systems, Inc.

  17,649   795,087
Citrix Systems, Inc.

  661   66,556
Cognizant Technology Solutions Corp., Class A

  3,008   224,698
CommScope Holding Co., Inc.(a)

  2,075   15,583
Corning, Inc.

  3,286   117,705
Dell Technologies, Inc., Class C

  4,409   220,185
DXC Technology Co.(a)

  3,106   109,393
Fiserv, Inc.(a)

  2,401   240,532
FleetCor Technologies, Inc.(a)

  295   73,399
Flex Ltd.(a)

  4,266   72,821
Fortinet, Inc.(a)

  256   75,300
  Shares   Value
Information Technology-(continued)
Gartner, Inc.(a)

  161   $42,246
GoDaddy, Inc., Class A(a)

  599   44,955
Hewlett Packard Enterprise Co.

  14,739   229,928
HP, Inc.

  12,142   471,595
Insight Enterprises, Inc.(a)

  343   33,895
Intel Corp.

  33,492   1,487,715
International Business Machines Corp.

  5,542   769,451
Intuit, Inc.

  295   122,266
Jabil, Inc.

  2,002   123,163
Juniper Networks, Inc.

  2,564   78,664
Keysight Technologies, Inc.(a)

  417   60,715
KLA Corp.

  358   130,616
Kyndryl Holdings, Inc.(a)

  1,108   13,673
Lam Research Corp.

  300   156,009
Marvell Technology, Inc.

  1,555   91,978
Mastercard, Inc., Class A

  1,183   423,360
Microchip Technology, Inc.

  1,095   79,552
Micron Technology, Inc.

  4,647   343,134
Microsoft Corp.

  13,946   3,791,499
Motorola Solutions, Inc.

  403   88,555
NCR Corp.(a)(b)

  915   31,741
NetApp, Inc.

  1,021   73,461
NortonLifeLock, Inc.

  9,632   234,443
NVIDIA Corp.

  1,556   290,536
ON Semiconductor Corp.(a)

  1,178   71,481
Oracle Corp.

  9,334   671,301
Palo Alto Networks, Inc.(a)

  211   106,087
Paychex, Inc.

  722   89,405
PayPal Holdings, Inc.(a)

  1,262   107,535
Qorvo, Inc.(a)

  369   41,236
QUALCOMM, Inc.

  3,239   463,890
Roper Technologies, Inc.

  203   89,815
salesforce.com, inc.(a)

  1,276   204,466
Sanmina Corp.(a)

  883   38,755
Seagate Technology Holdings PLC

  1,381   116,929
ServiceNow, Inc.(a)

  141   65,913
Skyworks Solutions, Inc.

  516   56,177
SS&C Technologies Holdings, Inc.

  835   53,432
Synopsys, Inc.(a)

  265   84,588
TD SYNNEX Corp.

  732   76,018
TE Connectivity Ltd. (Switzerland)

  1,193   154,362
Teradyne, Inc.

  316   34,526
Texas Instruments, Inc.

  2,173   384,100
Trimble, Inc.(a)

  493   33,549
VeriSign, Inc.(a)

  172   30,023
Visa, Inc., Class A(b)

  3,444   730,714
VMware, Inc., Class A

  2,725   349,073
Western Digital Corp.(a)

  1,638   99,410
Western Union Co. (The)

  2,183   39,600
Workday, Inc., Class A(a)

  169   26,415
Xerox Holdings Corp.

  3,258   61,316
Zebra Technologies Corp., Class A(a)

  87   29,423
        25,649,283
Materials-3.96%
Air Products and Chemicals, Inc.

  571   140,557
Albemarle Corp.

  290   75,522
Alcoa Corp.

  1,457   89,926
Amcor PLC

  10,370   135,847
Avery Dennison Corp.

  234   40,379
Ball Corp.

  1,022   72,450
Berry Global Group, Inc.(a)

  959   55,938
Celanese Corp.

  530   82,956
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Materials-(continued)
CF Industries Holdings, Inc.

  1,229   $121,388
Chemours Co. (The)

  1,106   47,658
Commercial Metals Co.

  1,170   46,484
Corteva, Inc.

  4,358   272,898
Crown Holdings, Inc.

  578   60,366
Dow, Inc.

  5,187   352,612
DuPont de Nemours, Inc.

  3,939   267,261
Eastman Chemical Co.

  756   83,281
Ecolab, Inc.

  518   84,905
FMC Corp.

  422   51,729
Freeport-McMoRan, Inc.

  2,989   116,810
Graphic Packaging Holding Co.

  2,820   62,773
Huntsman Corp.

  1,638   59,378
International Flavors & Fragrances, Inc.

  497   65,688
International Paper Co.

  2,820   136,629
Linde PLC (United Kingdom)

  1,922   624,035
LyondellBasell Industries N.V., Class A

  2,030   231,927
Martin Marietta Materials, Inc.

  173   58,713
Mosaic Co. (The)

  2,471   154,808
Newmont Corp.

  3,409   231,301
Nucor Corp.

  1,723   228,229
Olin Corp.

  869   57,172
Packaging Corp. of America

  411   64,642
PPG Industries, Inc.

  666   84,242
Reliance Steel & Aluminum Co.

  514   99,922
RPM International, Inc.

  467   41,143
Sherwin-Williams Co. (The)

  709   190,040
Sonoco Products Co.

  590   34,497
Steel Dynamics, Inc.

  1,258   107,408
Sylvamo Corp.(a)

  256   12,989
Ternium S.A., ADR (Mexico)

  2,183   95,987
United States Steel Corp.

  2,153   53,976
Vulcan Materials Co.

  353   58,199
WestRock Co.

  2,492   120,837
        5,073,502
Real Estate-0.70%
American Tower Corp.

  794   203,367
CBRE Group, Inc., Class A(a)

  1,360   112,662
Equinix, Inc.

  153   105,125
Iron Mountain, Inc.

  1,354   72,981
Jones Lang LaSalle, Inc.(a)

  371   73,206
Public Storage

  491   162,344
SBA Communications Corp., Class A

  220   74,054
Weyerhaeuser Co.

  2,232   88,209
        891,948
Utilities-2.78%
AES Corp. (The)

  3,686   81,239
Alliant Energy Corp.

  851   54,311
Ameren Corp.

  1,186   112,895
American Electric Power Co., Inc.

  2,676   273,032
  Shares   Value
Utilities-(continued)
Atmos Energy Corp.

  518   $60,249
CenterPoint Energy, Inc.

  3,803   121,886
CMS Energy Corp.

  1,109   78,783
Consolidated Edison, Inc.

  2,202   218,571
Constellation Energy Corp.

  2,703   167,802
DTE Energy Co.

  1,202   159,517
Edison International

  2,493   174,286
Entergy Corp.

  1,395   167,846
Evergy, Inc.

  1,698   118,758
Eversource Energy

  1,674   154,544
Exelon Corp.

  8,111   398,656
FirstEnergy Corp.

  3,267   140,350
NiSource, Inc.

  2,730   85,859
NRG Energy, Inc.

  2,375   109,345
OGE Energy Corp.

  1,300   53,690
Pinnacle West Capital Corp.

  723   56,141
Public Service Enterprise Group, Inc.

  2,903   198,972
UGI Corp.

  1,379   58,939
Vistra Corp.

  7,271   191,736
WEC Energy Group, Inc.

  1,404   147,518
Xcel Energy, Inc.

  2,342   176,446
        3,561,371
Total Common Stocks & Other Equity Interests

(Cost $124,514,384)

  127,979,524
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.67%(c)(d)

(Cost $20,809)

  20,808   20,809
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.81%

(Cost $124,535,193)

  128,000,333
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.82%
Invesco Private Government Fund, 0.74%(c)(d)(e)

  164,666   164,666
Invesco Private Prime Fund, 0.87%(c)(d)(e)

  889,853   889,942
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,054,542)

  1,054,608
TOTAL INVESTMENTS IN SECURITIES-100.63%

(Cost $125,589,735)

  129,054,941
OTHER ASSETS LESS LIABILITIES-(0.63)%

  (804,978)
NET ASSETS-100.00%

  $128,249,963
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2022
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) All or a portion of this security was out on loan at May 31, 2022.
(c) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2022.
    
  Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
May 31, 2022
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $3,843,750   $(3,822,941)   $-   $-   $20,809   $119
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 303,264   7,521,378   (7,659,976)   -   -   164,666   1,248*
Invesco Private Prime Fund 707,615   15,139,635   (14,956,683)   66   (691)   889,942   3,513*
Total $1,010,879   $26,504,763   $(26,439,600)   $66   $(691)   $1,075,417   $4,880
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of May 31, 2022.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco RAFITM Strategic US Small Company ETF (IUSS)
May 31, 2022
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-3.05%
Advantage Solutions, Inc.(b)

  868   $3,732
AMC Networks, Inc., Class A(b)(c)

  2,666   104,667
Angi, Inc., Class A(b)(c)

  5,484   30,107
ATN International, Inc.

  432   19,047
Audacy, Inc.(b)

  9,455   16,452
Bandwidth, Inc., Class A(b)(c)

  89   1,873
Cable One, Inc.

  44   57,336
Cardlytics, Inc.(b)(c)

  43   1,114
Cargurus, Inc.(b)

  762   19,294
Cars.com, Inc.(b)(c)

  2,174   22,501
Cogent Communications Holdings, Inc.

  454   27,417
comScore, Inc.(b)

  2,250   4,342
Consolidated Communications Holdings, Inc.(b)

  5,627   37,251
E.W. Scripps Co. (The), Class A(b)

  2,247   35,660
EchoStar Corp., Class A(b)

  5,896   141,681
EverQuote, Inc., Class A(b)

  197   1,763
Globalstar, Inc.(b)

  3,122   4,371
Gravity Co. Ltd., ADR (South Korea)

  44   2,651
Gray Television, Inc.

  5,458   107,632
iClick Interactive Asia Group Ltd., ADR (China)

  470   264
iHeartMedia, Inc., Class A(b)(c)

  4,443   52,427
Iridium Communications, Inc.(b)

  1,427   52,956
John Wiley & Sons, Inc., Class A

  1,415   74,938
Liberty Latin America Ltd., Class A (Chile)(b)

  4,918   46,770
Lions Gate Entertainment Corp., Class A(b)(c)

  7,260   74,270
Madison Square Garden Sports Corp., Class A(b)(c)

  137   22,449
Magnite, Inc.(b)(c)

  258   2,835
Manchester United PLC, Class A (United Kingdom)(c)

  2,373   30,279
New York Times Co. (The), Class A

  1,967   67,842
Pinterest, Inc., Class A(b)

  1,608   31,597
QuinStreet, Inc.(b)

  880   9,680
Roku, Inc., Class A(b)

  149   14,140
Scholastic Corp.

  1,411   52,955
Sirius XM Holdings, Inc.(c)

  22,074   141,274
Snap, Inc., Class A(b)

  869   12,262
Spok Holdings, Inc.

  890   6,257
TechTarget, Inc.(b)(c)

  147   10,450
TEGNA, Inc.

  7,086   155,183
TripAdvisor, Inc.(b)

  2,044   50,773
TrueCar, Inc.(b)

  3,315   11,039
United States Cellular Corp.(b)

  1,690   51,900
WideOpenWest, Inc.(b)

  1,216   26,728
World Wrestling Entertainment, Inc., Class A(c)

  1,132   75,584
Yelp, Inc.(b)

  1,818   53,467
Ziff Davis, Inc.(b)

  906   69,164
        1,836,374
Consumer Discretionary-13.44%
1-800-Flowers.com, Inc., Class A(b)

  1,442   14,074
2U, Inc.(b)(c)

  745   6,943
Abercrombie & Fitch Co., Class A(b)

  2,909   59,460
Accel Entertainment, Inc.(b)

  327   3,541
Acushnet Holdings Corp.(c)

  622   25,315
Adtalem Global Education, Inc.(b)

  2,068   67,458
American Axle & Manufacturing Holdings, Inc.(b)

  11,067   89,753
American Eagle Outfitters, Inc.(c)

  3,119   37,771
American Public Education, Inc.(b)

  662   9,228
America’s Car-Mart, Inc.(b)

  120   13,008
Arko Corp.

  1,297   11,712
Bally’s Corp.(b)(c)

  452   11,815
  Shares   Value
Consumer Discretionary-(continued)
Beazer Homes USA, Inc.(b)

  2,834   $45,939
Big Lots, Inc.

  2,533   62,033
Biglari Holdings, Inc., Class B(b)

  78   10,429
BJ’s Restaurants, Inc.(b)

  528   13,871
Bloomin’ Brands, Inc.(c)

  2,378   50,200
Bluegreen Vacations Holding Corp.

  1,345   37,472
Boot Barn Holdings, Inc.(b)

  341   27,519
Boyd Gaming Corp.

  1,147   67,409
Bright Horizons Family Solutions, Inc.(b)(c)

  541   48,988
Brinker International, Inc.(b)

  1,027   31,169
Buckle, Inc. (The)

  802   26,354
Burlington Stores, Inc.(b)(c)

  471   79,269
Caesars Entertainment, Inc.(b)

  686   34,417
Caleres, Inc.

  2,365   67,308
Callaway Golf Co.(b)(c)

  1,078   23,403
Camping World Holdings, Inc., Class A(c)

  3,267   88,634
Carrols Restaurant Group, Inc.

  4,031   7,417
Carter’s, Inc.

  1,290   99,394
Carvana Co.(b)

  75   2,208
Cato Corp. (The), Class A

  1,223   15,960
Cavco Industries, Inc.(b)

  177   39,322
Century Communities, Inc.

  1,090   59,263
Cheesecake Factory, Inc. (The)(c)

  875   28,577
Chegg, Inc.(b)

  658   12,805
Chewy, Inc., Class A(b)(c)

  967   23,982
Chico’s FAS, Inc.(b)(c)

  6,823   33,774
Children’s Place, Inc. (The)(b)(c)

  402   19,087
Choice Hotels International, Inc.

  255   32,612
Churchill Downs, Inc.

  292   59,110
Chuy’s Holdings, Inc.(b)

  326   7,364
Citi Trends, Inc.(b)(c)

  279   8,337
Columbia Sportswear Co.

  737   57,324
Conn’s, Inc.(b)(c)

  2,153   28,420
Cooper-Standard Holdings, Inc.(b)(c)

  1,715   9,638
Cracker Barrel Old Country Store, Inc.(c)

  525   53,555
Crocs, Inc.(b)

  593   33,066
Dave & Buster’s Entertainment, Inc.(b)(c)

  1,212   45,923
Deckers Outdoor Corp.(b)

  318   85,402
Denny’s Corp.(b)

  809   8,381
Designer Brands, Inc., Class A

  2,724   42,304
Dillard’s, Inc., Class A(c)

  791   238,471
Dine Brands Global, Inc.

  291   21,386
Domino’s Pizza, Inc.

  351   127,473
Dorman Products, Inc.(b)

  458   46,281
DraftKings, Inc., Class A(b)(c)

  1,142   15,474
El Pollo Loco Holdings, Inc.(b)

  461   4,776
Ethan Allen Interiors, Inc.(c)

  839   19,515
Etsy, Inc.(b)

  694   56,297
Everi Holdings, Inc.(b)

  733   13,121
Expedia Group, Inc.(b)

  741   95,834
Express, Inc.(b)

  6,007   17,841
Farfetch Ltd., Class A (United Kingdom)(b)

  625   5,606
Fiesta Restaurant Group, Inc.(b)

  1,142   8,508
Five Below, Inc.(b)

  391   51,061
Fiverr International Ltd.(b)

  20   846
Floor & Decor Holdings, Inc., Class A(b)(c)

  737   55,599
Fossil Group, Inc.(b)

  2,900   21,286
Fox Factory Holding Corp.(b)

  202   16,568
Franchise Group, Inc.

  864   34,275
frontdoor, inc.(b)

  625   15,463
Funko, Inc., Class A(b)(c)

  607   12,365
GameStop Corp., Class A(b)(c)

  556   69,355
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
Genesco, Inc.(b)

  1,003   $56,479
Gentherm, Inc.(b)

  530   36,538
G-III Apparel Group Ltd.(b)

  2,304   57,738
Golden Entertainment, Inc.(b)

  337   15,933
GoPro, Inc., Class A(b)(c)

  2,107   14,559
Graham Holdings Co., Class B

  221   135,477
Grand Canyon Education, Inc.(b)

  960   85,603
Green Brick Partners, Inc.(b)

  1,163   28,284
Groupon, Inc.(b)(c)

  619   9,564
GrowGeneration Corp.(b)

  71   366
Guess?, Inc.(c)

  1,613   33,647
H&R Block, Inc.(c)

  6,136   216,233
Haverty Furniture Cos., Inc., (Acquired 06/19/2019 - 05/24/2022; Cost $16,830)(d)

  761   21,506
Helen of Troy Ltd.(b)(c)

  430   79,632
Hibbett, Inc.(c)

  546   27,710
Hilton Grand Vacations, Inc.(b)

  1,014   46,390
Hooker Furnishings Corp.(c)

  498   8,610
Hyatt Hotels Corp., Class A(b)

  1,682   148,672
Installed Building Products, Inc.

  322   30,764
International Game Technology PLC

  3,687   78,976
iRobot Corp.(b)(c)

  542   25,794
Jack in the Box, Inc.

  362   24,725
Johnson Outdoors, Inc., Class A

  157   10,232
KB Home(c)

  3,612   124,578
Kontoor Brands, Inc.

  965   38,668
Lands’ End, Inc.(b)

  609   7,064
Laureate Education, Inc., Class A

  7,522   95,755
La-Z-Boy, Inc.

  1,548   39,520
LCI Industries

  594   70,995
Levi Strauss & Co., Class A

  5,658   102,749
LGI Homes, Inc.(b)(c)

  386   37,824
Light & Wonder, Inc.(b)(c)

  394   20,803
Liquidity Services, Inc.(b)

  261   3,539
Lovesac Co. (The)(b)

  74   2,577
lululemon athletica, inc.(b)

  503   147,223
M.D.C. Holdings, Inc.

  1,408   53,757
M/I Homes, Inc.(b)

  1,143   53,435
Malibu Boats, Inc., Class A(b)

  320   18,752
MarineMax, Inc.(b)(c)

  963   39,878
Mattel, Inc.(b)

  4,619   116,029
MercadoLibre, Inc. (Brazil)(b)

  121   95,091
Meritage Homes Corp.(b)

  1,416   120,799
Modine Manufacturing Co.(b)

  2,528   29,881
Monarch Casino & Resort, Inc.(b)

  133   9,024
Monro, Inc.

  752   35,660
Motorcar Parts of America, Inc.(b)

  743   11,019
Movado Group, Inc.

  744   25,244
National Vision Holdings, Inc.(b)(c)

  1,180   33,205
Noodles & Co.(b)

  533   3,518
Nordstrom, Inc.

  3,869   102,258
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)

  1,026   48,191
Overstock.com, Inc.(b)

  615   19,059
Oxford Industries, Inc.

  384   35,005
Papa John’s International, Inc.(c)

  400   35,204
Party City Holdco, Inc.(b)(c)

  4,398   6,333
Patrick Industries, Inc.

  737   44,301
Peloton Interactive, Inc., Class A(b)(c)

  1,086   15,161
Penn National Gaming, Inc.(b)(c)

  1,681   53,725
Perdoceo Education Corp.(b)

  2,702   29,479
PetMed Express, Inc.(c)

  480   10,574
Planet Fitness, Inc., Class A(b)

  538   37,859
  Shares   Value
Consumer Discretionary-(continued)
PlayAGS, Inc.(b)

  732   $4,246
Pool Corp.

  286   114,005
Porch Group, Inc.(b)(c)

  14   58
Purple Innovation, Inc.(b)

  453   2,347
Quotient Technology, Inc.(b)(c)

  1,492   6,237
RealReal, Inc. (The)(b)

  45   148
Red Robin Gourmet Burgers, Inc.(b)(c)

  524   5,156
Red Rock Resorts, Inc., Class A

  1,080   41,828
Regis Corp.(b)(c)

  792   608
Rent-A-Center, Inc.

  1,473   40,566
Revolve Group, Inc.(b)

  398   11,693
RH(b)(c)

  123   35,680
Ruth’s Hospitality Group, Inc.

  616   11,353
Sally Beauty Holdings, Inc.(b)(c)

  4,362   66,128
SeaWorld Entertainment, Inc.(b)(c)

  294   15,929
Shake Shack, Inc., Class A(b)(c)

  219   10,654
Shoe Carnival, Inc.

  520   14,175
Shutterstock, Inc.

  223   13,425
Skechers U.S.A., Inc., Class A(b)

  3,122   123,007
Skyline Champion Corp.(b)

  866   46,011
Sleep Number Corp.(b)(c)

  701   32,197
Smith & Wesson Brands, Inc.(c)

  1,693   26,208
Sonic Automotive, Inc., Class A(c)

  2,862   130,536
Sonos, Inc.(b)(c)

  1,380   30,539
Standard Motor Products, Inc.

  747   29,843
Steven Madden Ltd.

  1,575   58,558
Stitch Fix, Inc., Class A(b)(c)

  795   6,734
Stoneridge, Inc.(b)

  590   12,201
Strategic Education, Inc.

  1,022   67,268
Stride, Inc.(b)

  1,389   54,324
Sturm Ruger & Co., Inc.

  470   31,908
Tempur Sealy International, Inc.

  4,470   117,874
Terminix Global Holdings, Inc.(b)

  2,249   97,629
Texas Roadhouse, Inc.

  997   77,736
TopBuild Corp.(b)

  564   111,255
Travel + Leisure Co.

  1,834   93,736
Tupperware Brands Corp.(b)

  1,237   8,201
Under Armour, Inc., Class A(b)

  5,711   60,422
Unifi, Inc.(b)

  614   9,707
Universal Electronics, Inc.(b)

  454   12,167
Urban Outfitters, Inc.(b)(c)

  1,996   42,016
Vail Resorts, Inc.

  425   107,189
Vera Bradley, Inc.(b)(c)

  1,109   7,552
Vista Outdoor, Inc.(b)

  1,573   60,623
Visteon Corp.(b)

  535   60,032
Wendy’s Co. (The)

  3,934   73,330
Wingstop, Inc.

  123   9,798
Winmark Corp.

  52   10,286
Winnebago Industries, Inc.(c)

  997   49,302
Wolverine World Wide, Inc.

  2,461   52,518
WW International, Inc.(b)(c)

  482   3,417
Wyndham Hotels & Resorts, Inc.

  1,208   96,797
Wynn Resorts Ltd.(b)

  537   35,496
XL Fleet Corp.(b)

  11   13
XPEL, Inc.(b)

  25   1,291
YETI Holdings, Inc.(b)(c)

  424   19,398
Zumiez, Inc.(b)(c)

  757   24,837
        8,078,478
Consumer Staples-4.96%
Alico, Inc.

  131   5,524
Andersons, Inc. (The)

  4,550   171,126
B&G Foods, Inc.(c)

  2,943   66,541
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Beyond Meat, Inc.(b)(c)

  73   $1,931
Boston Beer Co., Inc. (The), Class A(b)(c)

  56   19,897
Calavo Growers, Inc.

  355   12,088
Cal-Maine Foods, Inc.

  1,296   61,858
Celsius Holdings, Inc.(b)(c)

  17   1,141
Central Garden & Pet Co., Class A(b)

  1,719   72,765
Chefs’ Warehouse, Inc. (The)(b)(c)

  801   28,620
Coca-Cola Consolidated, Inc.

  215   121,469
Coty, Inc., Class A(b)

  7,464   52,920
Darling Ingredients, Inc.(b)(c)

  2,364   189,285
Edgewell Personal Care Co.

  1,718   62,535
elf Beauty, Inc.(b)

  403   10,728
Energizer Holdings, Inc.

  2,132   63,939
Farmer Brothers Co.(b)

  745   3,725
Flowers Foods, Inc.

  5,868   161,957
Fresh Del Monte Produce, Inc.

  2,762   70,541
Freshpet, Inc.(b)(c)

  72   5,182
Grocery Outlet Holding Corp.(b)(c)

  2,026   77,495
Hain Celestial Group, Inc. (The)(b)

  2,286   60,236
Hostess Brands, Inc.(b)

  3,853   81,876
Ingles Markets, Inc., Class A

  1,827   162,713
Inter Parfums, Inc.

  213   15,719
J&J Snack Foods Corp.(c)

  216   27,696
John B. Sanfilippo & Son, Inc.

  353   26,962
Lamb Weston Holdings, Inc.

  1,656   111,912
Lancaster Colony Corp.

  319   38,886
Medifast, Inc.

  122   20,344
MGP Ingredients, Inc.

  136   13,173
National Beverage Corp.(c)

  285   14,145
Natural Grocers by Vitamin Cottage, Inc.

  878   15,505
Nu Skin Enterprises, Inc., Class A

  1,885   87,935
Pilgrim’s Pride Corp.(b)

  2,262   75,370
PriceSmart, Inc.

  927   72,890
Primo Water Corp.

  4,826   69,108
Sanderson Farms, Inc.

  613   122,294
Seaboard Corp.

  11   45,533
Seneca Foods Corp., Class A(b)

  861   48,948
Simply Good Foods Co. (The)(b)

  1,069   42,717
Sprouts Farmers Market, Inc.(b)(c)

  5,523   149,618
SunOpta, Inc. (Canada)(b)

  1,680   13,070
Tattooed Chef, Inc.(b)(c)

  34   246
Tootsie Roll Industries, Inc.(c)

  772   25,530
TreeHouse Foods, Inc.(b)(c)

  2,665   109,585
Turning Point Brands, Inc.

  268   7,836
Universal Corp.(c)

  1,355   86,286
USANA Health Sciences, Inc.(b)

  328   23,068
Utz Brands, Inc.(c)

  196   2,744
Vector Group Ltd.

  3,283   40,414
WD-40 Co.(c)

  112   21,144
Weis Markets, Inc.

  1,221   89,768
        2,984,538
Energy-9.86%
Arch Resources, Inc.

  1,168   178,517
Archrock, Inc.

  8,079   81,032
Berry Corp.

  8,360   93,047
Bristow Group, Inc.(b)

  326   10,364
Cactus, Inc., Class A

  872   45,710
Callon Petroleum Co.(b)(c)

  2,592   151,528
Centennial Resource Development, Inc., Class A(b)

  13,517   107,325
ChampionX Corp.

  1,857   43,212
Civitas Resources, Inc.

  945   72,151
  Shares   Value
Energy-(continued)
Clean Energy Fuels Corp.(b)(c)

  1,989   $10,999
Comstock Resources, Inc.(b)(c)

  7,999   154,381
CONSOL Energy, Inc.(b)

  2,875   148,235
Continental Resources, Inc.(c)

  2,239   152,409
Core Laboratories N.V.

  614   17,302
CVR Energy, Inc.

  6,315   217,425
Delek US Holdings, Inc.(b)

  7,616   222,083
DHT Holdings, Inc.

  12,491   74,446
DMC Global, Inc.(b)

  222   6,143
Dorian LPG Ltd.

  2,568   43,656
Dril-Quip, Inc.(b)(c)

  1,004   31,566
Expro Group Holdings N.V.(b)

  878   12,002
Exterran Corp.(b)

  4,363   26,658
Golar LNG Ltd. (Cameroon)(b)

  4,214   106,741
Green Plains, Inc.(b)(c)

  2,034   66,268
Helix Energy Solutions Group, Inc.(b)(c)

  10,751   49,885
International Seaways, Inc.(c)

  2,173   52,434
Kosmos Energy Ltd. (Ghana)(b)

  19,673   152,269
Laredo Petroleum, Inc.(b)(c)

  1,061   89,304
Liberty Energy, Inc., Class A(b)

  1,622   26,390
Magnolia Oil & Gas Corp., Class A(c)

  5,147   142,109
Matador Resources Co.

  3,050   185,745
Nabors Industries Ltd.(b)(c)

  1,107   184,614
Navigator Holdings Ltd.(b)

  1,487   20,179
Newpark Resources, Inc.(b)

  7,531   32,383
NexTier Oilfield Solutions, Inc.(b)

  8,437   91,963
Nordic American Tankers Ltd.(c)

  8,904   18,253
Oceaneering International, Inc.(b)

  3,613   45,957
Oil States International, Inc.(b)

  6,200   47,988
Par Pacific Holdings, Inc.(b)

  4,778   78,359
Patterson-UTI Energy, Inc.

  14,486   276,393
PDC Energy, Inc.

  3,889   307,775
Peabody Energy Corp.(b)(c)

  20,142   475,553
ProPetro Holding Corp.(b)

  4,260   55,593
Range Resources Corp.(b)

  8,158   276,964
Renewable Energy Group, Inc.(b)

  1,622   99,445
REX American Resources Corp.(b)

  192   16,683
RPC, Inc.(b)(c)

  6,741   63,096
Scorpio Tankers, Inc. (Monaco)

  3,339   110,354
Select Energy Services, Inc., Class A(b)

  6,265   53,065
SFL Corp. Ltd. (Norway)

  5,465   61,481
SM Energy Co.

  7,532   363,570
Southwestern Energy Co.(b)

  22,113   201,671
Talos Energy, Inc.(b)

  1,520   32,832
Teekay Corp. (Bermuda)(b)

  21,330   72,095
Texas Pacific Land Corp.

  37   57,942
Tidewater, Inc.(b)

  1,745   44,410
US Silica Holdings, Inc.(b)

  2,793   49,380
W&T Offshore, Inc.(b)

  2,531   17,034
        5,926,368
Financials-6.63%
AMERISAFE, Inc.

  538   27,115
Ares Management Corp., Class A(c)

  488   34,731
Argo Group International Holdings Ltd.

  1,485   62,905
Artisan Partners Asset Management, Inc., Class A(c)

  1,783   68,485
AssetMark Financial Holdings, Inc.(b)

  283   5,912
B. Riley Financial, Inc.(c)

  334   18,153
BGC Partners, Inc., Class A

  15,214   49,598
Blucora, Inc.(b)

  1,510   26,712
Brightsphere Investment Group, Inc.

  1,577   32,155
BRP Group, Inc., Class A(b)(c)

  332   8,373
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Financials-(continued)
Cannae Holdings, Inc.(b)(c)

  469   $9,507
Carlyle Group, Inc. (The)

  1,701   65,540
Citizens, Inc.(b)(c)

  2,228   7,397
Cohen & Steers, Inc.

  352   26,826
Compass Diversified Holdings

  2,446   55,475
Cowen, Inc., Class A

  1,717   45,569
Crawford & Co., Class A

  1,563   12,817
Credit Acceptance Corp.(b)

  346   205,977
Diamond Hill Investment Group, Inc.

  122   22,831
Donegal Group, Inc., Class A

  1,026   16,601
Donnelley Financial Solutions, Inc.(b)(c)

  948   29,492
eHealth, Inc.(b)

  280   2,940
Employers Holdings, Inc.

  1,442   59,713
Encore Capital Group, Inc.(b)(c)

  1,539   94,048
Enova International, Inc.(b)

  2,677   84,540
Erie Indemnity Co., Class A

  452   75,823
Essent Group Ltd.

  3,128   133,847
Evercore, Inc., Class A

  957   109,289
EZCORP, Inc., Class A(b)(c)

  4,192   31,775
FactSet Research Systems, Inc.

  404   154,239
Federated Hermes, Inc., Class B(c)

  3,282   111,490
FirstCash Holdings, Inc.(c)

  1,232   91,969
Focus Financial Partners, Inc., Class A(b)

  767   28,916
Goosehead Insurance, Inc., Class A

  91   4,712
Green Dot Corp., Class A(b)

  1,360   39,222
Greenhill & Co., Inc.

  800   9,840
Hamilton Lane, Inc., Class A

  272   18,918
Heritage Insurance Holdings, Inc.

  3,420   12,517
Hilltop Holdings, Inc.(c)

  2,145   64,371
Houlihan Lokey, Inc.

  1,249   107,339
James River Group Holdings Ltd.

  2,496   63,773
Kinsale Capital Group, Inc.

  225   49,473
LendingClub Corp.(b)

  2,336   36,722
LendingTree, Inc.(b)

  134   8,457
MarketAxess Holdings, Inc.

  177   49,857
Mercury General Corp.

  1,200   58,740
Moelis & Co., Class A

  1,829   85,817
Morningstar, Inc.

  218   56,033
NMI Holdings, Inc., Class A(b)

  2,158   40,160
Open Lending Corp., Class A(b)

  32   421
Oppenheimer Holdings, Inc., Class A

  492   17,569
Palomar Holdings, Inc.(b)(c)

  159   9,882
PennyMac Mortgage Investment Trust(c)

  6,518   105,461
Piper Sandler Cos.

  631   83,159
PJT Partners, Inc., Class A

  726   55,060
PRA Group, Inc.(b)(c)

  1,361   50,357
ProAssurance Corp.

  2,323   51,594
PROG Holdings, Inc.(b)(c)

  2,287   66,758
RLI Corp.

  656   79,455
Safety Insurance Group, Inc.

  588   54,602
SEI Investments Co.

  2,560   149,581
Selective Insurance Group, Inc.

  1,827   144,881
SiriusPoint Ltd. (Bermuda)(b)

  2,328   13,037
Stewart Information Services Corp.

  1,217   67,531
Tradeweb Markets, Inc., Class A

  1,845   124,740
Trupanion, Inc.(b)(c)

  126   8,427
United Fire Group, Inc.

  1,308   42,392
United Insurance Holdings Corp.(c)

  2,293   3,921
Universal Insurance Holdings, Inc.

  2,975   38,377
Virtu Financial, Inc., Class A

  4,786   125,058
Virtus Investment Partners, Inc.

  69   13,294
Walker & Dunlop, Inc.

  20   2,126
  Shares   Value
Financials-(continued)
Waterstone Financial, Inc.

  792   $13,694
Westwood Holdings Group, Inc.

  402   6,064
White Mountains Insurance Group Ltd.

  64   79,671
WisdomTree Investments, Inc.

  2,239   13,322
World Acceptance Corp.(b)(c)

  320   47,382
        3,984,527
Health Care-9.45%
10X Genomics, Inc., Class A(b)(c)

  25   1,280
ABIOMED, Inc.(b)

  254   66,980
Acadia Healthcare Co., Inc.(b)

  2,052   146,041
Acadia Pharmaceuticals, Inc.(b)(c)

  356   5,749
Accuray, Inc.(b)

  1,645   3,422
AdaptHealth Corp.(b)

  677   12,179
Addus HomeCare Corp.(b)

  273   22,795
Akebia Therapeutics, Inc.(b)

  120   44
Alkermes PLC(b)

  2,044   61,013
Allscripts Healthcare Solutions, Inc.(b)(c)

  4,581   78,289
Amedisys, Inc.(b)

  279   32,339
AMN Healthcare Services, Inc.(b)

  829   80,330
Amneal Pharmaceuticals, Inc.(b)

  6,416   23,290
Amphastar Pharmaceuticals, Inc.(b)

  812   30,158
AnaptysBio, Inc.(b)(c)

  184   3,494
AngioDynamics, Inc.(b)

  604   11,857
ANI Pharmaceuticals, Inc.(b)(c)

  212   6,413
Anika Therapeutics, Inc.(b)

  227   4,935
Apollo Medical Holdings, Inc.(b)(c)

  561   21,060
Arcus Biosciences, Inc.(b)(c)

  251   4,756
Arrowhead Pharmaceuticals, Inc.(b)

  117   3,903
Artivion, Inc.(b)(c)

  336   6,572
AtriCure, Inc.(b)

  138   5,607
Atrion Corp.

  18   11,318
Avanos Medical, Inc.(b)

  870   24,960
Avid Bioservices, Inc.(b)

  182   2,433
AxoGen, Inc.(b)

  134   1,296
Azenta, Inc.

  481   36,864
BioLife Solutions, Inc.(b)

  82   1,125
BioMarin Pharmaceutical, Inc.(b)

  1,586   119,156
BioNTech SE, ADR (Germany)(b)

  73   11,925
Bio-Techne Corp.

  189   69,879
Blueprint Medicines Corp.(b)

  332   18,260
Brookdale Senior Living, Inc.(b)

  13,520   77,064
Bruker Corp.

  954   59,606
Cardiovascular Systems, Inc.(b)

  199   3,236
CareDx, Inc.(b)

  118   2,968
Castle Biosciences, Inc.(b)

  74   1,648
Catalent, Inc.(b)

  1,488   153,353
Change Healthcare, Inc.(b)

  3,482   83,881
Charles River Laboratories International, Inc.(b)

  394   92,228
Chemed Corp.

  233   112,865
Codexis, Inc.(b)

  112   1,196
Coherus Biosciences, Inc.(b)(c)

  1,449   10,636
Collegium Pharmaceutical, Inc.(b)

  546   8,529
Computer Programs & Systems, Inc.(b)

  359   11,449
CONMED Corp.(c)

  269   31,282
Corcept Therapeutics, Inc.(b)

  1,237   25,779
CorVel Corp.(b)

  123   18,347
Covetrus, Inc.(b)(c)

  2,886   60,087
Cross Country Healthcare, Inc.(b)

  958   16,909
CryoPort, Inc.(b)

  49   1,247
CytomX Therapeutics, Inc.(b)

  33   53
Denali Therapeutics, Inc.(b)(c)

  252   6,121
DexCom, Inc.(b)

  252   75,081
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Health Care-(continued)
Eagle Pharmaceuticals, Inc.(b)(c)

  291   $13,590
Emergent BioSolutions, Inc.(b)

  1,174   38,695
Enanta Pharmaceuticals, Inc.(b)

  212   8,465
Endo International PLC(b)

  10,056   5,307
Enovis Corp.(b)

  905   60,038
Ensign Group, Inc. (The)

  927   75,245
Envista Holdings Corp.(b)

  2,931   126,150
Evolent Health, Inc., Class A(b)

  1,408   39,607
Exact Sciences Corp.(b)

  617   30,733
Exelixis, Inc.(b)

  3,397   62,267
FibroGen, Inc.(b)(c)

  668   6,573
Fulgent Genetics, Inc.(b)(c)

  144   7,849
Glaukos Corp.(b)

  189   7,717
Global Cord Blood Corp. (Hong Kong)(b)

  1,015   2,548
Globus Medical, Inc., Class A(b)

  1,012   67,399
Guardant Health, Inc.(b)(c)

  145   5,942
Haemonetics Corp.(b)

  874   55,289
Halozyme Therapeutics, Inc.(b)

  565   25,979
Hanger, Inc.(b)

  968   15,285
Health Catalyst, Inc.(b)

  83   1,216
HealthEquity, Inc.(b)(c)

  539   33,731
HealthStream, Inc.(b)

  488   9,941
Heska Corp.(b)(c)

  25   2,495
Horizon Therapeutics PLC(b)

  1,368   122,696
ICU Medical, Inc.(b)

  299   54,310
IDEXX Laboratories, Inc.(b)

  270   105,737
Incyte Corp.(b)

  1,113   84,466
Inmode Ltd.(b)

  212   5,684
Innoviva, Inc.(b)

  1,896   28,762
Inogen, Inc.(b)

  203   5,213
Inspire Medical Systems, Inc.(b)

  5   884
Insulet Corp.(b)

  127   27,112
Integer Holdings Corp.(b)

  595   47,469
Integra LifeSciences Holdings Corp.(b)(c)

  1,003   62,828
Invacare Corp.(b)(c)

  2,371   2,214
Ionis Pharmaceuticals, Inc.(b)

  1,901   69,425
iRhythm Technologies, Inc.(b)

  89   12,536
Ironwood Pharmaceuticals, Inc.(b)(c)

  1,307   14,730
Joint Corp. (The)(b)(c)

  22   367
Jounce Therapeutics, Inc.(b)

  69   267
Lannett Co., Inc.(b)

  3,173   1,650
Lantheus Holdings, Inc.(b)

  679   46,525
LeMaitre Vascular, Inc.

  144   6,584
LHC Group, Inc.(b)

  487   81,163
Ligand Pharmaceuticals, Inc.(b)(c)

  413   36,720
LivaNova PLC(b)

  412   28,045
Masimo Corp.(b)

  322   45,218
MEDNAX, Inc.(b)

  2,264   43,740
Medpace Holdings, Inc.(b)

  277   39,677
Meridian Bioscience, Inc.(b)(c)

  630   17,325
Merit Medical Systems, Inc.(b)

  693   42,543
Mesa Laboratories, Inc.

  40   8,370
MiMedx Group, Inc.(b)

  123   481
Moderna, Inc.(b)

  926   134,576
ModivCare, Inc.(b)

  401   38,267
Myriad Genetics, Inc.(b)(c)

  1,228   23,627
Natera, Inc.(b)(c)

  3   110
National HealthCare Corp.

  592   41,612
National Research Corp.

  138   4,953
Natus Medical, Inc.(b)

  731   23,969
Neogen Corp.(b)(c)

  610   16,141
NeoGenomics, Inc.(b)(c)

  524   4,412
  Shares   Value
Health Care-(continued)
Neurocrine Biosciences, Inc.(b)

  544   $50,859
Nevro Corp.(b)(c)

  70   3,051
NextGen Healthcare, Inc.(b)

  1,076   19,486
NGM Biopharmaceuticals, Inc.(b)(c)

  17   235
Novavax, Inc.(b)(c)

  154   8,521
Novocure Ltd.(b)(c)

  78   6,270
NuVasive, Inc.(b)(c)

  861   49,430
Omnicell, Inc.(b)

  384   42,685
OPKO Health, Inc.(b)(c)

  7,882   23,646
OptimizeRx Corp.(b)(c)

  14   358
Option Care Health, Inc.(b)

  1,952   59,263
OraSure Technologies, Inc.(b)(c)

  1,032   4,283
Organogenesis Holdings, Inc.(b)(c)

  43   241
Orthofix Medical, Inc.(b)

  426   11,711
OrthoPediatrics Corp.(b)

  28   1,293
Owens & Minor, Inc.(c)

  4,734   165,122
Pacific Biosciences of California, Inc.(b)(c)

  126   709
Pacira BioSciences, Inc.(b)(c)

  293   18,532
Patterson Cos., Inc.(c)

  2,380   75,184
Pennant Group, Inc. (The)(b)

  256   4,897
Penumbra, Inc.(b)

  72   10,578
Personalis, Inc.(b)

  26   103
PetIQ, Inc.(b)(c)

  416   7,139
Phibro Animal Health Corp., Class A

  814   15,637
Phreesia, Inc.(b)

  127   2,304
Premier, Inc., Class A

  2,237   83,686
Prestige Consumer Healthcare, Inc.(b)

  1,292   72,119
Progyny, Inc.(b)

  81   2,560
PTC Therapeutics, Inc.(b)

  40   1,175
Quanterix Corp.(b)

  25   422
QuidelOrtho Corp.(b)

  600   57,018
R1 RCM, Inc.(b)(c)

  629   13,505
RadNet, Inc.(b)(c)

  1,226   25,170
REGENXBIO, Inc.(b)

  74   1,557
Repligen Corp.(b)

  183   30,098
Sangamo Therapeutics, Inc.(b)(c)

  1,377   5,026
Sarepta Therapeutics, Inc.(b)(c)

  354   25,778
Seagen, Inc.(b)

  657   89,142
Select Medical Holdings Corp.

  3,824   93,114
Shockwave Medical, Inc.(b)

  1   164
SI-BONE, Inc.(b)

  12   179
Simulations Plus, Inc.(c)

  40   1,899
SmileDirectClub, Inc.(b)(c)

  5,984   8,437
STAAR Surgical Co.(b)

  42   2,769
Standard BioTools, Inc.(b)(c)

  595   1,125
Supernus Pharmaceuticals, Inc.(b)

  1,016   28,316
Surgalign Holdings, Inc.(b)

  94   447
Surgery Partners, Inc.(b)(c)

  521   20,423
SurModics, Inc.(b)

  114   4,472
Syneos Health, Inc.(b)

  1,650   121,918
Tabula Rasa HealthCare, Inc.(b)(c)

  196   713
Tactile Systems Technology, Inc.(b)

  85   864
Tandem Diabetes Care, Inc.(b)

  158   10,771
Taro Pharmaceutical Industries Ltd.(b)

  203   7,434
Teladoc Health, Inc.(b)

  548   18,681
Teleflex, Inc.

  346   99,558
Tivity Health, Inc.(b)

  889   28,804
Travere Therapeutics, Inc.(b)

  248   5,781
Ultragenyx Pharmaceutical, Inc.(b)

  16   750
United Therapeutics Corp.(b)

  740   170,452
US Physical Therapy, Inc.(c)

  157   17,677
Vanda Pharmaceuticals, Inc.(b)

  824   8,100
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Health Care-(continued)
Varex Imaging Corp.(b)(c)

  873   $20,114
Veeva Systems, Inc., Class A(b)

  399   67,934
Veracyte, Inc.(b)(c)

  200   3,516
Vericel Corp.(b)(c)

  88   2,389
West Pharmaceutical Services, Inc.

  388   120,427
Xencor, Inc.(b)(c)

  324   7,235
Zynex, Inc.(c)

  76   554
        5,679,566
Industrials-23.09%
AAON, Inc.

  364   19,503
AAR Corp.(b)

  1,217   58,684
ABM Industries, Inc.

  3,190   154,237
ACCO Brands Corp.

  6,456   48,678
Advanced Drainage Systems, Inc.

  588   64,392
Aerojet Rocketdyne Holdings, Inc.(b)

  1,850   75,369
AeroVironment, Inc.(b)(c)

  182   16,737
Air Transport Services Group, Inc.(b)

  2,950   89,149
Alamo Group, Inc.

  267   31,407
Alaska Air Group, Inc.(b)

  801   38,656
Albany International Corp., Class A(c)

  541   45,660
Allegiant Travel Co.(b)

  79   11,807
Allegion PLC

  1,129   126,053
Allison Transmission Holdings, Inc.

  3,692   147,717
Altra Industrial Motion Corp.(c)

  1,460   57,247
AMERCO

  221   108,286
Ameresco, Inc., Class A(b)(c)

  198   11,627
American Airlines Group, Inc.(b)(c)

  1,832   32,738
American Woodmark Corp.(b)

  541   28,175
API Group Corp.(b)

  4,691   81,858
Apogee Enterprises, Inc.

  1,217   50,627
Applied Industrial Technologies, Inc.

  1,023   105,788
ArcBest Corp.

  934   70,638
Arcosa, Inc.

  1,502   79,411
Argan, Inc.

  554   22,154
Armstrong World Industries, Inc.

  604   50,434
ASGN, Inc.(b)

  1,223   116,466
Astec Industries, Inc.(c)

  595   27,828
Astronics Corp.(b)

  1,423   14,942
Atkore, Inc.(b)

  796   86,700
Atlas Air Worldwide Holdings, Inc.(b)(c)

  2,020   140,814
Axon Enterprise, Inc.(b)

  256   25,948
AZZ, Inc.

  810   36,256
Barnes Group, Inc.

  1,298   46,767
Barrett Business Services, Inc.

  210   15,721
Beacon Roofing Supply, Inc.(b)(c)

  2,449   150,393
Bloom Energy Corp., Class A(b)(c)

  198   3,469
Boise Cascade Co.

  1,948   150,619
Brady Corp., Class A

  1,135   55,059
BrightView Holdings, Inc.(b)(c)

  2,119   27,547
Brink’s Co. (The)

  1,209   73,543
BWX Technologies, Inc.

  1,281   65,587
Casella Waste Systems, Inc., Class A(b)

  360   25,769
CBIZ, Inc.(b)

  1,390   56,934
Chart Industries, Inc.(b)(c)

  426   74,925
Cimpress PLC (Ireland)(b)

  1,084   47,241
CIRCOR International, Inc.(b)

  428   8,320
Clarivate PLC(b)(c)

  1,902   28,093
Clean Harbors, Inc.(b)

  1,201   112,173
Columbus McKinnon Corp.

  549   18,529
Comfort Systems USA, Inc.

  1,010   90,617
Construction Partners, Inc.(b)(c)

  796   18,300
Copart, Inc.(b)

  1,205   138,009
  Shares   Value
Industrials-(continued)
CoreCivic, Inc.(b)

  12,060   $155,212
Cornerstone Building Brands, Inc.(b)

  2,677   65,720
Costamare, Inc. (Monaco)

  2,832   40,271
CoStar Group, Inc.(b)

  1,888   115,055
CRA International, Inc.

  214   18,346
Crane Holdings Co.

  1,351   129,237
CSW Industrials, Inc.

  190   20,163
Curtiss-Wright Corp.

  1,012   143,684
Deluxe Corp.

  1,588   38,001
Distribution Solutions Group, Inc.(b)

  157   6,027
Donaldson Co., Inc.

  2,099   109,736
Douglas Dynamics, Inc.

  527   16,558
Ducommun, Inc., (Acquired 06/21/2019 - 05/24/2022; Cost $16,425)(b)(d)

  348   15,886
DXP Enterprises, Inc.(b)

  902   27,673
Dycom Industries, Inc.(b)

  1,146   106,704
Encore Wire Corp.(c)

  558   69,761
Energy Recovery, Inc.(b)

  207   4,183
Enerpac Tool Group Corp.

  833   16,260
EnerSys

  1,149   77,810
Ennis, Inc.

  932   16,916
EnPro Industries, Inc.

  580   55,541
Esab Corp.(b)(c)

  892   44,600
ESCO Technologies, Inc.

  405   26,653
Evoqua Water Technologies Corp.(b)

  1,357   48,296
Exponent, Inc.

  417   37,693
Federal Signal Corp.

  1,109   38,926
Flowserve Corp.

  3,340   105,210
Forrester Research, Inc.(b)

  191   9,995
Forward Air Corp.

  534   49,763
Franklin Electric Co., Inc.

  608   44,822
FTI Consulting, Inc.(b)

  928   155,904
FuelCell Energy, Inc.(b)

  3   12
Gates Industrial Corp. PLC(b)

  1,644   20,977
GATX Corp.

  1,154   124,574
Genco Shipping & Trading Ltd.

  1,646   41,562
Generac Holdings, Inc.(b)

  317   78,324
GEO Group, Inc. (The)(b)(c)

  20,551   146,118
Gibraltar Industries, Inc.(b)

  486   20,295
Global Industrial Co.

  328   11,241
GMS, Inc.(b)

  1,761   87,715
Gorman-Rupp Co. (The)

  353   10,516
Graco, Inc.

  1,541   97,545
GrafTech International Ltd.

  4,628   40,171
Granite Construction, Inc.(c)

  2,606   85,086
Great Lakes Dredge & Dock Corp.(b)

  1,710   25,137
Greenbrier Cos., Inc. (The)(c)

  1,897   78,934
Griffon Corp.

  2,239   71,805
H&E Equipment Services, Inc.

  1,336   47,628
Harsco Corp.(b)

  1,898   15,753
Healthcare Services Group, Inc.

  1,897   32,571
Heartland Express, Inc.

  1,613   23,034
HEICO Corp.(c)

  635   90,837
Heidrick & Struggles International, Inc.

  528   18,248
Helios Technologies, Inc.

  414   28,326
Herc Holdings, Inc.

  873   102,333
Heritage-Crystal Clean, Inc.(b)

  340   9,374
Hexcel Corp.

  2,013   115,647
Hillenbrand, Inc.(c)

  2,097   87,738
HNI Corp.

  1,609   61,351
Hub Group, Inc., Class A(b)

  1,334   97,355
Huron Consulting Group, Inc.(b)

  745   44,640
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Industrials-(continued)
Hyster-Yale Materials Handling, Inc.

  494   $18,253
IAA, Inc.(b)

  1,647   64,282
ICF International, Inc.

  604   61,735
IDEX Corp.

  730   139,832
IES Holdings, Inc.(b)(c)

  552   17,051
Insperity, Inc.

  1,274   127,489
Insteel Industries, Inc.

  488   20,208
Interface, Inc.

  2,366   34,047
ITT, Inc.

  1,510   111,468
JELD-WEN Holding, Inc.(b)

  3,019   56,848
JetBlue Airways Corp.(b)(c)

  2,782   29,879
John Bean Technologies Corp.

  456   55,518
Kadant, Inc.(c)

  182   33,688
Kaman Corp.

  626   22,667
KAR Auction Services, Inc.(b)(c)

  6,928   110,640
KBR, Inc.

  3,787   188,441
Kelly Services, Inc., Class A

  4,122   82,275
Kennametal, Inc.

  2,106   58,420
Kforce, Inc.

  748   49,129
Kimball International, Inc., Class B

  1,472   12,571
Kirby Corp.(b)

  2,152   145,325
Korn Ferry

  1,383   84,999
Kratos Defense & Security Solutions, Inc.(b)

  1,157   16,684
Landstar System, Inc.

  794   120,235
LB Foster Co., Class A(b)(c)

  682   8,955
Lennox International, Inc.

  412   86,067
Lincoln Electric Holdings, Inc.

  1,066   144,784
Lindsay Corp.

  122   15,372
Luxfer Holdings PLC (United Kingdom)

  471   7,866
Lyft, Inc., Class A(b)

  322   5,693
Manitowoc Co., Inc. (The)(b)

  1,707   22,225
ManTech International Corp., Class A

  1,092   104,450
Marten Transport Ltd.

  2,155   37,842
Masonite International Corp.(b)

  611   56,108
Matrix Service Co.(b)(c)

  2,059   12,416
Matson, Inc.

  1,380   124,034
Matthews International Corp., Class A

  1,370   44,333
Maxar Technologies, Inc.

  2,042   60,974
McGrath RentCorp

  531   43,654
Mercury Systems, Inc.(b)

  815   48,745
Meritor, Inc.(b)

  4,302   155,603
Middleby Corp. (The)(b)(c)

  767   116,170
MillerKnoll, Inc.

  1,882   56,836
Moog, Inc., Class A

  1,488   121,108
MRC Global, Inc.(b)

  7,265   81,295
MSA Safety, Inc.

  387   49,339
Mueller Industries, Inc.

  1,563   84,168
Mueller Water Products, Inc., Class A

  3,144   37,508
MYR Group, Inc.(b)

  612   56,065
National Presto Industries, Inc.

  145   9,801
NN, Inc.(b)

  2,126   5,953
Nordson Corp.

  590   128,549
NOW, Inc.(b)

  6,182   68,249
NV5 Global, Inc.(b)(c)

  197   24,266
nVent Electric PLC

  4,593   162,592
Omega Flex, Inc.

  41   4,532
Park Aerospace Corp.(c)

  562   6,845
Park-Ohio Holdings Corp.(c)

  606   9,441
Parsons Corp.(b)

  2,871   112,084
PGT Innovations, Inc.(b)

  1,107   22,251
Pitney Bowes, Inc.

  10,001   46,805
Powell Industries, Inc.

  458   12,311
  Shares   Value
Industrials-(continued)
Primoris Services Corp.

  2,907   $70,582
Proto Labs, Inc.(b)(c)

  353   17,011
Quanex Building Products Corp.

  1,168   23,757
RBC Bearings, Inc.(b)

  253   47,157
Regal Rexnord Corp.

  1,083   135,321
Resideo Technologies, Inc.(b)

  4,128   97,503
Resources Connection, Inc.

  1,578   29,146
REV Group, Inc.

  1,200   14,724
Rollins, Inc.

  3,066   108,720
Saia, Inc.(b)

  316   62,438
Shyft Group, Inc. (The)

  431   9,564
Simpson Manufacturing Co., Inc.

  668   72,378
SiteOne Landscape Supply, Inc.(b)

  384   51,560
SkyWest, Inc.(b)

  753   20,301
SP Plus Corp.(b)

  1,009   32,248
Spirit AeroSystems Holdings, Inc., Class A

  1,717   53,948
Spirit Airlines, Inc.(b)

  620   12,989
SPX Corp.(b)

  697   35,080
Standex International Corp.

  276   25,696
Steelcase, Inc., Class A(c)

  6,819   83,601
Stericycle, Inc.(b)(c)

  1,605   81,133
Sunrun, Inc.(b)(c)

  471   12,303
Team, Inc.(b)

  2,592   3,059
Tennant Co.

  409   25,456
Terex Corp.

  1,976   69,931
Tetra Tech, Inc.

  949   128,087
Textainer Group Holdings Ltd. (China)

  2,558   82,982
Thermon Group Holdings, Inc.(b)

  868   13,662
Timken Co. (The)

  1,882   114,934
Titan Machinery, Inc.(b)

  1,175   31,032
Toro Co. (The)

  1,248   102,948
TPI Composites, Inc.(b)(c)

  603   8,315
Trex Co., Inc.(b)(c)

  397   25,297
TriNet Group, Inc.(b)

  1,158   90,949
Triumph Group, Inc.(b)

  591   9,042
TrueBlue, Inc.(b)

  2,179   47,982
Tutor Perini Corp.(b)

  6,217   63,040
UFP Industries, Inc.

  1,645   126,994
UniFirst Corp.

  431   70,443
United Airlines Holdings, Inc.(b)

  2,865   136,460
Universal Logistics Holdings, Inc.

  422   11,770
Upwork, Inc.(b)(c)

  273   4,982
Valmont Industries, Inc.

  434   111,430
Veritiv Corp.(b)

  2,447   355,671
Vertiv Holdings Co.

  1,842   20,244
Viad Corp.(b)

  356   10,723
Vicor Corp.(b)

  87   5,855
Wabash National Corp.(c)

  3,070   47,125
Watts Water Technologies, Inc., Class A

  525   68,686
Welbilt, Inc.(b)

  1,276   30,203
Werner Enterprises, Inc.

  2,113   85,724
WillScot Mobile Mini Holdings Corp.(b)

  1,863   66,565
Woodward, Inc.

  995   101,102
Zurn Water Solutions Corp.

  1,687   48,619
        13,882,499
Information Technology-13.66%
3D Systems Corp.(b)(c)

  690   7,459
8x8, Inc.(b)

  268   1,943
A10 Networks, Inc.

  1,024   15,780
ACI Worldwide, Inc.(b)

  1,764   46,993
ACM Research, Inc., Class A(b)

  134   2,031
ADTRAN, Inc.

  840   15,565
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Information Technology-(continued)
Advanced Energy Industries, Inc.

  471   $38,368
Agilysys, Inc.(b)

  113   4,618
Alarm.com Holdings, Inc.(b)

  276   17,451
Alpha & Omega Semiconductor Ltd.(b)(c)

  527   23,151
Altair Engineering, Inc., Class A(b)(c)

  259   14,235
Alteryx, Inc., Class A(b)

  294   16,361
Ambarella, Inc.(b)

  150   12,783
Amkor Technology, Inc.(c)

  7,424   151,747
Anaplan, Inc.(b)

  181   11,874
AppFolio, Inc., Class A(b)(c)

  89   8,916
Appian Corp.(b)(c)

  87   4,156
Applied Optoelectronics, Inc.(b)(c)

  704   1,668
Arlo Technologies, Inc.(b)

  1,174   8,312
Aspen Technology, Inc.(b)(c)

  181   35,022
AudioCodes Ltd. (Israel)(c)

  249   5,717
Avalara, Inc.(b)

  160   13,547
Avaya Holdings Corp.(b)(c)

  3,805   14,040
Avid Technology, Inc.(b)

  143   4,188
Axcelis Technologies, Inc.(b)

  555   34,443
Badger Meter, Inc.

  265   20,972
Belden, Inc.

  1,428   82,224
Benchmark Electronics, Inc.

  2,313   58,958
Benefitfocus, Inc.(b)

  385   3,504
Black Knight, Inc.(b)

  1,417   96,228
Blackbaud, Inc.(b)(c)

  560   35,644
Blackline, Inc.(b)(c)

  149   10,910
Box, Inc., Class A(b)

  1,354   35,353
Brightcove, Inc.(b)

  385   2,710
CalAmp Corp.(b)(c)

  685   4,973
Calix, Inc.(b)

  269   9,937
Cambium Networks Corp.(b)(c)

  35   500
Cantaloupe, Inc.(b)

  223   1,169
Casa Systems, Inc.(b)

  806   3,546
CDK Global, Inc.

  1,167   63,555
Cerence, Inc.(b)(c)

  545   17,309
Ceridian HCM Holding, Inc.(b)

  553   31,134
CEVA, Inc.(b)

  208   7,503
ChannelAdvisor Corp.(b)

  281   3,836
Ciena Corp.(b)

  3,062   155,611
Cirrus Logic, Inc.(b)

  1,183   96,462
Cloudflare, Inc., Class A(b)

  260   14,560
CMC Materials, Inc.

  501   88,647
Cognex Corp.

  1,284   62,171
Coherent, Inc.(b)

  218   59,069
Cohu, Inc.(b)

  615   18,714
CommVault Systems, Inc.(b)

  495   30,200
Comtech Telecommunications Corp.

  1,015   12,698
Conduent, Inc.(b)

  13,940   73,882
Consensus Cloud Solutions, Inc.(b)

  273   13,112
Coupa Software, Inc.(b)(c)

  87   5,985
Crowdstrike Holdings, Inc., Class A(b)(c)

  248   39,678
CSG Systems International, Inc.

  1,005   62,501
CTS Corp.(c)

  605   24,605
Daktronics, Inc.(b)(c)

  2,111   7,051
Datadog, Inc., Class A(b)

  317   30,239
Diebold Nixdorf, Inc.(b)

  3,117   9,694
Digi International, Inc.(b)

  770   17,017
Digimarc Corp.(b)(c)

  5   86
Digital Turbine, Inc.(b)(c)

  131   3,331
Diodes, Inc.(b)

  1,046   80,552
DocuSign, Inc.(b)

  533   44,724
Dolby Laboratories, Inc., Class A

  1,579   122,562
  Shares   Value
Information Technology-(continued)
Dropbox, Inc., Class A(b)

  5,622   $117,162
Dynatrace, Inc.(b)

  414   15,595
Ebix, Inc.

  768   22,387
Elastic N.V.(b)

  112   6,905
Enphase Energy, Inc.(b)

  295   54,926
Entegris, Inc.

  948   105,190
Envestnet, Inc.(b)(c)

  686   45,701
EPAM Systems, Inc.(b)

  236   79,891
ePlus, Inc.(b)

  737   41,817
Euronet Worldwide, Inc.(b)(c)

  907   109,892
Everbridge, Inc.(b)

  83   3,429
EVERTEC, Inc.

  662   25,116
Evo Payments, Inc., Class A(b)

  203   4,679
ExlService Holdings, Inc.(b)

  525   74,650
Extreme Networks, Inc.(b)

  1,911   18,957
F5, Inc.(b)

  875   142,660
Fabrinet (Thailand)(b)

  731   63,502
Fair Isaac Corp.(b)

  245   100,340
FARO Technologies, Inc.(b)

  190   6,122
Fastly, Inc., Class A(b)(c)

  257   3,354
First Solar, Inc.(b)

  2,019   142,562
Five9, Inc.(b)

  83   8,027
FormFactor, Inc.(b)

  1,184   48,615
Genpact Ltd.

  3,497   155,162
Grid Dynamics Holdings, Inc.(b)(c)

  665   11,977
Guidewire Software, Inc.(b)(c)

  614   49,083
Hackett Group, Inc. (The)

  618   12,663
Harmonic, Inc.(b)(c)

  1,897   18,268
HubSpot, Inc.(b)

  69   23,301
Ichor Holdings Ltd.(b)

  396   11,975
II-VI Incorporated(b)(c)

  1,857   116,063
Impinj, Inc.(b)

  73   3,417
Infinera Corp.(b)

  1,766   10,119
Inseego Corp.(b)(c)

  537   1,106
InterDigital, Inc.(c)

  656   42,830
IPG Photonics Corp.(b)

  411   43,356
Itron, Inc.(b)

  633   32,669
Jack Henry & Associates, Inc.

  953   179,278
Knowles Corp.(b)(c)

  2,518   48,396
Kulicke & Soffa Industries, Inc. (Singapore)(c)

  941   50,974
Lattice Semiconductor Corp.(b)

  537   27,935
Lesaka Technologies, Inc. (South Africa)(b)

  490   2,558
Limelight Networks, Inc.(b)

  2,728   9,875
Littelfuse, Inc.

  341   92,138
LivePerson, Inc.(b)(c)

  154   2,584
LiveRamp Holdings, Inc.(b)

  1,080   27,648
Lumentum Holdings, Inc.(b)

  1,677   144,356
MACOM Technology Solutions Holdings, Inc.(b)

  338   18,424
MagnaChip Semiconductor Corp. (South Korea)(b)

  541   10,550
Mandiant, Inc.(b)

  1,557   34,332
Manhattan Associates, Inc.(b)

  278   33,619
Marathon Digital Holdings, Inc.(b)(c)

  36   368
Maximus, Inc.

  1,501   97,400
MaxLinear, Inc.(b)

  537   21,260
Methode Electronics, Inc.

  901   40,590
MicroStrategy, Inc., Class A(b)(c)

  87   23,028
MiX Telematics Ltd., ADR (South Africa)

  221   2,290
MKS Instruments, Inc.

  666   82,251
Model N, Inc.(b)(c)

  137   3,447
Momentive Global, Inc.(b)

  736   8,964
MongoDB, Inc.(b)

  20   4,743
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Information Technology-(continued)
Monolithic Power Systems, Inc.

  193   $86,925
N-able, Inc.(b)

  558   5,580
National Instruments Corp.

  2,445   86,357
NETGEAR, Inc.(b)

  1,239   23,603
NetScout Systems, Inc.(b)

  3,212   110,268
New Relic, Inc.(b)

  341   15,979
nLight, Inc.(b)

  316   3,877
Novanta, Inc.(b)(c)

  211   25,945
Nutanix, Inc., Class A(b)

  766   12,409
Okta, Inc.(b)

  130   10,797
OneSpan, Inc.(b)

  402   5,318
Onto Innovation, Inc.(b)

  721   57,954
Opera Ltd., ADR (Norway)(b)

  2,969   15,854
OSI Systems, Inc.(b)

  527   44,226
PagerDuty, Inc.(b)

  266   6,557
PAR Technology Corp.(b)(c)

  34   1,278
Paya Holdings, Inc., Class A(b)

  153   901
Paycom Software, Inc.(b)

  141   40,092
Paylocity Holding Corp.(b)

  136   23,781
PC Connection, Inc.

  1,134   50,701
PDF Solutions, Inc.(b)

  384   9,178
Pegasystems, Inc.

  151   7,481
Perficient, Inc.(b)

  388   37,989
Photronics, Inc.(b)

  3,003   65,285
Ping Identity Holding Corp.(b)(c)

  386   7,295
Plantronics, Inc.(b)

  1,138   44,928
Plexus Corp.(b)

  975   82,680
Power Integrations, Inc.

  545   45,987
Progress Software Corp.

  828   40,001
PROS Holdings, Inc.(b)

  154   4,203
PTC, Inc.(b)

  570   66,422
Pure Storage, Inc., Class A(b)

  3,867   91,764
Q2 Holdings, Inc.(b)(c)

  149   7,857
Qualys, Inc.(b)

  463   60,505
Rambus, Inc.(b)(c)

  2,315   58,107
Rapid7, Inc.(b)(c)

  117   8,292
Repay Holdings Corp.(b)(c)

  1,746   21,738
Ribbon Communications, Inc.(b)

  3,255   9,212
RingCentral, Inc., Class A(b)

  125   7,893
Rogers Corp.(b)

  252   66,876
Sabre Corp.(b)(c)

  2,190   16,447
SailPoint Technologies Holding, Inc.(b)

  392   24,868
ScanSource, Inc.(b)

  2,565   99,368
Semtech Corp.(b)

  810   51,913
Silicon Laboratories, Inc.(b)

  431   64,288
SiTime Corp.(b)(c)

  37   7,881
SMART Global Holdings, Inc.(b)(c)

  1,011   24,921
Smartsheet, Inc., Class A(b)

  251   8,948
SolarEdge Technologies, Inc.(b)

  247   67,379
SolarWinds Corp.

  688   8,008
Splunk, Inc.(b)

  588   60,305
Sprout Social, Inc., Class A(b)

  77   3,922
SPS Commerce, Inc.(b)

  257   27,509
StoneCo Ltd., Class A (Brazil)(b)(c)

  495   4,970
Stratasys Ltd.(b)(c)

  1,347   26,859
SunPower Corp.(b)(c)

  43   760
Super Micro Computer, Inc.(b)

  1,991   99,669
Switch, Inc., Class A

  1,778   60,008
Synaptics, Inc.(b)

  485   71,838
Teledyne Technologies, Inc.(b)

  372   150,716
Tenable Holdings, Inc.(b)(c)

  252   12,676
Teradata Corp.(b)

  1,850   71,096
  Shares   Value
Information Technology-(continued)
Trade Desk, Inc. (The), Class A(b)

  1,004   $52,258
TTEC Holdings, Inc.

  265   17,872
TTM Technologies, Inc.(b)

  5,622   80,338
Tucows, Inc., Class A(b)

  89   4,309
Tufin Software Technologies Ltd. (Israel)(b)

  115   1,457
Twilio, Inc., Class A(b)

  424   44,592
Tyler Technologies, Inc.(b)

  201   71,520
Ultra Clean Holdings, Inc.(b)

  691   23,190
Universal Display Corp.

  199   25,136
Upland Software, Inc.(b)

  248   3,269
Varonis Systems, Inc.(b)

  112   3,704
Veeco Instruments, Inc.(b)(c)

  759   16,265
Velodyne Lidar, Inc.(b)

  24   41
Verint Systems, Inc.(b)

  1,888   96,364
Verra Mobility Corp.(b)(c)

  1,202   19,172
ViaSat, Inc.(b)

  2,603   102,792
Viavi Solutions, Inc.(b)

  3,280   47,462
Vishay Intertechnology, Inc.

  4,287   87,626
Vonage Holdings Corp.(b)

  2,727   52,822
WEX, Inc.(b)

  738   125,667
Wolfspeed, Inc.(b)(c)

  528   39,721
Workiva, Inc.(b)

  87   6,352
Xperi Holding Corp.

  3,309   54,466
Yext, Inc.(b)(c)

  596   3,028
Zendesk, Inc.(b)

  198   18,107
Zoom Video Communications, Inc., Class A(b)

  416   44,699
Zscaler, Inc.(b)

  78   11,941
Zuora, Inc., Class A(b)

  557   5,648
        8,210,222
Materials-7.02%
AdvanSix, Inc.

  1,216   56,337
Allegheny Technologies, Inc.(b)(c)

  4,615   126,913
American Vanguard Corp.(c)

  876   21,620
AptarGroup, Inc.

  958   102,592
Arconic Corp.(b)

  2,601   73,166
Ashland Global Holdings, Inc.

  1,612   172,516
Avient Corp.

  2,104   103,517
Axalta Coating Systems Ltd.(b)

  4,218   114,561
Balchem Corp.

  334   41,560
Cabot Corp.

  1,793   135,569
Carpenter Technology Corp.(c)

  2,045   72,045
Century Aluminum Co.(b)

  1,762   20,792
Chase Corp.

  124   10,018
Clearwater Paper Corp.(b)

  1,754   60,250
Cleveland-Cliffs, Inc.(b)

  4,965   115,089
Coeur Mining, Inc.(b)

  3,515   13,673
Compass Minerals International, Inc.

  954   42,863
Eagle Materials, Inc.

  732   95,570
Element Solutions, Inc.

  4,066   86,565
Ferroglobe PLC(b)

  3,666   26,322
GCP Applied Technologies, Inc.(b)(c)

  996   30,996
Glatfelter Corp.(c)

  2,238   19,292
Gold Resource Corp.

  2,587   4,527
Greif, Inc., Class A

  2,201   130,893
H.B. Fuller Co.(c)

  1,478   105,056
Hawkins, Inc.

  558   20,177
Haynes International, Inc.

  492   18,819
Hecla Mining Co.

  6,794   32,068
Ingevity Corp.(b)

  801   55,814
Innospec, Inc.

  534   54,484
Intrepid Potash, Inc.(b)(c)

  347   22,857
Kaiser Aluminum Corp.

  514   52,515
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Materials-(continued)
Koppers Holdings, Inc.

  1,064   $28,834
Livent Corp.(b)(c)

  952   30,264
Louisiana-Pacific Corp.

  2,368   163,534
Materion Corp.

  529   43,367
Mercer International, Inc. (Germany)

  1,838   27,147
Mesabi Trust

  212   5,773
Minerals Technologies, Inc.

  1,007   66,724
Myers Industries, Inc.

  820   19,516
Neenah, Inc.

  620   23,504
NewMarket Corp.

  216   71,176
O-I Glass, Inc.(b)(c)

  8,618   141,766
Orion Engineered Carbons S.A. (Germany)

  1,928   37,230
Quaker Chemical Corp.(c)

  196   30,654
Ranpak Holdings Corp.(b)(c)

  932   11,613
Rayonier Advanced Materials, Inc.(b)

  5,962   22,954
Resolute Forest Products, Inc.

  3,453   49,930
Royal Gold, Inc.

  797   90,125
Schnitzer Steel Industries, Inc., Class A(c)

  947   38,467
Schweitzer-Mauduit International, Inc., Class A

  1,096   29,724
Scotts Miracle-Gro Co. (The)

  595   56,299
Sealed Air Corp.

  2,705   168,197
Sensient Technologies Corp.

  775   67,766
Silgan Holdings, Inc.

  2,704   118,462
Stepan Co.

  520   58,297
Summit Materials, Inc., Class A(b)

  2,927   79,936
SunCoke Energy, Inc.

  7,608   61,549
TimkenSteel Corp.(b)

  2,193   50,658
Tredegar Corp.(c)

  2,255   27,308
TriMas Corp.

  1,216   34,267
Trinseo PLC

  1,409   66,632
Tronox Holdings PLC, Class A

  3,602   64,872
Valvoline, Inc.

  2,794   93,487
Venator Materials PLC(b)

  4,965   12,611
Warrior Met Coal, Inc.

  3,184   107,046
Westlake Corp.(c)

  969   128,015
Worthington Industries, Inc.(c)

  1,149   53,589
        4,220,329
Real Estate-4.51%
Alexander & Baldwin, Inc.

  1,343   27,397
Alexander’s, Inc.

  51   12,355
American Homes 4 Rent, Class A

  2,850   105,336
Americold Realty Trust(c)

  2,836   78,529
Armada Hoffler Properties, Inc.

  2,334   32,163
Camden Property Trust

  1,010   144,925
CatchMark Timber Trust, Inc., Class A

  1,024   12,073
Centerspace

  399   33,109
Community Healthcare Trust, Inc.

  268   10,098
Corporate Office Properties Trust

  2,556   70,648
CubeSmart

  1,631   72,628
Cushman & Wakefield PLC(b)(c)

  7,344   137,112
Diversified Healthcare Trust

  22,560   51,211
Douglas Elliman, Inc.

  1,641   9,436
EastGroup Properties, Inc.

  363   58,643
Empire State Realty Trust, Inc., Class A(c)

  6,108   48,864
Equity LifeStyle Properties, Inc.

  1,512   114,458
eXp World Holdings, Inc.(c)

  608   8,494
Forestar Group, Inc.(b)

  189   3,134
Franklin Street Properties Corp.

  4,690   21,199
Gaming and Leisure Properties, Inc.

  3,545   165,977
Gladstone Commercial Corp.

  747   15,157
Healthcare Realty Trust, Inc.

  2,582   75,059
Highwoods Properties, Inc.

  2,634   103,490
  Shares   Value
Real Estate-(continued)
Independence Realty Trust, Inc.

  1,714   $40,296
Lamar Advertising Co., Class A

  1,482   145,162
Life Storage, Inc.

  664   77,529
Marcus & Millichap, Inc.

  352   14,742
National Storage Affiliates Trust

  1,154   60,527
Newmark Group, Inc., Class A

  5,849   64,748
Office Properties Income Trust(c)

  2,592   55,235
Outfront Media, Inc.

  3,578   73,814
Piedmont Office Realty Trust, Inc., Class A

  4,803   70,796
PotlatchDeltic Corp.

  1,152   60,434
PS Business Parks, Inc.

  518   97,192
Rayonier, Inc.

  1,931   79,596
RE/MAX Holdings, Inc., Class A

  425   10,327
Realogy Holdings Corp.(b)(c)

  8,037   99,498
Redfin Corp.(b)(c)

  360   3,528
RMR Group, Inc. (The), Class A

  557   16,721
Saul Centers, Inc.

  539   26,443
St. Joe Co. (The)

  261   13,178
Sun Communities, Inc.

  562   92,241
Tanger Factory Outlet Centers, Inc.

  2,917   51,077
UMH Properties, Inc.

  1,167   22,978
Uniti Group, Inc.

  5,090   57,721
Universal Health Realty Income Trust

  142   7,621
Urstadt Biddle Properties, Inc., Class A

  1,415   24,904
Zillow Group, Inc., Class C(b)(c)

  798   31,840
        2,709,643
Utilities-4.18%
ALLETE, Inc.

  1,609   99,790
American States Water Co.

  470   37,248
Avangrid, Inc.

  2,405   114,454
Avista Corp.

  2,338   101,563
Black Hills Corp.

  2,026   155,313
California Water Service Group(c)

  811   43,526
Chesapeake Utilities Corp.

  315   42,075
Hawaiian Electric Industries, Inc.

  3,419   147,598
IDACORP, Inc.

  1,281   139,655
MGE Energy, Inc.

  603   47,860
Middlesex Water Co.

  192   16,326
National Fuel Gas Co.

  2,825   207,722
New Jersey Resources Corp.

  2,543   116,775
Northwest Natural Holding Co.

  1,036   56,244
NorthWestern Corp.

  1,699   104,098
ONE Gas, Inc.

  1,173   102,074
Ormat Technologies, Inc.(c)

  950   79,762
Otter Tail Corp.

  1,072   70,098
PNM Resources, Inc.

  2,398   113,977
Portland General Electric Co.

  3,141   154,694
SJW Group

  681   42,120
South Jersey Industries, Inc.

  3,562   124,136
Southwest Gas Holdings, Inc.

  2,439   227,144
Spire, Inc.

  1,858   145,481
Unitil Corp.

  416   24,049
        2,513,782
Total Common Stocks & Other Equity Interests

(Cost $61,243,747)

  60,026,326
 
See accompanying notes which are an integral part of this schedule.

Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
May 31, 2022
(Unaudited)
  Shares   Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.67%(e)(f)

(Cost $30,761)

  30,761   $30,761
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $61,274,508)

  60,057,087
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.55%
Invesco Private Government Fund, 0.74%(e)(f)(g)

  2,983,683   2,983,683
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.87%(e)(f)(g)

  6,961,231   $6,961,928
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $9,944,981)

  9,945,611
TOTAL INVESTMENTS IN SECURITIES-116.45%

(Cost $71,219,489)

  70,002,698
OTHER ASSETS LESS LIABILITIES-(16.45)%

  (9,888,660)
NET ASSETS-100.00%

  $60,114,038
 
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at May 31, 2022.
(d) Restricted security. The aggregate value of these securities at May 31, 2022 was $37,392, which represented less than 1% of the Fund’s Net Assets.
(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended May 31, 2022.
    
  Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
May 31, 2022
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $34,048   $1,394,207   $(1,397,494)   $-   $-   $30,761   $40
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 731,400   9,018,583   (6,766,300)   -   -   2,983,683   2,831*
Invesco Private Prime Fund 1,892,831   17,241,005   (12,171,325)   630   (1,213)   6,961,928   8,231*
Total $2,658,279   $27,653,795   $(20,335,119)   $630   $(1,213)   $9,976,372   $11,102
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of May 31, 2022.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Notes to Quarterly Schedules of Portfolio Holdings
May 31, 2022
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is  a summary of the tiered valuation input levels, as of May 31, 2022, for each Fund (except for Defensive Equity ETF). As of May 31, 2022, 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 $402,759,533   $-   $-   $402,759,533
Money Market Funds 222,981   32,524,840   -   32,747,821
Total Investments $402,982,514   $32,524,840   $-   $435,507,354
Invesco RAFITM Strategic Emerging Markets ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $36,401,301   $-   $18,398   $36,419,699
Money Market Funds -   1,254,344   -   1,254,344
Total Investments $36,401,301   $1,254,344   $18,398   $37,674,043
Invesco RAFITM Strategic US ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $127,979,524   $-   $-   $127,979,524
Money Market Funds 20,809   1,054,608   -   1,075,417
Total Investments $128,000,333   $1,054,608   $-   $129,054,941
Invesco RAFITM Strategic US Small Company ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $60,026,326   $-   $-   $60,026,326
Money Market Funds 30,761   9,945,611   -   9,976,372
Total Investments $60,057,087   $9,945,611   $-   $70,002,698