NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)
Invesco Bloomberg Pricing Power ETF (POWA)
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-1.85%
Meta Platforms, Inc., Class A
 
5,193
$3,362,416
Consumer Discretionary-13.18%
AutoZone, Inc.(b)
 
1,079
4,027,950
Best Buy Co., Inc.(c)
 
40,104
2,658,093
Home Depot, Inc. (The)
 
9,252
3,407,419
Lowe’s Cos., Inc.
 
14,831
3,347,802
O’Reilly Automotive, Inc.(b)(c)
 
2,825
3,863,187
Tractor Supply Co.(c)
 
63,230
3,060,332
Yum! Brands, Inc.
 
24,669
3,550,856
 
 
23,915,639
Consumer Staples-18.74%
Archer-Daniels-Midland Co.
 
79,459
3,835,486
Bunge Global S.A.
 
52,134
4,074,272
Coca-Cola Co. (The)
 
52,210
3,764,341
Costco Wholesale Corp.
 
3,452
3,590,701
Dollar Tree, Inc.(b)(c)
 
48,380
4,366,779
Kroger Co. (The)
 
55,897
3,813,852
PepsiCo, Inc.
 
25,088
3,297,818
Sysco Corp.
 
51,751
3,777,823
Walmart, Inc.
 
35,217
3,476,622
 
 
33,997,694
Financials-1.98%
MSCI, Inc.
 
6,362
3,588,295
Health Care-19.50%
Boston Scientific Corp.(b)
 
34,622
3,644,312
Cardinal Health, Inc.
 
28,866
4,458,065
Cencora, Inc.
 
14,910
4,342,388
Cooper Cos., Inc. (The)(b)(c)
 
42,312
2,889,063
IQVIA Holdings, Inc.(b)
 
18,614
2,612,103
McKesson Corp.
 
6,072
4,368,865
Mettler-Toledo International, Inc.(b)(c)
 
2,805
3,241,234
Regeneron Pharmaceuticals, Inc.
 
5,334
2,615,153
Zimmer Biomet Holdings, Inc.
 
35,399
3,262,726
Zoetis, Inc.
 
23,353
3,938,016
 
 
35,371,925
Industrials-27.10%
AMETEK, Inc.
 
19,372
3,462,551
Cummins, Inc.
 
9,464
3,042,487
Dover Corp.
 
17,834
3,169,993
Fastenal Co.(c)
 
96,826
4,002,787
Ferguson Enterprises, Inc.(c)
 
20,100
3,665,034
HEICO Corp.(c)
 
16,451
4,929,378
Otis Worldwide Corp.
 
37,218
3,548,736
Quanta Services, Inc.
 
12,555
4,300,841
Republic Services, Inc.
 
15,931
4,098,887
Rollins, Inc.
 
72,076
4,126,351
 
Shares
Value
Industrials-(continued)
Snap-on, Inc.(c)
 
10,684
$3,426,893
Waste Management, Inc.
 
16,014
3,858,894
Xylem, Inc.
 
28,083
3,539,581
 
 
49,172,413
Information Technology-11.82%
Accenture PLC, Class A (Ireland)
 
9,359
2,965,118
Autodesk, Inc.(b)
 
12,232
3,622,140
Jabil, Inc.(c)
 
21,690
3,644,137
Microsoft Corp.
 
8,821
4,060,836
ServiceNow, Inc.(b)
 
3,716
3,757,210
Synopsys, Inc.(b)
 
7,320
3,396,334
 
 
21,445,775
Materials-1.64%
DuPont de Nemours, Inc.
 
44,392
2,965,386
Real Estate-4.05%
Equinix, Inc.
 
3,892
3,459,287
Iron Mountain, Inc.(c)
 
39,395
3,888,681
 
 
7,347,968
Total Common Stocks & Other Equity Interests
(Cost $166,045,624)
181,167,511
Money Market Funds-0.02%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(d)(e)
(Cost $36,741)
 
36,741
36,741
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.88%
(Cost $166,082,365)
181,204,252
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-10.96%
Invesco Private Government Fund,
4.29%(d)(e)(f)
 
5,463,074
5,463,074
Invesco Private Prime Fund, 4.45%(d)(e)(f)
 
14,424,371
14,427,256
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $19,890,330)
19,890,330
TOTAL INVESTMENTS IN SECURITIES-110.84%
(Cost $185,972,695)
201,094,582
OTHER ASSETS LESS LIABILITIES-(10.84)%
(19,667,754
)
NET ASSETS-100.00%
$181,426,828
See accompanying notes which are an integral part of this schedule.
Invesco Bloomberg Pricing Power ETF (POWA)—(continued)
May 31, 2025
(Unaudited)
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, 2025.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended May 31, 2025.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$24,059
$2,773,066
$(2,760,384
)
$-
$-
$36,741
$3,242
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
6,377,367
130,169,081
(131,083,374
)
-
-
5,463,074
229,680
*
Invesco Private Prime Fund
16,604,083
251,969,615
(254,142,517
)
(883
)
(3,042
)
14,427,256
616,378
*
Total
$23,005,509
$384,911,762
$(387,986,275
)
$(883
)
$(3,042
)
$19,927,071
$849,300
 
*
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, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco RAFITM Strategic US ETF (IUS)
May 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.74%
Communication Services-13.44%
Alphabet, Inc., Class A
 
131,773
$22,630,695
Angi, Inc.(b)(c)
 
1,573
24,617
AT&T, Inc.
 
375,877
10,449,381
Charter Communications, Inc., Class A(b)
 
5,529
2,190,977
Comcast Corp., Class A
 
166,074
5,741,178
EchoStar Corp., Class A(b)(c)
 
15,365
272,422
Electronic Arts, Inc.
 
3,940
566,493
Fox Corp., Class A(c)
 
21,283
1,169,288
Frontier Communications Parent, Inc.(b)
 
6,361
230,459
IAC, Inc.(b)
 
2,998
107,808
Interpublic Group of Cos., Inc. (The)
 
10,309
247,004
Liberty Broadband Corp., Class C(b)(c)
 
4,383
411,125
Liberty Media Corp.-Liberty Formula One(b)(c)
 
2,492
240,553
Live Nation Entertainment, Inc.(b)
 
2,176
298,525
Lumen Technologies, Inc.(b)(c)
 
353,765
1,386,759
Meta Platforms, Inc., Class A
 
24,608
15,933,434
Netflix, Inc.(b)
 
2,478
2,991,516
News Corp., Class A
 
13,470
380,393
Nexstar Media Group, Inc., Class A
 
1,577
268,752
Omnicom Group, Inc.
 
4,329
317,922
Paramount Global, Class B
 
61,658
746,062
Pinterest, Inc., Class A(b)
 
4,671
145,315
Take-Two Interactive Software, Inc.(b)
 
1,344
304,120
TEGNA, Inc.
 
12,104
202,379
Telephone and Data Systems, Inc.(c)
 
10,026
344,493
T-Mobile US, Inc.
 
10,645
2,578,219
Verizon Communications, Inc.
 
170,814
7,508,983
Walt Disney Co. (The)
 
31,481
3,558,612
Warner Bros. Discovery, Inc.(b)
 
181,308
1,807,641
 
 
83,055,125
Consumer Discretionary-11.70%
Academy Sports & Outdoors, Inc.(c)
 
3,169
129,644
Adient PLC(b)(c)
 
8,049
125,484
Advance Auto Parts, Inc.(c)
 
2,976
142,640
Airbnb, Inc., Class A(b)
 
5,954
768,066
Amazon.com, Inc.(b)
 
64,583
13,240,161
Aptiv PLC (Jersey)(b)
 
6,431
429,655
Aramark(c)
 
8,434
341,577
Asbury Automotive Group, Inc.(b)(c)
 
1,056
240,673
Autoliv, Inc. (Sweden)(c)
 
2,144
220,446
AutoNation, Inc.(b)(c)
 
1,991
366,045
AutoZone, Inc.(b)
 
271
1,011,654
Best Buy Co., Inc.
 
9,828
651,400
Booking Holdings, Inc.
 
521
2,875,363
BorgWarner, Inc.
 
10,098
334,143
Brunswick Corp.(c)
 
2,466
124,829
Burlington Stores, Inc.(b)(c)
 
991
226,216
Caesars Entertainment, Inc., (Acquired
06/17/2022 - 05/20/2025;
Cost $339,735)(b)(c)(d)
 
8,060
216,653
Capri Holdings Ltd.(b)(c)
 
6,051
109,644
CarMax, Inc.(b)(c)
 
5,972
384,955
Carnival Corp.(b)
 
29,675
689,053
Chipotle Mexican Grill, Inc.(b)
 
5,330
266,926
Coupang, Inc. (South Korea)(b)
 
13,760
385,968
D.R. Horton, Inc.
 
6,593
778,370
Dana, Inc.(c)
 
12,362
205,580
Darden Restaurants, Inc.
 
2,459
526,742
Deckers Outdoor Corp.(b)
 
1,139
120,187
Dick’s Sporting Goods, Inc.
 
1,929
345,947
DoorDash, Inc., Class A(b)
 
2,512
524,129
 
Shares
Value
Consumer Discretionary-(continued)
eBay, Inc.
 
12,663
$926,552
Expedia Group, Inc.
 
5,083
847,590
Ford Motor Co.(c)
 
321,245
3,334,523
Gap, Inc. (The)
 
8,592
191,688
Garmin Ltd.
 
1,635
331,856
General Motors Co.
 
111,015
5,507,454
Genuine Parts Co.
 
3,122
394,995
Goodyear Tire & Rubber Co. (The)(b)(c)
 
26,367
300,847
Group 1 Automotive, Inc.
 
869
368,386
H&R Block, Inc.
 
3,313
188,675
Harley-Davidson, Inc.
 
5,639
136,520
Hasbro, Inc.(c)
 
2,857
190,590
Hilton Worldwide Holdings, Inc.
 
2,429
603,461
Home Depot, Inc. (The)
 
14,084
5,186,996
Hyatt Hotels Corp., Class A
 
1,573
207,683
KB Home
 
3,265
168,409
Kohl’s Corp.(c)
 
14,453
117,503
Las Vegas Sands Corp.
 
7,390
304,172
Lear Corp.
 
3,301
298,476
Lennar Corp., Class A
 
7,427
787,856
Lithia Motors, Inc., Class A(c)
 
1,444
457,618
LKQ Corp.
 
8,841
357,795
Lowe’s Cos., Inc.
 
11,223
2,533,368
lululemon athletica, inc.(b)
 
953
301,786
Macy’s, Inc.
 
21,774
258,893
Marriott International, Inc., Class A
 
3,614
953,482
McDonald’s Corp.
 
6,220
1,952,147
MercadoLibre, Inc. (Brazil)(b)
 
302
774,114
Meritage Homes Corp.
 
1,980
125,948
MGM Resorts International(b)(c)
 
12,593
398,568
Mohawk Industries, Inc.(b)
 
2,205
221,845
Murphy USA, Inc.
 
683
291,498
Newell Brands, Inc.
 
25,822
136,857
NIKE, Inc., Class B
 
21,929
1,328,678
Norwegian Cruise Line Holdings Ltd.(b)
 
13,053
230,385
NVR, Inc.(b)
 
50
355,796
ODP Corp. (The)(b)(c)
 
4,140
68,103
O’Reilly Automotive, Inc.(b)
 
708
968,190
PENN Entertainment, Inc.(b)(c)
 
12,480
185,078
Polaris, Inc.
 
2,531
99,266
Pool Corp.(c)
 
513
154,203
PulteGroup, Inc.
 
4,890
479,367
PVH Corp.
 
2,420
202,723
Ralph Lauren Corp.
 
1,334
369,265
RH(b)(c)
 
723
130,943
Ross Stores, Inc.
 
4,675
654,921
Royal Caribbean Cruises Ltd.
 
2,837
729,024
Service Corp. International(c)
 
2,847
222,066
Signet Jewelers Ltd.(c)
 
1,740
115,832
Skechers U.S.A., Inc., Class A(b)
 
3,273
203,057
Starbucks Corp.
 
13,560
1,138,362
Tapestry, Inc.
 
6,982
548,436
Taylor Morrison Home Corp., Class A(b)(c)
 
4,107
231,142
Tesla, Inc.(b)
 
12,887
4,464,830
Thor Industries, Inc.(c)
 
2,395
194,450
TJX Cos., Inc. (The)
 
14,970
1,899,693
Toll Brothers, Inc.
 
2,851
297,217
Tractor Supply Co.(c)
 
7,204
348,674
Ulta Beauty, Inc.(b)
 
926
436,572
V.F. Corp.
 
18,007
224,367
Vail Resorts, Inc.(c)
 
903
144,634
Valvoline, Inc.(b)
 
4,504
155,793
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2025
(Unaudited)
 
Shares
Value
Consumer Discretionary-(continued)
Whirlpool Corp.(c)
 
3,817
$298,070
Williams-Sonoma, Inc.
 
1,810
292,786
Yum! Brands, Inc.
 
1,232
177,334
 
 
72,289,558
Consumer Staples-9.02%
Albertson’s Cos., Inc., Class A
 
40,053
890,378
Altria Group, Inc.
 
38,817
2,352,698
Andersons, Inc. (The)
 
4,612
163,772
Archer-Daniels-Midland Co.
 
33,437
1,614,004
BJ’s Wholesale Club Holdings, Inc., Class C(b)
 
3,504
396,688
Brown-Forman Corp., Class B
 
4,106
136,894
Bunge Global S.A.
 
9,197
718,746
Casey’s General Stores, Inc.
 
792
346,706
Church & Dwight Co., Inc.
 
2,293
225,425
Clorox Co. (The)
 
1,566
206,524
Coca-Cola Co. (The)
 
43,498
3,136,206
Colgate-Palmolive Co.
 
8,376
778,466
Conagra Brands, Inc.
 
14,534
332,683
Constellation Brands, Inc., Class A(c)
 
2,671
476,213
Costco Wholesale Corp.
 
5,016
5,217,543
Darling Ingredients, Inc.(b)(c)
 
5,013
156,205
Dollar General Corp.(c)
 
5,773
561,424
Dollar Tree, Inc.(b)(c)
 
5,773
521,071
Estee Lauder Cos., Inc. (The), Class A
 
3,916
262,137
General Mills, Inc.
 
13,156
713,845
Hershey Co. (The)(c)
 
2,335
375,211
Hormel Foods Corp.
 
11,012
337,848
Ingredion, Inc.
 
1,677
233,304
J.M. Smucker Co. (The)
 
3,623
407,986
Kellanova
 
6,370
526,353
Keurig Dr Pepper, Inc.
 
21,979
740,033
Kimberly-Clark Corp.
 
4,888
702,699
Kraft Heinz Co. (The)
 
44,628
1,192,907
Kroger Co. (The)
 
39,871
2,720,398
McCormick & Co., Inc.
 
3,729
271,210
Molson Coors Beverage Co., Class B(c)
 
9,166
491,206
Mondelez International, Inc., Class A
 
21,764
1,468,852
Monster Beverage Corp.(b)
 
5,303
339,127
PepsiCo, Inc.
 
16,413
2,157,489
Performance Food Group Co.(b)(c)
 
8,745
783,202
Philip Morris International, Inc.
 
18,071
3,263,442
Post Holdings, Inc.(b)
 
1,914
211,669
Procter & Gamble Co. (The)
 
27,788
4,720,903
Sysco Corp.
 
15,332
1,119,236
Target Corp.
 
12,852
1,208,217
The Campbell’s Company(c)
 
4,314
146,849
Tyson Foods, Inc., Class A
 
18,065
1,014,530
United Natural Foods, Inc.(b)
 
31,951
976,742
US Foods Holding Corp.(b)
 
9,403
743,965
Walgreens Boots Alliance, Inc.(c)
 
93,085
1,047,206
Walmart, Inc.
 
94,303
9,309,592
 
 
55,717,804
Energy-8.66%
Antero Resources Corp.(b)
 
8,781
328,848
APA Corp.(c)
 
15,452
262,838
Baker Hughes Co., Class A
 
25,393
940,811
Cheniere Energy, Inc.
 
7,214
1,709,646
Chevron Corp.
 
65,919
9,011,127
Chord Energy Corp.
 
1,951
175,590
Civitas Resources, Inc.
 
4,526
123,877
CNX Resources Corp.(b)(c)
 
8,438
272,379
 
Shares
Value
Energy-(continued)
ConocoPhillips
 
38,217
$3,261,821
Coterra Energy, Inc.
 
29,639
720,524
CVR Energy, Inc.(c)
 
7,820
182,910
Delek US Holdings, Inc.(c)
 
8,890
171,132
Devon Energy Corp.
 
19,821
599,783
Diamondback Energy, Inc.
 
5,464
735,181
EOG Resources, Inc.
 
16,246
1,763,828
EQT Corp.
 
13,449
741,443
Expand Energy Corp.
 
5,864
680,986
Exxon Mobil Corp.
 
126,886
12,980,438
Halliburton Co.
 
19,403
380,105
Helmerich & Payne, Inc.
 
4,495
68,549
Hess Corp.
 
3,621
478,660
HF Sinclair Corp.(c)
 
13,753
496,896
Kinder Morgan, Inc.
 
64,349
1,804,346
Marathon Petroleum Corp.
 
25,654
4,123,624
Matador Resources Co.(c)
 
3,346
143,911
Murphy Oil Corp.(c)
 
6,255
130,917
NOV, Inc.
 
9,372
112,464
Occidental Petroleum Corp.
 
34,601
1,411,029
ONEOK, Inc.
 
10,115
817,697
Ovintiv, Inc.
 
12,691
454,592
PBF Energy, Inc., Class A(c)
 
12,276
233,858
Peabody Energy Corp.(c)
 
10,429
137,246
Permian Resources Corp.
 
12,438
156,843
Phillips 66
 
22,319
2,532,760
Range Resources Corp.
 
5,605
213,214
Schlumberger N.V.
 
25,413
839,900
SM Energy Co.(c)
 
4,402
103,095
Targa Resources Corp.
 
4,466
705,315
TechnipFMC PLC (United Kingdom)
 
7,443
231,849
Valero Energy Corp.
 
20,880
2,692,894
World Kinect Corp.(c)
 
21,340
584,503
 
 
53,517,429
Financials-9.89%
Affiliated Managers Group, Inc.(c)
 
1,218
214,368
Allstate Corp. (The)
 
8,327
1,747,587
American Express Co.
 
11,625
3,418,331
American Financial Group, Inc.
 
2,355
291,973
Aon PLC, Class A
 
2,682
997,918
Arch Capital Group Ltd.
 
6,878
653,685
Assurant, Inc.
 
1,732
351,561
Berkshire Hathaway, Inc., Class B(b)
 
39,876
20,095,909
Blackstone, Inc., Class A
 
8,918
1,237,462
Block, Inc., Class A(b)
 
7,383
455,900
Bread Financial Holdings, Inc.(c)
 
5,455
279,514
Brown & Brown, Inc.
 
1,981
223,655
Cboe Global Markets, Inc.
 
1,065
244,013
Chubb Ltd.
 
9,626
2,860,847
Cincinnati Financial Corp.
 
4,089
616,703
Corpay, Inc.(b)
 
1,018
330,962
Everest Group Ltd.
 
1,630
565,920
First American Financial Corp.
 
3,787
211,352
Fiserv, Inc.(b)
 
10,405
1,693,830
Franklin Resources, Inc.(c)
 
9,263
200,451
Hartford Insurance Group, Inc. (The)
 
9,563
1,241,660
Janus Henderson Group PLC
 
5,031
182,776
LPL Financial Holdings, Inc.
 
1,266
490,145
Markel Group, Inc.(b)
 
367
712,604
Marsh & McLennan Cos., Inc.
 
4,855
1,134,419
Mastercard, Inc., Class A
 
5,541
3,244,810
Moody’s Corp.
 
904
433,305
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2025
(Unaudited)
 
Shares
Value
Financials-(continued)
MSCI, Inc.
 
419
$236,324
Nasdaq, Inc.
 
3,901
325,889
NU Holdings Ltd., Class A (Brazil)(b)(c)
 
14,583
175,142
Old Republic International Corp.
 
11,276
426,233
OneMain Holdings, Inc.(c)
 
6,931
359,303
PayPal Holdings, Inc.(b)
 
24,793
1,742,452
Progressive Corp. (The)
 
7,476
2,130,137
Reinsurance Group of America, Inc.
 
2,951
599,909
RenaissanceRe Holdings Ltd. (Bermuda)
 
1,414
352,680
StoneX Group, Inc.(b)
 
10,798
914,105
T. Rowe Price Group, Inc.
 
4,195
392,610
TPG, Inc.
 
5,121
246,474
Tradeweb Markets, Inc., Class A
 
1,486
214,653
Travelers Cos., Inc. (The)
 
6,993
1,927,970
Visa, Inc., Class A
 
15,204
5,552,349
W.R. Berkley Corp.
 
7,924
591,844
Western Union Co. (The)
 
13,361
123,990
Willis Towers Watson PLC
 
2,074
656,525
 
 
61,100,249
Health Care-13.17%
Abbott Laboratories
 
20,847
2,784,742
AbbVie, Inc.
 
23,834
4,435,746
Agilent Technologies, Inc.
 
2,550
285,396
Align Technology, Inc.(b)(c)
 
771
139,505
Amgen, Inc.
 
4,973
1,433,119
Avantor, Inc.(b)
 
8,329
107,527
Baxter International, Inc.
 
12,360
376,980
Becton, Dickinson and Co.
 
4,300
742,137
Biogen, Inc.(b)
 
2,007
260,489
Boston Scientific Corp.(b)
 
8,188
861,869
Bristol-Myers Squibb Co.
 
69,735
3,366,806
Cardinal Health, Inc.
 
25,291
3,905,942
Cencora, Inc.
 
11,668
3,398,188
Centene Corp.(b)
 
34,514
1,947,970
Cigna Group (The)
 
12,573
3,981,115
Cooper Cos., Inc. (The)(b)
 
2,046
139,701
CVS Health Corp.
 
113,070
7,241,003
Danaher Corp.
 
5,788
1,099,141
DaVita, Inc.(b)
 
2,127
289,825
DexCom, Inc.(b)
 
1,460
125,268
Edwards Lifesciences Corp.(b)
 
4,048
316,635
Elanco Animal Health, Inc.(b)(c)
 
10,289
138,284
Elevance Health, Inc.
 
6,175
2,370,212
Eli Lilly and Co.
 
1,860
1,372,066
GE HealthCare Technologies, Inc.
 
4,769
336,405
Gilead Sciences, Inc.
 
27,546
3,032,264
GRAIL, Inc.(b)(c)
 
312
11,984
HCA Healthcare, Inc.
 
4,194
1,599,550
Henry Schein, Inc.(b)(c)
 
3,776
264,282
Hologic, Inc.(b)
 
3,641
226,361
Humana, Inc.
 
5,564
1,297,135
Illumina, Inc.(b)(c)
 
1,667
137,094
Intuitive Surgical, Inc.(b)
 
1,479
816,911
IQVIA Holdings, Inc.(b)
 
2,177
305,498
Jazz Pharmaceuticals PLC(b)(c)
 
1,844
199,281
Johnson & Johnson
 
37,087
5,756,273
Labcorp Holdings, Inc.
 
2,545
633,629
McKesson Corp.
 
6,381
4,591,193
Medtronic PLC
 
25,287
2,098,315
Merck & Co., Inc.
 
25,650
1,970,946
Mettler-Toledo International, Inc.(b)
 
151
174,484
Moderna, Inc.(b)(c)
 
3,372
89,560
 
Shares
Value
Health Care-(continued)
Molina Healthcare, Inc.(b)
 
1,477
$450,544
Perrigo Co. PLC
 
5,600
149,912
Pfizer, Inc.
 
154,354
3,625,775
Quest Diagnostics, Inc.
 
2,764
479,112
Regeneron Pharmaceuticals, Inc.
 
1,220
598,142
ResMed, Inc.
 
962
235,488
STERIS PLC
 
1,126
276,106
Stryker Corp.
 
2,443
934,789
Tenet Healthcare Corp.(b)
 
3,017
509,179
Thermo Fisher Scientific, Inc.
 
3,769
1,518,229
United Therapeutics Corp.(b)
 
682
217,456
UnitedHealth Group, Inc.
 
16,673
5,033,745
Universal Health Services, Inc., Class B
 
2,117
402,971
Vertex Pharmaceuticals, Inc.(b)
 
1,553
686,504
Viatris, Inc.
 
70,042
615,669
West Pharmaceutical Services, Inc.(c)
 
496
104,582
Zimmer Biomet Holdings, Inc.
 
3,859
355,684
Zoetis, Inc.
 
3,231
544,844
 
 
81,399,562
Industrials-10.47%
3M Co.
 
13,201
1,958,368
A.O. Smith Corp.
 
1,984
127,591
AECOM
 
3,162
347,346
AGCO Corp.
 
2,585
253,278
Amentum Holdings, Inc.(b)
 
2,967
61,298
American Airlines Group, Inc.(b)(c)
 
11,744
133,999
AMETEK, Inc.
 
2,011
359,446
Atkore, Inc.(c)
 
1,113
72,456
Automatic Data Processing, Inc.
 
3,580
1,165,397
Avis Budget Group, Inc.(b)(c)
 
4,784
582,643
Boeing Co. (The)(b)
 
4,870
1,009,648
Boise Cascade Co.
 
1,407
122,240
Booz Allen Hamilton Holding Corp.
 
1,401
148,856
Broadridge Financial Solutions, Inc.
 
1,034
251,086
Builders FirstSource, Inc.(b)
 
4,319
465,070
C.H. Robinson Worldwide, Inc.
 
4,882
468,526
CACI International, Inc., Class A(b)
 
437
187,036
Carlisle Cos., Inc.
 
676
257,002
Carrier Global Corp.
 
9,000
640,800
Caterpillar, Inc.
 
7,508
2,613,009
Cintas Corp.
 
1,880
425,820
Copart, Inc.(b)
 
3,878
199,639
Core & Main, Inc., Class A(b)
 
3,038
166,513
CSX Corp.
 
39,461
1,246,573
Cummins, Inc.
 
2,796
898,858
Deere & Co.
 
5,888
2,980,859
Delta Air Lines, Inc.
 
5,473
264,839
Dover Corp.
 
1,714
304,664
Eaton Corp. PLC
 
2,850
912,570
EMCOR Group, Inc.
 
634
299,159
Emerson Electric Co.
 
7,543
900,483
Equifax, Inc.
 
902
238,299
Expeditors International of Washington, Inc.
 
4,212
474,819
Fastenal Co.
 
10,130
418,774
FedEx Corp.
 
8,133
1,773,807
Fluor Corp.(b)(c)
 
4,977
206,944
Fortive Corp.
 
4,798
336,772
Fortune Brands Innovations, Inc.
 
2,601
131,090
General Dynamics Corp.
 
4,192
1,167,430
General Electric Co.
 
14,625
3,596,434
GXO Logistics, Inc.(b)(c)
 
3,343
137,531
Hertz Global Holdings, Inc.(b)(c)
 
69,899
457,838
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2025
(Unaudited)
 
Shares
Value
Industrials-(continued)
Honeywell International, Inc.
 
8,802
$1,995,149
Howmet Aerospace, Inc.
 
2,833
481,298
Hubbell, Inc.
 
476
185,440
Huntington Ingalls Industries, Inc.
 
1,018
227,075
Illinois Tool Works, Inc.
 
3,326
815,136
Ingersoll Rand, Inc.
 
3,572
291,618
J.B. Hunt Transport Services, Inc.
 
1,709
237,295
Jacobs Solutions, Inc.
 
2,800
353,640
Johnson Controls International PLC
 
12,723
1,289,731
Knight-Swift Transportation Holdings, Inc.
 
5,574
247,040
L3Harris Technologies, Inc.
 
3,763
919,451
Leidos Holdings, Inc.
 
2,188
324,962
Lockheed Martin Corp.
 
5,514
2,659,843
ManpowerGroup, Inc.
 
3,831
160,710
Masco Corp.
 
3,354
209,357
Norfolk Southern Corp.
 
3,932
971,676
Northrop Grumman Corp.
 
2,656
1,287,549
Old Dominion Freight Line, Inc.
 
1,613
258,354
Oshkosh Corp.
 
1,669
165,548
Otis Worldwide Corp.
 
3,364
320,757
Owens Corning(c)
 
2,250
301,388
PACCAR, Inc.
 
9,818
921,419
Parker-Hannifin Corp.
 
1,286
854,804
Paychex, Inc.
 
2,781
439,148
Quanta Services, Inc.
 
1,505
515,553
Regal Rexnord Corp.
 
1,429
190,686
Republic Services, Inc.
 
2,255
580,189
Robert Half, Inc.(c)
 
2,665
122,030
Rockwell Automation, Inc.
 
1,253
395,384
RTX Corp.
 
34,838
4,754,690
Ryder System, Inc.
 
3,028
445,510
Science Applications International Corp.
 
1,378
159,214
Snap-on, Inc.
 
978
313,694
Southwest Airlines Co.(c)
 
6,107
203,852
SS&C Technologies Holdings, Inc.
 
4,418
357,019
Stanley Black & Decker, Inc.
 
5,285
345,798
Textron, Inc.
 
5,350
396,061
Trane Technologies PLC
 
1,844
793,418
TransDigm Group, Inc.
 
211
309,839
TriNet Group, Inc.
 
1,834
152,607
Uber Technologies, Inc.(b)
 
9,964
838,570
UFP Industries, Inc.
 
1,711
166,925
Union Pacific Corp.
 
6,893
1,527,902
United Airlines Holdings, Inc.(b)
 
5,323
422,886
United Parcel Service, Inc., Class B
 
20,446
1,994,303
United Rentals, Inc.
 
1,063
753,008
Verisk Analytics, Inc.
 
1,872
588,070
W.W. Grainger, Inc.
 
464
504,628
Wabtec Corp.
 
2,348
475,047
Waste Connections, Inc.
 
2,275
448,380
Waste Management, Inc.
 
4,515
1,087,980
Watsco, Inc.
 
415
184,082
WESCO International, Inc.
 
1,703
285,917
WillScot Holdings Corp.
 
4,915
132,459
Xylem, Inc.
 
1,875
236,325
ZIM Integrated Shipping Services Ltd.
(Israel)(c)
 
20,962
365,787
 
 
64,731,011
Information Technology-17.90%
Accenture PLC, Class A (Ireland)
 
8,493
2,690,752
Adobe, Inc.(b)
 
3,431
1,424,174
Advanced Micro Devices, Inc.(b)
 
9,077
1,005,096
 
Shares
Value
Information Technology-(continued)
Akamai Technologies, Inc.(b)
 
3,077
$233,637
Amdocs Ltd.
 
3,043
279,226
Amkor Technology, Inc.
 
6,097
109,868
Amphenol Corp., Class A
 
8,441
759,099
ANSYS, Inc.(b)
 
556
183,936
Apple, Inc.
 
133,084
26,729,921
Applied Materials, Inc.
 
7,326
1,148,350
AppLovin Corp., Class A(b)
 
2,055
807,615
Arista Networks, Inc.(b)
 
2,896
250,909
Arrow Electronics, Inc.(b)(c)
 
4,415
522,648
Autodesk, Inc.(b)
 
1,598
473,200
Avnet, Inc.
 
6,497
324,915
Broadcom, Inc.
 
28,479
6,893,912
Cadence Design Systems, Inc.(b)
 
1,019
292,524
CDW Corp.
 
1,930
348,095
Cisco Systems, Inc.
 
81,704
5,150,620
Cognizant Technology Solutions Corp.,
Class A
 
11,256
911,623
Coherent Corp.(b)
 
2,971
224,697
Corning, Inc.
 
16,893
837,724
Dell Technologies, Inc., Class C
 
10,582
1,177,459
DXC Technology Co.(b)
 
24,282
369,086
F5, Inc.(b)
 
959
273,679
First Solar, Inc.(b)
 
935
147,805
Flex Ltd.(b)
 
17,998
761,315
Fortinet, Inc.(b)
 
4,700
478,366
Gartner, Inc.(b)
 
465
202,935
Gen Digital, Inc.(c)
 
9,318
265,377
GoDaddy, Inc., Class A(b)
 
1,778
323,863
Hewlett Packard Enterprise Co.(c)
 
61,631
1,064,984
HP, Inc.
 
30,679
763,907
Insight Enterprises, Inc.(b)(c)
 
946
123,349
Intel Corp.
 
110,543
2,161,116
International Business Machines Corp.
 
15,796
4,092,112
Intuit, Inc.
 
1,820
1,371,315
Jabil, Inc.
 
5,256
883,061
Juniper Networks, Inc.
 
7,420
266,601
Keysight Technologies, Inc.(b)
 
1,920
301,517
KLA Corp.
 
988
747,797
Kyndryl Holdings, Inc.(b)
 
7,803
304,629
Lam Research Corp.
 
11,798
953,160
Marvell Technology, Inc.
 
6,443
387,804
Microchip Technology, Inc.
 
6,823
396,007
Micron Technology, Inc.(c)
 
11,196
1,057,574
Microsoft Corp.
 
40,872
18,815,834
Motorola Solutions, Inc.
 
1,060
440,303
NetApp, Inc.
 
3,175
314,833
NVIDIA Corp.
 
42,198
5,702,216
ON Semiconductor Corp.(b)
 
5,575
234,261
Oracle Corp.
 
11,759
1,946,467
Palo Alto Networks, Inc.(b)
 
2,194
422,169
Qorvo, Inc.(b)(c)
 
2,283
173,554
QUALCOMM, Inc.
 
11,898
1,727,590
Roper Technologies, Inc.
 
842
480,167
Salesforce, Inc.
 
10,034
2,662,723
Sandisk Corp.(b)(c)
 
1,225
46,170
Seagate Technology Holdings PLC
 
2,312
272,677
ServiceNow, Inc.(b)
 
653
660,242
Skyworks Solutions, Inc.
 
3,612
249,336
Snowflake, Inc., Class A(b)
 
1,536
315,909
Synopsys, Inc.(b)
 
759
352,161
TD SYNNEX Corp.
 
6,252
758,618
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2025
(Unaudited)
 
Shares
Value
Information Technology-(continued)
TE Connectivity PLC (Switzerland)
 
5,264
$842,608
Teledyne Technologies, Inc.(b)
 
632
315,280
Teradyne, Inc.
 
1,306
102,652
Texas Instruments, Inc.
 
8,475
1,549,654
Twilio, Inc., Class A(b)
 
4,366
513,878
VeriSign, Inc.
 
972
264,841
Western Digital Corp.(b)(c)
 
3,684
189,910
Workday, Inc., Class A(b)
 
1,363
337,629
Xerox Holdings Corp.(c)
 
14,236
69,614
Zoom Communications, Inc., Class A(b)
 
4,283
347,994
 
 
110,586,649
Materials-3.29%
Air Products and Chemicals, Inc.
 
2,922
814,975
Albemarle Corp.(c)
 
3,003
167,447
Alcoa Corp.
 
5,431
145,388
Alpha Metallurgical Resources, Inc.(b)(c)
 
621
69,577
Amcor PLC
 
44,418
404,648
Avery Dennison Corp.
 
1,007
178,974
Ball Corp.
 
4,820
258,256
Celanese Corp.(c)
 
2,283
120,611
CF Industries Holdings, Inc.
 
6,782
615,195
Cleveland-Cliffs, Inc.(b)(c)
 
29,401
171,408
Commercial Metals Co.(c)
 
4,547
211,845
Corteva, Inc.
 
14,590
1,032,972
Crown Holdings, Inc.
 
3,139
309,191
Dow, Inc.
 
26,338
730,616
DuPont de Nemours, Inc.
 
11,060
738,808
Eastman Chemical Co.
 
3,372
264,264
Ecolab, Inc.
 
2,017
535,756
Freeport-McMoRan, Inc.
 
17,870
687,638
Graphic Packaging Holding Co.
 
8,117
180,360
Huntsman Corp.
 
9,087
101,229
International Flavors & Fragrances, Inc.
 
5,285
404,620
International Paper Co.
 
14,786
706,919
Linde PLC
 
5,488
2,566,079
LyondellBasell Industries N.V., Class A
 
9,791
553,094
Martin Marietta Materials, Inc.
 
564
308,818
Mosaic Co. (The)
 
22,816
824,570
Newmont Corp.
 
19,602
1,033,417
Nucor Corp.
 
8,824
964,993
Olin Corp.(c)
 
5,664
109,938
Packaging Corp. of America
 
1,808
349,251
PPG Industries, Inc.
 
3,857
427,356
Reliance, Inc.
 
1,661
486,374
RPM International, Inc.
 
1,763
200,700
Sherwin-Williams Co. (The)
 
2,256
809,475
Smurfit WestRock PLC
 
10,041
435,076
Sonoco Products Co.(c)
 
3,018
137,440
Steel Dynamics, Inc.
 
5,755
708,268
Ternium S.A., ADR (Mexico)
 
14,053
384,771
United States Steel Corp.(c)
 
15,753
847,826
Vulcan Materials Co.
 
1,302
345,121
 
 
20,343,264
Real Estate-0.64%
CBRE Group, Inc., Class A(b)
 
6,711
839,009
 
Shares
Value
Real Estate-(continued)
CoStar Group, Inc.(b)(c)
 
2,022
$148,738
Equinix, Inc.
 
679
603,509
Host Hotels & Resorts, Inc.
 
14,210
220,113
Iron Mountain, Inc.
 
3,309
326,631
Jones Lang LaSalle, Inc.(b)
 
1,589
353,870
Millrose Properties, Inc.(b)(c)
 
3,996
111,369
Public Storage
 
2,545
784,904
SBA Communications Corp., Class A
 
1,021
236,760
Weyerhaeuser Co.
 
12,887
333,902
 
 
3,958,805
Utilities-1.56%
AES Corp. (The)
 
19,508
196,836
CenterPoint Energy, Inc.(c)
 
19,729
734,708
CMS Energy Corp.
 
5,909
414,989
Consolidated Edison, Inc.
 
9,226
964,025
Constellation Energy Corp.
 
1,144
350,236
DTE Energy Co.
 
5,223
713,723
Exelon Corp.
 
28,237
1,237,345
FirstEnergy Corp.
 
12,958
543,458
National Fuel Gas Co.
 
2,968
244,979
NRG Energy, Inc.
 
4,467
696,405
ONE Gas, Inc.(c)
 
2,673
199,833
PPL Corp.
 
17,544
609,654
UGI Corp.(c)
 
11,344
409,065
Vistra Corp.
 
7,411
1,189,984
Xcel Energy, Inc.(c)
 
16,031
1,123,773
 
 
9,629,013
Total Common Stocks & Other Equity Interests
(Cost $590,542,512)
616,328,469
Money Market Funds-0.11%
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(e)(f)
(Cost $703,551)
 
703,551
703,551
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.85%
(Cost $591,246,063)
617,032,020
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-3.83%
Invesco Private Government Fund,
4.29%(e)(f)(g)
 
6,556,260
6,556,260
Invesco Private Prime Fund, 4.45%(e)(f)(g)
 
17,102,880
17,106,301
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $23,662,561)
23,662,561
TOTAL INVESTMENTS IN SECURITIES-103.68%
(Cost $614,908,624)
640,694,581
OTHER ASSETS LESS LIABILITIES-(3.68)%
(22,754,646
)
NET ASSETS-100.00%
$617,939,935
See accompanying notes which are an integral part of this schedule.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
May 31, 2025
(Unaudited)
Investment Abbreviations:
ADR
-American Depositary Receipt
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at May 31, 2025.
(d)
Restricted security. The value of this security at May 31, 2025 represented less than 1% of the Fund’s Net Assets.
(e)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the nine months ended May 31, 2025.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
May 31, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$-
$9,915,309
$(9,211,758
)
$-
$-
$703,551
$10,148
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
4,669,544
56,116,255
(54,229,539
)
-
-
6,556,260
252,421
*
Invesco Private Prime Fund
12,524,916
118,690,823
(114,105,844
)
(1,075
)
(2,519
)
17,106,301
672,336
*
Total
$17,194,460
$184,722,387
$(177,547,141
)
$(1,075
)
$(2,519
)
$24,366,112
$934,905
 
*
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, 2025.
(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, 2025
(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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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 Invesco Capital Management LLC’s 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, 2025. 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 Bloomberg Pricing Power ETF
Investments in Securities
Common Stocks & Other Equity Interests
$181,167,511
$-
$-
$181,167,511
Money Market Funds
36,741
19,890,330
-
19,927,071
Total Investments
$181,204,252
$19,890,330
$-
$201,094,582
Invesco RAFITM Strategic US ETF
Investments in Securities
Common Stocks & Other Equity Interests
$616,328,469
$-
$-
$616,328,469
Money Market Funds
703,551
23,662,561
-
24,366,112
Total Investments
$617,032,020
$23,662,561
$-
$640,694,581