# EDGAR Filing Document

**Accession Number:** 0001418144
**File Stem:** 0001193125-26-001485
**Filing Date:** 2026-1
**Character Count:** 1768027
**Document Hash:** 3b3609af4b92f5fd307d37aaca738a7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001485.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-001485

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001418144

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22148
- **FILM NUMBER:** 26503863

**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 Actively Managed Exchange-Traded Fund Trust
- **DATE OF NAME CHANGE:** 20071109

## Series and Classes Contracts Data

### Invesco Active U.S. Real Estate ETF (Series ID: S000023365)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000068414 | Invesco Active U.S. Real Estate ETF | PSR             |

### Invesco S&P 500 Downside Hedged ETF (Series ID: S000036643)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000112015 | Invesco S&P 500 Downside Hedged ETF | PHDG            |

### Invesco Variable Rate Investment Grade ETF (Series ID: S000051678)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000162616 | Invesco Variable Rate Investment Grade ETF | VRIG            |

### Invesco Ultra Short Duration ETF (Series ID: S000060783)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000197599 | Invesco Ultra Short Duration ETF | GSY             |

### Invesco Total Return Bond ETF (Series ID: S000060784)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000197600 | Invesco Total Return Bond ETF | GTO             |

### Invesco High Yield Bond Factor ETF (Series ID: S000068054)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218086 | Invesco High Yield Bond Factor ETF |  |

### Invesco Real Assets ESG ETF (Series ID: S000070085)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000222994 | Invesco Real Assets ESG ETF |  |

### Invesco AAA CLO Floating Rate Note ETF (Series ID: S000078941)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000239743 | Invesco AAA CLO Floating Rate Note ETF |  |

### Invesco High Yield Select ETF (Series ID: S000078942)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000239744 | Invesco High Yield Select ETF |  |

### Invesco Rochester High Yield Municipal ETF (Series ID: S000078943)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000239745 | Invesco Rochester High Yield Municipal ETF | IROC            |

### Invesco Short Duration Total Return Bond ETF (Series ID: S000078944)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000239746 | Invesco Short Duration Total Return Bond ETF | GTOS            |

### Invesco QQQ Income Advantage ETF (Series ID: S000085601)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000250918 | Invesco QQQ Income Advantage ETF |  |

### Invesco S&P 500 Equal Weight Income Advantage ETF (Series ID: S000085602)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000250919 | Invesco S&P 500 Equal Weight Income Advantage ETF |  |

### Invesco MSCI EAFE Income Advantage ETF (Series ID: S000085719)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000251085 | Invesco MSCI EAFE Income Advantage ETF |  |

### Invesco Top QQQ ETF (Series ID: S000088835)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000255210 | Invesco Top QQQ ETF |  |

### Invesco SteelPath MLP & Energy Infrastructure ETF (Series ID: S000090149)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000257059 | Invesco SteelPath MLP & Energy Infrastructure ETF |  |

### Invesco Managed Futures Strategy ETF (Series ID: S000090972)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258361 | Invesco Managed Futures Strategy ETF | IMF             |

### Invesco Comstock Contrarian Equity ETF (Series ID: S000091769)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000259536 | Invesco Comstock Contrarian Equity ETF |  |

### Invesco International Growth Focus ETF (Series ID: S000091770)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000259537 | Invesco International Growth Focus ETF | MTRA            |

### Invesco QQQ Hedged Advantage ETF (Series ID: S000091771)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000259538 | Invesco QQQ Hedged Advantage ETF |  |

### Invesco Global Equity Net Zero ETF (Series ID: S000093577)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000261965 | Invesco Global Equity Net Zero ETF |  |

### Invesco Core Fixed Income ETF (Series ID: S000093681)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000262117 | Invesco Core Fixed Income ETF |  |

### Invesco Intermediate Municipal ETF (Series ID: S000093682)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000262118 | Invesco Intermediate Municipal ETF |  |

?xml version='1.0' encoding='ASCII'? 624ff4dd-ba01-409d-b9fb-8d366cb66d1f

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22148

#### Invesco Actively Managed Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)

------

3500 Lacey Road Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan, Principal Executive Officer

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 983-0903

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### October 31, 2025
Item 1. Reports to Stockholders.

(a) The Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:

![TSR_logo](images_2625.jpg)

### Invesco AAA CLO Floating Rate Note ETF

### ICLO \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco AAA CLO Floating Rate Note ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco AAA CLO Floating Rate Note ETF | $20 | 0.19% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the U.S. collateralized loan obligation ("CLO") market remained robust with a high new issuance and elevated refinancing and reset transactions. Demand for CLO liabilities—particularly AAAs—remained strong and base rates, although declining, remained elevated compared to historical levels, which further benefited the broader investor base.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 5.51%. During the same time period, the JP Morgan CLOIE AAA Index returned 5.64%.

**What contributed to performance?**

**Rating Allocations** \| Selective allocations to relatively higher yielding AA rated CLO Notes contributed towards relative performance.

**Underlying Collateral Allocations \|** Selective allocations to relatively higher yielding Middle Market CLO Notes, those backed by Direct Lending investments rather than broadly syndicated loans, contributed towards relative performance.

**What detracted from performance?**

**AAA CLO Selection** \| Focused allocation towards higher quality CLO Managers and specific AAA CLOs, which are lower yielding than the market but have historically had greater levels of liquidity and lower volatility profiles, detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710416.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(12/9/22)** |
| **Invesco AAA CLO Floating Rate Note ETF — NAV Return** | 5.51% | 7.27% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | 4.18% |
| **JP Morgan CLOIE AAA Index** | 5.64% | 7.24% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$383311029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$589465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 11 Ltd., Series 2024-11A, Class A1, 5.33%, 07/18/2037 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackrock MT. Lassen CLO XV LLC, Series 2025-1A, Class A1, 5.97%, 07/15/2037 | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO Ltd., Series 2025-7A, Class A1, 5.08%, 04/25/2038 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Partners VII Ltd., Series 2012-7A, Class AR4, 5.34%, 02/20/2038 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;OCP CLO Ltd., Series 2020-8RA, Class AR2, 5.10%, 10/17/2038 | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO Ltd., Series 2022-1A, Class A1R, 5.30%, 10/20/2037 | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoldenTree Loan Management US CLO 9 Ltd., Series 2021-9A, Class AR, 5.38%, 04/20/2037 | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR, 5.30%, 07/20/2037 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO III Ltd., Series 2019-3A, Class A1RR, 5.26%, 07/18/2037 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class AR, 5.33%, 10/16/2037 | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Duration allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710410.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

Effective December 9, 2025, the Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-ICLO-AR **Invesco AAA CLO Floating Rate Note ETF**

![TSR_logo](images_2625.jpg)

### Invesco Active U.S. Real Estate ETF

### PSR \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Active U.S. Real Estate ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Active U.S. Real Estate ETF | $55 | 0.56% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, U.S. Real Estate was shaped by a volatile macro environment, driven by political uncertainty, shifting interest rate expectations, and mixed economic signals. Tariff announcements and policy shifts under the new presidential administration added further uncertainty, contributing to market volatility.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned -1.95%. During the same time period, the FTSE NAREIT All Equity REITs Index returned -2.61%.

**What contributed to performance?**

**Allocations and Security Selection** \| An overweight allocation to and stock selection among Data Centers was the largest relative contributor to returns. The sector benefited from long-term demand drivers such as cloud computing, artificial intelligence infrastructure buildout, and digital transformation initiatives.

**Allocations and Security Selection \|** Stock selection within Health Care contributed to relative performance driven by overweight allocation to REITs offering exposure to senior housing, which exhibited strong fundamentals over the period and has been experiencing demographic tailwinds.

**What detracted from performance?**

**Sub-Industry Allocations** \| Allocations to Single Family Homes and Apartments detracted from relative returns as rental growth for the sectors moderated over the period amid pressure from new supply and soft demand.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710144.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Active U.S. Real Estate ETF — NAV Return** | -1.95% | 5.96% | 5.05% |
| **FTSE Nareit All Equity REITs Index** | -2.61% | 7.22% | 5.88% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$50898176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$208355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;7.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| \* Excluding money market fund holdings, if any. |  |

---

**Property type** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710151.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund added portfolio turnover risk to its principal risks to reflect that frequent trading of portfolio securities could result in increased transaction costs, a lower return and increased tax liability.

At a meeting held on July 31, 2025, Fund shareholders approved changing the Fund's sub-classification under the Investment Company Act of 1940, as amended ("1940 Act"), from "diversified" to "non-diversified" and eliminating related fundamental investment restrictions (the "Proposal"). The Proposal resulted in the following changes to the Fund:

• The Fund's classification changed from "diversified" to "non-diversified", and therefore the Fund is not required to meet certain diversification requirements under the 1940 Act.

• The Fund's net expense ratio increased from the prior fiscal year end as a result of certain non-recurring costs associated with a proxy statement of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PSR-AR **Invesco Active U.S. Real Estate ETF**

![TSR_logo](images_2625.jpg)

### Invesco Comstock Contrarian Equity ETF

### CSTK \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Comstock Contrarian Equity ETF (the "Fund") for the period May 5, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Comstock Contrarian Equity ETF | $180.34%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal period ended October 31, 2025, U.S. large-cap equities benefited from investment themes tied to artificial intelligence (AI) technology, a resilient economy, and expectations of lower interest rates. All major U.S. stock indices had strong returns. However, volatility increased sharply in mid-2025 amid uncertainty over the long-term value of significant AI-related investments and the impact of broad U.S. tariffs on global trade, with China remaining the primary source of concern.

 **•** For the fiscal year period May 7, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 12.98%. During the same time period, the Russell 1000<sup>®</sup> Value Index returned 12.26%.

 **What contributed to performance?**

 **Allocations** \| Stock selection in financials was a large relative contributor. Notably, an overweight allocation to banks, and stock selection and an underweight allocation to financial services, were key contributors to relative returns.

 **Security Selection \|** Alphabet was a key contributor to absolute returns for the period. Alphabet outperformed due to record-breaking revenue and earnings growth driven by AI integration across Search, Ads, and Cloud, along with surging demand for Google Cloud's AI services and strong advertising resilience. These factors boosted margins, expanded the backlog, and reinforced investor confidence in its AI leadership.

 **What detracted from performance?**

 **Allocations** \| Stock selection in information technology was a key relative detractor. Performance was hindered mostly by not holding companies like Micron Technology, Advanced Micro Devices and Intel.

 **Security Selection \|** A key detractor to absolute performance was Comcast. Comcast underperformed due to persistent broadband subscriber losses and mounting competition from fiber and fixed wireless providers, which pressured revenue and margins despite gains in wireless and theme parks. Streaming growth at Comcast's Peacock narrowed losses but failed to offset structural declines in cable and broadband, leaving investor sentiment weak and the stock down sharply over the period.

 **How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **Since<br> Inception<br> (5/7/25)** |
| **Invesco Comstock Contrarian Equity ETF — NAV Return** | 12.98% |
| **Russell 1000<sup>®</sup> Value Index** | 12.26% |
| **S&P 500<sup>®</sup> Index** | 22.22% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$110235816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$164893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;2.70% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9741109.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-CSTK-AR **Invesco Comstock Contrarian Equity ETF**

![TSR_logo](images_2625.jpg)

### Invesco Core Fixed Income ETF

### GTOC \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Core Fixed Income ETF (the "Fund") for the period July 21, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Core Fixed Income ETF | $60.23%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal period ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal period July 23, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 3.13%. During the same time period, the Bloomberg U.S. Aggregate Bond Index returned 3.19%.

**What contributed to performance?**

**Allocations** \| An overweight allocation to conventional 30-year mortgages positively contributed to relative performance for the period.

**Security Selection \|** Security selection within asset-backed securities and brokerage, asset managers, and exchanges contributed positively to relative performance during the period.

**What detracted from performance?**

**Allocations** \| An overweight allocation to banking and an underweight allocation to 30-year Government National Mortgage Association (GNMA) securities detracted from relative performance.

**Security Selection \|** Security selection within investment grade banking also detracted from relative performance for the period.

**How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(7/23/25)** |
| **Invesco Core Fixed Income ETF — NAV Return** | 3.13% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.19% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$175843093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$23308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;160% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;8.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;7.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;5.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.99% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9741253.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-GTOC-AR **Invesco Core Fixed Income ETF**

![TSR_logo](images_2625.jpg)

### Invesco Global Equity Net Zero ETF

### IQSZ \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Global Equity Net Zero ETF (the "Fund") for the period July 14, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global Equity Net Zero ETF | $6 | 0.19% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |

---

### How Did The Fund Perform During The Period?
**•** For the fiscal period ended October 31, 2025, global equity markets rose, as represented by the MSCI ACWI Index (Net). Despite geopolitical and policy uncertainties, investors rallied around company investments in artificial intelligence (AI), strong corporate earnings, economic growth and central banks' easing of monetary policies.

**•** For the fiscal period July 16, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 10.68%. During the same time period, the MSCI ACWI Index (Net) returned 9.59%.

**What contributed to performance?**

**Sector Allocations** \| Sector allocation to information technology (IT) and materials added to the Fund's relative performance. Specifically, overweight exposures to computers and electronics industry within IT, and aluminum and diversified metals in materials were the largest contributors.

**Country Allocations \|** Overweight allocations to Japan and Spain, along with an underweight allocation to the US, contributed positively to active return.

**What detracted from performance?**

**Sector Allocations** \| Overweight allocations to consumer discretionary and energy, as well as an underweight allocation to health care, detracted during the period. Within these sectors, respectively, overweight allocations to consumer services and oil & gas exploration & production, and an underweight allocation to life sciences tools & services, detracted the most.

**Country Allocations \|** An underweight allocation to Canada and an overweight allocation to Denmark were the main detractors.

**How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(7/16/25)** |
| **Invesco Global Equity Net Zero ETF — NAV Return** | 10.68% |
| **MSCI ACWI Index (Net)** | 9.59% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$146843925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$76991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.02% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9741217.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IQSZ-AR **Invesco Global Equity Net Zero ETF**

![TSR_logo](images_2625.jpg)

### Invesco High Yield Bond Factor ETF

### IHYF \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco High Yield Bond Factor ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco High Yield Bond Factor ETF | $41 | 0.39% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Increased merger and acquisition activity, a low default rate environment, and a resilient consumer have supported high yield during the period.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 7.84%. During the same time period, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index returned 8.16%.

**What contributed to performance?**

**Security Selection** \| Selection within consumer cyclical services and containers & packaging were key drivers of positive relative performance during the period.

**Allocations \|** Overweight allocations to life insurance and oil & gas refining & marketing positively impacted relative performance during the period.

**What detracted from performance?**

**Security Selection** \| Selection within media & entertainment and chemicals were the main detractors from performance during the period.

**Allocations \|** An underweight allocation to wirelines detracted from relative performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710344.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(12/2/20)** |
| **Invesco High Yield Bond Factor ETF — NAV Return** | 7.84% | 4.29% |
| **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index** | 8.16% | 4.67% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.35% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$134213358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$253495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 4.63%, 01/15/2027 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;EnerSys, 4.38%, 12/15/2027 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products, Inc., 6.75%, 04/30/2032 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc., 7.25%, 02/15/2028 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmark Group, Inc., 7.50%, 01/12/2029 | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nassau Cos. of New York (The), 7.88%, 07/15/2030 | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.29%, 04/15/2029 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, 7.25%, 02/15/2031 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oceaneering International, Inc., 6.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd., 7.63%, 03/01/2055 | &nbsp;&nbsp;&nbsp;0.50% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710338.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

At a meeting held on December 17, 2025, the Board of Trustees of the Fund approved changes to the Fund's name and ticker symbol. The Fund's name will change to "Invesco High Yield Systematic Bond ETF," and its ticker will change to "GTOQ." These changes will be effective on or about February 23, 2026.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IHYF-AR **Invesco High Yield Bond Factor ETF**

![TSR_logo](images_2625.jpg)

### Invesco High Yield Select ETF

### HIYS \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco High Yield Select ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco High Yield Select ETF | $480.46%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Increased merger and acquisition activity, a low default rate environment, and a resilient consumer have supported high yield during the period.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 7.45%. During the same time period, the Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Index returned 8.00%.

**What contributed to performance?**

**Sector Allocations** \| An overweight allocation to finance companies positively contributed to relative performance for the period.

**Security Selection \|** Selection within midstream and pharmaceuticals were key drivers of relative performance during the period.

**What detracted from performance?**

**Sector Allocations** \| An underweight allocation to cable & satellite and building materials detracted from relative performance.

**Security Selection \|** Selection within retailers and oil field services were the largest detractors of relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710433.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(12/9/22)** |
| **Invesco High Yield Select ETF — NAV Return** | 7.45% | 8.10% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | 4.18% |
| **Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Index** | 8.00% | 8.72% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7967684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$39943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;148% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding S.A.S., 8.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Studio City Finance Ltd., 5.00%, 01/15/2029 | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrise FinCo I B.V., 4.63%, 05/15/2032 | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;VMED O2 UK Financing I PLC, 3.25%, 01/31/2031 | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Melco Resorts Finance Ltd., 6.50%, 09/24/2033 | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;GGAM Finance Ltd., 6.88%, 04/15/2029 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.38%, 03/01/2029 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.09% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710439.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

Effective December 9, 2025, the Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

At a meeting held on December 17, 2025, the Board of Trustees of the Fund approved changes to the Fund's name and ticker symbol. The Fund's name will change to "Invesco Short Duration High Yield ETF," and its ticker will change to "GTOH." These changes will be effective on or about February 23, 2026.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-HIYS-AR **Invesco High Yield Select ETF**

![TSR_logo](images_2625.jpg)

### Invesco Intermediate Municipal ETF

### INTM \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Intermediate Municipal ETF (the "Fund") for the period July 21, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Intermediate Municipal ETF | $10 | 0.35% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal period ended October 31, 2025, the municipal bond market benefited from elevated supply, inflows and strong credit fundamentals. High yield municipals generally underperformed investment grade over the time period.

**•** For the fiscal period July 23, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 3.81%. During the same time period, the S&P Municipal Bond 2-17 Years Investment Grade Index returned 3.88%.

**What contributed to performance?**

**Relative Contributors** \| Underweight exposure and security selection among state and local general obligation bonds added to relative return over the period. Underweight exposure and security selection among higher coupon bonds (5.00-5.49% specifically) was also a contributor to relative results. On a regional level, security selection among bonds domiciled in Texas contributed to the Fund's performance.

**What detracted from performance?**

**Relative Detractors** \| Security selection among hospital bonds detracted from relative return over the period. Security selection among lower coupon bonds (3.99% and lower specifically) was also detractive from relative results. On a regional level, security selection among bonds domiciled in Michigan detracted from the Fund's performance.

**How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(7/23/25)** |
| **Invesco Intermediate Municipal ETF — NAV Return** | 3.81% |
| **S&P Municipal Bond Index** | 4.66% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 3.88% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$56788827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$21699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New Orleans Aviation Board, Series 2024 B, Ref. RB, 5.25%, 01/01/2041 | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Highlands County Health Facilities Authority, Series 2025, VRD RB, 3.90%, 11/05/2025 | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newark (City of), NJ, Series 2016, GO Bonds, 4.50%, 03/15/2036 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series 2025 AA, RB, 5.00%, 06/15/2039 | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (Commonspirit Health), Series 2025 A, Ref. RB, 5.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds), Series 2024 K, RB, 6.00%, 10/01/2055 | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB, 3.90%, 11/05/2025 | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Series 2025 B, RB, 5.00%, 12/01/2033 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB, 6.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Series 2008 A-12, VRD RB, 3.90%, 11/05/2025 | &nbsp;&nbsp;&nbsp;1.80% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9741289.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-INTM-AR **Invesco Intermediate Municipal ETF**

![TSR_logo](images_2625.jpg)

### Invesco International Growth Focus ETF

### MTRA \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco International Growth Focus ETF (the "Fund") for the period June 9, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Growth Focus ETF | $22 | 0.54% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal period ended October 31, 2025, the MSCI All Country World ex-U.S. Growth Index (Net) had strong gains despite trade uncertainty and concerns about the sustainability of global GDP growth. Large investments in artificial intelligence, strong corporate earnings, economic growth and central banks' easing of monetary policies drove the market higher during the period.

 **•** For the period June 11, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 4.72%. During the same time period, the MSCI All Country World ex-U.S. Growth Index (Net) returned 9.53%.

 **What contributed to performance?**

 **Allocations** \| An underweight allocation to the consumer staples sector contributed to positive relative performance.

 **Security Selection \|** Taiwan Semiconductor Manufacturing Co., Ltd. was the top contributor.

 **What detracted from performance?**

 **Security Selection** \| The information technology sector detracted most from relative performance, driven by security selection.

 **Allocations \|** An overweight allocation to Universal Music Group N.V. detracted most from relative performance.

 **How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **Since<br> Inception<br> (6/11/25)** |
| **Invesco International Growth Focus ETF — NAV Return** | 4.72% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 10.24% |
| **MSCI All Country World ex-U.S. Growth Index (Net)** | 9.53% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$167375155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$125936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.81% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9741181.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-MTRA-AR **Invesco International Growth Focus ETF**

![TSR_logo](images_2625.jpg)

### Invesco Managed Futures Strategy ETF

### IMF \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Managed Futures Strategy ETF (the "Fund") for the period March 17, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Managed Futures Strategy ETF | $290.50%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal period ended October 31, 2025, the Fund declined amid a challenging environment for trend strategies, as global markets experienced frequent reversals, range-bound price action and a lack of persistent trends. At the aggregate asset class level, all four asset classes (equities, bonds, commodities and currencies) detracted from Fund performance.

**•** For the fiscal period March 19, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned -12.33%. During the same time period, the SG Trend Index returned 2.63%.

**What contributed to performance?**

**Asset Class** \| No asset class contributed to the Fund's performance during the period.

**What detracted from performance?**

**Commodities** \| Commodity exposure was the top detractor over the period with the largest losses in energy as geopolitical shocks caused abrupt spikes in oil. Long positioning in gold provided strong gains and positioning in wheat, soymeal and silver also helped buffer the losses.

**Fixed Income \|** Fixed income exposure also detracted with all markets delivering losses except German 30-year Gilts which were flat for the period. The biggest losses came from US 30-year Treasuries, Canadian 10-year bonds and German 5-year government bonds.

**Equities \|** Equity exposure detracted from Fund performance in aggregate with mixed performance across markets. Long positioning in France's CAC 40 and Europe's EuroStoxx 50 indexes provided the largest drag. Positioning in Japan's TOPIX, Canada's TSX 60 and Spain's IBEX 35 provided the largest gains, but not enough to offset losses.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710721.jpg)

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(3/19/25)** |
| **Invesco Managed Futures Strategy ETF — NAV Return** | -12.33% |
| **MSCI World Index (Net)** | 19.69% |
| **SG Trend Index** | 2.63% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291930089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$869963 |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Futures exposure\***

**(% of total notional exposure)**

---

| | |
|:---|:---|
| Commodity Risk (Long) | 12.8% |
| Commodity Risk (Short) | 6.5% |
| Currency Risk (Long) | 9.6% |
| Currency Risk (Short) | 9.9% |
| Equity Risk (Long) | 27.3% |
| Interest Rate Risk (Long) | 29.9% |
| Interest Rate Risk (Short) | 4.0% |
| \* Futures exposure is calculated on the notional value as a percentage of total notional exposure. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710730.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IMF-AR **Invesco Managed Futures Strategy ETF**

![TSR_logo](images_2625.jpg)

### Invesco MSCI EAFE Income Advantage ETF

### EFAA \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco MSCI EAFE Income Advantage ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco MSCI EAFE Income Advantage ETF | $180.16%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the MSCI EAFE<sup>®</sup> Index (Net) had solid gains due to improving economic fundamentals, stronger-than-expected corporate earnings across Europe and Japan, and a supportive global risk environment as monetary policy became more accommodative. Investors benefited from diversification outside the U.S., with the performance of the MSCI EAFE<sup>®</sup> Index (Net) outpacing many domestic U.S. counterparts.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 19.00%. During the same time period, the MSCI EAFE<sup>®</sup> Index (Net) returned 23.03%.

**What contributed to performance?**

**Passive Index Security Exposure** \| The Fund's passive exposure to the MSCI EAFE<sup>®</sup> Index (Net) contributed to results as gains were driven by improving economic fundamentals, stronger-than-expected corporate earnings across Europe and Japan, and a supportive global risk environment as monetary policy became more accommodative.

**What detracted from performance?**

**Options-Based Income Exposure** \| The defensive and income-producing options component of the Fund's investments in equity-linked notes, which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents, helped mitigate heightened market volatility, particularly in early April 2025, but overall detracted from performance as expected in steadily rising markets.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710559.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(7/17/24)** |
| **Invesco MSCI EAFE Income Advantage ETF — NAV Return** | 19.00% | 13.27% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 15.45% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$241163324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$221569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;0.75% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710555.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio increased from the prior fiscal year end as a result of the expiration of Invesco Capital Management LLC's, the Fund's investment adviser, agreement to waive 100% of its management fee for the Fund through June 30, 2025.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-EFAA-AR **Invesco MSCI EAFE Income Advantage ETF**

![TSR_logo](images_2625.jpg)

### Invesco QQQ Hedged Advantage ETF

### QQHG \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco QQQ Hedged Advantage ETF (the "Fund") for the period May 5, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco QQQ Hedged Advantage ETF | $24 | 0.45% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal period ended October 31, 2025, the NASDAQ<sup>®</sup> Composite Index had strong gains reflecting a renewed risk appetite among investors, strong tech earnings, improving sentiment regarding the US labor market and hope for eventual Fed policy accommodations. A sharp pullback in early Spring turned short lived as resilient buying in mega-cap tech pushed the NASDAQ<sup>®</sup> Composite Index higher to end the fiscal year.

**•** For the fiscal period May 7, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 22.59%. During the same time period, the NASDAQ<sup>®</sup> Composite Index returned 34.18%.

**What contributed to performance?**

**Passive Index Security Exposure** \| The Fund's passive exposure to the NASDAQ<sup>®</sup> Composite Index contributed to results as the tech heavy equity index charged higher post-inception of the Fund, on the back of positive earnings and improving sentiment.

**What detracted from performance?**

**Options-Based Defensive Exposure** \| The defensive options component of the Fund was a detractor from performance, as expected in a continuously rising market. By design, the Fund trades some potential upside for protection to the downside.

**How Has The Fund Historically Performed?**

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since<br>Inception<br>(5/7/25)** |
| **Invesco QQQ Hedged Advantage ETF — NAV Return** | 22.59% |
| **NASDAQ<sup>®</sup> Composite Index** | 34.18% |
| **Custom Invesco QQQ Hedged Advantage ETF Benchmark** | 18.49% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12205619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$24311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;8.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;6.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.34% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9741145.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-QQHG-AR **Invesco QQQ Hedged Advantage ETF**

![TSR_logo](images_2625.jpg)

### Invesco QQQ Income Advantage ETF

### QQA \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco QQQ Income Advantage ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco QQQ Income Advantage ETF | $130.12%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the Nasdaq-100<sup>®</sup> Index had strong gains reflecting a renewed risk appetite among investors, strong tech earnings, improving sentiment regarding the US labor market and hope for eventual Fed policy accommodations. A sharp pullback in early Spring turned short lived as resilient buying in mega-cap tech pushed the Nasdaq-100<sup>®</sup> Index higher to end the fiscal year.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 24.00%. During the same time period, the Nasdaq-100<sup>®</sup> Index returned 30.95%.

**What contributed to performance?**

**Passive Index Security Exposure** \| The Fund's passive exposure to the Nasdaq-100<sup>®</sup> Index contributed to results as the tech heavy equity index recovered strongly after the sharp sell off in the early spring.

**What detracted from performance?**

**Options-Based Income Exposure** \| The defensive and income-producing options component of the Fund's investments in equity-linked notes, which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents, helped mitigate heightened market volatility, particularly in early April 2025, but overall detracted from performance as expected in steadily rising markets.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710578.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(7/17/24)** |
| **Invesco QQQ Income Advantage ETF — NAV Return** | 24.00% | 19.73% |
| **NASDAQ<sup>®</sup> Composite Index** | 31.99% | 24.76% |
| **Nasdaq-100<sup>®</sup> Index** | 30.95% | 23.94% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$434011885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$290632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710581.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio increased from the prior fiscal year end as a result of the expiration of Invesco Capital Management LLC's, the Fund's investment adviser, agreement to waive 100% of its management fee for the Fund through June 30, 2025.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-QQA-AR **Invesco QQQ Income Advantage ETF**

![TSR_logo](images_2625.jpg)

### Invesco Real Assets ESG ETF

### IVRA \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Real Assets ESG ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Real Assets ESG ETF | $59 | 0.58% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the Fund delivered positive returns on both an absolute and relative basis. Portfolio positioning during the period reflected companies with solid growth potential at attractive valuations, along with undervalued cyclical assets that could rebound as the economy stays strong, and interest rates possibly decline.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 5.13%. During the same time period, the S&P U.S., Canada & Mexico Real Assets Equity Index returned 3.77%.

**What contributed to performance?**

**Real Asset Allocations** \| Infrastructure, specifically midstream and utilities, and gold within natural resources.

**Positions \|** Cheniere Energy, Inc., a midstream company; Newmont Corp., a gold company; and Welltower, Inc., a Healthcare REIT, contributed to performance.

**What detracted from performance?**

**Real Asset Allocations** \| All timber subsectors detracted from performance.

**Positions \|** Alexandria Real Estate Equities, Inc., an Office REIT; and ONEOK, Inc., a midstream company, detracted from performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710361.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(12/22/20)** |
| **Invesco Real Assets ESG ETF — NAV Return** | 5.13% | 10.77% |
| **S&P U.S., Canada & Mexico Real Assets Equity Index** | 3.77% | 10.40% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 15.25% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13365808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$72317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;2.98% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710367.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

Effective May 13, 2025, the Fund's structure changed from a "non-transparent" ETF to a "transparent" ETF that discloses its portfolio holdings daily and operates in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended.

Effective May 13, 2025, the Fund's unitary management fee was reduced from 0.59% to 0.58% of the Fund's average daily net assets.

At a meeting held on December 17, 2025, the Board of Trustees of the Fund approved the termination and liquidation of the Fund, with the liquidation payment to shareholders expected to take place on or about February 25, 2026. Investors, who have elected not to sell their shares before market close on February 23, 2026 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 25, 2026.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IVRA-AR **Invesco Real Assets ESG ETF**

![TSR_logo](images_2625.jpg)

### Invesco Rochester<sup>®</sup> High Yield Municipal ETF

### IROC \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> High Yield Municipal ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> High Yield Municipal ETF | $240.24%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal period ended October 31, 2025, the municipal bond market benefited from elevated supply, inflows and strong credit fundamentals. High yield municipals generally underperformed investment grade over the time period.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 3.66%. During the same time period, the S&P Municipal Bond Index returned 4.14%.

**What contributed to performance?**

**Relative Contributors** \| Underweight exposure and security selection among the education sector added to relative return over the period. An underweight exposure to non-rated bonds also added to relative return. On a regional level, security selection among bonds domiciled in Wisconsin contributed to the Fund's performance.

**What detracted from performance?**

**Relative Detractors** \| Security selection within the transportation sector detracted from relative return over the period. Security selection among BBB- and BB-rated bonds also detracted from relative performance. On a regional level, security selection among bonds domiciled in Florida detracted from the Fund's performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710505.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(12/9/22)** |
| **Invesco Rochester<sup>®</sup> High Yield Municipal ETF — NAV Return** | 3.66% | 4.75% |
| **Custom Invesco High Yield Municipal Index** | 3.26% | 5.23% |
| **S&P Municipal Bond Index** | 4.14% | 3.79% |
| **S&P Municipal Bond 50% Investment Grade / 50% High Yield Index** | 3.53% | 4.69% |
| **S&P Municipal Bond High Yield Index** | 3.02% | 5.63% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$71954961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$78441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2018 A-4, VRD RB, 3.90%, 08/01/2045 | &nbsp;&nbsp;&nbsp;13.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD Ref. RB, 3.90%, 08/01/2034 | &nbsp;&nbsp;&nbsp;6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Subseries 2012 A-4, VRD RB, 3.90%, 08/01/2039 | &nbsp;&nbsp;&nbsp;6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District (The), Series 2016 A, RB, 5.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2024, VRD RB, 4.00%, 05/01/2047 | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2023, RB, 6.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Gas), Series 2025 B, RB, 5.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority (Pinecrest Public Improvement), Series 2017, RB, 7.00%, 11/15/2048 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB, 6.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), Series 2024, Ref. RB, 5.50%, 12/31/2060 | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710510.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

Effective July 1, 2025, Invesco Capital Management LLC, the Fund's investment adviser, has agreed to waive 100% of its management fee for the Fund through June 30, 2026.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IROC-AR **Invesco Rochester<sup>®</sup> High Yield Municipal ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500<sup>®</sup> Downside Hedged ETF

### PHDG \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Downside Hedged ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF | $340.34%<sup>†</sup> |

---

 **<sup>†</sup>* **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the Fund performed positively, led by gains in information technology. The Fund also benefited from interest income from collateral holdings. However, the Fund's CBOE Volatility Index ("VIX") futures allocations offset some of these gains.

 **•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 2.88%. During the same time period, the S&P 500<sup>®</sup> Dynamic VEQTOR Index returned 3.34%.

 **What contributed to performance?**

 **Sector Allocations** \| Information technology was the top contributing sector, followed by the communication services and consumer discretionary sectors, respectively.

 **Positions \|** The CBOE VIX (CBF) April 2025, a VIX futures contract, was the largest contributor.

 **What detracted from performance?**

 **Sector Allocations** \| The Fund's VIX futures allocations detracted the most from the Fund's performance, followed by the financials and health care sectors, respectively.

 **Positions \|** The CBOE VIX (CBF) June 2025, a VIX futures contract, was the largest detractor.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710200.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P 500<sup>®</sup> Downside Hedged ETF — NAV Return** | 2.88% | 4.86% | 6.09% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **S&P 500<sup>®</sup> Dynamic VEQTOR Index** | 3.34% | 5.47% | 6.62% |
| **U.S. 3 Month Treasury Bill Index** | 4.18% | 3.09% | 2.10% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$72605959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$335146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;929% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.10% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710194.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PHDG-AR **Invesco S&P 500<sup>®</sup> Downside Hedged ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P 500 Equal Weight Income Advantage ETF

### RSPA \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco S&P 500 Equal Weight Income Advantage ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500 Equal Weight Income Advantage ETF | $110.11%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, performance of the S&P 500<sup>®</sup> Equal Weight Index was challenging but ultimately positive. The S&P 500<sup>®</sup> Equal Weight Index failed to keep pace with its market cap weighted counterparts which benefited from narrow leadership. The rate sensitivity of the S&P 500<sup>®</sup> Equal Weight Index was highly reactive to Fed policy and outlook with sharp swings and rotations between sectors throughout the fiscal year.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 8.44%. During the same time period, the S&P 500<sup>®</sup> Equal Weight Index returned 8.59%.

**What contributed to performance?**

**Passive Index Security Exposure** \| The Fund's passive exposure to the S&P 500<sup>®</sup> Equal Weight Index contributed to results as some of the more rate sensitive sectors of the market reacted positively to rate cuts, but ultimately trailed the tech heavy market cap-weighted indices, as Fed policy and outlook wavered.

**What detracted from performance?**

**Options-Based Income Exposure** \| The defensive and income-producing options component of the Fund's investments in equity-linked notes, which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents helped mitigate heightened market volatility, particularly in early April 2025, but overall slightly detracted from performance as expected with some of the sharp index gains throughout the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710631.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(7/17/24)** |
| **Invesco S&P 500 Equal Weight Income Advantage ETF — NAV Return** | 8.44% | 9.47% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 18.52% |
| **S&P 500<sup>®</sup> Equal Weight Index** | 8.59% | 9.55% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$464042929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$369319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Structured Products B.V. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710628.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

The Fund's net expense ratio increased from the prior fiscal year end as a result of the expiration of Invesco Capital Management LLC's, the Fund's investment adviser, agreement to waive 100% of its management fee for the Fund through June 30, 2025.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-RSPA-AR **Invesco S&P 500 Equal Weight Income Advantage ETF**![TSR_logo](images_2625.jpg)

### Invesco Short Duration Total Return Bond ETF

### GTOS \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Short Duration Total Return Bond ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Duration Total Return Bond ETF | $32 | 0.31% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and stability in interest rates was a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 5.89%. During the same time period, the Bloomberg 1-3 Yr Gov/Credit Index returned 5.07%.

**What contributed to performance?**

**Security Selection** \| Selection within investment grade corporate consumer cyclicals and consumer non-cyclicals were key drivers of relative performance during the period.

**Allocations \|** Overweight allocations to commercial mortgage-backed securities, asset-backed securities, and banking were key drivers of positive performance during the period.

**What detracted from performance?**

**Allocations** \| An overweight allocation to technology was a slight detractor from performance during the period.

**Security Selection \|** Selection within investment grade brokerages, asset managers, and exchanges also created a slight drag on overall performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710488.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(12/9/22)** |
| **Invesco Short Duration Total Return Bond ETF — NAV Return** | 5.89% | 5.62% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | 4.18% |
| **Bloomberg 1-3 Yr Gov/Credit Index** | 5.07% | 4.69% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$82796776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$40982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;458% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 3.78%, 02/24/2026 | &nbsp;&nbsp;&nbsp;8.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., 3.80%, 11/15/2027 | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;WULF Compute LLC, 7.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 3.80%, 03/26/2026 | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;VoltaGrid LLC, 7.38%, 11/01/2030 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roblox Corp., 3.88%, 05/01/2030 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., 4.55%, 11/15/2027 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 4.70%, 10/27/2028 | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710482.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.

Effective December 9, 2025, the Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-GTOS-AR **Invesco Short Duration Total Return Bond ETF**

![TSR_logo](images_2625.jpg)

### Invesco SteelPath MLP & Energy Infrastructure ETF

### PIPE \| Cboe BZX Exchange, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco SteelPath MLP & Energy Infrastructure ETF (the "Fund") for the period February 18, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco SteelPath MLP & Energy Infrastructure ETF | $51 | 0.75% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal period ended October 31, 2025, midstream sector participants continued to find attractive growth projects and execute strategic mergers and acquisitions (M&A), supported by an increase in natural gas demand driven by artificial intelligence (AI), data centers and liquefied natural gas exports.

 **•** For the fiscal period February 20, 2025 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned -4.46%. During the same time period, the Alerian Midstream Energy Select Index-TR returned -3.87%.

 **What contributed to performance?**

 **Allocations** \| Sector allocation and security selection within Petroleum Transportation & Storage contributed strongly to performance.

 **Security Selection \|** Selection within the Diversified subsector, specifically TC Energy Corp., contributed to performance.

 **What detracted from performance?**

 **Allocations** \| An underweight allocation to the Natural Gas Transportation & Storage and a slight overweight allocation to the Gathering & Processing subsectors detracted from performance.

 **Security Selection \|** Selection within Natural Gas Transportation & Storage detracted from performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710704.jpg)

---

| | |
|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **Since<br> Inception<br> (2/20/25)** |
| **Invesco SteelPath MLP & Energy Infrastructure ETF — NAV Return** | -4.46% |
| **Alerian Midstream Energy Select Index-TR** | -3.87% |
| **S&P 500<sup>®</sup> Index** | 12.79% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$48765495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$150041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;6.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;5.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings L.P., Class A | &nbsp;&nbsp;&nbsp;5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;&nbsp;4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | &nbsp;&nbsp;&nbsp;4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer L.P. | &nbsp;&nbsp;&nbsp;4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;4.70% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710695.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-PIPE-AR **Invesco SteelPath MLP & Energy Infrastructure ETF**

![TSR_logo](images_2625.jpg)

### Invesco Top QQQ ETF

### QBIG \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Top QQQ ETF (the "Fund") for the period December 2, 2024 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Top QQQ ETF | $220.21%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal period ended October 31, 2025, large-cap equities benefited from investment themes tied to artificial intelligence (AI), following the initial downturn and volatility related to tariff concerns. A shift in lowering interest rates also improved corporate earnings and increased risk sentiment.

**•** For the fiscal period December 4, 2024 (Fund inception) through October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 30.37%. During the same time period, the Nasdaq-100 Mega Index returned 31.16%.

**What contributed to performance?**

**Security Selection** \| Security selection within the information technology sector contributed strongly to performance. Broadcom was a key contributor to returns for the period following several announcements to partner with major AI-related companies, improving prospects for demand.

**What detracted from performance?**

**Allocations** \| An underweight allocation to the information technology sector detracted from performance.

**Security Selection \|** An underweight allocation to Netflix was a detractor from performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710649.jpg)

---

| | |
|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **Since <br>Inception <br>(12/4/24)** |
| **Invesco Top QQQ ETF — NAV Return** | 30.37% |
| **NASDAQ<sup>®</sup> Composite Index** | 20.92% |
| **Nasdaq-100 Mega Index** | 31.16% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$42055320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$54411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;8.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;6.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710654.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-QBIG-AR **Invesco Top QQQ ETF**

![TSR_logo](images_2625.jpg)

### Invesco Total Return Bond ETF

### GTO \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Total Return Bond ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Total Return Bond ETF | $280.27%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and credit spread tightening. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 6.27%. During the same time period, the Bloomberg U.S. Aggregate Bond Index returned 6.16%.

**What contributed to performance?**

**Security Selection** \| Selection within structured securities, specifically 30-year conventional mortgages, was a key driver of positive performance during the period.

**Allocations \|** An overweight allocation to investment grade financial institutions, particularly exposure to the banking sub-sector, positively contributed to relative performance.

**What detracted from performance?**

**Allocations** \| Exposure to high yield consumer cyclicals detracted from performance during the period.

**Security Selection \|** Selection within investment grade communications detracted from relative performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710217.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **Since<br>Inception<br>(2/10/16)** |
| **Invesco Total Return Bond ETF — NAV Return** | 6.27% | 0.16% | 3.21% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.80% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim Total Return Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Total Return Bond ETF and the Fund.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1922560490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5012044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;629% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.00%, 11/01/2055 | &nbsp;&nbsp;&nbsp;1.41% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710223.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-GTO-AR **Invesco Total Return Bond ETF**

![TSR_logo](images_2625.jpg)

### Invesco Ultra Short Duration ETF

### GSY \| NYSE Arca, Inc.

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Ultra Short Duration ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Ultra Short Duration ETF | $23 | 0.22% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the Federal Open Market Committee (FOMC) cut interest rates by 100 basis points ("bps"), with the most recent 25 bps cut occurring in October of 2025. Overall credit fundamentals remained strong despite the gradual slowing of the economy, and short-term credit spreads have returned to the tightened levels last seen in November of 2024, after the volatility that followed the April 2, 2025 "Liberation Day" tariff announcements. Short duration investors have continued to position for the anticipated lowering of the Fed Funds rate.

**•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 5.11%. During the same time period, the ICE BofA US Treasury Bill Index returned 4.42%.

**What contributed to performance?**

**Allocations** \| Sector allocation to investment grade credit and cash securities contributed the most to positive relative performance.

**What detracted from performance?**

**Allocations** \| Duration exposure to cash securities was the main detractor during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710272.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Ultra Short Duration ETF — NAV Return** | 5.11% | 3.25% | 2.71% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **ICE BofA US Treasury Bill Index** | 4.42% | 3.05% | 2.13% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on April 6, 2018, Guggenheim Ultra Short Duration ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Ultra Short Duration ETF and the Fund.

- Prior to July 1, 2022, ICE BofA US Treasury Bill Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, ICE BofA US Treasury Bill Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual transaction costs incurred by the Fund.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3194993820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5361379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd., 4.23%, 11/03/2025 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 4.40%, 11/03/2025 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;GA Global Funding Trust, 4.40%, 09/23/2027 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating L.P., 4.51%, 11/05/2025 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 4.30%, 11/06/2025 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage L.P., 4.21%, 12/09/2025 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 4.60 - 4.96%, 11/04/2025 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 4.28%, 01/16/2026 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 4.30%, 12/04/2025 | &nbsp;&nbsp;&nbsp;0.56% |
| TELUS Corp., 4.50%, 04/09/2026 | 0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710266.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-GSY-AR **Invesco Ultra Short Duration ETF**

![TSR_logo](images_2625.jpg)

### Invesco Variable Rate Investment Grade ETF

### VRIG \| The Nasdaq Stock Market LLC

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco Variable Rate Investment Grade ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Variable Rate Investment Grade ETF | $31 | 0.30% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the Federal Open Market Committee (FOMC) cut interest rates by 100 basis points (bps), with the most recent 25 bps cut occurring in October of 2025. Overall credit fundamentals remained strong despite the gradual slowing of the economy, and short-term credit spreads have returned to the tightened levels last seen in November of 2024, after the volatility that followed the April 2, 2025 "Liberation Day" tariff announcements. Short duration investors have continued to position for the anticipated lowering of the Fed Funds rate.

 **•** For the fiscal year ended October 31, 2025, on a net asset value ("NAV") basis, the Fund returned 5.38%. During the same time period, the Bloomberg US Floating Rate Note Index returned 5.26%.

 **What contributed to performance?**

 **Allocations** \| Agency credit risk transfer securities, the principal Fund holdings in residential credit, were the largest positive contributors. In addition, agency mortgage-backed securities, commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS) all contributed positively during the period.

 **Security Selection \|** Security selection within floating rate corporate bonds contributed meaningfully to performance during the period.

 **What detracted from performance?**

 **Allocations** \| The primary detractor from Fund performance was its underweight exposure to corporate credit. Corporates delivered strong returns during the period, and the Fund's positioning limited participation in that upside.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9710289.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (9/22/16)** |
| **Invesco Variable Rate Investment Grade ETF — NAV Return** | 5.38% | 4.16% | 3.39% |
| **Bloomberg US Floating Rate Note Index** | 5.26% | 3.89% | 3.21% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.54% |

---

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/ETFs for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1287453689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3655057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;62% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 3.95%, 01/31/2027 | &nbsp;&nbsp;&nbsp;9.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 4.01%, 04/30/2027 | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 4.01%, 07/31/2027 | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 4.06%, 10/31/2026 | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs, 5.50%, 11/25/2055 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs, 5.55%, 11/25/2055 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Series 2024-HQA1, Class A1, STACR<sup>®</sup>, 5.43%, 03/25/2044 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities, Series 2023-R03, Class 2M1, 6.68%, 04/25/2043 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2023-2A, Class A2, 5.74%, 09/15/2036 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs, 5.68%, 04/25/2055 | &nbsp;&nbsp;&nbsp;0.70% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9710295.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2624.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-VRIG-AR **Invesco Variable Rate Investment Grade ETF**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 2025.

------

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees (the "Board") has determined that the Registrant has four "audit committee financial experts" serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is "independent," meaning that he/she is not an "interested person" of the Registrant (as that term is defined in Section 2(a)(19) of the Act) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d) 

#### Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | $651825  | $451280  |
| Audit-Related Fees<sup>(</sup><sup>1</sup><sup>)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 10000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Tax Fees<sup>(</sup><sup>2</sup><sup>)</sup>  | $277380  | $168840  |
| All Other Fees  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Total Fees  | $939205  | $620120  |

---

<sup>(1)</sup> Audit-Related Fees for the fiscal year ended 2025 includes fees billed for reviewing regulatory filings. 

<sup>(2)</sup> Tax Fees for the fiscal years ended 2025 and 2024 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Capital Management LLC ("Invesco" or "Adviser"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates"), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for FiscalYear Ended 2025 That Were Required to be Pre-Approved by the Registrant's Audit Committee  | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for FiscalYear Ended 2024 That Were Required to be Pre-Approved by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(1)</sup> | $1161000 | $1134000 |
| Tax Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| All Other Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Fees | $1161000 | $1134000  |

---

<sup>(1)</sup> Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization. 

(e)(1)**Audit Committee Pre-Approval Policies and Procedures**

#### Pre-Approval of Audit and Non-Audit Services Policies and Procedures

#### As Adopted by the Audit Committee of the Invesco ETFs

---

| | |
|:---|:---|
| **Applicable to**  | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the "Funds")  |
| **Risk Addressed by Policy**  | Approval of Audit and Non-Audit Services  |
| **Relevant Law and Other Sources**  | Sarbanes-Oxley Act of 2002; Regulation S-X.  |
| **Last Reviewed by Compliance for Accuracy**  | June 15, 2018  |
| **Effective Date**  | June 26, 2009  |
| **Amended Dates**  | March 12, 2015 and June 15, 2018  |

---

#### Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission ("SEC") ("Rules"), the Audit Committee of the Funds' (the "Audit Committee") Board of Trustees (the "Board") is responsible for the appointment, compensation and oversight of the work of independent accountants (an "Auditor"). As part of this responsibility and to assure that the Auditor's independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds' investment adviser and to affiliates of the adviser that provide ongoing services to the Funds ("Service Affiliates") if the services directly impact the Funds' operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee ("general pre-approval") or require the specific pre-approval of the Audit Committee ("specific pre-approval"). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor's independence when determining whether to approve any additional fees for previously pre-approved services.

------

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

#### Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

#### Audit Services
The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor's qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

#### Non-Audit Services
The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC's Rules on auditor independence, and otherwise conforms to the Audit Committee's general principles and policies as set forth herein.

#### Audit-Related Services
"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Funds' financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

#### Tax Services

------

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

---

| | | |
|:---|:---|:---|
| 1.  | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:  | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:  |
|  | a.  | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and  |
|  | b.  | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;  |
| 2.  | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and  | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and  |
| 3.  | Document the substance of its discussion with the Audit Committee.  | Document the substance of its discussion with the Audit Committee.  |

---

#### All Other Auditor Services
The Audit Committee may pre-approve non-audit services classified as "All other services" that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

#### Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

#### Procedures
On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

------

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds' Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds' Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor's independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds' Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds' Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds' Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds' Treasurer or senior management.

#### Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
**Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund's financial statements)** 

• **Bookkeeping or other services related to the accounting records or financial statements of the audit client** 

• **Financial information systems design and implementation**

• **Appraisal or valuation services, fairness opinions, or contribution-in-kind reports**

• **Actuarial services** 

• **Internal audit outsourcing services**

#### Categorically Prohibited Non-Audit Services
• **Management functions**

• **Human resources**

• **Broker-dealer, investment adviser, or investment banking services** 

• **Legal services** 

• **Expert services unrelated to the audit** 

• **Any service or product provided for a contingent fee or a commission**

• **Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance**

• **Tax services for persons in financial reporting oversight roles at the Fund**

• **Any other service that the Public Company Oversight Board determines by regulation is impermissible.**

---

| | |
|:---|:---|
| **(e)(2)** | **There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.**  |

---

(f) Not applicable. 

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,737,000 for the fiscal year ended October 31, 2025 and $6,466,000 for the fiscal year ended October 31, 2024 for non-audit services not required to be pre-approved by the Registrant's Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,175,380 for the fiscal year ended October 31, 2025 and $7,768,840 for the fiscal year ended October 31, 2024. 

(h) With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant's Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $35 million and non-audit services of approximately $26 million for the fiscal year ended 2025. The Audit Committee considered this information in evaluating PwC's independence. 

(i) Not applicable. 

(j) Not applicable. 

------

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img818675cf1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **ICLO** | Invesco AAA CLO Floating Rate Note ETF |
| **PSR** | Invesco Active U.S. Real Estate ETF |
| **CSTK** | Invesco Comstock Contrarian Equity ETF |
| **GTOC** | Invesco Core Fixed Income ETF |
| **IQSZ** | Invesco Global Equity Net Zero ETF |
| **IHYF** | Invesco High Yield Bond Factor ETF |
| **HIYS** | Invesco High Yield Select ETF |
| **MTRA** | Invesco International Growth Focus ETF |
| **EFAA** | Invesco MSCI EAFE Income Advantage ETF |
| **QQHG** | Invesco QQQ Hedged Advantage ETF |
| **QQA** | Invesco QQQ Income Advantage ETF |
| **PHDG** | Invesco S&P 500<sup>®</sup> Downside Hedged ETF |
| **RSPA** | Invesco S&P 500 Equal Weight Income Advantage ETF |
| **GTOS** | Invesco Short Duration Total Return Bond ETF |
| **PIPE** | Invesco SteelPath MLP & Energy Infrastructure ETF |
| **QBIG** | Invesco Top QQQ ETF |
| **GTO** | Invesco Total Return Bond ETF |
| **GSY** | Invesco Ultra Short Duration ETF |
| **VRIG** | Invesco Variable Rate Investment Grade ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco AAA CLO Floating Rate Note ETF (ICLO)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_1) | **3** |
| [Invesco Active U.S. Real Estate ETF (PSR)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_7) | **9** |
| [Invesco Comstock Contrarian Equity ETF (CSTK)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_9) | **11** |
| [Invesco Core Fixed Income ETF (GTOC)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_11) | **13** |
| [Invesco Global Equity Net Zero ETF (IQSZ)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_20) | **22** |
| [Invesco High Yield Bond Factor ETF (IHYF)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_27) | **29** |
| [Invesco High Yield Select ETF (HIYS)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_38) | **40** |
| [Invesco International Growth Focus ETF (MTRA)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_44) | **46** |
| [Invesco MSCI EAFE Income Advantage ETF (EFAA)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_46) | **48** |
| [Invesco QQQ Hedged Advantage ETF (QQHG)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_55) | **57** |
| [Invesco QQQ Income Advantage ETF (QQA)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_61) | **63** |
| [Invesco S&P 500](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_65)<sup>®</sup>[Downside Hedged ETF (PHDG)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_65) | **67** |
| [Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_71) | **73** |
| [Invesco Short Duration Total Return Bond ETF (GTOS)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_80) | **82** |
| [Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_90) | **92** |
| [Invesco Top QQQ ETF (QBIG)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_92) | **94** |
| [Invesco Total Return Bond ETF (GTO)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_94) | **96** |
| [Invesco Ultra Short Duration ETF (GSY)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_124) | **126** |
| [Invesco Variable Rate Investment Grade ETF (VRIG)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_SOI-Continued-894_133) | **135** |
| [Statements of Assets and Liabilities](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_FS-Continued-894_1) | **146** |
| [Statements of Operations](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_FS-Continued-894_9) | **154** |
| [Statements of Changes in Net Assets](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_FS-Continued-894_13) | **158** |
| [Financial Highlights](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_FIHI-Continued-894_1) | **165** |
| [Notes to Financial Statements](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_NTF-Continued-894_1) | **183** |
| [Report of Independent Registered Public Accounting Firm](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_AR-Continued-894_1) | **213** |
| [Tax Information](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_TI-Continued-894_1) | **215** |
| [Proxy Results](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_PROX-Continued-894_1) | **216** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_BCRC-Continued_1) | **217** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_1c1f9fa2-7333-475e-bb56-7d6e0d99af65_OIRSR-Continued-894_1) | **223** |

---

------

**2**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities-100.65%** | **Asset-Backed Securities-100.65%** | **Asset-Backed Securities-100.65%** |
| 522 Funding CLO Ltd. |  |  |
| Series 2019-5A, Class BR, 5.76% (3 <br> mo. Term SOFR + 1.85%), <br> 04/15/2035<sup>(a)(b)</sup><br>| $500000 | &nbsp;&nbsp; $500439 |
| Series 2020-6A, Class A1R2, 5.06% (3 <br> mo. Term SOFR + 1.20%), <br> 10/23/2034<sup>(a)(b)</sup><br>| 130000 | &nbsp;&nbsp; 130216 |
| ABPCI Direct Lending Fund CLO V Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2019-5A, Class A1RR, 6.08% (3 <br> mo. Term SOFR + 2.20%), <br> 01/20/2036<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1304092 |
| Series 2019-5A, Class A1Z, 5.88% (3 <br> mo. Term SOFR + 2.00%), <br> 01/20/2036<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1503326 |
| AGL CLO 14 Ltd. (Cayman Islands), <br> Series 2021-14A, Class AR, 5.00% (3 <br> mo. Term SOFR + 1.13%), <br> 12/02/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1000657 |
| AGL CLO 20 Ltd. (Jersey), Series 2022-<br> 20A, Class BR, 5.63% (3 mo. Term <br> SOFR + 1.75%), 10/20/2037<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 250627 |
| AGL CLO 28 Ltd. (Jersey), Series 2023-<br> 28A, Class AL2, 5.57% (3 mo. Term <br> SOFR + 1.70%), 01/21/2037<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 300689 |
| AGL CLO 29 Ltd. (Jersey), Series 2024-<br> 29A, Class A1, 5.44% (3 mo. Term <br> SOFR + 1.57%), 04/21/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4013936 |
| AGL CLO 37 Ltd. (Cayman Islands), <br> Series 2024-37A, Class A1, 5.10% (3 <br> mo. Term SOFR + 1.24%), <br> 04/22/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2503490 |
| AGL Core CLO 27 Ltd. (Cayman Islands), <br> Series 2023-27A, Class A, 5.60% (3 <br> mo. Term SOFR + 1.73%), <br> 10/21/2036<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 501172 |
| AGL Core CLO 31 Ltd. (Cayman Islands), <br> Series 2024-31A, Class A, 5.28% (3 <br> mo. Term SOFR + 1.40%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2204919 |
| AGL Core CLO 4 Ltd. (Cayman Islands), <br> Series 2020-4A, Class AR2, 5.26% (3 <br> mo. Term SOFR + 1.38%), <br> 10/20/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1254003 |
| AIMCO CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-10A, Class ARR, 5.27% (3 <br> mo. Term SOFR + 1.41%), <br> 07/22/2037<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 250443 |
| Series 2020-11A, Class A2R, 5.38% (3 <br> mo. Term SOFR + 1.50%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 4250000 | &nbsp;&nbsp; 4251827 |
| Series 2021-16A, Class AR, 5.28% (3 <br> mo. Term SOFR + 1.40%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1252134 |
| Series 2025-23A, Class B, 5.28% (3 mo. <br> Term SOFR + 1.40%), 04/20/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 998380 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Antares CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-3A, Class A2R, 5.68% (3 <br> mo. Term SOFR + 1.80%), <br> 07/20/2036<sup>(a)(b)</sup><br>| $1400000 | &nbsp;&nbsp; $1401515 |
| Series 2021-1A, Class A1R, 5.31% (3 <br> mo. Term SOFR + 1.42%), <br> 10/25/2038<sup>(a)(b)</sup><br>| 5200000 | &nbsp;&nbsp; 5207353 |
| Apidos CLO XXVIII (Cayman Islands), <br> Series 2017-28A, Class A1BR, 5.82% (3 <br> mo. Term SOFR + 1.55%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1999398 |
| Apidos CLO XXXIX Ltd. (Cayman Islands), <br> Series 2022-39A, Class A1R, 5.40% (3 <br> mo. Term SOFR + 1.23%), <br> 10/21/2038<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4005868 |
| Apidos Loan Fund Ltd. (Cayman Islands), <br> Series 2024-1A, Class A1R, 5.38% (3 <br> mo. Term SOFR + 1.25%), <br> 10/25/2038<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 300150 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2022-1A, Class A1R, 5.12% (3 <br> mo. Term SOFR + 1.24%), <br> 10/18/2038<sup>(a)(b)</sup><br>| 2600000 | &nbsp;&nbsp; 2606113 |
| Series 2023-3A, Class A1R, 5.18% (3 <br> mo. Term SOFR + 1.31%), <br> 10/24/2038<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4009480 |
| Ballyrock CLO 14 Ltd. (Cayman Islands), <br> Series 2020-14A, Class A1A, 5.26% (3 <br> mo. Term SOFR + 1.38%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1504360 |
| Barings CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-1A, Class AR2, 5.17% (3 <br> mo. Term SOFR + 1.25%), <br> 10/15/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2003362 |
| Series 2022-3A, Class BR, 5.63% (3 <br> mo. Term SOFR + 1.75%), <br> 10/20/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1503195 |
| Benefit Street Partners CLO XX Ltd. <br> (Cayman Islands), Series 2020-20A, <br> Class ARR, 5.20% (3 mo. Term SOFR + <br> 1.29%), 07/15/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5010250 |
| Benefit Street Partners CLO XXIX Ltd. <br> (Jersey), Series 2022-29A, Class AR, <br> 5.04% (3 mo. Term SOFR + 1.18%), <br> 01/25/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2501690 |
| Benefit Street Partners CLO XXVII Ltd. <br> (Jersey), Series 2022-27A, Class AR, <br> 5.25% (3 mo. Term SOFR + 1.37%), <br> 10/20/2037<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2206829 |
| Benefit Street Partners CLO XXXVII Ltd. <br> (Cayman Islands), Series 2024-37A, <br> Class A, 5.21% (3 mo. Term SOFR + <br> 1.35%), 01/25/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2506945 |
| Blackrock MT. Lassen CLO XV LLC, <br> Series 2025-1A, Class A1, 5.97% (3 <br> mo. Term SOFR + 1.65%), <br> 07/15/2037<sup>(a)(b)</sup><br>| 7500000 | &nbsp;&nbsp; 7510725 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**3**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Blueberry Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.23% (3 mo. <br> Term SOFR + 1.35%), 10/20/2037<sup>(a)(b)</sup><br>| $4000000 | &nbsp;&nbsp; $4010932 |
| Broad River Bsl Funding CLO Ltd. (Cayman <br> Islands), Series 2020-1A, Class AR, <br> 5.32% (3 mo. Term SOFR + 1.43%), <br> 07/20/2034<sup>(a)(b)</sup><br>| 1670000 | &nbsp;&nbsp; 1670835 |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands), Series 2014-2RA, <br> Class A2, 5.80% (3 mo. Term SOFR + <br> 1.59%), 05/15/2031<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1000269 |
| Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-3A, Class A2RR, 5.93% (3 <br> mo. Term SOFR + 2.05%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003074 |
| Series 2021-4A, Class A1, 5.26% (3 <br> mo. Term SOFR + 1.37%), <br> 04/20/2034<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1301343 |
| Series 2021-4A, Class B1, 5.80% (3 mo. <br> Term SOFR + 1.91%), 04/20/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003192 |
| Series 2021-6A, Class A1R, 5.20% (3 <br> mo. Term SOFR + 1.29%), <br> 01/15/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2001838 |
| Series 2022-3A, Class AR, 5.43% (3 <br> mo. Term SOFR + 1.55%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2505140 |
| Series 2024-1A, Class A, 5.44% (3 mo. <br> Term SOFR + 1.53%), 04/15/2037<sup>(a)(b)</sup><br>| 450000 | &nbsp;&nbsp; 451609 |
| CBAM Ltd. (Cayman Islands), Series 2018-<br> 5A, Class A1R, 5.45% (3 mo. Term <br> SOFR + 1.34%), 10/17/2038<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4014716 |
| CBAMR Ltd. (Cayman Islands) |  |  |
| Series 2019-9A, Class AR, 5.54% (3 <br> mo. Term SOFR + 1.63%), <br> 07/15/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003572 |
| Series 2021-14A, Class A1R, 5.24% (3 <br> mo. Term SOFR + 1.28%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 1600000 | &nbsp;&nbsp; 1600795 |
| Cedar Funding II CLO Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2013-1A, Class AR3, 5.40% (3 <br> mo. Term SOFR + 1.31%), <br> 07/22/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2503685 |
| Series 2013-1A, Class BR3, 5.84% (3 <br> mo. Term SOFR + 1.75%), <br> 07/22/2038<sup>(a)(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1203404 |
| Cedar Funding IX CLO Ltd. (Cayman <br> Islands), Series 2018-9A, Class AR, <br> 5.30% (3 mo. Term SOFR + 1.42%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6013992 |
| Cedar Funding XI CLO Ltd. (Cayman <br> Islands), Series 2019-11A, Class A1R2, <br> 5.26% (3 mo. Term SOFR + 1.06%), <br> 05/29/2032<sup>(a)(b)</sup><br>| 820611 | &nbsp;&nbsp; 821637 |
| Cedar Funding XII CLO Ltd. (Cayman <br> Islands), Series 2020-12A, Class ARR, <br> 5.06% (3 mo. Term SOFR + 1.20%), <br> 01/25/2038<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1251025 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Cedar Funding XIV CLO Ltd. (Cayman <br> Islands), Series 2021-14A, Class AR, <br> 5.29% (3 mo. Term SOFR + 1.38%), <br> 10/15/2037<sup>(a)(b)</sup><br>| $5000000 | &nbsp;&nbsp; $5013035 |
| Cerberus Loan Funding XL LLC, <br> Series 2023-1A, Class A, 6.31% (3 mo. <br> Term SOFR + 2.40%), 03/22/2035<sup>(a)(b)</sup><br>| 1550000 | &nbsp;&nbsp; 1552488 |
| Cerberus Loan Funding XLI LLC, <br> Series 2023-2A, Class A1, 6.46% (3 <br> mo. Term SOFR + 2.55%), <br> 07/15/2035<sup>(a)(b)</sup><br>| 512000 | &nbsp;&nbsp; 514390 |
| CIFC Funding Ltd. (Cayman Islands) |  |  |
| Series 2013-2A, Class A2L2, 5.65% (3 <br> mo. Term SOFR + 1.76%), <br> 10/18/2030<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 501027 |
| Series 2014-4RA, Class A1A2, 4.87% <br> (3 mo. Term SOFR + 0.99%), <br> 01/17/2035<sup>(a)(b)</sup><br>| 740000 | &nbsp;&nbsp; 740301 |
| Series 2014-5A, Class A1R3, 5.26% (3 <br> mo. Term SOFR + 1.38%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1304226 |
| Series 2016-1A, Class AR3, 4.87% (3 <br> mo. Term SOFR + 1.00%), <br> 10/21/2031<sup>(a)(b)</sup><br>| 510481 | &nbsp;&nbsp; 509524 |
| Series 2017-1A, Class ARR, 5.42% (3 <br> mo. Term SOFR + 1.55%), <br> 04/21/2037<sup>(a)(b)</sup><br>| 3900000 | &nbsp;&nbsp; 3917901 |
| Series 2017-5A, Class AR, 5.29% (3 <br> mo. Term SOFR + 1.41%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1302721 |
| Series 2020-3A, Class A1R2, 5.07% (3 <br> mo. Term SOFR + 1.21%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1502606 |
| Series 2023-2A, Class A, 5.62% (3 mo. <br> Term SOFR + 1.75%), 01/21/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5015715 |
| Eaton Vance CLO Ltd. (Cayman Islands), <br> Series 2013-1A, Class AR4, 5.25% (3 <br> mo. Term SOFR + 1.34%), <br> 10/15/2038<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2204882 |
| Elmwood CLO 19 Ltd. (Cayman Islands), <br> Series 2022-6A, Class AR2, 5.15% (3 <br> mo. Term SOFR + 1.24%), <br> 10/17/2038<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2103150 |
| Elmwood CLO 21 Ltd. (Cayman Islands), <br> Series 2022-8A, Class AR2, 5.12% (3 <br> mo. Term SOFR + 1.22%), <br> 10/15/2038<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3504994 |
| Elmwood CLO 24 Ltd. (Cayman Islands), <br> Series 2023-3A, Class AR, 5.20% (3 <br> mo. Term SOFR + 1.32%), <br> 01/17/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1002073 |
| Elmwood CLO 26 Ltd. (Cayman Islands), <br> Series 2024-1A, Class B, 5.88% (3 mo. <br> Term SOFR + 2.00%), 04/18/2037<sup>(a)(b)</sup><br>| 1100000 | &nbsp;&nbsp; 1104023 |
| Elmwood CLO 29 Ltd. (Cayman Islands), <br> Series 2024-5A, Class AR1, 5.40% (3 <br> mo. Term SOFR + 1.52%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 520000 | &nbsp;&nbsp; 521377 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**4**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Elmwood CLO III Ltd. (Cayman Islands) |  |  |
| Series 2019-3A, Class A1RR, 5.26% (3 <br> mo. Term SOFR + 1.38%), <br> 07/18/2037<sup>(a)(b)</sup><br>| $6000000 | &nbsp;&nbsp; $6008070 |
| Series 2019-3A, Class A2RR, 5.48% (3 <br> mo. Term SOFR + 1.60%), <br> 07/18/2037<sup>(a)(b)</sup><br>| 325000 | &nbsp;&nbsp; 326011 |
| Elmwood CLO VI Ltd. (Cayman Islands), <br> Series 2020-3A, Class ARR, 5.26% (3 <br> mo. Term SOFR + 1.38%), <br> 07/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001404 |
| Elmwood CLO VIII Ltd. (Cayman Islands), <br> Series 2021-1A, Class AR, 5.43% (3 <br> mo. Term SOFR + 1.55%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 1800000 | &nbsp;&nbsp; 1803829 |
| Elmwood CLO X Ltd. (Cayman Islands), <br> Series 2021-3A, Class BR2, 5.53% (3 <br> mo. Term SOFR + 1.65%), <br> 07/20/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003083 |
| Empower CLO Ltd. (Cayman Islands) |  |  |
| Series 2022-1A, Class A1R, 5.27% (3 <br> mo. Term SOFR + 1.39%), <br> 10/20/2037<sup>(a)(b)</sup><br>| 3750000 | &nbsp;&nbsp; 3761636 |
| Series 2023-1A, Class BR, 5.86% (3 <br> mo. Term SOFR + 2.00%), <br> 04/25/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1006497 |
| Series 2024-1A, Class A1, 5.46% (3 <br> mo. Term SOFR + 1.60%), <br> 04/25/2037<sup>(a)(b)</sup><br>| 4800000 | &nbsp;&nbsp; 4816517 |
| Series 2025-1A, Class A, 5.19% (3 mo. <br> Term SOFR + 1.31%), 07/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5016340 |
| Series 2025-1A, Class B, 5.68% (3 mo. <br> Term SOFR + 1.80%), 07/20/2038<sup>(a)(b)</sup><br>| 1750000 | &nbsp;&nbsp; 1756121 |
| Flatiron CLO 21 Ltd. (Cayman Islands), <br> Series 2021-1A, Class A1R, 5.24% (3 <br> mo. Term SOFR + 1.36%), <br> 10/19/2037<sup>(a)(b)</sup><br>| 1945000 | &nbsp;&nbsp; 1953103 |
| Flatiron CLO 25 Ltd. (Cayman Islands), <br> Series 2024-2A, Class A, 5.23% (3 mo. <br> Term SOFR + 1.35%), 10/17/2037<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3509425 |
| Galaxy XXII CLO Ltd. (Cayman Islands), <br> Series 2016-22A, Class ARR, 5.13% (3 <br> mo. Term SOFR + 1.24%), <br> 04/16/2034<sup>(a)(b)</sup><br>| 1750000 | &nbsp;&nbsp; 1752075 |
| Galaxy XXIV CLO Ltd. (Cayman Islands), <br> Series 2017-24A, Class AR, 5.45% (3 <br> mo. Term SOFR + 1.54%), <br> 04/15/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1252895 |
| GoldenTree Loan Management US CLO 12 <br> Ltd. (Cayman Islands), Series 2022-12A, <br> Class AJR, 5.41% (3 mo. Term SOFR + <br> 1.53%), 07/20/2037<sup>(a)(b)</sup><br>| 2075000 | &nbsp;&nbsp; 2081024 |
| GoldenTree Loan Management US CLO 9 <br> Ltd., Series 2021-9A, Class AR, 5.38% <br> (3 mo. Term SOFR + 1.50%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 6300000 | &nbsp;&nbsp; 6323871 |
| Golub Capital Partners CLO 49(M) Ltd. <br> (Cayman Islands), Series 2020-49A, <br> Class A1R, 5.84% (3 mo. Term SOFR + <br> 1.52%), 07/20/2038<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 3986908 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Golub Capital Partners CLO 54(M) L.P. <br> (Cayman Islands), Series 2021-54A, <br> Class A1R, 5.80% (3 mo. Term SOFR + <br> 1.47%), 08/05/2037<sup>(a)(b)</sup><br>| $2400000 | &nbsp;&nbsp; $2401970 |
| Golub Capital Partners CLO 61(M), <br> Series 2022-61A, Class A1A, 5.09% (3 <br> mo. Term SOFR + 1.23%), <br> 07/25/2035<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4995390 |
| Golub Capital Partners CLO 69(M) |  |  |
| Series 2023-69A, Class A, 6.58% (3 <br> mo. Term SOFR + 2.35%), <br> 11/09/2036<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2000100 |
| Series 2023-69A, Class AR, (3 mo. <br> Term SOFR + 1.40%)11/09/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2001048 |
| Golub Capital Partners CLO 71(M), <br> Series 2024-71A, Class A, 6.18% (3 <br> mo. Term SOFR + 1.95%), <br> 02/09/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003788 |
| Golub Capital Partners CLO 78(M), <br> Series 2025-78A, Class A1, 5.25% (3 <br> mo. Term SOFR + 1.38%), <br> 04/21/2039<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3491236 |
| Harmony-Peace Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.23% (3 mo. <br> Term SOFR + 1.35%), 10/20/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5019925 |
| Ivy Hill Middle Market Credit Fund IX Ltd. <br> (Cayman Islands), Series 9A, <br> Class A1R3, 5.64% (3 mo. Term SOFR + <br> 1.52%), 07/23/2037<sup>(a)(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1198402 |
| Ivy Hill Middle Market Credit Fund VII Ltd. <br> (Cayman Islands), Series 7A, Class AR3, <br> 5.51% (3 mo. Term SOFR + 1.60%), <br> 10/15/2036<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 501434 |
| Madison Park Funding XIX Ltd. (Cayman <br> Islands), Series 2015-19A, Class AR3, <br> 5.46% (3 mo. Term SOFR + 1.60%), <br> 01/22/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001661 |
| Magnetite XL Ltd. (Cayman Islands), <br> Series 2024-40A, Class A1, 5.36% (3 <br> mo. Term SOFR + 1.45%), <br> 07/15/2037<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2507812 |
| Magnetite Xlii Ltd., Series 2024-42A, <br> Class A1, 5.17% (3 mo. Term SOFR + <br> 1.31%), 01/25/2038<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1503177 |
| Magnetite XVII Ltd. (Cayman Islands), <br> Series 2016-17A, Class AR2, 5.38% (3 <br> mo. Term SOFR + 1.50%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 3100000 | &nbsp;&nbsp; 3111625 |
| Magnetite XXI Ltd. (Cayman Islands), <br> Series 2019-21A, Class AR, 5.17% (3 <br> mo. Term SOFR + 1.28%), <br> 04/20/2034<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2501882 |
| Magnetite XXVII Ltd. (Cayman Islands) |  |  |
| Series 2020-27A, Class ARR, 5.16% (3 <br> mo. Term SOFR + 1.23%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1252084 |
| Series 2020-27A, Class BRR, 5.48% (3 <br> mo. Term SOFR + 1.55%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003569 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**5**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Magnetite XXXIV Ltd. (Cayman Islands), <br> Series 2023-34A, Class A1R, 5.05% (3 <br> mo. Term SOFR + 1.14%), <br> 01/15/2038<sup>(a)(b)</sup><br>| $4000000 | &nbsp;&nbsp; $3997520 |
| Magnetite XXXVII Ltd. (Cayman Islands) |  |  |
| Series 2023-37A, Class A, 5.53% (3 <br> mo. Term SOFR + 1.65%), <br> 10/20/2036<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2500125 |
| Series 2023-37A, Class A1R, 3.91% (3 <br> mo. Term SOFR + 1.20%), <br> 10/25/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2501307 |
| Milford Park CLO Ltd. (Cayman Islands), <br> Series 2022-1A, Class AR, 5.04% (3 <br> mo. Term SOFR + 1.16%), <br> 01/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4997360 |
| Morgan Stanley Eaton Vance CLO Ltd. <br> (Cayman Islands), Series 2022-16A, <br> Class B, 5.86% (3 mo. Term SOFR + <br> 1.95%), 04/15/2035<sup>(a)(b)</sup><br>| 630000 | &nbsp;&nbsp; 630837 |
| Neuberger Berman CLO XVI-S Ltd. <br> (Cayman Islands), Series 2017-16SA, <br> Class A1R, 5.09% (3 mo. Term SOFR + <br> 1.18%), 04/15/2039<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 499750 |
| Neuberger Berman Loan Advisers CLO 33 <br> Ltd. (Cayman Islands), Series 2019-33A, <br> Class AR2, 5.11% (3 mo. Term SOFR + <br> 1.22%), 04/16/2039<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 999999 |
| Neuberger Berman Loan Advisers CLO 39 <br> Ltd. (Cayman Islands), Series 2020-39A, <br> Class A1R, 5.41% (3 mo. Term SOFR + <br> 1.53%), 04/20/2038<sup>(a)(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3011577 |
| Neuberger Berman Loan Advisers CLO 40 <br> Ltd. (Cayman Islands), Series 2021-40A, <br> Class AR, 5.33% (3 mo. Term SOFR + <br> 1.23%), 10/16/2037<sup>(a)(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6007716 |
| Neuberger Berman Loan Advisers CLO 47 <br> Ltd. (Cayman Islands), Series 2022-47A, <br> Class AR, 5.20% (3 mo. Term SOFR + <br> 1.09%), 04/16/2035<sup>(a)(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6005100 |
| Neuberger Berman Loan Advisers NBLA <br> CLO 52 Ltd. (Jersey), Series 2022-52A, <br> Class AR, 5.22% (3 mo. Term SOFR + <br> 1.35%), 10/24/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2507820 |
| New Mountain CLO 8 Ltd. (Cayman <br> Islands), Series CLO-8A, Class A1, <br> 5.13% (3 mo. Term SOFR + 1.27%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5001250 |
| OCP CLO Ltd. (Cayman Islands) |  |  |
| Series 2015-9A, Class AR3, 5.01% (3 <br> mo. Term SOFR + 1.10%), <br> 01/15/2037<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3502383 |
| Series 2016-12A, Class A1R3, 5.25% (3 <br> mo. Term SOFR + 1.37%), <br> 10/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1002128 |
| Series 2017-13A, Class AR2, 5.21% (3 <br> mo. Term SOFR + 1.34%), <br> 11/26/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1503453 |
| Series 2019-17A, Class AR2, 5.28% (3 <br> mo. Term SOFR + 1.40%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4008944 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2019-17A, Class BR2, 5.63% (3 <br> mo. Term SOFR + 1.75%), <br> 07/20/2037<sup>(a)(b)</sup><br>| $1250000 | &nbsp;&nbsp; $1253696 |
| Series 2020-20A, Class A1R, 5.41% (3 <br> mo. Term SOFR + 1.53%), <br> 04/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1002983 |
| Series 2020-8RA, Class AR2, 5.10% (3 <br> mo. Term SOFR + 1.22%), <br> 10/17/2038<sup>(a)(b)</sup><br>| 7000000 | &nbsp;&nbsp; 7016394 |
| Series 2024-31A, Class A1, 5.51% (3 <br> mo. Term SOFR + 1.63%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 3250000 | &nbsp;&nbsp; 3258144 |
| OHA Credit Funding 12-R Ltd. (Cayman <br> Islands), Series 2022-12RA, Class B1, <br> 5.93% (3 mo. Term SOFR + 1.60%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001414 |
| OHA Credit Funding 15-R Ltd. (Cayman <br> Islands), Series 2023-15RA, Class A, <br> 5.17% (3 mo. Term SOFR + 1.29%), <br> 07/20/2038<sup>(a)(b)</sup><br>| 1275000 | &nbsp;&nbsp; 1276173 |
| OHA Credit Funding 17 Ltd. (Bermuda), <br> Series 2024-17A, Class A, 5.36% (3 <br> mo. Term SOFR + 1.48%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2005362 |
| OHA Credit Funding 4 Ltd. (Cayman <br> Islands), Series 2019-4A, Class AR2, <br> 5.15% (3 mo. Term SOFR + 1.29%), <br> 01/22/2038<sup>(a)(b)</sup><br>| 2331000 | &nbsp;&nbsp; 2335608 |
| OHA Credit Funding 8 Ltd. (Cayman <br> Islands), Series 2021-8A, Class B1R, <br> 5.43% (3 mo. Term SOFR + 1.55%), <br> 01/20/2038<sup>(a)(b)</sup><br>| 2250000 | &nbsp;&nbsp; 2255485 |
| OHA Credit Partners VII Ltd. (Cayman <br> Islands), Series 2012-7A, Class AR4, <br> 5.34% (3 mo. Term SOFR + 1.14%), <br> 02/20/2038<sup>(a)(b)</sup><br>| 7250000 | &nbsp;&nbsp; 7238842 |
| Palmer Square CLO Ltd. (Cayman Islands) |  |  |
| Series 2015-1A, Class A1A5, 5.27% (3 <br> mo. Term SOFR + 1.05%), <br> 05/21/2034<sup>(a)(b)</sup><br>| 1795000 | &nbsp;&nbsp; 1795451 |
| Series 2021-1A, Class A1AR, 5.03% (3 <br> mo. Term SOFR + 1.15%), <br> 04/20/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2497325 |
| Series 2023-1A, Class AR, 5.13% (3 <br> mo. Term SOFR + 1.25%), <br> 01/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5004555 |
| Park Blue CLO Ltd. (Cayman Islands) |  |  |
| Series 2022-1A, Class A1R, 5.30% (3 <br> mo. Term SOFR + 1.42%), <br> 10/20/2037<sup>(a)(b)</sup><br>| 6400000 | &nbsp;&nbsp; 6420621 |
| Series 2022-2A, Class A1R, 5.30% (3 <br> mo. Term SOFR + 1.42%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 1280000 | &nbsp;&nbsp; 1283475 |
| Series 2025-7A, Class A1, 5.08% (3 <br> mo. Term SOFR + 1.22%), <br> 04/25/2038<sup>(a)(b)</sup><br>| 7250000 | &nbsp;&nbsp; 7248550 |
| Peace Park CLO Ltd. (Cayman Islands), <br> Series 2021-1A, Class BR, 5.46% (3 <br> mo. Term SOFR + 1.58%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001897 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**6**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Peebles Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.37% (3 mo. <br> Term SOFR + 1.50%), 04/21/2037<sup>(a)(b)</sup><br>| $2400000 | &nbsp;&nbsp; $2409130 |
| Pikes Peak CLO 4 (Cayman Islands), <br> Series 2019-4A, Class ARR, 5.12% (3 <br> mo. Term SOFR + 1.21%), <br> 07/15/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1252269 |
| Regatta 30 Funding Ltd. (Cayman Islands), <br> Series 2024-4A, Class A2, 5.41% (3 <br> mo. Term SOFR + 1.55%), <br> 01/25/2038<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1301027 |
| Regatta X Funding Ltd. (Cayman Islands), <br> Series 2017-3A, Class AR, 5.36% (3 <br> mo. Term SOFR + 1.48%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2007064 |
| Regatta XVII Funding Ltd. (Cayman <br> Islands), Series 2020-1A, Class AR, <br> 5.29% (3 mo. Term SOFR + 1.38%), <br> 10/15/2037<sup>(a)(b)</sup><br>| 4600000 | &nbsp;&nbsp; 4613142 |
| Regatta XX Funding Ltd. (Cayman Islands), <br> Series 2021-2A, Class AR, 5.09% (3 <br> mo. Term SOFR + 1.18%), <br> 01/15/2038<sup>(a)(b)</sup><br>| 1350000 | &nbsp;&nbsp; 1349595 |
| Regatta XXII Funding Ltd. (Cayman <br> Islands), Series 2022-2A, Class AR, <br> 5.13% (3 mo. Term SOFR + 1.25%), <br> 07/20/2035<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001134 |
| RR 15 Ltd. (Cayman Islands), Series 2021-<br> 15A, Class A2, 5.62% (3 mo. Term <br> SOFR + 1.71%), 04/15/2036<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2103383 |
| RR 24 Ltd. (Bermuda), Series 2022-24A, <br> Class A1A2, 5.22% (3 mo. Term SOFR + <br> 1.31%), 01/15/2037<sup>(a)(b)</sup><br>| 900000 | &nbsp;&nbsp; 902281 |
| RR 26 Ltd. (Cayman Islands), Series 2023-<br> 26A, Class A1R, 5.03% (3 mo. Term <br> SOFR + 1.12%), 04/15/2038<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2101262 |
| RR 29 Ltd. (Cayman Islands), Series 2024-<br> 29RA, Class A1R, 5.30% (3 mo. Term <br> SOFR + 1.39%), 07/15/2039<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1503303 |
| RR 38 Ltd. (Cayman Islands), Series 2025-<br> 38A, Class A1A, 5.06% (3 mo. Term <br> SOFR + 1.15%), 04/15/2040<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1298605 |
| RR 5 Ltd. (Cayman Islands), Series 2018-<br> 5A, Class A1R, 5.41% (3 mo. Term <br> SOFR + 1.50%), 07/15/2039<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2210811 |
| Shackleton CLO Ltd. (Cayman Islands), <br> Series 2019-14A, Class A1R, 5.08% (3 <br> mo. Term SOFR + 1.20%), <br> 07/20/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1249595 |
| Signal Peak CLO 10 Ltd. (Cayman Islands), <br> Series 2021-10A, Class A1R, 5.06% (3 <br> mo. Term SOFR + 1.19%), <br> 01/24/2038<sup>(a)(b)</sup><br>| 4500000 | &nbsp;&nbsp; 4493223 |
| Signal Peak CLO 11 Ltd. (Cayman Islands), <br> Series 2024-11A, Class A1, 5.33% (3 <br> mo. Term SOFR + 1.45%), <br> 07/18/2037<sup>(a)(b)</sup><br>| 9700000 | &nbsp;&nbsp; 9742942 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Signal Peak CLO 14 Ltd. (Cayman Islands), <br> Series 2024-14A, Class A, 5.16% (3 <br> mo. Term SOFR + 1.30%), <br> 01/22/2038<sup>(a)(b)</sup><br>| $2000000 | &nbsp;&nbsp; $2006006 |
| Signal Peak CLO 9 Ltd. (Cayman Islands), <br> Series 2021-9A, Class A1R, 5.23% (3 <br> mo. Term SOFR + 1.36%), <br> 01/21/2038<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1304588 |
| Sona Fios CLO IV DAC (Ireland), Series 4A, <br> Class A, 3.27% (3 mo. EURIBOR + <br> 1.27%), 04/20/2038<sup>(a)(b)(c)</sup><br>| 2000000 | &nbsp;&nbsp; 2309417 |
| Symphony CLO 40 Ltd. (Bermuda) |  |  |
| Series 2023-40A, Class AR, 5.22% (3 <br> mo. Term SOFR + 1.31%), <br> 01/05/2038<sup>(a)(b)</sup><br>| $1500000 | &nbsp;&nbsp; 1501548 |
| Series 2023-40A, Class BR, 5.61% (3 <br> mo. Term SOFR + 1.70%), <br> 01/05/2038<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1504536 |
| Symphony CLO XIX Ltd. (Cayman Islands) |  |  |
| Series 2018-19A, Class A, 5.12% (3 <br> mo. Term SOFR + 1.22%), <br> 04/16/2031<sup>(a)(b)</sup><br>| 759502 | &nbsp;&nbsp; 760322 |
| Series 2018-19A, Class B, 5.51% (3 mo. <br> Term SOFR + 1.61%), 04/16/2031<sup>(a)(b)</sup><br>| 900000 | &nbsp;&nbsp; 901500 |
| Symphony CLO XX Ltd. (Cayman Islands), <br> Series 2018-20A, Class AR2, 4.99% (3 <br> mo. Term SOFR + 1.10%), <br> 01/16/2032<sup>(a)(b)</sup><br>| 1838403 | &nbsp;&nbsp; 1838979 |
| Symphony CLO XXII Ltd. (Cayman Islands), <br> Series 2020-22A, Class BR, 5.56% (3 <br> mo. Term SOFR + 1.68%), <br> 04/18/2033<sup>(a)(b)</sup><br>| 750000 | &nbsp;&nbsp; 750463 |
| Symphony CLO XXV Ltd. (Cayman Islands), <br> Series 2021-25A, Class B, 5.50% (3 mo. <br> Term SOFR + 1.61%), 04/19/2034<sup>(a)(b)</sup><br>| 3213000 | &nbsp;&nbsp; 3217845 |
| Symphony CLO XXXII Ltd. (Cayman <br> Islands), Series 2022-32A, Class BR, <br> 5.92% (3 mo. Term SOFR + 1.65%), <br> 10/23/2035<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3504886 |
| Symphony Loan Funding CLO 1, Ltd. <br> (Cayman Islands), Series 2024-1A, <br> Class B, 5.71% (3 mo. Term SOFR + <br> 1.85%), 01/22/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1004056 |
| Texas Debt Capital CLO Ltd. (Cayman <br> Islands), Series 2023-1A, Class A1R, <br> 5.18% (3 mo. Term SOFR + 1.30%), <br> 07/20/2038<sup>(a)(b)</sup><br>| 3550000 | &nbsp;&nbsp; 3559006 |
| TICP CLO VII Ltd. (Cayman Islands), <br> Series 2017-7A, Class ASR2, 5.21% (3 <br> mo. Term SOFR + 1.30%), <br> 04/15/2033<sup>(a)(b)</sup><br>| 4500069 | &nbsp;&nbsp; 4500937 |
| Total Asset-Backed Securities <br>(Cost $386,217,415) | Total Asset-Backed Securities <br>(Cost $386,217,415) | &nbsp;&nbsp; 385803085 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**7**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.14%** | **Money Market Funds-0.14%** | **Money Market Funds-0.14%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(d)(e)</sup> <br>(Cost $539,116)<br>| 539116 | &nbsp;&nbsp; $539116 |
| TOTAL INVESTMENTS IN SECURITIES-100.79% <br>(Cost $386,756,531) | TOTAL INVESTMENTS IN SECURITIES-100.79% <br>(Cost $386,756,531) | &nbsp;&nbsp; 386342201 |
| OTHER ASSETS LESS LIABILITIES-(0.79)% | OTHER ASSETS LESS LIABILITIES-(0.79)% | &nbsp;&nbsp; (3031172)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $383311029 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| BR | -Bearer Shares |
| EUR | -Euro |
| EURIBOR | -Euro Interbank Offered Rate |
| SOFR | -Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $385,803,085, which represented 100.65% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025. |
| <sup>(c)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2443229 | &nbsp;&nbsp; $26746415 | &nbsp;&nbsp; $(29189644)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $61060 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 59175566 | &nbsp;&nbsp; (58636450)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 539116 | &nbsp;&nbsp; 124540 |
| Total | &nbsp;&nbsp; $2443229 | &nbsp;&nbsp; $85921981 | &nbsp;&nbsp; $(87826094)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $539116 | &nbsp;&nbsp; $185600 |

---

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)** |
| **Settlement Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 12/29/2025 | Morgan Stanley & Co. LLC | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2002228 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2314546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4451)<br>|

---

Abbreviations: <br> EUR -Euro <br> USD -U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**8**

------

**Invesco Active U.S. Real Estate ETF (PSR)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
| **Apartments -6.70%** | **Apartments -6.70%** | **Apartments -6.70%** |
| AvalonBay Communities, Inc. | 10270 | &nbsp;&nbsp; $1786158 |
| UDR, Inc. | 48140 | &nbsp;&nbsp; 1621837 |
|  |  | &nbsp;&nbsp; 3407995 |
| **Data Centers -11.45%** | **Data Centers -11.45%** | **Data Centers -11.45%** |
| Digital Realty Trust, Inc. | 18155 | &nbsp;&nbsp; 3093794 |
| Equinix, Inc. | 3232 | &nbsp;&nbsp; 2734304 |
|  |  | &nbsp;&nbsp; 5828098 |
| **Diversified-2.26%** | **Diversified-2.26%** | **Diversified-2.26%** |
| W.P. Carey, Inc. | 17444 | &nbsp;&nbsp; 1151304 |
| **Free Standing -2.63%** | **Free Standing -2.63%** | **Free Standing -2.63%** |
| Agree Realty Corp. | 10457 | &nbsp;&nbsp; 763466 |
| Essential Properties Realty Trust, Inc. | 19181 | &nbsp;&nbsp; 573128 |
|  |  | &nbsp;&nbsp; 1336594 |
| **Gaming REITs-3.70%** | **Gaming REITs-3.70%** | **Gaming REITs-3.70%** |
| Gaming and Leisure Properties, Inc. | 42198 | &nbsp;&nbsp; 1884563 |
| **Health Care-17.96%** | **Health Care-17.96%** | **Health Care-17.96%** |
| American Healthcare REIT, Inc. | 12116 | &nbsp;&nbsp; 549097 |
| CareTrust REIT, Inc. | 20217 | &nbsp;&nbsp; 700519 |
| Healthcare Realty Trust, Inc.<sup>(b)</sup> | 48289 | &nbsp;&nbsp; 855681 |
| Healthpeak Properties, Inc. | 44879 | &nbsp;&nbsp; 805579 |
| Omega Healthcare Investors, Inc. | 35831 | &nbsp;&nbsp; 1505977 |
| Ventas, Inc. | 16376 | &nbsp;&nbsp; 1208385 |
| Welltower, Inc. | 19418 | &nbsp;&nbsp; 3515435 |
|  |  | &nbsp;&nbsp; 9140673 |
| **Industrial-12.98%** | **Industrial-12.98%** | **Industrial-12.98%** |
| EastGroup Properties, Inc. | 9667 | &nbsp;&nbsp; 1687182 |
| First Industrial Realty Trust, Inc. | 12001 | &nbsp;&nbsp; 663415 |
| Prologis, Inc. | 32261 | &nbsp;&nbsp; 4003267 |
| Rexford Industrial Realty, Inc. | 6185 | &nbsp;&nbsp; 255564 |
|  |  | &nbsp;&nbsp; 6609428 |
| **Infrastructure REITs-11.93%** | **Infrastructure REITs-11.93%** | **Infrastructure REITs-11.93%** |
| American Tower Corp. | 19769 | &nbsp;&nbsp; 3538255 |
| Crown Castle, Inc. | 28099 | &nbsp;&nbsp; 2535092 |
|  |  | &nbsp;&nbsp; 6073347 |
| **Lodging Resorts-2.58%** | **Lodging Resorts-2.58%** | **Lodging Resorts-2.58%** |
| Ryman Hospitality Properties, Inc. | 15102 | &nbsp;&nbsp; 1312515 |
| **Office-2.10%** | **Office-2.10%** | **Office-2.10%** |
| Vornado Realty Trust | 28115 | &nbsp;&nbsp; 1066683 |
| **Regional Malls-1.14%** | **Regional Malls-1.14%** | **Regional Malls-1.14%** |
| Simon Property Group, Inc. | 3312 | &nbsp;&nbsp; 582117 |
| **Self Storage-6.36%** | **Self Storage-6.36%** | **Self Storage-6.36%** |
| CubeSmart | 45554 | &nbsp;&nbsp; 1716019 |
| Extra Space Storage, Inc. | 11377 | &nbsp;&nbsp; 1519285 |
|  |  | &nbsp;&nbsp; 3235304 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Shopping Centers-6.36%** | **Shopping Centers-6.36%** | **Shopping Centers-6.36%** |
| Brixmor Property Group, Inc. | 27816 | &nbsp;&nbsp; $727666 |
| Regency Centers Corp. | 8527 | &nbsp;&nbsp; 587937 |
| Tanger, Inc. | 59035 | &nbsp;&nbsp; 1922180 |
|  |  | &nbsp;&nbsp; 3237783 |
| **Single Family Homes-3.68%** | **Single Family Homes-3.68%** | **Single Family Homes-3.68%** |
| American Homes 4 Rent, Class A | 15757 | &nbsp;&nbsp; 497921 |
| Invitation Homes, Inc. | 48876 | &nbsp;&nbsp; 1375859 |
|  |  | &nbsp;&nbsp; 1873780 |
| **Specialty-5.18%** | **Specialty-5.18%** | **Specialty-5.18%** |
| Iron Mountain, Inc. | 17012 | &nbsp;&nbsp; 1751385 |
| Outfront Media, Inc. | 50043 | &nbsp;&nbsp; 885261 |
|  |  | &nbsp;&nbsp; 2636646 |
| **Timber REITs-2.93%** | **Timber REITs-2.93%** | **Timber REITs-2.93%** |
| Weyerhaeuser Co. | 64839 | &nbsp;&nbsp; 1491297 |
| Total Common Stocks & Other Equity Interests <br>(Cost $50,263,672) | Total Common Stocks & Other Equity Interests <br>(Cost $50,263,672) | &nbsp;&nbsp; 50868127 |
| **Money Market Funds-0.25%** | **Money Market Funds-0.25%** | **Money Market Funds-0.25%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $127,342)<br>| 127342 | &nbsp;&nbsp; 127342 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.19% <br>(Cost $50,391,014) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.19% <br>(Cost $50,391,014) | &nbsp;&nbsp; 50995469 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.33%** | **Money Market Funds-1.33%** | **Money Market Funds-1.33%** |
| Invesco Private Government Fund, 4.13%<sup>(c)(d)(e)</sup> | 187263 | &nbsp;&nbsp; 187263 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 491192 | &nbsp;&nbsp; 491339 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $678,602) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $678,602) | &nbsp;&nbsp; 678602 |
| TOTAL INVESTMENTS IN SECURITIES-101.52% <br>(Cost $51,069,616) | TOTAL INVESTMENTS IN SECURITIES-101.52% <br>(Cost $51,069,616) | &nbsp;&nbsp; 51674071 |
| OTHER ASSETS LESS LIABILITIES-(1.52)% | OTHER ASSETS LESS LIABILITIES-(1.52)% | &nbsp;&nbsp; (775895)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $50898176 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**9**

------

**Invesco Active U.S. Real Estate ETF (PSR)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs <br> Index, which is exclusively owned by NAREIT.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $22927 | &nbsp;&nbsp; $2116614 | &nbsp;&nbsp; $(2012199)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $127342 | &nbsp;&nbsp; $3190 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2322376 | &nbsp;&nbsp; 21502510 | &nbsp;&nbsp; (23637623)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 187263 | &nbsp;&nbsp; 31,327<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 5958527 | &nbsp;&nbsp; 51612541 | &nbsp;&nbsp; (57079887)<br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 491339 | &nbsp;&nbsp; 83,465<br> \*<br>|
| Total | &nbsp;&nbsp; $8303830 | &nbsp;&nbsp; $75231665 | &nbsp;&nbsp; $(82729709)<br>| &nbsp;&nbsp; $135 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $805944 | &nbsp;&nbsp; $117982 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(e)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**10**

------

**Invesco Comstock Contrarian Equity ETF (CSTK)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-98.11%** | **Common Stocks & Other Equity Interests-98.11%** | **Common Stocks & Other Equity Interests-98.11%** |
| **Aerospace & Defense-1.51%** | **Aerospace & Defense-1.51%** | **Aerospace & Defense-1.51%** |
| Textron, Inc. | 20641 | &nbsp;&nbsp; $1667999 |
| **Air Freight & Logistics-2.17%** | **Air Freight & Logistics-2.17%** | **Air Freight & Logistics-2.17%** |
| FedEx Corp. | 9429 | &nbsp;&nbsp; 2393269 |
| **Banks-14.41%** | **Banks-14.41%** | **Banks-14.41%** |
| Bank of America Corp. | 86438 | &nbsp;&nbsp; 4620111 |
| Citizens Financial Group, Inc. | 46060 | &nbsp;&nbsp; 2343072 |
| Fifth Third Bancorp<sup>(b)</sup> | 43628 | &nbsp;&nbsp; 1815797 |
| Huntington Bancshares, Inc. | 136250 | &nbsp;&nbsp; 2103700 |
| M&T Bank Corp. | 6179 | &nbsp;&nbsp; 1136133 |
| Wells Fargo & Co. | 44448 | &nbsp;&nbsp; 3865643 |
|  |  | &nbsp;&nbsp; 15884456 |
| **Beverages-1.49%** | **Beverages-1.49%** | **Beverages-1.49%** |
| Coca-Cola Co. (The) | 23873 | &nbsp;&nbsp; 1644850 |
| **Broadline Retail-1.86%** | **Broadline Retail-1.86%** | **Broadline Retail-1.86%** |
| eBay, Inc. | 25166 | &nbsp;&nbsp; 2046247 |
| **Building Products-2.73%** | **Building Products-2.73%** | **Building Products-2.73%** |
| Johnson Controls International PLC | 26293 | &nbsp;&nbsp; 3007656 |
| **Capital Markets-2.70%** | **Capital Markets-2.70%** | **Capital Markets-2.70%** |
| State Street Corp. | 25746 | &nbsp;&nbsp; 2977782 |
| **Chemicals-1.08%** | **Chemicals-1.08%** | **Chemicals-1.08%** |
| International Flavors & Fragrances, Inc.<sup>(c)</sup> | 18877 | &nbsp;&nbsp; 1188685 |
| **Communications Equipment-3.17%** | **Communications Equipment-3.17%** | **Communications Equipment-3.17%** |
| Cisco Systems, Inc. | 47745 | &nbsp;&nbsp; 3490637 |
| **Consumer Staples Distribution & Retail-2.16%** | **Consumer Staples Distribution & Retail-2.16%** | **Consumer Staples Distribution & Retail-2.16%** |
| Sysco Corp. | 32103 | &nbsp;&nbsp; 2384611 |
| **Containers & Packaging-1.14%** | **Containers & Packaging-1.14%** | **Containers & Packaging-1.14%** |
| International Paper Co. | 32517 | &nbsp;&nbsp; 1256457 |
| **Electrical Equipment-3.93%** | **Electrical Equipment-3.93%** | **Electrical Equipment-3.93%** |
| Eaton Corp. PLC | 5784 | &nbsp;&nbsp; 2206943 |
| Emerson Electric Co. | 15201 | &nbsp;&nbsp; 2121604 |
|  |  | &nbsp;&nbsp; 4328547 |
| **Entertainment-1.45%** | **Entertainment-1.45%** | **Entertainment-1.45%** |
| Walt Disney Co. (The) | 14157 | &nbsp;&nbsp; 1594361 |
| **Health Care Equipment & Supplies-3.41%** | **Health Care Equipment & Supplies-3.41%** | **Health Care Equipment & Supplies-3.41%** |
| Becton, Dickinson and Co. | 9057 | &nbsp;&nbsp; 1618577 |
| GE HealthCare Technologies, Inc. | 13582 | &nbsp;&nbsp; 1017971 |
| Medtronic PLC | 12406 | &nbsp;&nbsp; 1125224 |
|  |  | &nbsp;&nbsp; 3761772 |
| **Health Care Providers & Services-6.63%** | **Health Care Providers & Services-6.63%** | **Health Care Providers & Services-6.63%** |
| CVS Health Corp. | 44196 | &nbsp;&nbsp; 3453918 |
| Elevance Health, Inc. | 5348 | &nbsp;&nbsp; 1696386 |
| Humana, Inc. | 3707 | &nbsp;&nbsp; 1031250 |
| UnitedHealth Group, Inc. | 3290 | &nbsp;&nbsp; 1123732 |
|  |  | &nbsp;&nbsp; 7305286 |
| **Hotels, Restaurants & Leisure-4.33%** | **Hotels, Restaurants & Leisure-4.33%** | **Hotels, Restaurants & Leisure-4.33%** |
| Domino's Pizza, Inc. | 2880 | &nbsp;&nbsp; 1147565 |
| Las Vegas Sands Corp. | 32465 | &nbsp;&nbsp; 1926798 |
| Starbucks Corp. | 20989 | &nbsp;&nbsp; 1697380 |
|  |  | &nbsp;&nbsp; 4771743 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Products-2.85%** | **Household Products-2.85%** | **Household Products-2.85%** |
| Clorox Co. (The) | 11733 | &nbsp;&nbsp; $1319493 |
| Kimberly-Clark Corp. | 15226 | &nbsp;&nbsp; 1822705 |
|  |  | &nbsp;&nbsp; 3142198 |
| **Insurance-4.11%** | **Insurance-4.11%** | **Insurance-4.11%** |
| Allstate Corp. (The) | 6081 | &nbsp;&nbsp; 1164633 |
| American International Group, Inc. | 24694 | &nbsp;&nbsp; 1949838 |
| MetLife, Inc. | 17696 | &nbsp;&nbsp; 1412495 |
|  |  | &nbsp;&nbsp; 4526966 |
| **Interactive Media & Services-5.87%** | **Interactive Media & Services-5.87%** | **Interactive Media & Services-5.87%** |
| Alphabet, Inc., Class A | 14818 | &nbsp;&nbsp; 4166674 |
| Meta Platforms, Inc., Class A | 3561 | &nbsp;&nbsp; 2308774 |
|  |  | &nbsp;&nbsp; 6475448 |
| **IT Services-2.09%** | **IT Services-2.09%** | **IT Services-2.09%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 31632 | &nbsp;&nbsp; 2305340 |
| **Machinery-2.06%** | **Machinery-2.06%** | **Machinery-2.06%** |
| Caterpillar, Inc. | 3935 | &nbsp;&nbsp; 2271518 |
| **Media-0.92%** | **Media-0.92%** | **Media-0.92%** |
| Comcast Corp., Class A | 36636 | &nbsp;&nbsp; 1019763 |
| **Multi-Utilities-3.73%** | **Multi-Utilities-3.73%** | **Multi-Utilities-3.73%** |
| Dominion Energy, Inc. | 23054 | &nbsp;&nbsp; 1353039 |
| Sempra | 30053 | &nbsp;&nbsp; 2763073 |
|  |  | &nbsp;&nbsp; 4116112 |
| **Oil, Gas & Consumable Fuels-6.17%** | **Oil, Gas & Consumable Fuels-6.17%** | **Oil, Gas & Consumable Fuels-6.17%** |
| Chevron Corp. | 23254 | &nbsp;&nbsp; 3667621 |
| ConocoPhillips | 19351 | &nbsp;&nbsp; 1719530 |
| Exxon Mobil Corp. | 12354 | &nbsp;&nbsp; 1412803 |
|  |  | &nbsp;&nbsp; 6799954 |
| **Pharmaceuticals-6.03%** | **Pharmaceuticals-6.03%** | **Pharmaceuticals-6.03%** |
| Bristol-Myers Squibb Co. | 22312 | &nbsp;&nbsp; 1027914 |
| Johnson & Johnson | 14000 | &nbsp;&nbsp; 2644180 |
| Merck & Co., Inc. | 34576 | &nbsp;&nbsp; 2972844 |
|  |  | &nbsp;&nbsp; 6644938 |
| **Semiconductors & Semiconductor Equipment-3.76%** | **Semiconductors & Semiconductor Equipment-3.76%** | **Semiconductors & Semiconductor Equipment-3.76%** |
| NXP Semiconductors N.V. (Netherlands) | 12346 | &nbsp;&nbsp; 2581795 |
| QUALCOMM, Inc. | 8643 | &nbsp;&nbsp; 1563519 |
|  |  | &nbsp;&nbsp; 4145314 |
| **Software-3.09%** | **Software-3.09%** | **Software-3.09%** |
| Microsoft Corp. | 6582 | &nbsp;&nbsp; 3408225 |
| **Textiles, Apparel & Luxury Goods-1.28%** | **Textiles, Apparel & Luxury Goods-1.28%** | **Textiles, Apparel & Luxury Goods-1.28%** |
| NIKE, Inc., Class B | 21819 | &nbsp;&nbsp; 1409289 |
| **Tobacco-1.98%** | **Tobacco-1.98%** | **Tobacco-1.98%** |
| Philip Morris International, Inc. | 15121 | &nbsp;&nbsp; 2182414 |
| Total Common Stocks & Other Equity Interests <br>(Cost $99,117,233) | Total Common Stocks & Other Equity Interests <br>(Cost $99,117,233) | &nbsp;&nbsp; 108151837 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**11**

------

**Invesco Comstock Contrarian Equity ETF (CSTK)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-1.83%** |  |  |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(d)(e)</sup> <br>(Cost $2,024,441)<br>| 2024441 | &nbsp;&nbsp; $2024441 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $101,141,674) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $101,141,674) | &nbsp;&nbsp; 110176278 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.18%** | **Money Market Funds-0.18%** | **Money Market Funds-0.18%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 55727 | &nbsp;&nbsp; 55727 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 141106 | &nbsp;&nbsp; $141148 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $196,875) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $196,875) | &nbsp;&nbsp; 196875 |
| TOTAL INVESTMENTS IN SECURITIES-100.12% <br>(Cost $101,338,549) | TOTAL INVESTMENTS IN SECURITIES-100.12% <br>(Cost $101,338,549) | &nbsp;&nbsp; 110373153 |
| OTHER ASSETS LESS LIABILITIES-(0.12)% | OTHER ASSETS LESS LIABILITIES-(0.12)% | &nbsp;&nbsp; (137337)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $110235816 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $8910326 | &nbsp;&nbsp; $(6885885)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2024441 | &nbsp;&nbsp; $62787 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 203734 | &nbsp;&nbsp; (148007)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 55727 | &nbsp;&nbsp; 117<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; - | &nbsp;&nbsp; 513338 | &nbsp;&nbsp; (372209)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 141148 | &nbsp;&nbsp; 313<br> \*<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9627398 | &nbsp;&nbsp; $(7406101)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $2221316 | &nbsp;&nbsp; $63217 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**12**

------

**Invesco Core Fixed Income ETF (GTOC)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-33.53%** | **U.S. Dollar Denominated Bonds & Notes-33.53%** | **U.S. Dollar Denominated Bonds & Notes-33.53%** |
| **Aerospace & Defense-0.41%** | **Aerospace & Defense-0.41%** | **Aerospace & Defense-0.41%** |
| Lockheed Martin Corp. |  |  |
| 4.15% 08/15/2028 | $148000 | &nbsp;&nbsp; $148804 |
| 4.40% 08/15/2030 | 58000 | &nbsp;&nbsp; 58592 |
| 5.00% 08/15/2035 | 337000 | &nbsp;&nbsp; 344259 |
| Textron, Inc., 4.95%, 03/15/2036 | 163000 | &nbsp;&nbsp; 161436 |
|  |  | &nbsp;&nbsp; 713091 |
| **Agricultural & Farm Machinery-0.43%** | **Agricultural & Farm Machinery-0.43%** | **Agricultural & Farm Machinery-0.43%** |
| Deere Funding Canada Corp., 4.15%, <br> 10/09/2030<br>| 374000 | &nbsp;&nbsp; 373273 |
| John Deere Capital Corp., 4.38%, <br> 10/15/2030<br>| 374000 | &nbsp;&nbsp; 377423 |
|  |  | &nbsp;&nbsp; 750696 |
| **Agricultural Products & Services-0.21%** | **Agricultural Products & Services-0.21%** | **Agricultural Products & Services-0.21%** |
| Cargill, Inc. |  |  |
| 4.13% 10/23/2030<sup>(b)</sup> | 193000 | &nbsp;&nbsp; 192050 |
| 5.38% 10/23/2055<sup>(b)</sup> | 179675 | &nbsp;&nbsp; 175346 |
|  |  | &nbsp;&nbsp; 367396 |
| **Apparel, Accessories & Luxury Goods-0.13%** | **Apparel, Accessories & Luxury Goods-0.13%** | **Apparel, Accessories & Luxury Goods-0.13%** |
| Gildan Activewear, Inc. (Canada) |  |  |
| 4.70% 10/07/2030<sup>(b)</sup> | 96000 | &nbsp;&nbsp; 95608 |
| 5.40% 10/07/2035<sup>(b)</sup> | 138000 | &nbsp;&nbsp; 137514 |
|  |  | &nbsp;&nbsp; 233122 |
| **Application Software-0.12%** | **Application Software-0.12%** | **Application Software-0.12%** |
| Autodesk, Inc., 5.30%, 06/15/2035 | 67000 | &nbsp;&nbsp; 68779 |
| Roper Technologies, Inc. |  |  |
| 4.25% 09/15/2028 | 37000 | &nbsp;&nbsp; 37117 |
| 4.45% 09/15/2030 | 48350 | &nbsp;&nbsp; 48535 |
| 5.10% 09/15/2035 | 49640 | &nbsp;&nbsp; 49984 |
|  |  | &nbsp;&nbsp; 204415 |
| **Asset Management & Custody Banks-0.26%** | **Asset Management & Custody Banks-0.26%** | **Asset Management & Custody Banks-0.26%** |
| Bank of New York Mellon Corp. (The) |  |  |
| 4.86% (SOFR + 0.68%), 06/09/2028<sup>(c)</sup> | 58000 | &nbsp;&nbsp; 58036 |
| 5.32% 06/06/2036<sup>(d)</sup> | 48000 | &nbsp;&nbsp; 49721 |
| Brookfield Asset Management Ltd. (Canada), <br> 6.08%, 09/15/2055<br>| 67000 | &nbsp;&nbsp; 69446 |
| Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<br>| 140000 | &nbsp;&nbsp; 138837 |
| Golub Capital Private Credit Fund, 5.45%, <br> 08/15/2028<sup>(b)</sup><br>| 42000 | &nbsp;&nbsp; 42267 |
| State Street Corp., 4.78%, 10/23/2036<sup>(d)</sup> | 101000 | &nbsp;&nbsp; 100629 |
|  |  | &nbsp;&nbsp; 458936 |
| **Automobile Manufacturers-0.09%** | **Automobile Manufacturers-0.09%** | **Automobile Manufacturers-0.09%** |
| Honda Motor Co. Ltd. (Japan) |  |  |
| 4.44% 07/08/2028 | 58000 | &nbsp;&nbsp; 58403 |
| 5.34% 07/08/2035 | 58000 | &nbsp;&nbsp; 59478 |
| Hyundai Capital America, 4.88%, <br> 06/23/2027<sup>(b)</sup><br>| 48000 | &nbsp;&nbsp; 48449 |
|  |  | &nbsp;&nbsp; 166330 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment-0.16%** | **Automotive Parts & Equipment-0.16%** | **Automotive Parts & Equipment-0.16%** |
| BMW US Capital LLC (Germany) |  |  |
| 4.15% 08/11/2027<sup>(b)</sup> | $176000 | &nbsp;&nbsp; $176428 |
| 4.50% 08/11/2030<sup>(b)</sup> | 48000 | &nbsp;&nbsp; 48206 |
| 5.20% 08/11/2035<sup>(b)</sup> | 48000 | &nbsp;&nbsp; 48500 |
|  |  | &nbsp;&nbsp; 273134 |
| **Broadcasting-0.06%** | **Broadcasting-0.06%** | **Broadcasting-0.06%** |
| Paramount Global, 5.85%, 09/01/2043 | 118000 | &nbsp;&nbsp; 106200 |
| **Building Products-0.32%** | **Building Products-0.32%** | **Building Products-0.32%** |
| CRH America Finance, Inc. |  |  |
| 4.40% 02/09/2031 | 199000 | &nbsp;&nbsp; 198843 |
| 5.00% 02/09/2036 | 268000 | &nbsp;&nbsp; 268651 |
| 5.60% 02/09/2056 | 92000 | &nbsp;&nbsp; 91990 |
|  |  | &nbsp;&nbsp; 559484 |
| **Cable & Satellite-0.10%** | **Cable & Satellite-0.10%** | **Cable & Satellite-0.10%** |
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp.<br>|  |  |
| 5.85% 12/01/2035 | 90000 | &nbsp;&nbsp; 89791 |
| 6.70% 12/01/2055 | 90000 | &nbsp;&nbsp; 88814 |
|  |  | &nbsp;&nbsp; 178605 |
| **Commercial & Residential Mortgage Finance-0.09%** | **Commercial & Residential Mortgage Finance-0.09%** | **Commercial & Residential Mortgage Finance-0.09%** |
| Aviation Capital Group LLC, 4.80%, <br> 10/24/2030<sup>(b)</sup><br>| 159000 | &nbsp;&nbsp; 159012 |
| **Construction Machinery & Heavy Transportation Equipment-0.15%** | **Construction Machinery & Heavy Transportation Equipment-0.15%** | **Construction Machinery & Heavy Transportation Equipment-0.15%** |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 4.90% 05/29/2030 | 88000 | &nbsp;&nbsp; 90037 |
| 5.50% 05/29/2035 | 167000 | &nbsp;&nbsp; 173476 |
|  |  | &nbsp;&nbsp; 263513 |
| **Consumer Finance-1.82%** | **Consumer Finance-1.82%** | **Consumer Finance-1.82%** |
| American Express Co. |  |  |
| 4.73% 04/25/2029<sup>(d)</sup> | 209000 | &nbsp;&nbsp; 212206 |
| 4.35% 07/20/2029<sup>(d)</sup> | 235000 | &nbsp;&nbsp; 236467 |
| 4.88% (SOFR + 0.81%), 07/20/2029<sup>(c)</sup> | 821000 | &nbsp;&nbsp; 822325 |
| 4.92% 07/20/2033<sup>(d)(e)</sup> | 274000 | &nbsp;&nbsp; 279240 |
| 4.80% 10/24/2036<sup>(d)</sup> | 578000 | &nbsp;&nbsp; 571602 |
| Capital One Financial Corp. |  |  |
| 4.49% 09/11/2031<sup>(d)</sup> | 117900 | &nbsp;&nbsp; 117067 |
| 5.20% 09/11/2036<sup>(d)</sup> | 99000 | &nbsp;&nbsp; 98386 |
| General Motors Financial Co., Inc., 4.20%, <br> 10/27/2028<sup>(e)</sup><br>| 850000 | &nbsp;&nbsp; 848096 |
| Synchrony Financial, 5.02%, 07/29/2029<sup>(d)</sup> | 12000 | &nbsp;&nbsp; 12094 |
|  |  | &nbsp;&nbsp; 3197483 |
| **Distillers & Vintners-0.05%** | **Distillers & Vintners-0.05%** | **Distillers & Vintners-0.05%** |
| Constellation Brands, Inc., 4.95%, <br> 11/01/2035<br>| 82000 | &nbsp;&nbsp; 80761 |
| **Distributors-0.16%** | **Distributors-0.16%** | **Distributors-0.16%** |
| Genuine Parts Co., 4.95%, 08/15/2029 | 274000 | &nbsp;&nbsp; 277190 |
| **Diversified Banks-5.84%** | **Diversified Banks-5.84%** | **Diversified Banks-5.84%** |
| Banco Santander S.A. (Spain) |  |  |
| 4.55% 11/06/2030 | 400000 | &nbsp;&nbsp; 400441 |
| 5.13% 11/06/2035 | 200000 | &nbsp;&nbsp; 200302 |
| Bank of America Corp., Series RR, <br> 4.38%<sup>(d)(f)</sup><br>| 659000 | &nbsp;&nbsp; 649118 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**13**

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Banque Federative du Credit Mutuel <br> (France), 4.59%, 10/16/2028<sup>(b)</sup><br>| $| 523000 | &nbsp;&nbsp; $528652 |
| Citigroup, Inc. |  |  |  |
| 4.50% 09/11/2031<sup>(d)(e)</sup> |  | 187300 | &nbsp;&nbsp; 187568 |
| 5.17% 09/11/2036<sup>(d)</sup> |  | 318000 | &nbsp;&nbsp; 322081 |
| Cooperatieve Rabobank U.A. (Netherlands), <br> 3.96%, 10/17/2028<br>|  | 695000 | &nbsp;&nbsp; 695331 |
| HSBC Holdings PLC (United Kingdom) |  |  |  |
| 4.62% 11/06/2031<sup>(d)</sup> |  | 215000 | &nbsp;&nbsp; 215381 |
| 5.13% 11/06/2036<sup>(d)</sup> |  | 200000 | &nbsp;&nbsp; 200101 |
| JPMorgan Chase & Co. |  |  |  |
| 5.10% 04/22/2031<sup>(d)(e)</sup> |  | 209000 | &nbsp;&nbsp; 215914 |
| 4.26% 10/22/2031<sup>(d)</sup> |  | 224000 | &nbsp;&nbsp; 223268 |
| 5.72% 09/14/2033<sup>(d)</sup> |  | 79500 | &nbsp;&nbsp; 84462 |
| 5.58% 07/23/2036<sup>(d)</sup> |  | 218000 | &nbsp;&nbsp; 226177 |
| 4.81% 10/22/2036<sup>(d)</sup> |  | 306700 | &nbsp;&nbsp; 305841 |
| Lloyds Banking Group PLC (United Kingdom) |  |  |  |
| 4.43% 11/04/2031<sup>(d)</sup> |  | 211000 | &nbsp;&nbsp; 210693 |
| 4.94% 11/04/2036<sup>(d)</sup> |  | 297000 | &nbsp;&nbsp; 294092 |
| 6.63% <sup>(d)(f)</sup> |  | 200000 | &nbsp;&nbsp; 198961 |
| Mitsubishi UFJ Financial Group, Inc. (Japan), <br> 5.62%, 04/24/2036<sup>(d)</sup><br>|  | 879000 | &nbsp;&nbsp; 925123 |
| Mizuho Financial Group, Inc. (Japan) |  |  |  |
| 4.71% 07/08/2031<sup>(d)</sup> |  | 547000 | &nbsp;&nbsp; 553708 |
| 5.34% (SOFR + 1.25%), 07/08/2031<sup>(c)</sup> |  | 358000 | &nbsp;&nbsp; 361036 |
| 5.32% 07/08/2036<sup>(d)</sup> |  | 587000 | &nbsp;&nbsp; 605572 |
| Morgan Stanley Private Bank N.A., 4.47%, <br> 07/06/2028<sup>(d)</sup><br>|  | 615000 | &nbsp;&nbsp; 618195 |
| PNC Financial Services Group, Inc. (The), <br> 5.37%, 07/21/2036<sup>(d)</sup><br>|  | 218000 | &nbsp;&nbsp; 224026 |
| Toronto-Dominion Bank (The) (Canada), <br> 4.93%, 10/15/2035<br>|  | 152000 | &nbsp;&nbsp; 152386 |
| Truist Bank |  |  |  |
| 4.42% 07/24/2028<sup>(d)</sup> |  | 849000 | &nbsp;&nbsp; 852445 |
| 4.82% (SOFR + 0.77%), 07/24/2028<sup>(c)</sup> |  | 500000 | &nbsp;&nbsp; 500683 |
| Wells Fargo & Co. |  |  |  |
| 5.15% 04/23/2031<sup>(d)(e)</sup> |  | 58000 | &nbsp;&nbsp; 59827 |
| 5.39% 04/24/2034<sup>(d)</sup> |  | 110000 | &nbsp;&nbsp; 114279 |
| 5.61% 04/23/2036<sup>(d)</sup> |  | 58000 | &nbsp;&nbsp; 60973 |
| Series BB, 3.90% <sup>(d)(f)</sup> |  | 39000 | &nbsp;&nbsp; 38768 |
| Westpac Banking Corp. (Australia), 4.92% <br> (SOFR + 0.82%), 07/01/2030<sup>(c)</sup><br>|  | 48000 | &nbsp;&nbsp; 48483 |
|  |  |  | &nbsp;&nbsp; 10273887 |
| **Diversified Financial Services-1.90%** | **Diversified Financial Services-1.90%** | **Diversified Financial Services-1.90%** | **Diversified Financial Services-1.90%** |
| Aircastle Ltd./Aircastle Ireland DAC, 5.00%, <br> 09/15/2030<sup>(b)</sup><br>|  | 479000 | &nbsp;&nbsp; 482811 |
| Apollo Global Management, Inc., 5.15%, <br> 08/12/2035<br>|  | 67000 | &nbsp;&nbsp; 67487 |
| Avolon Holdings Funding Ltd. (Ireland), <br> 4.95%, 10/15/2032<sup>(b)</sup><br>|  | 325000 | &nbsp;&nbsp; 320910 |
| Blackstone Reg Finance Co. L.L.C. |  |  |  |
| 4.30% 11/03/2030 |  | 115000 | &nbsp;&nbsp; 114658 |
| 4.95% 02/15/2036 |  | 44000 | &nbsp;&nbsp; 43706 |
| Citadel Securities Global Holdings LLC, <br> 6.20%, 06/18/2035<sup>(b)</sup><br>|  | 849000 | &nbsp;&nbsp; 891133 |
| Horizon Mutual Holdings, Inc., 6.20%, <br> 11/15/2034<sup>(b)</sup><br>|  | 96000 | &nbsp;&nbsp; 94365 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| LPL Holdings, Inc., 5.15%, 06/15/2030 | $| 197000 | &nbsp;&nbsp; $200671 |
| Pershing Square Holdings Ltd., 5.50%, <br> 10/28/2032<sup>(b)</sup><br>|  | 1118000 | &nbsp;&nbsp; 1118764 |
|  |  |  | &nbsp;&nbsp; 3334505 |
| **Diversified Metals & Mining-0.14%** | **Diversified Metals & Mining-0.14%** | **Diversified Metals & Mining-0.14%** | **Diversified Metals & Mining-0.14%** |
| BHP Billiton Finance (USA) Ltd. (Australia), <br> 5.75%, 09/05/2055<br>|  | 139500 | &nbsp;&nbsp; 145764 |
| Glencore Funding LLC (Australia), 5.19%, <br> 04/01/2030<sup>(b)</sup><br>|  | 88000 | &nbsp;&nbsp; 90613 |
| Rio Tinto Finance (USA) PLC (Australia), <br> 5.75%, 03/14/2055<br>|  | 16000 | &nbsp;&nbsp; 16562 |
|  |  |  | &nbsp;&nbsp; 252939 |
| **Diversified REITs-0.03%** | **Diversified REITs-0.03%** | **Diversified REITs-0.03%** | **Diversified REITs-0.03%** |
| ERP Operating L.P., 4.95%, 06/15/2032 |  | 58000 | &nbsp;&nbsp; 59459 |
| **Electric Utilities-3.03%** | **Electric Utilities-3.03%** | **Electric Utilities-3.03%** | **Electric Utilities-3.03%** |
| AEP Texas, Inc. |  |  |  |
| 5.70% 05/15/2034 |  | 37000 | &nbsp;&nbsp; 38641 |
| 5.85% 10/15/2055 |  | 186500 | &nbsp;&nbsp; 186611 |
| Alabama Power Co., Series C, 4.30%, <br> 03/15/2031<br>|  | 356500 | &nbsp;&nbsp; 356853 |
| Alliant Energy Corp., 5.75%, 04/01/2056<sup>(d)</sup> |  | 58000 | &nbsp;&nbsp; 58251 |
| American Electric Power Co., Inc. |  |  |  |
| Series C, 5.80% 03/15/2056<sup>(d)</sup> |  | 459000 | &nbsp;&nbsp; 460251 |
| Series D, 6.05% 03/15/2056<sup>(d)</sup> |  | 247000 | &nbsp;&nbsp; 250341 |
| Arizona Public Service Co., 5.90%, <br> 08/15/2055<br>|  | 267400 | &nbsp;&nbsp; 275923 |
| Duke Energy Corp., 4.95%, 09/15/2035 |  | 247000 | &nbsp;&nbsp; 245755 |
| Evergy Metro, Inc., 5.13%, 08/15/2035 |  | 67000 | &nbsp;&nbsp; 68014 |
| Exelon Corp., 5.45%, 03/15/2034 |  | 58000 | &nbsp;&nbsp; 60423 |
| Louisville Gas and Electric Co., 5.85%, <br> 08/15/2055<br>|  | 37000 | &nbsp;&nbsp; 38151 |
| National Rural Utilities Cooperative Finance <br> Corp.<br>|  |  |  |
| 5.00% 08/15/2034 |  | 257000 | &nbsp;&nbsp; 262519 |
| Series D, 4.15% 08/25/2028 |  | 337000 | &nbsp;&nbsp; 337790 |
| New England Power Co., 5.85%, <br> 09/08/2055<sup>(b)</sup><br>|  | 58000 | &nbsp;&nbsp; 59232 |
| NextEra Energy Capital Holdings, Inc., <br> 4.69%, 09/01/2027<br>|  | 306000 | &nbsp;&nbsp; 309388 |
| Niagara Mohawk Power Corp., 4.65%, <br> 10/03/2030<sup>(b)</sup><br>|  | 88000 | &nbsp;&nbsp; 88739 |
| NRG Energy, Inc. |  |  |  |
| 4.73% 10/15/2030<sup>(b)</sup> |  | 458000 | &nbsp;&nbsp; 457117 |
| 5.41% 10/15/2035<sup>(b)</sup> |  | 292000 | &nbsp;&nbsp; 291553 |
| PPL Electric Utilities Corp., 5.55%, <br> 08/15/2055<br>|  | 58000 | &nbsp;&nbsp; 58942 |
| PSEG Power LLC, 5.20%, 05/15/2030<sup>(b)</sup> |  | 88000 | &nbsp;&nbsp; 90296 |
| Sierra Pacific Power Co., 6.20%, <br> 12/15/2055<sup>(d)</sup><br>|  | 168400 | &nbsp;&nbsp; 168371 |
| Union Electric Co., 5.25%, 04/15/2035 |  | 58000 | &nbsp;&nbsp; 59999 |
| Virginia Electric and Power Co. |  |  |  |
| Series C, 4.90% 09/15/2035 |  | 148000 | &nbsp;&nbsp; 147634 |
| Series D, 5.60% 09/15/2055 |  | 356000 | &nbsp;&nbsp; 356846 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**14**

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Vistra Operations Co. LLC |  |  |
| 4.30% 10/15/2028<sup>(b)</sup> | 314000 | &nbsp;&nbsp; $313012 |
| 4.60% 10/15/2030<sup>(b)</sup> | 129000 | &nbsp;&nbsp; 128250 |
| 5.25% 10/15/2035<sup>(b)</sup> | 163000 | &nbsp;&nbsp; 162014 |
|  |  | &nbsp;&nbsp; 5330916 |
| **Electrical Components & Equipment-0.07%** | **Electrical Components & Equipment-0.07%** | **Electrical Components & Equipment-0.07%** |
| Molex Electronic Technologies LLC |  |  |
| 4.75% 04/30/2028<sup>(b)</sup> | 58000 | &nbsp;&nbsp; 58566 |
| 5.25% 04/30/2032<sup>(b)</sup> | 58000 | &nbsp;&nbsp; 59286 |
|  |  | &nbsp;&nbsp; 117852 |
| **Electronic Components-0.29%** | **Electronic Components-0.29%** | **Electronic Components-0.29%** |
| Amphenol Corp. |  |  |
| 4.13% 11/15/2030 | 121000 | &nbsp;&nbsp; 120068 |
| 4.40% 02/15/2033 | 217000 | &nbsp;&nbsp; 214646 |
| 5.30% 11/15/2055 | 174000 | &nbsp;&nbsp; 169452 |
|  |  | &nbsp;&nbsp; 504166 |
| **Financial Exchanges & Data-0.11%** | **Financial Exchanges & Data-0.11%** | **Financial Exchanges & Data-0.11%** |
| MSCI, Inc., 5.25%, 09/01/2035 | 48000 | &nbsp;&nbsp; 48197 |
| Nasdaq, Inc. |  |  |
| 5.35% 06/28/2028 | 48000 | &nbsp;&nbsp; 49537 |
| 5.95% 08/15/2053 | 88000 | &nbsp;&nbsp; 92594 |
|  |  | &nbsp;&nbsp; 190328 |
| **Food Distributors-0.28%** | **Food Distributors-0.28%** | **Food Distributors-0.28%** |
| Bunge Ltd. Finance Corp. |  |  |
| 4.55% 08/04/2030 | 427000 | &nbsp;&nbsp; 430544 |
| 5.15% 08/04/2035 | 67000 | &nbsp;&nbsp; 67924 |
|  |  | &nbsp;&nbsp; 498468 |
| **Food Retail-0.11%** | **Food Retail-0.11%** | **Food Retail-0.11%** |
| Alimentation Couche-Tard, Inc. (Canada), <br> 5.08%, 09/29/2035<sup>(b)</sup><br>| 187000 | &nbsp;&nbsp; 187685 |
| **Forest Products-0.10%** | **Forest Products-0.10%** | **Forest Products-0.10%** |
| Georgia-Pacific LLC |  |  |
| 4.40% 06/30/2028<sup>(b)</sup> | 88000 | &nbsp;&nbsp; 88656 |
| 4.95% 06/30/2032<sup>(b)</sup> | 88000 | &nbsp;&nbsp; 90262 |
|  |  | &nbsp;&nbsp; 178918 |
| **Gas Utilities-0.12%** | **Gas Utilities-0.12%** | **Gas Utilities-0.12%** |
| Atmos Energy Corp., 5.20%, 08/15/2035 | 58000 | &nbsp;&nbsp; 59722 |
| Southern Natural Gas Co. L.L.C., 5.45%, <br> 08/01/2035<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 142757 |
|  |  | &nbsp;&nbsp; 202479 |
| **Gold-0.12%** | **Gold-0.12%** | **Gold-0.12%** |
| Fortitude Global Funding, 4.63%, <br> 10/06/2028<sup>(b)</sup><br>| 213000 | &nbsp;&nbsp; 213346 |
| **Health Care Distributors-0.20%** | **Health Care Distributors-0.20%** | **Health Care Distributors-0.20%** |
| Cardinal Health, Inc. |  |  |
| 4.50% 09/15/2030<sup>(e)</sup> | 37600 | &nbsp;&nbsp; 37811 |
| 5.15% 09/15/2035 | 47900 | &nbsp;&nbsp; 48390 |
| McKesson Corp. |  |  |
| 4.65% 05/30/2030 | 129000 | &nbsp;&nbsp; 131115 |
| 4.95% 05/30/2032 | 58000 | &nbsp;&nbsp; 59520 |
| 5.25% 05/30/2035<sup>(e)</sup> | 79000 | &nbsp;&nbsp; 81606 |
|  |  | &nbsp;&nbsp; 358442 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Equipment-0.05%** | **Health Care Equipment-0.05%** | **Health Care Equipment-0.05%** |
| GE HealthCare Technologies, Inc., 4.80%, <br> 01/15/2031<br>| $88000 | &nbsp;&nbsp; $89696 |
| **Health Care REITs-0.05%** | **Health Care REITs-0.05%** | **Health Care REITs-0.05%** |
| National Health Investors, Inc., 5.35%, <br> 02/01/2033<sup>(e)</sup><br>| 37000 | &nbsp;&nbsp; 36604 |
| Omega Healthcare Investors, Inc., 5.20%, <br> 07/01/2030<br>| 58000 | &nbsp;&nbsp; 58872 |
|  |  | &nbsp;&nbsp; 95476 |
| **Health Care Services-0.73%** | **Health Care Services-0.73%** | **Health Care Services-0.73%** |
| Cigna Group (The), 4.50%, 09/15/2030 | 198400 | &nbsp;&nbsp; 199217 |
| CommonSpirit Health |  |  |
| 4.35% 09/01/2030 | 132000 | &nbsp;&nbsp; 131730 |
| 4.83% 09/01/2035 | 275000 | &nbsp;&nbsp; 274207 |
| 4.98% 09/01/2035 | 165000 | &nbsp;&nbsp; 164315 |
| 5.58% 09/01/2045 | 73000 | &nbsp;&nbsp; 72632 |
| 5.66% 09/01/2055 | 64000 | &nbsp;&nbsp; 63854 |
| CVS Health Corp. |  |  |
| 5.00% 09/15/2032 | 37000 | &nbsp;&nbsp; 37598 |
| 5.45% 09/15/2035 | 79000 | &nbsp;&nbsp; 80702 |
| 6.20% 09/15/2055 | 99000 | &nbsp;&nbsp; 101757 |
| 6.25% 09/15/2065 | 58000 | &nbsp;&nbsp; 59131 |
| HCA, Inc. |  |  |
| 4.30% 11/15/2030 | 38000 | &nbsp;&nbsp; 37823 |
| 5.45% 09/15/2034 | 67000 | &nbsp;&nbsp; 68970 |
|  |  | &nbsp;&nbsp; 1291936 |
| **Health Care Supplies-0.05%** | **Health Care Supplies-0.05%** | **Health Care Supplies-0.05%** |
| Solventum Corp., 5.45%, 02/25/2027 | 79000 | &nbsp;&nbsp; 80200 |
| **Highways & Railtracks-0.03%** | **Highways & Railtracks-0.03%** | **Highways & Railtracks-0.03%** |
| Burlington Northern Santa Fe LLC, 5.80%, <br> 03/15/2056<br>| 58000 | &nbsp;&nbsp; 60377 |
| **Home Improvement Retail-0.50%** | **Home Improvement Retail-0.50%** | **Home Improvement Retail-0.50%** |
| Home Depot, Inc. (The) |  |  |
| 3.75% 09/15/2028 | 417000 | &nbsp;&nbsp; 416002 |
| 3.95% 09/15/2030<sup>(e)</sup> | 274000 | &nbsp;&nbsp; 272676 |
| 4.65% 09/15/2035 | 197000 | &nbsp;&nbsp; 195135 |
|  |  | &nbsp;&nbsp; 883813 |
| **Homebuilding-0.04%** | **Homebuilding-0.04%** | **Homebuilding-0.04%** |
| Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<sup>(e)</sup><br>| 67000 | &nbsp;&nbsp; 68746 |
| **Hotel & Resort REITs-0.03%** | **Hotel & Resort REITs-0.03%** | **Hotel & Resort REITs-0.03%** |
| Phillips Edison Grocery Center Operating <br> Partnership I L.P., 5.25%, 08/15/2032<br>| 48000 | &nbsp;&nbsp; 49169 |
| **Hotels, Resorts & Cruise Lines-0.03%** | **Hotels, Resorts & Cruise Lines-0.03%** | **Hotels, Resorts & Cruise Lines-0.03%** |
| Marriott International, Inc., 4.20%, <br> 07/15/2027<br>| 48000 | &nbsp;&nbsp; 48160 |
| **Industrial Conglomerates-0.34%** | **Industrial Conglomerates-0.34%** | **Industrial Conglomerates-0.34%** |
| Siemens Funding B.V. (Germany), 4.90%, <br> 05/28/2032<sup>(b)</sup><br>| 587000 | &nbsp;&nbsp; 604379 |
| **Integrated Oil & Gas-0.02%** | **Integrated Oil & Gas-0.02%** | **Integrated Oil & Gas-0.02%** |
| Occidental Petroleum Corp., 4.40%, <br> 04/15/2046<br>| 48000 | &nbsp;&nbsp; 38083 |
| **Integrated Telecommunication Services-0.61%** | **Integrated Telecommunication Services-0.61%** | **Integrated Telecommunication Services-0.61%** |
| AT&T, Inc., 6.05%, 08/15/2056 | 110000 | &nbsp;&nbsp; 113154 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**15**

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** |
| NTT Finance Corp. (Japan), 5.50%, <br> 07/16/2035<sup>(b)</sup><br>| $| 679000 | &nbsp;&nbsp; $708049 |
| Verizon Communications, Inc., 5.25%, <br> 04/02/2035<sup>(e)</sup><br>|  | 257000 | &nbsp;&nbsp; 260061 |
|  |  |  | &nbsp;&nbsp; 1081264 |
| **Interactive Media & Services-1.93%** | **Interactive Media & Services-1.93%** | **Interactive Media & Services-1.93%** | **Interactive Media & Services-1.93%** |
| Alphabet, Inc., 5.30%, 05/15/2065 |  | 67000 | &nbsp;&nbsp; 65891 |
| Meta Platforms, Inc. |  |  |  |
| 4.88% 11/15/2035 |  | 520400 | &nbsp;&nbsp; 522903 |
| 5.63% 11/15/2055 |  | 388000 | &nbsp;&nbsp; 385405 |
| 5.75% 11/15/2065 |  | 2429000 | &nbsp;&nbsp; 2410885 |
|  |  |  | &nbsp;&nbsp; 3385084 |
| **Internet Services & Infrastructure-0.94%** | **Internet Services & Infrastructure-0.94%** | **Internet Services & Infrastructure-0.94%** | **Internet Services & Infrastructure-0.94%** |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup><br>|  | 1547000 | &nbsp;&nbsp; 1651445 |
| **Investment Banking & Brokerage-1.48%** | **Investment Banking & Brokerage-1.48%** | **Investment Banking & Brokerage-1.48%** | **Investment Banking & Brokerage-1.48%** |
| Brookfield Finance, Inc. (Canada), 5.33%, <br> 01/15/2036<br>|  | 337000 | &nbsp;&nbsp; 339641 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 5.73% 04/25/2030<sup>(d)</sup> |  | 79000 | &nbsp;&nbsp; 82570 |
| 4.37% 10/21/2031<sup>(d)</sup> |  | 328400 | &nbsp;&nbsp; 327057 |
| 5.54% 01/28/2036<sup>(d)</sup> |  | 58000 | &nbsp;&nbsp; 60383 |
| 4.94% 10/21/2036<sup>(d)</sup> |  | 240700 | &nbsp;&nbsp; 239618 |
| Morgan Stanley |  |  |  |
| 5.66% 04/17/2036<sup>(d)</sup> |  | 58000 | &nbsp;&nbsp; 61095 |
| Series I, 4.36% 10/22/2031<sup>(d)</sup> |  | 339300 | &nbsp;&nbsp; 338226 |
| Series I, 4.89% 10/22/2036<sup>(d)</sup> |  | 367100 | &nbsp;&nbsp; 365224 |
| Nomura Holdings, Inc. (Japan), 5.49%, <br> 06/29/2035<br>|  | 561500 | &nbsp;&nbsp; 580653 |
| Raymond James Financial, Inc. |  |  |  |
| 4.90% 09/11/2035 |  | 129000 | &nbsp;&nbsp; 127675 |
| 5.65% 09/11/2055 |  | 90000 | &nbsp;&nbsp; 88819 |
|  |  |  | &nbsp;&nbsp; 2610961 |
| **Life & Health Insurance-0.61%** | **Life & Health Insurance-0.61%** | **Life & Health Insurance-0.61%** | **Life & Health Insurance-0.61%** |
| American National Group, Inc., 6.00%, <br> 07/15/2035<br>|  | 58000 | &nbsp;&nbsp; 58966 |
| Constellation Global Funding, 4.85%, <br> 10/22/2030<sup>(b)</sup><br>|  | 439000 | &nbsp;&nbsp; 436385 |
| Equitable America Global Funding, 4.65%, <br> 06/09/2028<sup>(b)</sup><br>|  | 48000 | &nbsp;&nbsp; 48526 |
| Jackson National Life Global Funding, <br> 4.70%, 06/05/2028<sup>(b)</sup><br>|  | 424500 | &nbsp;&nbsp; 428696 |
| Lincoln Financial Global Funding |  |  |  |
| 4.63% 05/28/2028<sup>(b)</sup> |  | 48000 | &nbsp;&nbsp; 48449 |
| 4.63% 08/18/2030<sup>(b)</sup> |  | 58000 | &nbsp;&nbsp; 58218 |
|  |  |  | &nbsp;&nbsp; 1079240 |
| **Multi-Utilities-0.47%** | **Multi-Utilities-0.47%** | **Multi-Utilities-0.47%** | **Multi-Utilities-0.47%** |
| CenterPoint Energy, Inc., 5.95%, <br> 04/01/2056<sup>(d)</sup><br>|  | 173000 | &nbsp;&nbsp; 174254 |
| Dominion Energy, Inc. |  |  |  |
| 6.00% 02/15/2056<sup>(d)</sup> |  | 110000 | &nbsp;&nbsp; 111486 |
| 6.20% 02/15/2056<sup>(d)</sup> |  | 325000 | &nbsp;&nbsp; 328846 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| NiSource, Inc. |  |  |  |
| 5.25% 03/30/2028 | $| 88000 | &nbsp;&nbsp; $90233 |
| 5.35% 04/01/2034 |  | 58000 | &nbsp;&nbsp; 59689 |
| Public Service Enterprise Group, Inc., 6.13%, <br> 10/15/2033<br>|  | 58000 | &nbsp;&nbsp; 62648 |
|  |  |  | &nbsp;&nbsp; 827156 |
| **Office REITs-0.05%** | **Office REITs-0.05%** | **Office REITs-0.05%** | **Office REITs-0.05%** |
| COPT Defense Properties L.P., 4.50%, <br> 10/15/2030<br>|  | 41000 | &nbsp;&nbsp; 40777 |
| Cousins Properties L.P., 5.38%, <br> 02/15/2032<br>|  | 48000 | &nbsp;&nbsp; 49083 |
|  |  |  | &nbsp;&nbsp; 89860 |
| **Oil & Gas Exploration & Production-0.17%** | **Oil & Gas Exploration & Production-0.17%** | **Oil & Gas Exploration & Production-0.17%** | **Oil & Gas Exploration & Production-0.17%** |
| EOG Resources, Inc. |  |  |  |
| 4.40% 07/15/2028 |  | 88000 | &nbsp;&nbsp; 88908 |
| 5.35% 01/15/2036 |  | 90000 | &nbsp;&nbsp; 92691 |
| 5.95% 07/15/2055 |  | 118000 | &nbsp;&nbsp; 123241 |
|  |  |  | &nbsp;&nbsp; 304840 |
| **Oil & Gas Storage & Transportation-0.77%** | **Oil & Gas Storage & Transportation-0.77%** | **Oil & Gas Storage & Transportation-0.77%** | **Oil & Gas Storage & Transportation-0.77%** |
| Enterprise Products Operating LLC |  |  |  |
| 4.30% 06/20/2028<sup>(e)</sup> |  | 129000 | &nbsp;&nbsp; 129958 |
| 5.20% 01/15/2036 |  | 129000 | &nbsp;&nbsp; 131429 |
| Florida Gas Transmission Co. LLC, 5.75%, <br> 07/15/2035<sup>(b)</sup><br>|  | 67000 | &nbsp;&nbsp; 69748 |
| Gulfstream Natural Gas System L.L.C., <br> 5.60%, 07/23/2035<sup>(b)</sup><br>|  | 110000 | &nbsp;&nbsp; 112832 |
| Kinder Morgan, Inc., 5.15%, 06/01/2030 |  | 88000 | &nbsp;&nbsp; 90768 |
| MPLX L.P. |  |  |  |
| 4.80% 02/15/2031 |  | 88000 | &nbsp;&nbsp; 88769 |
| 5.00% 01/15/2033<sup>(e)</sup> |  | 48000 | &nbsp;&nbsp; 48025 |
| 5.40% 09/15/2035 |  | 167000 | &nbsp;&nbsp; 167783 |
| Southern Co. Gas Capital Corp. |  |  |  |
| Series A, 4.05% 09/15/2028 |  | 27000 | &nbsp;&nbsp; 26961 |
| Series B, 5.10% 09/15/2035 |  | 158400 | &nbsp;&nbsp; 159411 |
| Williams Cos., Inc. (The), 6.00%, <br> 03/15/2055<br>|  | 317500 | &nbsp;&nbsp; 327765 |
|  |  |  | &nbsp;&nbsp; 1353449 |
| **Packaged Foods & Meats-0.04%** | **Packaged Foods & Meats-0.04%** | **Packaged Foods & Meats-0.04%** | **Packaged Foods & Meats-0.04%** |
| Mars, Inc., 5.70%, 05/01/2055<sup>(b)</sup> |  | 67000 | &nbsp;&nbsp; 68221 |
| **Passenger Airlines-0.21%** | **Passenger Airlines-0.21%** | **Passenger Airlines-0.21%** | **Passenger Airlines-0.21%** |
| American Airlines Pass-Through Trust, <br> 4.90%, 05/11/2038<br>|  | 204000 | &nbsp;&nbsp; 204589 |
| Delta Air Lines, Inc. |  |  |  |
| 4.95% 07/10/2028 |  | 79000 | &nbsp;&nbsp; 80102 |
| 5.25% 07/10/2030 |  | 88000 | &nbsp;&nbsp; 89975 |
|  |  |  | &nbsp;&nbsp; 374666 |
| **Passenger Ground Transportation-0.09%** | **Passenger Ground Transportation-0.09%** | **Passenger Ground Transportation-0.09%** | **Passenger Ground Transportation-0.09%** |
| Uber Technologies, Inc. |  |  |  |
| 4.15% 01/15/2031 |  | 98400 | &nbsp;&nbsp; 97513 |
| 4.80% 09/15/2035 |  | 58000 | &nbsp;&nbsp; 57597 |
|  |  |  | &nbsp;&nbsp; 155110 |
| **Pharmaceuticals-0.89%** | **Pharmaceuticals-0.89%** | **Pharmaceuticals-0.89%** | **Pharmaceuticals-0.89%** |
| Eli Lilly and Co. |  |  |  |
| 5.55% 10/15/2055 |  | 59600 | &nbsp;&nbsp; 61094 |
| 5.65% 10/15/2065 |  | 59500 | &nbsp;&nbsp; 61336 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**16**

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| EMD Finance LLC (Germany), 4.38%, <br> 10/15/2030<sup>(b)</sup><br>| $| 31000 | &nbsp;&nbsp; $31045 |
| Takeda U.S. Financing, Inc. |  |  |  |
| 5.20% 07/07/2035 |  | 561500 | &nbsp;&nbsp; 571527 |
| 5.90% 07/07/2055 |  | 561500 | &nbsp;&nbsp; 581506 |
| Zoetis, Inc., 4.15%, 08/17/2028 |  | 257000 | &nbsp;&nbsp; 257815 |
|  |  |  | &nbsp;&nbsp; 1564323 |
| **Property & Casualty Insurance-0.31%** | **Property & Casualty Insurance-0.31%** | **Property & Casualty Insurance-0.31%** | **Property & Casualty Insurance-0.31%** |
| American International Group, Inc., 4.85%, <br> 05/07/2030<br>|  | 48000 | &nbsp;&nbsp; 49125 |
| CNA Financial Corp., 5.20%, 08/15/2035 |  | 197000 | &nbsp;&nbsp; 197525 |
| Hanover Insurance Group, Inc. (The), 5.50%, <br> 09/01/2035<br>|  | 58000 | &nbsp;&nbsp; 58959 |
| Travelers Cos., Inc. (The) |  |  |  |
| 5.05% 07/24/2035 |  | 58000 | &nbsp;&nbsp; 59164 |
| 5.70% 07/24/2055 |  | 167000 | &nbsp;&nbsp; 173352 |
|  |  |  | &nbsp;&nbsp; 538125 |
| **Real Estate Development-0.16%** | **Real Estate Development-0.16%** | **Real Estate Development-0.16%** | **Real Estate Development-0.16%** |
| Essential Properties L.P., 5.40%, <br> 12/01/2035<br>|  | 37400 | &nbsp;&nbsp; 37520 |
| Prologis Targeted U.S. Logistics Fund L.P. |  |  |  |
| 4.25% 01/15/2031<sup>(b)</sup> |  | 89000 | &nbsp;&nbsp; 88390 |
| 4.75% 01/15/2036<sup>(b)</sup> |  | 154000 | &nbsp;&nbsp; 150879 |
|  |  |  | &nbsp;&nbsp; 276789 |
| **Regional Banks-0.38%** | **Regional Banks-0.38%** | **Regional Banks-0.38%** | **Regional Banks-0.38%** |
| Truist Financial Corp., 4.96%, <br> 10/23/2036<sup>(d)</sup><br>|  | 624000 | &nbsp;&nbsp; 614750 |
| Webster Financial Corp., 5.78%, <br> 09/11/2035<sup>(d)</sup><br>|  | 54000 | &nbsp;&nbsp; 54085 |
|  |  |  | &nbsp;&nbsp; 668835 |
| **Reinsurance-0.30%** | **Reinsurance-0.30%** | **Reinsurance-0.30%** | **Reinsurance-0.30%** |
| RGA Global Funding |  |  |  |
| 4.35% 08/25/2028<sup>(b)</sup> |  | 257000 | &nbsp;&nbsp; 257639 |
| 5.00% 08/25/2032<sup>(b)</sup> |  | 274000 | &nbsp;&nbsp; 275983 |
|  |  |  | &nbsp;&nbsp; 533622 |
| **Renewable Electricity-0.12%** | **Renewable Electricity-0.12%** | **Renewable Electricity-0.12%** | **Renewable Electricity-0.12%** |
| Southern Power Co. |  |  |  |
| Series A, 4.25% 10/01/2030 |  | 99000 | &nbsp;&nbsp; 98471 |
| Series B, 4.90% 10/01/2035 |  | 118000 | &nbsp;&nbsp; 116827 |
|  |  |  | &nbsp;&nbsp; 215298 |
| **Research & Consulting Services-0.09%** | **Research & Consulting Services-0.09%** | **Research & Consulting Services-0.09%** | **Research & Consulting Services-0.09%** |
| Verisk Analytics, Inc. |  |  |  |
| 4.50% 08/15/2030 |  | 48200 | &nbsp;&nbsp; 48434 |
| 5.13% 02/15/2036 |  | 108500 | &nbsp;&nbsp; 109211 |
|  |  |  | &nbsp;&nbsp; 157645 |
| **Restaurants-0.41%** | **Restaurants-0.41%** | **Restaurants-0.41%** | **Restaurants-0.41%** |
| McDonald's Corp. |  |  |  |
| 4.40% 02/12/2031 |  | 167000 | &nbsp;&nbsp; 167701 |
| 5.00% 02/13/2036 |  | 547000 | &nbsp;&nbsp; 551260 |
|  |  |  | &nbsp;&nbsp; 718961 |
| **Retail REITs-0.24%** | **Retail REITs-0.24%** | **Retail REITs-0.24%** | **Retail REITs-0.24%** |
| Brixmor Operating Partnership L.P., 4.85%, <br> 02/15/2033<br>|  | 58000 | &nbsp;&nbsp; 57866 |
| Kimco Realty OP LLC, 5.30%, 02/01/2036 |  | 67000 | &nbsp;&nbsp; 68671 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** |
| Kite Realty Group L.P. |  |  |  |
| 4.95% 12/15/2031 | $| 58000 | &nbsp;&nbsp; $58636 |
| 5.50% 03/01/2034 |  | 55000 | &nbsp;&nbsp; 56834 |
| Realty Income Corp., 4.50%, 02/01/2033 |  | 181000 | &nbsp;&nbsp; 178810 |
|  |  |  | &nbsp;&nbsp; 420817 |
| **Self-Storage REITs-0.06%** | **Self-Storage REITs-0.06%** | **Self-Storage REITs-0.06%** | **Self-Storage REITs-0.06%** |
| Americold Realty Operating Partnership L.P., <br> 5.60%, 05/15/2032<br>|  | 48000 | &nbsp;&nbsp; 48575 |
| Extra Space Storage L.P., 4.95%, <br> 01/15/2033<br>|  | 48000 | &nbsp;&nbsp; 48279 |
|  |  |  | &nbsp;&nbsp; 96854 |
| **Semiconductors-1.49%** | **Semiconductors-1.49%** | **Semiconductors-1.49%** | **Semiconductors-1.49%** |
| AP Grange Holdings LLC, 6.50%, <br> 03/20/2045<sup>(b)(g)</sup><br>|  | 80000 | &nbsp;&nbsp; 84792 |
| Broadcom, Inc. |  |  |  |
| 5.15% 11/15/2031 |  | 274000 | &nbsp;&nbsp; 284977 |
| 5.20% 07/15/2035 |  | 58000 | &nbsp;&nbsp; 59767 |
| 4.80% 02/15/2036 |  | 209000 | &nbsp;&nbsp; 207533 |
| 4.90% 02/15/2038 |  | 176000 | &nbsp;&nbsp; 173964 |
| Foundry JV Holdco LLC |  |  |  |
| 5.90% 01/25/2030<sup>(b)</sup> |  | 205000 | &nbsp;&nbsp; 215568 |
| 5.50% 01/25/2031<sup>(b)</sup> |  | 213000 | &nbsp;&nbsp; 221054 |
| 6.15% 01/25/2032<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 213390 |
| 5.90% 01/25/2033<sup>(b)</sup> |  | 214000 | &nbsp;&nbsp; 225453 |
| 5.88% 01/25/2034<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 206695 |
| 6.25% 01/25/2035<sup>(b)</sup> |  | 204000 | &nbsp;&nbsp; 217319 |
| 6.20% 01/25/2037<sup>(b)</sup> |  | 201000 | &nbsp;&nbsp; 214008 |
| 6.40% 01/25/2038<sup>(b)</sup> |  | 217000 | &nbsp;&nbsp; 234471 |
| Micron Technology, Inc., 5.65%, <br> 11/01/2032<br>|  | 58000 | &nbsp;&nbsp; 60901 |
|  |  |  | &nbsp;&nbsp; 2619892 |
| **Soft Drinks & Non-alcoholic Beverages-1.25%** | **Soft Drinks & Non-alcoholic Beverages-1.25%** | **Soft Drinks & Non-alcoholic Beverages-1.25%** | **Soft Drinks & Non-alcoholic Beverages-1.25%** |
| PepsiCo, Inc. |  |  |  |
| 4.10% 01/15/2029 |  | 698000 | &nbsp;&nbsp; 701781 |
| 4.60% 02/07/2030 |  | 274000 | &nbsp;&nbsp; 280213 |
| 4.30% 07/23/2030<sup>(e)</sup> |  | 506000 | &nbsp;&nbsp; 510419 |
| 5.00% 07/23/2035 |  | 691000 | &nbsp;&nbsp; 707497 |
|  |  |  | &nbsp;&nbsp; 2199910 |
| **Specialty Chemicals-0.69%** | **Specialty Chemicals-0.69%** | **Specialty Chemicals-0.69%** | **Specialty Chemicals-0.69%** |
| Sherwin-Williams Co. (The) |  |  |  |
| 4.30% 08/15/2028 |  | 711000 | &nbsp;&nbsp; 714683 |
| 4.50% 08/15/2030<sup>(e)</sup> |  | 228000 | &nbsp;&nbsp; 229582 |
| 5.15% 08/15/2035 |  | 257000 | &nbsp;&nbsp; 262382 |
|  |  |  | &nbsp;&nbsp; 1206647 |
| **Systems Software-0.32%** | **Systems Software-0.32%** | **Systems Software-0.32%** | **Systems Software-0.32%** |
| Oracle Corp. |  |  |  |
| 4.45% 09/26/2030 |  | 139700 | &nbsp;&nbsp; 138579 |
| 5.20% 09/26/2035 |  | 99000 | &nbsp;&nbsp; 97539 |
| 5.88% 09/26/2045 |  | 148000 | &nbsp;&nbsp; 142623 |
| 5.38% 09/27/2054 |  | 88000 | &nbsp;&nbsp; 77439 |
| 5.95% 09/26/2055 |  | 110000 | &nbsp;&nbsp; 104367 |
|  |  |  | &nbsp;&nbsp; 560547 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**17**

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Tobacco-0.28%** | **Tobacco-0.28%** | **Tobacco-0.28%** |
| B.A.T. Capital Corp. (United Kingdom) |  |  |
| 4.63% 03/22/2033 | $99000 | &nbsp;&nbsp; $97835 |
| 7.08% 08/02/2053 | 99000 | &nbsp;&nbsp; 113260 |
| Philip Morris International, Inc. |  |  |
| 4.00% 10/29/2030 | 141000 | &nbsp;&nbsp; 138954 |
| 4.63% 10/29/2035 | 152000 | &nbsp;&nbsp; 148294 |
|  |  | &nbsp;&nbsp; 498343 |
| **Trading Companies & Distributors-0.08%** | **Trading Companies & Distributors-0.08%** | **Trading Companies & Distributors-0.08%** |
| Ferguson Enterprises, Inc., 4.35%, <br> 03/15/2031<br>| 140000 | &nbsp;&nbsp; 139267 |
| **Water Utilities-0.05%** | **Water Utilities-0.05%** | **Water Utilities-0.05%** |
| American Water Capital Corp., 5.70%, <br> 09/01/2055<br>| 88000 | &nbsp;&nbsp; 89532 |
| **Wireless Telecommunication Services-0.27%** | **Wireless Telecommunication Services-0.27%** | **Wireless Telecommunication Services-0.27%** |
| T-Mobile USA, Inc. |  |  |
| 4.95% 11/15/2035 | 210000 | &nbsp;&nbsp; 208628 |
| 5.70% 01/15/2056 | 268000 | &nbsp;&nbsp; 265094 |
|  |  | &nbsp;&nbsp; 473722 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $59,186,378) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $59,186,378) | &nbsp;&nbsp; 58963218 |
| **U.S. Treasury Securities-33.45%** | **U.S. Treasury Securities-33.45%** | **U.S. Treasury Securities-33.45%** |
| **U.S. Treasury Bills-0.18%**<sup>(h)</sup> | **U.S. Treasury Bills-0.18%**<sup>(h)</sup> | **U.S. Treasury Bills-0.18%**<sup>(h)</sup> |
| 3.59%–4.10%, 05/14/2026<sup>(i)</sup> | 317000 | &nbsp;&nbsp; 310893 |
| **U.S. Treasury Bonds-7.76%** | **U.S. Treasury Bonds-7.76%** | **U.S. Treasury Bonds-7.76%** |
| 4.88%, 08/15/2045 | 3654700 | &nbsp;&nbsp; 3764912 |
| 4.75%, 05/15/2055 | 9755900 | &nbsp;&nbsp; 9886995 |
|  |  | &nbsp;&nbsp; 13651907 |
| **U.S. Treasury Notes-25.51%** | **U.S. Treasury Notes-25.51%** | **U.S. Treasury Notes-25.51%** |
| 3.50%, 09/30/2027 | 13086400 | &nbsp;&nbsp; 13062374 |
| 3.50%, 10/15/2028 | 9504900 | &nbsp;&nbsp; 9479282 |
| 3.63%, 09/30/2030 | 15356400 | &nbsp;&nbsp; 15301213 |
| 3.88%, 09/30/2032 | 1382300 | &nbsp;&nbsp; 1381652 |
| 4.25%, 08/15/2035 | 5567600 | &nbsp;&nbsp; 5637630 |
|  |  | &nbsp;&nbsp; 44862151 |
| Total U.S. Treasury Securities <br>(Cost $58,864,174) | Total U.S. Treasury Securities <br>(Cost $58,864,174) | &nbsp;&nbsp; 58824951 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-31.91%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-31.91%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-31.91%** |
| **Collateralized Mortgage Obligations-0.39%** | **Collateralized Mortgage Obligations-0.39%** | **Collateralized Mortgage Obligations-0.39%** |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs.<br>|  |  |
| Series K519, Class AS, 4.79% (30 Day <br> Average SOFR + 0.48%), 03/25/2029<sup>(c)</sup><br>| 266995 | &nbsp;&nbsp; 266806 |
| Series K530, Class A2, 4.79%, <br> 09/25/2029<sup>(j)</sup><br>| 100000 | &nbsp;&nbsp; 102683 |
| Series KF153, Class AS, 4.99% (30 Day <br> Average SOFR + 0.68%), 02/25/2033<sup>(c)</sup><br>| 301356 | &nbsp;&nbsp; 303130 |
| Series KF81, Class AL, 4.78% (30 Day <br> Average SOFR + 0.47%), 06/25/2027<sup>(c)</sup><br>| 7433 | &nbsp;&nbsp; 7428 |
|  |  | &nbsp;&nbsp; 680047 |
| **Federal Home Loan Mortgage Corp. (FHLMC)-0.85%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.85%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.85%** |
| 4.50%, 04/01/2035 | 1500000 | &nbsp;&nbsp; 1489895 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)-0.86%** | **Federal National Mortgage Association (FNMA)-0.86%** | **Federal National Mortgage Association (FNMA)-0.86%** |
| 4.29%, 10/01/2030 | $1500000 | &nbsp;&nbsp; $1511480 |
| **Uniform Mortgage-Backed Securities-29.81%** | **Uniform Mortgage-Backed Securities-29.81%** | **Uniform Mortgage-Backed Securities-29.81%** |
| TBA, 4.50%, 11/01/2040 to 11/01/2055<sup>(k)</sup> | 3664027 | &nbsp;&nbsp; 3606389 |
| TBA, 5.00%, 11/01/2040 to 11/01/2055<sup>(k)</sup> | 6052290 | &nbsp;&nbsp; 6044156 |
| TBA, 2.00%, 11/01/2055<sup>(k)</sup> | 7193445 | &nbsp;&nbsp; 5835439 |
| TBA, 2.50%, 11/01/2055<sup>(k)</sup> | 10481458 | &nbsp;&nbsp; 10680634 |
| TBA, 3.00%, 11/01/2055<sup>(k)</sup> | 7466070 | &nbsp;&nbsp; 6616805 |
| TBA, 3.50%, 11/01/2055<sup>(k)</sup> | 3293316 | &nbsp;&nbsp; 3036752 |
| TBA, 4.00%, 11/01/2055<sup>(k)</sup> | 2558952 | &nbsp;&nbsp; 2428297 |
| TBA, 5.50%, 11/01/2055<sup>(k)</sup> | 5607384 | &nbsp;&nbsp; 5665997 |
| TBA, 6.00%, 11/01/2055<sup>(k)</sup> | 5145922 | &nbsp;&nbsp; 5262802 |
| TBA, 6.50%, 11/01/2055<sup>(k)</sup> | 3140000 | &nbsp;&nbsp; 3251913 |
|  |  | &nbsp;&nbsp; 52429184 |
| Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $56,197,445) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $56,197,445) | &nbsp;&nbsp; 56110606 |
| **Asset-Backed Securities-12.23%** | **Asset-Backed Securities-12.23%** | **Asset-Backed Securities-12.23%** |
| ALA Trust, Series 2025-OANA, Class B, <br> 5.88% (1 mo. Term SOFR + 1.84%), <br> 06/15/2040<sup>(b)(c)</sup><br>| 100000 | &nbsp;&nbsp; 100836 |
| Angel Oak Mortgage Trust |  |  |
| Series 2024-10, Class A1, 5.35%, <br> 10/25/2069<sup>(b)</sup><br>| 360660 | &nbsp;&nbsp; 362492 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)</sup><br>| 110574 | &nbsp;&nbsp; 111581 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), Series 2021-3A, Class AR, 4.93% <br> (3 mo. Term SOFR + 1.06%), <br> 07/24/2034<sup>(b)(c)</sup><br>| 250000 | &nbsp;&nbsp; 250156 |
| BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, 5.37%, <br> 06/15/2044<sup>(b)(j)</sup><br>| 100000 | &nbsp;&nbsp; 103260 |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands), Series 2015-5A, <br> Class A1R4, 0.00% (3 mo. Term SOFR + <br> 0.88%), 01/20/2032<sup>(b)(c)</sup><br>| 1000000 | &nbsp;&nbsp; 1000524 |
| COLT Mortgage Loan Trust |  |  |
| Series 2024-INV2, Class A1, 6.42%, <br> 05/25/2069<sup>(b)</sup><br>| 267122 | &nbsp;&nbsp; 271249 |
| Series 2025-3, Class A1, 5.35%, <br> 03/25/2070<sup>(b)</sup><br>| 306560 | &nbsp;&nbsp; 307988 |
| Series 2025-4, Class A1, 5.79%, <br> 04/25/2070<sup>(b)</sup><br>| 528211 | &nbsp;&nbsp; 534389 |
| Series 2025-8, Class A1, 5.48%, <br> 08/25/2070<sup>(b)</sup><br>| 127156 | &nbsp;&nbsp; 128388 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-2A, Class A1, 4.93%, <br> 11/25/2050<sup>(b)</sup><br>| 1440000 | &nbsp;&nbsp; 1442232 |
| Cross Mortgage Trust, Series 2024-H2, <br> Class A1, 6.09%, 04/25/2069<sup>(b)</sup><br>| 127189 | &nbsp;&nbsp; 128447 |
| DB Master Finance LLC |  |  |
| Series 2025-1A, Class A2I, 4.89%, <br> 08/20/2055<sup>(b)</sup><br>| 520000 | &nbsp;&nbsp; 522611 |
| Series 2025-1A, Class A2II, 5.17%, <br> 08/20/2055<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 262536 |
| EFMT, Series 2025-NQM5, Class A1, 5.03%, <br> 11/25/2070<sup>(b)(j)</sup><br>| 240000 | &nbsp;&nbsp; 239728 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**18**

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**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| GCAT Trust, Series 2025-NQM4, Class A1A, <br> 5.53%, 06/25/2070<sup>(b)</sup><br>| $145010 | &nbsp;&nbsp; $146379 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2025-HE1, Class A1, 5.73% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(c)</sup><br>| 1394389 | &nbsp;&nbsp; 1399290 |
| Series 2025-HE2, Class A1, 5.75% <br> (30 Day Average SOFR + 1.55%), <br> 12/25/2065<sup>(b)(c)</sup><br>| 2478000 | &nbsp;&nbsp; 2477136 |
| Series 2025-NQM5, Class A1, 5.01%, <br> 07/25/2065<sup>(b)</sup><br>| 1800000 | &nbsp;&nbsp; 1798686 |
| Hilton Grand Vacations Trust, Series 2025-<br> 1A, Class A, 4.88%, 05/27/2042<sup>(b)</sup><br>| 40933 | &nbsp;&nbsp; 41528 |
| IP Mortgage Trust, Series 2025-IP, Class A, <br> 5.25%, 06/10/2042<sup>(b)(j)</sup><br>| 100000 | &nbsp;&nbsp; 101662 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2025-NQM3, Class A1, 5.50%, <br> 11/25/2065<sup>(b)(j)</sup><br>| 627096 | &nbsp;&nbsp; 631552 |
| Series 2025-NQM4, Class A1, 4.95%, <br> 03/25/2066<sup>(b)(j)</sup><br>| 955000 | &nbsp;&nbsp; 953959 |
| Jersey Mike's Funding, Series 2025-1A, <br> Class A2, 5.61%, 08/16/2055<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 153132 |
| Jersey Mike's Funding LLC, Series 2024-1A, <br> Class A2, 5.64%, 02/15/2055<sup>(b)</sup><br>| 74625 | &nbsp;&nbsp; 75883 |
| JP Morgan Mortgage Trust, Series 2024-<br> VIS1, Class A1, 5.99%, 07/25/2064<sup>(b)(j)</sup><br>| 196447 | &nbsp;&nbsp; 198453 |
| Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2025-5C2, Class B, <br> 5.69%, 11/15/2058<br>| 1671000 | &nbsp;&nbsp; 1716557 |
| Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |
| Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(b)(j)</sup><br>| 131531 | &nbsp;&nbsp; 132761 |
| Series 2025-NQM8, Class A1, 4.96%, <br> 09/25/2070<sup>(b)(j)</sup><br>| 810000 | &nbsp;&nbsp; 810497 |
| Neuberger Berman Loan Advisers CLO 38 <br> Ltd. (Cayman Islands), Series 2020-38A, <br> Class AR2, 4.84% (3 mo. Term SOFR + <br> 0.96%), 10/20/2036<sup>(b)(c)</sup><br>| 250000 | &nbsp;&nbsp; 250073 |
| New Residential Mortgage Loan Trust, <br> Series 2025-NQM2, Class A1, 0.00%, <br> 04/25/2065<sup>(b)</sup><br>| 576820 | &nbsp;&nbsp; 582479 |
| NextGear Floorplan Master Owner Trust, <br> Series 2025-2A, Class A2, 4.23%, <br> 10/15/2030<sup>(b)</sup><br>| 240000 | &nbsp;&nbsp; 240104 |
| RCKT Mortgage Trust, Series 2025-CES6, <br> Class A1A, 5.47%, 06/25/2055<sup>(b)</sup><br>| 141044 | &nbsp;&nbsp; 142405 |
| RR 16 Ltd. (Cayman Islands), Series 2021-<br> 16A, Class A1R, 4.96% (3 mo. Term SOFR <br> + 1.05%), 07/15/2036<sup>(b)(c)</sup><br>| 800000 | &nbsp;&nbsp; 800397 |
| SHRN Trust, Series 2025-MF18, Class C, <br> 5.80% (1 mo. Term SOFR + 1.70%), <br> 10/15/2040<sup>(b)(c)</sup><br>| 500000 | &nbsp;&nbsp; 501060 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Sonic Capital LLC, Series 2020-1A, <br> Class A2I, 3.85%, 01/20/2050<sup>(b)</sup><br>| $| 616417 | &nbsp;&nbsp; $607858 |
| Switch ABS Issuer LLC, Series 2025-2A, <br> Class A21, 5.12%, 10/25/2055<sup>(b)</sup><br>|  | 760000 | &nbsp;&nbsp; 759996 |
| Symphony CLO XXIV, Ltd. (Cayman Islands), <br> Series 2020-24A, Class A1R, 5.26% (3 <br> mo. Term SOFR + 1.13%), <br> 10/23/2035<sup>(b)(c)</sup><br>|  | 200000 | &nbsp;&nbsp; 200057 |
| VDCM Commercial Mortgage Trust |  |  |  |
| Series 2025-AZ, Class A, 5.06%, <br> 07/13/2044<sup>(b)(j)</sup><br>|  | 50000 | &nbsp;&nbsp; 50617 |
| Series 2025-AZ, Class B, 5.30%, <br> 07/13/2044<sup>(b)(j)</sup><br>|  | 150000 | &nbsp;&nbsp; 152055 |
| WEST Trust, Series 2025-ROSE, Class A, <br> 5.28%, 04/10/2035<sup>(b)(j)</sup><br>|  | 150000 | &nbsp;&nbsp; 152501 |
| Zayo Issuer LLC, Series 2025-2A, Class A2, <br> 5.95%, 06/20/2055<sup>(b)</sup><br>|  | 650000 | &nbsp;&nbsp; 668028 |
| Total Asset-Backed Securities <br>(Cost $21,504,164) | Total Asset-Backed Securities <br>(Cost $21,504,164) | Total Asset-Backed Securities <br>(Cost $21,504,164) | &nbsp;&nbsp; 21511522 |
| **Agency Credit Risk Transfer Notes-0.32%** | **Agency Credit Risk Transfer Notes-0.32%** | **Agency Credit Risk Transfer Notes-0.32%** | **Agency Credit Risk Transfer Notes-0.32%** |
| Freddie Mac, Series 2025-DNA4, Class A1, <br> STACR®, 5.09% (30 Day Average SOFR + <br> 0.90%), 10/25/2045<sup>(b)(c)(l)</sup> <br>(Cost $550,000)<br>|  | 550000 | &nbsp;&nbsp; 551547 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-20.22%** | **Money Market Funds-20.22%** | **Money Market Funds-20.22%** | **Money Market Funds-20.22%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(m)(n)</sup> <br>(Cost $35,553,401)<br>|  | 35553401 | &nbsp;&nbsp; 35553401 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-131.66% <br>(Cost $231,855,562) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-131.66% <br>(Cost $231,855,562) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-131.66% <br>(Cost $231,855,562) | &nbsp;&nbsp; 231515245 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.01%** | **Money Market Funds-1.01%** | **Money Market Funds-1.01%** | **Money Market Funds-1.01%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(m)(n)(o)</sup><br>|  | 459793 | &nbsp;&nbsp; 459793 |
| Invesco Private Prime Fund, 4.30%<sup>(m)(n)(o)</sup> |  | 1314283 | &nbsp;&nbsp; 1314677 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,774,492) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,774,492) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,774,492) | &nbsp;&nbsp; 1774470 |
| TOTAL INVESTMENTS IN SECURITIES-132.67% <br>(Cost $233,630,054) | TOTAL INVESTMENTS IN SECURITIES-132.67% <br>(Cost $233,630,054) | TOTAL INVESTMENTS IN SECURITIES-132.67% <br>(Cost $233,630,054) | &nbsp;&nbsp; 233289715 |
| OTHER ASSETS LESS LIABILITIES-(32.67)% | OTHER ASSETS LESS LIABILITIES-(32.67)% | OTHER ASSETS LESS LIABILITIES-(32.67)% | &nbsp;&nbsp; (57446622)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $175843093 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Ctfs. | -Certificates |
| SOFR | -Secured Overnight Financing Rate |
| STACR<sup>®</sup> | -Structured Agency Credit Risk |
| TBA | -To Be Announced |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**19**

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $34,299,545, which represented 19.51% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025. |
| <sup>(d)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(e)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(f)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(g)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(h)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(i)</sup> | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S. |
| <sup>(j)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate <br> shown is the rate in effect on October 31, 2025.<br>|
| <sup>(k)</sup> | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 2K. |
| <sup>(l)</sup> | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from <br> the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.<br>|
| <sup>(m)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $59273642 | &nbsp;&nbsp; $(23720241)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $35553401 | &nbsp;&nbsp; $66952 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 833162 | &nbsp;&nbsp; (373369)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 459793 | &nbsp;&nbsp; 719<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 1938402 | &nbsp;&nbsp; (623704)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1314677 | &nbsp;&nbsp; 1,868<br> \*<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $62045206 | &nbsp;&nbsp; $(24717314)<br>| &nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; $37327871 | &nbsp;&nbsp; $69539 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(n)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(o)</sup> 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 Note 2P. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 126 | December-2025 | &nbsp;&nbsp; $26238516 | &nbsp;&nbsp; $(48321)<br>| &nbsp;&nbsp; $(48321)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 1 | December-2025 | &nbsp;&nbsp; 117313 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 313 |
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; (48008)<br>| &nbsp;&nbsp; (48008)<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**20**

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** |
| **Short Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 66 | December-2025 | &nbsp;&nbsp; $(7207922)<br>| &nbsp;&nbsp; $18380 | &nbsp;&nbsp; $18380 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 22 | December-2025 | &nbsp;&nbsp; (2478781)<br>| &nbsp;&nbsp; 1434 | &nbsp;&nbsp; 1434 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; 4 | December-2025 | &nbsp;&nbsp; (485125)<br>| &nbsp;&nbsp; 313 | &nbsp;&nbsp; 313 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp; 20 | December-2025 | &nbsp;&nbsp; (2309688)<br>| &nbsp;&nbsp; (7125)<br>| &nbsp;&nbsp; (7125)<br>|
| Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp; 13002 | &nbsp;&nbsp; 13002 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $(35006)<br>| &nbsp;&nbsp; $(35006)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $4,858 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**21**

------

**Invesco Global Equity Net Zero ETF (IQSZ)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** |
| **Aerospace & Defense-0.24%** | **Aerospace & Defense-0.24%** | **Aerospace & Defense-0.24%** |
| Aselsan Elektronik Sanayi Ve Ticaret A.S. <br> (Turkey)<br>| 24534 | &nbsp;&nbsp; $118628 |
| Howmet Aerospace, Inc. | 1166 | &nbsp;&nbsp; 240138 |
|  |  | &nbsp;&nbsp; 358766 |
| **Air Freight & Logistics-0.46%** | **Air Freight & Logistics-0.46%** | **Air Freight & Logistics-0.46%** |
| Deutsche Post AG (Germany) | 2330 | &nbsp;&nbsp; 107199 |
| FedEx Corp. | 1109 | &nbsp;&nbsp; 281486 |
| Nippon Express Holdings, Inc., Class H (Japan) | 7275 | &nbsp;&nbsp; 154833 |
| United Parcel Service, Inc., Class B | 1370 | &nbsp;&nbsp; 132096 |
|  |  | &nbsp;&nbsp; 675614 |
| **Automobile Components-0.41%** | **Automobile Components-0.41%** | **Automobile Components-0.41%** |
| Aisin Corp. (Japan) | 7594 | &nbsp;&nbsp; 136514 |
| Aptiv PLC<sup>(b)</sup> | 1601 | &nbsp;&nbsp; 129841 |
| Continental AG (Germany) | 1506 | &nbsp;&nbsp; 115231 |
| Hyundai Mobis Co. Ltd. (South Korea) | 427 | &nbsp;&nbsp; 94426 |
| Sumitomo Electric Industries Ltd. (Japan) | 3400 | &nbsp;&nbsp; 124000 |
|  |  | &nbsp;&nbsp; 600012 |
| **Automobiles-1.89%** | **Automobiles-1.89%** | **Automobiles-1.89%** |
| Geely Automobile Holdings Ltd. (China) | 78478 | &nbsp;&nbsp; 186135 |
| General Motors Co. | 3726 | &nbsp;&nbsp; 257429 |
| Kia Corp. (South Korea) | 1281 | &nbsp;&nbsp; 107448 |
| Subaru Corp. (Japan) | 5122 | &nbsp;&nbsp; 109000 |
| Tesla, Inc.<sup>(b)</sup> | 4367 | &nbsp;&nbsp; 1993797 |
| Toyota Motor Corp. (Japan) | 5668 | &nbsp;&nbsp; 115596 |
|  |  | &nbsp;&nbsp; 2769405 |
| **Banks-8.99%** | **Banks-8.99%** | **Banks-8.99%** |
| ABN AMRO Bank N.V., CVA (Netherlands)<sup>(c)</sup> | 8064 | &nbsp;&nbsp; 241266 |
| Absa Group Ltd. (South Africa) | 9680 | &nbsp;&nbsp; 108194 |
| Banco Bilbao Vizcaya Argentaria S.A. (Spain) | 14138 | &nbsp;&nbsp; 285209 |
| Banco Santander S.A. (Spain)<sup>(d)</sup> | 52757 | &nbsp;&nbsp; 538327 |
| Bank of America Corp. | 17265 | &nbsp;&nbsp; 922814 |
| Bank of China Ltd., H Shares (China) | 156956 | &nbsp;&nbsp; 88856 |
| Bank Polska Kasa Opieki S.A. (Poland) | 1725 | &nbsp;&nbsp; 88395 |
| Barclays PLC (United Kingdom) | 41172 | &nbsp;&nbsp; 220856 |
| BNP Paribas S.A. (France) | 2306 | &nbsp;&nbsp; 178858 |
| BOC Hong Kong (Holdings) Ltd. (China) | 33227 | &nbsp;&nbsp; 163234 |
| CaixaBank S.A. (Spain) | 13331 | &nbsp;&nbsp; 141095 |
| Canadian Imperial Bank of Commerce (Canada) | 3127 | &nbsp;&nbsp; 259350 |
| Citigroup, Inc. | 9860 | &nbsp;&nbsp; 998128 |
| Citizens Financial Group, Inc. | 1931 | &nbsp;&nbsp; 98230 |
| Commerzbank AG (Germany) | 2775 | &nbsp;&nbsp; 101321 |
| CTBC Financial Holding Co. Ltd. (Taiwan) | 61297 | &nbsp;&nbsp; 83246 |
| Danske Bank A/S (Denmark) | 3081 | &nbsp;&nbsp; 137900 |
| DNB Bank ASA (Norway) | 7160 | &nbsp;&nbsp; 182984 |
| E.Sun Financial Holding Co. Ltd. (Taiwan) | 98573 | &nbsp;&nbsp; 95216 |
| First Abu Dhabi Bank PJSC (United Arab <br> Emirates)<br>| 20373 | &nbsp;&nbsp; 96711 |
| First Financial Holding Co. Ltd. (Taiwan) | 155128 | &nbsp;&nbsp; 143891 |
| Grupo Financiero Banorte S.A.B. de C.V., <br> Class O (Mexico)<br>| 15300 | &nbsp;&nbsp; 144204 |
| Hana Financial Group, Inc. (South Korea) | 1387 | &nbsp;&nbsp; 83093 |
| HSBC Holdings PLC (United Kingdom) | 42414 | &nbsp;&nbsp; 593841 |
| ICICI Bank Ltd., ADR (India) | 26163 | &nbsp;&nbsp; 792739 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Industrial & Commercial Bank of China Ltd., H <br> Shares (China)<br>| 267000 | &nbsp;&nbsp; $206827 |
| ING Groep N.V. (Netherlands) | 10064 | &nbsp;&nbsp; 251633 |
| Itau Unibanco Holding S.A., ADR (Brazil)<sup>(d)</sup> | 32186 | &nbsp;&nbsp; 236889 |
| JPMorgan Chase & Co. | 4803 | &nbsp;&nbsp; 1494309 |
| KB Financial Group, Inc. (South Korea) | 1329 | &nbsp;&nbsp; 108491 |
| Lloyds Banking Group PLC (United Kingdom) | 90365 | &nbsp;&nbsp; 105964 |
| Malayan Banking Bhd. (Malaysia) | 40929 | &nbsp;&nbsp; 96461 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | 13694 | &nbsp;&nbsp; 206926 |
| Mizuho Financial Group, Inc. (Japan) | 5274 | &nbsp;&nbsp; 176718 |
| NatWest Group PLC (United Kingdom) | 35982 | &nbsp;&nbsp; 277040 |
| Nordea Bank Abp (Finland) | 10598 | &nbsp;&nbsp; 181542 |
| OTP Bank Nyrt. (Hungary) | 1174 | &nbsp;&nbsp; 112208 |
| Raiffeisen Bank International AG (Austria) | 3297 | &nbsp;&nbsp; 123078 |
| Shinhan Financial Group Co. Ltd. (South Korea) | 3428 | &nbsp;&nbsp; 176071 |
| Standard Chartered PLC (United Kingdom) | 8719 | &nbsp;&nbsp; 178998 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | 3472 | &nbsp;&nbsp; 94034 |
| Sumitomo Mitsui Trust Group, Inc. (Japan) | 4278 | &nbsp;&nbsp; 117544 |
| Toronto-Dominion Bank (The) (Canada) | 7967 | &nbsp;&nbsp; 654805 |
| Truist Financial Corp. | 5490 | &nbsp;&nbsp; 245019 |
| U.S. Bancorp | 6578 | &nbsp;&nbsp; 307061 |
| UniCredit S.p.A. (Italy) | 2347 | &nbsp;&nbsp; 174021 |
| Wells Fargo & Co. | 7882 | &nbsp;&nbsp; 685498 |
| Westpac Banking Corp. (Australia) | 4034 | &nbsp;&nbsp; 102133 |
| Woori Financial Group, Inc. (South Korea) | 5701 | &nbsp;&nbsp; 101487 |
|  |  | &nbsp;&nbsp; 13202715 |
| **Beverages-0.70%** | **Beverages-0.70%** | **Beverages-0.70%** |
| Anheuser-Busch InBev S.A./N.V. (Belgium) | 5391 | &nbsp;&nbsp; 329171 |
| Asahi Group Holdings Ltd. (Japan) | 7312 | &nbsp;&nbsp; 78865 |
| Coca-Cola Co. (The) | 4179 | &nbsp;&nbsp; 287933 |
| Heineken N.V. (Netherlands) | 1175 | &nbsp;&nbsp; 91105 |
| PepsiCo, Inc. | 1687 | &nbsp;&nbsp; 246454 |
|  |  | &nbsp;&nbsp; 1033528 |
| **Biotechnology-1.10%** | **Biotechnology-1.10%** | **Biotechnology-1.10%** |
| AbbVie, Inc. | 3122 | &nbsp;&nbsp; 680721 |
| Amgen, Inc. | 1217 | &nbsp;&nbsp; 363189 |
| Gilead Sciences, Inc. | 3693 | &nbsp;&nbsp; 442384 |
| Incyte Corp.<sup>(b)</sup> | 1360 | &nbsp;&nbsp; 127133 |
|  |  | &nbsp;&nbsp; 1613427 |
| **Broadline Retail-3.63%** | **Broadline Retail-3.63%** | **Broadline Retail-3.63%** |
| Alibaba Group Holding Ltd. (China) | 24508 | &nbsp;&nbsp; 521389 |
| Amazon.com, Inc.<sup>(b)</sup> | 16394 | &nbsp;&nbsp; 4003743 |
| eBay, Inc. | 3799 | &nbsp;&nbsp; 308897 |
| Naspers Ltd. (South Africa) | 2670 | &nbsp;&nbsp; 187584 |
| Prosus N.V. (Netherlands)<sup>(b)</sup> | 3009 | &nbsp;&nbsp; 208257 |
| Wesfarmers Ltd. (Australia) | 1939 | &nbsp;&nbsp; 106481 |
|  |  | &nbsp;&nbsp; 5336351 |
| **Building Products-1.02%** | **Building Products-1.02%** | **Building Products-1.02%** |
| Allegion PLC | 1488 | &nbsp;&nbsp; 246666 |
| Carlisle Cos., Inc. | 232 | &nbsp;&nbsp; 75412 |
| Cie de Saint-Gobain S.A. (France) | 930 | &nbsp;&nbsp; 90389 |
| Johnson Controls International PLC | 5367 | &nbsp;&nbsp; 613931 |
| Trane Technologies PLC | 1048 | &nbsp;&nbsp; 470185 |
|  |  | &nbsp;&nbsp; 1496583 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**22**

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets-3.92%** | **Capital Markets-3.92%** | **Capital Markets-3.92%** |
| Ameriprise Financial, Inc. | 288 | &nbsp;&nbsp; $130398 |
| Bank of New York Mellon Corp. (The) | 6555 | &nbsp;&nbsp; 707481 |
| Brookfield Corp. (Canada) | 4827 | &nbsp;&nbsp; 222514 |
| Deutsche Bank AG (Germany) | 10549 | &nbsp;&nbsp; 378164 |
| Euronext N.V. (Netherlands)<sup>(c)</sup> | 712 | &nbsp;&nbsp; 101890 |
| Goldman Sachs Group, Inc. (The) | 1217 | &nbsp;&nbsp; 960663 |
| Hong Kong Exchanges & Clearing Ltd. (Hong <br> Kong)<br>| 3022 | &nbsp;&nbsp; 164673 |
| Moody's Corp. | 189 | &nbsp;&nbsp; 90777 |
| Morgan Stanley | 5250 | &nbsp;&nbsp; 861000 |
| Nasdaq, Inc. | 4522 | &nbsp;&nbsp; 386586 |
| Nomura Holdings, Inc. (Japan) | 35460 | &nbsp;&nbsp; 253137 |
| Northern Trust Corp. | 1739 | &nbsp;&nbsp; 223757 |
| S&P Global, Inc. | 647 | &nbsp;&nbsp; 315225 |
| SBI Holdings, Inc. (Japan) | 2879 | &nbsp;&nbsp; 128700 |
| Singapore Exchange Ltd. (Singapore) | 7704 | &nbsp;&nbsp; 99975 |
| St. James's Place PLC (United Kingdom) | 5864 | &nbsp;&nbsp; 100063 |
| State Street Corp. | 3523 | &nbsp;&nbsp; 407470 |
| UBS Group AG (Switzerland)<sup>(b)</sup> | 6008 | &nbsp;&nbsp; 230471 |
|  |  | &nbsp;&nbsp; 5762944 |
| **Chemicals-0.92%** | **Chemicals-0.92%** | **Chemicals-0.92%** |
| CF Industries Holdings, Inc. | 2881 | &nbsp;&nbsp; 239959 |
| Corteva, Inc. | 4221 | &nbsp;&nbsp; 259338 |
| DuPont de Nemours, Inc. | 1280 | &nbsp;&nbsp; 104512 |
| Ecolab, Inc. | 725 | &nbsp;&nbsp; 185890 |
| Linde PLC | 656 | &nbsp;&nbsp; 274405 |
| Mitsubishi Chemical Group Corp. (Japan) | 17869 | &nbsp;&nbsp; 93373 |
| Orica Ltd. (Australia) | 7252 | &nbsp;&nbsp; 105503 |
| Yara International ASA (Brazil) | 2561 | &nbsp;&nbsp; 93416 |
|  |  | &nbsp;&nbsp; 1356396 |
| **Commercial Services & Supplies-0.21%** | **Commercial Services & Supplies-0.21%** | **Commercial Services & Supplies-0.21%** |
| Brambles Ltd. (Australia) | 12502 | &nbsp;&nbsp; 203261 |
| ISS A/S (Denmark) | 3202 | &nbsp;&nbsp; 101070 |
|  |  | &nbsp;&nbsp; 304331 |
| **Communications Equipment-1.36%** | **Communications Equipment-1.36%** | **Communications Equipment-1.36%** |
| Accton Technology Corp. (Taiwan) | 5230 | &nbsp;&nbsp; 181882 |
| Arista Networks, Inc.<sup>(b)</sup> | 2041 | &nbsp;&nbsp; 321845 |
| Ciena Corp.<sup>(b)</sup> | 767 | &nbsp;&nbsp; 145669 |
| Cisco Systems, Inc. | 12279 | &nbsp;&nbsp; 897718 |
| Motorola Solutions, Inc. | 252 | &nbsp;&nbsp; 102491 |
| Nokia OYJ (Finland) | 34327 | &nbsp;&nbsp; 234470 |
| Telefonaktiebolaget LM Ericsson, Class B <br> (Sweden)<br>| 10824 | &nbsp;&nbsp; 109908 |
|  |  | &nbsp;&nbsp; 1993983 |
| **Construction & Engineering-2.21%** | **Construction & Engineering-2.21%** | **Construction & Engineering-2.21%** |
| ACS Actividades de Construccion y Servicios <br> S.A. (Spain)<br>| 4907 | &nbsp;&nbsp; 403454 |
| AECOM | 1658 | &nbsp;&nbsp; 222752 |
| AtkinsRealis Group, Inc. (Canada) | 1419 | &nbsp;&nbsp; 100170 |
| Bouygues S.A. (France) | 8439 | &nbsp;&nbsp; 381433 |
| Eiffage S.A. (France) | 2414 | &nbsp;&nbsp; 297442 |
| EMCOR Group, Inc. | 388 | &nbsp;&nbsp; 262203 |
| Ferrovial SE | 2027 | &nbsp;&nbsp; 124553 |
| Gamuda Bhd. (Malaysia) | 81032 | &nbsp;&nbsp; 97320 |
| Kajima Corp. (Japan) | 3637 | &nbsp;&nbsp; 117291 |
| Shimizu Corp. (Japan) | 14017 | &nbsp;&nbsp; 188220 |
| Skanska AB, Class B (Sweden) | 4054 | &nbsp;&nbsp; 110489 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Construction & Engineering-(continued)** | **Construction & Engineering-(continued)** | **Construction & Engineering-(continued)** |
| Stantec, Inc. (Canada) | 1661 | &nbsp;&nbsp; $184125 |
| United Integrated Services Co. Ltd. (Taiwan) | 3641 | &nbsp;&nbsp; 101346 |
| Vinci S.A. (France) | 3753 | &nbsp;&nbsp; 502512 |
| WSP Global, Inc. (Canada) | 776 | &nbsp;&nbsp; 148504 |
|  |  | &nbsp;&nbsp; 3241814 |
| **Construction Materials-0.07%** | **Construction Materials-0.07%** | **Construction Materials-0.07%** |
| CRH PLC | 888 | &nbsp;&nbsp; 105761 |
| **Consumer Finance-0.22%** | **Consumer Finance-0.22%** | **Consumer Finance-0.22%** |
| American Express Co. | 890 | &nbsp;&nbsp; 321050 |
| **Consumer Staples Distribution & Retail-1.45%** | **Consumer Staples Distribution & Retail-1.45%** | **Consumer Staples Distribution & Retail-1.45%** |
| AEON Co. Ltd. (Japan) | 7737 | &nbsp;&nbsp; 122417 |
| Clicks Group Ltd. (South Africa) | 4586 | &nbsp;&nbsp; 96724 |
| Dollar Tree, Inc.<sup>(b)</sup> | 3451 | &nbsp;&nbsp; 342063 |
| Empire Co. Ltd., Class A (Canada) | 2562 | &nbsp;&nbsp; 87128 |
| George Weston Ltd. (Canada) | 1394 | &nbsp;&nbsp; 84845 |
| J Sainsbury PLC (United Kingdom) | 43394 | &nbsp;&nbsp; 194857 |
| Koninklijke Ahold Delhaize N.V. (Netherlands) | 2238 | &nbsp;&nbsp; 91702 |
| Tesco PLC (United Kingdom) | 39145 | &nbsp;&nbsp; 236254 |
| Wal-Mart de Mexico S.A.B. de C.V., Series V <br> (Mexico)<br>| 55927 | &nbsp;&nbsp; 185162 |
| Walmart, Inc. | 6782 | &nbsp;&nbsp; 686203 |
|  |  | &nbsp;&nbsp; 2127355 |
| **Containers & Packaging-0.36%** | **Containers & Packaging-0.36%** | **Containers & Packaging-0.36%** |
| CCL Industries, Inc., Class B (Canada) | 1600 | &nbsp;&nbsp; 89343 |
| Crown Holdings, Inc. | 4521 | &nbsp;&nbsp; 439351 |
|  |  | &nbsp;&nbsp; 528694 |
| **Diversified Telecommunication Services-0.65%** | **Diversified Telecommunication Services-0.65%** | **Diversified Telecommunication Services-0.65%** |
| AT&T, Inc. | 20615 | &nbsp;&nbsp; 510221 |
| Deutsche Telekom AG (Germany) | 3079 | &nbsp;&nbsp; 95501 |
| Telenor ASA (Norway) | 9274 | &nbsp;&nbsp; 138086 |
| Verizon Communications, Inc. | 5235 | &nbsp;&nbsp; 208039 |
|  |  | &nbsp;&nbsp; 951847 |
| **Electric Utilities-1.15%** | **Electric Utilities-1.15%** | **Electric Utilities-1.15%** |
| Acciona S.A. (Spain) | 493 | &nbsp;&nbsp; 109268 |
| American Electric Power Co., Inc. | 886 | &nbsp;&nbsp; 106550 |
| Constellation Energy Corp. | 311 | &nbsp;&nbsp; 117247 |
| Edison International | 2775 | &nbsp;&nbsp; 153680 |
| Enel S.p.A. (Italy) | 45142 | &nbsp;&nbsp; 457260 |
| Exelon Corp. | 3142 | &nbsp;&nbsp; 144909 |
| NRG Energy, Inc. | 2915 | &nbsp;&nbsp; 500972 |
| Tenaga Nasional Bhd. (Malaysia) | 29600 | &nbsp;&nbsp; 93780 |
|  |  | &nbsp;&nbsp; 1683666 |
| **Electrical Equipment-1.68%** | **Electrical Equipment-1.68%** | **Electrical Equipment-1.68%** |
| ABB Ltd. (Switzerland) | 4100 | &nbsp;&nbsp; 305584 |
| Acuity, Inc. | 379 | &nbsp;&nbsp; 138354 |
| AMETEK, Inc. | 1709 | &nbsp;&nbsp; 345406 |
| Contemporary Amperex Technology Co. Ltd. <br> (China)<sup>(d)</sup><br>| 2110 | &nbsp;&nbsp; 150964 |
| Eaton Corp. PLC | 390 | &nbsp;&nbsp; 148808 |
| Emerson Electric Co. | 2024 | &nbsp;&nbsp; 282490 |
| GE Vernova, Inc. | 399 | &nbsp;&nbsp; 233471 |
| Legrand S.A. (France) | 594 | &nbsp;&nbsp; 102715 |
| Mitsubishi Electric Corp. (Japan) | 4813 | &nbsp;&nbsp; 136702 |
| NKT A/S (Denmark)<sup>(b)</sup> | 1174 | &nbsp;&nbsp; 131610 |
| Rockwell Automation, Inc. | 534 | &nbsp;&nbsp; 196704 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**23**

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** |
| Schneider Electric SE (France) | 408 | &nbsp;&nbsp; $116408 |
| Siemens Energy AG, Class A (Germany)<sup>(b)</sup> | 1448 | &nbsp;&nbsp; 180642 |
|  |  | &nbsp;&nbsp; 2469858 |
| **Electronic Equipment, Instruments & Components-1.47%** | **Electronic Equipment, Instruments & Components-1.47%** | **Electronic Equipment, Instruments & Components-1.47%** |
| Delta Electronics, Inc. (Taiwan) | 9340 | &nbsp;&nbsp; 300410 |
| Flex Ltd.<sup>(b)</sup> | 5134 | &nbsp;&nbsp; 320978 |
| Halma PLC (United Kingdom) | 5428 | &nbsp;&nbsp; 252965 |
| Hexagon AB, Class B (Sweden) | 9279 | &nbsp;&nbsp; 113200 |
| Hon Hai Precision Industry Co. Ltd. (Taiwan) | 19779 | &nbsp;&nbsp; 164510 |
| Jabil, Inc. | 1500 | &nbsp;&nbsp; 331335 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 1140 | &nbsp;&nbsp; 208574 |
| Murata Manufacturing Co. Ltd. (Japan) | 5200 | &nbsp;&nbsp; 112157 |
| TD SYNNEX Corp. | 659 | &nbsp;&nbsp; 103127 |
| Tripod Technology Corp. (Taiwan) | 11419 | &nbsp;&nbsp; 126285 |
| Zhen Ding Technology Holding Ltd. (Taiwan) | 25000 | &nbsp;&nbsp; 132013 |
|  |  | &nbsp;&nbsp; 2165554 |
| **Energy Equipment & Services-0.22%** | **Energy Equipment & Services-0.22%** | **Energy Equipment & Services-0.22%** |
| Baker Hughes Co., Class A | 2347 | &nbsp;&nbsp; 113618 |
| SLB Ltd. | 3095 | &nbsp;&nbsp; 111606 |
| Technip Energies N.V. (France) | 2288 | &nbsp;&nbsp; 93096 |
|  |  | &nbsp;&nbsp; 318320 |
| **Entertainment-1.37%** | **Entertainment-1.37%** | **Entertainment-1.37%** |
| Electronic Arts, Inc. | 961 | &nbsp;&nbsp; 192258 |
| Netflix, Inc.<sup>(b)</sup> | 803 | &nbsp;&nbsp; 898444 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 184 | &nbsp;&nbsp; 120579 |
| Walt Disney Co. (The) | 7098 | &nbsp;&nbsp; 799377 |
|  |  | &nbsp;&nbsp; 2010658 |
| **Financial Services-1.88%** | **Financial Services-1.88%** | **Financial Services-1.88%** |
| Global Payments, Inc. | 1814 | &nbsp;&nbsp; 141057 |
| Mastercard, Inc., Class A | 1787 | &nbsp;&nbsp; 986406 |
| Mitsubishi HC Capital, Inc. (Japan) | 17866 | &nbsp;&nbsp; 139810 |
| Nexi S.p.A. (Italy)<sup>(c)</sup> | 15358 | &nbsp;&nbsp; 81086 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 3103 | &nbsp;&nbsp; 214945 |
| Visa, Inc., Class A | 3494 | &nbsp;&nbsp; 1190545 |
|  |  | &nbsp;&nbsp; 2753849 |
| **Food Products-0.95%** | **Food Products-0.95%** | **Food Products-0.95%** |
| Ajinomoto Co., Inc. (Japan) | 3529 | &nbsp;&nbsp; 100126 |
| Archer-Daniels-Midland Co. | 3662 | &nbsp;&nbsp; 221661 |
| Danone S.A. (France) | 2244 | &nbsp;&nbsp; 198449 |
| Nestle S.A. (Switzerland) | 3911 | &nbsp;&nbsp; 374621 |
| Orkla ASA (Norway) | 17169 | &nbsp;&nbsp; 174586 |
| Tyson Foods, Inc., Class A | 4454 | &nbsp;&nbsp; 228980 |
| WH Group Ltd. (Hong Kong) | 98045 | &nbsp;&nbsp; 94291 |
|  |  | &nbsp;&nbsp; 1392714 |
| **Gas Utilities-0.26%** | **Gas Utilities-0.26%** | **Gas Utilities-0.26%** |
| Italgas S.p.A. (Italy) | 20028 | &nbsp;&nbsp; 210435 |
| Tokyo Gas Co. Ltd. (Japan) | 4681 | &nbsp;&nbsp; 164335 |
|  |  | &nbsp;&nbsp; 374770 |
| **Ground Transportation-1.27%** | **Ground Transportation-1.27%** | **Ground Transportation-1.27%** |
| Central Japan Railway Co. (Japan) | 19718 | &nbsp;&nbsp; 482903 |
| East Japan Railway Co. (Japan) | 7648 | &nbsp;&nbsp; 186869 |
| Seibu Holdings, Inc. (Japan) | 2796 | &nbsp;&nbsp; 98309 |
| Tokyu Corp. (Japan) | 8131 | &nbsp;&nbsp; 90514 |
| Uber Technologies, Inc.<sup>(b)</sup> | 5346 | &nbsp;&nbsp; 515889 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Union Pacific Corp. | 1081 | &nbsp;&nbsp; $238220 |
| West Japan Railway Co. (Japan) | 12391 | &nbsp;&nbsp; 254753 |
|  |  | &nbsp;&nbsp; 1867457 |
| **Health Care Equipment & Supplies-1.02%** | **Health Care Equipment & Supplies-1.02%** | **Health Care Equipment & Supplies-1.02%** |
| Boston Scientific Corp.<sup>(b)</sup> | 4690 | &nbsp;&nbsp; 472377 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 1205 | &nbsp;&nbsp; 99352 |
| EssilorLuxottica S.A. (France) | 280 | &nbsp;&nbsp; 102679 |
| Medtronic PLC | 2489 | &nbsp;&nbsp; 225752 |
| ResMed, Inc. | 509 | &nbsp;&nbsp; 125662 |
| Smith & Nephew PLC (United Kingdom) | 6292 | &nbsp;&nbsp; 116202 |
| Stryker Corp. | 719 | &nbsp;&nbsp; 256136 |
| Zimmer Biomet Holdings, Inc. | 994 | &nbsp;&nbsp; 99957 |
|  |  | &nbsp;&nbsp; 1498117 |
| **Health Care Providers & Services-1.17%** | **Health Care Providers & Services-1.17%** | **Health Care Providers & Services-1.17%** |
| Cardinal Health, Inc. | 1704 | &nbsp;&nbsp; 325072 |
| Cigna Group (The) | 503 | &nbsp;&nbsp; 122938 |
| CVS Health Corp. | 2917 | &nbsp;&nbsp; 227964 |
| Elevance Health, Inc. | 320 | &nbsp;&nbsp; 101504 |
| Fresenius Medical Care AG (Germany) | 3209 | &nbsp;&nbsp; 172514 |
| Fresenius SE & Co. KGaA (Germany) | 1920 | &nbsp;&nbsp; 110631 |
| Rede D'Or Sao Luiz S.A. (Brazil)<sup>(c)</sup> | 24048 | &nbsp;&nbsp; 193540 |
| UnitedHealth Group, Inc. | 1047 | &nbsp;&nbsp; 357613 |
| Universal Health Services, Inc., Class B | 504 | &nbsp;&nbsp; 109373 |
|  |  | &nbsp;&nbsp; 1721149 |
| **Hotel & Resort REITs-0.16%** | **Hotel & Resort REITs-0.16%** | **Hotel & Resort REITs-0.16%** |
| Host Hotels & Resorts, Inc. | 14273 | &nbsp;&nbsp; 228653 |
| **Hotels, Restaurants & Leisure-2.03%** | **Hotels, Restaurants & Leisure-2.03%** | **Hotels, Restaurants & Leisure-2.03%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 961 | &nbsp;&nbsp; 121605 |
| Aramark<sup>(d)</sup> | 2138 | &nbsp;&nbsp; 80987 |
| Booking Holdings, Inc. | 162 | &nbsp;&nbsp; 822594 |
| Carnival Corp.<sup>(b)</sup> | 11390 | &nbsp;&nbsp; 328374 |
| Compass Group PLC (United Kingdom) | 2339 | &nbsp;&nbsp; 77429 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 868 | &nbsp;&nbsp; 220793 |
| Expedia Group, Inc. | 1942 | &nbsp;&nbsp; 427240 |
| McDonald's Corp. | 1462 | &nbsp;&nbsp; 436305 |
| Royal Caribbean Cruises Ltd. | 708 | &nbsp;&nbsp; 203076 |
| Trip.com Group Ltd. (China) | 1300 | &nbsp;&nbsp; 91463 |
| TUI AG (Germany)<sup>(b)</sup> | 10347 | &nbsp;&nbsp; 88284 |
| Yum! Brands, Inc. | 612 | &nbsp;&nbsp; 84585 |
|  |  | &nbsp;&nbsp; 2982735 |
| **Household Durables-0.40%** | **Household Durables-0.40%** | **Household Durables-0.40%** |
| Panasonic Holdings Corp. (Japan) | 13809 | &nbsp;&nbsp; 160507 |
| Sekisui Chemical Co. Ltd. (Japan) | 5454 | &nbsp;&nbsp; 94521 |
| Sony Group Corp. (Japan) | 11688 | &nbsp;&nbsp; 325622 |
|  |  | &nbsp;&nbsp; 580650 |
| **Household Products-0.76%** | **Household Products-0.76%** | **Household Products-0.76%** |
| Colgate-Palmolive Co. | 2667 | &nbsp;&nbsp; 205492 |
| Essity AB, Class B (Sweden) | 4226 | &nbsp;&nbsp; 116173 |
| Procter & Gamble Co. (The) | 3797 | &nbsp;&nbsp; 570955 |
| Reckitt Benckiser Group PLC (United Kingdom) | 2981 | &nbsp;&nbsp; 228040 |
|  |  | &nbsp;&nbsp; 1120660 |
| **Independent Power and Renewable Electricity Producers-0.10%** | **Independent Power and Renewable Electricity Producers-0.10%** | **Independent Power and Renewable Electricity Producers-0.10%** |
| Vistra Corp. | 765 | &nbsp;&nbsp; 144049 |
| **Industrial Conglomerates-0.87%** | **Industrial Conglomerates-0.87%** | **Industrial Conglomerates-0.87%** |
| 3M Co. | 1724 | &nbsp;&nbsp; 287046 |
| CK Hutchison Holdings Ltd. (Hong Kong) | 15000 | &nbsp;&nbsp; 99451 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**24**

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** |
| Hitachi Ltd. (Japan) | 4592 | &nbsp;&nbsp; $156914 |
| Samsung C&T Corp. (South Korea) | 867 | &nbsp;&nbsp; 137204 |
| Siemens AG (Germany) | 1756 | &nbsp;&nbsp; 498315 |
| Smiths Group PLC (United Kingdom) | 3097 | &nbsp;&nbsp; 102566 |
|  |  | &nbsp;&nbsp; 1281496 |
| **Industrial REITs-0.07%** | **Industrial REITs-0.07%** | **Industrial REITs-0.07%** |
| Prologis, Inc. | 820 | &nbsp;&nbsp; 101754 |
| **Insurance-3.85%** | **Insurance-3.85%** | **Insurance-3.85%** |
| Aflac, Inc. | 898 | &nbsp;&nbsp; 96257 |
| Allstate Corp. (The) | 1172 | &nbsp;&nbsp; 224461 |
| American International Group, Inc. | 6366 | &nbsp;&nbsp; 502659 |
| Assicurazioni Generali S.p.A. (Italy) | 4208 | &nbsp;&nbsp; 162209 |
| Aviva PLC (United Kingdom) | 11076 | &nbsp;&nbsp; 97361 |
| AXA S.A. (France) | 7062 | &nbsp;&nbsp; 306821 |
| Dai-ichi Life Holdings, Inc. (Japan) | 11902 | &nbsp;&nbsp; 83570 |
| Discovery Ltd. (South Africa) | 7570 | &nbsp;&nbsp; 95135 |
| Hartford Insurance Group, Inc. (The) | 3258 | &nbsp;&nbsp; 404578 |
| Japan Post Holdings Co. Ltd. (Japan) | 27611 | &nbsp;&nbsp; 258837 |
| Japan Post Insurance Co. Ltd. (Japan) | 4086 | &nbsp;&nbsp; 105711 |
| Mapfre S.A. (Spain) | 37410 | &nbsp;&nbsp; 165438 |
| Marsh & McLennan Cos., Inc. | 865 | &nbsp;&nbsp; 154100 |
| MetLife, Inc. | 4859 | &nbsp;&nbsp; 387845 |
| Phoenix Group Holdings PLC (United Kingdom) | 10877 | &nbsp;&nbsp; 96369 |
| Ping An Insurance (Group) Co. of China Ltd., H <br> Shares (China)<br>| 14838 | &nbsp;&nbsp; 107172 |
| Poste Italiane S.p.A. (Italy)<sup>(c)</sup> | 25552 | &nbsp;&nbsp; 616885 |
| Principal Financial Group, Inc. | 1115 | &nbsp;&nbsp; 93705 |
| Progressive Corp. (The) | 1380 | &nbsp;&nbsp; 284280 |
| Prudential PLC (Hong Kong) | 9067 | &nbsp;&nbsp; 126119 |
| QBE Insurance Group Ltd. (Australia) | 22447 | &nbsp;&nbsp; 291396 |
| SCOR SE (France) | 2690 | &nbsp;&nbsp; 81541 |
| Sompo Holdings, Inc. (Japan) | 3850 | &nbsp;&nbsp; 117373 |
| Tokio Marine Holdings, Inc. (Japan) | 2216 | &nbsp;&nbsp; 82671 |
| Travelers Cos., Inc. (The) | 2039 | &nbsp;&nbsp; 547716 |
| Willis Towers Watson PLC | 520 | &nbsp;&nbsp; 162812 |
|  |  | &nbsp;&nbsp; 5653021 |
| **Interactive Media & Services-5.77%** | **Interactive Media & Services-5.77%** | **Interactive Media & Services-5.77%** |
| Alphabet, Inc., Class A | 9173 | &nbsp;&nbsp; 2579356 |
| Alphabet, Inc., Class C | 8458 | &nbsp;&nbsp; 2383634 |
| LY Corp. (Japan) | 33286 | &nbsp;&nbsp; 97846 |
| Meta Platforms, Inc., Class A | 3812 | &nbsp;&nbsp; 2471510 |
| Tencent Holdings Ltd. (China) | 11631 | &nbsp;&nbsp; 944560 |
|  |  | &nbsp;&nbsp; 8476906 |
| **IT Services-1.44%** | **IT Services-1.44%** | **IT Services-1.44%** |
| Accenture PLC, Class A | 911 | &nbsp;&nbsp; 227841 |
| Amdocs Ltd. | 999 | &nbsp;&nbsp; 84176 |
| Cognizant Technology Solutions Corp., Class A | 1750 | &nbsp;&nbsp; 127540 |
| Infosys Ltd., ADR (India) | 41201 | &nbsp;&nbsp; 682700 |
| International Business Machines Corp. | 1629 | &nbsp;&nbsp; 500771 |
| NEC Corp. (Japan) | 3180 | &nbsp;&nbsp; 115539 |
| Okta, Inc.<sup>(b)</sup> | 1214 | &nbsp;&nbsp; 111117 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 1490 | &nbsp;&nbsp; 259324 |
|  |  | &nbsp;&nbsp; 2109008 |
| **Leisure Products-0.06%** | **Leisure Products-0.06%** | **Leisure Products-0.06%** |
| Bandai Namco Holdings, Inc. (Japan) | 2996 | &nbsp;&nbsp; 93276 |
| **Life Sciences Tools & Services-0.30%** | **Life Sciences Tools & Services-0.30%** | **Life Sciences Tools & Services-0.30%** |
| Illumina, Inc.<sup>(b)</sup> | 1706 | &nbsp;&nbsp; 210759 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Life Sciences Tools & Services-(continued)** | **Life Sciences Tools & Services-(continued)** | **Life Sciences Tools & Services-(continued)** |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 564 | &nbsp;&nbsp; $122084 |
| Thermo Fisher Scientific, Inc. | 183 | &nbsp;&nbsp; 103832 |
|  |  | &nbsp;&nbsp; 436675 |
| **Machinery-1.78%** | **Machinery-1.78%** | **Machinery-1.78%** |
| Cummins, Inc. | 746 | &nbsp;&nbsp; 326509 |
| Daifuku Co. Ltd. (Japan) | 3850 | &nbsp;&nbsp; 122769 |
| Dover Corp. | 859 | &nbsp;&nbsp; 155874 |
| FANUC Corp. (Japan) | 3933 | &nbsp;&nbsp; 131297 |
| GEA Group AG (Germany) | 1388 | &nbsp;&nbsp; 99414 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd. (South Korea)<br>| 401 | &nbsp;&nbsp; 133285 |
| KION Group AG (Germany) | 1534 | &nbsp;&nbsp; 109144 |
| Komatsu Ltd. (Japan) | 3931 | &nbsp;&nbsp; 131543 |
| Konecranes OYJ (Finland) | 1175 | &nbsp;&nbsp; 116138 |
| Mitsubishi Heavy Industries Ltd. (Japan) | 3441 | &nbsp;&nbsp; 103920 |
| Parker-Hannifin Corp. | 581 | &nbsp;&nbsp; 449014 |
| Pentair PLC | 1650 | &nbsp;&nbsp; 175477 |
| Sandvik AB (Sweden) | 5306 | &nbsp;&nbsp; 160582 |
| Schindler Holding AG, PC (Switzerland) | 354 | &nbsp;&nbsp; 126409 |
| Weichai Power Co. Ltd., H Shares (China) | 47589 | &nbsp;&nbsp; 98312 |
| Xylem, Inc. | 1202 | &nbsp;&nbsp; 181322 |
|  |  | &nbsp;&nbsp; 2621009 |
| **Marine Transportation-0.39%** | **Marine Transportation-0.39%** | **Marine Transportation-0.39%** |
| A.P. Moller - Maersk A/S, Class B | 102 | &nbsp;&nbsp; 210010 |
| Evergreen Marine Corp. Taiwan Ltd. (Taiwan) | 32253 | &nbsp;&nbsp; 202327 |
| Orient Overseas International Ltd. (Hong Kong) | 9367 | &nbsp;&nbsp; 162070 |
|  |  | &nbsp;&nbsp; 574407 |
| **Media-0.31%** | **Media-0.31%** | **Media-0.31%** |
| Comcast Corp., Class A | 13018 | &nbsp;&nbsp; 362356 |
| New York Times Co. (The), Class A | 1623 | &nbsp;&nbsp; 92495 |
|  |  | &nbsp;&nbsp; 454851 |
| **Metals & Mining-1.91%** | **Metals & Mining-1.91%** | **Metals & Mining-1.91%** |
| Agnico Eagle Mines Ltd. (Canada) | 1689 | &nbsp;&nbsp; 271923 |
| Anglo American PLC (South Africa) | 3096 | &nbsp;&nbsp; 117143 |
| BHP Group Ltd. (Australia) | 13005 | &nbsp;&nbsp; 370948 |
| CMOC Group Ltd., H Shares (China) | 48000 | &nbsp;&nbsp; 103896 |
| Fortescue Ltd. (Australia) | 15351 | &nbsp;&nbsp; 213604 |
| Freeport-McMoRan, Inc. | 1806 | &nbsp;&nbsp; 75310 |
| Gold Fields Ltd., ADR (South Africa) | 4054 | &nbsp;&nbsp; 155714 |
| Grupo Mexico S.A.B. de C.V., Class B (Mexico) | 28471 | &nbsp;&nbsp; 246504 |
| Lundin Gold, Inc. (Canada) | 2028 | &nbsp;&nbsp; 138008 |
| Newmont Corp. | 3181 | &nbsp;&nbsp; 257566 |
| Nucor Corp. | 666 | &nbsp;&nbsp; 99933 |
| Rio Tinto Ltd. (Australia) | 937 | &nbsp;&nbsp; 81400 |
| Rio Tinto PLC (Australia) | 1740 | &nbsp;&nbsp; 125451 |
| Saudi Arabian Mining Co. (Saudi Arabia)<sup>(b)</sup> | 6506 | &nbsp;&nbsp; 111854 |
| Southern Copper Corp. (Mexico) | 915 | &nbsp;&nbsp; 127002 |
| Steel Dynamics, Inc. | 683 | &nbsp;&nbsp; 107094 |
| Teck Resources Ltd., Class B (Canada) | 2336 | &nbsp;&nbsp; 100316 |
| voestalpine AG (Austria) | 2933 | &nbsp;&nbsp; 104573 |
|  |  | &nbsp;&nbsp; 2808239 |
| **Multi-Utilities-0.45%** | **Multi-Utilities-0.45%** | **Multi-Utilities-0.45%** |
| DTE Energy Co. | 1192 | &nbsp;&nbsp; 161564 |
| ENGIE S.A. (France) | 16495 | &nbsp;&nbsp; 386716 |
| NiSource, Inc. | 2774 | &nbsp;&nbsp; 116813 |
|  |  | &nbsp;&nbsp; 665093 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**25**

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable Fuels-3.92%** | **Oil, Gas & Consumable Fuels-3.92%** | **Oil, Gas & Consumable Fuels-3.92%** |
| Aker BP ASA (Norway) | 4695 | &nbsp;&nbsp; $121828 |
| BP PLC | 20287 | &nbsp;&nbsp; 118871 |
| Cenovus Energy, Inc. (Canada) | 6015 | &nbsp;&nbsp; 101742 |
| Chevron Corp. | 2801 | &nbsp;&nbsp; 441774 |
| ConocoPhillips | 3407 | &nbsp;&nbsp; 302746 |
| Devon Energy Corp. | 6085 | &nbsp;&nbsp; 197702 |
| Enbridge, Inc. (Canada) | 3498 | &nbsp;&nbsp; 163273 |
| EOG Resources, Inc. | 3935 | &nbsp;&nbsp; 416480 |
| EQT Corp. | 3764 | &nbsp;&nbsp; 201675 |
| Equinor ASA (Norway) | 4118 | &nbsp;&nbsp; 98751 |
| Exxon Mobil Corp. | 8414 | &nbsp;&nbsp; 962225 |
| Imperial Oil Ltd. (Canada) | 1203 | &nbsp;&nbsp; 106507 |
| Occidental Petroleum Corp. | 2884 | &nbsp;&nbsp; 118821 |
| OMV AG (Austria) | 2454 | &nbsp;&nbsp; 134528 |
| ORLEN S.A. (Poland) | 10881 | &nbsp;&nbsp; 295157 |
| Petroleo Brasileiro S.A., Preference Shares <br> (Brazil)<br>| 49686 | &nbsp;&nbsp; 274488 |
| Saudi Arabian Oil Co. (Saudi Arabia)<sup>(c)</sup> | 50049 | &nbsp;&nbsp; 345827 |
| Shell PLC (United Kingdom) | 9793 | &nbsp;&nbsp; 367176 |
| Suncor Energy, Inc. (Canada) | 8505 | &nbsp;&nbsp; 339010 |
| Valero Energy Corp. | 1562 | &nbsp;&nbsp; 264853 |
| Var Energi ASA (Norway) | 29346 | &nbsp;&nbsp; 98719 |
| Williams Cos., Inc. (The) | 2143 | &nbsp;&nbsp; 124015 |
| Woodside Energy Group Ltd. (Australia) | 10283 | &nbsp;&nbsp; 166730 |
|  |  | &nbsp;&nbsp; 5762898 |
| **Passenger Airlines-0.25%** | **Passenger Airlines-0.25%** | **Passenger Airlines-0.25%** |
| China Airlines Ltd. (Taiwan) | 124664 | &nbsp;&nbsp; 80821 |
| Eva Airways Corp. (Taiwan) | 79000 | &nbsp;&nbsp; 92735 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 2024 | &nbsp;&nbsp; 190337 |
|  |  | &nbsp;&nbsp; 363893 |
| **Personal Care Products-0.16%** | **Personal Care Products-0.16%** | **Personal Care Products-0.16%** |
| L'Oreal S.A. (France) | 576 | &nbsp;&nbsp; 240695 |
| **Pharmaceuticals-3.85%** | **Pharmaceuticals-3.85%** | **Pharmaceuticals-3.85%** |
| AstraZeneca PLC (United Kingdom) | 2375 | &nbsp;&nbsp; 391798 |
| Bayer AG (Germany) | 4970 | &nbsp;&nbsp; 154797 |
| Bristol-Myers Squibb Co. | 9259 | &nbsp;&nbsp; 426562 |
| Chugai Pharmaceutical Co. Ltd. (Japan) | 2032 | &nbsp;&nbsp; 93033 |
| Eli Lilly and Co. | 1078 | &nbsp;&nbsp; 930163 |
| GSK PLC | 13287 | &nbsp;&nbsp; 311130 |
| Johnson & Johnson | 6004 | &nbsp;&nbsp; 1133976 |
| Merck & Co., Inc. | 3949 | &nbsp;&nbsp; 339535 |
| Novartis AG | 4676 | &nbsp;&nbsp; 580152 |
| Novo Nordisk A/S, Class B (Denmark) | 2517 | &nbsp;&nbsp; 124096 |
| Pfizer, Inc. | 13186 | &nbsp;&nbsp; 325035 |
| Roche Holding AG (Switzerland) | 1297 | &nbsp;&nbsp; 421172 |
| Shionogi & Co. Ltd. (Japan) | 7594 | &nbsp;&nbsp; 127417 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | 3062 | &nbsp;&nbsp; 82665 |
| Zoetis, Inc. | 1491 | &nbsp;&nbsp; 214838 |
|  |  | &nbsp;&nbsp; 5656369 |
| **Professional Services-0.37%** | **Professional Services-0.37%** | **Professional Services-0.37%** |
| Broadridge Financial Solutions, Inc. | 395 | &nbsp;&nbsp; 87058 |
| Computershare Ltd. (Australia) | 4091 | &nbsp;&nbsp; 97785 |
| Thomson Reuters Corp. (Canada) | 961 | &nbsp;&nbsp; 147351 |
| TransUnion | 1001 | &nbsp;&nbsp; 81261 |
| Verisk Analytics, Inc. | 580 | &nbsp;&nbsp; 126881 |
|  |  | &nbsp;&nbsp; 540336 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Management & Development-0.22%** | **Real Estate Management & Development-0.22%** | **Real Estate Management & Development-0.22%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 664 | &nbsp;&nbsp; $101214 |
| Daiwa House Industry Co. Ltd. (Japan) | 2888 | &nbsp;&nbsp; 98019 |
| Mitsubishi Estate Co. Ltd. (Japan) | 5561 | &nbsp;&nbsp; 117890 |
|  |  | &nbsp;&nbsp; 317123 |
| **Retail REITs-0.06%** | **Retail REITs-0.06%** | **Retail REITs-0.06%** |
| Regency Centers Corp. | 1319 | &nbsp;&nbsp; 90945 |
| **Semiconductors & Semiconductor Equipment-10.83%** | **Semiconductors & Semiconductor Equipment-10.83%** | **Semiconductors & Semiconductor Equipment-10.83%** |
| Advantest Corp. (Japan) | 1518 | &nbsp;&nbsp; 227395 |
| Analog Devices, Inc. | 2155 | &nbsp;&nbsp; 504550 |
| Applied Materials, Inc. | 1710 | &nbsp;&nbsp; 398601 |
| ASE Technology Holding Co. Ltd. (Taiwan) | 18719 | &nbsp;&nbsp; 149766 |
| ASML Holding N.V. (Netherlands) | 934 | &nbsp;&nbsp; 988856 |
| Broadcom, Inc. | 2697 | &nbsp;&nbsp; 996892 |
| Intel Corp.<sup>(b)</sup> | 4800 | &nbsp;&nbsp; 191952 |
| KLA Corp. | 534 | &nbsp;&nbsp; 645467 |
| Lam Research Corp. | 4830 | &nbsp;&nbsp; 760532 |
| MediaTek, Inc. (Taiwan) | 3220 | &nbsp;&nbsp; 136559 |
| Micron Technology, Inc. | 2721 | &nbsp;&nbsp; 608878 |
| NVIDIA Corp. | 30863 | &nbsp;&nbsp; 6249449 |
| NXP Semiconductors N.V. (Netherlands) | 403 | &nbsp;&nbsp; 84275 |
| QUALCOMM, Inc. | 4006 | &nbsp;&nbsp; 724686 |
| Realtek Semiconductor Corp. (Taiwan) | 7840 | &nbsp;&nbsp; 130918 |
| Renesas Electronics Corp. (Japan) | 7274 | &nbsp;&nbsp; 89863 |
| SCREEN Holdings Co. Ltd. (Japan) | 842 | &nbsp;&nbsp; 79848 |
| SK hynix, Inc. (South Korea) | 1298 | &nbsp;&nbsp; 505043 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR (Taiwan)<br>| 7339 | &nbsp;&nbsp; 2204856 |
| Tokyo Electron Ltd. (Japan) | 597 | &nbsp;&nbsp; 131668 |
| United Microelectronics Corp. (Taiwan) | 63337 | &nbsp;&nbsp; 95653 |
|  |  | &nbsp;&nbsp; 15905707 |
| **Software-7.03%** | **Software-7.03%** | **Software-7.03%** |
| Adobe, Inc.<sup>(b)</sup> | 919 | &nbsp;&nbsp; 312745 |
| Atlassian Corp., Class A<sup>(b)</sup> | 1048 | &nbsp;&nbsp; 177552 |
| Autodesk, Inc.<sup>(b)</sup> | 567 | &nbsp;&nbsp; 170860 |
| DocuSign, Inc.<sup>(b)</sup> | 3239 | &nbsp;&nbsp; 236900 |
| Fortinet, Inc.<sup>(b)</sup> | 1424 | &nbsp;&nbsp; 123076 |
| Intuit, Inc. | 688 | &nbsp;&nbsp; 459274 |
| Microsoft Corp. | 11785 | &nbsp;&nbsp; 6102391 |
| Oracle Corp. | 2672 | &nbsp;&nbsp; 701694 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 3548 | &nbsp;&nbsp; 711268 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 827 | &nbsp;&nbsp; 182139 |
| Salesforce, Inc. | 1590 | &nbsp;&nbsp; 414052 |
| SAP SE (Germany) | 301 | &nbsp;&nbsp; 78387 |
| ServiceNow, Inc.<sup>(b)</sup> | 382 | &nbsp;&nbsp; 351165 |
| Workday, Inc., Class A<sup>(b)</sup> | 901 | &nbsp;&nbsp; 216168 |
| Xero Ltd. (New Zealand)<sup>(b)</sup> | 854 | &nbsp;&nbsp; 80836 |
|  |  | &nbsp;&nbsp; 10318507 |
| **Specialized REITs-0.07%** | **Specialized REITs-0.07%** | **Specialized REITs-0.07%** |
| Digital Realty Trust, Inc. | 585 | &nbsp;&nbsp; 99690 |
| **Specialty Retail-1.58%** | **Specialty Retail-1.58%** | **Specialty Retail-1.58%** |
| AutoZone, Inc.<sup>(b)</sup> | 35 | &nbsp;&nbsp; 128605 |
| Avolta AG (Switzerland)<sup>(b)</sup> | 1978 | &nbsp;&nbsp; 104528 |
| Best Buy Co., Inc. | 2796 | &nbsp;&nbsp; 229663 |
| Dell Technologies, Inc., Class C | 747 | &nbsp;&nbsp; 121021 |
| Kingfisher PLC (United Kingdom) | 24318 | &nbsp;&nbsp; 98635 |
| Lowe's Cos., Inc. | 2452 | &nbsp;&nbsp; 583895 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1374 | &nbsp;&nbsp; 129761 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**26**

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Ross Stores, Inc. | 853 | &nbsp;&nbsp; $135559 |
| TJX Cos., Inc. (The) | 3542 | &nbsp;&nbsp; 496376 |
| Williams-Sonoma, Inc. | 1503 | &nbsp;&nbsp; 292093 |
|  |  | &nbsp;&nbsp; 2320136 |
| **Technology Hardware, Storage & Peripherals-6.14%** | **Technology Hardware, Storage & Peripherals-6.14%** | **Technology Hardware, Storage & Peripherals-6.14%** |
| Apple, Inc. | 24430 | &nbsp;&nbsp; 6605139 |
| Catcher Technology Co. Ltd. (Taiwan) | 12941 | &nbsp;&nbsp; 83447 |
| Compal Electronics, Inc. (Taiwan) | 95565 | &nbsp;&nbsp; 102116 |
| HP, Inc. | 3627 | &nbsp;&nbsp; 100359 |
| King Slide Works Co. Ltd. (Taiwan) | 1050 | &nbsp;&nbsp; 139295 |
| Lenovo Group Ltd. (China) | 75962 | &nbsp;&nbsp; 110794 |
| Logitech International S.A., Class R <br> (Switzerland)<br>| 948 | &nbsp;&nbsp; 114251 |
| Pegatron Corp. (Taiwan) | 35318 | &nbsp;&nbsp; 84968 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 1603 | &nbsp;&nbsp; 158216 |
| Samsung Electronics Co. Ltd. (South Korea) | 10228 | &nbsp;&nbsp; 769925 |
| Seagate Technology Holdings PLC | 607 | &nbsp;&nbsp; 155319 |
| Western Digital Corp. | 2454 | &nbsp;&nbsp; 368615 |
| Xiaomi Corp., B Shares (China)<sup>(b)(c)</sup> | 41145 | &nbsp;&nbsp; 228221 |
|  |  | &nbsp;&nbsp; 9020665 |
| **Textiles, Apparel & Luxury Goods-0.80%** | **Textiles, Apparel & Luxury Goods-0.80%** | **Textiles, Apparel & Luxury Goods-0.80%** |
| adidas AG (Germany) | 566 | &nbsp;&nbsp; 107164 |
| ANTA Sports Products Ltd. (China) | 8105 | &nbsp;&nbsp; 84583 |
| ASICS Corp. (Japan) | 3868 | &nbsp;&nbsp; 98531 |
| Kering S.A. (France) | 311 | &nbsp;&nbsp; 110590 |
| LVMH Moet Hennessy Louis Vuitton SE <br> (France)<br>| 554 | &nbsp;&nbsp; 392107 |
| Pandora A/S (Denmark) | 616 | &nbsp;&nbsp; 82546 |
| Ralph Lauren Corp. | 926 | &nbsp;&nbsp; 296005 |
|  |  | &nbsp;&nbsp; 1171526 |
| **Trading Companies & Distributors-0.74%** | **Trading Companies & Distributors-0.74%** | **Trading Companies & Distributors-0.74%** |
| Fastenal Co. | 2545 | &nbsp;&nbsp; 104727 |
| Marubeni Corp. (Japan) | 7381 | &nbsp;&nbsp; 181460 |
| Mitsubishi Corp. (Japan) | 14678 | &nbsp;&nbsp; 352584 |
| Sumitomo Corp. (Japan) | 9661 | &nbsp;&nbsp; 281148 |
| Toyota Tsusho Corp. (Japan) | 5670 | &nbsp;&nbsp; 173372 |
|  |  | &nbsp;&nbsp; 1093291 |
| **Transportation Infrastructure-0.36%** | **Transportation Infrastructure-0.36%** | **Transportation Infrastructure-0.36%** |
| Aena S.M.E. S.A. (Spain)<sup>(c)</sup> | 12072 | &nbsp;&nbsp; 328331 |
| Grupo Aeroportuario del Sureste S.A.B. de C.V., <br> ADR (Mexico)<br>| 302 | &nbsp;&nbsp; 91307 |
| International Container Terminal Services, Inc. <br> (Philippines)<br>| 11360 | &nbsp;&nbsp; 102460 |
|  |  | &nbsp;&nbsp; 522098 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Water Utilities-0.07%** | **Water Utilities-0.07%** | **Water Utilities-0.07%** |
| United Utilities Group PLC (United Kingdom) | 6293 | &nbsp;&nbsp; $99293 |
| **Wireless Telecommunication Services-0.48%** | **Wireless Telecommunication Services-0.48%** | **Wireless Telecommunication Services-0.48%** |
| MTN Group Ltd. (South Africa) | 11731 | &nbsp;&nbsp; 117233 |
| SoftBank Corp. (Japan) | 160581 | &nbsp;&nbsp; 228267 |
| SoftBank Group Corp. (Japan) | 1268 | &nbsp;&nbsp; 222574 |
| T-Mobile US, Inc. | 647 | &nbsp;&nbsp; 135902 |
|  |  | &nbsp;&nbsp; 703976 |
| Total Common Stocks & Other Equity Interests <br>(Cost $134,246,603) | Total Common Stocks & Other Equity Interests <br>(Cost $134,246,603) | &nbsp;&nbsp; 146596318 |
| **Preferred Stocks-0.10%** | **Preferred Stocks-0.10%** | **Preferred Stocks-0.10%** |
| **Technology Hardware, Storage & Peripherals-0.10%** | **Technology Hardware, Storage & Peripherals-0.10%** | **Technology Hardware, Storage & Peripherals-0.10%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, 0.00% (South Korea) <br>(Cost $95,668)<br>| 2447 | &nbsp;&nbsp; 144409 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $18,704)<br>| 18704 | &nbsp;&nbsp; 18704 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $134,360,975) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $134,360,975) | &nbsp;&nbsp; 146759431 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.56%** | **Money Market Funds-0.56%** | **Money Market Funds-0.56%** |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> <br>(Cost $820,023)<br>| 819772 | &nbsp;&nbsp; 820018 |
| TOTAL INVESTMENTS IN SECURITIES-100.50% <br>(Cost $135,180,998) | TOTAL INVESTMENTS IN SECURITIES-100.50% <br>(Cost $135,180,998) | &nbsp;&nbsp; 147579449 |
| OTHER ASSETS LESS LIABILITIES-(0.50)% | OTHER ASSETS LESS LIABILITIES-(0.50)% | &nbsp;&nbsp; (735524)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $146843925 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| CVA | -Dutch Certificates |
| PC | -Participation Certificate |
| REIT | -Real Estate Investment Trust |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**27**

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $2,137,046, which represented 1.46% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2356283 | &nbsp;&nbsp; $(2337579)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18704 | &nbsp;&nbsp; $679 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 5521081 | &nbsp;&nbsp; (5521081)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4,549<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 6065536 | &nbsp;&nbsp; (5245632)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 119 | &nbsp;&nbsp; 820018 | &nbsp;&nbsp; 10,959<br> \*<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13942900 | &nbsp;&nbsp; $(13104292)<br>| &nbsp;&nbsp; $(5)<br>| &nbsp;&nbsp; $119 | &nbsp;&nbsp; $838722 | &nbsp;&nbsp; $16187 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**28**

------

**Invesco High Yield Bond Factor ETF (IHYF)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.39%** | **U.S. Dollar Denominated Bonds & Notes-97.39%** | **U.S. Dollar Denominated Bonds & Notes-97.39%** |
| **Advertising-0.96%** | **Advertising-0.96%** | **Advertising-0.96%** |
| Advantage Sales & Marketing, Inc., 6.50%, <br> 11/15/2028<sup>(b)</sup><br>| $126000 | &nbsp;&nbsp; $108414 |
| Belo Corp., 7.25%, 09/15/2027 | 480000 | &nbsp;&nbsp; 501624 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75% 04/15/2028<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 79460 |
| 7.50% 06/01/2029<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 58937 |
| Dotdash Meredith, Inc., 7.63%, <br> 06/15/2032<sup>(b)(c)</sup><br>| 600000 | &nbsp;&nbsp; 540000 |
|  |  | &nbsp;&nbsp; 1288435 |
| **Aerospace & Defense-0.69%** | **Aerospace & Defense-0.69%** | **Aerospace & Defense-0.69%** |
| Efesto Bidco S.p.A. Efesto US LLC (Italy), <br> Series XR, 7.50%, 02/15/2032<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 199840 |
| Moog, Inc., 4.25%, 12/15/2027<sup>(b)</sup> | 260000 | &nbsp;&nbsp; 257919 |
| TransDigm, Inc. |  |  |
| 6.75% 08/15/2028<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 204195 |
| 6.88% 12/15/2030<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 259781 |
|  |  | &nbsp;&nbsp; 921735 |
| **Agricultural & Farm Machinery-0.19%** | **Agricultural & Farm Machinery-0.19%** | **Agricultural & Farm Machinery-0.19%** |
| Titan International, Inc., 7.00%, <br> 04/30/2028<sup>(c)</sup><br>| 260000 | &nbsp;&nbsp; 260792 |
| **Air Freight & Logistics-0.75%** | **Air Freight & Logistics-0.75%** | **Air Freight & Logistics-0.75%** |
| Clue Opco LLC, 9.50%, 10/15/2031<sup>(b)(c)</sup> | 86000 | &nbsp;&nbsp; 87750 |
| Global Infrastructure Solutions, Inc., 7.50%, <br> 04/15/2032<sup>(b)</sup><br>| 240000 | &nbsp;&nbsp; 251486 |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(b)(c)</sup> | 528000 | &nbsp;&nbsp; 540247 |
| Star Leasing Co. LLC, 7.63%, <br> 02/15/2030<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 132400 |
|  |  | &nbsp;&nbsp; 1011883 |
| **Alternative Carriers-0.05%** | **Alternative Carriers-0.05%** | **Alternative Carriers-0.05%** |
| Zayo Group Holdings, Inc., 9.25%, <br> 03/09/2030<sup>(b)(d)</sup><br>| 65202 | &nbsp;&nbsp; 62054 |
| **Aluminum-0.04%** | **Aluminum-0.04%** | **Aluminum-0.04%** |
| Kaiser Aluminum Corp., 4.63%, <br> 03/01/2028<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 49994 |
| **Apparel Retail-0.32%** | **Apparel Retail-0.32%** | **Apparel Retail-0.32%** |
| Gap, Inc. (The), 3.88%, 10/01/2031<sup>(b)</sup> | 159000 | &nbsp;&nbsp; 145602 |
| Victoria's Secret & Co., 4.63%, <br> 07/15/2029<sup>(b)(c)</sup><br>| 300000 | &nbsp;&nbsp; 289153 |
|  |  | &nbsp;&nbsp; 434755 |
| **Apparel, Accessories & Luxury Goods-0.42%** | **Apparel, Accessories & Luxury Goods-0.42%** | **Apparel, Accessories & Luxury Goods-0.42%** |
| V.F. Corp., 6.45%, 11/01/2037 | 300000 | &nbsp;&nbsp; 281634 |
| VF Corp., 2.95%, 04/23/2030<sup>(c)</sup> | 320000 | &nbsp;&nbsp; 281726 |
|  |  | &nbsp;&nbsp; 563360 |
| **Application Software-0.94%** | **Application Software-0.94%** | **Application Software-0.94%** |
| Cloud Software Group, Inc., 9.00%, <br> 09/30/2029<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp; 186335 |
| Fair Isaac Corp., 4.00%, 06/15/2028<sup>(b)</sup> | 240000 | &nbsp;&nbsp; 235751 |
| NCR Voyix Corp., 5.00%, 10/01/2028<sup>(b)(c)</sup> | 300000 | &nbsp;&nbsp; 297388 |
| Open Text Corp. (Canada), 3.88%, <br> 02/15/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 195032 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Application Software-(continued)** | **Application Software-(continued)** | **Application Software-(continued)** | **Application Software-(continued)** |
| Open Text Holdings, Inc. (Canada), 4.13%, <br> 02/15/2030<sup>(b)</sup><br>| $| 140000 | &nbsp;&nbsp; $133793 |
| SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup><br>|  | 220000 | &nbsp;&nbsp; 220270 |
|  |  |  | &nbsp;&nbsp; 1268569 |
| **Asset Management & Custody Banks-0.41%** | **Asset Management & Custody Banks-0.41%** | **Asset Management & Custody Banks-0.41%** | **Asset Management & Custody Banks-0.41%** |
| Prospect Capital Corp. |  |  |  |
| 3.36% 11/15/2026 |  | 200000 | &nbsp;&nbsp; 193853 |
| 3.44% 10/15/2028<sup>(c)</sup> |  | 390000 | &nbsp;&nbsp; 351157 |
|  |  |  | &nbsp;&nbsp; 545010 |
| **Automobile Manufacturers-1.30%** | **Automobile Manufacturers-1.30%** | **Automobile Manufacturers-1.30%** | **Automobile Manufacturers-1.30%** |
| Allison Transmission, Inc., 4.75%, <br> 10/01/2027<sup>(b)</sup><br>|  | 450000 | &nbsp;&nbsp; 448825 |
| Nissan Motor Acceptance Corp., 2.75%, <br> 03/09/2028<sup>(b)(c)</sup><br>|  | 220000 | &nbsp;&nbsp; 206634 |
| Nissan Motor Co. Ltd. (Japan) |  |  |  |
| 4.35% 09/17/2027<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 196103 |
| 4.81% 09/17/2030<sup>(b)</sup> |  | 400000 | &nbsp;&nbsp; 375433 |
| Winnebago Industries, Inc., 6.25%, <br> 07/15/2028<sup>(b)(c)</sup><br>|  | 520000 | &nbsp;&nbsp; 519514 |
|  |  |  | &nbsp;&nbsp; 1746509 |
| **Automotive Parts & Equipment-2.70%** | **Automotive Parts & Equipment-2.70%** | **Automotive Parts & Equipment-2.70%** | **Automotive Parts & Equipment-2.70%** |
| Adient Global Holdings Ltd., 7.00%, <br> 04/15/2028<sup>(b)</sup><br>|  | 440000 | &nbsp;&nbsp; 450684 |
| American Axle & Manufacturing, Inc. |  |  |  |
| 6.38% 10/15/2032<sup>(b)(c)</sup> |  | 250000 | &nbsp;&nbsp; 250933 |
| 7.75% 10/15/2033<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 100244 |
| ANGI Group LLC, 3.88%, 08/15/2028<sup>(b)</sup> |  | 123000 | &nbsp;&nbsp; 113208 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |  |
| 5.75% 07/15/2027<sup>(b)(c)</sup> |  | 220000 | &nbsp;&nbsp; 218687 |
| 4.75% 04/01/2028<sup>(b)(c)</sup> |  | 240000 | &nbsp;&nbsp; 230485 |
| Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup> |  | 400000 | &nbsp;&nbsp; 425395 |
| IHO Verwaltungs GmbH (Germany), 7.75%, <br> 11/15/2030<sup>(b)(d)</sup><br>|  | 400000 | &nbsp;&nbsp; 414692 |
| Kronos Acquisition Holdings, Inc. (Canada), <br> 8.25%, 06/30/2031<sup>(b)</sup><br>|  | 80000 | &nbsp;&nbsp; 59743 |
| Tenneco, Inc., 8.00%, 11/17/2028<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 199609 |
| United Rentals (North America), Inc., 3.88%, <br> 11/15/2027<br>|  | 274000 | &nbsp;&nbsp; 270591 |
| ZF North America Capital, Inc. (Germany) |  |  |  |
| 6.88% 04/14/2028<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 302034 |
| 7.13% 04/14/2030<sup>(b)</sup> |  | 600000 | &nbsp;&nbsp; 584590 |
|  |  |  | &nbsp;&nbsp; 3620895 |
| **Automotive Retail-1.29%** | **Automotive Retail-1.29%** | **Automotive Retail-1.29%** | **Automotive Retail-1.29%** |
| Advance Auto Parts, Inc. |  |  |  |
| 5.95% 03/09/2028 |  | 360000 | &nbsp;&nbsp; 365371 |
| 7.00% 08/01/2030<sup>(b)(c)</sup> |  | 475000 | &nbsp;&nbsp; 479661 |
| 3.50% 03/15/2032 |  | 100000 | &nbsp;&nbsp; 86707 |
| Ken Garff Automotive LLC, 4.88%, <br> 09/15/2028<sup>(b)</sup><br>|  | 320000 | &nbsp;&nbsp; 314969 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**29**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** |
| Sonic Automotive, Inc., 4.63%, <br> 11/15/2029<sup>(b)</sup><br>| $| 45000 | &nbsp;&nbsp; $43798 |
| Velocity Vehicle Group LLC, 8.00%, <br> 06/01/2029<sup>(b)(c)</sup><br>|  | 450000 | &nbsp;&nbsp; 442909 |
|  |  |  | &nbsp;&nbsp; 1733415 |
| **Broadcasting-1.89%** | **Broadcasting-1.89%** | **Broadcasting-1.89%** | **Broadcasting-1.89%** |
| AMC Networks, Inc., 10.25%, <br> 01/15/2029<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 420233 |
| Gray Media, Inc. |  |  |  |
| 10.50% 07/15/2029<sup>(b)(c)</sup> |  | 210000 | &nbsp;&nbsp; 226442 |
| 5.38% 11/15/2031<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 34769 |
| iHeartCommunications, Inc. |  |  |  |
| 5.25% 08/15/2027<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 80250 |
| 4.75% 01/15/2028<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 45430 |
| 9.13% 05/01/2029<sup>(b)</sup> |  | 80000 | &nbsp;&nbsp; 73704 |
| Paramount Global |  |  |  |
| 6.25% 02/28/2057<sup>(c)(e)</sup> |  | 370000 | &nbsp;&nbsp; 363031 |
| 6.38% 03/30/2062<sup>(c)(e)</sup> |  | 380000 | &nbsp;&nbsp; 375551 |
| Univision Communications, Inc., 8.50%, <br> 07/31/2031<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 204781 |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(b)</sup> |  | 67000 | &nbsp;&nbsp; 34237 |
| Ziggo B.V. (Netherlands), 4.88%, <br> 01/15/2030<sup>(b)</sup><br>|  | 320000 | &nbsp;&nbsp; 302289 |
| Ziggo Bond Co. B.V. (Netherlands), 5.13%, <br> 02/28/2030<sup>(b)(c)</sup><br>|  | 420000 | &nbsp;&nbsp; 372092 |
|  |  |  | &nbsp;&nbsp; 2532809 |
| **Broadline Retail-2.17%** | **Broadline Retail-2.17%** | **Broadline Retail-2.17%** | **Broadline Retail-2.17%** |
| Go Daddy Operating Co. LLC/GD Finance Co., <br> Inc., 3.50%, 03/01/2029<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 95317 |
| Kohl's Corp., 10.00%, 06/01/2030<sup>(b)</sup> |  | 240000 | &nbsp;&nbsp; 260987 |
| Macy's Retail Holdings LLC |  |  |  |
| 5.88% 03/15/2030<sup>(b)</sup> |  | 58000 | &nbsp;&nbsp; 58061 |
| 6.13% 03/15/2032<sup>(b)(c)</sup> |  | 230000 | &nbsp;&nbsp; 231394 |
| 6.70% 07/15/2034<sup>(b)</sup> |  | 387000 | &nbsp;&nbsp; 364237 |
| Nordstrom, Inc. |  |  |  |
| 4.00% 03/15/2027 |  | 399000 | &nbsp;&nbsp; 392863 |
| 6.95% 03/15/2028 |  | 284000 | &nbsp;&nbsp; 295366 |
| 4.38% 04/01/2030 |  | 79000 | &nbsp;&nbsp; 75106 |
| 4.25% 08/01/2031 |  | 450000 | &nbsp;&nbsp; 411992 |
| QVC, Inc., 4.38%, 09/01/2028 |  | 50000 | &nbsp;&nbsp; 24921 |
| Rakuten Group, Inc. (Japan) |  |  |  |
| 11.25% 02/15/2027<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 216296 |
| 9.75% 04/15/2029<sup>(b)</sup> |  | 430000 | &nbsp;&nbsp; 482699 |
|  |  |  | &nbsp;&nbsp; 2909239 |
| **Building Products-3.05%** | **Building Products-3.05%** | **Building Products-3.05%** | **Building Products-3.05%** |
| Adams Homes, Inc., 9.25%, 10/15/2028<sup>(b)</sup> |  | 206000 | &nbsp;&nbsp; 214702 |
| Builders FirstSource, Inc., 4.25%, <br> 02/01/2032<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 132562 |
| Griffon Corp., 5.75%, 03/01/2028 |  | 640000 | &nbsp;&nbsp; 640402 |
| James Hardie International Finance DAC, <br> 5.00%, 01/15/2028<sup>(b)</sup><br>|  | 620000 | &nbsp;&nbsp; 617378 |
| JELD-WEN, Inc., 4.88%, 12/15/2027<sup>(b)</sup> |  | 360000 | &nbsp;&nbsp; 350409 |
| LBM Acquisition, LLC, 9.50%, <br> 06/15/2031<sup>(b)(c)</sup><br>|  | 450000 | &nbsp;&nbsp; 471375 |
| MasterBrand, Inc., 7.00%, 07/15/2032<sup>(b)</sup> |  | 420000 | &nbsp;&nbsp; 436375 |
| Park River Holdings, Inc., 8.00%, <br> 03/15/2031<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 103029 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** |
| Specialty Building Products Holdings LLC/<br> SBP Finance Corp., 7.75%, <br> 10/15/2029<sup>(b)(c)</sup><br>| $| 450000 | &nbsp;&nbsp; $453224 |
| Standard Industries, Inc. |  |  |  |
| 4.75% 01/15/2028<sup>(b)</sup> |  | 80000 | &nbsp;&nbsp; 79794 |
| 4.38% 07/15/2030<sup>(b)</sup> |  | 108000 | &nbsp;&nbsp; 104244 |
| 3.38% 01/15/2031<sup>(b)(c)</sup> |  | 261000 | &nbsp;&nbsp; 237875 |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(b)</sup> |  | 240000 | &nbsp;&nbsp; 251829 |
|  |  |  | &nbsp;&nbsp; 4093198 |
| **Cable & Satellite-5.43%** | **Cable & Satellite-5.43%** | **Cable & Satellite-5.43%** | **Cable & Satellite-5.43%** |
| Altice Financing S.A. (Luxembourg), 5.75%, <br> 08/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 145752 |
| Cable One, Inc., 4.00%, 11/15/2030<sup>(b)(c)</sup> |  | 520000 | &nbsp;&nbsp; 411468 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp.<br>|  |  |  |
| 5.13% 05/01/2027<sup>(b)</sup> |  | 509000 | &nbsp;&nbsp; 506384 |
| 5.00% 02/01/2028<sup>(b)</sup> |  | 420000 | &nbsp;&nbsp; 416047 |
| 4.50% 05/01/2032<sup>(c)</sup> |  | 245000 | &nbsp;&nbsp; 218094 |
| 4.50% 06/01/2033<sup>(b)</sup> |  | 260000 | &nbsp;&nbsp; 225679 |
| 4.25% 01/15/2034<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 84082 |
| CSC Holdings LLC |  |  |  |
| 5.50% 04/15/2027<sup>(b)</sup> |  | 450000 | &nbsp;&nbsp; 417982 |
| 11.75% 01/31/2029<sup>(b)</sup> |  | 400000 | &nbsp;&nbsp; 316234 |
| 4.63% 12/01/2030<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 72515 |
| Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)(c)</sup><br>|  | 350000 | &nbsp;&nbsp; 348312 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.<br>|  |  |  |
| 5.88% 08/15/2027<sup>(b)(c)</sup> |  | 256000 | &nbsp;&nbsp; 256172 |
| 10.00% 02/15/2031<sup>(b)</sup> |  | 540000 | &nbsp;&nbsp; 538444 |
| DISH DBS Corp. |  |  |  |
| 5.25% 12/01/2026<sup>(b)</sup> |  | 159000 | &nbsp;&nbsp; 156547 |
| 5.75% 12/01/2028<sup>(b)</sup> |  | 210000 | &nbsp;&nbsp; 201964 |
| DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(b)</sup><br>|  | 587000 | &nbsp;&nbsp; 618351 |
| EchoStar Corp. |  |  |  |
| 10.75% 11/30/2029 |  | 300000 | &nbsp;&nbsp; 330481 |
| 6.75% PIK Rate, 2.00% Cash Rate, <br> 11/30/2030<sup>(d)</sup><br>|  | 180000 | &nbsp;&nbsp; 185936 |
| Radiate Holdco LLC/Radiate Finance, Inc., <br> 9.25%, 03/25/2030<sup>(b)(d)</sup><br>|  | 33424 | &nbsp;&nbsp; 21173 |
| Sirius XM Radio LLC |  |  |  |
| 3.13% 09/01/2026<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 99253 |
| 5.00% 08/01/2027<sup>(b)</sup> |  | 250000 | &nbsp;&nbsp; 249596 |
| 4.00% 07/15/2028<sup>(b)</sup> |  | 320000 | &nbsp;&nbsp; 311215 |
| Telenet Finance Luxembourg Notes S.a.r.l. <br> (Belgium), 5.50%, 03/01/2028<sup>(b)</sup><br>|  | 600000 | &nbsp;&nbsp; 598779 |
| Virgin Media Finance PLC (United Kingdom), <br> 5.00%, 07/15/2030<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 178732 |
| Virgin Media Vendor Financing Notes IV DAC <br> (United Kingdom), 5.00%, 07/15/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 196131 |
| VZ Secured Financing B.V. (Netherlands), <br> 5.00%, 01/15/2032<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 181851 |
|  |  |  | &nbsp;&nbsp; 7287174 |
| **Casinos & Gaming-2.98%** | **Casinos & Gaming-2.98%** | **Casinos & Gaming-2.98%** | **Casinos & Gaming-2.98%** |
| Affinity Interactive, 6.88%, 12/15/2027<sup>(b)</sup> |  | 187000 | &nbsp;&nbsp; 93976 |
| Brightstar Lottery PLC, 6.25%, <br> 01/15/2027<sup>(b)(c)</sup><br>|  | 400000 | &nbsp;&nbsp; 404211 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**30**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Casinos & Gaming-(continued)** | **Casinos & Gaming-(continued)** | **Casinos & Gaming-(continued)** | **Casinos & Gaming-(continued)** |
| Churchill Downs, Inc., 4.75%, <br> 01/15/2028<sup>(b)</sup><br>| $| 345000 | &nbsp;&nbsp; $342111 |
| Great Canadian Gaming Corp. (Canada), <br> 8.75%, 11/15/2029<sup>(b)(c)</sup><br>|  | 260000 | &nbsp;&nbsp; 254438 |
| Melco Resorts Finance Ltd. (Hong Kong) |  |  |  |
| 5.38% 12/04/2029<sup>(b)(c)</sup> |  | 600000 | &nbsp;&nbsp; 593568 |
| 6.50% 09/24/2033<sup>(b)(c)</sup> |  | 320000 | &nbsp;&nbsp; 322358 |
| MGM Resorts International, 4.63%, <br> 09/01/2026<sup>(c)</sup><br>|  | 500000 | &nbsp;&nbsp; 499584 |
| Studio City Finance Ltd. (Macau) |  |  |  |
| 6.50% 01/15/2028<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 200125 |
| 5.00% 01/15/2029<sup>(b)(c)</sup> |  | 260000 | &nbsp;&nbsp; 249118 |
| Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)(c)</sup><br>|  | 520000 | &nbsp;&nbsp; 545536 |
| Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp., 5.25%, 05/15/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 100248 |
| Wynn Macau Ltd. (Macau), 5.63%, <br> 08/26/2028<sup>(b)(c)</sup><br>|  | 400000 | &nbsp;&nbsp; 399864 |
|  |  |  | &nbsp;&nbsp; 4005137 |
| **Commercial & Residential Mortgage Finance-0.04%** | **Commercial & Residential Mortgage Finance-0.04%** | **Commercial & Residential Mortgage Finance-0.04%** | **Commercial & Residential Mortgage Finance-0.04%** |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 2.88%, 10/15/2026<sup>(b)</sup><br>|  | 49000 | &nbsp;&nbsp; 48132 |
| **Commercial Printing-0.55%** | **Commercial Printing-0.55%** | **Commercial Printing-0.55%** | **Commercial Printing-0.55%** |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(b)</sup> |  | 450000 | &nbsp;&nbsp; 471991 |
| R.R. Donnelley & Sons Co., 9.50%, <br> 08/01/2029<sup>(b)</sup><br>|  | 260000 | &nbsp;&nbsp; 266804 |
|  |  |  | &nbsp;&nbsp; 738795 |
| **Commodity Chemicals-0.16%** | **Commodity Chemicals-0.16%** | **Commodity Chemicals-0.16%** | **Commodity Chemicals-0.16%** |
| Methanex Corp. (Canada), 5.13%, <br> 10/15/2027<br>|  | 220000 | &nbsp;&nbsp; 220669 |
| **Communications Equipment-0.35%** | **Communications Equipment-0.35%** | **Communications Equipment-0.35%** | **Communications Equipment-0.35%** |
| CommScope Technologies LLC, 5.00%, <br> 03/15/2027<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 49848 |
| Viasat, Inc., 5.63%, 04/15/2027<sup>(b)(c)</sup> |  | 420000 | &nbsp;&nbsp; 419968 |
|  |  |  | &nbsp;&nbsp; 469816 |
| **Construction & Engineering-0.33%** | **Construction & Engineering-0.33%** | **Construction & Engineering-0.33%** | **Construction & Engineering-0.33%** |
| Baldwin Insurance Group Holdings LLC/<br> Baldwin Insurance Group Holdings Finance, <br> 7.13%, 05/15/2031<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 256779 |
| Brand Industrial Services, Inc., 10.38%, <br> 08/01/2030<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 96342 |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC <br> (Canada), 6.25%, 09/15/2027<sup>(b)</sup><br>|  | 88000 | &nbsp;&nbsp; 88068 |
|  |  |  | &nbsp;&nbsp; 441189 |
| **Construction Machinery & Heavy Transportation Equipment-1.34%** | **Construction Machinery & Heavy Transportation Equipment-1.34%** | **Construction Machinery & Heavy Transportation Equipment-1.34%** | **Construction Machinery & Heavy Transportation Equipment-1.34%** |
| New Flyer Holdings, Inc. (Canada), 9.25%, <br> 07/01/2030<sup>(b)(c)</sup><br>|  | 280000 | &nbsp;&nbsp; 298363 |
| Terex Corp. |  |  |  |
| 5.00% 05/15/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 196472 |
| 6.25% 10/15/2032<sup>(b)(c)</sup> |  | 220000 | &nbsp;&nbsp; 223369 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** |
| Trinity Industries, Inc., 7.75%, <br> 07/15/2028<sup>(b)</sup><br>| $| 640000 | &nbsp;&nbsp; $663756 |
| Wabash National Corp., 4.50%, <br> 10/15/2028<sup>(b)</sup><br>|  | 465000 | &nbsp;&nbsp; 410394 |
|  |  |  | &nbsp;&nbsp; 1792354 |
| **Construction Materials-0.66%** | **Construction Materials-0.66%** | **Construction Materials-0.66%** | **Construction Materials-0.66%** |
| Smyrna Ready Mix Concrete LLC |  |  |  |
| 6.00% 11/01/2028<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 299240 |
| 8.88% 11/15/2031<sup>(b)</sup> |  | 250000 | &nbsp;&nbsp; 263446 |
| Williams Scotsman, Inc., 4.63%, <br> 08/15/2028<sup>(b)</sup><br>|  | 320000 | &nbsp;&nbsp; 317015 |
|  |  |  | &nbsp;&nbsp; 879701 |
| **Consumer Electronics-0.14%** | **Consumer Electronics-0.14%** | **Consumer Electronics-0.14%** | **Consumer Electronics-0.14%** |
| Sensata Technologies B.V., 4.00%, <br> 04/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 195091 |
| **Consumer Finance-2.54%** | **Consumer Finance-2.54%** | **Consumer Finance-2.54%** | **Consumer Finance-2.54%** |
| Ally Financial, Inc., 6.65%, 01/17/2040<sup>(e)</sup> |  | 300000 | &nbsp;&nbsp; 300842 |
| goeasy Ltd. (Canada) |  |  |  |
| 7.63% 07/01/2029<sup>(b)(c)</sup> |  | 265000 | &nbsp;&nbsp; 267126 |
| 6.88% 05/15/2030<sup>(b)</sup> |  | 280000 | &nbsp;&nbsp; 275427 |
| 7.38% 10/01/2030<sup>(b)</sup> |  | 120000 | &nbsp;&nbsp; 120183 |
| Navient Corp. |  |  |  |
| 5.00% 03/15/2027 |  | 116000 | &nbsp;&nbsp; 115396 |
| 9.38% 07/25/2030 |  | 100000 | &nbsp;&nbsp; 109956 |
| 11.50% 03/15/2031<sup>(c)</sup> |  | 240000 | &nbsp;&nbsp; 269424 |
| 5.63% 08/01/2033 |  | 422000 | &nbsp;&nbsp; 382439 |
| OneMain Finance Corp. |  |  |  |
| 6.63% 01/15/2028 |  | 280000 | &nbsp;&nbsp; 287306 |
| 6.75% 03/15/2032 |  | 640000 | &nbsp;&nbsp; 650284 |
| PRA Group, Inc., 8.88%, 01/31/2030<sup>(b)(c)</sup> |  | 620000 | &nbsp;&nbsp; 629891 |
|  |  |  | &nbsp;&nbsp; 3408274 |
| **Diversified Banks-0.26%** | **Diversified Banks-0.26%** | **Diversified Banks-0.26%** | **Diversified Banks-0.26%** |
| Brundage-Bone Concrete Pumping Holdings, <br> Inc., 7.50%, 02/01/2032<sup>(b)</sup><br>|  | 350000 | &nbsp;&nbsp; 353497 |
| **Diversified Chemicals-0.95%** | **Diversified Chemicals-0.95%** | **Diversified Chemicals-0.95%** | **Diversified Chemicals-0.95%** |
| Chemours Co. (The) |  |  |  |
| 5.38% 05/15/2027<sup>(c)</sup> |  | 433000 | &nbsp;&nbsp; 431603 |
| 5.75% 11/15/2028<sup>(b)</sup> |  | 160000 | &nbsp;&nbsp; 153452 |
| INEOS Finance PLC (Luxembourg) |  |  |  |
| 6.75% 05/15/2028<sup>(b)(c)</sup> |  | 325000 | &nbsp;&nbsp; 306788 |
| 7.50% 04/15/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 186411 |
| SNF Group SACA (France), 3.13%, <br> 03/15/2027<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 195366 |
|  |  |  | &nbsp;&nbsp; 1273620 |
| **Diversified Financial Services-3.46%** | **Diversified Financial Services-3.46%** | **Diversified Financial Services-3.46%** | **Diversified Financial Services-3.46%** |
| Burford Capital Global Finance LLC |  |  |  |
| 6.25% 04/15/2028<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 198773 |
| 7.50% 07/15/2033<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 197707 |
| Compass Group Diversified Holdings LLC, <br> 5.25%, 04/15/2029<sup>(b)(c)</sup><br>|  | 645075 | &nbsp;&nbsp; 584865 |
| EG Global Finance PLC (United Kingdom), <br> 12.00%, 11/30/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 219272 |
| Freedom Mortgage Holdings LLC, 9.25%, <br> 02/01/2029<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 157597 |
| Global Aircraft Leasing Co. Ltd. (Cayman <br> Islands), 8.75%, 09/01/2027<sup>(b)</sup><br>|  | 570000 | &nbsp;&nbsp; 587550 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**31**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 5.00%, 08/15/2028<sup>(b)(c)</sup><br>| $| 600000 | &nbsp;&nbsp; $568540 |
| Midcap Financial Issuer Trust, 6.50%, <br> 05/01/2028<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 393168 |
| Provident Funding Associates L.P./PFG <br> Finance Corp., 9.75%, 09/15/2029<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp; 126560 |
| Resorts World Las Vegas LLC/RWLV Capital, <br> Inc.<br>|  |  |  |
| 4.63% 04/16/2029<sup>(b)</sup> |  | 400000 | &nbsp;&nbsp; 361347 |
| 8.45% 07/27/2030<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 202891 |
| 4.63% 04/06/2031<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 170939 |
| United Wholesale Mortgage LLC, 5.75%, <br> 06/15/2027<sup>(b)</sup><br>|  | 197000 | &nbsp;&nbsp; 197619 |
| UWM Holdings LLC, 6.25%, 03/15/2031<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 299648 |
| VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc. (Switzerland), <br> 9.50%, 06/01/2028<sup>(b)</sup><br>|  | 360000 | &nbsp;&nbsp; 374639 |
|  |  |  | &nbsp;&nbsp; 4641115 |
| **Diversified Metals & Mining-0.89%** | **Diversified Metals & Mining-0.89%** | **Diversified Metals & Mining-0.89%** | **Diversified Metals & Mining-0.89%** |
| Algoma Steel, Inc. (Canada), 9.13%, <br> 04/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 164191 |
| Champion Iron Canada, Inc. (Canada), <br> 7.88%, 07/15/2032<sup>(b)</sup><br>|  | 300000 | &nbsp;&nbsp; 314789 |
| Mineral Resources Ltd. (Australia) |  |  |  |
| 9.25% 10/01/2028<sup>(b)</sup> |  | 321000 | &nbsp;&nbsp; 336972 |
| 8.50% 05/01/2030<sup>(b)(c)</sup> |  | 360000 | &nbsp;&nbsp; 375587 |
|  |  |  | &nbsp;&nbsp; 1191539 |
| **Diversified REITs-0.48%** | **Diversified REITs-0.48%** | **Diversified REITs-0.48%** | **Diversified REITs-0.48%** |
| Global Net Lease, Inc., 4.50%, <br> 09/30/2028<sup>(b)</sup><br>|  | 116000 | &nbsp;&nbsp; 113849 |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>|  | 76000 | &nbsp;&nbsp; 73539 |
| Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC, 6.00%, <br> 01/15/2030<sup>(b)</sup><br>|  | 40000 | &nbsp;&nbsp; 35905 |
| Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, <br> 04/15/2028<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 146724 |
| Uniti Group L.P./Uniti Group Finance, <br> Inc./CSL Capital LLC, 6.50%, <br> 02/15/2029<sup>(b)</sup><br>|  | 300000 | &nbsp;&nbsp; 281064 |
|  |  |  | &nbsp;&nbsp; 651081 |
| **Diversified Support Services-1.63%** | **Diversified Support Services-1.63%** | **Diversified Support Services-1.63%** | **Diversified Support Services-1.63%** |
| CPI CG, Inc., 10.00% CPI, 07/15/2029<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 158614 |
| Crown Americas LLC/Crown Americas <br> Capital Corp. V, 4.25%, 09/30/2026<br>|  | 95000 | &nbsp;&nbsp; 94454 |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 101729 |
| Kingpin Intermediate Holdings LLC, 7.25%, <br> 10/15/2032<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 140980 |
| Neptune Bidco US, Inc., 9.29%, <br> 04/15/2029<sup>(b)(c)</sup><br>|  | 707000 | &nbsp;&nbsp; 698806 |
| Prime Security Services Borrower LLC/Prime <br> Finance, Inc., 3.38%, 08/31/2027<sup>(b)</sup><br>|  | 500000 | &nbsp;&nbsp; 487455 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Support Services-(continued)** | **Diversified Support Services-(continued)** | **Diversified Support Services-(continued)** | **Diversified Support Services-(continued)** |
| Sabre GLBL, Inc. |  |  |  |
| 8.63% 06/01/2027<sup>(b)(c)</sup> | $| 240000 | &nbsp;&nbsp; $241450 |
| 11.25% 12/15/2027<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 154312 |
| 10.75% 11/15/2029<sup>(b)</sup> |  | 18000 | &nbsp;&nbsp; 17168 |
| 11.13% 07/15/2030<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 94625 |
|  |  |  | &nbsp;&nbsp; 2189593 |
| **Education Services-0.45%** | **Education Services-0.45%** | **Education Services-0.45%** | **Education Services-0.45%** |
| Adtalem Global Education, Inc., 5.50%, <br> 03/01/2028<sup>(b)</sup><br>|  | 475000 | &nbsp;&nbsp; 475874 |
| Grand Canyon University, 5.13%, <br> 10/01/2028<br>|  | 125000 | &nbsp;&nbsp; 124118 |
|  |  |  | &nbsp;&nbsp; 599992 |
| **Electric Utilities-2.67%** | **Electric Utilities-2.67%** | **Electric Utilities-2.67%** | **Electric Utilities-2.67%** |
| DPL, Inc., 4.35%, 04/15/2029 |  | 320000 | &nbsp;&nbsp; 315371 |
| Edison International |  |  |  |
| 8.13% 06/15/2053<sup>(e)</sup> |  | 450000 | &nbsp;&nbsp; 465072 |
| 7.88% 06/15/2054<sup>(e)</sup> |  | 200000 | &nbsp;&nbsp; 206141 |
| NRG Energy, Inc., 3.38%, 02/15/2029<sup>(b)</sup> |  | 320000 | &nbsp;&nbsp; 304506 |
| Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc., 4.50%, <br> 08/15/2028<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 243912 |
| PG&E Corp. |  |  |  |
| 5.00% 07/01/2028 |  | 480000 | &nbsp;&nbsp; 476953 |
| 7.38% 03/15/2055<sup>(e)</sup> |  | 310000 | &nbsp;&nbsp; 319271 |
| Vistra Operations Co. LLC |  |  |  |
| 5.63% 02/15/2027<sup>(b)</sup> |  | 163000 | &nbsp;&nbsp; 163155 |
| 5.00% 07/31/2027<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 100117 |
| XPLR Infrastructure Operating Partners L.P. |  |  |  |
| 4.50% 09/15/2027<sup>(b)(c)</sup> |  | 390000 | &nbsp;&nbsp; 382279 |
| 7.25% 01/15/2029<sup>(b)(c)</sup> |  | 340000 | &nbsp;&nbsp; 349959 |
| 8.38% 01/15/2031<sup>(b)</sup> |  | 240000 | &nbsp;&nbsp; 251267 |
|  |  |  | &nbsp;&nbsp; 3578003 |
| **Electrical Components & Equipment-0.99%** | **Electrical Components & Equipment-0.99%** | **Electrical Components & Equipment-0.99%** | **Electrical Components & Equipment-0.99%** |
| Atkore, Inc., 4.25%, 06/01/2031<sup>(b)</sup> |  | 170000 | &nbsp;&nbsp; 160849 |
| EnerSys, 4.38%, 12/15/2027<sup>(b)(c)</sup> |  | 920000 | &nbsp;&nbsp; 909098 |
| Nissan Motor Acceptance Co. LLC, 6.95%, <br> 09/15/2026<sup>(b)</sup><br>|  | 260000 | &nbsp;&nbsp; 263582 |
|  |  |  | &nbsp;&nbsp; 1333529 |
| **Electronic Components-0.17%** | **Electronic Components-0.17%** | **Electronic Components-0.17%** | **Electronic Components-0.17%** |
| Imola Merger Corp., 4.75%, 05/15/2029<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 98657 |
| Sensata Technologies, Inc., 4.38%, <br> 02/15/2030<sup>(b)</sup><br>|  | 130000 | &nbsp;&nbsp; 125495 |
|  |  |  | &nbsp;&nbsp; 224152 |
| **Environmental & Facilities Services-0.18%** | **Environmental & Facilities Services-0.18%** | **Environmental & Facilities Services-0.18%** | **Environmental & Facilities Services-0.18%** |
| GFL Environmental, Inc., 4.00%, <br> 08/01/2028<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 244744 |
| **Fertilizers & Agricultural Chemicals-0.77%** | **Fertilizers & Agricultural Chemicals-0.77%** | **Fertilizers & Agricultural Chemicals-0.77%** | **Fertilizers & Agricultural Chemicals-0.77%** |
| Consolidated Energy Finance S.A. <br> (Switzerland)<br>|  |  |  |
| 5.63% 10/15/2028<sup>(b)</sup> |  | 167000 | &nbsp;&nbsp; 114241 |
| 12.00% 02/15/2031<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 142390 |
| FMC Corp., 8.45%, 11/01/2055<sup>(e)</sup> |  | 400000 | &nbsp;&nbsp; 388579 |
| Nufarm Australia Ltd./Nufarm Americas, Inc. <br> (Australia), 5.00%, 01/27/2030<sup>(b)</sup><br>|  | 440000 | &nbsp;&nbsp; 392325 |
|  |  |  | &nbsp;&nbsp; 1037535 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**32**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Financial Exchanges & Data-0.18%** | **Financial Exchanges & Data-0.18%** | **Financial Exchanges & Data-0.18%** |
| Coinbase Global, Inc., 3.38%, <br> 10/01/2028<sup>(b)</sup><br>| $260000 | &nbsp;&nbsp; $247495 |
| **Food Distributors-0.23%** | **Food Distributors-0.23%** | **Food Distributors-0.23%** |
| American Builders & Contractors Supply Co., <br> Inc., 3.88%, 11/15/2029<sup>(b)(c)</sup><br>| 320000 | &nbsp;&nbsp; 305581 |
| **Food Retail-1.50%** | **Food Retail-1.50%** | **Food Retail-1.50%** |
| Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC<br>|  |  |
| 4.63% 01/15/2027<sup>(b)</sup> | 928000 | &nbsp;&nbsp; 927043 |
| 5.88% 02/15/2028<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 250577 |
| 3.50% 03/15/2029<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 190833 |
| BCPE Flavor Debt Merger Sub LLC and BCPE <br> Flavor Issuer, Inc., 9.50%, <br> 07/01/2032<sup>(b)(c)</sup><br>| 640000 | &nbsp;&nbsp; 644912 |
|  |  | &nbsp;&nbsp; 2013365 |
| **Footwear-0.16%** | **Footwear-0.16%** | **Footwear-0.16%** |
| Beach Acquisition Bidco LLC, 10.00%, <br> 07/15/2033<sup>(b)(d)</sup><br>| 200000 | &nbsp;&nbsp; 215233 |
| **Gas Utilities-0.15%** | **Gas Utilities-0.15%** | **Gas Utilities-0.15%** |
| AmeriGas Partners L.P./AmeriGas Finance <br> Corp., 9.38%, 06/01/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 207576 |
| **Health Care Distributors-0.20%** | **Health Care Distributors-0.20%** | **Health Care Distributors-0.20%** |
| Owens & Minor, Inc. |  |  |
| 4.50% 03/31/2029<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 46235 |
| 6.63% 04/01/2030<sup>(b)(c)</sup> | 300000 | &nbsp;&nbsp; 228626 |
|  |  | &nbsp;&nbsp; 274861 |
| **Health Care Equipment-0.26%** | **Health Care Equipment-0.26%** | **Health Care Equipment-0.26%** |
| HAH Group Holding Co. LLC, 9.75%, <br> 10/01/2031<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 94893 |
| Varex Imaging Corp., 7.88%, 10/15/2027<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 255963 |
|  |  | &nbsp;&nbsp; 350856 |
| **Health Care Facilities-0.60%** | **Health Care Facilities-0.60%** | **Health Care Facilities-0.60%** |
| Encompass Health Corp., 4.50%, <br> 02/01/2028<br>| 220000 | &nbsp;&nbsp; 218485 |
| LifePoint Health, Inc. |  |  |
| 9.88% 08/15/2030<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 118895 |
| 11.00% 10/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 143501 |
| Tenet Healthcare Corp., 4.63%, <br> 06/15/2028<sup>(c)</sup><br>| 320000 | &nbsp;&nbsp; 318926 |
|  |  | &nbsp;&nbsp; 799807 |
| **Health Care REITs-0.19%** | **Health Care REITs-0.19%** | **Health Care REITs-0.19%** |
| MPT Operating Partnership L.P./MPT Finance <br> Corp.<br>|  |  |
| 5.00% 10/15/2027 | 148000 | &nbsp;&nbsp; 142513 |
| 4.63% 08/01/2029 | 131000 | &nbsp;&nbsp; 107258 |
|  |  | &nbsp;&nbsp; 249771 |
| **Health Care Services-2.20%** | **Health Care Services-2.20%** | **Health Care Services-2.20%** |
| Avantor Funding, Inc., 4.63%, <br> 07/15/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 196919 |
| Community Health Systems, Inc. |  |  |
| 6.00% 01/15/2029<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 158525 |
| 6.88% 04/15/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 90761 |
| 5.25% 05/15/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 187655 |
| 10.88% 01/15/2032<sup>(b)</sup> | 400000 | &nbsp;&nbsp; 431712 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Services-(continued)** | **Health Care Services-(continued)** | **Health Care Services-(continued)** | **Health Care Services-(continued)** |
| CVS Health Corp. |  |  |  |
| 6.75% 12/10/2054<sup>(e)</sup> | $| 300000 | &nbsp;&nbsp; $312044 |
| 7.00% 03/10/2055<sup>(c)(e)</sup> |  | 400000 | &nbsp;&nbsp; 420890 |
| DaVita, Inc., 4.63%, 06/01/2030<sup>(b)(c)</sup> |  | 320000 | &nbsp;&nbsp; 309296 |
| MPH Acquisition Holdings LLC, 5.75%, <br> 12/31/2030<sup>(b)</sup><br>|  | 100002 | &nbsp;&nbsp; 90902 |
| Prime Healthcare Services, Inc., 9.38%, <br> 09/01/2029<sup>(b)(c)</sup><br>|  | 500000 | &nbsp;&nbsp; 526448 |
| Team Health Holdings, Inc., 8.38%, <br> 06/30/2028<sup>(b)</sup><br>|  | 220000 | &nbsp;&nbsp; 222507 |
|  |  |  | &nbsp;&nbsp; 2947659 |
| **Health Care Supplies-0.31%** | **Health Care Supplies-0.31%** | **Health Care Supplies-0.31%** | **Health Care Supplies-0.31%** |
| DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(e)</sup><br>|  | 400000 | &nbsp;&nbsp; 412453 |
| **Health Care Technology-0.58%** | **Health Care Technology-0.58%** | **Health Care Technology-0.58%** | **Health Care Technology-0.58%** |
| athenahealth Group, Inc., 6.50%, <br> 02/15/2030<sup>(b)</sup><br>|  | 244000 | &nbsp;&nbsp; 239090 |
| Cogent Communications Group, Inc./Cogent <br> Communications Finance, Inc., 7.00%, <br> 06/15/2027<sup>(b)</sup><br>|  | 280000 | &nbsp;&nbsp; 279340 |
| U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/2029<sup>(b)(c)</sup><br>|  | 260000 | &nbsp;&nbsp; 265086 |
|  |  |  | &nbsp;&nbsp; 783516 |
| **Home Furnishings-0.18%** | **Home Furnishings-0.18%** | **Home Furnishings-0.18%** | **Home Furnishings-0.18%** |
| Somnigroup International, Inc., 4.00%, <br> 04/15/2029<sup>(b)(c)</sup><br>|  | 250000 | &nbsp;&nbsp; 241049 |
| **Homebuilding-1.15%** | **Homebuilding-1.15%** | **Homebuilding-1.15%** | **Homebuilding-1.15%** |
| Beazer Homes USA, Inc., 5.88%, <br> 10/15/2027<br>|  | 200000 | &nbsp;&nbsp; 200291 |
| Dream Finders Homes, Inc., 8.25%, <br> 08/15/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 206431 |
| Installed Building Products, Inc., 5.75%, <br> 02/01/2028<sup>(b)</sup><br>|  | 440000 | &nbsp;&nbsp; 441616 |
| LGI Homes, Inc. |  |  |  |
| 8.75% 12/15/2028<sup>(b)</sup> |  | 380000 | &nbsp;&nbsp; 395436 |
| 4.00% 07/15/2029<sup>(b)</sup> |  | 202000 | &nbsp;&nbsp; 181592 |
| Tri Pointe Homes, Inc., 5.25%, 06/01/2027 |  | 118000 | &nbsp;&nbsp; 118538 |
|  |  |  | &nbsp;&nbsp; 1543904 |
| **Hotel & Resort REITs-0.47%** | **Hotel & Resort REITs-0.47%** | **Hotel & Resort REITs-0.47%** | **Hotel & Resort REITs-0.47%** |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 94506 |
| Service Properties Trust |  |  |  |
| 4.95% 02/15/2027 |  | 429000 | &nbsp;&nbsp; 428212 |
| 4.95% 10/01/2029 |  | 67000 | &nbsp;&nbsp; 57969 |
| 8.88% 06/15/2032 |  | 50000 | &nbsp;&nbsp; 49397 |
|  |  |  | &nbsp;&nbsp; 630084 |
| **Hotels, Resorts & Cruise Lines-0.45%** | **Hotels, Resorts & Cruise Lines-0.45%** | **Hotels, Resorts & Cruise Lines-0.45%** | **Hotels, Resorts & Cruise Lines-0.45%** |
| Carnival Corp., 6.65%, 01/15/2028 |  | 200000 | &nbsp;&nbsp; 207875 |
| Travel + Leisure Co., Series J, 6.00%, <br> 04/01/2027<sup>(c)</sup><br>|  | 388000 | &nbsp;&nbsp; 393687 |
|  |  |  | &nbsp;&nbsp; 601562 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**33**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Household Appliances-0.92%** | **Household Appliances-0.92%** | **Household Appliances-0.92%** |
| Whirlpool Corp. |  |  |
| 2.40% 05/15/2031 | $300000 | &nbsp;&nbsp; $249686 |
| 4.70% 05/14/2032<sup>(c)</sup> | 600000 | &nbsp;&nbsp; 550048 |
| 5.75% 03/01/2034 | 450000 | &nbsp;&nbsp; 430592 |
|  |  | &nbsp;&nbsp; 1230326 |
| **Housewares & Specialties-0.54%** | **Housewares & Specialties-0.54%** | **Housewares & Specialties-0.54%** |
| Newell Brands, Inc. |  |  |
| 6.38% 09/15/2027 | 340000 | &nbsp;&nbsp; 340161 |
| 8.50% 06/01/2028<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 102842 |
| 7.38% 04/01/2036<sup>(c)</sup> | 300000 | &nbsp;&nbsp; 283376 |
|  |  | &nbsp;&nbsp; 726379 |
| **Human Resource & Employment Services-0.47%** | **Human Resource & Employment Services-0.47%** | **Human Resource & Employment Services-0.47%** |
| AMN Healthcare, Inc., 4.00%, <br> 04/15/2029<sup>(b)(c)</sup><br>| 670000 | &nbsp;&nbsp; 635463 |
| **Independent Power Producers & Energy Traders-0.66%** | **Independent Power Producers & Energy Traders-0.66%** | **Independent Power Producers & Energy Traders-0.66%** |
| AES Corp. (The) |  |  |
| 7.60% 01/15/2055<sup>(e)</sup> | 200000 | &nbsp;&nbsp; 205120 |
| 6.95% 07/15/2055<sup>(c)(e)</sup> | 540000 | &nbsp;&nbsp; 523794 |
| Calpine Corp., 4.50%, 02/15/2028<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 159710 |
|  |  | &nbsp;&nbsp; 888624 |
| **Industrial Machinery & Supplies & Components-0.51%** | **Industrial Machinery & Supplies & Components-0.51%** | **Industrial Machinery & Supplies & Components-0.51%** |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC (Canada), 9.00%, <br> 02/15/2029<sup>(b)(c)</sup><br>| 250000 | &nbsp;&nbsp; 258598 |
| Park-Ohio Industries, Inc., 8.50%, <br> 08/01/2030<sup>(b)(c)</sup><br>| 420000 | &nbsp;&nbsp; 429076 |
|  |  | &nbsp;&nbsp; 687674 |
| **Insurance Brokers-0.85%** | **Insurance Brokers-0.85%** | **Insurance Brokers-0.85%** |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, <br> 01/15/2031<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 103670 |
| Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden US <br> Refinance LLC (United Kingdom), 7.25%, <br> 02/15/2031<sup>(b)</sup><br>| 675000 | &nbsp;&nbsp; 696326 |
| HUB International Ltd., 7.38%, <br> 01/31/2032<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp; 134816 |
| Panther Escrow Issuer LLC, 7.13%, <br> 06/01/2031<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 206860 |
|  |  | &nbsp;&nbsp; 1141672 |
| **Integrated Telecommunication Services-1.83%** | **Integrated Telecommunication Services-1.83%** | **Integrated Telecommunication Services-1.83%** |
| Altice France S.A. (France) |  |  |
| 6.88% 10/15/2030<sup>(b)</sup> | 154020 | &nbsp;&nbsp; 150769 |
| 6.50% 03/15/2032<sup>(b)</sup> | 154020 | &nbsp;&nbsp; 147608 |
| FiberCop S.p.A. (Italy) |  |  |
| 6.00% 09/30/2034<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 189362 |
| 7.20% 07/18/2036<sup>(b)</sup> | 600000 | &nbsp;&nbsp; 609294 |
| Frontier Communications Holdings LLC, <br> 5.88%, 10/15/2027<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp; 349949 |
| Frontier Florida LLC, Series E, 6.86%, <br> 02/01/2028<br>| 100000 | &nbsp;&nbsp; 104047 |
| Frontier North, Inc., Series G, 6.73%, <br> 02/15/2028<br>| 500000 | &nbsp;&nbsp; 517812 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** |
| Grubhub Holdings, Inc., 13.00%, <br> 07/31/2030<sup>(b)(c)(d)</sup><br>| $| 78010 | &nbsp;&nbsp; $66511 |
| Iliad Holding S.A.S. (France), 7.00%, <br> 10/15/2028<sup>(b)</sup><br>|  | 320000 | &nbsp;&nbsp; 324976 |
|  |  |  | &nbsp;&nbsp; 2460328 |
| **Interactive Home Entertainment-0.14%** | **Interactive Home Entertainment-0.14%** | **Interactive Home Entertainment-0.14%** | **Interactive Home Entertainment-0.14%** |
| Jacobs Entertainment, Inc., 6.75%, <br> 02/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 193879 |
| **Interactive Media & Services-1.14%** | **Interactive Media & Services-1.14%** | **Interactive Media & Services-1.14%** | **Interactive Media & Services-1.14%** |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 99680 |
| Cumulus Media New Holdings, Inc., 6.75%, <br> 07/01/2026<sup>(b)</sup><br>|  | 37000 | &nbsp;&nbsp; 22570 |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 100021 |
| WarnerMedia Holdings, Inc. |  |  |  |
| 3.76% 03/15/2027 |  | 100000 | &nbsp;&nbsp; 98250 |
| 4.05% 03/15/2029 |  | 300000 | &nbsp;&nbsp; 291531 |
| 4.28% 03/15/2032<sup>(c)</sup> |  | 440000 | &nbsp;&nbsp; 403562 |
| 5.05% 03/15/2042<sup>(c)</sup> |  | 400000 | &nbsp;&nbsp; 321524 |
| Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 188252 |
|  |  |  | &nbsp;&nbsp; 1525390 |
| **Internet Services & Infrastructure-0.50%** | **Internet Services & Infrastructure-0.50%** | **Internet Services & Infrastructure-0.50%** | **Internet Services & Infrastructure-0.50%** |
| Cogent Communications Group, Inc., 7.00%, <br> 06/15/2027<sup>(b)(c)</sup><br>|  | 220000 | &nbsp;&nbsp; 219683 |
| CoreWeave, Inc., 9.25%, 06/01/2030<sup>(b)(c)</sup> |  | 250000 | &nbsp;&nbsp; 252775 |
| Getty Images, Inc., 9.75%, 03/01/2027<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 195979 |
|  |  |  | &nbsp;&nbsp; 668437 |
| **Investment Banking & Brokerage-0.10%** | **Investment Banking & Brokerage-0.10%** | **Investment Banking & Brokerage-0.10%** | **Investment Banking & Brokerage-0.10%** |
| Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp., 5.25%, 05/15/2027<br>|  | 140000 | &nbsp;&nbsp; 137668 |
| **IT Consulting & Other Services-0.77%** | **IT Consulting & Other Services-0.77%** | **IT Consulting & Other Services-0.77%** | **IT Consulting & Other Services-0.77%** |
| Conduent Business Services LLC/Conduent <br> State & Local Solutions, Inc., 6.00%, <br> 11/01/2029<sup>(b)(c)</sup><br>|  | 250000 | &nbsp;&nbsp; 234064 |
| EquipmentShare.com, Inc., 9.00%, <br> 05/15/2028<sup>(b)</sup><br>|  | 640000 | &nbsp;&nbsp; 645626 |
| Unisys Corp., 10.63%, 01/15/2031<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 159393 |
|  |  |  | &nbsp;&nbsp; 1039083 |
| **Leisure Facilities-0.41%** | **Leisure Facilities-0.41%** | **Leisure Facilities-0.41%** | **Leisure Facilities-0.41%** |
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum Management <br> Corp.<br>|  |  |  |
| 5.38% 04/15/2027 |  | 100000 | &nbsp;&nbsp; 99623 |
| 6.50% 10/01/2028 |  | 300000 | &nbsp;&nbsp; 300729 |
| Speedway Motorsports LLC/Speedway <br> Funding II, Inc., 4.88%, 11/01/2027<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 148856 |
|  |  |  | &nbsp;&nbsp; 549208 |
| **Life & Health Insurance-0.94%** | **Life & Health Insurance-0.94%** | **Life & Health Insurance-0.94%** | **Life & Health Insurance-0.94%** |
| APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, 7.88%, 11/01/2029<sup>(b)</sup><br>|  | 330000 | &nbsp;&nbsp; 340157 |
| Constellation Insurance, Inc., 6.80%, <br> 01/24/2030<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 202466 |
| Nassau Cos. of New York (The), 7.88%, <br> 07/15/2030<sup>(b)(c)</sup><br>|  | 700000 | &nbsp;&nbsp; 714477 |
|  |  |  | &nbsp;&nbsp; 1257100 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**34**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Life Sciences Tools & Services-0.56%** | **Life Sciences Tools & Services-0.56%** | **Life Sciences Tools & Services-0.56%** |
| Charles River Laboratories International, Inc., <br> 4.25%, 05/01/2028<sup>(b)(c)</sup><br>| $500000 | &nbsp;&nbsp; $494680 |
| Fortrea Holdings, Inc., 7.50%, <br> 07/01/2030<sup>(b)(c)</sup><br>| 270000 | &nbsp;&nbsp; 259548 |
|  |  | &nbsp;&nbsp; 754228 |
| **Marine Transportation-0.49%** | **Marine Transportation-0.49%** | **Marine Transportation-0.49%** |
| Seaspan Corp. (Hong Kong), 5.50%, <br> 08/01/2029<sup>(b)</sup><br>| 471000 | &nbsp;&nbsp; 454002 |
| Stena International S.A. (Sweden), 7.63%, <br> 02/15/2031<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 205050 |
|  |  | &nbsp;&nbsp; 659052 |
| **Metal, Glass & Plastic Containers-1.01%** | **Metal, Glass & Plastic Containers-1.01%** | **Metal, Glass & Plastic Containers-1.01%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, 6.00%, 06/15/2027<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200642 |
| Crown Cork & Seal Co., Inc., 7.38%, <br> 12/15/2026<br>| 340000 | &nbsp;&nbsp; 349828 |
| LABL, Inc., 5.88%, 11/01/2028<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 142949 |
| OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(b)(c)</sup><br>| 220000 | &nbsp;&nbsp; 207554 |
| Owens-Brockway Glass Container, Inc. |  |  |
| 7.25% 05/15/2031<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 157001 |
| 7.38% 06/01/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 97962 |
| Silgan Holdings, Inc., 4.13%, 02/01/2028 | 200000 | &nbsp;&nbsp; 196323 |
|  |  | &nbsp;&nbsp; 1352259 |
| **Mortgage REITs-0.61%** | **Mortgage REITs-0.61%** | **Mortgage REITs-0.61%** |
| Rithm Capital Corp., 8.00%, 07/15/2030<sup>(b)</sup> | 480000 | &nbsp;&nbsp; 486980 |
| Starwood Property Trust, Inc., 7.25%, <br> 04/01/2029<sup>(b)</sup><br>| 320000 | &nbsp;&nbsp; 337429 |
|  |  | &nbsp;&nbsp; 824409 |
| **Movies & Entertainment-0.22%** | **Movies & Entertainment-0.22%** | **Movies & Entertainment-0.22%** |
| Live Nation Entertainment, Inc. |  |  |
| 6.50% 05/15/2027<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 75695 |
| 3.75% 01/15/2028<sup>(b)(c)</sup> | 220000 | &nbsp;&nbsp; 215213 |
|  |  | &nbsp;&nbsp; 290908 |
| **Multi-Utilities-0.24%** | **Multi-Utilities-0.24%** | **Multi-Utilities-0.24%** |
| Algonquin Power & Utilities Corp. (Canada), <br> 4.75%, 01/18/2082<sup>(e)</sup><br>| 334000 | &nbsp;&nbsp; 328149 |
| **Office REITs-1.19%** | **Office REITs-1.19%** | **Office REITs-1.19%** |
| Brandywine Operating Partnership L.P. |  |  |
| 3.95% 11/15/2027 | 200000 | &nbsp;&nbsp; 197042 |
| 8.30% 03/15/2028 | 200000 | &nbsp;&nbsp; 213776 |
| 8.88% 04/12/2029<sup>(c)</sup> | 230000 | &nbsp;&nbsp; 250016 |
| 4.55% 10/01/2029 | 100000 | &nbsp;&nbsp; 96196 |
| Hudson Pacific Properties L.P. |  |  |
| 3.95% 11/01/2027 | 135000 | &nbsp;&nbsp; 129362 |
| 5.95% 02/15/2028<sup>(c)</sup> | 400000 | &nbsp;&nbsp; 391535 |
| 3.25% 01/15/2030 | 240000 | &nbsp;&nbsp; 205171 |
| Office Properties Income Trust, 9.00%, <br> 09/30/2029<sup>(b)</sup><br>| 157000 | &nbsp;&nbsp; 114021 |
|  |  | &nbsp;&nbsp; 1597119 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Office Services & Supplies-0.43%** | **Office Services & Supplies-0.43%** | **Office Services & Supplies-0.43%** |
| ACCO Brands Corp., 4.25%, <br> 03/15/2029<sup>(b)(c)</sup><br>| $571000 | &nbsp;&nbsp; $502384 |
| Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 76011 |
|  |  | &nbsp;&nbsp; 578395 |
| **Oil & Gas Drilling-1.33%** | **Oil & Gas Drilling-1.33%** | **Oil & Gas Drilling-1.33%** |
| Harvest Midstream I L.P. |  |  |
| 7.50% 09/01/2028<sup>(b)</sup> | 307000 | &nbsp;&nbsp; 311502 |
| 7.50% 05/15/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 103711 |
| Nabors Industries, Inc. |  |  |
| 7.38% 05/15/2027<sup>(b)</sup> | 201000 | &nbsp;&nbsp; 204152 |
| 9.13% 01/31/2030<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 78875 |
| Noble Finance II LLC, 8.00%, 04/15/2030<sup>(b)</sup> | 330000 | &nbsp;&nbsp; 342721 |
| Seadrill Finance Ltd. (Norway), 8.38%, <br> 08/01/2030<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 204764 |
| Summit Midstream Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 152720 |
| Transocean International Ltd., 8.50%, <br> 05/15/2031<sup>(b)</sup><br>| 195000 | &nbsp;&nbsp; 193761 |
| Valaris Ltd., 8.38%, 04/30/2030<sup>(b)</sup> | 186000 | &nbsp;&nbsp; 194418 |
|  |  | &nbsp;&nbsp; 1786624 |
| **Oil & Gas Equipment & Services-0.81%** | **Oil & Gas Equipment & Services-0.81%** | **Oil & Gas Equipment & Services-0.81%** |
| Bristow Group, Inc., 6.88%, <br> 03/01/2028<sup>(b)(c)</sup><br>| 400000 | &nbsp;&nbsp; 401212 |
| Oceaneering International, Inc., 6.00%, <br> 02/01/2028<br>| 680000 | &nbsp;&nbsp; 686858 |
|  |  | &nbsp;&nbsp; 1088070 |
| **Oil & Gas Exploration & Production-3.50%** | **Oil & Gas Exploration & Production-3.50%** | **Oil & Gas Exploration & Production-3.50%** |
| Baytex Energy Corp. (Canada) |  |  |
| 8.50% 04/30/2030<sup>(b)(c)</sup> | 400000 | &nbsp;&nbsp; 410396 |
| 7.38% 03/15/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 128110 |
| Caturus Energy LLC, 8.50%, 02/15/2030<sup>(b)</sup> | 120000 | &nbsp;&nbsp; 122687 |
| Civitas Resources, Inc. |  |  |
| 8.38% 07/01/2028<sup>(b)(c)</sup> | 220000 | &nbsp;&nbsp; 227586 |
| 8.63% 11/01/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 134509 |
| 8.75% 07/01/2031<sup>(b)(c)</sup> | 608000 | &nbsp;&nbsp; 625817 |
| Crescent Energy Finance LLC |  |  |
| 7.63% 04/01/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 126141 |
| 7.38% 01/15/2033<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 122906 |
| 8.38% 01/15/2034<sup>(b)(c)</sup> | 335000 | &nbsp;&nbsp; 327977 |
| Hilcorp Energy I L.P./Hilcorp Finance Co. |  |  |
| 5.75% 02/01/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 98196 |
| 6.00% 04/15/2030<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 73188 |
| 6.25% 04/15/2032<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 142528 |
| 8.38% 11/01/2033<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 207086 |
| 6.88% 05/15/2034<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 95098 |
| Kraken Oil & Gas Partners LLC, 7.63%, <br> 08/15/2029<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 137186 |
| Long Ridge Energy LLC, 8.75%, <br> 02/15/2032<sup>(b)(c)</sup><br>| 300000 | &nbsp;&nbsp; 310435 |
| Moss Creek Resources Holdings, Inc., 8.25%, <br> 09/01/2031<sup>(b)</sup><br>| 290000 | &nbsp;&nbsp; 280197 |
| Murphy Oil Corp., 5.88%, 12/01/2042 | 140000 | &nbsp;&nbsp; 119308 |
| Saturn Oil & Gas, Inc. (Canada), 9.63%, <br> 06/15/2029<sup>(b)(c)</sup><br>| 341000 | &nbsp;&nbsp; 345314 |
| SM Energy Co., 7.00%, 08/01/2032<sup>(b)</sup> | 120000 | &nbsp;&nbsp; 117511 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**35**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** |
| Talos Production, Inc., 9.38%, <br> 02/01/2031<sup>(b)(c)</sup><br>| $| 435000 | &nbsp;&nbsp; $445329 |
| Vital Energy, Inc., 7.75%, 07/31/2029<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 98405 |
|  |  |  | &nbsp;&nbsp; 4695910 |
| **Oil & Gas Refining & Marketing-1.15%** | **Oil & Gas Refining & Marketing-1.15%** | **Oil & Gas Refining & Marketing-1.15%** | **Oil & Gas Refining & Marketing-1.15%** |
| CVR Energy, Inc., 8.50%, 01/15/2029<sup>(b)(c)</sup> |  | 260000 | &nbsp;&nbsp; 266628 |
| NuStar Logistics L.P., 5.63%, <br> 04/28/2027<sup>(c)</sup><br>|  | 325000 | &nbsp;&nbsp; 327981 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |  |
| 6.00% 02/15/2028<sup>(c)</sup> |  | 580000 | &nbsp;&nbsp; 576153 |
| 7.88% 09/15/2030<sup>(b)(c)</sup> |  | 240000 | &nbsp;&nbsp; 241292 |
| Sunoco L.P./Sunoco Finance Corp., 7.00%, <br> 09/15/2028<sup>(b)</sup><br>|  | 125000 | &nbsp;&nbsp; 129359 |
|  |  |  | &nbsp;&nbsp; 1541413 |
| **Oil & Gas Storage & Transportation-2.94%** | **Oil & Gas Storage & Transportation-2.94%** | **Oil & Gas Storage & Transportation-2.94%** | **Oil & Gas Storage & Transportation-2.94%** |
| Buckeye Partners L.P., 3.95%, 12/01/2026 |  | 351000 | &nbsp;&nbsp; 348178 |
| Energy Transfer L.P. |  |  |  |
| 8.00% 05/15/2054<sup>(e)</sup> |  | 100000 | &nbsp;&nbsp; 106846 |
| 6.50% 02/15/2056<sup>(e)</sup> |  | 200000 | &nbsp;&nbsp; 198373 |
| Hess Midstream Operations L.P., 5.88%, <br> 03/01/2028<sup>(b)(c)</sup><br>|  | 550000 | &nbsp;&nbsp; 561679 |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> |  | 92000 | &nbsp;&nbsp; 89191 |
| Kinetik Holdings L.P., 6.63%, <br> 12/15/2028<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 102773 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.13%, 02/15/2029<sup>(b)(c)</sup><br>|  | 280000 | &nbsp;&nbsp; 286819 |
| South Bow Canadian Infrastructure Holdings <br> Ltd. (Canada), 7.63%, 03/01/2055<sup>(e)</sup><br>|  | 640000 | &nbsp;&nbsp; 666873 |
| Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp., 5.50%, <br> 01/15/2028<sup>(b)</sup><br>|  | 525000 | &nbsp;&nbsp; 522182 |
| Venture Global LNG, Inc. |  |  |  |
| 8.13% 06/01/2028<sup>(b)(c)</sup> |  | 495000 | &nbsp;&nbsp; 510221 |
| 8.38% 06/01/2031<sup>(b)(c)</sup> |  | 220000 | &nbsp;&nbsp; 226054 |
| 9.88% 02/01/2032<sup>(b)(c)</sup> |  | 300000 | &nbsp;&nbsp; 320633 |
|  |  |  | &nbsp;&nbsp; 3939822 |
| **Other Specialized REITs-0.34%** | **Other Specialized REITs-0.34%** | **Other Specialized REITs-0.34%** | **Other Specialized REITs-0.34%** |
| Iron Mountain, Inc., 4.88%, 09/15/2027<sup>(b)</sup> |  | 458000 | &nbsp;&nbsp; 456891 |
| **Other Specialty Retail-0.25%** | **Other Specialty Retail-0.25%** | **Other Specialty Retail-0.25%** | **Other Specialty Retail-0.25%** |
| Bath & Body Works, Inc., 6.69%, <br> 01/15/2027<br>|  | 200000 | &nbsp;&nbsp; 204323 |
| Dick's Sporting Goods, Inc., 4.00%, <br> 10/01/2029<sup>(b)</sup><br>|  | 137000 | &nbsp;&nbsp; 134071 |
|  |  |  | &nbsp;&nbsp; 338394 |
| **Packaged Foods & Meats-0.57%** | **Packaged Foods & Meats-0.57%** | **Packaged Foods & Meats-0.57%** | **Packaged Foods & Meats-0.57%** |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(b)(c)</sup> |  | 300000 | &nbsp;&nbsp; 282422 |
| Lamb Weston Holdings, Inc., 4.88%, <br> 05/15/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 200576 |
| Viking Baked Goods Acquisition Corp., <br> 8.63%, 11/01/2031<sup>(b)(c)</sup><br>|  | 275000 | &nbsp;&nbsp; 276613 |
|  |  |  | &nbsp;&nbsp; 759611 |
| **Paper & Plastic Packaging Products & Materials-1.53%** | **Paper & Plastic Packaging Products & Materials-1.53%** | **Paper & Plastic Packaging Products & Materials-1.53%** | **Paper & Plastic Packaging Products & Materials-1.53%** |
| Cascades, Inc./Cascades USA, Inc. (Canada), <br> 5.38%, 01/15/2028<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 149943 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 6.63% 04/15/2029<sup>(b)(c)</sup> | $| 320000 | &nbsp;&nbsp; $321478 |
| 6.88% 01/15/2030<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 151686 |
| 8.75% 04/15/2030<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 300871 |
| 6.75% 04/15/2032<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 200843 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| 7.88% 08/15/2026<sup>(b)</sup> |  | 310000 | &nbsp;&nbsp; 308838 |
| 9.25% 04/15/2027<sup>(b)</sup> |  | 58000 | &nbsp;&nbsp; 57321 |
| Sealed Air Corp. |  |  |  |
| 6.13% 02/01/2028<sup>(b)</sup> |  | 45000 | &nbsp;&nbsp; 45638 |
| 6.88% 07/15/2033<sup>(b)(c)</sup> |  | 351000 | &nbsp;&nbsp; 382481 |
| Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo US LLC (Canada), <br> 9.50%, 05/15/2030<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 140785 |
|  |  |  | &nbsp;&nbsp; 2059884 |
| **Paper Products-0.60%** | **Paper Products-0.60%** | **Paper Products-0.60%** | **Paper Products-0.60%** |
| Clearwater Paper Corp., 4.75%, <br> 08/15/2028<sup>(b)</sup><br>|  | 560000 | &nbsp;&nbsp; 525938 |
| Domtar Corp., 6.75%, 10/01/2028<sup>(b)</sup> |  | 366000 | &nbsp;&nbsp; 278156 |
|  |  |  | &nbsp;&nbsp; 804094 |
| **Passenger Airlines-1.31%** | **Passenger Airlines-1.31%** | **Passenger Airlines-1.31%** | **Passenger Airlines-1.31%** |
| Air Canada (Canada), 3.88%, 08/15/2026<sup>(b)</sup> |  | 58000 | &nbsp;&nbsp; 57591 |
| Allegiant Travel Co., 7.25%, 08/15/2027<sup>(b)</sup> |  | 410000 | &nbsp;&nbsp; 414869 |
| American Airlines, Inc., 7.25%, <br> 02/15/2028<sup>(b)</sup><br>|  | 730000 | &nbsp;&nbsp; 747390 |
| Avianca Midco 2 PLC, 9.00%, <br> 12/01/2028<sup>(b)</sup><br>|  | 210000 | &nbsp;&nbsp; 210000 |
| JetBlue Airways Corp./JetBlue Loyalty L.P., <br> 9.88%, 09/20/2031<sup>(b)(c)</sup><br>|  | 330000 | &nbsp;&nbsp; 324679 |
|  |  |  | &nbsp;&nbsp; 1754529 |
| **Personal Care Products-0.40%** | **Personal Care Products-0.40%** | **Personal Care Products-0.40%** | **Personal Care Products-0.40%** |
| Edgewell Personal Care Co., 4.13%, <br> 04/01/2029<sup>(b)(c)</sup><br>|  | 560000 | &nbsp;&nbsp; 532478 |
| **Pharmaceuticals-1.99%** | **Pharmaceuticals-1.99%** | **Pharmaceuticals-1.99%** | **Pharmaceuticals-1.99%** |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 209255 |
| AdaptHealth LLC |  |  |  |
| 6.13% 08/01/2028<sup>(b)(c)</sup> |  | 220000 | &nbsp;&nbsp; 220076 |
| 4.63% 08/01/2029<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 143042 |
| Bausch Health Cos., Inc. |  |  |  |
| 4.88% 06/01/2028<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 91076 |
| 11.00% 09/30/2028<sup>(b)</sup> |  | 275000 | &nbsp;&nbsp; 288508 |
| Elanco Animal Health, Inc., 6.65%, <br> 08/28/2028<br>|  | 460000 | &nbsp;&nbsp; 480453 |
| Endo Finance Holdings, Inc., 8.50%, <br> 04/15/2031<sup>(b)</sup><br>|  | 240000 | &nbsp;&nbsp; 254682 |
| HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, <br> 06/01/2029<sup>(b)(c)</sup><br>|  | 250000 | &nbsp;&nbsp; 220651 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.<br>|  |  |  |
| 4.13% 04/30/2028<sup>(b)(c)</sup> |  | 400000 | &nbsp;&nbsp; 380817 |
| 6.75% 05/15/2034<sup>(b)(c)</sup> |  | 400000 | &nbsp;&nbsp; 358870 |
| P&L Development LLC/PLD Finance Corp., <br> 3.50% PIK Rate, 9.00% Cash Rate, <br> 05/15/2029<sup>(b)(d)</sup><br>|  | 26829 | &nbsp;&nbsp; 27614 |
|  |  |  | &nbsp;&nbsp; 2675044 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**36**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Property & Casualty Insurance-0.09%** | **Property & Casualty Insurance-0.09%** | **Property & Casualty Insurance-0.09%** |
| MBIA, Inc., 5.70%, 12/01/2034 | $140000 | &nbsp;&nbsp; $126502 |
| **Real Estate Development-1.02%** | **Real Estate Development-1.02%** | **Real Estate Development-1.02%** |
| Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)</sup><br>| 136000 | &nbsp;&nbsp; 145802 |
| Forestar Group, Inc., 5.00%, 03/01/2028<sup>(b)</sup> | 600000 | &nbsp;&nbsp; 599979 |
| Hunt Cos., Inc., 5.25%, 04/15/2029<sup>(b)</sup> | 640000 | &nbsp;&nbsp; 622892 |
|  |  | &nbsp;&nbsp; 1368673 |
| **Real Estate Services-0.55%** | **Real Estate Services-0.55%** | **Real Estate Services-0.55%** |
| Newmark Group, Inc., 7.50%, 01/12/2029 | 690000 | &nbsp;&nbsp; 739539 |
| **Regional Banks-0.07%** | **Regional Banks-0.07%** | **Regional Banks-0.07%** |
| Veritiv Operating Co., 10.50%, <br> 11/30/2030<sup>(b)</sup><br>| 87000 | &nbsp;&nbsp; 90648 |
| **Reinsurance-0.10%** | **Reinsurance-0.10%** | **Reinsurance-0.10%** |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(e)</sup><br>| 135000 | &nbsp;&nbsp; 131502 |
| **Research & Consulting Services-1.30%** | **Research & Consulting Services-1.30%** | **Research & Consulting Services-1.30%** |
| Clarivate Science Holdings Corp., 3.88%, <br> 07/01/2028<sup>(b)</sup><br>| 500000 | &nbsp;&nbsp; 481853 |
| CoreLogic, Inc., 4.50%, 05/01/2028<sup>(b)</sup> | 640000 | &nbsp;&nbsp; 618658 |
| Science Applications International Corp., <br> 5.88%, 11/01/2033<sup>(b)(c)</sup><br>| 640000 | &nbsp;&nbsp; 638745 |
|  |  | &nbsp;&nbsp; 1739256 |
| **Restaurants-0.60%** | **Restaurants-0.60%** | **Restaurants-0.60%** |
| Bloomin' Brands, Inc./OSI Restaurant <br> Partners LLC, 5.13%, 04/15/2029<sup>(b)</sup><br>| 750000 | &nbsp;&nbsp; 664116 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc., 6.75%, <br> 01/15/2030<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 139161 |
|  |  | &nbsp;&nbsp; 803277 |
| **Retail REITs-0.47%** | **Retail REITs-0.47%** | **Retail REITs-0.47%** |
| Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/2027<sup>(b)(c)</sup><br>| 640000 | &nbsp;&nbsp; 630855 |
| **Security & Alarm Services-0.66%** | **Security & Alarm Services-0.66%** | **Security & Alarm Services-0.66%** |
| Brink's Co. (The), 4.63%, 10/15/2027<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 99640 |
| CoreCivic, Inc., 4.75%, 10/15/2027 | 420000 | &nbsp;&nbsp; 416743 |
| Garda World Security Corp. (Canada), <br> 4.63%, 02/15/2027<sup>(b)</sup><br>| 370000 | &nbsp;&nbsp; 367374 |
|  |  | &nbsp;&nbsp; 883757 |
| **Semiconductors-0.32%** | **Semiconductors-0.32%** | **Semiconductors-0.32%** |
| ams-OSRAM AG (Austria), 12.25%, <br> 03/30/2029<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 162161 |
| Kioxia Holdings Corp. (Japan), 6.63%, <br> 07/24/2033<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 271513 |
|  |  | &nbsp;&nbsp; 433674 |
| **Specialized Consumer Services-0.29%** | **Specialized Consumer Services-0.29%** | **Specialized Consumer Services-0.29%** |
| Sotheby's, 7.38%, 10/15/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 200229 |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, <br> 06/01/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 189973 |
|  |  | &nbsp;&nbsp; 390202 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialty Chemicals-1.80%** | **Specialty Chemicals-1.80%** | **Specialty Chemicals-1.80%** |
| Celanese US Holdings LLC |  |  |
| 6.67% 07/15/2027 | $300000 | &nbsp;&nbsp; $308150 |
| 6.50% 04/15/2030 | 200000 | &nbsp;&nbsp; 198455 |
| 7.20% 11/15/2033 | 150000 | &nbsp;&nbsp; 153935 |
| Herens Holdco S.a.r.l. (Luxembourg), 4.75%, <br> 05/15/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 169006 |
| Huntsman International LLC, 5.70%, <br> 10/15/2034<sup>(c)</sup><br>| 440000 | &nbsp;&nbsp; 384132 |
| Tronox, Inc., 4.63%, 03/15/2029<sup>(b)(c)</sup> | 340000 | &nbsp;&nbsp; 209370 |
| Wayfair LLC |  |  |
| 7.25% 10/31/2029<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 207314 |
| 7.75% 09/15/2030<sup>(b)(c)</sup> | 430000 | &nbsp;&nbsp; 454674 |
| WR Grace Holdings LLC |  |  |
| 4.88% 06/15/2027<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 248054 |
| 5.63% 08/15/2029<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 82440 |
|  |  | &nbsp;&nbsp; 2415530 |
| **Steel-1.27%** | **Steel-1.27%** | **Steel-1.27%** |
| Cleveland-Cliffs, Inc. |  |  |
| 4.63% 03/01/2029<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 244498 |
| 6.88% 11/01/2029<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 133604 |
| 6.75% 04/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 133044 |
| 7.50% 09/15/2031<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 83810 |
| 7.00% 03/15/2032<sup>(b)(c)</sup> | 270000 | &nbsp;&nbsp; 276411 |
| 7.38% 05/01/2033<sup>(b)</sup> | 220000 | &nbsp;&nbsp; 227846 |
| 7.63% 01/15/2034<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 156065 |
| SunCoke Energy, Inc., 4.88%, <br> 06/30/2029<sup>(b)</sup><br>| 475000 | &nbsp;&nbsp; 443870 |
|  |  | &nbsp;&nbsp; 1699148 |
| **Systems Software-0.13%** | **Systems Software-0.13%** | **Systems Software-0.13%** |
| Gen Digital, Inc., 6.75%, 09/30/2027<sup>(b)</sup> | 52000 | &nbsp;&nbsp; 52849 |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> | 129000 | &nbsp;&nbsp; 118265 |
|  |  | &nbsp;&nbsp; 171114 |
| **Technology Distributors-0.49%** | **Technology Distributors-0.49%** | **Technology Distributors-0.49%** |
| Insight Enterprises, Inc., 6.63%, <br> 05/15/2032<sup>(b)</sup><br>| 640000 | &nbsp;&nbsp; 655758 |
| **Technology Hardware, Storage & Peripherals-0.71%** | **Technology Hardware, Storage & Peripherals-0.71%** | **Technology Hardware, Storage & Peripherals-0.71%** |
| Seagate Data Storage Technology Pte. Ltd., <br> 4.13%, 01/15/2031<sup>(b)</sup><br>| 420000 | &nbsp;&nbsp; 395863 |
| Xerox Corp., 10.25%, 10/15/2030<sup>(b)(c)</sup> | 540000 | &nbsp;&nbsp; 552822 |
|  |  | &nbsp;&nbsp; 948685 |
| **Telecom Tower REITs-0.39%** | **Telecom Tower REITs-0.39%** | **Telecom Tower REITs-0.39%** |
| SBA Communications Corp., 3.13%, <br> 02/01/2029<sup>(c)</sup><br>| 550000 | &nbsp;&nbsp; 520353 |
| **Tires & Rubber-0.32%** | **Tires & Rubber-0.32%** | **Tires & Rubber-0.32%** |
| Goodyear Tire & Rubber Co. (The), 4.88%, <br> 03/15/2027<sup>(c)</sup><br>| 430000 | &nbsp;&nbsp; 427125 |
| **Tobacco-0.24%** | **Tobacco-0.24%** | **Tobacco-0.24%** |
| Turning Point Brands, Inc., 7.63%, <br> 03/15/2032<sup>(b)</sup><br>| 300000 | &nbsp;&nbsp; 318393 |
| **Trading Companies & Distributors-1.18%** | **Trading Companies & Distributors-1.18%** | **Trading Companies & Distributors-1.18%** |
| FTAI Aviation Investors LLC, 5.50%, <br> 05/01/2028<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp; 350481 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**37**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Trading Companies & Distributors-(continued)** | **Trading Companies & Distributors-(continued)** | **Trading Companies & Distributors-(continued)** |
| Herc Holdings, Inc. |  |  |
| 7.00% 06/15/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; $209468 |
| 7.25% 06/15/2033<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 211014 |
| QXO Building Products, Inc., 6.75%, <br> 04/30/2032<sup>(b)(c)</sup><br>| 780000 | &nbsp;&nbsp; 809447 |
|  |  | &nbsp;&nbsp; 1580410 |
| **Transaction & Payment Processing Services-0.35%** | **Transaction & Payment Processing Services-0.35%** | **Transaction & Payment Processing Services-0.35%** |
| NCR Atleos Corp., 9.50%, 04/01/2029<sup>(b)</sup> | 441000 | &nbsp;&nbsp; 476560 |
| **Water Utilities-0.09%** | **Water Utilities-0.09%** | **Water Utilities-0.09%** |
| S&S Holdings LLC, 8.38%, 10/01/2031<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 124326 |
| **Wireless Telecommunication Services-0.30%** | **Wireless Telecommunication Services-0.30%** | **Wireless Telecommunication Services-0.30%** |
| Ontario Gaming GTA L.P./OTG Co-Issuer, Inc. <br> (Canada), 8.00%, 08/01/2030<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 197451 |
| VMED O2 UK Financing I PLC (United <br> Kingdom), 7.75%, 04/15/2032<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 207585 |
|  |  | &nbsp;&nbsp; 405036 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $130,113,750) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $130,113,750) | &nbsp;&nbsp; 130710993 |
| **U.S. Treasury Securities-0.24%** | **U.S. Treasury Securities-0.24%** | **U.S. Treasury Securities-0.24%** |
| **U.S. Treasury Bills-0.24%** | **U.S. Treasury Bills-0.24%** | **U.S. Treasury Bills-0.24%** |
| 3.59%–4.15%, 05/14/2026<sup>(f)(g)</sup> <br>(Cost $322,151)<br>| 329000 | &nbsp;&nbsp; 322662 |
|  | **Shares** |  |
| **Common Stocks & Other Equity Interests-0.02%** | **Common Stocks & Other Equity Interests-0.02%** | **Common Stocks & Other Equity Interests-0.02%** |
| **Integrated Telecommunication Services-0.02%** | **Integrated Telecommunication Services-0.02%** | **Integrated Telecommunication Services-0.02%** |
| Altice France S.A. (France)<sup>(h)</sup> | 1810 | &nbsp;&nbsp; 30407 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-0.00%** | **Pharmaceuticals-0.00%** | **Pharmaceuticals-0.00%** |
| Mallinckrodt PLC<sup>(h)</sup> | 11 | &nbsp;&nbsp; $858 |
| Total Common Stocks & Other Equity Interests <br>(Cost $32,687) | Total Common Stocks & Other Equity Interests <br>(Cost $32,687) | &nbsp;&nbsp; 31265 |
| **Money Market Funds-0.66%** | **Money Market Funds-0.66%** | **Money Market Funds-0.66%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(i)(j)</sup> <br>(Cost $881,378)<br>| 881378 | &nbsp;&nbsp; 881378 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.31% <br>(Cost $131,349,966) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.31% <br>(Cost $131,349,966) | &nbsp;&nbsp; 131946298 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-29.62%** | **Money Market Funds-29.62%** | **Money Market Funds-29.62%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(i)(j)(k)</sup><br>| 10645658 | &nbsp;&nbsp; 10645658 |
| Invesco Private Prime Fund, 4.30%<sup>(i)(j)(k)</sup> | 29100300 | &nbsp;&nbsp; 29109030 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $39,754,752) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $39,754,752) | &nbsp;&nbsp; 39754688 |
| TOTAL INVESTMENTS IN SECURITIES-127.93% <br>(Cost $171,104,718) | TOTAL INVESTMENTS IN SECURITIES-127.93% <br>(Cost $171,104,718) | &nbsp;&nbsp; 171700986 |
| OTHER ASSETS LESS LIABILITIES-(27.93)% | OTHER ASSETS LESS LIABILITIES-(27.93)% | &nbsp;&nbsp; (37487628)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $134213358 |

---

Investment Abbreviations: <br> PIK -Pay-in-Kind <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $101,552,594, which represented 75.67% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(e)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(f)</sup> | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S. |
| <sup>(g)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(h)</sup> | Non-income producing security. |
| <sup>(i)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**38**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $513041 | &nbsp;&nbsp; $13038965 | &nbsp;&nbsp; $(12670628)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $881378 | &nbsp;&nbsp; $16388 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3579801 | &nbsp;&nbsp; 32986216 | &nbsp;&nbsp; (25920359)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10645658 | &nbsp;&nbsp; 185,996<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 8691255 | &nbsp;&nbsp; 71340968 | &nbsp;&nbsp; (50923887)<br>| &nbsp;&nbsp; 584 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 29109030 | &nbsp;&nbsp; 502,511<br> \*<br>|
| Total | &nbsp;&nbsp; $12784097 | &nbsp;&nbsp; $117366149 | &nbsp;&nbsp; $(89514874)<br>| &nbsp;&nbsp; $584 | &nbsp;&nbsp; $110 | &nbsp;&nbsp; $40636066 | &nbsp;&nbsp; $704895 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(j)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(k)</sup> 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 Note 2P. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 44 | December-2025 | &nbsp;&nbsp; $4957563 | &nbsp;&nbsp; $8916 | &nbsp;&nbsp; $8916 |
| U.S. Treasury 10 Year Ultra | &nbsp;&nbsp; 8 | December-2025 | &nbsp;&nbsp; 923875 | &nbsp;&nbsp; (4402)<br>| &nbsp;&nbsp; (4402)<br>|
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 68 | December-2025 | &nbsp;&nbsp; 7426344 | &nbsp;&nbsp; 16223 | &nbsp;&nbsp; 16223 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 3 | December-2025 | &nbsp;&nbsp; 351938 | &nbsp;&nbsp; (83)<br>| &nbsp;&nbsp; (83)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; 2 | December-2025 | &nbsp;&nbsp; 242563 | &nbsp;&nbsp; 2981 | &nbsp;&nbsp; 2981 |
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; 23635 | &nbsp;&nbsp; 23635 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 71 | December-2025 | &nbsp;&nbsp; (14785196)<br>| &nbsp;&nbsp; 14196 | &nbsp;&nbsp; 14196 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $37831 | &nbsp;&nbsp; $37831 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized** <br>**Appreciation** |
| **Settlement Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 1/28/2026 | State Street Bank & Trust | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 233854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1855 |

---

Abbreviations: <br> EUR -Euro <br> USD -U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**39**

------

**Invesco High Yield Select ETF (HIYS)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-94.29%** | **U.S. Dollar Denominated Bonds & Notes-94.29%** | **U.S. Dollar Denominated Bonds & Notes-94.29%** |
| **Advertising-0.96%** | **Advertising-0.96%** | **Advertising-0.96%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.13% 02/15/2031<sup>(b)</sup> | $20000 | &nbsp;&nbsp; $20644 |
| 7.50% 03/15/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20933 |
| Lamar Media Corp., 5.38%, 11/01/2033<sup>(b)</sup> | 35000 | &nbsp;&nbsp; 34694 |
|  |  | &nbsp;&nbsp; 76271 |
| **Aerospace & Defense-1.95%** | **Aerospace & Defense-1.95%** | **Aerospace & Defense-1.95%** |
| TransDigm, Inc. |  |  |
| 6.75% 08/15/2028<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 38797 |
| 6.38% 03/01/2029<sup>(b)</sup> | 87000 | &nbsp;&nbsp; 89474 |
| 6.00% 01/15/2033<sup>(b)</sup> | 27000 | &nbsp;&nbsp; 27456 |
|  |  | &nbsp;&nbsp; 155727 |
| **Alternative Carriers-0.10%** | **Alternative Carriers-0.10%** | **Alternative Carriers-0.10%** |
| Lumen Technologies, Inc., 10.00%, <br> 10/15/2032<sup>(b)</sup><br>| 8000 | &nbsp;&nbsp; 8090 |
| **Apparel Retail-0.39%** | **Apparel Retail-0.39%** | **Apparel Retail-0.39%** |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup><br>| 22350 | &nbsp;&nbsp; 10001 |
| William Carter Co. (The), 7.38%, <br> 02/15/2031<sup>(b)</sup><br>| 21000 | &nbsp;&nbsp; 20925 |
|  |  | &nbsp;&nbsp; 30926 |
| **Application Software-1.22%** | **Application Software-1.22%** | **Application Software-1.22%** |
| Cloud Software Group, Inc. |  |  |
| 9.00% 09/30/2029<sup>(b)</sup> | 22000 | &nbsp;&nbsp; 22774 |
| 8.25% 06/30/2032<sup>(b)</sup> | 34000 | &nbsp;&nbsp; 35761 |
| SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup><br>| 39000 | &nbsp;&nbsp; 39048 |
|  |  | &nbsp;&nbsp; 97583 |
| **Automobile Manufacturers-0.99%** | **Automobile Manufacturers-0.99%** | **Automobile Manufacturers-0.99%** |
| Allison Transmission, Inc., 3.75%, <br> 01/30/2031<sup>(b)</sup><br>| 85000 | &nbsp;&nbsp; 78552 |
| **Automotive Parts & Equipment-3.27%** | **Automotive Parts & Equipment-3.27%** | **Automotive Parts & Equipment-3.27%** |
| American Axle & Manufacturing, Inc., 7.75%, <br> 10/15/2033<sup>(b)(c)</sup><br>| 40000 | &nbsp;&nbsp; 40097 |
| Clarios Global L.P./Clarios US Finance Co. |  |  |
| 6.75% 02/15/2030<sup>(b)</sup> | 51000 | &nbsp;&nbsp; 52906 |
| 6.75% 09/15/2032<sup>(b)</sup> | 7000 | &nbsp;&nbsp; 7168 |
| Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 46952 |
| Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup> | 32000 | &nbsp;&nbsp; 34032 |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(b)</sup> | 41000 | &nbsp;&nbsp; 40115 |
| Phinia, Inc. |  |  |
| 6.75% 04/15/2029<sup>(b)</sup> | 8000 | &nbsp;&nbsp; 8263 |
| 6.63% 10/15/2032<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30889 |
|  |  | &nbsp;&nbsp; 260422 |
| **Automotive Retail-3.44%** | **Automotive Retail-3.44%** | **Automotive Retail-3.44%** |
| Carvana Co., 14.00% PIK Rate, 9.00% Cash <br> Rate, 06/01/2031<sup>(b)(d)</sup><br>| 40660 | &nbsp;&nbsp; 45293 |
| Group 1 Automotive, Inc. |  |  |
| 4.00% 08/15/2028<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 42720 |
| 6.38% 01/15/2030<sup>(b)</sup> | 41000 | &nbsp;&nbsp; 41897 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** |
| LCM Investments Holdings II LLC |  |  |  |
| 4.88% 05/01/2029<sup>(b)</sup> | $| 22000 | &nbsp;&nbsp; $21436 |
| 8.25% 08/01/2031<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 42120 |
| Lithia Motors, Inc. |  |  |  |
| 4.63% 12/15/2027<sup>(b)</sup> |  | 39000 | &nbsp;&nbsp; 38822 |
| 4.38% 01/15/2031<sup>(b)(c)</sup> |  | 44000 | &nbsp;&nbsp; 41985 |
|  |  |  | &nbsp;&nbsp; 274273 |
| **Broadcasting-1.69%** | **Broadcasting-1.69%** | **Broadcasting-1.69%** | **Broadcasting-1.69%** |
| AMC Networks, Inc., 10.50%, 07/15/2032<sup>(b)</sup> |  | 7000 | &nbsp;&nbsp; 7367 |
| Discovery Communications LLC, 4.13%, <br> 05/15/2029<br>|  | 41000 | &nbsp;&nbsp; 39694 |
| Gray Media, Inc., 9.63%, 07/15/2032<sup>(b)</sup> |  | 12000 | &nbsp;&nbsp; 12073 |
| Univision Communications, Inc. |  |  |  |
| 8.00% 08/15/2028<sup>(b)</sup> |  | 23000 | &nbsp;&nbsp; 23694 |
| 9.38% 08/01/2032<sup>(b)</sup> |  | 15000 | &nbsp;&nbsp; 15850 |
| Versant Media Group, Inc., 7.25%, <br> 01/30/2031<sup>(b)</sup><br>|  | 35000 | &nbsp;&nbsp; 35698 |
|  |  |  | &nbsp;&nbsp; 134376 |
| **Broadline Retail-0.48%** | **Broadline Retail-0.48%** | **Broadline Retail-0.48%** | **Broadline Retail-0.48%** |
| Macy's Retail Holdings LLC, 6.70%, <br> 07/15/2034<sup>(b)</sup><br>|  | 41000 | &nbsp;&nbsp; 38588 |
| **Building Products-0.49%** | **Building Products-0.49%** | **Building Products-0.49%** | **Building Products-0.49%** |
| New Enterprise Stone & Lime Co., Inc., 5.25%, <br> 07/15/2028<sup>(b)</sup><br>|  | 39000 | &nbsp;&nbsp; 38854 |
| **Cable & Satellite-2.18%** | **Cable & Satellite-2.18%** | **Cable & Satellite-2.18%** | **Cable & Satellite-2.18%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38% 06/01/2029<sup>(b)</sup> |  | 6000 | &nbsp;&nbsp; 5926 |
| 4.50% 05/01/2032 |  | 51000 | &nbsp;&nbsp; 45399 |
| 4.50% 06/01/2033<sup>(b)</sup> |  | 52000 | &nbsp;&nbsp; 45136 |
| 4.25% 01/15/2034<sup>(b)</sup> |  | 54000 | &nbsp;&nbsp; 45404 |
| Directv Financing LLC, 8.88%, 02/01/2030<sup>(b)</sup> |  | 10000 | &nbsp;&nbsp; 9953 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.<br>|  |  |  |
| 5.88% 08/15/2027<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9006 |
| 10.00% 02/15/2031<sup>(b)</sup> |  | 5000 | &nbsp;&nbsp; 4986 |
| Sinclair Television Group, Inc., 8.13%, <br> 02/15/2033<sup>(b)</sup><br>|  | 8000 | &nbsp;&nbsp; 8162 |
|  |  |  | &nbsp;&nbsp; 173972 |
| **Casinos & Gaming-4.16%** | **Casinos & Gaming-4.16%** | **Casinos & Gaming-4.16%** | **Casinos & Gaming-4.16%** |
| Melco Resorts Finance Ltd. (Hong Kong), <br> 6.50%, 09/24/2033<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 100737 |
| Studio City Finance Ltd. (Macau), 5.00%, <br> 01/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 191630 |
| Voyager Parent LLC, 9.25%, 07/01/2032<sup>(b)</sup> |  | 37000 | &nbsp;&nbsp; 38817 |
|  |  |  | &nbsp;&nbsp; 331184 |
| **Commercial & Residential Mortgage Finance-2.23%** | **Commercial & Residential Mortgage Finance-2.23%** | **Commercial & Residential Mortgage Finance-2.23%** | **Commercial & Residential Mortgage Finance-2.23%** |
| Nationstar Mortgage Holdings, Inc. |  |  |  |
| 6.50% 08/01/2029<sup>(b)</sup> |  | 30000 | &nbsp;&nbsp; 30795 |
| 7.13% 02/01/2032<sup>(b)</sup> |  | 44000 | &nbsp;&nbsp; 46039 |
| PennyMac Financial Services, Inc., 4.25%, <br> 02/15/2029<sup>(b)</sup><br>|  | 22000 | &nbsp;&nbsp; 21378 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**40**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Commercial & Residential Mortgage Finance-(continued)** | **Commercial & Residential Mortgage Finance-(continued)** | **Commercial & Residential Mortgage Finance-(continued)** | **Commercial & Residential Mortgage Finance-(continued)** |
| Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(b)</sup> | $| 39000 | &nbsp;&nbsp; $40254 |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(b)</sup> |  | 38000 | &nbsp;&nbsp; 38921 |
|  |  |  | &nbsp;&nbsp; 177387 |
| **Construction & Engineering-0.50%** | **Construction & Engineering-0.50%** | **Construction & Engineering-0.50%** | **Construction & Engineering-0.50%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> |  | 39000 | &nbsp;&nbsp; 40053 |
| **Consumer Finance-3.31%** | **Consumer Finance-3.31%** | **Consumer Finance-3.31%** | **Consumer Finance-3.31%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> |  | 74000 | &nbsp;&nbsp; 78347 |
| FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup> |  | 56000 | &nbsp;&nbsp; 58177 |
| Navient Corp. |  |  |  |
| 5.00% 03/15/2027 |  | 31000 | &nbsp;&nbsp; 30839 |
| 9.38% 07/25/2030<sup>(c)</sup> |  | 15000 | &nbsp;&nbsp; 16493 |
| OneMain Finance Corp. |  |  |  |
| 6.63% 05/15/2029 |  | 10000 | &nbsp;&nbsp; 10296 |
| 4.00% 09/15/2030<sup>(c)</sup> |  | 23000 | &nbsp;&nbsp; 21411 |
| 6.75% 03/15/2032 |  | 22000 | &nbsp;&nbsp; 22354 |
| 7.13% 09/15/2032 |  | 25000 | &nbsp;&nbsp; 25834 |
|  |  |  | &nbsp;&nbsp; 263751 |
| **Diversified Banks-0.49%** | **Diversified Banks-0.49%** | **Diversified Banks-0.49%** | **Diversified Banks-0.49%** |
| Brundage-Bone Concrete Pumping Holdings, <br> Inc., 7.50%, 02/01/2032<sup>(b)</sup><br>|  | 39000 | &nbsp;&nbsp; 39390 |
| **Diversified Financial Services-4.12%** | **Diversified Financial Services-4.12%** | **Diversified Financial Services-4.12%** | **Diversified Financial Services-4.12%** |
| Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/2032<sup>(b)</sup><br>|  | 20000 | &nbsp;&nbsp; 20872 |
| GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup><br>|  | 87000 | &nbsp;&nbsp; 90474 |
| Global Aircraft Leasing Co. Ltd. (Cayman <br> Islands), 8.75%, 09/01/2027<sup>(b)</sup><br>|  | 56000 | &nbsp;&nbsp; 57724 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| 6.13% 11/01/2032<sup>(b)</sup> |  | 44000 | &nbsp;&nbsp; 44811 |
| 6.75% 05/01/2033<sup>(b)</sup> |  | 53000 | &nbsp;&nbsp; 55329 |
| Provident Funding Associates L.P./PFG Finance <br> Corp., 9.75%, 09/15/2029<sup>(b)</sup><br>|  | 56000 | &nbsp;&nbsp; 59061 |
|  |  |  | &nbsp;&nbsp; 328271 |
| **Diversified REITs-0.73%** | **Diversified REITs-0.73%** | **Diversified REITs-0.73%** | **Diversified REITs-0.73%** |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>|  | 54000 | &nbsp;&nbsp; 52251 |
| Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 8.63%, 06/15/2032<sup>(b)</sup><br>|  | 6000 | &nbsp;&nbsp; 5625 |
|  |  |  | &nbsp;&nbsp; 57876 |
| **Diversified Support Services-0.97%** | **Diversified Support Services-0.97%** | **Diversified Support Services-0.97%** | **Diversified Support Services-0.97%** |
| RB Global Holdings, Inc. (Canada) |  |  |  |
| 6.75% 03/15/2028<sup>(b)</sup> |  | 60000 | &nbsp;&nbsp; 61339 |
| 7.75% 03/15/2031<sup>(b)</sup> |  | 15000 | &nbsp;&nbsp; 15673 |
|  |  |  | &nbsp;&nbsp; 77012 |
| **Electric Utilities-3.50%** | **Electric Utilities-3.50%** | **Electric Utilities-3.50%** | **Electric Utilities-3.50%** |
| Brookfield Infrastructure Finance ULC (Canada), <br> 6.75%, 03/15/2055<sup>(e)</sup><br>|  | 58000 | &nbsp;&nbsp; 59310 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 50550 |
| Hawaiian Electric Co., Inc., 6.00%, <br> 10/01/2033<sup>(b)</sup><br>|  | 59000 | &nbsp;&nbsp; 59700 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| NRG Energy, Inc., 6.00%, 01/15/2036<sup>(b)</sup> | 60000 | &nbsp;&nbsp; $61072 |
| Vistra Operations Co. LLC, 5.00%, <br> 07/31/2027<sup>(b)</sup><br>| 48000 | &nbsp;&nbsp; 48056 |
|  |  | &nbsp;&nbsp; 278688 |
| **Electrical Components & Equipment-1.56%** | **Electrical Components & Equipment-1.56%** | **Electrical Components & Equipment-1.56%** |
| EnerSys |  |  |
| 4.38% 12/15/2027<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 38538 |
| 6.63% 01/15/2032<sup>(b)</sup> | 24000 | &nbsp;&nbsp; 24698 |
| Nissan Motor Acceptance Co. LLC, 7.05%, <br> 09/15/2028<sup>(b)</sup><br>| 59000 | &nbsp;&nbsp; 61420 |
|  |  | &nbsp;&nbsp; 124656 |
| **Electronic Components-0.57%** | **Electronic Components-0.57%** | **Electronic Components-0.57%** |
| Sensata Technologies, Inc., 3.75%, <br> 02/15/2031<sup>(b)</sup><br>| 49000 | &nbsp;&nbsp; 45587 |
| **Electronic Manufacturing Services-0.79%** | **Electronic Manufacturing Services-0.79%** | **Electronic Manufacturing Services-0.79%** |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc., <br> 6.63%, 12/15/2030<sup>(b)</sup><br>| 61000 | &nbsp;&nbsp; 62786 |
| **Environmental & Facilities Services-1.00%** | **Environmental & Facilities Services-1.00%** | **Environmental & Facilities Services-1.00%** |
| GFL Environmental, Inc., 4.00%, <br> 08/01/2028<sup>(b)</sup><br>| 81000 | &nbsp;&nbsp; 79297 |
| **Gold-1.09%** | **Gold-1.09%** | **Gold-1.09%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup><br>| 83000 | &nbsp;&nbsp; 86857 |
| **Health Care Equipment-0.51%** | **Health Care Equipment-0.51%** | **Health Care Equipment-0.51%** |
| Hologic, Inc., 3.25%, 02/15/2029<sup>(b)</sup> | 41000 | &nbsp;&nbsp; 40501 |
| **Health Care Facilities-1.30%** | **Health Care Facilities-1.30%** | **Health Care Facilities-1.30%** |
| Select Medical Corp., 6.25%, 12/01/2032<sup>(b)(c)</sup> | 44000 | &nbsp;&nbsp; 44678 |
| Tenet Healthcare Corp., 6.75%, 05/15/2031 | 57000 | &nbsp;&nbsp; 59186 |
|  |  | &nbsp;&nbsp; 103864 |
| **Health Care REITs-0.99%** | **Health Care REITs-0.99%** | **Health Care REITs-0.99%** |
| Diversified Healthcare Trust |  |  |
| 0.00% 01/15/2026<sup>(b)(f)</sup> | 21000 | &nbsp;&nbsp; 20782 |
| 7.25% 10/15/2030<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 50564 |
| MPT Operating Partnership L.P./MPT Finance <br> Corp., 8.50%, 02/15/2032<sup>(b)</sup><br>| 7000 | &nbsp;&nbsp; 7341 |
|  |  | &nbsp;&nbsp; 78687 |
| **Health Care Services-1.01%** | **Health Care Services-1.01%** | **Health Care Services-1.01%** |
| Community Health Systems, Inc. |  |  |
| 5.25% 05/15/2030<sup>(b)</sup> | 16000 | &nbsp;&nbsp; 15013 |
| 4.75% 02/15/2031<sup>(b)</sup> | 29000 | &nbsp;&nbsp; 25917 |
| DaVita, Inc. |  |  |
| 6.88% 09/01/2032<sup>(b)(c)</sup> | 18000 | &nbsp;&nbsp; 18666 |
| 6.75% 07/15/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20754 |
|  |  | &nbsp;&nbsp; 80350 |
| **Health Care Supplies-0.74%** | **Health Care Supplies-0.74%** | **Health Care Supplies-0.74%** |
| Medline Borrower L.P. |  |  |
| 3.88% 04/01/2029<sup>(b)</sup> | 21000 | &nbsp;&nbsp; 20411 |
| 5.25% 10/01/2029<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 38877 |
|  |  | &nbsp;&nbsp; 59288 |
| **Homebuilding-0.58%** | **Homebuilding-0.58%** | **Homebuilding-0.58%** |
| Taylor Morrison Communities, Inc., 5.13%, <br> 08/01/2030<sup>(b)(c)</sup><br>| 46000 | &nbsp;&nbsp; 45979 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**41**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotel & Resort REITs-1.02%** | **Hotel & Resort REITs-1.02%** | **Hotel & Resort REITs-1.02%** |
| RHP Hotel Properties L.P./RHP Finance Corp., <br> 6.50%, 06/15/2033<sup>(b)</sup><br>| $39000 | &nbsp;&nbsp; $40281 |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(c)</sup><br>| 43000 | &nbsp;&nbsp; 40638 |
|  |  | &nbsp;&nbsp; 80919 |
| **Hotels, Resorts & Cruise Lines-0.99%** | **Hotels, Resorts & Cruise Lines-0.99%** | **Hotels, Resorts & Cruise Lines-0.99%** |
| Hilton Domestic Operating Co., Inc., 5.88%, <br> 03/15/2033<sup>(b)</sup><br>| 77000 | &nbsp;&nbsp; 78985 |
| **Household Appliances-0.49%** | **Household Appliances-0.49%** | **Household Appliances-0.49%** |
| Whirlpool Corp., 4.75%, 02/26/2029 | 40000 | &nbsp;&nbsp; 39458 |
| **Housewares & Specialties-0.74%** | **Housewares & Specialties-0.74%** | **Housewares & Specialties-0.74%** |
| Newell Brands, Inc. |  |  |
| 6.63% 09/15/2029 | 19000 | &nbsp;&nbsp; 18617 |
| 6.38% 05/15/2030<sup>(c)</sup> | 42000 | &nbsp;&nbsp; 40005 |
|  |  | &nbsp;&nbsp; 58622 |
| **Independent Power Producers & Energy Traders-2.48%** | **Independent Power Producers & Energy Traders-2.48%** | **Independent Power Producers & Energy Traders-2.48%** |
| Calpine Corp., 5.13%, 03/15/2028<sup>(b)</sup> | 59000 | &nbsp;&nbsp; 59030 |
| Vistra Corp. |  |  |
| 8.00% <sup>(b)(e)(g)</sup> | 24000 | &nbsp;&nbsp; 24681 |
| Series C, 8.88% <sup>(b)(e)(g)</sup> | 76000 | &nbsp;&nbsp; 83626 |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30530 |
|  |  | &nbsp;&nbsp; 197867 |
| **Industrial Machinery & Supplies & Components-2.33%** | **Industrial Machinery & Supplies & Components-2.33%** | **Industrial Machinery & Supplies & Components-2.33%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> | 78000 | &nbsp;&nbsp; 79986 |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 57000 | &nbsp;&nbsp; 58403 |
| Roller Bearing Co. of America, Inc., 4.38%, <br> 10/15/2029<sup>(b)</sup><br>| 48000 | &nbsp;&nbsp; 47098 |
|  |  | &nbsp;&nbsp; 185487 |
| **Insurance Brokers-1.58%** | **Insurance Brokers-1.58%** | **Insurance Brokers-1.58%** |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, 01/15/2031<sup>(b)</sup><br>| 66000 | &nbsp;&nbsp; 68422 |
| HUB International Ltd., 7.25%, 06/15/2030<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57461 |
|  |  | &nbsp;&nbsp; 125883 |
| **Integrated Oil & Gas-0.24%** | **Integrated Oil & Gas-0.24%** | **Integrated Oil & Gas-0.24%** |
| Petroleos Mexicanos (Mexico), 6.63%, <br> 06/15/2035<br>| 20000 | &nbsp;&nbsp; 19209 |
| **Integrated Telecommunication Services-5.13%** | **Integrated Telecommunication Services-5.13%** | **Integrated Telecommunication Services-5.13%** |
| Iliad Holding S.A.S. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 214849 |
| Level 3 Financing, Inc. |  |  |
| 6.88% 06/30/2033<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 39978 |
| 7.00% 03/31/2034<sup>(b)</sup> | 41667 | &nbsp;&nbsp; 42842 |
| Telecom Italia Capital S.A. (Italy), 6.38%, <br> 11/15/2033<br>| 38000 | &nbsp;&nbsp; 40097 |
| Windstream Services LLC, 7.50%, <br> 10/15/2033<sup>(b)</sup><br>| 36000 | &nbsp;&nbsp; 35994 |
| WULF Compute LLC, 7.75%, 10/15/2030<sup>(b)</sup> | 34000 | &nbsp;&nbsp; 35345 |
|  |  | &nbsp;&nbsp; 409105 |
| **Interactive Media & Services-1.11%** | **Interactive Media & Services-1.11%** | **Interactive Media & Services-1.11%** |
| WarnerMedia Holdings, Inc. |  |  |
| 4.28% 03/15/2032<sup>(c)</sup> | 38000 | &nbsp;&nbsp; 34853 |
| 5.05% 03/15/2042 | 55000 | &nbsp;&nbsp; 44210 |
| 5.14% 03/15/2052 | 12000 | &nbsp;&nbsp; 9150 |
|  |  | &nbsp;&nbsp; 88213 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Internet Services & Infrastructure-0.63%** | **Internet Services & Infrastructure-0.63%** | **Internet Services & Infrastructure-0.63%** |
| Beignet Investor LLC, 6.58%, 05/30/2049<sup>(b)</sup> | $20000 | &nbsp;&nbsp; $21350 |
| CoreWeave, Inc. |  |  |
| 9.25% 06/01/2030<sup>(b)</sup> | 8000 | &nbsp;&nbsp; 8089 |
| 9.00% 02/01/2031<sup>(b)</sup> | 12000 | &nbsp;&nbsp; 12050 |
| Getty Images, Inc., 10.50%, 11/15/2030<sup>(b)</sup> | 9000 | &nbsp;&nbsp; 9083 |
|  |  | &nbsp;&nbsp; 50572 |
| **Leisure Facilities-0.51%** | **Leisure Facilities-0.51%** | **Leisure Facilities-0.51%** |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40592 |
| **Marine Transportation-1.35%** | **Marine Transportation-1.35%** | **Marine Transportation-1.35%** |
| Danaos Corp. (Greece), 6.88%, 10/15/2032<sup>(b)</sup> | 27000 | &nbsp;&nbsp; 26574 |
| NCL Corp. Ltd. |  |  |
| 5.88% 01/15/2031<sup>(b)</sup> | 15000 | &nbsp;&nbsp; 15002 |
| 6.25% 09/15/2033<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25301 |
| Viking Cruises Ltd., 5.88%, 10/15/2033<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40688 |
|  |  | &nbsp;&nbsp; 107565 |
| **Metal, Glass & Plastic Containers-2.52%** | **Metal, Glass & Plastic Containers-2.52%** | **Metal, Glass & Plastic Containers-2.52%** |
| Ardagh Metal Packaging Finance USA LLC/<br> Ardagh Metal Packaging Finance PLC, <br> 6.00%, 06/15/2027<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200642 |
| **Movies & Entertainment-0.58%** | **Movies & Entertainment-0.58%** | **Movies & Entertainment-0.58%** |
| Starz Capital Holdings 1, Inc., 6.00%, <br> 04/15/2030<sup>(b)(c)</sup><br>| 49000 | &nbsp;&nbsp; 46244 |
| **Multi-line Insurance-0.74%** | **Multi-line Insurance-0.74%** | **Multi-line Insurance-0.74%** |
| Acrisure LLC/Acrisure Finance, Inc., 7.50%, <br> 11/06/2030<sup>(b)</sup><br>| 57000 | &nbsp;&nbsp; 58998 |
| **Multi-Utilities-0.49%** | **Multi-Utilities-0.49%** | **Multi-Utilities-0.49%** |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(e)</sup><br>| 38000 | &nbsp;&nbsp; 39442 |
| **Oil & Gas Drilling-1.00%** | **Oil & Gas Drilling-1.00%** | **Oil & Gas Drilling-1.00%** |
| Summit Midstream Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)</sup><br>| 38000 | &nbsp;&nbsp; 38689 |
| Transocean International Ltd., 7.88%, <br> 10/15/2032<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 41232 |
|  |  | &nbsp;&nbsp; 79921 |
| **Oil & Gas Equipment & Services-0.48%** | **Oil & Gas Equipment & Services-0.48%** | **Oil & Gas Equipment & Services-0.48%** |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(b)</sup> | 36000 | &nbsp;&nbsp; 38454 |
| **Oil & Gas Exploration & Production-2.09%** | **Oil & Gas Exploration & Production-2.09%** | **Oil & Gas Exploration & Production-2.09%** |
| Aethon United BR L.P./Aethon United Finance <br> Corp., 7.50%, 10/01/2029<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 38418 |
| Caturus Energy LLC, 8.50%, 02/15/2030<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 44985 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 44647 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 8.38%, 11/01/2033<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 38311 |
|  |  | &nbsp;&nbsp; 166361 |
| **Oil & Gas Refining & Marketing-0.75%** | **Oil & Gas Refining & Marketing-0.75%** | **Oil & Gas Refining & Marketing-0.75%** |
| Sunoco L.P. |  |  |
| 5.63% 03/15/2031<sup>(b)</sup> | 5000 | &nbsp;&nbsp; 5007 |
| 6.25% 07/01/2033<sup>(b)</sup> | 31000 | &nbsp;&nbsp; 31693 |
| 5.88% 03/15/2034<sup>(b)</sup> | 15000 | &nbsp;&nbsp; 15007 |
| 7.88% <sup>(b)(e)(g)</sup> | 8000 | &nbsp;&nbsp; 8130 |
|  |  | &nbsp;&nbsp; 59837 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**42**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-5.65%** | **Oil & Gas Storage & Transportation-5.65%** | **Oil & Gas Storage & Transportation-5.65%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup><br>| $44000 | &nbsp;&nbsp; $45591 |
| Excelerate Energy L.P., 8.00%, 05/15/2030<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 40149 |
| Genesis Energy L.P./Genesis Energy Finance <br> Corp.<br>|  |  |
| 7.88% 05/15/2032 | 20000 | &nbsp;&nbsp; 20615 |
| 8.00% 05/15/2033 | 37000 | &nbsp;&nbsp; 38252 |
| Global Partners L.P./GLP Finance Corp., 7.13%, <br> 07/01/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 40610 |
| Northriver Midstream Finance L.P. (Canada), <br> 6.75%, 07/15/2032<sup>(b)</sup><br>| 41000 | &nbsp;&nbsp; 41814 |
| Prairie Acquiror L.P., 9.00%, 08/01/2029<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 39146 |
| Tallgrass Energy Partners L.P./Tallgrass Energy <br> Finance Corp., 7.38%, 02/15/2029<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 45325 |
| Venture Global LNG, Inc. |  |  |
| 9.88% 02/01/2032<sup>(b)(c)</sup> | 56000 | &nbsp;&nbsp; 59852 |
| 9.00% <sup>(b)(e)(g)</sup> | 21000 | &nbsp;&nbsp; 19648 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.50% 01/15/2034<sup>(b)</sup> | 13000 | &nbsp;&nbsp; 13625 |
| 6.75% 01/15/2036<sup>(b)</sup> | 43000 | &nbsp;&nbsp; 45569 |
|  |  | &nbsp;&nbsp; 450196 |
| **Other Specialized REITs-1.08%** | **Other Specialized REITs-1.08%** | **Other Specialized REITs-1.08%** |
| Iron Mountain, Inc. |  |  |
| 4.50% 02/15/2031<sup>(b)</sup> | 49000 | &nbsp;&nbsp; 47037 |
| 6.25% 01/15/2033<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 38898 |
|  |  | &nbsp;&nbsp; 85935 |
| **Other Specialty Retail-0.10%** | **Other Specialty Retail-0.10%** | **Other Specialty Retail-0.10%** |
| SGUS LLC, 11.00%, 12/15/2029<sup>(b)</sup> | 9650 | &nbsp;&nbsp; 8371 |
| **Packaged Foods & Meats-0.63%** | **Packaged Foods & Meats-0.63%** | **Packaged Foods & Meats-0.63%** |
| Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/2032<sup>(b)</sup><br>| 53000 | &nbsp;&nbsp; 50565 |
| **Paper & Plastic Packaging Products & Materials-0.50%** | **Paper & Plastic Packaging Products & Materials-0.50%** | **Paper & Plastic Packaging Products & Materials-0.50%** |
| Sealed Air Corp. |  |  |
| 5.00% 04/15/2029<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 19872 |
| 6.88% 07/15/2033<sup>(b)</sup> | 18000 | &nbsp;&nbsp; 19615 |
|  |  | &nbsp;&nbsp; 39487 |
| **Passenger Airlines-0.97%** | **Passenger Airlines-0.97%** | **Passenger Airlines-0.97%** |
| American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/2029<sup>(b)</sup><br>| 58000 | &nbsp;&nbsp; 58555 |
| CHC Group LLC, 11.75%, 09/01/2030<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 18690 |
|  |  | &nbsp;&nbsp; 77245 |
| **Pharmaceuticals-1.70%** | **Pharmaceuticals-1.70%** | **Pharmaceuticals-1.70%** |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 31388 |
| Amneal Pharmaceuticals LLC, 6.88%, <br> 08/01/2032<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 47236 |
| Bausch Health Cos., Inc., 11.00%, <br> 09/30/2028<sup>(b)</sup><br>| 12000 | &nbsp;&nbsp; 12590 |
| Endo Finance Holdings, Inc., 8.50%, <br> 04/15/2031<sup>(b)</sup><br>| 42000 | &nbsp;&nbsp; 44569 |
|  |  | &nbsp;&nbsp; 135783 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Real Estate Development-1.10%** | **Real Estate Development-1.10%** | **Real Estate Development-1.10%** |
| Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)(c)</sup><br>| $42000 | &nbsp;&nbsp; $45027 |
| Greystar Real Estate Partners LLC, 7.75%, <br> 09/01/2030<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 42330 |
|  |  | &nbsp;&nbsp; 87357 |
| **Reinsurance-0.59%** | **Reinsurance-0.59%** | **Reinsurance-0.59%** |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(e)</sup><br>| 48000 | &nbsp;&nbsp; 46756 |
| **Research & Consulting Services-0.60%** | **Research & Consulting Services-0.60%** | **Research & Consulting Services-0.60%** |
| Clarivate Science Holdings Corp., 4.88%, <br> 07/01/2029<sup>(b)</sup><br>| 51000 | &nbsp;&nbsp; 47621 |
| **Restaurants-0.74%** | **Restaurants-0.74%** | **Restaurants-0.74%** |
| 1011778 BC ULC/New Red Finance, Inc. <br> (Canada), 4.00%, 10/15/2030<sup>(b)</sup><br>| 62000 | &nbsp;&nbsp; 58709 |
| **Security & Alarm Services-0.98%** | **Security & Alarm Services-0.98%** | **Security & Alarm Services-0.98%** |
| Brink's Co. (The), 6.75%, 06/15/2032<sup>(b)(c)</sup> | 75000 | &nbsp;&nbsp; 77950 |
| **Semiconductors-0.52%** | **Semiconductors-0.52%** | **Semiconductors-0.52%** |
| AP Grange Holdings LLC, 6.50%, <br> 03/20/2045<sup>(b)(h)</sup><br>| 39000 | &nbsp;&nbsp; 41336 |
| **Specialized Consumer Services-0.81%** | **Specialized Consumer Services-0.81%** | **Specialized Consumer Services-0.81%** |
| Carriage Services, Inc., 4.25%, 05/15/2029<sup>(b)</sup> | 68000 | &nbsp;&nbsp; 64374 |
| **Specialized Finance-0.49%** | **Specialized Finance-0.49%** | **Specialized Finance-0.49%** |
| TrueNoord Capital DAC (Ireland), 8.75%, <br> 03/01/2030<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 39007 |
| **Specialty Chemicals-0.53%** | **Specialty Chemicals-0.53%** | **Specialty Chemicals-0.53%** |
| Celanese US Holdings LLC, 7.20%, <br> 11/15/2033<br>| 37000 | &nbsp;&nbsp; 37971 |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> | 4000 | &nbsp;&nbsp; 4146 |
|  |  | &nbsp;&nbsp; 42117 |
| **Steel-0.51%** | **Steel-0.51%** | **Steel-0.51%** |
| Cleveland-Cliffs, Inc. |  |  |
| 6.88% 11/01/2029<sup>(b)</sup> | 7000 | &nbsp;&nbsp; 7194 |
| 7.00% 03/15/2032<sup>(b)(c)</sup> | 33000 | &nbsp;&nbsp; 33784 |
|  |  | &nbsp;&nbsp; 40978 |
| **Technology Hardware, Storage & Peripherals-0.06%** | **Technology Hardware, Storage & Peripherals-0.06%** | **Technology Hardware, Storage & Peripherals-0.06%** |
| Xerox Holdings Corp. |  |  |
| 5.50% 08/15/2028<sup>(b)</sup> | 5000 | &nbsp;&nbsp; 2387 |
| 8.88% 11/30/2029<sup>(b)(c)</sup> | 6000 | &nbsp;&nbsp; 2640 |
|  |  | &nbsp;&nbsp; 5027 |
| **Trading Companies & Distributors-0.97%** | **Trading Companies & Distributors-0.97%** | **Trading Companies & Distributors-0.97%** |
| Aircastle Ltd., 5.25%<sup>(b)(e)(g)</sup> | 78000 | &nbsp;&nbsp; 77623 |
| **Wireless Telecommunication Services-1.20%** | **Wireless Telecommunication Services-1.20%** | **Wireless Telecommunication Services-1.20%** |
| Vodafone Group PLC (United Kingdom), 4.13%, <br> 06/04/2081<sup>(e)</sup><br>| 101000 | &nbsp;&nbsp; 95292 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,308,273) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,308,273) | &nbsp;&nbsp; 7513203 |
| **Non-U.S. Dollar Denominated Bonds & Notes-2.86%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-2.86%**<sup>(i)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-2.86%**<sup>(i)</sup>  |
| **Cable & Satellite-1.47%** | **Cable & Satellite-1.47%** | **Cable & Satellite-1.47%** |
| Sunrise FinCo I B.V. (Netherlands), 4.63%, <br> 05/15/2032, (Acquired 05/21/2025; <br> Cost $113,410)<sup>(b)(j)</sup><br>| 100000 | &nbsp;&nbsp; 117346 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**43**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services-1.39%** | **Wireless Telecommunication Services-1.39%** | **Wireless Telecommunication Services-1.39%** | **Wireless Telecommunication Services-1.39%** |
| VMED O2 UK Financing I PLC (United Kingdom), <br> 3.25%, 01/31/2031<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; $110364 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $207,520) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $207,520) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $207,520) | &nbsp;&nbsp; 227710 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.63%** | **Money Market Funds-0.63%** | **Money Market Funds-0.63%** | **Money Market Funds-0.63%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(k)(l)</sup> <br>(Cost $50,248)<br>|  | 50248 | &nbsp;&nbsp; 50248 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-97.78% <br>(Cost $7,566,041) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-97.78% <br>(Cost $7,566,041) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-97.78% <br>(Cost $7,566,041) | &nbsp;&nbsp; 7791161 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-7.25%** | **Money Market Funds-7.25%** | **Money Market Funds-7.25%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(k)(l)(m)</sup><br>| 160468 | &nbsp;&nbsp; $160468 |
| Invesco Private Prime Fund, 4.30%<sup>(k)(l)(m)</sup> | 416710 | &nbsp;&nbsp; 416835 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $577,307) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $577,307) | &nbsp;&nbsp; 577303 |
| TOTAL INVESTMENTS IN SECURITIES-105.03% <br>(Cost $8,143,348) | TOTAL INVESTMENTS IN SECURITIES-105.03% <br>(Cost $8,143,348) | &nbsp;&nbsp; 8368464 |
| OTHER ASSETS LESS LIABILITIES-(5.03)% | OTHER ASSETS LESS LIABILITIES-(5.03)% | &nbsp;&nbsp; (400780)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $7967684 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | -Exchange-Traded Fund |
| EUR | -Euro |
| PIK | -Pay-in-Kind |
| REIT | -Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $6,932,926, which represented 87.01% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(e)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(f)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(g)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(h)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(i)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(j)</sup> | Restricted security. The value of this security at October 31, 2025 represented 1.47% of the Fund's Net Assets. |
| <sup>(k)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Senior Loan ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $715640 | &nbsp;&nbsp; $(704100)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(11540)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $8062 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 100914 | &nbsp;&nbsp; 2362109 | &nbsp;&nbsp; (2463023)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2458 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 5117481 | &nbsp;&nbsp; (5067233)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 50248 | &nbsp;&nbsp; 5446 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**44**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $619935 | &nbsp;&nbsp; $3131269 | &nbsp;&nbsp; $(3590736)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $160468 | &nbsp;&nbsp; $9,910<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 1611942 | &nbsp;&nbsp; 6846346 | &nbsp;&nbsp; (8041451)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 416835 | &nbsp;&nbsp; 27,049<br> \*<br>|
| Total | &nbsp;&nbsp; $2332791 | &nbsp;&nbsp; $18172845 | &nbsp;&nbsp; $(19866543)<br>| &nbsp;&nbsp; $13 | &nbsp;&nbsp; $(11555)<br>| &nbsp;&nbsp; $627551 | &nbsp;&nbsp; $52925 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(l)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(m)</sup> 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 Note 2P. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized** <br>**Appreciation** |
| **Settlement Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 1/28/2026 | Barclays Bank PLC | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 313841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1801 |

---

Abbreviations: <br> EUR -Euro <br> USD -U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**45**

------

**Invesco International Growth Focus ETF (MTRA)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.19%** | **Common Stocks & Other Equity Interests-100.19%** | **Common Stocks & Other Equity Interests-100.19%** |
| **Belgium-1.57%** | **Belgium-1.57%** | **Belgium-1.57%** |
| Anheuser-Busch InBev S.A./N.V. | 43117 | &nbsp;&nbsp; $2632692 |
| **Canada-5.28%** | **Canada-5.28%** | **Canada-5.28%** |
| Dollarama, Inc. | 34862 | &nbsp;&nbsp; 4536053 |
| Shopify, Inc., Class A<sup>(a)</sup> | 24736 | &nbsp;&nbsp; 4300601 |
|  |  | &nbsp;&nbsp; 8836654 |
| **China-8.44%** | **China-8.44%** | **China-8.44%** |
| Alibaba Group Holding Ltd., ADR<sup>(b)</sup> | 36140 | &nbsp;&nbsp; 6159340 |
| Contemporary Amperex Technology Co. Ltd. | 28100 | &nbsp;&nbsp; 2010467 |
| Pony AI, Inc., ADR<sup>(a)</sup> | 46844 | &nbsp;&nbsp; 875046 |
| Tencent Holdings Ltd. | 62491 | &nbsp;&nbsp; 5074927 |
|  |  | &nbsp;&nbsp; 14119780 |
| **Denmark-1.13%** | **Denmark-1.13%** | **Denmark-1.13%** |
| Orsted A/S<sup>(a)(c)</sup> | 105245 | &nbsp;&nbsp; 1887598 |
| **France-14.86%** | **France-14.86%** | **France-14.86%** |
| Airbus SE | 14585 | &nbsp;&nbsp; 3601078 |
| EssilorLuxottica S.A. | 5704 | &nbsp;&nbsp; 2091722 |
| Hermes International S.C.A. | 1272 | &nbsp;&nbsp; 3151749 |
| L'Oreal S.A. | 3804 | &nbsp;&nbsp; 1589588 |
| LVMH Moet Hennessy Louis Vuitton SE | 5073 | &nbsp;&nbsp; 3590538 |
| Sartorius Stedim Biotech | 19606 | &nbsp;&nbsp; 4695466 |
| Schneider Electric SE | 11417 | &nbsp;&nbsp; 3257421 |
| Societe Generale S.A. | 45643 | &nbsp;&nbsp; 2898603 |
|  |  | &nbsp;&nbsp; 24876165 |
| **Germany-5.00%** | **Germany-5.00%** | **Germany-5.00%** |
| SAP SE | 8652 | &nbsp;&nbsp; 2253174 |
| Siemens AG | 21557 | &nbsp;&nbsp; 6117415 |
|  |  | &nbsp;&nbsp; 8370589 |
| **India-4.43%** | **India-4.43%** | **India-4.43%** |
| ICICI Bank Ltd., ADR | 98273 | &nbsp;&nbsp; 2977672 |
| Reliance Industries Ltd., GDR<sup>(c)</sup> | 66915 | &nbsp;&nbsp; 4438335 |
|  |  | &nbsp;&nbsp; 7416007 |
| **Italy-3.41%** | **Italy-3.41%** | **Italy-3.41%** |
| FinecoBank Banca Fineco S.p.A. | 126797 | &nbsp;&nbsp; 2905037 |
| Ryanair Holdings PLC | 92560 | &nbsp;&nbsp; 2806080 |
|  |  | &nbsp;&nbsp; 5711117 |
| **Japan-6.59%** | **Japan-6.59%** | **Japan-6.59%** |
| Hitachi Ltd. | 95100 | &nbsp;&nbsp; 3249680 |
| Hoya Corp. | 10700 | &nbsp;&nbsp; 1738644 |
| Keyence Corp. | 6340 | &nbsp;&nbsp; 2353835 |
| Mitsubishi UFJ Financial Group, Inc. | 244090 | &nbsp;&nbsp; 3688364 |
|  |  | &nbsp;&nbsp; 11030523 |
| **Netherlands-6.36%** | **Netherlands-6.36%** | **Netherlands-6.36%** |
| ASML Holding N.V. | 6193 | &nbsp;&nbsp; 6556728 |
| Universal Music Group N.V. | 151916 | &nbsp;&nbsp; 4080170 |
|  |  | &nbsp;&nbsp; 10636898 |
| **South Korea-0.65%** | **South Korea-0.65%** | **South Korea-0.65%** |
| Samsung Electronics Co. Ltd., GDR<sup>(c)</sup> | 585 | &nbsp;&nbsp; 1091025 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-0.14%** | **Sweden-0.14%** | **Sweden-0.14%** |
| Atlas Copco AB, Class A | 13844 | &nbsp;&nbsp; $232160 |
| **Switzerland-4.74%** | **Switzerland-4.74%** | **Switzerland-4.74%** |
| Lonza Group AG | 5706 | &nbsp;&nbsp; 3949992 |
| Sika AG | 8446 | &nbsp;&nbsp; 1659438 |
| Straumann Holding AG<sup>(a)</sup> | 18379 | &nbsp;&nbsp; 2316028 |
|  |  | &nbsp;&nbsp; 7925458 |
| **Taiwan-6.18%** | **Taiwan-6.18%** | **Taiwan-6.18%** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 214000 | &nbsp;&nbsp; 10348973 |
| **United Kingdom-14.13%** | **United Kingdom-14.13%** | **United Kingdom-14.13%** |
| AstraZeneca PLC | 30991 | &nbsp;&nbsp; 5112510 |
| BAE Systems PLC | 205421 | &nbsp;&nbsp; 5060816 |
| Compass Group PLC | 89502 | &nbsp;&nbsp; 2962842 |
| ConvaTec Group PLC<sup>(c)</sup> | 767140 | &nbsp;&nbsp; 2464018 |
| HSBC Holdings PLC | 244363 | &nbsp;&nbsp; 3421341 |
| RELX PLC | 48159 | &nbsp;&nbsp; 2128698 |
| Rightmove PLC | 284039 | &nbsp;&nbsp; 2494279 |
|  |  | &nbsp;&nbsp; 23644504 |
| **United States-17.28%** | **United States-17.28%** | **United States-17.28%** |
| Accenture PLC, Class A | 13447 | &nbsp;&nbsp; 3363095 |
| ARM Holdings PLC, ADR<sup>(a)(b)</sup> | 4686 | &nbsp;&nbsp; 795776 |
| Booking Holdings, Inc. | 736 | &nbsp;&nbsp; 3737217 |
| EPAM Systems, Inc.<sup>(a)</sup> | 22830 | &nbsp;&nbsp; 3733618 |
| Experian PLC | 63814 | &nbsp;&nbsp; 2976958 |
| Ferguson Enterprises, Inc. | 20919 | &nbsp;&nbsp; 5161729 |
| Illumina, Inc.<sup>(a)</sup> | 31059 | &nbsp;&nbsp; 3837029 |
| ResMed, Inc. | 21548 | &nbsp;&nbsp; 5319770 |
|  |  | &nbsp;&nbsp; 28925192 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.19% <br>(Cost $162,296,409) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.19% <br>(Cost $162,296,409) | &nbsp;&nbsp; 167685335 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-0.54%** | **Money Market Funds-0.54%** | **Money Market Funds-0.54%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 252196 | &nbsp;&nbsp; 252196 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 654354 | &nbsp;&nbsp; 654550 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $906,747) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $906,747) | &nbsp;&nbsp; 906746 |
| TOTAL INVESTMENTS IN SECURITIES-100.73% <br>(Cost $163,203,156) | TOTAL INVESTMENTS IN SECURITIES-100.73% <br>(Cost $163,203,156) | &nbsp;&nbsp; 168592081 |
| OTHER ASSETS LESS LIABILITIES-(0.73)% | OTHER ASSETS LESS LIABILITIES-(0.73)% | &nbsp;&nbsp; (1216926)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $167375155 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt <br> GDR-Global Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**46**

------

**Invesco International Growth Focus ETF (MTRA)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $9,880,976, which represented 5.90% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $10707886 | &nbsp;&nbsp; $(10707886)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7097 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 6027141 | &nbsp;&nbsp; (5774945)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 252196 | &nbsp;&nbsp; 3,314<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 15423456 | &nbsp;&nbsp; (14768337)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (568)<br>| &nbsp;&nbsp; 654550 | &nbsp;&nbsp; 9,232<br> \*<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $32158483 | &nbsp;&nbsp; $(31251168)<br>| &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $(568)<br>| &nbsp;&nbsp; $906746 | &nbsp;&nbsp; $19643 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**47**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-76.59%** | **Common Stocks & Other Equity Interests-76.59%** | **Common Stocks & Other Equity Interests-76.59%** |
| **Australia-5.54%** | **Australia-5.54%** | **Australia-5.54%** |
| ANZ Group Holdings Ltd. | 27829 | &nbsp;&nbsp; $666909 |
| APA Group | 12143 | &nbsp;&nbsp; 72969 |
| Aristocrat Leisure Ltd. | 5232 | &nbsp;&nbsp; 216591 |
| ASX Ltd. | 1814 | &nbsp;&nbsp; 66967 |
| BHP Group Ltd. | 47351 | &nbsp;&nbsp; 1350616 |
| BlueScope Steel Ltd. | 4090 | &nbsp;&nbsp; 61224 |
| Brambles Ltd. | 12781 | &nbsp;&nbsp; 207797 |
| CAR Group Ltd. | 3527 | &nbsp;&nbsp; 82398 |
| Cochlear Ltd. | 617 | &nbsp;&nbsp; 115897 |
| Coles Group Ltd. | 12491 | &nbsp;&nbsp; 180249 |
| Commonwealth Bank of Australia | 15608 | &nbsp;&nbsp; 1752234 |
| Computershare Ltd. | 4906 | &nbsp;&nbsp; 117265 |
| CSL Ltd. | 4498 | &nbsp;&nbsp; 524461 |
| Evolution Mining Ltd. | 18642 | &nbsp;&nbsp; 131992 |
| Fortescue Ltd. | 15773 | &nbsp;&nbsp; 219476 |
| Glencore PLC<sup>(a)</sup> | 94567 | &nbsp;&nbsp; 453082 |
| Goodman Group | 18913 | &nbsp;&nbsp; 408137 |
| Insurance Australia Group Ltd. | 22031 | &nbsp;&nbsp; 113319 |
| James Hardie Industries PLC, CDI<sup>(a)(b)</sup> | 5386 | &nbsp;&nbsp; 113494 |
| Lottery Corp. Ltd. (The) | 20721 | &nbsp;&nbsp; 74574 |
| Macquarie Group Ltd. | 3372 | &nbsp;&nbsp; 481222 |
| Medibank Pvt. Ltd. | 25642 | &nbsp;&nbsp; 81880 |
| National Australia Bank Ltd.<sup>(b)</sup> | 28527 | &nbsp;&nbsp; 813742 |
| Northern Star Resources Ltd. | 12655 | &nbsp;&nbsp; 204169 |
| Origin Energy Ltd. | 16046 | &nbsp;&nbsp; 128659 |
| Pro Medicus Ltd. | 538 | &nbsp;&nbsp; 92427 |
| Qantas Airways Ltd. | 6912 | &nbsp;&nbsp; 46073 |
| QBE Insurance Group Ltd. | 14057 | &nbsp;&nbsp; 182481 |
| REA Group Ltd. | 484 | &nbsp;&nbsp; 67475 |
| Rio Tinto Ltd. | 3458 | &nbsp;&nbsp; 300406 |
| Rio Tinto PLC | 10505 | &nbsp;&nbsp; 757393 |
| Santos Ltd. | 30255 | &nbsp;&nbsp; 125024 |
| Scentre Group | 48508 | &nbsp;&nbsp; 129287 |
| SGH Ltd. | 1901 | &nbsp;&nbsp; 60266 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | 43006 | &nbsp;&nbsp; 87481 |
| Sonic Healthcare Ltd. | 4379 | &nbsp;&nbsp; 60640 |
| South32 Ltd. | 42033 | &nbsp;&nbsp; 86974 |
| Stockland | 22346 | &nbsp;&nbsp; 92436 |
| Suncorp Group Ltd. | 10095 | &nbsp;&nbsp; 129658 |
| Telstra Group Ltd. | 37496 | &nbsp;&nbsp; 119858 |
| Transurban Group | 28945 | &nbsp;&nbsp; 274015 |
| Vicinity Ltd. | 36117 | &nbsp;&nbsp; 59700 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(b)</sup> | 3131 | &nbsp;&nbsp; 76974 |
| Wesfarmers Ltd. | 10572 | &nbsp;&nbsp; 580566 |
| Westpac Banking Corp. | 31884 | &nbsp;&nbsp; 807240 |
| WiseTech Global Ltd. | 1857 | &nbsp;&nbsp; 83799 |
| Woodside Energy Group Ltd. | 17686 | &nbsp;&nbsp; 286763 |
| Woolworths Group Ltd. | 11383 | &nbsp;&nbsp; 211598 |
|  |  | &nbsp;&nbsp; 13357857 |
| **Austria-0.19%** | **Austria-0.19%** | **Austria-0.19%** |
| Erste Group Bank AG | 2858 | &nbsp;&nbsp; 296456 |
| Mondi PLC | 4109 | &nbsp;&nbsp; 45935 |
| OMV AG | 1371 | &nbsp;&nbsp; 75158 |
| Verbund AG | 652 | &nbsp;&nbsp; 50389 |
|  |  | &nbsp;&nbsp; 467938 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Belgium-0.62%** | **Belgium-0.62%** | **Belgium-0.62%** |
| Ageas S.A./N.V. | 1384 | &nbsp;&nbsp; $91716 |
| Anheuser-Busch InBev S.A./N.V. | 9207 | &nbsp;&nbsp; 562173 |
| D'Ieteren Group | 200 | &nbsp;&nbsp; 36584 |
| Elia Group S.A./N.V. | 398 | &nbsp;&nbsp; 48035 |
| Groupe Bruxelles Lambert N.V. | 763 | &nbsp;&nbsp; 67151 |
| KBC Group N.V. | 2128 | &nbsp;&nbsp; 256363 |
| Lotus Bakeries N.V. | 3 | &nbsp;&nbsp; 26209 |
| Sofina S.A. | 154 | &nbsp;&nbsp; 42384 |
| Syensqo S.A. | 670 | &nbsp;&nbsp; 55380 |
| UCB S.A. | 1179 | &nbsp;&nbsp; 303578 |
|  |  | &nbsp;&nbsp; 1489573 |
| **Brazil-0.02%** | **Brazil-0.02%** | **Brazil-0.02%** |
| Yara International ASA | 1545 | &nbsp;&nbsp; 56356 |
| **Chile-0.06%** | **Chile-0.06%** | **Chile-0.06%** |
| Antofagasta PLC | 3667 | &nbsp;&nbsp; 134603 |
| **China-0.15%** | **China-0.15%** | **China-0.15%** |
| BOC Hong Kong (Holdings) Ltd. | 34943 | &nbsp;&nbsp; 171664 |
| SITC International Holdings Co. Ltd. | 11481 | &nbsp;&nbsp; 42352 |
| Wharf (Holdings) Ltd. (The)<sup>(b)</sup> | 10195 | &nbsp;&nbsp; 26816 |
| Wilmar International Ltd.<sup>(b)</sup> | 18551 | &nbsp;&nbsp; 44585 |
| Yangzijiang Shipbuilding Holdings Ltd. | 23997 | &nbsp;&nbsp; 64817 |
|  |  | &nbsp;&nbsp; 350234 |
| **Denmark-1.35%** | **Denmark-1.35%** | **Denmark-1.35%** |
| Carlsberg A/S, Class B | 895 | &nbsp;&nbsp; 105387 |
| Coloplast A/S, Class B | 1177 | &nbsp;&nbsp; 106608 |
| Danske Bank A/S | 6226 | &nbsp;&nbsp; 278665 |
| Demant A/S<sup>(a)</sup> | 804 | &nbsp;&nbsp; 26788 |
| DSV A/S | 1907 | &nbsp;&nbsp; 407561 |
| Genmab A/S<sup>(a)</sup> | 564 | &nbsp;&nbsp; 161102 |
| Novo Nordisk A/S, Class B | 30052 | &nbsp;&nbsp; 1481661 |
| Novonesis (Novozymes) B, Class B | 3281 | &nbsp;&nbsp; 196356 |
| Orsted A/S<sup>(a)(c)</sup> | 4633 | &nbsp;&nbsp; 83094 |
| Pandora A/S | 736 | &nbsp;&nbsp; 98626 |
| Rockwool A/S | 888 | &nbsp;&nbsp; 30472 |
| Tryg A/S | 3166 | &nbsp;&nbsp; 78152 |
| Vestas Wind Systems A/S | 9402 | &nbsp;&nbsp; 192570 |
|  |  | &nbsp;&nbsp; 3247042 |
| **Finland-0.87%** | **Finland-0.87%** | **Finland-0.87%** |
| Elisa OYJ | 1335 | &nbsp;&nbsp; 58905 |
| Fortum OYJ | 4183 | &nbsp;&nbsp; 93406 |
| Kesko OYJ, Class B | 2546 | &nbsp;&nbsp; 53779 |
| Kone OYJ, Class B | 3172 | &nbsp;&nbsp; 212216 |
| Metso OYJ<sup>(b)</sup> | 6191 | &nbsp;&nbsp; 101663 |
| Neste OYJ | 3936 | &nbsp;&nbsp; 81667 |
| Nokia OYJ | 48346 | &nbsp;&nbsp; 330226 |
| Nordea Bank Abp | 29262 | &nbsp;&nbsp; 501253 |
| Orion OYJ, Class B | 1009 | &nbsp;&nbsp; 70556 |
| Sampo OYJ | 22543 | &nbsp;&nbsp; 251610 |
| Stora Enso OYJ, Class R<sup>(b)</sup> | 5413 | &nbsp;&nbsp; 63115 |
| UPM-Kymmene OYJ<sup>(b)</sup> | 4976 | &nbsp;&nbsp; 133697 |
| Wartsila OYJ Abp | 4675 | &nbsp;&nbsp; 153158 |
|  |  | &nbsp;&nbsp; 2105251 |
| **France-7.77%** | **France-7.77%** | **France-7.77%** |
| Accor S.A. | 1825 | &nbsp;&nbsp; 92968 |
| Aeroports de Paris S.A. | 332 | &nbsp;&nbsp; 45605 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**48**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** |
| Air Liquide S.A. | 5393 | &nbsp;&nbsp; $1045159 |
| Airbus SE | 5548 | &nbsp;&nbsp; 1369817 |
| Alstom S.A.<sup>(a)</sup> | 3216 | &nbsp;&nbsp; 80533 |
| Amundi S.A.<sup>(c)</sup> | 568 | &nbsp;&nbsp; 42164 |
| Arkema S.A. | 535 | &nbsp;&nbsp; 31802 |
| AXA S.A. | 16502 | &nbsp;&nbsp; 716959 |
| bioMerieux | 383 | &nbsp;&nbsp; 49378 |
| BNP Paribas S.A. | 9480 | &nbsp;&nbsp; 735290 |
| Bollore SE | 6847 | &nbsp;&nbsp; 38178 |
| Bouygues S.A. | 1756 | &nbsp;&nbsp; 79369 |
| Bureau Veritas S.A. | 3228 | &nbsp;&nbsp; 106223 |
| Capgemini SE | 1524 | &nbsp;&nbsp; 234776 |
| Carrefour S.A. | 5490 | &nbsp;&nbsp; 82796 |
| Cie de Saint-Gobain S.A. | 4187 | &nbsp;&nbsp; 406946 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 6233 | &nbsp;&nbsp; 199384 |
| Covivio S.A. | 527 | &nbsp;&nbsp; 33857 |
| Credit Agricole S.A. | 9861 | &nbsp;&nbsp; 178244 |
| Danone S.A. | 6035 | &nbsp;&nbsp; 533708 |
| Dassault Aviation S.A. | 182 | &nbsp;&nbsp; 58727 |
| Dassault Systemes SE | 6231 | &nbsp;&nbsp; 177559 |
| Edenred SE | 2258 | &nbsp;&nbsp; 64992 |
| Eiffage S.A. | 638 | &nbsp;&nbsp; 78611 |
| ENGIE S.A. | 17014 | &nbsp;&nbsp; 398884 |
| EssilorLuxottica S.A. | 2813 | &nbsp;&nbsp; 1031559 |
| FDJ United | 994 | &nbsp;&nbsp; 29001 |
| Gecina S.A. | 436 | &nbsp;&nbsp; 40572 |
| Getlink SE | 2819 | &nbsp;&nbsp; 51525 |
| Hermes International S.C.A. | 294 | &nbsp;&nbsp; 728470 |
| Ipsen S.A. | 355 | &nbsp;&nbsp; 49956 |
| Kering S.A. | 703 | &nbsp;&nbsp; 249983 |
| Klepierre S.A. | 2005 | &nbsp;&nbsp; 76727 |
| Legrand S.A. | 2448 | &nbsp;&nbsp; 423308 |
| L'Oreal S.A. | 2250 | &nbsp;&nbsp; 940214 |
| LVMH Moet Hennessy Louis Vuitton SE | 2342 | &nbsp;&nbsp; 1657607 |
| Orange S.A. | 17338 | &nbsp;&nbsp; 277718 |
| Pernod Ricard S.A. | 1888 | &nbsp;&nbsp; 185161 |
| Publicis Groupe S.A. | 2122 | &nbsp;&nbsp; 212972 |
| Renault S.A. | 1798 | &nbsp;&nbsp; 69963 |
| Rexel S.A. | 2087 | &nbsp;&nbsp; 72464 |
| Safran S.A. | 3364 | &nbsp;&nbsp; 1196899 |
| Sartorius Stedim Biotech | 272 | &nbsp;&nbsp; 65142 |
| Schneider Electric SE | 5113 | &nbsp;&nbsp; 1458807 |
| Societe Generale S.A. | 6719 | &nbsp;&nbsp; 426697 |
| Sodexo S.A. | 843 | &nbsp;&nbsp; 46740 |
| STMicroelectronics N.V. | 6378 | &nbsp;&nbsp; 156828 |
| Teleperformance SE | 514 | &nbsp;&nbsp; 36753 |
| Thales S.A. | 853 | &nbsp;&nbsp; 243563 |
| TotalEnergies SE | 19153 | &nbsp;&nbsp; 1197427 |
| Unibail-Rodamco-Westfield | 1123 | &nbsp;&nbsp; 116278 |
| Veolia Environnement S.A. | 5857 | &nbsp;&nbsp; 193817 |
| Vinci S.A. | 4622 | &nbsp;&nbsp; 618868 |
|  |  | &nbsp;&nbsp; 18736948 |
| **Germany-7.27%** | **Germany-7.27%** | **Germany-7.27%** |
| adidas AG | 1582 | &nbsp;&nbsp; 299531 |
| Allianz SE | 3614 | &nbsp;&nbsp; 1454210 |
| BASF SE | 8309 | &nbsp;&nbsp; 410533 |
| Bayer AG | 9141 | &nbsp;&nbsp; 284709 |
| Bayerische Motoren Werke AG | 2624 | &nbsp;&nbsp; 245004 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Bayerische Motoren Werke AG, Preference <br> Shares<br>| 528 | &nbsp;&nbsp; $45805 |
| Beiersdorf AG | 922 | &nbsp;&nbsp; 97876 |
| Brenntag SE | 1154 | &nbsp;&nbsp; 64178 |
| Commerzbank AG | 7188 | &nbsp;&nbsp; 262448 |
| Continental AG | 1020 | &nbsp;&nbsp; 78045 |
| Covestro AG<sup>(a)(c)</sup> | 1827 | &nbsp;&nbsp; 124250 |
| CTS Eventim AG & Co. KGaA | 573 | &nbsp;&nbsp; 51405 |
| Daimler Truck Holding AG | 4437 | &nbsp;&nbsp; 178086 |
| Deutsche Bank AG | 17238 | &nbsp;&nbsp; 617954 |
| Deutsche Boerse AG | 1748 | &nbsp;&nbsp; 443259 |
| Deutsche Lufthansa AG | 5576 | &nbsp;&nbsp; 48950 |
| Deutsche Post AG | 8940 | &nbsp;&nbsp; 411313 |
| Deutsche Telekom AG | 32559 | &nbsp;&nbsp; 1009878 |
| Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(b)(c)</sup><br>| 1069 | &nbsp;&nbsp; 56006 |
| E.ON SE | 20902 | &nbsp;&nbsp; 389434 |
| Evonik Industries AG | 2475 | &nbsp;&nbsp; 41532 |
| Fresenius Medical Care AG | 2038 | &nbsp;&nbsp; 109562 |
| Fresenius SE & Co. KGaA | 3931 | &nbsp;&nbsp; 226506 |
| GEA Group AG | 1366 | &nbsp;&nbsp; 97838 |
| Hannover Rueck SE | 557 | &nbsp;&nbsp; 159225 |
| Heidelberg Materials AG | 1254 | &nbsp;&nbsp; 294589 |
| Henkel AG & Co. KGaA | 977 | &nbsp;&nbsp; 73054 |
| Henkel AG & Co. KGaA, Preference Shares | 1488 | &nbsp;&nbsp; 120709 |
| Hensoldt AG | 603 | &nbsp;&nbsp; 64365 |
| Infineon Technologies AG | 12154 | &nbsp;&nbsp; 483077 |
| Knorr-Bremse AG | 667 | &nbsp;&nbsp; 62147 |
| LEG Immobilien SE | 703 | &nbsp;&nbsp; 53651 |
| Mercedes-Benz Group AG | 6732 | &nbsp;&nbsp; 437391 |
| Merck KGaA | 1200 | &nbsp;&nbsp; 157404 |
| MTU Aero Engines AG | 490 | &nbsp;&nbsp; 214431 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 1212 | &nbsp;&nbsp; 750866 |
| Nemetschek SE | 540 | &nbsp;&nbsp; 62481 |
| Porsche Automobil Holding SE, Preference <br> Shares<br>| 1434 | &nbsp;&nbsp; 57055 |
| Rational AG | 57 | &nbsp;&nbsp; 41871 |
| Rheinmetall AG | 432 | &nbsp;&nbsp; 850361 |
| RWE AG | 5898 | &nbsp;&nbsp; 290752 |
| SAP SE | 9747 | &nbsp;&nbsp; 2538337 |
| Sartorius AG, Preference Shares | 252 | &nbsp;&nbsp; 69426 |
| Scout24 SE<sup>(c)</sup> | 706 | &nbsp;&nbsp; 81756 |
| Siemens AG | 7095 | &nbsp;&nbsp; 2013409 |
| Siemens Energy AG, Class A<sup>(a)</sup> | 6318 | &nbsp;&nbsp; 788189 |
| Siemens Healthineers AG<sup>(c)</sup> | 3162 | &nbsp;&nbsp; 177468 |
| Symrise AG | 1247 | &nbsp;&nbsp; 103264 |
| Talanx AG | 611 | &nbsp;&nbsp; 74502 |
| Volkswagen AG, Preference Shares | 1919 | &nbsp;&nbsp; 200107 |
| Vonovia SE | 7017 | &nbsp;&nbsp; 211185 |
| Zalando SE<sup>(a)(c)</sup> | 2093 | &nbsp;&nbsp; 58730 |
|  |  | &nbsp;&nbsp; 17538114 |
| **Hong Kong-1.51%** | **Hong Kong-1.51%** | **Hong Kong-1.51%** |
| AIA Group Ltd. | 99211 | &nbsp;&nbsp; 965191 |
| CK Asset Holdings Ltd. | 18279 | &nbsp;&nbsp; 90412 |
| CK Hutchison Holdings Ltd. | 25710 | &nbsp;&nbsp; 170459 |
| CK Infrastructure Holdings Ltd. | 5694 | &nbsp;&nbsp; 37028 |
| CLP Holdings Ltd. | 15921 | &nbsp;&nbsp; 135767 |
| Futu Holdings Ltd., ADR<sup>(b)</sup> | 569 | &nbsp;&nbsp; 113254 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**49**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| Hang Seng Bank Ltd.<sup>(b)</sup> | 7108 | &nbsp;&nbsp; $138541 |
| Henderson Land Development Co. Ltd. | 12757 | &nbsp;&nbsp; 44866 |
| HKT Trust & HKT Ltd. | 35466 | &nbsp;&nbsp; 51776 |
| Hong Kong & China Gas Co. Ltd. (The) | 102406 | &nbsp;&nbsp; 95284 |
| Hong Kong Exchanges & Clearing Ltd. | 11147 | &nbsp;&nbsp; 607415 |
| Hongkong Land Holdings Ltd. | 10241 | &nbsp;&nbsp; 62576 |
| Link REIT<sup>(b)</sup> | 24135 | &nbsp;&nbsp; 125659 |
| MTR Corp. Ltd. | 15322 | &nbsp;&nbsp; 56200 |
| Power Assets Holdings Ltd.<sup>(b)</sup> | 14179 | &nbsp;&nbsp; 90056 |
| Prudential PLC | 24295 | &nbsp;&nbsp; 337936 |
| Sino Land Co. Ltd. | 34635 | &nbsp;&nbsp; 43012 |
| Sun Hung Kai Properties Ltd. | 14704 | &nbsp;&nbsp; 178892 |
| Swire Pacific Ltd., Class A<sup>(b)</sup> | 2739 | &nbsp;&nbsp; 22617 |
| Techtronic Industries Co. Ltd. | 14163 | &nbsp;&nbsp; 165162 |
| WH Group Ltd. | 76955 | &nbsp;&nbsp; 74009 |
| Wharf Real Estate Investment Co. Ltd. | 14008 | &nbsp;&nbsp; 39861 |
|  |  | &nbsp;&nbsp; 3645973 |
| **Indonesia-0.04%** | **Indonesia-0.04%** | **Indonesia-0.04%** |
| Jardine Matheson Holdings Ltd. | 1537 | &nbsp;&nbsp; 90244 |
| **Ireland-0.33%** | **Ireland-0.33%** | **Ireland-0.33%** |
| AerCap Holdings N.V. | 1645 | &nbsp;&nbsp; 214245 |
| AIB Group PLC | 19943 | &nbsp;&nbsp; 184048 |
| Bank of Ireland Group PLC | 9182 | &nbsp;&nbsp; 150539 |
| Kerry Group PLC, Class A | 1541 | &nbsp;&nbsp; 140763 |
| Kingspan Group PLC | 1445 | &nbsp;&nbsp; 108345 |
|  |  | &nbsp;&nbsp; 797940 |
| **Israel-0.69%** | **Israel-0.69%** | **Israel-0.69%** |
| Azrieli Group Ltd. | 389 | &nbsp;&nbsp; 41094 |
| Bank Hapoalim B.M. | 11696 | &nbsp;&nbsp; 237536 |
| Bank Leumi le-Israel B.M. | 13976 | &nbsp;&nbsp; 284027 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 810 | &nbsp;&nbsp; 158501 |
| Elbit Systems Ltd. | 263 | &nbsp;&nbsp; 124740 |
| ICL Group Ltd. | 7215 | &nbsp;&nbsp; 47324 |
| Israel Discount Bank Ltd., Class A | 11473 | &nbsp;&nbsp; 114808 |
| Mizrahi Tefahot Bank Ltd. | 1452 | &nbsp;&nbsp; 94529 |
| Nice Ltd.<sup>(a)</sup> | 579 | &nbsp;&nbsp; 79083 |
| Nova Ltd.<sup>(a)</sup> | 274 | &nbsp;&nbsp; 95301 |
| Phoenix Finance Ltd. | 2106 | &nbsp;&nbsp; 81181 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 10679 | &nbsp;&nbsp; 218706 |
| Wix.com Ltd.<sup>(a)</sup> | 526 | &nbsp;&nbsp; 76554 |
|  |  | &nbsp;&nbsp; 1653384 |
| **Italy-2.48%** | **Italy-2.48%** | **Italy-2.48%** |
| Assicurazioni Generali S.p.A.<sup>(b)</sup> | 7949 | &nbsp;&nbsp; 306415 |
| Banca Mediolanum S.p.A. | 2173 | &nbsp;&nbsp; 43746 |
| Banca Monte dei Paschi di Siena S.p.A. | 18319 | &nbsp;&nbsp; 160883 |
| Banco BPM S.p.A. | 10583 | &nbsp;&nbsp; 154396 |
| BPER Banca S.p.A. | 13611 | &nbsp;&nbsp; 163305 |
| Coca-Cola HBC AG<sup>(a)</sup> | 2024 | &nbsp;&nbsp; 91856 |
| Davide Campari-Milano N.V.<sup>(b)</sup> | 5948 | &nbsp;&nbsp; 41465 |
| Enel S.p.A. | 75752 | &nbsp;&nbsp; 767320 |
| Eni S.p.A.<sup>(b)</sup> | 19077 | &nbsp;&nbsp; 352243 |
| Ferrari N.V. | 1179 | &nbsp;&nbsp; 472778 |
| FinecoBank Banca Fineco S.p.A. | 5685 | &nbsp;&nbsp; 130248 |
| Infrastrutture Wireless Italiane S.p.A.<sup>(b)(c)</sup> | 2716 | &nbsp;&nbsp; 29884 |
| Intesa Sanpaolo S.p.A. | 132863 | &nbsp;&nbsp; 857500 |
| Leonardo S.p.A. | 3762 | &nbsp;&nbsp; 221634 |
| Moncler S.p.A.<sup>(b)</sup> | 2179 | &nbsp;&nbsp; 130893 |
| Nexi S.p.A.<sup>(c)</sup> | 5172 | &nbsp;&nbsp; 27307 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| Poste Italiane S.p.A.<sup>(c)</sup> | 4266 | &nbsp;&nbsp; $102991 |
| Prysmian S.p.A. | 2624 | &nbsp;&nbsp; 273956 |
| Recordati Industria Chimica e Farmaceutica <br> S.p.A.<br>| 1077 | &nbsp;&nbsp; 64191 |
| Ryanair Holdings PLC | 7921 | &nbsp;&nbsp; 240136 |
| Snam S.p.A. | 18781 | &nbsp;&nbsp; 115990 |
| Telecom Italia S.p.A.<sup>(a)</sup> | 107249 | &nbsp;&nbsp; 63324 |
| Telecom Italia S.p.A., Rts., expiring <br> 09/22/2025<sup>(a)</sup><br>| 70627 | &nbsp;&nbsp; 0 |
| Terna S.p.A. | 13110 | &nbsp;&nbsp; 134612 |
| UniCredit S.p.A. | 13073 | &nbsp;&nbsp; 969315 |
| Unipol Assicurazioni S.p.A. | 3349 | &nbsp;&nbsp; 73419 |
|  |  | &nbsp;&nbsp; 5989807 |
| **Japan-17.45%** | **Japan-17.45%** | **Japan-17.45%** |
| Advantest Corp. | 7097 | &nbsp;&nbsp; 1063126 |
| AEON Co. Ltd. | 20792 | &nbsp;&nbsp; 328978 |
| AGC, Inc. | 1840 | &nbsp;&nbsp; 57508 |
| Aisin Corp. | 4582 | &nbsp;&nbsp; 82369 |
| Ajinomoto Co., Inc. | 8387 | &nbsp;&nbsp; 237960 |
| ANA Holdings, Inc.<sup>(b)</sup> | 1462 | &nbsp;&nbsp; 27411 |
| Asahi Group Holdings Ltd. | 13399 | &nbsp;&nbsp; 144517 |
| Asahi Kasei Corp. | 11462 | &nbsp;&nbsp; 87855 |
| ASICS Corp. | 6567 | &nbsp;&nbsp; 167283 |
| Astellas Pharma, Inc. | 16909 | &nbsp;&nbsp; 177060 |
| Bandai Namco Holdings, Inc. | 5479 | &nbsp;&nbsp; 170581 |
| Bridgestone Corp.<sup>(b)</sup> | 5312 | &nbsp;&nbsp; 231979 |
| Canon, Inc.<sup>(b)</sup> | 8103 | &nbsp;&nbsp; 232784 |
| Capcom Co. Ltd. | 3189 | &nbsp;&nbsp; 83304 |
| Central Japan Railway Co. | 7280 | &nbsp;&nbsp; 178291 |
| Chiba Bank Ltd. (The)<sup>(b)</sup> | 5307 | &nbsp;&nbsp; 51803 |
| Chubu Electric Power Co., Inc. | 6315 | &nbsp;&nbsp; 87846 |
| Chugai Pharmaceutical Co. Ltd. | 6289 | &nbsp;&nbsp; 287936 |
| Dai Nippon Printing Co. Ltd. | 3724 | &nbsp;&nbsp; 62177 |
| Daifuku Co. Ltd. | 2950 | &nbsp;&nbsp; 94070 |
| Dai-ichi Life Holdings, Inc. | 32697 | &nbsp;&nbsp; 229582 |
| Daiichi Sankyo Co. Ltd. | 15942 | &nbsp;&nbsp; 380960 |
| Daikin Industries Ltd. | 2480 | &nbsp;&nbsp; 288229 |
| Daito Trust Construction Co. Ltd. | 3172 | &nbsp;&nbsp; 59325 |
| Daiwa House Industry Co. Ltd. | 5198 | &nbsp;&nbsp; 176421 |
| Daiwa Securities Group, Inc. | 12486 | &nbsp;&nbsp; 96126 |
| Denso Corp. | 16302 | &nbsp;&nbsp; 227849 |
| Disco Corp. | 913 | &nbsp;&nbsp; 303300 |
| East Japan Railway Co. | 9027 | &nbsp;&nbsp; 220563 |
| Eisai Co. Ltd. | 2445 | &nbsp;&nbsp; 72644 |
| ENEOS Holdings, Inc. | 25447 | &nbsp;&nbsp; 160595 |
| FANUC Corp. | 8693 | &nbsp;&nbsp; 290202 |
| Fast Retailing Co. Ltd. | 1739 | &nbsp;&nbsp; 638650 |
| Fuji Electric Co. Ltd. | 1212 | &nbsp;&nbsp; 86594 |
| FUJIFILM Holdings Corp. | 10493 | &nbsp;&nbsp; 243280 |
| Fujikura Ltd. | 2346 | &nbsp;&nbsp; 319579 |
| Fujitsu Ltd. | 16404 | &nbsp;&nbsp; 427648 |
| Hankyu Hanshin Holdings, Inc. | 2287 | &nbsp;&nbsp; 61437 |
| Hikari Tsushin, Inc. | 167 | &nbsp;&nbsp; 44252 |
| Hitachi Ltd. | 42805 | &nbsp;&nbsp; 1462697 |
| Honda Motor Co. Ltd. | 36941 | &nbsp;&nbsp; 373505 |
| Hoya Corp. | 3202 | &nbsp;&nbsp; 520293 |
| Hulic Co. Ltd.<sup>(b)</sup> | 4478 | &nbsp;&nbsp; 46280 |
| Idemitsu Kosan Co. Ltd. | 7277 | &nbsp;&nbsp; 50621 |
| IHI Corp. | 9885 | &nbsp;&nbsp; 204733 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**50**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Inpex Corp. | 8218 | &nbsp;&nbsp; $151694 |
| Isuzu Motors Ltd.<sup>(b)</sup> | 4984 | &nbsp;&nbsp; 61177 |
| ITOCHU Corp. | 11046 | &nbsp;&nbsp; 640049 |
| Japan Airlines Co. Ltd. | 1371 | &nbsp;&nbsp; 24708 |
| Japan Exchange Group, Inc. | 9286 | &nbsp;&nbsp; 103587 |
| Japan Post Bank Co. Ltd. | 16845 | &nbsp;&nbsp; 188817 |
| Japan Post Holdings Co. Ltd. | 16612 | &nbsp;&nbsp; 155728 |
| Japan Post Insurance Co. Ltd. | 1676 | &nbsp;&nbsp; 43361 |
| Japan Tobacco, Inc.<sup>(b)</sup> | 11152 | &nbsp;&nbsp; 388595 |
| JFE Holdings, Inc.<sup>(b)</sup> | 5363 | &nbsp;&nbsp; 61483 |
| Kajima Corp. | 3999 | &nbsp;&nbsp; 128965 |
| Kansai Electric Power Co., Inc. (The) | 8865 | &nbsp;&nbsp; 138345 |
| Kao Corp. | 4404 | &nbsp;&nbsp; 186442 |
| Kawasaki Heavy Industries Ltd. | 1400 | &nbsp;&nbsp; 112147 |
| Kawasaki Kisen Kaisha Ltd.<sup>(b)</sup> | 3305 | &nbsp;&nbsp; 47369 |
| KDDI Corp. | 29327 | &nbsp;&nbsp; 467650 |
| Keyence Corp. | 1778 | &nbsp;&nbsp; 660113 |
| Kikkoman Corp. | 6496 | &nbsp;&nbsp; 51746 |
| Kirin Holdings Co. Ltd. | 7311 | &nbsp;&nbsp; 102849 |
| Kobe Bussan Co. Ltd.<sup>(b)</sup> | 1388 | &nbsp;&nbsp; 32219 |
| Komatsu Ltd. | 8850 | &nbsp;&nbsp; 296147 |
| Konami Group Corp. | 975 | &nbsp;&nbsp; 162430 |
| Kubota Corp. | 9104 | &nbsp;&nbsp; 117913 |
| Kyocera Corp. | 12026 | &nbsp;&nbsp; 159635 |
| Kyowa Kirin Co. Ltd. | 2221 | &nbsp;&nbsp; 34402 |
| Lasertec Corp. | 748 | &nbsp;&nbsp; 151922 |
| LY Corp. | 26658 | &nbsp;&nbsp; 78363 |
| M3, Inc. | 4118 | &nbsp;&nbsp; 57734 |
| Makita Corp. | 2038 | &nbsp;&nbsp; 61633 |
| Marubeni Corp. | 13225 | &nbsp;&nbsp; 325134 |
| MatsukiyoCocokara & Co. | 3026 | &nbsp;&nbsp; 54843 |
| MEIJI Holdings Co. Ltd. | 2182 | &nbsp;&nbsp; 42018 |
| MINEBEA MITSUMI, Inc. | 3363 | &nbsp;&nbsp; 66489 |
| Mitsubishi Chemical Group Corp. | 11908 | &nbsp;&nbsp; 62225 |
| Mitsubishi Corp. | 30015 | &nbsp;&nbsp; 720997 |
| Mitsubishi Electric Corp. | 17779 | &nbsp;&nbsp; 504972 |
| Mitsubishi Estate Co. Ltd. | 9945 | &nbsp;&nbsp; 210829 |
| Mitsubishi HC Capital, Inc.<sup>(b)</sup> | 8197 | &nbsp;&nbsp; 64145 |
| Mitsubishi Heavy Industries Ltd. | 29872 | &nbsp;&nbsp; 902148 |
| Mitsubishi UFJ Financial Group, Inc. | 107023 | &nbsp;&nbsp; 1617190 |
| Mitsui & Co. Ltd. | 23048 | &nbsp;&nbsp; 566990 |
| Mitsui Fudosan Co. Ltd. | 24637 | &nbsp;&nbsp; 256622 |
| Mitsui OSK Lines Ltd.<sup>(b)</sup> | 3186 | &nbsp;&nbsp; 94695 |
| Mizuho Financial Group, Inc. | 23527 | &nbsp;&nbsp; 788329 |
| MonotaRO Co. Ltd. | 2393 | &nbsp;&nbsp; 33399 |
| MS&AD Insurance Group Holdings, Inc. | 12027 | &nbsp;&nbsp; 248019 |
| Murata Manufacturing Co. Ltd. | 15599 | &nbsp;&nbsp; 336449 |
| NEC Corp. | 12126 | &nbsp;&nbsp; 440574 |
| Nexon Co. Ltd. | 3042 | &nbsp;&nbsp; 62062 |
| Nidec Corp. | 7755 | &nbsp;&nbsp; 94387 |
| Nintendo Co. Ltd. | 10364 | &nbsp;&nbsp; 884260 |
| Nippon Building Fund, Inc.<sup>(b)</sup> | 77 | &nbsp;&nbsp; 71094 |
| Nippon Paint Holdings Co. Ltd. | 8851 | &nbsp;&nbsp; 56322 |
| Nippon Sanso Holdings Corp. | 1568 | &nbsp;&nbsp; 52095 |
| Nippon Steel Corp. | 45467 | &nbsp;&nbsp; 187483 |
| Nippon Yusen K.K.<sup>(b)</sup> | 4074 | &nbsp;&nbsp; 140739 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | 20780 | &nbsp;&nbsp; 47514 |
| Nissin Foods Holdings Co. Ltd. | 1842 | &nbsp;&nbsp; 33263 |
| Nitori Holdings Co. Ltd.<sup>(b)</sup> | 3753 | &nbsp;&nbsp; 60829 |
| Nitto Denko Corp. | 6639 | &nbsp;&nbsp; 165402 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Nomura Holdings, Inc. | 28027 | &nbsp;&nbsp; $200075 |
| Nomura Research Institute Ltd. | 3496 | &nbsp;&nbsp; 135040 |
| NTT, Inc. | 278248 | &nbsp;&nbsp; 286490 |
| Obayashi Corp. | 6093 | &nbsp;&nbsp; 103115 |
| OBIC Co. Ltd. | 2977 | &nbsp;&nbsp; 92383 |
| Olympus Corp. | 10646 | &nbsp;&nbsp; 131067 |
| Oriental Land Co. Ltd. | 10051 | &nbsp;&nbsp; 203481 |
| ORIX Corp. | 10866 | &nbsp;&nbsp; 265900 |
| Osaka Gas Co. Ltd. | 3356 | &nbsp;&nbsp; 105634 |
| Otsuka Corp. | 2167 | &nbsp;&nbsp; 42857 |
| Otsuka Holdings Co. Ltd. | 4027 | &nbsp;&nbsp; 219244 |
| Pan Pacific International Holdings Corp. | 17511 | &nbsp;&nbsp; 104203 |
| Panasonic Holdings Corp. | 21664 | &nbsp;&nbsp; 251809 |
| Rakuten Group, Inc.<sup>(a)</sup> | 14032 | &nbsp;&nbsp; 91833 |
| Recruit Holdings Co. Ltd. | 12403 | &nbsp;&nbsp; 615259 |
| Renesas Electronics Corp. | 15699 | &nbsp;&nbsp; 193945 |
| Resona Holdings, Inc. | 19340 | &nbsp;&nbsp; 186525 |
| Ryohin Keikaku Co. Ltd. | 4620 | &nbsp;&nbsp; 95064 |
| Sanrio Co. Ltd. | 1658 | &nbsp;&nbsp; 76757 |
| SBI Holdings, Inc. | 2564 | &nbsp;&nbsp; 114619 |
| SCREEN Holdings Co. Ltd. | 748 | &nbsp;&nbsp; 70934 |
| SCSK Corp. | 1530 | &nbsp;&nbsp; 56242 |
| Secom Co. Ltd. | 3950 | &nbsp;&nbsp; 133577 |
| Sekisui Chemical Co. Ltd. | 3498 | &nbsp;&nbsp; 60622 |
| Sekisui House Ltd.<sup>(b)</sup> | 5630 | &nbsp;&nbsp; 120836 |
| Seven & i Holdings Co. Ltd. | 19502 | &nbsp;&nbsp; 248150 |
| SG Holdings Co. Ltd.<sup>(b)</sup> | 2924 | &nbsp;&nbsp; 26883 |
| Shimadzu Corp. | 2272 | &nbsp;&nbsp; 61106 |
| Shimano, Inc. | 746 | &nbsp;&nbsp; 78183 |
| Shin-Etsu Chemical Co. Ltd. | 15696 | &nbsp;&nbsp; 471974 |
| Shionogi & Co. Ltd. | 7111 | &nbsp;&nbsp; 119313 |
| Shiseido Co. Ltd.<sup>(b)</sup> | 3676 | &nbsp;&nbsp; 61940 |
| SMC Corp. | 564 | &nbsp;&nbsp; 193139 |
| SoftBank Corp. | 267714 | &nbsp;&nbsp; 380557 |
| SoftBank Group Corp. | 8956 | &nbsp;&nbsp; 1572059 |
| Sompo Holdings, Inc. | 8229 | &nbsp;&nbsp; 250872 |
| Sony Financial Group, Inc.<sup>(a)</sup> | 57394 | &nbsp;&nbsp; 57895 |
| Sony Group Corp. | 57384 | &nbsp;&nbsp; 1598691 |
| Subaru Corp. | 5414 | &nbsp;&nbsp; 115214 |
| Sumitomo Corp. | 10210 | &nbsp;&nbsp; 297125 |
| Sumitomo Electric Industries Ltd. | 6727 | &nbsp;&nbsp; 245337 |
| Sumitomo Metal Mining Co. Ltd.<sup>(b)</sup> | 2310 | &nbsp;&nbsp; 75593 |
| Sumitomo Mitsui Financial Group, Inc. | 34489 | &nbsp;&nbsp; 934082 |
| Sumitomo Mitsui Trust Group, Inc. | 5939 | &nbsp;&nbsp; 163182 |
| Sumitomo Realty & Development Co. Ltd. | 2924 | &nbsp;&nbsp; 124891 |
| Suntory Beverage & Food Ltd.<sup>(b)</sup> | 1246 | &nbsp;&nbsp; 37729 |
| Suzuki Motor Corp.<sup>(b)</sup> | 14615 | &nbsp;&nbsp; 218263 |
| Sysmex Corp. | 4846 | &nbsp;&nbsp; 54040 |
| T&D Holdings, Inc. | 4588 | &nbsp;&nbsp; 98565 |
| Taisei Corp. | 1521 | &nbsp;&nbsp; 110710 |
| Takeda Pharmaceutical Co. Ltd. | 14809 | &nbsp;&nbsp; 399801 |
| TDK Corp. | 18075 | &nbsp;&nbsp; 315923 |
| Terumo Corp. | 12429 | &nbsp;&nbsp; 200687 |
| TIS, Inc. | 2012 | &nbsp;&nbsp; 69340 |
| Toho Co. Ltd. | 940 | &nbsp;&nbsp; 55120 |
| Tokio Marine Holdings, Inc. | 17145 | &nbsp;&nbsp; 639620 |
| Tokyo Electron Ltd. | 4225 | &nbsp;&nbsp; 931820 |
| Tokyo Gas Co. Ltd. | 2892 | &nbsp;&nbsp; 101529 |
| Tokyo Metro Co. Ltd.<sup>(b)</sup> | 2742 | &nbsp;&nbsp; 28835 |
| Tokyu Corp. | 4767 | &nbsp;&nbsp; 53066 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**51**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| TOPPAN Holdings, Inc. | 2180 | &nbsp;&nbsp; $53337 |
| Toray Industries, Inc. | 12951 | &nbsp;&nbsp; 79320 |
| Toyota Industries Corp.<sup>(b)</sup> | 1483 | &nbsp;&nbsp; 161263 |
| Toyota Motor Corp. | 88462 | &nbsp;&nbsp; 1804131 |
| Toyota Tsusho Corp. | 6464 | &nbsp;&nbsp; 197651 |
| Trend Micro, Inc. | 1124 | &nbsp;&nbsp; 57381 |
| Unicharm Corp. | 10461 | &nbsp;&nbsp; 64747 |
| West Japan Railway Co. | 3909 | &nbsp;&nbsp; 80367 |
| Yakult Honsha Co. Ltd. | 2398 | &nbsp;&nbsp; 35913 |
| Yamaha Motor Co. Ltd.<sup>(b)</sup> | 8563 | &nbsp;&nbsp; 61716 |
| Yokogawa Electric Corp. | 2167 | &nbsp;&nbsp; 64848 |
| Yokohama Financial Group, Inc. | 9598 | &nbsp;&nbsp; 69747 |
| Zensho Holdings Co. Ltd. | 914 | &nbsp;&nbsp; 56931 |
| ZOZO, Inc. | 4174 | &nbsp;&nbsp; 36095 |
|  |  | &nbsp;&nbsp; 42071135 |
| **Luxembourg-0.12%** | **Luxembourg-0.12%** | **Luxembourg-0.12%** |
| ArcelorMittal S.A. | 4371 | &nbsp;&nbsp; 167092 |
| CVC Capital Partners PLC<sup>(c)</sup> | 1987 | &nbsp;&nbsp; 33231 |
| Eurofins Scientific SE | 1101 | &nbsp;&nbsp; 77757 |
|  |  | &nbsp;&nbsp; 278080 |
| **Macau-0.06%** | **Macau-0.06%** | **Macau-0.06%** |
| Galaxy Entertainment Group Ltd.<sup>(b)</sup> | 19585 | &nbsp;&nbsp; 97558 |
| Sands China Ltd. | 22085 | &nbsp;&nbsp; 57547 |
|  |  | &nbsp;&nbsp; 155105 |
| **Mexico-0.03%** | **Mexico-0.03%** | **Mexico-0.03%** |
| Fresnillo PLC | 2070 | &nbsp;&nbsp; 60540 |
| **Netherlands-3.78%** | **Netherlands-3.78%** | **Netherlands-3.78%** |
| ABN AMRO Bank N.V., CVA<sup>(c)</sup> | 5447 | &nbsp;&nbsp; 162968 |
| Adyen N.V.<sup>(a)(c)</sup> | 240 | &nbsp;&nbsp; 411789 |
| Akzo Nobel N.V. | 1580 | &nbsp;&nbsp; 104555 |
| argenx SE<sup>(a)</sup> | 566 | &nbsp;&nbsp; 463876 |
| ASM International N.V. | 441 | &nbsp;&nbsp; 286525 |
| ASML Holding N.V. | 3669 | &nbsp;&nbsp; 3884488 |
| ASR Nederland N.V. | 1376 | &nbsp;&nbsp; 91956 |
| BE Semiconductor Industries N.V.<sup>(b)</sup> | 672 | &nbsp;&nbsp; 114728 |
| Euronext N.V.<sup>(c)</sup> | 728 | &nbsp;&nbsp; 104180 |
| EXOR N.V. | 881 | &nbsp;&nbsp; 76450 |
| Heineken Holding N.V. | 1202 | &nbsp;&nbsp; 81282 |
| Heineken N.V. | 2674 | &nbsp;&nbsp; 207332 |
| IMCD N.V.<sup>(b)</sup> | 561 | &nbsp;&nbsp; 58211 |
| ING Groep N.V. | 28185 | &nbsp;&nbsp; 704717 |
| JDE Peet's N.V. | 1581 | &nbsp;&nbsp; 57617 |
| Koninklijke Ahold Delhaize N.V. | 8497 | &nbsp;&nbsp; 348164 |
| Koninklijke KPN N.V. | 36218 | &nbsp;&nbsp; 167823 |
| Koninklijke Philips N.V. | 7191 | &nbsp;&nbsp; 197264 |
| NN Group N.V. | 2495 | &nbsp;&nbsp; 170975 |
| Prosus N.V.<sup>(a)</sup> | 12194 | &nbsp;&nbsp; 843964 |
| Randstad N.V. | 1010 | &nbsp;&nbsp; 39636 |
| Universal Music Group N.V.<sup>(b)</sup> | 10239 | &nbsp;&nbsp; 275000 |
| Wolters Kluwer N.V. | 2212 | &nbsp;&nbsp; 271524 |
|  |  | &nbsp;&nbsp; 9125024 |
| **New Zealand-0.20%** | **New Zealand-0.20%** | **New Zealand-0.20%** |
| Auckland International Airport Ltd. | 15715 | &nbsp;&nbsp; 73192 |
| Contact Energy Ltd. | 7764 | &nbsp;&nbsp; 41417 |
| Fisher & Paykel Healthcare Corp. Ltd. | 5462 | &nbsp;&nbsp; 115876 |
| Infratil Ltd. | 8568 | &nbsp;&nbsp; 60601 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **New Zealand-(continued)** | **New Zealand-(continued)** | **New Zealand-(continued)** |
| Meridian Energy Ltd. | 12198 | &nbsp;&nbsp; $41324 |
| Xero Ltd.<sup>(a)</sup> | 1530 | &nbsp;&nbsp; 144824 |
|  |  | &nbsp;&nbsp; 477234 |
| **Norway-0.41%** | **Norway-0.41%** | **Norway-0.41%** |
| Aker BP ASA | 2938 | &nbsp;&nbsp; 76236 |
| DNB Bank ASA | 8329 | &nbsp;&nbsp; 212860 |
| Equinor ASA | 7153 | &nbsp;&nbsp; 171532 |
| Gjensidige Forsikring ASA | 1854 | &nbsp;&nbsp; 49956 |
| Kongsberg Gruppen ASA | 4099 | &nbsp;&nbsp; 104624 |
| Mowi ASA | 4321 | &nbsp;&nbsp; 95104 |
| Norsk Hydro ASA | 13105 | &nbsp;&nbsp; 88705 |
| Orkla ASA | 6537 | &nbsp;&nbsp; 66473 |
| SalMar ASA | 624 | &nbsp;&nbsp; 35083 |
| Telenor ASA | 5737 | &nbsp;&nbsp; 85422 |
|  |  | &nbsp;&nbsp; 985995 |
| **Poland-0.01%** | **Poland-0.01%** | **Poland-0.01%** |
| InPost S.A.<sup>(a)</sup> | 2341 | &nbsp;&nbsp; 29528 |
| **Portugal-0.15%** | **Portugal-0.15%** | **Portugal-0.15%** |
| Banco Comercial Portugues S.A., Class R | 77538 | &nbsp;&nbsp; 68535 |
| EDP S.A. | 29220 | &nbsp;&nbsp; 145452 |
| Galp Energia SGPS S.A. | 3894 | &nbsp;&nbsp; 78340 |
| Jeronimo Martins SGPS S.A. | 2639 | &nbsp;&nbsp; 68059 |
|  |  | &nbsp;&nbsp; 360386 |
| **Singapore-1.30%** | **Singapore-1.30%** | **Singapore-1.30%** |
| CapitaLand Ascendas REIT | 36558 | &nbsp;&nbsp; 79158 |
| CapitaLand Integrated Commercial Trust | 55862 | &nbsp;&nbsp; 101568 |
| CapitaLand Investment Ltd.<sup>(b)</sup> | 21736 | &nbsp;&nbsp; 44043 |
| DBS Group Holdings Ltd. | 19934 | &nbsp;&nbsp; 825413 |
| Genting Singapore Ltd. | 56406 | &nbsp;&nbsp; 31622 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | 22094 | &nbsp;&nbsp; 132785 |
| Keppel Ltd. | 13602 | &nbsp;&nbsp; 106385 |
| Oversea-Chinese Banking Corp. Ltd. | 31573 | &nbsp;&nbsp; 413067 |
| Sea Ltd., ADR<sup>(a)</sup> | 3562 | &nbsp;&nbsp; 556563 |
| Sembcorp Industries Ltd. | 8270 | &nbsp;&nbsp; 41442 |
| Singapore Airlines Ltd.<sup>(b)</sup> | 13856 | &nbsp;&nbsp; 70542 |
| Singapore Exchange Ltd. | 7956 | &nbsp;&nbsp; 103245 |
| Singapore Technologies Engineering Ltd. | 14498 | &nbsp;&nbsp; 94466 |
| Singapore Telecommunications Ltd. | 69171 | &nbsp;&nbsp; 225804 |
| United Overseas Bank Ltd. | 11747 | &nbsp;&nbsp; 312477 |
|  |  | &nbsp;&nbsp; 3138580 |
| **South Africa-0.16%** | **South Africa-0.16%** | **South Africa-0.16%** |
| Anglo American PLC | 10416 | &nbsp;&nbsp; 394110 |
| **South Korea-0.02%** | **South Korea-0.02%** | **South Korea-0.02%** |
| Delivery Hero SE<sup>(a)(c)</sup> | 1791 | &nbsp;&nbsp; 45552 |
| **Spain-2.65%** | **Spain-2.65%** | **Spain-2.65%** |
| Acciona S.A.<sup>(b)</sup> | 242 | &nbsp;&nbsp; 53637 |
| ACS Actividades de Construccion y Servicios <br> S.A.<br>| 1701 | &nbsp;&nbsp; 139856 |
| Aena S.M.E. S.A.<sup>(c)</sup> | 6995 | &nbsp;&nbsp; 190248 |
| Amadeus IT Group S.A. | 4196 | &nbsp;&nbsp; 321177 |
| Banco Bilbao Vizcaya Argentaria S.A. | 53765 | &nbsp;&nbsp; 1084612 |
| Banco de Sabadell S.A. | 46864 | &nbsp;&nbsp; 175925 |
| Banco Santander S.A.<sup>(b)</sup> | 138859 | &nbsp;&nbsp; 1416903 |
| Bankinter S.A. | 6283 | &nbsp;&nbsp; 94839 |
| CaixaBank S.A. | 36361 | &nbsp;&nbsp; 384844 |
| Cellnex Telecom S.A.<sup>(c)</sup> | 4593 | &nbsp;&nbsp; 143180 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**52**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| EDP Renovaveis S.A. | 3094 | &nbsp;&nbsp; $45297 |
| Endesa S.A. | 2949 | &nbsp;&nbsp; 105864 |
| Grifols S.A. | 2898 | &nbsp;&nbsp; 37603 |
| Iberdrola S.A. | 59150 | &nbsp;&nbsp; 1200361 |
| Industria de Diseno Textil S.A.<sup>(b)</sup> | 10150 | &nbsp;&nbsp; 561241 |
| Redeia Corp. S.A. | 3769 | &nbsp;&nbsp; 67940 |
| Repsol S.A. | 10775 | &nbsp;&nbsp; 197980 |
| Telefonica S.A. | 34321 | &nbsp;&nbsp; 174282 |
|  |  | &nbsp;&nbsp; 6395789 |
| **Sweden-2.78%** | **Sweden-2.78%** | **Sweden-2.78%** |
| Addtech AB, Class B | 2432 | &nbsp;&nbsp; 82003 |
| Alfa Laval AB | 2706 | &nbsp;&nbsp; 128715 |
| Assa Abloy AB, Class B | 9327 | &nbsp;&nbsp; 351771 |
| Atlas Copco AB, Class A<sup>(b)</sup> | 25011 | &nbsp;&nbsp; 419428 |
| Atlas Copco AB, Class B<sup>(b)</sup> | 14531 | &nbsp;&nbsp; 217549 |
| Beijer Ref AB<sup>(b)</sup> | 3647 | &nbsp;&nbsp; 57677 |
| Boliden AB<sup>(a)</sup> | 2649 | &nbsp;&nbsp; 118885 |
| Epiroc AB, Class A | 6131 | &nbsp;&nbsp; 129384 |
| Epiroc AB, Class B | 3635 | &nbsp;&nbsp; 67894 |
| EQT AB | 3468 | &nbsp;&nbsp; 119944 |
| Essity AB, Class B | 5614 | &nbsp;&nbsp; 154329 |
| Evolution AB<sup>(b)(c)</sup> | 1343 | &nbsp;&nbsp; 89554 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | 6673 | &nbsp;&nbsp; 48986 |
| H & M Hennes & Mauritz AB, Class B<sup>(b)</sup> | 5279 | &nbsp;&nbsp; 99781 |
| Hexagon AB, Class B | 19336 | &nbsp;&nbsp; 235891 |
| Holmen AB, Class B<sup>(b)</sup> | 746 | &nbsp;&nbsp; 28211 |
| Industrivarden AB, Class A | 1165 | &nbsp;&nbsp; 48480 |
| Industrivarden AB, Class C | 1447 | &nbsp;&nbsp; 60072 |
| Indutrade AB | 2547 | &nbsp;&nbsp; 68143 |
| Investment AB Latour, Class B | 1442 | &nbsp;&nbsp; 36771 |
| Investor AB, Class B<sup>(b)</sup> | 16125 | &nbsp;&nbsp; 531379 |
| L E Lundbergforetagen AB, Class B | 713 | &nbsp;&nbsp; 38193 |
| Lifco AB, Class B | 2176 | &nbsp;&nbsp; 84083 |
| NIBE Industrier AB, Class B<sup>(b)</sup> | 14119 | &nbsp;&nbsp; 54986 |
| Saab AB, Class B | 2990 | &nbsp;&nbsp; 164663 |
| Sagax AB, Class B | 2038 | &nbsp;&nbsp; 45771 |
| Sandvik AB | 9932 | &nbsp;&nbsp; 300584 |
| Securitas AB, Class B | 4575 | &nbsp;&nbsp; 67449 |
| Skandinaviska Enskilda Banken AB, Class A | 14126 | &nbsp;&nbsp; 269879 |
| Skanska AB, Class B | 3177 | &nbsp;&nbsp; 86587 |
| SKF AB, Class B | 3182 | &nbsp;&nbsp; 81628 |
| Spotify Technology S.A.<sup>(a)</sup> | 1433 | &nbsp;&nbsp; 939074 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(b)</sup> | 5656 | &nbsp;&nbsp; 75400 |
| Svenska Handelsbanken AB, Class A | 13585 | &nbsp;&nbsp; 177420 |
| Swedbank AB, Class A | 7913 | &nbsp;&nbsp; 240441 |
| Swedish Orphan Biovitrum AB, Class B<sup>(a)</sup> | 1824 | &nbsp;&nbsp; 62894 |
| Tele2 AB, Class B | 5102 | &nbsp;&nbsp; 81116 |
| Telefonaktiebolaget LM Ericsson, Class B | 26106 | &nbsp;&nbsp; 265084 |
| Telia Co. AB<sup>(b)</sup> | 21975 | &nbsp;&nbsp; 86579 |
| Trelleborg AB, Class B | 1894 | &nbsp;&nbsp; 79105 |
| Volvo AB, Class B | 14789 | &nbsp;&nbsp; 405476 |
|  |  | &nbsp;&nbsp; 6701259 |
| **Switzerland-5.60%** | **Switzerland-5.60%** | **Switzerland-5.60%** |
| ABB Ltd. | 14616 | &nbsp;&nbsp; 1089371 |
| Avolta AG<sup>(a)</sup> | 840 | &nbsp;&nbsp; 44390 |
| Baloise Holding AG | 378 | &nbsp;&nbsp; 94107 |
| Banque Cantonale Vaudoise<sup>(b)</sup> | 290 | &nbsp;&nbsp; 33755 |
| Barry Callebaut AG<sup>(b)</sup> | 26 | &nbsp;&nbsp; 33885 |
| Belimo Holding AG | 92 | &nbsp;&nbsp; 99510 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| BKW AG | 198 | &nbsp;&nbsp; $44424 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | &nbsp;&nbsp; 153567 |
| Chocoladefabriken Lindt & Spruengli AG, PC | 8 | &nbsp;&nbsp; 123285 |
| Cie Financiere Richemont S.A. | 5009 | &nbsp;&nbsp; 993277 |
| DSM-Firmenich AG | 1733 | &nbsp;&nbsp; 141445 |
| EMS-Chemie Holding AG | 72 | &nbsp;&nbsp; 49438 |
| Galderma Group AG, Class A | 1425 | &nbsp;&nbsp; 265299 |
| Geberit AG | 307 | &nbsp;&nbsp; 224984 |
| Givaudan S.A. | 87 | &nbsp;&nbsp; 357296 |
| Helvetia Holding AG | 351 | &nbsp;&nbsp; 86466 |
| Julius Baer Group Ltd. | 1918 | &nbsp;&nbsp; 129804 |
| Kuehne + Nagel International AG, Class R | 451 | &nbsp;&nbsp; 86739 |
| Logitech International S.A., Class R | 1427 | &nbsp;&nbsp; 171979 |
| Lonza Group AG | 652 | &nbsp;&nbsp; 451349 |
| Nestle S.A. | 24046 | &nbsp;&nbsp; 2303283 |
| Partners Group Holding AG | 205 | &nbsp;&nbsp; 251672 |
| Roche Holding AG | 6559 | &nbsp;&nbsp; 2129887 |
| Roche Holding AG, BR | 292 | &nbsp;&nbsp; 99312 |
| Sandoz Group AG | 3899 | &nbsp;&nbsp; 260621 |
| Schindler Holding AG | 211 | &nbsp;&nbsp; 71504 |
| Schindler Holding AG, PC | 375 | &nbsp;&nbsp; 133908 |
| SGS S.A. | 1546 | &nbsp;&nbsp; 174777 |
| SIG Group AG<sup>(a)</sup> | 2948 | &nbsp;&nbsp; 33043 |
| Sika AG | 1429 | &nbsp;&nbsp; 280765 |
| Sonova Holding AG, Class A | 467 | &nbsp;&nbsp; 127701 |
| Straumann Holding AG<sup>(a)</sup> | 1031 | &nbsp;&nbsp; 129921 |
| Swatch Group AG (The), BR | 270 | &nbsp;&nbsp; 56567 |
| Swiss Life Holding AG | 269 | &nbsp;&nbsp; 292714 |
| Swiss Prime Site AG<sup>(b)</sup> | 747 | &nbsp;&nbsp; 106445 |
| Swisscom AG | 250 | &nbsp;&nbsp; 183587 |
| UBS Group AG<sup>(a)</sup> | 29619 | &nbsp;&nbsp; 1136205 |
| VAT Group AG<sup>(c)</sup> | 257 | &nbsp;&nbsp; 112593 |
| Zurich Insurance Group AG | 1367 | &nbsp;&nbsp; 953078 |
|  |  | &nbsp;&nbsp; 13511953 |
| **United Kingdom-9.60%** | **United Kingdom-9.60%** | **United Kingdom-9.60%** |
| 3i Group PLC | 9055 | &nbsp;&nbsp; 524079 |
| Admiral Group PLC | 2435 | &nbsp;&nbsp; 104856 |
| Ashtead Group PLC | 3989 | &nbsp;&nbsp; 266475 |
| Associated British Foods PLC | 3030 | &nbsp;&nbsp; 91445 |
| AstraZeneca PLC | 14476 | &nbsp;&nbsp; 2388071 |
| Auto Trader Group PLC<sup>(c)</sup> | 8194 | &nbsp;&nbsp; 84073 |
| Aviva PLC | 28444 | &nbsp;&nbsp; 250031 |
| BAE Systems PLC | 28063 | &nbsp;&nbsp; 691369 |
| Barclays PLC | 131931 | &nbsp;&nbsp; 707709 |
| Barratt Redrow PLC | 12784 | &nbsp;&nbsp; 63269 |
| British American Tobacco PLC | 19443 | &nbsp;&nbsp; 995898 |
| BT Group PLC | 55636 | &nbsp;&nbsp; 135799 |
| Bunzl PLC | 3041 | &nbsp;&nbsp; 92450 |
| Centrica PLC | 45304 | &nbsp;&nbsp; 106785 |
| Coca-Cola Europacific Partners PLC | 2156 | &nbsp;&nbsp; 191518 |
| Compass Group PLC | 15800 | &nbsp;&nbsp; 523037 |
| DCC PLC<sup>(b)</sup> | 920 | &nbsp;&nbsp; 60616 |
| Diageo PLC | 20718 | &nbsp;&nbsp; 476605 |
| Entain PLC | 5656 | &nbsp;&nbsp; 58918 |
| Haleon PLC | 84046 | &nbsp;&nbsp; 390878 |
| Halma PLC | 3540 | &nbsp;&nbsp; 164977 |
| Hikma Pharmaceuticals PLC | 1621 | &nbsp;&nbsp; 39216 |
| HSBC Holdings PLC | 162710 | &nbsp;&nbsp; 2278112 |
| Imperial Brands PLC | 7203 | &nbsp;&nbsp; 286239 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**53**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Informa PLC | 12293 | &nbsp;&nbsp; $156549 |
| InterContinental Hotels Group PLC | 1378 | &nbsp;&nbsp; 166243 |
| International Consolidated Airlines Group <br> S.A.<br>| 11577 | &nbsp;&nbsp; 63643 |
| Intertek Group PLC | 1483 | &nbsp;&nbsp; 98791 |
| J Sainsbury PLC | 16709 | &nbsp;&nbsp; 75030 |
| JD Sports Fashion PLC | 24159 | &nbsp;&nbsp; 29608 |
| Kingfisher PLC | 16612 | &nbsp;&nbsp; 67379 |
| Land Securities Group PLC | 6584 | &nbsp;&nbsp; 53815 |
| Legal & General Group PLC | 53502 | &nbsp;&nbsp; 167209 |
| Lloyds Banking Group PLC | 560163 | &nbsp;&nbsp; 656860 |
| London Stock Exchange Group PLC | 4447 | &nbsp;&nbsp; 554277 |
| M&G PLC | 21266 | &nbsp;&nbsp; 73635 |
| Marks & Spencer Group PLC | 19143 | &nbsp;&nbsp; 100049 |
| Melrose Industries PLC | 11875 | &nbsp;&nbsp; 97838 |
| National Grid PLC | 45723 | &nbsp;&nbsp; 685654 |
| NatWest Group PLC | 75555 | &nbsp;&nbsp; 581728 |
| Next PLC | 1088 | &nbsp;&nbsp; 204448 |
| Pearson PLC | 5563 | &nbsp;&nbsp; 77435 |
| Phoenix Group Holdings PLC | 6547 | &nbsp;&nbsp; 58005 |
| Reckitt Benckiser Group PLC | 6358 | &nbsp;&nbsp; 486373 |
| RELX PLC | 17126 | &nbsp;&nbsp; 756994 |
| Rentokil Initial PLC | 23515 | &nbsp;&nbsp; 131263 |
| Rolls-Royce Holdings PLC | 78958 | &nbsp;&nbsp; 1215209 |
| Sage Group PLC (The) | 9139 | &nbsp;&nbsp; 138155 |
| Schroders PLC | 7018 | &nbsp;&nbsp; 35025 |
| Segro PLC | 11968 | &nbsp;&nbsp; 109835 |
| Severn Trent PLC | 2526 | &nbsp;&nbsp; 92349 |
| Shell PLC | 54975 | &nbsp;&nbsp; 2061218 |
| Smith & Nephew PLC | 7749 | &nbsp;&nbsp; 143110 |
| Smiths Group PLC | 3120 | &nbsp;&nbsp; 103328 |
| Spirax Group PLC | 697 | &nbsp;&nbsp; 65019 |
| SSE PLC | 10303 | &nbsp;&nbsp; 259591 |
| Standard Chartered PLC | 18431 | &nbsp;&nbsp; 378381 |
| Tesco PLC | 61243 | &nbsp;&nbsp; 369624 |
| Unilever PLC | 22877 | &nbsp;&nbsp; 1372878 |
| United Utilities Group PLC | 6358 | &nbsp;&nbsp; 100319 |
| Vodafone Group PLC | 181648 | &nbsp;&nbsp; 219924 |
| Whitbread PLC | 1644 | &nbsp;&nbsp; 62595 |
| Wise PLC, Class A<sup>(a)</sup> | 6204 | &nbsp;&nbsp; 78899 |
| WPP PLC | 10044 | &nbsp;&nbsp; 37957 |
|  |  | &nbsp;&nbsp; 23158667 |
| **United States-3.38%** | **United States-3.38%** | **United States-3.38%** |
| A.P. Moller - Maersk A/S, Class A | 26 | &nbsp;&nbsp; 53668 |
| A.P. Moller - Maersk A/S, Class B<sup>(b)</sup> | 35 | &nbsp;&nbsp; 72062 |
| Aegon Ltd. | 12313 | &nbsp;&nbsp; 93960 |
| Alcon AG | 4653 | &nbsp;&nbsp; 347676 |
| Amrize Ltd.<sup>(a)</sup> | 4756 | &nbsp;&nbsp; 246717 |
| BP PLC | 147959 | &nbsp;&nbsp; 866963 |
| CyberArk Software Ltd.<sup>(a)</sup> | 448 | &nbsp;&nbsp; 233309 |
| Experian PLC | 8557 | &nbsp;&nbsp; 399189 |
| Ferrovial SE | 4801 | &nbsp;&nbsp; 295007 |
| GSK PLC | 38102 | &nbsp;&nbsp; 892202 |
| Holcim AG<sup>(a)</sup> | 4756 | &nbsp;&nbsp; 423868 |
| Monday.com Ltd.<sup>(a)</sup> | 370 | &nbsp;&nbsp; 75939 |
| Novartis AG | 17744 | &nbsp;&nbsp; 2201498 |
| Oracle Corp. | 380 | &nbsp;&nbsp; 35045 |
| QIAGEN N.V. | 2011 | &nbsp;&nbsp; 94785 |
| Sanofi S.A. | 10311 | &nbsp;&nbsp; 1044493 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Stellantis N.V. | 18782 | &nbsp;&nbsp; $191267 |
| Swiss Re AG | 2797 | &nbsp;&nbsp; 512010 |
| Tenaris S.A. | 3494 | &nbsp;&nbsp; 69536 |
|  |  | &nbsp;&nbsp; 8149194 |
| Total Common Stocks & Other Equity Interests <br>(Cost $164,302,725) | Total Common Stocks & Other Equity Interests <br>(Cost $164,302,725) | &nbsp;&nbsp; 184699395 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-4.05%** |  |  |
| **Canada-1.48%** |  |  |
| Bank of Montreal (iShares MSCI EAFE ETF), <br> 160.94%, 11/21/2025<sup>(c)</sup><br>| 274000 | &nbsp;&nbsp; 275787 |
| Bank of Montreal (iShares MSCI EAFE ETF), <br> 132.00%, 12/04/2025<sup>(c)</sup><br>| 620000 | &nbsp;&nbsp; 623971 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 170.65%, 11/12/2025<sup>(c)</sup><br>| 302000 | &nbsp;&nbsp; 290327 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 132.37%, 11/13/2025<sup>(c)</sup><br>| 424000 | &nbsp;&nbsp; 431338 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 117.15%, 11/19/2025<sup>(c)</sup><br>| 229000 | &nbsp;&nbsp; 231976 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 136.76%, 11/24/2025<sup>(c)</sup><br>| 504000 | &nbsp;&nbsp; 511430 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 136.74%, 11/25/2025<sup>(c)</sup><br>| 504000 | &nbsp;&nbsp; 510951 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 127.96%, 12/01/2025<sup>(c)</sup><br>| 689000 | &nbsp;&nbsp; 691658 |
|  |  | &nbsp;&nbsp; 3567438 |
| **France-0.56%** |  |  |
| BNP Paribas S.A. (iShares MSCI EAFE ETF), <br> 113.11%, 11/18/2025<sup>(c)</sup><br>| 876000 | &nbsp;&nbsp; 900069 |
| Societe Generale S.A. (iShares MSCI EAFE <br> ETF), 140.00%, 11/17/2025<sup>(c)</sup><br>| 429000 | &nbsp;&nbsp; 444356 |
|  |  | &nbsp;&nbsp; 1344425 |
| **Japan-0.30%** |  |  |
| Mizuho Financial Group, Inc. (iShares MSCI <br> EAFE ETF), 115.20%, 12/01/2025<sup>(c)</sup><br>| 734000 | &nbsp;&nbsp; 729469 |
| **United States-1.71%** |  |  |
| Bank of Montreal (iShares MSCI EAFE ETF), <br> 136.96%, 11/14/2025<sup>(c)</sup><br>| 400000 | &nbsp;&nbsp; 409157 |
| Bank of Montreal (iShares MSCI EAFE ETF), <br> 142.50%, 11/21/2025<sup>(c)</sup><br>| 269000 | &nbsp;&nbsp; 273732 |
| Citigroup, Inc. (iShares MSCI EAFE ETF), <br> 140.70%, 11/14/2025<sup>(c)</sup><br>| 636000 | &nbsp;&nbsp; 650673 |
| J.P. Morgan Structured Products B.V. <br> (iShares MSCI EAFE ETF), 175.43%, <br> 11/06/2025<sup>(c)</sup><br>| 501000 | &nbsp;&nbsp; 509292 |
| J.P. Morgan Structured Products B.V. <br> (iShares MSCI EAFE ETF), 168.91%, <br> 11/07/2025<sup>(c)</sup><br>| 298000 | &nbsp;&nbsp; 302156 |
| J.P. Morgan Structured Products B.V. <br> (iShares MSCI EAFE ETF), 155.27%, <br> 11/10/2025<sup>(c)</sup><br>| 342000 | &nbsp;&nbsp; 349009 |
| J.P. Morgan Structured Products B.V. <br> (iShares MSCI EAFE ETF), 133.63%, <br> 11/26/2025<sup>(c)</sup><br>| 418000 | &nbsp;&nbsp; 418122 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**54**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-4.05%** |  |  |
| **United States-(continued)** |  |  |
| J.P. Morgan Structured Products B.V. <br> (iShares MSCI EAFE ETF), 130.57%, <br> 12/02/2025<sup>(c)</sup><br>| 425000 | &nbsp;&nbsp; $425000 |
| Morgan Stanley Finance LLC (iShares MSCI <br> EAFE ETF), 126.26%, 11/20/2025<sup>(c)</sup><br>| 364000 | &nbsp;&nbsp; 369646 |
| Morgan Stanley Finance LLC (iShares MSCI <br> EAFE ETF), 130.31%, 11/28/2025<sup>(c)</sup><br>| 427000 | &nbsp;&nbsp; 423623 |
|  |  | &nbsp;&nbsp; 4130410 |
| Total Equity Linked Notes <br>(Cost $9,665,000) | Total Equity Linked Notes <br>(Cost $9,665,000) | &nbsp;&nbsp; 9771742 |
|  | **Shares** |  |
| **Money Market Funds-18.02%** | **Money Market Funds-18.02%** | **Money Market Funds-18.02%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(d)(e)</sup> <br>(Cost $43,461,647)<br>| 43461647 | &nbsp;&nbsp; 43461647 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.66% <br>(Cost $217,429,372) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.66% <br>(Cost $217,429,372) | &nbsp;&nbsp; 237932784 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.03%** | **Money Market Funds-3.03%** | **Money Market Funds-3.03%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2026786 | &nbsp;&nbsp; $2026786 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 5272148 | &nbsp;&nbsp; 5273730 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,300,545) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,300,545) | &nbsp;&nbsp; 7300516 |
| TOTAL INVESTMENTS IN SECURITIES-101.69% <br>(Cost $224,729,917) | TOTAL INVESTMENTS IN SECURITIES-101.69% <br>(Cost $224,729,917) | &nbsp;&nbsp; 245233300 |
| OTHER ASSETS LESS LIABILITIES-(1.69)% | OTHER ASSETS LESS LIABILITIES-(1.69)% | &nbsp;&nbsp; (4069976)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $241163324 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| BR-Bearer Shares |
| CDI-CREST Depository Interest |
| CVA-Dutch Certificates |
| ETF-Exchange-Traded Fund |
| PC-Participation Certificate |
| REIT-Real Estate Investment Trust |
| Rts.-Rights |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $11,932,760, which represented 4.95% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $24563266 | &nbsp;&nbsp; $8771420 | &nbsp;&nbsp; $(33334686)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $384022 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 63100783 | &nbsp;&nbsp; (19639136)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 43461647 | &nbsp;&nbsp; 769697 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**55**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $79384 | &nbsp;&nbsp; $7483101 | &nbsp;&nbsp; $(5535699)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2026786 | &nbsp;&nbsp; $36,275<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 207437 | &nbsp;&nbsp; 18862192 | &nbsp;&nbsp; (13795805)<br>| &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; 5273730 | &nbsp;&nbsp; 96,969<br> \*<br>|
| Total | &nbsp;&nbsp; $24850087 | &nbsp;&nbsp; $98217496 | &nbsp;&nbsp; $(72305326)<br>| &nbsp;&nbsp; $(29)<br>| &nbsp;&nbsp; $(65)<br>| &nbsp;&nbsp; $50762163 | &nbsp;&nbsp; $1286963 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**56**

------

**Invesco QQQ Hedged Advantage ETF (QQHG)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-96.38%** | **Common Stocks & Other Equity Interests-96.38%** | **Common Stocks & Other Equity Interests-96.38%** |
| **Advertising-0.07%** | **Advertising-0.07%** | **Advertising-0.07%** |
| Omnicom Group, Inc. | 117 | &nbsp;&nbsp; $8777 |
| **Aerospace & Defense-0.60%** | **Aerospace & Defense-0.60%** | **Aerospace & Defense-0.60%** |
| Boeing Co. (The)<sup>(b)</sup> | 27 | &nbsp;&nbsp; 5428 |
| General Dynamics Corp. | 18 | &nbsp;&nbsp; 6208 |
| General Electric Co. | 65 | &nbsp;&nbsp; 20082 |
| Howmet Aerospace, Inc. | 57 | &nbsp;&nbsp; 11739 |
| Lockheed Martin Corp. | 12 | &nbsp;&nbsp; 5903 |
| Northrop Grumman Corp. | 10 | &nbsp;&nbsp; 5834 |
| RTX Corp. | 102 | &nbsp;&nbsp; 18207 |
|  |  | &nbsp;&nbsp; 73401 |
| **Air Freight & Logistics-0.17%** | **Air Freight & Logistics-0.17%** | **Air Freight & Logistics-0.17%** |
| FedEx Corp. | 49 | &nbsp;&nbsp; 12437 |
| United Parcel Service, Inc., Class B | 91 | &nbsp;&nbsp; 8774 |
|  |  | &nbsp;&nbsp; 21211 |
| **Apparel Retail-0.46%** | **Apparel Retail-0.46%** | **Apparel Retail-0.46%** |
| TJX Cos., Inc. (The) | 397 | &nbsp;&nbsp; 55636 |
| **Application Software-7.27%** | **Application Software-7.27%** | **Application Software-7.27%** |
| AppFolio, Inc., Class A<sup>(b)</sup> | 58 | &nbsp;&nbsp; 14757 |
| AppLovin Corp., Class A<sup>(b)</sup> | 195 | &nbsp;&nbsp; 124280 |
| Bentley Systems, Inc., Class B | 293 | &nbsp;&nbsp; 14893 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(b)</sup> | 1624 | &nbsp;&nbsp; 14161 |
| DocuSign, Inc.<sup>(b)</sup> | 134 | &nbsp;&nbsp; 9801 |
| Dynatrace, Inc.<sup>(b)</sup> | 563 | &nbsp;&nbsp; 28471 |
| Elastic N.V.<sup>(b)</sup> | 100 | &nbsp;&nbsp; 8922 |
| Fair Isaac Corp.<sup>(b)</sup> | 4 | &nbsp;&nbsp; 6638 |
| Guidewire Software, Inc.<sup>(b)</sup> | 66 | &nbsp;&nbsp; 15420 |
| HubSpot, Inc.<sup>(b)</sup> | 38 | &nbsp;&nbsp; 18693 |
| Informatica, Inc., Class A<sup>(b)</sup> | 415 | &nbsp;&nbsp; 10321 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 138 | &nbsp;&nbsp; 25126 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 167 | &nbsp;&nbsp; 11897 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 1426 | &nbsp;&nbsp; 285870 |
| Pegasystems, Inc. | 185 | &nbsp;&nbsp; 11775 |
| Procore Technologies, Inc.<sup>(b)</sup> | 154 | &nbsp;&nbsp; 11368 |
| PTC, Inc.<sup>(b)</sup> | 171 | &nbsp;&nbsp; 33950 |
| Salesforce, Inc. | 283 | &nbsp;&nbsp; 73696 |
| Samsara, Inc., Class A<sup>(b)</sup> | 285 | &nbsp;&nbsp; 11449 |
| Strategy, Inc., Class A<sup>(b)</sup> | 176 | &nbsp;&nbsp; 47434 |
| Synopsys, Inc.<sup>(b)</sup> | 157 | &nbsp;&nbsp; 71250 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 43 | &nbsp;&nbsp; 20479 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 191 | &nbsp;&nbsp; 16661 |
|  |  | &nbsp;&nbsp; 887312 |
| **Asset Management & Custody Banks-0.05%** | **Asset Management & Custody Banks-0.05%** | **Asset Management & Custody Banks-0.05%** |
| BlackRock, Inc. | 6 | &nbsp;&nbsp; 6497 |
| **Automobile Manufacturers-3.40%** | **Automobile Manufacturers-3.40%** | **Automobile Manufacturers-3.40%** |
| Tesla, Inc.<sup>(b)</sup> | 909 | &nbsp;&nbsp; 415013 |
| **Automotive Retail-0.09%** | **Automotive Retail-0.09%** | **Automotive Retail-0.09%** |
| AutoZone, Inc.<sup>(b)</sup> | 3 | &nbsp;&nbsp; 11023 |
| **Biotechnology-1.63%** | **Biotechnology-1.63%** | **Biotechnology-1.63%** |
| AbbVie, Inc. | 114 | &nbsp;&nbsp; 24856 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 22 | &nbsp;&nbsp; 10033 |
| Apellis Pharmaceuticals, Inc.<sup>(b)</sup> | 469 | &nbsp;&nbsp; 10069 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 250 | &nbsp;&nbsp; 13392 |
| Exact Sciences Corp.<sup>(b)</sup> | 114 | &nbsp;&nbsp; 7375 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Exelixis, Inc.<sup>(b)</sup> | 228 | &nbsp;&nbsp; $8817 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 147 | &nbsp;&nbsp; 9583 |
| Incyte Corp.<sup>(b)</sup> | 144 | &nbsp;&nbsp; 13461 |
| Insmed, Inc.<sup>(b)</sup> | 58 | &nbsp;&nbsp; 10997 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 109 | &nbsp;&nbsp; 8099 |
| Moderna, Inc.<sup>(b)</sup> | 424 | &nbsp;&nbsp; 11516 |
| Natera, Inc.<sup>(b)</sup> | 55 | &nbsp;&nbsp; 10941 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 84 | &nbsp;&nbsp; 12030 |
| Revolution Medicines, Inc.<sup>(b)</sup> | 147 | &nbsp;&nbsp; 8649 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 823 | &nbsp;&nbsp; 16452 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 232 | &nbsp;&nbsp; 8027 |
| United Therapeutics Corp.<sup>(b)</sup> | 32 | &nbsp;&nbsp; 14254 |
|  |  | &nbsp;&nbsp; 198551 |
| **Broadcasting-0.10%** | **Broadcasting-0.10%** | **Broadcasting-0.10%** |
| Fox Corp., Class A | 194 | &nbsp;&nbsp; 12542 |
| **Broadline Retail-5.56%** | **Broadline Retail-5.56%** | **Broadline Retail-5.56%** |
| Amazon.com, Inc.<sup>(b)</sup> | 2724 | &nbsp;&nbsp; 665255 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 227 | &nbsp;&nbsp; 7257 |
| eBay, Inc. | 77 | &nbsp;&nbsp; 6261 |
|  |  | &nbsp;&nbsp; 678773 |
| **Building Products-0.25%** | **Building Products-0.25%** | **Building Products-0.25%** |
| Johnson Controls International PLC | 92 | &nbsp;&nbsp; 10524 |
| Trane Technologies PLC | 45 | &nbsp;&nbsp; 20189 |
|  |  | &nbsp;&nbsp; 30713 |
| **Casinos & Gaming-0.23%** | **Casinos & Gaming-0.23%** | **Casinos & Gaming-0.23%** |
| DraftKings, Inc., Class A<sup>(b)</sup> | 204 | &nbsp;&nbsp; 6241 |
| Flutter Entertainment PLC (Ireland)<sup>(b)</sup> | 63 | &nbsp;&nbsp; 14653 |
| Las Vegas Sands Corp. | 129 | &nbsp;&nbsp; 7656 |
|  |  | &nbsp;&nbsp; 28550 |
| **Communications Equipment-1.02%** | **Communications Equipment-1.02%** | **Communications Equipment-1.02%** |
| Arista Networks, Inc.<sup>(b)</sup> | 122 | &nbsp;&nbsp; 19238 |
| Ciena Corp.<sup>(b)</sup> | 69 | &nbsp;&nbsp; 13105 |
| F5, Inc.<sup>(b)</sup> | 67 | &nbsp;&nbsp; 16954 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 117 | &nbsp;&nbsp; 23583 |
| Motorola Solutions, Inc. | 93 | &nbsp;&nbsp; 37824 |
| Ubiquiti, Inc. | 17 | &nbsp;&nbsp; 13382 |
|  |  | &nbsp;&nbsp; 124086 |
| **Construction & Engineering-0.27%** | **Construction & Engineering-0.27%** | **Construction & Engineering-0.27%** |
| EMCOR Group, Inc. | 32 | &nbsp;&nbsp; 21625 |
| Quanta Services, Inc. | 25 | &nbsp;&nbsp; 11228 |
|  |  | &nbsp;&nbsp; 32853 |
| **Construction Machinery & Heavy Transportation Equipment-0.14%** | **Construction Machinery & Heavy Transportation Equipment-0.14%** | **Construction Machinery & Heavy Transportation Equipment-0.14%** |
| Caterpillar, Inc. | 30 | &nbsp;&nbsp; 17318 |
| **Construction Materials-0.11%** | **Construction Materials-0.11%** | **Construction Materials-0.11%** |
| CRH PLC | 69 | &nbsp;&nbsp; 8218 |
| Vulcan Materials Co. | 20 | &nbsp;&nbsp; 5790 |
|  |  | &nbsp;&nbsp; 14008 |
| **Consumer Finance-0.10%** | **Consumer Finance-0.10%** | **Consumer Finance-0.10%** |
| American Express Co. | 35 | &nbsp;&nbsp; 12626 |
| **Consumer Staples Merchandise Retail-1.04%** | **Consumer Staples Merchandise Retail-1.04%** | **Consumer Staples Merchandise Retail-1.04%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 76 | &nbsp;&nbsp; 6708 |
| Dollar General Corp. | 106 | &nbsp;&nbsp; 10458 |
| Dollar Tree, Inc.<sup>(b)</sup> | 105 | &nbsp;&nbsp; 10407 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**57**

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples Merchandise Retail-(continued)** | **Consumer Staples Merchandise Retail-(continued)** | **Consumer Staples Merchandise Retail-(continued)** |
| Target Corp. | 142 | &nbsp;&nbsp; $13166 |
| Walmart, Inc. | 854 | &nbsp;&nbsp; 86408 |
|  |  | &nbsp;&nbsp; 127147 |
| **Copper-0.19%** | **Copper-0.19%** | **Copper-0.19%** |
| Freeport-McMoRan, Inc. | 212 | &nbsp;&nbsp; 8840 |
| Southern Copper Corp. (Mexico) | 100 | &nbsp;&nbsp; 13880 |
|  |  | &nbsp;&nbsp; 22720 |
| **Data Center REITs-0.10%** | **Data Center REITs-0.10%** | **Data Center REITs-0.10%** |
| Equinix, Inc. | 14 | &nbsp;&nbsp; 11844 |
| **Data Processing & Outsourced Services-0.14%** | **Data Processing & Outsourced Services-0.14%** | **Data Processing & Outsourced Services-0.14%** |
| Broadridge Financial Solutions, Inc. | 76 | &nbsp;&nbsp; 16750 |
| **Distillers & Vintners-0.09%** | **Distillers & Vintners-0.09%** | **Distillers & Vintners-0.09%** |
| Constellation Brands, Inc., Class A | 84 | &nbsp;&nbsp; 11036 |
| **Distributors-0.07%** | **Distributors-0.07%** | **Distributors-0.07%** |
| Pool Corp. | 34 | &nbsp;&nbsp; 9080 |
| **Diversified Support Services-0.07%** | **Diversified Support Services-0.07%** | **Diversified Support Services-0.07%** |
| RB Global, Inc. (Canada) | 88 | &nbsp;&nbsp; 8731 |
| **Education Services-0.07%** | **Education Services-0.07%** | **Education Services-0.07%** |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 47 | &nbsp;&nbsp; 8850 |
| **Electric Utilities-0.60%** | **Electric Utilities-0.60%** | **Electric Utilities-0.60%** |
| Duke Energy Corp. | 177 | &nbsp;&nbsp; 22001 |
| NextEra Energy, Inc. | 118 | &nbsp;&nbsp; 9605 |
| Southern Co. (The) | 439 | &nbsp;&nbsp; 41284 |
|  |  | &nbsp;&nbsp; 72890 |
| **Electrical Components & Equipment-0.31%** | **Electrical Components & Equipment-0.31%** | **Electrical Components & Equipment-0.31%** |
| AMETEK, Inc. | 52 | &nbsp;&nbsp; 10510 |
| Eaton Corp. PLC | 48 | &nbsp;&nbsp; 18315 |
| Vertiv Holdings Co., Class A | 47 | &nbsp;&nbsp; 9064 |
|  |  | &nbsp;&nbsp; 37889 |
| **Electronic Components-0.41%** | **Electronic Components-0.41%** | **Electronic Components-0.41%** |
| Amphenol Corp., Class A | 208 | &nbsp;&nbsp; 28983 |
| Corning, Inc. | 236 | &nbsp;&nbsp; 21023 |
|  |  | &nbsp;&nbsp; 50006 |
| **Electronic Equipment & Instruments-0.27%** | **Electronic Equipment & Instruments-0.27%** | **Electronic Equipment & Instruments-0.27%** |
| Keysight Technologies, Inc.<sup>(b)</sup> | 66 | &nbsp;&nbsp; 12075 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 20 | &nbsp;&nbsp; 10537 |
| Trimble, Inc.<sup>(b)</sup> | 127 | &nbsp;&nbsp; 10128 |
|  |  | &nbsp;&nbsp; 32740 |
| **Electronic Manufacturing Services-0.14%** | **Electronic Manufacturing Services-0.14%** | **Electronic Manufacturing Services-0.14%** |
| Flex Ltd.<sup>(b)</sup> | 101 | &nbsp;&nbsp; 6314 |
| Jabil, Inc. | 46 | &nbsp;&nbsp; 10161 |
|  |  | &nbsp;&nbsp; 16475 |
| **Environmental & Facilities Services-0.82%** | **Environmental & Facilities Services-0.82%** | **Environmental & Facilities Services-0.82%** |
| Republic Services, Inc. | 160 | &nbsp;&nbsp; 33318 |
| Rollins, Inc. | 451 | &nbsp;&nbsp; 25982 |
| Veralto Corp. | 208 | &nbsp;&nbsp; 20526 |
| Waste Management, Inc. | 99 | &nbsp;&nbsp; 19777 |
|  |  | &nbsp;&nbsp; 99603 |
| **Fertilizers & Agricultural Chemicals-0.07%** | **Fertilizers & Agricultural Chemicals-0.07%** | **Fertilizers & Agricultural Chemicals-0.07%** |
| Corteva, Inc. | 148 | &nbsp;&nbsp; 9093 |
| **Financial Exchanges & Data-0.27%** | **Financial Exchanges & Data-0.27%** | **Financial Exchanges & Data-0.27%** |
| CME Group, Inc., Class A | 41 | &nbsp;&nbsp; 10885 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Exchanges & Data-(continued)** | **Financial Exchanges & Data-(continued)** | **Financial Exchanges & Data-(continued)** |
| Moody's Corp. | 13 | &nbsp;&nbsp; $6244 |
| S&P Global, Inc. | 33 | &nbsp;&nbsp; 16078 |
|  |  | &nbsp;&nbsp; 33207 |
| **Food Distributors-0.20%** | **Food Distributors-0.20%** | **Food Distributors-0.20%** |
| Performance Food Group Co.<sup>(b)</sup> | 82 | &nbsp;&nbsp; 7933 |
| Sysco Corp. | 85 | &nbsp;&nbsp; 6314 |
| US Foods Holding Corp.<sup>(b)</sup> | 139 | &nbsp;&nbsp; 10094 |
|  |  | &nbsp;&nbsp; 24341 |
| **Food Retail-0.27%** | **Food Retail-0.27%** | **Food Retail-0.27%** |
| Casey's General Stores, Inc. | 22 | &nbsp;&nbsp; 11290 |
| Kroger Co. (The) | 260 | &nbsp;&nbsp; 16544 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 59 | &nbsp;&nbsp; 4659 |
|  |  | &nbsp;&nbsp; 32493 |
| **Gas Utilities-0.16%** | **Gas Utilities-0.16%** | **Gas Utilities-0.16%** |
| Atmos Energy Corp. | 116 | &nbsp;&nbsp; 19920 |
| **Gold-0.15%** | **Gold-0.15%** | **Gold-0.15%** |
| Newmont Corp. | 136 | &nbsp;&nbsp; 11012 |
| Royal Gold, Inc. | 43 | &nbsp;&nbsp; 7516 |
|  |  | &nbsp;&nbsp; 18528 |
| **Health Care Distributors-0.18%** | **Health Care Distributors-0.18%** | **Health Care Distributors-0.18%** |
| Cencora, Inc. | 36 | &nbsp;&nbsp; 12161 |
| McKesson Corp. | 12 | &nbsp;&nbsp; 9736 |
|  |  | &nbsp;&nbsp; 21897 |
| **Health Care Equipment-1.29%** | **Health Care Equipment-1.29%** | **Health Care Equipment-1.29%** |
| Abbott Laboratories | 189 | &nbsp;&nbsp; 23364 |
| Becton, Dickinson and Co. | 42 | &nbsp;&nbsp; 7506 |
| Boston Scientific Corp.<sup>(b)</sup> | 399 | &nbsp;&nbsp; 40187 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 193 | &nbsp;&nbsp; 15913 |
| Medtronic PLC | 206 | &nbsp;&nbsp; 18684 |
| ResMed, Inc. | 60 | &nbsp;&nbsp; 14813 |
| STERIS PLC | 39 | &nbsp;&nbsp; 9192 |
| Stryker Corp. | 77 | &nbsp;&nbsp; 27431 |
|  |  | &nbsp;&nbsp; 157090 |
| **Health Care REITs-0.36%** | **Health Care REITs-0.36%** | **Health Care REITs-0.36%** |
| Welltower, Inc. | 245 | &nbsp;&nbsp; 44355 |
| **Health Care Services-0.04%** | **Health Care Services-0.04%** | **Health Care Services-0.04%** |
| Cigna Group (The) | 20 | &nbsp;&nbsp; 4888 |
| **Health Care Technology-0.06%** | **Health Care Technology-0.06%** | **Health Care Technology-0.06%** |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 25 | &nbsp;&nbsp; 7280 |
| **Heavy Electrical Equipment-0.05%** | **Heavy Electrical Equipment-0.05%** | **Heavy Electrical Equipment-0.05%** |
| GE Vernova, Inc. | 10 | &nbsp;&nbsp; 5851 |
| **Home Improvement Retail-0.51%** | **Home Improvement Retail-0.51%** | **Home Improvement Retail-0.51%** |
| Home Depot, Inc. (The) | 93 | &nbsp;&nbsp; 35302 |
| Lowe's Cos., Inc. | 112 | &nbsp;&nbsp; 26670 |
|  |  | &nbsp;&nbsp; 61972 |
| **Homefurnishing Retail-0.05%** | **Homefurnishing Retail-0.05%** | **Homefurnishing Retail-0.05%** |
| Williams-Sonoma, Inc. | 34 | &nbsp;&nbsp; 6608 |
| **Hotels, Resorts & Cruise Lines-0.96%** | **Hotels, Resorts & Cruise Lines-0.96%** | **Hotels, Resorts & Cruise Lines-0.96%** |
| Carnival Corp.<sup>(b)</sup> | 303 | &nbsp;&nbsp; 8735 |
| Expedia Group, Inc. | 48 | &nbsp;&nbsp; 10560 |
| Hilton Worldwide Holdings, Inc. | 260 | &nbsp;&nbsp; 66810 |
| Hyatt Hotels Corp., Class A | 56 | &nbsp;&nbsp; 7695 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**58**

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| Royal Caribbean Cruises Ltd. | 52 | &nbsp;&nbsp; $14915 |
| Viking Holdings Ltd.<sup>(b)</sup> | 134 | &nbsp;&nbsp; 8154 |
|  |  | &nbsp;&nbsp; 116869 |
| **Household Products-0.52%** | **Household Products-0.52%** | **Household Products-0.52%** |
| Procter & Gamble Co. (The) | 418 | &nbsp;&nbsp; 62855 |
| **Industrial Conglomerates-0.08%** | **Industrial Conglomerates-0.08%** | **Industrial Conglomerates-0.08%** |
| 3M Co. | 62 | &nbsp;&nbsp; 10323 |
| **Industrial Gases-0.10%** | **Industrial Gases-0.10%** | **Industrial Gases-0.10%** |
| Air Products and Chemicals, Inc. | 50 | &nbsp;&nbsp; 12129 |
| **Industrial Machinery & Supplies & Components-0.21%** | **Industrial Machinery & Supplies & Components-0.21%** | **Industrial Machinery & Supplies & Components-0.21%** |
| Illinois Tool Works, Inc. | 42 | &nbsp;&nbsp; 10245 |
| Parker-Hannifin Corp. | 20 | &nbsp;&nbsp; 15456 |
|  |  | &nbsp;&nbsp; 25701 |
| **Industrial REITs-0.12%** | **Industrial REITs-0.12%** | **Industrial REITs-0.12%** |
| Prologis, Inc. | 121 | &nbsp;&nbsp; 15015 |
| **Insurance Brokers-0.08%** | **Insurance Brokers-0.08%** | **Insurance Brokers-0.08%** |
| Arthur J. Gallagher & Co. | 38 | &nbsp;&nbsp; 9481 |
| **Integrated Oil & Gas-0.32%** | **Integrated Oil & Gas-0.32%** | **Integrated Oil & Gas-0.32%** |
| Chevron Corp. | 95 | &nbsp;&nbsp; 14983 |
| Exxon Mobil Corp. | 215 | &nbsp;&nbsp; 24588 |
|  |  | &nbsp;&nbsp; 39571 |
| **Integrated Telecommunication Services-0.72%** | **Integrated Telecommunication Services-0.72%** | **Integrated Telecommunication Services-0.72%** |
| AT&T, Inc. | 1800 | &nbsp;&nbsp; 44550 |
| Verizon Communications, Inc. | 1103 | &nbsp;&nbsp; 43833 |
|  |  | &nbsp;&nbsp; 88383 |
| **Interactive Home Entertainment-0.05%** | **Interactive Home Entertainment-0.05%** | **Interactive Home Entertainment-0.05%** |
| Roblox Corp., Class A<sup>(b)</sup> | 53 | &nbsp;&nbsp; 6027 |
| **Interactive Media & Services-9.62%** | **Interactive Media & Services-9.62%** | **Interactive Media & Services-9.62%** |
| Alphabet, Inc., Class C | 2773 | &nbsp;&nbsp; 781487 |
| Meta Platforms, Inc., Class A | 593 | &nbsp;&nbsp; 384471 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 259 | &nbsp;&nbsp; 8573 |
|  |  | &nbsp;&nbsp; 1174531 |
| **Internet Services & Infrastructure-0.77%** | **Internet Services & Infrastructure-0.77%** | **Internet Services & Infrastructure-0.77%** |
| Akamai Technologies, Inc.<sup>(b)</sup> | 77 | &nbsp;&nbsp; 5783 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 58 | &nbsp;&nbsp; 14691 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 80 | &nbsp;&nbsp; 10650 |
| MongoDB, Inc.<sup>(b)</sup> | 32 | &nbsp;&nbsp; 11514 |
| Okta, Inc.<sup>(b)</sup> | 149 | &nbsp;&nbsp; 13638 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 83 | &nbsp;&nbsp; 22815 |
| Twilio, Inc., Class A<sup>(b)</sup> | 57 | &nbsp;&nbsp; 7688 |
| VeriSign, Inc. | 32 | &nbsp;&nbsp; 7674 |
|  |  | &nbsp;&nbsp; 94453 |
| **Investment Banking & Brokerage-0.11%** | **Investment Banking & Brokerage-0.11%** | **Investment Banking & Brokerage-0.11%** |
| Charles Schwab Corp. (The) | 142 | &nbsp;&nbsp; 13422 |
| **IT Consulting & Other Services-0.87%** | **IT Consulting & Other Services-0.87%** | **IT Consulting & Other Services-0.87%** |
| Accenture PLC, Class A | 179 | &nbsp;&nbsp; 44768 |
| Amdocs Ltd. | 150 | &nbsp;&nbsp; 12639 |
| Gartner, Inc.<sup>(b)</sup> | 74 | &nbsp;&nbsp; 18377 |
| International Business Machines Corp. | 98 | &nbsp;&nbsp; 30126 |
|  |  | &nbsp;&nbsp; 105910 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Life Sciences Tools & Services-0.34%** | **Life Sciences Tools & Services-0.34%** | **Life Sciences Tools & Services-0.34%** |
| Danaher Corp. | 87 | &nbsp;&nbsp; $18738 |
| Thermo Fisher Scientific, Inc. | 40 | &nbsp;&nbsp; 22696 |
|  |  | &nbsp;&nbsp; 41434 |
| **Managed Health Care-0.05%** | **Managed Health Care-0.05%** | **Managed Health Care-0.05%** |
| UnitedHealth Group, Inc. | 17 | &nbsp;&nbsp; 5807 |
| **Movies & Entertainment-3.11%** | **Movies & Entertainment-3.11%** | **Movies & Entertainment-3.11%** |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 65 | &nbsp;&nbsp; 5914 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 41 | &nbsp;&nbsp; 6131 |
| Netflix, Inc.<sup>(b)</sup> | 281 | &nbsp;&nbsp; 314399 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 15 | &nbsp;&nbsp; 9830 |
| TKO Group Holdings, Inc. | 77 | &nbsp;&nbsp; 14507 |
| Walt Disney Co. (The) | 252 | &nbsp;&nbsp; 28380 |
|  |  | &nbsp;&nbsp; 379161 |
| **Multi-Sector Holdings-0.23%** | **Multi-Sector Holdings-0.23%** | **Multi-Sector Holdings-0.23%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 58 | &nbsp;&nbsp; 27697 |
| **Multi-Utilities-0.55%** | **Multi-Utilities-0.55%** | **Multi-Utilities-0.55%** |
| Dominion Energy, Inc. | 275 | &nbsp;&nbsp; 16140 |
| Public Service Enterprise Group, Inc. | 220 | &nbsp;&nbsp; 17723 |
| Sempra | 243 | &nbsp;&nbsp; 22342 |
| WEC Energy Group, Inc. | 99 | &nbsp;&nbsp; 11061 |
|  |  | &nbsp;&nbsp; 67266 |
| **Other Specialty Retail-0.08%** | **Other Specialty Retail-0.08%** | **Other Specialty Retail-0.08%** |
| Tractor Supply Co. | 170 | &nbsp;&nbsp; 9199 |
| **Packaged Foods & Meats-0.34%** | **Packaged Foods & Meats-0.34%** | **Packaged Foods & Meats-0.34%** |
| General Mills, Inc. | 117 | &nbsp;&nbsp; 5453 |
| Hershey Co. (The) | 36 | &nbsp;&nbsp; 6107 |
| Hormel Foods Corp. | 302 | &nbsp;&nbsp; 6520 |
| McCormick & Co., Inc. | 185 | &nbsp;&nbsp; 11870 |
| Tyson Foods, Inc., Class A | 218 | &nbsp;&nbsp; 11207 |
|  |  | &nbsp;&nbsp; 41157 |
| **Passenger Ground Transportation-0.18%** | **Passenger Ground Transportation-0.18%** | **Passenger Ground Transportation-0.18%** |
| Uber Technologies, Inc.<sup>(b)</sup> | 232 | &nbsp;&nbsp; 22388 |
| **Pharmaceuticals-0.75%** | **Pharmaceuticals-0.75%** | **Pharmaceuticals-0.75%** |
| Eli Lilly and Co. | 12 | &nbsp;&nbsp; 10354 |
| Johnson & Johnson | 166 | &nbsp;&nbsp; 31353 |
| Merck & Co., Inc. | 344 | &nbsp;&nbsp; 29577 |
| Pfizer, Inc. | 452 | &nbsp;&nbsp; 11142 |
| Zoetis, Inc. | 60 | &nbsp;&nbsp; 8645 |
|  |  | &nbsp;&nbsp; 91071 |
| **Property & Casualty Insurance-0.11%** | **Property & Casualty Insurance-0.11%** | **Property & Casualty Insurance-0.11%** |
| Progressive Corp. (The) | 65 | &nbsp;&nbsp; 13390 |
| **Publishing-0.17%** | **Publishing-0.17%** | **Publishing-0.17%** |
| New York Times Co. (The), Class A | 164 | &nbsp;&nbsp; 9346 |
| News Corp., Class A | 430 | &nbsp;&nbsp; 11395 |
|  |  | &nbsp;&nbsp; 20741 |
| **Rail Transportation-0.17%** | **Rail Transportation-0.17%** | **Rail Transportation-0.17%** |
| Norfolk Southern Corp. | 20 | &nbsp;&nbsp; 5668 |
| Union Pacific Corp. | 66 | &nbsp;&nbsp; 14544 |
|  |  | &nbsp;&nbsp; 20212 |
| **Real Estate Services-0.06%** | **Real Estate Services-0.06%** | **Real Estate Services-0.06%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 48 | &nbsp;&nbsp; 7317 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**59**

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Research & Consulting Services-0.11%** | **Research & Consulting Services-0.11%** | **Research & Consulting Services-0.11%** |
| Equifax, Inc. | 32 | &nbsp;&nbsp; $6755 |
| Jacobs Solutions, Inc. | 45 | &nbsp;&nbsp; 7012 |
|  |  | &nbsp;&nbsp; 13767 |
| **Restaurants-0.76%** | **Restaurants-0.76%** | **Restaurants-0.76%** |
| Cava Group, Inc.<sup>(b)</sup> | 95 | &nbsp;&nbsp; 5104 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 442 | &nbsp;&nbsp; 14007 |
| Darden Restaurants, Inc. | 46 | &nbsp;&nbsp; 8287 |
| McDonald's Corp. | 123 | &nbsp;&nbsp; 36707 |
| Restaurant Brands International, Inc. (Canada) | 165 | &nbsp;&nbsp; 10839 |
| Texas Roadhouse, Inc. | 68 | &nbsp;&nbsp; 11123 |
| Yum! Brands, Inc. | 50 | &nbsp;&nbsp; 6911 |
|  |  | &nbsp;&nbsp; 92978 |
| **Semiconductor Materials & Equipment-3.57%** | **Semiconductor Materials & Equipment-3.57%** | **Semiconductor Materials & Equipment-3.57%** |
| Amkor Technology, Inc. | 507 | &nbsp;&nbsp; 16366 |
| Applied Materials, Inc. | 722 | &nbsp;&nbsp; 168298 |
| Entegris, Inc. | 153 | &nbsp;&nbsp; 14010 |
| Lam Research Corp. | 1199 | &nbsp;&nbsp; 188795 |
| MKS, Inc. | 71 | &nbsp;&nbsp; 10203 |
| Onto Innovation, Inc.<sup>(b)</sup> | 63 | &nbsp;&nbsp; 8503 |
| Teradyne, Inc. | 165 | &nbsp;&nbsp; 29990 |
|  |  | &nbsp;&nbsp; 436165 |
| **Semiconductors-22.16%** | **Semiconductors-22.16%** | **Semiconductors-22.16%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1099 | &nbsp;&nbsp; 281476 |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup> | 246 | &nbsp;&nbsp; 7360 |
| Astera Labs, Inc.<sup>(b)</sup> | 36 | &nbsp;&nbsp; 6721 |
| Broadcom, Inc. | 1979 | &nbsp;&nbsp; 731498 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 108 | &nbsp;&nbsp; 14326 |
| First Solar, Inc.<sup>(b)</sup> | 33 | &nbsp;&nbsp; 8809 |
| Intel Corp.<sup>(b)</sup> | 2938 | &nbsp;&nbsp; 117491 |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 189 | &nbsp;&nbsp; 13789 |
| MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> | 109 | &nbsp;&nbsp; 16146 |
| Micron Technology, Inc. | 744 | &nbsp;&nbsp; 166485 |
| Monolithic Power Systems, Inc. | 20 | &nbsp;&nbsp; 20100 |
| NVIDIA Corp. | 6272 | &nbsp;&nbsp; 1270017 |
| Qorvo, Inc.<sup>(b)</sup> | 152 | &nbsp;&nbsp; 14428 |
| Skyworks Solutions, Inc. | 288 | &nbsp;&nbsp; 22383 |
| Universal Display Corp. | 95 | &nbsp;&nbsp; 13992 |
|  |  | &nbsp;&nbsp; 2705021 |
| **Soft Drinks & Non-alcoholic Beverages-0.88%** | **Soft Drinks & Non-alcoholic Beverages-0.88%** | **Soft Drinks & Non-alcoholic Beverages-0.88%** |
| Coca-Cola Co. (The) | 1567 | &nbsp;&nbsp; 107966 |
| **Specialty Chemicals-0.35%** | **Specialty Chemicals-0.35%** | **Specialty Chemicals-0.35%** |
| Ecolab, Inc. | 99 | &nbsp;&nbsp; 25384 |
| Sherwin-Williams Co. (The) | 50 | &nbsp;&nbsp; 17247 |
|  |  | &nbsp;&nbsp; 42631 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-9.05%** | **Systems Software-9.05%** | **Systems Software-9.05%** |
| Dolby Laboratories, Inc., Class A | 134 | &nbsp;&nbsp; $8887 |
| Gen Digital, Inc. | 342 | &nbsp;&nbsp; 9015 |
| GitLab, Inc., Class A<sup>(b)</sup> | 154 | &nbsp;&nbsp; 7508 |
| Microsoft Corp. | 1908 | &nbsp;&nbsp; 987981 |
| Oracle Corp. | 47 | &nbsp;&nbsp; 12343 |
| SentinelOne, Inc., Class A<sup>(b)</sup> | 1252 | &nbsp;&nbsp; 22348 |
| ServiceNow, Inc.<sup>(b)</sup> | 50 | &nbsp;&nbsp; 45964 |
| UiPath, Inc., Class A<sup>(b)</sup> | 647 | &nbsp;&nbsp; 10261 |
|  |  | &nbsp;&nbsp; 1104307 |
| **Technology Hardware, Storage & Peripherals-8.38%** | **Technology Hardware, Storage & Peripherals-8.38%** | **Technology Hardware, Storage & Peripherals-8.38%** |
| Apple, Inc. | 3723 | &nbsp;&nbsp; 1006587 |
| Hewlett Packard Enterprise Co. | 238 | &nbsp;&nbsp; 5812 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 104 | &nbsp;&nbsp; 10265 |
|  |  | &nbsp;&nbsp; 1022664 |
| **Tobacco-0.30%** | **Tobacco-0.30%** | **Tobacco-0.30%** |
| Altria Group, Inc. | 268 | &nbsp;&nbsp; 15110 |
| Philip Morris International, Inc. | 146 | &nbsp;&nbsp; 21072 |
|  |  | &nbsp;&nbsp; 36182 |
| **Trading Companies & Distributors-0.07%** | **Trading Companies & Distributors-0.07%** | **Trading Companies & Distributors-0.07%** |
| W.W. Grainger, Inc. | 9 | &nbsp;&nbsp; 8811 |
| **Transaction & Payment Processing Services-0.49%** | **Transaction & Payment Processing Services-0.49%** | **Transaction & Payment Processing Services-0.49%** |
| Mastercard, Inc., Class A | 44 | &nbsp;&nbsp; 24288 |
| Visa, Inc., Class A | 103 | &nbsp;&nbsp; 35096 |
|  |  | &nbsp;&nbsp; 59384 |
| **Water Utilities-0.09%** | **Water Utilities-0.09%** | **Water Utilities-0.09%** |
| American Water Works Co., Inc. | 81 | &nbsp;&nbsp; 10403 |
| Total Common Stocks & Other Equity Interests <br>(Cost $9,077,365) | Total Common Stocks & Other Equity Interests <br>(Cost $9,077,365) | &nbsp;&nbsp; 11763963 |
| **Options Purchased-4.02%** | **Options Purchased-4.02%** | **Options Purchased-4.02%** |
| (Cost $601,023)<sup>†</sup> | (Cost $601,023)<sup>†</sup> | &nbsp;&nbsp; 490757 |
| TOTAL INVESTMENTS IN SECURITIES-100.40% <br>(Cost $9,678,388) | TOTAL INVESTMENTS IN SECURITIES-100.40% <br>(Cost $9,678,388) | &nbsp;&nbsp; 12254720 |
| OTHER ASSETS LESS LIABILITIES-(0.40)% | OTHER ASSETS LESS LIABILITIES-(0.40)% | &nbsp;&nbsp; (49101)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $12205619 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| † | The table below details options purchased. |
| Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025. | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025. |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**60**

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $975543 | &nbsp;&nbsp; $(975543)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $813 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | **Type of** <br>**Contract**<br>| **Expiration Date** | **Number of** <br>**Contracts**<br>| **Exercise Price** | **Notional** <br>**Value\*** | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 11/20/2026 | &nbsp;&nbsp; 34 | $261 | $887400 | &nbsp;&nbsp; $68000 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 08/21/2026 | &nbsp;&nbsp; 34 | 230 | 782000 | &nbsp;&nbsp; 30600 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 05/15/2026 | &nbsp;&nbsp; 39 | 237 | 924300 | &nbsp;&nbsp; 31297 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 06/18/2026 | &nbsp;&nbsp; 35 | 235 | 822500 | &nbsp;&nbsp; 29838 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 09/18/2026 | &nbsp;&nbsp; 42 | 236 | 991200 | &nbsp;&nbsp; 46200 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 01/16/2026 | &nbsp;&nbsp; 39 | 244 | 951600 | &nbsp;&nbsp; 17550 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 10/16/2026 | &nbsp;&nbsp; 38 | 247 | 938600 | &nbsp;&nbsp; 55100 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 12/19/2025 | &nbsp;&nbsp; 39 | 247 | 963300 | &nbsp;&nbsp; 14255 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 03/20/2026 | &nbsp;&nbsp; 39 | 255 | 994500 | &nbsp;&nbsp; 42120 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 02/20/2026 | &nbsp;&nbsp; 39 | 255 | 994500 | &nbsp;&nbsp; 36465 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 07/17/2026 | &nbsp;&nbsp; 40 | 260 | 1040000 | &nbsp;&nbsp; 66000 |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 04/17/2026 | &nbsp;&nbsp; 39 | 260 | 1014000 | &nbsp;&nbsp; 53332 |
| Total Index Options Purchased | Total Index Options Purchased | Total Index Options Purchased |  |  |  | &nbsp;&nbsp; $490757 |

---

\* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** |
| **Description** | **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Notional** <br>**Value\*** | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 07/17/2026 | &nbsp;&nbsp; 20 | $171 | $(342000)<br>| &nbsp;&nbsp; $(4020)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 12/19/2025 | &nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp; (120)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 01/16/2026 | &nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp; (310)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 02/20/2026 | &nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp; (660)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 03/20/2026 | &nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp; (910)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 04/17/2026 | &nbsp;&nbsp; 20 | 149 | (298000)<br>| &nbsp;&nbsp; (1280)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 05/15/2026 | &nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp; (1410)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 06/18/2026 | &nbsp;&nbsp; 17 | 155 | (263500)<br>| &nbsp;&nbsp; (1862)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 11/20/2026 | &nbsp;&nbsp; 17 | 196 | (333200)<br>| &nbsp;&nbsp; (9350)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 08/21/2026 | &nbsp;&nbsp; 17 | 173 | (294100)<br>| &nbsp;&nbsp; (4003)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 09/18/2026 | &nbsp;&nbsp; 21 | 177 | (371700)<br>| &nbsp;&nbsp; (6300)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Put | 10/16/2026 | &nbsp;&nbsp; 19 | 185 | (351500)<br>| &nbsp;&nbsp; (7600)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Call | 11/28/2025 | &nbsp;&nbsp; 111 | 277 | (3074700)<br>| &nbsp;&nbsp; (4884)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Call | 11/07/2025 | &nbsp;&nbsp; 115 | 261 | (3001500)<br>| &nbsp;&nbsp; (15812)<br>|
| Nasdaq-100 Micro Index | &nbsp;&nbsp; Call | 11/14/2025 | &nbsp;&nbsp; 114 | 266 | (3032400)<br>| &nbsp;&nbsp; (10374)<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**61**

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Written—(continued)** | **Open Exchange-Traded Index Options Written—(continued)** | **Open Exchange-Traded Index Options Written—(continued)** | **Open Exchange-Traded Index Options Written—(continued)** | **Open Exchange-Traded Index Options Written—(continued)** | **Open Exchange-Traded Index Options Written—(continued)** |
| **Description** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Exercise**<br> **Price** | **Notional**<br> **Value\*** | **Value** |
| Nasdaq-100 Micro Index<br> &nbsp;&nbsp; Call | 11/21/2025 | &nbsp;&nbsp; 115 | $272 | $(3128000)<br>| &nbsp;&nbsp; $(7130)<br>|
| Total Exchange-Traded Options Written | Total Exchange-Traded Options Written |  |  |  | &nbsp;&nbsp; $(76025)<br>|

---

\* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**62**

------

**Invesco QQQ Income Advantage ETF (QQA)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-76.33%** | **Common Stocks & Other Equity Interests-76.33%** | **Common Stocks & Other Equity Interests-76.33%** |
| **Advertising-0.09%** | **Advertising-0.09%** | **Advertising-0.09%** |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 7557 | &nbsp;&nbsp; $379966 |
| **Aerospace & Defense-0.22%** | **Aerospace & Defense-0.22%** | **Aerospace & Defense-0.22%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 1331 | &nbsp;&nbsp; 974598 |
| **Apparel Retail-0.20%** | **Apparel Retail-0.20%** | **Apparel Retail-0.20%** |
| Ross Stores, Inc. | 5548 | &nbsp;&nbsp; 881688 |
| **Apparel, Accessories & Luxury Goods-0.08%** | **Apparel, Accessories & Luxury Goods-0.08%** | **Apparel, Accessories & Luxury Goods-0.08%** |
| lululemon athletica, Inc.<sup>(b)</sup> | 1945 | &nbsp;&nbsp; 331700 |
| **Application Software-5.76%** | **Application Software-5.76%** | **Application Software-5.76%** |
| Adobe, Inc.<sup>(b)</sup> | 7194 | &nbsp;&nbsp; 2448190 |
| AppLovin Corp., Class A<sup>(b)</sup> | 5215 | &nbsp;&nbsp; 3323676 |
| Atlassian Corp., Class A<sup>(b)</sup> | 2821 | &nbsp;&nbsp; 477934 |
| Autodesk, Inc.<sup>(b)</sup> | 3630 | &nbsp;&nbsp; 1093864 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 4621 | &nbsp;&nbsp; 1565086 |
| Datadog, Inc., Class A<sup>(b)</sup> | 5482 | &nbsp;&nbsp; 892524 |
| Intuit, Inc. | 4730 | &nbsp;&nbsp; 3157511 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 38568 | &nbsp;&nbsp; 7731727 |
| Roper Technologies, Inc. | 1825 | &nbsp;&nbsp; 814224 |
| Strategy, Inc., Class A<sup>(b)</sup> | 4476 | &nbsp;&nbsp; 1206327 |
| Synopsys, Inc.<sup>(b)</sup> | 3139 | &nbsp;&nbsp; 1424541 |
| Workday, Inc., Class A<sup>(b)</sup> | 3681 | &nbsp;&nbsp; 883146 |
|  |  | &nbsp;&nbsp; 25018750 |
| **Automobile Manufacturers-2.64%** | **Automobile Manufacturers-2.64%** | **Automobile Manufacturers-2.64%** |
| Tesla, Inc.<sup>(b)</sup> | 25125 | &nbsp;&nbsp; 11471070 |
| **Automotive Retail-0.31%** | **Automotive Retail-0.31%** | **Automotive Retail-0.31%** |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 14390 | &nbsp;&nbsp; 1358992 |
| **Biotechnology-1.99%** | **Biotechnology-1.99%** | **Biotechnology-1.99%** |
| Amgen, Inc. | 9131 | &nbsp;&nbsp; 2724964 |
| Biogen, Inc.<sup>(b)</sup> | 2491 | &nbsp;&nbsp; 384287 |
| Gilead Sciences, Inc. | 21042 | &nbsp;&nbsp; 2520621 |
| Regeneron Pharmaceuticals, Inc. | 1766 | &nbsp;&nbsp; 1151079 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 4347 | &nbsp;&nbsp; 1849953 |
|  |  | &nbsp;&nbsp; 8630904 |
| **Broadline Retail-4.95%** | **Broadline Retail-4.95%** | **Broadline Retail-4.95%** |
| Amazon.com, Inc.<sup>(b)</sup> | 73513 | &nbsp;&nbsp; 17953345 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 859 | &nbsp;&nbsp; 1999116 |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup> | 11328 | &nbsp;&nbsp; 1527808 |
|  |  | &nbsp;&nbsp; 21480269 |
| **Cable & Satellite-0.53%** | **Cable & Satellite-0.53%** | **Cable & Satellite-0.53%** |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 2316 | &nbsp;&nbsp; 541574 |
| Comcast Corp., Class A | 62454 | &nbsp;&nbsp; 1738407 |
|  |  | &nbsp;&nbsp; 2279981 |
| **Cargo Ground Transportation-0.12%** | **Cargo Ground Transportation-0.12%** | **Cargo Ground Transportation-0.12%** |
| Old Dominion Freight Line, Inc. | 3564 | &nbsp;&nbsp; 500457 |
| **Communications Equipment-1.13%** | **Communications Equipment-1.13%** | **Communications Equipment-1.13%** |
| Cisco Systems, Inc. | 67157 | &nbsp;&nbsp; 4909848 |
| **Construction Machinery & Heavy Transportation Equipment-0.20%** | **Construction Machinery & Heavy Transportation Equipment-0.20%** | **Construction Machinery & Heavy Transportation Equipment-0.20%** |
| PACCAR, Inc. | 8906 | &nbsp;&nbsp; 876350 |
| **Consumer Staples Merchandise Retail-1.58%** | **Consumer Staples Merchandise Retail-1.58%** | **Consumer Staples Merchandise Retail-1.58%** |
| Costco Wholesale Corp. | 7521 | &nbsp;&nbsp; 6855015 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Support Services-0.45%** | **Diversified Support Services-0.45%** | **Diversified Support Services-0.45%** |
| Cintas Corp. | 6835 | &nbsp;&nbsp; $1252650 |
| Copart, Inc.<sup>(b)</sup> | 16397 | &nbsp;&nbsp; 705235 |
|  |  | &nbsp;&nbsp; 1957885 |
| **Electric Utilities-1.08%** | **Electric Utilities-1.08%** | **Electric Utilities-1.08%** |
| American Electric Power Co., Inc. | 9073 | &nbsp;&nbsp; 1091119 |
| Constellation Energy Corp. | 5298 | &nbsp;&nbsp; 1997346 |
| Exelon Corp. | 17128 | &nbsp;&nbsp; 789943 |
| Xcel Energy, Inc. | 10014 | &nbsp;&nbsp; 812837 |
|  |  | &nbsp;&nbsp; 4691245 |
| **Health Care Equipment-1.17%** | **Health Care Equipment-1.17%** | **Health Care Equipment-1.17%** |
| DexCom, Inc.<sup>(b)</sup> | 6650 | &nbsp;&nbsp; 387163 |
| GE HealthCare Technologies, Inc. | 7742 | &nbsp;&nbsp; 580263 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 1356 | &nbsp;&nbsp; 853616 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 6080 | &nbsp;&nbsp; 3248422 |
|  |  | &nbsp;&nbsp; 5069464 |
| **Hotels, Resorts & Cruise Lines-1.13%** | **Hotels, Resorts & Cruise Lines-1.13%** | **Hotels, Resorts & Cruise Lines-1.13%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 7276 | &nbsp;&nbsp; 920705 |
| Booking Holdings, Inc. | 549 | &nbsp;&nbsp; 2787679 |
| Marriott International, Inc., Class A | 4604 | &nbsp;&nbsp; 1199711 |
|  |  | &nbsp;&nbsp; 4908095 |
| **Human Resource & Employment Services-0.58%** | **Human Resource & Employment Services-0.58%** | **Human Resource & Employment Services-0.58%** |
| Automatic Data Processing, Inc. | 6869 | &nbsp;&nbsp; 1788001 |
| Paychex, Inc. | 6099 | &nbsp;&nbsp; 713766 |
|  |  | &nbsp;&nbsp; 2501767 |
| **Industrial Conglomerates-0.50%** | **Industrial Conglomerates-0.50%** | **Industrial Conglomerates-0.50%** |
| Honeywell International, Inc. | 10767 | &nbsp;&nbsp; 2167720 |
| **Industrial Gases-0.77%** | **Industrial Gases-0.77%** | **Industrial Gases-0.77%** |
| Linde PLC | 7953 | &nbsp;&nbsp; 3326740 |
| **Interactive Home Entertainment-0.38%** | **Interactive Home Entertainment-0.38%** | **Interactive Home Entertainment-0.38%** |
| Electronic Arts, Inc. | 4242 | &nbsp;&nbsp; 848654 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 3129 | &nbsp;&nbsp; 802182 |
|  |  | &nbsp;&nbsp; 1650836 |
| **Interactive Media & Services-7.26%** | **Interactive Media & Services-7.26%** | **Interactive Media & Services-7.26%** |
| Alphabet, Inc., Class A | 40097 | &nbsp;&nbsp; 11274875 |
| Alphabet, Inc., Class C | 37429 | &nbsp;&nbsp; 10548241 |
| Meta Platforms, Inc., Class A | 14951 | &nbsp;&nbsp; 9693481 |
|  |  | &nbsp;&nbsp; 31516597 |
| **Internet Services & Infrastructure-0.83%** | **Internet Services & Infrastructure-0.83%** | **Internet Services & Infrastructure-0.83%** |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 20696 | &nbsp;&nbsp; 3598207 |
| **IT Consulting & Other Services-0.14%** | **IT Consulting & Other Services-0.14%** | **IT Consulting & Other Services-0.14%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 8284 | &nbsp;&nbsp; 603738 |
| **Movies & Entertainment-2.07%** | **Movies & Entertainment-2.07%** | **Movies & Entertainment-2.07%** |
| Netflix, Inc.<sup>(b)</sup> | 7206 | &nbsp;&nbsp; 8062505 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 41984 | &nbsp;&nbsp; 942541 |
|  |  | &nbsp;&nbsp; 9005046 |
| **Oil & Gas Equipment & Services-0.19%** | **Oil & Gas Equipment & Services-0.19%** | **Oil & Gas Equipment & Services-0.19%** |
| Baker Hughes Co., Class A | 16719 | &nbsp;&nbsp; 809367 |
| **Oil & Gas Exploration & Production-0.16%** | **Oil & Gas Exploration & Production-0.16%** | **Oil & Gas Exploration & Production-0.16%** |
| Diamondback Energy, Inc. | 4910 | &nbsp;&nbsp; 703063 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**63**

------

**Invesco QQQ Income Advantage ETF (QQA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Packaged Foods & Meats-0.41%** | **Packaged Foods & Meats-0.41%** | **Packaged Foods & Meats-0.41%** |
| Kraft Heinz Co. (The) | 20072 | &nbsp;&nbsp; $496381 |
| Mondelez International, Inc., Class A | 21944 | &nbsp;&nbsp; 1260902 |
|  |  | &nbsp;&nbsp; 1757283 |
| **Pharmaceuticals-0.19%** | **Pharmaceuticals-0.19%** | **Pharmaceuticals-0.19%** |
| AstraZeneca PLC, ADR (United Kingdom) | 9962 | &nbsp;&nbsp; 820869 |
| **Rail Transportation-0.26%** | **Rail Transportation-0.26%** | **Rail Transportation-0.26%** |
| CSX Corp. | 31616 | &nbsp;&nbsp; 1138808 |
| **Real Estate Services-0.11%** | **Real Estate Services-0.11%** | **Real Estate Services-0.11%** |
| CoStar Group, Inc.<sup>(b)</sup> | 7185 | &nbsp;&nbsp; 494400 |
| **Research & Consulting Services-0.39%** | **Research & Consulting Services-0.39%** | **Research & Consulting Services-0.39%** |
| Thomson Reuters Corp. (Canada) | 7644 | &nbsp;&nbsp; 1169991 |
| Verisk Analytics, Inc. | 2370 | &nbsp;&nbsp; 518461 |
|  |  | &nbsp;&nbsp; 1688452 |
| **Restaurants-0.76%** | **Restaurants-0.76%** | **Restaurants-0.76%** |
| DoorDash, Inc., Class A<sup>(b)</sup> | 6822 | &nbsp;&nbsp; 1735312 |
| Starbucks Corp. | 19277 | &nbsp;&nbsp; 1558931 |
|  |  | &nbsp;&nbsp; 3294243 |
| **Semiconductor Materials & Equipment-2.48%** | **Semiconductor Materials & Equipment-2.48%** | **Semiconductor Materials & Equipment-2.48%** |
| Applied Materials, Inc. | 13509 | &nbsp;&nbsp; 3148948 |
| ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 1437 | &nbsp;&nbsp; 1522114 |
| KLA Corp. | 2238 | &nbsp;&nbsp; 2705160 |
| Lam Research Corp. | 21464 | &nbsp;&nbsp; 3379721 |
|  |  | &nbsp;&nbsp; 10755943 |
| **Semiconductors-18.36%** | **Semiconductors-18.36%** | **Semiconductors-18.36%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 27522 | &nbsp;&nbsp; 7048935 |
| Analog Devices, Inc. | 8343 | &nbsp;&nbsp; 1953347 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 2316 | &nbsp;&nbsp; 393303 |
| Broadcom, Inc. | 53622 | &nbsp;&nbsp; 19820300 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 9412 | &nbsp;&nbsp; 335067 |
| Intel Corp.<sup>(b)</sup> | 74231 | &nbsp;&nbsp; 2968498 |
| Marvell Technology, Inc. | 14620 | &nbsp;&nbsp; 1370479 |
| Microchip Technology, Inc. | 9153 | &nbsp;&nbsp; 571330 |
| Micron Technology, Inc. | 18978 | &nbsp;&nbsp; 4246707 |
| NVIDIA Corp. | 167503 | &nbsp;&nbsp; 33917682 |
| NXP Semiconductors N.V. (Netherlands) | 4276 | &nbsp;&nbsp; 894197 |
| ON Semiconductor Corp.<sup>(b)</sup> | 6936 | &nbsp;&nbsp; 347355 |
| QUALCOMM, Inc. | 18298 | &nbsp;&nbsp; 3310108 |
| Texas Instruments, Inc. | 15417 | &nbsp;&nbsp; 2489229 |
|  |  | &nbsp;&nbsp; 79666537 |
| **Soft Drinks & Non-alcoholic Beverages-1.34%** | **Soft Drinks & Non-alcoholic Beverages-1.34%** | **Soft Drinks & Non-alcoholic Beverages-1.34%** |
| Coca-Cola Europacific Partners PLC (United <br> Kingdom)<br>| 7770 | &nbsp;&nbsp; 690209 |
| Keurig Dr Pepper, Inc. | 23041 | &nbsp;&nbsp; 625793 |
| Monster Beverage Corp.<sup>(b)</sup> | 16558 | &nbsp;&nbsp; 1106571 |
| PepsiCo, Inc. | 23218 | &nbsp;&nbsp; 3391918 |
|  |  | &nbsp;&nbsp; 5814491 |
| **Specialty Chemicals-0.03%** | **Specialty Chemicals-0.03%** | **Specialty Chemicals-0.03%** |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 2692 | &nbsp;&nbsp; 121328 |
| **Systems Software-7.68%** | **Systems Software-7.68%** | **Systems Software-7.68%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 4257 | &nbsp;&nbsp; 2311593 |
| Fortinet, Inc.<sup>(b)</sup> | 12995 | &nbsp;&nbsp; 1123158 |
| Microsoft Corp. | 51237 | &nbsp;&nbsp; 26531031 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-(continued)** | **Systems Software-(continued)** | **Systems Software-(continued)** |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 11345 | &nbsp;&nbsp; $2498623 |
| Zscaler, Inc.<sup>(b)</sup> | 2629 | &nbsp;&nbsp; 870567 |
|  |  | &nbsp;&nbsp; 33334972 |
| **Technology Distributors-0.08%** | **Technology Distributors-0.08%** | **Technology Distributors-0.08%** |
| CDW Corp. | 2223 | &nbsp;&nbsp; 354279 |
| **Technology Hardware, Storage & Peripherals-6.37%** | **Technology Hardware, Storage & Peripherals-6.37%** | **Technology Hardware, Storage & Peripherals-6.37%** |
| Apple, Inc. | 102297 | &nbsp;&nbsp; 27658040 |
| **Trading Companies & Distributors-0.18%** | **Trading Companies & Distributors-0.18%** | **Trading Companies & Distributors-0.18%** |
| Fastenal Co. | 19462 | &nbsp;&nbsp; 800861 |
| **Transaction & Payment Processing Services-0.26%** | **Transaction & Payment Processing Services-0.26%** | **Transaction & Payment Processing Services-0.26%** |
| PayPal Holdings, Inc.<sup>(b)</sup> | 16202 | &nbsp;&nbsp; 1122313 |
| **Wireless Telecommunication Services-0.92%** | **Wireless Telecommunication Services-0.92%** | **Wireless Telecommunication Services-0.92%** |
| T-Mobile US, Inc. | 19086 | &nbsp;&nbsp; 4009014 |
| Total Common Stocks & Other Equity Interests <br>(Cost $272,738,435) | Total Common Stocks & Other Equity Interests <br>(Cost $272,738,435) | &nbsp;&nbsp; 331291191 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-4.54%** |  |  |
| **Diversified Banks-4.31%** |  |  |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 243.00%, 11/07/2025<sup>(d)</sup><br>| $1028000 | &nbsp;&nbsp; 970423 |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 186.42%, 12/01/2025<sup>(d)</sup><br>| 1156000 | &nbsp;&nbsp; 1157156 |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 186.00%, 12/04/2025<sup>(d)</sup><br>| 835000 | &nbsp;&nbsp; 828597 |
| BNP Paribas S.A. (NASDAQ 100 Stock <br> Index), 217.96%, 11/12/2025<sup>(d)</sup><br>| 644000 | &nbsp;&nbsp; 588827 |
| BNP Paribas S.A. (NASDAQ 100 Stock <br> Index), 175.97%, 11/17/2025<sup>(d)</sup><br>| 997000 | &nbsp;&nbsp; 962026 |
| Citigroup, Inc. (NASDAQ 100 Stock Index), <br> 225.42%, 11/14/2025<sup>(d)</sup><br>| 1023000 | &nbsp;&nbsp; 956023 |
| Citigroup, Inc. (NASDAQ 100 Stock Index), <br> 199.45%, 11/21/2025<sup>(d)</sup><br>| 1200000 | &nbsp;&nbsp; 1138739 |
| J.P. Morgan Structured Products B.V. <br> (NASDAQ 100 Stock Index), 235.28%, <br> 11/06/2025<sup>(d)</sup><br>| 1575000 | &nbsp;&nbsp; 1496135 |
| J.P. Morgan Structured Products B.V. <br> (NASDAQ 100 Stock Index), 213.41%, <br> 11/13/2025<sup>(d)</sup><br>| 970000 | &nbsp;&nbsp; 860813 |
| J.P. Morgan Structured Products B.V. <br> (NASDAQ 100 Stock Index), 175.32%, <br> 11/19/2025<sup>(d)</sup><br>| 1045000 | &nbsp;&nbsp; 996294 |
| JPMorgan Chase & Co. (NASDAQ 100 Stock <br> Index), 228.76%, 11/10/2025<sup>(d)</sup><br>| 852000 | &nbsp;&nbsp; 710364 |
| JPMorgan Chase & Co. (NASDAQ 100 Stock <br> Index), 202.63%, 11/26/2025<sup>(d)</sup><br>| 910000 | &nbsp;&nbsp; 904497 |
| JPMorgan Chase & Co. (NASDAQ 100 Stock <br> Index), 184.02%, 11/28/2025<sup>(d)</sup><br>| 965000 | &nbsp;&nbsp; 957132 |
| Mizuho Markets Cayman L.P. (NASDAQ 100 <br> Stock Index), 187.00%, 11/24/2025<sup>(d)</sup><br>| 1243000 | &nbsp;&nbsp; 1208018 |
| Nomura America Finance LLC (NASDAQ 100 <br> Stock Index), 185.00%, 11/18/2025<sup>(d)</sup><br>| 1040000 | &nbsp;&nbsp; 1003883 |
| Royal Bank of Canada (NASDAQ 100 Stock <br> Index), 210.62%, 11/14/2025<sup>(d)</sup><br>| 1373000 | &nbsp;&nbsp; 1284615 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**64**

------

**Invesco QQQ Income Advantage ETF (QQA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>| **Value** |
| **Diversified Banks-(continued)** |  |  |
| Societe Generale (NASDAQ 100 Stock Index), <br> 211.87%, 11/20/2025<sup>(d)</sup><br>| $1091000 | &nbsp;&nbsp; $1031716 |
| UBS AG (NASDAQ 100 Stock Index), <br> 193.50%, 12/02/2025<sup>(d)</sup><br>| 1656000 | &nbsp;&nbsp; 1656000 |
|  |  | &nbsp;&nbsp; 18711258 |
| **Diversified Capital Markets-0.23%** |  |  |
| UBS Group AG (NASDAQ 100 Stock Index), <br> 212.00%, 11/25/2025<sup>(d)</sup><br>| 997000 | &nbsp;&nbsp; 989968 |
| Total Equity Linked Notes <br>(Cost $20,600,000) | Total Equity Linked Notes <br>(Cost $20,600,000) | &nbsp;&nbsp; 19701226 |
|  | **Shares** |  |
| **Money Market Funds-18.85%** | **Money Market Funds-18.85%** | **Money Market Funds-18.85%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(e)(f)</sup> <br>(Cost $81,835,754)<br>| 81835754 | &nbsp;&nbsp; 81835754 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.72% <br>(Cost $375,174,189) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.72% <br>(Cost $375,174,189) | &nbsp;&nbsp; 432828171 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.12%** | **Money Market Funds-0.12%** | **Money Market Funds-0.12%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 100203 | &nbsp;&nbsp; $100203 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 405099 | &nbsp;&nbsp; 405221 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $505,424) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $505,424) | &nbsp;&nbsp; 505424 |
| TOTAL INVESTMENTS IN SECURITIES-99.84% <br>(Cost $375,679,613) | TOTAL INVESTMENTS IN SECURITIES-99.84% <br>(Cost $375,679,613) | &nbsp;&nbsp; 433333595 |
| OTHER ASSETS LESS LIABILITIES-0.16% | OTHER ASSETS LESS LIABILITIES-0.16% | &nbsp;&nbsp; 678290 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $434011885 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> ETF -Exchange-Traded Fund

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $19,701,226, which represented 4.54% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $24679350 | &nbsp;&nbsp; $29744118 | &nbsp;&nbsp; $(54423468)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $537773 |
| Invesco NASDAQ 100 <br> ETF<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 18330023 | &nbsp;&nbsp; (18149319)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (180704)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Premier <br> U.S. Government <br> Money Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 135761821 | &nbsp;&nbsp; (53926067)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 81835754 | &nbsp;&nbsp; 1447348 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**65**

------

**Invesco QQQ Income Advantage ETF (QQA)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $89525 | &nbsp;&nbsp; $25008435 | &nbsp;&nbsp; $(24997757)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $100203 | &nbsp;&nbsp; $34,748<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 504696 | &nbsp;&nbsp; 53024131 | &nbsp;&nbsp; (53123630)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 405221 | &nbsp;&nbsp; 91,507<br> \*<br>|
| Total | &nbsp;&nbsp; $25273571 | &nbsp;&nbsp; $261868528 | &nbsp;&nbsp; $(204620241)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $(180682)<br>| &nbsp;&nbsp; $82341178 | &nbsp;&nbsp; $2111376 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**66**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-73.11%** | **Common Stocks & Other Equity Interests-73.11%** | **Common Stocks & Other Equity Interests-73.11%** |
| **Communication Services-7.38%** | **Communication Services-7.38%** | **Communication Services-7.38%** |
| Alphabet, Inc., Class A | 5293 | &nbsp;&nbsp; $1488339 |
| Alphabet, Inc., Class C | 4249 | &nbsp;&nbsp; 1197453 |
| AT&T, Inc. | 6506 | &nbsp;&nbsp; 161024 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 85 | &nbsp;&nbsp; 19876 |
| Comcast Corp., Class A | 3351 | &nbsp;&nbsp; 93275 |
| Electronic Arts, Inc. | 205 | &nbsp;&nbsp; 41012 |
| Fox Corp., Class A | 191 | &nbsp;&nbsp; 12348 |
| Fox Corp., Class B | 135 | &nbsp;&nbsp; 7885 |
| Interpublic Group of Cos., Inc. (The) | 333 | &nbsp;&nbsp; 8545 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 144 | &nbsp;&nbsp; 21532 |
| Match Group, Inc. | 219 | &nbsp;&nbsp; 7082 |
| Meta Platforms, Inc., Class A | 1974 | &nbsp;&nbsp; 1279843 |
| Netflix, Inc.<sup>(b)</sup> | 387 | &nbsp;&nbsp; 432999 |
| News Corp., Class A | 343 | &nbsp;&nbsp; 9090 |
| News Corp., Class B | 113 | &nbsp;&nbsp; 3443 |
| Omnicom Group, Inc.<sup>(c)</sup> | 176 | &nbsp;&nbsp; 13204 |
| Paramount Skydance Corp.<sup>(c)</sup> | 281 | &nbsp;&nbsp; 4325 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 158 | &nbsp;&nbsp; 40506 |
| TKO Group Holdings, Inc. | 63 | &nbsp;&nbsp; 11869 |
| T-Mobile US, Inc. | 440 | &nbsp;&nbsp; 92422 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 406 | &nbsp;&nbsp; 20414 |
| Verizon Communications, Inc. | 3836 | &nbsp;&nbsp; 152443 |
| Walt Disney Co. (The) | 1636 | &nbsp;&nbsp; 184246 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 2253 | &nbsp;&nbsp; 50580 |
|  |  | &nbsp;&nbsp; 5353755 |
| **Consumer Discretionary-7.70%** | **Consumer Discretionary-7.70%** | **Consumer Discretionary-7.70%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 390 | &nbsp;&nbsp; 49351 |
| Amazon.com, Inc.<sup>(b)</sup> | 8831 | &nbsp;&nbsp; 2156707 |
| Aptiv PLC<sup>(b)</sup> | 198 | &nbsp;&nbsp; 16058 |
| AutoZone, Inc.<sup>(b)</sup> | 15 | &nbsp;&nbsp; 55116 |
| Best Buy Co., Inc. | 179 | &nbsp;&nbsp; 14703 |
| Booking Holdings, Inc. | 29 | &nbsp;&nbsp; 147254 |
| Carnival Corp.<sup>(b)</sup> | 988 | &nbsp;&nbsp; 28484 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 1220 | &nbsp;&nbsp; 38662 |
| D.R. Horton, Inc. | 252 | &nbsp;&nbsp; 37568 |
| Darden Restaurants, Inc. | 106 | &nbsp;&nbsp; 19096 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 135 | &nbsp;&nbsp; 11002 |
| Domino's Pizza, Inc. | 28 | &nbsp;&nbsp; 11157 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 337 | &nbsp;&nbsp; 85723 |
| eBay, Inc. | 416 | &nbsp;&nbsp; 33825 |
| Expedia Group, Inc. | 108 | &nbsp;&nbsp; 23760 |
| Ford Motor Co. | 3557 | &nbsp;&nbsp; 46703 |
| Garmin Ltd. | 149 | &nbsp;&nbsp; 31877 |
| General Motors Co. | 866 | &nbsp;&nbsp; 59832 |
| Genuine Parts Co. | 127 | &nbsp;&nbsp; 16168 |
| Hasbro, Inc. | 121 | &nbsp;&nbsp; 9234 |
| Hilton Worldwide Holdings, Inc. | 214 | &nbsp;&nbsp; 54989 |
| Home Depot, Inc. (The) | 905 | &nbsp;&nbsp; 343529 |
| Las Vegas Sands Corp. | 281 | &nbsp;&nbsp; 16677 |
| Lennar Corp., Class A | 207 | &nbsp;&nbsp; 25620 |
| LKQ Corp. | 234 | &nbsp;&nbsp; 7479 |
| Lowe's Cos., Inc. | 510 | &nbsp;&nbsp; 121446 |
| lululemon athletica, Inc.<sup>(b)</sup> | 99 | &nbsp;&nbsp; 16883 |
| Marriott International, Inc., Class A | 205 | &nbsp;&nbsp; 53419 |
| McDonald's Corp. | 649 | &nbsp;&nbsp; 193681 |
| MGM Resorts International<sup>(b)</sup> | 186 | &nbsp;&nbsp; 5958 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Mohawk Industries, Inc.<sup>(b)</sup> | 47 | &nbsp;&nbsp; $5341 |
| NIKE, Inc., Class B | 1081 | &nbsp;&nbsp; 69822 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 411 | &nbsp;&nbsp; 9215 |
| NVR, Inc.<sup>(b)</sup> | 3 | &nbsp;&nbsp; 21632 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 772 | &nbsp;&nbsp; 72908 |
| Pool Corp. | 30 | &nbsp;&nbsp; 8012 |
| PulteGroup, Inc. | 180 | &nbsp;&nbsp; 21577 |
| Ralph Lauren Corp. | 35 | &nbsp;&nbsp; 11188 |
| Ross Stores, Inc. | 298 | &nbsp;&nbsp; 47358 |
| Royal Caribbean Cruises Ltd. | 230 | &nbsp;&nbsp; 65971 |
| Starbucks Corp. | 1034 | &nbsp;&nbsp; 83620 |
| Tapestry, Inc. | 189 | &nbsp;&nbsp; 20756 |
| Tesla, Inc.<sup>(b)</sup> | 2553 | &nbsp;&nbsp; 1165598 |
| TJX Cos., Inc. (The) | 1015 | &nbsp;&nbsp; 142242 |
| Tractor Supply Co. | 482 | &nbsp;&nbsp; 26081 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 41 | &nbsp;&nbsp; 21315 |
| Williams-Sonoma, Inc. | 112 | &nbsp;&nbsp; 21766 |
| Wynn Resorts Ltd. | 77 | &nbsp;&nbsp; 9162 |
| Yum! Brands, Inc. | 253 | &nbsp;&nbsp; 34967 |
|  |  | &nbsp;&nbsp; 5590492 |
| **Consumer Staples-3.42%** | **Consumer Staples-3.42%** | **Consumer Staples-3.42%** |
| Altria Group, Inc. | 1529 | &nbsp;&nbsp; 86205 |
| Archer-Daniels-Midland Co. | 437 | &nbsp;&nbsp; 26452 |
| Brown-Forman Corp., Class B<sup>(c)</sup> | 160 | &nbsp;&nbsp; 4357 |
| Bunge Global S.A. | 127 | &nbsp;&nbsp; 12014 |
| Campbell's Co. (The)<sup>(c)</sup> | 179 | &nbsp;&nbsp; 5393 |
| Church & Dwight Co., Inc. | 222 | &nbsp;&nbsp; 19467 |
| Clorox Co. (The) | 111 | &nbsp;&nbsp; 12483 |
| Coca-Cola Co. (The) | 3524 | &nbsp;&nbsp; 242804 |
| Colgate-Palmolive Co. | 735 | &nbsp;&nbsp; 56632 |
| Conagra Brands, Inc. | 436 | &nbsp;&nbsp; 7495 |
| Constellation Brands, Inc., Class A | 130 | &nbsp;&nbsp; 17079 |
| Costco Wholesale Corp. | 404 | &nbsp;&nbsp; 368226 |
| Dollar General Corp. | 200 | &nbsp;&nbsp; 19732 |
| Dollar Tree, Inc.<sup>(b)</sup> | 177 | &nbsp;&nbsp; 17544 |
| Estee Lauder Cos., Inc. (The), Class A | 213 | &nbsp;&nbsp; 20595 |
| General Mills, Inc. | 487 | &nbsp;&nbsp; 22699 |
| Hershey Co. (The) | 135 | &nbsp;&nbsp; 22900 |
| Hormel Foods Corp. | 265 | &nbsp;&nbsp; 5721 |
| J.M. Smucker Co. (The) | 97 | &nbsp;&nbsp; 10044 |
| Kellanova | 245 | &nbsp;&nbsp; 20350 |
| Kenvue, Inc. | 1746 | &nbsp;&nbsp; 25090 |
| Keurig Dr Pepper, Inc. | 1236 | &nbsp;&nbsp; 33570 |
| Kimberly-Clark Corp. | 302 | &nbsp;&nbsp; 36152 |
| Kraft Heinz Co. (The) | 775 | &nbsp;&nbsp; 19166 |
| Kroger Co. (The) | 553 | &nbsp;&nbsp; 35187 |
| Lamb Weston Holdings, Inc. | 127 | &nbsp;&nbsp; 7840 |
| McCormick & Co., Inc. | 230 | &nbsp;&nbsp; 14757 |
| Molson Coors Beverage Co., Class B | 154 | &nbsp;&nbsp; 6733 |
| Mondelez International, Inc., Class A | 1177 | &nbsp;&nbsp; 67630 |
| Monster Beverage Corp.<sup>(b)</sup> | 649 | &nbsp;&nbsp; 43373 |
| PepsiCo, Inc. | 1246 | &nbsp;&nbsp; 182028 |
| Philip Morris International, Inc. | 1416 | &nbsp;&nbsp; 204371 |
| Procter & Gamble Co. (The) | 2131 | &nbsp;&nbsp; 320438 |
| Sysco Corp. | 434 | &nbsp;&nbsp; 32238 |
| Target Corp. | 413 | &nbsp;&nbsp; 38293 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**67**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Tyson Foods, Inc., Class A | 260 | &nbsp;&nbsp; $13367 |
| Walmart, Inc. | 3994 | &nbsp;&nbsp; 404113 |
|  |  | &nbsp;&nbsp; 2482538 |
| **Energy-2.04%** | **Energy-2.04%** | **Energy-2.04%** |
| APA Corp. | 326 | &nbsp;&nbsp; 7384 |
| Baker Hughes Co., Class A | 897 | &nbsp;&nbsp; 43424 |
| Chevron Corp. | 1751 | &nbsp;&nbsp; 276168 |
| ConocoPhillips | 1136 | &nbsp;&nbsp; 100945 |
| Coterra Energy, Inc. | 694 | &nbsp;&nbsp; 16420 |
| Devon Energy Corp. | 578 | &nbsp;&nbsp; 18779 |
| Diamondback Energy, Inc. | 171 | &nbsp;&nbsp; 24486 |
| EOG Resources, Inc. | 497 | &nbsp;&nbsp; 52602 |
| EQT Corp. | 568 | &nbsp;&nbsp; 30433 |
| Expand Energy Corp. | 217 | &nbsp;&nbsp; 22418 |
| Exxon Mobil Corp. | 3879 | &nbsp;&nbsp; 443602 |
| Halliburton Co. | 776 | &nbsp;&nbsp; 20828 |
| Kinder Morgan, Inc. | 1779 | &nbsp;&nbsp; 46592 |
| Marathon Petroleum Corp. | 277 | &nbsp;&nbsp; 53990 |
| Occidental Petroleum Corp. | 654 | &nbsp;&nbsp; 26945 |
| ONEOK, Inc. | 573 | &nbsp;&nbsp; 38391 |
| Phillips 66 Co. | 368 | &nbsp;&nbsp; 50100 |
| SLB Ltd. | 1358 | &nbsp;&nbsp; 48969 |
| Targa Resources Corp. | 196 | &nbsp;&nbsp; 30192 |
| Texas Pacific Land Corp. | 18 | &nbsp;&nbsp; 16981 |
| Valero Energy Corp. | 283 | &nbsp;&nbsp; 47985 |
| Williams Cos., Inc. (The) | 1111 | &nbsp;&nbsp; 64294 |
|  |  | &nbsp;&nbsp; 1481928 |
| **Financials-9.40%** | **Financials-9.40%** | **Financials-9.40%** |
| Aflac, Inc. | 438 | &nbsp;&nbsp; 46949 |
| Allstate Corp. (The) | 240 | &nbsp;&nbsp; 45965 |
| American Express Co. | 494 | &nbsp;&nbsp; 178201 |
| American International Group, Inc. | 504 | &nbsp;&nbsp; 39796 |
| Ameriprise Financial, Inc. | 86 | &nbsp;&nbsp; 38938 |
| Aon PLC, Class A | 196 | &nbsp;&nbsp; 66773 |
| Apollo Global Management, Inc. | 419 | &nbsp;&nbsp; 52086 |
| Arch Capital Group Ltd. | 338 | &nbsp;&nbsp; 29173 |
| Arthur J. Gallagher & Co. | 233 | &nbsp;&nbsp; 58131 |
| Assurant, Inc. | 46 | &nbsp;&nbsp; 9739 |
| Bank of America Corp. | 6200 | &nbsp;&nbsp; 331390 |
| Bank of New York Mellon Corp. (The) | 642 | &nbsp;&nbsp; 69291 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 1669 | &nbsp;&nbsp; 797014 |
| BlackRock, Inc. | 131 | &nbsp;&nbsp; 141848 |
| Blackstone, Inc., Class A | 671 | &nbsp;&nbsp; 98395 |
| Block, Inc., Class A<sup>(b)</sup> | 500 | &nbsp;&nbsp; 37970 |
| Brown & Brown, Inc. | 267 | &nbsp;&nbsp; 21291 |
| Capital One Financial Corp. | 582 | &nbsp;&nbsp; 128034 |
| Cboe Global Markets, Inc. | 95 | &nbsp;&nbsp; 23336 |
| Charles Schwab Corp. (The) | 1553 | &nbsp;&nbsp; 146790 |
| Chubb Ltd. | 337 | &nbsp;&nbsp; 93329 |
| Cincinnati Financial Corp. | 142 | &nbsp;&nbsp; 21952 |
| Citigroup, Inc. | 1675 | &nbsp;&nbsp; 169560 |
| Citizens Financial Group, Inc. | 392 | &nbsp;&nbsp; 19941 |
| CME Group, Inc., Class A | 328 | &nbsp;&nbsp; 87081 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 206 | &nbsp;&nbsp; 70819 |
| Corpay, Inc.<sup>(b)</sup> | 64 | &nbsp;&nbsp; 16662 |
| Erie Indemnity Co., Class A | 23 | &nbsp;&nbsp; 6731 |
| Everest Group Ltd. | 38 | &nbsp;&nbsp; 11952 |
| FactSet Research Systems, Inc. | 34 | &nbsp;&nbsp; 9071 |
| Fidelity National Information Services, Inc. | 475 | &nbsp;&nbsp; 29697 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Fifth Third Bancorp | 602 | &nbsp;&nbsp; $25055 |
| Fiserv, Inc.<sup>(b)</sup> | 495 | &nbsp;&nbsp; 33012 |
| Franklin Resources, Inc. | 279 | &nbsp;&nbsp; 6308 |
| Global Payments, Inc. | 221 | &nbsp;&nbsp; 17185 |
| Globe Life, Inc. | 74 | &nbsp;&nbsp; 9732 |
| Goldman Sachs Group, Inc. (The) | 275 | &nbsp;&nbsp; 217077 |
| Hartford Insurance Group, Inc. (The) | 256 | &nbsp;&nbsp; 31790 |
| Huntington Bancshares, Inc. | 1431 | &nbsp;&nbsp; 22095 |
| Interactive Brokers Group, Inc., Class A | 405 | &nbsp;&nbsp; 28496 |
| Intercontinental Exchange, Inc. | 521 | &nbsp;&nbsp; 76217 |
| Invesco Ltd.<sup>(d)</sup> | 406 | &nbsp;&nbsp; 9622 |
| Jack Henry & Associates, Inc.<sup>(c)</sup> | 66 | &nbsp;&nbsp; 9830 |
| JPMorgan Chase & Co. | 2502 | &nbsp;&nbsp; 778422 |
| KeyCorp | 848 | &nbsp;&nbsp; 14916 |
| KKR & Co., Inc., Class A | 624 | &nbsp;&nbsp; 73838 |
| Loews Corp. | 155 | &nbsp;&nbsp; 15432 |
| M&T Bank Corp. | 142 | &nbsp;&nbsp; 26109 |
| Marsh & McLennan Cos., Inc. | 447 | &nbsp;&nbsp; 79633 |
| Mastercard, Inc., Class A | 751 | &nbsp;&nbsp; 414544 |
| MetLife, Inc. | 508 | &nbsp;&nbsp; 40549 |
| Moody's Corp. | 140 | &nbsp;&nbsp; 67242 |
| Morgan Stanley | 1104 | &nbsp;&nbsp; 181056 |
| MSCI, Inc. | 70 | &nbsp;&nbsp; 41198 |
| Nasdaq, Inc. | 412 | &nbsp;&nbsp; 35222 |
| Northern Trust Corp. | 174 | &nbsp;&nbsp; 22389 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 869 | &nbsp;&nbsp; 60196 |
| PNC Financial Services Group, Inc. (The) | 358 | &nbsp;&nbsp; 65353 |
| Principal Financial Group, Inc. | 184 | &nbsp;&nbsp; 15463 |
| Progressive Corp. (The) | 533 | &nbsp;&nbsp; 109798 |
| Prudential Financial, Inc. | 320 | &nbsp;&nbsp; 33280 |
| Raymond James Financial, Inc. | 161 | &nbsp;&nbsp; 25546 |
| Regions Financial Corp. | 812 | &nbsp;&nbsp; 19650 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 704 | &nbsp;&nbsp; 103333 |
| S&P Global, Inc. | 284 | &nbsp;&nbsp; 138368 |
| State Street Corp. | 258 | &nbsp;&nbsp; 29840 |
| Synchrony Financial | 339 | &nbsp;&nbsp; 25215 |
| T. Rowe Price Group, Inc. | 200 | &nbsp;&nbsp; 20506 |
| Travelers Cos., Inc. (The) | 205 | &nbsp;&nbsp; 55067 |
| Truist Financial Corp. | 1173 | &nbsp;&nbsp; 52351 |
| U.S. Bancorp | 1416 | &nbsp;&nbsp; 66099 |
| Visa, Inc., Class A | 1546 | &nbsp;&nbsp; 526784 |
| W.R. Berkley Corp. | 273 | &nbsp;&nbsp; 19476 |
| Wells Fargo & Co. | 2915 | &nbsp;&nbsp; 253517 |
| Willis Towers Watson PLC | 89 | &nbsp;&nbsp; 27866 |
|  |  | &nbsp;&nbsp; 6822582 |
| **Health Care-6.55%** | **Health Care-6.55%** | **Health Care-6.55%** |
| Abbott Laboratories | 1584 | &nbsp;&nbsp; 195814 |
| AbbVie, Inc. | 1607 | &nbsp;&nbsp; 350390 |
| Agilent Technologies, Inc. | 258 | &nbsp;&nbsp; 37761 |
| Align Technology, Inc.<sup>(b)</sup> | 61 | &nbsp;&nbsp; 8411 |
| Amgen, Inc. | 490 | &nbsp;&nbsp; 146231 |
| Baxter International, Inc. | 467 | &nbsp;&nbsp; 8625 |
| Becton, Dickinson and Co. | 261 | &nbsp;&nbsp; 46643 |
| Biogen, Inc.<sup>(b)</sup> | 133 | &nbsp;&nbsp; 20518 |
| Bio-Techne Corp. | 143 | &nbsp;&nbsp; 8948 |
| Boston Scientific Corp.<sup>(b)</sup> | 1348 | &nbsp;&nbsp; 135771 |
| Bristol-Myers Squibb Co. | 1852 | &nbsp;&nbsp; 85322 |
| Cardinal Health, Inc. | 217 | &nbsp;&nbsp; 41397 |
| Cencora, Inc. | 176 | &nbsp;&nbsp; 59455 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**68**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Centene Corp.<sup>(b)</sup> | 425 | &nbsp;&nbsp; $15032 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 45 | &nbsp;&nbsp; 8103 |
| Cigna Group (The) | 243 | &nbsp;&nbsp; 59392 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 182 | &nbsp;&nbsp; 12724 |
| CVS Health Corp. | 1154 | &nbsp;&nbsp; 90185 |
| Danaher Corp. | 580 | &nbsp;&nbsp; 124920 |
| DaVita, Inc.<sup>(b)</sup> | 33 | &nbsp;&nbsp; 3928 |
| DexCom, Inc.<sup>(b)</sup> | 357 | &nbsp;&nbsp; 20785 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 534 | &nbsp;&nbsp; 44028 |
| Elevance Health, Inc. | 205 | &nbsp;&nbsp; 65026 |
| Eli Lilly and Co. | 723 | &nbsp;&nbsp; 623848 |
| GE HealthCare Technologies, Inc. | 415 | &nbsp;&nbsp; 31104 |
| Gilead Sciences, Inc. | 1129 | &nbsp;&nbsp; 135243 |
| HCA Healthcare, Inc. | 149 | &nbsp;&nbsp; 68492 |
| Henry Schein, Inc.<sup>(b)</sup> | 94 | &nbsp;&nbsp; 5941 |
| Hologic, Inc.<sup>(b)</sup> | 202 | &nbsp;&nbsp; 14930 |
| Humana, Inc. | 109 | &nbsp;&nbsp; 30323 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 73 | &nbsp;&nbsp; 45954 |
| Incyte Corp.<sup>(b)</sup> | 149 | &nbsp;&nbsp; 13929 |
| Insulet Corp.<sup>(b)</sup> | 64 | &nbsp;&nbsp; 20033 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 326 | &nbsp;&nbsp; 174175 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 155 | &nbsp;&nbsp; 33551 |
| Johnson & Johnson | 2191 | &nbsp;&nbsp; 413814 |
| Labcorp Holdings, Inc. | 76 | &nbsp;&nbsp; 19301 |
| McKesson Corp. | 113 | &nbsp;&nbsp; 91681 |
| Medtronic PLC | 1166 | &nbsp;&nbsp; 105756 |
| Merck & Co., Inc. | 2273 | &nbsp;&nbsp; 195433 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 19 | &nbsp;&nbsp; 26909 |
| Moderna, Inc.<sup>(b)</sup> | 315 | &nbsp;&nbsp; 8555 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 49 | &nbsp;&nbsp; 7500 |
| Pfizer, Inc. | 5173 | &nbsp;&nbsp; 127514 |
| Quest Diagnostics, Inc. | 102 | &nbsp;&nbsp; 17947 |
| Regeneron Pharmaceuticals, Inc. | 93 | &nbsp;&nbsp; 60617 |
| ResMed, Inc. | 133 | &nbsp;&nbsp; 32835 |
| Revvity, Inc.<sup>(c)</sup> | 106 | &nbsp;&nbsp; 9921 |
| Solventum Corp.<sup>(b)</sup> | 134 | &nbsp;&nbsp; 9251 |
| STERIS PLC | 90 | &nbsp;&nbsp; 21213 |
| Stryker Corp. | 313 | &nbsp;&nbsp; 111503 |
| Thermo Fisher Scientific, Inc. | 344 | &nbsp;&nbsp; 195182 |
| UnitedHealth Group, Inc. | 824 | &nbsp;&nbsp; 281445 |
| Universal Health Services, Inc., Class B | 51 | &nbsp;&nbsp; 11068 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 233 | &nbsp;&nbsp; 99158 |
| Viatris, Inc. | 1061 | &nbsp;&nbsp; 10992 |
| Waters Corp.<sup>(b)</sup> | 54 | &nbsp;&nbsp; 18878 |
| West Pharmaceutical Services, Inc. | 65 | &nbsp;&nbsp; 18335 |
| Zimmer Biomet Holdings, Inc. | 180 | &nbsp;&nbsp; 18101 |
| Zoetis, Inc. | 403 | &nbsp;&nbsp; 58068 |
|  |  | &nbsp;&nbsp; 4757909 |
| **Industrials-5.94%** | **Industrials-5.94%** | **Industrials-5.94%** |
| 3M Co. | 485 | &nbsp;&nbsp; 80752 |
| A.O. Smith Corp. | 104 | &nbsp;&nbsp; 6863 |
| Allegion PLC | 78 | &nbsp;&nbsp; 12930 |
| AMETEK, Inc. | 210 | &nbsp;&nbsp; 42443 |
| Automatic Data Processing, Inc. | 369 | &nbsp;&nbsp; 96051 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 71 | &nbsp;&nbsp; 51988 |
| Boeing Co. (The)<sup>(b)</sup> | 688 | &nbsp;&nbsp; 138302 |
| Broadridge Financial Solutions, Inc. | 107 | &nbsp;&nbsp; 23583 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 101 | &nbsp;&nbsp; 11733 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| C.H. Robinson Worldwide, Inc. | 107 | &nbsp;&nbsp; $16477 |
| Carrier Global Corp. | 728 | &nbsp;&nbsp; 43309 |
| Caterpillar, Inc. | 426 | &nbsp;&nbsp; 245913 |
| Cintas Corp. | 312 | &nbsp;&nbsp; 57180 |
| Copart, Inc.<sup>(b)</sup> | 809 | &nbsp;&nbsp; 34795 |
| CSX Corp. | 1696 | &nbsp;&nbsp; 61090 |
| Cummins, Inc. | 125 | &nbsp;&nbsp; 54710 |
| Dayforce, Inc.<sup>(b)</sup> | 145 | &nbsp;&nbsp; 9967 |
| Deere & Co. | 229 | &nbsp;&nbsp; 105713 |
| Delta Air Lines, Inc. | 590 | &nbsp;&nbsp; 33854 |
| Dover Corp. | 125 | &nbsp;&nbsp; 22682 |
| Eaton Corp. PLC | 354 | &nbsp;&nbsp; 135072 |
| EMCOR Group, Inc. | 41 | &nbsp;&nbsp; 27707 |
| Emerson Electric Co. | 512 | &nbsp;&nbsp; 71460 |
| Equifax, Inc. | 113 | &nbsp;&nbsp; 23854 |
| Expeditors International of Washington, Inc. | 123 | &nbsp;&nbsp; 14994 |
| Fastenal Co. | 1044 | &nbsp;&nbsp; 42961 |
| FedEx Corp. | 197 | &nbsp;&nbsp; 50003 |
| Fortive Corp. | 308 | &nbsp;&nbsp; 15505 |
| GE Vernova, Inc. | 248 | &nbsp;&nbsp; 145115 |
| Generac Holdings, Inc.<sup>(b)</sup> | 53 | &nbsp;&nbsp; 8905 |
| General Dynamics Corp. | 230 | &nbsp;&nbsp; 79327 |
| General Electric Co. | 965 | &nbsp;&nbsp; 298137 |
| Honeywell International, Inc. | 578 | &nbsp;&nbsp; 116369 |
| Howmet Aerospace, Inc. | 367 | &nbsp;&nbsp; 75584 |
| Hubbell, Inc. | 48 | &nbsp;&nbsp; 22560 |
| Huntington Ingalls Industries, Inc. | 36 | &nbsp;&nbsp; 11593 |
| IDEX Corp. | 69 | &nbsp;&nbsp; 11831 |
| Illinois Tool Works, Inc. | 241 | &nbsp;&nbsp; 58785 |
| Ingersoll Rand, Inc. | 329 | &nbsp;&nbsp; 25113 |
| J.B. Hunt Transport Services, Inc. | 70 | &nbsp;&nbsp; 11820 |
| Jacobs Solutions, Inc. | 109 | &nbsp;&nbsp; 16983 |
| Johnson Controls International PLC | 595 | &nbsp;&nbsp; 68062 |
| L3Harris Technologies, Inc. | 170 | &nbsp;&nbsp; 49147 |
| Leidos Holdings, Inc. | 117 | &nbsp;&nbsp; 22285 |
| Lennox International, Inc. | 29 | &nbsp;&nbsp; 14645 |
| Lockheed Martin Corp. | 187 | &nbsp;&nbsp; 91982 |
| Masco Corp. | 191 | &nbsp;&nbsp; 12369 |
| Nordson Corp. | 49 | &nbsp;&nbsp; 11366 |
| Norfolk Southern Corp. | 204 | &nbsp;&nbsp; 57809 |
| Northrop Grumman Corp. | 122 | &nbsp;&nbsp; 71181 |
| Old Dominion Freight Line, Inc. | 168 | &nbsp;&nbsp; 23591 |
| Otis Worldwide Corp. | 357 | &nbsp;&nbsp; 33115 |
| PACCAR, Inc. | 478 | &nbsp;&nbsp; 47035 |
| Parker-Hannifin Corp. | 116 | &nbsp;&nbsp; 89648 |
| Paychex, Inc. | 295 | &nbsp;&nbsp; 34524 |
| Paycom Software, Inc.<sup>(c)</sup> | 46 | &nbsp;&nbsp; 8606 |
| Pentair PLC | 149 | &nbsp;&nbsp; 15846 |
| Quanta Services, Inc. | 136 | &nbsp;&nbsp; 61082 |
| Republic Services, Inc. | 185 | &nbsp;&nbsp; 38524 |
| Rockwell Automation, Inc. | 102 | &nbsp;&nbsp; 37573 |
| Rollins, Inc. | 256 | &nbsp;&nbsp; 14748 |
| RTX Corp. | 1218 | &nbsp;&nbsp; 217413 |
| Snap-on, Inc. | 47 | &nbsp;&nbsp; 15771 |
| Southwest Airlines Co.<sup>(c)</sup> | 478 | &nbsp;&nbsp; 14483 |
| Stanley Black & Decker, Inc.<sup>(c)</sup> | 141 | &nbsp;&nbsp; 9548 |
| Textron, Inc. | 162 | &nbsp;&nbsp; 13091 |
| Trane Technologies PLC | 202 | &nbsp;&nbsp; 90627 |
| TransDigm Group, Inc. | 51 | &nbsp;&nbsp; 66734 |
| Uber Technologies, Inc.<sup>(b)</sup> | 1898 | &nbsp;&nbsp; 183157 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**69**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Union Pacific Corp. | 540 | &nbsp;&nbsp; $119000 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 295 | &nbsp;&nbsp; 27742 |
| United Parcel Service, Inc., Class B | 670 | &nbsp;&nbsp; 64601 |
| United Rentals, Inc. | 59 | &nbsp;&nbsp; 51400 |
| Veralto Corp. | 226 | &nbsp;&nbsp; 22302 |
| Verisk Analytics, Inc. | 127 | &nbsp;&nbsp; 27782 |
| W.W. Grainger, Inc. | 40 | &nbsp;&nbsp; 39160 |
| Wabtec Corp. | 156 | &nbsp;&nbsp; 31893 |
| Waste Management, Inc. | 337 | &nbsp;&nbsp; 67322 |
| Xylem, Inc. | 221 | &nbsp;&nbsp; 33338 |
|  |  | &nbsp;&nbsp; 4312515 |
| **Information Technology-26.41%** | **Information Technology-26.41%** | **Information Technology-26.41%** |
| Accenture PLC, Class A | 567 | &nbsp;&nbsp; 141807 |
| Adobe, Inc.<sup>(b)</sup> | 386 | &nbsp;&nbsp; 131360 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1477 | &nbsp;&nbsp; 378289 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 130 | &nbsp;&nbsp; 9763 |
| Amphenol Corp., Class A | 1111 | &nbsp;&nbsp; 154807 |
| Analog Devices, Inc. | 452 | &nbsp;&nbsp; 105827 |
| Apple, Inc. | 13503 | &nbsp;&nbsp; 3650806 |
| Applied Materials, Inc. | 730 | &nbsp;&nbsp; 170163 |
| AppLovin Corp., Class A<sup>(b)</sup> | 246 | &nbsp;&nbsp; 156783 |
| Arista Networks, Inc.<sup>(b)</sup> | 938 | &nbsp;&nbsp; 147913 |
| Autodesk, Inc.<sup>(b)</sup> | 195 | &nbsp;&nbsp; 58761 |
| Broadcom, Inc. | 4280 | &nbsp;&nbsp; 1582016 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 248 | &nbsp;&nbsp; 83995 |
| CDW Corp. | 119 | &nbsp;&nbsp; 18965 |
| Cisco Systems, Inc. | 3603 | &nbsp;&nbsp; 263415 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 444 | &nbsp;&nbsp; 32359 |
| Corning, Inc. | 709 | &nbsp;&nbsp; 63158 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 227 | &nbsp;&nbsp; 123263 |
| Datadog, Inc., Class A<sup>(b)</sup> | 294 | &nbsp;&nbsp; 47866 |
| Dell Technologies, Inc., Class C | 276 | &nbsp;&nbsp; 44715 |
| EPAM Systems, Inc.<sup>(b)</sup> | 51 | &nbsp;&nbsp; 8341 |
| F5, Inc.<sup>(b)</sup> | 52 | &nbsp;&nbsp; 13159 |
| Fair Isaac Corp.<sup>(b)</sup> | 22 | &nbsp;&nbsp; 36510 |
| First Solar, Inc.<sup>(b)</sup> | 98 | &nbsp;&nbsp; 26160 |
| Fortinet, Inc.<sup>(b)</sup> | 593 | &nbsp;&nbsp; 51253 |
| Gartner, Inc.<sup>(b)</sup> | 69 | &nbsp;&nbsp; 17135 |
| Gen Digital, Inc. | 510 | &nbsp;&nbsp; 13444 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 126 | &nbsp;&nbsp; 16774 |
| Hewlett Packard Enterprise Co. | 1194 | &nbsp;&nbsp; 29157 |
| HP, Inc. | 855 | &nbsp;&nbsp; 23658 |
| Intel Corp.<sup>(b)</sup> | 3983 | &nbsp;&nbsp; 159280 |
| International Business Machines Corp. | 848 | &nbsp;&nbsp; 260684 |
| Intuit, Inc. | 254 | &nbsp;&nbsp; 169558 |
| Jabil, Inc. | 98 | &nbsp;&nbsp; 21647 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 157 | &nbsp;&nbsp; 28725 |
| KLA Corp. | 120 | &nbsp;&nbsp; 145049 |
| Lam Research Corp. | 1152 | &nbsp;&nbsp; 181394 |
| Microchip Technology, Inc. | 491 | &nbsp;&nbsp; 30648 |
| Micron Technology, Inc. | 1018 | &nbsp;&nbsp; 227798 |
| Microsoft Corp. | 6763 | &nbsp;&nbsp; 3501949 |
| Monolithic Power Systems, Inc. | 44 | &nbsp;&nbsp; 44220 |
| Motorola Solutions, Inc. | 152 | &nbsp;&nbsp; 61820 |
| NetApp, Inc. | 182 | &nbsp;&nbsp; 21436 |
| NVIDIA Corp. | 22202 | &nbsp;&nbsp; 4495683 |
| NXP Semiconductors N.V. (Netherlands) | 229 | &nbsp;&nbsp; 47888 |
| ON Semiconductor Corp.<sup>(b)</sup> | 372 | &nbsp;&nbsp; 18630 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Oracle Corp. | 1508 | &nbsp;&nbsp; $396016 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 2069 | &nbsp;&nbsp; 414772 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 608 | &nbsp;&nbsp; 133906 |
| PTC, Inc.<sup>(b)</sup> | 109 | &nbsp;&nbsp; 21641 |
| QUALCOMM, Inc. | 981 | &nbsp;&nbsp; 177463 |
| Roper Technologies, Inc. | 98 | &nbsp;&nbsp; 43723 |
| Salesforce, Inc. | 870 | &nbsp;&nbsp; 226557 |
| Seagate Technology Holdings PLC | 194 | &nbsp;&nbsp; 49641 |
| ServiceNow, Inc.<sup>(b)</sup> | 189 | &nbsp;&nbsp; 173744 |
| Skyworks Solutions, Inc. | 135 | &nbsp;&nbsp; 10492 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 456 | &nbsp;&nbsp; 23694 |
| Synopsys, Inc.<sup>(b)</sup> | 168 | &nbsp;&nbsp; 76242 |
| TE Connectivity PLC (Switzerland) | 269 | &nbsp;&nbsp; 66446 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 43 | &nbsp;&nbsp; 22653 |
| Teradyne, Inc. | 145 | &nbsp;&nbsp; 26355 |
| Texas Instruments, Inc. | 827 | &nbsp;&nbsp; 133527 |
| Trimble, Inc.<sup>(b)</sup> | 217 | &nbsp;&nbsp; 17306 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 39 | &nbsp;&nbsp; 18574 |
| VeriSign, Inc. | 76 | &nbsp;&nbsp; 18225 |
| Western Digital Corp. | 316 | &nbsp;&nbsp; 47466 |
| Workday, Inc., Class A<sup>(b)</sup> | 197 | &nbsp;&nbsp; 47264 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 46 | &nbsp;&nbsp; 12385 |
|  |  | &nbsp;&nbsp; 19176123 |
| **Materials-1.21%** | **Materials-1.21%** | **Materials-1.21%** |
| Air Products and Chemicals, Inc. | 203 | &nbsp;&nbsp; 49246 |
| Albemarle Corp. | 107 | &nbsp;&nbsp; 10511 |
| Amcor PLC | 2098 | &nbsp;&nbsp; 16574 |
| Avery Dennison Corp. | 71 | &nbsp;&nbsp; 12417 |
| Ball Corp. | 248 | &nbsp;&nbsp; 11656 |
| CF Industries Holdings, Inc. | 147 | &nbsp;&nbsp; 12244 |
| Corteva, Inc. | 618 | &nbsp;&nbsp; 37970 |
| Dow, Inc. | 645 | &nbsp;&nbsp; 15383 |
| DuPont de Nemours, Inc. | 381 | &nbsp;&nbsp; 31109 |
| Eastman Chemical Co. | 104 | &nbsp;&nbsp; 6190 |
| Ecolab, Inc. | 232 | &nbsp;&nbsp; 59485 |
| Freeport-McMoRan, Inc. | 1306 | &nbsp;&nbsp; 54460 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | 233 | &nbsp;&nbsp; 14672 |
| International Paper Co. | 480 | &nbsp;&nbsp; 18547 |
| Linde PLC | 427 | &nbsp;&nbsp; 178614 |
| LyondellBasell Industries N.V., Class A | 234 | &nbsp;&nbsp; 10862 |
| Martin Marietta Materials, Inc. | 55 | &nbsp;&nbsp; 33720 |
| Mosaic Co. (The) | 289 | &nbsp;&nbsp; 7933 |
| Newmont Corp. | 999 | &nbsp;&nbsp; 80889 |
| Nucor Corp. | 209 | &nbsp;&nbsp; 31360 |
| Packaging Corp. of America | 81 | &nbsp;&nbsp; 15857 |
| PPG Industries, Inc. | 205 | &nbsp;&nbsp; 20039 |
| Sherwin-Williams Co. (The) | 211 | &nbsp;&nbsp; 72782 |
| Smurfit WestRock PLC | 475 | &nbsp;&nbsp; 17537 |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 144 | &nbsp;&nbsp; 6490 |
| Steel Dynamics, Inc. | 126 | &nbsp;&nbsp; 19757 |
| Vulcan Materials Co. | 120 | &nbsp;&nbsp; 34740 |
|  |  | &nbsp;&nbsp; 881044 |
| **Real Estate-1.35%** | **Real Estate-1.35%** | **Real Estate-1.35%** |
| Alexandria Real Estate Equities, Inc. | 142 | &nbsp;&nbsp; 8267 |
| American Tower Corp. | 426 | &nbsp;&nbsp; 76245 |
| AvalonBay Communities, Inc. | 129 | &nbsp;&nbsp; 22436 |
| BXP, Inc.<sup>(c)</sup> | 134 | &nbsp;&nbsp; 9539 |
| Camden Property Trust | 97 | &nbsp;&nbsp; 9650 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 267 | &nbsp;&nbsp; 40699 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**70**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| CoStar Group, Inc.<sup>(b)</sup> | 385 | &nbsp;&nbsp; $26492 |
| Crown Castle, Inc. | 396 | &nbsp;&nbsp; 35727 |
| Digital Realty Trust, Inc. | 292 | &nbsp;&nbsp; 49760 |
| Equinix, Inc. | 89 | &nbsp;&nbsp; 75295 |
| Equity Residential | 316 | &nbsp;&nbsp; 18783 |
| Essex Property Trust, Inc. | 59 | &nbsp;&nbsp; 14854 |
| Extra Space Storage, Inc. | 193 | &nbsp;&nbsp; 25773 |
| Federal Realty Investment Trust | 71 | &nbsp;&nbsp; 6829 |
| Healthpeak Properties, Inc. | 632 | &nbsp;&nbsp; 11344 |
| Host Hotels & Resorts, Inc. | 582 | &nbsp;&nbsp; 9324 |
| Invitation Homes, Inc. | 513 | &nbsp;&nbsp; 14441 |
| Iron Mountain, Inc. | 269 | &nbsp;&nbsp; 27694 |
| Kimco Realty Corp. | 616 | &nbsp;&nbsp; 12727 |
| Mid-America Apartment Communities, Inc. | 107 | &nbsp;&nbsp; 13721 |
| Prologis, Inc. | 844 | &nbsp;&nbsp; 104732 |
| Public Storage | 144 | &nbsp;&nbsp; 40113 |
| Realty Income Corp. | 832 | &nbsp;&nbsp; 48239 |
| Regency Centers Corp. | 149 | &nbsp;&nbsp; 10274 |
| SBA Communications Corp., Class A | 98 | &nbsp;&nbsp; 18765 |
| Simon Property Group, Inc. | 297 | &nbsp;&nbsp; 52201 |
| UDR, Inc. | 274 | &nbsp;&nbsp; 9231 |
| Ventas, Inc. | 414 | &nbsp;&nbsp; 30549 |
| VICI Properties, Inc. | 970 | &nbsp;&nbsp; 29090 |
| Welltower, Inc. | 609 | &nbsp;&nbsp; 110253 |
| Weyerhaeuser Co. | 657 | &nbsp;&nbsp; 15111 |
|  |  | &nbsp;&nbsp; 978158 |
| **Utilities-1.71%** | **Utilities-1.71%** | **Utilities-1.71%** |
| AES Corp. (The) | 648 | &nbsp;&nbsp; 8988 |
| Alliant Energy Corp. | 234 | &nbsp;&nbsp; 15636 |
| Ameren Corp. | 246 | &nbsp;&nbsp; 25097 |
| American Electric Power Co., Inc. | 487 | &nbsp;&nbsp; 58567 |
| American Water Works Co., Inc. | 178 | &nbsp;&nbsp; 22861 |
| Atmos Energy Corp.<sup>(c)</sup> | 146 | &nbsp;&nbsp; 25071 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 594 | &nbsp;&nbsp; 22715 |
| CMS Energy Corp. | 272 | &nbsp;&nbsp; 20006 |
| Consolidated Edison, Inc. | 328 | &nbsp;&nbsp; 31950 |
| Constellation Energy Corp. | 284 | &nbsp;&nbsp; 107068 |
| Dominion Energy, Inc. | 777 | &nbsp;&nbsp; 45602 |
| DTE Energy Co. | 189 | &nbsp;&nbsp; 25617 |
| Duke Energy Corp. | 708 | &nbsp;&nbsp; 88004 |
| Edison International | 350 | &nbsp;&nbsp; 19383 |
| Entergy Corp. | 406 | &nbsp;&nbsp; 39012 |
| Evergy, Inc. | 209 | &nbsp;&nbsp; 16053 |
| Eversource Energy | 338 | &nbsp;&nbsp; 24948 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Exelon Corp. | 919 | &nbsp;&nbsp; $42384 |
| FirstEnergy Corp. | 473 | &nbsp;&nbsp; 21678 |
| NextEra Energy, Inc. | 1874 | &nbsp;&nbsp; 152544 |
| NiSource, Inc. | 428 | &nbsp;&nbsp; 18023 |
| NRG Energy, Inc. | 176 | &nbsp;&nbsp; 30247 |
| PG&E Corp. | 2000 | &nbsp;&nbsp; 31920 |
| Pinnacle West Capital Corp. | 109 | &nbsp;&nbsp; 9649 |
| PPL Corp. | 673 | &nbsp;&nbsp; 24578 |
| Public Service Enterprise Group, Inc. | 454 | &nbsp;&nbsp; 36574 |
| Sempra | 594 | &nbsp;&nbsp; 54612 |
| Southern Co. (The) | 1001 | &nbsp;&nbsp; 94134 |
| Vistra Corp. | 290 | &nbsp;&nbsp; 54607 |
| WEC Energy Group, Inc. | 293 | &nbsp;&nbsp; 32737 |
| Xcel Energy, Inc. | 538 | &nbsp;&nbsp; 43669 |
|  |  | &nbsp;&nbsp; 1243934 |
| Total Common Stocks & Other Equity Interests <br>(Cost $48,897,110) | Total Common Stocks & Other Equity Interests <br>(Cost $48,897,110) | &nbsp;&nbsp; 53080978 |
| **Money Market Funds-22.50%** | **Money Market Funds-22.50%** | **Money Market Funds-22.50%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(d)(e)</sup> <br>(Cost $16,335,707)<br>| 16335707 | &nbsp;&nbsp; 16335707 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-95.61% <br>(Cost $65,232,817) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-95.61% <br>(Cost $65,232,817) | &nbsp;&nbsp; 69416685 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-0.22%** | **Money Market Funds-0.22%** | **Money Market Funds-0.22%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 44090 | &nbsp;&nbsp; 44090 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 114679 | &nbsp;&nbsp; 114713 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $158,815) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $158,815) | &nbsp;&nbsp; 158803 |
| TOTAL INVESTMENTS IN SECURITIES-95.83% <br>(Cost $65,391,632) | TOTAL INVESTMENTS IN SECURITIES-95.83% <br>(Cost $65,391,632) | &nbsp;&nbsp; 69575488 |
| OTHER ASSETS LESS LIABILITIES-4.17% | OTHER ASSETS LESS LIABILITIES-4.17% | &nbsp;&nbsp; 3030471 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $72605959 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $13352 | &nbsp;&nbsp; $88827 | &nbsp;&nbsp; $(93120)<br>| &nbsp;&nbsp; $(157)<br>| &nbsp;&nbsp; $720 | &nbsp;&nbsp; $9622 | &nbsp;&nbsp; $507 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**71**

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**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government <br> Money Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $23065238 | &nbsp;&nbsp; $689660748 | &nbsp;&nbsp; $(696390279)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16335707 | &nbsp;&nbsp; $1244982 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 320258 | &nbsp;&nbsp; 17417245 | &nbsp;&nbsp; (17693413)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 44090 | &nbsp;&nbsp; 17,915<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 845086 | &nbsp;&nbsp; 35072756 | &nbsp;&nbsp; (35803293)<br>| &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; 176 | &nbsp;&nbsp; 114713 | &nbsp;&nbsp; 48,245<br> \*<br>|
| Total | &nbsp;&nbsp; $24243934 | &nbsp;&nbsp; $742239576 | &nbsp;&nbsp; $(749980105)<br>| &nbsp;&nbsp; $(169)<br>| &nbsp;&nbsp; $896 | &nbsp;&nbsp; $16504132 | &nbsp;&nbsp; $1311649 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(f)</sup> 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 Note 2P. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |
| CBOE Volatility Index | &nbsp;&nbsp; 224 | November-2025 | &nbsp;&nbsp; $4285299 | &nbsp;&nbsp; $(152337)<br>| &nbsp;&nbsp; $(152337)<br>|
| CBOE Volatility Index | &nbsp;&nbsp; 150 | December-2025 | &nbsp;&nbsp; 2994480 | &nbsp;&nbsp; 48381 | &nbsp;&nbsp; 48381 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 35 | December-2025 | &nbsp;&nbsp; 12029500 | &nbsp;&nbsp; 108300 | &nbsp;&nbsp; 108300 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $4344 | &nbsp;&nbsp; $4344 |

---

<sup>(a)</sup> Futures contracts collateralized by $3,149,161 cash held with Bank of America, N.A., the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**72**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-76.16%** | **Common Stocks & Other Equity Interests-76.16%** | **Common Stocks & Other Equity Interests-76.16%** |
| **Advertising-0.46%** | **Advertising-0.46%** | **Advertising-0.46%** |
| Interpublic Group of Cos., Inc. (The) | 27115 | &nbsp;&nbsp; $695771 |
| Omnicom Group, Inc.<sup>(b)</sup> | 9260 | &nbsp;&nbsp; 694685 |
| Trade Desk, Inc. (The), Class A<sup>(c)</sup> | 15254 | &nbsp;&nbsp; 766971 |
|  |  | &nbsp;&nbsp; 2157427 |
| **Aerospace & Defense-1.91%** | **Aerospace & Defense-1.91%** | **Aerospace & Defense-1.91%** |
| Axon Enterprise, Inc.<sup>(c)</sup> | 942 | &nbsp;&nbsp; 689761 |
| Boeing Co. (The)<sup>(c)</sup> | 3095 | &nbsp;&nbsp; 622157 |
| General Dynamics Corp. | 2180 | &nbsp;&nbsp; 751882 |
| General Electric Co. | 2485 | &nbsp;&nbsp; 767741 |
| Howmet Aerospace, Inc. | 3830 | &nbsp;&nbsp; 788788 |
| Huntington Ingalls Industries, Inc. | 2588 | &nbsp;&nbsp; 833388 |
| L3Harris Technologies, Inc. | 2552 | &nbsp;&nbsp; 737783 |
| Lockheed Martin Corp. | 1517 | &nbsp;&nbsp; 746182 |
| Northrop Grumman Corp. | 1214 | &nbsp;&nbsp; 708308 |
| RTX Corp. | 4540 | &nbsp;&nbsp; 810390 |
| Textron, Inc. | 8687 | &nbsp;&nbsp; 701996 |
| TransDigm Group, Inc. | 545 | &nbsp;&nbsp; 713138 |
|  |  | &nbsp;&nbsp; 8871514 |
| **Agricultural & Farm Machinery-0.15%** | **Agricultural & Farm Machinery-0.15%** | **Agricultural & Farm Machinery-0.15%** |
| Deere & Co. | 1492 | &nbsp;&nbsp; 688752 |
| **Agricultural Products & Services-0.32%** | **Agricultural Products & Services-0.32%** | **Agricultural Products & Services-0.32%** |
| Archer-Daniels-Midland Co. | 11462 | &nbsp;&nbsp; 693795 |
| Bunge Global S.A. | 8548 | &nbsp;&nbsp; 808641 |
|  |  | &nbsp;&nbsp; 1502436 |
| **Air Freight & Logistics-0.68%** | **Air Freight & Logistics-0.68%** | **Air Freight & Logistics-0.68%** |
| C.H. Robinson Worldwide, Inc. | 5515 | &nbsp;&nbsp; 849255 |
| Expeditors International of Washington, Inc. | 5801 | &nbsp;&nbsp; 707142 |
| FedEx Corp. | 3120 | &nbsp;&nbsp; 791918 |
| United Parcel Service, Inc., Class B | 8394 | &nbsp;&nbsp; 809350 |
|  |  | &nbsp;&nbsp; 3157665 |
| **Apparel Retail-0.31%** | **Apparel Retail-0.31%** | **Apparel Retail-0.31%** |
| Ross Stores, Inc. | 4716 | &nbsp;&nbsp; 749467 |
| TJX Cos., Inc. (The) | 5032 | &nbsp;&nbsp; 705184 |
|  |  | &nbsp;&nbsp; 1454651 |
| **Apparel, Accessories & Luxury Goods-0.47%** | **Apparel, Accessories & Luxury Goods-0.47%** | **Apparel, Accessories & Luxury Goods-0.47%** |
| lululemon athletica, Inc.<sup>(c)</sup> | 4295 | &nbsp;&nbsp; 732469 |
| Ralph Lauren Corp. | 2251 | &nbsp;&nbsp; 719555 |
| Tapestry, Inc. | 6683 | &nbsp;&nbsp; 733927 |
|  |  | &nbsp;&nbsp; 2185951 |
| **Application Software-2.20%** | **Application Software-2.20%** | **Application Software-2.20%** |
| Adobe, Inc.<sup>(c)</sup> | 2011 | &nbsp;&nbsp; 684363 |
| AppLovin Corp., Class A<sup>(c)</sup> | 1242 | &nbsp;&nbsp; 791564 |
| Autodesk, Inc.<sup>(c)</sup> | 2175 | &nbsp;&nbsp; 655414 |
| Cadence Design Systems, Inc.<sup>(c)</sup> | 2078 | &nbsp;&nbsp; 703798 |
| Datadog, Inc., Class A<sup>(c)</sup> | 5059 | &nbsp;&nbsp; 823656 |
| Fair Isaac Corp.<sup>(c)</sup> | 460 | &nbsp;&nbsp; 763384 |
| Intuit, Inc. | 1073 | &nbsp;&nbsp; 716281 |
| Palantir Technologies, Inc., Class A<sup>(c)</sup> | 4220 | &nbsp;&nbsp; 845983 |
| PTC, Inc.<sup>(c)</sup> | 3440 | &nbsp;&nbsp; 682978 |
| Roper Technologies, Inc. | 1371 | &nbsp;&nbsp; 611672 |
| Salesforce, Inc. | 2902 | &nbsp;&nbsp; 755710 |
| Synopsys, Inc.<sup>(c)</sup> | 1815 | &nbsp;&nbsp; 823683 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Application Software-(continued)** | **Application Software-(continued)** | **Application Software-(continued)** |
| Tyler Technologies, Inc.<sup>(c)</sup> | 1291 | &nbsp;&nbsp; $614852 |
| Workday, Inc., Class A<sup>(c)</sup> | 3109 | &nbsp;&nbsp; 745911 |
|  |  | &nbsp;&nbsp; 10219249 |
| **Asset Management & Custody Banks-1.46%** | **Asset Management & Custody Banks-1.46%** | **Asset Management & Custody Banks-1.46%** |
| Ameriprise Financial, Inc. | 1432 | &nbsp;&nbsp; 648367 |
| Bank of New York Mellon Corp. (The) | 6769 | &nbsp;&nbsp; 730578 |
| BlackRock, Inc. | 639 | &nbsp;&nbsp; 691916 |
| Blackstone, Inc., Class A | 3949 | &nbsp;&nbsp; 579081 |
| Franklin Resources, Inc. | 28956 | &nbsp;&nbsp; 654695 |
| Invesco Ltd.<sup>(d)</sup> | 31762 | &nbsp;&nbsp; 752759 |
| KKR & Co., Inc., Class A | 5053 | &nbsp;&nbsp; 597922 |
| Northern Trust Corp. | 5541 | &nbsp;&nbsp; 712960 |
| State Street Corp. | 6353 | &nbsp;&nbsp; 734788 |
| T. Rowe Price Group, Inc. | 6601 | &nbsp;&nbsp; 676801 |
|  |  | &nbsp;&nbsp; 6779867 |
| **Automobile Manufacturers-0.56%** | **Automobile Manufacturers-0.56%** | **Automobile Manufacturers-0.56%** |
| Ford Motor Co. | 61636 | &nbsp;&nbsp; 809281 |
| General Motors Co. | 12277 | &nbsp;&nbsp; 848218 |
| Tesla, Inc.<sup>(c)</sup> | 2025 | &nbsp;&nbsp; 924534 |
|  |  | &nbsp;&nbsp; 2582033 |
| **Automotive Parts & Equipment-0.15%** | **Automotive Parts & Equipment-0.15%** | **Automotive Parts & Equipment-0.15%** |
| Aptiv PLC<sup>(c)</sup> | 8626 | &nbsp;&nbsp; 699569 |
| **Automotive Retail-0.27%** | **Automotive Retail-0.27%** | **Automotive Retail-0.27%** |
| AutoZone, Inc.<sup>(c)</sup> | 166 | &nbsp;&nbsp; 609956 |
| O'Reilly Automotive, Inc.<sup>(c)</sup> | 6696 | &nbsp;&nbsp; 632370 |
|  |  | &nbsp;&nbsp; 1242326 |
| **Biotechnology-1.32%** | **Biotechnology-1.32%** | **Biotechnology-1.32%** |
| AbbVie, Inc. | 3325 | &nbsp;&nbsp; 724983 |
| Amgen, Inc. | 2525 | &nbsp;&nbsp; 753536 |
| Biogen, Inc.<sup>(c)</sup> | 4937 | &nbsp;&nbsp; 761631 |
| Gilead Sciences, Inc. | 6107 | &nbsp;&nbsp; 731557 |
| Incyte Corp.<sup>(c)</sup> | 8162 | &nbsp;&nbsp; 762984 |
| Moderna, Inc.<sup>(b)(c)</sup> | 28956 | &nbsp;&nbsp; 786445 |
| Regeneron Pharmaceuticals, Inc. | 1267 | &nbsp;&nbsp; 825831 |
| Vertex Pharmaceuticals, Inc.<sup>(c)</sup> | 1811 | &nbsp;&nbsp; 770707 |
|  |  | &nbsp;&nbsp; 6117674 |
| **Brewers-0.14%** | **Brewers-0.14%** | **Brewers-0.14%** |
| Molson Coors Beverage Co., Class B | 14350 | &nbsp;&nbsp; 627382 |
| **Broadcasting-0.33%** | **Broadcasting-0.33%** | **Broadcasting-0.33%** |
| Fox Corp., Class A | 7845 | &nbsp;&nbsp; 507179 |
| Fox Corp., Class B | 4929 | &nbsp;&nbsp; 287903 |
| Paramount Skydance Corp.<sup>(b)</sup> | 46582 | &nbsp;&nbsp; 716897 |
|  |  | &nbsp;&nbsp; 1511979 |
| **Broadline Retail-0.30%** | **Broadline Retail-0.30%** | **Broadline Retail-0.30%** |
| Amazon.com, Inc.<sup>(c)</sup> | 3056 | &nbsp;&nbsp; 746336 |
| eBay, Inc. | 7712 | &nbsp;&nbsp; 627063 |
|  |  | &nbsp;&nbsp; 1373399 |
| **Building Products-1.15%** | **Building Products-1.15%** | **Building Products-1.15%** |
| A.O. Smith Corp. | 9708 | &nbsp;&nbsp; 640631 |
| Allegion PLC | 4130 | &nbsp;&nbsp; 684630 |
| Builders FirstSource, Inc.<sup>(c)</sup> | 5018 | &nbsp;&nbsp; 582941 |
| Carrier Global Corp. | 11261 | &nbsp;&nbsp; 669917 |
| Johnson Controls International PLC | 6528 | &nbsp;&nbsp; 746738 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**73**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** |
| Lennox International, Inc. | 1261 | &nbsp;&nbsp; $636805 |
| Masco Corp. | 9619 | &nbsp;&nbsp; 622926 |
| Trane Technologies PLC | 1687 | &nbsp;&nbsp; 756873 |
|  |  | &nbsp;&nbsp; 5341461 |
| **Cable & Satellite-0.26%** | **Cable & Satellite-0.26%** | **Cable & Satellite-0.26%** |
| Charter Communications, Inc., Class A<sup>(b)(c)</sup> | 2674 | &nbsp;&nbsp; 625288 |
| Comcast Corp., Class A | 21022 | &nbsp;&nbsp; 585148 |
|  |  | &nbsp;&nbsp; 1210436 |
| **Cargo Ground Transportation-0.33%** | **Cargo Ground Transportation-0.33%** | **Cargo Ground Transportation-0.33%** |
| J.B. Hunt Transport Services, Inc. | 5138 | &nbsp;&nbsp; 867603 |
| Old Dominion Freight Line, Inc. | 4813 | &nbsp;&nbsp; 675841 |
|  |  | &nbsp;&nbsp; 1543444 |
| **Casinos & Gaming-0.45%** | **Casinos & Gaming-0.45%** | **Casinos & Gaming-0.45%** |
| Las Vegas Sands Corp. | 12917 | &nbsp;&nbsp; 766624 |
| MGM Resorts International<sup>(c)</sup> | 19579 | &nbsp;&nbsp; 627115 |
| Wynn Resorts Ltd. | 5729 | &nbsp;&nbsp; 681694 |
|  |  | &nbsp;&nbsp; 2075433 |
| **Commodity Chemicals-0.28%** | **Commodity Chemicals-0.28%** | **Commodity Chemicals-0.28%** |
| Dow, Inc. | 29538 | &nbsp;&nbsp; 704481 |
| LyondellBasell Industries N.V., Class A | 12937 | &nbsp;&nbsp; 600536 |
|  |  | &nbsp;&nbsp; 1305017 |
| **Communications Equipment-0.57%** | **Communications Equipment-0.57%** | **Communications Equipment-0.57%** |
| Arista Networks, Inc.<sup>(c)</sup> | 4668 | &nbsp;&nbsp; 736097 |
| Cisco Systems, Inc. | 10330 | &nbsp;&nbsp; 755226 |
| F5, Inc.<sup>(c)</sup> | 2155 | &nbsp;&nbsp; 545323 |
| Motorola Solutions, Inc. | 1459 | &nbsp;&nbsp; 593390 |
|  |  | &nbsp;&nbsp; 2630036 |
| **Computer & Electronics Retail-0.16%** | **Computer & Electronics Retail-0.16%** | **Computer & Electronics Retail-0.16%** |
| Best Buy Co., Inc. | 9188 | &nbsp;&nbsp; 754702 |
| **Construction & Engineering-0.34%** | **Construction & Engineering-0.34%** | **Construction & Engineering-0.34%** |
| EMCOR Group, Inc. | 1111 | &nbsp;&nbsp; 750792 |
| Quanta Services, Inc. | 1803 | &nbsp;&nbsp; 809781 |
|  |  | &nbsp;&nbsp; 1560573 |
| **Construction Machinery & Heavy Transportation Equipment-0.69%** | **Construction Machinery & Heavy Transportation Equipment-0.69%** | **Construction Machinery & Heavy Transportation Equipment-0.69%** |
| Caterpillar, Inc. | 1664 | &nbsp;&nbsp; 960561 |
| Cummins, Inc. | 1738 | &nbsp;&nbsp; 760688 |
| PACCAR, Inc. | 7133 | &nbsp;&nbsp; 701887 |
| Wabtec Corp. | 3714 | &nbsp;&nbsp; 759290 |
|  |  | &nbsp;&nbsp; 3182426 |
| **Construction Materials-0.30%** | **Construction Materials-0.30%** | **Construction Materials-0.30%** |
| Martin Marietta Materials, Inc. | 1143 | &nbsp;&nbsp; 700773 |
| Vulcan Materials Co. | 2389 | &nbsp;&nbsp; 691616 |
|  |  | &nbsp;&nbsp; 1392389 |
| **Consumer Electronics-0.14%** | **Consumer Electronics-0.14%** | **Consumer Electronics-0.14%** |
| Garmin Ltd. | 2981 | &nbsp;&nbsp; 637755 |
| **Consumer Finance-0.47%** | **Consumer Finance-0.47%** | **Consumer Finance-0.47%** |
| American Express Co. | 2178 | &nbsp;&nbsp; 785670 |
| Capital One Financial Corp. | 3149 | &nbsp;&nbsp; 692749 |
| Synchrony Financial | 9416 | &nbsp;&nbsp; 700362 |
|  |  | &nbsp;&nbsp; 2178781 |
| **Consumer Staples Merchandise Retail-0.74%** | **Consumer Staples Merchandise Retail-0.74%** | **Consumer Staples Merchandise Retail-0.74%** |
| Costco Wholesale Corp. | 735 | &nbsp;&nbsp; 669916 |
| Dollar General Corp. | 6612 | &nbsp;&nbsp; 652340 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples Merchandise Retail-(continued)** | **Consumer Staples Merchandise Retail-(continued)** | **Consumer Staples Merchandise Retail-(continued)** |
| Dollar Tree, Inc.<sup>(c)</sup> | 7119 | &nbsp;&nbsp; $705635 |
| Target Corp. | 7752 | &nbsp;&nbsp; 718765 |
| Walmart, Inc. | 7009 | &nbsp;&nbsp; 709171 |
|  |  | &nbsp;&nbsp; 3455827 |
| **Copper-0.14%** | **Copper-0.14%** | **Copper-0.14%** |
| Freeport-McMoRan, Inc. | 15682 | &nbsp;&nbsp; 653939 |
| **Data Center REITs-0.31%** | **Data Center REITs-0.31%** | **Data Center REITs-0.31%** |
| Digital Realty Trust, Inc. | 4050 | &nbsp;&nbsp; 690161 |
| Equinix, Inc. | 901 | &nbsp;&nbsp; 762255 |
|  |  | &nbsp;&nbsp; 1452416 |
| **Data Processing & Outsourced Services-0.13%** | **Data Processing & Outsourced Services-0.13%** | **Data Processing & Outsourced Services-0.13%** |
| Broadridge Financial Solutions, Inc. | 2816 | &nbsp;&nbsp; 620646 |
| **Distillers & Vintners-0.29%** | **Distillers & Vintners-0.29%** | **Distillers & Vintners-0.29%** |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 25811 | &nbsp;&nbsp; 702833 |
| Constellation Brands, Inc., Class A | 4926 | &nbsp;&nbsp; 647178 |
|  |  | &nbsp;&nbsp; 1350011 |
| **Distributors-0.42%** | **Distributors-0.42%** | **Distributors-0.42%** |
| Genuine Parts Co. | 5046 | &nbsp;&nbsp; 642406 |
| LKQ Corp. | 21936 | &nbsp;&nbsp; 701075 |
| Pool Corp. | 2207 | &nbsp;&nbsp; 589401 |
|  |  | &nbsp;&nbsp; 1932882 |
| **Diversified Banks-1.20%** | **Diversified Banks-1.20%** | **Diversified Banks-1.20%** |
| Bank of America Corp. | 14040 | &nbsp;&nbsp; 750438 |
| Citigroup, Inc. | 7245 | &nbsp;&nbsp; 733411 |
| Fifth Third Bancorp | 15467 | &nbsp;&nbsp; 643737 |
| JPMorgan Chase & Co. | 2343 | &nbsp;&nbsp; 728954 |
| KeyCorp | 36604 | &nbsp;&nbsp; 643864 |
| PNC Financial Services Group, Inc. (The) | 3486 | &nbsp;&nbsp; 636369 |
| U.S. Bancorp | 14305 | &nbsp;&nbsp; 667758 |
| Wells Fargo & Co. | 8767 | &nbsp;&nbsp; 762466 |
|  |  | &nbsp;&nbsp; 5566997 |
| **Diversified Financial Services-0.14%** | **Diversified Financial Services-0.14%** | **Diversified Financial Services-0.14%** |
| Apollo Global Management, Inc. | 5269 | &nbsp;&nbsp; 654989 |
| **Diversified Support Services-0.27%** | **Diversified Support Services-0.27%** | **Diversified Support Services-0.27%** |
| Cintas Corp. | 3494 | &nbsp;&nbsp; 640345 |
| Copart, Inc.<sup>(c)</sup> | 14506 | &nbsp;&nbsp; 623903 |
|  |  | &nbsp;&nbsp; 1264248 |
| **Electric Utilities-2.76%** | **Electric Utilities-2.76%** | **Electric Utilities-2.76%** |
| Alliant Energy Corp. | 11000 | &nbsp;&nbsp; 735020 |
| American Electric Power Co., Inc. | 6495 | &nbsp;&nbsp; 781089 |
| Constellation Energy Corp. | 2201 | &nbsp;&nbsp; 829777 |
| Duke Energy Corp. | 5800 | &nbsp;&nbsp; 720940 |
| Edison International | 12666 | &nbsp;&nbsp; 701443 |
| Entergy Corp. | 7959 | &nbsp;&nbsp; 764780 |
| Evergy, Inc. | 9830 | &nbsp;&nbsp; 755042 |
| Eversource Energy | 10996 | &nbsp;&nbsp; 811615 |
| Exelon Corp. | 16249 | &nbsp;&nbsp; 749404 |
| FirstEnergy Corp. | 16280 | &nbsp;&nbsp; 746112 |
| NextEra Energy, Inc. | 9907 | &nbsp;&nbsp; 806430 |
| NRG Energy, Inc. | 4364 | &nbsp;&nbsp; 749997 |
| PG&E Corp. | 46124 | &nbsp;&nbsp; 736139 |
| Pinnacle West Capital Corp. | 8031 | &nbsp;&nbsp; 710904 |
| PPL Corp. | 19665 | &nbsp;&nbsp; 718166 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**74**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Southern Co. (The) | 7689 | &nbsp;&nbsp; $723073 |
| Xcel Energy, Inc. | 9733 | &nbsp;&nbsp; 790028 |
|  |  | &nbsp;&nbsp; 12829959 |
| **Electrical Components & Equipment-0.95%** | **Electrical Components & Equipment-0.95%** | **Electrical Components & Equipment-0.95%** |
| AMETEK, Inc. | 3754 | &nbsp;&nbsp; 758721 |
| Eaton Corp. PLC | 1942 | &nbsp;&nbsp; 740989 |
| Emerson Electric Co. | 5268 | &nbsp;&nbsp; 735255 |
| Generac Holdings, Inc.<sup>(c)</sup> | 3804 | &nbsp;&nbsp; 639148 |
| Hubbell, Inc. | 1593 | &nbsp;&nbsp; 748710 |
| Rockwell Automation, Inc. | 2072 | &nbsp;&nbsp; 763242 |
|  |  | &nbsp;&nbsp; 4386065 |
| **Electronic Components-0.36%** | **Electronic Components-0.36%** | **Electronic Components-0.36%** |
| Amphenol Corp., Class A | 5909 | &nbsp;&nbsp; 823360 |
| Corning, Inc. | 9395 | &nbsp;&nbsp; 836907 |
|  |  | &nbsp;&nbsp; 1660267 |
| **Electronic Equipment & Instruments-0.59%** | **Electronic Equipment & Instruments-0.59%** | **Electronic Equipment & Instruments-0.59%** |
| Keysight Technologies, Inc.<sup>(c)</sup> | 4136 | &nbsp;&nbsp; 756723 |
| Teledyne Technologies, Inc.<sup>(c)</sup> | 1293 | &nbsp;&nbsp; 681178 |
| Trimble, Inc.<sup>(c)</sup> | 8783 | &nbsp;&nbsp; 700444 |
| Zebra Technologies Corp., Class A<sup>(c)</sup> | 2299 | &nbsp;&nbsp; 619006 |
|  |  | &nbsp;&nbsp; 2757351 |
| **Electronic Manufacturing Services-0.33%** | **Electronic Manufacturing Services-0.33%** | **Electronic Manufacturing Services-0.33%** |
| Jabil, Inc. | 3264 | &nbsp;&nbsp; 720985 |
| TE Connectivity PLC (Switzerland) | 3346 | &nbsp;&nbsp; 826495 |
|  |  | &nbsp;&nbsp; 1547480 |
| **Environmental & Facilities Services-0.57%** | **Environmental & Facilities Services-0.57%** | **Environmental & Facilities Services-0.57%** |
| Republic Services, Inc. | 3081 | &nbsp;&nbsp; 641587 |
| Rollins, Inc. | 12485 | &nbsp;&nbsp; 719261 |
| Veralto Corp. | 6641 | &nbsp;&nbsp; 655334 |
| Waste Management, Inc. | 3234 | &nbsp;&nbsp; 646056 |
|  |  | &nbsp;&nbsp; 2662238 |
| **Fertilizers & Agricultural Chemicals-0.40%** | **Fertilizers & Agricultural Chemicals-0.40%** | **Fertilizers & Agricultural Chemicals-0.40%** |
| CF Industries Holdings, Inc. | 8100 | &nbsp;&nbsp; 674649 |
| Corteva, Inc. | 9807 | &nbsp;&nbsp; 602542 |
| Mosaic Co. (The) | 21067 | &nbsp;&nbsp; 578289 |
|  |  | &nbsp;&nbsp; 1855480 |
| **Financial Exchanges & Data-1.30%** | **Financial Exchanges & Data-1.30%** | **Financial Exchanges & Data-1.30%** |
| Cboe Global Markets, Inc. | 3000 | &nbsp;&nbsp; 736920 |
| CME Group, Inc., Class A | 2707 | &nbsp;&nbsp; 718682 |
| Coinbase Global, Inc., Class A<sup>(c)</sup> | 2231 | &nbsp;&nbsp; 766973 |
| FactSet Research Systems, Inc. | 1945 | &nbsp;&nbsp; 518926 |
| Intercontinental Exchange, Inc. | 4086 | &nbsp;&nbsp; 597741 |
| Moody's Corp. | 1391 | &nbsp;&nbsp; 668097 |
| MSCI, Inc. | 1251 | &nbsp;&nbsp; 736276 |
| Nasdaq, Inc. | 7434 | &nbsp;&nbsp; 635533 |
| S&P Global, Inc. | 1302 | &nbsp;&nbsp; 634347 |
|  |  | &nbsp;&nbsp; 6013495 |
| **Food Distributors-0.14%** | **Food Distributors-0.14%** | **Food Distributors-0.14%** |
| Sysco Corp. | 8779 | &nbsp;&nbsp; 652104 |
| **Food Retail-0.14%** | **Food Retail-0.14%** | **Food Retail-0.14%** |
| Kroger Co. (The) | 10500 | &nbsp;&nbsp; 668115 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Footwear-0.24%** | **Footwear-0.24%** | **Footwear-0.24%** |
| Deckers Outdoor Corp.<sup>(c)</sup> | 6169 | &nbsp;&nbsp; $502774 |
| NIKE, Inc., Class B | 9480 | &nbsp;&nbsp; 612313 |
|  |  | &nbsp;&nbsp; 1115087 |
| **Gas Utilities-0.16%** | **Gas Utilities-0.16%** | **Gas Utilities-0.16%** |
| Atmos Energy Corp. | 4295 | &nbsp;&nbsp; 737537 |
| **Gold-0.16%** | **Gold-0.16%** | **Gold-0.16%** |
| Newmont Corp. | 8973 | &nbsp;&nbsp; 726544 |
| **Health Care Distributors-0.68%** | **Health Care Distributors-0.68%** | **Health Care Distributors-0.68%** |
| Cardinal Health, Inc. | 4714 | &nbsp;&nbsp; 899290 |
| Cencora, Inc. | 2374 | &nbsp;&nbsp; 801961 |
| Henry Schein, Inc.<sup>(c)</sup> | 10443 | &nbsp;&nbsp; 659998 |
| McKesson Corp. | 995 | &nbsp;&nbsp; 807283 |
|  |  | &nbsp;&nbsp; 3168532 |
| **Health Care Equipment-2.34%** | **Health Care Equipment-2.34%** | **Health Care Equipment-2.34%** |
| Abbott Laboratories | 5440 | &nbsp;&nbsp; 672493 |
| Baxter International, Inc. | 29352 | &nbsp;&nbsp; 542132 |
| Becton, Dickinson and Co. | 3737 | &nbsp;&nbsp; 667839 |
| Boston Scientific Corp.<sup>(c)</sup> | 6688 | &nbsp;&nbsp; 673615 |
| DexCom, Inc.<sup>(c)</sup> | 9260 | &nbsp;&nbsp; 539117 |
| Edwards Lifesciences Corp.<sup>(c)</sup> | 8991 | &nbsp;&nbsp; 741308 |
| GE HealthCare Technologies, Inc. | 9261 | &nbsp;&nbsp; 694112 |
| Hologic, Inc.<sup>(c)</sup> | 10746 | &nbsp;&nbsp; 794237 |
| IDEXX Laboratories, Inc.<sup>(c)</sup> | 1104 | &nbsp;&nbsp; 694979 |
| Insulet Corp.<sup>(c)</sup> | 2083 | &nbsp;&nbsp; 652000 |
| Intuitive Surgical, Inc.<sup>(c)</sup> | 1565 | &nbsp;&nbsp; 836148 |
| Medtronic PLC | 7624 | &nbsp;&nbsp; 691497 |
| ResMed, Inc. | 2602 | &nbsp;&nbsp; 642382 |
| STERIS PLC | 2886 | &nbsp;&nbsp; 680230 |
| Stryker Corp. | 1838 | &nbsp;&nbsp; 654769 |
| Zimmer Biomet Holdings, Inc. | 6880 | &nbsp;&nbsp; 691853 |
|  |  | &nbsp;&nbsp; 10868711 |
| **Health Care Facilities-0.35%** | **Health Care Facilities-0.35%** | **Health Care Facilities-0.35%** |
| HCA Healthcare, Inc. | 1784 | &nbsp;&nbsp; 820069 |
| Universal Health Services, Inc., Class B | 3782 | &nbsp;&nbsp; 820732 |
|  |  | &nbsp;&nbsp; 1640801 |
| **Health Care REITs-0.58%** | **Health Care REITs-0.58%** | **Health Care REITs-0.58%** |
| Alexandria Real Estate Equities, Inc. | 8379 | &nbsp;&nbsp; 487825 |
| Healthpeak Properties, Inc. | 39211 | &nbsp;&nbsp; 703838 |
| Ventas, Inc. | 10166 | &nbsp;&nbsp; 750149 |
| Welltower, Inc. | 4189 | &nbsp;&nbsp; 758377 |
|  |  | &nbsp;&nbsp; 2700189 |
| **Health Care Services-0.71%** | **Health Care Services-0.71%** | **Health Care Services-0.71%** |
| Cigna Group (The) | 2328 | &nbsp;&nbsp; 568986 |
| CVS Health Corp. | 9517 | &nbsp;&nbsp; 743754 |
| DaVita, Inc.<sup>(c)</sup> | 5321 | &nbsp;&nbsp; 633305 |
| Labcorp Holdings, Inc. | 2578 | &nbsp;&nbsp; 654709 |
| Quest Diagnostics, Inc. | 3906 | &nbsp;&nbsp; 687261 |
|  |  | &nbsp;&nbsp; 3288015 |
| **Health Care Supplies-0.46%** | **Health Care Supplies-0.46%** | **Health Care Supplies-0.46%** |
| Align Technology, Inc.<sup>(c)</sup> | 5293 | &nbsp;&nbsp; 729799 |
| Cooper Cos., Inc. (The)<sup>(c)</sup> | 10403 | &nbsp;&nbsp; 727274 |
| Solventum Corp.<sup>(c)</sup> | 9882 | &nbsp;&nbsp; 682253 |
|  |  | &nbsp;&nbsp; 2139326 |
| **Heavy Electrical Equipment-0.14%** | **Heavy Electrical Equipment-0.14%** | **Heavy Electrical Equipment-0.14%** |
| GE Vernova, Inc. | 1094 | &nbsp;&nbsp; 640143 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**75**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Home Furnishings-0.13%** | **Home Furnishings-0.13%** | **Home Furnishings-0.13%** |
| Mohawk Industries, Inc.<sup>(c)</sup> | 5200 | &nbsp;&nbsp; $590928 |
| **Home Improvement Retail-0.27%** | **Home Improvement Retail-0.27%** | **Home Improvement Retail-0.27%** |
| Home Depot, Inc. (The) | 1704 | &nbsp;&nbsp; 646821 |
| Lowe's Cos., Inc. | 2642 | &nbsp;&nbsp; 629140 |
|  |  | &nbsp;&nbsp; 1275961 |
| **Homebuilding-0.53%** | **Homebuilding-0.53%** | **Homebuilding-0.53%** |
| D.R. Horton, Inc. | 3997 | &nbsp;&nbsp; 595873 |
| Lennar Corp., Class A | 5152 | &nbsp;&nbsp; 637663 |
| NVR, Inc.<sup>(c)</sup> | 83 | &nbsp;&nbsp; 598498 |
| PulteGroup, Inc. | 5198 | &nbsp;&nbsp; 623084 |
|  |  | &nbsp;&nbsp; 2455118 |
| **Homefurnishing Retail-0.15%** | **Homefurnishing Retail-0.15%** | **Homefurnishing Retail-0.15%** |
| Williams-Sonoma, Inc. | 3472 | &nbsp;&nbsp; 674749 |
| **Hotel & Resort REITs-0.14%** | **Hotel & Resort REITs-0.14%** | **Hotel & Resort REITs-0.14%** |
| Host Hotels & Resorts, Inc. | 40014 | &nbsp;&nbsp; 641024 |
| **Hotels, Resorts & Cruise Lines-1.14%** | **Hotels, Resorts & Cruise Lines-1.14%** | **Hotels, Resorts & Cruise Lines-1.14%** |
| Airbnb, Inc., Class A<sup>(c)</sup> | 5705 | &nbsp;&nbsp; 721911 |
| Booking Holdings, Inc. | 128 | &nbsp;&nbsp; 649951 |
| Carnival Corp.<sup>(c)</sup> | 22444 | &nbsp;&nbsp; 647061 |
| Expedia Group, Inc. | 3268 | &nbsp;&nbsp; 718960 |
| Hilton Worldwide Holdings, Inc. | 2577 | &nbsp;&nbsp; 662186 |
| Marriott International, Inc., Class A | 2680 | &nbsp;&nbsp; 698354 |
| Norwegian Cruise Line Holdings Ltd.<sup>(c)</sup> | 27679 | &nbsp;&nbsp; 620563 |
| Royal Caribbean Cruises Ltd. | 2063 | &nbsp;&nbsp; 591730 |
|  |  | &nbsp;&nbsp; 5310716 |
| **Household Products-0.71%** | **Household Products-0.71%** | **Household Products-0.71%** |
| Church & Dwight Co., Inc. | 7567 | &nbsp;&nbsp; 663550 |
| Clorox Co. (The) | 5709 | &nbsp;&nbsp; 642034 |
| Colgate-Palmolive Co. | 8461 | &nbsp;&nbsp; 651920 |
| Kimberly-Clark Corp. | 5498 | &nbsp;&nbsp; 658166 |
| Procter & Gamble Co. (The) | 4474 | &nbsp;&nbsp; 672755 |
|  |  | &nbsp;&nbsp; 3288425 |
| **Human Resource & Employment Services-0.55%** | **Human Resource & Employment Services-0.55%** | **Human Resource & Employment Services-0.55%** |
| Automatic Data Processing, Inc. | 2406 | &nbsp;&nbsp; 626282 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 10217 | &nbsp;&nbsp; 702316 |
| Paychex, Inc. | 5288 | &nbsp;&nbsp; 618855 |
| Paycom Software, Inc. | 3186 | &nbsp;&nbsp; 596069 |
|  |  | &nbsp;&nbsp; 2543522 |
| **Independent Power Producers & Energy Traders-0.30%** | **Independent Power Producers & Energy Traders-0.30%** | **Independent Power Producers & Energy Traders-0.30%** |
| AES Corp. (The) | 55291 | &nbsp;&nbsp; 766886 |
| Vistra Corp. | 3364 | &nbsp;&nbsp; 633441 |
|  |  | &nbsp;&nbsp; 1400327 |
| **Industrial Conglomerates-0.32%** | **Industrial Conglomerates-0.32%** | **Industrial Conglomerates-0.32%** |
| 3M Co. | 4583 | &nbsp;&nbsp; 763069 |
| Honeywell International, Inc. | 3520 | &nbsp;&nbsp; 708682 |
|  |  | &nbsp;&nbsp; 1471751 |
| **Industrial Gases-0.26%** | **Industrial Gases-0.26%** | **Industrial Gases-0.26%** |
| Air Products and Chemicals, Inc. | 2448 | &nbsp;&nbsp; 593860 |
| Linde PLC | 1488 | &nbsp;&nbsp; 622431 |
|  |  | &nbsp;&nbsp; 1216291 |
| **Industrial Machinery & Supplies & Components-1.84%** | **Industrial Machinery & Supplies & Components-1.84%** | **Industrial Machinery & Supplies & Components-1.84%** |
| Dover Corp. | 4008 | &nbsp;&nbsp; 727292 |
| Fortive Corp. | 14742 | &nbsp;&nbsp; 742112 |
| IDEX Corp. | 4394 | &nbsp;&nbsp; 753395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** |
| Illinois Tool Works, Inc. | 2679 | &nbsp;&nbsp; $653462 |
| Ingersoll Rand, Inc. | 8774 | &nbsp;&nbsp; 669719 |
| Nordson Corp. | 3145 | &nbsp;&nbsp; 729483 |
| Otis Worldwide Corp. | 8030 | &nbsp;&nbsp; 744863 |
| Parker-Hannifin Corp. | 920 | &nbsp;&nbsp; 711004 |
| Pentair PLC | 6443 | &nbsp;&nbsp; 685213 |
| Snap-on, Inc. | 2172 | &nbsp;&nbsp; 728814 |
| Stanley Black & Decker, Inc. | 9144 | &nbsp;&nbsp; 619232 |
| Xylem, Inc. | 5112 | &nbsp;&nbsp; 771145 |
|  |  | &nbsp;&nbsp; 8535734 |
| **Industrial REITs-0.17%** | **Industrial REITs-0.17%** | **Industrial REITs-0.17%** |
| Prologis, Inc. | 6344 | &nbsp;&nbsp; 787227 |
| **Insurance Brokers-0.68%** | **Insurance Brokers-0.68%** | **Insurance Brokers-0.68%** |
| Aon PLC, Class A | 1941 | &nbsp;&nbsp; 661260 |
| Arthur J. Gallagher & Co. | 2400 | &nbsp;&nbsp; 598776 |
| Brown & Brown, Inc. | 7609 | &nbsp;&nbsp; 606742 |
| Marsh & McLennan Cos., Inc. | 3542 | &nbsp;&nbsp; 631007 |
| Willis Towers Watson PLC | 2131 | &nbsp;&nbsp; 667216 |
|  |  | &nbsp;&nbsp; 3165001 |
| **Integrated Oil & Gas-0.44%** | **Integrated Oil & Gas-0.44%** | **Integrated Oil & Gas-0.44%** |
| Chevron Corp. | 4462 | &nbsp;&nbsp; 703810 |
| Exxon Mobil Corp. | 6256 | &nbsp;&nbsp; 715436 |
| Occidental Petroleum Corp. | 15201 | &nbsp;&nbsp; 626281 |
|  |  | &nbsp;&nbsp; 2045527 |
| **Integrated Telecommunication Services-0.27%** | **Integrated Telecommunication Services-0.27%** | **Integrated Telecommunication Services-0.27%** |
| AT&T, Inc. | 24104 | &nbsp;&nbsp; 596574 |
| Verizon Communications, Inc. | 16184 | &nbsp;&nbsp; 643152 |
|  |  | &nbsp;&nbsp; 1239726 |
| **Interactive Home Entertainment-0.34%** | **Interactive Home Entertainment-0.34%** | **Interactive Home Entertainment-0.34%** |
| Electronic Arts, Inc. | 4134 | &nbsp;&nbsp; 827048 |
| Take-Two Interactive Software, Inc.<sup>(c)</sup> | 2884 | &nbsp;&nbsp; 739371 |
|  |  | &nbsp;&nbsp; 1566419 |
| **Interactive Media & Services-0.44%** | **Interactive Media & Services-0.44%** | **Interactive Media & Services-0.44%** |
| Alphabet, Inc., Class A | 1630 | &nbsp;&nbsp; 458340 |
| Alphabet, Inc., Class C | 1308 | &nbsp;&nbsp; 368620 |
| Match Group, Inc. | 18570 | &nbsp;&nbsp; 600554 |
| Meta Platforms, Inc., Class A | 937 | &nbsp;&nbsp; 607504 |
|  |  | &nbsp;&nbsp; 2035018 |
| **Internet Services & Infrastructure-0.42%** | **Internet Services & Infrastructure-0.42%** | **Internet Services & Infrastructure-0.42%** |
| Akamai Technologies, Inc.<sup>(c)</sup> | 9171 | &nbsp;&nbsp; 688742 |
| GoDaddy, Inc., Class A<sup>(c)</sup> | 4854 | &nbsp;&nbsp; 646213 |
| VeriSign, Inc. | 2484 | &nbsp;&nbsp; 595663 |
|  |  | &nbsp;&nbsp; 1930618 |
| **Investment Banking & Brokerage-0.98%** | **Investment Banking & Brokerage-0.98%** | **Investment Banking & Brokerage-0.98%** |
| Charles Schwab Corp. (The) | 7631 | &nbsp;&nbsp; 721282 |
| Goldman Sachs Group, Inc. (The) | 915 | &nbsp;&nbsp; 722274 |
| Interactive Brokers Group, Inc., Class A | 11259 | &nbsp;&nbsp; 792183 |
| Morgan Stanley | 4567 | &nbsp;&nbsp; 748988 |
| Raymond James Financial, Inc. | 4221 | &nbsp;&nbsp; 669746 |
| Robinhood Markets, Inc., Class A<sup>(c)</sup> | 5993 | &nbsp;&nbsp; 879653 |
|  |  | &nbsp;&nbsp; 4534126 |
| **IT Consulting & Other Services-0.82%** | **IT Consulting & Other Services-0.82%** | **IT Consulting & Other Services-0.82%** |
| Accenture PLC, Class A | 2895 | &nbsp;&nbsp; 724040 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 10176 | &nbsp;&nbsp; 741627 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**76**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Consulting & Other Services-(continued)** | **IT Consulting & Other Services-(continued)** | **IT Consulting & Other Services-(continued)** |
| EPAM Systems, Inc.<sup>(c)</sup> | 4598 | &nbsp;&nbsp; $751957 |
| Gartner, Inc.<sup>(c)</sup> | 3025 | &nbsp;&nbsp; 751228 |
| International Business Machines Corp. | 2740 | &nbsp;&nbsp; 842303 |
|  |  | &nbsp;&nbsp; 3811155 |
| **Leisure Products-0.15%** | **Leisure Products-0.15%** | **Leisure Products-0.15%** |
| Hasbro, Inc. | 9065 | &nbsp;&nbsp; 691750 |
| **Life & Health Insurance-0.76%** | **Life & Health Insurance-0.76%** | **Life & Health Insurance-0.76%** |
| Aflac, Inc. | 6564 | &nbsp;&nbsp; 703595 |
| Globe Life, Inc. | 5064 | &nbsp;&nbsp; 665967 |
| MetLife, Inc. | 8884 | &nbsp;&nbsp; 709121 |
| Principal Financial Group, Inc. | 8789 | &nbsp;&nbsp; 738627 |
| Prudential Financial, Inc. | 6659 | &nbsp;&nbsp; 692536 |
|  |  | &nbsp;&nbsp; 3509846 |
| **Life Sciences Tools & Services-1.76%** | **Life Sciences Tools & Services-1.76%** | **Life Sciences Tools & Services-1.76%** |
| Agilent Technologies, Inc. | 5671 | &nbsp;&nbsp; 830008 |
| Bio-Techne Corp. | 13814 | &nbsp;&nbsp; 864342 |
| Charles River Laboratories International, <br> Inc.<sup>(c)</sup><br>| 4593 | &nbsp;&nbsp; 827061 |
| Danaher Corp. | 3654 | &nbsp;&nbsp; 786998 |
| IQVIA Holdings, Inc.<sup>(c)</sup> | 3828 | &nbsp;&nbsp; 828609 |
| Mettler-Toledo International, Inc.<sup>(c)</sup> | 561 | &nbsp;&nbsp; 794539 |
| Revvity, Inc.<sup>(b)</sup> | 8531 | &nbsp;&nbsp; 798416 |
| Thermo Fisher Scientific, Inc. | 1476 | &nbsp;&nbsp; 837468 |
| Waters Corp.<sup>(c)</sup> | 2401 | &nbsp;&nbsp; 839390 |
| West Pharmaceutical Services, Inc. | 2758 | &nbsp;&nbsp; 777949 |
|  |  | &nbsp;&nbsp; 8184780 |
| **Managed Health Care-0.76%** | **Managed Health Care-0.76%** | **Managed Health Care-0.76%** |
| Centene Corp.<sup>(c)</sup> | 22510 | &nbsp;&nbsp; 796179 |
| Elevance Health, Inc. | 2295 | &nbsp;&nbsp; 727974 |
| Humana, Inc. | 2572 | &nbsp;&nbsp; 715504 |
| Molina Healthcare, Inc.<sup>(c)</sup> | 3928 | &nbsp;&nbsp; 601220 |
| UnitedHealth Group, Inc. | 2031 | &nbsp;&nbsp; 693708 |
|  |  | &nbsp;&nbsp; 3534585 |
| **Metal, Glass & Plastic Containers-0.14%** | **Metal, Glass & Plastic Containers-0.14%** | **Metal, Glass & Plastic Containers-0.14%** |
| Ball Corp. | 14058 | &nbsp;&nbsp; 660726 |
| **Movies & Entertainment-0.83%** | **Movies & Entertainment-0.83%** | **Movies & Entertainment-0.83%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 4118 | &nbsp;&nbsp; 615765 |
| Netflix, Inc.<sup>(c)</sup> | 563 | &nbsp;&nbsp; 629918 |
| TKO Group Holdings, Inc. | 3606 | &nbsp;&nbsp; 679370 |
| Walt Disney Co. (The) | 6078 | &nbsp;&nbsp; 684504 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup> | 56131 | &nbsp;&nbsp; 1260141 |
|  |  | &nbsp;&nbsp; 3869698 |
| **Multi-Family Residential REITs-0.83%** | **Multi-Family Residential REITs-0.83%** | **Multi-Family Residential REITs-0.83%** |
| AvalonBay Communities, Inc. | 3653 | &nbsp;&nbsp; 635330 |
| Camden Property Trust | 6468 | &nbsp;&nbsp; 643437 |
| Equity Residential | 10687 | &nbsp;&nbsp; 635235 |
| Essex Property Trust, Inc. | 2672 | &nbsp;&nbsp; 672729 |
| Mid-America Apartment Communities, Inc. | 4974 | &nbsp;&nbsp; 637816 |
| UDR, Inc. | 18429 | &nbsp;&nbsp; 620873 |
|  |  | &nbsp;&nbsp; 3845420 |
| **Multi-Sector Holdings-0.15%** | **Multi-Sector Holdings-0.15%** | **Multi-Sector Holdings-0.15%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup> | 1438 | &nbsp;&nbsp; 686703 |
| **Multi-Utilities-1.55%** | **Multi-Utilities-1.55%** | **Multi-Utilities-1.55%** |
| Ameren Corp. | 7091 | &nbsp;&nbsp; 723424 |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 18625 | &nbsp;&nbsp; 712220 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| CMS Energy Corp. | 9882 | &nbsp;&nbsp; $726821 |
| Consolidated Edison, Inc. | 7252 | &nbsp;&nbsp; 706417 |
| Dominion Energy, Inc. | 11848 | &nbsp;&nbsp; 695359 |
| DTE Energy Co. | 5189 | &nbsp;&nbsp; 703317 |
| NiSource, Inc. | 17282 | &nbsp;&nbsp; 727745 |
| Public Service Enterprise Group, Inc. | 8615 | &nbsp;&nbsp; 694024 |
| Sempra | 8583 | &nbsp;&nbsp; 789121 |
| WEC Energy Group, Inc. | 6435 | &nbsp;&nbsp; 718983 |
|  |  | &nbsp;&nbsp; 7197431 |
| **Office REITs-0.15%** | **Office REITs-0.15%** | **Office REITs-0.15%** |
| BXP, Inc. | 9530 | &nbsp;&nbsp; 678441 |
| **Oil & Gas Equipment & Services-0.49%** | **Oil & Gas Equipment & Services-0.49%** | **Oil & Gas Equipment & Services-0.49%** |
| Baker Hughes Co., Class A | 15002 | &nbsp;&nbsp; 726247 |
| Halliburton Co. | 31144 | &nbsp;&nbsp; 835905 |
| SLB Ltd. | 19467 | &nbsp;&nbsp; 701980 |
|  |  | &nbsp;&nbsp; 2264132 |
| **Oil & Gas Exploration & Production-1.34%** | **Oil & Gas Exploration & Production-1.34%** | **Oil & Gas Exploration & Production-1.34%** |
| APA Corp. | 30221 | &nbsp;&nbsp; 684506 |
| ConocoPhillips | 7462 | &nbsp;&nbsp; 663073 |
| Coterra Energy, Inc. | 28882 | &nbsp;&nbsp; 683348 |
| Devon Energy Corp. | 19815 | &nbsp;&nbsp; 643789 |
| Diamondback Energy, Inc. | 5040 | &nbsp;&nbsp; 721678 |
| EOG Resources, Inc. | 5854 | &nbsp;&nbsp; 619587 |
| EQT Corp. | 13755 | &nbsp;&nbsp; 736993 |
| Expand Energy Corp. | 7295 | &nbsp;&nbsp; 753647 |
| Texas Pacific Land Corp. | 750 | &nbsp;&nbsp; 707535 |
|  |  | &nbsp;&nbsp; 6214156 |
| **Oil & Gas Refining & Marketing-0.48%** | **Oil & Gas Refining & Marketing-0.48%** | **Oil & Gas Refining & Marketing-0.48%** |
| Marathon Petroleum Corp. | 3875 | &nbsp;&nbsp; 755276 |
| Phillips 66 Co. | 5356 | &nbsp;&nbsp; 729166 |
| Valero Energy Corp. | 4441 | &nbsp;&nbsp; 753016 |
|  |  | &nbsp;&nbsp; 2237458 |
| **Oil & Gas Storage & Transportation-0.58%** | **Oil & Gas Storage & Transportation-0.58%** | **Oil & Gas Storage & Transportation-0.58%** |
| Kinder Morgan, Inc. | 25708 | &nbsp;&nbsp; 673292 |
| ONEOK, Inc. | 9595 | &nbsp;&nbsp; 642865 |
| Targa Resources Corp. | 4308 | &nbsp;&nbsp; 663604 |
| Williams Cos., Inc. (The) | 11980 | &nbsp;&nbsp; 693283 |
|  |  | &nbsp;&nbsp; 2673044 |
| **Other Specialized REITs-0.30%** | **Other Specialized REITs-0.30%** | **Other Specialized REITs-0.30%** |
| Iron Mountain, Inc. | 7225 | &nbsp;&nbsp; 743814 |
| VICI Properties, Inc. | 21239 | &nbsp;&nbsp; 636957 |
|  |  | &nbsp;&nbsp; 1380771 |
| **Other Specialty Retail-0.29%** | **Other Specialty Retail-0.29%** | **Other Specialty Retail-0.29%** |
| Tractor Supply Co.<sup>(b)</sup> | 12041 | &nbsp;&nbsp; 651539 |
| Ulta Beauty, Inc.<sup>(c)</sup> | 1365 | &nbsp;&nbsp; 709636 |
|  |  | &nbsp;&nbsp; 1361175 |
| **Packaged Foods & Meats-1.72%** | **Packaged Foods & Meats-1.72%** | **Packaged Foods & Meats-1.72%** |
| Campbell's Co. (The)<sup>(b)</sup> | 21019 | &nbsp;&nbsp; 633303 |
| Conagra Brands, Inc. | 36356 | &nbsp;&nbsp; 624960 |
| General Mills, Inc. | 14075 | &nbsp;&nbsp; 656036 |
| Hershey Co. (The) | 3792 | &nbsp;&nbsp; 643237 |
| Hormel Foods Corp. | 28190 | &nbsp;&nbsp; 608622 |
| J.M. Smucker Co. (The) | 6396 | &nbsp;&nbsp; 662306 |
| Kellanova | 8906 | &nbsp;&nbsp; 739732 |
| Kraft Heinz Co. (The) | 26411 | &nbsp;&nbsp; 653144 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**77**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** |
| Lamb Weston Holdings, Inc. | 12600 | &nbsp;&nbsp; $777798 |
| McCormick & Co., Inc. | 10264 | &nbsp;&nbsp; 658538 |
| Mondelez International, Inc., Class A | 11303 | &nbsp;&nbsp; 649470 |
| Tyson Foods, Inc., Class A | 12701 | &nbsp;&nbsp; 652958 |
|  |  | &nbsp;&nbsp; 7960104 |
| **Paper & Plastic Packaging Products & Materials-0.70%** | **Paper & Plastic Packaging Products & Materials-0.70%** | **Paper & Plastic Packaging Products & Materials-0.70%** |
| Amcor PLC | 85523 | &nbsp;&nbsp; 675632 |
| Avery Dennison Corp. | 4273 | &nbsp;&nbsp; 747305 |
| International Paper Co. | 15147 | &nbsp;&nbsp; 585280 |
| Packaging Corp. of America | 3302 | &nbsp;&nbsp; 646400 |
| Smurfit WestRock PLC | 15547 | &nbsp;&nbsp; 573995 |
|  |  | &nbsp;&nbsp; 3228612 |
| **Passenger Airlines-0.42%** | **Passenger Airlines-0.42%** | **Passenger Airlines-0.42%** |
| Delta Air Lines, Inc. | 11466 | &nbsp;&nbsp; 657919 |
| Southwest Airlines Co.<sup>(b)</sup> | 22625 | &nbsp;&nbsp; 685537 |
| United Airlines Holdings, Inc.<sup>(c)</sup> | 6546 | &nbsp;&nbsp; 615586 |
|  |  | &nbsp;&nbsp; 1959042 |
| **Passenger Ground Transportation-0.16%** | **Passenger Ground Transportation-0.16%** | **Passenger Ground Transportation-0.16%** |
| Uber Technologies, Inc.<sup>(c)</sup> | 7471 | &nbsp;&nbsp; 720952 |
| **Personal Care Products-0.29%** | **Personal Care Products-0.29%** | **Personal Care Products-0.29%** |
| Estee Lauder Cos., Inc. (The), Class A | 8049 | &nbsp;&nbsp; 778258 |
| Kenvue, Inc. | 38110 | &nbsp;&nbsp; 547641 |
|  |  | &nbsp;&nbsp; 1325899 |
| **Pharmaceuticals-1.09%** | **Pharmaceuticals-1.09%** | **Pharmaceuticals-1.09%** |
| Bristol-Myers Squibb Co. | 14927 | &nbsp;&nbsp; 687687 |
| Eli Lilly and Co. | 933 | &nbsp;&nbsp; 805048 |
| Johnson & Johnson | 4005 | &nbsp;&nbsp; 756424 |
| Merck & Co., Inc. | 8376 | &nbsp;&nbsp; 720169 |
| Pfizer, Inc. | 28649 | &nbsp;&nbsp; 706198 |
| Viatris, Inc. | 68736 | &nbsp;&nbsp; 712105 |
| Zoetis, Inc. | 4710 | &nbsp;&nbsp; 678664 |
|  |  | &nbsp;&nbsp; 5066295 |
| **Property & Casualty Insurance-1.76%** | **Property & Casualty Insurance-1.76%** | **Property & Casualty Insurance-1.76%** |
| Allstate Corp. (The) | 3519 | &nbsp;&nbsp; 673959 |
| American International Group, Inc. | 9024 | &nbsp;&nbsp; 712535 |
| Arch Capital Group Ltd. | 7768 | &nbsp;&nbsp; 670456 |
| Assurant, Inc. | 3361 | &nbsp;&nbsp; 711591 |
| Chubb Ltd. | 2535 | &nbsp;&nbsp; 702043 |
| Cincinnati Financial Corp. | 4622 | &nbsp;&nbsp; 714515 |
| Erie Indemnity Co., Class A<sup>(b)</sup> | 2133 | &nbsp;&nbsp; 624201 |
| Hartford Insurance Group, Inc. (The) | 5364 | &nbsp;&nbsp; 666102 |
| Loews Corp. | 7322 | &nbsp;&nbsp; 728978 |
| Progressive Corp. (The) | 2855 | &nbsp;&nbsp; 588130 |
| Travelers Cos., Inc. (The) | 2584 | &nbsp;&nbsp; 694114 |
| W.R. Berkley Corp. | 9755 | &nbsp;&nbsp; 695922 |
|  |  | &nbsp;&nbsp; 8182546 |
| **Publishing-0.14%** | **Publishing-0.14%** | **Publishing-0.14%** |
| News Corp., Class A | 18476 | &nbsp;&nbsp; 489614 |
| News Corp., Class B | 5458 | &nbsp;&nbsp; 166305 |
|  |  | &nbsp;&nbsp; 655919 |
| **Rail Transportation-0.48%** | **Rail Transportation-0.48%** | **Rail Transportation-0.48%** |
| CSX Corp. | 21960 | &nbsp;&nbsp; 790999 |
| Norfolk Southern Corp. | 2584 | &nbsp;&nbsp; 732254 |
| Union Pacific Corp. | 3273 | &nbsp;&nbsp; 721271 |
|  |  | &nbsp;&nbsp; 2244524 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Services-0.26%** | **Real Estate Services-0.26%** | **Real Estate Services-0.26%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 4330 | &nbsp;&nbsp; $660022 |
| CoStar Group, Inc.<sup>(c)</sup> | 8157 | &nbsp;&nbsp; 561283 |
|  |  | &nbsp;&nbsp; 1221305 |
| **Regional Banks-0.71%** | **Regional Banks-0.71%** | **Regional Banks-0.71%** |
| Citizens Financial Group, Inc. | 13585 | &nbsp;&nbsp; 691069 |
| Huntington Bancshares, Inc. | 39856 | &nbsp;&nbsp; 615377 |
| M&T Bank Corp. | 3553 | &nbsp;&nbsp; 653290 |
| Regions Financial Corp. | 26032 | &nbsp;&nbsp; 629974 |
| Truist Financial Corp. | 15600 | &nbsp;&nbsp; 696228 |
|  |  | &nbsp;&nbsp; 3285938 |
| **Reinsurance-0.14%** | **Reinsurance-0.14%** | **Reinsurance-0.14%** |
| Everest Group Ltd. | 2068 | &nbsp;&nbsp; 650427 |
| **Research & Consulting Services-0.58%** | **Research & Consulting Services-0.58%** | **Research & Consulting Services-0.58%** |
| Equifax, Inc. | 2866 | &nbsp;&nbsp; 605013 |
| Jacobs Solutions, Inc. | 4863 | &nbsp;&nbsp; 757704 |
| Leidos Holdings, Inc. | 3900 | &nbsp;&nbsp; 742833 |
| Verisk Analytics, Inc. | 2677 | &nbsp;&nbsp; 585620 |
|  |  | &nbsp;&nbsp; 2691170 |
| **Restaurants-0.98%** | **Restaurants-0.98%** | **Restaurants-0.98%** |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup> | 18183 | &nbsp;&nbsp; 576219 |
| Darden Restaurants, Inc. | 3328 | &nbsp;&nbsp; 599539 |
| Domino's Pizza, Inc. | 1563 | &nbsp;&nbsp; 622793 |
| DoorDash, Inc., Class A<sup>(c)</sup> | 2734 | &nbsp;&nbsp; 695448 |
| McDonald's Corp. | 2301 | &nbsp;&nbsp; 686687 |
| Starbucks Corp. | 8491 | &nbsp;&nbsp; 686667 |
| Yum! Brands, Inc. | 4818 | &nbsp;&nbsp; 665896 |
|  |  | &nbsp;&nbsp; 4533249 |
| **Retail REITs-0.73%** | **Retail REITs-0.73%** | **Retail REITs-0.73%** |
| Federal Realty Investment Trust | 7007 | &nbsp;&nbsp; 674003 |
| Kimco Realty Corp. | 31566 | &nbsp;&nbsp; 652154 |
| Realty Income Corp. | 11841 | &nbsp;&nbsp; 686541 |
| Regency Centers Corp. | 9763 | &nbsp;&nbsp; 673159 |
| Simon Property Group, Inc. | 3926 | &nbsp;&nbsp; 690034 |
|  |  | &nbsp;&nbsp; 3375891 |
| **Self-Storage REITs-0.29%** | **Self-Storage REITs-0.29%** | **Self-Storage REITs-0.29%** |
| Extra Space Storage, Inc. | 4853 | &nbsp;&nbsp; 648070 |
| Public Storage | 2438 | &nbsp;&nbsp; 679129 |
|  |  | &nbsp;&nbsp; 1327199 |
| **Semiconductor Materials & Equipment-0.87%** | **Semiconductor Materials & Equipment-0.87%** | **Semiconductor Materials & Equipment-0.87%** |
| Applied Materials, Inc. | 4308 | &nbsp;&nbsp; 1004195 |
| KLA Corp. | 754 | &nbsp;&nbsp; 911390 |
| Lam Research Corp. | 6556 | &nbsp;&nbsp; 1032308 |
| Teradyne, Inc. | 5974 | &nbsp;&nbsp; 1085834 |
|  |  | &nbsp;&nbsp; 4033727 |
| **Semiconductors-2.49%** | **Semiconductors-2.49%** | **Semiconductors-2.49%** |
| Advanced Micro Devices, Inc.<sup>(c)</sup> | 4411 | &nbsp;&nbsp; 1129745 |
| Analog Devices, Inc. | 2846 | &nbsp;&nbsp; 666334 |
| Broadcom, Inc. | 1906 | &nbsp;&nbsp; 704515 |
| First Solar, Inc.<sup>(c)</sup> | 3452 | &nbsp;&nbsp; 921477 |
| Intel Corp.<sup>(c)</sup> | 28416 | &nbsp;&nbsp; 1136356 |
| Microchip Technology, Inc. | 10873 | &nbsp;&nbsp; 678693 |
| Micron Technology, Inc. | 5027 | &nbsp;&nbsp; 1124892 |
| Monolithic Power Systems, Inc. | 825 | &nbsp;&nbsp; 829125 |
| NVIDIA Corp. | 3969 | &nbsp;&nbsp; 803683 |
| NXP Semiconductors N.V. (Netherlands) | 3210 | &nbsp;&nbsp; 671275 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**78**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| ON Semiconductor Corp.<sup>(c)</sup> | 14623 | &nbsp;&nbsp; $732320 |
| QUALCOMM, Inc. | 4428 | &nbsp;&nbsp; 801025 |
| Skyworks Solutions, Inc. | 9562 | &nbsp;&nbsp; 743158 |
| Texas Instruments, Inc. | 3825 | &nbsp;&nbsp; 617584 |
|  |  | &nbsp;&nbsp; 11560182 |
| **Single-Family Residential REITs-0.14%** | **Single-Family Residential REITs-0.14%** | **Single-Family Residential REITs-0.14%** |
| Invitation Homes, Inc. | 23456 | &nbsp;&nbsp; 660286 |
| **Soft Drinks & Non-alcoholic Beverages-0.62%** | **Soft Drinks & Non-alcoholic Beverages-0.62%** | **Soft Drinks & Non-alcoholic Beverages-0.62%** |
| Coca-Cola Co. (The) | 10378 | &nbsp;&nbsp; 715044 |
| Keurig Dr Pepper, Inc. | 25650 | &nbsp;&nbsp; 696654 |
| Monster Beverage Corp.<sup>(c)</sup> | 11204 | &nbsp;&nbsp; 748764 |
| PepsiCo, Inc. | 4935 | &nbsp;&nbsp; 720954 |
|  |  | &nbsp;&nbsp; 2881416 |
| **Specialty Chemicals-1.18%** | **Specialty Chemicals-1.18%** | **Specialty Chemicals-1.18%** |
| Albemarle Corp. | 9599 | &nbsp;&nbsp; 942910 |
| DuPont de Nemours, Inc. | 9247 | &nbsp;&nbsp; 755018 |
| Eastman Chemical Co. | 10820 | &nbsp;&nbsp; 644006 |
| Ecolab, Inc. | 2616 | &nbsp;&nbsp; 670742 |
| International Flavors & Fragrances, Inc.<sup>(c)</sup> | 10918 | &nbsp;&nbsp; 687506 |
| PPG Industries, Inc. | 6472 | &nbsp;&nbsp; 632638 |
| Sherwin-Williams Co. (The) | 1969 | &nbsp;&nbsp; 679187 |
| Solstice Advanced Materials, Inc.<sup>(c)</sup> | 10200 | &nbsp;&nbsp; 459714 |
|  |  | &nbsp;&nbsp; 5471721 |
| **Steel-0.34%** | **Steel-0.34%** | **Steel-0.34%** |
| Nucor Corp. | 4963 | &nbsp;&nbsp; 744698 |
| Steel Dynamics, Inc. | 5302 | &nbsp;&nbsp; 831354 |
|  |  | &nbsp;&nbsp; 1576052 |
| **Systems Software-1.09%** | **Systems Software-1.09%** | **Systems Software-1.09%** |
| CrowdStrike Holdings, Inc., Class A<sup>(c)</sup> | 1656 | &nbsp;&nbsp; 899225 |
| Fortinet, Inc.<sup>(c)</sup> | 8856 | &nbsp;&nbsp; 765424 |
| Gen Digital, Inc. | 24066 | &nbsp;&nbsp; 634380 |
| Microsoft Corp. | 1408 | &nbsp;&nbsp; 729076 |
| Oracle Corp. | 2144 | &nbsp;&nbsp; 563036 |
| Palo Alto Networks, Inc.<sup>(c)</sup> | 3568 | &nbsp;&nbsp; 785816 |
| ServiceNow, Inc.<sup>(c)</sup> | 762 | &nbsp;&nbsp; 700491 |
|  |  | &nbsp;&nbsp; 5077448 |
| **Technology Distributors-0.14%** | **Technology Distributors-0.14%** | **Technology Distributors-0.14%** |
| CDW Corp. | 4122 | &nbsp;&nbsp; 656923 |
| **Technology Hardware, Storage & Peripherals-1.44%** | **Technology Hardware, Storage & Peripherals-1.44%** | **Technology Hardware, Storage & Peripherals-1.44%** |
| Apple, Inc. | 3105 | &nbsp;&nbsp; 839499 |
| Dell Technologies, Inc., Class C | 5656 | &nbsp;&nbsp; 916329 |
| Hewlett Packard Enterprise Co. | 28802 | &nbsp;&nbsp; 703345 |
| HP, Inc. | 24812 | &nbsp;&nbsp; 686548 |
| NetApp, Inc. | 5699 | &nbsp;&nbsp; 671228 |
| Seagate Technology Holdings PLC | 3646 | &nbsp;&nbsp; 932938 |
| Super Micro Computer, Inc.<sup>(c)</sup> | 16029 | &nbsp;&nbsp; 832867 |
| Western Digital Corp. | 7409 | &nbsp;&nbsp; 1112906 |
|  |  | &nbsp;&nbsp; 6695660 |
| **Telecom Tower REITs-0.44%** | **Telecom Tower REITs-0.44%** | **Telecom Tower REITs-0.44%** |
| American Tower Corp. | 3632 | &nbsp;&nbsp; 650055 |
| Crown Castle, Inc. | 7485 | &nbsp;&nbsp; 675297 |
| SBA Communications Corp., Class A | 3635 | &nbsp;&nbsp; 696030 |
|  |  | &nbsp;&nbsp; 2021382 |
| **Timber REITs-0.14%** | **Timber REITs-0.14%** | **Timber REITs-0.14%** |
| Weyerhaeuser Co. | 28044 | &nbsp;&nbsp; 645012 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Tobacco-0.26%** | **Tobacco-0.26%** | **Tobacco-0.26%** |
| Altria Group, Inc. | 10626 | &nbsp;&nbsp; $599094 |
| Philip Morris International, Inc. | 4257 | &nbsp;&nbsp; 614413 |
|  |  | &nbsp;&nbsp; 1213507 |
| **Trading Companies & Distributors-0.42%** | **Trading Companies & Distributors-0.42%** | **Trading Companies & Distributors-0.42%** |
| Fastenal Co. | 14673 | &nbsp;&nbsp; 603794 |
| United Rentals, Inc. | 744 | &nbsp;&nbsp; 648158 |
| W.W. Grainger, Inc. | 707 | &nbsp;&nbsp; 692153 |
|  |  | &nbsp;&nbsp; 1944105 |
| **Transaction & Payment Processing Services-1.24%** | **Transaction & Payment Processing Services-1.24%** | **Transaction & Payment Processing Services-1.24%** |
| Block, Inc., Class A<sup>(c)</sup> | 9546 | &nbsp;&nbsp; 724923 |
| Corpay, Inc.<sup>(c)</sup> | 2310 | &nbsp;&nbsp; 601409 |
| Fidelity National Information Services, Inc. | 10607 | &nbsp;&nbsp; 663150 |
| Fiserv, Inc.<sup>(c)</sup> | 5326 | &nbsp;&nbsp; 355191 |
| Global Payments, Inc. | 8274 | &nbsp;&nbsp; 643386 |
| Jack Henry & Associates, Inc. | 4424 | &nbsp;&nbsp; 658911 |
| Mastercard, Inc., Class A | 1215 | &nbsp;&nbsp; 670668 |
| PayPal Holdings, Inc.<sup>(c)</sup> | 10724 | &nbsp;&nbsp; 742851 |
| Visa, Inc., Class A | 2080 | &nbsp;&nbsp; 708739 |
|  |  | &nbsp;&nbsp; 5769228 |
| **Water Utilities-0.14%** | **Water Utilities-0.14%** | **Water Utilities-0.14%** |
| American Water Works Co., Inc. | 5083 | &nbsp;&nbsp; 652810 |
| **Wireless Telecommunication Services-0.13%** | **Wireless Telecommunication Services-0.13%** | **Wireless Telecommunication Services-0.13%** |
| T-Mobile US, Inc. | 2929 | &nbsp;&nbsp; 615236 |
| Total Common Stocks & Other Equity Interests <br>(Cost $331,378,031) | Total Common Stocks & Other Equity Interests <br>(Cost $331,378,031) | &nbsp;&nbsp; 353406967 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-5.10%** |  |  |
| **Diversified Banks-3.84%** |  |  |
| BNP Paribas S.A. (Invesco S&P 500 Equal <br> Weight ETF), 176.40%, 11/14/2025<sup>(e)</sup><br>| $1833000 | &nbsp;&nbsp; 1876899 |
| BNP Paribas S.A. (Invesco S&P 500 Equal <br> Weight ETF), 153.79%, 11/17/2025<sup>(e)</sup><br>| 1326000 | &nbsp;&nbsp; 1379224 |
| Goldman Sachs International (Invesco <br> S&P 500 Equal Weight ETF), 120.20%, <br> 12/01/2025<sup>(e)</sup><br>| 908000 | &nbsp;&nbsp; 898260 |
| J.P. Morgan Structured Products B.V. <br> (Invesco S&P 500 Equal Weight ETF), <br> 145.79%, 11/14/2025<sup>(e)</sup><br>| 1378000 | &nbsp;&nbsp; 1410069 |
| Mizuho Financial Group, Inc. (Invesco <br> S&P 500 Equal Weight ETF), 127.10%, <br> 11/25/2025<sup>(e)</sup><br>| 1634000 | &nbsp;&nbsp; 1592673 |
| Mizuho Financial Group, Inc. (Invesco <br> S&P 500 Equal Weight ETF), 146.30%, <br> 12/04/2025<sup>(e)</sup><br>| 1119000 | &nbsp;&nbsp; 1123846 |
| Royal Bank of Canada (Invesco S&P 500 <br> Equal Weight ETF), 122.70%, <br> 11/26/2025<sup>(e)</sup><br>| 1476000 | &nbsp;&nbsp; 1421933 |
| Societe Generale (Invesco S&P 500 Equal <br> Weight ETF), 190.60%, 11/12/2025<sup>(e)</sup><br>| 1158000 | &nbsp;&nbsp; 1195190 |
| Societe Generale (Invesco S&P 500 Equal <br> Weight ETF), 145.18%, 11/13/2025<sup>(e)</sup><br>| 1372000 | &nbsp;&nbsp; 1407753 |
| Societe Generale (Invesco S&P 500 Equal <br> Weight ETF), 146.02%, 11/20/2025<sup>(e)</sup><br>| 1191000 | &nbsp;&nbsp; 1183934 |
| Societe Generale S.A. (Invesco S&P 500 <br> Equal Weight ETF), 206.25%, <br> 11/10/2025<sup>(e)</sup><br>| 1158000 | &nbsp;&nbsp; 1194054 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**79**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>| **Value** |
| **Diversified Banks-(continued)** |  |  |
| Societe Generale S.A. (Invesco S&P 500 <br> Equal Weight ETF), 130.78%, <br> 12/02/2025<sup>(e)</sup><br>| $1287000 | &nbsp;&nbsp; $1287000 |
| Toronto-Dominion Bank (The) (Invesco <br> S&P 500 Equal Weight ETF), 131.00%, <br> 11/19/2025<sup>(e)</sup><br>| 968000 | &nbsp;&nbsp; 971838 |
| Wells Fargo Bank N.A. (Invesco S&P 500 <br> Equal Weight ETF), 163.18%, <br> 11/18/2025<sup>(e)</sup><br>| 833000 | &nbsp;&nbsp; 875548 |
|  |  | &nbsp;&nbsp; 17818221 |
| **Investment Banking & Brokerage-1.26%** |  |  |
| Goldman Sachs International (Invesco <br> S&P 500 Equal Weight ETF), 129.49%, <br> 11/28/2025<sup>(e)</sup><br>| 856000 | &nbsp;&nbsp; 847716 |
| Morgan Stanley (Invesco S&P 500 Equal <br> Weight ETF), 239.80%, 11/06/2025<sup>(e)</sup><br>| 1408000 | &nbsp;&nbsp; 1429755 |
| Morgan Stanley (Invesco S&P 500 Equal <br> Weight ETF), 234.50%, 11/07/2025<sup>(e)</sup><br>| 1408000 | &nbsp;&nbsp; 1429938 |
| Morgan Stanley (Invesco S&P 500 Equal <br> Weight ETF), 150.25%, 11/24/2025<sup>(e)</sup><br>| 876000 | &nbsp;&nbsp; 878083 |
| Morgan Stanley Finance LLC (Invesco <br> S&P 500 Equal Weight ETF), 155.75%, <br> 11/21/2025<sup>(e)</sup><br>| 1236000 | &nbsp;&nbsp; 1252075 |
|  |  | &nbsp;&nbsp; 5837567 |
| Total Equity Linked Notes <br>(Cost $23,425,000) | Total Equity Linked Notes <br>(Cost $23,425,000) | &nbsp;&nbsp; 23655788 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-18.43%** | **Money Market Funds-18.43%** | **Money Market Funds-18.43%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(d)(f)</sup> <br>(Cost $85,547,006)<br>| 85547006 | &nbsp;&nbsp; $85547006 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.69% <br>(Cost $440,350,037) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.69% <br>(Cost $440,350,037) | &nbsp;&nbsp; 462609761 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.62%** | **Money Market Funds-1.62%** | **Money Market Funds-1.62%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(f)(g)</sup><br>| 1948347 | &nbsp;&nbsp; 1948347 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(f)(g)</sup> | 5574391 | &nbsp;&nbsp; 5576063 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,524,540) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,524,540) | &nbsp;&nbsp; 7524410 |
| TOTAL INVESTMENTS IN SECURITIES-101.31% <br>(Cost $447,874,577) | TOTAL INVESTMENTS IN SECURITIES-101.31% <br>(Cost $447,874,577) | &nbsp;&nbsp; 470134171 |
| OTHER ASSETS LESS LIABILITIES-(1.31)% | OTHER ASSETS LESS LIABILITIES-(1.31)% | &nbsp;&nbsp; (6091242)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $464042929 |

---

Investment Abbreviations: <br> ETF -Exchange-Traded Fund <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $439777 | &nbsp;&nbsp; $545710 | &nbsp;&nbsp; $(504556)<br>| &nbsp;&nbsp; $170376 | &nbsp;&nbsp; $101452 | &nbsp;&nbsp; $752759 | &nbsp;&nbsp; $25313 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 50749067 | &nbsp;&nbsp; 30838256 | &nbsp;&nbsp; (81587323)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 899892 |
| Invesco Premier <br> U.S. Government <br> Money Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 168387685 | &nbsp;&nbsp; (82840679)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 85547006 | &nbsp;&nbsp; 1835705 |
| Invesco S&P 500 <br> Equal Weight ETF<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 38107788 | &nbsp;&nbsp; (37909869)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (197919)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 94643 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**80**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $1891489 | &nbsp;&nbsp; $65658784 | &nbsp;&nbsp; $(65601926)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1948347 | &nbsp;&nbsp; $199,528<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 4915419 | &nbsp;&nbsp; 141043844 | &nbsp;&nbsp; (140383770)<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 5576063 | &nbsp;&nbsp; 528,605<br> \*<br>|
| Total | &nbsp;&nbsp; $57995752 | &nbsp;&nbsp; $444582067 | &nbsp;&nbsp; $(408828123)<br>| &nbsp;&nbsp; $170429 | &nbsp;&nbsp; $(95950)<br>| &nbsp;&nbsp; $93824175 | &nbsp;&nbsp; $3583686 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> 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 October 31, 2025 was $23,655,788, which represented 5.10% of the Fund's Net Assets. 

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(g)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**81**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-58.32%** | **U.S. Dollar Denominated Bonds & Notes-58.32%** | **U.S. Dollar Denominated Bonds & Notes-58.32%** |
| **Advertising-0.62%** | **Advertising-0.62%** | **Advertising-0.62%** |
| Lamar Media Corp., 4.88%, 01/15/2029 | $514000 | &nbsp;&nbsp; $509886 |
| **Aerospace & Defense-0.39%** | **Aerospace & Defense-0.39%** | **Aerospace & Defense-0.39%** |
| Boeing Co. (The) |  |  |
| 6.26% 05/01/2027 | 9000 | &nbsp;&nbsp; 9251 |
| 6.30% 05/01/2029 | 10000 | &nbsp;&nbsp; 10612 |
| L3Harris Technologies, Inc., 5.40%, <br> 01/15/2027<br>| 12000 | &nbsp;&nbsp; 12180 |
| Lockheed Martin Corp., 4.15%, 08/15/2028 | 12000 | &nbsp;&nbsp; 12065 |
| RTX Corp. |  |  |
| 5.00% 02/27/2026 | 9000 | &nbsp;&nbsp; 9015 |
| 5.75% 11/08/2026 | 18000 | &nbsp;&nbsp; 18294 |
| TransDigm, Inc. |  |  |
| 6.75% 08/15/2028<sup>(b)</sup> | 12000 | &nbsp;&nbsp; 12252 |
| 6.38% 03/01/2029<sup>(b)</sup> | 229000 | &nbsp;&nbsp; 235512 |
|  |  | &nbsp;&nbsp; 319181 |
| **Agricultural & Farm Machinery-0.68%** | **Agricultural & Farm Machinery-0.68%** | **Agricultural & Farm Machinery-0.68%** |
| AGCO Corp., 5.45%, 03/21/2027 | 2000 | &nbsp;&nbsp; 2028 |
| CNH Industrial Capital LLC |  |  |
| 4.75% 03/21/2028 | 8000 | &nbsp;&nbsp; 8103 |
| 4.50% 10/16/2030 | 251000 | &nbsp;&nbsp; 250731 |
| Deere Funding Canada Corp., 4.15%, <br> 10/09/2030<br>| 276000 | &nbsp;&nbsp; 275464 |
| John Deere Capital Corp., 4.38%, 10/15/2030 | 29000 | &nbsp;&nbsp; 29265 |
|  |  | &nbsp;&nbsp; 565591 |
| **Agricultural Products & Services-0.41%** | **Agricultural Products & Services-0.41%** | **Agricultural Products & Services-0.41%** |
| Cargill, Inc., 4.13%, 10/23/2030<sup>(b)</sup> | 344000 | &nbsp;&nbsp; 342306 |
| **Apparel Retail-0.23%** | **Apparel Retail-0.23%** | **Apparel Retail-0.23%** |
| Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 204000 | &nbsp;&nbsp; 192171 |
| **Apparel, Accessories & Luxury Goods-0.02%** | **Apparel, Accessories & Luxury Goods-0.02%** | **Apparel, Accessories & Luxury Goods-0.02%** |
| Gildan Activewear, Inc. (Canada), 4.70%, <br> 10/07/2030<sup>(b)</sup><br>| 17000 | &nbsp;&nbsp; 16931 |
| **Application Software-0.31%** | **Application Software-0.31%** | **Application Software-0.31%** |
| Intuit, Inc. |  |  |
| 5.25% 09/15/2026 | 9000 | &nbsp;&nbsp; 9093 |
| 5.13% 09/15/2028 | 24000 | &nbsp;&nbsp; 24767 |
| Roper Technologies, Inc. |  |  |
| 4.25% 09/15/2028 | 4000 | &nbsp;&nbsp; 4013 |
| 4.50% 10/15/2029 | 12000 | &nbsp;&nbsp; 12108 |
| 4.45% 09/15/2030 | 3350 | &nbsp;&nbsp; 3363 |
| SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup><br>| 194000 | &nbsp;&nbsp; 194238 |
| Synopsys, Inc., 4.85%, 04/01/2030 | 11000 | &nbsp;&nbsp; 11198 |
|  |  | &nbsp;&nbsp; 258780 |
| **Asset Management & Custody Banks-0.12%** | **Asset Management & Custody Banks-0.12%** | **Asset Management & Custody Banks-0.12%** |
| Ares Strategic Income Fund, 4.85%, <br> 01/15/2029<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp; 59127 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** |
| Bank of New York Mellon Corp. (The) |  |  |  |
| 4.44% 06/09/2028<sup>(c)</sup> | $| 10000 | &nbsp;&nbsp; $10066 |
| 4.86% (SOFR + 0.68%), 06/09/2028<sup>(d)</sup> |  | 20000 | &nbsp;&nbsp; 20012 |
| 4.98% 03/14/2030<sup>(c)</sup> |  | 4000 | &nbsp;&nbsp; 4110 |
| Golub Capital Private Credit Fund, 5.45%, <br> 08/15/2028<sup>(b)(e)</sup><br>|  | 4000 | &nbsp;&nbsp; 4026 |
|  |  |  | &nbsp;&nbsp; 97341 |
| **Automobile Manufacturers-2.25%** | **Automobile Manufacturers-2.25%** | **Automobile Manufacturers-2.25%** | **Automobile Manufacturers-2.25%** |
| Allison Transmission, Inc., 4.75%, <br> 10/01/2027<sup>(b)</sup><br>|  | 31000 | &nbsp;&nbsp; 30919 |
| Daimler Truck Finance North America LLC <br> (Germany), 4.95%, 01/13/2028<sup>(b)</sup><br>|  | 35000 | &nbsp;&nbsp; 35461 |
| Ford Motor Credit Co. LLC |  |  |  |
| 7.13% (SOFR + 2.95%), 03/06/2026<sup>(d)</sup> |  | 800000 | &nbsp;&nbsp; 804921 |
| 5.85% 05/17/2027 |  | 197000 | &nbsp;&nbsp; 199863 |
| Honda Motor Co. Ltd. (Japan) |  |  |  |
| 4.44% 07/08/2028 |  | 50000 | &nbsp;&nbsp; 50347 |
| 4.69% 07/08/2030 |  | 594000 | &nbsp;&nbsp; 600086 |
| Hyundai Capital America |  |  |  |
| 5.50% 03/30/2026<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9039 |
| 5.65% 06/26/2026<sup>(b)</sup> |  | 11000 | &nbsp;&nbsp; 11094 |
| 5.30% 03/19/2027<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9124 |
| 4.88% 06/23/2027<sup>(b)</sup> |  | 31000 | &nbsp;&nbsp; 31290 |
| 5.00% 01/07/2028<sup>(b)</sup> |  | 20000 | &nbsp;&nbsp; 20286 |
| 4.25% 09/18/2028<sup>(b)</sup> |  | 11000 | &nbsp;&nbsp; 10978 |
| 5.30% 01/08/2030<sup>(b)</sup> |  | 8000 | &nbsp;&nbsp; 8246 |
| 4.50% 09/18/2030<sup>(b)(e)</sup> |  | 23000 | &nbsp;&nbsp; 22959 |
| Toyota Motor Credit Corp. |  |  |  |
| 4.55% 08/07/2026 |  | 8000 | &nbsp;&nbsp; 8034 |
| 4.55% 08/09/2029 |  | 8000 | &nbsp;&nbsp; 8131 |
|  |  |  | &nbsp;&nbsp; 1860778 |
| **Automotive Parts & Equipment-0.10%** | **Automotive Parts & Equipment-0.10%** | **Automotive Parts & Equipment-0.10%** | **Automotive Parts & Equipment-0.10%** |
| BMW US Capital LLC (Germany) |  |  |  |
| 4.15% 08/11/2027<sup>(b)(e)</sup> |  | 19000 | &nbsp;&nbsp; 19046 |
| 5.00% (SOFR + 0.71%), 08/11/2027<sup>(b)(d)</sup> |  | 48000 | &nbsp;&nbsp; 48178 |
| Phinia, Inc., 6.75%, 04/15/2029<sup>(b)</sup> |  | 13000 | &nbsp;&nbsp; 13427 |
|  |  |  | &nbsp;&nbsp; 80651 |
| **Automotive Retail-0.11%** | **Automotive Retail-0.11%** | **Automotive Retail-0.11%** | **Automotive Retail-0.11%** |
| Asbury Automotive Group, Inc., 4.50%, <br> 03/01/2028<br>|  | 31000 | &nbsp;&nbsp; 30768 |
| Group 1 Automotive, Inc., 4.00%, <br> 08/15/2028<sup>(b)</sup><br>|  | 12000 | &nbsp;&nbsp; 11651 |
| Lithia Motors, Inc., 5.50%, 10/01/2030<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 40099 |
| O'Reilly Automotive, Inc., 5.75%, 11/20/2026 |  | 9000 | &nbsp;&nbsp; 9147 |
|  |  |  | &nbsp;&nbsp; 91665 |
| **Biotechnology-0.02%** | **Biotechnology-0.02%** | **Biotechnology-0.02%** | **Biotechnology-0.02%** |
| AbbVie, Inc. |  |  |  |
| 4.80% 03/15/2027 |  | 11000 | &nbsp;&nbsp; 11115 |
| 4.80% 03/15/2029 |  | 8000 | &nbsp;&nbsp; 8187 |
|  |  |  | &nbsp;&nbsp; 19302 |
| **Building Products-0.43%** | **Building Products-0.43%** | **Building Products-0.43%** | **Building Products-0.43%** |
| CRH America Finance, Inc., 4.40%, <br> 02/09/2031<br>|  | 360000 | &nbsp;&nbsp; 359716 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**82**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite-0.10%** | **Cable & Satellite-0.10%** | **Cable & Satellite-0.10%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> 5.50%, 05/01/2026<sup>(b)</sup><br>| $80000 | &nbsp;&nbsp; $79954 |
| **Cargo Ground Transportation-0.48%** | **Cargo Ground Transportation-0.48%** | **Cargo Ground Transportation-0.48%** |
| Penske Truck Leasing Co. L.P./PTL Finance <br> Corp.<br>|  |  |
| 5.75% 05/24/2026<sup>(b)</sup> | 12000 | &nbsp;&nbsp; 12081 |
| 5.35% 01/12/2027<sup>(b)</sup> | 3000 | &nbsp;&nbsp; 3034 |
| 4.40% 07/01/2027<sup>(b)</sup> | 13000 | &nbsp;&nbsp; 13034 |
| 6.05% 08/01/2028<sup>(b)</sup> | 8000 | &nbsp;&nbsp; 8349 |
| Ryder System, Inc. |  |  |
| 5.30% 03/15/2027 | 9000 | &nbsp;&nbsp; 9128 |
| 4.90% 12/01/2029 | 7000 | &nbsp;&nbsp; 7172 |
| 4.30% 12/01/2030 | 350000 | &nbsp;&nbsp; 348186 |
|  |  | &nbsp;&nbsp; 400984 |
| **Commercial & Residential Mortgage Finance-0.30%** | **Commercial & Residential Mortgage Finance-0.30%** | **Commercial & Residential Mortgage Finance-0.30%** |
| CrossCountry Intermediate HoldCo LLC, 6.50%, <br> 10/01/2030<sup>(b)</sup><br>| 47000 | &nbsp;&nbsp; 47492 |
| Nationwide Building Society (United Kingdom), <br> 4.35%, 09/30/2030<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 199301 |
| Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(b)</sup> | 4000 | &nbsp;&nbsp; 4129 |
|  |  | &nbsp;&nbsp; 250922 |
| **Computer & Electronics Retail-0.15%** | **Computer & Electronics Retail-0.15%** | **Computer & Electronics Retail-0.15%** |
| Dell International LLC/EMC Corp., 4.15%, <br> 02/15/2029<br>| 125000 | &nbsp;&nbsp; 124844 |
| **Construction Machinery & Heavy Transportation Equipment-0.03%** | **Construction Machinery & Heavy Transportation Equipment-0.03%** | **Construction Machinery & Heavy Transportation Equipment-0.03%** |
| Cummins, Inc., 4.25%, 05/09/2028 | 10000 | &nbsp;&nbsp; 10072 |
| Westinghouse Air Brake Technologies Corp., <br> 4.90%, 05/29/2030<br>| 16000 | &nbsp;&nbsp; 16371 |
|  |  | &nbsp;&nbsp; 26443 |
| **Construction Materials-0.03%** | **Construction Materials-0.03%** | **Construction Materials-0.03%** |
| JH North America Holdings, Inc., 5.88%, <br> 01/31/2031<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 25514 |
| **Consumer Finance-0.41%** | **Consumer Finance-0.41%** | **Consumer Finance-0.41%** |
| American Express Co. |  |  |
| 5.65% 04/23/2027<sup>(c)</sup> | 12000 | &nbsp;&nbsp; 12081 |
| 4.73% 04/25/2029<sup>(c)</sup> | 30000 | &nbsp;&nbsp; 30460 |
| 5.31% (SOFR + 1.26%), 04/25/2029<sup>(d)</sup> | 25000 | &nbsp;&nbsp; 25317 |
| 4.35% 07/20/2029<sup>(c)</sup> | 18000 | &nbsp;&nbsp; 18112 |
| 4.88% (SOFR + 0.81%), 07/20/2029<sup>(d)</sup> | 27000 | &nbsp;&nbsp; 27044 |
| Capital One Financial Corp., 7.15%, <br> 10/29/2027<sup>(c)</sup><br>| 8000 | &nbsp;&nbsp; 8219 |
| General Motors Financial Co., Inc. |  |  |
| 5.40% 04/06/2026 | 14000 | &nbsp;&nbsp; 14063 |
| 4.20% 10/27/2028<sup>(e)</sup> | 183000 | &nbsp;&nbsp; 182590 |
| OneMain Finance Corp., 6.50%, 03/15/2033 | 17500 | &nbsp;&nbsp; 17478 |
| Synchrony Financial, 5.02%, 07/29/2029<sup>(c)</sup> | 2000 | &nbsp;&nbsp; 2016 |
|  |  | &nbsp;&nbsp; 337380 |
| **Distributors-0.23%** | **Distributors-0.23%** | **Distributors-0.23%** |
| Genuine Parts Co., 6.50%, 11/01/2028 | 179000 | &nbsp;&nbsp; 188651 |
| **Diversified Banks-9.25%** | **Diversified Banks-9.25%** | **Diversified Banks-9.25%** |
| ASB Bank Ltd. (New Zealand), 4.16%, <br> 10/29/2030<sup>(b)</sup><br>| 700000 | &nbsp;&nbsp; 697761 |
| Banco Santander S.A. (Spain), 4.55%, <br> 11/06/2030<br>| 400000 | &nbsp;&nbsp; 400441 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Bank of America Corp. |  |  |
| 4.62% 05/09/2029<sup>(c)</sup> | $10000 | &nbsp;&nbsp; $10123 |
| 5.40% (SOFR + 1.11%), 05/09/2029<sup>(d)</sup> | 30000 | &nbsp;&nbsp; 30230 |
| 5.82% 09/15/2029<sup>(c)</sup> | 279000 | &nbsp;&nbsp; 291234 |
| Series RR, 4.38% <sup>(c)(f)</sup> | 296000 | &nbsp;&nbsp; 291561 |
| Bank of America N.A., 5.53%, 08/18/2026 | 68000 | &nbsp;&nbsp; 68755 |
| Barclays PLC (United Kingdom), 7.33%, <br> 11/02/2026<sup>(c)</sup><br>| 200000 | &nbsp;&nbsp; 200000 |
| Citigroup, Inc. |  |  |
| 4.64% 05/07/2028<sup>(c)</sup> | 39000 | &nbsp;&nbsp; 39259 |
| 5.43% (SOFR + 1.14%), 05/07/2028<sup>(d)</sup> | 20000 | &nbsp;&nbsp; 20134 |
| 4.79% 03/04/2029<sup>(c)</sup> | 40000 | &nbsp;&nbsp; 40526 |
| 4.54% 09/19/2030<sup>(c)</sup> | 15000 | &nbsp;&nbsp; 15101 |
| 5.75% (SOFR + 1.46%), 05/07/2031<sup>(d)</sup> | 22000 | &nbsp;&nbsp; 22363 |
| 5.33% (SOFR + 1.17%), 09/11/2031<sup>(d)</sup> | 52000 | &nbsp;&nbsp; 52288 |
| Cooperatieve Rabobank U.A. (Netherlands), <br> 3.96%, 10/17/2028<br>| 250000 | &nbsp;&nbsp; 250119 |
| Fifth Third Bancorp, 6.34%, 07/27/2029<sup>(c)</sup> | 4000 | &nbsp;&nbsp; 4206 |
| Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(c)</sup><br>| 40000 | &nbsp;&nbsp; 40151 |
| HSBC Holdings PLC (United Kingdom), 4.62%, <br> 11/06/2031<sup>(c)</sup><br>| 216000 | &nbsp;&nbsp; 216383 |
| JPMorgan Chase & Co. |  |  |
| 6.07% 10/22/2027<sup>(c)</sup> | 13000 | &nbsp;&nbsp; 13234 |
| 5.04% 01/23/2028<sup>(c)</sup> | 9000 | &nbsp;&nbsp; 9095 |
| 5.57% 04/22/2028<sup>(c)</sup> | 10000 | &nbsp;&nbsp; 10205 |
| 4.98% 07/22/2028<sup>(c)</sup> | 207000 | &nbsp;&nbsp; 210022 |
| 4.51% 10/22/2028<sup>(c)</sup> | 19000 | &nbsp;&nbsp; 19152 |
| 6.09% 10/23/2029<sup>(c)</sup> | 9000 | &nbsp;&nbsp; 9487 |
| 4.26% 10/22/2031<sup>(c)</sup> | 250000 | &nbsp;&nbsp; 249183 |
| Series CC, 6.70% (3 mo. Term SOFR + <br> 2.84%)<sup>(d)(e)(f)</sup><br>| 60000 | &nbsp;&nbsp; 60313 |
| Series II, 6.73% (3 mo. Term SOFR + <br> 2.75%)<sup>(d)(f)</sup><br>| 200000 | &nbsp;&nbsp; 200816 |
| Lloyds Banking Group PLC (United Kingdom), <br> 4.43%, 11/04/2031<sup>(c)</sup><br>| 212000 | &nbsp;&nbsp; 211692 |
| Manufacturers & Traders Trust Co., 4.65%, <br> 01/27/2026<br>| 100000 | &nbsp;&nbsp; 100074 |
| NatWest Group PLC (United Kingdom), 7.47%, <br> 11/10/2026<sup>(c)</sup><br>| 200000 | &nbsp;&nbsp; 200114 |
| PNC Financial Services Group, Inc. (The) |  |  |
| 6.62% 10/20/2027<sup>(c)</sup> | 9000 | &nbsp;&nbsp; 9204 |
| Series U, 6.00% <sup>(c)(f)</sup> | 100000 | &nbsp;&nbsp; 100935 |
| Royal Bank of Canada (Canada) |  |  |
| 4.00% 11/03/2028<sup>(c)</sup> | 700000 | &nbsp;&nbsp; 698438 |
| 4.31% 11/03/2031<sup>(c)</sup> | 700000 | &nbsp;&nbsp; 696344 |
| Santander UK Group Holdings PLC (United <br> Kingdom), 4.32%, 09/22/2029<sup>(c)</sup><br>| 200000 | &nbsp;&nbsp; 199640 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| 4.11% 10/13/2028 | 500000 | &nbsp;&nbsp; 499752 |
| 4.81% 06/03/2030 | 131000 | &nbsp;&nbsp; 133637 |
| Truist Bank, 4.14%, 10/23/2029<sup>(c)</sup> | 1000000 | &nbsp;&nbsp; 996198 |
| U.S. Bancorp, 6.79%, 10/26/2027<sup>(c)</sup> | 210000 | &nbsp;&nbsp; 215225 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**83**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Wells Fargo & Co. |  |  |  |
| 5.71% 04/22/2028<sup>(c)</sup> | $| 9000 | &nbsp;&nbsp; $9198 |
| 4.97% 04/23/2029<sup>(c)</sup> |  | 20000 | &nbsp;&nbsp; 20367 |
| 5.42% (SOFR + 1.37%), 04/23/2029<sup>(d)(e)</sup> |  | 12000 | &nbsp;&nbsp; 12169 |
| 5.57% 07/25/2029<sup>(c)</sup> |  | 12000 | &nbsp;&nbsp; 12422 |
| 6.30% 10/23/2029<sup>(c)</sup> |  | 12000 | &nbsp;&nbsp; 12696 |
| 7.63% <sup>(c)(f)</sup> |  | 12000 | &nbsp;&nbsp; 12826 |
| Wells Fargo Bank N.A., 5.45%, 08/07/2026 |  | 28000 | &nbsp;&nbsp; 28279 |
| Westpac Banking Corp. (Australia), 4.92% <br> (SOFR + 0.82%), 07/01/2030<sup>(d)</sup><br>|  | 13000 | &nbsp;&nbsp; 13131 |
|  |  |  | &nbsp;&nbsp; 7654483 |
| **Diversified Capital Markets-0.60%** | **Diversified Capital Markets-0.60%** | **Diversified Capital Markets-0.60%** | **Diversified Capital Markets-0.60%** |
| UBS Group AG (Switzerland) |  |  |  |
| 4.15% 12/23/2029<sup>(b)(c)</sup> |  | 200000 | &nbsp;&nbsp; 199583 |
| 4.95% (SOFR + 0.84%), 12/23/2029<sup>(b)(d)</sup> |  | 300000 | &nbsp;&nbsp; 299830 |
|  |  |  | &nbsp;&nbsp; 499413 |
| **Diversified Financial Services-1.46%** | **Diversified Financial Services-1.46%** | **Diversified Financial Services-1.46%** | **Diversified Financial Services-1.46%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland)<br>|  |  |  |
| 6.10% 01/15/2027 |  | 150000 | &nbsp;&nbsp; 153081 |
| 4.38% 11/15/2030 |  | 154000 | &nbsp;&nbsp; 153244 |
| Blackstone Reg Finance Co. L.L.C., 4.30%, <br> 11/03/2030<br>|  | 164000 | &nbsp;&nbsp; 163512 |
| Eagle Funding LuxCo S.a.r.l. (Mexico), 5.50%, <br> 08/17/2030<sup>(b)</sup><br>|  | 700000 | &nbsp;&nbsp; 712005 |
| LPL Holdings, Inc. |  |  |  |
| 5.70% 05/20/2027 |  | 9000 | &nbsp;&nbsp; 9173 |
| 6.75% 11/17/2028 |  | 8000 | &nbsp;&nbsp; 8535 |
| Macquarie Airfinance Holdings Ltd. (United <br> Kingdom), 5.15%, 03/17/2030<sup>(b)</sup><br>|  | 10000 | &nbsp;&nbsp; 10123 |
|  |  |  | &nbsp;&nbsp; 1209673 |
| **Diversified Metals & Mining-0.06%** | **Diversified Metals & Mining-0.06%** | **Diversified Metals & Mining-0.06%** | **Diversified Metals & Mining-0.06%** |
| BHP Billiton Finance (USA) Ltd. (Australia), <br> 5.25%, 09/08/2026<br>|  | 20000 | &nbsp;&nbsp; 20198 |
| Glencore Funding LLC (Australia) |  |  |  |
| 4.91% 04/01/2028<sup>(b)</sup> |  | 4000 | &nbsp;&nbsp; 4067 |
| 5.37% 04/04/2029<sup>(b)</sup> |  | 10000 | &nbsp;&nbsp; 10315 |
| Rio Tinto Finance (USA) PLC (Australia) |  |  |  |
| 4.38% 03/12/2027 |  | 12000 | &nbsp;&nbsp; 12079 |
| 4.50% 03/14/2028 |  | 6000 | &nbsp;&nbsp; 6070 |
|  |  |  | &nbsp;&nbsp; 52729 |
| **Diversified REITs-0.73%** | **Diversified REITs-0.73%** | **Diversified REITs-0.73%** | **Diversified REITs-0.73%** |
| VICI Properties L.P., 4.75%, 02/15/2028 |  | 600000 | &nbsp;&nbsp; 605351 |
| **Diversified Support Services-0.08%** | **Diversified Support Services-0.08%** | **Diversified Support Services-0.08%** | **Diversified Support Services-0.08%** |
| Element Fleet Management Corp. (Canada), <br> 5.04%, 03/25/2030<sup>(b)</sup><br>|  | 49000 | &nbsp;&nbsp; 50069 |
| RB Global Holdings, Inc. (Canada), 6.75%, <br> 03/15/2028<sup>(b)</sup><br>|  | 12000 | &nbsp;&nbsp; 12268 |
|  |  |  | &nbsp;&nbsp; 62337 |
| **Electric Utilities-3.29%** | **Electric Utilities-3.29%** | **Electric Utilities-3.29%** | **Electric Utilities-3.29%** |
| Alabama Power Co., Series C, 4.30%, <br> 03/15/2031<br>|  | 41500 | &nbsp;&nbsp; 41541 |
| American Electric Power Co., Inc., Series C, <br> 5.80%, 03/15/2056<sup>(c)</sup><br>|  | 172000 | &nbsp;&nbsp; 172469 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Duke Energy Corp. |  |  |  |
| 5.00% 12/08/2025 | $| 42000 | &nbsp;&nbsp; $42025 |
| 4.85% 01/05/2027 |  | 11000 | &nbsp;&nbsp; 11100 |
| 4.85% 01/05/2029 |  | 4000 | &nbsp;&nbsp; 4077 |
| Exelon Corp. |  |  |  |
| 5.15% 03/15/2029 |  | 8000 | &nbsp;&nbsp; 8231 |
| 5.13% 03/15/2031 |  | 11000 | &nbsp;&nbsp; 11380 |
| FirstEnergy Transmission LLC, 4.55%, <br> 01/15/2030<br>|  | 642000 | &nbsp;&nbsp; 646431 |
| Georgia Power Co., 4.00%, 10/01/2028 |  | 87000 | &nbsp;&nbsp; 86958 |
| Jersey Central Power & Light Co., 4.15%, <br> 01/15/2029<sup>(b)</sup><br>|  | 47000 | &nbsp;&nbsp; 46966 |
| National Rural Utilities Cooperative Finance <br> Corp.<br>|  |  |  |
| 5.60% 11/13/2026 |  | 10000 | &nbsp;&nbsp; 10153 |
| 4.82% (SOFR + 0.80%), 02/05/2027<sup>(d)</sup> |  | 45000 | &nbsp;&nbsp; 45258 |
| 4.12% 09/16/2027 |  | 18000 | &nbsp;&nbsp; 18064 |
| 4.85% 02/07/2029 |  | 9000 | &nbsp;&nbsp; 9208 |
| Series D, 4.15% 08/25/2028 |  | 40000 | &nbsp;&nbsp; 40094 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 4.95% 01/29/2026 |  | 26000 | &nbsp;&nbsp; 26042 |
| 4.69% 09/01/2027 |  | 194000 | &nbsp;&nbsp; 196148 |
| Niagara Mohawk Power Corp., 4.65%, <br> 10/03/2030<sup>(b)</sup><br>|  | 46000 | &nbsp;&nbsp; 46386 |
| NRG Energy, Inc., 4.73%, 10/15/2030<sup>(b)</sup> |  | 87000 | &nbsp;&nbsp; 86832 |
| Oncor Electric Delivery Co. LLC, 4.65%, <br> 11/01/2029<br>|  | 187000 | &nbsp;&nbsp; 190279 |
| PacifiCorp, 5.10%, 02/15/2029 |  | 8000 | &nbsp;&nbsp; 8216 |
| Sierra Pacific Power Co., 6.20%, <br> 12/15/2055<sup>(c)</sup><br>|  | 9400 | &nbsp;&nbsp; 9398 |
| Vistra Operations Co. LLC |  |  |  |
| 5.05% 12/30/2026<sup>(b)</sup> |  | 508000 | &nbsp;&nbsp; 511807 |
| 5.63% 02/15/2027<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 25024 |
| 4.30% 10/15/2028<sup>(b)</sup> |  | 160000 | &nbsp;&nbsp; 159497 |
| 4.60% 10/15/2030<sup>(b)</sup> |  | 71000 | &nbsp;&nbsp; 70587 |
| Wisconsin Electric Power Co., 4.15%, <br> 10/15/2030<br>|  | 170000 | &nbsp;&nbsp; 169452 |
| Wisconsin Public Service Corp., 5.35%, <br> 11/10/2025<br>|  | 30000 | &nbsp;&nbsp; 30001 |
| Xcel Energy, Inc., 4.75%, 03/21/2028 |  | 3000 | &nbsp;&nbsp; 3040 |
|  |  |  | &nbsp;&nbsp; 2726664 |
| **Electrical Components & Equipment-1.24%** | **Electrical Components & Equipment-1.24%** | **Electrical Components & Equipment-1.24%** | **Electrical Components & Equipment-1.24%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> |  | 5000 | &nbsp;&nbsp; 4941 |
| Regal Rexnord Corp., 6.05%, 02/15/2026 |  | 547000 | &nbsp;&nbsp; 548646 |
| Vertiv Group Corp., 4.13%, 11/15/2028<sup>(b)</sup> |  | 481000 | &nbsp;&nbsp; 474321 |
|  |  |  | &nbsp;&nbsp; 1027908 |
| **Electronic Components-3.99%** | **Electronic Components-3.99%** | **Electronic Components-3.99%** | **Electronic Components-3.99%** |
| Amphenol Corp. |  |  |  |
| 3.80% 11/15/2027 |  | 1313000 | &nbsp;&nbsp; 1309285 |
| 4.55% (SOFR + 0.53%), 11/15/2027<sup>(d)</sup> |  | 1000000 | &nbsp;&nbsp; 1002195 |
| 3.90% 11/15/2028 |  | 656000 | &nbsp;&nbsp; 653091 |
| 4.13% 11/15/2030 |  | 340000 | &nbsp;&nbsp; 337382 |
|  |  |  | &nbsp;&nbsp; 3301953 |
| **Electronic Equipment & Instruments-0.23%** | **Electronic Equipment & Instruments-0.23%** | **Electronic Equipment & Instruments-0.23%** | **Electronic Equipment & Instruments-0.23%** |
| Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>|  | 182000 | &nbsp;&nbsp; 189194 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**84**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Environmental & Facilities Services-0.06%** | **Environmental & Facilities Services-0.06%** | **Environmental & Facilities Services-0.06%** |
| Veralto Corp. |  |  |
| 5.50% 09/18/2026 | $36000 | &nbsp;&nbsp; $36399 |
| 5.35% 09/18/2028 | 9000 | &nbsp;&nbsp; 9304 |
|  |  | &nbsp;&nbsp; 45703 |
| **Food Distributors-0.67%** | **Food Distributors-0.67%** | **Food Distributors-0.67%** |
| Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | 548000 | &nbsp;&nbsp; 552548 |
| **Gold-0.28%** | **Gold-0.28%** | **Gold-0.28%** |
| Fortitude Global Funding, 4.63%, <br> 10/06/2028<sup>(b)</sup><br>| 229000 | &nbsp;&nbsp; 229372 |
| **Health Care Distributors-0.06%** | **Health Care Distributors-0.06%** | **Health Care Distributors-0.06%** |
| Cardinal Health, Inc., 4.50%, 09/15/2030<sup>(e)</sup> | 2600 | &nbsp;&nbsp; 2615 |
| McKesson Corp., 4.65%, 05/30/2030 | 44000 | &nbsp;&nbsp; 44721 |
|  |  | &nbsp;&nbsp; 47336 |
| **Health Care Equipment-0.31%** | **Health Care Equipment-0.31%** | **Health Care Equipment-0.31%** |
| GE HealthCare Technologies, Inc., 4.80%, <br> 01/15/2031<br>| 189000 | &nbsp;&nbsp; 192642 |
| Smith & Nephew PLC (United Kingdom), 5.15%, <br> 03/20/2027<br>| 7000 | &nbsp;&nbsp; 7086 |
| Stryker Corp. |  |  |
| 4.55% 02/10/2027 | 24000 | &nbsp;&nbsp; 24158 |
| 4.70% 02/10/2028 | 31000 | &nbsp;&nbsp; 31434 |
|  |  | &nbsp;&nbsp; 255320 |
| **Health Care REITs-0.01%** | **Health Care REITs-0.01%** | **Health Care REITs-0.01%** |
| Omega Healthcare Investors, Inc., 5.20%, <br> 07/01/2030<br>| 12000 | &nbsp;&nbsp; 12180 |
| **Health Care Services-1.18%** | **Health Care Services-1.18%** | **Health Care Services-1.18%** |
| Cigna Group (The), 4.50%, 09/15/2030 | 23400 | &nbsp;&nbsp; 23496 |
| CommonSpirit Health, 4.35%, 09/01/2030 | 120000 | &nbsp;&nbsp; 119754 |
| CVS Health Corp., 7.00%, 03/10/2055<sup>(c)</sup> | 57000 | &nbsp;&nbsp; 59977 |
| HCA, Inc. |  |  |
| 5.00% 03/01/2028 | 616000 | &nbsp;&nbsp; 627537 |
| 4.30% 11/15/2030 | 146000 | &nbsp;&nbsp; 145322 |
|  |  | &nbsp;&nbsp; 976086 |
| **Health Care Supplies-0.04%** | **Health Care Supplies-0.04%** | **Health Care Supplies-0.04%** |
| Solventum Corp. |  |  |
| 5.45% 02/25/2027 | 11000 | &nbsp;&nbsp; 11167 |
| 5.40% 03/01/2029 | 19000 | &nbsp;&nbsp; 19656 |
|  |  | &nbsp;&nbsp; 30823 |
| **Home Improvement Retail-0.38%** | **Home Improvement Retail-0.38%** | **Home Improvement Retail-0.38%** |
| Home Depot, Inc. (The) |  |  |
| 3.75% 09/15/2028 | 75000 | &nbsp;&nbsp; 74820 |
| 3.95% 09/15/2030<sup>(e)</sup> | 31000 | &nbsp;&nbsp; 30850 |
| Lowe`s Cos., Inc. |  |  |
| 3.95% 10/15/2027 | 100000 | &nbsp;&nbsp; 99858 |
| 4.00% 10/15/2028 | 105000 | &nbsp;&nbsp; 104792 |
|  |  | &nbsp;&nbsp; 310320 |
| **Hotels, Resorts & Cruise Lines-1.55%** | **Hotels, Resorts & Cruise Lines-1.55%** | **Hotels, Resorts & Cruise Lines-1.55%** |
| Carnival Corp. |  |  |
| 5.13% 05/01/2029<sup>(b)</sup> | 338000 | &nbsp;&nbsp; 342390 |
| 5.75% 03/15/2030<sup>(b)(e)</sup> | 22000 | &nbsp;&nbsp; 22674 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.75% 05/01/2028<sup>(b)</sup> | 16000 | &nbsp;&nbsp; 16028 |
| 5.88% 04/01/2029<sup>(b)</sup> | 15000 | &nbsp;&nbsp; 15321 |
| 3.75% 05/01/2029<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 193591 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| Marriott International, Inc. |  |  |
| 4.20% 07/15/2027 | 18000 | &nbsp;&nbsp; $18060 |
| 4.88% 05/15/2029 | 4000 | &nbsp;&nbsp; 4083 |
| 4.80% 03/15/2030 | 8000 | &nbsp;&nbsp; 8162 |
| Royal Caribbean Cruises Ltd., 5.50%, <br> 04/01/2028<sup>(b)</sup><br>| 651000 | &nbsp;&nbsp; 662277 |
|  |  | &nbsp;&nbsp; 1282586 |
| **Housewares & Specialties-0.01%** | **Housewares & Specialties-0.01%** | **Housewares & Specialties-0.01%** |
| Newell Brands, Inc., 6.38%, 05/15/2030<sup>(e)</sup> | 5000 | &nbsp;&nbsp; 4762 |
| **Independent Power Producers & Energy Traders-1.24%** | **Independent Power Producers & Energy Traders-1.24%** | **Independent Power Producers & Energy Traders-1.24%** |
| Clearway Energy Operating LLC, 4.75%, <br> 03/15/2028<sup>(b)</sup><br>| 11000 | &nbsp;&nbsp; 10945 |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(b)</sup> | 1000000 | &nbsp;&nbsp; 1017677 |
|  |  | &nbsp;&nbsp; 1028622 |
| **Industrial Machinery & Supplies & Components-1.10%** | **Industrial Machinery & Supplies & Components-1.10%** | **Industrial Machinery & Supplies & Components-1.10%** |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 514000 | &nbsp;&nbsp; 526652 |
| Ingersoll Rand, Inc., 5.20%, 06/15/2027 | 188000 | &nbsp;&nbsp; 190862 |
| Nordson Corp., 5.60%, 09/15/2028 | 187000 | &nbsp;&nbsp; 193897 |
|  |  | &nbsp;&nbsp; 911411 |
| **Industrial REITs-0.06%** | **Industrial REITs-0.06%** | **Industrial REITs-0.06%** |
| LXP Industrial Trust, 6.75%, 11/15/2028 | 44000 | &nbsp;&nbsp; 46790 |
| **Insurance Brokers-0.01%** | **Insurance Brokers-0.01%** | **Insurance Brokers-0.01%** |
| Arthur J. Gallagher & Co., 4.60%, 12/15/2027 | 11000 | &nbsp;&nbsp; 11107 |
| **Integrated Oil & Gas-0.01%** | **Integrated Oil & Gas-0.01%** | **Integrated Oil & Gas-0.01%** |
| Occidental Petroleum Corp. |  |  |
| 5.00% 08/01/2027 | 9000 | &nbsp;&nbsp; 9135 |
| 5.20% 08/01/2029 | 3000 | &nbsp;&nbsp; 3065 |
|  |  | &nbsp;&nbsp; 12200 |
| **Integrated Telecommunication Services-1.37%** | **Integrated Telecommunication Services-1.37%** | **Integrated Telecommunication Services-1.37%** |
| TELUS Corp. (Canada), 6.63%, 10/15/2055<sup>(c)</sup> | 21000 | &nbsp;&nbsp; 21672 |
| WULF Compute LLC, 7.75%, 10/15/2030<sup>(b)</sup> | 1073000 | &nbsp;&nbsp; 1115442 |
|  |  | &nbsp;&nbsp; 1137114 |
| **Interactive Home Entertainment-1.21%** | **Interactive Home Entertainment-1.21%** | **Interactive Home Entertainment-1.21%** |
| Roblox Corp., 3.88%, 05/01/2030<sup>(b)</sup> | 1050000 | &nbsp;&nbsp; 1005694 |
| **Interactive Media & Services-0.57%** | **Interactive Media & Services-0.57%** | **Interactive Media & Services-0.57%** |
| Match Group Holdings II LLC, 5.00%, <br> 12/15/2027<sup>(b)</sup><br>| 13000 | &nbsp;&nbsp; 12964 |
| Meta Platforms, Inc., 4.20%, 11/15/2030 | 340000 | &nbsp;&nbsp; 339722 |
| WarnerMedia Holdings, Inc., 4.05%, <br> 03/15/2029<br>| 123000 | &nbsp;&nbsp; 119528 |
|  |  | &nbsp;&nbsp; 472214 |
| **Internet Services & Infrastructure-0.31%** | **Internet Services & Infrastructure-0.31%** | **Internet Services & Infrastructure-0.31%** |
| CoreWeave, Inc., 9.25%, 06/01/2030<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 252775 |
| **Investment Banking & Brokerage-2.77%** | **Investment Banking & Brokerage-2.77%** | **Investment Banking & Brokerage-2.77%** |
| Charles Schwab Corp. (The), 5.88%, <br> 08/24/2026<br>| 36000 | &nbsp;&nbsp; 36479 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 4.94% 04/23/2028<sup>(c)</sup> | 32000 | &nbsp;&nbsp; 32351 |
| 5.34% (SOFR + 1.29%), 04/23/2028<sup>(d)</sup> | 33000 | &nbsp;&nbsp; 33281 |
| 4.15% 10/21/2029<sup>(c)</sup> | 825000 | &nbsp;&nbsp; 822691 |
| 4.37% 10/21/2031<sup>(c)</sup> | 270400 | &nbsp;&nbsp; 269295 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**85**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** |
| Morgan Stanley |  |  |  |
| 5.65% 04/13/2028<sup>(c)</sup> | $| 9000 | &nbsp;&nbsp; $9187 |
| 5.45% 07/20/2029<sup>(c)</sup> |  | 8000 | &nbsp;&nbsp; 8256 |
| Series I, 4.13% 10/18/2029<sup>(c)</sup> |  | 700000 | &nbsp;&nbsp; 698471 |
| Series I, 4.36% 10/22/2031<sup>(c)</sup> |  | 382300 | &nbsp;&nbsp; 381090 |
|  |  |  | &nbsp;&nbsp; 2291101 |
| **Leisure Facilities-0.26%** | **Leisure Facilities-0.26%** | **Leisure Facilities-0.26%** | **Leisure Facilities-0.26%** |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup> |  | 216000 | &nbsp;&nbsp; 219196 |
| **Life & Health Insurance-0.83%** | **Life & Health Insurance-0.83%** | **Life & Health Insurance-0.83%** | **Life & Health Insurance-0.83%** |
| Athene Global Funding |  |  |  |
| 5.62% 05/08/2026<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 25178 |
| 4.86% 08/27/2026<sup>(b)</sup> |  | 28000 | &nbsp;&nbsp; 28140 |
| 5.52% 03/25/2027<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9153 |
| Constellation Global Funding, 4.85%, <br> 10/22/2030<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 198809 |
| Corebridge Global Funding |  |  |  |
| 5.41% (SOFR + 1.30%), 09/25/2026<sup>(b)(d)</sup> |  | 11000 | &nbsp;&nbsp; 11079 |
| 4.65% 08/20/2027<sup>(b)</sup> |  | 12000 | &nbsp;&nbsp; 12121 |
| 5.90% 09/19/2028<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9419 |
| 5.20% 06/24/2029<sup>(b)</sup> |  | 8000 | &nbsp;&nbsp; 8220 |
| Equitable America Global Funding, 3.95%, <br> 09/15/2027<sup>(b)</sup><br>|  | 27000 | &nbsp;&nbsp; 26971 |
| F&G Global Funding, 4.65%, 09/08/2028<sup>(b)</sup> |  | 24000 | &nbsp;&nbsp; 24086 |
| Lincoln Financial Global Funding, 4.63%, <br> 05/28/2028<sup>(b)</sup><br>|  | 34000 | &nbsp;&nbsp; 34318 |
| New York Life Global Funding |  |  |  |
| 4.15% 07/25/2028<sup>(b)</sup> |  | 49000 | &nbsp;&nbsp; 49204 |
| 4.71% (SOFR + 0.66%), 07/25/2028<sup>(b)(d)</sup> |  | 49000 | &nbsp;&nbsp; 49309 |
| Pacific Life Global Funding II |  |  |  |
| 5.50% 08/28/2026<sup>(b)</sup> |  | 22000 | &nbsp;&nbsp; 22283 |
| 4.50% 08/28/2029<sup>(b)</sup> |  | 28000 | &nbsp;&nbsp; 28288 |
| Protective Life Global Funding, 5.37%, <br> 01/06/2026<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 150305 |
|  |  |  | &nbsp;&nbsp; 686883 |
| **Managed Health Care-0.00%** | **Managed Health Care-0.00%** | **Managed Health Care-0.00%** | **Managed Health Care-0.00%** |
| UnitedHealth Group, Inc., 4.75%, 07/15/2026 |  | 3000 | &nbsp;&nbsp; 3016 |
| **Marine Transportation-0.02%** | **Marine Transportation-0.02%** | **Marine Transportation-0.02%** | **Marine Transportation-0.02%** |
| NCL Corp. Ltd., 5.88%, 01/15/2031<sup>(b)</sup> |  | 16000 | &nbsp;&nbsp; 16002 |
| **Metal, Glass & Plastic Containers-0.01%** | **Metal, Glass & Plastic Containers-0.01%** | **Metal, Glass & Plastic Containers-0.01%** | **Metal, Glass & Plastic Containers-0.01%** |
| Ball Corp., 6.88%, 03/15/2028 |  | 9000 | &nbsp;&nbsp; 9163 |
| **Multi-Family Residential REITs-0.05%** | **Multi-Family Residential REITs-0.05%** | **Multi-Family Residential REITs-0.05%** | **Multi-Family Residential REITs-0.05%** |
| Camden Property Trust, 5.85%, 11/03/2026 |  | 39000 | &nbsp;&nbsp; 39660 |
| **Multi-Sector Holdings-0.07%** | **Multi-Sector Holdings-0.07%** | **Multi-Sector Holdings-0.07%** | **Multi-Sector Holdings-0.07%** |
| HPS Corporate Lending Fund, 4.90%, <br> 09/11/2028<sup>(b)</sup><br>|  | 54000 | &nbsp;&nbsp; 53622 |
| **Multi-Utilities-0.28%** | **Multi-Utilities-0.28%** | **Multi-Utilities-0.28%** | **Multi-Utilities-0.28%** |
| Algonquin Power & Utilities Corp. (Canada), <br> 5.37%, 06/15/2026<br>|  | 16000 | &nbsp;&nbsp; 16079 |
| CenterPoint Energy, Inc., 5.95%, <br> 04/01/2056<sup>(c)</sup><br>|  | 65000 | &nbsp;&nbsp; 65471 |
| Dominion Energy, Inc., 6.00%, 02/15/2056<sup>(c)</sup> |  | 87000 | &nbsp;&nbsp; 88175 |
| DTE Energy Co., 4.95%, 07/01/2027 |  | 7000 | &nbsp;&nbsp; 7087 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| Sempra |  |  |  |
| 6.63% 04/01/2055<sup>(c)</sup> | $| 29000 | &nbsp;&nbsp; $29621 |
| 6.38% 04/01/2056<sup>(c)</sup> |  | 23000 | &nbsp;&nbsp; 23642 |
|  |  |  | &nbsp;&nbsp; 230075 |
| **Office REITs-0.02%** | **Office REITs-0.02%** | **Office REITs-0.02%** | **Office REITs-0.02%** |
| Brandywine Operating Partnership L.P., 8.88%, <br> 04/12/2029<br>|  | 6000 | &nbsp;&nbsp; 6522 |
| COPT Defense Properties L.P., 4.50%, <br> 10/15/2030<br>|  | 14000 | &nbsp;&nbsp; 13924 |
|  |  |  | &nbsp;&nbsp; 20446 |
| **Oil & Gas Exploration & Production-0.39%** | **Oil & Gas Exploration & Production-0.39%** | **Oil & Gas Exploration & Production-0.39%** | **Oil & Gas Exploration & Production-0.39%** |
| Diamondback Energy, Inc. |  |  |  |
| 5.20% 04/18/2027 |  | 8000 | &nbsp;&nbsp; 8112 |
| 5.15% 01/30/2030 |  | 22000 | &nbsp;&nbsp; 22584 |
| EOG Resources, Inc., 4.40%, 07/15/2028 |  | 12000 | &nbsp;&nbsp; 12124 |
| EQT Corp., 6.50%, 07/01/2027 |  | 217000 | &nbsp;&nbsp; 222166 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 5.75%, 02/01/2029<sup>(b)</sup><br>|  | 14000 | &nbsp;&nbsp; 13747 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/2028<sup>(b)</sup><br>|  | 40476 | &nbsp;&nbsp; 41622 |
|  |  |  | &nbsp;&nbsp; 320355 |
| **Oil & Gas Storage & Transportation-2.17%** | **Oil & Gas Storage & Transportation-2.17%** | **Oil & Gas Storage & Transportation-2.17%** | **Oil & Gas Storage & Transportation-2.17%** |
| Cheniere Energy Partners L.P., 4.50%, <br> 10/01/2029<br>|  | 600000 | &nbsp;&nbsp; 600349 |
| Columbia Pipelines Holding Co. LLC, 6.06%, <br> 08/15/2026<sup>(b)</sup><br>|  | 5000 | &nbsp;&nbsp; 5058 |
| Energy Transfer L.P. |  |  |  |
| 6.05% 12/01/2026 |  | 226000 | &nbsp;&nbsp; 229905 |
| 6.50% 02/15/2056<sup>(c)</sup> |  | 54000 | &nbsp;&nbsp; 53561 |
| Series H, 6.50% <sup>(c)(f)</sup> |  | 175000 | &nbsp;&nbsp; 175975 |
| Enterprise Products Operating LLC, 4.30%, <br> 06/20/2028<sup>(e)</sup><br>|  | 31000 | &nbsp;&nbsp; 31230 |
| Kinder Morgan, Inc., 5.10%, 08/01/2029 |  | 187000 | &nbsp;&nbsp; 192245 |
| MPLX L.P., 4.80%, 02/15/2031 |  | 11000 | &nbsp;&nbsp; 11096 |
| ONEOK, Inc. |  |  |  |
| 5.85% 01/15/2026 |  | 26000 | &nbsp;&nbsp; 26049 |
| 5.55% 11/01/2026 |  | 6000 | &nbsp;&nbsp; 6073 |
| Plains All American Pipeline L.P., Series B, <br> 8.58% (3 mo. Term SOFR + 4.37%)<sup>(d)(f)</sup><br>|  | 399000 | &nbsp;&nbsp; 400092 |
| South Bow USA Infrastructure Holdings LLC <br> (Canada)<br>|  |  |  |
| 4.91% 09/01/2027 |  | 20000 | &nbsp;&nbsp; 20153 |
| 5.03% 10/01/2029 |  | 12000 | &nbsp;&nbsp; 12129 |
| Southern Co. Gas Capital Corp., Series A, <br> 4.05%, 09/15/2028<br>|  | 15000 | &nbsp;&nbsp; 14978 |
| Williams Cos., Inc. (The), 4.80%, 11/15/2029 |  | 17000 | &nbsp;&nbsp; 17318 |
|  |  |  | &nbsp;&nbsp; 1796211 |
| **Packaged Foods & Meats-0.11%** | **Packaged Foods & Meats-0.11%** | **Packaged Foods & Meats-0.11%** | **Packaged Foods & Meats-0.11%** |
| Campbell's Co. (The), 5.30%, 03/20/2026 |  | 8000 | &nbsp;&nbsp; 8030 |
| Mars, Inc. |  |  |  |
| 4.45% 03/01/2027<sup>(b)</sup> |  | 35000 | &nbsp;&nbsp; 35235 |
| 4.60% 03/01/2028<sup>(b)</sup> |  | 39000 | &nbsp;&nbsp; 39465 |
| 4.80% 03/01/2030<sup>(b)</sup> |  | 11000 | &nbsp;&nbsp; 11239 |
|  |  |  | &nbsp;&nbsp; 93969 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**86**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Paper & Plastic Packaging Products & Materials-0.28%** | **Paper & Plastic Packaging Products & Materials-0.28%** | **Paper & Plastic Packaging Products & Materials-0.28%** |
| Sealed Air Corp. |  |  |
| 6.13% 02/01/2028<sup>(b)</sup> | $16000 | &nbsp;&nbsp; $16227 |
| 5.00% 04/15/2029<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 198723 |
| 7.25% 02/15/2031<sup>(b)</sup> | 19000 | &nbsp;&nbsp; 19968 |
|  |  | &nbsp;&nbsp; 234918 |
| **Passenger Airlines-1.89%** | **Passenger Airlines-1.89%** | **Passenger Airlines-1.89%** |
| American Airlines Pass-Through Trust, Series B, <br> 5.65%, 11/11/2034<br>| 307000 | &nbsp;&nbsp; 310703 |
| Delta Air Lines, Inc. |  |  |
| 4.95% 07/10/2028 | 220000 | &nbsp;&nbsp; 223070 |
| 5.25% 07/10/2030 | 33000 | &nbsp;&nbsp; 33741 |
| Southwest Airlines Co., 4.38%, 11/15/2028 | 1000000 | &nbsp;&nbsp; 997998 |
|  |  | &nbsp;&nbsp; 1565512 |
| **Passenger Ground Transportation-0.76%** | **Passenger Ground Transportation-0.76%** | **Passenger Ground Transportation-0.76%** |
| Uber Technologies, Inc. |  |  |
| 4.50% 08/15/2029<sup>(b)</sup> | 600000 | &nbsp;&nbsp; 599667 |
| 4.15% 01/15/2031 | 28400 | &nbsp;&nbsp; 28144 |
|  |  | &nbsp;&nbsp; 627811 |
| **Pharmaceuticals-0.10%** | **Pharmaceuticals-0.10%** | **Pharmaceuticals-0.10%** |
| AstraZeneca Finance LLC (United Kingdom) |  |  |
| 4.80% 02/26/2027 | 10000 | &nbsp;&nbsp; 10120 |
| 4.85% 02/26/2029 | 24000 | &nbsp;&nbsp; 24635 |
| Johnson & Johnson, 4.70%, 03/01/2030 | 9000 | &nbsp;&nbsp; 9280 |
| Novartis Capital Corp., 3.80%, 09/18/2029 | 9000 | &nbsp;&nbsp; 8949 |
| Zoetis, Inc., 4.15%, 08/17/2028 | 33000 | &nbsp;&nbsp; 33105 |
|  |  | &nbsp;&nbsp; 86089 |
| **Real Estate Development-0.28%** | **Real Estate Development-0.28%** | **Real Estate Development-0.28%** |
| Prologis Targeted U.S. Logistics Fund L.P., <br> 4.25%, 01/15/2031<sup>(b)</sup><br>| 236000 | &nbsp;&nbsp; 234383 |
| **Regional Banks-0.01%** | **Regional Banks-0.01%** | **Regional Banks-0.01%** |
| Santander Holdings USA, Inc., 6.12%, <br> 05/31/2027<sup>(c)</sup><br>| 10000 | &nbsp;&nbsp; 10087 |
| **Reinsurance-0.03%** | **Reinsurance-0.03%** | **Reinsurance-0.03%** |
| RGA Global Funding, 4.35%, 08/25/2028<sup>(b)</sup> | 27000 | &nbsp;&nbsp; 27067 |
| **Research & Consulting Services-0.00%** | **Research & Consulting Services-0.00%** | **Research & Consulting Services-0.00%** |
| Verisk Analytics, Inc., 4.50%, 08/15/2030 | 3200 | &nbsp;&nbsp; 3216 |
| **Restaurants-0.13%** | **Restaurants-0.13%** | **Restaurants-0.13%** |
| McDonald's Corp., 4.40%, 02/12/2031 | 18000 | &nbsp;&nbsp; 18076 |
| Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/2029<sup>(b)</sup><br>| 83000 | &nbsp;&nbsp; 86891 |
|  |  | &nbsp;&nbsp; 104967 |
| **Retail REITs-0.17%** | **Retail REITs-0.17%** | **Retail REITs-0.17%** |
| Realty Income Corp. |  |  |
| 5.05% 01/13/2026 | 10000 | &nbsp;&nbsp; 10002 |
| 3.95% 02/01/2029 | 132000 | &nbsp;&nbsp; 131390 |
|  |  | &nbsp;&nbsp; 141392 |
| **Self-Storage REITs-0.05%** | **Self-Storage REITs-0.05%** | **Self-Storage REITs-0.05%** |
| Public Storage Operating Co., 4.77% (SOFR + <br> 0.70%), 04/16/2027<sup>(d)</sup><br>| 37000 | &nbsp;&nbsp; 37123 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Semiconductors-1.83%** | **Semiconductors-1.83%** | **Semiconductors-1.83%** |
| Broadcom, Inc. |  |  |
| 5.05% 07/12/2027 | $11000 | &nbsp;&nbsp; $11185 |
| 4.15% 02/15/2028 | 18000 | &nbsp;&nbsp; 18055 |
| 4.60% 07/15/2030 | 39000 | &nbsp;&nbsp; 39585 |
| 4.20% 10/15/2030 | 53000 | &nbsp;&nbsp; 52914 |
| Foundry JV Holdco LLC |  |  |
| 5.90% 01/25/2030<sup>(b)</sup> | 662000 | &nbsp;&nbsp; 696126 |
| 5.50% 01/25/2031<sup>(b)</sup> | 482000 | &nbsp;&nbsp; 500226 |
| SK hynix, Inc. (South Korea), 4.25%, <br> 09/11/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200256 |
|  |  | &nbsp;&nbsp; 1518347 |
| **Soft Drinks & Non-alcoholic Beverages-0.12%** | **Soft Drinks & Non-alcoholic Beverages-0.12%** | **Soft Drinks & Non-alcoholic Beverages-0.12%** |
| Keurig Dr Pepper, Inc., 4.84% (SOFR + 0.58%), <br> 11/15/2026<sup>(d)</sup><br>| 42000 | &nbsp;&nbsp; 42007 |
| PepsiCo, Inc. |  |  |
| 4.10% 01/15/2029 | 17000 | &nbsp;&nbsp; 17092 |
| 4.30% 07/23/2030<sup>(e)</sup> | 37000 | &nbsp;&nbsp; 37323 |
|  |  | &nbsp;&nbsp; 96422 |
| **Sovereign Debt-1.25%** | **Sovereign Debt-1.25%** | **Sovereign Debt-1.25%** |
| Egyptian Financial Co. for Sovereign Taskeek <br> (The) (Egypt), 6.38%, 04/07/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 202623 |
| Kuwait International Government Bond (Kuwait) |  |  |
| 4.02% 10/09/2028<sup>(b)</sup> | 353000 | &nbsp;&nbsp; 352413 |
| 4.14% 10/09/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 199650 |
| Romanian Government International Bond <br> (Romania)<br>|  |  |
| 6.63% 02/17/2028<sup>(b)</sup> | 228000 | &nbsp;&nbsp; 237777 |
| 5.88% 01/30/2029<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 45355 |
|  |  | &nbsp;&nbsp; 1037818 |
| **Specialty Chemicals-0.11%** | **Specialty Chemicals-0.11%** | **Specialty Chemicals-0.11%** |
| Sherwin-Williams Co. (The) |  |  |
| 4.30% 08/15/2028 | 62000 | &nbsp;&nbsp; 62321 |
| 4.50% 08/15/2030 | 18000 | &nbsp;&nbsp; 18125 |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> | 14000 | &nbsp;&nbsp; 14512 |
|  |  | &nbsp;&nbsp; 94958 |
| **Steel-0.29%** | **Steel-0.29%** | **Steel-0.29%** |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/2029<sup>(b)</sup> | 231000 | &nbsp;&nbsp; 237403 |
| **Systems Software-0.33%** | **Systems Software-0.33%** | **Systems Software-0.33%** |
| CrowdStrike Holdings, Inc., 3.00%, <br> 02/15/2029<br>| 14000 | &nbsp;&nbsp; 13354 |
| Oracle Corp. |  |  |
| 5.80% 11/10/2025 | 93000 | &nbsp;&nbsp; 93024 |
| 4.45% 09/26/2030 | 164700 | &nbsp;&nbsp; 163378 |
|  |  | &nbsp;&nbsp; 269756 |
| **Telecom Tower REITs-0.04%** | **Telecom Tower REITs-0.04%** | **Telecom Tower REITs-0.04%** |
| SBA Communications Corp., 3.88%, <br> 02/15/2027<br>| 31000 | &nbsp;&nbsp; 30673 |
| **Tobacco-3.84%** | **Tobacco-3.84%** | **Tobacco-3.84%** |
| Altria Group, Inc., 4.88%, 02/04/2028 | 190000 | &nbsp;&nbsp; 193120 |
| B.A.T. Capital Corp. (United Kingdom), 4.70%, <br> 04/02/2027<br>| 600000 | &nbsp;&nbsp; 603436 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**87**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| Philip Morris International, Inc. |  |  |  |
| 4.38% 11/01/2027 | $| 5000 | &nbsp;&nbsp; $5035 |
| 5.25% 09/07/2028 |  | 188000 | &nbsp;&nbsp; 193572 |
| 3.88% 10/27/2028 |  | 946000 | &nbsp;&nbsp; 941101 |
| 4.70% (SOFR + 0.66%), 10/27/2028<sup>(d)</sup> |  | 1000000 | &nbsp;&nbsp; 1001294 |
| 4.00% 10/29/2030 |  | 242000 | &nbsp;&nbsp; 238489 |
|  |  |  | &nbsp;&nbsp; 3176047 |
| **Trading Companies & Distributors-0.19%** | **Trading Companies & Distributors-0.19%** | **Trading Companies & Distributors-0.19%** | **Trading Companies & Distributors-0.19%** |
| Air Lease Corp., Series B, 4.65%<sup>(c)(f)</sup> |  | 4000 | &nbsp;&nbsp; 3962 |
| Ferguson Enterprises, Inc., 4.35%, <br> 03/15/2031<br>|  | 150000 | &nbsp;&nbsp; 149215 |
|  |  |  | &nbsp;&nbsp; 153177 |
| **Transaction & Payment Processing Services-0.63%** | **Transaction & Payment Processing Services-0.63%** | **Transaction & Payment Processing Services-0.63%** | **Transaction & Payment Processing Services-0.63%** |
| Block, Inc., 2.75%, 06/01/2026<sup>(e)</sup> |  | 531000 | &nbsp;&nbsp; 525271 |
| **Wireless Telecommunication Services-0.23%** | **Wireless Telecommunication Services-0.23%** | **Wireless Telecommunication Services-0.23%** | **Wireless Telecommunication Services-0.23%** |
| T-Mobile USA, Inc., 4.95%, 03/15/2028 |  | 190000 | &nbsp;&nbsp; 193635 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $48,195,534) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $48,195,534) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $48,195,534) | &nbsp;&nbsp; 48289430 |
| **Asset-Backed Securities-22.67%** | **Asset-Backed Securities-22.67%** | **Asset-Backed Securities-22.67%** | **Asset-Backed Securities-22.67%** |
| ALA Trust |  |  |  |
| Series 2025-OANA, Class A, 5.78% (1 mo. <br> Term SOFR + 1.74%), 06/15/2040<sup>(b)(d)</sup><br>|  | 295000 | &nbsp;&nbsp; 296598 |
| Series 2025-OANA, Class B, 5.88% (1 mo. <br> Term SOFR + 1.84%), 06/15/2040<sup>(b)(d)</sup><br>|  | 50000 | &nbsp;&nbsp; 50418 |
| Angel Oak Mortgage Trust |  |  |  |
| Series 2024-10, Class A1, 5.35%, <br> 10/25/2069<sup>(b)</sup><br>|  | 336280 | &nbsp;&nbsp; 337987 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)</sup><br>|  | 36858 | &nbsp;&nbsp; 37194 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |  |
| Series 2022-3A, Class A, 4.62%, <br> 02/20/2027<sup>(b)</sup><br>|  | 66667 | &nbsp;&nbsp; 66695 |
| Series 2023-2A, Class A, 5.20%, <br> 10/20/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 100721 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 102822 |
| Series 2025-3A, Class A, 4.17%, <br> 02/20/2030<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 99876 |
| Barings CLO Ltd. (Cayman Islands), <br> Series 2021-2A, Class A1R, 4.97% (3 mo. <br> Term SOFR + 1.07%), 07/15/2034<sup>(b)(d)</sup><br>|  | 500000 | &nbsp;&nbsp; 500585 |
| Barings Equipment Finance LLC, Series 2025-B, <br> Class A3, 4.13%, 10/13/2032<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 140246 |
| Beechwood Park CLO Ltd. (Jersey), <br> Series 2019-1A, Class A1RR, 0.00% (3 mo. <br> Term SOFR + 1.07%), 01/17/2035<sup>(d)(g)</sup><br>|  | 300000 | &nbsp;&nbsp; 300000 |
| BX Trust |  |  |  |
| Series 2025-VLT6, Class A, 5.48% (1 mo. <br> Term SOFR + 1.44%), 03/15/2042<sup>(b)(d)</sup><br>|  | 40000 | &nbsp;&nbsp; 40044 |
| Series 2025-VLT6, Class B, 5.93% (1 mo. <br> Term SOFR + 1.89%), 03/15/2042<sup>(b)(d)</sup><br>|  | 15000 | &nbsp;&nbsp; 15028 |
| Series 2025-VLT7, Class A, 5.73% (1 mo. <br> Term SOFR + 1.70%), 07/15/2044<sup>(b)(d)</sup><br>|  | 170000 | &nbsp;&nbsp; 170915 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2015-4A, Class A1R3, 4.80% (3 mo. <br> Term SOFR + 0.92%), 07/20/2032<sup>(b)(d)</sup><br>| $181166 | &nbsp;&nbsp; $181312 |
| Series 2015-5A, Class A1R4, 0.00% (3 mo. <br> Term SOFR + 0.88%), 01/20/2032<sup>(b)(d)(g)</sup><br>| 1000000 | &nbsp;&nbsp; 1000524 |
| Carlyle US CLO Ltd. (Cayman Islands), <br> Series 2020-2A, Class A1R2, 4.94% (3 mo. <br> Term SOFR + 1.08%), 01/25/2035<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 249746 |
| Centersquare Issuer LLC, Series 2025-3A, <br> Class A2, 5.00%, 08/25/2055<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 122508 |
| CIFC Funding Ltd. (Cayman Islands), <br> Series 2021-7A, Class AR, 4.95% (3 mo. <br> Term SOFR + 1.09%), 01/23/2035<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 249995 |
| COLT Mortgage Loan Trust |  |  |
| Series 2024-INV2, Class A1, 6.42%, <br> 05/25/2069<sup>(b)</sup><br>| 190801 | &nbsp;&nbsp; 193749 |
| Series 2025-3, Class A1, 5.35%, <br> 03/25/2070<sup>(b)</sup><br>| 244450 | &nbsp;&nbsp; 245589 |
| Series 2025-4, Class A1, 5.79%, <br> 04/25/2070<sup>(b)</sup><br>| 352141 | &nbsp;&nbsp; 356259 |
| Series 2025-8, Class A1, 5.48%, <br> 08/25/2070<sup>(b)</sup><br>| 97812 | &nbsp;&nbsp; 98760 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-2A, Class A1, 4.93%, <br> 11/25/2050<sup>(b)</sup><br>| 960000 | &nbsp;&nbsp; 961488 |
| Cross Mortgage Trust |  |  |
| Series 2024-H2, Class A1, 6.09%, <br> 04/25/2069<sup>(b)</sup><br>| 84792 | &nbsp;&nbsp; 85631 |
| Series 2024-H8, Class A1, 5.55%, <br> 12/25/2069<sup>(b)(h)</sup><br>| 88818 | &nbsp;&nbsp; 89390 |
| DB Master Finance LLC, Series 2025-1A, <br> Class A2I, 4.89%, 08/20/2055<sup>(b)</sup><br>| 420000 | &nbsp;&nbsp; 422109 |
| Domino's Pizza Master Issuer LLC, Series 2025-<br> 1A, Class A2I, 4.93%, 07/25/2055<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp; 60607 |
| EFMT, Series 2025-NQM5, Class A1, 5.03%, <br> 11/25/2070<sup>(b)(h)</sup><br>| 420000 | &nbsp;&nbsp; 419524 |
| Enterprise Fleet Financing LLC, Series 2025-4, <br> Class A3, 4.11%, 12/20/2029<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 150159 |
| Frontier Issuer LLC, Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 25321 |
| GCAT Trust |  |  |
| Series 2024-INV1, Class 2A2, 6.50%, <br> 01/25/2054<sup>(b)(h)</sup><br>| 58454 | &nbsp;&nbsp; 59836 |
| Series 2025-NQM2, Class A1, 5.60%, <br> 04/25/2070<sup>(b)</sup><br>| 94124 | &nbsp;&nbsp; 94961 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2025-HE1, Class A1, 5.73% (30 Day <br> Average SOFR + 1.55%), 10/25/2055<sup>(b)(d)</sup><br>| 313738 | &nbsp;&nbsp; 314840 |
| Series 2025-HE2, Class A1, 5.75% (30 Day <br> Average SOFR + 1.55%), 12/25/2065<sup>(b)(d)</sup><br>| 966000 | &nbsp;&nbsp; 965663 |
| Series 2025-NQM3, Class A1, 5.14%, <br> 11/25/2065<sup>(b)</sup><br>| 93414 | &nbsp;&nbsp; 93488 |
| Series 2025-NQM4, Class A1, 5.01%, <br> 10/25/2065<sup>(b)</sup><br>| 474730 | &nbsp;&nbsp; 474482 |
| Series 2025-NQM5, Class A1, 5.01%, <br> 07/25/2065<sup>(b)</sup><br>| 605000 | &nbsp;&nbsp; 604558 |
| Harbor Park CLO Ltd. (Cayman Islands), <br> Series 2018-1A, Class AR2, 4.83% (3 mo. <br> Term SOFR + 0.95%), 01/20/2031<sup>(b)(d)</sup><br>| 500000 | &nbsp;&nbsp; 500342 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**88**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| IP Mortgage Trust, Series 2025-IP, Class A, <br> 5.25%, 06/10/2042<sup>(b)(h)</sup><br>| $50000 | &nbsp;&nbsp; $50831 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2025-NQM3, Class A1, 5.50%, <br> 11/25/2065<sup>(b)(h)</sup><br>| 482382 | &nbsp;&nbsp; 485809 |
| Series 2025-NQM4, Class A1, 4.95%, <br> 03/25/2066<sup>(b)(h)</sup><br>| 320000 | &nbsp;&nbsp; 319651 |
| JP Morgan Mortgage Trust, Series 2024-VIS1, <br> Class A1, 5.99%, 07/25/2064<sup>(b)(h)</sup><br>| 196447 | &nbsp;&nbsp; 198453 |
| Juniper Valley Park CLO Ltd. (Jersey), <br> Series 2023-1A, Class ARR, 4.96% (3 mo. <br> Term SOFR + 1.08%), 07/20/2036<sup>(b)(d)</sup><br>| 430000 | &nbsp;&nbsp; 429784 |
| MILE Trust |  |  |
| Series 2025-STNE, Class A, 5.53% (1 mo. <br> Term SOFR + 1.50%), 07/15/2042<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 100278 |
| Series 2025-STNE, Class B, 5.73% (1 mo. <br> Term SOFR + 1.70%), 07/15/2042<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 100298 |
| Series 2025-STNE, Class C, 6.13% (1 mo. <br> Term SOFR + 2.10%), 07/15/2042<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 100337 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust, Series 2025-5C2, Class B, 5.69%, <br> 11/15/2058<br>| 653000 | &nbsp;&nbsp; 670803 |
| Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |
| Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(b)(h)</sup><br>| 87687 | &nbsp;&nbsp; 88508 |
| Series 2025-NQM8, Class A1, 4.96%, <br> 09/25/2070<sup>(b)(h)</sup><br>| 485000 | &nbsp;&nbsp; 485298 |
| Neuberger Berman Loan Advisers CLO 47 Ltd. <br> (Cayman Islands), Series 2022-47A, <br> Class AR, 5.20% (3 mo. Term SOFR + <br> 1.09%), 04/16/2035<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 250213 |
| New Residential Mortgage Loan Trust, <br> Series 2025-NQM2, Class A1, 0.00%, <br> 04/25/2065<sup>(b)(g)</sup><br>| 443707 | &nbsp;&nbsp; 448061 |
| NextGear Floorplan Master Owner Trust, <br> Series 2025-2A, Class A2, 4.23%, <br> 10/15/2030<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp; 110048 |
| OBX Trust, Series 2023-NQM1, Class A1, <br> 6.12%, 11/25/2062<sup>(b)(h)</sup><br>| 64296 | &nbsp;&nbsp; 64205 |
| One Bryant Park Trust, Series 2019-OBP, <br> Class A, 2.52%, 09/15/2054<sup>(b)</sup><br>| 300000 | &nbsp;&nbsp; 277095 |
| PRKCM Trust, Series 2023-AFC4, Class A1, <br> 7.23%, 11/25/2058<sup>(b)</sup><br>| 63293 | &nbsp;&nbsp; 64300 |
| Provident Funding Mortgage Trust, <br> Series 2025-4, Class A1, 6.00%, <br> 09/25/2055<sup>(b)(h)</sup><br>| 98734 | &nbsp;&nbsp; 100234 |
| Qdoba Funding LLC, Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup><br>| 28928 | &nbsp;&nbsp; 30139 |
| RR 16 Ltd. (Cayman Islands), Series 2021-16A, <br> Class A1R, 4.96% (3 mo. Term SOFR + <br> 1.05%), 07/15/2036<sup>(b)(d)</sup><br>| 350000 | &nbsp;&nbsp; 350174 |
| RR 17 Ltd. (Cayman Islands), Series 2021-17A, <br> Class A1AR, 4.97% (3 mo. Term SOFR + <br> 1.07%), 07/15/2034<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 250078 |
| Sequoia Mortgage Trust, Series 2025-10, <br> Class A1, 5.50%, 11/25/2055<sup>(b)(h)</sup><br>| 300000 | &nbsp;&nbsp; 301242 |
| SHRN Trust |  |  |
| Series 2025-MF18, Class A, 5.30% (1 mo. <br> Term SOFR + 1.20%), 10/15/2040<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 250325 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Series 2025-MF18, Class B, 5.55% (1 mo. <br> Term SOFR + 1.45%), 10/15/2040<sup>(b)(d)</sup><br>| $| 160000 | &nbsp;&nbsp; $160249 |
| Series 2025-MF18, Class C, 5.80% (1 mo. <br> Term SOFR + 1.70%), 10/15/2040<sup>(b)(d)</sup><br>|  | 360000 | &nbsp;&nbsp; 360763 |
| Sonic Capital LLC, Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup><br>|  | 497875 | &nbsp;&nbsp; 490962 |
| Subway Funding LLC |  |  |  |
| Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup><br>|  | 36630 | &nbsp;&nbsp; 37107 |
| Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup><br>|  | 24750 | &nbsp;&nbsp; 24670 |
| Switch ABS Issuer LLC, Series 2025-2A, <br> Class A21, 5.12%, 10/25/2055<sup>(b)</sup><br>|  | 570000 | &nbsp;&nbsp; 569997 |
| Synchrony Card Funding LLC, Series 2024-A2, <br> Class A, 4.93%, 07/15/2030<br>|  | 10000 | &nbsp;&nbsp; 10163 |
| Taco Bell Funding LLC, Series 2025-1A, <br> Class A2I, 4.82%, 08/25/2055<sup>(b)</sup><br>|  | 170000 | &nbsp;&nbsp; 169563 |
| TierPoint Issuer LLC, Series 2025-1A, Class A2, <br> 6.15%, 04/26/2055<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 25410 |
| UBS Commercial Mortgage Trust, Series 2017-<br> C6, Class AS, 3.93%, 12/15/2050<sup>(h)</sup><br>|  | 50000 | &nbsp;&nbsp; 48142 |
| VDCM Commercial Mortgage Trust |  |  |  |
| Series 2025-AZ, Class A, 5.06%, <br> 07/13/2044<sup>(b)(h)</sup><br>|  | 110000 | &nbsp;&nbsp; 111357 |
| Series 2025-AZ, Class B, 5.30%, <br> 07/13/2044<sup>(b)(h)</sup><br>|  | 105000 | &nbsp;&nbsp; 106438 |
| Series 2025-AZ, Class C, 5.84%, <br> 07/13/2044<sup>(b)(h)</sup><br>|  | 200000 | &nbsp;&nbsp; 203840 |
| Series 2025-AZ, Class D, 6.23%, <br> 07/13/2044<sup>(b)(h)</sup><br>|  | 235000 | &nbsp;&nbsp; 240295 |
| Verus Securitization Trust, Series 2021-R3, <br> Class A1, 1.02%, 04/25/2064<sup>(b)(h)</sup><br>|  | 51346 | &nbsp;&nbsp; 49049 |
| WEST Trust, Series 2025-ROSE, Class A, <br> 5.28%, 04/10/2035<sup>(b)(h)</sup><br>|  | 50000 | &nbsp;&nbsp; 50834 |
| Zayo Issuer LLC, Series 2025-2A, Class A2, <br> 5.95%, 06/20/2055<sup>(b)</sup><br>|  | 300000 | &nbsp;&nbsp; 308321 |
| Total Asset-Backed Securities <br>(Cost $18,742,742) | Total Asset-Backed Securities <br>(Cost $18,742,742) | Total Asset-Backed Securities <br>(Cost $18,742,742) | &nbsp;&nbsp; 18773294 |
| **U.S. Treasury Securities-17.08%** | **U.S. Treasury Securities-17.08%** | **U.S. Treasury Securities-17.08%** | **U.S. Treasury Securities-17.08%** |
| **U.S. Treasury Bills-10.24%**<sup>(i)</sup> | **U.S. Treasury Bills-10.24%**<sup>(i)</sup> | **U.S. Treasury Bills-10.24%**<sup>(i)</sup> | **U.S. Treasury Bills-10.24%**<sup>(i)</sup> |
| 3.78%, 02/24/2026 |  | 6990000 | &nbsp;&nbsp; 6907506 |
| 3.80%, 03/26/2026 |  | 1060000 | &nbsp;&nbsp; 1044354 |
| 3.61%–3.66%, 05/14/2026<sup>(j)</sup> |  | 535000 | &nbsp;&nbsp; 524694 |
|  |  |  | &nbsp;&nbsp; 8476554 |
| **U.S. Treasury Notes-6.84%** | **U.S. Treasury Notes-6.84%** | **U.S. Treasury Notes-6.84%** | **U.S. Treasury Notes-6.84%** |
| 3.50%, 09/30/2027 |  | 3379700 | &nbsp;&nbsp; 3373495 |
| 3.50%, 10/15/2028 |  | 874500 | &nbsp;&nbsp; 872143 |
| 3.63%, 09/30/2030 |  | 1423300 | &nbsp;&nbsp; 1418185 |
|  |  |  | &nbsp;&nbsp; 5663823 |
| Total U.S. Treasury Securities <br>(Cost $14,140,561) | Total U.S. Treasury Securities <br>(Cost $14,140,561) | Total U.S. Treasury Securities <br>(Cost $14,140,561) | &nbsp;&nbsp; 14140377 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**89**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Agency Credit Risk Transfer Notes-0.31%** | **Agency Credit Risk Transfer Notes-0.31%** | **Agency Credit Risk Transfer Notes-0.31%** |
| Fannie Mae Connecticut Avenue Securities |  |  |
| Series 2023-R02, Class 1M1, 6.48% (30 Day <br> Average SOFR + 2.30%), 01/25/2043<sup>(b)(d)(k)</sup><br>| $18104 | &nbsp;&nbsp; $18486 |
| Series 2025-R04, Class 1A1, 5.18% (30 Day <br> Average SOFR + 1.00%), 05/25/2045<sup>(b)(d)(k)</sup><br>| 17244 | &nbsp;&nbsp; 17281 |
| Freddie Mac |  |  |
| Series 2023-DNA1, Class M1, STACR®, <br> 6.29% (30 Day Average SOFR + 2.10%), <br> 03/25/2043<sup>(b)(d)(l)</sup><br>| 26680 | &nbsp;&nbsp; 27078 |
| Series 2025-DNA4, Class A1, STACR®, <br> 5.09% (30 Day Average SOFR + 0.90%), <br> 10/25/2045<sup>(b)(d)(l)</sup><br>| 190000 | &nbsp;&nbsp; 190534 |
| Total Agency Credit Risk Transfer Notes <br>(Cost $252,028) | Total Agency Credit Risk Transfer Notes <br>(Cost $252,028) | &nbsp;&nbsp; 253379 |
|  | **Shares** |  |
| **Preferred Stocks-0.04%** | **Preferred Stocks-0.04%** | **Preferred Stocks-0.04%** |
| **Diversified Financial Services-0.04%** | **Diversified Financial Services-0.04%** | **Diversified Financial Services-0.04%** |
| Apollo Global Management, Inc., Pfd., 7.63%, <br> 09/15/2053<sup>(c)</sup> <br>(Cost $27,500)<br>| 1100 | &nbsp;&nbsp; 28820 |
| **Money Market Funds-5.36%** | **Money Market Funds-5.36%** | **Money Market Funds-5.36%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(m)(n)</sup> <br>(Cost $4,436,367)<br>| 4436367 | &nbsp;&nbsp; 4436367 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-103.78% <br>(Cost $85,794,732) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-103.78% <br>(Cost $85,794,732) | &nbsp;&nbsp; 85921667 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.11%** | **Money Market Funds-1.11%** | **Money Market Funds-1.11%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(m)(n)(o)</sup><br>| 255436 | &nbsp;&nbsp; $255436 |
| Invesco Private Prime Fund, 4.30%<sup>(m)(n)(o)</sup> | 665408 | &nbsp;&nbsp; 665608 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $921,052) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $921,052) | &nbsp;&nbsp; 921044 |
| TOTAL INVESTMENTS IN SECURITIES-104.89% <br>(Cost $86,715,784) | TOTAL INVESTMENTS IN SECURITIES-104.89% <br>(Cost $86,715,784) | &nbsp;&nbsp; 86842711 |
| OTHER ASSETS LESS LIABILITIES-(4.89)% | OTHER ASSETS LESS LIABILITIES-(4.89)% | &nbsp;&nbsp; (4045935)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $82796776 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| STACR<sup>®</sup> | -Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $33,606,333, which represented 40.59% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(d)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025. |
| <sup>(e)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(f)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(g)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(h)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate <br> shown is the rate in effect on October 31, 2025.<br>|
| <sup>(i)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(j)</sup> | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S. |
| <sup>(k)</sup> | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a <br> large and diverse reference pool.<br>|
| <sup>(l)</sup> | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from <br> the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.<br>|
| <sup>(m)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**90**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $339476 | &nbsp;&nbsp; $1228819 | &nbsp;&nbsp; $(1568295)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4367 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 22543274 | &nbsp;&nbsp; (18106907)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4436367 | &nbsp;&nbsp; 18565 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 173811 | &nbsp;&nbsp; 2354404 | &nbsp;&nbsp; (2272779)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 255436 | &nbsp;&nbsp; 4,157<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 451470 | &nbsp;&nbsp; 5057963 | &nbsp;&nbsp; (4843835)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; 665608 | &nbsp;&nbsp; 11,148<br> \*<br>|
| Total | &nbsp;&nbsp; $964757 | &nbsp;&nbsp; $31184460 | &nbsp;&nbsp; $(26791816)<br>| &nbsp;&nbsp; $23 | &nbsp;&nbsp; $(13)<br>| &nbsp;&nbsp; $5357411 | &nbsp;&nbsp; $38237 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(n)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(o)</sup> 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 Note 2P. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 231 | December-2025 | &nbsp;&nbsp; $48103945 | &nbsp;&nbsp; $(88636)<br>| &nbsp;&nbsp; $(88636)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 3 | December-2025 | &nbsp;&nbsp; 351938 | &nbsp;&nbsp; 1808 | &nbsp;&nbsp; 1808 |
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; (86828)<br>| &nbsp;&nbsp; (86828)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 188 | December-2025 | &nbsp;&nbsp; (20531656)<br>| &nbsp;&nbsp; 58755 | &nbsp;&nbsp; 58755 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 23 | December-2025 | &nbsp;&nbsp; (2591453)<br>| &nbsp;&nbsp; 14498 | &nbsp;&nbsp; 14498 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; 1 | December-2025 | &nbsp;&nbsp; (121281)<br>| &nbsp;&nbsp; (1439)<br>| &nbsp;&nbsp; (1439)<br>|
| Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp; 71814 | &nbsp;&nbsp; 71814 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $(15014)<br>| &nbsp;&nbsp; $(15014)<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**91**

------

**Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-68.93%** | **Common Stocks & Other Equity Interests-68.93%** | **Common Stocks & Other Equity Interests-68.93%** |
| **Gas Utilities-1.97%** | **Gas Utilities-1.97%** | **Gas Utilities-1.97%** |
| AltaGas Ltd. (Canada) | 32697 | &nbsp;&nbsp; $960736 |
| **Oil & Gas Equipment & Services-5.41%** | **Oil & Gas Equipment & Services-5.41%** | **Oil & Gas Equipment & Services-5.41%** |
| Archrock, Inc. | 37765 | &nbsp;&nbsp; 954321 |
| Kodiak Gas Services, Inc. | 45587 | &nbsp;&nbsp; 1681249 |
|  |  | &nbsp;&nbsp; 2635570 |
| **Oil & Gas Storage & Transportation-61.55%** | **Oil & Gas Storage & Transportation-61.55%** | **Oil & Gas Storage & Transportation-61.55%** |
| Antero Midstream Corp. | 93463 | &nbsp;&nbsp; 1612237 |
| Cheniere Energy, Inc. | 11168 | &nbsp;&nbsp; 2367616 |
| DT Midstream, Inc. | 10343 | &nbsp;&nbsp; 1132455 |
| Enbridge, Inc. (Canada) | 51684 | &nbsp;&nbsp; 2409508 |
| Gibson Energy, Inc. (Canada)<sup>(b)</sup> | 31842 | &nbsp;&nbsp; 543370 |
| Hess Midstream L.P., Class A | 25762 | &nbsp;&nbsp; 874620 |
| Keyera Corp. (Canada)<sup>(b)</sup> | 71947 | &nbsp;&nbsp; 2126343 |
| Kinder Morgan, Inc. | 88633 | &nbsp;&nbsp; 2321298 |
| Kinetik Holdings, Inc., Class A | 34605 | &nbsp;&nbsp; 1332639 |
| ONEOK, Inc. | 34189 | &nbsp;&nbsp; 2290663 |
| Pembina Pipeline Corp. (Canada) | 63269 | &nbsp;&nbsp; 2393466 |
| South Bow Corp. (Canada) | 65925 | &nbsp;&nbsp; 1709435 |
| Targa Resources Corp. | 18760 | &nbsp;&nbsp; 2889790 |
| TC Energy Corp. (Canada) | 56775 | &nbsp;&nbsp; 2847834 |
| Williams Cos., Inc. (The) | 54660 | &nbsp;&nbsp; 3163174 |
|  |  | &nbsp;&nbsp; 30014448 |
| Total Common Stocks & Other Equity Interests <br>(Cost $35,078,477) | Total Common Stocks & Other Equity Interests <br>(Cost $35,078,477) | &nbsp;&nbsp; 33610754 |
| **Master Limited Partnerships &** <br> **Related Entities-29.32%**<br>|  |  |
| **Oil & Gas Refining & Marketing-2.89%** |  |  |
| Sunoco L.P. | 27028 | &nbsp;&nbsp; 1411402 |
| **Oil & Gas Storage & Transportation-26.43%** |  |  |
| Energy Transfer L.P. | 140931 | &nbsp;&nbsp; 2371869 |
| Enterprise Products Partners L.P. | 70487 | &nbsp;&nbsp; 2170295 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation-**<br> **(continued)**<br>|  |  |
| Genesis Energy L.P. | 126829 | &nbsp;&nbsp; $2074923 |
| MPLX L.P. | 43474 | &nbsp;&nbsp; 2206740 |
| Plains GP Holdings L.P., Class A | 152457 | &nbsp;&nbsp; 2632932 |
| Western Midstream Partners L.P. | 38174 | &nbsp;&nbsp; 1430380 |
|  |  | &nbsp;&nbsp; 12887139 |
| Total Master Limited Partnerships & Related Entities <br>(Cost $14,592,179) | Total Master Limited Partnerships & Related Entities <br>(Cost $14,592,179) | &nbsp;&nbsp; 14298541 |
| **Money Market Funds-1.24%** | **Money Market Funds-1.24%** | **Money Market Funds-1.24%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $606,735)<br>| 606735 | &nbsp;&nbsp; 606735 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.49% <br>(Cost $50,277,391) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.49% <br>(Cost $50,277,391) | &nbsp;&nbsp; 48516030 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-3.18%** | **Money Market Funds-3.18%** | **Money Market Funds-3.18%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup><br>| 430356 | &nbsp;&nbsp; 430356 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 1119932 | &nbsp;&nbsp; 1120268 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,550,638) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,550,638) | &nbsp;&nbsp; 1550624 |
| TOTAL INVESTMENTS IN SECURITIES-102.67% <br>(Cost $51,828,029) | TOTAL INVESTMENTS IN SECURITIES-102.67% <br>(Cost $51,828,029) | &nbsp;&nbsp; 50066654 |
| OTHER ASSETS LESS LIABILITIES-(2.67)% | OTHER ASSETS LESS LIABILITIES-(2.67)% | &nbsp;&nbsp; (1301159)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $48765495 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2365585 | &nbsp;&nbsp; $(1758850)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $606735 | &nbsp;&nbsp; $11780 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**92**

------

**Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $13308582 | &nbsp;&nbsp; $(12878226)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $430356 | &nbsp;&nbsp; $12,614<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 22040652 | &nbsp;&nbsp; (20920067)<br>| &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; (303)<br>| &nbsp;&nbsp; 1120268 | &nbsp;&nbsp; 35,542<br> \*<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $37714819 | &nbsp;&nbsp; $(35557143)<br>| &nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp; $(303)<br>| &nbsp;&nbsp; $2157359 | &nbsp;&nbsp; $59936 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(e)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**93**

------

**Invesco Top QQQ ETF (QBIG)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-50.42%** | **Common Stocks & Other Equity Interests-50.42%** | **Common Stocks & Other Equity Interests-50.42%** |
| **Communication Services-12.06%** | **Communication Services-12.06%** | **Communication Services-12.06%** |
| Alphabet, Inc., Class A | 5139 | &nbsp;&nbsp; $1445035 |
| Alphabet, Inc., Class C | 4797 | &nbsp;&nbsp; 1351890 |
| Meta Platforms, Inc., Class A | 1916 | &nbsp;&nbsp; 1242239 |
| Netflix, Inc.<sup>(b)</sup> | 924 | &nbsp;&nbsp; 1033827 |
|  |  | &nbsp;&nbsp; 5072991 |
| **Consumer Discretionary-5.47%** | **Consumer Discretionary-5.47%** | **Consumer Discretionary-5.47%** |
| Amazon.com, Inc.<sup>(b)</sup> | 9421 | &nbsp;&nbsp; 2300797 |
| **Information Technology-32.89%** | **Information Technology-32.89%** | **Information Technology-32.89%** |
| Apple, Inc. | 13111 | &nbsp;&nbsp; 3544821 |
| Broadcom, Inc. | 6872 | &nbsp;&nbsp; 2540097 |
| Microsoft Corp. | 6566 | &nbsp;&nbsp; 3399941 |
| NVIDIA Corp. | 21466 | &nbsp;&nbsp; 4346650 |
|  |  | &nbsp;&nbsp; 13831509 |
| Total Common Stocks & Other Equity Interests <br>(Cost $17,393,593) | Total Common Stocks & Other Equity Interests <br>(Cost $17,393,593) | &nbsp;&nbsp; 21205297 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-37.48%** | **Money Market Funds-37.48%** | **Money Market Funds-37.48%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(c)(d)</sup> <br>(Cost $15,759,350)<br>| 15759350 | &nbsp;&nbsp; $15759350 |
| TOTAL INVESTMENTS IN SECURITIES-87.90% <br>(Cost $33,152,943) | TOTAL INVESTMENTS IN SECURITIES-87.90% <br>(Cost $33,152,943) | &nbsp;&nbsp; 36964647 |
| OTHER ASSETS LESS LIABILITIES-12.10% | OTHER ASSETS LESS LIABILITIES-12.10% | &nbsp;&nbsp; 5090673 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $42055320 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $20425166 | &nbsp;&nbsp; $(20425166)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $181505 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 18582048 | &nbsp;&nbsp; (2822698)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15759350 | &nbsp;&nbsp; 370527 |
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $39007214 | &nbsp;&nbsp; $(23247864)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15759350 | &nbsp;&nbsp; $552032 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** | **Open Over-The-Counter Total Return Swap Agreements** |
| **Counterparty** | **Pay/** <br>**Receive**<sup>(a)</sup> <br>| **Reference Entity** | **Rate** | **Payment** <br>**Frequency**<br>| **Maturity Date** | **Notional Value**<sup>(b)</sup>  | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |  |
| Bank of America, <br> N.A.<br>| Receive | Bank of America <br> NDXMEGA2T Index<br>| (SOFR + <br> 0.73%)<br>| Annually | March-2026 | $5094361 | $- | $1682111 | $1682111 |
| Goldman Sachs <br> International<br>| Receive | Goldman Sachs <br> NDXMEGA2T Index<br>| (SOFR + <br> 0.82%)<br>| Annually | March-2026 | 5095312 | - | 1678907 | 1678907 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**94**

------

**Invesco Top QQQ ETF (QBIG)—(continued)**

October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** | **Open Over-The-Counter Total Return Swap Agreements—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<sup>(a)</sup><br>| **Reference Entity** | **Rate** | **Payment**<br> **Frequency**<br>| **Maturity Date** | **Notional Value**<sup>(b)</sup> | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>|
| Morgan Stanley <br> Capital Services LLC<br>| Receive | Morgan Stanley <br> NDXMEGA2T Index<br>| (SOFR + <br> 0.88%)<br>| Annually | March-2026 | $5096322 | $- | $1677226 | $1677226 |
| Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements |  |  | $— | $5038244 | $5038244 |

---

Abbreviations: <br> SOFR -Secured Overnight Financing Rate

<sup>(a)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. <br> <sup>(b)</sup> Notional Value is denominated in U.S. Dollars unless otherwise noted.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**95**

------

**Invesco Total Return Bond ETF (GTO)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-49.42%** | **U.S. Dollar Denominated Bonds & Notes-49.42%** | **U.S. Dollar Denominated Bonds & Notes-49.42%** |
| **Advertising-0.15%** | **Advertising-0.15%** | **Advertising-0.15%** |
| Lamar Media Corp., 5.38%, <br> 11/01/2033<sup>(b)</sup><br>| $2870000 | &nbsp;&nbsp; $2844914 |
| **Aerospace & Defense-0.68%** | **Aerospace & Defense-0.68%** | **Aerospace & Defense-0.68%** |
| BAE Systems PLC (United Kingdom) |  |  |
| 5.00% 03/26/2027<sup>(b)</sup> | 502000 | &nbsp;&nbsp; 507627 |
| 5.13% 03/26/2029<sup>(b)</sup> | 462000 | &nbsp;&nbsp; 476204 |
| 5.50% 03/26/2054<sup>(b)(c)</sup> | 630000 | &nbsp;&nbsp; 640940 |
| Boeing Co. (The) |  |  |
| 6.26% 05/01/2027 | 12000 | &nbsp;&nbsp; 12335 |
| 6.30% 05/01/2029 | 24000 | &nbsp;&nbsp; 25468 |
| 6.39% 05/01/2031 | 24000 | &nbsp;&nbsp; 26117 |
| 6.53% 05/01/2034 | 106000 | &nbsp;&nbsp; 117341 |
| 5.81% 05/01/2050 | 45000 | &nbsp;&nbsp; 44736 |
| General Dynamics Corp., 4.95%, <br> 08/15/2035<br>| 187000 | &nbsp;&nbsp; 191048 |
| Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>| 29000 | &nbsp;&nbsp; 29791 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35% 01/15/2030 | 39000 | &nbsp;&nbsp; 40276 |
| 5.75% 01/15/2035 | 65000 | &nbsp;&nbsp; 68586 |
| L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>| 3000 | &nbsp;&nbsp; 3130 |
| Lockheed Martin Corp. |  |  |
| 4.15% 08/15/2028 | 165000 | &nbsp;&nbsp; 165897 |
| 4.50% 02/15/2029 | 19000 | &nbsp;&nbsp; 19307 |
| 4.40% 08/15/2030 | 771000 | &nbsp;&nbsp; 778869 |
| 4.80% 08/15/2034 | 60000 | &nbsp;&nbsp; 60853 |
| 5.00% 08/15/2035<sup>(c)</sup> | 1094000 | &nbsp;&nbsp; 1117565 |
| 5.90% 11/15/2063 | 3000 | &nbsp;&nbsp; 3199 |
| RTX Corp. |  |  |
| 5.75% 01/15/2029 | 16000 | &nbsp;&nbsp; 16795 |
| 5.15% 02/27/2033 | 3000 | &nbsp;&nbsp; 3113 |
| 6.40% 03/15/2054 | 7000 | &nbsp;&nbsp; 7873 |
| Textron, Inc., 4.95%, 03/15/2036 | 1805000 | &nbsp;&nbsp; 1787679 |
| TransDigm, Inc. |  |  |
| 6.75% 08/15/2028<sup>(b)</sup> | 261000 | &nbsp;&nbsp; 266475 |
| 6.38% 03/01/2029<sup>(b)</sup> | 2202000 | &nbsp;&nbsp; 2264614 |
| 6.38% 05/31/2033<sup>(b)</sup> | 3752000 | &nbsp;&nbsp; 3833914 |
| 6.25% 01/31/2034<sup>(b)(c)</sup> | 585000 | &nbsp;&nbsp; 605024 |
|  |  | &nbsp;&nbsp; 13114776 |
| **Agricultural & Farm Machinery-0.12%** | **Agricultural & Farm Machinery-0.12%** | **Agricultural & Farm Machinery-0.12%** |
| AGCO Corp. |  |  |
| 5.45% 03/21/2027 | 12000 | &nbsp;&nbsp; 12170 |
| 5.80% 03/21/2034 | 28000 | &nbsp;&nbsp; 29183 |
| CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>| 104000 | &nbsp;&nbsp; 105337 |
| Imperial Brands Finance PLC (United <br> Kingdom), 6.38%, 07/01/2055<sup>(b)</sup><br>| 916000 | &nbsp;&nbsp; 952654 |
| John Deere Capital Corp. |  |  |
| 4.70% 06/10/2030 | 13000 | &nbsp;&nbsp; 13326 |
| 4.38% 10/15/2030<sup>(c)</sup> | 1175000 | &nbsp;&nbsp; 1185754 |
| 5.10% 04/11/2034 | 57000 | &nbsp;&nbsp; 59068 |
|  |  | &nbsp;&nbsp; 2357492 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Agricultural Products & Services-0.35%** | **Agricultural Products & Services-0.35%** | **Agricultural Products & Services-0.35%** |
| Cargill, Inc. |  |  |
| 4.13% 10/23/2030<sup>(b)</sup> | $3031000 | &nbsp;&nbsp; $3016075 |
| 5.38% 10/23/2055<sup>(b)</sup> | 3724407 | &nbsp;&nbsp; 3634675 |
|  |  | &nbsp;&nbsp; 6650750 |
| **Air Freight & Logistics-0.04%** | **Air Freight & Logistics-0.04%** | **Air Freight & Logistics-0.04%** |
| GXO Logistics, Inc. |  |  |
| 6.25% 05/06/2029 | 49000 | &nbsp;&nbsp; 51520 |
| 6.50% 05/06/2034 | 28000 | &nbsp;&nbsp; 30068 |
| United Parcel Service, Inc. |  |  |
| 4.65% 10/15/2030 | 244000 | &nbsp;&nbsp; 250032 |
| 5.15% 05/22/2034 | 38000 | &nbsp;&nbsp; 39524 |
| 5.25% 05/14/2035<sup>(c)</sup> | 294000 | &nbsp;&nbsp; 305017 |
| 5.50% 05/22/2054 | 80000 | &nbsp;&nbsp; 79463 |
|  |  | &nbsp;&nbsp; 755624 |
| **Apparel Retail-0.03%** | **Apparel Retail-0.03%** | **Apparel Retail-0.03%** |
| Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 666000 | &nbsp;&nbsp; 627383 |
| **Apparel, Accessories & Luxury Goods-0.14%** | **Apparel, Accessories & Luxury Goods-0.14%** | **Apparel, Accessories & Luxury Goods-0.14%** |
| Gildan Activewear, Inc. (Canada) |  |  |
| 4.70% 10/07/2030<sup>(b)</sup> | 1237000 | &nbsp;&nbsp; 1231951 |
| 5.40% 10/07/2035<sup>(b)</sup> | 1413000 | &nbsp;&nbsp; 1408023 |
|  |  | &nbsp;&nbsp; 2639974 |
| **Application Software-0.16%** | **Application Software-0.16%** | **Application Software-0.16%** |
| Autodesk, Inc., 5.30%, 06/15/2035 | 184000 | &nbsp;&nbsp; 188884 |
| Cadence Design Systems, Inc., 4.70%, <br> 09/10/2034<br>| 27000 | &nbsp;&nbsp; 27082 |
| Fair Isaac Corp., 6.00%, <br> 05/15/2033<sup>(b)</sup><br>| 470000 | &nbsp;&nbsp; 479586 |
| Intuit, Inc., 5.20%, 09/15/2033 | 6000 | &nbsp;&nbsp; 6276 |
| Roper Technologies, Inc. |  |  |
| 4.25% 09/15/2028 | 224000 | &nbsp;&nbsp; 224707 |
| 4.50% 10/15/2029 | 56000 | &nbsp;&nbsp; 56506 |
| 4.45% 09/15/2030<sup>(c)</sup> | 495950 | &nbsp;&nbsp; 497851 |
| 4.75% 02/15/2032 | 65000 | &nbsp;&nbsp; 65572 |
| 4.90% 10/15/2034 | 60000 | &nbsp;&nbsp; 59907 |
| 5.10% 09/15/2035 | 1046720 | &nbsp;&nbsp; 1053980 |
| SS&C Technologies, Inc. |  |  |
| 5.50% 09/30/2027<sup>(b)</sup> | 260000 | &nbsp;&nbsp; 260319 |
| 6.50% 06/01/2032<sup>(b)</sup> | 54000 | &nbsp;&nbsp; 56050 |
| Synopsys, Inc., 5.70%, 04/01/2055 | 150000 | &nbsp;&nbsp; 151656 |
|  |  | &nbsp;&nbsp; 3128376 |
| **Asset Management & Custody Banks-0.30%** | **Asset Management & Custody Banks-0.30%** | **Asset Management & Custody Banks-0.30%** |
| Affiliated Managers Group, Inc., 5.50%, <br> 08/20/2034<br>| 120000 | &nbsp;&nbsp; 123381 |
| Ameriprise Financial, Inc. |  |  |
| 5.70% 12/15/2028 | 13000 | &nbsp;&nbsp; 13599 |
| 5.15% 05/15/2033 | 2000 | &nbsp;&nbsp; 2077 |
| 5.20% 04/15/2035 | 275000 | &nbsp;&nbsp; 281294 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**96**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** |
| Bank of New York Mellon Corp. (The) |  |  |  |
| 4.86% (SOFR + 0.68%), <br> 06/09/2028<sup>(d)</sup><br>| $| 814000 | &nbsp;&nbsp; $814504 |
| 4.89% 07/21/2028<sup>(e)</sup> |  | 68000 | &nbsp;&nbsp; 69023 |
| 4.98% 03/14/2030<sup>(e)</sup> |  | 4000 | &nbsp;&nbsp; 4110 |
| 5.06% 07/22/2032<sup>(e)</sup> |  | 40000 | &nbsp;&nbsp; 41342 |
| 5.83% 10/25/2033<sup>(e)</sup> |  | 1000 | &nbsp;&nbsp; 1078 |
| 5.19% 03/14/2035<sup>(e)</sup> |  | 1000 | &nbsp;&nbsp; 1030 |
| 5.32% 06/06/2036<sup>(e)</sup> |  | 19000 | &nbsp;&nbsp; 19681 |
| Series I, 3.75% <sup>(e)(f)</sup> |  | 5000 | &nbsp;&nbsp; 4906 |
| Series J, 4.97% 04/26/2034<sup>(e)</sup> |  | 1000 | &nbsp;&nbsp; 1021 |
| Blackstone Secured Lending Fund, <br> 2.13%, 02/15/2027<br>|  | 517000 | &nbsp;&nbsp; 500080 |
| Brookfield Asset Management Ltd. <br> (Canada)<br>|  |  |  |
| 5.80% 04/24/2035<sup>(c)</sup> |  | 352000 | &nbsp;&nbsp; 368433 |
| 6.08% 09/15/2055 |  | 700000 | &nbsp;&nbsp; 725552 |
| Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<br>|  | 1319000 | &nbsp;&nbsp; 1308045 |
| Citadel L.P. |  |  |  |
| 6.00% 01/23/2030<sup>(b)</sup> |  | 31000 | &nbsp;&nbsp; 32190 |
| 6.38% 01/23/2032<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 52708 |
| Golub Capital Private Credit Fund, <br> 5.45%, 08/15/2028<sup>(b)(c)</sup><br>|  | 358000 | &nbsp;&nbsp; 360274 |
| Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 2000 | &nbsp;&nbsp; 2188 |
| State Street Corp., 4.78%, <br> 10/23/2036<sup>(c)(e)</sup><br>|  | 1127000 | &nbsp;&nbsp; 1122866 |
|  |  |  | &nbsp;&nbsp; 5849382 |
| **Automobile Manufacturers-0.96%** | **Automobile Manufacturers-0.96%** | **Automobile Manufacturers-0.96%** | **Automobile Manufacturers-0.96%** |
| American Honda Finance Corp. |  |  |  |
| 4.79% (SOFR + 0.71%), <br> 01/09/2026<sup>(d)</sup><br>|  | 295000 | &nbsp;&nbsp; 295218 |
| 4.90% 01/10/2034 |  | 38000 | &nbsp;&nbsp; 38435 |
| Daimler Truck Finance North <br> America LLC (Germany)<br>|  |  |  |
| 5.00% 01/15/2027<sup>(b)</sup> |  | 440000 | &nbsp;&nbsp; 444192 |
| 4.65% 10/12/2030<sup>(b)</sup> |  | 92000 | &nbsp;&nbsp; 92323 |
| 5.00% 10/12/2032<sup>(b)</sup> |  | 2182000 | &nbsp;&nbsp; 2192824 |
| 5.38% 01/18/2034<sup>(b)</sup> |  | 402000 | &nbsp;&nbsp; 411592 |
| 5.63% 01/13/2035<sup>(b)(c)</sup> |  | 213000 | &nbsp;&nbsp; 220719 |
| Ford Motor Credit Co. LLC |  |  |  |
| 6.95% 06/10/2026 |  | 584000 | &nbsp;&nbsp; 591535 |
| 2.70% 08/10/2026 |  | 594000 | &nbsp;&nbsp; 585668 |
| 7.35% 11/04/2027 |  | 480000 | &nbsp;&nbsp; 501391 |
| 5.92% 03/20/2028 |  | 449000 | &nbsp;&nbsp; 458823 |
| 6.80% 05/12/2028 |  | 485000 | &nbsp;&nbsp; 504607 |
| 6.80% 11/07/2028 |  | 598000 | &nbsp;&nbsp; 624987 |
| 7.20% 06/10/2030<sup>(c)</sup> |  | 471000 | &nbsp;&nbsp; 504296 |
| Honda Motor Co. Ltd. (Japan) |  |  |  |
| 4.44% 07/08/2028 |  | 885000 | &nbsp;&nbsp; 891143 |
| 4.69% 07/08/2030 |  | 654000 | &nbsp;&nbsp; 660700 |
| 5.34% 07/08/2035 |  | 1327000 | &nbsp;&nbsp; 1360827 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| Hyundai Capital America |  |  |  |
| 5.65% 06/26/2026<sup>(b)</sup> | $| 12000 | &nbsp;&nbsp; $12103 |
| 4.88% 06/23/2027<sup>(b)</sup> |  | 901000 | &nbsp;&nbsp; 909423 |
| 5.00% 01/07/2028<sup>(b)</sup> |  | 376000 | &nbsp;&nbsp; 381368 |
| 5.60% 03/30/2028<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3084 |
| 5.35% 03/19/2029<sup>(b)</sup> |  | 11000 | &nbsp;&nbsp; 11305 |
| 5.30% 01/08/2030<sup>(b)</sup> |  | 159000 | &nbsp;&nbsp; 163886 |
| 5.80% 04/01/2030<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3143 |
| Hyundai Capital Services, Inc. (South <br> Korea), 5.25%, 01/22/2028<sup>(b)(c)</sup><br>|  | 2198000 | &nbsp;&nbsp; 2243808 |
| Mercedes-Benz Finance North <br> America LLC (Germany)<br>|  |  |  |
| 4.80% 01/11/2027<sup>(b)(c)</sup> |  | 443000 | &nbsp;&nbsp; 446971 |
| 5.10% 08/03/2028<sup>(b)(c)</sup> |  | 469000 | &nbsp;&nbsp; 481083 |
| 4.85% 01/11/2029<sup>(b)(c)</sup> |  | 382000 | &nbsp;&nbsp; 389684 |
| 5.13% 08/01/2034<sup>(b)</sup> |  | 436000 | &nbsp;&nbsp; 445132 |
| PACCAR Financial Corp., 4.00%, <br> 09/26/2029<br>|  | 122000 | &nbsp;&nbsp; 122185 |
| Toyota Motor Credit Corp. |  |  |  |
| 4.55% 08/09/2029 |  | 44000 | &nbsp;&nbsp; 44723 |
| 5.10% 03/21/2031 |  | 52000 | &nbsp;&nbsp; 54048 |
| Volkswagen Group of America <br> Finance LLC (Germany)<br>|  |  |  |
| 4.90% 08/14/2026<sup>(b)</sup> |  | 614000 | &nbsp;&nbsp; 615973 |
| 5.25% 03/22/2029<sup>(b)(c)</sup> |  | 596000 | &nbsp;&nbsp; 608281 |
| 4.95% 08/15/2029<sup>(b)</sup> |  | 474000 | &nbsp;&nbsp; 479940 |
| 5.60% 03/22/2034<sup>(b)</sup> |  | 603000 | &nbsp;&nbsp; 619344 |
|  |  |  | &nbsp;&nbsp; 18414764 |
| **Automotive Parts & Equipment-0.46%** | **Automotive Parts & Equipment-0.46%** | **Automotive Parts & Equipment-0.46%** | **Automotive Parts & Equipment-0.46%** |
| American Axle & Manufacturing, Inc. |  |  |  |
| 6.38% 10/15/2032<sup>(b)</sup> |  | 814000 | &nbsp;&nbsp; 817039 |
| 7.75% 10/15/2033<sup>(b)(c)</sup> |  | 302000 | &nbsp;&nbsp; 302736 |
| BMW US Capital LLC (Germany) |  |  |  |
| 4.50% 08/11/2030<sup>(b)</sup> |  | 271000 | &nbsp;&nbsp; 272164 |
| 5.20% 08/11/2035<sup>(b)</sup> |  | 725000 | &nbsp;&nbsp; 732550 |
| Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 02/15/2030<sup>(b)</sup><br>|  | 518000 | &nbsp;&nbsp; 537358 |
| ERAC USA Finance LLC |  |  |  |
| 5.00% 02/15/2029<sup>(b)</sup> |  | 17000 | &nbsp;&nbsp; 17426 |
| 4.90% 05/01/2033<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3046 |
| Phinia, Inc., 6.75%, 04/15/2029<sup>(b)(c)</sup> |  | 1150000 | &nbsp;&nbsp; 1187793 |
| ZF North America Capital, Inc. <br> (Germany)<br>|  |  |  |
| 6.88% 04/14/2028<sup>(b)</sup> |  | 1068000 | &nbsp;&nbsp; 1075241 |
| 7.13% 04/14/2030<sup>(b)</sup> |  | 296000 | &nbsp;&nbsp; 288398 |
| 6.75% 04/23/2030<sup>(b)</sup> |  | 26000 | &nbsp;&nbsp; 24773 |
| 7.50% 03/24/2031<sup>(b)</sup> |  | 3258000 | &nbsp;&nbsp; 3135549 |
| 6.88% 04/23/2032<sup>(b)</sup> |  | 462000 | &nbsp;&nbsp; 422102 |
|  |  |  | &nbsp;&nbsp; 8816175 |
| **Automotive Retail-0.26%** | **Automotive Retail-0.26%** | **Automotive Retail-0.26%** | **Automotive Retail-0.26%** |
| Advance Auto Parts, Inc. |  |  |  |
| 7.00% 08/01/2030<sup>(b)(c)</sup> |  | 851000 | &nbsp;&nbsp; 859351 |
| 7.38% 08/01/2033<sup>(b)(c)</sup> |  | 915000 | &nbsp;&nbsp; 927307 |
| AutoZone, Inc., 5.20%, 08/01/2033 |  | 5000 | &nbsp;&nbsp; 5151 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**97**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** |
| Lithia Motors, Inc., 5.50%, <br> 10/01/2030<sup>(b)</sup><br>| $| 3164000 | &nbsp;&nbsp; $3171815 |
| O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 75000 | &nbsp;&nbsp; 75572 |
|  |  |  | &nbsp;&nbsp; 5039196 |
| **Biotechnology-0.01%** | **Biotechnology-0.01%** | **Biotechnology-0.01%** | **Biotechnology-0.01%** |
| AbbVie, Inc. |  |  |  |
| 4.80% 03/15/2029 |  | 66000 | &nbsp;&nbsp; 67546 |
| 5.05% 03/15/2034 |  | 44000 | &nbsp;&nbsp; 45280 |
| 5.40% 03/15/2054 |  | 52000 | &nbsp;&nbsp; 51764 |
| 5.50% 03/15/2064 |  | 40000 | &nbsp;&nbsp; 40092 |
| Amgen, Inc. |  |  |  |
| 5.15% 03/02/2028 |  | 2000 | &nbsp;&nbsp; 2045 |
| 5.25% 03/02/2030 |  | 3000 | &nbsp;&nbsp; 3114 |
| Gilead Sciences, Inc. |  |  |  |
| 5.25% 10/15/2033 |  | 6000 | &nbsp;&nbsp; 6307 |
| 5.55% 10/15/2053 |  | 13000 | &nbsp;&nbsp; 13178 |
|  |  |  | &nbsp;&nbsp; 229326 |
| **Broadcasting-0.02%** | **Broadcasting-0.02%** | **Broadcasting-0.02%** | **Broadcasting-0.02%** |
| Paramount Global |  |  |  |
| 5.85% 09/01/2043 |  | 74000 | &nbsp;&nbsp; 66600 |
| 4.95% 05/19/2050 |  | 74000 | &nbsp;&nbsp; 57860 |
| Univision Communications, Inc., 9.38%, <br> 08/01/2032<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 211326 |
|  |  |  | &nbsp;&nbsp; 335786 |
| **Broadline Retail-0.13%** | **Broadline Retail-0.13%** | **Broadline Retail-0.13%** | **Broadline Retail-0.13%** |
| El Puerto de Liverpool S.A.B. de C.V. <br> (Mexico), 6.66%, 01/22/2037<sup>(b)</sup><br>|  | 1246000 | &nbsp;&nbsp; 1336399 |
| Macy's Retail Holdings LLC, 7.38%, <br> 08/01/2033<sup>(b)</sup><br>|  | 1119000 | &nbsp;&nbsp; 1180558 |
|  |  |  | &nbsp;&nbsp; 2516957 |
| **Building Products-0.31%** | **Building Products-0.31%** | **Building Products-0.31%** | **Building Products-0.31%** |
| Amrize Finance US LLC |  |  |  |
| 4.60% 04/07/2027<sup>(b)</sup> |  | 258000 | &nbsp;&nbsp; 259680 |
| 4.70% 04/07/2028<sup>(b)(c)</sup> |  | 223000 | &nbsp;&nbsp; 225537 |
| 4.95% 04/07/2030<sup>(b)</sup> |  | 120000 | &nbsp;&nbsp; 122886 |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 3000 | &nbsp;&nbsp; 3231 |
| CRH America Finance, Inc. |  |  |  |
| 4.40% 02/09/2031 |  | 1836000 | &nbsp;&nbsp; 1834549 |
| 5.00% 02/09/2036 |  | 2535000 | &nbsp;&nbsp; 2541165 |
| 5.60% 02/09/2056 |  | 800000 | &nbsp;&nbsp; 799911 |
| HP Communities LLC |  |  |  |
| 5.78% 03/15/2046<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 145686 |
| 5.86% 09/15/2053<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 91222 |
| Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 6000 | &nbsp;&nbsp; 6202 |
|  |  |  | &nbsp;&nbsp; 6030069 |
| **Cable & Satellite-0.13%** | **Cable & Satellite-0.13%** | **Cable & Satellite-0.13%** | **Cable & Satellite-0.13%** |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>|  |  |  |
| 6.38% 09/01/2029<sup>(b)</sup> |  | 181000 | &nbsp;&nbsp; 182541 |
| 7.38% 03/01/2031<sup>(b)</sup> |  | 26000 | &nbsp;&nbsp; 26416 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite-(continued)** | **Cable & Satellite-(continued)** | **Cable & Satellite-(continued)** | **Cable & Satellite-(continued)** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp.<br>|  |  |  |
| 6.65% 02/01/2034 | $| 16000 | &nbsp;&nbsp; $16919 |
| 5.85% 12/01/2035<sup>(c)</sup> |  | 795000 | &nbsp;&nbsp; 793150 |
| 6.70% 12/01/2055<sup>(c)</sup> |  | 791000 | &nbsp;&nbsp; 780580 |
| Comcast Corp. |  |  |  |
| 5.50% 11/15/2032 |  | 3000 | &nbsp;&nbsp; 3161 |
| 6.05% 05/15/2055 |  | 610000 | &nbsp;&nbsp; 616706 |
| Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup><br>|  | 2000 | &nbsp;&nbsp; 2038 |
|  |  |  | &nbsp;&nbsp; 2421511 |
| **Cargo Ground Transportation-0.11%** | **Cargo Ground Transportation-0.11%** | **Cargo Ground Transportation-0.11%** | **Cargo Ground Transportation-0.11%** |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp.<br>|  |  |  |
| 5.75% 05/24/2026<sup>(b)</sup> |  | 2000 | &nbsp;&nbsp; 2014 |
| 5.35% 01/12/2027<sup>(b)</sup> |  | 6000 | &nbsp;&nbsp; 6068 |
| 5.70% 02/01/2028<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3085 |
| 5.55% 05/01/2028<sup>(b)</sup> |  | 2000 | &nbsp;&nbsp; 2059 |
| 6.05% 08/01/2028<sup>(b)</sup> |  | 4000 | &nbsp;&nbsp; 4175 |
| 5.25% 02/01/2030<sup>(b)</sup> |  | 313000 | &nbsp;&nbsp; 323069 |
| Ryder System, Inc. |  |  |  |
| 4.90% 12/01/2029 |  | 118000 | &nbsp;&nbsp; 120894 |
| 4.30% 12/01/2030 |  | 1750000 | &nbsp;&nbsp; 1740931 |
|  |  |  | &nbsp;&nbsp; 2202295 |
| **Casinos & Gaming-0.01%** | **Casinos & Gaming-0.01%** | **Casinos & Gaming-0.01%** | **Casinos & Gaming-0.01%** |
| Melco Resorts Finance Ltd. (Hong <br> Kong), 6.50%, 09/24/2033<sup>(b)</sup><br>|  | 183000 | &nbsp;&nbsp; 184349 |
| **Commercial & Residential Mortgage Finance-0.23%** | **Commercial & Residential Mortgage Finance-0.23%** | **Commercial & Residential Mortgage Finance-0.23%** | **Commercial & Residential Mortgage Finance-0.23%** |
| Aviation Capital Group LLC |  |  |  |
| 6.25% 04/15/2028<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3122 |
| 6.75% 10/25/2028<sup>(b)</sup> |  | 13000 | &nbsp;&nbsp; 13808 |
| 4.80% 10/24/2030<sup>(b)</sup> |  | 1267000 | &nbsp;&nbsp; 1267096 |
| CrossCountry Intermediate HoldCo LLC, <br> 6.50%, 10/01/2030<sup>(b)</sup><br>|  | 1256000 | &nbsp;&nbsp; 1269155 |
| Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(c)(e)</sup><br>|  | 434000 | &nbsp;&nbsp; 442896 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 23000 | &nbsp;&nbsp; 24050 |
| Rocket Cos., Inc. |  |  |  |
| 6.13% 08/01/2030<sup>(b)</sup> |  | 327000 | &nbsp;&nbsp; 337514 |
| 6.38% 08/01/2033<sup>(b)</sup> |  | 971000 | &nbsp;&nbsp; 1012734 |
|  |  |  | &nbsp;&nbsp; 4370375 |
| **Computer & Electronics Retail-0.03%** | **Computer & Electronics Retail-0.03%** | **Computer & Electronics Retail-0.03%** | **Computer & Electronics Retail-0.03%** |
| Dell International LLC/EMC Corp., <br> 5.50%, 04/01/2035<br>|  | 565000 | &nbsp;&nbsp; 577475 |
| Leidos, Inc., 5.75%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3171 |
|  |  |  | &nbsp;&nbsp; 580646 |
| **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> |  | 2936000 | &nbsp;&nbsp; 3015301 |
| **Construction Machinery & Heavy Transportation Equipment-0.29%** | **Construction Machinery & Heavy Transportation Equipment-0.29%** | **Construction Machinery & Heavy Transportation Equipment-0.29%** | **Construction Machinery & Heavy Transportation Equipment-0.29%** |
| Caterpillar, Inc. |  |  |  |
| 5.20% 05/15/2035<sup>(c)</sup> |  | 471000 | &nbsp;&nbsp; 489481 |
| 5.50% 05/15/2055 |  | 506000 | &nbsp;&nbsp; 520837 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**98**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** |
| Cummins, Inc. |  |  |  |
| 4.70% 02/15/2031 | $| 791000 | &nbsp;&nbsp; $806232 |
| 5.30% 05/09/2035 |  | 569000 | &nbsp;&nbsp; 589613 |
| Komatsu Finance America, Inc., 4.20%, <br> 09/18/2030<sup>(b)</sup><br>|  | 1387000 | &nbsp;&nbsp; 1383403 |
| Westinghouse Air Brake Technologies <br> Corp.<br>|  |  |  |
| 4.90% 05/29/2030 |  | 490000 | &nbsp;&nbsp; 501344 |
| 5.50% 05/29/2035 |  | 1153000 | &nbsp;&nbsp; 1197711 |
|  |  |  | &nbsp;&nbsp; 5488621 |
| **Construction Materials-0.03%** | **Construction Materials-0.03%** | **Construction Materials-0.03%** | **Construction Materials-0.03%** |
| JH North America Holdings, Inc. |  |  |  |
| 5.88% 01/31/2031<sup>(b)</sup> |  | 341000 | &nbsp;&nbsp; 348012 |
| 6.13% 07/31/2032<sup>(b)</sup> |  | 193000 | &nbsp;&nbsp; 198082 |
|  |  |  | &nbsp;&nbsp; 546094 |
| **Consumer Electronics-0.04%** | **Consumer Electronics-0.04%** | **Consumer Electronics-0.04%** | **Consumer Electronics-0.04%** |
| LG Electronics, Inc. (South Korea), <br> 5.63%, 04/24/2029<sup>(b)(c)</sup><br>|  | 554000 | &nbsp;&nbsp; 576743 |
| Sensata Technologies B.V., 4.00%, <br> 04/15/2029<sup>(b)</sup><br>|  | 142000 | &nbsp;&nbsp; 138514 |
|  |  |  | &nbsp;&nbsp; 715257 |
| **Consumer Finance-1.11%** | **Consumer Finance-1.11%** | **Consumer Finance-1.11%** | **Consumer Finance-1.11%** |
| American Express Co. |  |  |  |
| 5.65% 04/23/2027<sup>(e)</sup> |  | 53000 | &nbsp;&nbsp; 53357 |
| 4.73% 04/25/2029<sup>(c)(e)</sup> |  | 260000 | &nbsp;&nbsp; 263988 |
| 5.31% (SOFR + 1.26%), <br> 04/25/2029<sup>(d)</sup><br>|  | 802000 | &nbsp;&nbsp; 812174 |
| 4.35% 07/20/2029<sup>(e)</sup> |  | 1574000 | &nbsp;&nbsp; 1583828 |
| 4.88% (SOFR + 0.81%), <br> 07/20/2029<sup>(d)</sup><br>|  | 2346000 | &nbsp;&nbsp; 2349785 |
| 5.53% 04/25/2030<sup>(e)</sup> |  | 49000 | &nbsp;&nbsp; 51149 |
| 5.02% 04/25/2031<sup>(c)(e)</sup> |  | 428000 | &nbsp;&nbsp; 440267 |
| 4.92% 07/20/2033<sup>(e)</sup> |  | 1074000 | &nbsp;&nbsp; 1094541 |
| 5.44% 01/30/2036<sup>(e)</sup> |  | 4000 | &nbsp;&nbsp; 4166 |
| 5.67% 04/25/2036<sup>(e)</sup> |  | 10000 | &nbsp;&nbsp; 10566 |
| 4.80% 10/24/2036<sup>(e)</sup> |  | 6433000 | &nbsp;&nbsp; 6361789 |
| Capital One Financial Corp. |  |  |  |
| 7.15% 10/29/2027<sup>(e)</sup> |  | 2000 | &nbsp;&nbsp; 2055 |
| 4.49% 09/11/2031<sup>(c)(e)</sup> |  | 1174200 | &nbsp;&nbsp; 1165905 |
| 5.20% 09/11/2036<sup>(c)(e)</sup> |  | 998000 | &nbsp;&nbsp; 991812 |
| FirstCash, Inc. |  |  |  |
| 4.63% 09/01/2028<sup>(b)</sup> |  | 1150000 | &nbsp;&nbsp; 1135144 |
| 6.88% 03/01/2032<sup>(b)(c)</sup> |  | 785000 | &nbsp;&nbsp; 815519 |
| General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 3000 | &nbsp;&nbsp; 3013 |
| goeasy Ltd. (Canada), 6.88%, <br> 02/15/2031<sup>(b)</sup><br>|  | 590000 | &nbsp;&nbsp; 576988 |
| OneMain Finance Corp. |  |  |  |
| 7.13% 09/15/2032 |  | 838000 | &nbsp;&nbsp; 865963 |
| 6.50% 03/15/2033 |  | 2623000 | &nbsp;&nbsp; 2619672 |
| Synchrony Financial, 5.02%, <br> 07/29/2029<sup>(c)(e)</sup><br>|  | 172000 | &nbsp;&nbsp; 173348 |
|  |  |  | &nbsp;&nbsp; 21375029 |
| **Consumer Staples Merchandise Retail-0.00%** | **Consumer Staples Merchandise Retail-0.00%** | **Consumer Staples Merchandise Retail-0.00%** | **Consumer Staples Merchandise Retail-0.00%** |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 3000 | &nbsp;&nbsp; 2903 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Distillers & Vintners-0.05%** | **Distillers & Vintners-0.05%** | **Distillers & Vintners-0.05%** |
| Constellation Brands, Inc. |  |  |
| 4.90% 05/01/2033 | $3000 | &nbsp;&nbsp; $3021 |
| 4.95% 11/01/2035<sup>(c)</sup> | 901000 | &nbsp;&nbsp; 887391 |
|  |  | &nbsp;&nbsp; 890412 |
| **Distributors-0.01%** | **Distributors-0.01%** | **Distributors-0.01%** |
| Genuine Parts Co. |  |  |
| 6.50% 11/01/2028 | 24000 | &nbsp;&nbsp; 25294 |
| 4.95% 08/15/2029 | 168000 | &nbsp;&nbsp; 169956 |
| 6.88% 11/01/2033 | 22000 | &nbsp;&nbsp; 24425 |
|  |  | &nbsp;&nbsp; 219675 |
| **Diversified Banks-6.76%** | **Diversified Banks-6.76%** | **Diversified Banks-6.76%** |
| Africa Finance Corp. (Supranational), <br> 4.38%, 04/17/2026<sup>(b)</sup><br>| 280000 | &nbsp;&nbsp; 279651 |
| Australia and New Zealand Banking <br> Group Ltd. (Australia)<br>|  |  |
| 6.74% 12/08/2032<sup>(b)</sup> | 617000 | &nbsp;&nbsp; 682796 |
| 5.20% 09/30/2035<sup>(b)(e)</sup> | 78000 | &nbsp;&nbsp; 78767 |
| 6.75% <sup>(b)(e)(f)</sup> | 436000 | &nbsp;&nbsp; 442909 |
| Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 9.38%<sup>(e)(f)</sup><br>| 622000 | &nbsp;&nbsp; 696119 |
| Banco Santander S.A. (Spain) |  |  |
| 5.55% 03/14/2028<sup>(e)</sup> | 600000 | &nbsp;&nbsp; 609720 |
| 4.55% 11/06/2030 | 2800000 | &nbsp;&nbsp; 2803085 |
| 5.13% 11/06/2035 | 3200000 | &nbsp;&nbsp; 3204831 |
| 9.63% <sup>(e)(f)</sup> | 1000000 | &nbsp;&nbsp; 1118208 |
| 9.63% <sup>(c)(e)(f)</sup> | 600000 | &nbsp;&nbsp; 732121 |
| Bank of America Corp. |  |  |
| 5.08% (SOFR + 1.05%), <br> 02/04/2028<sup>(d)</sup><br>| 2000 | &nbsp;&nbsp; 2013 |
| 4.95% 07/22/2028<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3041 |
| 4.88% (SOFR + 0.83%), <br> 01/24/2029<sup>(d)</sup><br>| 148000 | &nbsp;&nbsp; 148346 |
| 4.98% 01/24/2029<sup>(e)</sup> | 541000 | &nbsp;&nbsp; 550721 |
| 5.20% 04/25/2029<sup>(e)</sup> | 9000 | &nbsp;&nbsp; 9219 |
| 4.62% 05/09/2029<sup>(e)</sup> | 324000 | &nbsp;&nbsp; 327989 |
| 5.06% (SOFR + 1.01%), <br> 01/24/2031<sup>(c)(d)</sup><br>| 130000 | &nbsp;&nbsp; 130172 |
| 5.16% 01/24/2031<sup>(e)</sup> | 61000 | &nbsp;&nbsp; 62998 |
| 5.43% 08/15/2035<sup>(e)</sup> | 6000 | &nbsp;&nbsp; 6137 |
| 6.63% <sup>(e)(f)</sup> | 447000 | &nbsp;&nbsp; 465955 |
| Series RR, 4.38% <sup>(e)(f)</sup> | 1454000 | &nbsp;&nbsp; 1432196 |
| Bank of Montreal (Canada) |  |  |
| 5.30% 06/05/2026 | 3000 | &nbsp;&nbsp; 3021 |
| 7.70% 05/26/2084<sup>(c)(e)</sup> | 553000 | &nbsp;&nbsp; 586877 |
| 7.30% 11/26/2084<sup>(e)</sup> | 465000 | &nbsp;&nbsp; 495344 |
| Bank of New York Mellon (The) |  |  |
| 4.59% 04/20/2027<sup>(e)</sup> | 666000 | &nbsp;&nbsp; 667404 |
| 4.78% (SOFR + 0.71%), <br> 04/20/2027<sup>(d)</sup><br>| 655000 | &nbsp;&nbsp; 656036 |
| Bank of New Zealand (New Zealand), <br> 5.70%, 01/28/2035<sup>(b)(c)(e)</sup><br>| 760000 | &nbsp;&nbsp; 784274 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| 8.63% 10/27/2082<sup>(e)</sup> | 453000 | &nbsp;&nbsp; 480459 |
| 8.00% 01/27/2084<sup>(e)</sup> | 531000 | &nbsp;&nbsp; 567118 |
| 6.88% 10/27/2085<sup>(e)</sup> | 3383000 | &nbsp;&nbsp; 3416304 |
| Banque Federative du Credit Mutuel <br> (France), 4.59%, 10/16/2028<sup>(b)(c)</sup><br>| 1629000 | &nbsp;&nbsp; 1646603 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**99**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Barclays PLC (United Kingdom) |  |  |
| 5.37% 02/25/2031<sup>(e)</sup> | $491000 | &nbsp;&nbsp; $506557 |
| 6.69% 09/13/2034<sup>(e)</sup> | 44000 | &nbsp;&nbsp; 48739 |
| 5.86% 08/11/2046<sup>(e)</sup> | 999000 | &nbsp;&nbsp; 1035475 |
| BNP Paribas S.A. (France) |  |  |
| 4.79% 05/09/2029<sup>(b)(e)</sup> | 613000 | &nbsp;&nbsp; 618537 |
| 5.72% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(d)</sup><br>| 959000 | &nbsp;&nbsp; 967446 |
| 5.09% 05/09/2031<sup>(b)(e)</sup> | 844000 | &nbsp;&nbsp; 858592 |
| BPCE S.A. (France) |  |  |
| 6.29% 01/14/2036<sup>(b)(e)</sup> | 62000 | &nbsp;&nbsp; 66490 |
| 6.92% 01/14/2046<sup>(b)(e)</sup> | 729000 | &nbsp;&nbsp; 784071 |
| Citibank N.A., 4.93%, 08/06/2026 | 609000 | &nbsp;&nbsp; 612742 |
| Citigroup, Inc. |  |  |
| 5.43% (SOFR + 1.14%), <br> 05/07/2028<sup>(d)</sup><br>| 696000 | &nbsp;&nbsp; 700675 |
| 5.17% 02/13/2030<sup>(e)</sup> | 14000 | &nbsp;&nbsp; 14372 |
| 4.54% 09/19/2030<sup>(e)</sup> | 143000 | &nbsp;&nbsp; 143965 |
| 5.75% (SOFR + 1.46%), <br> 05/07/2031<sup>(d)</sup><br>| 806000 | &nbsp;&nbsp; 819308 |
| 4.50% 09/11/2031<sup>(e)</sup> | 1690400 | &nbsp;&nbsp; 1692819 |
| 6.17% 05/25/2034<sup>(e)</sup> | 12000 | &nbsp;&nbsp; 12748 |
| 5.83% 02/13/2035<sup>(e)</sup> | 5000 | &nbsp;&nbsp; 5198 |
| 5.17% 09/11/2036<sup>(e)</sup> | 2867000 | &nbsp;&nbsp; 2903791 |
| 5.41% 09/19/2039<sup>(e)</sup> | 161000 | &nbsp;&nbsp; 161968 |
| 5.61% 03/04/2056<sup>(c)(e)</sup> | 557000 | &nbsp;&nbsp; 565738 |
| Series AA, 7.63% <sup>(e)(f)</sup> | 1931000 | &nbsp;&nbsp; 2023176 |
| Series BB, 7.20% <sup>(c)(e)(f)</sup> | 1641000 | &nbsp;&nbsp; 1701684 |
| Series DD, 7.00% <sup>(c)(e)(f)</sup> | 2242000 | &nbsp;&nbsp; 2397808 |
| Series W, 4.00% <sup>(e)(f)</sup> | 1647000 | &nbsp;&nbsp; 1646005 |
| Series Z, 7.38% <sup>(c)(e)(f)</sup> | 1892000 | &nbsp;&nbsp; 1964946 |
| Comerica, Inc., 5.98%, 01/30/2030<sup>(e)</sup> | 4000 | &nbsp;&nbsp; 4162 |
| Cooperatieve Rabobank U.A. <br> (Netherlands)<br>|  |  |
| 3.65% 04/06/2028<sup>(b)(c)(e)</sup> | 652000 | &nbsp;&nbsp; 647447 |
| 3.96% 10/17/2028 | 1578000 | &nbsp;&nbsp; 1578752 |
| Corporacion Financiera de Desarrollo <br> S.A. (Peru), 5.95%, <br> 04/30/2029<sup>(b)(c)</sup><br>| 915000 | &nbsp;&nbsp; 951344 |
| Credit Agricole S.A. (France) |  |  |
| 5.22% 05/27/2031<sup>(b)(c)(e)</sup> | 1013000 | &nbsp;&nbsp; 1039041 |
| 4.82% 09/25/2033<sup>(b)(e)</sup> | 2691000 | &nbsp;&nbsp; 2676252 |
| Federation des caisses Desjardins du <br> Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(b)(c)</sup><br>| 574000 | &nbsp;&nbsp; 579958 |
| Fifth Third Bancorp |  |  |
| 1.71% 11/01/2027<sup>(e)</sup> | 2000 | &nbsp;&nbsp; 1949 |
| 6.34% 07/27/2029<sup>(e)</sup> | 2000 | &nbsp;&nbsp; 2103 |
| 4.77% 07/28/2030<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3032 |
| 5.63% 01/29/2032<sup>(e)</sup> | 12000 | &nbsp;&nbsp; 12565 |
| Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(e)</sup><br>| 57000 | &nbsp;&nbsp; 57215 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| HSBC Holdings PLC (United Kingdom) |  |  |
| 5.60% 05/17/2028<sup>(e)</sup> | $442000 | &nbsp;&nbsp; $450598 |
| 5.21% 08/11/2028<sup>(c)(e)</sup> | 456000 | &nbsp;&nbsp; 463356 |
| 5.29% 11/19/2030<sup>(e)</sup> | 500000 | &nbsp;&nbsp; 515813 |
| 5.13% 03/03/2031<sup>(e)</sup> | 600000 | &nbsp;&nbsp; 614101 |
| 5.24% 05/13/2031<sup>(e)</sup> | 761000 | &nbsp;&nbsp; 783215 |
| 5.86% (SOFR + 1.57%), <br> 05/13/2031<sup>(c)(d)</sup><br>| 963000 | &nbsp;&nbsp; 981380 |
| 4.62% 11/06/2031<sup>(e)</sup> | 862000 | &nbsp;&nbsp; 863527 |
| 7.40% 11/13/2034<sup>(e)</sup> | 506000 | &nbsp;&nbsp; 577313 |
| 5.79% 05/13/2036<sup>(e)</sup> | 121000 | &nbsp;&nbsp; 127744 |
| 5.74% 09/10/2036<sup>(c)(e)</sup> | 832000 | &nbsp;&nbsp; 850584 |
| 5.13% 11/06/2036<sup>(e)</sup> | 1637000 | &nbsp;&nbsp; 1637830 |
| 6.33% 03/09/2044<sup>(c)(e)</sup> | 464000 | &nbsp;&nbsp; 512589 |
| 6.88% <sup>(e)(f)</sup> | 623000 | &nbsp;&nbsp; 645122 |
| 7.05% <sup>(e)(f)</sup> | 1147000 | &nbsp;&nbsp; 1194450 |
| ING Groep N.V. (Netherlands), 5.34%, <br> 03/19/2030<sup>(c)(e)</sup><br>| 590000 | &nbsp;&nbsp; 608766 |
| JPMorgan Chase & Co. |  |  |
| 5.57% 04/22/2028<sup>(e)</sup> | 39000 | &nbsp;&nbsp; 39800 |
| 4.85% 07/25/2028<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3039 |
| 4.92% 01/24/2029<sup>(e)</sup> | 54000 | &nbsp;&nbsp; 54967 |
| 5.30% 07/24/2029<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3089 |
| 6.09% 10/23/2029<sup>(e)</sup> | 5000 | &nbsp;&nbsp; 5270 |
| 5.01% 01/23/2030<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3073 |
| 5.58% 04/22/2030<sup>(e)</sup> | 29000 | &nbsp;&nbsp; 30268 |
| 5.00% 07/22/2030<sup>(e)</sup> | 68000 | &nbsp;&nbsp; 69778 |
| 4.60% 10/22/2030<sup>(e)</sup> | 145000 | &nbsp;&nbsp; 146967 |
| 5.14% 01/24/2031<sup>(e)</sup> | 126000 | &nbsp;&nbsp; 130217 |
| 5.10% 04/22/2031<sup>(c)(e)</sup> | 367000 | &nbsp;&nbsp; 379142 |
| 4.26% 10/22/2031<sup>(e)</sup> | 2492000 | &nbsp;&nbsp; 2483855 |
| 5.72% 09/14/2033<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3187 |
| 5.34% 01/23/2035<sup>(e)</sup> | 1000 | &nbsp;&nbsp; 1039 |
| 5.50% 01/24/2036<sup>(e)</sup> | 10000 | &nbsp;&nbsp; 10498 |
| 5.58% 07/23/2036<sup>(e)</sup> | 64000 | &nbsp;&nbsp; 66401 |
| 4.81% 10/22/2036<sup>(c)(e)</sup> | 3451600 | &nbsp;&nbsp; 3441936 |
| 5.53% 11/29/2045<sup>(e)</sup> | 406000 | &nbsp;&nbsp; 418531 |
| Series NN, 6.88% <sup>(e)(f)</sup> | 40000 | &nbsp;&nbsp; 42200 |
| Series OO, 6.50% <sup>(e)(f)</sup> | 173000 | &nbsp;&nbsp; 179823 |
| KeyBank N.A., 5.85%, 11/15/2027 | 571000 | &nbsp;&nbsp; 587827 |
| KeyCorp, 2.55%, 10/01/2029 | 4000 | &nbsp;&nbsp; 3754 |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| 4.43% 11/04/2031<sup>(e)</sup> | 1043000 | &nbsp;&nbsp; 1041483 |
| 4.94% 11/04/2036<sup>(e)</sup> | 3370000 | &nbsp;&nbsp; 3337003 |
| 6.63% <sup>(e)(f)</sup> | 1523000 | &nbsp;&nbsp; 1515089 |
| Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<br>| 548000 | &nbsp;&nbsp; 554667 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**100**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |
| 5.02% 07/20/2028<sup>(e)</sup> | $479000 | &nbsp;&nbsp; $486102 |
| 5.26% 04/17/2030<sup>(e)</sup> | 553000 | &nbsp;&nbsp; 571594 |
| 5.16% 04/24/2031<sup>(c)(e)</sup> | 459000 | &nbsp;&nbsp; 473689 |
| 5.54% (SOFR + 1.48%), <br> 04/24/2031<sup>(d)</sup><br>| 482000 | &nbsp;&nbsp; 490715 |
| 4.53% 09/12/2031<sup>(e)</sup> | 954000 | &nbsp;&nbsp; 958319 |
| 5.41% 04/19/2034<sup>(e)</sup> | 50000 | &nbsp;&nbsp; 52569 |
| 5.43% 04/17/2035<sup>(e)</sup> | 63000 | &nbsp;&nbsp; 65733 |
| 5.57% 01/16/2036<sup>(e)</sup> | 65000 | &nbsp;&nbsp; 68338 |
| 5.62% 04/24/2036<sup>(e)</sup> | 188000 | &nbsp;&nbsp; 197865 |
| 5.19% 09/12/2036<sup>(e)</sup> | 1788000 | &nbsp;&nbsp; 1826231 |
| 6.35% <sup>(e)(f)</sup> | 3471000 | &nbsp;&nbsp; 3562117 |
| 8.20% <sup>(c)(e)(f)</sup> | 1787000 | &nbsp;&nbsp; 1975620 |
| Mizuho Financial Group, Inc. (Japan) |  |  |
| 5.78% 07/06/2029<sup>(e)</sup> | 570000 | &nbsp;&nbsp; 593068 |
| 5.38% 07/10/2030<sup>(c)(e)</sup> | 499000 | &nbsp;&nbsp; 517402 |
| 4.71% 07/08/2031<sup>(e)</sup> | 924000 | &nbsp;&nbsp; 935331 |
| 5.34% (SOFR + 1.25%), <br> 07/08/2031<sup>(d)</sup><br>| 951000 | &nbsp;&nbsp; 959066 |
| 5.59% 07/10/2035<sup>(e)</sup> | 658000 | &nbsp;&nbsp; 692875 |
| 5.32% 07/08/2036<sup>(c)(e)</sup> | 1162000 | &nbsp;&nbsp; 1198764 |
| Morgan Stanley Bank N.A. |  |  |
| 4.75% 04/21/2026<sup>(c)</sup> | 548000 | &nbsp;&nbsp; 549375 |
| 5.02% 01/12/2029<sup>(e)</sup> | 730000 | &nbsp;&nbsp; 742638 |
| Morgan Stanley Private Bank N.A. |  |  |
| 4.47% 07/06/2028<sup>(e)</sup> | 1283000 | &nbsp;&nbsp; 1289665 |
| 4.73% 07/18/2031<sup>(e)</sup> | 1058000 | &nbsp;&nbsp; 1074836 |
| National Australia Bank Ltd. (Australia), <br> 5.90%, 01/14/2036<sup>(b)(e)</sup><br>| 67000 | &nbsp;&nbsp; 70723 |
| National Securities Clearing Corp. |  |  |
| 5.10% 11/21/2027<sup>(b)</sup> | 596000 | &nbsp;&nbsp; 609623 |
| 5.00% 05/30/2028<sup>(b)</sup> | 560000 | &nbsp;&nbsp; 573996 |
| Nordea Bank Abp (Finland) |  |  |
| 4.25% 08/28/2030<sup>(b)</sup> | 2368000 | &nbsp;&nbsp; 2369409 |
| 6.30% <sup>(b)(c)(e)(f)</sup> | 620000 | &nbsp;&nbsp; 631459 |
| 6.75% <sup>(b)(e)(f)</sup> | 917000 | &nbsp;&nbsp; 947512 |
| Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)</sup><br>| 623000 | &nbsp;&nbsp; 636535 |
| PNC Financial Services Group, Inc. <br> (The)<br>|  |  |
| 6.62% 10/20/2027<sup>(e)</sup> | 9000 | &nbsp;&nbsp; 9204 |
| 5.58% 06/12/2029<sup>(e)</sup> | 4000 | &nbsp;&nbsp; 4140 |
| 4.90% 05/13/2031<sup>(e)</sup> | 623000 | &nbsp;&nbsp; 635798 |
| 5.37% 07/21/2036<sup>(e)</sup> | 630000 | &nbsp;&nbsp; 647415 |
| Series V, 6.20% <sup>(e)(f)</sup> | 6000 | &nbsp;&nbsp; 6105 |
| Series W, 6.25% <sup>(e)(f)</sup> | 8000 | &nbsp;&nbsp; 8220 |
| Royal Bank of Canada (Canada) |  |  |
| 4.77% (SOFR + 0.71%), <br> 01/21/2027<sup>(d)</sup><br>| 2000 | &nbsp;&nbsp; 2008 |
| 4.95% 02/01/2029 | 2000 | &nbsp;&nbsp; 2055 |
| 7.50% 05/02/2084<sup>(e)</sup> | 448000 | &nbsp;&nbsp; 476534 |
| 6.50% 11/24/2085<sup>(e)</sup> | 1258000 | &nbsp;&nbsp; 1256633 |
| Santander UK Group Holdings PLC <br> (United Kingdom), 5.14%, <br> 09/22/2036<sup>(e)</sup><br>| 1031000 | &nbsp;&nbsp; 1022191 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Standard Chartered PLC (United <br> Kingdom)<br>|  |  |
| 6.19% 07/06/2027<sup>(b)(c)(e)</sup> | $523000 | &nbsp;&nbsp; $529405 |
| 6.75% 02/08/2028<sup>(b)(c)(e)</sup> | 448000 | &nbsp;&nbsp; 460973 |
| 7.02% 02/08/2030<sup>(b)(e)</sup> | 525000 | &nbsp;&nbsp; 566147 |
| 5.01% 10/15/2030<sup>(b)(e)</sup> | 585000 | &nbsp;&nbsp; 596043 |
| 5.24% 05/13/2031<sup>(b)(c)(e)</sup> | 543000 | &nbsp;&nbsp; 558866 |
| 5.95% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(c)(d)</sup><br>| 659000 | &nbsp;&nbsp; 673984 |
| 2.68% 06/29/2032<sup>(b)(e)</sup> | 810000 | &nbsp;&nbsp; 727919 |
| 5.40% 08/12/2036<sup>(b)(e)</sup> | 2422000 | &nbsp;&nbsp; 2463575 |
| 7.75% <sup>(b)(e)(f)</sup> | 757000 | &nbsp;&nbsp; 787404 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 6.60%<sup>(c)(e)(f)</sup><br>| 1666000 | &nbsp;&nbsp; 1736047 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan)<br>|  |  |
| 5.65% 03/09/2026<sup>(b)</sup> | 555000 | &nbsp;&nbsp; 557912 |
| 5.65% 09/14/2026<sup>(b)(c)</sup> | 558000 | &nbsp;&nbsp; 565531 |
| 5.55% 09/14/2028<sup>(b)</sup> | 487000 | &nbsp;&nbsp; 506918 |
| 5.20% 03/07/2029<sup>(b)</sup> | 560000 | &nbsp;&nbsp; 577804 |
| 4.35% 09/11/2030<sup>(b)</sup> | 828000 | &nbsp;&nbsp; 831992 |
| 5.35% 03/07/2034<sup>(b)</sup> | 67000 | &nbsp;&nbsp; 70071 |
| Sumitomo Mitsui Trust Group, Inc. <br> (Japan), 5.42%, 09/11/2036<sup>(b)(e)</sup><br>| 890000 | &nbsp;&nbsp; 905025 |
| Synovus Bank, 5.63%, 02/15/2028 | 730000 | &nbsp;&nbsp; 745209 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| 4.93% 10/15/2035 | 1450000 | &nbsp;&nbsp; 1453681 |
| 8.13% 10/31/2082<sup>(e)</sup> | 501000 | &nbsp;&nbsp; 529799 |
| Truist Bank |  |  |
| 4.42% 07/24/2028<sup>(e)</sup> | 1628000 | &nbsp;&nbsp; 1634605 |
| 4.82% (SOFR + 0.77%), <br> 07/24/2028<sup>(d)</sup><br>| 2091000 | &nbsp;&nbsp; 2093855 |
| U.S. Bancorp |  |  |
| 5.78% 06/12/2029<sup>(e)</sup> | 1067000 | &nbsp;&nbsp; 1108364 |
| 5.38% 01/23/2030<sup>(e)</sup> | 14000 | &nbsp;&nbsp; 14470 |
| UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>| 474000 | &nbsp;&nbsp; 495302 |
| Wells Fargo & Co. |  |  |
| 5.71% 04/22/2028<sup>(e)</sup> | 24000 | &nbsp;&nbsp; 24529 |
| 4.81% 07/25/2028<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3034 |
| 5.42% (SOFR + 1.37%), <br> 04/23/2029<sup>(d)</sup><br>| 386000 | &nbsp;&nbsp; 391448 |
| 5.57% 07/25/2029<sup>(e)</sup> | 6000 | &nbsp;&nbsp; 6211 |
| 6.30% 10/23/2029<sup>(e)</sup> | 8000 | &nbsp;&nbsp; 8464 |
| 5.20% 01/23/2030<sup>(e)</sup> | 11000 | &nbsp;&nbsp; 11321 |
| 5.15% 04/23/2031<sup>(e)</sup> | 354000 | &nbsp;&nbsp; 365154 |
| 5.39% 04/24/2034<sup>(e)</sup> | 1000 | &nbsp;&nbsp; 1039 |
| 5.56% 07/25/2034<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3151 |
| 5.50% 01/23/2035<sup>(e)</sup> | 2000 | &nbsp;&nbsp; 2088 |
| 5.61% 04/23/2036<sup>(e)</sup> | 60000 | &nbsp;&nbsp; 63075 |
| 6.85% <sup>(e)(f)</sup> | 74000 | &nbsp;&nbsp; 77824 |
| 7.63% <sup>(e)(f)</sup> | 7000 | &nbsp;&nbsp; 7482 |
| Series BB, 3.90% <sup>(e)(f)</sup> | 332000 | &nbsp;&nbsp; 330023 |
| Westpac Banking Corp. (Australia) |  |  |
| 6.82% 11/17/2033 | 22000 | &nbsp;&nbsp; 24724 |
| 5.62% 11/20/2035<sup>(e)</sup> | 11000 | &nbsp;&nbsp; 11381 |
|  |  | &nbsp;&nbsp; 129989716 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**101**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Capital Markets-0.38%** | **Diversified Capital Markets-0.38%** | **Diversified Capital Markets-0.38%** |
| Credit Suisse Group AG (Switzerland) |  |  |
| 4.50% <sup>(b)(e)(f)(g)(h)</sup> | $332000 | &nbsp;&nbsp; $94537 |
| 5.25% <sup>(b)(e)(f)(g)(h)</sup> | 271000 | &nbsp;&nbsp; 77167 |
| UBS Group AG (Switzerland) |  |  |
| 5.71% 01/12/2027<sup>(b)(c)(e)</sup> | 491000 | &nbsp;&nbsp; 492164 |
| 5.43% 02/08/2030<sup>(b)(e)</sup> | 527000 | &nbsp;&nbsp; 545419 |
| 4.40% 09/23/2031<sup>(b)(e)</sup> | 1220000 | &nbsp;&nbsp; 1215851 |
| 5.01% 03/23/2037<sup>(b)(e)</sup> | 1220000 | &nbsp;&nbsp; 1214906 |
| 6.60% <sup>(b)(c)(e)(f)</sup> | 881000 | &nbsp;&nbsp; 882299 |
| 7.00% <sup>(b)(c)(e)(f)</sup> | 871000 | &nbsp;&nbsp; 880531 |
| 7.13% <sup>(b)(e)(f)</sup> | 567000 | &nbsp;&nbsp; 577442 |
| Series 28, 9.25% <sup>(b)(e)(f)</sup> | 584000 | &nbsp;&nbsp; 637217 |
| Series 33, 9.25% <sup>(b)(e)(f)</sup> | 521000 | &nbsp;&nbsp; 610601 |
|  |  | &nbsp;&nbsp; 7228134 |
| **Diversified Chemicals-0.05%** | **Diversified Chemicals-0.05%** | **Diversified Chemicals-0.05%** |
| GC Treasury Center Co. Ltd. (Thailand), <br> 6.50%<sup>(b)(e)(f)</sup><br>| 890000 | &nbsp;&nbsp; 901657 |
| **Diversified Financial Services-2.42%** | **Diversified Financial Services-2.42%** | **Diversified Financial Services-2.42%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |
| 5.10% 01/19/2029 | 429000 | &nbsp;&nbsp; 438950 |
| 4.38% 11/15/2030<sup>(c)</sup> | 2343000 | &nbsp;&nbsp; 2331497 |
| 6.50% 01/31/2056<sup>(e)</sup> | 514000 | &nbsp;&nbsp; 531490 |
| Aircastle Ltd./Aircastle Ireland DAC, <br> 5.00%, 09/15/2030<sup>(b)</sup><br>| 701000 | &nbsp;&nbsp; 706577 |
| AMC East Communities LLC, 6.01%, <br> 01/15/2053<sup>(b)</sup><br>| 178941 | &nbsp;&nbsp; 169077 |
| Apollo Global Management, Inc. |  |  |
| 6.38% 11/15/2033 | 11000 | &nbsp;&nbsp; 12131 |
| 5.15% 08/12/2035<sup>(c)</sup> | 833000 | &nbsp;&nbsp; 839057 |
| Avolon Holdings Funding Ltd. (Ireland) |  |  |
| 4.95% 01/15/2028<sup>(b)</sup> | 197000 | &nbsp;&nbsp; 199090 |
| 6.38% 05/04/2028<sup>(b)</sup> | 13000 | &nbsp;&nbsp; 13552 |
| 4.95% 10/15/2032<sup>(b)</sup> | 2884000 | &nbsp;&nbsp; 2847708 |
| BlackRock Funding, Inc., 4.90%, <br> 01/08/2035<br>| 23000 | &nbsp;&nbsp; 23621 |
| Blackstone Reg Finance Co. L.L.C. |  |  |
| 4.30% 11/03/2030 | 904000 | &nbsp;&nbsp; 901308 |
| 4.95% 02/15/2036 | 833000 | &nbsp;&nbsp; 827431 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50% 06/18/2030<sup>(b)</sup> | 750000 | &nbsp;&nbsp; 767842 |
| 6.20% 06/18/2035<sup>(b)</sup> | 586000 | &nbsp;&nbsp; 615081 |
| Corebridge Financial, Inc. |  |  |
| 6.05% 09/15/2033 | 4000 | &nbsp;&nbsp; 4272 |
| 5.75% 01/15/2034 | 12000 | &nbsp;&nbsp; 12575 |
| Eagle Funding LuxCo S.a.r.l. (Mexico), <br> 5.50%, 08/17/2030<sup>(b)</sup><br>| 15315000 | &nbsp;&nbsp; 15577652 |
| Gabon Blue Bond Master Trust (Gabon), <br> Series 2, 6.10%, 08/01/2038<sup>(b)</sup><br>| 1270000 | &nbsp;&nbsp; 1287275 |
| Horizon Mutual Holdings, Inc., 6.20%, <br> 11/15/2034<sup>(b)</sup><br>| 1443000 | &nbsp;&nbsp; 1418432 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 4.50% 11/15/2029<sup>(b)(c)</sup> | 1819000 | &nbsp;&nbsp; 1769005 |
| 7.13% 04/30/2031<sup>(b)</sup> | 417000 | &nbsp;&nbsp; 437914 |
| 6.13% 11/01/2032<sup>(b)</sup> | 1796000 | &nbsp;&nbsp; 1829111 |
| 6.75% 05/01/2033<sup>(b)</sup> | 3295000 | &nbsp;&nbsp; 3439782 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| LPL Holdings, Inc. |  |  |  |
| 5.70% 05/20/2027 | $| 44000 | &nbsp;&nbsp; $44845 |
| 5.15% 06/15/2030 |  | 215000 | &nbsp;&nbsp; 219006 |
| 5.65% 03/15/2035 |  | 2000 | &nbsp;&nbsp; 2043 |
| Mid-Atlantic Military Family <br> Communities LLC, 5.30%, <br> 08/01/2050<sup>(b)</sup><br>|  | 208920 | &nbsp;&nbsp; 168122 |
| OPEC Fund for International <br> Development (The) (Supranational), <br> 4.50%, 01/26/2026<sup>(b)</sup><br>|  | 1730000 | &nbsp;&nbsp; 1731056 |
| Pacific Beacon LLC |  |  |  |
| 5.38% 07/15/2026<sup>(b)</sup> |  | 14367 | &nbsp;&nbsp; 14433 |
| 5.51% 07/15/2036<sup>(b)</sup> |  | 500000 | &nbsp;&nbsp; 496304 |
| Pershing Square Holdings Ltd. |  |  |  |
| 3.25% 10/01/2031<sup>(b)</sup> |  | 2300000 | &nbsp;&nbsp; 2072499 |
| 5.50% 10/28/2032<sup>(b)</sup> |  | 3138000 | &nbsp;&nbsp; 3140145 |
| Wynnton Funding Trust II, 5.99%, <br> 08/15/2055<sup>(b)</sup><br>|  | 1651000 | &nbsp;&nbsp; 1697447 |
|  |  |  | &nbsp;&nbsp; 46586330 |
| **Diversified Metals & Mining-0.32%** | **Diversified Metals & Mining-0.32%** | **Diversified Metals & Mining-0.32%** | **Diversified Metals & Mining-0.32%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia)<br>|  |  |  |
| 5.10% 09/08/2028 |  | 11000 | &nbsp;&nbsp; 11322 |
| 5.25% 09/08/2030 |  | 9000 | &nbsp;&nbsp; 9384 |
| 5.25% 09/08/2033 |  | 16000 | &nbsp;&nbsp; 16674 |
| 5.75% 09/05/2055 |  | 736000 | &nbsp;&nbsp; 769048 |
| Corporacion Nacional del Cobre de <br> Chile (Chile), 5.13%, 02/02/2033<sup>(b)</sup><br>|  | 674000 | &nbsp;&nbsp; 679833 |
| Glencore Funding LLC (Australia) |  |  |  |
| 5.15% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(d)</sup><br>|  | 65000 | &nbsp;&nbsp; 65353 |
| 4.91% 04/01/2028<sup>(b)(c)</sup> |  | 255000 | &nbsp;&nbsp; 259266 |
| 5.37% 04/04/2029<sup>(b)</sup> |  | 30000 | &nbsp;&nbsp; 30945 |
| 5.19% 04/01/2030<sup>(b)</sup> |  | 195000 | &nbsp;&nbsp; 200790 |
| 5.63% 04/04/2034<sup>(b)</sup> |  | 16000 | &nbsp;&nbsp; 16692 |
| 5.67% 04/01/2035<sup>(b)</sup> |  | 247000 | &nbsp;&nbsp; 257958 |
| 5.89% 04/04/2054<sup>(b)</sup> |  | 23000 | &nbsp;&nbsp; 23527 |
| 6.14% 04/01/2055<sup>(b)</sup> |  | 147000 | &nbsp;&nbsp; 154396 |
| Hudbay Minerals, Inc. (Canada), 6.13%, <br> 04/01/2029<sup>(b)</sup><br>|  | 1150000 | &nbsp;&nbsp; 1165287 |
| Rio Tinto Finance (USA) PLC (Australia) |  |  |  |
| 4.38% 03/12/2027<sup>(c)</sup> |  | 166000 | &nbsp;&nbsp; 167100 |
| 4.50% 03/14/2028 |  | 66000 | &nbsp;&nbsp; 66765 |
| 4.88% 03/14/2030 |  | 196000 | &nbsp;&nbsp; 201243 |
| 5.00% 03/14/2032 |  | 191000 | &nbsp;&nbsp; 197028 |
| 5.75% 03/14/2055 |  | 42000 | &nbsp;&nbsp; 43476 |
| 5.88% 03/14/2065 |  | 77000 | &nbsp;&nbsp; 80703 |
| Windfall Mining Group, Inc./Groupe <br> Minier Windfall, Inc. (South Africa), <br> 5.85%, 05/13/2032<sup>(b)(c)</sup><br>|  | 1666000 | &nbsp;&nbsp; 1743069 |
|  |  |  | &nbsp;&nbsp; 6159859 |
| **Diversified REITs-0.02%** | **Diversified REITs-0.02%** | **Diversified REITs-0.02%** | **Diversified REITs-0.02%** |
| ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 168000 | &nbsp;&nbsp; 172227 |
| Fort Moore Family Communities LLC, <br> 5.81%, 01/15/2051<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 173334 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**102**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified REITs-(continued)** | **Diversified REITs-(continued)** | **Diversified REITs-(continued)** | **Diversified REITs-(continued)** |
| VICI Properties L.P. |  |  |  |
| 5.75% 04/01/2034 | $| 12000 | &nbsp;&nbsp; $12415 |
| 6.13% 04/01/2054 |  | 13000 | &nbsp;&nbsp; 13152 |
|  |  |  | &nbsp;&nbsp; 371128 |
| **Diversified Support Services-0.21%** | **Diversified Support Services-0.21%** | **Diversified Support Services-0.21%** | **Diversified Support Services-0.21%** |
| Amazon Conservation DAC (Ecuador), <br> 6.03%, 01/16/2042<sup>(b)</sup><br>|  | 3415000 | &nbsp;&nbsp; 3526158 |
| Element Fleet Management Corp. <br> (Canada)<br>|  |  |  |
| 6.32% 12/04/2028<sup>(b)</sup> |  | 19000 | &nbsp;&nbsp; 20102 |
| 5.04% 03/25/2030<sup>(b)</sup> |  | 351000 | &nbsp;&nbsp; 358658 |
| RB Global Holdings, Inc. (Canada) |  |  |  |
| 6.75% 03/15/2028<sup>(b)</sup> |  | 75000 | &nbsp;&nbsp; 76673 |
| 7.75% 03/15/2031<sup>(b)</sup> |  | 140000 | &nbsp;&nbsp; 146283 |
|  |  |  | &nbsp;&nbsp; 4127874 |
| **Drug Retail-0.19%** | **Drug Retail-0.19%** | **Drug Retail-0.19%** | **Drug Retail-0.19%** |
| CK Hutchison International (23) Ltd. <br> (United Kingdom), 4.88%, <br> 04/21/2033<sup>(b)</sup><br>|  | 554000 | &nbsp;&nbsp; 564751 |
| Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), 5.75%, <br> 12/01/2030<br>|  | 2952000 | &nbsp;&nbsp; 3054420 |
|  |  |  | &nbsp;&nbsp; 3619171 |
| **Electric Utilities-3.03%** | **Electric Utilities-3.03%** | **Electric Utilities-3.03%** | **Electric Utilities-3.03%** |
| AEP Texas, Inc. |  |  |  |
| 5.70% 05/15/2034<sup>(c)</sup> |  | 260000 | &nbsp;&nbsp; 271529 |
| 5.85% 10/15/2055 |  | 1595500 | &nbsp;&nbsp; 1596452 |
| AEP Transmission Co. LLC, 5.38%, <br> 06/15/2035<br>|  | 101000 | &nbsp;&nbsp; 104674 |
| Alabama Power Co. |  |  |  |
| 5.85% 11/15/2033 |  | 5000 | &nbsp;&nbsp; 5379 |
| Series C, 4.30% 03/15/2031 |  | 1351000 | &nbsp;&nbsp; 1352339 |
| Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 267094 |
| Alliant Energy Corp., 5.75%, <br> 04/01/2056<sup>(e)</sup><br>|  | 833000 | &nbsp;&nbsp; 836599 |
| American Electric Power Co., Inc. |  |  |  |
| 5.75% 11/01/2027 |  | 3000 | &nbsp;&nbsp; 3092 |
| 5.20% 01/15/2029 |  | 12000 | &nbsp;&nbsp; 12388 |
| Series C, 5.80% 03/15/2056<sup>(e)</sup> |  | 3208000 | &nbsp;&nbsp; 3216745 |
| Series D, 6.05% 03/15/2056<sup>(e)</sup> |  | 1333000 | &nbsp;&nbsp; 1351029 |
| Arizona Public Service Co., 5.90%, <br> 08/15/2055<br>|  | 2065600 | &nbsp;&nbsp; 2131437 |
| Baltimore Gas and Electric Co., 5.45%, <br> 06/01/2035<br>|  | 241000 | &nbsp;&nbsp; 251402 |
| Capital Power (US Holdings), Inc. <br> (Canada)<br>|  |  |  |
| 5.26% 06/01/2028<sup>(b)</sup> |  | 112000 | &nbsp;&nbsp; 114170 |
| 6.19% 06/01/2035<sup>(b)</sup> |  | 328000 | &nbsp;&nbsp; 343600 |
| CenterPoint Energy Houston <br> Electric LLC<br>|  |  |  |
| 4.80% 03/15/2030 |  | 110000 | &nbsp;&nbsp; 112577 |
| 5.05% 03/01/2035 |  | 97000 | &nbsp;&nbsp; 98242 |
| Series AJ, 4.85% 10/01/2052 |  | 4000 | &nbsp;&nbsp; 3693 |
| Chile Electricity Lux MPC II S.a.r.l. <br> (Chile), 5.58%, 10/20/2035<sup>(b)</sup><br>|  | 3276597 | &nbsp;&nbsp; 3375878 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Consolidated Edison Co. of New York, <br> Inc.<br>|  |  |
| 5.50% 03/15/2034 | $3000 | &nbsp;&nbsp; $3166 |
| 5.90% 11/15/2053 | 12000 | &nbsp;&nbsp; 12630 |
| Constellation Energy Generation LLC |  |  |
| 6.13% 01/15/2034 | 3000 | &nbsp;&nbsp; 3266 |
| 6.50% 10/01/2053 | 4000 | &nbsp;&nbsp; 4431 |
| 5.75% 03/15/2054 | 26000 | &nbsp;&nbsp; 26410 |
| Duke Energy Carolinas LLC |  |  |
| 4.85% 03/15/2030 | 39000 | &nbsp;&nbsp; 40105 |
| 5.25% 03/15/2035 | 172000 | &nbsp;&nbsp; 178352 |
| 5.35% 01/15/2053 | 3000 | &nbsp;&nbsp; 2961 |
| Duke Energy Corp. |  |  |
| 4.85% 01/05/2029 | 24000 | &nbsp;&nbsp; 24460 |
| 4.95% 09/15/2035 | 1301000 | &nbsp;&nbsp; 1294444 |
| 5.00% 08/15/2052 | 2000 | &nbsp;&nbsp; 1809 |
| Duke Energy Indiana LLC, 5.40%, <br> 04/01/2053<br>| 4000 | &nbsp;&nbsp; 3924 |
| Electricite de France S.A. (France) |  |  |
| 5.70% 05/23/2028<sup>(b)</sup> | 336000 | &nbsp;&nbsp; 347017 |
| 6.38% 01/13/2055<sup>(b)</sup> | 2395000 | &nbsp;&nbsp; 2512628 |
| 9.13% <sup>(b)(c)(e)(f)</sup> | 685000 | &nbsp;&nbsp; 793962 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(e)</sup> | 40000 | &nbsp;&nbsp; 42161 |
| Entergy Louisiana LLC |  |  |
| 5.15% 09/15/2034 | 36000 | &nbsp;&nbsp; 37009 |
| 5.80% 03/15/2055 | 235000 | &nbsp;&nbsp; 242335 |
| Entergy Texas, Inc., 5.25%, <br> 04/15/2035<br>| 137000 | &nbsp;&nbsp; 141226 |
| Evergy Metro, Inc. |  |  |
| 4.95% 04/15/2033 | 4000 | &nbsp;&nbsp; 4089 |
| 5.13% 08/15/2035 | 802000 | &nbsp;&nbsp; 814141 |
| Exelon Corp. |  |  |
| 5.15% 03/15/2029 | 14000 | &nbsp;&nbsp; 14404 |
| 5.13% 03/15/2031 | 277000 | &nbsp;&nbsp; 286573 |
| 5.45% 03/15/2034 | 22000 | &nbsp;&nbsp; 22919 |
| 5.60% 03/15/2053 | 37000 | &nbsp;&nbsp; 36480 |
| 5.88% 03/15/2055 | 293000 | &nbsp;&nbsp; 300350 |
| FirstEnergy Pennsylvania Electric Co., <br> 5.20%, 04/01/2028<sup>(b)</sup><br>| 2000 | &nbsp;&nbsp; 2046 |
| FirstEnergy Transmission LLC |  |  |
| 4.55% 01/15/2030 | 85000 | &nbsp;&nbsp; 85587 |
| 5.00% 01/15/2035 | 40000 | &nbsp;&nbsp; 40128 |
| Florida Power & Light Co., 4.80%, <br> 05/15/2033<br>| 3000 | &nbsp;&nbsp; 3067 |
| Georgia Power Co., 4.95%, <br> 05/17/2033<br>| 3000 | &nbsp;&nbsp; 3064 |
| Hawaiian Electric Co., Inc., 6.00%, <br> 10/01/2033<sup>(b)</sup><br>| 623000 | &nbsp;&nbsp; 630393 |
| Louisville Gas and Electric Co., 5.85%, <br> 08/15/2055<br>| 364000 | &nbsp;&nbsp; 375325 |
| MidAmerican Energy Co. |  |  |
| 5.35% 01/15/2034 | 3000 | &nbsp;&nbsp; 3140 |
| 5.85% 09/15/2054 | 4000 | &nbsp;&nbsp; 4224 |
| 5.30% 02/01/2055 | 44000 | &nbsp;&nbsp; 42894 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**103**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| 4.85% 02/07/2029 | $68000 | &nbsp;&nbsp; $69573 |
| 5.00% 02/07/2031 | 22000 | &nbsp;&nbsp; 22704 |
| 5.80% 01/15/2033 | 3000 | &nbsp;&nbsp; 3221 |
| 5.00% 08/15/2034 | 146000 | &nbsp;&nbsp; 149136 |
| Series D, 4.15% 08/25/2028 | 1096000 | &nbsp;&nbsp; 1098568 |
| New England Power Co., 5.85%, <br> 09/08/2055<sup>(b)</sup><br>| 505000 | &nbsp;&nbsp; 515729 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.90% 03/15/2029 | 39000 | &nbsp;&nbsp; 39954 |
| 5.05% 03/15/2030 | 148000 | &nbsp;&nbsp; 152550 |
| 5.45% 03/15/2035 | 368000 | &nbsp;&nbsp; 381284 |
| Niagara Mohawk Power Corp. |  |  |
| 4.65% 10/03/2030<sup>(b)</sup> | 1457000 | &nbsp;&nbsp; 1469230 |
| 5.29% 01/17/2034<sup>(b)</sup> | 13000 | &nbsp;&nbsp; 13291 |
| 6.00% 07/03/2055<sup>(b)</sup> | 1477000 | &nbsp;&nbsp; 1532844 |
| Northern States Power Co., 5.65%, <br> 05/15/2055<br>| 402000 | &nbsp;&nbsp; 415061 |
| NRG Energy, Inc. |  |  |
| 4.73% 10/15/2030<sup>(b)</sup> | 2609000 | &nbsp;&nbsp; 2603969 |
| 5.75% 01/15/2034<sup>(b)</sup> | 1633000 | &nbsp;&nbsp; 1645591 |
| 5.41% 10/15/2035<sup>(b)</sup> | 2101000 | &nbsp;&nbsp; 2097785 |
| 6.00% 01/15/2036<sup>(b)</sup> | 1807000 | &nbsp;&nbsp; 1839269 |
| Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<br>| 26000 | &nbsp;&nbsp; 26307 |
| Ohio Power Co., 5.65%, 06/01/2034 | 24000 | &nbsp;&nbsp; 25120 |
| Oklahoma Gas and Electric Co., 5.60%, <br> 04/01/2053<br>| 169000 | &nbsp;&nbsp; 170044 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.50% 03/20/2027<sup>(b)</sup> | 205000 | &nbsp;&nbsp; 206500 |
| 4.65% 11/01/2029 | 223000 | &nbsp;&nbsp; 226910 |
| 5.65% 11/15/2033 | 12000 | &nbsp;&nbsp; 12783 |
| 5.80% 04/01/2055<sup>(b)(c)</sup> | 663000 | &nbsp;&nbsp; 684795 |
| PacifiCorp |  |  |
| 5.10% 02/15/2029 | 16000 | &nbsp;&nbsp; 16431 |
| 5.30% 02/15/2031 | 24000 | &nbsp;&nbsp; 24935 |
| 5.45% 02/15/2034 | 15000 | &nbsp;&nbsp; 15430 |
| 5.80% 01/15/2055 | 22000 | &nbsp;&nbsp; 21520 |
| PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>| 19000 | &nbsp;&nbsp; 19511 |
| PPL Electric Utilities Corp., 5.55%, <br> 08/15/2055<br>| 438000 | &nbsp;&nbsp; 445115 |
| PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup><br>| 23000 | &nbsp;&nbsp; 23600 |
| Public Service Co. of Colorado, 5.25%, <br> 04/01/2053<br>| 3000 | &nbsp;&nbsp; 2866 |
| RWE Finance US LLC (Germany) |  |  |
| 5.13% 09/18/2035<sup>(b)</sup> | 921000 | &nbsp;&nbsp; 909053 |
| 5.88% 09/18/2055<sup>(b)</sup> | 976000 | &nbsp;&nbsp; 962230 |
| San Diego Gas & Electric Co. |  |  |
| 5.35% 04/01/2053 | 12000 | &nbsp;&nbsp; 11600 |
| 5.55% 04/15/2054 | 77000 | &nbsp;&nbsp; 76511 |
| Sierra Pacific Power Co. |  |  |
| 5.90% 03/15/2054 | 4000 | &nbsp;&nbsp; 4087 |
| 6.20% 12/15/2055<sup>(e)</sup> | 1217200 | &nbsp;&nbsp; 1216988 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Southern Co. (The) |  |  |  |
| 5.70% 10/15/2032 | $| 2000 | &nbsp;&nbsp; $2123 |
| 4.85% 03/15/2035 |  | 90000 | &nbsp;&nbsp; 89171 |
| Conv., 3.25% 06/15/2028<sup>(b)</sup> |  | 2077000 | &nbsp;&nbsp; 2118540 |
| Series B, 4.00% 01/15/2051<sup>(e)</sup> |  | 57000 | &nbsp;&nbsp; 56878 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 2000 | &nbsp;&nbsp; 2044 |
| Trans-Allegheny Interstate Line Co., <br> 5.00%, 01/15/2031<sup>(b)</sup><br>|  | 17000 | &nbsp;&nbsp; 17462 |
| Union Electric Co. |  |  |  |
| 5.20% 04/01/2034 |  | 36000 | &nbsp;&nbsp; 37240 |
| 5.25% 04/15/2035 |  | 117000 | &nbsp;&nbsp; 121032 |
| 5.13% 03/15/2055 |  | 81000 | &nbsp;&nbsp; 76825 |
| Virginia Electric and Power Co. |  |  |  |
| 5.00% 04/01/2033 |  | 3000 | &nbsp;&nbsp; 3062 |
| Series C, 4.90% 09/15/2035 |  | 2113000 | &nbsp;&nbsp; 2107769 |
| Series D, 5.60% 09/15/2055<sup>(c)</sup> |  | 2911000 | &nbsp;&nbsp; 2917917 |
| Vistra Operations Co. LLC |  |  |  |
| 5.05% 12/30/2026<sup>(b)</sup> |  | 109000 | &nbsp;&nbsp; 109817 |
| 5.63% 02/15/2027<sup>(b)</sup> |  | 3000000 | &nbsp;&nbsp; 3002850 |
| 4.60% 10/15/2030<sup>(b)</sup> |  | 1268000 | &nbsp;&nbsp; 1260626 |
| 7.75% 10/15/2031<sup>(b)</sup> |  | 664000 | &nbsp;&nbsp; 705131 |
| 6.88% 04/15/2032<sup>(b)(c)</sup> |  | 357000 | &nbsp;&nbsp; 375245 |
| 6.95% 10/15/2033<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3340 |
| 6.00% 04/15/2034<sup>(b)</sup> |  | 21000 | &nbsp;&nbsp; 22046 |
| 5.70% 12/30/2034<sup>(b)</sup> |  | 205000 | &nbsp;&nbsp; 210748 |
| 5.25% 10/15/2035<sup>(b)</sup> |  | 1474000 | &nbsp;&nbsp; 1465089 |
| Wisconsin Electric Power Co., 4.15%, <br> 10/15/2030<br>|  | 506000 | &nbsp;&nbsp; 504370 |
| Xcel Energy, Inc., 4.75%, 03/21/2028 |  | 72000 | &nbsp;&nbsp; 72959 |
|  |  |  | &nbsp;&nbsp; 58263818 |
| **Electrical Components & Equipment-0.10%** | **Electrical Components & Equipment-0.10%** | **Electrical Components & Equipment-0.10%** | **Electrical Components & Equipment-0.10%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)(c)</sup> |  | 2037000 | &nbsp;&nbsp; 2012862 |
| Regal Rexnord Corp. |  |  |  |
| 6.30% 02/15/2030 |  | 3000 | &nbsp;&nbsp; 3176 |
| 6.40% 04/15/2033 |  | 4000 | &nbsp;&nbsp; 4289 |
|  |  |  | &nbsp;&nbsp; 2020327 |
| **Electronic Components-0.41%** | **Electronic Components-0.41%** | **Electronic Components-0.41%** | **Electronic Components-0.41%** |
| Amphenol Corp. |  |  |  |
| 3.90% 11/15/2028 |  | 1202000 | &nbsp;&nbsp; 1196669 |
| 4.13% 11/15/2030 |  | 2224000 | &nbsp;&nbsp; 2206874 |
| 4.40% 02/15/2033 |  | 2397000 | &nbsp;&nbsp; 2370996 |
| 5.00% 01/15/2035 |  | 76000 | &nbsp;&nbsp; 77568 |
| 5.38% 11/15/2054 |  | 61000 | &nbsp;&nbsp; 60541 |
| 5.30% 11/15/2055 |  | 1942000 | &nbsp;&nbsp; 1891241 |
|  |  |  | &nbsp;&nbsp; 7803889 |
| **Electronic Equipment & Instruments-0.01%** | **Electronic Equipment & Instruments-0.01%** | **Electronic Equipment & Instruments-0.01%** | **Electronic Equipment & Instruments-0.01%** |
| Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>|  | 263000 | &nbsp;&nbsp; 273396 |
| **Electronic Manufacturing Services-0.01%** | **Electronic Manufacturing Services-0.01%** | **Electronic Manufacturing Services-0.01%** | **Electronic Manufacturing Services-0.01%** |
| EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup><br>|  | 247000 | &nbsp;&nbsp; 254232 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**104**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Environmental & Facilities Services-0.02%** | **Environmental & Facilities Services-0.02%** | **Environmental & Facilities Services-0.02%** |
| Republic Services, Inc. |  |  |
| 4.88% 04/01/2029 | $19000 | &nbsp;&nbsp; $19475 |
| 5.00% 12/15/2033 | 7000 | &nbsp;&nbsp; 7235 |
| 5.00% 04/01/2034 | 3000 | &nbsp;&nbsp; 3084 |
| Veralto Corp. |  |  |
| 5.50% 09/18/2026 | 39000 | &nbsp;&nbsp; 39432 |
| 5.35% 09/18/2028 | 12000 | &nbsp;&nbsp; 12405 |
| Waste Management, Inc., 5.35%, <br> 10/15/2054<sup>(c)</sup><br>| 279000 | &nbsp;&nbsp; 275345 |
|  |  | &nbsp;&nbsp; 356976 |
| **Financial Exchanges & Data-0.04%** | **Financial Exchanges & Data-0.04%** | **Financial Exchanges & Data-0.04%** |
| Intercontinental Exchange, Inc. |  |  |
| 4.95% 06/15/2052 | 3000 | &nbsp;&nbsp; 2808 |
| 5.20% 06/15/2062 | 2000 | &nbsp;&nbsp; 1902 |
| MSCI, Inc., 5.25%, 09/01/2035 | 741000 | &nbsp;&nbsp; 744044 |
| Nasdaq, Inc. |  |  |
| 5.35% 06/28/2028 | 3000 | &nbsp;&nbsp; 3096 |
| 5.55% 02/15/2034 | 3000 | &nbsp;&nbsp; 3150 |
| 5.95% 08/15/2053 | 2000 | &nbsp;&nbsp; 2104 |
| 6.10% 06/28/2063 | 4000 | &nbsp;&nbsp; 4243 |
|  |  | &nbsp;&nbsp; 761347 |
| **Food Distributors-0.44%** | **Food Distributors-0.44%** | **Food Distributors-0.44%** |
| Bunge Ltd. Finance Corp. |  |  |
| 4.55% 08/04/2030 | 2529000 | &nbsp;&nbsp; 2549989 |
| 5.15% 08/04/2035 | 971000 | &nbsp;&nbsp; 984387 |
| JBS USA Holding Lux S.a.r.l./JBS USA <br> Foods Group Holdings, Inc./JBS USA <br> Food Co.<br>|  |  |
| 5.50% 01/15/2036<sup>(b)</sup> | 1975000 | &nbsp;&nbsp; 2002541 |
| 6.25% 03/01/2056<sup>(b)</sup> | 2170000 | &nbsp;&nbsp; 2187013 |
| 6.38% 04/15/2066<sup>(b)</sup> | 696000 | &nbsp;&nbsp; 713762 |
| Sysco Corp., 5.10%, 09/23/2030 | 97000 | &nbsp;&nbsp; 100038 |
|  |  | &nbsp;&nbsp; 8537730 |
| **Food Retail-0.27%** | **Food Retail-0.27%** | **Food Retail-0.27%** |
| Alimentation Couche-Tard, Inc. <br> (Canada)<br>|  |  |
| 4.15% 09/29/2028<sup>(b)</sup> | 2985000 | &nbsp;&nbsp; 2986508 |
| 5.08% 09/29/2035<sup>(b)(c)</sup> | 1820000 | &nbsp;&nbsp; 1826666 |
| Kroger Co. (The) |  |  |
| 5.00% 09/15/2034 | 90000 | &nbsp;&nbsp; 90784 |
| 5.65% 09/15/2064<sup>(c)</sup> | 219000 | &nbsp;&nbsp; 213630 |
|  |  | &nbsp;&nbsp; 5117588 |
| **Forest Products-0.08%** | **Forest Products-0.08%** | **Forest Products-0.08%** |
| Georgia-Pacific LLC, 4.95%, <br> 06/30/2032<sup>(b)(c)</sup><br>| 285000 | &nbsp;&nbsp; 292326 |
| Suzano Netherlands B.V. (Brazil), <br> 5.50%, 01/15/2036<br>| 1227000 | &nbsp;&nbsp; 1224528 |
|  |  | &nbsp;&nbsp; 1516854 |
| **Gas Utilities-0.21%** | **Gas Utilities-0.21%** | **Gas Utilities-0.21%** |
| Atmos Energy Corp. |  |  |
| 5.90% 11/15/2033 | 2000 | &nbsp;&nbsp; 2167 |
| 5.20% 08/15/2035<sup>(c)</sup> | 1043000 | &nbsp;&nbsp; 1073975 |
| 6.20% 11/15/2053 | 3000 | &nbsp;&nbsp; 3311 |
| 5.45% 01/15/2056 | 763000 | &nbsp;&nbsp; 756953 |
| Piedmont Natural Gas Co., Inc., 5.40%, <br> 06/15/2033<br>| 2000 | &nbsp;&nbsp; 2084 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Gas Utilities-(continued)** | **Gas Utilities-(continued)** | **Gas Utilities-(continued)** | **Gas Utilities-(continued)** |
| Snam S.p.A. (Italy) |  |  |  |
| 5.75% 05/28/2035<sup>(b)</sup> | $| 823000 | &nbsp;&nbsp; $858236 |
| 6.50% 05/28/2055<sup>(b)</sup> |  | 877000 | &nbsp;&nbsp; 945454 |
| Southern Natural Gas Co. L.L.C., <br> 5.45%, 08/01/2035<sup>(b)</sup><br>|  | 469000 | &nbsp;&nbsp; 478235 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 2000 | &nbsp;&nbsp; 2055 |
|  |  |  | &nbsp;&nbsp; 4122470 |
| **Gold-0.12%** | **Gold-0.12%** | **Gold-0.12%** | **Gold-0.12%** |
| Fortitude Global Funding, 4.63%, <br> 10/06/2028<sup>(b)</sup><br>|  | 2006000 | &nbsp;&nbsp; 2009263 |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup><br>|  | 210000 | &nbsp;&nbsp; 219757 |
|  |  |  | &nbsp;&nbsp; 2229020 |
| **Health Care Distributors-0.10%** | **Health Care Distributors-0.10%** | **Health Care Distributors-0.10%** | **Health Care Distributors-0.10%** |
| Cardinal Health, Inc. |  |  |  |
| 4.50% 09/15/2030<sup>(c)</sup> |  | 491200 | &nbsp;&nbsp; 493963 |
| 5.45% 02/15/2034 |  | 12000 | &nbsp;&nbsp; 12490 |
| 5.15% 09/15/2035<sup>(c)</sup> |  | 458200 | &nbsp;&nbsp; 462888 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 12000 | &nbsp;&nbsp; 12333 |
| McKesson Corp. |  |  |  |
| 4.25% 09/15/2029 |  | 80000 | &nbsp;&nbsp; 80286 |
| 4.95% 05/30/2032<sup>(c)</sup> |  | 900000 | &nbsp;&nbsp; 923588 |
|  |  |  | &nbsp;&nbsp; 1985548 |
| **Health Care Equipment-0.07%** | **Health Care Equipment-0.07%** | **Health Care Equipment-0.07%** | **Health Care Equipment-0.07%** |
| GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 557000 | &nbsp;&nbsp; 567733 |
| Smith & Nephew PLC (United Kingdom) |  |  |  |
| 5.15% 03/20/2027 |  | 20000 | &nbsp;&nbsp; 20245 |
| 5.40% 03/20/2034 |  | 40000 | &nbsp;&nbsp; 41393 |
| Stryker Corp. |  |  |  |
| 4.55% 02/10/2027 |  | 55000 | &nbsp;&nbsp; 55362 |
| 4.25% 09/11/2029 |  | 90000 | &nbsp;&nbsp; 90406 |
| 4.85% 02/10/2030 |  | 250000 | &nbsp;&nbsp; 256477 |
| 5.20% 02/10/2035 |  | 324000 | &nbsp;&nbsp; 334050 |
|  |  |  | &nbsp;&nbsp; 1365666 |
| **Health Care Facilities-0.01%** | **Health Care Facilities-0.01%** | **Health Care Facilities-0.01%** | **Health Care Facilities-0.01%** |
| Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 18000 | &nbsp;&nbsp; 18640 |
| Universal Health Services, Inc. |  |  |  |
| 4.63% 10/15/2029 |  | 83000 | &nbsp;&nbsp; 83267 |
| 5.05% 10/15/2034 |  | 126000 | &nbsp;&nbsp; 123498 |
| UPMC |  |  |  |
| 5.04% 05/15/2033 |  | 25000 | &nbsp;&nbsp; 25554 |
| 5.38% 05/15/2043 |  | 30000 | &nbsp;&nbsp; 29743 |
|  |  |  | &nbsp;&nbsp; 280702 |
| **Health Care REITs-0.04%** | **Health Care REITs-0.04%** | **Health Care REITs-0.04%** | **Health Care REITs-0.04%** |
| National Health Investors, Inc., 5.35%, <br> 02/01/2033<sup>(c)</sup><br>|  | 357000 | &nbsp;&nbsp; 353178 |
| Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 447000 | &nbsp;&nbsp; 453718 |
|  |  |  | &nbsp;&nbsp; 806896 |
| **Health Care Services-1.25%** | **Health Care Services-1.25%** | **Health Care Services-1.25%** | **Health Care Services-1.25%** |
| Cigna Group (The), 4.50%, <br> 09/15/2030<br>|  | 1385800 | &nbsp;&nbsp; 1391504 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**105**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Services-(continued)** | **Health Care Services-(continued)** | **Health Care Services-(continued)** | **Health Care Services-(continued)** |
| CommonSpirit Health |  |  |  |
| 4.35% 09/01/2030<sup>(c)</sup> | $| 832000 | &nbsp;&nbsp; $830295 |
| 5.32% 12/01/2034 |  | 130000 | &nbsp;&nbsp; 132880 |
| 4.83% 09/01/2035 |  | 2085000 | &nbsp;&nbsp; 2078991 |
| 4.98% 09/01/2035 |  | 1251000 | &nbsp;&nbsp; 1245807 |
| 5.58% 09/01/2045 |  | 669000 | &nbsp;&nbsp; 665630 |
| 5.55% 12/01/2054 |  | 128000 | &nbsp;&nbsp; 125805 |
| 5.66% 09/01/2055 |  | 586000 | &nbsp;&nbsp; 584665 |
| CVS Health Corp. |  |  |  |
| 5.00% 01/30/2029 |  | 3000 | &nbsp;&nbsp; 3063 |
| 5.25% 01/30/2031 |  | 3000 | &nbsp;&nbsp; 3095 |
| 5.00% 09/15/2032<sup>(c)</sup> |  | 212000 | &nbsp;&nbsp; 215425 |
| 5.45% 09/15/2035 |  | 878000 | &nbsp;&nbsp; 896919 |
| 6.75% 12/10/2054<sup>(e)</sup> |  | 1792000 | &nbsp;&nbsp; 1863945 |
| 7.00% 03/10/2055<sup>(e)</sup> |  | 8157000 | &nbsp;&nbsp; 8583007 |
| 6.20% 09/15/2055<sup>(c)</sup> |  | 1984000 | &nbsp;&nbsp; 2039246 |
| 6.00% 06/01/2063 |  | 3000 | &nbsp;&nbsp; 2968 |
| 6.25% 09/15/2065 |  | 629000 | &nbsp;&nbsp; 641264 |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(b)</sup> |  | 11000 | &nbsp;&nbsp; 11407 |
| HCA, Inc. |  |  |  |
| 5.00% 03/01/2028 |  | 90000 | &nbsp;&nbsp; 91686 |
| 4.30% 11/15/2030 |  | 418000 | &nbsp;&nbsp; 416059 |
| 5.45% 09/15/2034 |  | 39000 | &nbsp;&nbsp; 40147 |
| 5.75% 03/01/2035 |  | 162000 | &nbsp;&nbsp; 170043 |
| 5.90% 06/01/2053 |  | 3000 | &nbsp;&nbsp; 2989 |
| 6.20% 03/01/2055 |  | 194000 | &nbsp;&nbsp; 201650 |
| Icon Investments Six DAC |  |  |  |
| 5.81% 05/08/2027 |  | 623000 | &nbsp;&nbsp; 636195 |
| 5.85% 05/08/2029 |  | 521000 | &nbsp;&nbsp; 544472 |
| 6.00% 05/08/2034 |  | 440000 | &nbsp;&nbsp; 461831 |
| Laboratory Corp. of America Holdings, <br> 4.35%, 04/01/2030<br>|  | 136000 | &nbsp;&nbsp; 136254 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 67000 | &nbsp;&nbsp; 43211 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 3000 | &nbsp;&nbsp; 3335 |
|  |  |  | &nbsp;&nbsp; 24063788 |
| **Health Care Supplies-0.25%** | **Health Care Supplies-0.25%** | **Health Care Supplies-0.25%** | **Health Care Supplies-0.25%** |
| 180 Medical, Inc. (United Kingdom), <br> 5.30%, 10/08/2035<sup>(b)</sup><br>|  | 845000 | &nbsp;&nbsp; 837871 |
| DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(e)</sup><br>|  | 3694000 | &nbsp;&nbsp; 3808999 |
| Solventum Corp. |  |  |  |
| 5.45% 02/25/2027 |  | 10000 | &nbsp;&nbsp; 10152 |
| 5.40% 03/01/2029 |  | 26000 | &nbsp;&nbsp; 26897 |
| 5.60% 03/23/2034 |  | 42000 | &nbsp;&nbsp; 43702 |
|  |  |  | &nbsp;&nbsp; 4727621 |
| **Highways & Railtracks-0.06%** | **Highways & Railtracks-0.06%** | **Highways & Railtracks-0.06%** | **Highways & Railtracks-0.06%** |
| Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<sup>(c)</sup><br>|  | 828000 | &nbsp;&nbsp; 861937 |
| TransJamaican Highway Ltd. <br> (Jamaica), 5.75%, 10/10/2036<sup>(b)</sup><br>|  | 328164 | &nbsp;&nbsp; 305491 |
|  |  |  | &nbsp;&nbsp; 1167428 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Home Improvement Retail-0.09%** | **Home Improvement Retail-0.09%** | **Home Improvement Retail-0.09%** |
| Home Depot, Inc. (The) |  |  |
| 4.90% 04/15/2029 | $21000 | &nbsp;&nbsp; $21621 |
| 3.95% 09/15/2030<sup>(c)</sup> | 716000 | &nbsp;&nbsp; 712541 |
| 4.65% 09/15/2035<sup>(c)</sup> | 963000 | &nbsp;&nbsp; 953883 |
| Lowe's Cos., Inc. |  |  |
| 5.80% 09/15/2062 | 2000 | &nbsp;&nbsp; 2002 |
| 5.85% 04/01/2063 | 3000 | &nbsp;&nbsp; 3037 |
|  |  | &nbsp;&nbsp; 1693084 |
| **Homebuilding-0.03%** | **Homebuilding-0.03%** | **Homebuilding-0.03%** |
| D.R. Horton, Inc., 5.00%, 10/15/2034 | 52000 | &nbsp;&nbsp; 52622 |
| Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<sup>(c)</sup><br>| 533000 | &nbsp;&nbsp; 546893 |
|  |  | &nbsp;&nbsp; 599515 |
| **Hotel & Resort REITs-0.04%** | **Hotel & Resort REITs-0.04%** | **Hotel & Resort REITs-0.04%** |
| Phillips Edison Grocery Center <br> Operating Partnership I L.P.<br>|  |  |
| 5.25% 08/15/2032 | 410000 | &nbsp;&nbsp; 419986 |
| 5.75% 07/15/2034 | 10000 | &nbsp;&nbsp; 10452 |
| 4.95% 01/15/2035<sup>(c)</sup> | 337000 | &nbsp;&nbsp; 333403 |
|  |  | &nbsp;&nbsp; 763841 |
| **Hotels, Resorts & Cruise Lines-0.36%** | **Hotels, Resorts & Cruise Lines-0.36%** | **Hotels, Resorts & Cruise Lines-0.36%** |
| Carnival Corp. |  |  |
| 7.88% 06/01/2027 | 147000 | &nbsp;&nbsp; 154352 |
| 7.00% 08/15/2029<sup>(b)</sup> | 17000 | &nbsp;&nbsp; 17888 |
| 5.75% 03/15/2030<sup>(b)</sup> | 430000 | &nbsp;&nbsp; 443179 |
| 5.88% 06/15/2031<sup>(b)</sup> | 2271000 | &nbsp;&nbsp; 2343831 |
| 5.75% 08/01/2032<sup>(b)</sup> | 1729000 | &nbsp;&nbsp; 1778333 |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>| 168000 | &nbsp;&nbsp; 172337 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.88% 04/01/2029<sup>(b)</sup> | 158000 | &nbsp;&nbsp; 161387 |
| 6.13% 04/01/2032<sup>(b)</sup> | 73000 | &nbsp;&nbsp; 75382 |
| 5.75% 09/15/2033<sup>(b)</sup> | 903000 | &nbsp;&nbsp; 920496 |
| Marriott International, Inc. |  |  |
| 4.88% 05/15/2029 | 8000 | &nbsp;&nbsp; 8166 |
| 4.80% 03/15/2030 | 87000 | &nbsp;&nbsp; 88759 |
| 5.30% 05/15/2034 | 6000 | &nbsp;&nbsp; 6162 |
| 5.35% 03/15/2035 | 51000 | &nbsp;&nbsp; 52366 |
| Marriott Ownership Resorts, Inc., <br> 6.50%, 10/01/2033<sup>(b)</sup><br>| 648000 | &nbsp;&nbsp; 639755 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.25% 03/15/2032<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 61936 |
| 6.00% 02/01/2033<sup>(b)</sup> | 67000 | &nbsp;&nbsp; 68806 |
|  |  | &nbsp;&nbsp; 6993135 |
| **Household Appliances-0.02%** | **Household Appliances-0.02%** | **Household Appliances-0.02%** |
| Whirlpool Corp. |  |  |
| 6.13% 06/15/2030<sup>(c)</sup> | 141000 | &nbsp;&nbsp; 139703 |
| 6.50% 06/15/2033<sup>(c)</sup> | 282000 | &nbsp;&nbsp; 275347 |
|  |  | &nbsp;&nbsp; 415050 |
| **Independent Power Producers & Energy Traders-0.14%** | **Independent Power Producers & Energy Traders-0.14%** | **Independent Power Producers & Energy Traders-0.14%** |
| AES Corp. (The), 5.80%, 03/15/2032 | 554000 | &nbsp;&nbsp; 566818 |
| FIEMEX Energia - Banco Actinver S.A. <br> Institucion de Banca Multiple <br> (Mexico), 7.25%, 01/31/2041<sup>(b)</sup><br>| 636896 | &nbsp;&nbsp; 674709 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**106**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** |
| Vistra Corp. |  |  |  |
| 7.00% <sup>(b)(e)(f)</sup> | $| 619000 | &nbsp;&nbsp; $626835 |
| Series C, 8.88% <sup>(b)(e)(f)</sup> |  | 696000 | &nbsp;&nbsp; 765838 |
|  |  |  | &nbsp;&nbsp; 2634200 |
| **Industrial Conglomerates-0.11%** | **Industrial Conglomerates-0.11%** | **Industrial Conglomerates-0.11%** | **Industrial Conglomerates-0.11%** |
| Honeywell International, Inc. |  |  |  |
| 4.88% 09/01/2029 |  | 34000 | &nbsp;&nbsp; 35015 |
| 4.95% 09/01/2031 |  | 42000 | &nbsp;&nbsp; 43438 |
| 5.00% 03/01/2035 |  | 28000 | &nbsp;&nbsp; 28547 |
| 5.35% 03/01/2064 |  | 68000 | &nbsp;&nbsp; 66119 |
| Siemens Funding B.V. (Germany) |  |  |  |
| 4.60% 05/28/2030<sup>(b)</sup> |  | 702000 | &nbsp;&nbsp; 715094 |
| 5.20% 05/28/2035<sup>(b)</sup> |  | 605000 | &nbsp;&nbsp; 627409 |
| 5.90% 05/28/2065<sup>(b)</sup> |  | 576000 | &nbsp;&nbsp; 622056 |
|  |  |  | &nbsp;&nbsp; 2137678 |
| **Industrial Machinery & Supplies & Components-0.11%** | **Industrial Machinery & Supplies & Components-0.11%** | **Industrial Machinery & Supplies & Components-0.11%** | **Industrial Machinery & Supplies & Components-0.11%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> |  | 1591000 | &nbsp;&nbsp; 1631516 |
| Ingersoll Rand, Inc. |  |  |  |
| 5.20% 06/15/2027 |  | 33000 | &nbsp;&nbsp; 33503 |
| 5.40% 08/14/2028 |  | 3000 | &nbsp;&nbsp; 3100 |
| Nordson Corp. |  |  |  |
| 5.60% 09/15/2028 |  | 3000 | &nbsp;&nbsp; 3111 |
| 5.80% 09/15/2033 |  | 3000 | &nbsp;&nbsp; 3212 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 4000 | &nbsp;&nbsp; 4194 |
| Weir Group, Inc. (United Kingdom), <br> 5.35%, 05/06/2030<sup>(b)</sup><br>|  | 508000 | &nbsp;&nbsp; 521325 |
|  |  |  | &nbsp;&nbsp; 2199961 |
| **Industrial REITs-0.00%** | **Industrial REITs-0.00%** | **Industrial REITs-0.00%** | **Industrial REITs-0.00%** |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 2000 | &nbsp;&nbsp; 2127 |
| **Insurance Brokers-0.01%** | **Insurance Brokers-0.01%** | **Insurance Brokers-0.01%** | **Insurance Brokers-0.01%** |
| Arthur J. Gallagher & Co. |  |  |  |
| 4.85% 12/15/2029 |  | 27000 | &nbsp;&nbsp; 27578 |
| 5.00% 02/15/2032 |  | 32000 | &nbsp;&nbsp; 32668 |
| 5.15% 02/15/2035 |  | 45000 | &nbsp;&nbsp; 45462 |
| 6.75% 02/15/2054 |  | 4000 | &nbsp;&nbsp; 4511 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| 5.40% 09/15/2033 |  | 4000 | &nbsp;&nbsp; 4213 |
| 5.45% 03/15/2053 |  | 3000 | &nbsp;&nbsp; 2986 |
| 5.70% 09/15/2053 |  | 5000 | &nbsp;&nbsp; 5154 |
|  |  |  | &nbsp;&nbsp; 122572 |
| **Integrated Oil & Gas-1.59%** | **Integrated Oil & Gas-1.59%** | **Integrated Oil & Gas-1.59%** | **Integrated Oil & Gas-1.59%** |
| Ecopetrol S.A. (Colombia) |  |  |  |
| 8.88% 01/13/2033<sup>(c)</sup> |  | 1780000 | &nbsp;&nbsp; 1929007 |
| 8.38% 01/19/2036 |  | 244000 | &nbsp;&nbsp; 253143 |
| Eni S.p.A. (Italy), 5.50%, <br> 05/15/2034<sup>(b)</sup><br>|  | 537000 | &nbsp;&nbsp; 553770 |
| Occidental Petroleum Corp. |  |  |  |
| 5.00% 08/01/2027 |  | 40000 | &nbsp;&nbsp; 40599 |
| 5.20% 08/01/2029 |  | 42000 | &nbsp;&nbsp; 42914 |
| 6.45% 09/15/2036 |  | 16000 | &nbsp;&nbsp; 16999 |
| 4.63% 06/15/2045 |  | 542000 | &nbsp;&nbsp; 437621 |
| 4.40% 04/15/2046 |  | 420000 | &nbsp;&nbsp; 333225 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Integrated Oil & Gas-(continued)** | **Integrated Oil & Gas-(continued)** | **Integrated Oil & Gas-(continued)** | **Integrated Oil & Gas-(continued)** |
| Petroleos Mexicanos (Mexico) |  |  |  |
| 8.75% 06/02/2029 | $| 2253000 | &nbsp;&nbsp; $2432715 |
| 6.63% 06/15/2035 |  | 3738000 | &nbsp;&nbsp; 3590127 |
| SA Global Sukuk Ltd. (Saudi Arabia) |  |  |  |
| 4.13% 09/17/2030<sup>(b)(c)</sup> |  | 5350000 | &nbsp;&nbsp; 5272465 |
| 4.63% 09/17/2035<sup>(b)(c)</sup> |  | 5086000 | &nbsp;&nbsp; 4990027 |
| Saudi Arabian Oil Co. (Saudi Arabia) |  |  |  |
| 4.75% 06/02/2030<sup>(b)</sup> |  | 2955000 | &nbsp;&nbsp; 3005050 |
| 5.38% 06/02/2035<sup>(b)</sup> |  | 3590000 | &nbsp;&nbsp; 3715093 |
| 6.38% 06/02/2055<sup>(b)</sup> |  | 3683000 | &nbsp;&nbsp; 3973382 |
|  |  |  | &nbsp;&nbsp; 30586137 |
| **Integrated Telecommunication Services-0.63%** | **Integrated Telecommunication Services-0.63%** | **Integrated Telecommunication Services-0.63%** | **Integrated Telecommunication Services-0.63%** |
| AT&T, Inc. |  |  |  |
| 5.40% 02/15/2034 |  | 2000 | &nbsp;&nbsp; 2069 |
| 3.55% 09/15/2055 |  | 2000 | &nbsp;&nbsp; 1373 |
| 6.05% 08/15/2056<sup>(c)</sup> |  | 446000 | &nbsp;&nbsp; 458789 |
| British Telecommunications PLC <br> (United Kingdom), 4.25%, <br> 11/23/2081<sup>(b)(e)</sup><br>|  | 1460000 | &nbsp;&nbsp; 1444941 |
| Iliad Holding S.A.S. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup><br>|  | 184000 | &nbsp;&nbsp; 197661 |
| NTT Finance Corp. (Japan) |  |  |  |
| 4.88% 07/16/2030<sup>(b)</sup> |  | 598000 | &nbsp;&nbsp; 609466 |
| 5.50% 07/16/2035<sup>(b)</sup> |  | 687000 | &nbsp;&nbsp; 716392 |
| TELUS Corp. (Canada) |  |  |  |
| 6.63% 10/15/2055<sup>(e)</sup> |  | 1173000 | &nbsp;&nbsp; 1210507 |
| 7.00% 10/15/2055<sup>(e)</sup> |  | 1159000 | &nbsp;&nbsp; 1237209 |
| Verizon Communications, Inc., 5.25%, <br> 04/02/2035<sup>(c)</sup><br>|  | 613000 | &nbsp;&nbsp; 620300 |
| WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)</sup><br>|  | 4882000 | &nbsp;&nbsp; 5075107 |
| Zegona Finance PLC (United Kingdom), <br> 8.63%, 07/15/2029<sup>(b)</sup><br>|  | 557000 | &nbsp;&nbsp; 593472 |
|  |  |  | &nbsp;&nbsp; 12167286 |
| **Interactive Media & Services-1.48%** | **Interactive Media & Services-1.48%** | **Interactive Media & Services-1.48%** | **Interactive Media & Services-1.48%** |
| Alphabet, Inc., 5.30%, 05/15/2065 |  | 306000 | &nbsp;&nbsp; 300934 |
| Flutter Treasury DAC (Ireland), 5.88%, <br> 06/04/2031<sup>(b)(c)</sup><br>|  | 1139000 | &nbsp;&nbsp; 1153949 |
| Match Group Holdings II LLC, 6.13%, <br> 09/15/2033<sup>(b)</sup><br>|  | 1528000 | &nbsp;&nbsp; 1539729 |
| Meta Platforms, Inc. |  |  |  |
| 4.55% 08/15/2031 |  | 72000 | &nbsp;&nbsp; 73099 |
| 4.75% 08/15/2034 |  | 152000 | &nbsp;&nbsp; 152770 |
| 4.88% 11/15/2035 |  | 5730800 | &nbsp;&nbsp; 5758359 |
| 5.40% 08/15/2054<sup>(c)</sup> |  | 265000 | &nbsp;&nbsp; 255362 |
| 5.63% 11/15/2055 |  | 4280000 | &nbsp;&nbsp; 4251376 |
| 5.75% 05/15/2063 |  | 7000 | &nbsp;&nbsp; 6984 |
| 5.55% 08/15/2064 |  | 129000 | &nbsp;&nbsp; 125017 |
| 5.75% 11/15/2065 |  | 10027000 | &nbsp;&nbsp; 9952222 |
| WarnerMedia Holdings, Inc., 5.05%, <br> 03/15/2042<sup>(c)</sup><br>|  | 6103000 | &nbsp;&nbsp; 4905653 |
|  |  |  | &nbsp;&nbsp; 28475454 |
| **Internet Services & Infrastructure-1.37%** | **Internet Services & Infrastructure-1.37%** | **Internet Services & Infrastructure-1.37%** | **Internet Services & Infrastructure-1.37%** |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup><br>|  | 19977000 | &nbsp;&nbsp; 21325736 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**107**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Internet Services & Infrastructure-(continued)** | **Internet Services & Infrastructure-(continued)** | **Internet Services & Infrastructure-(continued)** | **Internet Services & Infrastructure-(continued)** |
| CoreWeave, Inc. |  |  |  |
| 9.25% 06/01/2030<sup>(b)(c)</sup> | $| 3601000 | &nbsp;&nbsp; $3640974 |
| 9.00% 02/01/2031<sup>(b)(c)</sup> |  | 1376000 | &nbsp;&nbsp; 1381745 |
|  |  |  | &nbsp;&nbsp; 26348455 |
| **Investment Banking & Brokerage-1.52%** | **Investment Banking & Brokerage-1.52%** | **Investment Banking & Brokerage-1.52%** | **Investment Banking & Brokerage-1.52%** |
| Brookfield Finance, Inc. (Canada), <br> 5.33%, 01/15/2036<br>|  | 2845000 | &nbsp;&nbsp; 2867297 |
| Charles Schwab Corp. (The) |  |  |  |
| Series I, 4.00% <sup>(e)(f)</sup> |  | 422000 | &nbsp;&nbsp; 418662 |
| Series K, 5.00% <sup>(e)(f)</sup> |  | 5000 | &nbsp;&nbsp; 5017 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 4.97% (SOFR + 0.79%), <br> 12/09/2026<sup>(d)</sup><br>|  | 6000 | &nbsp;&nbsp; 6004 |
| 5.34% (SOFR + 1.29%), <br> 04/23/2028<sup>(d)</sup><br>|  | 309000 | &nbsp;&nbsp; 311627 |
| 5.73% 04/25/2030<sup>(e)</sup> |  | 29000 | &nbsp;&nbsp; 30310 |
| 5.05% 07/23/2030<sup>(e)</sup> |  | 56000 | &nbsp;&nbsp; 57313 |
| 4.69% 10/23/2030<sup>(e)</sup> |  | 84000 | &nbsp;&nbsp; 85079 |
| 5.21% 01/28/2031<sup>(e)</sup> |  | 122000 | &nbsp;&nbsp; 125925 |
| 5.22% 04/23/2031<sup>(e)</sup> |  | 357000 | &nbsp;&nbsp; 368496 |
| 4.37% 10/21/2031<sup>(e)</sup> |  | 3682800 | &nbsp;&nbsp; 3667743 |
| 5.85% 04/25/2035<sup>(e)</sup> |  | 4000 | &nbsp;&nbsp; 4266 |
| 5.33% 07/23/2035<sup>(e)</sup> |  | 14000 | &nbsp;&nbsp; 14423 |
| 5.54% 01/28/2036<sup>(e)</sup> |  | 35000 | &nbsp;&nbsp; 36438 |
| 4.94% 10/21/2036<sup>(c)(e)</sup> |  | 2682600 | &nbsp;&nbsp; 2670539 |
| 5.73% 01/28/2056<sup>(e)</sup> |  | 343000 | &nbsp;&nbsp; 355350 |
| Series V, 4.13% <sup>(c)(e)(f)</sup> |  | 459000 | &nbsp;&nbsp; 453085 |
| Series W, 7.50% <sup>(c)(e)(f)</sup> |  | 2962000 | &nbsp;&nbsp; 3150051 |
| Series X, 7.50% <sup>(e)(f)</sup> |  | 2979000 | &nbsp;&nbsp; 3161455 |
| Morgan Stanley |  |  |  |
| 5.12% 02/01/2029<sup>(e)</sup> |  | 3000 | &nbsp;&nbsp; 3062 |
| 4.99% 04/12/2029<sup>(e)</sup> |  | 138000 | &nbsp;&nbsp; 140588 |
| 5.16% 04/20/2029<sup>(e)</sup> |  | 13000 | &nbsp;&nbsp; 13293 |
| 5.45% 07/20/2029<sup>(e)</sup> |  | 5000 | &nbsp;&nbsp; 5160 |
| 6.41% 11/01/2029<sup>(e)</sup> |  | 11000 | &nbsp;&nbsp; 11664 |
| 5.17% 01/16/2030<sup>(e)</sup> |  | 11000 | &nbsp;&nbsp; 11298 |
| 5.04% 07/19/2030<sup>(e)</sup> |  | 152000 | &nbsp;&nbsp; 155992 |
| 4.65% 10/18/2030<sup>(e)</sup> |  | 126000 | &nbsp;&nbsp; 127532 |
| 5.23% 01/15/2031<sup>(e)</sup> |  | 569000 | &nbsp;&nbsp; 587578 |
| 5.19% 04/17/2031<sup>(e)</sup> |  | 408000 | &nbsp;&nbsp; 420683 |
| 5.25% 04/21/2034<sup>(e)</sup> |  | 3000 | &nbsp;&nbsp; 3097 |
| 5.42% 07/21/2034<sup>(e)</sup> |  | 1000 | &nbsp;&nbsp; 1044 |
| 5.47% 01/18/2035<sup>(e)</sup> |  | 2000 | &nbsp;&nbsp; 2081 |
| 5.83% 04/19/2035<sup>(e)</sup> |  | 3000 | &nbsp;&nbsp; 3200 |
| 5.32% 07/19/2035<sup>(e)</sup> |  | 5000 | &nbsp;&nbsp; 5144 |
| 5.59% 01/18/2036<sup>(e)</sup> |  | 24000 | &nbsp;&nbsp; 25144 |
| 5.66% 04/17/2036<sup>(e)</sup> |  | 7000 | &nbsp;&nbsp; 7374 |
| 5.95% 01/19/2038<sup>(e)</sup> |  | 3000 | &nbsp;&nbsp; 3148 |
| Series I, 4.36% 10/22/2031<sup>(c)(e)</sup> |  | 3787100 | &nbsp;&nbsp; 3775111 |
| Series I, 4.89% 10/22/2036<sup>(e)</sup> |  | 4078800 | &nbsp;&nbsp; 4057953 |
| Raymond James Financial, Inc. |  |  |  |
| 4.90% 09/11/2035 |  | 1235000 | &nbsp;&nbsp; 1222318 |
| 5.65% 09/11/2055 |  | 951000 | &nbsp;&nbsp; 938524 |
|  |  |  | &nbsp;&nbsp; 29310068 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **IT Consulting & Other Services-0.11%** | **IT Consulting & Other Services-0.11%** | **IT Consulting & Other Services-0.11%** |
| International Business Machines Corp. |  |  |
| 4.80% 02/10/2030 | $844000 | &nbsp;&nbsp; $864204 |
| 5.20% 02/10/2035<sup>(c)</sup> | 481000 | &nbsp;&nbsp; 492780 |
| 5.70% 02/10/2055<sup>(c)</sup> | 668000 | &nbsp;&nbsp; 668694 |
|  |  | &nbsp;&nbsp; 2025678 |
| **Leisure Facilities-0.04%** | **Leisure Facilities-0.04%** | **Leisure Facilities-0.04%** |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup><br>| 764000 | &nbsp;&nbsp; 775303 |
| **Leisure Products-0.00%** | **Leisure Products-0.00%** | **Leisure Products-0.00%** |
| Brunswick Corp., 5.85%, 03/18/2029 | 16000 | &nbsp;&nbsp; 16535 |
| **Life & Health Insurance-1.53%** | **Life & Health Insurance-1.53%** | **Life & Health Insurance-1.53%** |
| 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)(c)</sup><br>| 387000 | &nbsp;&nbsp; 392386 |
| AIA Group Ltd. (Hong Kong) |  |  |
| 5.38% 04/05/2034<sup>(b)(c)</sup> | 1045000 | &nbsp;&nbsp; 1089111 |
| 4.95% 03/30/2035<sup>(b)</sup> | 2160000 | &nbsp;&nbsp; 2189501 |
| 5.40% 09/30/2054<sup>(b)(c)</sup> | 1241000 | &nbsp;&nbsp; 1227021 |
| American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup><br>| 32000 | &nbsp;&nbsp; 33031 |
| American National Group, Inc. |  |  |
| 6.00% 07/15/2035 | 655000 | &nbsp;&nbsp; 665908 |
| 7.00% 12/01/2055<sup>(e)</sup> | 2168000 | &nbsp;&nbsp; 2222944 |
| Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup><br>| 53000 | &nbsp;&nbsp; 54566 |
| Athene Holding Ltd. |  |  |
| 6.25% 04/01/2054 | 24000 | &nbsp;&nbsp; 23929 |
| 6.63% 05/19/2055 | 148000 | &nbsp;&nbsp; 155140 |
| Belrose Funding Trust II, 6.79%, <br> 05/15/2055<sup>(b)</sup><br>| 682000 | &nbsp;&nbsp; 727442 |
| Constellation Global Funding, 4.85%, <br> 10/22/2030<sup>(b)(c)</sup><br>| 2156000 | &nbsp;&nbsp; 2143157 |
| Corebridge Global Funding |  |  |
| 5.90% 09/19/2028<sup>(b)</sup> | 7000 | &nbsp;&nbsp; 7326 |
| 5.20% 01/12/2029<sup>(b)</sup> | 62000 | &nbsp;&nbsp; 63688 |
| 5.20% 06/24/2029<sup>(b)</sup> | 54000 | &nbsp;&nbsp; 55483 |
| Dai-ichi Life Insurance Co. Ltd. (The) <br> (Japan), 6.20%<sup>(b)(e)(f)</sup><br>| 562000 | &nbsp;&nbsp; 590572 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, 06/29/2026<sup>(b)</sup><br>| 4125000 | &nbsp;&nbsp; 4071063 |
| FWD Group Holdings Ltd. (Hong Kong) |  |  |
| 5.25% 09/22/2030<sup>(b)</sup> | 582000 | &nbsp;&nbsp; 588461 |
| 5.84% 09/22/2035<sup>(b)</sup> | 628000 | &nbsp;&nbsp; 641791 |
| GA Global Funding Trust |  |  |
| 5.50% 01/08/2029<sup>(b)</sup> | 352000 | &nbsp;&nbsp; 363408 |
| 4.50% 09/18/2030<sup>(b)</sup> | 3183000 | &nbsp;&nbsp; 3141490 |
| High Street Funding Trust III, 5.81%, <br> 02/15/2055<sup>(b)(c)</sup><br>| 359000 | &nbsp;&nbsp; 360575 |
| Jackson National Life Global Funding, <br> 4.70%, 06/05/2028<sup>(b)</sup><br>| 665000 | &nbsp;&nbsp; 671574 |
| Lincoln Financial Global Funding, <br> 4.63%, 08/18/2030<sup>(b)</sup><br>| 399000 | &nbsp;&nbsp; 400496 |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(h)</sup><br>| 3179000 | &nbsp;&nbsp; 2950112 |
| MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup><br>| 608000 | &nbsp;&nbsp; 614084 |
| MetLife, Inc. |  |  |
| 5.25% 01/15/2054 | 4000 | &nbsp;&nbsp; 3881 |
| Series G, 6.35% 03/15/2055<sup>(e)</sup> | 411000 | &nbsp;&nbsp; 437383 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**108**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
| Nippon Life Insurance Co. (Japan) |  |  |  |
| 5.95% 04/16/2054<sup>(b)(e)</sup> | $| 582000 | &nbsp;&nbsp; $609981 |
| 6.50% 04/30/2055<sup>(b)(e)</sup> |  | 458000 | &nbsp;&nbsp; 496714 |
| Penn Mutual Life Insurance Co. (The), <br> 3.80%, 04/29/2061<sup>(b)</sup><br>|  | 2000 | &nbsp;&nbsp; 1360 |
| Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup><br>|  | 359000 | &nbsp;&nbsp; 363374 |
| Prudential Financial, Inc., 5.20%, <br> 03/14/2035<sup>(c)</sup><br>|  | 366000 | &nbsp;&nbsp; 376110 |
| Wynnton Funding Trust, 5.25%, <br> 08/15/2035<sup>(b)</sup><br>|  | 1609000 | &nbsp;&nbsp; 1623579 |
|  |  |  | &nbsp;&nbsp; 29356641 |
| **Managed Health Care-0.00%** | **Managed Health Care-0.00%** | **Managed Health Care-0.00%** | **Managed Health Care-0.00%** |
| UnitedHealth Group, Inc. |  |  |  |
| 5.25% 02/15/2028 |  | 2000 | &nbsp;&nbsp; 2054 |
| 5.30% 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2084 |
| 5.35% 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3134 |
| 5.05% 04/15/2053 |  | 2000 | &nbsp;&nbsp; 1837 |
| 5.63% 07/15/2054 |  | 32000 | &nbsp;&nbsp; 31857 |
| 5.75% 07/15/2064 |  | 57000 | &nbsp;&nbsp; 56969 |
|  |  |  | &nbsp;&nbsp; 97935 |
| **Marine Transportation-0.37%** | **Marine Transportation-0.37%** | **Marine Transportation-0.37%** | **Marine Transportation-0.37%** |
| A.P. Moller - Maersk A/S, 5.88%, <br> 09/14/2033<sup>(b)</sup><br>|  | 3000 | &nbsp;&nbsp; 3207 |
| NCL Corp. Ltd. |  |  |  |
| 5.88% 01/15/2031<sup>(b)</sup> |  | 1958000 | &nbsp;&nbsp; 1958297 |
| 6.25% 09/15/2033<sup>(b)(c)</sup> |  | 1105000 | &nbsp;&nbsp; 1118309 |
| Stena International S.A. (Sweden), <br> 7.63%, 02/15/2031<sup>(b)(c)</sup><br>|  | 578000 | &nbsp;&nbsp; 592594 |
| Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(b)</sup><br>|  | 3457000 | &nbsp;&nbsp; 3516431 |
|  |  |  | &nbsp;&nbsp; 7188838 |
| **Metal, Glass & Plastic Containers-0.31%** | **Metal, Glass & Plastic Containers-0.31%** | **Metal, Glass & Plastic Containers-0.31%** | **Metal, Glass & Plastic Containers-0.31%** |
| Ball Corp., 5.50%, 09/15/2033 |  | 3399000 | &nbsp;&nbsp; 3442901 |
| Crown Americas LLC, 5.88%, <br> 06/01/2033<sup>(b)</sup><br>|  | 1150000 | &nbsp;&nbsp; 1166505 |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland)<br>|  |  |  |
| 5.20% 01/15/2030 |  | 700000 | &nbsp;&nbsp; 722375 |
| 5.44% 04/03/2034 |  | 558000 | &nbsp;&nbsp; 578040 |
|  |  |  | &nbsp;&nbsp; 5909821 |
| **Movies & Entertainment-0.00%** | **Movies & Entertainment-0.00%** | **Movies & Entertainment-0.00%** | **Movies & Entertainment-0.00%** |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 17000 | &nbsp;&nbsp; 16872 |
| **Multi-Family Residential REITs-0.01%** | **Multi-Family Residential REITs-0.01%** | **Multi-Family Residential REITs-0.01%** | **Multi-Family Residential REITs-0.01%** |
| AvalonBay Communities, Inc., 5.30%, <br> 12/07/2033<br>|  | 13000 | &nbsp;&nbsp; 13557 |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 9000 | &nbsp;&nbsp; 9366 |
| Invitation Homes Operating Partnership <br> L.P., 4.88%, 02/01/2035<br>|  | 51000 | &nbsp;&nbsp; 50540 |
| Mid-America Apartments L.P., 5.30%, <br> 02/15/2032<br>|  | 63000 | &nbsp;&nbsp; 65559 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 19000 | &nbsp;&nbsp; 19332 |
|  |  |  | &nbsp;&nbsp; 158354 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Multi-line Insurance-0.02%** | **Multi-line Insurance-0.02%** | **Multi-line Insurance-0.02%** |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup><br>| $362000 | &nbsp;&nbsp; $375645 |
| **Multi-Utilities-0.94%** | **Multi-Utilities-0.94%** | **Multi-Utilities-0.94%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>| 24000 | &nbsp;&nbsp; 24118 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>| 2000 | &nbsp;&nbsp; 2053 |
| Black Hills Corp., 6.15%, 05/15/2034 | 13000 | &nbsp;&nbsp; 13942 |
| CenterPoint Energy, Inc. |  |  |
| 5.95% 04/01/2056<sup>(c)(e)</sup> | 3273000 | &nbsp;&nbsp; 3296726 |
| Conv., 3.00% 08/01/2028<sup>(b)</sup> | 3272000 | &nbsp;&nbsp; 3321571 |
| Dominion Energy, Inc. |  |  |
| 5.38% 11/15/2032 | 2000 | &nbsp;&nbsp; 2082 |
| 6.00% 02/15/2056<sup>(c)(e)</sup> | 2490000 | &nbsp;&nbsp; 2523639 |
| 6.20% 02/15/2056<sup>(c)(e)</sup> | 2300000 | &nbsp;&nbsp; 2327215 |
| DTE Electric Co. |  |  |
| 5.20% 03/01/2034 | 12000 | &nbsp;&nbsp; 12435 |
| 5.85% 05/15/2055 | 168000 | &nbsp;&nbsp; 177218 |
| DTE Energy Co. |  |  |
| 4.95% 07/01/2027 | 68000 | &nbsp;&nbsp; 68841 |
| 5.85% 06/01/2034 | 9000 | &nbsp;&nbsp; 9573 |
| ENGIE S.A. (France) |  |  |
| 5.25% 04/10/2029<sup>(b)</sup> | 566000 | &nbsp;&nbsp; 584491 |
| 5.63% 04/10/2034<sup>(b)(c)</sup> | 478000 | &nbsp;&nbsp; 501485 |
| 5.88% 04/10/2054<sup>(b)(c)</sup> | 514000 | &nbsp;&nbsp; 535580 |
| NiSource, Inc. |  |  |
| 5.25% 03/30/2028 | 3000 | &nbsp;&nbsp; 3076 |
| 5.35% 04/01/2034 | 22000 | &nbsp;&nbsp; 22641 |
| 5.85% 04/01/2055<sup>(c)</sup> | 287000 | &nbsp;&nbsp; 293201 |
| Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/2028<br>| 16000 | &nbsp;&nbsp; 16756 |
| Sempra |  |  |
| 6.88% 10/01/2054<sup>(e)</sup> | 51000 | &nbsp;&nbsp; 52845 |
| 6.63% 04/01/2055<sup>(c)(e)</sup> | 367000 | &nbsp;&nbsp; 374861 |
| 6.38% 04/01/2056<sup>(e)</sup> | 1982000 | &nbsp;&nbsp; 2037321 |
| WEC Energy Group, Inc. |  |  |
| 5.15% 10/01/2027 | 5000 | &nbsp;&nbsp; 5097 |
| Conv., 3.38% 06/01/2028<sup>(b)</sup> | 1792000 | &nbsp;&nbsp; 1848896 |
|  |  | &nbsp;&nbsp; 18055663 |
| **Office REITs-0.15%** | **Office REITs-0.15%** | **Office REITs-0.15%** |
| Boston Properties L.P., Conv., 2.00%, <br> 10/01/2030<sup>(b)</sup><br>| 1857000 | &nbsp;&nbsp; 1826360 |
| Brandywine Operating Partnership L.P. |  |  |
| 8.30% 03/15/2028 | 134000 | &nbsp;&nbsp; 143230 |
| 8.88% 04/12/2029<sup>(c)</sup> | 397000 | &nbsp;&nbsp; 431549 |
| COPT Defense Properties L.P., 4.50%, <br> 10/15/2030<br>| 346000 | &nbsp;&nbsp; 344121 |
| Cousins Properties L.P. |  |  |
| 5.38% 02/15/2032 | 51000 | &nbsp;&nbsp; 52150 |
| 5.88% 10/01/2034 | 50000 | &nbsp;&nbsp; 52264 |
| Piedmont Operating Partnership L.P., <br> 6.88%, 07/15/2029<br>| 54000 | &nbsp;&nbsp; 57222 |
|  |  | &nbsp;&nbsp; 2906896 |
| **Oil & Gas Equipment & Services-0.00%** | **Oil & Gas Equipment & Services-0.00%** | **Oil & Gas Equipment & Services-0.00%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup><br>| 12000 | &nbsp;&nbsp; 11906 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**109**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production-0.22%** | **Oil & Gas Exploration & Production-0.22%** | **Oil & Gas Exploration & Production-0.22%** |
| Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup><br>| $230000 | &nbsp;&nbsp; $238816 |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>| 10000 | &nbsp;&nbsp; 9900 |
| Diamondback Energy, Inc. |  |  |
| 5.20% 04/18/2027 | 29000 | &nbsp;&nbsp; 29405 |
| 5.15% 01/30/2030 | 46000 | &nbsp;&nbsp; 47222 |
| 5.90% 04/18/2064 | 22000 | &nbsp;&nbsp; 21104 |
| EOG Resources, Inc. |  |  |
| 4.40% 07/15/2028 | 190000 | &nbsp;&nbsp; 191960 |
| 5.35% 01/15/2036 | 374000 | &nbsp;&nbsp; 385181 |
| 5.95% 07/15/2055 | 847000 | &nbsp;&nbsp; 884620 |
| Expand Energy Corp., 5.38%, <br> 03/15/2030<br>| 24000 | &nbsp;&nbsp; 24360 |
| Hilcorp Energy I L.P./Hilcorp Finance <br> Co.<br>|  |  |
| 6.88% 05/15/2034<sup>(b)</sup> | 115000 | &nbsp;&nbsp; 109363 |
| 7.25% 02/15/2035<sup>(b)(c)</sup> | 211000 | &nbsp;&nbsp; 203453 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup><br>| 12143 | &nbsp;&nbsp; 12487 |
| Uzbekneftegaz JSC (Uzbekistan), <br> 4.75%, 11/16/2028<sup>(b)</sup><br>| 1278000 | &nbsp;&nbsp; 1216877 |
| Var Energi ASA (Norway), 5.88%, <br> 05/22/2030<sup>(b)</sup><br>| 519000 | &nbsp;&nbsp; 540580 |
| Woodside Finance Ltd. (Australia), <br> 5.70%, 05/19/2032<br>| 220000 | &nbsp;&nbsp; 228880 |
|  |  | &nbsp;&nbsp; 4144208 |
| **Oil & Gas Refining & Marketing-0.36%** | **Oil & Gas Refining & Marketing-0.36%** | **Oil & Gas Refining & Marketing-0.36%** |
| Empresa Nacional del Petroleo (Chile), <br> 5.95%, 07/30/2034<sup>(b)(c)</sup><br>| 929000 | &nbsp;&nbsp; 978490 |
| Raizen Fuels Finance S.A. (Brazil) |  |  |
| 6.70% 02/25/2037<sup>(b)(c)</sup> | 546000 | &nbsp;&nbsp; 456459 |
| 6.95% 03/05/2054<sup>(b)(c)</sup> | 932000 | &nbsp;&nbsp; 723185 |
| Sunoco L.P. |  |  |
| 5.63% 03/15/2031<sup>(b)</sup> | 1159000 | &nbsp;&nbsp; 1160472 |
| 5.88% 03/15/2034<sup>(b)</sup> | 2157000 | &nbsp;&nbsp; 2158037 |
| 7.88% <sup>(b)(e)(f)</sup> | 1378000 | &nbsp;&nbsp; 1400413 |
|  |  | &nbsp;&nbsp; 6877056 |
| **Oil & Gas Storage & Transportation-2.23%** | **Oil & Gas Storage & Transportation-2.23%** | **Oil & Gas Storage & Transportation-2.23%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.<br>|  |  |
| 6.63% 02/01/2032<sup>(b)(c)</sup> | 431000 | &nbsp;&nbsp; 446582 |
| 5.75% 10/15/2033<sup>(b)</sup> | 4474000 | &nbsp;&nbsp; 4470531 |
| Cheniere Energy Partners L.P., 5.95%, <br> 06/30/2033<br>| 2000 | &nbsp;&nbsp; 2112 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 6.06% 08/15/2026<sup>(b)</sup> | 3000 | &nbsp;&nbsp; 3035 |
| 5.10% 10/01/2031<sup>(b)</sup> | 56000 | &nbsp;&nbsp; 57049 |
| Columbia Pipelines Operating Co. LLC, <br> 5.70%, 10/01/2054<sup>(b)</sup><br>| 194000 | &nbsp;&nbsp; 186533 |
| Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>| 109000 | &nbsp;&nbsp; 107355 |
| Enbridge, Inc. (Canada) |  |  |
| 5.70% 03/08/2033 | 3000 | &nbsp;&nbsp; 3161 |
| 7.63% 01/15/2083<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3258 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| Energy Transfer L.P. |  |  |
| 6.05% 12/01/2026 | $5000 | &nbsp;&nbsp; $5086 |
| 5.50% 06/01/2027 | 3000 | &nbsp;&nbsp; 3049 |
| 6.10% 12/01/2028 | 2000 | &nbsp;&nbsp; 2103 |
| 6.40% 12/01/2030 | 3000 | &nbsp;&nbsp; 3248 |
| 5.55% 05/15/2034 | 22000 | &nbsp;&nbsp; 22599 |
| 5.95% 05/15/2054 | 24000 | &nbsp;&nbsp; 23186 |
| 8.00% 05/15/2054<sup>(e)</sup> | 940000 | &nbsp;&nbsp; 1004355 |
| 6.05% 09/01/2054 | 223000 | &nbsp;&nbsp; 217757 |
| 7.13% 10/01/2054<sup>(c)(e)</sup> | 3561000 | &nbsp;&nbsp; 3683570 |
| 6.50% 02/15/2056<sup>(e)</sup> | 4559000 | &nbsp;&nbsp; 4521902 |
| 6.75% 02/15/2056<sup>(e)</sup> | 3777000 | &nbsp;&nbsp; 3791817 |
| Enterprise Products Operating LLC |  |  |
| 4.30% 06/20/2028 | 606000 | &nbsp;&nbsp; 610498 |
| 5.20% 01/15/2036<sup>(c)</sup> | 787000 | &nbsp;&nbsp; 801818 |
| Florida Gas Transmission Co. LLC, <br> 5.75%, 07/15/2035<sup>(b)</sup><br>| 460000 | &nbsp;&nbsp; 478864 |
| GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia)<br>|  |  |
| 5.85% 02/23/2036<sup>(b)</sup> | 4380000 | &nbsp;&nbsp; 4618781 |
| 6.13% 02/23/2038<sup>(b)</sup> | 383000 | &nbsp;&nbsp; 411965 |
| 6.51% 02/23/2042<sup>(b)</sup> | 970000 | &nbsp;&nbsp; 1064583 |
| 6.10% 08/23/2042<sup>(b)</sup> | 2330000 | &nbsp;&nbsp; 2478682 |
| Gulfstream Natural Gas System L.L.C., <br> 5.60%, 07/23/2035<sup>(b)</sup><br>| 951000 | &nbsp;&nbsp; 975486 |
| Kinder Morgan, Inc. |  |  |
| 7.80% 08/01/2031 | 4000 | &nbsp;&nbsp; 4645 |
| 4.80% 02/01/2033 | 3000 | &nbsp;&nbsp; 3008 |
| 5.20% 06/01/2033 | 2000 | &nbsp;&nbsp; 2050 |
| Kodiak Gas Services LLC, 6.50%, <br> 10/01/2033<sup>(b)(c)</sup><br>| 672000 | &nbsp;&nbsp; 689064 |
| MPLX L.P. |  |  |
| 4.80% 02/15/2031 | 1343000 | &nbsp;&nbsp; 1354738 |
| 5.00% 01/15/2033 | 819000 | &nbsp;&nbsp; 819433 |
| 5.40% 09/15/2035 | 1500000 | &nbsp;&nbsp; 1507032 |
| 4.95% 03/14/2052 | 3000 | &nbsp;&nbsp; 2561 |
| 6.20% 09/15/2055 | 1214000 | &nbsp;&nbsp; 1222547 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.38%, <br> 02/15/2032<sup>(b)(c)</sup><br>| 213000 | &nbsp;&nbsp; 217981 |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 76489 |
| South Bow Canadian infrastructure <br> Holdings Ltd. (Canada), 7.50%, <br> 03/01/2055<sup>(c)(e)</sup><br>| 489000 | &nbsp;&nbsp; 523551 |
| South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada), 7.63%, <br> 03/01/2055<sup>(e)</sup><br>| 1175000 | &nbsp;&nbsp; 1224337 |
| South Bow USA Infrastructure <br> Holdings LLC (Canada)<br>|  |  |
| 4.91% 09/01/2027 | 158000 | &nbsp;&nbsp; 159210 |
| 5.03% 10/01/2029 | 178000 | &nbsp;&nbsp; 179908 |
| 5.58% 10/01/2034 | 130000 | &nbsp;&nbsp; 130546 |
| 6.18% 10/01/2054 | 124000 | &nbsp;&nbsp; 120282 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.75% 09/15/2033 | 3000 | &nbsp;&nbsp; 3177 |
| Series A, 4.05% 09/15/2028 | 197000 | &nbsp;&nbsp; 196717 |
| Series B, 5.10% 09/15/2035<sup>(c)</sup> | 656600 | &nbsp;&nbsp; 660792 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**110**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup><br>| $| 418000 | &nbsp;&nbsp; $430590 |
| Venture Global LNG, Inc. |  |  |  |
| 9.50% 02/01/2029<sup>(b)(c)</sup> |  | 300000 | &nbsp;&nbsp; 323066 |
| 9.88% 02/01/2032<sup>(b)(c)</sup> |  | 97000 | &nbsp;&nbsp; 103671 |
| Venture Global Plaquemines LNG LLC |  |  |  |
| 7.50% 05/01/2033<sup>(b)</sup> |  | 456000 | &nbsp;&nbsp; 501782 |
| 6.50% 01/15/2034<sup>(b)</sup> |  | 404000 | &nbsp;&nbsp; 423428 |
| 7.75% 05/01/2035<sup>(b)</sup> |  | 819000 | &nbsp;&nbsp; 924735 |
| 6.75% 01/15/2036<sup>(b)</sup> |  | 242000 | &nbsp;&nbsp; 256459 |
| Western Midstream Operating L.P. |  |  |  |
| 6.15% 04/01/2033 |  | 3000 | &nbsp;&nbsp; 3163 |
| 5.45% 11/15/2034 |  | 72000 | &nbsp;&nbsp; 71926 |
| 5.30% 03/01/2048 |  | 396000 | &nbsp;&nbsp; 342277 |
| Williams Cos., Inc. (The) |  |  |  |
| 5.30% 08/15/2028 |  | 16000 | &nbsp;&nbsp; 16486 |
| 4.80% 11/15/2029 |  | 80000 | &nbsp;&nbsp; 81497 |
| 5.65% 03/15/2033 |  | 2000 | &nbsp;&nbsp; 2104 |
| 5.15% 03/15/2034 |  | 22000 | &nbsp;&nbsp; 22358 |
| 5.80% 11/15/2054 |  | 80000 | &nbsp;&nbsp; 80348 |
| 6.00% 03/15/2055 |  | 233000 | &nbsp;&nbsp; 240533 |
|  |  |  | &nbsp;&nbsp; 42921456 |
| **Other Specialized REITs-0.01%** | **Other Specialized REITs-0.01%** | **Other Specialized REITs-0.01%** | **Other Specialized REITs-0.01%** |
| Simon Property Group L.P., 4.75%, <br> 09/26/2034<br>|  | 149000 | &nbsp;&nbsp; 148140 |
| **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3106 |
| **Packaged Foods & Meats-0.14%** | **Packaged Foods & Meats-0.14%** | **Packaged Foods & Meats-0.14%** | **Packaged Foods & Meats-0.14%** |
| Campbell's Co. (The) |  |  |  |
| 5.30% 03/20/2026 |  | 13000 | &nbsp;&nbsp; 13049 |
| 5.20% 03/21/2029 |  | 12000 | &nbsp;&nbsp; 12333 |
| 5.40% 03/21/2034 |  | 13000 | &nbsp;&nbsp; 13361 |
| 5.25% 10/13/2054 |  | 66000 | &nbsp;&nbsp; 62056 |
| General Mills, Inc., 5.50%, <br> 10/17/2028<br>|  | 9000 | &nbsp;&nbsp; 9331 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 2000 | &nbsp;&nbsp; 2170 |
| Mars, Inc. |  |  |  |
| 4.60% 03/01/2028<sup>(b)(c)</sup> |  | 552000 | &nbsp;&nbsp; 558579 |
| 4.80% 03/01/2030<sup>(b)(c)</sup> |  | 154000 | &nbsp;&nbsp; 157350 |
| 5.00% 03/01/2032<sup>(b)</sup> |  | 389000 | &nbsp;&nbsp; 399881 |
| 5.20% 03/01/2035<sup>(b)</sup> |  | 327000 | &nbsp;&nbsp; 335751 |
| 5.65% 05/01/2045<sup>(b)</sup> |  | 292000 | &nbsp;&nbsp; 297801 |
| 5.70% 05/01/2055<sup>(b)</sup> |  | 368000 | &nbsp;&nbsp; 374706 |
| 5.80% 05/01/2065<sup>(b)</sup> |  | 251000 | &nbsp;&nbsp; 258410 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<br>|  | 99000 | &nbsp;&nbsp; 97480 |
| Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)(c)</sup><br>|  | 116000 | &nbsp;&nbsp; 117649 |
|  |  |  | &nbsp;&nbsp; 2709907 |
| **Paper & Plastic Packaging Products & Materials-0.11%** | **Paper & Plastic Packaging Products & Materials-0.11%** | **Paper & Plastic Packaging Products & Materials-0.11%** | **Paper & Plastic Packaging Products & Materials-0.11%** |
| Cascades, Inc./Cascades USA, Inc. <br> (Canada), 6.75%, 07/15/2030<sup>(b)(c)</sup><br>|  | 442000 | &nbsp;&nbsp; 452460 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** |
| Graphic Packaging International LLC, <br> 6.38%, 07/15/2032<sup>(b)(c)</sup><br>| $| 319000 | &nbsp;&nbsp; $323586 |
| Sealed Air Corp., 7.25%, <br> 02/15/2031<sup>(b)(c)</sup><br>|  | 1198000 | &nbsp;&nbsp; 1259066 |
|  |  |  | &nbsp;&nbsp; 2035112 |
| **Paper Products-0.01%** | **Paper Products-0.01%** | **Paper Products-0.01%** | **Paper Products-0.01%** |
| Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)(c)</sup><br>|  | 116000 | &nbsp;&nbsp; 100269 |
| **Passenger Airlines-0.49%** | **Passenger Airlines-0.49%** | **Passenger Airlines-0.49%** | **Passenger Airlines-0.49%** |
| American Airlines Pass-Through Trust |  |  |  |
| 4.90% 05/11/2038 |  | 2260000 | &nbsp;&nbsp; 2266523 |
| Series 2021-1, Class A, 2.88% <br> 07/11/2034<br>|  | 5035 | &nbsp;&nbsp; 4590 |
| Series 2021-1, Class B, 3.95% <br> 07/11/2030<br>|  | 91980 | &nbsp;&nbsp; 87911 |
| Series B, 5.65% 11/11/2034 |  | 959000 | &nbsp;&nbsp; 970568 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, <br> 04/20/2026<sup>(b)</sup><br>|  | 593867 | &nbsp;&nbsp; 595748 |
| AS Mileage Plan IP Ltd. |  |  |  |
| 5.02% 10/20/2029<sup>(b)</sup> |  | 73000 | &nbsp;&nbsp; 72822 |
| 5.31% 10/20/2031<sup>(b)</sup> |  | 69000 | &nbsp;&nbsp; 68711 |
| British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(b)</sup><br>|  | 34231 | &nbsp;&nbsp; 31468 |
| Delta Air Lines, Inc. |  |  |  |
| 4.95% 07/10/2028 |  | 522000 | &nbsp;&nbsp; 529283 |
| 5.25% 07/10/2030 |  | 593000 | &nbsp;&nbsp; 606311 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., <br> 4.75%, 10/20/2028<sup>(b)</sup><br>|  | 6262 | &nbsp;&nbsp; 6307 |
| Southwest Airlines Co., 4.38%, <br> 11/15/2028<br>|  | 4000000 | &nbsp;&nbsp; 3991994 |
| United Airlines Pass-Through Trust |  |  |  |
| Series 2020-1, Class A, 5.88% <br> 10/15/2027<br>|  | 1700 | &nbsp;&nbsp; 1741 |
| Series 24-A, 5.88% 02/15/2037 |  | 76276 | &nbsp;&nbsp; 78296 |
| Series AA, 5.45% 02/15/2037 |  | 57931 | &nbsp;&nbsp; 59988 |
|  |  |  | &nbsp;&nbsp; 9372261 |
| **Passenger Ground Transportation-0.10%** | **Passenger Ground Transportation-0.10%** | **Passenger Ground Transportation-0.10%** | **Passenger Ground Transportation-0.10%** |
| Uber Technologies, Inc. |  |  |  |
| 4.30% 01/15/2030 |  | 212000 | &nbsp;&nbsp; 212759 |
| 4.15% 01/15/2031 |  | 1155800 | &nbsp;&nbsp; 1145378 |
| 4.80% 09/15/2035 |  | 421000 | &nbsp;&nbsp; 418078 |
| 5.35% 09/15/2054 |  | 131000 | &nbsp;&nbsp; 126830 |
|  |  |  | &nbsp;&nbsp; 1903045 |
| **Personal Care Products-0.00%** | **Personal Care Products-0.00%** | **Personal Care Products-0.00%** | **Personal Care Products-0.00%** |
| Coty Inc./HFC Prestige Products Inc./<br> HFC Prestige International US LLC, <br> 5.60%, 01/15/2031<sup>(b)</sup><br>|  | 2000 | &nbsp;&nbsp; 2008 |
| **Pharmaceuticals-0.82%** | **Pharmaceuticals-0.82%** | **Pharmaceuticals-0.82%** | **Pharmaceuticals-0.82%** |
| AstraZeneca Finance LLC (United <br> Kingdom)<br>|  |  |  |
| 4.85% 02/26/2029 |  | 42000 | &nbsp;&nbsp; 43112 |
| 4.90% 02/26/2031 |  | 96000 | &nbsp;&nbsp; 99391 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**111**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Bristol-Myers Squibb Co. |  |  |  |
| 4.90% 02/22/2029 | $| 12000 | &nbsp;&nbsp; $12317 |
| 5.75% 02/01/2031 |  | 11000 | &nbsp;&nbsp; 11778 |
| 5.90% 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3265 |
| 6.25% 11/15/2053 |  | 9000 | &nbsp;&nbsp; 9858 |
| 6.40% 11/15/2063 |  | 16000 | &nbsp;&nbsp; 17705 |
| Eli Lilly and Co. |  |  |  |
| 4.70% 02/09/2034 |  | 2000 | &nbsp;&nbsp; 2024 |
| 5.00% 02/09/2054 |  | 42000 | &nbsp;&nbsp; 39894 |
| 5.55% 10/15/2055 |  | 833800 | &nbsp;&nbsp; 854700 |
| 5.10% 02/09/2064 |  | 259000 | &nbsp;&nbsp; 245075 |
| 5.20% 08/14/2064 |  | 37000 | &nbsp;&nbsp; 35427 |
| 5.65% 10/15/2065 |  | 693000 | &nbsp;&nbsp; 714383 |
| EMD Finance LLC (Germany) |  |  |  |
| 4.13% 08/15/2028<sup>(b)</sup> |  | 655000 | &nbsp;&nbsp; 655208 |
| 4.38% 10/15/2030<sup>(b)</sup> |  | 6654000 | &nbsp;&nbsp; 6663612 |
| 4.63% 10/15/2032<sup>(b)</sup> |  | 1465000 | &nbsp;&nbsp; 1465530 |
| 5.00% 10/15/2035<sup>(b)</sup> |  | 821000 | &nbsp;&nbsp; 823788 |
| Merck & Co., Inc. |  |  |  |
| 4.30% 05/17/2030 |  | 14000 | &nbsp;&nbsp; 14136 |
| 4.90% 05/17/2044 |  | 19000 | &nbsp;&nbsp; 18110 |
| 5.15% 05/17/2063 |  | 3000 | &nbsp;&nbsp; 2843 |
| Novartis Capital Corp. |  |  |  |
| 4.20% 09/18/2034<sup>(c)</sup> |  | 174000 | &nbsp;&nbsp; 170495 |
| 4.70% 09/18/2054 |  | 206000 | &nbsp;&nbsp; 188018 |
| Takeda U.S. Financing, Inc. |  |  |  |
| 5.20% 07/07/2035 |  | 871000 | &nbsp;&nbsp; 886555 |
| 5.90% 07/07/2055<sup>(c)</sup> |  | 869000 | &nbsp;&nbsp; 899962 |
| Teva Pharmaceuticals Finance <br> Netherlands B.V. (Israel), 6.00%, <br> 12/01/2032<sup>(c)</sup><br>|  | 1046000 | &nbsp;&nbsp; 1092592 |
| Zoetis, Inc., 4.15%, 08/17/2028 |  | 724000 | &nbsp;&nbsp; 726296 |
|  |  |  | &nbsp;&nbsp; 15696074 |
| **Property & Casualty Insurance-0.16%** | **Property & Casualty Insurance-0.16%** | **Property & Casualty Insurance-0.16%** | **Property & Casualty Insurance-0.16%** |
| American International Group, Inc., <br> 4.85%, 05/07/2030<br>|  | 118000 | &nbsp;&nbsp; 120764 |
| CNA Financial Corp., 5.20%, <br> 08/15/2035<br>|  | 1638000 | &nbsp;&nbsp; 1642363 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, 03/15/2055<br>|  | 111000 | &nbsp;&nbsp; 114705 |
| Hanover Insurance Group, Inc. (The), <br> 5.50%, 09/01/2035<br>|  | 447000 | &nbsp;&nbsp; 454394 |
| Travelers Cos., Inc. (The) |  |  |  |
| 5.05% 07/24/2035 |  | 190000 | &nbsp;&nbsp; 193815 |
| 5.45% 05/25/2053 |  | 3000 | &nbsp;&nbsp; 3028 |
| 5.70% 07/24/2055 |  | 486000 | &nbsp;&nbsp; 504485 |
|  |  |  | &nbsp;&nbsp; 3033554 |
| **Rail Transportation-0.04%** | **Rail Transportation-0.04%** | **Rail Transportation-0.04%** | **Rail Transportation-0.04%** |
| Canadian Pacific Railway Co. (Canada), <br> 5.20%, 03/30/2035<sup>(c)</sup><br>|  | 146000 | &nbsp;&nbsp; 150758 |
| TTX Co., 5.05%, 11/15/2034<sup>(b)</sup> |  | 597000 | &nbsp;&nbsp; 615832 |
|  |  |  | &nbsp;&nbsp; 766590 |
| **Real Estate Development-0.16%** | **Real Estate Development-0.16%** | **Real Estate Development-0.16%** | **Real Estate Development-0.16%** |
| Essential Properties L.P., 5.40%, <br> 12/01/2035<br>|  | 408200 | &nbsp;&nbsp; 409508 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Real Estate Development-(continued)** | **Real Estate Development-(continued)** | **Real Estate Development-(continued)** | **Real Estate Development-(continued)** |
| Prologis Targeted U.S. Logistics Fund <br> L.P.<br>|  |  |  |
| 4.25% 01/15/2031<sup>(b)</sup> | $| 988000 | &nbsp;&nbsp; $981229 |
| 4.75% 01/15/2036<sup>(b)</sup> |  | 1699000 | &nbsp;&nbsp; 1664569 |
|  |  |  | &nbsp;&nbsp; 3055306 |
| **Regional Banks-0.46%** | **Regional Banks-0.46%** | **Regional Banks-0.46%** | **Regional Banks-0.46%** |
| Citizens Financial Group, Inc., 5.64%, <br> 05/21/2037<sup>(e)</sup><br>|  | 3000 | &nbsp;&nbsp; 3032 |
| Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(e)</sup><br>|  | 42000 | &nbsp;&nbsp; 43663 |
| Synovus Financial Corp., 6.17%, <br> 11/01/2030<sup>(e)</sup><br>|  | 54000 | &nbsp;&nbsp; 55922 |
| Truist Financial Corp. |  |  |  |
| 4.96% 10/23/2036<sup>(e)</sup> |  | 6966000 | &nbsp;&nbsp; 6862733 |
| Series P, 4.95% <sup>(e)(f)</sup> |  | 51000 | &nbsp;&nbsp; 51030 |
| Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(e)</sup><br>|  | 1288000 | &nbsp;&nbsp; 1287718 |
| Zions Bancorporation N.A., 6.82%, <br> 11/19/2035<sup>(e)</sup><br>|  | 541000 | &nbsp;&nbsp; 574550 |
|  |  |  | &nbsp;&nbsp; 8878648 |
| **Reinsurance-0.32%** | **Reinsurance-0.32%** | **Reinsurance-0.32%** | **Reinsurance-0.32%** |
| Global Atlantic (Fin) Co. |  |  |  |
| 6.75% 03/15/2054<sup>(b)</sup> |  | 64000 | &nbsp;&nbsp; 66906 |
| 7.95% 10/15/2054<sup>(b)(e)</sup> |  | 923000 | &nbsp;&nbsp; 966385 |
| RenaissanceRe Holdings Ltd. <br> (Bermuda), 5.75%, 06/05/2033<br>|  | 2915000 | &nbsp;&nbsp; 3051663 |
| RGA Global Funding, 5.00%, <br> 08/25/2032<sup>(b)</sup><br>|  | 1985000 | &nbsp;&nbsp; 1999364 |
|  |  |  | &nbsp;&nbsp; 6084318 |
| **Renewable Electricity-0.11%** | **Renewable Electricity-0.11%** | **Renewable Electricity-0.11%** | **Renewable Electricity-0.11%** |
| Idaho Power Co., 5.20%, 08/15/2034 |  | 29000 | &nbsp;&nbsp; 30017 |
| Southern Power Co. |  |  |  |
| Series A, 4.25% 10/01/2030 |  | 913000 | &nbsp;&nbsp; 908117 |
| Series B, 4.90% 10/01/2035 |  | 1104000 | &nbsp;&nbsp; 1093031 |
|  |  |  | &nbsp;&nbsp; 2031165 |
| **Research & Consulting Services-0.09%** | **Research & Consulting Services-0.09%** | **Research & Consulting Services-0.09%** | **Research & Consulting Services-0.09%** |
| CACI International, Inc., 6.38%, <br> 06/15/2033<sup>(b)</sup><br>|  | 160000 | &nbsp;&nbsp; 166555 |
| Verisk Analytics, Inc. |  |  |  |
| 4.50% 08/15/2030 |  | 297400 | &nbsp;&nbsp; 298844 |
| 5.13% 02/15/2036<sup>(c)</sup> |  | 1191000 | &nbsp;&nbsp; 1198804 |
|  |  |  | &nbsp;&nbsp; 1664203 |
| **Restaurants-0.84%** | **Restaurants-0.84%** | **Restaurants-0.84%** | **Restaurants-0.84%** |
| 1011778 BC ULC/New Red Finance, <br> Inc. (Canada), 5.63%, <br> 09/15/2029<sup>(b)</sup><br>|  | 550000 | &nbsp;&nbsp; 560461 |
| Arcos Dorados B.V. (Brazil), 6.38%, <br> 01/29/2032<sup>(b)</sup><br>|  | 1992000 | &nbsp;&nbsp; 2114608 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**112**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Restaurants-(continued)** | **Restaurants-(continued)** | **Restaurants-(continued)** | **Restaurants-(continued)** |
| McDonald's Corp. |  |  |  |
| 4.80% 08/14/2028 | $| 31000 | &nbsp;&nbsp; $31609 |
| 4.60% 05/15/2030 |  | 194000 | &nbsp;&nbsp; 197188 |
| 4.40% 02/12/2031 |  | 2661000 | &nbsp;&nbsp; 2672175 |
| 4.95% 08/14/2033 |  | 19000 | &nbsp;&nbsp; 19587 |
| 4.95% 03/03/2035 |  | 127000 | &nbsp;&nbsp; 128706 |
| 5.00% 02/13/2036 |  | 2700000 | &nbsp;&nbsp; 2721027 |
| Raising Cane's Restaurants LLC, <br> 9.38%, 05/01/2029<sup>(b)</sup><br>|  | 7290000 | &nbsp;&nbsp; 7631755 |
|  |  |  | &nbsp;&nbsp; 16077116 |
| **Retail REITs-0.18%** | **Retail REITs-0.18%** | **Retail REITs-0.18%** | **Retail REITs-0.18%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 16000 | &nbsp;&nbsp; 16735 |
| Brixmor Operating Partnership L.P. |  |  |  |
| 4.85% 02/15/2033 |  | 424000 | &nbsp;&nbsp; 423018 |
| 5.75% 02/15/2035 |  | 12000 | &nbsp;&nbsp; 12590 |
| Kimco Realty OP LLC |  |  |  |
| 4.85% 03/01/2035 |  | 51000 | &nbsp;&nbsp; 50790 |
| 5.30% 02/01/2036 |  | 806000 | &nbsp;&nbsp; 826104 |
| Kite Realty Group L.P. |  |  |  |
| 4.95% 12/15/2031 |  | 39000 | &nbsp;&nbsp; 39428 |
| 5.50% 03/01/2034 |  | 3000 | &nbsp;&nbsp; 3100 |
| NNN REIT, Inc. |  |  |  |
| 5.60% 10/15/2033 |  | 3000 | &nbsp;&nbsp; 3144 |
| 5.50% 06/15/2034 |  | 14000 | &nbsp;&nbsp; 14524 |
| Realty Income Corp. |  |  |  |
| 2.20% 06/15/2028 |  | 2000 | &nbsp;&nbsp; 1911 |
| 5.63% 10/13/2032 |  | 2000 | &nbsp;&nbsp; 2125 |
| 4.50% 02/01/2033 |  | 1742000 | &nbsp;&nbsp; 1720923 |
| 5.13% 04/15/2035 |  | 66000 | &nbsp;&nbsp; 67125 |
| 5.38% 09/01/2054 |  | 24000 | &nbsp;&nbsp; 23633 |
| Regency Centers L.P. |  |  |  |
| 5.00% 07/15/2032 |  | 166000 | &nbsp;&nbsp; 170309 |
| 5.25% 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3091 |
| 5.10% 01/15/2035 |  | 20000 | &nbsp;&nbsp; 20267 |
|  |  |  | &nbsp;&nbsp; 3398817 |
| **Self-Storage REITs-0.10%** | **Self-Storage REITs-0.10%** | **Self-Storage REITs-0.10%** | **Self-Storage REITs-0.10%** |
| Americold Realty Operating Partnership <br> L.P.<br>|  |  |  |
| 5.60% 05/15/2032 |  | 273000 | &nbsp;&nbsp; 276269 |
| 5.41% 09/12/2034 |  | 85000 | &nbsp;&nbsp; 83649 |
| Extra Space Storage L.P. |  |  |  |
| 5.70% 04/01/2028 |  | 2000 | &nbsp;&nbsp; 2066 |
| 4.95% 01/15/2033 |  | 503000 | &nbsp;&nbsp; 505925 |
| 5.40% 02/01/2034 |  | 12000 | &nbsp;&nbsp; 12360 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, 10/07/2034<sup>(b)</sup><br>|  | 21000 | &nbsp;&nbsp; 21383 |
| Prologis L.P. |  |  |  |
| 4.88% 06/15/2028 |  | 3000 | &nbsp;&nbsp; 3066 |
| 4.75% 01/15/2031<sup>(c)</sup> |  | 454000 | &nbsp;&nbsp; 463603 |
| 5.13% 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3088 |
| 5.00% 03/15/2034 |  | 33000 | &nbsp;&nbsp; 33642 |
| 5.00% 01/31/2035 |  | 52000 | &nbsp;&nbsp; 52679 |
| 5.25% 05/15/2035<sup>(c)</sup> |  | 282000 | &nbsp;&nbsp; 290592 |
| 5.25% 03/15/2054 |  | 99000 | &nbsp;&nbsp; 96292 |
| Public Storage Operating Co., 5.35%, <br> 08/01/2053<br>|  | 24000 | &nbsp;&nbsp; 23758 |
|  |  |  | &nbsp;&nbsp; 1868372 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Semiconductors-2.37%** | **Semiconductors-2.37%** | **Semiconductors-2.37%** |
| AP Grange Holdings LLC, 6.50%, <br> 03/20/2045<sup>(b)(h)</sup><br>| $10153000 | &nbsp;&nbsp; $10761165 |
| Broadcom, Inc. |  |  |
| 5.05% 07/12/2027 | 94000 | &nbsp;&nbsp; 95583 |
| 5.05% 07/12/2029 | 63000 | &nbsp;&nbsp; 64891 |
| 5.15% 11/15/2031 | 197000 | &nbsp;&nbsp; 204892 |
| 5.20% 07/15/2035 | 604000 | &nbsp;&nbsp; 622403 |
| 4.80% 02/15/2036 | 2056000 | &nbsp;&nbsp; 2041573 |
| 4.90% 02/15/2038 | 1628000 | &nbsp;&nbsp; 1609169 |
| Foundry JV Holdco LLC |  |  |
| 5.90% 01/25/2030<sup>(b)</sup> | 1711000 | &nbsp;&nbsp; 1799201 |
| 5.50% 01/25/2031<sup>(b)</sup> | 1422000 | &nbsp;&nbsp; 1475770 |
| 6.15% 01/25/2032<sup>(b)</sup> | 1967000 | &nbsp;&nbsp; 2098688 |
| 5.90% 01/25/2033<sup>(b)</sup> | 1434000 | &nbsp;&nbsp; 1510744 |
| 5.88% 01/25/2034<sup>(b)</sup> | 1829000 | &nbsp;&nbsp; 1890223 |
| 6.25% 01/25/2035<sup>(b)</sup> | 1139000 | &nbsp;&nbsp; 1213364 |
| 6.10% 01/25/2036<sup>(b)</sup> | 1328000 | &nbsp;&nbsp; 1404424 |
| 6.20% 01/25/2037<sup>(b)</sup> | 1152000 | &nbsp;&nbsp; 1226555 |
| 6.40% 01/25/2038<sup>(b)</sup> | 1369000 | &nbsp;&nbsp; 1479222 |
| 6.30% 01/25/2039<sup>(b)</sup> | 619000 | &nbsp;&nbsp; 659254 |
| Kioxia Holdings Corp. (Japan) |  |  |
| 6.25% 07/24/2030<sup>(b)</sup> | 550000 | &nbsp;&nbsp; 568481 |
| 6.63% 07/24/2033<sup>(b)</sup> | 533000 | &nbsp;&nbsp; 556603 |
| Micron Technology, Inc. |  |  |
| 5.30% 01/15/2031 | 9000 | &nbsp;&nbsp; 9306 |
| 6.05% 11/01/2035 | 165000 | &nbsp;&nbsp; 176856 |
| SK hynix, Inc. (South Korea) |  |  |
| 4.25% 09/11/2028<sup>(b)</sup> | 5344000 | &nbsp;&nbsp; 5350854 |
| 4.38% 09/11/2030<sup>(b)(c)</sup> | 8809000 | &nbsp;&nbsp; 8809724 |
|  |  | &nbsp;&nbsp; 45628945 |
| **Single-Family Residential REITs-0.01%** | **Single-Family Residential REITs-0.01%** | **Single-Family Residential REITs-0.01%** |
| American Homes 4 Rent L.P. |  |  |
| 2.38% 07/15/2031 | 2000 | &nbsp;&nbsp; 1777 |
| 5.50% 07/15/2034 | 47000 | &nbsp;&nbsp; 48594 |
| 5.25% 03/15/2035 | 51000 | &nbsp;&nbsp; 51836 |
|  |  | &nbsp;&nbsp; 102207 |
| **Soft Drinks & Non-alcoholic Beverages-0.43%** | **Soft Drinks & Non-alcoholic Beverages-0.43%** | **Soft Drinks & Non-alcoholic Beverages-0.43%** |
| Coca-Cola Co. (The), 5.40%, <br> 05/13/2064<br>| 132000 | &nbsp;&nbsp; 131416 |
| Coca-Cola FEMSA S.A.B. de C.V. <br> (Mexico), 5.10%, 05/06/2035<br>| 3486000 | &nbsp;&nbsp; 3528348 |
| PepsiCo, Inc. |  |  |
| 4.10% 01/15/2029 | 1325000 | &nbsp;&nbsp; 1332177 |
| 4.60% 02/07/2030 | 298000 | &nbsp;&nbsp; 304757 |
| 4.30% 07/23/2030<sup>(c)</sup> | 1083000 | &nbsp;&nbsp; 1092459 |
| 5.00% 02/07/2035 | 28000 | &nbsp;&nbsp; 28765 |
| 5.00% 07/23/2035 | 1867000 | &nbsp;&nbsp; 1911573 |
|  |  | &nbsp;&nbsp; 8329495 |
| **Sovereign Debt-3.23%** | **Sovereign Debt-3.23%** | **Sovereign Debt-3.23%** |
| Bahamas Government International <br> Bond (Bahamas), 8.25%, <br> 06/24/2036<sup>(b)</sup><br>| 2070000 | &nbsp;&nbsp; 2245515 |
| Barbados Government International <br> Bond (Barbados), 8.00%, <br> 06/26/2035<sup>(b)</sup><br>| 1603000 | &nbsp;&nbsp; 1673131 |
| Brazilian Government International <br> Bond (Brazil), 6.13%, 03/15/2034<br>| 2001000 | &nbsp;&nbsp; 2044022 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**113**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Sovereign Debt-(continued)** | **Sovereign Debt-(continued)** | **Sovereign Debt-(continued)** | **Sovereign Debt-(continued)** |
| Costa Rica Government International <br> Bond (Costa Rica), 7.30%, <br> 11/13/2054<sup>(b)</sup><br>| $| 528000 | &nbsp;&nbsp; $591690 |
| Egyptian Financial Co. for Sovereign <br> Taskeek (The) (Egypt)<br>|  |  |  |
| 6.38% 04/07/2029<sup>(b)</sup> |  | 1577000 | &nbsp;&nbsp; 1597684 |
| 7.95% 10/07/2032<sup>(b)</sup> |  | 691000 | &nbsp;&nbsp; 714876 |
| Guatemala Government Bond <br> (Guatemala)<br>|  |  |  |
| 6.05% 08/06/2031<sup>(b)</sup> |  | 3287000 | &nbsp;&nbsp; 3436558 |
| 6.25% 08/15/2036<sup>(b)(c)</sup> |  | 2388000 | &nbsp;&nbsp; 2522134 |
| 6.55% 02/06/2037<sup>(b)</sup> |  | 1315000 | &nbsp;&nbsp; 1418885 |
| 6.88% 08/15/2055<sup>(b)</sup> |  | 1856000 | &nbsp;&nbsp; 2005241 |
| Kuwait International Government Bond <br> (Kuwait)<br>|  |  |  |
| 4.14% 10/09/2030<sup>(b)</sup> |  | 1845000 | &nbsp;&nbsp; 1841773 |
| 4.65% 10/09/2035<sup>(b)(c)</sup> |  | 1870000 | &nbsp;&nbsp; 1880042 |
| Mexico Government International Bond <br> (Mexico)<br>|  |  |  |
| 4.75% 03/22/2031 |  | 3992000 | &nbsp;&nbsp; 3973637 |
| 5.85% 07/02/2032 |  | 3510000 | &nbsp;&nbsp; 3631972 |
| 5.38% 03/22/2033 |  | 738000 | &nbsp;&nbsp; 739993 |
| 6.63% 01/29/2038 |  | 2773000 | &nbsp;&nbsp; 2935220 |
| Series 10, 5.63% 09/22/2035 |  | 3234000 | &nbsp;&nbsp; 3222681 |
| Peruvian Government International <br> Bond (Peru), 5.38%, 02/08/2035<sup>(c)</sup><br>|  | 1806000 | &nbsp;&nbsp; 1858392 |
| Romanian Government International <br> Bond (Romania)<br>|  |  |  |
| 6.63% 02/17/2028<sup>(b)(c)</sup> |  | 1832000 | &nbsp;&nbsp; 1910557 |
| 5.88% 01/30/2029<sup>(b)</sup> |  | 3084000 | &nbsp;&nbsp; 3178929 |
| 5.75% 09/16/2030<sup>(b)</sup> |  | 3868000 | &nbsp;&nbsp; 3962573 |
| 7.13% 01/17/2033<sup>(b)</sup> |  | 536000 | &nbsp;&nbsp; 579101 |
| 5.75% 03/24/2035<sup>(b)</sup> |  | 2821000 | &nbsp;&nbsp; 2766010 |
| 6.63% 05/16/2036<sup>(b)(c)</sup> |  | 4070000 | &nbsp;&nbsp; 4191938 |
| Trinidad & Tobago Government <br> International Bond (Trinidad), 6.40%, <br> 06/26/2034<sup>(b)</sup><br>|  | 2215000 | &nbsp;&nbsp; 2195619 |
| Turkiye Government International Bond <br> (Turkey), 6.95%, 09/16/2035<br>|  | 4917000 | &nbsp;&nbsp; 4986784 |
|  |  |  | &nbsp;&nbsp; 62104957 |
| **Specialized Consumer Services-0.10%** | **Specialized Consumer Services-0.10%** | **Specialized Consumer Services-0.10%** | **Specialized Consumer Services-0.10%** |
| Rentokil Terminix Funding LLC |  |  |  |
| 5.00% 04/28/2030<sup>(b)</sup> |  | 823000 | &nbsp;&nbsp; 838443 |
| 5.63% 04/28/2035<sup>(b)</sup> |  | 991000 | &nbsp;&nbsp; 1021495 |
|  |  |  | &nbsp;&nbsp; 1859938 |
| **Specialized Finance-0.05%** | **Specialized Finance-0.05%** | **Specialized Finance-0.05%** | **Specialized Finance-0.05%** |
| Jefferson Capital Holdings LLC |  |  |  |
| 9.50% 02/15/2029<sup>(b)</sup> |  | 162000 | &nbsp;&nbsp; 170813 |
| 8.25% 05/15/2030<sup>(b)</sup> |  | 849000 | &nbsp;&nbsp; 880940 |
|  |  |  | &nbsp;&nbsp; 1051753 |
| **Specialty Chemicals-0.41%** | **Specialty Chemicals-0.41%** | **Specialty Chemicals-0.41%** | **Specialty Chemicals-0.41%** |
| OCP S.A. (Morocco) |  |  |  |
| 6.10% 04/30/2030<sup>(b)</sup> |  | 1527000 | &nbsp;&nbsp; 1599939 |
| 6.70% 03/01/2036<sup>(b)</sup> |  | 1698000 | &nbsp;&nbsp; 1831980 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Specialty Chemicals-(continued)** | **Specialty Chemicals-(continued)** | **Specialty Chemicals-(continued)** | **Specialty Chemicals-(continued)** |
| Sherwin-Williams Co. (The) |  |  |  |
| 4.30% 08/15/2028 | $| 2189000 | &nbsp;&nbsp; $2200338 |
| 4.50% 08/15/2030 |  | 732000 | &nbsp;&nbsp; 737079 |
| 5.15% 08/15/2035 |  | 860000 | &nbsp;&nbsp; 878010 |
| Sociedad Quimica y Minera de Chile <br> S.A. (Chile), 6.50%, 11/07/2033<sup>(b)</sup><br>|  | 185000 | &nbsp;&nbsp; 199564 |
| Solstice Advanced Materials, Inc., <br> 5.63%, 09/30/2033<sup>(b)</sup><br>|  | 516000 | &nbsp;&nbsp; 516779 |
|  |  |  | &nbsp;&nbsp; 7963689 |
| **Steel-0.54%** | **Steel-0.54%** | **Steel-0.54%** | **Steel-0.54%** |
| Cleveland-Cliffs, Inc. |  |  |  |
| 6.88% 11/01/2029<sup>(b)</sup> |  | 718000 | &nbsp;&nbsp; 737902 |
| 7.63% 01/15/2034<sup>(b)</sup> |  | 6233000 | &nbsp;&nbsp; 6485012 |
| POSCO (South Korea), 5.63%, <br> 01/17/2026<sup>(b)</sup><br>|  | 774000 | &nbsp;&nbsp; 775960 |
| POSCO Holdings, Inc. (South Korea) |  |  |  |
| 5.13% 05/07/2030<sup>(b)</sup> |  | 1381000 | &nbsp;&nbsp; 1416045 |
| 5.75% 05/07/2035<sup>(b)</sup> |  | 860000 | &nbsp;&nbsp; 908447 |
|  |  |  | &nbsp;&nbsp; 10323366 |
| **Systems Software-0.31%** | **Systems Software-0.31%** | **Systems Software-0.31%** | **Systems Software-0.31%** |
| Oracle Corp. |  |  |  |
| 4.45% 09/26/2030 |  | 1403900 | &nbsp;&nbsp; 1392632 |
| 6.25% 11/09/2032 |  | 3000 | &nbsp;&nbsp; 3215 |
| 4.90% 02/06/2033 |  | 2000 | &nbsp;&nbsp; 1987 |
| 4.70% 09/27/2034 |  | 118000 | &nbsp;&nbsp; 113372 |
| 5.20% 09/26/2035 |  | 1020000 | &nbsp;&nbsp; 1004953 |
| 5.88% 09/26/2045 |  | 1595000 | &nbsp;&nbsp; 1537053 |
| 6.90% 11/09/2052 |  | 2000 | &nbsp;&nbsp; 2134 |
| 5.38% 09/27/2054 |  | 211000 | &nbsp;&nbsp; 185677 |
| 6.00% 08/03/2055 |  | 142000 | &nbsp;&nbsp; 135954 |
| 5.95% 09/26/2055<sup>(c)</sup> |  | 1113000 | &nbsp;&nbsp; 1056006 |
| 5.50% 09/27/2064 |  | 367000 | &nbsp;&nbsp; 320385 |
| 6.13% 08/03/2065<sup>(c)</sup> |  | 273000 | &nbsp;&nbsp; 261146 |
|  |  |  | &nbsp;&nbsp; 6014514 |
| **Technology Hardware, Storage & Peripherals-0.01%** | **Technology Hardware, Storage & Peripherals-0.01%** | **Technology Hardware, Storage & Peripherals-0.01%** | **Technology Hardware, Storage & Peripherals-0.01%** |
| Hewlett Packard Enterprise Co. |  |  |  |
| 5.00% 10/15/2034 |  | 87000 | &nbsp;&nbsp; 86116 |
| 5.60% 10/15/2054 |  | 192000 | &nbsp;&nbsp; 181632 |
|  |  |  | &nbsp;&nbsp; 267748 |
| **Tobacco-0.34%** | **Tobacco-0.34%** | **Tobacco-0.34%** | **Tobacco-0.34%** |
| B.A.T. Capital Corp. (United Kingdom) |  |  |  |
| 5.83% 02/20/2031 |  | 39000 | &nbsp;&nbsp; 41320 |
| 4.63% 03/22/2033 |  | 932000 | &nbsp;&nbsp; 921036 |
| 6.00% 02/20/2034 |  | 12000 | &nbsp;&nbsp; 12819 |
| 7.08% 08/02/2043 |  | 3000 | &nbsp;&nbsp; 3387 |
| 7.08% 08/02/2053 |  | 2000 | &nbsp;&nbsp; 2288 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**114**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| Philip Morris International, Inc. |  |  |  |
| 4.75% 02/12/2027 | $| 39000 | &nbsp;&nbsp; $39371 |
| 4.38% 11/01/2027 |  | 143000 | &nbsp;&nbsp; 144013 |
| 4.88% 02/15/2028 |  | 12000 | &nbsp;&nbsp; 12211 |
| 4.13% 04/28/2028 |  | 52000 | &nbsp;&nbsp; 52107 |
| 5.25% 09/07/2028 |  | 9000 | &nbsp;&nbsp; 9267 |
| 3.88% 10/27/2028 |  | 1418000 | &nbsp;&nbsp; 1410657 |
| 4.88% 02/13/2029 |  | 50000 | &nbsp;&nbsp; 51063 |
| 4.63% 11/01/2029 |  | 187000 | &nbsp;&nbsp; 189864 |
| 4.38% 04/30/2030 |  | 296000 | &nbsp;&nbsp; 297194 |
| 4.00% 10/29/2030<sup>(c)</sup> |  | 1021000 | &nbsp;&nbsp; 1006186 |
| 5.13% 02/13/2031 |  | 14000 | &nbsp;&nbsp; 14476 |
| 4.75% 11/01/2031<sup>(c)</sup> |  | 146000 | &nbsp;&nbsp; 148605 |
| 5.75% 11/17/2032 |  | 3000 | &nbsp;&nbsp; 3195 |
| 5.38% 02/15/2033 |  | 11000 | &nbsp;&nbsp; 11460 |
| 5.63% 09/07/2033 |  | 6000 | &nbsp;&nbsp; 6350 |
| 5.25% 02/13/2034 |  | 47000 | &nbsp;&nbsp; 48463 |
| 4.90% 11/01/2034<sup>(c)</sup> |  | 222000 | &nbsp;&nbsp; 223459 |
| 4.88% 04/30/2035<sup>(c)</sup> |  | 275000 | &nbsp;&nbsp; 275245 |
| 4.63% 10/29/2035 |  | 1675000 | &nbsp;&nbsp; 1634156 |
|  |  |  | &nbsp;&nbsp; 6558192 |
| **Trading Companies & Distributors-0.17%** | **Trading Companies & Distributors-0.17%** | **Trading Companies & Distributors-0.17%** | **Trading Companies & Distributors-0.17%** |
| Air Lease Corp., Series B, 4.65%<sup>(e)(f)</sup> |  | 885000 | &nbsp;&nbsp; 876531 |
| Ferguson Enterprises, Inc. |  |  |  |
| 4.35% 03/15/2031 |  | 1242000 | &nbsp;&nbsp; 1235500 |
| 5.00% 10/03/2034 |  | 53000 | &nbsp;&nbsp; 53441 |
| Mitsubishi Corp. (Japan) |  |  |  |
| 5.00% 07/02/2029<sup>(b)</sup> |  | 548000 | &nbsp;&nbsp; 563642 |
| 5.13% 07/17/2034<sup>(b)(c)</sup> |  | 448000 | &nbsp;&nbsp; 464076 |
|  |  |  | &nbsp;&nbsp; 3193190 |
| **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** |
| Block, Inc. |  |  |  |
| 5.63% 08/15/2030<sup>(b)</sup> |  | 371000 | &nbsp;&nbsp; 376837 |
| 6.00% 08/15/2033<sup>(b)</sup> |  | 445000 | &nbsp;&nbsp; 455329 |
| Mastercard, Inc., 4.85%, 03/09/2033 |  | 3000 | &nbsp;&nbsp; 3084 |
|  |  |  | &nbsp;&nbsp; 835250 |
| **Water Utilities-0.03%** | **Water Utilities-0.03%** | **Water Utilities-0.03%** | **Water Utilities-0.03%** |
| American Water Capital Corp., 5.70%, <br> 09/01/2055<br>|  | 648000 | &nbsp;&nbsp; 659280 |
| **Wireless Telecommunication Services-0.26%** | **Wireless Telecommunication Services-0.26%** | **Wireless Telecommunication Services-0.26%** | **Wireless Telecommunication Services-0.26%** |
| T-Mobile USA, Inc. |  |  |  |
| 4.95% 11/15/2035 |  | 1916000 | &nbsp;&nbsp; 1903480 |
| 5.65% 01/15/2053 |  | 4000 | &nbsp;&nbsp; 3937 |
| 6.00% 06/15/2054 |  | 3000 | &nbsp;&nbsp; 3094 |
| 5.88% 11/15/2055 |  | 258000 | &nbsp;&nbsp; 261887 |
| 5.70% 01/15/2056 |  | 2284000 | &nbsp;&nbsp; 2259239 |
| Vodafone Group PLC (United Kingdom), <br> 5.13%, 06/04/2081<sup>(e)</sup><br>|  | 780000 | &nbsp;&nbsp; 631693 |
|  |  |  | &nbsp;&nbsp; 5063330 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $936,442,204) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $936,442,204) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $936,442,204) | &nbsp;&nbsp; 950073812 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-26.49%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-26.49%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-26.49%** |
| **Collateralized Mortgage Obligations-2.72%** | **Collateralized Mortgage Obligations-2.72%** | **Collateralized Mortgage Obligations-2.72%** |
| Freddie Mac Military Housing Bonds <br> Resecuritization Trust Ctfs., <br> Series 2015-R1, Class B1, 5.25%, <br> 11/25/2055<sup>(b)(i)</sup><br>| $873750 | &nbsp;&nbsp; $788112 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs.<br>|  |  |
| 5.00%, 11/25/2028 | 4625965 | &nbsp;&nbsp; 4754340 |
| 4.43%, 02/25/2033<sup>(i)</sup> | 6000000 | &nbsp;&nbsp; 6064166 |
| Series 2017-K066, Class AM, 3.20%, <br> 06/25/2027<br>| 250000 | &nbsp;&nbsp; 246808 |
| Series 2017-KGX1, Class AFX, <br> 3.00%, 10/25/2027<br>| 1000000 | &nbsp;&nbsp; 980689 |
| Series 2018-K074, Class AM, 3.60%, <br> 02/25/2028<br>| 1000000 | &nbsp;&nbsp; 991661 |
| Series 2018-K154, Class A3, 3.46%, <br> 11/25/2032<sup>(i)</sup><br>| 1000000 | &nbsp;&nbsp; 955466 |
| Series K-161, Class A2, 4.90%, <br> 10/25/2033<sup>(i)</sup><br>| 10000000 | &nbsp;&nbsp; 10403210 |
| Series K-162, Class A2, 5.15%, <br> 12/25/2033<sup>(i)</sup><br>| 15000000 | &nbsp;&nbsp; 15826494 |
| Series K-164, Class A2, 5.00%, <br> 05/25/2034<br>| 10000000 | &nbsp;&nbsp; 10479132 |
| Freddie Mac STRIPS, 0.00%, <br> 09/15/2030<sup>(j)</sup><br>| 350000 | &nbsp;&nbsp; 289878 |
| Pleease confirm caption |  |  |
| Series 2017-3, Class HT, 3.25%, <br> 07/25/2056<br>| 233946 | &nbsp;&nbsp; 210719 |
| Series 2017-4, Class HT, 3.25%, <br> 06/25/2057<br>| 345442 | &nbsp;&nbsp; 315937 |
|  |  | &nbsp;&nbsp; 52306612 |
| **Federal Home Loan Mortgage Corp. (FHLMC)-1.28%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.28%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.28%** |
| 0.00%, 12/14/2029<sup>(j)</sup> | 150000 | &nbsp;&nbsp; 128530 |
| 3.55%, 10/01/2033 | 446895 | &nbsp;&nbsp; 424583 |
| 3.00%, 10/01/2034 | 158516 | &nbsp;&nbsp; 153584 |
| 4.00%, 11/01/2048 to 07/01/2049 | 210641 | &nbsp;&nbsp; 203415 |
| 3.50%, 08/01/2049 | 1388401 | &nbsp;&nbsp; 1297669 |
| 6.00%, 06/01/2053 to 08/01/2054 | 16092885 | &nbsp;&nbsp; 16659178 |
| 5.50%, 07/01/2053 | 5724577 | &nbsp;&nbsp; 5852318 |
|  |  | &nbsp;&nbsp; 24719277 |
| **Federal National Mortgage Association (FNMA)-1.29%** | **Federal National Mortgage Association (FNMA)-1.29%** | **Federal National Mortgage Association (FNMA)-1.29%** |
| 2.82%, 10/01/2029 | 463849 | &nbsp;&nbsp; 444158 |
| 2.90%, 11/01/2029 | 473652 | &nbsp;&nbsp; 452814 |
| 3.08%, 10/01/2032 | 737357 | &nbsp;&nbsp; 684655 |
| 3.31%, 01/01/2033 | 952973 | &nbsp;&nbsp; 899503 |
| 2.50%, 10/01/2034 to 12/01/2034 | 1578895 | &nbsp;&nbsp; 1502362 |
| 4.69%, 04/01/2035 | 4500000 | &nbsp;&nbsp; 4577891 |
| 4.68%, 09/01/2035 | 6140000 | &nbsp;&nbsp; 6203140 |
| 3.50%, 05/01/2047 to 06/01/2047 | 1362053 | &nbsp;&nbsp; 1286623 |
| 4.00%, 11/01/2047 | 62039 | &nbsp;&nbsp; 60277 |
| 3.00%, 09/01/2049 to 10/01/2049 | 2486915 | &nbsp;&nbsp; 2250174 |
| 5.50%, 09/01/2053 | 6324743 | &nbsp;&nbsp; 6458226 |
|  |  | &nbsp;&nbsp; 24819823 |
| **Government National Mortgage Association (GNMA)-4.08%** | **Government National Mortgage Association (GNMA)-4.08%** | **Government National Mortgage Association (GNMA)-4.08%** |
| 4.00%, 07/20/2049 | 34620 | &nbsp;&nbsp; 33187 |
| TBA, 2.00%, 11/01/2055<sup>(k)</sup> | 4826634 | &nbsp;&nbsp; 4015747 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**115**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)-(continued)** | **Government National Mortgage Association (GNMA)-(continued)** | **Government National Mortgage Association (GNMA)-(continued)** | **Government National Mortgage Association (GNMA)-(continued)** |
| TBA, 2.50%, 11/01/2055<sup>(k)</sup> | $| 22332321 | &nbsp;&nbsp; $19334016 |
| TBA, 4.50%, 11/01/2055<sup>(k)</sup> |  | 16096070 | &nbsp;&nbsp; 15712078 |
| TBA, 5.00%, 11/01/2055<sup>(k)</sup> |  | 14603000 | &nbsp;&nbsp; 14560324 |
| TBA, 5.50%, 11/01/2055<sup>(k)</sup> |  | 13902317 | &nbsp;&nbsp; 14019137 |
| TBA, 6.00%, 11/01/2055<sup>(k)</sup> |  | 10552000 | &nbsp;&nbsp; 10740437 |
|  |  |  | &nbsp;&nbsp; 78414926 |
| **Uniform Mortgage-Backed Securities-17.12%** | **Uniform Mortgage-Backed Securities-17.12%** | **Uniform Mortgage-Backed Securities-17.12%** | **Uniform Mortgage-Backed Securities-17.12%** |
| TBA, 1.50%, 11/01/2040<sup>(k)</sup> |  | 8760000 | &nbsp;&nbsp; 7850314 |
| TBA, 2.00%, 11/01/2040 to <br> 11/01/2055<sup>(k)</sup><br>|  | 80215914 | &nbsp;&nbsp; 65585535 |
| TBA, 4.50%, 11/01/2040 to <br> 11/01/2055<sup>(k)</sup><br>|  | 17432014 | &nbsp;&nbsp; 17212611 |
| TBA, 5.00%, 11/01/2040 to <br> 11/01/2055<sup>(k)</sup><br>|  | 26077860 | &nbsp;&nbsp; 26086665 |
| TBA, 2.50%, 11/01/2055<sup>(k)</sup> |  | 71174860 | &nbsp;&nbsp; 60440194 |
| TBA, 3.00%, 11/01/2055<sup>(k)</sup> |  | 58657549 | &nbsp;&nbsp; 51985253 |
| TBA, 3.50%, 11/01/2055<sup>(k)</sup> |  | 34240382 | &nbsp;&nbsp; 31572902 |
| TBA, 4.00%, 11/01/2055<sup>(k)</sup> |  | 28491694 | &nbsp;&nbsp; 27036961 |
| TBA, 5.50%, 11/01/2055<sup>(k)</sup> |  | 15687376 | &nbsp;&nbsp; 15851355 |
| TBA, 6.00%, 11/01/2055<sup>(k)</sup> |  | 8981340 | &nbsp;&nbsp; 9185335 |
| TBA, 6.50%, 11/01/2055<sup>(k)</sup> |  | 15770000 | &nbsp;&nbsp; 16332058 |
|  |  |  | &nbsp;&nbsp; 329139183 |
| Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $508,041,756) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $508,041,756) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $508,041,756) | &nbsp;&nbsp; 509399821 |
| **Asset-Backed Securities-25.87%** | **Asset-Backed Securities-25.87%** | **Asset-Backed Securities-25.87%** | **Asset-Backed Securities-25.87%** |
| AGL CLO 17 Ltd. (Cayman Islands), <br> Series 2022-17A, Class AR, 4.82% <br> (3 mo. Term SOFR + 0.95%), <br> 01/21/2035<sup>(b)(d)</sup><br>|  | 4125000 | &nbsp;&nbsp; 4118829 |
| AGL CLO 29 Ltd. (Jersey), <br> Series 2024-29A, Class A1, 5.44% <br> (3 mo. Term SOFR + 1.57%), <br> 04/21/2037<sup>(b)(d)</sup><br>|  | 6019000 | &nbsp;&nbsp; 6039970 |
| ALA Trust, Series 2025-OANA, Class B, <br> 5.88% (1 mo. Term SOFR + 1.84%), <br> 06/15/2040<sup>(b)(d)</sup><br>|  | 4039000 | &nbsp;&nbsp; 4072777 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup><br>|  | 4460000 | &nbsp;&nbsp; 4326158 |
| Angel Oak Mortgage Trust |  |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(b)(i)</sup><br>|  | 32312 | &nbsp;&nbsp; 31571 |
| Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(b)(i)</sup><br>|  | 136555 | &nbsp;&nbsp; 130450 |
| Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(b)(i)</sup><br>|  | 115579 | &nbsp;&nbsp; 111405 |
| Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(b)(i)</sup><br>|  | 855708 | &nbsp;&nbsp; 748141 |
| Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(b)</sup><br>|  | 2085654 | &nbsp;&nbsp; 1967170 |
| Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(b)</sup><br>|  | 590413 | &nbsp;&nbsp; 596403 |
| Series 2024-10, Class A1, 5.35%, <br> 10/25/2069<sup>(b)</sup><br>|  | 2703689 | &nbsp;&nbsp; 2717419 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)</sup><br>|  | 2763625 | &nbsp;&nbsp; 2788790 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2024-8, Class A1, 5.34%, <br> 05/27/2069<sup>(b)</sup><br>| $7228819 | &nbsp;&nbsp; $7257499 |
| Series 2025-HB1, Class A1, 5.98% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(d)</sup><br>| 736989 | &nbsp;&nbsp; 742371 |
| Apidos CLO XII (Cayman Islands), <br> Series 2013-12A, Class ARR, 4.98% <br> (3 mo. Term SOFR + 1.08%), <br> 04/15/2031<sup>(b)(d)</sup><br>| 635289 | &nbsp;&nbsp; 635632 |
| Apidos CLO XXV (Cayman Islands), <br> Series 2016-25A, Class A1R3, <br> 5.02% (3 mo. Term SOFR + 1.14%), <br> 01/20/2037<sup>(b)(d)</sup><br>| 3677000 | &nbsp;&nbsp; 3675713 |
| Avis Budget Rental Car Funding <br> (AESOP) LLC<br>|  |  |
| Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(b)</sup><br>| 718000 | &nbsp;&nbsp; 733188 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup><br>| 2738000 | &nbsp;&nbsp; 2815277 |
| Series 2025-3A, Class A, 4.17%, <br> 02/20/2030<sup>(b)</sup><br>| 2024000 | &nbsp;&nbsp; 2021497 |
| Series 2025-3A, Class B, 4.46%, <br> 02/20/2030<sup>(b)</sup><br>| 1054000 | &nbsp;&nbsp; 1051889 |
| Series 2025-3A, Class C, 4.95%, <br> 02/20/2030<sup>(b)</sup><br>| 433700 | &nbsp;&nbsp; 433835 |
| Series 2025-4A, Class A, 4.40%, <br> 02/20/2032<sup>(b)</sup><br>| 4525000 | &nbsp;&nbsp; 4518747 |
| Series 2025-4A, Class B, 4.77%, <br> 02/20/2032<sup>(b)</sup><br>| 1972000 | &nbsp;&nbsp; 1973197 |
| Series 2025-4A, Class C, 5.26%, <br> 02/20/2032<sup>(b)</sup><br>| 862000 | &nbsp;&nbsp; 858511 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), Series 2021-1A, Class AR, <br> 4.82% (3 mo. Term SOFR + 0.94%), <br> 04/18/2034<sup>(b)(d)</sup><br>| 2267000 | &nbsp;&nbsp; 2264515 |
| Bank5, Series 2024-5YR10, Class A, <br> 5.64%, 10/15/2057<br>| 1020000 | &nbsp;&nbsp; 1045800 |
| Bayview MSR Opportunity Master Fund <br> Trust<br>|  |  |
| Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1485156 | &nbsp;&nbsp; 1298589 |
| Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1485156 | &nbsp;&nbsp; 1245595 |
| Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1293208 | &nbsp;&nbsp; 1164479 |
| Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 1621651 | &nbsp;&nbsp; 1418950 |
| Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 1978780 | &nbsp;&nbsp; 1662066 |
| Bear Stearns Asset Backed Securities I <br> Trust, Series 2006-HE9, Class 2A, <br> 4.39% (1 mo. Term SOFR + 0.39%), <br> 11/25/2036<sup>(d)</sup><br>| 66518 | &nbsp;&nbsp; 66290 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B3, Class C, 4.55%, <br> 04/10/2051<sup>(i)</sup><br>| 2500000 | &nbsp;&nbsp; 2170506 |
| Series 2019-B15, Class B, 3.56%, <br> 12/15/2072<br>| 1200000 | &nbsp;&nbsp; 1017793 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**116**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Benefit Street Partners CLO XXIII Ltd. <br> (Cayman Islands), Series 2021-23A, <br> Class A1R, 4.96% (3 mo. Term SOFR <br> + 1.10%), 04/25/2034<sup>(b)(d)</sup><br>| $5795000 | &nbsp;&nbsp; $5804000 |
| Benefit Street Partners CLO XXV Ltd. <br> (Cayman Islands), Series 2021-25A, <br> Class A1R, 4.90% (3 mo. Term SOFR <br> + 1.00%), 01/15/2035<sup>(b)(d)</sup><br>| 5715000 | &nbsp;&nbsp; 5715537 |
| BRAVO Residential Funding Trust |  |  |
| Series 2021-NQM2, Class A1, 0.97%, <br> 03/25/2060<sup>(b)(i)</sup><br>| 109483 | &nbsp;&nbsp; 106849 |
| Series 2021-NQM2, Class A2, <br> 1.28%, 03/25/2060<sup>(b)(i)</sup><br>| 359537 | &nbsp;&nbsp; 351249 |
| Buckhorn Park CLO Ltd. (Cayman <br> Islands), Series 2019-1A, Class ARR, <br> 4.95% (3 mo. Term SOFR + 1.07%), <br> 07/18/2034<sup>(b)(d)</sup><br>| 3826000 | &nbsp;&nbsp; 3825989 |
| BX Commercial Mortgage Trust |  |  |
| Series 2021-VOLT, Class C, 5.25% <br> (1 mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 4125270 | &nbsp;&nbsp; 4123848 |
| Series 2021-VOLT, Class D, 5.80% <br> (1 mo. Term SOFR + 1.76%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 8524719 | &nbsp;&nbsp; 8520091 |
| Series 2024-VLT5, Class A, 5.41%, <br> 11/13/2046<sup>(b)(i)</sup><br>| 3115000 | &nbsp;&nbsp; 3186692 |
| Series 2024-VLT5, Class B, 5.80%, <br> 11/13/2046<sup>(b)(i)</sup><br>| 1995000 | &nbsp;&nbsp; 2051619 |
| BX Trust |  |  |
| Series 2022-LBA6, Class B, 5.33% <br> (1 mo. Term SOFR + 1.30%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 1285000 | &nbsp;&nbsp; 1284311 |
| Series 2022-LBA6, Class C, 5.63% <br> (1 mo. Term SOFR + 1.60%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 690000 | &nbsp;&nbsp; 689098 |
| Series 2025-VLT6, Class B, 5.93% <br> (1 mo. Term SOFR + 1.89%), <br> 03/15/2042<sup>(b)(d)</sup><br>| 4375000 | &nbsp;&nbsp; 4383008 |
| Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands)<br>|  |  |
| Series 2015-5A, Class A1R3, 4.98% <br> (3 mo. Term SOFR + 1.10%), <br> 01/20/2032<sup>(b)(d)</sup><br>| 631968 | &nbsp;&nbsp; 632000 |
| Series 2016-1A, Class A1R3, 4.97% <br> (3 mo. Term SOFR + 1.09%), <br> 04/20/2034<sup>(b)(d)</sup><br>| 2500000 | &nbsp;&nbsp; 2497505 |
| CarMax Auto Owner Trust, <br> Series 2024-1, Class A3, 4.92%, <br> 10/16/2028<br>| 3710000 | &nbsp;&nbsp; 3733718 |
| Cedar Funding XI CLO Ltd. (Cayman <br> Islands), Series 2019-11A, <br> Class A1R2, 5.26% (3 mo. Term <br> SOFR + 1.06%), 05/29/2032<sup>(b)(d)</sup><br>| 5742318 | &nbsp;&nbsp; 5749495 |
| Chase Home Lending Mortgage Trust, <br> Series 2019-ATR2, Class A3, 3.50%, <br> 07/25/2049<sup>(b)(i)</sup><br>| 67034 | &nbsp;&nbsp; 61046 |
| CIFC Funding Ltd. (Cayman Islands), <br> Series 2016-1A, Class AR3, 4.87% <br> (3 mo. Term SOFR + 1.00%), <br> 10/21/2031<sup>(b)(d)</sup><br>| 1432035 | &nbsp;&nbsp; 1429348 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2021-INV3, Class A3, 2.50%, <br> 05/25/2051<sup>(b)(i)</sup><br>| $1502698 | &nbsp;&nbsp; $1262183 |
| Series 2024-1, Class A3A, 6.00%, <br> 07/25/2054<sup>(b)(i)</sup><br>| 2243707 | &nbsp;&nbsp; 2277798 |
| CLI Funding IX LLC, Series 2025-1A, <br> Class A, 5.35%, 06/20/2050<sup>(b)</sup><br>| 2073573 | &nbsp;&nbsp; 2102196 |
| Clover CLO LLC, Series 2021-3A, <br> Class AR, 4.93% (3 mo. Term SOFR <br> + 1.07%), 01/25/2035<sup>(b)(d)</sup><br>| 6000000 | &nbsp;&nbsp; 6004362 |
| COLT Mortgage Loan Trust |  |  |
| Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(b)(i)</sup><br>| 1126897 | &nbsp;&nbsp; 1021986 |
| Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(b)</sup><br>| 1239650 | &nbsp;&nbsp; 1191284 |
| Series 2025-8, Class A1, 5.48%, <br> 08/25/2070<sup>(b)</sup><br>| 2494208 | &nbsp;&nbsp; 2518383 |
| Credit Suisse Mortgage Capital Trust |  |  |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(i)</sup><br>| 302287 | &nbsp;&nbsp; 275622 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(i)</sup><br>| 193874 | &nbsp;&nbsp; 174464 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(i)</sup><br>| 1405815 | &nbsp;&nbsp; 1370604 |
| Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(b)(i)</sup><br>| 1160000 | &nbsp;&nbsp; 1083948 |
| Cross Mortgage Trust |  |  |
| Series 2024-H2, Class A1, 6.09%, <br> 04/25/2069<sup>(b)</sup><br>| 2543770 | &nbsp;&nbsp; 2568937 |
| Series 2024-H8, Class A1, 5.55%, <br> 12/25/2069<sup>(b)(i)</sup><br>| 7066349 | &nbsp;&nbsp; 7111861 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, 2.56%, <br> 03/15/2053<br>| 1459000 | &nbsp;&nbsp; 1329378 |
| DB Master Finance LLC |  |  |
| Series 2025-1A, Class A2I, 4.89%, <br> 08/20/2055<sup>(b)</sup><br>| 1510000 | &nbsp;&nbsp; 1517583 |
| Series 2025-1A, Class A2II, 5.17%, <br> 08/20/2055<sup>(b)</sup><br>| 1160000 | &nbsp;&nbsp; 1171313 |
| DLLST LLC, Series 2024-1A, Class A3, <br> 5.05%, 08/20/2027<sup>(b)</sup><br>| 1777543 | &nbsp;&nbsp; 1784879 |
| Domino's Pizza Master Issuer LLC |  |  |
| Series 2019-1A, Class A2, 3.67%, <br> 10/25/2049<sup>(b)</sup><br>| 1920000 | &nbsp;&nbsp; 1854651 |
| Series 2025-1A, Class A2I, 4.93%, <br> 07/25/2055<sup>(b)</sup><br>| 3290000 | &nbsp;&nbsp; 3323293 |
| Series 2025-1A, Class A2II, 5.22%, <br> 07/25/2055<sup>(b)</sup><br>| 2830000 | &nbsp;&nbsp; 2871163 |
| EFMT, Series 2025-NQM2, Class A1, <br> 5.60%, 06/25/2070<sup>(b)</sup><br>| 8120584 | &nbsp;&nbsp; 8188462 |
| Ellington Financial Mortgage Trust |  |  |
| Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(b)(i)</sup><br>| 96594 | &nbsp;&nbsp; 93662 |
| Series 2020-1, Class A1, 2.01%, <br> 05/25/2065<sup>(b)(i)</sup><br>| 934 | &nbsp;&nbsp; 932 |
| Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(b)(i)</sup><br>| 205356 | &nbsp;&nbsp; 180397 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**117**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(b)(i)</sup><br>| $1128228 | &nbsp;&nbsp; $1001546 |
| Series 2024-INV2, Class A1, 5.04%, <br> 10/25/2069<sup>(b)</sup><br>| 1582244 | &nbsp;&nbsp; 1577552 |
| Elmwood CLO 15 Ltd., Series 2022-2A, <br> Class A1R, 5.01% (3 mo. Term SOFR <br> + 1.15%), 04/22/2035<sup>(b)(d)</sup><br>| 2280000 | &nbsp;&nbsp; 2281176 |
| Empower CLO Ltd. (Cayman Islands), <br> Series 2024-1A, Class A1, 5.46% (3 <br> mo. Term SOFR + 1.60%), <br> 04/25/2037<sup>(b)(d)</sup><br>| 2575000 | &nbsp;&nbsp; 2583861 |
| Enterprise Fleet Financing LLC |  |  |
| Series 2024-2, Class A2, 5.74%, <br> 12/20/2026<sup>(b)</sup><br>| 406838 | &nbsp;&nbsp; 408677 |
| Series 2024-2, Class A3, 5.61%, <br> 04/20/2028<sup>(b)</sup><br>| 440000 | &nbsp;&nbsp; 447620 |
| Series 2024-2, Class A4, 5.69%, <br> 12/20/2030<sup>(b)</sup><br>| 515000 | &nbsp;&nbsp; 531725 |
| Flagstar Mortgage Trust |  |  |
| Series 2021-11IN, Class A6, 3.70%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 2281786 | &nbsp;&nbsp; 2050237 |
| Series 2021-8INV, Class A6, 2.50%, <br> 09/25/2051<sup>(b)(i)</sup><br>| 813551 | &nbsp;&nbsp; 734372 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, 4.81% (3 <br> mo. Term SOFR + 0.95%), <br> 04/22/2034<sup>(b)(d)</sup><br>| 8896000 | &nbsp;&nbsp; 8877995 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, 08/20/2053<sup>(b)</sup><br>| 2515295 | &nbsp;&nbsp; 2547593 |
| GCAT Trust |  |  |
| Series 2019-NQM3, Class A1, <br> 3.69%, 11/25/2059<sup>(b)(i)</sup><br>| 136782 | &nbsp;&nbsp; 134312 |
| Series 2024-INV1, Class 2A2, <br> 6.50%, 01/25/2054<sup>(b)(i)</sup><br>| 5845432 | &nbsp;&nbsp; 5983566 |
| Series 2025-NQM2, Class A1, 5.60%, <br> 04/25/2070<sup>(b)</sup><br>| 3280902 | &nbsp;&nbsp; 3310056 |
| Series 2025-NQM4, Class A1A, <br> 5.53%, 06/25/2070<sup>(b)</sup><br>| 3891106 | &nbsp;&nbsp; 3927831 |
| Goldentree Loan Management US CLO <br> 1 Ltd. (Cayman Islands), <br> Series 2017-1A, Class A1R3, 4.85% <br> (3 mo. Term SOFR + 0.97%), <br> 04/20/2034<sup>(b)(d)</sup><br>| 1539000 | &nbsp;&nbsp; 1536939 |
| Goldentree Loan Management US CLO <br> 11 Ltd. (Cayman Islands), <br> Series 2021-11A, Class AR, 4.96% <br> (3 mo. Term SOFR + 1.08%), <br> 10/20/2034<sup>(b)(d)</sup><br>| 3090000 | &nbsp;&nbsp; 3089305 |
| Goldentree Loan Management US CLO <br> 8 Ltd. (Cayman Islands), <br> Series 2020-8A, Class ARR, 5.03% <br> (3 mo. Term SOFR + 1.15%), <br> 10/20/2034<sup>(b)(d)</sup><br>| 5223000 | &nbsp;&nbsp; 5231054 |
| Golub Capital Partners CLO 53(B) Ltd. <br> (Cayman Islands), Series 2021-53A, <br> Class AR, 4.86% (3 mo. Term SOFR <br> + 0.98%), 07/20/2034<sup>(b)(d)</sup><br>| 5796000 | &nbsp;&nbsp; 5793108 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2021-INV1, Class A6, 2.50%, <br> 12/25/2051<sup>(b)(i)</sup><br>| $3272871 | &nbsp;&nbsp; $2935449 |
| Series 2025-HE1, Class A1, 5.73% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(d)</sup><br>| 1738276 | &nbsp;&nbsp; 1744385 |
| Hertz Vehicle Financing III L.P. |  |  |
| Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(b)</sup><br>| 2694000 | &nbsp;&nbsp; 2628769 |
| Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(b)</sup><br>| 286000 | &nbsp;&nbsp; 279031 |
| Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, 4.88%, <br> 05/27/2042<sup>(b)</sup><br>| 1312315 | &nbsp;&nbsp; 1331401 |
| Invitation Homes Trust, Series 2024-<br> SFR1, Class A, 4.00%, <br> 09/17/2041<sup>(b)</sup><br>| 4182835 | &nbsp;&nbsp; 4118966 |
| IP Mortgage Trust, Series 2025-IP, <br> Class A, 5.25%, 06/10/2042<sup>(b)(i)</sup><br>| 5716000 | &nbsp;&nbsp; 5811001 |
| J.P. Morgan Mortgage Trust, <br> Series 2025-NQM3, Class A1, <br> 5.50%, 11/25/2065<sup>(b)(i)</sup><br>| 3814676 | &nbsp;&nbsp; 3841780 |
| JP Morgan Mortgage Trust |  |  |
| Series 2021-LTV2, Class A1, 2.52%, <br> 05/25/2052<sup>(b)(i)</sup><br>| 1919848 | &nbsp;&nbsp; 1631473 |
| Series 2024-8, Class A3, 5.50%, <br> 01/25/2055<sup>(b)(i)</sup><br>| 5200830 | &nbsp;&nbsp; 5225804 |
| Series 2024-VIS1, Class A1, 5.99%, <br> 07/25/2064<sup>(b)(i)</sup><br>| 1893752 | &nbsp;&nbsp; 1913090 |
| Juniper Valley Park CLO Ltd. (Jersey), <br> Series 2023-1A, Class ARR, 4.96% <br> (3 mo. Term SOFR + 1.08%), <br> 07/20/2036<sup>(b)(d)</sup><br>| 4090000 | &nbsp;&nbsp; 4087947 |
| KKR CLO 15 Ltd. (Cayman Islands), <br> Series 15, Class A1R2, 4.98% (3 <br> mo. Term SOFR + 1.10%), <br> 01/18/2032<sup>(b)(d)</sup><br>| 4435772 | &nbsp;&nbsp; 4436176 |
| Life Mortgage Trust, Series 2021-BMR, <br> Class C, 5.25% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(d)</sup><br>| 53400 | &nbsp;&nbsp; 53145 |
| Madison Park Funding XXXIII Ltd. <br> (Cayman Islands), Series 2019-33A, <br> Class AR, 5.19% (3 mo. Term SOFR <br> + 1.29%), 10/15/2032<sup>(b)(d)</sup><br>| 2280722 | &nbsp;&nbsp; 2283756 |
| Mello Mortgage Capital Acceptance <br> Trust<br>|  |  |
| Series 2021-INV2, Class A4, 2.50%, <br> 08/25/2051<sup>(b)(i)</sup><br>| 839277 | &nbsp;&nbsp; 752693 |
| Series 2021-INV3, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 896377 | &nbsp;&nbsp; 805593 |
| Metronet Infrastructure Issuer LLC, <br> 6.01%, 07/20/2055<sup>(h)</sup><br>| 2750000 | &nbsp;&nbsp; 2764010 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, 11/25/2056<sup>(b)(i)</sup><br>| 3028684 | &nbsp;&nbsp; 2744505 |
| MILE Trust |  |  |
| Series 2025-STNE, Class A, 5.53% <br> (1 mo. Term SOFR + 1.50%), <br> 07/15/2042<sup>(b)(d)</sup><br>| 4695000 | &nbsp;&nbsp; 4708059 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**118**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2025-STNE, Class B, 5.73% <br> (1 mo. Term SOFR + 1.70%), <br> 07/15/2042<sup>(b)(d)</sup><br>| $1425000 | &nbsp;&nbsp; $1429246 |
| Series 2025-STNE, Class C, 6.13% <br> (1 mo. Term SOFR + 2.10%), <br> 07/15/2042<sup>(b)(d)</sup><br>| 1200000 | &nbsp;&nbsp; 1204045 |
| Morgan Stanley Capital I Trust, <br> Series 2019-L3, Class AS, 3.49%, <br> 11/15/2052<br>| 1580000 | &nbsp;&nbsp; 1489694 |
| Morgan Stanley Residential Mortgage <br> Loan Trust<br>|  |  |
| Series 2024-3, Class A1, 6.00%, <br> 07/25/2054<sup>(b)(i)</sup><br>| 4588662 | &nbsp;&nbsp; 4655562 |
| Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(i)</sup><br>| 5286875 | &nbsp;&nbsp; 5317267 |
| Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(i)</sup><br>| 7785757 | &nbsp;&nbsp; 7858584 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup><br>| 6547844 | &nbsp;&nbsp; 6637199 |
| Neuberger Berman Loan Advisers CLO <br> 49 Ltd. (Cayman Islands), <br> Series 2022-49A, Class AR, 5.01% <br> (3 mo. Term SOFR + 1.15%), <br> 07/25/2035<sup>(b)(d)</sup><br>| 2611247 | &nbsp;&nbsp; 2613189 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2019-NQM4, Class A1, <br> 2.49%, 09/25/2059<sup>(b)(i)</sup><br>| 91338 | &nbsp;&nbsp; 87924 |
| Series 2020-NQM1, Class A1, <br> 2.46%, 01/26/2060<sup>(b)(i)</sup><br>| 375174 | &nbsp;&nbsp; 354005 |
| Series 2022-NQM2, Class A1, 3.08%, <br> 03/27/2062<sup>(b)(i)</sup><br>| 1204092 | &nbsp;&nbsp; 1147626 |
| Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)</sup><br>| 872385 | &nbsp;&nbsp; 881081 |
| Series 2025-NQM2, Class A1, 0.00%, <br> 04/25/2065<sup>(b)(j)</sup><br>| 8723286 | &nbsp;&nbsp; 8808878 |
| NextGear Floorplan Master Owner <br> Trust, Series 2025-2A, Class A2, <br> 4.23%, 10/15/2030<sup>(b)</sup><br>| 1310000 | &nbsp;&nbsp; 1310567 |
| Oaktree CLO Ltd. (Cayman Islands), <br> Series 2021-2A, Class AR, 4.87% (3 <br> mo. Term SOFR + 0.97%), <br> 01/15/2035<sup>(b)(d)</sup><br>| 6445000 | &nbsp;&nbsp; 6432155 |
| OBX Trust |  |  |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(i)</sup><br>| 1523999 | &nbsp;&nbsp; 1319402 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(i)</sup><br>| 1373655 | &nbsp;&nbsp; 1246337 |
| Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(b)</sup><br>| 1415000 | &nbsp;&nbsp; 1305620 |
| Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)</sup><br>| 1720714 | &nbsp;&nbsp; 1717570 |
| Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(i)</sup><br>| 1127136 | &nbsp;&nbsp; 1132317 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(b)(i)</sup><br>| 954796 | &nbsp;&nbsp; 861669 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Palmer Square Loan Funding Ltd. <br> (Cayman Islands), Series 2025-2A, <br> Class A1, 5.23% (3 mo. Term SOFR <br> + 0.94%), 07/15/2033<sup>(b)(d)</sup><br>| $5140000 | &nbsp;&nbsp; $5140391 |
| Pikes Peak CLO 6 (Cayman Islands), <br> Series 2020-6A, Class ARR, 5.13% <br> (3 mo. Term SOFR + 0.94%), <br> 05/18/2034<sup>(b)(d)</sup><br>| 4742000 | &nbsp;&nbsp; 4739401 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(b)(i)</sup><br>| 1454210 | &nbsp;&nbsp; 1477746 |
| PPM CLO 3 Ltd., Series 2019-3A, <br> Class AR, 5.23% (3 mo. Term SOFR <br> + 1.35%), 04/17/2034<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 250403 |
| Provident Funding Mortgage Trust, <br> Series 2025-4, Class A1, 6.00%, <br> 09/25/2055<sup>(b)(i)</sup><br>| 4586204 | &nbsp;&nbsp; 4655888 |
| Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(b)</sup><br>| 6383003 | &nbsp;&nbsp; 6650298 |
| Rate Mortgage Trust |  |  |
| Series 2024-J4, Class A1, 6.00%, <br> 12/25/2054<sup>(b)(i)</sup><br>| 2149844 | &nbsp;&nbsp; 2187803 |
| Series 2025-J1, Class A4, 6.00%, <br> 03/25/2055<sup>(b)(i)</sup><br>| 1916796 | &nbsp;&nbsp; 1946931 |
| Series 2025-J2, Class A5, 5.50%, <br> 07/25/2055<sup>(b)(i)</sup><br>| 6722959 | &nbsp;&nbsp; 6747692 |
| RCKT Mortgage Trust |  |  |
| Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup><br>| 3135889 | &nbsp;&nbsp; 3166146 |
| Series 2025-CES7, Class A1A, <br> 5.38%, 07/25/2055<sup>(b)</sup><br>| 1491068 | &nbsp;&nbsp; 1503632 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(b)(i)</sup><br>| 5648 | &nbsp;&nbsp; 5615 |
| RR 16 Ltd. (Cayman Islands), <br> Series 2021-16A, Class A1R, 4.96% <br> (3 mo. Term SOFR + 1.05%), <br> 07/15/2036<sup>(b)(d)</sup><br>| 2910000 | &nbsp;&nbsp; 2911443 |
| Sequoia Mortgage Trust, Series 2025-<br> 8, Class A4, 5.50%, <br> 09/25/2055<sup>(b)(i)</sup><br>| 1772677 | &nbsp;&nbsp; 1783252 |
| SG Residential Mortgage Trust, <br> Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(b)(i)</sup><br>| 2200918 | &nbsp;&nbsp; 2077961 |
| Shackleton CLO Ltd. (Cayman Islands), <br> Series 2015-7RA, Class ARR, 5.00% <br> (3 mo. Term SOFR + 1.10%), <br> 07/15/2031<sup>(b)(d)</sup><br>| 412474 | &nbsp;&nbsp; 412310 |
| Signal Peak CLO 1 Ltd., Series 2014-<br> 1A, Class AR4, 4.96% (3 mo. Term <br> SOFR + 1.08%), 04/17/2034<sup>(b)(d)</sup><br>| 6080000 | &nbsp;&nbsp; 6084736 |
| Signal Peak CLO 4 Ltd. (Cayman <br> Islands), Series 2017-4A, Class AR2, <br> 4.98% (3 mo. Term SOFR + 1.12%), <br> 10/26/2034<sup>(b)(d)</sup><br>| 6145000 | &nbsp;&nbsp; 6148030 |
| Sonic Capital LLC |  |  |
| Series 2020-1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup><br>| 3440554 | &nbsp;&nbsp; 3392781 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**119**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2021-1A, Class A2I, 2.19%, <br> 08/20/2051<sup>(b)</sup><br>| $1764867 | &nbsp;&nbsp; $1638164 |
| Series 2021-1A, Class A2II, 2.64%, <br> 08/20/2051<sup>(b)</sup><br>| 1803234 | &nbsp;&nbsp; 1567166 |
| STAR Trust, Series 2021-1, Class A1, <br> 1.22%, 05/25/2065<sup>(b)(i)</sup><br>| 511704 | &nbsp;&nbsp; 482091 |
| Starwood Mortgage Residential Trust |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(b)(i)</sup><br>| 9757 | &nbsp;&nbsp; 9396 |
| Series 2020-INV1, Class A1, 1.03%, <br> 11/25/2055<sup>(b)(i)</sup><br>| 239607 | &nbsp;&nbsp; 228300 |
| Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(b)(i)</sup><br>| 1870423 | &nbsp;&nbsp; 1657221 |
| Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(b)(i)</sup><br>| 1422477 | &nbsp;&nbsp; 1282577 |
| Store Master Funding I-VII, <br> Series 2016-1A, Class A2, 4.32%, <br> 10/20/2046<sup>(b)</sup><br>| 412654 | &nbsp;&nbsp; 407093 |
| Subway Funding LLC |  |  |
| Series 2024-1A, Class A23, 6.51%, <br> 07/30/2054<sup>(b)</sup><br>| 3536280 | &nbsp;&nbsp; 3665613 |
| Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup><br>| 2029500 | &nbsp;&nbsp; 2055914 |
| Series 2024-1A, Class A2I, 6.27%, <br> 07/30/2054<sup>(b)</sup><br>| 6793380 | &nbsp;&nbsp; 6954693 |
| Series 2024-3A, Class A23, 5.91%, <br> 07/30/2054<sup>(b)</sup><br>| 3974850 | &nbsp;&nbsp; 3960930 |
| Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup><br>| 5024250 | &nbsp;&nbsp; 5008024 |
| Series 2024-3A, Class A2I, 5.57%, <br> 07/30/2054<sup>(b)</sup><br>| 3078900 | &nbsp;&nbsp; 3088046 |
| Switch ABS Issuer LLC, Series 2025-<br> 2A, Class A21, 5.12%, <br> 10/25/2055<sup>(b)</sup><br>| 1800000 | &nbsp;&nbsp; 1799990 |
| Symphony CLO XVI Ltd. (Cayman <br> Islands), Series 2015-16A, <br> Class ARR, 5.10% (3 mo. Term SOFR <br> + 1.20%), 10/15/2031<sup>(b)(d)</sup><br>| 602721 | &nbsp;&nbsp; 603252 |
| Symphony CLO XX Ltd. (Cayman <br> Islands), Series 2018-20A, <br> Class AR2, 4.99% (3 mo. Term SOFR <br> + 1.10%), 01/16/2032<sup>(b)(d)</sup><br>| 1554681 | &nbsp;&nbsp; 1555168 |
| Symphony CLO XXI Ltd. (Cayman <br> Islands), Series 2019-21A, <br> Class AR2, 4.80% (3 mo. Term SOFR <br> + 0.90%), 07/15/2032<sup>(b)(d)</sup><br>| 3231947 | &nbsp;&nbsp; 3233495 |
| Symphony CLO XXII Ltd. (Cayman <br> Islands), Series 2020-22A, <br> Class A1AR, 5.06% (3 mo. Term <br> SOFR + 1.18%), 04/18/2033<sup>(b)(d)</sup><br>| 3205624 | &nbsp;&nbsp; 3206246 |
| Symphony CLO XXIII Ltd. (Cayman <br> Islands), Series 2020-23A, <br> Class AR2, 4.80% (3 mo. Term SOFR <br> + 0.90%), 01/15/2034<sup>(b)(d)</sup><br>| 2376218 | &nbsp;&nbsp; 2375054 |
| Taco Bell Funding LLC |  |  |
| Series 2025-1A, Class A2I, 4.82%, <br> 08/25/2055<sup>(b)</sup><br>| 2320000 | &nbsp;&nbsp; 2314031 |
| Series 2025-1A, Class A2II, 5.05%, <br> 08/25/2055<sup>(b)</sup><br>| 1230000 | &nbsp;&nbsp; 1231276 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Textainer Marine Containers VII Ltd. <br> (China), Series 2021-2A, Class A, <br> 2.23%, 04/20/2046<sup>(b)</sup><br>| $1030400 | &nbsp;&nbsp; $969297 |
| TierPoint Issuer LLC |  |  |
| Series 2025-1A, Class A2, 6.15%, <br> 04/26/2055<sup>(b)</sup><br>| 4120000 | &nbsp;&nbsp; 4187592 |
| Series 2025-2A, Class A2, 6.40%, <br> 04/26/2055<sup>(b)</sup><br>| 3221000 | &nbsp;&nbsp; 3263057 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, 1.48%, <br> 11/17/2039<sup>(b)</sup><br>| 898943 | &nbsp;&nbsp; 852225 |
| Tricon Residential Trust, Series 2025-<br> SFR1, Class A, 5.13% (1 mo. Term <br> SOFR + 1.10%), 03/17/2042<sup>(b)(d)</sup><br>| 4641012 | &nbsp;&nbsp; 4646917 |
| VDCM Commercial Mortgage Trust |  |  |
| Series 2025-AZ, Class A, 5.06%, <br> 07/13/2044<sup>(b)(i)</sup><br>| 4760000 | &nbsp;&nbsp; 4818708 |
| Series 2025-AZ, Class C, 5.84%, <br> 07/13/2044<sup>(b)(i)</sup><br>| 800000 | &nbsp;&nbsp; 815358 |
| Series 2025-AZ, Class D, 6.23%, <br> 07/13/2044<sup>(b)(i)</sup><br>| 4657000 | &nbsp;&nbsp; 4761935 |
| Verus Securitization Trust |  |  |
| Series 2021-1, Class A1B, 0.82%, <br> 01/25/2066<sup>(b)(i)</sup><br>| 596543 | &nbsp;&nbsp; 538342 |
| Series 2021-2, Class A1, 1.03%, <br> 02/25/2066<sup>(b)(i)</sup><br>| 829907 | &nbsp;&nbsp; 758637 |
| Series 2021-7, Class A1, 1.83%, <br> 10/25/2066<sup>(b)</sup><br>| 1440892 | &nbsp;&nbsp; 1322372 |
| Series 2021-R1, Class A1, 0.82%, <br> 10/25/2063<sup>(b)(i)</sup><br>| 273080 | &nbsp;&nbsp; 263443 |
| Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(b)</sup><br>| 1149888 | &nbsp;&nbsp; 1083807 |
| Series 2024-7, Class A1, 5.10%, <br> 09/25/2069<sup>(b)(i)</sup><br>| 2361084 | &nbsp;&nbsp; 2363483 |
| Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(b)</sup><br>| 76942 | &nbsp;&nbsp; 74425 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2016-NXS5, Class XA, <br> IO, 1.32%, 01/15/2059<sup>(l)</sup><br>| 953243 | &nbsp;&nbsp; 10 |
| Wendy's Funding LLC, Series 2019-1A, <br> Class A2II, 4.08%, 06/15/2049<sup>(b)</sup><br>| 441204 | &nbsp;&nbsp; 431666 |
| WEST Trust, Series 2025-ROSE, <br> Class A, 5.28%, 04/10/2035<sup>(b)(i)</sup><br>| 3098000 | &nbsp;&nbsp; 3149663 |
| WFRBS Commercial Mortgage Trust, <br> Series 2014-C23, Class B, 4.28%, <br> 10/15/2057<sup>(i)</sup><br>| 307000 | &nbsp;&nbsp; 298045 |
| Zaxby's Funding LLC |  |  |
| Series 2021-1A, Class A2, 3.24%, <br> 07/30/2051<sup>(b)</sup><br>| 4117250 | &nbsp;&nbsp; 3856789 |
| Series 2024-1A, Class A2I, 6.59%, <br> 04/30/2054<sup>(b)</sup><br>| 1185000 | &nbsp;&nbsp; 1209832 |
| Zayo Issuer LLC |  |  |
| Series 2025-2A, Class A2, 5.95%, <br> 06/20/2055<sup>(b)</sup><br>| 7989000 | &nbsp;&nbsp; 8210581 |
| Series 2025-3A, Class A2, 5.57%, <br> 10/20/2055<sup>(b)</sup><br>| 2703000 | &nbsp;&nbsp; 2726186 |
| Total Asset-Backed Securities <br>(Cost $501,775,944) | Total Asset-Backed Securities <br>(Cost $501,775,944) | &nbsp;&nbsp; 497309830 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**120**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-14.48%** | **U.S. Treasury Securities-14.48%** | **U.S. Treasury Securities-14.48%** |
| **U.S. Treasury Bills-0.72%**<sup>(m)</sup> | **U.S. Treasury Bills-0.72%**<sup>(m)</sup> | **U.S. Treasury Bills-0.72%**<sup>(m)</sup> |
| 3.58%–4.15%, 05/14/2026<sup>(n)</sup> | $14168000 | &nbsp;&nbsp; $13895068 |
| **U.S. Treasury Bonds-4.10%** | **U.S. Treasury Bonds-4.10%** | **U.S. Treasury Bonds-4.10%** |
| 4.88%, 08/15/2045 | 5757100 | &nbsp;&nbsp; 5930712 |
| 4.75%, 05/15/2055 | 71902800 | &nbsp;&nbsp; 72868994 |
|  |  | &nbsp;&nbsp; 78799706 |
| **U.S. Treasury Notes-9.66%** | **U.S. Treasury Notes-9.66%** | **U.S. Treasury Notes-9.66%** |
| 3.50%, 09/30/2027 | 31944000 | &nbsp;&nbsp; 31885353 |
| 3.50%, 10/15/2028 | 30812700 | &nbsp;&nbsp; 30729650 |
| 3.63%, 09/30/2030 | 48408500 | &nbsp;&nbsp; 48234532 |
| 3.88%, 09/30/2032 | 6043900 | &nbsp;&nbsp; 6041067 |
| 4.25%, 08/15/2035 | 67931000 | &nbsp;&nbsp; 68785444 |
|  |  | &nbsp;&nbsp; 185676046 |
| Total U.S. Treasury Securities <br>(Cost $275,919,970) | Total U.S. Treasury Securities <br>(Cost $275,919,970) | &nbsp;&nbsp; 278370820 |
| **Variable Rate Senior Loan Interests-1.15%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests-1.15%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests-1.15%**<sup>(o)(p)</sup>  |
| **Aerospace & Defense-0.05%** | **Aerospace & Defense-0.05%** | **Aerospace & Defense-0.05%** |
| TransDigm, Inc., Term Loan, 6.50% (1 <br> mo. SOFR + 2.50%), 08/30/2032<br>| 1026667 | &nbsp;&nbsp; 1028176 |
| **Passenger Airlines-0.23%** | **Passenger Airlines-0.23%** | **Passenger Airlines-0.23%** |
| AAdvantage Loyality IP Ltd. (American <br> Airlines, Inc.), Term Loan B, 7.13% <br> (3 mo. SOFR + 3.25%), <br> 05/07/2032<br>| 4472823 | &nbsp;&nbsp; 4495188 |
| **Restaurants-0.45%** | **Restaurants-0.45%** | **Restaurants-0.45%** |
| Raising Cane's Restaurants LLC, Term <br> Loan B, 5.97% (1 mo. SOFR + <br> 2.00%), 09/10/2031<br>| 8536842 | &nbsp;&nbsp; 8543970 |
| **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** |
| X Corp., Term Loan B, 9.50%, <br> 10/27/2029<br>| 8000000 | &nbsp;&nbsp; 8035000 |
| Total Variable Rate Senior Loan Interests <br>(Cost $22,019,449) | Total Variable Rate Senior Loan Interests <br>(Cost $22,019,449) | &nbsp;&nbsp; 22102334 |
| **Municipal Obligations-0.66%** | **Municipal Obligations-0.66%** | **Municipal Obligations-0.66%** |
| Illinois (State of), Series 2010-1, GO <br> Bonds, (INS - AGI), 6.63%, <br> 02/01/2035<sup>(q)</sup><br>| 153846 | &nbsp;&nbsp; 164774 |
| Los Angeles (City of), CA Department <br> of Water & Power, Series 2010, RB, <br> 6.57%, 07/01/2045<br>| 255000 | &nbsp;&nbsp; 275782 |
| Virgin Islands Public Finance Authority, <br> Series 2024 B, RB, 9.00%, <br> 04/01/2053<sup>(b)</sup><br>| 12000000 | &nbsp;&nbsp; 12191499 |
| Total Municipal Obligations<sup>(r)</sup> <br>(Cost $12,522,133) | Total Municipal Obligations<sup>(r)</sup> <br>(Cost $12,522,133) | &nbsp;&nbsp; 12632055 |
|  | **Shares** |  |
| **Exchange-Traded Funds-0.56%** | **Exchange-Traded Funds-0.56%** | **Exchange-Traded Funds-0.56%** |
| Invesco Core Fixed Income ETF<sup>(s)</sup> | 9000 | &nbsp;&nbsp; 229338 |
| Invesco High Yield Bond Factor ETF<sup>(s)</sup> | 110800 | &nbsp;&nbsp; 2510551 |
| Invesco High Yield Select ETF<sup>(c)(s)</sup> | 9000 | &nbsp;&nbsp; 231371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Invesco Short Duration Total Return <br> Bond ETF<sup>(s)</sup><br>| 313300 | &nbsp;&nbsp; $7866368 |
| Total Exchange-Traded Funds <br>(Cost $10,832,606) | Total Exchange-Traded Funds <br>(Cost $10,832,606) | &nbsp;&nbsp; 10837628 |
| **Preferred Stocks-0.32%** | **Preferred Stocks-0.32%** | **Preferred Stocks-0.32%** |
| **Aerospace & Defense-0.04%** | **Aerospace & Defense-0.04%** | **Aerospace & Defense-0.04%** |
| Boeing Co. (The), Conv. Pfd., 6.00%, <br> 10/15/2027<br>| 12000 | &nbsp;&nbsp; 776640 |
| **Diversified Financial Services-0.15%** | **Diversified Financial Services-0.15%** | **Diversified Financial Services-0.15%** |
| Apollo Global Management, Inc., Pfd., <br> 7.63%, 09/15/2053<sup>(e)</sup><br>| 111250 | &nbsp;&nbsp; 2914750 |
| **Regional Banks-0.13%** | **Regional Banks-0.13%** | **Regional Banks-0.13%** |
| M&T Bank Corp., Series J, Pfd., 7.50% | 91792 | &nbsp;&nbsp; 2441667 |
| Total Preferred Stocks <br>(Cost $5,676,050) | Total Preferred Stocks <br>(Cost $5,676,050) | &nbsp;&nbsp; 6133057 |
|  | **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes-0.18%** | **Agency Credit Risk Transfer Notes-0.18%** | **Agency Credit Risk Transfer Notes-0.18%** |
| Fannie Mae Connecticut Avenue <br> Securities<br>|  |  |
| Series 2023-R02, Class 1M1, 6.48% <br> (30 Day Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(d)(t)</sup><br>| $434491 | &nbsp;&nbsp; 443668 |
| Series 2025-R04, Class 1A1, 5.18% <br> (30 Day Average SOFR + 1.00%), <br> 05/25/2045<sup>(b)(d)(t)</sup><br>| 2164121 | &nbsp;&nbsp; 2168737 |
| Freddie Mac |  |  |
| Series 2023-DNA1, Class M1, <br> STACR®, 6.29% (30 Day Average <br> SOFR + 2.10%), 03/25/2043<sup>(b)(d)(u)</sup><br>| 328168 | &nbsp;&nbsp; 333055 |
| Series 2025-DNA4, Class A1, <br> STACR®, 5.09% (30 Day Average <br> SOFR + 0.90%), 10/25/2045<sup>(b)(d)(u)</sup><br>| 535000 | &nbsp;&nbsp; 536505 |
| Total Agency Credit Risk Transfer Notes <br>(Cost $3,461,781) | Total Agency Credit Risk Transfer Notes <br>(Cost $3,461,781) | &nbsp;&nbsp; 3481965 |
| **U.S. Government Sponsored Agency Securities-0.13%** | **U.S. Government Sponsored Agency Securities-0.13%** | **U.S. Government Sponsored Agency Securities-0.13%** |
| Fannie Mae STRIPS |  |  |
| 0.00%, 05/15/2029<sup>(j)</sup> | 450000 | &nbsp;&nbsp; 393707 |
| 0.00%, 01/15/2030<sup>(j)</sup> | 1300000 | &nbsp;&nbsp; 1109094 |
| 0.00%, 05/15/2030<sup>(j)</sup> | 850000 | &nbsp;&nbsp; 715131 |
| Tennessee Valley Authority |  |  |
| 5.38%, 04/01/2056<sup>(c)</sup> | 100000 | &nbsp;&nbsp; 103508 |
| 4.25%, 09/15/2065<sup>(c)</sup> | 250000 | &nbsp;&nbsp; 210232 |
| Total U.S. Government Sponsored Agency Securities <br>(Cost $2,189,288) | Total U.S. Government Sponsored Agency Securities <br>(Cost $2,189,288) | &nbsp;&nbsp; 2531672 |
| **Non-U.S. Dollar Denominated Bonds & Notes-0.06%**<sup>(v)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-0.06%**<sup>(v)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-0.06%**<sup>(v)</sup>  |
| **Drug Retail-0.06%** | **Drug Retail-0.06%** | **Drug Retail-0.06%** |
| Boots Group Finco L.P. (United <br> Kingdom)<br>|  |  |
| 5.38% , 08/31/2032<sup>(b)</sup> | 400000 | &nbsp;&nbsp; 479602 |
| 7.38% , 08/31/2032<sup>(b)</sup> | 550000 | &nbsp;&nbsp; 744419 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,205,239) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,205,239) | &nbsp;&nbsp; 1224021 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**121**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Drug Retail-(continued)** | **Drug Retail-(continued)** | **Drug Retail-(continued)** |
|  | **Shares** |  |
| **Options Purchased-0.05%** | **Options Purchased-0.05%** | **Options Purchased-0.05%** |
| (Cost $1,078,490)<sup>†</sup> | (Cost $1,078,490)<sup>†</sup> | &nbsp;&nbsp; 967730 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-119.37% <br>(Cost $2,281,164,910) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-119.37% <br>(Cost $2,281,164,910) | &nbsp;&nbsp; 2295064745 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-6.78%** | **Money Market Funds-6.78%** | **Money Market Funds-6.78%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(s)(w)(x)</sup><br>| 33601272 | &nbsp;&nbsp; $33601272 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, <br> 4.30%<sup>(s)(w)(x)</sup><br>| 96630451 | &nbsp;&nbsp; $96659440 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $130,261,525) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $130,261,525) | &nbsp;&nbsp; 130260712 |
| TOTAL INVESTMENTS IN SECURITIES-126.15% <br>(Cost $2,411,426,435) | TOTAL INVESTMENTS IN SECURITIES-126.15% <br>(Cost $2,411,426,435) | &nbsp;&nbsp; 2425325457 |
| OTHER ASSETS LESS LIABILITIES-(26.15)% | OTHER ASSETS LESS LIABILITIES-(26.15)% | &nbsp;&nbsp; (502764967)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1922560490 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| Conv. | -Convertible |
| Ctfs. | -Certificates |
| ETF | -Exchange-Traded Fund |
| EUR | -Euro |
| GBP | -British Pound Sterling |
| GO | -General Obligation |
| INS | -Insurer |
| IO | -Interest Only |
| Pfd. | -Preferred |
| RB | -Revenue Bonds |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| STACR<sup>®</sup> | -Structured Agency Credit Risk |
| STRIPS | -Separately Traded Registered Interest and Principal Security |
| TBA | -To Be Announced |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**122**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $979,263,050, which represented 50.94% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025. |
| <sup>(e)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(f)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(g)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, <br> 2025 was $171,704, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(h)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(i)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate <br> shown is the rate in effect on October 31, 2025.<br>|
| <sup>(j)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(k)</sup> | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 2K. |
| <sup>(l)</sup> | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined <br> periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on <br> October 31, 2025.<br>|
| <sup>(m)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(n)</sup> | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S. |
| <sup>(o)</sup> | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which <br> borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity <br> may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average <br> life of three to five years.<br>|
| <sup>(p)</sup> | Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal <br> restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured <br> Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above <br> a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.<br>|
| <sup>(q)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(r)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|
| <sup>(s)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco Core Fixed <br> Income ETF<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $229815 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(477)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $229338 | &nbsp;&nbsp; $1005 |
| Invesco High Yield <br> Bond Factor ETF<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 2508555 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1996 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2510551 | &nbsp;&nbsp; 78000 |
| Invesco High Yield <br> Select ETF<br>| &nbsp;&nbsp; 256498 | &nbsp;&nbsp; - | &nbsp;&nbsp; (25349)<br>| &nbsp;&nbsp; (212)<br>| &nbsp;&nbsp; 434 | &nbsp;&nbsp; 231371 | &nbsp;&nbsp; 15233 |
| Invesco Short <br> Duration Total <br> Return Bond ETF<br>| &nbsp;&nbsp; 299460 | &nbsp;&nbsp; 7570568 | &nbsp;&nbsp; - | &nbsp;&nbsp; (3660)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 7866368 | &nbsp;&nbsp; 47108 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 259058785 | &nbsp;&nbsp; (259058785)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 176881 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**123**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $48617053 | &nbsp;&nbsp; $320864911 | &nbsp;&nbsp; $(335880692)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $33601272 | &nbsp;&nbsp; $1,837,170<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 126919544 | &nbsp;&nbsp; 694026793 | &nbsp;&nbsp; (724287933)<br>| &nbsp;&nbsp; 6985 | &nbsp;&nbsp; (5949)<br>| &nbsp;&nbsp; 96659440 | &nbsp;&nbsp; 4,956,151<br> \*<br>|
| Total | &nbsp;&nbsp; $176092555 | &nbsp;&nbsp; $1284259427 | &nbsp;&nbsp; $(1319252759)<br>| &nbsp;&nbsp; $4632 | &nbsp;&nbsp; $(5515)<br>| &nbsp;&nbsp; $141098340 | &nbsp;&nbsp; $7111548 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

---

| | |
|:---|:---|
| <sup>(t)</sup> | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a <br> large and diverse reference pool.<br>|
| <sup>(u)</sup> | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from <br> the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.<br>|
| <sup>(v)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(w)</sup> | The rate shown is the 7-day SEC standardized yield as of October 31, 2025. |
| <sup>(x)</sup> | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return <br> of the securities loaned. See Note 2P.<br>|
| † | The table below details options purchased. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | **Expiration Date** | **Number of** <br>**Contracts**<br>| **Exercise Price** | **Notional** <br>**Value\*** | **Value** |
| **Equity Risk** | **Equity Risk** |  |  |  |  |
| S&P 500 Index<br> &nbsp;&nbsp; Call | 02/20/2026 | &nbsp;&nbsp; 47 | $6975 | $32782500 | &nbsp;&nbsp; $967730 |

---

\* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 1612 | December-2025 | &nbsp;&nbsp; $335686407 | &nbsp;&nbsp; $(382970)<br>| &nbsp;&nbsp; $(382970)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 118 | December-2025 | &nbsp;&nbsp; 13842875 | &nbsp;&nbsp; (141457)<br>| &nbsp;&nbsp; (141457)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; 418 | December-2025 | &nbsp;&nbsp; 50695563 | &nbsp;&nbsp; 1613609 | &nbsp;&nbsp; 1613609 |
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; 1089182 | &nbsp;&nbsp; 1089182 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 754 | December-2025 | &nbsp;&nbsp; (82345047)<br>| &nbsp;&nbsp; 227630 | &nbsp;&nbsp; 227630 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 1004 | December-2025 | &nbsp;&nbsp; (113122563)<br>| &nbsp;&nbsp; 130734 | &nbsp;&nbsp; 130734 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp; 957 | December-2025 | &nbsp;&nbsp; (110518547)<br>| &nbsp;&nbsp; (1190504)<br>| &nbsp;&nbsp; (1190504)<br>|
| Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp; (832140)<br>| &nbsp;&nbsp; (832140)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $257042 | &nbsp;&nbsp; $257042 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**124**

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**Invesco Total Return Bond ETF (GTO)—(continued)**

October 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized** <br>**Appreciation** |
| **Settlement Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 1/28/2026 | Barclays Bank PLC | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 408343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2344 |
| 1/28/2026 | State Street Bank & Trust | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 501459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8757 |
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11101 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | &nbsp;&nbsp; **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |  |  |  |  |  |  |  |  |
| Pay | SONIA | Annually | &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| Annually | 06/12/2027 | GBP | &nbsp;&nbsp; 74000000 | &nbsp;&nbsp; $1166 | &nbsp;&nbsp; $185958 | &nbsp;&nbsp; $31740 |

---

<sup>(a)</sup> Open Centrally Cleared Interest Rate Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,284,742.

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| SONIA | —Sterling Overnight Index Average |
| USD | —U.S. Dollar |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**125**

------

**Invesco Ultra Short Duration ETF (GSY)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-57.30%** | **U.S. Dollar Denominated Bonds & Notes-57.30%** | **U.S. Dollar Denominated Bonds & Notes-57.30%** |
| **Aerospace & Defense-0.35%** | **Aerospace & Defense-0.35%** | **Aerospace & Defense-0.35%** |
| L3Harris Technologies, Inc., 5.40%, <br> 01/15/2027<br>| $11141000 | &nbsp;&nbsp; $11308350 |
| **Agricultural & Farm Machinery-1.13%** | **Agricultural & Farm Machinery-1.13%** | **Agricultural & Farm Machinery-1.13%** |
| John Deere Capital Corp. |  |  |
| 4.64% (SOFR + 0.44%), <br> 03/06/2026<sup>(b)(c)</sup><br>| 12000000 | &nbsp;&nbsp; 12011160 |
| 4.50% (SOFR + 0.40%), 01/05/2027<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 12028374 |
| 4.70% (SOFR + 0.50%), 03/06/2028<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 12019275 |
|  |  | &nbsp;&nbsp; 36058809 |
| **Agricultural Products & Services-0.38%** | **Agricultural Products & Services-0.38%** | **Agricultural Products & Services-0.38%** |
| Cargill, Inc., 4.90% (SOFR + 0.61%), <br> 02/11/2028<sup>(c)(d)</sup><br>| 12000000 | &nbsp;&nbsp; 12030314 |
| **Application Software-0.14%** | **Application Software-0.14%** | **Application Software-0.14%** |
| Roper Technologies, Inc., 4.25%, <br> 09/15/2028<br>| 1524000 | &nbsp;&nbsp; 1528812 |
| Synopsys, Inc., 4.55%, 04/01/2027 | 3000000 | &nbsp;&nbsp; 3021109 |
|  |  | &nbsp;&nbsp; 4549921 |
| **Asset Management & Custody Banks-2.55%** | **Asset Management & Custody Banks-2.55%** | **Asset Management & Custody Banks-2.55%** |
| Ares Capital Corp. |  |  |
| 3.88% 01/15/2026 | 8090000 | &nbsp;&nbsp; 8082329 |
| 7.00% 01/15/2027 | 13829000 | &nbsp;&nbsp; 14206729 |
| Ares Strategic Income Fund |  |  |
| 5.70% 03/15/2028 | 12000000 | &nbsp;&nbsp; 12144573 |
| 5.45% 09/09/2028<sup>(d)</sup> | 2937000 | &nbsp;&nbsp; 2950041 |
| Blue Owl Capital Corp. |  |  |
| 4.25% 01/15/2026 | 12000000 | &nbsp;&nbsp; 11991255 |
| 3.40% 07/15/2026 | 8000000 | &nbsp;&nbsp; 7928695 |
| 2.63% 01/15/2027 | 9500000 | &nbsp;&nbsp; 9253815 |
| Golub Capital BDC, Inc., 2.05%, <br> 02/15/2027<br>| 11000000 | &nbsp;&nbsp; 10615895 |
| Golub Capital Private Credit Fund, 5.45%, <br> 08/15/2028<sup>(b)(d)</sup><br>| 2453000 | &nbsp;&nbsp; 2468582 |
| State Street Corp., 4.54%, 04/24/2028<sup>(e)</sup> | 1719000 | &nbsp;&nbsp; 1731956 |
|  |  | &nbsp;&nbsp; 81373870 |
| **Automobile Manufacturers-4.15%** | **Automobile Manufacturers-4.15%** | **Automobile Manufacturers-4.15%** |
| American Honda Finance Corp. |  |  |
| 4.58% (SOFR + 0.50%), 01/12/2026<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10004924 |
| 4.81% (SOFR + 0.72%), 10/05/2026<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10025761 |
| 4.95% (SOFR + 0.87%), <br> 07/09/2027<sup>(b)(c)</sup><br>| 12000000 | &nbsp;&nbsp; 12061984 |
| 5.02% (SOFR + 0.82%), 03/03/2028<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 12017335 |
| Daimler Truck Finance North America LLC <br> (Germany)<br>|  |  |
| 4.30% 08/12/2027<sup>(d)</sup> | 5015000 | &nbsp;&nbsp; 5028669 |
| 5.13% 09/25/2027<sup>(d)</sup> | 5905000 | &nbsp;&nbsp; 6000593 |
| Hyundai Capital America, 4.88%, <br> 06/23/2027<sup>(d)</sup><br>| 8590000 | &nbsp;&nbsp; 8670300 |
| Mercedes-Benz Finance North America LLC <br> (Germany)<br>|  |  |
| 4.65% 04/01/2027<sup>(d)</sup> | 4000000 | &nbsp;&nbsp; 4033889 |
| 4.88% (SOFR + 0.78%), <br> 04/01/2027<sup>(c)(d)</sup><br>| 12000000 | &nbsp;&nbsp; 12055724 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| Toyota Motor Credit Corp. |  |  |  |
| 4.74% (SOFR + 0.65%), 01/05/2026<sup>(c)</sup> | $| 10000000 | &nbsp;&nbsp; $10008102 |
| 4.53% (SOFR + 0.45%), 04/10/2026<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 12014135 |
| 5.06% (SOFR + 0.77%), 08/07/2026<sup>(c)</sup> |  | 5000000 | &nbsp;&nbsp; 5020561 |
| Volkswagen Group of America Finance LLC <br> (Germany)<br>|  |  |  |
| 4.95% (SOFR + 0.83%), <br> 03/20/2026<sup>(c)(d)</sup><br>|  | 15000000 | &nbsp;&nbsp; 15014205 |
| 5.33% (SOFR + 1.06%), <br> 08/14/2026<sup>(c)(d)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5020316 |
| 4.45% 09/11/2027<sup>(d)</sup> |  | 5600000 | &nbsp;&nbsp; 5612907 |
|  |  |  | &nbsp;&nbsp; 132589405 |
| **Automotive Parts & Equipment-0.23%** | **Automotive Parts & Equipment-0.23%** | **Automotive Parts & Equipment-0.23%** | **Automotive Parts & Equipment-0.23%** |
| BMW US Capital LLC (Germany), 5.07% <br> (SOFR + 0.80%), 08/13/2026<sup>(c)(d)</sup><br>|  | 7207000 | &nbsp;&nbsp; 7232647 |
| **Broadline Retail-0.16%** | **Broadline Retail-0.16%** | **Broadline Retail-0.16%** | **Broadline Retail-0.16%** |
| eBay, Inc., 1.40%, 05/10/2026 |  | 5250000 | &nbsp;&nbsp; 5175596 |
| **Commercial & Residential Mortgage Finance-0.47%** | **Commercial & Residential Mortgage Finance-0.47%** | **Commercial & Residential Mortgage Finance-0.47%** | **Commercial & Residential Mortgage Finance-0.47%** |
| Aviation Capital Group LLC, 4.75%, <br> 04/14/2027<sup>(d)</sup><br>|  | 2904000 | &nbsp;&nbsp; 2918163 |
| Nationwide Building Society (United <br> Kingdom), 5.15% (SOFR + 1.07%), <br> 07/14/2029<sup>(c)(d)</sup><br>|  | 12000000 | &nbsp;&nbsp; 12027516 |
|  |  |  | &nbsp;&nbsp; 14945679 |
| **Computer & Electronics Retail-0.09%** | **Computer & Electronics Retail-0.09%** | **Computer & Electronics Retail-0.09%** | **Computer & Electronics Retail-0.09%** |
| Dell International LLC/EMC Corp., 6.02%, <br> 06/15/2026<br>|  | 2800000 | &nbsp;&nbsp; 2820788 |
| **Construction Machinery & Heavy Transportation Equipment-0.77%** | **Construction Machinery & Heavy Transportation Equipment-0.77%** | **Construction Machinery & Heavy Transportation Equipment-0.77%** | **Construction Machinery & Heavy Transportation Equipment-0.77%** |
| Caterpillar Financial Services Corp. |  |  |  |
| 4.62% (SOFR + 0.53%), <br> 07/07/2027<sup>(b)(c)</sup><br>|  | 14000000 | &nbsp;&nbsp; 14063220 |
| Series K, 4.10% 08/15/2028 |  | 10480000 | &nbsp;&nbsp; 10529558 |
|  |  |  | &nbsp;&nbsp; 24592778 |
| **Consumer Finance-0.72%** | **Consumer Finance-0.72%** | **Consumer Finance-0.72%** | **Consumer Finance-0.72%** |
| Capital One Financial Corp., 4.93%, <br> 05/10/2028<sup>(e)</sup><br>|  | 7000000 | &nbsp;&nbsp; 7068404 |
| General Motors Financial Co., Inc. |  |  |  |
| 5.00% 07/15/2027 |  | 4000000 | &nbsp;&nbsp; 4047184 |
| 5.26% (SOFR + 1.17%), 04/04/2028<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11995681 |
|  |  |  | &nbsp;&nbsp; 23111269 |
| **Diversified Banks-16.23%** | **Diversified Banks-16.23%** | **Diversified Banks-16.23%** | **Diversified Banks-16.23%** |
| Bank of America Corp. |  |  |  |
| 3.71% 04/24/2028<sup>(e)</sup> |  | 11250000 | &nbsp;&nbsp; 11180129 |
| 4.62% 05/09/2029<sup>(e)</sup> |  | 4033000 | &nbsp;&nbsp; 4082653 |
| Bank of America N.A., 5.53%, <br> 08/18/2026<br>|  | 12000000 | &nbsp;&nbsp; 12133289 |
| Bank of Montreal (Canada), 5.32% (SOFR <br> + 1.16%), 12/11/2026<sup>(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10095004 |
| Bank of Nova Scotia (The) (Canada), <br> 1.35%, 06/24/2026<br>|  | 11500000 | &nbsp;&nbsp; 11310155 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**126**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Barclays PLC (United Kingdom) |  |  |
| 5.83% 05/09/2027<sup>(e)</sup> | $12000000 | &nbsp;&nbsp; $12095142 |
| 6.50% 09/13/2027<sup>(e)</sup> | 12000000 | &nbsp;&nbsp; 12222024 |
| 4.34% 01/10/2028 | 5200000 | &nbsp;&nbsp; 5204387 |
| Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |
| 5.32% (SOFR + 1.22%), 10/02/2026<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10081013 |
| 5.09% (SOFR + 0.93%), 09/11/2027<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10032764 |
| 4.98% (SOFR + 0.80%), 09/08/2028<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10013710 |
| Citibank N.A., 5.49%, 12/04/2026 | 9783000 | &nbsp;&nbsp; 9926899 |
| Citigroup, Inc., 4.64%, 05/07/2028<sup>(e)</sup> | 12000000 | &nbsp;&nbsp; 12079809 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), 4.81% (SOFR + 0.59%), <br> 05/27/2027<sup>(c)</sup><br>| 10715000 | &nbsp;&nbsp; 10757516 |
| Credit Agricole S.A. (France) |  |  |
| 5.37% (SOFR + 1.21%), <br> 09/11/2028<sup>(c)(d)</sup><br>| 6000000 | &nbsp;&nbsp; 6036950 |
| 5.21% (SOFR + 1.13%), <br> 01/09/2029<sup>(c)(d)</sup><br>| 7000000 | &nbsp;&nbsp; 7028692 |
| Fifth Third Bank N.A., 4.86% (SOFR + <br> 0.81%), 01/28/2028<sup>(c)</sup><br>| 6366000 | &nbsp;&nbsp; 6373315 |
| HSBC USA, Inc., 5.17% (SOFR + 0.97%), <br> 06/03/2028<sup>(c)</sup><br>| 7826000 | &nbsp;&nbsp; 7884287 |
| Huntington National Bank (The), 4.80% <br> (SOFR + 0.72%), 04/12/2028<sup>(c)</sup><br>| 8276000 | &nbsp;&nbsp; 8274718 |
| ING Groep N.V. (Netherlands), 1.73%, <br> 04/01/2027<sup>(e)</sup><br>| 6750000 | &nbsp;&nbsp; 6679811 |
| JPMorgan Chase & Co. |  |  |
| 5.25% (SOFR + 1.20%), 01/23/2028<sup>(c)</sup> | 5556000 | &nbsp;&nbsp; 5608624 |
| 2.95% 02/24/2028<sup>(e)</sup> | 6000000 | &nbsp;&nbsp; 5911657 |
| 4.98% (SOFR + 0.92%), 04/22/2028<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10055217 |
| 3.54% 05/01/2028<sup>(e)</sup> | 8866000 | &nbsp;&nbsp; 8790153 |
| Lloyds Banking Group PLC (United <br> Kingdom), 5.86% (SOFR + 1.56%), <br> 08/07/2027<sup>(c)</sup><br>| 9474000 | &nbsp;&nbsp; 9550867 |
| Macquarie Bank Ltd. (Australia), 5.38% <br> (SOFR + 1.20%), 12/07/2026<sup>(c)(d)</sup><br>| 6213000 | &nbsp;&nbsp; 6261347 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 1.64%, 10/13/2027<sup>(b)(e)</sup><br>| 5553000 | &nbsp;&nbsp; 5421385 |
| Mizuho Markets Cayman L.P. (Japan), <br> 5.11% (SOFR + 0.85%), 08/14/2026<sup>(c)</sup><br>| 10000000 | &nbsp;&nbsp; 10027964 |
| Morgan Stanley Bank N.A. |  |  |
| 4.76% (SOFR + 0.69%), 10/15/2027<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10035911 |
| 5.15% (SOFR + 1.08%), 01/14/2028<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10065547 |
| Morgan Stanley Private Bank N.A., 4.85% <br> (SOFR + 0.77%), 07/06/2028<sup>(c)</sup><br>| 8363000 | &nbsp;&nbsp; 8384319 |
| National Bank of Canada (Canada) |  |  |
| 5.04% (SOFR + 0.80%), 08/20/2026<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10002747 |
| 5.13% (SOFR + 1.03%), 07/02/2027<sup>(c)</sup> | 5797000 | &nbsp;&nbsp; 5814122 |
| 5.60% 07/02/2027<sup>(e)</sup> | 7000000 | &nbsp;&nbsp; 7061724 |
| PNC Bank N.A. |  |  |
| 4.78% 01/15/2027<sup>(e)</sup> | 12000000 | &nbsp;&nbsp; 12011255 |
| 4.54% 05/13/2027<sup>(e)</sup> | 8371000 | &nbsp;&nbsp; 8383603 |
| 4.79% (SOFR + 0.73%), 07/21/2028<sup>(c)</sup> | 3159000 | &nbsp;&nbsp; 3160244 |
| PNC Financial Services Group, Inc. (The), <br> 5.10%, 07/23/2027<sup>(e)</sup><br>| 13200000 | &nbsp;&nbsp; 13276023 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Royal Bank of Canada (Canada) |  |  |  |
| 5.02% (SOFR + 0.95%), 01/19/2027<sup>(c)</sup> | $| 8333000 | &nbsp;&nbsp; $8389533 |
| 4.79% (SOFR + 0.72%), 10/18/2027<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 15049890 |
| 4.50% 08/06/2029<sup>(e)</sup> |  | 9600000 | &nbsp;&nbsp; 9677690 |
| Santander UK Group Holdings PLC (United <br> Kingdom), 6.53%, 01/10/2029<sup>(e)</sup><br>|  | 12500000 | &nbsp;&nbsp; 13067421 |
| Societe Generale S.A. (France), 5.49% <br> (SOFR + 1.41%), 04/13/2029<sup>(c)(d)</sup><br>|  | 12000000 | &nbsp;&nbsp; 12077386 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |  |
| 5.20% 03/07/2027<sup>(d)</sup> |  | 4372000 | &nbsp;&nbsp; 4440614 |
| 4.93% (SOFR + 0.75%), <br> 09/11/2028<sup>(c)(d)</sup><br>|  | 2163000 | &nbsp;&nbsp; 2168503 |
| Svenska Handelsbanken AB (Sweden), <br> 4.97% (SOFR + 0.74%), <br> 05/23/2028<sup>(c)(d)</sup><br>|  | 7826000 | &nbsp;&nbsp; 7874632 |
| Swedbank AB (Sweden) |  |  |  |
| 5.53% (SOFR + 1.38%), <br> 06/15/2026<sup>(c)(d)</sup><br>|  | 15000000 | &nbsp;&nbsp; 15096369 |
| 6.14% 09/12/2026<sup>(d)</sup> |  | 4065000 | &nbsp;&nbsp; 4134987 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| 5.15% (SOFR + 1.08%), 07/17/2026<sup>(c)</sup> |  | 12500000 | &nbsp;&nbsp; 12576703 |
| 5.06% (SOFR + 1.00%), 10/20/2026<sup>(c)</sup> |  | 9800000 | &nbsp;&nbsp; 9799679 |
| 4.85% (SOFR + 0.82%), 01/31/2028<sup>(c)</sup> |  | 10550000 | &nbsp;&nbsp; 10594576 |
| 5.12% (SOFR + 0.91%), 06/02/2028<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 12060291 |
| Truist Bank, 4.82% (SOFR + 0.77%), <br> 07/24/2028<sup>(c)</sup><br>|  | 11709000 | &nbsp;&nbsp; 11724986 |
| U.S. Bank N.A., 5.17% (SOFR + 0.91%), <br> 05/15/2028<sup>(c)</sup><br>|  | 12000000 | &nbsp;&nbsp; 12072175 |
| Wells Fargo & Co. |  |  |  |
| 4.83% (SOFR + 0.78%), 01/24/2028<sup>(c)</sup> |  | 8953000 | &nbsp;&nbsp; 8978246 |
| 5.13% (SOFR + 1.07%), 04/22/2028<sup>(c)</sup> |  | 10000000 | &nbsp;&nbsp; 10069516 |
| Wells Fargo Bank N.A., 4.79% (SOFR + <br> 0.71%), 01/15/2026<sup>(c)</sup><br>|  | 5333000 | &nbsp;&nbsp; 5336287 |
|  |  |  | &nbsp;&nbsp; 518504460 |
| **Diversified Capital Markets-0.91%** | **Diversified Capital Markets-0.91%** | **Diversified Capital Markets-0.91%** | **Diversified Capital Markets-0.91%** |
| Deutsche Bank AG (Germany), 5.29% <br> (SOFR + 1.21%), 01/10/2029<sup>(c)</sup><br>|  | 14000000 | &nbsp;&nbsp; 14055987 |
| UBS Group AG (Switzerland), 1.36%, <br> 01/30/2027<sup>(d)(e)</sup><br>|  | 15000000 | &nbsp;&nbsp; 14891007 |
|  |  |  | &nbsp;&nbsp; 28946994 |
| **Diversified Metals & Mining-0.91%** | **Diversified Metals & Mining-0.91%** | **Diversified Metals & Mining-0.91%** | **Diversified Metals & Mining-0.91%** |
| BHP Billiton Finance (USA) Ltd. (Australia), <br> 5.25%, 09/08/2026<br>|  | 14815000 | &nbsp;&nbsp; 14961992 |
| Glencore Funding LLC (Australia) |  |  |  |
| 4.85% (SOFR + 0.75%), <br> 10/01/2026<sup>(c)(d)</sup><br>|  | 6429000 | &nbsp;&nbsp; 6439862 |
| 5.15% (SOFR + 1.06%), <br> 04/04/2027<sup>(c)(d)</sup><br>|  | 5682000 | &nbsp;&nbsp; 5712875 |
| Rio Tinto Finance (USA) PLC (Australia), <br> 4.38%, 03/12/2027<br>|  | 2089000 | &nbsp;&nbsp; 2102841 |
|  |  |  | &nbsp;&nbsp; 29217570 |
| **Diversified Support Services-0.27%** | **Diversified Support Services-0.27%** | **Diversified Support Services-0.27%** | **Diversified Support Services-0.27%** |
| Element Fleet Management Corp. <br> (Canada), 6.27%, 06/26/2026<sup>(d)</sup><br>|  | 8433000 | &nbsp;&nbsp; 8528000 |
| **Electric Utilities-1.62%** | **Electric Utilities-1.62%** | **Electric Utilities-1.62%** | **Electric Utilities-1.62%** |
| Evergy Missouri West, Inc., 5.15%, <br> 12/15/2027<sup>(d)</sup><br>|  | 5191000 | &nbsp;&nbsp; 5285407 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**127**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| National Rural Utilities Cooperative Finance <br> Corp., 4.96% (SOFR + 0.82%), <br> 09/16/2027<sup>(c)</sup><br>| 10000000 | &nbsp;&nbsp; $10055440 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.80% (SOFR + 0.76%), 01/29/2026<sup>(c)</sup> | 11456000 | &nbsp;&nbsp; 11470986 |
| 4.83% (SOFR + 0.80%), 02/04/2028<sup>(c)</sup> | 8796000 | &nbsp;&nbsp; 8861372 |
| Pinnacle West Capital Corp. |  |  |
| 4.98% (SOFR + 0.82%), 06/10/2026<sup>(c)</sup> | 15294000 | &nbsp;&nbsp; 15331990 |
| 4.90% 05/15/2028 | 779000 | &nbsp;&nbsp; 791126 |
|  |  | &nbsp;&nbsp; 51796321 |
| **Electronic Components-0.47%** | **Electronic Components-0.47%** | **Electronic Components-0.47%** |
| Amphenol Corp., 4.55% (SOFR + 0.53%), <br> 11/15/2027<sup>(c)</sup><br>| 15000000 | &nbsp;&nbsp; 15032930 |
| **Fertilizers & Agricultural Chemicals-0.23%** | **Fertilizers & Agricultural Chemicals-0.23%** | **Fertilizers & Agricultural Chemicals-0.23%** |
| Nutrien Ltd. (Canada), 4.50%, <br> 03/12/2027<br>| 7165000 | &nbsp;&nbsp; 7201816 |
| **Health Care Services-0.32%** | **Health Care Services-0.32%** | **Health Care Services-0.32%** |
| CVS Health Corp., 5.00%, 02/20/2026 | 10235000 | &nbsp;&nbsp; 10250838 |
| **Home Improvement Retail-0.14%** | **Home Improvement Retail-0.14%** | **Home Improvement Retail-0.14%** |
| Home Depot, Inc. (The), 5.15%, <br> 06/25/2026<br>| 4505000 | &nbsp;&nbsp; 4539856 |
| **Hotels, Resorts & Cruise Lines-0.06%** | **Hotels, Resorts & Cruise Lines-0.06%** | **Hotels, Resorts & Cruise Lines-0.06%** |
| Marriott International, Inc., 4.20%, <br> 07/15/2027<br>| 2051000 | &nbsp;&nbsp; 2057847 |
| **Integrated Oil & Gas-0.24%** | **Integrated Oil & Gas-0.24%** | **Integrated Oil & Gas-0.24%** |
| Chevron USA, Inc., 4.59% (SOFR + <br> 0.36%), 02/26/2027<sup>(c)</sup><br>| 7758000 | &nbsp;&nbsp; 7775949 |
| **Integrated Telecommunication Services-0.75%** | **Integrated Telecommunication Services-0.75%** | **Integrated Telecommunication Services-0.75%** |
| AT&T, Inc., 2.30%, 06/01/2027 | 7000000 | &nbsp;&nbsp; 6805993 |
| NTT Finance Corp. (Japan), 5.16% (SOFR <br> + 1.08%), 07/16/2028<sup>(c)(d)</sup><br>| 7000000 | &nbsp;&nbsp; 7074662 |
| Verizon Communications, Inc., 4.91% <br> (SOFR + 0.79%), 03/20/2026<sup>(c)</sup><br>| 10134000 | &nbsp;&nbsp; 10152166 |
|  |  | &nbsp;&nbsp; 24032821 |
| **Interactive Home Entertainment-0.24%** | **Interactive Home Entertainment-0.24%** | **Interactive Home Entertainment-0.24%** |
| Electronic Arts, Inc., 4.80%, 03/01/2026 | 7717000 | &nbsp;&nbsp; 7719688 |
| **Investment Banking & Brokerage-2.65%** | **Investment Banking & Brokerage-2.65%** | **Investment Banking & Brokerage-2.65%** |
| Charles Schwab Corp. (The), 4.79% (SOFR <br> + 0.52%), 05/13/2026<sup>(c)</sup><br>| 5251000 | &nbsp;&nbsp; 5252692 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 1.43% 03/09/2027<sup>(e)</sup> | 13000000 | &nbsp;&nbsp; 12866573 |
| 4.94% 04/23/2028<sup>(e)</sup> | 15925000 | &nbsp;&nbsp; 16099672 |
| Jefferies Financial Group, Inc. |  |  |
| 4.75% 08/11/2026 | 13269000 | &nbsp;&nbsp; 13281866 |
| 4.50% 09/15/2026 | 15000000 | &nbsp;&nbsp; 15070379 |
| Morgan Stanley |  |  |
| 5.09% (SOFR + 1.02%), 04/13/2028<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10054580 |
| 5.45% (SOFR + 1.38%), 04/12/2029<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 12173223 |
|  |  | &nbsp;&nbsp; 84798985 |
| **Leisure Products-0.31%** | **Leisure Products-0.31%** | **Leisure Products-0.31%** |
| Hasbro, Inc., 3.55%, 11/19/2026 | 10000000 | &nbsp;&nbsp; 9937533 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-9.24%** | **Life & Health Insurance-9.24%** | **Life & Health Insurance-9.24%** |
| Athene Global Funding |  |  |
| 5.62% 05/08/2026<sup>(d)</sup> | $12000000 | &nbsp;&nbsp; $12085364 |
| 5.25% (SOFR + 1.03%), <br> 08/27/2026<sup>(c)(d)</sup><br>| 10000000 | &nbsp;&nbsp; 10047199 |
| 2.95% 11/12/2026<sup>(d)</sup> | 5000000 | &nbsp;&nbsp; 4935051 |
| 4.92% (SOFR + 0.83%), <br> 01/07/2027<sup>(c)(d)</sup><br>| 10000000 | &nbsp;&nbsp; 10035156 |
| 5.52% 03/25/2027<sup>(d)</sup> | 12711000 | &nbsp;&nbsp; 12927149 |
| Brighthouse Financial Global Funding, <br> 5.55%, 04/09/2027<sup>(d)</sup><br>| 8150000 | &nbsp;&nbsp; 8274705 |
| CNO Global Funding, 4.88%, <br> 12/10/2027<sup>(d)</sup><br>| 4918000 | &nbsp;&nbsp; 4982542 |
| Corebridge Global Funding |  |  |
| 5.75% 07/02/2026<sup>(d)</sup> | 6336000 | &nbsp;&nbsp; 6403782 |
| 5.41% (SOFR + 1.30%), <br> 09/25/2026<sup>(c)(d)</sup><br>| 10000000 | &nbsp;&nbsp; 10072164 |
| 4.84% (SOFR + 0.75%), <br> 01/07/2028<sup>(c)(d)</sup><br>| 10000000 | &nbsp;&nbsp; 10000815 |
| 4.25% 08/21/2028<sup>(d)</sup> | 3653000 | &nbsp;&nbsp; 3661225 |
| Equitable America Global Funding, 3.95%, <br> 09/15/2027<sup>(d)</sup><br>| 6263000 | &nbsp;&nbsp; 6256138 |
| F&G Global Funding |  |  |
| 5.88% 06/10/2027<sup>(d)</sup> | 7514000 | &nbsp;&nbsp; 7698974 |
| 4.65% 09/08/2028<sup>(d)</sup> | 3209000 | &nbsp;&nbsp; 3220542 |
| GA Global Funding Trust, 4.40%, <br> 09/23/2027<sup>(d)</sup><br>| 20700000 | &nbsp;&nbsp; 20726258 |
| Jackson National Life Global Funding |  |  |
| 5.50% 01/09/2026<sup>(d)</sup> | 16667000 | &nbsp;&nbsp; 16700180 |
| 5.55% 07/02/2027<sup>(d)</sup> | 6719000 | &nbsp;&nbsp; 6863342 |
| 5.05% (SOFR + 0.97%), <br> 01/14/2028<sup>(c)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4017069 |
| MassMutual Global Funding II |  |  |
| 4.81% (SOFR + 0.77%), <br> 01/29/2027<sup>(c)(d)</sup><br>| 10700000 | &nbsp;&nbsp; 10760012 |
| 4.82% (SOFR + 0.74%), <br> 04/09/2027<sup>(c)(d)</sup><br>| 10000000 | &nbsp;&nbsp; 10041210 |
| 4.71% (SOFR + 0.68%), <br> 08/01/2028<sup>(b)(c)(d)</sup><br>| 6000000 | &nbsp;&nbsp; 6018098 |
| Met Tower Global Funding, 5.40%, <br> 06/20/2026<sup>(d)</sup><br>| 12000000 | &nbsp;&nbsp; 12097828 |
| New York Life Global Funding |  |  |
| 4.77% (SOFR + 0.67%), <br> 04/02/2027<sup>(c)(d)</sup><br>| 15000000 | &nbsp;&nbsp; 15068267 |
| 4.40% 04/25/2028<sup>(b)(d)</sup> | 4434000 | &nbsp;&nbsp; 4482775 |
| Northwestern Mutual Global Funding, <br> 4.89% (SOFR + 0.66%), <br> 08/25/2028<sup>(c)(d)</sup><br>| 8750000 | &nbsp;&nbsp; 8783566 |
| Pacific Life Global Funding II |  |  |
| 4.71% (SOFR + 0.60%), <br> 03/27/2026<sup>(c)(d)</sup><br>| 9750000 | &nbsp;&nbsp; 9760358 |
| 4.81% (SOFR + 0.62%), <br> 06/04/2026<sup>(c)(d)</sup><br>| 6420000 | &nbsp;&nbsp; 6433241 |
| 5.10% (SOFR + 1.05%), <br> 07/28/2026<sup>(c)(d)</sup><br>| 12500000 | &nbsp;&nbsp; 12570375 |
| 4.45% 05/01/2028<sup>(d)</sup> | 11321000 | &nbsp;&nbsp; 11440280 |
| Principal Financial Group, Inc., 4.11%, <br> 02/15/2028<sup>(d)</sup><br>| 3120000 | &nbsp;&nbsp; 3109620 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**128**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
| Principal Life Global Funding II |  |  |
| 5.00% 01/16/2027<sup>(d)</sup> | 3000000 | &nbsp;&nbsp; $3032361 |
| 4.25% 08/18/2028<sup>(d)</sup> | 5217000 | &nbsp;&nbsp; 5233044 |
| Protective Life Global Funding, 5.37%, <br> 01/06/2026<sup>(d)</sup><br>| 10339000 | &nbsp;&nbsp; 10360030 |
| Reliance Standard Life Global Funding II, <br> 5.24%, 02/02/2026<sup>(d)</sup><br>| 7125000 | &nbsp;&nbsp; 7136158 |
|  |  | &nbsp;&nbsp; 295234878 |
| **Multi-line Insurance-0.44%** | **Multi-line Insurance-0.44%** | **Multi-line Insurance-0.44%** |
| Metropolitan Life Global Funding I, 4.15%, <br> 08/25/2028<sup>(d)</sup><br>| 3920000 | &nbsp;&nbsp; 3932099 |
| USAA Capital Corp., 5.25%, <br> 06/01/2027<sup>(d)</sup><br>| 10000000 | &nbsp;&nbsp; 10211949 |
|  |  | &nbsp;&nbsp; 14144048 |
| **Oil & Gas Exploration & Production-0.37%** | **Oil & Gas Exploration & Production-0.37%** | **Oil & Gas Exploration & Production-0.37%** |
| Pioneer Natural Resources Co., 1.13%, <br> 01/15/2026<br>| 12000000 | &nbsp;&nbsp; 11927920 |
| **Oil & Gas Refining & Marketing-0.28%** | **Oil & Gas Refining & Marketing-0.28%** | **Oil & Gas Refining & Marketing-0.28%** |
| Phillips 66, 1.30%, 02/15/2026 | 8989000 | &nbsp;&nbsp; 8915702 |
| **Oil & Gas Storage & Transportation-1.56%** | **Oil & Gas Storage & Transportation-1.56%** | **Oil & Gas Storage & Transportation-1.56%** |
| Enbridge, Inc. (Canada) |  |  |
| 5.90% 11/15/2026 | 8300000 | &nbsp;&nbsp; 8439932 |
| 5.25% 04/05/2027 | 4666000 | &nbsp;&nbsp; 4736982 |
| 4.60% 06/20/2028 | 3485000 | &nbsp;&nbsp; 3519327 |
| Kinder Morgan, Inc., 1.75%, 11/15/2026 | 12698000 | &nbsp;&nbsp; 12408518 |
| MPLX L.P., 1.75%, 03/01/2026 | 12336000 | &nbsp;&nbsp; 12233012 |
| Williams Cos., Inc. (The), 5.40%, <br> 03/02/2026<br>| 8598000 | &nbsp;&nbsp; 8630906 |
|  |  | &nbsp;&nbsp; 49968677 |
| **Packaged Foods & Meats-0.56%** | **Packaged Foods & Meats-0.56%** | **Packaged Foods & Meats-0.56%** |
| Campbell's Co. (The), 5.30%, 03/20/2026 | 10352000 | &nbsp;&nbsp; 10390901 |
| Mars, Inc., 4.45%, 03/01/2027<sup>(d)</sup> | 7446000 | &nbsp;&nbsp; 7495853 |
|  |  | &nbsp;&nbsp; 17886754 |
| **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** |
| Delta Air Lines, Inc., 4.95%, 07/10/2028 | 3614000 | &nbsp;&nbsp; 3664424 |
| **Pharmaceuticals-1.02%** | **Pharmaceuticals-1.02%** | **Pharmaceuticals-1.02%** |
| Bristol-Myers Squibb Co., 4.73% (SOFR + <br> 0.49%), 02/20/2026<sup>(c)</sup><br>| 4651000 | &nbsp;&nbsp; 4655162 |
| Eli Lilly and Co., 4.70% (SOFR + 0.53%), <br> 10/15/2028<sup>(c)</sup><br>| 14000000 | &nbsp;&nbsp; 14056690 |
| GlaxoSmithKline Capital PLC (United <br> Kingdom), 4.65% (SOFR + 0.50%), <br> 03/12/2027<sup>(c)</sup><br>| 7912000 | &nbsp;&nbsp; 7955724 |
| Zoetis, Inc., 4.15%, 08/17/2028 | 5769000 | &nbsp;&nbsp; 5787295 |
|  |  | &nbsp;&nbsp; 32454871 |
| **Regional Banks-0.84%** | **Regional Banks-0.84%** | **Regional Banks-0.84%** |
| Truist Financial Corp., 1.27%, <br> 03/02/2027<sup>(e)</sup><br>| 12000000 | &nbsp;&nbsp; 11880538 |
| Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(e)</sup><br>| 15015000 | &nbsp;&nbsp; 15011706 |
|  |  | &nbsp;&nbsp; 26892244 |
| **Restaurants-0.38%** | **Restaurants-0.38%** | **Restaurants-0.38%** |
| Starbucks Corp., 4.75%, 02/15/2026 | 12000000 | &nbsp;&nbsp; 12013119 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Retail REITs-0.50%** | **Retail REITs-0.50%** | **Retail REITs-0.50%** |
| Realty Income Corp. |  |  |
| 5.05% 01/13/2026 | $3687000 | &nbsp;&nbsp; $3687642 |
| 4.45% 09/15/2026 | 12335000 | &nbsp;&nbsp; 12347502 |
|  |  | &nbsp;&nbsp; 16035144 |
| **Self-Storage REITs-0.31%** | **Self-Storage REITs-0.31%** | **Self-Storage REITs-0.31%** |
| Public Storage Operating Co., 4.77% <br> (SOFR + 0.70%), 04/16/2027<sup>(c)</sup><br>| 10000000 | &nbsp;&nbsp; 10033178 |
| **Semiconductors-0.75%** | **Semiconductors-0.75%** | **Semiconductors-0.75%** |
| Advanced Micro Devices, Inc., 4.21%, <br> 09/24/2026<br>| 12000000 | &nbsp;&nbsp; 12033413 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. <br> (Netherlands), 3.88%, 06/18/2026<br>| 12000000 | &nbsp;&nbsp; 11968372 |
|  |  | &nbsp;&nbsp; 24001785 |
| **Soft Drinks & Non-alcoholic Beverages-0.85%** | **Soft Drinks & Non-alcoholic Beverages-0.85%** | **Soft Drinks & Non-alcoholic Beverages-0.85%** |
| Keurig Dr Pepper, Inc. |  |  |
| 3.40% 11/15/2025 | 10000000 | &nbsp;&nbsp; 9994358 |
| 4.84% (SOFR + 0.58%), 11/15/2026<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 12001893 |
| 5.03% (SOFR + 0.88%), 03/15/2027<sup>(c)</sup> | 5000000 | &nbsp;&nbsp; 5009166 |
|  |  | &nbsp;&nbsp; 27005417 |
| **Specialized Finance-0.51%** | **Specialized Finance-0.51%** | **Specialized Finance-0.51%** |
| Blackstone Private Credit Fund, 2.63%, <br> 12/15/2026<br>| 16490000 | &nbsp;&nbsp; 16133344 |
| **Systems Software-1.08%** | **Systems Software-1.08%** | **Systems Software-1.08%** |
| Oracle Corp. |  |  |
| 1.65% 03/25/2026 | 15000000 | &nbsp;&nbsp; 14854801 |
| 2.65% 07/15/2026 | 9000000 | &nbsp;&nbsp; 8913137 |
| VMware LLC, 1.40%, 08/15/2026 | 11000000 | &nbsp;&nbsp; 10774634 |
|  |  | &nbsp;&nbsp; 34542572 |
| **Technology Hardware, Storage & Peripherals-0.81%** | **Technology Hardware, Storage & Peripherals-0.81%** | **Technology Hardware, Storage & Peripherals-0.81%** |
| Hewlett Packard Enterprise Co., 4.05%, <br> 09/15/2027<br>| 14000000 | &nbsp;&nbsp; 13973623 |
| HP, Inc., 1.45%, 06/17/2026 | 12000000 | &nbsp;&nbsp; 11799540 |
|  |  | &nbsp;&nbsp; 25773163 |
| **Telecom Tower REITs-0.81%** | **Telecom Tower REITs-0.81%** | **Telecom Tower REITs-0.81%** |
| American Tower Corp. |  |  |
| 1.60% 04/15/2026 | 13250000 | &nbsp;&nbsp; 13102208 |
| 1.45% 09/15/2026 | 13000000 | &nbsp;&nbsp; 12701397 |
|  |  | &nbsp;&nbsp; 25803605 |
| **Trading Companies & Distributors-0.32%** | **Trading Companies & Distributors-0.32%** | **Trading Companies & Distributors-0.32%** |
| Air Lease Corp., 1.88%, 08/15/2026 | 10300000 | &nbsp;&nbsp; 10114447 |
| **Transaction & Payment Processing Services-0.06%** | **Transaction & Payment Processing Services-0.06%** | **Transaction & Payment Processing Services-0.06%** |
| PayPal Holdings, Inc., 4.85% (SOFR + <br> 0.67%), 03/06/2028<sup>(c)</sup><br>| 1851000 | &nbsp;&nbsp; 1857412 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,821,740,642) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,821,740,642) | &nbsp;&nbsp; 1830533738 |
| **Asset-Backed Securities-14.10%** | **Asset-Backed Securities-14.10%** | **Asset-Backed Securities-14.10%** |
| Amur Equipment Finance Receivables <br> XII LLC, Series 2023-1A, Class A2, <br> 6.09%, 12/20/2029<sup>(d)</sup><br>| 4915035 | &nbsp;&nbsp; 4959885 |
| Angel Oak Mortgage Trust |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(d)(f)</sup><br>| 539647 | &nbsp;&nbsp; 527271 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**129**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(d)(f)</sup><br>| $868235 | &nbsp;&nbsp; $836873 |
| Series 2024-8, Class A1, 5.34%, <br> 05/27/2069<sup>(d)</sup><br>| 7228819 | &nbsp;&nbsp; 7257499 |
| Series 2025-2, Class A1, 5.64%, <br> 02/25/2070<sup>(d)</sup><br>| 4128982 | &nbsp;&nbsp; 4163607 |
| AutoNation Finance Trust, Series 2025-1A, <br> Class A2, 4.72%, 04/10/2028<sup>(d)</sup><br>| 6208531 | &nbsp;&nbsp; 6221930 |
| Barings CLO Ltd. (Cayman Islands), <br> Series 2021-2A, Class A1R, 4.97% (3 <br> mo. Term SOFR + 1.07%), <br> 07/15/2034<sup>(c)(d)</sup><br>| 12000000 | &nbsp;&nbsp; 12014040 |
| Barings Equipment Finance LLC, <br> Series 2025-B, Class A2, 4.02%, <br> 02/13/2029<sup>(d)</sup><br>| 4800000 | &nbsp;&nbsp; 4799492 |
| Bear Stearns Asset Backed Securities I <br> Trust, Series 2006-HE9, Class 2A, <br> 4.39% (1 mo. Term SOFR + 0.39%), <br> 11/25/2036<sup>(c)</sup><br>| 399105 | &nbsp;&nbsp; 397739 |
| Beechwood Park CLO Ltd. (Jersey), <br> Series 2019-1A, Class A1RR, 0.00% (3 <br> mo. Term SOFR + 1.07%), <br> 01/17/2035<sup>(c)(g)</sup><br>| 10000000 | &nbsp;&nbsp; 10000000 |
| BINOM Securitization Trust, Series 2021-<br> INV1, Class A1, 2.03%, <br> 06/25/2056<sup>(d)(f)</sup><br>| 2689880 | &nbsp;&nbsp; 2480472 |
| BMW Vehicle Lease Trust, Series 2024-2, <br> Class A2B, 4.60% (30 Day Average <br> SOFR + 0.42%), 01/25/2027<sup>(c)</sup><br>| 1829242 | &nbsp;&nbsp; 1829773 |
| BofA Auto Trust, Series 2025-1A, <br> Class A2A, 4.52%, 11/22/2027<sup>(d)</sup><br>| 2079083 | &nbsp;&nbsp; 2080756 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, 0.97%, <br> 03/25/2060<sup>(d)(f)</sup><br>| 816223 | &nbsp;&nbsp; 796579 |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands), Series 2015-5A, <br> Class A1R4, 0.00% (3 mo. Term SOFR + <br> 0.88%), 01/20/2032<sup>(c)(d)</sup><br>| 6490000 | &nbsp;&nbsp; 6493401 |
| CarMax Auto Owner Trust, Series 2025-2, <br> Class A2A, 4.59%, 07/17/2028<br>| 4360000 | &nbsp;&nbsp; 4370821 |
| CCG Receivables Trust, Series 2025-1, <br> Class A2, 4.48%, 10/14/2032<sup>(d)</sup><br>| 5450000 | &nbsp;&nbsp; 5471423 |
| Chase Auto Owner Trust, Series 2024-3A, <br> Class A2, 5.53%, 09/27/2027<sup>(d)</sup><br>| 798604 | &nbsp;&nbsp; 799958 |
| Chesapeake Funding II LLC (Canada) |  |  |
| Series 2023-1A, Class A2, 5.48% <br> (30 Day Average SOFR + 1.25%), <br> 05/15/2035<sup>(c)(d)</sup><br>| 3920344 | &nbsp;&nbsp; 3935944 |
| Series 2023-2A, Class A2, 5.33% <br> (30 Day Average SOFR + 1.10%), <br> 10/15/2035<sup>(c)(d)</sup><br>| 4867476 | &nbsp;&nbsp; 4888556 |
| Series 2024-1A, Class A2, 5.00% <br> (30 Day Average SOFR + 0.77%), <br> 05/15/2036<sup>(c)(d)</sup><br>| 1547456 | &nbsp;&nbsp; 1546190 |
| Citizens Auto Receivables Trust, <br> Series 2024-2, Class A3, 5.33%, <br> 08/15/2028<sup>(d)</sup><br>| 7438684 | &nbsp;&nbsp; 7489978 |
| COLT Mortgage Loan Trust, Series 2020-<br> 2R, Class A1, 1.33%, 10/26/2065<sup>(d)(f)</sup><br>| 926895 | &nbsp;&nbsp; 878232 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Cross Mortgage Trust |  |  |
| Series 2023-H1, Class A1, 6.62%, <br> 03/25/2068<sup>(d)</sup><br>| $3144400 | &nbsp;&nbsp; $3165275 |
| Series 2024-H5, Class A1, 5.85%, <br> 08/26/2069<sup>(d)</sup><br>| 7559406 | &nbsp;&nbsp; 7621535 |
| CWABS, Inc. Asset-Backed Ctfs. Trust, <br> Series 2004-4, Class M1, 4.83% (1 mo. <br> Term SOFR + 0.83%), 07/25/2034<sup>(c)</sup><br>| 96994 | &nbsp;&nbsp; 104616 |
| Deephaven Residential Mortgage Trust, <br> Series 2021-2, Class A1, 0.90%, <br> 04/25/2066<sup>(d)(f)</sup><br>| 3686229 | &nbsp;&nbsp; 3286842 |
| Dell Equipment Finance Trust |  |  |
| Series 2024-1, Class A3, 5.39%, <br> 03/22/2030<sup>(d)</sup><br>| 2750000 | &nbsp;&nbsp; 2770343 |
| Series 2025-1, Class A3, 4.61%, <br> 02/24/2031<sup>(d)</sup><br>| 2970000 | &nbsp;&nbsp; 2998764 |
| Series 2025-2, Class A3, 4.12%, <br> 03/24/2031<sup>(d)</sup><br>| 1750000 | &nbsp;&nbsp; 1765485 |
| DLLST LLC, Series 2024-1A, Class A3, <br> 5.05%, 08/20/2027<sup>(d)</sup><br>| 2367167 | &nbsp;&nbsp; 2376936 |
| Ellington Financial Mortgage Trust |  |  |
| Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(d)(f)</sup><br>| 695833 | &nbsp;&nbsp; 674711 |
| Series 2020-2, Class A1, 1.18%, <br> 10/25/2065<sup>(d)(f)</sup><br>| 186276 | &nbsp;&nbsp; 176509 |
| Enterprise Fleet Financing LLC |  |  |
| Series 2023-3, Class A2, 6.40%, <br> 03/20/2030<sup>(d)</sup><br>| 3766014 | &nbsp;&nbsp; 3817152 |
| Series 2024-1, Class A2, 5.23%, <br> 03/20/2030<sup>(d)</sup><br>| 1752565 | &nbsp;&nbsp; 1765590 |
| Series 2024-3, Class A2, 5.31%, <br> 04/20/2027<sup>(d)</sup><br>| 2060900 | &nbsp;&nbsp; 2071145 |
| Series 2024-4, Class A2, 4.69%, <br> 07/20/2027<sup>(d)</sup><br>| 3438786 | &nbsp;&nbsp; 3449311 |
| Series 2025-2, Class A2, 4.51%, <br> 02/22/2028<sup>(d)</sup><br>| 4500000 | &nbsp;&nbsp; 4516962 |
| Series 2025-4, Class A2, 4.05%, <br> 08/20/2028<sup>(d)</sup><br>| 5400000 | &nbsp;&nbsp; 5399837 |
| First National Master Note Trust, <br> Series 2024-1, Class A, 5.34%, <br> 05/15/2030<br>| 3870000 | &nbsp;&nbsp; 3948085 |
| FS KKR MM CLO 1 LLC, Series 2019-1A, <br> Class A1R, 6.02% (3 mo. Term SOFR + <br> 2.11%), 01/15/2031<sup>(c)(d)</sup><br>| 1340677 | &nbsp;&nbsp; 1342072 |
| GCAT Trust, Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(d)</sup><br>| 7565752 | &nbsp;&nbsp; 7632981 |
| GMF Floorplan Owner Revolving Trust, <br> Series 2023-1, Class A2, 5.38% (30 Day <br> Average SOFR + 1.15%), <br> 06/15/2028<sup>(c)(d)</sup><br>| 15000000 | &nbsp;&nbsp; 15070330 |
| GreatAmerica Leasing Receivables <br> Funding LLC<br>|  |  |
| Series 2024-2, Class A2, 5.28%, <br> 03/15/2027<sup>(d)</sup><br>| 1732593 | &nbsp;&nbsp; 1741256 |
| Series 2025-1, Class A2, 4.52%, <br> 10/15/2027<sup>(d)</sup><br>| 3150000 | &nbsp;&nbsp; 3160031 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2020-NQM1, Class A1, 1.38%, <br> 09/27/2060<sup>(d)(f)</sup><br>| 1057373 | &nbsp;&nbsp; 1004007 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**130**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2025-HE1, Class A1, 5.73% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(c)(d)</sup><br>| $4376310 | &nbsp;&nbsp; $4391690 |
| Series 2025-HE2, Class A1, 5.75% <br> (30 Day Average SOFR + 1.55%), <br> 12/25/2065<sup>(c)(d)</sup><br>| 10500000 | &nbsp;&nbsp; 10496341 |
| Series 2025-PJ1, Class A7, 6.00%, <br> 06/25/2055<sup>(d)(f)</sup><br>| 7351194 | &nbsp;&nbsp; 7424529 |
| Harbor Park CLO Ltd. (Cayman Islands), <br> Series 2018-1A, Class AR2, 4.83% (3 <br> mo. Term SOFR + 0.95%), <br> 01/20/2031<sup>(c)(d)</sup><br>| 12000000 | &nbsp;&nbsp; 12008196 |
| Harley-Davidson Motorcycle Trust, <br> Series 2024-B, Class A2, 4.62%, <br> 08/16/2027<br>| 1126581 | &nbsp;&nbsp; 1127390 |
| HPEFS Equipment Trust |  |  |
| Series 2024-2A, Class A2, 5.50%, <br> 10/20/2031<sup>(d)</sup><br>| 1158338 | &nbsp;&nbsp; 1159217 |
| Series 2025-2A, Class A3, 4.03%, <br> 11/22/2032<sup>(d)</sup><br>| 8750000 | &nbsp;&nbsp; 8744396 |
| HSI Asset Securitization Corp. Trust, <br> Series 2006-OPT2, Class M2, 4.69% (1 <br> mo. Term SOFR + 0.70%), <br> 01/25/2036<sup>(c)</sup><br>| 57679 | &nbsp;&nbsp; 57598 |
| Hyundai Auto Lease Securitization Trust |  |  |
| Series 2024-C, Class A2B, 4.73% <br> (30 Day Average SOFR + 0.50%), <br> 03/15/2027<sup>(c)(d)</sup><br>| 3110386 | &nbsp;&nbsp; 3112833 |
| Series 2025-B, Class A3, 4.53%, <br> 04/17/2028<sup>(d)</sup><br>| 3800000 | &nbsp;&nbsp; 3828069 |
| Hyundai Auto Receivables Trust, <br> Series 2025-A, Class A2B, 4.57% <br> (30 Day Average SOFR + 0.34%), <br> 12/15/2027<sup>(c)</sup><br>| 8639858 | &nbsp;&nbsp; 8644159 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2024-INV1, Class A4, 6.00%, <br> 04/25/2055<sup>(d)(f)</sup><br>| 6316475 | &nbsp;&nbsp; 6410245 |
| Series 2025-NQM3, Class A1, 5.50%, <br> 11/25/2065<sup>(d)(f)</sup><br>| 9647638 | &nbsp;&nbsp; 9716187 |
| John Deere Owner Trust, Series 2025-A, <br> Class A2B, 4.52% (30 Day Average <br> SOFR + 0.29%), 03/15/2028<sup>(c)</sup><br>| 5300000 | &nbsp;&nbsp; 5300608 |
| KKR CLO 21 Ltd. (Cayman Islands), <br> Series A, 5.17% (3 mo. Term SOFR + <br> 1.26%), 04/15/2031<sup>(c)(d)</sup><br>| 441521 | &nbsp;&nbsp; 441748 |
| M&T Equipment LLC, Series 2025-1A, <br> Class A2, 4.70%, 12/16/2027<sup>(d)</sup><br>| 4750000 | &nbsp;&nbsp; 4778016 |
| Mercedes-Benz Auto Lease Trust, <br> Series 2024-A, Class A2A, 5.44%, <br> 02/16/2027<br>| 1684051 | &nbsp;&nbsp; 1687396 |
| Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |
| Series 2023-NQM1, Class A1, 7.28%, <br> 09/25/2068<sup>(d)</sup><br>| 5137539 | &nbsp;&nbsp; 5207680 |
| Series 2024-NQM3, Class A1, 5.04%, <br> 07/25/2069<sup>(d)(f)</sup><br>| 7320233 | &nbsp;&nbsp; 7310203 |
| Series 2025-DSC2, Class A1, 5.44%, <br> 07/25/2070<sup>(d)</sup><br>| 5900758 | &nbsp;&nbsp; 5941335 |
| Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(d)(f)</sup><br>| 9119481 | &nbsp;&nbsp; 9204783 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Navient Private Education Refi Loan Trust |  |  |
| Series 2020-FA, Class A, 1.22%, <br> 07/15/2069<sup>(d)</sup><br>| $1041927 | &nbsp;&nbsp; $984963 |
| Series 2021-FA, Class A, 1.11%, <br> 02/18/2070<sup>(d)</sup><br>| 2518257 | &nbsp;&nbsp; 2242210 |
| Navistar Financial Dealer Note Master <br> Owner Trust II, Series 2025-1, Class A, <br> 4.18%, 09/25/2030<sup>(d)</sup><br>| 4350000 | &nbsp;&nbsp; 4350124 |
| Neuberger Berman Loan Advisers CLO 47 <br> Ltd. (Cayman Islands), Series 2022-47A, <br> Class AR, 5.20% (3 mo. Term SOFR + <br> 1.09%), 04/16/2035<sup>(c)(d)</sup><br>| 6000000 | &nbsp;&nbsp; 6005100 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2017-5A, Class A1, 5.61% (1 mo. <br> Term SOFR + 1.61%), 06/25/2057<sup>(c)(d)</sup><br>| 184052 | &nbsp;&nbsp; 186491 |
| Series 2019-NQM4, Class A1, 2.49%, <br> 09/25/2059<sup>(d)(f)</sup><br>| 1096060 | &nbsp;&nbsp; 1055080 |
| Series 2020-NQM1, Class A1, 2.46%, <br> 01/26/2060<sup>(d)(f)</sup><br>| 898854 | &nbsp;&nbsp; 848137 |
| OBX Trust |  |  |
| Series 2024-NQM12, Class A1, 5.48%, <br> 07/25/2064<sup>(d)</sup><br>| 4586393 | &nbsp;&nbsp; 4606877 |
| Series 2024-NQM18, Class A1, 5.41%, <br> 10/25/2064<sup>(d)(f)</sup><br>| 4520406 | &nbsp;&nbsp; 4541187 |
| Series 2024-NQM6, Class A1, 6.45%, <br> 02/25/2064<sup>(d)</sup><br>| 3539120 | &nbsp;&nbsp; 3598950 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(d)(f)</sup><br>| 3203737 | &nbsp;&nbsp; 3255587 |
| Porsche Innovative Lease Owner Trust |  |  |
| Series 2024-1A, Class A2A, 4.84%, <br> 01/20/2027<sup>(d)</sup><br>| 2445116 | &nbsp;&nbsp; 2448127 |
| Series 2024-2A, Class A2B, 4.62% <br> (30 Day Average SOFR + 0.44%), <br> 12/21/2026<sup>(c)(d)</sup><br>| 1327331 | &nbsp;&nbsp; 1327759 |
| PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, 11/25/2058<sup>(d)</sup><br>| 4667875 | &nbsp;&nbsp; 4742125 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(d)(f)</sup><br>| 119500 | &nbsp;&nbsp; 118798 |
| RR 16 Ltd. (Cayman Islands), Series 2021-<br> 16A, Class A1R, 4.96% (3 mo. Term <br> SOFR + 1.05%), 07/15/2036<sup>(c)(d)</sup><br>| 12000000 | &nbsp;&nbsp; 12005952 |
| SBNA Auto Lease Trust |  |  |
| Series 2023-A, Class A3, 6.51%, <br> 04/20/2027<sup>(d)</sup><br>| 3724506 | &nbsp;&nbsp; 3744388 |
| Series 2024-C, Class A3, 4.56%, <br> 02/22/2028<sup>(d)</sup><br>| 2000000 | &nbsp;&nbsp; 2003992 |
| Starwood Mortgage Residential Trust |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(d)(f)</sup><br>| 161254 | &nbsp;&nbsp; 155277 |
| Series 2020-INV1, Class A1, 1.03%, <br> 11/25/2055<sup>(d)(f)</sup><br>| 1199084 | &nbsp;&nbsp; 1142499 |
| Series 2021-2, Class A1, 0.94%, <br> 05/25/2065<sup>(d)(f)</sup><br>| 1395946 | &nbsp;&nbsp; 1319338 |
| Synchrony Card Funding LLC |  |  |
| Series 2023-A2, Class A, 5.74%, <br> 10/15/2029<br>| 8500000 | &nbsp;&nbsp; 8633630 |
| Series 2024-A1, Class A, 5.04%, <br> 03/15/2030<br>| 10000000 | &nbsp;&nbsp; 10138556 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**131**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Toyota Auto Receivables Owner Trust, <br> Series 2025-B, Class A2A, 4.46%, <br> 03/15/2028<br>| $8107458 | &nbsp;&nbsp; $8124180 |
| USAA Auto Owner Trust, Series 2025-A, <br> Class A3, 3.95%, 12/17/2029<sup>(d)</sup><br>| 4350000 | &nbsp;&nbsp; 4352341 |
| Verus Securitization Trust |  |  |
| Series 2023-7, Class A1, 7.07%, <br> 10/25/2068<sup>(d)</sup><br>| 5841911 | &nbsp;&nbsp; 5926634 |
| Series 2023-INV2, Class A1, 6.44%, <br> 08/25/2068<sup>(d)</sup><br>| 5746308 | &nbsp;&nbsp; 5788340 |
| Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(d)</sup><br>| 956278 | &nbsp;&nbsp; 924993 |
| Volvo Financial Equipment LLC, <br> Series 2025-1A, Class A2, 4.41%, <br> 11/15/2027<sup>(d)</sup><br>| 3780000 | &nbsp;&nbsp; 3786935 |
| Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2, 4.65%, <br> 02/15/2028<sup>(d)</sup><br>| 6450000 | &nbsp;&nbsp; 6467049 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2024-1A, Class A2, 4.86% (1 <br> mo. Term SOFR + 0.83%), <br> 02/18/2039<sup>(c)(d)</sup><br>| 3214652 | &nbsp;&nbsp; 3223258 |
| Series 2024-2A, Class A2, 5.03% (1 mo. <br> Term SOFR + 1.00%), 06/21/2039<sup>(c)(d)</sup><br>| 4969815 | &nbsp;&nbsp; 5002181 |
| Series 2025-1A, Class A1, 4.57%, <br> 01/18/2040<sup>(d)</sup><br>| 8250000 | &nbsp;&nbsp; 8310883 |
| Series 2025-2A, Class A1, 4.41%, <br> 05/18/2040<sup>(d)</sup><br>| 15000000 | &nbsp;&nbsp; 15086151 |
| Series 2025-3A, Class A1, 4.08%, <br> 09/18/2040<sup>(d)</sup><br>| 8030000 | &nbsp;&nbsp; 8083476 |
| World Omni Auto Receivables Trust, <br> Series 2025-B, Class A2A, 4.38%, <br> 08/15/2028<br>| 3000000 | &nbsp;&nbsp; 3004365 |
| World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A2B, 4.62% (30 Day Average <br> SOFR + 0.39%), 12/15/2027<sup>(c)</sup><br>| 1971603 | &nbsp;&nbsp; 1972815 |
| Total Asset-Backed Securities <br>(Cost $449,787,338) | Total Asset-Backed Securities <br>(Cost $449,787,338) | &nbsp;&nbsp; 450601561 |
|  | **Shares** |  |
| **Exchange-Traded Funds-0.23%** | **Exchange-Traded Funds-0.23%** | **Exchange-Traded Funds-0.23%** |
| Invesco AAA CLO Floating Rate <br> Note ETF<sup>(b)(h)</sup><br>| 274672 | &nbsp;&nbsp; 7027483 |
| Invesco Short Duration Total Return Bond <br> ETF<sup>(b)(h)</sup><br>| 10000 | &nbsp;&nbsp; 251081 |
| Total Exchange-Traded Funds <br>(Cost $7,309,750) | Total Exchange-Traded Funds <br>(Cost $7,309,750) | &nbsp;&nbsp; 7278564 |
|  | **Principal**<br> **Amount** |  |
| **Commercial Paper-26.35%**<sup>(i)</sup>  | **Commercial Paper-26.35%**<sup>(i)</sup>  | **Commercial Paper-26.35%**<sup>(i)</sup>  |
| Air Lease Corp. |  |  |
| 4.49%, 11/05/2025<sup>(d)</sup> | $13700000 | &nbsp;&nbsp; 13691917 |
| 4.30%, 12/04/2025<sup>(d)</sup> | 18000000 | &nbsp;&nbsp; 17924837 |
| Alexandria Real Estate Equities, Inc., <br> 4.29%, 11/03/2025<sup>(d)</sup><br>| 4925000 | &nbsp;&nbsp; 4923291 |
| Antalis S.A., 4.06%, 03/11/2026<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14782410 |
| Aquitaine Funding Co. LLC, 4.09%, <br> 04/08/2026<sup>(d)</sup><br>| 15000000 | &nbsp;&nbsp; 14734920 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| AutoNation, Inc., 4.30%, 11/06/2025<sup>(d)</sup> | $20000000 | &nbsp;&nbsp; $19985000 |
| Barton Capital S.A., 4.12%, <br> 03/06/2026<sup>(d)</sup><br>| 13500000 | &nbsp;&nbsp; 13312985 |
| Bayer Corp., 4.54%, 08/03/2026<sup>(d)</sup> | 12000000 | &nbsp;&nbsp; 11631312 |
| Brookfield BRP Holdings Canada, Inc. |  |  |
| 4.33%, 12/04/2025 | 11100000 | &nbsp;&nbsp; 11057076 |
| 4.27%, 01/12/2026 | 15000000 | &nbsp;&nbsp; 14874945 |
| 4.31%, 01/16/2026 | 4000000 | &nbsp;&nbsp; 3964848 |
| Brookfield Infrastructure Holdings Canada, <br> Inc., 4.93%, 11/18/2025<br>| 15000000 | &nbsp;&nbsp; 14968260 |
| Cabot Trail Funding LLC, 4.04%, <br> 03/26/2026<sup>(d)</sup><br>| 8925000 | &nbsp;&nbsp; 8781977 |
| Canadian Natural Resources Ltd., 4.23%, <br> 11/03/2025<sup>(d)</sup><br>| 24000000 | &nbsp;&nbsp; 23991552 |
| Columbia Funding Co. LLC, 4.05%, <br> 03/17/2026<sup>(d)</sup><br>| 13300000 | &nbsp;&nbsp; 13099848 |
| Conagra Brands, Inc., 4.31%, <br> 11/20/2025<sup>(d)</sup><br>| 3000000 | &nbsp;&nbsp; 2992773 |
| CRH America Finance, Inc. |  |  |
| 4.61%, 11/25/2025<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14957430 |
| 4.62%, 12/08/2025<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14935110 |
| 4.62%, 12/15/2025<sup>(d)</sup> | 12000000 | &nbsp;&nbsp; 11938416 |
| Crown Castle, Inc. |  |  |
| 4.58%, 11/18/2025<sup>(d)</sup> | 13000000 | &nbsp;&nbsp; 12971088 |
| 4.58%, 11/20/2025<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14962935 |
| Enel Finance America LLC, 4.15%, <br> 02/18/2026<sup>(d)</sup><br>| 14000000 | &nbsp;&nbsp; 13823754 |
| Entergy Corp., 4.35%, 12/17/2025<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14919570 |
| Extra Space Storage L.P., 4.21%, <br> 12/09/2025<sup>(d)</sup><br>| 20000000 | &nbsp;&nbsp; 19909480 |
| General Motors Financial Co., Inc. |  |  |
| 4.23%, 05/12/2026<sup>(d)</sup> | 10000000 | &nbsp;&nbsp; 9779050 |
| 4.14%, 08/06/2026<sup>(d)</sup> | 4500000 | &nbsp;&nbsp; 4358187 |
| Genuine Parts Co., 4.30%, 11/04/2025<sup>(d)</sup> | 7000000 | &nbsp;&nbsp; 6996850 |
| Glencore Funding LLC |  |  |
| 4.21%, 01/28/2026<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14846475 |
| 4.15%, 02/27/2026<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14793720 |
| Harley-Davidson Financial Services, Inc. |  |  |
| 4.60%–4.96%, 11/04/2025<sup>(d)</sup> | 19300000 | &nbsp;&nbsp; 19291064 |
| 4.59%, 11/06/2025<sup>(d)</sup> | 3260000 | &nbsp;&nbsp; 3257708 |
| 4.68%, 11/18/2025<sup>(d)</sup> | 5000000 | &nbsp;&nbsp; 4989455 |
| 4.57%–4.59%, 11/24/2025<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14957640 |
| 4.56%, 12/05/2025<sup>(d)</sup> | 10000000 | &nbsp;&nbsp; 9958660 |
| 4.49%, 12/11/2025<sup>(d)</sup> | 4300000 | &nbsp;&nbsp; 4279106 |
| Honeywell International, Inc., 4.05%, <br> 03/20/2026<sup>(d)</sup><br>| 15000000 | &nbsp;&nbsp; 14770155 |
| HSBC USA, Inc. |  |  |
| 4.53% (SOFR + 0.53%), <br> 05/15/2026<sup>(c)(d)</sup><br>| 9250000 | &nbsp;&nbsp; 9258820 |
| 4.27%, 08/27/2026<sup>(d)</sup> | 15000000 | &nbsp;&nbsp; 14503388 |
| Ionic Funding LLC, 4.23%, 01/23/2026 | 11900000 | &nbsp;&nbsp; 11789211 |
| Jabil, Inc., 4.40%, 11/03/2025<sup>(d)</sup> | 22000000 | &nbsp;&nbsp; 21991486 |
| Jackson National Life Short Term <br> Funding LLC, 4.14%, 06/03/2026<sup>(d)</sup><br>| 12000000 | &nbsp;&nbsp; 11719860 |
| Lloyds Bank PLC, 4.06%, 05/04/2026 | 10000000 | &nbsp;&nbsp; 9800180 |
| Mitsubishi HC Finance America LLC, <br> 4.18%, 12/15/2025<br>| 4000000 | &nbsp;&nbsp; 3979272 |
| Mont Blanc Capital Corp., 4.05%, <br> 03/16/2026<sup>(d)</sup><br>| 15000000 | &nbsp;&nbsp; 14775900 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**132**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| MUFG Securities Canada Ltd. |  |  |  |
| 4.15%, 08/05/2026<sup>(d)</sup> | $| 6000000 | &nbsp;&nbsp; $5819532 |
| 4.10%, 09/23/2026<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14473530 |
| 4.14%, 10/01/2026<sup>(d)</sup> |  | 14000000 | &nbsp;&nbsp; 13497260 |
| National Fuel Gas Co., 4.48%, <br> 11/18/2025<br>|  | 15000000 | &nbsp;&nbsp; 14967120 |
| Oracle Corp. |  |  |  |
| 4.29%, 01/15/2026<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14872665 |
| 4.28%–4.28%, 01/16/2026<sup>(d)</sup> |  | 18500000 | &nbsp;&nbsp; 18340937 |
| Penske Truck Leasing Co. L.P., 4.16%, <br> 04/27/2026<br>|  | 15000000 | &nbsp;&nbsp; 14694780 |
| Stanley Black & Decker, Inc., 4.49%, <br> 11/20/2025<sup>(d)</sup><br>|  | 10000000 | &nbsp;&nbsp; 9976630 |
| TELUS Corp. |  |  |  |
| 4.96%, 01/16/2026<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14853000 |
| 4.45%, 02/19/2026<sup>(d)</sup> |  | 10000000 | &nbsp;&nbsp; 9858530 |
| 4.76%, 02/24/2026<sup>(d)</sup> |  | 10000000 | &nbsp;&nbsp; 9851950 |
| 4.50%–4.50%, 04/09/2026<sup>(d)</sup> |  | 18000000 | &nbsp;&nbsp; 17634132 |
| VW Credit, Inc., 4.21%, 10/01/2026<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14442255 |
| Walt Disney Co. (The), 3.95%, <br> 06/12/2026<sup>(d)</sup><br>|  | 16010000 | &nbsp;&nbsp; 15626929 |
| Washington Morgan Capital Co. LLC |  |  |  |
| Series A, 4.00%, 07/09/2026<sup>(d)</sup> |  | 15748000 | &nbsp;&nbsp; 15320009 |
| Series A, 4.50% (SOFR + 0.50%), <br> 09/10/2026<sup>(c)(d)</sup><br>|  | 15000000 | &nbsp;&nbsp; 15014160 |
| Western Midstream Operating L.P. |  |  |  |
| 4.51%, 11/05/2025<sup>(d)</sup> |  | 20000000 | &nbsp;&nbsp; 19987500 |
| 4.46%, 11/07/2025<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14986875 |
| 4.26%, 11/17/2025<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14975150 |
| White Plains Capital Co. LLC |  |  |  |
| 4.61%, 01/06/2026<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14881395 |
| 4.24%, 04/17/2026<sup>(d)</sup> |  | 15000000 | &nbsp;&nbsp; 14705010 |
| Total Commercial Paper <br>(Cost $841,937,930) | Total Commercial Paper <br>(Cost $841,937,930) | Total Commercial Paper <br>(Cost $841,937,930) | &nbsp;&nbsp; 842011270 |
| **Certificates of Deposit-1.27%** | **Certificates of Deposit-1.27%** | **Certificates of Deposit-1.27%** | **Certificates of Deposit-1.27%** |
| **Diversified Banks-1.27%** | **Diversified Banks-1.27%** | **Diversified Banks-1.27%** | **Diversified Banks-1.27%** |
| Intesa Sanpaolo S.p.A. (Italy) |  |  |  |
| 5.00% , 01/07/2026 |  | 10000000 | &nbsp;&nbsp; 10013100 |
| 5.22% (SOFR + 1.00%), 10/16/2026<sup>(c)</sup> |  | 15500000 | &nbsp;&nbsp; 15558683 |
| 4.70% (SOFR + 0.70%), 07/17/2026<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 15014002 |
|  |  |  | &nbsp;&nbsp; 40585785 |
| Total Certificates of Deposit <br>(Cost $40,500,000) | Total Certificates of Deposit <br>(Cost $40,500,000) | Total Certificates of Deposit <br>(Cost $40,500,000) | &nbsp;&nbsp; 40585785 |
|  | **Repurchase**<br> **Amount** | **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-0.94%**<sup>(j)</sup>  | **Repurchase Agreements-0.94%**<sup>(j)</sup>  | **Repurchase Agreements-0.94%**<sup>(j)</sup>  | **Repurchase Agreements-0.94%**<sup>(j)</sup>  |
| CF Secured LLC, joint open agreement <br> dated 02/07/2025 (collateralized by <br> agency and nonagency asset-backed <br> securities and agency and non-agency <br> mortgage-backed securities valued at <br> $26,744,914; 0.00% - 7.51%; <br> 06/15/2028 - 11/16/2065), 4.79%, <br> 11/03/2025<sup>(k)</sup><br>|  | 10045317 | &nbsp;&nbsp; 10000000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Repurchase**<br> **Amount** | **Repurchase**<br> **Amount** | **Value** |
| Nomura Securities International, Inc., joint <br> term agreement dated 10/10/2025, <br> aggregate maturing value of <br> $30,011,550 (collateralized by <br> non-agency asset-backed securities and <br> nonagency mortgage-backed securities <br> valued at $32,999,756; 0.00% - <br> 10.45%; 07/20/2030 - 07/27/2069), <br> 4.62%, 11/03/2025<sup>(l)</sup><br>| $| 10003850 | &nbsp;&nbsp; $10000000 |
| Santander US Capital Markets LLC, joint <br> term agreement dated 10/17/2025, <br> aggregate maturing value of <br> $30,011,850 (collateralized by <br> non-agency asset-backed securities <br> valued at $33,393,737; 4.38% - 7.49%; <br> 12/15/2032 - 12/20/2037), 4.74%, <br> 11/03/2025<sup>(l)</sup><br>|  | 10003950 | &nbsp;&nbsp; 10000000 |
| Total Repurchase Agreements <br>(Cost $30,000,000) | Total Repurchase Agreements <br>(Cost $30,000,000) | Total Repurchase Agreements <br>(Cost $30,000,000) | &nbsp;&nbsp; 30000000 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.19% <br>(Cost $3,191,275,660) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.19% <br>(Cost $3,191,275,660) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.19% <br>(Cost $3,191,275,660) | &nbsp;&nbsp; 3201010918 |
|  | **Shares** | **Shares** |  |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.31%** | **Money Market Funds-0.31%** | **Money Market Funds-0.31%** | **Money Market Funds-0.31%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(h)(m)(n)</sup><br>|  | 2769608 | &nbsp;&nbsp; 2769608 |
| Invesco Private Prime Fund, 4.30%<sup>(h)(m)(n)</sup> |  | 7207221 | &nbsp;&nbsp; 7209383 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,978,991) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,978,991) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,978,991) | &nbsp;&nbsp; 9978991 |
| TOTAL INVESTMENTS IN SECURITIES-100.50% <br>(Cost $3,201,254,651) | TOTAL INVESTMENTS IN SECURITIES-100.50% <br>(Cost $3,201,254,651) | TOTAL INVESTMENTS IN SECURITIES-100.50% <br>(Cost $3,201,254,651) | &nbsp;&nbsp; 3210989909 |
| OTHER ASSETS LESS LIABILITIES-(0.50)% | OTHER ASSETS LESS LIABILITIES-(0.50)% | OTHER ASSETS LESS LIABILITIES-(0.50)% | &nbsp;&nbsp; (15996089)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3194993820 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**133**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Ctfs. | -Certificates |
| ETF | -Exchange-Traded Fund |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025. |
| <sup>(d)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $1,654,165,346, which represented 51.77% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(f)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown <br> is the rate in effect on October 31, 2025.<br>|
| <sup>(g)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(h)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| Invesco AAA CLO <br> Floating Rate <br> Note ETF<br>| &nbsp;&nbsp; $3053540 | &nbsp;&nbsp; $4000770 | &nbsp;&nbsp; $(3593)<br>| &nbsp;&nbsp; $(26827)<br>| &nbsp;&nbsp; $3593 | &nbsp;&nbsp; $7027483 | &nbsp;&nbsp; $369353 |
| Invesco Short Duration <br> Total Return Bond ETF<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 249900 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; - | &nbsp;&nbsp; 251081 | &nbsp;&nbsp; 2016 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3163640 | &nbsp;&nbsp; 86357723 | &nbsp;&nbsp; (86751755)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2769608 | &nbsp;&nbsp; 191,742<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 8238473 | &nbsp;&nbsp; 211048185 | &nbsp;&nbsp; (212079103)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 1828 | &nbsp;&nbsp; 7209383 | &nbsp;&nbsp; 509,034<br> \*<br>|
| Total | &nbsp;&nbsp; $14455653 | &nbsp;&nbsp; $301656578 | &nbsp;&nbsp; $(298834451)<br>| &nbsp;&nbsp; $(25646)<br>| &nbsp;&nbsp; $5421 | &nbsp;&nbsp; $17257555 | &nbsp;&nbsp; $1072145 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(i)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(j)</sup> Principal amount equals value at period end. See Note 2L.

<sup>(k)</sup> Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 

<sup>(l)</sup> Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 

<sup>(m)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(n)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**134**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-38.63%** | **U.S. Dollar Denominated Bonds & Notes-38.63%** | **U.S. Dollar Denominated Bonds & Notes-38.63%** |
| **Asset Management & Custody Banks-0.02%** | **Asset Management & Custody Banks-0.02%** | **Asset Management & Custody Banks-0.02%** |
| Bank of New York Mellon Corp. (The), <br> 4.89% (SOFR + 0.83%), <br> 07/21/2028<sup>(b)</sup><br>| $125000 | &nbsp;&nbsp; $125381 |
| State Street Corp., 4.87% (SOFR + <br> 0.85%), 08/03/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75265 |
|  |  | &nbsp;&nbsp; 200646 |
| **Automobile Manufacturers-4.80%** | **Automobile Manufacturers-4.80%** | **Automobile Manufacturers-4.80%** |
| Daimler Truck Finance North America LLC <br> (Germany)<br>|  |  |
| 5.08% (SOFR + 0.96%), <br> 09/25/2027<sup>(b)(c)</sup><br>| 4250000 | &nbsp;&nbsp; 4267571 |
| 4.92% (SOFR + 0.84%), <br> 01/13/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4004740 |
| Ford Motor Credit Co. LLC |  |  |
| 7.13% (SOFR + 2.95%), <br> 03/06/2026<sup>(b)(d)</sup><br>| 5025000 | &nbsp;&nbsp; 5055911 |
| 5.47% (SOFR + 1.45%), <br> 11/05/2026<sup>(b)</sup><br>| 7625000 | &nbsp;&nbsp; 7621638 |
| Hyundai Capital America |  |  |
| 5.59% (SOFR + 1.50%), <br> 01/08/2027<sup>(b)(c)</sup><br>| 4700000 | &nbsp;&nbsp; 4745489 |
| 5.16% (SOFR + 1.04%), <br> 03/19/2027<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4011059 |
| 5.10% (SOFR + 0.99%), <br> 03/25/2027<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5013327 |
| 5.15% (SOFR + 1.04%), <br> 06/24/2027<sup>(b)(c)</sup><br>| 5225000 | &nbsp;&nbsp; 5243627 |
| 5.01% (SOFR + 0.92%), <br> 01/07/2028<sup>(b)(c)</sup><br>| 3000000 | &nbsp;&nbsp; 3002253 |
| Toyota Motor Credit Corp., 4.77% (SOFR <br> + 0.65%), 03/19/2027<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75319 |
| Volkswagen Group of America <br> Finance LLC (Germany)<br>|  |  |
| 4.95% (SOFR + 0.83%), <br> 03/20/2026<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4003788 |
| 5.33% (SOFR + 1.06%), <br> 08/14/2026<sup>(b)(c)</sup><br>| 6700000 | &nbsp;&nbsp; 6727223 |
| 5.17% (SOFR + 1.06%), <br> 03/25/2027<sup>(b)(c)</sup><br>| 8000000 | &nbsp;&nbsp; 8022141 |
|  |  | &nbsp;&nbsp; 61794086 |
| **Automotive Parts & Equipment-0.01%** | **Automotive Parts & Equipment-0.01%** | **Automotive Parts & Equipment-0.01%** |
| BMW US Capital LLC (Germany), 5.19% <br> (SOFR + 0.92%), 08/13/2027<sup>(b)(c)</sup><br>| 150000 | &nbsp;&nbsp; 150830 |
| **Commercial & Residential Mortgage Finance-0.70%** | **Commercial & Residential Mortgage Finance-0.70%** | **Commercial & Residential Mortgage Finance-0.70%** |
| Nationwide Building Society (United <br> Kingdom)<br>|  |  |
| 5.55% (SOFR + 1.29%), <br> 02/16/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4029249 |
| 5.15% (SOFR + 1.07%), <br> 07/14/2029<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5011465 |
|  |  | &nbsp;&nbsp; 9040714 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** |
| Caterpillar Financial Services Corp., <br> 4.79% (SOFR + 0.52%), <br> 05/14/2027<sup>(b)</sup><br>| $75000 | &nbsp;&nbsp; $75218 |
| **Consumer Finance-2.46%** | **Consumer Finance-2.46%** | **Consumer Finance-2.46%** |
| American Express Co. |  |  |
| 5.03% (SOFR + 0.76%), <br> 02/13/2026<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 125091 |
| 5.02% (SOFR + 0.97%), <br> 07/28/2027<sup>(b)</sup><br>| 4294000 | &nbsp;&nbsp; 4312121 |
| 4.98% (SOFR + 0.93%), <br> 07/26/2028<sup>(b)</sup><br>| 4075000 | &nbsp;&nbsp; 4108130 |
| General Motors Financial Co., Inc. |  |  |
| 5.27% (SOFR + 1.04%), <br> 02/26/2027<sup>(b)(d)</sup><br>| 7597000 | &nbsp;&nbsp; 7605392 |
| 5.64% (SOFR + 1.35%), <br> 05/08/2027<sup>(b)</sup><br>| 6500000 | &nbsp;&nbsp; 6534912 |
| 5.13% (SOFR + 1.05%), <br> 07/15/2027<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4008504 |
| 5.26% (SOFR + 1.17%), <br> 04/04/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4998200 |
|  |  | &nbsp;&nbsp; 31692350 |
| **Diversified Banks-18.91%** | **Diversified Banks-18.91%** | **Diversified Banks-18.91%** |
| ABN AMRO Bank N.V. (Netherlands) |  |  |
| 5.90% (SOFR + 1.78%), <br> 09/18/2027<sup>(b)(c)</sup><br>| 7000000 | &nbsp;&nbsp; 7071961 |
| 5.20% (SOFR + 1.00%), <br> 12/03/2028<sup>(b)(c)</sup><br>| 7600000 | &nbsp;&nbsp; 7626084 |
| Banco Santander S.A. (Spain) |  |  |
| 5.54% (SOFR + 1.38%), <br> 03/14/2028<sup>(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1209207 |
| 5.20% (SOFR + 1.12%), <br> 07/15/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5029445 |
| Bank of America Corp. |  |  |
| 5.06% (3 mo. Term SOFR + 1.02%), <br> 09/15/2026<sup>(b)</sup><br>| 2706000 | &nbsp;&nbsp; 2715497 |
| 5.02% (SOFR + 0.97%), <br> 07/22/2027<sup>(b)(d)</sup><br>| 7114000 | &nbsp;&nbsp; 7140388 |
| 5.08% (SOFR + 1.05%), <br> 02/04/2028<sup>(b)</sup><br>| 1685000 | &nbsp;&nbsp; 1696277 |
| 4.88% (SOFR + 0.83%), <br> 01/24/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200468 |
| 5.40% (SOFR + 1.11%), <br> 05/09/2029<sup>(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1511508 |
| Bank of Montreal (Canada) |  |  |
| 5.32% (SOFR + 1.16%), <br> 12/11/2026<sup>(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3028501 |
| 4.91% (SOFR + 0.86%), <br> 01/27/2029<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 125389 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| 5.25% 06/12/2028 | 2500000 | &nbsp;&nbsp; 2575199 |
| 5.16% (SOFR + 0.89%), <br> 02/14/2029<sup>(b)</sup><br>| 5625000 | &nbsp;&nbsp; 5636051 |
| Banque Federative du Credit Mutuel <br> (France), 5.18% (SOFR + 1.13%), <br> 01/23/2027<sup>(b)(c)</sup><br>| 75000 | &nbsp;&nbsp; 75512 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**135**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Banque Federative du Credit Mutuel S.A. <br> (France), 5.29% (SOFR + 1.23%), <br> 01/22/2030<sup>(b)(c)</sup><br>| $5000000 | &nbsp;&nbsp; $5043033 |
| Barclays PLC (United Kingdom) |  |  |
| 6.03% (SOFR + 1.88%), <br> 09/13/2027<sup>(b)</sup><br>| 2750000 | &nbsp;&nbsp; 2779860 |
| 5.64% (SOFR + 1.49%), <br> 03/12/2028<sup>(b)</sup><br>| 6500000 | &nbsp;&nbsp; 6569222 |
| BNP Paribas S.A. (France), 5.72% (SOFR <br> + 1.43%), 05/09/2029<sup>(b)(c)</sup><br>| 6250000 | &nbsp;&nbsp; 6305042 |
| BPCE S.A. (France), 6.05% (SOFR + <br> 1.98%), 10/19/2027<sup>(b)(c)</sup><br>| 6250000 | &nbsp;&nbsp; 6320158 |
| Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |
| 5.05% (SOFR + 0.94%), <br> 06/28/2027<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 251905 |
| 4.80% (SOFR + 0.72%), <br> 01/13/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5006217 |
| 5.13% (SOFR + 1.03%), <br> 03/30/2029<sup>(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4024337 |
| Citibank N.A., 5.25% (SOFR + 1.06%), <br> 12/04/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75543 |
| Citigroup, Inc. |  |  |
| 4.95% (SOFR + 0.77%), <br> 06/09/2027<sup>(b)</sup><br>| 975000 | &nbsp;&nbsp; 976253 |
| 5.52% (SOFR + 1.28%), <br> 02/24/2028<sup>(b)</sup><br>| 6077000 | &nbsp;&nbsp; 6134995 |
| 5.05% (SOFR + 0.87%), <br> 03/04/2029<sup>(b)</sup><br>| 3274000 | &nbsp;&nbsp; 3275873 |
| 5.75% (SOFR + 1.46%), <br> 05/07/2031<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5082554 |
| Credit Agricole S.A. (France), 5.37% <br> (SOFR + 1.21%), 09/11/2028<sup>(b)(c)</sup><br>| 75000 | &nbsp;&nbsp; 75462 |
| Fifth Third Bank N.A., 4.86% (SOFR + <br> 0.81%), 01/28/2028<sup>(b)</sup><br>| 2634000 | &nbsp;&nbsp; 2637027 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| 5.86% (SOFR + 1.57%), <br> 08/14/2027<sup>(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2519666 |
| 5.25% (SOFR + 1.03%), <br> 03/03/2029<sup>(b)(d)</sup><br>| 3636000 | &nbsp;&nbsp; 3652512 |
| 5.56% (SOFR + 1.29%), <br> 11/19/2030<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5043125 |
| Huntington National Bank (The), 4.80% <br> (SOFR + 0.72%), 04/12/2028<sup>(b)</sup><br>| 3103000 | &nbsp;&nbsp; 3102519 |
| ING Groep N.V. (Netherlands) |  |  |
| 5.72% (SOFR + 1.56%), <br> 09/11/2027<sup>(b)</sup><br>| 6575000 | &nbsp;&nbsp; 6628501 |
| 5.12% (SOFR + 1.01%), <br> 03/25/2029<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5017639 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| JPMorgan Chase & Co. |  |  |
| 4.94% (SOFR + 0.89%), <br> 04/22/2027<sup>(b)</sup><br>| $250000 | &nbsp;&nbsp; $250695 |
| 5.25% (SOFR + 1.20%), <br> 01/23/2028<sup>(b)(d)</sup><br>| 1667000 | &nbsp;&nbsp; 1682789 |
| 5.42% (SOFR + 1.18%), <br> 02/24/2028<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3527446 |
| 4.98% (SOFR + 0.92%), <br> 04/22/2028<sup>(b)</sup><br>| 7500000 | &nbsp;&nbsp; 7541413 |
| 4.99% (SOFR + 0.93%), <br> 07/22/2028<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5029988 |
| 4.85% (SOFR + 0.80%), <br> 01/24/2029<sup>(b)</sup><br>| 5200000 | &nbsp;&nbsp; 5210329 |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| 5.86% (SOFR + 1.56%), <br> 08/07/2027<sup>(b)</sup><br>| 3158000 | &nbsp;&nbsp; 3183622 |
| 5.68% (SOFR + 1.58%), <br> 01/05/2028<sup>(b)</sup><br>| 4575000 | &nbsp;&nbsp; 4622600 |
| 5.30% (SOFR + 1.06%), <br> 11/26/2028<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 125579 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 5.54% (SOFR + 1.48%), <br> 04/24/2031<sup>(b)</sup><br>| 2306000 | &nbsp;&nbsp; 2347693 |
| Mizuho Financial Group, Inc. (Japan), <br> 5.37% (SOFR + 1.08%), <br> 05/13/2031<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5013112 |
| Morgan Stanley Bank N.A. |  |  |
| 5.20% (SOFR + 1.17%), <br> 10/30/2026<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 176242 |
| 5.15% (SOFR + 1.08%), <br> 01/14/2028<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 251639 |
| 5.08% (SOFR + 0.87%), <br> 05/26/2028<sup>(b)</sup><br>| 3200000 | &nbsp;&nbsp; 3211765 |
| 5.01% (SOFR + 0.94%), <br> 07/14/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5031669 |
| NatWest Group PLC (United Kingdom), <br> 5.59% (SOFR + 1.30%), <br> 11/15/2028<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3537276 |
| Royal Bank of Canada (Canada), 4.93% <br> (SOFR + 0.86%), 10/18/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200619 |
| Skandinaviska Enskilda Banken AB <br> (Sweden), 5.26% (SOFR + 1.06%), <br> 09/03/2030<sup>(b)(c)</sup><br>| 7500000 | &nbsp;&nbsp; 7514429 |
| Societe Generale S.A. (France) |  |  |
| 5.35% (SOFR + 1.10%), <br> 02/19/2027<sup>(b)(c)</sup><br>| 2000000 | &nbsp;&nbsp; 2006183 |
| 5.73% (SOFR + 1.66%), <br> 01/19/2028<sup>(b)(c)</sup><br>| 5575000 | &nbsp;&nbsp; 5622432 |
| 5.66% (SOFR + 1.42%), <br> 05/22/2029<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4022582 |
| Standard Chartered Bank (United <br> Kingdom), 4.73% (SOFR + 0.65%), <br> 10/08/2026<sup>(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3007398 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**136**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Standard Chartered PLC (United <br> Kingdom)<br>|  |  |  |
| 6.32% (SOFR + 2.03%), <br> 02/08/2028<sup>(b)(c)</sup><br>| $| 4000000 | &nbsp;&nbsp; $4065195 |
| 5.44% (SOFR + 1.17%), <br> 05/14/2028<sup>(b)(c)</sup><br>|  | 4000000 | &nbsp;&nbsp; 4024644 |
| 5.30% (SOFR + 1.24%), <br> 01/21/2029<sup>(b)(c)</sup><br>|  | 3500000 | &nbsp;&nbsp; 3524116 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan), <br> 5.16% (SOFR + 0.98%), <br> 09/10/2027<sup>(b)(c)</sup><br>|  | 125000 | &nbsp;&nbsp; 126291 |
| Svenska Handelsbanken AB (Sweden), <br> 4.88% (SOFR + 0.66%), <br> 05/28/2027<sup>(b)(c)</sup><br>|  | 5475000 | &nbsp;&nbsp; 5498625 |
| Toronto-Dominion Bank (The) (Canada), <br> 5.15% (SOFR + 1.08%), <br> 07/17/2026<sup>(b)</sup><br>|  | 1914000 | &nbsp;&nbsp; 1925745 |
| U.S. Bank N.A., 5.17% (SOFR + 0.91%), <br> 05/15/2028<sup>(b)(d)</sup><br>|  | 7500000 | &nbsp;&nbsp; 7545109 |
| USB Realty Corp., 5.31% (3 mo. Term <br> SOFR + 1.41%)<sup>(b)(c)(e)</sup><br>|  | 1100000 | &nbsp;&nbsp; 882788 |
| Wells Fargo & Co. |  |  |  |
| 4.83% (SOFR + 0.78%), <br> 01/24/2028<sup>(b)</sup><br>|  | 5596000 | &nbsp;&nbsp; 5611780 |
| 5.13% (SOFR + 1.07%), <br> 04/22/2028<sup>(b)</sup><br>|  | 7075000 | &nbsp;&nbsp; 7124183 |
| 5.42% (SOFR + 1.37%), <br> 04/23/2029<sup>(b)</sup><br>|  | 3750000 | &nbsp;&nbsp; 3802929 |
|  |  |  | &nbsp;&nbsp; 243411835 |
| **Diversified Capital Markets-1.30%** | **Diversified Capital Markets-1.30%** | **Diversified Capital Markets-1.30%** | **Diversified Capital Markets-1.30%** |
| Deutsche Bank AG (Germany) |  |  |  |
| 5.48% (SOFR + 1.22%), <br> 11/16/2027<sup>(b)</sup><br>|  | 4050000 | &nbsp;&nbsp; 4068252 |
| 5.29% (SOFR + 1.21%), <br> 01/10/2029<sup>(b)</sup><br>|  | 6597000 | &nbsp;&nbsp; 6623382 |
| 5.33% (SOFR + 1.30%), <br> 08/04/2031<sup>(b)</sup><br>|  | 6000000 | &nbsp;&nbsp; 6011367 |
| Macquarie Group Ltd. (Australia), 5.03% <br> (SOFR + 0.92%), 09/23/2027<sup>(b)(c)</sup><br>|  | 75000 | &nbsp;&nbsp; 75267 |
|  |  |  | &nbsp;&nbsp; 16778268 |
| **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** |
| LPL Holdings, Inc., 4.90%, 04/03/2028 |  | 1629000 | &nbsp;&nbsp; 1649953 |
| **Diversified Metals & Mining-0.95%** | **Diversified Metals & Mining-0.95%** | **Diversified Metals & Mining-0.95%** | **Diversified Metals & Mining-0.95%** |
| Glencore Funding LLC (Australia) |  |  |  |
| 4.85% (SOFR + 0.75%), <br> 10/01/2026<sup>(b)(c)</sup><br>|  | 3214000 | &nbsp;&nbsp; 3219430 |
| 5.15% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(c)</sup><br>|  | 6223000 | &nbsp;&nbsp; 6256814 |
| Rio Tinto Finance (USA) PLC (Australia), <br> 4.99% (SOFR + 0.84%), <br> 03/14/2028<sup>(b)(d)</sup><br>|  | 2716000 | &nbsp;&nbsp; 2743969 |
|  |  |  | &nbsp;&nbsp; 12220213 |
| **Electric Utilities-1.11%** | **Electric Utilities-1.11%** | **Electric Utilities-1.11%** | **Electric Utilities-1.11%** |
| Consolidated Edison Co. of New York, <br> Inc., 4.78% (SOFR + 0.52%), <br> 11/18/2027<sup>(b)</sup><br>|  | 1324000 | &nbsp;&nbsp; 1325092 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Georgia Power Co., 4.43% (SOFR + <br> 0.28%), 09/15/2026<sup>(b)(d)</sup><br>| $| 3679000 | &nbsp;&nbsp; $3680771 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |  |
| 4.82% (SOFR + 0.80%), <br> 02/05/2027<sup>(b)(d)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5028638 |
| 4.96% (SOFR + 0.82%), <br> 09/16/2027<sup>(b)</sup><br>|  | 4000000 | &nbsp;&nbsp; 4022176 |
| Pinnacle West Capital Corp., 4.98% <br> (SOFR + 0.82%), 06/10/2026<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 200497 |
|  |  |  | &nbsp;&nbsp; 14257174 |
| **Integrated Telecommunication Services-0.18%** | **Integrated Telecommunication Services-0.18%** | **Integrated Telecommunication Services-0.18%** | **Integrated Telecommunication Services-0.18%** |
| NTT Finance Corp. (Japan), 5.16% (SOFR <br> + 1.08%), 07/16/2028<sup>(b)(c)(d)</sup><br>|  | 2333000 | &nbsp;&nbsp; 2357884 |
| **Investment Banking & Brokerage-1.81%** | **Investment Banking & Brokerage-1.81%** | **Investment Banking & Brokerage-1.81%** | **Investment Banking & Brokerage-1.81%** |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 4.99% (SOFR + 0.81%), <br> 03/09/2027<sup>(b)</sup><br>|  | 2460000 | &nbsp;&nbsp; 2463292 |
| 4.98% (SOFR + 0.82%), <br> 09/10/2027<sup>(b)</sup><br>|  | 3500000 | &nbsp;&nbsp; 3507966 |
| 4.98% (SOFR + 0.92%), <br> 10/21/2027<sup>(b)</sup><br>|  | 125000 | &nbsp;&nbsp; 125460 |
| 5.87% (3 mo. Term SOFR + 2.01%), <br> 10/28/2027<sup>(b)</sup><br>|  | 1220000 | &nbsp;&nbsp; 1235121 |
| 6.00% (SOFR + 1.85%), <br> 03/15/2028<sup>(b)</sup><br>|  | 3500000 | &nbsp;&nbsp; 3551371 |
| 5.34% (SOFR + 1.29%), <br> 04/23/2028<sup>(b)</sup><br>|  | 1308000 | &nbsp;&nbsp; 1319120 |
| Morgan Stanley |  |  |  |
| 5.09% (SOFR + 1.02%), <br> 04/13/2028<sup>(b)</sup><br>|  | 7500000 | &nbsp;&nbsp; 7540935 |
| 5.45% (SOFR + 1.38%), <br> 04/12/2029<sup>(b)</sup><br>|  | 3500000 | &nbsp;&nbsp; 3550523 |
|  |  |  | &nbsp;&nbsp; 23293788 |
| **Life & Health Insurance-4.76%** | **Life & Health Insurance-4.76%** | **Life & Health Insurance-4.76%** | **Life & Health Insurance-4.76%** |
| Athene Global Funding |  |  |  |
| 5.14% (SOFR + 0.85%), <br> 05/08/2026<sup>(b)(c)</sup><br>|  | 6775000 | &nbsp;&nbsp; 6791458 |
| 5.25% (SOFR + 1.03%), <br> 08/27/2026<sup>(b)(c)</sup><br>|  | 6000000 | &nbsp;&nbsp; 6028319 |
| 5.32% (SOFR + 1.21%), <br> 03/25/2027<sup>(b)(c)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5037939 |
| 5.13% (SOFR + 0.95%), <br> 03/06/2028<sup>(b)(c)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3004904 |
| 5.12% (SOFR + 1.00%), <br> 09/18/2028<sup>(b)(c)</sup><br>|  | 8000000 | &nbsp;&nbsp; 8007523 |
| Corebridge Global Funding |  |  |  |
| 5.41% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(c)</sup><br>|  | 4320000 | &nbsp;&nbsp; 4351175 |
| 4.84% (SOFR + 0.75%), <br> 01/07/2028<sup>(b)(c)</sup><br>|  | 7000000 | &nbsp;&nbsp; 7000571 |
| F&G Global Funding, 5.51% (SOFR + <br> 1.33%), 09/08/2028<sup>(b)(c)</sup><br>|  | 7250000 | &nbsp;&nbsp; 7305953 |
| Jackson National Life Global Funding, <br> 5.05% (SOFR + 0.97%), <br> 01/14/2028<sup>(b)(c)(d)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5021336 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**137**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
| MassMutual Global Funding II |  |  |  |
| 4.81% (SOFR + 0.77%), <br> 01/29/2027<sup>(b)(c)</sup><br>| $| 1000000 | &nbsp;&nbsp; $1005609 |
| 4.82% (SOFR + 0.74%), <br> 04/09/2027<sup>(b)(c)</sup><br>|  | 2500000 | &nbsp;&nbsp; 2510303 |
| Pacific Life Global Funding II, 5.10% <br> (SOFR + 1.05%), 07/28/2026<sup>(b)(c)</sup><br>|  | 2265000 | &nbsp;&nbsp; 2277752 |
| Protective Life Global Funding, 4.78% <br> (SOFR + 0.70%), 04/10/2026<sup>(b)(c)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3003580 |
|  |  |  | &nbsp;&nbsp; 61346422 |
| **Regional Banks-0.59%** | **Regional Banks-0.59%** | **Regional Banks-0.59%** | **Regional Banks-0.59%** |
| Santander Holdings USA, Inc., 5.73% <br> (SOFR + 1.61%), 03/20/2029<sup>(b)</sup><br>|  | 7500000 | &nbsp;&nbsp; 7605633 |
| **Soft Drinks & Non-alcoholic Beverages-0.85%** | **Soft Drinks & Non-alcoholic Beverages-0.85%** | **Soft Drinks & Non-alcoholic Beverages-0.85%** | **Soft Drinks & Non-alcoholic Beverages-0.85%** |
| Keurig Dr Pepper, Inc. |  |  |  |
| 4.84% (SOFR + 0.58%), <br> 11/15/2026<sup>(b)</sup><br>|  | 6000000 | &nbsp;&nbsp; 6000946 |
| 5.03% (SOFR + 0.88%), <br> 03/15/2027<sup>(b)(d)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5009166 |
|  |  |  | &nbsp;&nbsp; 11010112 |
| **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** |
| PayPal Holdings, Inc., 4.85% (SOFR + <br> 0.67%), 03/06/2028<sup>(b)</sup><br>|  | 500000 | &nbsp;&nbsp; 501732 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $494,838,280) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $494,838,280) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $494,838,280) | &nbsp;&nbsp; 497386858 |
| **U.S. Treasury Securities-18.84%** | **U.S. Treasury Securities-18.84%** | **U.S. Treasury Securities-18.84%** | **U.S. Treasury Securities-18.84%** |
| **U.S. Treasury Floating Rate Notes-18.84%** | **U.S. Treasury Floating Rate Notes-18.84%** | **U.S. Treasury Floating Rate Notes-18.84%** | **U.S. Treasury Floating Rate Notes-18.84%** |
| 4.06% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.21%), <br> 10/31/2026<sup>(b)</sup><br>|  | 38500000 | &nbsp;&nbsp; 38509489 |
| 3.95% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.10%), <br> 01/31/2027<sup>(b)</sup><br>|  | 121100000 | &nbsp;&nbsp; 120979142 |
| 4.01% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.16%), <br> 04/30/2027<sup>(b)</sup><br>|  | 43100000 | &nbsp;&nbsp; 43090750 |
| 4.01% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.16%), <br> 07/31/2027<sup>(b)</sup><br>|  | 40000000 | &nbsp;&nbsp; 39995248 |
| Total U.S. Treasury Securities <br>(Cost $242,700,668) | Total U.S. Treasury Securities <br>(Cost $242,700,668) | Total U.S. Treasury Securities <br>(Cost $242,700,668) | &nbsp;&nbsp; 242574629 |
| **Agency Credit Risk Transfer Notes-16.97%** | **Agency Credit Risk Transfer Notes-16.97%** | **Agency Credit Risk Transfer Notes-16.97%** | **Agency Credit Risk Transfer Notes-16.97%** |
| Fannie Mae Connecticut Avenue <br> Securities<br>|  |  |  |
| Series 2021-R03, Class 1M1, 5.03% <br> (30 Day Average SOFR + 0.85%), <br> 12/25/2041<sup>(b)(c)(f)</sup><br>|  | 394081 | &nbsp;&nbsp; 393862 |
| Series 2021-R03, Class 1M2, 5.83% <br> (30 Day Average SOFR + 1.65%), <br> 12/25/2041<sup>(b)(c)(f)</sup><br>|  | 2167000 | &nbsp;&nbsp; 2178765 |
| Series 2022-R01, Class 1M1, 5.18% <br> (30 Day Average SOFR + 1.00%), <br> 12/25/2041<sup>(b)(c)(f)</sup><br>|  | 678969 | &nbsp;&nbsp; 679024 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2022-R02, Class 2M1, 5.38% <br> (30 Day Average SOFR + 1.20%), <br> 01/25/2042<sup>(b)(c)(f)</sup><br>| $1174570 | &nbsp;&nbsp; $1174625 |
| Series 2022-R02, Class 2M2, 7.18% <br> (30 Day Average SOFR + 3.00%), <br> 01/25/2042<sup>(b)(c)(f)</sup><br>| 4000000 | &nbsp;&nbsp; 4090558 |
| Series 2022-R03, Class 1M2, 7.68% <br> (30 Day Average SOFR + 3.50%), <br> 03/25/2042<sup>(b)(c)(f)</sup><br>| 2350000 | &nbsp;&nbsp; 2429335 |
| Series 2022-R04, Class 1M2, 7.28% <br> (30 Day Average SOFR + 3.10%), <br> 03/25/2042<sup>(b)(c)(f)</sup><br>| 4510000 | &nbsp;&nbsp; 4638676 |
| Series 2022-R05, Class 2M1, 6.08% <br> (30 Day Average SOFR + 1.90%), <br> 04/25/2042<sup>(b)(c)(f)</sup><br>| 528935 | &nbsp;&nbsp; 530301 |
| Series 2022-R05, Class 2M2, 7.18% <br> (30 Day Average SOFR + 3.00%), <br> 04/25/2042<sup>(b)(c)(f)</sup><br>| 1750000 | &nbsp;&nbsp; 1794009 |
| Series 2023-R01, Class 1M1, 6.58% <br> (30 Day Average SOFR + 2.40%), <br> 12/25/2042<sup>(b)(c)(f)</sup><br>| 3649960 | &nbsp;&nbsp; 3730225 |
| Series 2023-R01, Class 1M2, 7.93% <br> (30 Day Average SOFR + 3.75%), <br> 12/25/2042<sup>(b)(c)(f)</sup><br>| 1225000 | &nbsp;&nbsp; 1287551 |
| Series 2023-R02, Class 1M1, 6.48% <br> (30 Day Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(c)(f)</sup><br>| 2398754 | &nbsp;&nbsp; 2449417 |
| Series 2023-R02, Class 1M2, 7.53% <br> (30 Day Average SOFR + 3.35%), <br> 01/25/2043<sup>(b)(c)(f)</sup><br>| 700000 | &nbsp;&nbsp; 730962 |
| Series 2023-R03, Class 2M1, 6.68% <br> (30 Day Average SOFR + 2.50%), <br> 04/25/2043<sup>(b)(c)(f)</sup><br>| 8972286 | &nbsp;&nbsp; 9084878 |
| Series 2023-R03, Class 2M2, 8.08% <br> (30 Day Average SOFR + 3.90%), <br> 04/25/2043<sup>(b)(c)(f)</sup><br>| 4046476 | &nbsp;&nbsp; 4275916 |
| Series 2023-R04, Class 1M1, 6.48% <br> (30 Day Average SOFR + 2.30%), <br> 05/25/2043<sup>(b)(c)(f)</sup><br>| 5613725 | &nbsp;&nbsp; 5737491 |
| Series 2023-R04, Class 1M2, 7.73% <br> (30 Day Average SOFR + 3.55%), <br> 05/25/2043<sup>(b)(c)(f)</sup><br>| 4000000 | &nbsp;&nbsp; 4219811 |
| Series 2023-R05, Class 1M1, 6.08% <br> (30 Day Average SOFR + 1.90%), <br> 06/25/2043<sup>(b)(c)(f)</sup><br>| 900001 | &nbsp;&nbsp; 909015 |
| Series 2023-R05, Class 1M2, 7.28% <br> (30 Day Average SOFR + 3.10%), <br> 06/25/2043<sup>(b)(c)(f)</sup><br>| 1100000 | &nbsp;&nbsp; 1146957 |
| Series 2023-R06, Class 1M1, 5.88% <br> (30 Day Average SOFR + 1.70%), <br> 07/25/2043<sup>(b)(c)(f)</sup><br>| 1375298 | &nbsp;&nbsp; 1380760 |
| Series 2023-R06, Class 1M2, 6.88% <br> (30 Day Average SOFR + 2.70%), <br> 07/25/2043<sup>(b)(c)(f)</sup><br>| 5180000 | &nbsp;&nbsp; 5336671 |
| Series 2023-R07, Class 2M1, 6.13% <br> (30 Day Average SOFR + 1.95%), <br> 09/25/2043<sup>(b)(c)(f)</sup><br>| 8061307 | &nbsp;&nbsp; 8220888 |
| Series 2023-R07, Class 2M2, 7.43% <br> (30 Day Average SOFR + 3.25%), <br> 09/25/2043<sup>(b)(c)(f)</sup><br>| 2500000 | &nbsp;&nbsp; 2590014 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**138**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2023-R08, Class 1M1, 5.68% <br> (30 Day Average SOFR + 1.50%), <br> 10/25/2043<sup>(b)(c)(f)</sup><br>| $795627 | &nbsp;&nbsp; $798557 |
| Series 2024-R03, Class 2M2, 6.13% <br> (30 Day Average SOFR + 1.95%), <br> 03/25/2044<sup>(b)(c)(f)</sup><br>| 4500000 | &nbsp;&nbsp; 4534793 |
| Series 2024-R04, Class 1M1, 5.28% <br> (30 Day Average SOFR + 1.10%), <br> 05/25/2044<sup>(b)(c)(f)</sup><br>| 1330037 | &nbsp;&nbsp; 1330837 |
| Series 2024-R05, Class 2M2, 5.88% <br> (30 Day Average SOFR + 1.70%), <br> 07/25/2044<sup>(b)(c)(f)</sup><br>| 6951000 | &nbsp;&nbsp; 6985601 |
| Series 2025-R01, Class 1A1, 5.13% <br> (30 Day Average SOFR + 0.95%), <br> 01/25/2045<sup>(b)(c)(f)</sup><br>| 8868828 | &nbsp;&nbsp; 8878939 |
| Series 2025-R02, Class 1M1, 5.33% <br> (30 Day Average SOFR + 1.15%), <br> 02/25/2045<sup>(b)(c)(f)</sup><br>| 2161982 | &nbsp;&nbsp; 2165875 |
| Series 2025-R03, Class 2M1, 5.78% <br> (30 Day Average SOFR + 1.60%), <br> 03/25/2045<sup>(b)(c)(f)</sup><br>| 509220 | &nbsp;&nbsp; 511216 |
| Series 2025-R03, Class 2M2, 6.43% <br> (30 Day Average SOFR + 2.25%), <br> 03/25/2045<sup>(b)(c)(f)</sup><br>| 1000000 | &nbsp;&nbsp; 1012247 |
| Series 2025-R04, Class 1M1, 5.38% <br> (30 Day Average SOFR + 1.20%), <br> 05/25/2045<sup>(b)(c)(f)</sup><br>| 2583411 | &nbsp;&nbsp; 2589473 |
| Series 2025-R05, Class 2A1, 5.18% <br> (30 Day Average SOFR + 1.00%), <br> 07/25/2045<sup>(b)(c)(f)</sup><br>| 3102886 | &nbsp;&nbsp; 3109454 |
| Series 2025-R05, Class 2M1, 5.38% <br> (30 Day Average SOFR + 1.20%), <br> 07/25/2045<sup>(b)(c)(f)</sup><br>| 8412316 | &nbsp;&nbsp; 8432653 |
| Series 2025-R06, Class 1A1, 5.08% <br> (30 Day Average SOFR + 0.90%), <br> 09/25/2045<sup>(b)(c)(f)</sup><br>| 4424581 | &nbsp;&nbsp; 4428720 |
| Series 2025-R06, Class 1M1, 5.13% <br> (30 Day Average SOFR + 0.95%), <br> 09/25/2045<sup>(b)(c)(f)</sup><br>| 3907557 | &nbsp;&nbsp; 3907412 |
| Freddie Mac |  |  |
| Series 2021-DNA5, Class M2, STACR<sup>®</sup>, <br> 5.83% (30 Day Average SOFR + <br> 1.65%), 01/25/2034<sup>(b)(c)(g)</sup><br>| 1109431 | &nbsp;&nbsp; 1112039 |
| Series 2021-DNA6, Class M2, STACR<sup>®</sup>, <br> 5.68% (30 Day Average SOFR + <br> 1.50%), 10/25/2041<sup>(b)(c)(g)</sup><br>| 4662165 | &nbsp;&nbsp; 4682569 |
| Series 2021-DNA7, Class M2, 5.98% <br> (30 Day Average SOFR + 1.80%), <br> 11/25/2041<sup>(b)(c)(g)</sup><br>| 1910527 | &nbsp;&nbsp; 1927693 |
| Series 2022-DNA2, Class M1A, <br> STACR<sup>®</sup>, 5.48% (30 Day Average <br> SOFR + 1.30%), 02/25/2042<sup>(b)(c)(g)</sup><br>| 1118135 | &nbsp;&nbsp; 1120013 |
| Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 7.08% (30 Day Average <br> SOFR + 2.90%), 04/25/2042<sup>(b)(c)(g)</sup><br>| 4730000 | &nbsp;&nbsp; 4914385 |
| Series 2022-DNA4, Class M1, STACR<sup>®</sup>, <br> 7.53% (30 Day Average SOFR + <br> 3.35%), 05/25/2042<sup>(b)(c)(g)</sup><br>| 2500000 | &nbsp;&nbsp; 2592741 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2022-DNA5, Class M1A, <br> STACR<sup>®</sup>, 7.13% (30 Day Average <br> SOFR + 2.95%), 06/25/2042<sup>(b)(c)(g)</sup><br>| $3491694 | &nbsp;&nbsp; $3557718 |
| Series 2022-DNA6, Class M1, STACR<sup>®</sup>, <br> 6.33% (30 Day Average SOFR + <br> 2.15%), 09/25/2042<sup>(b)(c)(g)</sup><br>| 286164 | &nbsp;&nbsp; 287810 |
| Series 2022-DNA6, Class M1, STACR<sup>®</sup>, <br> 7.88% (30 Day Average SOFR + <br> 3.70%), 09/25/2042<sup>(b)(c)(g)</sup><br>| 2750000 | &nbsp;&nbsp; 2884537 |
| Series 2022-HQA1, Class M1A, <br> STACR<sup>®</sup>, 6.28% (30 Day Average <br> SOFR + 2.10%), 03/25/2042<sup>(b)(c)(g)</sup><br>| 593323 | &nbsp;&nbsp; 595233 |
| Series 2023-DNA1, Class M1, STACR<sup>®</sup>, <br> 7.29% (30 Day Average SOFR + <br> 3.10%), 03/25/2043<sup>(b)(c)(g)</sup><br>| 7125000 | &nbsp;&nbsp; 7426723 |
| Series 2023-DNA1, Class M1, STACR®, <br> 6.29% (30 Day Average SOFR + <br> 2.10%), 03/25/2043<sup>(b)(c)(g)</sup><br>| 1930590 | &nbsp;&nbsp; 1959338 |
| Series 2023-DNA2, Class M1, STACR<sup>®</sup>, <br> 6.29% (30 Day Average SOFR + <br> 2.10%), 04/25/2043<sup>(b)(c)(g)</sup><br>| 8283477 | &nbsp;&nbsp; 8403774 |
| Series 2023-DNA2, Class M1, STACR<sup>®</sup>, <br> 7.44% (30 Day Average SOFR + <br> 3.25%), 04/25/2043<sup>(b)(c)(g)</sup><br>| 2700000 | &nbsp;&nbsp; 2826309 |
| Series 2023-HQA1, Class M1, STACR<sup>®</sup>, <br> 6.18% (30 Day Average SOFR + <br> 2.00%), 05/25/2043<sup>(b)(c)(g)</sup><br>| 3023945 | &nbsp;&nbsp; 3051068 |
| Series 2023-HQA2, Class M1, STACR<sup>®</sup>, <br> 6.18% (30 Day Average SOFR + <br> 2.00%), 06/25/2043<sup>(b)(c)(g)</sup><br>| 515396 | &nbsp;&nbsp; 516636 |
| Series 2023-HQA2, Class M1, STACR<sup>®</sup>, <br> 7.53% (30 Day Average SOFR + <br> 3.35%), 06/25/2043<sup>(b)(c)(g)</sup><br>| 2500000 | &nbsp;&nbsp; 2596206 |
| Series 2023-HQA3, Class A1, 6.03% <br> (30 Day Average SOFR + 1.85%), <br> 11/25/2043<sup>(b)(c)(g)</sup><br>| 4514115 | &nbsp;&nbsp; 4559766 |
| Series 2023-HQA3, Class M2, STACR<sup>®</sup>, <br> 6.03% (30 Day Average SOFR + <br> 1.85%), 11/25/2043<sup>(b)(c)(g)</sup><br>| 1458538 | &nbsp;&nbsp; 1466987 |
| Series 2023-HQA3, Class M2, STACR®, <br> 7.53% (30 Day Average SOFR + <br> 3.35%), 11/25/2043<sup>(b)(c)(g)</sup><br>| 6000000 | &nbsp;&nbsp; 6327364 |
| Series 2024-DNA1, Class A1, 5.53% <br> (30 Day Average SOFR + 1.35%), <br> 02/25/2044<sup>(b)(c)(g)</sup><br>| 1006203 | &nbsp;&nbsp; 1011740 |
| Series 2024-DNA2, Class A1, STACR<sup>®</sup>, <br> 5.43% (30 Day Average SOFR + <br> 1.25%), 05/25/2044<sup>(b)(c)(g)</sup><br>| 2631704 | &nbsp;&nbsp; 2645570 |
| Series 2024-DNA2, Class M1, STACR<sup>®</sup>, <br> 5.38% (30 Day Average SOFR + <br> 1.20%), 05/25/2044<sup>(b)(c)(g)</sup><br>| 3783116 | &nbsp;&nbsp; 3795802 |
| Series 2024-DNA3, Class A1, STACR<sup>®</sup>, <br> 5.23% (30 Day Average SOFR + <br> 1.05%), 10/25/2044<sup>(b)(c)(g)</sup><br>| 668750 | &nbsp;&nbsp; 670345 |
| Series 2024-DNA3, Class M2, 5.63% <br> (30 Day Average SOFR + 1.45%), <br> 10/25/2044<sup>(b)(c)(g)</sup><br>| 887000 | &nbsp;&nbsp; 888029 |
| Series 2024-HQA1, Class A1, STACR<sup>®</sup>, <br> 5.43% (30 Day Average SOFR + <br> 1.25%), 03/25/2044<sup>(b)(c)(g)</sup><br>| 9410272 | &nbsp;&nbsp; 9459633 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**139**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Series 2024-HQA1, Class M1, 5.43% <br> (30 Day Average SOFR + 1.25%), <br> 03/25/2044<sup>(b)(c)(g)</sup><br>| $| 1428428 | &nbsp;&nbsp; $1430136 |
| Series 2024-HQA1, Class M2, STACR<sup>®</sup>, <br> 6.18% (30 Day Average SOFR + <br> 2.00%), 03/25/2044<sup>(b)(c)(g)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3035356 |
| Series 2024-HQA2, Class M1, STACR<sup>®</sup>, <br> 5.38% (30 Day Average SOFR + <br> 1.20%), 08/25/2044<sup>(b)(c)(g)</sup><br>|  | 1495889 | &nbsp;&nbsp; 1499609 |
| Series 2025-DNA1, Class A1, STACR<sup>®</sup>, <br> 5.13% (30 Day Average SOFR + <br> 0.95%), 01/25/2045<sup>(b)(c)(g)</sup><br>|  | 1562500 | &nbsp;&nbsp; 1564785 |
| Series 2025-DNA2, Class A1, STACR<sup>®</sup>, <br> 5.28% (30 Day Average SOFR + <br> 1.10%), 05/25/2045<sup>(b)(c)(g)</sup><br>|  | 1251250 | &nbsp;&nbsp; 1255848 |
| Series 2025-DNA2, Class M1, STACR<sup>®</sup>, <br> 5.38% (30 Day Average SOFR + <br> 1.20%), 05/25/2045<sup>(b)(c)(g)</sup><br>|  | 2761376 | &nbsp;&nbsp; 2766278 |
| Series 2025-DNA4, Class A1, STACR®, <br> 5.09% (30 Day Average SOFR + <br> 0.90%), 10/25/2045<sup>(b)(c)(g)</sup><br>|  | 2535000 | &nbsp;&nbsp; 2542130 |
| Series 2025-HQA1, Class A1, STACR<sup>®</sup>, <br> 5.13% (30 Day Average SOFR + <br> 0.95%), 02/25/2045<sup>(b)(c)(g)</sup><br>|  | 1656250 | &nbsp;&nbsp; 1658645 |
| Series 2025-HQA1, Class M1, STACR<sup>®</sup>, <br> 5.33% (30 Day Average SOFR + <br> 1.15%), 02/25/2045<sup>(b)(c)(g)</sup><br>|  | 3752377 | &nbsp;&nbsp; 3756661 |
| Total Agency Credit Risk Transfer Notes <br>(Cost $216,747,057) | Total Agency Credit Risk Transfer Notes <br>(Cost $216,747,057) | Total Agency Credit Risk Transfer Notes <br>(Cost $216,747,057) | &nbsp;&nbsp; 218484964 |
| **Asset-Backed Securities-15.91%** | **Asset-Backed Securities-15.91%** | **Asset-Backed Securities-15.91%** | **Asset-Backed Securities-15.91%** |
| Adjustable Rate Mortgage Trust, <br> Series 2004-2, Class 6A1, 0.71%, <br> 02/25/2035<sup>(h)</sup><br>|  | 7449 | &nbsp;&nbsp; 7411 |
| Angel Oak Mortgage Trust |  |  |  |
| Series 2025-5, Class A1, 5.57%, <br> 04/25/2070<sup>(c)</sup><br>|  | 3662695 | &nbsp;&nbsp; 3692419 |
| Series 2025-HB1, Class A1, 5.98% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(c)</sup><br>|  | 1398288 | &nbsp;&nbsp; 1408499 |
| Avis Budget Rental Car Funding (AESOP) <br> LLC, Series 2020-2A, Class C, 4.25%, <br> 02/20/2027<sup>(c)</sup><br>|  | 866667 | &nbsp;&nbsp; 865919 |
| BBCMS Mortgage Trust, Series 2019-<br> BWAY, Class B, 5.46% (1 mo. Term <br> SOFR + 1.42%), 11/15/2034<sup>(b)(c)</sup><br>|  | 3250000 | &nbsp;&nbsp; 153562 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust<br>|  |  |  |
| Series 2003-7, Class 6A, 5.75%, <br> 10/25/2033<sup>(h)</sup><br>|  | 59763 | &nbsp;&nbsp; 58096 |
| Series 2003-8, Class 4A1, 6.37%, <br> 01/25/2034<sup>(h)</sup><br>|  | 90914 | &nbsp;&nbsp; 90921 |
| BIG Commercial Mortgage Trust, <br> Series 2022, Class A, 5.37% (1 mo. <br> Term SOFR + 1.34%), <br> 02/15/2039<sup>(b)(c)</sup><br>|  | 1285768 | &nbsp;&nbsp; 1282378 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM3, Class A1, 5.57%, <br> 03/25/2065<sup>(c)</sup><br>|  | 5111881 | &nbsp;&nbsp; 5152006 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| BX Commercial Mortgage Trust |  |  |
| Series 2021-ACNT, Class B, 5.40% (1 <br> mo. Term SOFR + 1.36%), <br> 11/15/2038<sup>(b)(c)</sup><br>| $3120645 | &nbsp;&nbsp; $3119964 |
| Series 2021-VOLT, Class A, 4.85% (1 <br> mo. Term SOFR + 0.81%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 678180 | &nbsp;&nbsp; 677892 |
| Series 2021-VOLT, Class B, 5.10% (1 <br> mo. Term SOFR + 1.06%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 3151377 | &nbsp;&nbsp; 3150191 |
| Series 2021-VOLT, Class C, 5.25% (1 <br> mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 3875313 | &nbsp;&nbsp; 3873976 |
| Series 2021-VOLT, Class D, 5.80% (1 <br> mo. Term SOFR + 1.76%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 1211035 | &nbsp;&nbsp; 1210378 |
| BX Trust, Series 2021-LGCY, Class B, <br> 5.00% (1 mo. Term SOFR + 0.97%), <br> 10/15/2036<sup>(b)(c)</sup><br>| 3630000 | &nbsp;&nbsp; 3613104 |
| CarMax Auto Owner Trust, Series 2024-<br> 1, Class C, 5.47%, 08/15/2029<br>| 2000000 | &nbsp;&nbsp; 2035601 |
| Carmax Select Receivables Trust, <br> Series 2024-A, Class C, 5.62%, <br> 01/15/2030<br>| 1400000 | &nbsp;&nbsp; 1431411 |
| Chase Home Lending Mortgage Trust |  |  |
| Series 2024-6, Class A11, 5.43% <br> (30 Day Average SOFR + 1.25%), <br> 05/25/2055<sup>(b)(c)</sup><br>| 3007325 | &nbsp;&nbsp; 3003759 |
| Series 2024-7, Class A11, 5.48% <br> (30 Day Average SOFR + 1.30%), <br> 06/25/2055<sup>(b)(c)</sup><br>| 3426683 | &nbsp;&nbsp; 3428753 |
| Series 2025-1, Class A11, 5.38% <br> (30 Day Average SOFR + 1.20%), <br> 11/25/2055<sup>(b)(c)</sup><br>| 4283870 | &nbsp;&nbsp; 4273061 |
| Citigroup Mortgage Loan Trust, <br> Series 2024-1, Class A11, 5.53% <br> (30 Day Average SOFR + 1.35%), <br> 07/25/2054<sup>(b)(c)</sup><br>| 3328942 | &nbsp;&nbsp; 3346242 |
| CLI Funding VI LLC, Series 2020-3A, <br> Class A, 2.07%, 10/18/2045<sup>(c)</sup><br>| 2035340 | &nbsp;&nbsp; 1918759 |
| Commonbond Student Loan Trust |  |  |
| Series 2017-BGS, Class A2, 4.76% (1 <br> mo. Term SOFR + 0.76%), <br> 09/25/2042<sup>(b)(c)</sup><br>| 86397 | &nbsp;&nbsp; 85243 |
| Series 2018-AGS, Class A2, 4.61% (1 <br> mo. Term SOFR + 0.61%), <br> 02/25/2044<sup>(b)(c)</sup><br>| 173927 | &nbsp;&nbsp; 172128 |
| Series 2018-CGS, Class A2, 4.91% (1 <br> mo. Term SOFR + 0.91%), <br> 02/25/2046<sup>(b)(c)</sup><br>| 373187 | &nbsp;&nbsp; 369846 |
| CPS Auto Receivables Trust |  |  |
| Series 2023-D, Class C, 7.17%, <br> 01/15/2030<sup>(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4053738 |
| Series 2024-D, Class C, 4.76%, <br> 01/15/2031<sup>(c)</sup><br>| 1558000 | &nbsp;&nbsp; 1557567 |
| Cross Mortgage Trust, Series 2024-H7, <br> Class A1, 5.59%, 11/25/2069<sup>(c)(h)</sup><br>| 4135589 | &nbsp;&nbsp; 4163819 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**140**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Edsouth Indenture No. 9 LLC, <br> Series 2015-1, Class A, 5.10% (30 Day <br> Average SOFR + 0.91%), <br> 10/25/2056<sup>(b)(c)</sup><br>| $214435 | &nbsp;&nbsp; $213978 |
| Ford Credit Auto Lease Trust, <br> Series 2024-B, Class B, 5.18%, <br> 02/15/2028<br>| 5000000 | &nbsp;&nbsp; 5053272 |
| Ford Credit Floorplan Master Owner <br> Trust A, Series 2023-1, Class A2, <br> 5.48% (30 Day Average SOFR + <br> 1.25%), 05/15/2028<sup>(b)(c)</sup><br>| 2500000 | &nbsp;&nbsp; 2512808 |
| GMF Floorplan Owner Revolving Trust, <br> Series 2023-1, Class A2, 5.38% <br> (30 Day Average SOFR + 1.15%), <br> 06/15/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4018755 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2024-HE1, Class A1, 5.78% <br> (30 Day Average SOFR + 1.60%), <br> 08/25/2054<sup>(b)(c)</sup><br>| 964650 | &nbsp;&nbsp; 968117 |
| Series 2024-HE2, Class A1, 5.68% <br> (30 Day Average SOFR + 1.50%), <br> 01/25/2055<sup>(b)(c)</sup><br>| 4774156 | &nbsp;&nbsp; 4790610 |
| Series 2025-HE1, Class A1, 5.73% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(c)</sup><br>| 2732249 | &nbsp;&nbsp; 2741852 |
| Series 2025-HE2, Class A1, 5.75% <br> (30 Day Average SOFR + 1.55%), <br> 12/25/2065<sup>(b)(c)</sup><br>| 3500000 | &nbsp;&nbsp; 3498780 |
| Hertz Vehicle Financing III L.P., <br> Series 2021-2A, Class C, 2.52%, <br> 12/27/2027<sup>(c)</sup><br>| 2170000 | &nbsp;&nbsp; 2115032 |
| HPEFS Equipment Trust, Series 2023-2A, <br> Class D, 6.97%, 07/21/2031<sup>(c)</sup><br>| 1500000 | &nbsp;&nbsp; 1519799 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2024-11, Class A11, 5.43% <br> (30 Day Average SOFR + 1.25%), <br> 04/25/2055<sup>(b)(c)</sup><br>| 2343835 | &nbsp;&nbsp; 2341690 |
| Series 2024-9, Class A11, 5.53% <br> (30 Day Average SOFR + 1.35%), <br> 02/25/2055<sup>(b)(c)</sup><br>| 1974965 | &nbsp;&nbsp; 1980096 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2018-PHH, <br> Class B, 5.54% (1 mo. Term SOFR + <br> 1.51%), 06/15/2035<sup>(b)(c)</sup><br>| 2385000 | &nbsp;&nbsp; 1717835 |
| JP Morgan Mortgage Trust |  |  |
| Series 2019-6, Class A11, 5.01% (1 <br> mo. Term SOFR + 1.01%), <br> 12/25/2049<sup>(b)(c)</sup><br>| 39215 | &nbsp;&nbsp; 37802 |
| Series 2019-INV2, Class A1, 5.01% (1 <br> mo. Term SOFR + 1.01%), <br> 02/25/2050<sup>(b)(c)</sup><br>| 147895 | &nbsp;&nbsp; 141204 |
| Series 2019-INV3, Class A11, 5.11% <br> (1 mo. Term SOFR + 1.11%), <br> 05/25/2050<sup>(b)(c)</sup><br>| 65558 | &nbsp;&nbsp; 62684 |
| Series 2019-LTV3, Class A1, 4.96% (1 <br> mo. Term SOFR + 0.96%), <br> 03/25/2050<sup>(b)(c)</sup><br>| 723 | &nbsp;&nbsp; 724 |
| Series 2020-8, Class A11, 5.26% <br> (30 Day Average SOFR + 0.90%), <br> 03/25/2051<sup>(b)(c)</sup><br>| 170473 | &nbsp;&nbsp; 160955 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2020-LTV1, Class A11, 5.27% <br> (1 mo. Term SOFR + 1.11%), <br> 06/25/2050<sup>(b)(c)</sup><br>| $3765 | &nbsp;&nbsp; $3753 |
| Series 2021-1, Class A11, 5.01% <br> (30 Day Average SOFR + 0.65%), <br> 06/25/2051<sup>(b)(c)</sup><br>| 537151 | &nbsp;&nbsp; 499982 |
| Series 2024-5, Class A11, 5.43% <br> (30 Day Average SOFR + 1.25%), <br> 11/25/2054<sup>(b)(c)</sup><br>| 4090513 | &nbsp;&nbsp; 4084797 |
| MED Commercial Mortgage Trust, <br> Series 2024-MOB, Class A, 5.62% (1 <br> mo. Term SOFR + 1.59%), <br> 05/15/2041<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 4991414 |
| Mello Mortgage Capital Acceptance Trust, <br> Series 2021-INV2, Class A1, 5.00% <br> (30 Day Average SOFR + 0.95%), <br> 08/25/2051<sup>(b)(c)</sup><br>| 2585482 | &nbsp;&nbsp; 2412754 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-F, Class A1, 4.75% (1 mo. <br> Term SOFR + 0.75%), 10/25/2028<sup>(b)</sup><br>| 21364 | &nbsp;&nbsp; 20992 |
| Series 2005-A2, Class A5, 5.45%, <br> 02/25/2035<sup>(h)</sup><br>| 33507 | &nbsp;&nbsp; 31987 |
| MHC Commercial Mortgage Trust, <br> Series 2021-MHC, Class B, 5.25% (1 <br> mo. Term SOFR + 1.22%), <br> 04/15/2038<sup>(b)(c)</sup><br>| 2800000 | &nbsp;&nbsp; 2800333 |
| MHP, Series 2021-STOR, Class C, 5.20% <br> (1 mo. Term SOFR + 1.16%), <br> 07/15/2038<sup>(b)(c)</sup><br>| 4353000 | &nbsp;&nbsp; 4344439 |
| MHP Commercial Mortgage Trust, <br> Series 2021-STOR, Class B, 5.05% (1 <br> mo. Term SOFR + 1.01%), <br> 07/15/2038<sup>(b)(c)</sup><br>| 2500000 | &nbsp;&nbsp; 2495695 |
| Mission Lane Credit Card Master Trust, <br> Series 2024-B, Class A, 5.88%, <br> 01/15/2030<sup>(c)</sup><br>| 3750000 | &nbsp;&nbsp; 3776648 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2024-4, Class AF, <br> 5.53% (30 Day Average SOFR + <br> 1.35%), 09/25/2054<sup>(b)(c)</sup><br>| 3087010 | &nbsp;&nbsp; 3084197 |
| Navient Private Education Refi Loan <br> Trust, Series 2019-D, Class A2B, <br> 5.20% (1 mo. Term SOFR + 1.16%), <br> 12/15/2059<sup>(b)(c)</sup><br>| 1432945 | &nbsp;&nbsp; 1429561 |
| Navient Student Loan Trust |  |  |
| Series 2021-1A, Class A1B, 4.90% <br> (30 Day Average SOFR + 0.71%), <br> 12/26/2069<sup>(b)(c)</sup><br>| 3761751 | &nbsp;&nbsp; 3753221 |
| Series 2021-2A, Class A1B, 4.85% <br> (30 Day Average SOFR + 0.66%), <br> 02/25/2070<sup>(b)(c)</sup><br>| 1000767 | &nbsp;&nbsp; 1004246 |
| Navistar Financial Dealer Note Master <br> Owner Trust<br>|  |  |
| Series 2024-1, Class B, 5.79%, <br> 04/25/2029<sup>(c)</sup><br>| 2080000 | &nbsp;&nbsp; 2092228 |
| Series 2024-1, Class C, 6.13%, <br> 04/25/2029<sup>(c)</sup><br>| 850000 | &nbsp;&nbsp; 855219 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**141**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Nelnet Student Loan Trust |  |  |
| Series 2006-2, Class A7, 5.16% <br> (90 Day Average SOFR + 0.84%), <br> 01/26/2037<sup>(b)(c)</sup><br>| $3513114 | &nbsp;&nbsp; $3498037 |
| Series 2014-3A, Class A, 4.88% <br> (30 Day Average SOFR + 0.69%), <br> 06/25/2041<sup>(b)(c)</sup><br>| 488222 | &nbsp;&nbsp; 485104 |
| Series 2020-5A, Class A, 4.99% (1 mo. <br> Term SOFR + 0.99%), <br> 10/25/2068<sup>(b)(c)</sup><br>| 2921704 | &nbsp;&nbsp; 2920315 |
| Series 2021-A, Class A2, 5.18% (1 mo. <br> Term SOFR + 1.14%), <br> 04/20/2062<sup>(b)(c)</sup><br>| 2680000 | &nbsp;&nbsp; 2673204 |
| Series 2025-AA, Class A1B, 5.33% <br> (30 Day Average SOFR + 1.10%), <br> 03/15/2057<sup>(b)(c)</sup><br>| 1391226 | &nbsp;&nbsp; 1388001 |
| NextGear Floorplan Master Owner Trust, <br> Series 2024-1A, Class A1, 5.13% <br> (30 Day Average SOFR + 0.90%), <br> 03/15/2029<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4023943 |
| OBX Trust |  |  |
| Series 2019-EXP2, Class 2A2, 5.47% <br> (1 mo. Term SOFR + 1.31%), <br> 06/25/2059<sup>(b)(c)</sup><br>| 95204 | &nbsp;&nbsp; 94306 |
| Series 2019-INV2, Class A11, 5.22% <br> (1 mo. Term SOFR + 1.06%), <br> 05/27/2049<sup>(b)(c)</sup><br>| 2396150 | &nbsp;&nbsp; 2304535 |
| Series 2020-EXP1, Class 2A2, 5.06% <br> (1 mo. Term SOFR + 1.06%), <br> 02/25/2060<sup>(b)(c)</sup><br>| 173393 | &nbsp;&nbsp; 171561 |
| Series 2020-EXP3, Class 2A2, 5.31% <br> (1 mo. Term SOFR + 1.31%), <br> 01/25/2060<sup>(b)(c)</sup><br>| 161119 | &nbsp;&nbsp; 160886 |
| Series 2020-INV1, Class A11, 5.17% <br> (1 mo. Term SOFR + 1.01%), <br> 12/25/2049<sup>(b)(c)</sup><br>| 161661 | &nbsp;&nbsp; 153590 |
| Series 2024-NQM5, Class A1, 5.99%, <br> 01/25/2064<sup>(c)</sup><br>| 608441 | &nbsp;&nbsp; 614674 |
| Series 2025-HE1, Class A1, 5.78% <br> (30 Day Average SOFR + 1.60%), <br> 02/25/2055<sup>(b)(c)</sup><br>| 2305472 | &nbsp;&nbsp; 2317653 |
| Series 2025-HE2, Class A1, 5.63% <br> (30 Day Average SOFR + 1.45%), <br> 08/25/2055<sup>(b)(c)</sup><br>| 8134447 | &nbsp;&nbsp; 8171510 |
| OneMain Financial Issuance Trust, <br> Series 2023-2A, Class A2, 5.74% <br> (30 Day Average SOFR + 1.50%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 9000000 | &nbsp;&nbsp; 9093460 |
| SMB Private Education Loan Trust |  |  |
| Series 2019-B, Class A2B, 5.15% (1 <br> mo. Term SOFR + 1.11%), <br> 06/15/2037<sup>(b)(c)</sup><br>| 866714 | &nbsp;&nbsp; 867553 |
| Series 2020-A, Class A2B, 4.98% (1 <br> mo. Term SOFR + 0.94%), <br> 09/15/2037<sup>(b)(c)</sup><br>| 584793 | &nbsp;&nbsp; 584634 |
| Series 2021-A, Class A2A2, 4.88% (1 <br> mo. Term SOFR + 0.84%), <br> 01/15/2053<sup>(b)(c)</sup><br>| 2178148 | &nbsp;&nbsp; 2159073 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Series 2022-B, Class A1B, 5.68% <br> (30 Day Average SOFR + 1.45%), <br> 02/16/2055<sup>(b)(c)</sup><br>| $| 1624328 | &nbsp;&nbsp; $1640761 |
| Series 2022-C, Class A1B, 6.08% <br> (30 Day Average SOFR + 1.85%), <br> 05/16/2050<sup>(b)(c)</sup><br>|  | 1566598 | &nbsp;&nbsp; 1590905 |
| Series 2023-A, Class A1B, 5.73% <br> (30 Day Average SOFR + 1.50%), <br> 01/15/2053<sup>(b)(c)</sup><br>|  | 2681995 | &nbsp;&nbsp; 2711252 |
| Series 2023-C, Class A1B, 5.75% <br> (30 Day Average SOFR + 1.55%), <br> 11/15/2052<sup>(b)(c)</sup><br>|  | 1293770 | &nbsp;&nbsp; 1308083 |
| Series 2024-D, Class A1B, 5.30% <br> (30 Day Average SOFR + 1.10%), <br> 07/15/2053<sup>(b)(c)</sup><br>|  | 3387262 | &nbsp;&nbsp; 3381200 |
| Series 2024-F, Class A1B, 5.23% <br> (30 Day Average SOFR + 1.00%), <br> 03/16/2054<sup>(b)(c)</sup><br>|  | 6502551 | &nbsp;&nbsp; 6465653 |
| SMRT, Series 2022-MINI, Class B, 5.38% <br> (1 mo. Term SOFR + 1.35%), <br> 01/15/2039<sup>(b)(c)</sup><br>|  | 4655000 | &nbsp;&nbsp; 4641209 |
| SREIT Trust, Series 2021-PALM, Class A, <br> 4.74% (1 mo. Term SOFR + 0.70%), <br> 10/15/2034<sup>(b)(c)</sup><br>|  | 3015000 | &nbsp;&nbsp; 3005911 |
| Tesla Auto Lease Trust, Series 2023-A, <br> Class B, 6.41%, 07/20/2027<sup>(c)</sup><br>|  | 1446436 | &nbsp;&nbsp; 1447654 |
| Textainer Marine Containers VII Ltd. <br> (China), Series 2020-1A, Class A, <br> 2.73%, 08/21/2045<sup>(c)</sup><br>|  | 1615422 | &nbsp;&nbsp; 1557862 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, Series 2004-AR3, Class A2, <br> 4.52%, 06/25/2034<sup>(h)</sup><br>|  | 35465 | &nbsp;&nbsp; 33926 |
| Wells Fargo Commercial Mortgage Trust, <br> Series 2016-NXS5, Class A6FL, 5.70% <br> (1 mo. Term SOFR + 1.66%), <br> 01/15/2059<sup>(b)(c)</sup><br>|  | 2500000 | &nbsp;&nbsp; 2500280 |
| Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class C, 6.64%, <br> 11/15/2028<sup>(c)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3059045 |
| Total Asset-Backed Securities <br>(Cost $207,560,810) | Total Asset-Backed Securities <br>(Cost $207,560,810) | Total Asset-Backed Securities <br>(Cost $207,560,810) | &nbsp;&nbsp; 204779882 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-8.97%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-8.97%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-8.97%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-8.97%** |
| **Collateralized Mortgage Obligations-8.00%** | **Collateralized Mortgage Obligations-8.00%** | **Collateralized Mortgage Obligations-8.00%** | **Collateralized Mortgage Obligations-8.00%** |
| Fannie Mae REMICs |  |  |  |
| 4.79%, (30 Day Average SOFR + <br> 0.43%), 01/25/45 to 12/25/47<sup>(b)</sup><br>|  | 458421 | &nbsp;&nbsp; 449971 |
| 4.80% (30 Day Average SOFR + <br> 0.61%), 05/25/2046<sup>(b)</sup><br>|  | 171194 | &nbsp;&nbsp; 169250 |
| 4.77% (30 Day Average SOFR + <br> 0.41%), 09/25/2047<sup>(b)</sup><br>|  | 396046 | &nbsp;&nbsp; 391319 |
| 5.28%, (30 Day Average SOFR + <br> 1.10%), 07/25/54 to 02/25/55<sup>(b)</sup><br>|  | 8870383 | &nbsp;&nbsp; 8895421 |
| 5.38%, (30 Day Average SOFR + <br> 1.20%), 07/25/54 to 09/25/54<sup>(b)</sup><br>|  | 11738956 | &nbsp;&nbsp; 11785899 |
| 5.33%, (30 Day Average SOFR + <br> 1.15%), 10/25/54 to 01/25/55<sup>(b)</sup><br>|  | 11068172 | &nbsp;&nbsp; 11105469 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**142**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs.<br>|  |  |  |
| Series KF151, Class AS, 4.82% <br> (30 Day Average SOFR + 0.51%), <br> 12/25/2032<sup>(b)</sup><br>| $| 732361 | &nbsp;&nbsp; $734804 |
| Series KF158, Class AS, 5.03% (30 Day <br> Average SOFR + 0.72%), <br> 07/25/2033<sup>(b)</sup><br>|  | 4133674 | &nbsp;&nbsp; 4151430 |
| Series KF65, Class A, 4.94% (30 Day <br> Average SOFR + 0.63%), <br> 07/25/2029<sup>(b)</sup><br>|  | 1439797 | &nbsp;&nbsp; 1440812 |
| Series KF81, Class AS, 4.71% (30 Day <br> Average SOFR + 0.40%), <br> 06/25/2027<sup>(b)</sup><br>|  | 619391 | &nbsp;&nbsp; 618707 |
| Freddie Mac REMICs |  |  |  |
| 4.82% (30 Day Average SOFR + <br> 0.46%), 09/15/2038<sup>(b)</sup><br>|  | 334974 | &nbsp;&nbsp; 330721 |
| 4.92% (30 Day Average SOFR + <br> 0.56%), 09/15/2040<sup>(b)</sup><br>|  | 290772 | &nbsp;&nbsp; 289471 |
| 4.85% (30 Day Average SOFR + <br> 0.61%), 06/15/2041<sup>(b)</sup><br>|  | 114037 | &nbsp;&nbsp; 113378 |
| 4.79% (30 Day Average SOFR + <br> 0.43%), 08/15/2043<sup>(b)</sup><br>|  | 368059 | &nbsp;&nbsp; 363634 |
| 4.70% (30 Day Average SOFR + <br> 0.46%), 01/15/2048<sup>(b)</sup><br>|  | 2018527 | &nbsp;&nbsp; 1968807 |
| 5.28% (30 Day Average SOFR + <br> 1.10%), 07/25/2054<sup>(b)</sup><br>|  | 7500000 | &nbsp;&nbsp; 7521846 |
| 5.23% (30 Day Average SOFR + <br> 1.05%), 10/25/2054<sup>(b)</sup><br>|  | 6725339 | &nbsp;&nbsp; 6738019 |
| 5.33% (30 Day Average SOFR + <br> 1.15%), 11/25/2054<sup>(b)</sup><br>|  | 6192759 | &nbsp;&nbsp; 6205241 |
| 5.08% (30 Day Average SOFR + <br> 0.90%), 02/25/2055<sup>(b)</sup><br>|  | 4354558 | &nbsp;&nbsp; 4347041 |
| 5.38% (30 Day Average SOFR + <br> 1.20%), 04/25/2055<sup>(b)</sup><br>|  | 6200090 | &nbsp;&nbsp; 6223257 |
| 5.68% (30 Day Average SOFR + <br> 1.50%), 04/25/2055<sup>(b)</sup><br>|  | 8942476 | &nbsp;&nbsp; 8979867 |
| 5.50% (30 Day Average SOFR + <br> 1.30%), 11/25/2055<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10173957 |
| 5.55% (30 Day Average SOFR + <br> 1.30%), 11/25/2055<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10014535 |
|  |  |  | &nbsp;&nbsp; 103012856 |
| **Federal Home Loan Mortgage Corp. (FHLMC)-0.59%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.59%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.59%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.59%** |
| ARM, 6.49% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.55%), <br> 06/01/2037<sup>(b)</sup><br>|  | 103728 | &nbsp;&nbsp; 106180 |
| ARM, 6.53% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.73%), <br> 11/01/2038<sup>(b)</sup><br>|  | 182181 | &nbsp;&nbsp; 188066 |
| ARM, 6.57% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.72%), <br> 03/01/2043<sup>(b)</sup><br>|  | 143490 | &nbsp;&nbsp; 149430 |
| ARM, 6.59% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.76%), <br> 11/01/2047<sup>(b)</sup><br>|  | 2467400 | &nbsp;&nbsp; 2568620 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** |
| ARM, 5.74% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.16%), 11/01/2048<sup>(b)</sup><br>| $| 2262915 | &nbsp;&nbsp; $2327285 |
| ARM, 6.45% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.63%), <br> 01/01/2049<sup>(b)</sup><br>|  | 2226835 | &nbsp;&nbsp; 2302522 |
|  |  |  | &nbsp;&nbsp; 7642103 |
| **Federal National Mortgage Association (FNMA)-0.19%** | **Federal National Mortgage Association (FNMA)-0.19%** | **Federal National Mortgage Association (FNMA)-0.19%** | **Federal National Mortgage Association (FNMA)-0.19%** |
| ARM, 6.64% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.64%), <br> 02/01/2035<sup>(b)</sup><br>|  | 39004 | &nbsp;&nbsp; 39815 |
| ARM, 6.15% (6 mo. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.57%), <br> 07/01/2035<sup>(b)</sup><br>|  | 23266 | &nbsp;&nbsp; 23932 |
| ARM, 6.48% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.41%), 07/01/2035<sup>(b)</sup><br>|  | 375242 | &nbsp;&nbsp; 386873 |
| ARM, 6.41% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.66%), <br> 10/01/2036<sup>(b)</sup><br>|  | 76323 | &nbsp;&nbsp; 78282 |
| ARM, 6.75% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.75%), <br> 03/01/2037<sup>(b)</sup><br>|  | 123833 | &nbsp;&nbsp; 127057 |
| ARM, 6.25% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.52%), <br> 11/01/2037<sup>(b)</sup><br>|  | 41775 | &nbsp;&nbsp; 42418 |
| ARM, 6.35% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.58%), <br> 04/01/2045<sup>(b)</sup><br>|  | 1644768 | &nbsp;&nbsp; 1702824 |
|  |  |  | &nbsp;&nbsp; 2401201 |
| **Government National Mortgage Association (GNMA)-0.19%** | **Government National Mortgage Association (GNMA)-0.19%** | **Government National Mortgage Association (GNMA)-0.19%** | **Government National Mortgage Association (GNMA)-0.19%** |
| ARM, 5.30% (1 yr. U.S. Treasury Yield <br> Curve Rate + 1.50%), 08/20/2049<sup>(b)</sup><br>|  | 2417910 | &nbsp;&nbsp; 2468648 |
| Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $114,893,541) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $114,893,541) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $114,893,541) | &nbsp;&nbsp; 115524808 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-1.92%** | **Money Market Funds-1.92%** | **Money Market Funds-1.92%** | **Money Market Funds-1.92%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(i)(j)</sup> <br>(Cost $24,666,318)<br>|  | 24666318 | &nbsp;&nbsp; 24666318 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-101.24% <br>(Cost $1,301,406,674) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-101.24% <br>(Cost $1,301,406,674) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-101.24% <br>(Cost $1,301,406,674) | &nbsp;&nbsp; 1303417459 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.85%** | **Money Market Funds-0.85%** | **Money Market Funds-0.85%** | **Money Market Funds-0.85%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(i)(j)(k)</sup><br>|  | 3019907 | &nbsp;&nbsp; 3019907 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**143**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(i)(j)(k)</sup> | 7886510 | &nbsp;&nbsp; $7888876 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,908,790) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,908,790) | &nbsp;&nbsp; 10908783 |
| TOTAL INVESTMENTS IN SECURITIES-102.09% <br>(Cost $1,312,315,464) | TOTAL INVESTMENTS IN SECURITIES-102.09% <br>(Cost $1,312,315,464) | &nbsp;&nbsp; 1314326242 |
| OTHER ASSETS LESS LIABILITIES-(2.09)% | OTHER ASSETS LESS LIABILITIES-(2.09)% | &nbsp;&nbsp; (26872553)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1287453689 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ARM | -Adjustable Rate Mortgage |
| Ctfs. | -Certificates |
| IBOR | -Interbank Offered Rate |
| REMICs | -Real Estate Mortgage Investment Conduits |
| SOFR | -Secured Overnight Financing Rate |
| STACR<sup>®</sup> | -Structured Agency Credit Risk |
| USD | -U.S. Dollar |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2025. |
| <sup>(c)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $615,794,345, which represented 47.83% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(e)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(f)</sup> | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a <br> large and diverse reference pool.<br>|
| <sup>(g)</sup> | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from <br> the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.<br>|
| <sup>(h)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown <br> is the rate in effect on October 31, 2025.<br>|
| <sup>(i)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $10381524 | &nbsp;&nbsp; $380918425 | &nbsp;&nbsp; $(366633631)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $24666318 | &nbsp;&nbsp; $518784 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**144**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $12816702 | &nbsp;&nbsp; $105032456 | &nbsp;&nbsp; $(114829251)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3019907 | &nbsp;&nbsp; $408,943<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 32769399 | &nbsp;&nbsp; 247888474 | &nbsp;&nbsp; (272767541)<br>| &nbsp;&nbsp; 2017 | &nbsp;&nbsp; (3473)<br>| &nbsp;&nbsp; 7888876 | &nbsp;&nbsp; 1,089,269<br> \*<br>|
| Total | &nbsp;&nbsp; $55967625 | &nbsp;&nbsp; $733839355 | &nbsp;&nbsp; $(754230423)<br>| &nbsp;&nbsp; $2017 | &nbsp;&nbsp; $(3473)<br>| &nbsp;&nbsp; $35575101 | &nbsp;&nbsp; $2016996 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(j)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(k)</sup> 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 Note 2P. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**145**

------

**Statements of Assets and Liabilities**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**AAA CLO** <br>**Floating** <br>**Rate Note** <br>**ETF (ICLO)**<br>| **Invesco** <br>**Active** <br>**U.S. Real** <br>**Estate** <br>**ETF (PSR)**<br>| **Invesco Comstock** <br>**Contrarian Equity** <br>**ETF (CSTK)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $385803085 | &nbsp;&nbsp;&nbsp; $50868127 | &nbsp;&nbsp;&nbsp; $108151837 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 539116 | &nbsp;&nbsp;&nbsp; 805944 | &nbsp;&nbsp;&nbsp; 2221316 |
| Other investments: |  |  |  |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Deposits with brokers: |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 1285599 | &nbsp;&nbsp;&nbsp; 31226 | &nbsp;&nbsp;&nbsp; 92024 |
| Securities lending | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp; 3 |
| Investments sold | &nbsp;&nbsp; 3521 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; 2555398 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 296 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 390187336 | &nbsp;&nbsp;&nbsp; 51705571 | &nbsp;&nbsp;&nbsp; 110465476 |
| **Liabilities:** |  |  |  |
| Other investments: |  |  |  |
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp; 4451 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |
| Variation margin on futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments purchased | &nbsp;&nbsp; 6810973 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments purchased - TBA | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments purchased - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 678602 | &nbsp;&nbsp;&nbsp; 196875 |
| Accrued unitary management fees | &nbsp;&nbsp; 60883 | &nbsp;&nbsp;&nbsp; 15364 | &nbsp;&nbsp;&nbsp; 32785 |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 113429 | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 6876307 | &nbsp;&nbsp;&nbsp; 807395 | &nbsp;&nbsp;&nbsp; 229660 |
| **Net Assets** | &nbsp;&nbsp; $383311029 | &nbsp;&nbsp;&nbsp; $50898176 | &nbsp;&nbsp;&nbsp; $110235816 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $384395349 | &nbsp;&nbsp;&nbsp; $70347069 | &nbsp;&nbsp;&nbsp; $100949312 |
| Distributable earnings (loss) | &nbsp;&nbsp; (1084320)<br>| &nbsp;&nbsp;&nbsp; (19448893)<br>| &nbsp;&nbsp;&nbsp; 9286504 |
| **Net Assets** | &nbsp;&nbsp; $383311029 | &nbsp;&nbsp;&nbsp; $50898176 | &nbsp;&nbsp;&nbsp; $110235816 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 15000001 | &nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 3940001 |
| Net asset value | &nbsp;&nbsp; $25.55 | &nbsp;&nbsp;&nbsp; $90.89 | &nbsp;&nbsp;&nbsp; $27.98 |
| Market price | &nbsp;&nbsp; $25.56 | &nbsp;&nbsp;&nbsp; $90.85 | &nbsp;&nbsp;&nbsp; $28.00 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $386217415 | &nbsp;&nbsp;&nbsp; $50263672 | &nbsp;&nbsp;&nbsp; $99117233 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $539116 | &nbsp;&nbsp;&nbsp; $805944 | &nbsp;&nbsp;&nbsp; $2221316 |
| Foreign currencies, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $658688 | &nbsp;&nbsp;&nbsp; $191452 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**146**

------

---

| | | |
|:---|:---|:---|
| **Invesco Core** <br>**Fixed Income** <br>**ETF (GTOC)**<br>| **Invesco Global** <br>**Equity Net Zero** <br>**ETF (IQSZ)**<br>| **Invesco High Yield** <br>**Bond Factor** <br>**ETF (IHYF)**<br>|
| $195961844 | &nbsp;&nbsp;&nbsp; $146740727 | &nbsp;&nbsp;&nbsp; $131064920 |
| 37327871 | &nbsp;&nbsp;&nbsp; 838722 | &nbsp;&nbsp;&nbsp; 40636066 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1855 |
| 2170393 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 26471 |
| 7727 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7174 |
| - | &nbsp;&nbsp;&nbsp; 5051 | &nbsp;&nbsp;&nbsp; 230880 |
| 4858 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 1068740 | &nbsp;&nbsp;&nbsp; 166790 | &nbsp;&nbsp;&nbsp; 2115185 |
| 427 | &nbsp;&nbsp;&nbsp; 6699 | &nbsp;&nbsp;&nbsp; 12136 |
| 21207880 | &nbsp;&nbsp;&nbsp; 5217090 | &nbsp;&nbsp;&nbsp; 169226 |
| - | &nbsp;&nbsp;&nbsp; 806070 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2259511 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; - |
| 257749740 | &nbsp;&nbsp;&nbsp; 153782248 | &nbsp;&nbsp;&nbsp; 176523424 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 1232 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3796 |
| 29416531 | &nbsp;&nbsp;&nbsp; 5463847 | &nbsp;&nbsp;&nbsp; 2514599 |
| 50698304 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 630774 | &nbsp;&nbsp;&nbsp; - |
| 1774492 | &nbsp;&nbsp;&nbsp; 820023 | &nbsp;&nbsp;&nbsp; 39754752 |
| 16088 | &nbsp;&nbsp;&nbsp; 23679 | &nbsp;&nbsp;&nbsp; 36919 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 81906647 | &nbsp;&nbsp;&nbsp; 6938323 | &nbsp;&nbsp;&nbsp; 42310066 |
| $175843093 | &nbsp;&nbsp;&nbsp; $146843925 | &nbsp;&nbsp;&nbsp; $134213358 |
| $176091578 | &nbsp;&nbsp;&nbsp; $133814484 | &nbsp;&nbsp;&nbsp; $138332684 |
| (248485)<br>| &nbsp;&nbsp;&nbsp; 13029441 | &nbsp;&nbsp;&nbsp; (4119326)<br>|
| $175843093 | &nbsp;&nbsp;&nbsp; $146843925 | &nbsp;&nbsp;&nbsp; $134213358 |
| 6900001 | &nbsp;&nbsp;&nbsp; 5350001 | &nbsp;&nbsp;&nbsp; 5940001 |
| $25.48 | &nbsp;&nbsp;&nbsp; $27.45 | &nbsp;&nbsp;&nbsp; $22.59 |
| $25.48 | &nbsp;&nbsp;&nbsp; $27.44 | &nbsp;&nbsp;&nbsp; $22.66 |
| $196302161 | &nbsp;&nbsp;&nbsp; $134342271 | &nbsp;&nbsp;&nbsp; $130468588 |
| $37327893 | &nbsp;&nbsp;&nbsp; $838727 | &nbsp;&nbsp;&nbsp; $40636130 |
| $- | &nbsp;&nbsp;&nbsp; $5052 | &nbsp;&nbsp;&nbsp; $232781 |
| $1695840 | &nbsp;&nbsp;&nbsp; $718994 | &nbsp;&nbsp;&nbsp; $38186219 |

---

------

**147**

------

**Statements of Assets and Liabilities—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**High Yield Select** <br>**ETF (HIYS)**<br>| **Invesco International** <br>**Growth Focus** <br>**ETF (MTRA)**<br>| **Invesco** <br>**MSCI EAFE Income** <br>**Advantage ETF (EFAA)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $7740913 | &nbsp;&nbsp;&nbsp; $167685335 | &nbsp;&nbsp;&nbsp; $194471137 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 627551 | &nbsp;&nbsp;&nbsp; 906746 | &nbsp;&nbsp;&nbsp; 50762163 |
| Other investments: |  |  |  |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp; 1801 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; 44175 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 876000 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1791 |
| Foreign currencies, at value | &nbsp;&nbsp; 122349 | &nbsp;&nbsp;&nbsp; 849 | &nbsp;&nbsp;&nbsp; 22823 |
| Deposits with brokers: |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash segregated as collateral | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 193550 | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 113980 | &nbsp;&nbsp;&nbsp; 146988 | &nbsp;&nbsp;&nbsp; 737193 |
| Securities lending | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 6952 | &nbsp;&nbsp;&nbsp; 1336 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6117047 | &nbsp;&nbsp;&nbsp; 1459188 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 193569 | &nbsp;&nbsp;&nbsp; 13058166 |
| Expenses absorbed | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 6507 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 89809 |
| Other assets | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 8651029 | &nbsp;&nbsp;&nbsp; 175254112 | &nbsp;&nbsp;&nbsp; 261486113 |
| **Liabilities:** |  |  |  |
| Other investments: |  |  |  |
| Options written, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 81096 | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 32987 |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp; 102789 | &nbsp;&nbsp;&nbsp; 6621386 | &nbsp;&nbsp;&nbsp; 12895078 |
| Investments purchased - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 22735 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 577307 | &nbsp;&nbsp;&nbsp; 906747 | &nbsp;&nbsp;&nbsp; 7300545 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 193550 | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 720 |
| Accrued unitary management fees | &nbsp;&nbsp; 3249 | &nbsp;&nbsp;&nbsp; 76178 | &nbsp;&nbsp;&nbsp; 70724 |
| **Total liabilities** | &nbsp;&nbsp; 683345 | &nbsp;&nbsp;&nbsp; 7878957 | &nbsp;&nbsp;&nbsp; 20322789 |
| **Net Assets** | &nbsp;&nbsp; $7967684 | &nbsp;&nbsp;&nbsp; $167375155 | &nbsp;&nbsp;&nbsp; $241163324 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $7720519 | &nbsp;&nbsp;&nbsp; $160935993 | &nbsp;&nbsp;&nbsp; $229183022 |
| Distributable earnings (loss) | &nbsp;&nbsp; 247165 | &nbsp;&nbsp;&nbsp; 6439162 | &nbsp;&nbsp;&nbsp; 11980302 |
| **Net Assets** | &nbsp;&nbsp; $7967684 | &nbsp;&nbsp;&nbsp; $167375155 | &nbsp;&nbsp;&nbsp; $241163324 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 310001 | &nbsp;&nbsp;&nbsp; 6340001 | &nbsp;&nbsp;&nbsp; 4560001 |
| Net asset value | &nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $26.40 | &nbsp;&nbsp;&nbsp; $52.89 |
| Market price | &nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $26.39 | &nbsp;&nbsp;&nbsp; $53.00 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $7515793 | &nbsp;&nbsp;&nbsp; $162296409 | &nbsp;&nbsp;&nbsp; $173967725 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $627555 | &nbsp;&nbsp;&nbsp; $906747 | &nbsp;&nbsp;&nbsp; $50762192 |
| Foreign currencies, at cost | &nbsp;&nbsp; $122244 | &nbsp;&nbsp;&nbsp; $864 | &nbsp;&nbsp;&nbsp; $23184 |
| Premium received on written options | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $553406 | &nbsp;&nbsp;&nbsp; $907096 | &nbsp;&nbsp;&nbsp; $6832014 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**148**

------

---

| | | |
|:---|:---|:---|
| **Invesco QQQ** <br>**Hedged Advantage** <br>**ETF (QQHG)**<br>| **Invesco** <br>**QQQ Income** <br>**Advantage** <br>**ETF (QQA)**<br>| **Invesco** <br>**S&P 500**<sup>®</sup> <br>**Downside Hedged** <br>**ETF (PHDG)**<br>|
| $12254720 | &nbsp;&nbsp;&nbsp; $350992417 | &nbsp;&nbsp;&nbsp; $53071356 |
| - | &nbsp;&nbsp;&nbsp; 82341178 | &nbsp;&nbsp;&nbsp; 16504132 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 3869000 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3149161 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 3544 | &nbsp;&nbsp;&nbsp; 1043030 | &nbsp;&nbsp;&nbsp; 63040 |
| - | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 87 |
| 140482 | &nbsp;&nbsp;&nbsp; 3246229 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 2702713 | &nbsp;&nbsp;&nbsp; - |
| 1 | &nbsp;&nbsp;&nbsp; 13879 | &nbsp;&nbsp;&nbsp; 1567 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 12398747 | &nbsp;&nbsp;&nbsp; 444208518 | &nbsp;&nbsp;&nbsp; 72789343 |
| 76025 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 44018 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 13579 | &nbsp;&nbsp;&nbsp; - |
| 68547 | &nbsp;&nbsp;&nbsp; 9577230 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 505424 | &nbsp;&nbsp;&nbsp; 158815 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 4538 | &nbsp;&nbsp;&nbsp; 100400 | &nbsp;&nbsp;&nbsp; 24569 |
| 193128 | &nbsp;&nbsp;&nbsp; 10196633 | &nbsp;&nbsp;&nbsp; 183384 |
| $12205619 | &nbsp;&nbsp;&nbsp; $434011885 | &nbsp;&nbsp;&nbsp; $72605959 |
| $10000003 | &nbsp;&nbsp;&nbsp; $400390764 | &nbsp;&nbsp;&nbsp; $153277792 |
| 2205616 | &nbsp;&nbsp;&nbsp; 33621121 | &nbsp;&nbsp;&nbsp; (80671833)<br>|
| $12205619 | &nbsp;&nbsp;&nbsp; $434011885 | &nbsp;&nbsp;&nbsp; $72605959 |
| 200001 | &nbsp;&nbsp;&nbsp; 8030001 | &nbsp;&nbsp;&nbsp; 1900000 |
| $61.03 | &nbsp;&nbsp;&nbsp; $54.05 | &nbsp;&nbsp;&nbsp; $38.21 |
| $61.04 | &nbsp;&nbsp;&nbsp; $54.26 | &nbsp;&nbsp;&nbsp; $38.08 |
| $9678388 | &nbsp;&nbsp;&nbsp; $293338435 | &nbsp;&nbsp;&nbsp; $48888512 |
| $- | &nbsp;&nbsp;&nbsp; $82341178 | &nbsp;&nbsp;&nbsp; $16503120 |
| $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| $104112 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| $- | &nbsp;&nbsp;&nbsp; $503155 | &nbsp;&nbsp;&nbsp; $155493 |

---

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**149**

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**Statements of Assets and Liabilities—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**S&P 500 Equal Weight Income** <br>**Advantage** <br>**ETF (RSPA)**<br>| **Invesco** <br>**Short Duration** <br>**Total Return** <br>**Bond ETF (GTOS)**<br>| **Invesco** <br>**SteelPath MLP & Energy** <br>**Infrastructure ETF (PIPE)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $376309996 | &nbsp;&nbsp;&nbsp; $81485300 | &nbsp;&nbsp;&nbsp; $47909295 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 93824175 | &nbsp;&nbsp;&nbsp; 5357411 | &nbsp;&nbsp;&nbsp; 2157359 |
| Other investments: |  |  |  |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 194526 | &nbsp;&nbsp;&nbsp; - |
| Due from broker | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 6181 | &nbsp;&nbsp;&nbsp; 60514 |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Deposits with brokers: |  |  |  |
| Cash collateral-centrally cleared swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash collateral-OTC derivatives | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 1275106 | &nbsp;&nbsp;&nbsp; 423115 | &nbsp;&nbsp;&nbsp; 100059 |
| Securities lending | &nbsp;&nbsp; 1693 | &nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 1555 |
| Investments sold | &nbsp;&nbsp; 3558628 | &nbsp;&nbsp;&nbsp; 12400128 | &nbsp;&nbsp;&nbsp; 118952 |
| Fund shares sold | &nbsp;&nbsp; 34412 | &nbsp;&nbsp;&nbsp; 3763544 | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; 14972 | &nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; - |
| Investments matured, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 475019114 | &nbsp;&nbsp;&nbsp; 103631103 | &nbsp;&nbsp;&nbsp; 50347734 |
| **Liabilities:** |  |  |  |
| Due to broker | &nbsp;&nbsp; 21291 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |
| Variation margin on futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp; - |
| Investments purchased | &nbsp;&nbsp; 3314000 | &nbsp;&nbsp;&nbsp; 19900745 | &nbsp;&nbsp;&nbsp; - |
| Investments purchased - TBA | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 7524540 | &nbsp;&nbsp;&nbsp; 921052 | &nbsp;&nbsp;&nbsp; 1550638 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 116354 | &nbsp;&nbsp;&nbsp; 11862 | &nbsp;&nbsp;&nbsp; 31601 |
| Accrued advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 10976185 | &nbsp;&nbsp;&nbsp; 20834327 | &nbsp;&nbsp;&nbsp; 1582239 |
| **Net Assets** | &nbsp;&nbsp; $464042929 | &nbsp;&nbsp;&nbsp; $82796776 | &nbsp;&nbsp;&nbsp; $48765495 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $468978128 | &nbsp;&nbsp;&nbsp; $82768021 | &nbsp;&nbsp;&nbsp; $50477133 |
| Distributable earnings (loss) | &nbsp;&nbsp; (4935199)<br>| &nbsp;&nbsp;&nbsp; 28755 | &nbsp;&nbsp;&nbsp; (1711638)<br>|
| **Net Assets** | &nbsp;&nbsp; $464042929 | &nbsp;&nbsp;&nbsp; $82796776 | &nbsp;&nbsp;&nbsp; $48765495 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 9200001 | &nbsp;&nbsp;&nbsp; 3300001 | &nbsp;&nbsp;&nbsp; 2110001 |
| Net asset value | &nbsp;&nbsp; $50.44 | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $23.11 |
| Market price | &nbsp;&nbsp; $50.57 | &nbsp;&nbsp;&nbsp; $25.11 | &nbsp;&nbsp;&nbsp; $23.11 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $354242666 | &nbsp;&nbsp;&nbsp; $81358365 | &nbsp;&nbsp;&nbsp; $49670656 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $93631911 | &nbsp;&nbsp;&nbsp; $5357419 | &nbsp;&nbsp;&nbsp; $2157373 |
| Foreign currencies, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(29)<br>|
| Investments matured, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $7342131 | &nbsp;&nbsp;&nbsp; $888572 | &nbsp;&nbsp;&nbsp; $1477696 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**150**

------

---

| | | |
|:---|:---|:---|
| **Invesco Top QQQ ETF (QBIG)** | **Invesco Total Return** <br>**Bond ETF (GTO)**<br>| **Invesco Ultra Short** <br>**Duration ETF (GSY)**<br>|
| $21205297 | &nbsp;&nbsp;&nbsp; $2284227117 | &nbsp;&nbsp;&nbsp; $3193732354 |
| 15759350 | &nbsp;&nbsp;&nbsp; 141098340 | &nbsp;&nbsp;&nbsp; 17257555 |
| - | &nbsp;&nbsp;&nbsp; 11101 | &nbsp;&nbsp;&nbsp; - |
| 5038244 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 19165318 | &nbsp;&nbsp;&nbsp; 1206292 |
| - | &nbsp;&nbsp;&nbsp; 2568773 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 61672 | &nbsp;&nbsp;&nbsp; 140 |
| - | &nbsp;&nbsp;&nbsp; 1284742 | &nbsp;&nbsp;&nbsp; - |
| 5823 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 53916 | &nbsp;&nbsp;&nbsp; 15421263 | &nbsp;&nbsp;&nbsp; 16477646 |
| - | &nbsp;&nbsp;&nbsp; 30437 | &nbsp;&nbsp;&nbsp; 4575 |
| - | &nbsp;&nbsp;&nbsp; 153904414 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 50235544 |
| 2407 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1185 |
| - | &nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; - |
| 42065037 | &nbsp;&nbsp;&nbsp; 2617787677 | &nbsp;&nbsp;&nbsp; 3278915291 |
| - | &nbsp;&nbsp;&nbsp; 1054008 | &nbsp;&nbsp;&nbsp; 719371 |
| - | &nbsp;&nbsp;&nbsp; 155830 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 156455943 | &nbsp;&nbsp;&nbsp; 72441220 |
| - | &nbsp;&nbsp;&nbsp; 406723844 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 130261525 | &nbsp;&nbsp;&nbsp; 9978991 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 9717 | &nbsp;&nbsp;&nbsp; 576037 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 517300 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 53971 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 210618 |
| 9717 | &nbsp;&nbsp;&nbsp; 695227187 | &nbsp;&nbsp;&nbsp; 83921471 |
| $42055320 | &nbsp;&nbsp;&nbsp; $1922560490 | &nbsp;&nbsp;&nbsp; $3194993820 |
| $35243616 | &nbsp;&nbsp;&nbsp; $2072575579 | &nbsp;&nbsp;&nbsp; $3211139035 |
| 6811704 | &nbsp;&nbsp;&nbsp; (150015089)<br>| &nbsp;&nbsp;&nbsp; (16145215)<br>|
| $42055320 | &nbsp;&nbsp;&nbsp; $1922560490 | &nbsp;&nbsp;&nbsp; $3194993820 |
| 1050001 | &nbsp;&nbsp;&nbsp; 40400000 | &nbsp;&nbsp;&nbsp; 63600000 |
| $40.05 | &nbsp;&nbsp;&nbsp; $47.59 | &nbsp;&nbsp;&nbsp; $50.24 |
| $40.07 | &nbsp;&nbsp;&nbsp; $47.57 | &nbsp;&nbsp;&nbsp; $50.24 |
| $17393593 | &nbsp;&nbsp;&nbsp; $2270332304 | &nbsp;&nbsp;&nbsp; $3183965910 |
| $15759350 | &nbsp;&nbsp;&nbsp; $141094131 | &nbsp;&nbsp;&nbsp; $17288741 |
| $- | &nbsp;&nbsp;&nbsp; $61699 | &nbsp;&nbsp;&nbsp; $150 |
| $- | &nbsp;&nbsp;&nbsp; $201246 | &nbsp;&nbsp;&nbsp; $- |
| $- | &nbsp;&nbsp;&nbsp; $124327299 | &nbsp;&nbsp;&nbsp; $9679318 |

---

------

**151**

------

**Statements of Assets and Liabilities—(continued)**

October 31, 2025

---

| | |
|:---|:---|
|  | **Invesco** <br>**Variable Rate** <br>**Investment Grade** <br>**ETF (VRIG)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $1278751141 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 35575101 |
| Due from broker | &nbsp;&nbsp; 9397 |
| Receivable for: |  |
| Dividends and interest | &nbsp;&nbsp; 4273787 |
| Securities lending | &nbsp;&nbsp; 4499 |
| Investments sold | &nbsp;&nbsp; 155505 |
| **Total assets** | &nbsp;&nbsp; 1318769430 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 20079356 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 10908790 |
| Accrued unitary management fees | &nbsp;&nbsp; 327595 |
| **Total liabilities** | &nbsp;&nbsp; 31315741 |
| **Net Assets** | &nbsp;&nbsp; $1287453689 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1291056745 |
| Distributable earnings (loss) | &nbsp;&nbsp; (3603056)<br>|
| **Net Assets** | &nbsp;&nbsp; $1287453689 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 51300001 |
| Net asset value | &nbsp;&nbsp; $25.10 |
| Market price | &nbsp;&nbsp; $25.09 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1276740356 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $35575108 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $10615981 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**152**

------

**153**

------

**Statements of Operations**

For the year ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**AAA CLO** <br>**Floating** <br>**Rate Note** <br>**ETF (ICLO)**<br>| **Invesco** <br>**Active** <br>**U.S. Real** <br>**Estate** <br>**ETF (PSR)**<br>| **Invesco Comstock** <br>**Contrarian Equity** <br>**ETF (CSTK)**<sup>(a)</sup> <br>| **Invesco Core** <br>**Fixed Income** <br>**ETF (GTOC)**<sup>(b)</sup> <br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $17987905 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $373102 |
| Unaffiliated dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1653318 | &nbsp;&nbsp;&nbsp; 1166708 | &nbsp;&nbsp;&nbsp; - |
| Affiliated dividend income | &nbsp;&nbsp; 185600 | &nbsp;&nbsp;&nbsp; 3190 | &nbsp;&nbsp;&nbsp; 62787 | &nbsp;&nbsp;&nbsp; 66952 |
| Securities lending income, net | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3056 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 533 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3675)<br>| &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 18173505 | &nbsp;&nbsp;&nbsp; 1659564 | &nbsp;&nbsp;&nbsp; 1225836 | &nbsp;&nbsp;&nbsp; 440587 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 596061 | &nbsp;&nbsp;&nbsp; 208429 | &nbsp;&nbsp;&nbsp; 167584 | &nbsp;&nbsp;&nbsp; 24859 |
| Proxy fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total expenses | &nbsp;&nbsp; 596061 | &nbsp;&nbsp;&nbsp; 336429 | &nbsp;&nbsp;&nbsp; 167584 | &nbsp;&nbsp;&nbsp; 24859 |
| Less: Waivers | &nbsp;&nbsp; (6596)<br>| &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (2691)<br>| &nbsp;&nbsp;&nbsp; (1551)<br>|
| Net expenses | &nbsp;&nbsp; 589465 | &nbsp;&nbsp;&nbsp; 336355 | &nbsp;&nbsp;&nbsp; 164893 | &nbsp;&nbsp;&nbsp; 23308 |
| Net investment income | &nbsp;&nbsp; 17584040 | &nbsp;&nbsp;&nbsp; 1323209 | &nbsp;&nbsp;&nbsp; 1060943 | &nbsp;&nbsp;&nbsp; 417279 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (685552)<br>| &nbsp;&nbsp;&nbsp; 451139 | &nbsp;&nbsp;&nbsp; 98360 | &nbsp;&nbsp;&nbsp; 174017 |
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 1 |
| In-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 898223 | &nbsp;&nbsp;&nbsp; 18228 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Forward foreign currency contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (37434)<br>|
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; (685552)<br>| &nbsp;&nbsp;&nbsp; 1349385 | &nbsp;&nbsp;&nbsp; 116607 | &nbsp;&nbsp;&nbsp; 136584 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (872521)<br>| &nbsp;&nbsp;&nbsp; (4305158)<br>| &nbsp;&nbsp;&nbsp; 9034604 | &nbsp;&nbsp;&nbsp; (340317)<br>|
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (22)<br>|
| Foreign currencies | &nbsp;&nbsp; 3521 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Forward foreign currency contracts | &nbsp;&nbsp; (4451)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (35006)<br>|
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (873451)<br>| &nbsp;&nbsp;&nbsp; (4305023)<br>| &nbsp;&nbsp;&nbsp; 9034604 | &nbsp;&nbsp;&nbsp; (375345)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1559003)<br>| &nbsp;&nbsp;&nbsp; (2955638)<br>| &nbsp;&nbsp;&nbsp; 9151211 | &nbsp;&nbsp;&nbsp; (238761)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $16025037 | &nbsp;&nbsp;&nbsp; $(1632429)<br>| &nbsp;&nbsp;&nbsp; $10212154 | &nbsp;&nbsp;&nbsp; $178518 |

---

<sup>(a)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(d)</sup> For the period June 9, 2025 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**154**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Global** <br>**Equity Net Zero** <br>**ETF (IQSZ)**<sup>(c)</sup> <br>| **Invesco High Yield** <br>**Bond Factor** <br>**ETF (IHYF)**<br>| **Invesco** <br>**High Yield Select** <br>**ETF (HIYS)**<br>| **Invesco International** <br>**Growth Focus** <br>**ETF (MTRA)**<sup>(d)</sup> <br>| **Invesco** <br>**MSCI EAFE Income** <br>**Advantage ETF (EFAA)**<br>| **Invesco QQQ** <br>**Hedged Advantage** <br>**ETF (QQHG)**<sup>(a)</sup> <br>|
| $- | &nbsp;&nbsp;&nbsp; $4822641 | &nbsp;&nbsp;&nbsp; $579431 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $6877354 | &nbsp;&nbsp;&nbsp; $- |
| 703361 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 291564 | &nbsp;&nbsp;&nbsp; 3449625 | &nbsp;&nbsp;&nbsp; 37230 |
| 679 | &nbsp;&nbsp;&nbsp; 16388 | &nbsp;&nbsp;&nbsp; 15966 | &nbsp;&nbsp;&nbsp; 7097 | &nbsp;&nbsp;&nbsp; 1153719 | &nbsp;&nbsp;&nbsp; 813 |
| 10985 | &nbsp;&nbsp;&nbsp; 72405 | &nbsp;&nbsp;&nbsp; 3424 | &nbsp;&nbsp;&nbsp; 7118 | &nbsp;&nbsp;&nbsp; 11871 | &nbsp;&nbsp;&nbsp; - |
| (40636)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (27327)<br>| &nbsp;&nbsp;&nbsp; (336901)<br>| &nbsp;&nbsp;&nbsp; (24)<br>|
| 674389 | &nbsp;&nbsp;&nbsp; 4911434 | &nbsp;&nbsp;&nbsp; 598828 | &nbsp;&nbsp;&nbsp; 278452 | &nbsp;&nbsp;&nbsp; 11155668 | &nbsp;&nbsp;&nbsp; 38019 |
| 77007 | &nbsp;&nbsp;&nbsp; 253869 | &nbsp;&nbsp;&nbsp; 41880 | &nbsp;&nbsp;&nbsp; 126249 | &nbsp;&nbsp;&nbsp; 549585 | &nbsp;&nbsp;&nbsp; 24346 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp; - |
| 77007 | &nbsp;&nbsp;&nbsp; 253869 | &nbsp;&nbsp;&nbsp; 41880 | &nbsp;&nbsp;&nbsp; 126249 | &nbsp;&nbsp;&nbsp; 550120 | &nbsp;&nbsp;&nbsp; 24346 |
| (16)<br>| &nbsp;&nbsp;&nbsp; (374)<br>| &nbsp;&nbsp;&nbsp; (1937)<br>| &nbsp;&nbsp;&nbsp; (313)<br>| &nbsp;&nbsp;&nbsp; (328016)<br>| &nbsp;&nbsp;&nbsp; (35)<br>|
| 76991 | &nbsp;&nbsp;&nbsp; 253495 | &nbsp;&nbsp;&nbsp; 39943 | &nbsp;&nbsp;&nbsp; 125936 | &nbsp;&nbsp;&nbsp; 222104 | &nbsp;&nbsp;&nbsp; 24311 |
| 597398 | &nbsp;&nbsp;&nbsp; 4657939 | &nbsp;&nbsp;&nbsp; 558885 | &nbsp;&nbsp;&nbsp; 152516 | &nbsp;&nbsp;&nbsp; 10933564 | &nbsp;&nbsp;&nbsp; 13708 |
| 493448 | &nbsp;&nbsp;&nbsp; (261297)<br>| &nbsp;&nbsp;&nbsp; 63487 | &nbsp;&nbsp;&nbsp; 930005 | &nbsp;&nbsp;&nbsp; (6873901)<br>| &nbsp;&nbsp;&nbsp; (446958)<br>|
| 119 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; (11555)<br>| &nbsp;&nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; - |
| 412761 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1111842 | &nbsp;&nbsp;&nbsp; - |
| 8175 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; (2002)<br>| &nbsp;&nbsp;&nbsp; (29212)<br>| &nbsp;&nbsp;&nbsp; (8491)<br>| &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3821)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; (13346)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 48156 |
| 914503 | &nbsp;&nbsp;&nbsp; (274466)<br>| &nbsp;&nbsp;&nbsp; 46109 | &nbsp;&nbsp;&nbsp; 900225 | &nbsp;&nbsp;&nbsp; (5770615)<br>| &nbsp;&nbsp;&nbsp; (398802)<br>|
| 12398456 | &nbsp;&nbsp;&nbsp; (146980)<br>| &nbsp;&nbsp;&nbsp; (769)<br>| &nbsp;&nbsp;&nbsp; 5388926 | &nbsp;&nbsp;&nbsp; 21015939 | &nbsp;&nbsp;&nbsp; 2576332 |
| (5)<br>| &nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; - |
| (3431)<br>| &nbsp;&nbsp;&nbsp; (1901)<br>| &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; (2504)<br>| &nbsp;&nbsp;&nbsp; 4069 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp; (2181)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 125959 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 28087 |
| 12395020 | &nbsp;&nbsp;&nbsp; (20483)<br>| &nbsp;&nbsp;&nbsp; (2899)<br>| &nbsp;&nbsp;&nbsp; 5386421 | &nbsp;&nbsp;&nbsp; 21019979 | &nbsp;&nbsp;&nbsp; 2604419 |
| 13309523 | &nbsp;&nbsp;&nbsp; (294949)<br>| &nbsp;&nbsp;&nbsp; 43210 | &nbsp;&nbsp;&nbsp; 6286646 | &nbsp;&nbsp;&nbsp; 15249364 | &nbsp;&nbsp;&nbsp; 2205617 |
| $13906921 | &nbsp;&nbsp;&nbsp; $4362990 | &nbsp;&nbsp;&nbsp; $602095 | &nbsp;&nbsp;&nbsp; $6439162 | &nbsp;&nbsp;&nbsp; $26182928 | &nbsp;&nbsp;&nbsp; $2219325 |

---

------

**155**

------

**Statements of Operations—(continued)**

For the year ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**QQQ Income** <br>**Advantage** <br>**ETF (QQA)**<br>| **Invesco** <br>**S&P 500**<sup>®</sup> <br>**Downside Hedged** <br>**ETF (PHDG)**<br>| **Invesco** <br>**S&P 500 Equal Weight Income** <br>**Advantage** <br>**ETF (RSPA)**<br>| **Invesco** <br>**Short Duration** <br>**Total Return** <br>**Bond ETF (GTOS)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $21526046 | &nbsp;&nbsp;&nbsp; $318886 | &nbsp;&nbsp;&nbsp; $24257674 | &nbsp;&nbsp;&nbsp; $684729 |
| Unaffiliated dividend income | &nbsp;&nbsp; 1242195 | &nbsp;&nbsp;&nbsp; 803491 | &nbsp;&nbsp;&nbsp; 4758958 | &nbsp;&nbsp;&nbsp; 2103 |
| Affiliated dividend income | &nbsp;&nbsp; 1985121 | &nbsp;&nbsp;&nbsp; 1245489 | &nbsp;&nbsp;&nbsp; 2855553 | &nbsp;&nbsp;&nbsp; 22932 |
| Securities lending income, net | &nbsp;&nbsp; 3599 | &nbsp;&nbsp;&nbsp; 3140 | &nbsp;&nbsp;&nbsp; 97774 | &nbsp;&nbsp;&nbsp; 3351 |
| Foreign withholding tax | &nbsp;&nbsp; (3315)<br>| &nbsp;&nbsp;&nbsp; (219)<br>| &nbsp;&nbsp;&nbsp; (1848)<br>| &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 24753646 | &nbsp;&nbsp;&nbsp; 2370787 | &nbsp;&nbsp;&nbsp; 31968111 | &nbsp;&nbsp;&nbsp; 713115 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 676915 | &nbsp;&nbsp;&nbsp; 387664 | &nbsp;&nbsp;&nbsp; 976174 | &nbsp;&nbsp;&nbsp; 41869 |
| Advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accounting & administration fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Custodian & transfer agent fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total expenses | &nbsp;&nbsp; 676915 | &nbsp;&nbsp;&nbsp; 387664 | &nbsp;&nbsp;&nbsp; 976174 | &nbsp;&nbsp;&nbsp; 41869 |
| Less: Waivers | &nbsp;&nbsp; (386283)<br>| &nbsp;&nbsp;&nbsp; (52518)<br>| &nbsp;&nbsp;&nbsp; (606855)<br>| &nbsp;&nbsp;&nbsp; (887)<br>|
| Net expenses | &nbsp;&nbsp; 290632 | &nbsp;&nbsp;&nbsp; 335146 | &nbsp;&nbsp;&nbsp; 369319 | &nbsp;&nbsp;&nbsp; 40982 |
| Net investment income | &nbsp;&nbsp; 24463014 | &nbsp;&nbsp;&nbsp; 2035641 | &nbsp;&nbsp;&nbsp; 31598792 | &nbsp;&nbsp;&nbsp; 672133 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (22548456)<br>| &nbsp;&nbsp;&nbsp; (2767449)<br>| &nbsp;&nbsp;&nbsp; (24271361)<br>| &nbsp;&nbsp;&nbsp; 71612 |
| Affiliated investment securities | &nbsp;&nbsp; (180682)<br>| &nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; (197819)<br>| &nbsp;&nbsp;&nbsp; (13)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 7467194 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9630479 | &nbsp;&nbsp;&nbsp; - |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 101869 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Forward foreign currency contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1939308)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (41753)<br>|
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; (15261944)<br>| &nbsp;&nbsp;&nbsp; (4705861)<br>| &nbsp;&nbsp;&nbsp; (14736832)<br>| &nbsp;&nbsp;&nbsp; 29846 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 53940177 | &nbsp;&nbsp;&nbsp; 2035180 | &nbsp;&nbsp;&nbsp; 14938177 | &nbsp;&nbsp;&nbsp; 27745 |
| Affiliated investment securities | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp; 170429 | &nbsp;&nbsp;&nbsp; 23 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Forward foreign currency contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 165065 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1024)<br>|
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 53940179 | &nbsp;&nbsp;&nbsp; 2200076 | &nbsp;&nbsp;&nbsp; 15108606 | &nbsp;&nbsp;&nbsp; 26744 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 38678235 | &nbsp;&nbsp;&nbsp; (2505785)<br>| &nbsp;&nbsp;&nbsp; 371774 | &nbsp;&nbsp;&nbsp; 56590 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $63141249 | &nbsp;&nbsp;&nbsp; $(470144)<br>| &nbsp;&nbsp;&nbsp; $31970566 | &nbsp;&nbsp;&nbsp; $728723 |

---

<sup>(a)</sup> For the period February 18, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period December 2, 2024 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**156**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Invesco** <br>**SteelPath MLP & Energy** <br>**Infrastructure ETF (PIPE)**<sup>(a)</sup> <br>| **Invesco Top QQQ ETF (QBIG)**<sup>(b)</sup> <br>| **Invesco Total Return** <br>**Bond ETF (GTO)**<br>| **Invesco Ultra Short** <br>**Duration ETF (GSY)**<br>| **Invesco** <br>**Variable Rate** <br>**Investment Grade** <br>**ETF (VRIG)**<br>|
| $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $91791871 | &nbsp;&nbsp;&nbsp; $135353872 | &nbsp;&nbsp;&nbsp; $65531291 |
| 710422 | &nbsp;&nbsp;&nbsp; 45948 | &nbsp;&nbsp;&nbsp; 418574 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 11780 | &nbsp;&nbsp;&nbsp; 552032 | &nbsp;&nbsp;&nbsp; 318227 | &nbsp;&nbsp;&nbsp; 371369 | &nbsp;&nbsp;&nbsp; 518784 |
| 12140 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 287015 | &nbsp;&nbsp;&nbsp; 74040 | &nbsp;&nbsp;&nbsp; 102537 |
| (39489)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 694853 | &nbsp;&nbsp;&nbsp; 597980 | &nbsp;&nbsp;&nbsp; 92815687 | &nbsp;&nbsp;&nbsp; 135799281 | &nbsp;&nbsp;&nbsp; 66152612 |
| 150321 | &nbsp;&nbsp;&nbsp; 74123 | &nbsp;&nbsp;&nbsp; 7403281 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3666552 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5373730 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 200882 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 12337 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30924 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 344534 | &nbsp;&nbsp;&nbsp; - |
| 150321 | &nbsp;&nbsp;&nbsp; 74123 | &nbsp;&nbsp;&nbsp; 7403281 | &nbsp;&nbsp;&nbsp; 5962407 | &nbsp;&nbsp;&nbsp; 3666552 |
| (280)<br>| &nbsp;&nbsp;&nbsp; (19712)<br>| &nbsp;&nbsp;&nbsp; (2391237)<br>| &nbsp;&nbsp;&nbsp; (12351)<br>| &nbsp;&nbsp;&nbsp; (11495)<br>|
| 150041 | &nbsp;&nbsp;&nbsp; 54411 | &nbsp;&nbsp;&nbsp; 5012044 | &nbsp;&nbsp;&nbsp; 5950056 | &nbsp;&nbsp;&nbsp; 3655057 |
| 544812 | &nbsp;&nbsp;&nbsp; 543569 | &nbsp;&nbsp;&nbsp; 87803643 | &nbsp;&nbsp;&nbsp; 129849225 | &nbsp;&nbsp;&nbsp; 62497555 |
| (2997)<br>| &nbsp;&nbsp;&nbsp; (940118)<br>| &nbsp;&nbsp;&nbsp; (1644279)<br>| &nbsp;&nbsp;&nbsp; 2366269 | &nbsp;&nbsp;&nbsp; 186271 |
| (303)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5515)<br>| &nbsp;&nbsp;&nbsp; 5421 | &nbsp;&nbsp;&nbsp; (3473)<br>|
| 82636 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (1241)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 31604 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (7998)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (15390185)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; (1646838)<br>| &nbsp;&nbsp;&nbsp; 14499 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 59926 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 78095 | &nbsp;&nbsp;&nbsp; (2586956)<br>| &nbsp;&nbsp;&nbsp; (16941948)<br>| &nbsp;&nbsp;&nbsp; 2371690 | &nbsp;&nbsp;&nbsp; 182798 |
| (1761361)<br>| &nbsp;&nbsp;&nbsp; 3811704 | &nbsp;&nbsp;&nbsp; 43088984 | &nbsp;&nbsp;&nbsp; 2424060 | &nbsp;&nbsp;&nbsp; (135869)<br>|
| (14)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4632 | &nbsp;&nbsp;&nbsp; (25646)<br>| &nbsp;&nbsp;&nbsp; 2017 |
| 29 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11101 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1313220 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 5038244 | &nbsp;&nbsp;&nbsp; 31740 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (1761346)<br>| &nbsp;&nbsp;&nbsp; 8849948 | &nbsp;&nbsp;&nbsp; 44449859 | &nbsp;&nbsp;&nbsp; 2398413 | &nbsp;&nbsp;&nbsp; (133852)<br>|
| (1683251)<br>| &nbsp;&nbsp;&nbsp; 6262992 | &nbsp;&nbsp;&nbsp; 27507911 | &nbsp;&nbsp;&nbsp; 4770103 | &nbsp;&nbsp;&nbsp; 48946 |
| $(1138439)<br>| &nbsp;&nbsp;&nbsp; $6806561 | &nbsp;&nbsp;&nbsp; $115311554 | &nbsp;&nbsp;&nbsp; $134619328 | &nbsp;&nbsp;&nbsp; $62546501 |

---

------

**157**

------

**Statements of Changes in Net Assets**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco AAA** <br>**CLO Floating Rate** <br>**Note ETF (ICLO)** | **Invesco AAA** <br>**CLO Floating Rate** <br>**Note ETF (ICLO)** | **Invesco Active U.S. Real Estate** <br>**ETF (PSR)** | **Invesco Active U.S. Real Estate** <br>**ETF (PSR)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $17584040 | &nbsp;&nbsp;&nbsp; $6718330 | &nbsp;&nbsp;&nbsp; $1323209 | &nbsp;&nbsp;&nbsp; $2120994 |
| Net realized gain (loss) | &nbsp;&nbsp; (685552)<br>| &nbsp;&nbsp;&nbsp; 170267 | &nbsp;&nbsp;&nbsp; 1349385 | &nbsp;&nbsp;&nbsp; (7964407)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (873451)<br>| &nbsp;&nbsp;&nbsp; 85931 | &nbsp;&nbsp;&nbsp; (4305023)<br>| &nbsp;&nbsp;&nbsp; 25465020 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 16025037 | &nbsp;&nbsp;&nbsp; 6974528 | &nbsp;&nbsp;&nbsp; (1632429)<br>| &nbsp;&nbsp;&nbsp; 19621607 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (17777687)<br>| &nbsp;&nbsp;&nbsp; (6900691)<br>| &nbsp;&nbsp;&nbsp; (1564525)<br>| &nbsp;&nbsp;&nbsp; (2259259)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 265295044 | &nbsp;&nbsp;&nbsp; 146074337 | &nbsp;&nbsp;&nbsp; 2851717 | &nbsp;&nbsp;&nbsp; 17165074 |
| Value of shares repurchased | &nbsp;&nbsp; (57328147)<br>| &nbsp;&nbsp;&nbsp; (2570906)<br>| &nbsp;&nbsp;&nbsp; (16321036)<br>| &nbsp;&nbsp;&nbsp; (50523377)<br>|
| Transaction fees | &nbsp;&nbsp; 387481 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 208354378 | &nbsp;&nbsp;&nbsp; 143503431 | &nbsp;&nbsp;&nbsp; (13469319)<br>| &nbsp;&nbsp;&nbsp; (33358303)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 206601728 | &nbsp;&nbsp;&nbsp; 143577268 | &nbsp;&nbsp;&nbsp; (16666273)<br>| &nbsp;&nbsp;&nbsp; (15995955)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 176709301 | &nbsp;&nbsp;&nbsp; 33132033 | &nbsp;&nbsp;&nbsp; 67564449 | &nbsp;&nbsp;&nbsp; 83560404 |
| End of year | &nbsp;&nbsp; $383311029 | &nbsp;&nbsp;&nbsp; $176709301 | &nbsp;&nbsp;&nbsp; $50898176 | &nbsp;&nbsp;&nbsp; $67564449 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10350000 | &nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 200000 |
| Shares repurchased | &nbsp;&nbsp; (2250000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (180000)<br>| &nbsp;&nbsp;&nbsp; (580000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 6900001 | &nbsp;&nbsp;&nbsp; 1300001 | &nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; 1090000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 15000001 | &nbsp;&nbsp;&nbsp; 6900001 | &nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 710000 |

---

<sup>(a)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**158**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Invesco Comstock Contrarian** <br>**Equity ETF (CSTK)**<br>| **Invesco Core Fixed** <br>**Income ETF (GTOC)**<br>| **Invesco Global** <br>**Equity Net Zero** <br>**ETF (IQSZ)**<br>| **Invesco High Yield** <br>**Bond Factor ETF (IHYF)** | **Invesco High Yield** <br>**Bond Factor ETF (IHYF)** |
| **2025**<sup>(a)</sup> <br>| **2025**<sup>(b)</sup> <br>| **2025**<sup>(c)</sup> <br>| **2025** | **2024** |
| $1060943 | &nbsp;&nbsp;&nbsp; $417279 | &nbsp;&nbsp;&nbsp; $597398 | &nbsp;&nbsp;&nbsp; $4657939 | &nbsp;&nbsp;&nbsp; $3636156 |
| 116607 | &nbsp;&nbsp;&nbsp; 136584 | &nbsp;&nbsp;&nbsp; 914503 | &nbsp;&nbsp;&nbsp; (274466)<br>| &nbsp;&nbsp;&nbsp; (174076)<br>|
| 9034604 | &nbsp;&nbsp;&nbsp; (375345)<br>| &nbsp;&nbsp;&nbsp; 12395020 | &nbsp;&nbsp;&nbsp; (20483)<br>| &nbsp;&nbsp;&nbsp; 3728315 |
| 10212154 | &nbsp;&nbsp;&nbsp; 178518 | &nbsp;&nbsp;&nbsp; 13906921 | &nbsp;&nbsp;&nbsp; 4362990 | &nbsp;&nbsp;&nbsp; 7190395 |
| (907422)<br>| &nbsp;&nbsp;&nbsp; (427003)<br>| &nbsp;&nbsp;&nbsp; (465256)<br>| &nbsp;&nbsp;&nbsp; (4616309)<br>| &nbsp;&nbsp;&nbsp; (3639460)<br>|
| 101193242 | &nbsp;&nbsp;&nbsp; 176091578 | &nbsp;&nbsp;&nbsp; 138729726 | &nbsp;&nbsp;&nbsp; 98608962 | &nbsp;&nbsp;&nbsp; 15871359 |
| (262158)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5327466)<br>| &nbsp;&nbsp;&nbsp; (16563967)<br>| &nbsp;&nbsp;&nbsp; (8656694)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 100931084 | &nbsp;&nbsp;&nbsp; 176091578 | &nbsp;&nbsp;&nbsp; 133402260 | &nbsp;&nbsp;&nbsp; 82044995 | &nbsp;&nbsp;&nbsp; 7214665 |
| 110235816 | &nbsp;&nbsp;&nbsp; 175843093 | &nbsp;&nbsp;&nbsp; 146843925 | &nbsp;&nbsp;&nbsp; 81791676 | &nbsp;&nbsp;&nbsp; 10765600 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 52421682 | &nbsp;&nbsp;&nbsp; 41656082 |
| $110235816 | &nbsp;&nbsp;&nbsp; $175843093 | &nbsp;&nbsp;&nbsp; $146843925 | &nbsp;&nbsp;&nbsp; $134213358 | &nbsp;&nbsp;&nbsp; $52421682 |
| 3950001 | &nbsp;&nbsp;&nbsp; 6900001 | &nbsp;&nbsp;&nbsp; 5550001 | &nbsp;&nbsp;&nbsp; 4370000 | &nbsp;&nbsp;&nbsp; 720000 |
| (10000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (760000)<br>| &nbsp;&nbsp;&nbsp; (390000)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2330001 | &nbsp;&nbsp;&nbsp; 2000001 |
| 3940001 | &nbsp;&nbsp;&nbsp; 6900001 | &nbsp;&nbsp;&nbsp; 5350001 | &nbsp;&nbsp;&nbsp; 5940001 | &nbsp;&nbsp;&nbsp; 2330001 |

---

------

**159**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended October 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco High Yield Select** <br>**ETF (HIYS)** | **Invesco High Yield Select** <br>**ETF (HIYS)** | **Invesco International Growth Focus ETF (MTRA)** |
|  | **2025** | **2024** | **2025**<sup>(a)</sup> <br>|
| **Operations:** |  |  |  |
| Net investment income | &nbsp;&nbsp; $558885 | &nbsp;&nbsp;&nbsp; $691466 | &nbsp;&nbsp;&nbsp; $152516 |
| Net realized gain (loss) | &nbsp;&nbsp; 46109 | &nbsp;&nbsp;&nbsp; 78802 | &nbsp;&nbsp;&nbsp; 900225 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2899)<br>| &nbsp;&nbsp;&nbsp; 527673 | &nbsp;&nbsp;&nbsp; 5386421 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 602095 | &nbsp;&nbsp;&nbsp; 1297941 | &nbsp;&nbsp;&nbsp; 6439162 |
| **Distributions to Shareholders from:** |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (559003)<br>| &nbsp;&nbsp;&nbsp; (716226)<br>| &nbsp;&nbsp;&nbsp; - |
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 160935993 |
| Value of shares repurchased | &nbsp;&nbsp; (2275149)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (2275149)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 160935993 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (2232057)<br>| &nbsp;&nbsp;&nbsp; 581715 | &nbsp;&nbsp;&nbsp; 167375155 |
| **Net assets:** |  |  |  |
| Beginning of year | &nbsp;&nbsp; 10199741 | &nbsp;&nbsp;&nbsp; 9618026 | &nbsp;&nbsp;&nbsp; - |
| End of year | &nbsp;&nbsp; $7967684 | &nbsp;&nbsp;&nbsp; $10199741 | &nbsp;&nbsp;&nbsp; $167375155 |
| **Changes in Shares Outstanding:** |  |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6340001 |
| Shares repurchased | &nbsp;&nbsp; (90000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of year | &nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, end of year | &nbsp;&nbsp; 310001 | &nbsp;&nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; 6340001 |

---

<sup>(a)</sup> For the period June 9, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 15, 2024 (commencement of investment operations) through October 31, 2024.

<sup>(c)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**160**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco MSCI EAFE Income** <br>**Advantage ETF (EFAA)** | **Invesco MSCI EAFE Income** <br>**Advantage ETF (EFAA)** | **Invesco QQQ** <br>**Hedged Advantage** <br>**ETF (QQHG)**<br>| **Invesco QQQ** <br>**Income Advantage** <br>**ETF (QQA)** | **Invesco QQQ** <br>**Income Advantage** <br>**ETF (QQA)** | **Invesco S&P 500**<sup>®</sup> **Downside** <br>**Hedged ETF (PHDG)** | **Invesco S&P 500**<sup>®</sup> **Downside** <br>**Hedged ETF (PHDG)** |
| **2025** | **2024**<sup>(b)</sup> <br>| **2025**<sup>(c)</sup> <br>| **2025** | **2024**<sup>(b)</sup> <br>| **2025** | **2024** |
| $10933564 | &nbsp;&nbsp;&nbsp;&nbsp; $2779249 | &nbsp;&nbsp;&nbsp;&nbsp; $13708 | &nbsp;&nbsp;&nbsp;&nbsp; $24463014 | &nbsp;&nbsp;&nbsp;&nbsp; $3685705 | &nbsp;&nbsp;&nbsp;&nbsp; $2035641 | &nbsp;&nbsp;&nbsp;&nbsp; $2394813 |
| (5770615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (875049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (398802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15261944)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1524195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4705861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23457543 |
| 21019979 | &nbsp;&nbsp;&nbsp;&nbsp; (524543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2604419 | &nbsp;&nbsp;&nbsp;&nbsp; 53940179 | &nbsp;&nbsp;&nbsp;&nbsp; 3713803 | &nbsp;&nbsp;&nbsp;&nbsp; 2200076 | &nbsp;&nbsp;&nbsp;&nbsp; 1713470 |
| 26182928 | &nbsp;&nbsp;&nbsp;&nbsp; 1379657 | &nbsp;&nbsp;&nbsp;&nbsp; 2219325 | &nbsp;&nbsp;&nbsp;&nbsp; 63141249 | &nbsp;&nbsp;&nbsp;&nbsp; 5875313 | &nbsp;&nbsp;&nbsp;&nbsp; (470144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27565826 |
| (12389313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1735949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24611090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3179903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2057347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2621385)<br>|
| 134517676 | &nbsp;&nbsp;&nbsp;&nbsp; 125748255 | &nbsp;&nbsp;&nbsp;&nbsp; 10000050 | &nbsp;&nbsp;&nbsp;&nbsp; 303463421 | &nbsp;&nbsp;&nbsp;&nbsp; 131713690 | &nbsp;&nbsp;&nbsp;&nbsp; 9307469 | &nbsp;&nbsp;&nbsp;&nbsp; 10801461 |
| (26533342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6006588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (39993262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2397533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48016836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55066469)<br>|
| 107984334 | &nbsp;&nbsp;&nbsp;&nbsp; 119741667 | &nbsp;&nbsp;&nbsp;&nbsp; 10000050 | &nbsp;&nbsp;&nbsp;&nbsp; 263470159 | &nbsp;&nbsp;&nbsp;&nbsp; 129316157 | &nbsp;&nbsp;&nbsp;&nbsp; (38709367)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44265008)<br>|
| 121777949 | &nbsp;&nbsp;&nbsp;&nbsp; 119385375 | &nbsp;&nbsp;&nbsp;&nbsp; 12205619 | &nbsp;&nbsp;&nbsp;&nbsp; 302000318 | &nbsp;&nbsp;&nbsp;&nbsp; 132011567 | &nbsp;&nbsp;&nbsp;&nbsp; (41236858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19320567)<br>|
| 119385375 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 132011567 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 113842817 | &nbsp;&nbsp;&nbsp;&nbsp; 133163384 |
| $241163324 | &nbsp;&nbsp;&nbsp;&nbsp; $119385375 | &nbsp;&nbsp;&nbsp;&nbsp; $12205619 | &nbsp;&nbsp;&nbsp;&nbsp; $434011885 | &nbsp;&nbsp;&nbsp;&nbsp; $132011567 | &nbsp;&nbsp;&nbsp;&nbsp; $72605959 | &nbsp;&nbsp;&nbsp;&nbsp; $113842817 |
| 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2580001 | &nbsp;&nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2780001 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| (550000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (120000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1550000)<br>|
| 2460001 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2730001 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 |
| 4560001 | &nbsp;&nbsp;&nbsp;&nbsp; 2460001 | &nbsp;&nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp;&nbsp; 8030001 | &nbsp;&nbsp;&nbsp;&nbsp; 2730001 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |

---

------

**161**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500** <br>**Equal Weight Income Advantage** <br>**ETF (RSPA)** | **Invesco S&P 500** <br>**Equal Weight Income Advantage** <br>**ETF (RSPA)** | **Invesco Short Duration** <br>**Total Return Bond ETF (GTOS)** | **Invesco Short Duration** <br>**Total Return Bond ETF (GTOS)** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $31598792 | &nbsp;&nbsp;&nbsp; $7074244 | &nbsp;&nbsp;&nbsp; $672133 | &nbsp;&nbsp;&nbsp; $549417 |
| Net realized gain (loss) | &nbsp;&nbsp; (14736832)<br>| &nbsp;&nbsp;&nbsp; (1835840)<br>| &nbsp;&nbsp;&nbsp; 29846 | &nbsp;&nbsp;&nbsp; 37615 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 15108606 | &nbsp;&nbsp;&nbsp; 7150988 | &nbsp;&nbsp;&nbsp; 26744 | &nbsp;&nbsp;&nbsp; 172563 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 31970566 | &nbsp;&nbsp;&nbsp; 12389392 | &nbsp;&nbsp;&nbsp; 728723 | &nbsp;&nbsp;&nbsp; 759595 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (31897933)<br>| &nbsp;&nbsp;&nbsp; (6179890)<br>| &nbsp;&nbsp;&nbsp; (718794)<br>| &nbsp;&nbsp;&nbsp; (552129)<br>|
| Return of capital | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders | &nbsp;&nbsp; (31897933)<br>| &nbsp;&nbsp;&nbsp; (6179890)<br>| &nbsp;&nbsp;&nbsp; (718794)<br>| &nbsp;&nbsp;&nbsp; (552129)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 245385822 | &nbsp;&nbsp;&nbsp; 291736930 | &nbsp;&nbsp;&nbsp; 72808117 | &nbsp;&nbsp;&nbsp; - |
| Value of shares repurchased | &nbsp;&nbsp; (49129967)<br>| &nbsp;&nbsp;&nbsp; (30231991)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 196255855 | &nbsp;&nbsp;&nbsp; 261504939 | &nbsp;&nbsp;&nbsp; 72808117 | &nbsp;&nbsp;&nbsp; - |
| Net increase in net assets | &nbsp;&nbsp; 196328488 | &nbsp;&nbsp;&nbsp; 267714441 | &nbsp;&nbsp;&nbsp; 72818046 | &nbsp;&nbsp;&nbsp; 207466 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 267714441 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9978730 | &nbsp;&nbsp;&nbsp; 9771264 |
| End of year | &nbsp;&nbsp; $464042929 | &nbsp;&nbsp;&nbsp; $267714441 | &nbsp;&nbsp;&nbsp; $82796776 | &nbsp;&nbsp;&nbsp; $9978730 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4920000 | &nbsp;&nbsp;&nbsp; 5840001 | &nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; - |
| Shares repurchased | &nbsp;&nbsp; (960000)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of year | &nbsp;&nbsp; 5240001 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; 400001 |
| Shares outstanding, end of year | &nbsp;&nbsp; 9200001 | &nbsp;&nbsp;&nbsp; 5240001 | &nbsp;&nbsp;&nbsp; 3300001 | &nbsp;&nbsp;&nbsp; 400001 |

---

<sup>(a)</sup> For the period July 15, 2024 (commencement of investment operations) through October 31, 2024.

<sup>(b)</sup> For the period February 18, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period December 2, 2024 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**162**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**SteelPath MLP & Energy** <br>**Infrastructure ETF (PIPE)**<br>| **Invesco Top QQQ ETF (QBIG)** | **Invesco Total Return Bond ETF (GTO)** | **Invesco Total Return Bond ETF (GTO)** | **Invesco Ultra Short Duration ETF (GSY)** | **Invesco Ultra Short Duration ETF (GSY)** |
| **2025**<sup>(b)</sup> <br>| **2025**<sup>(c)</sup> <br>| **2025** | **2024** | **2025** | **2024** |
| $544812 | &nbsp;&nbsp;&nbsp; $543569 | &nbsp;&nbsp;&nbsp; $87803643 | &nbsp;&nbsp;&nbsp; $59442242 | &nbsp;&nbsp;&nbsp; $129849225 | &nbsp;&nbsp;&nbsp; $110175187 |
| 78095 | &nbsp;&nbsp;&nbsp; (2586956)<br>| &nbsp;&nbsp;&nbsp; (16941948)<br>| &nbsp;&nbsp;&nbsp; 28786639 | &nbsp;&nbsp;&nbsp; 2371690 | &nbsp;&nbsp;&nbsp; (4350750)<br>|
| (1761346)<br>| &nbsp;&nbsp;&nbsp; 8849948 | &nbsp;&nbsp;&nbsp; 44449859 | &nbsp;&nbsp;&nbsp; 47423258 | &nbsp;&nbsp;&nbsp; 2398413 | &nbsp;&nbsp;&nbsp; 26889127 |
| (1138439)<br>| &nbsp;&nbsp;&nbsp; 6806561 | &nbsp;&nbsp;&nbsp; 115311554 | &nbsp;&nbsp;&nbsp; 135652139 | &nbsp;&nbsp;&nbsp; 134619328 | &nbsp;&nbsp;&nbsp; 132713564 |
| (694532)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (87724453)<br>| &nbsp;&nbsp;&nbsp; (59344297)<br>| &nbsp;&nbsp;&nbsp; (130088880)<br>| &nbsp;&nbsp;&nbsp; (116677202)<br>|
| (208169)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (902701)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (87724453)<br>| &nbsp;&nbsp;&nbsp; (59344297)<br>| &nbsp;&nbsp;&nbsp; (130088880)<br>| &nbsp;&nbsp;&nbsp; (116677202)<br>|
| 58048925 | &nbsp;&nbsp;&nbsp; 42491555 | &nbsp;&nbsp;&nbsp; 426296706 | &nbsp;&nbsp;&nbsp; 733572709 | &nbsp;&nbsp;&nbsp; 5444986389 | &nbsp;&nbsp;&nbsp; 3244731647 |
| (7242290)<br>| &nbsp;&nbsp;&nbsp; (7242796)<br>| &nbsp;&nbsp;&nbsp; (255718274)<br>| &nbsp;&nbsp;&nbsp; (102369762)<br>| &nbsp;&nbsp;&nbsp; (4489603319)<br>| &nbsp;&nbsp;&nbsp; (2913407745)<br>|
| 50806635 | &nbsp;&nbsp;&nbsp; 35248759 | &nbsp;&nbsp;&nbsp; 170578432 | &nbsp;&nbsp;&nbsp; 631202947 | &nbsp;&nbsp;&nbsp; 955383070 | &nbsp;&nbsp;&nbsp; 331323902 |
| 48765495 | &nbsp;&nbsp;&nbsp; 42055320 | &nbsp;&nbsp;&nbsp; 198165533 | &nbsp;&nbsp;&nbsp; 707510789 | &nbsp;&nbsp;&nbsp; 959913518 | &nbsp;&nbsp;&nbsp; 347360264 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1724394957 | &nbsp;&nbsp;&nbsp; 1016884168 | &nbsp;&nbsp;&nbsp; 2235080302 | &nbsp;&nbsp;&nbsp; 1887720038 |
| $48765495 | &nbsp;&nbsp;&nbsp; $42055320 | &nbsp;&nbsp;&nbsp; $1922560490 | &nbsp;&nbsp;&nbsp; $1724394957 | &nbsp;&nbsp;&nbsp; $3194993820 | &nbsp;&nbsp;&nbsp; $2235080302 |
| 2410001 | &nbsp;&nbsp;&nbsp; 1300001 | &nbsp;&nbsp;&nbsp; 9100000 | &nbsp;&nbsp;&nbsp; 15650000 | &nbsp;&nbsp;&nbsp; 108500000 | &nbsp;&nbsp;&nbsp; 64900000 |
| (300000)<br>| &nbsp;&nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (5450000)<br>| &nbsp;&nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp;&nbsp; (89500000)<br>| &nbsp;&nbsp;&nbsp; (58300000)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 36750000 | &nbsp;&nbsp;&nbsp; 23300000 | &nbsp;&nbsp;&nbsp; 44600000 | &nbsp;&nbsp;&nbsp; 38000000 |
| 2110001 | &nbsp;&nbsp;&nbsp; 1050001 | &nbsp;&nbsp;&nbsp; 40400000 | &nbsp;&nbsp;&nbsp; 36750000 | &nbsp;&nbsp;&nbsp; 63600000 | &nbsp;&nbsp;&nbsp; 44600000 |

---

------

**163**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended October 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **Invesco Variable Rate Investment** <br>**Grade ETF (VRIG)** | **Invesco Variable Rate Investment** <br>**Grade ETF (VRIG)** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $62497555 | &nbsp;&nbsp;&nbsp; $57258999 |
| Net realized gain | &nbsp;&nbsp; 182798 | &nbsp;&nbsp;&nbsp; 26757 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (133852)<br>| &nbsp;&nbsp;&nbsp; 6657172 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 62546501 | &nbsp;&nbsp;&nbsp; 63942928 |
| **Distributions to Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (63613216)<br>| &nbsp;&nbsp;&nbsp; (57755653)<br>|
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 581112922 | &nbsp;&nbsp;&nbsp; 499001958 |
| Value of shares repurchased | &nbsp;&nbsp; (355317097)<br>| &nbsp;&nbsp;&nbsp; (208173379)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 225795825 | &nbsp;&nbsp;&nbsp; 290828579 |
| Net increase in net assets | &nbsp;&nbsp; 224729110 | &nbsp;&nbsp;&nbsp; 297015854 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1062724579 | &nbsp;&nbsp;&nbsp; 765708725 |
| End of year | &nbsp;&nbsp; $1287453689 | &nbsp;&nbsp;&nbsp; $1062724579 |
| **Changes in Shares Outstanding:** |  |  |
| Shares sold | &nbsp;&nbsp; 23150000 | &nbsp;&nbsp;&nbsp; 19900000 |
| Shares repurchased | &nbsp;&nbsp; (14200000)<br>| &nbsp;&nbsp;&nbsp; (8300000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 42350001 | &nbsp;&nbsp;&nbsp; 30750001 |
| Shares outstanding, end of year | &nbsp;&nbsp; 51300001 | &nbsp;&nbsp;&nbsp; 42350001 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**164**

------

**Financial Highlights**

Invesco AAA CLO Floating Rate Note ETF (ICLO)

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
|  | **2025** | **2024** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $25.49 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>|
| Transaction fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.55 | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $25.49 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.56 | &nbsp;&nbsp;&nbsp; $25.64 | &nbsp;&nbsp;&nbsp; $25.50 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.60 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.63 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $383311 | &nbsp;&nbsp;&nbsp; $176709 | &nbsp;&nbsp;&nbsp; $33132 |
| Ratio to average net assets of: |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 88<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 7.51%. The market price total return from Fund Inception to October 31, 2023 was 7.25%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**165**

------

**Financial Highlights—(continued)**

Invesco Active U.S. Real Estate ETF (PSR)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $95.16 | &nbsp;&nbsp;&nbsp; $76.66 | &nbsp;&nbsp;&nbsp; $87.42 | &nbsp;&nbsp;&nbsp; $110.25 | &nbsp;&nbsp;&nbsp; $78.27 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.69 | &nbsp;&nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp;&nbsp; (22.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.99 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp;&nbsp; (20.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.58 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp; (2.60)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $90.89 | &nbsp;&nbsp;&nbsp; $95.16 | &nbsp;&nbsp;&nbsp; $76.66 | &nbsp;&nbsp;&nbsp; $87.42 | &nbsp;&nbsp;&nbsp; $110.25 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $90.85 | &nbsp;&nbsp;&nbsp; $95.21 | &nbsp;&nbsp;&nbsp; $76.72 | &nbsp;&nbsp;&nbsp; $87.45 | &nbsp;&nbsp;&nbsp; $110.26 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (1.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.00<br> %<br>| &nbsp;&nbsp;&nbsp; (9.59)%<br>| &nbsp;&nbsp;&nbsp; (18.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.71<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (2.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.96<br> %<br>| &nbsp;&nbsp;&nbsp; (9.55)%<br>| &nbsp;&nbsp;&nbsp; (18.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.82<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $50898 | &nbsp;&nbsp;&nbsp; $67564 | &nbsp;&nbsp;&nbsp; $83560 | &nbsp;&nbsp;&nbsp; $112770 | &nbsp;&nbsp;&nbsp; $130094 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 222<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**166**

------

**Financial Highlights—(continued)**

Invesco Comstock Contrarian Equity ETF (CSTK)

---

| | |
|:---|:---|
|  | **For the Period** <br>**May 5, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $27.98 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $28.00 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.85 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.92 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $110236 |
| Ratio to average net assets of: |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.34 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (May 7, 2025, the first day of trading on the exchange) to October 31, 2025 was 12.98%. The market price total return from Fund Inception to October 31, 2025 was 13.06%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**167**

------

**Financial Highlights—(continued)**

Invesco Core Fixed Income ETF (GTOC)

---

| | |
|:---|:---|
|  | **For the Period** <br>**July 21, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.48 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.48 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $175843 |
| Ratio to average net assets of: |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.04 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 160<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (July 23, 2025, the first day of trading on the exchange) to October 31, 2025 was 3.13%. The market price total return from Fund Inception to October 31, 2025 was 3.13%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

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**Financial Highlights—(continued)**

Invesco Global Equity Net Zero ETF (IQSZ)

---

| | |
|:---|:---|
|  | **For the Period** <br>**July 14, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.53 |
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $27.45 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $27.44 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.14 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.10 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $146844 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (July 16, 2025, the first day of trading on the exchange) to October 31, 2025 was 10.68%. The market price total return from Fund Inception to October 31, 2025 was 10.23%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**169**

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**Financial Highlights—(continued)**

Invesco High Yield Bond Factor ETF (IHYF)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**November 30, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**November 30, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $22.50 | &nbsp;&nbsp;&nbsp; $20.83 | &nbsp;&nbsp;&nbsp; $21.00 | &nbsp;&nbsp;&nbsp; $25.45 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; - |
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $22.59 | &nbsp;&nbsp;&nbsp; $22.50 | &nbsp;&nbsp;&nbsp; $20.83 | &nbsp;&nbsp;&nbsp; $21.00 | &nbsp;&nbsp;&nbsp; $25.45 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $22.66 | &nbsp;&nbsp;&nbsp; $22.52 | &nbsp;&nbsp;&nbsp; $20.90 | &nbsp;&nbsp;&nbsp; $21.05 | &nbsp;&nbsp;&nbsp; $25.51 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.47<br> %<br>| &nbsp;&nbsp;&nbsp; (12.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.65 %<sup>(f)</sup><br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br> %<br>| &nbsp;&nbsp;&nbsp; (12.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.88 %<sup>(f)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $134213 | &nbsp;&nbsp;&nbsp; $52422 | &nbsp;&nbsp;&nbsp; $41656 | &nbsp;&nbsp;&nbsp; $34020 | &nbsp;&nbsp;&nbsp; $41491 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14 %<sup>(g)</sup><br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> The net asset value total return from Fund Inception (December 2, 2020, the first day of trading on the exchange) to October 31, 2021 was 5.39%. The market price total return from Fund Inception to October 31, 2021 was 5.30%.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**170**

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**Financial Highlights—(continued)**

Invesco High Yield Select ETF (HIYS)

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
|  | **2025** | **2024** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.50 | &nbsp;&nbsp;&nbsp; $24.05 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp; (0.96)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $25.50 | &nbsp;&nbsp;&nbsp; $24.05 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $25.64 | &nbsp;&nbsp;&nbsp; $24.18 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $7968 | &nbsp;&nbsp;&nbsp; $10200 | &nbsp;&nbsp;&nbsp; $9618 |
| Ratio to average net assets of: |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 148<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 103<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.45%. The market price total return from Fund Inception to October 31, 2023 was 2.61%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**171**

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**Financial Highlights—(continued)**

Invesco International Growth Focus ETF (MTRA)

---

| | |
|:---|:---|
|  | **For the Period** <br>**June 9, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $26.40 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $26.39 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.60 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.56 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $167375 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 32<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (June 11, 2025, the first day of trading on the exchange) to October 31, 2025 was 4.72%. The market price total return from Fund Inception to October 31, 2025 was 4.93%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**172**

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**Financial Highlights—(continued)**

Invesco MSCI EAFE Income Advantage ETF (EFAA)

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31,** <br>**2025**<br>| **For the Period** <br>**July 15, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $48.53 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp; (2.06)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp; (0.76)<br>|
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $52.89 | &nbsp;&nbsp;&nbsp; $48.53 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $53.00 | &nbsp;&nbsp;&nbsp; $48.59 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19.00<br> %<br>| &nbsp;&nbsp;&nbsp; (1.56 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19.04<br> %<br>| &nbsp;&nbsp;&nbsp; (1.44 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $241163 | &nbsp;&nbsp;&nbsp; $119385 |
| Ratio to average net assets of: |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp; - %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was (1.35)%. The market price total return from Fund Inception to October 31, 2024 was (1.26)%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**173**

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**Financial Highlights—(continued)**

Invesco QQQ Hedged Advantage ETF (QQHG)

---

| | |
|:---|:---|
|  | **For the Period** <br>**May 5, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;11.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;11.10 |
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $61.03 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $61.04 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22.20 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22.22 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $12206 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 56<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (May 7, 2025, the first day of trading on the exchange) to October 31, 2025 was 22.59%. The market price total return from Fund Inception to October 31, 2025 was 22.54%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**Financial Highlights—(continued)**

Invesco QQQ Income Advantage ETF (QQA)

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31,** <br>**2025**<br>| **For the Period** <br>**July 15, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $48.36 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp; (2.05 )<sup>(c)</sup><br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $54.05 | &nbsp;&nbsp;&nbsp; $48.36 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $54.26 | &nbsp;&nbsp;&nbsp; $48.50 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.00<br> %<br>| &nbsp;&nbsp;&nbsp; (0.76 )%<sup>(f)</sup><br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.09<br> %<br>| &nbsp;&nbsp;&nbsp; (0.47 )%<sup>(f)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $434012 | &nbsp;&nbsp;&nbsp; $132012 |
| Ratio to average net assets of: |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp; - %<sup>(g)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 10.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.82 %<sup>(g)</sup><br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2025 was 1.68%. The market price total return from Fund Inception to October 31, 2025 was 1.72%.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**175**

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**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Downside Hedged ETF (PHDG)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $37.95 | &nbsp;&nbsp;&nbsp; $31.33 | &nbsp;&nbsp;&nbsp; $35.18 | &nbsp;&nbsp;&nbsp; $36.82 | &nbsp;&nbsp;&nbsp; $32.51 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 | &nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $38.21 | &nbsp;&nbsp;&nbsp; $37.95 | &nbsp;&nbsp;&nbsp; $31.33 | &nbsp;&nbsp;&nbsp; $35.18 | &nbsp;&nbsp;&nbsp; $36.82 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $38.08 | &nbsp;&nbsp;&nbsp; $37.91 | &nbsp;&nbsp;&nbsp; $31.35 | &nbsp;&nbsp;&nbsp; $35.24 | &nbsp;&nbsp;&nbsp; $36.78 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.72<br> %<br>| &nbsp;&nbsp;&nbsp; (9.09)%<br>| &nbsp;&nbsp;&nbsp; (3.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.86<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.51<br> %<br>| &nbsp;&nbsp;&nbsp; (9.19)%<br>| &nbsp;&nbsp;&nbsp; (3.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.49<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $72606 | &nbsp;&nbsp;&nbsp; $113843 | &nbsp;&nbsp;&nbsp; $133163 | &nbsp;&nbsp;&nbsp; $279696 | &nbsp;&nbsp;&nbsp; $250377 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Expenses, prior to Waivers<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 929<br> %<br>| &nbsp;&nbsp;&nbsp; 683<br> %<br>| &nbsp;&nbsp;&nbsp; 1,213<br> %<br>| &nbsp;&nbsp;&nbsp; 1,189<br> %<br>| &nbsp;&nbsp;&nbsp; 597<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies' expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies' expenses that the Fund bears indirectly is included in the Fund's total return. 

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**176**

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**Financial Highlights—(continued)**

Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31,** <br>**2025**<br>| **For the Period** <br>**July 15, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $51.09 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.64 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $50.44 | &nbsp;&nbsp;&nbsp; $51.09 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $50.57 | &nbsp;&nbsp;&nbsp; $51.09 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59 %<sup>(f)</sup><br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59 %<sup>(f)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $464043 | &nbsp;&nbsp;&nbsp; $267714 |
| Ratio to average net assets of: |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp; - %<sup>(g)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 9.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.41 %<sup>(g)</sup><br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was 3.62%. The market price total return from Fund Inception to October 31, 2024 was 3.49%.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**177**

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**Financial Highlights—(continued)**

Invesco Short Duration Total Return Bond ETF (GTOS)

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
|  | **2025** | **2024** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $24.95 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; (0.58)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.95 | &nbsp;&nbsp;&nbsp; $24.43 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.11 | &nbsp;&nbsp;&nbsp; $24.96 | &nbsp;&nbsp;&nbsp; $24.44 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $82797 | &nbsp;&nbsp;&nbsp; $9979 | &nbsp;&nbsp;&nbsp; $9771 |
| Ratio to average net assets of: |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 458<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 314<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.47%. The market price total return from Fund Inception to October 31, 2023 was 2.39%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**178**

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**Financial Highlights—(continued)**

Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)

---

| | |
|:---|:---|
|  | **For the Period** <br>**February 18, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.62)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.17)<br>|
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.55)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.72)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $23.11 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $23.11 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (4.73 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (4.73 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $48765 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.73 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 2<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (February 20, 2025, the first day of trading on the exchange) to October 31, 2025 was (4.46)%. The market price total return from Fund Inception to October 31, 2025 was (4.58)%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**179**

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**Financial Highlights—(continued)**

Invesco Top QQQ ETF (QBIG)

---

| | |
|:---|:---|
|  | **For the Period** <br>**December 2, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $30.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;9.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;10.05 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $40.05 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $40.07 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33.50 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33.57 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $42055 |
| Ratio to average net assets of: |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.13 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 106<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (December 4, 2024, the first day of trading on the exchange) to October 31, 2025 was 30.37%. The market price total return from Fund Inception to October 31, 2025 was 30.35%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**180**

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**Financial Highlights—(continued)**

Invesco Total Return Bond ETF (GTO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $46.92 | &nbsp;&nbsp;&nbsp; $43.64 | &nbsp;&nbsp;&nbsp; $44.73 | &nbsp;&nbsp;&nbsp; $56.63 | &nbsp;&nbsp;&nbsp; $57.57 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (11.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (10.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1.09)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $47.59 | &nbsp;&nbsp;&nbsp; $46.92 | &nbsp;&nbsp;&nbsp; $43.64 | &nbsp;&nbsp;&nbsp; $44.73 | &nbsp;&nbsp;&nbsp; $56.63 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $47.57 | &nbsp;&nbsp;&nbsp; $46.94 | &nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $44.67 | &nbsp;&nbsp;&nbsp; $56.67 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp; (18.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp; (18.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1922560 | &nbsp;&nbsp;&nbsp; $1724395 | &nbsp;&nbsp;&nbsp; $1016884 | &nbsp;&nbsp;&nbsp; $738113 | &nbsp;&nbsp;&nbsp; $996607 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 629<br> %<br>| &nbsp;&nbsp;&nbsp; 549<br> %<br>| &nbsp;&nbsp;&nbsp; 496<br> %<br>| &nbsp;&nbsp;&nbsp; 361<br> %<br>| &nbsp;&nbsp;&nbsp; 475<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

Invesco Ultra Short Duration ETF (GSY)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $49.68 | &nbsp;&nbsp;&nbsp; $49.25 | &nbsp;&nbsp;&nbsp; $50.38 | &nbsp;&nbsp;&nbsp; $50.53 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $50.24 | &nbsp;&nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $49.68 | &nbsp;&nbsp;&nbsp; $49.25 | &nbsp;&nbsp;&nbsp; $50.38 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $50.24 | &nbsp;&nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $49.68 | &nbsp;&nbsp;&nbsp; $49.24 | &nbsp;&nbsp;&nbsp; $50.38 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp; (1.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br> %<br>| &nbsp;&nbsp;&nbsp; (1.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $3194994 | &nbsp;&nbsp;&nbsp; $2235080 | &nbsp;&nbsp;&nbsp; $1887720 | &nbsp;&nbsp;&nbsp; $2108024 | &nbsp;&nbsp;&nbsp; $2942228 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**Financial Highlights—(continued)**

Invesco Variable Rate Investment Grade ETF (VRIG)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.89 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $25.10 | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $25.09 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $25.10 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $25.10 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.32<br> %<br>| &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.46<br> %<br>| &nbsp;&nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1287454 | &nbsp;&nbsp;&nbsp; $1062725 | &nbsp;&nbsp;&nbsp; $765709 | &nbsp;&nbsp;&nbsp; $571327 | &nbsp;&nbsp;&nbsp; $471652 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**Notes to Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

October 31, 2025

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco AAA CLO Floating Rate Note ETF (ICLO) | "AAA CLO Floating Rate Note ETF" |
| Invesco Active U.S. Real Estate ETF (PSR) | "Active U.S. Real Estate ETF" |
| Invesco Comstock Contrarian Equity ETF (CSTK) | "Comstock Contrarian Equity ETF" |
| Invesco Core Fixed Income ETF (GTOC) | "Core Fixed Income ETF" |
| Invesco Global Equity Net Zero ETF (IQSZ) | "Global Equity Net Zero ETF" |
| Invesco High Yield Bond Factor ETF (IHYF) | "High Yield Bond Factor ETF" |
| Invesco High Yield Select ETF (HIYS) | "High Yield Select ETF" |
| Invesco International Growth Focus ETF (MTRA) | "International Growth Focus ETF" |
| Invesco MSCI EAFE Income Advantage ETF (EFAA) | "MSCI EAFE Income Advantage ETF" |
| Invesco QQQ Hedged Advantage ETF (QQHG) | "QQQ Hedged Advantage ETF" |
| Invesco QQQ Income Advantage ETF (QQA) | "QQQ Income Advantage ETF" |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF (PHDG) | "S&P 500<sup>®</sup> Downside Hedged ETF" |
| Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) | "S&P 500 Equal Weight Income Advantage ETF" |
| Invesco Short Duration Total Return Bond ETF (GTOS)<sup>(a)</sup> <br>| "Short Duration Total Return Bond ETF" |
| Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) | "SteelPath MLP & Energy Infrastructure ETF" |
| Invesco Top QQQ ETF (QBIG) | "Top QQQ ETF" |
| Invesco Total Return Bond ETF (GTO) | "Total Return Bond ETF" |
| Invesco Ultra Short Duration ETF (GSY) | "Ultra Short Duration ETF" |
| Invesco Variable Rate Investment Grade ETF (VRIG) | "Variable Rate Investment Grade ETF" |

---

<sup>(a)</sup> Effective February 24, 2025, the Fund's name changed from Invesco Short Duration Bond ETF to Invesco Short Duration Total Return Bond ETF.

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

---

| | |
|:---|:---|
| **Fund** | **Exchange** |
| AAA CLO Floating Rate Note ETF | Cboe BZX Exchange, Inc. |
| Active U.S. Real Estate ETF | NYSE Arca, Inc. |
| Comstock Contrarian Equity ETF | Cboe BZX Exchange, Inc. |
| Core Fixed Income ETF | Cboe BZX Exchange, Inc. |
| Global Equity Net Zero ETF | NYSE Arca, Inc. |
| High Yield Bond Factor ETF | The Nasdaq Stock Market LLC |
| High Yield Select ETF | Cboe BZX Exchange, Inc. |
| International Growth Focus ETF | Cboe BZX Exchange, Inc. |
| MSCI EAFE Income Advantage ETF | NYSE Arca, Inc. |
| QQQ Hedged Advantage ETF | The Nasdaq Stock Market LLC |
| QQQ Income Advantage ETF | The Nasdaq Stock Market LLC |
| S&P 500<sup>®</sup> Downside Hedged ETF | NYSE Arca, Inc. |
| S&P 500 Equal Weight Income Advantage ETF | NYSE Arca, Inc. |
| Short Duration Total Return Bond ETF | Cboe BZX Exchange, Inc. |
| SteelPath MLP & Energy Infrastructure ETF | Cboe BZX Exchange, Inc. |
| Top QQQ ETF | The Nasdaq Stock Market LLC |
| Total Return Bond ETF | NYSE Arca, Inc. |
| Ultra Short Duration ETF | NYSE Arca, Inc. |
| Variable Rate Investment Grade ETF | The Nasdaq Stock Market LLC |

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The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units of AAA CLO Floating Rate Note ETF, Core Fixed Income ETF, High Yield Bond Factor ETF, High Yield Select ETF, Short Duration Total Return Bond ETF, Total Return Bond ETF, Ultra Short Duration ETF and Variable Rate Investment Grade ETF are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for a basket of securities ("Deposit Securities"). Creation Units of Active U.S. Real Estate ETF, Comstock Contrarian Equity ETF, Global Equity Net Zero ETF, International Growth Focus ETF and SteelPath MLP & Energy Infrastructure ETF are issued and redeemed principally in exchange for the deposit or delivery of Deposit Securities, though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Creation Units of MSCI EAFE Income Advantage ETF, QQQ Hedged Advantage ETF, QQQ Income Advantage ETF, S&P 500<sup>®</sup> Downside Hedged ETF, S&P 500 Equal Weight Income Advantage ETF and Top QQQ ETF are issued and redeemed partially in exchange for the deposit or delivery of cash and partially in exchange for Deposit Securities, though each Fund reserves the right to issue and redeem Creation Units principally in exchange for cash or for Deposit Securities. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is listed below.

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| AAA CLO Floating Rate Note ETF | To seek current income and capital preservation. |
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; To seek to achieve high total return through growth of capital and current <br> income.<br>|
| Comstock Contrarian Equity ETF | To seek total return through growth of capital and current income. |
| Core Fixed Income ETF | To seek total return. |
| Global Equity Net Zero ETF | To seek long-term total return. |
| High Yield Bond Factor ETF | To seek total return. |
| High Yield Select ETF | To seek current income. |
| International Growth Focus ETF | To seek to provide capital appreciation. |
| MSCI EAFE Income Advantage ETF | To seek total return through current income and long-term growth of capital. |
| QQQ Hedged Advantage ETF | To seek to provide capital appreciation. |
| QQQ Income Advantage ETF | To seek total return through current income and long-term growth of capital. |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp; To seek to achieve positive total returns in rising or falling markets that are <br> not directly correlated to broad equity or fixed income market returns.<br>|
| S&P 500 Equal Weight Income Advantage ETF | To seek total return through current income and long-term growth of capital. |
| Short Duration Total Return Bond ETF | To seek total return, comprised of income and capital appreciation. |
| SteelPath MLP & Energy Infrastructure ETF | To seek total return. |
| Top QQQ ETF | To seek total return through long-term growth of capital. |
| Total Return Bond ETF | To seek maximum total return, comprised of income and capital appreciation. |
| Ultra Short Duration ETF | &nbsp;&nbsp;&nbsp; To seek maximum current income, consistent with preservation of capital and <br> daily liquidity.<br>|
| Variable Rate Investment Grade ETF | &nbsp;&nbsp;&nbsp; To seek to generate current income while maintaining low portfolio duration as <br> a primary objective and capital appreciation as a secondary objective.<br>|

---

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Equity-linked notes are valued using an independent pricing service provider whose calculations are based on various data points that are included in the trade terms.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in

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interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - Each Fund (except Active U.S. Real Estate ETF, Comstock Contrarian Equity ETF, Global Equity Net Zero ETF, International Growth Focus ETF, QQQ Hedged Advantage ETF, S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Active U.S. Real Estate ETF, Comstock Contrarian Equity ETF, Global Equity Net Zero ETF, QQQ Hedged Advantage ETF and S&P 500<sup>®</sup> Downside Hedged ETF each declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. International Growth Focus ETF and Top QQQ ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's

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taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** - Each Fund (except for Ultra Short Duration ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers (as defined below) for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF), and for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit.

Ultra Short Duration ETF is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Board members and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), expenses incurred in connection with the Board members' services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"),

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assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement notes disclosures only and did not affect the Funds' financial position or the results of its operations.

**J.** **Commercial Mortgage-Backed Securities** - Certain Funds may invest in both single and multi-issuer Commercial Mortgage-Backed Securities ("CMBS"). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds.

Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS. Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of income recognized on these securities, or the amortized cost of these securities. Each Fund amortizes premiums and/or accretes discounts based on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the Statements of Operations as *Net realized gain (loss) from investment securities* and *Change in net unrealized appreciation (depreciation) of investment securities*, respectively.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis -** The Funds may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to a Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although a Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

**L.** **Repurchase Agreements** - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund's pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates ("Joint repurchase agreements"). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

**M.** **Master Limited Partnerships ("MLPs")** - SteelPath MLP & Energy Infrastructure ETF invests in MLPs, which are generally publicly traded limited partnerships or limited liability companies. Investments in MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. Rather, each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could result in a reduction of the value of the Fund's investment, and consequently your investment in the Fund and lower income. Also, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund's adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund's tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.

In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to the Fund, which right would continue after the Fund sold its investment in the MLP.

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**N.** **Return of Capital -** Distributions received from SteelPath MLP & Energy Infrastructure ETF's investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

**O.** **Equity-Linked Notes** - Certain Funds may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund or an index or basket of securities (underlying securities)) and one or more related equity derivatives, such as put or call options, or a combination thereof. Unlike a direct investment in equity securities, ELNs have a maturity date, potentially increasing a Fund's turnover rate, transaction costs and tax liability. Upon the maturity of an ELN, a Fund generally receives an interest coupon payment and the par value of the note plus or minus a return based on the performance of the underlying securities and the related equity derivatives. If the underlying securities have depreciated in value or if their price appreciates or depreciates outside of a preset range, depending on the type of ELN, a Fund may receive only the principal amount of the note or less than the principal amount of the note, or may even lose the entire principal invested in the ELN. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, a Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, a Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends.

ELNs utilized by a Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to such Fund and result in losses on the ELN that exceed the losses on the underlying securities. The economic leverage associated with investments in ELNs is distinguishable from indebtedness leverage in that it does not expose a Fund to losing more than the principal amount of the ELN. Should the prices of the underlying securities move in an unexpected manner, a Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include a Fund's entire principal investment. In addition, investments in ELNs allow for enhanced yield but are subject to limited upside appreciation potential based on movements of the underlying securities. Investing in ELNs may be more costly to a Fund than if the Fund had invested in the underlying securities directly.

**P.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2025, each Fund (except for AAA CLO Floating Rate Note ETF, Core Fixed Income

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ETF, High Yield Bond Factor ETF, High Yield Select ETF, QQQ Hedged Advantage ETF, Short Duration Total Return Bond ETF, Top QQQ ETF and Variable Rate Investment Grade ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each applicable Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; $306 |
| Comstock Contrarian Equity ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 2 |
| Global Equity Net Zero ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; 476 |
| International Growth Focus ETF<sup>(c)</sup> <br>| &nbsp;&nbsp; 30 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 5 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 341 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; 340 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 10403 |
| SteelPath MLP & Energy Infrastructure ETF<sup>(d)</sup> <br>| &nbsp;&nbsp; 964 |
| Total Return Bond ETF | &nbsp;&nbsp; 2714 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 377 |

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<sup>(a)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period June 9, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(d)</sup> For the period February 18, 2025 (commencement of investment operations) through October 31, 2025.

**Q.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**R.** **Forward Foreign Currency Contracts** - Certain Funds may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis at the rate prevailing in the currency exchange market at the time or through forward foreign currency contracts to manage or minimize currency or exchange rate risk.

A Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

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A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statements of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statements of Assets and Liabilities.

**S.** **Futures Contracts** - Certain Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity, interest rate, and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments can be received or made depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Statements of Assets and Liabilities. Otherwise, the variation margin excess or deficit can be netted with cash held at the futures commission merchant broker and reflected as Cash collateral-futures contracts on the Statements of Assets and Liabilities. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. The contracts included in the VIX Index historically have traded in "contango" markets, resulting in a roll cost, which could adversely affect the value of Shares of the S&P 500<sup>®</sup> Downside Hedged ETF. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.

**T.** **Call Options Purchased and Written** - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**U.** **Put Options Purchased and Written** - Certain Funds may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying portfolio securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statements of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and option contracts written, respectively.

A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**V.** **Swap Agreements** - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund's NAV over specific periods of time. If each Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a "basket" of securities representing a particular index.

In a centrally cleared swap, the Fund's ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant ("FCM")) an amount referred to as "initial margin." Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a "variation margin" amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an

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International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.

**W.** **Other Risks**

*ADR and GDR Risk*. Certain Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*Agency Debt Risk*. Certain Funds may invest in debt issued by government agencies, including the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Instruments issued by government agencies generally are backed only by the general creditworthiness and reputation of the government agency issuing the instrument and are not backed by the full faith and credit of the U.S. Government. As a result, there is uncertainty as to the current status of many obligations of Fannie Mae, Freddie Mac and other agencies that are placed under conservatorship of the federal government.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Call Risk*. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund's net investment income could fall.

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind, which may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs. Also, to the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease a Fund's NAV.

*Collateralized Loan Obligations ("CLOs") and Collateralized Debt Obligations ("CDOs") Risk*. Certain Funds may invest in CLOs and CDOs. CLOs bear many of the same risks as other forms of asset-backed securities ("ABS"), including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or "tranches'' that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Each Fund's investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.

*Commercial Paper Risk*. Certain Funds may invest in commercial paper. The value of the Fund's investment in commercial paper, which is an unsecured promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer's financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates.

*Commodity Pool Risk*. S&P 500<sup>®</sup> Downside Hedged ETF's investments in futures contracts have caused it to be deemed a commodity pool, thereby subjecting it to regulation under the Commodity Exchange Act and Commodity Futures Trading

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Commission ("CFTC") rules. The Adviser is registered as a commodity pool operator ("CPO") and as a commodity trading advisor ("CTA"), and will manage the Fund in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO or CTA subjects the Adviser to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program. Additionally, the Fund's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Investment Risk*. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

*Environmental, Social and Governance ("ESG") Considerations Risk*. The ESG considerations that may be assessed as part of a credit research process to implement certain Funds' investment strategies in pursuit of their investment objectives may vary across types of eligible investments and issuers, and not every ESG factor may be identified or evaluated for every investment, and not every investment or issuer may be evaluated for ESG considerations. The incorporation of ESG factors as part of a credit analysis may affect a Fund's exposure to certain issuers or industries and may not work as intended. Information used to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers. There is no guarantee that the incorporation of ESG considerations will be additive to a Fund's performance.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may

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occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*Foreign Fixed-Income Investment Risk*. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Growth Investing Risk*. For certain Funds, the market values of "growth" securities may be more volatile than other types of investments. The returns on "growth" securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund's investments will vary and at times may be lower than that of other types of investments.

*High Yield Securities (Junk Bond) Risk*. Compared to higher quality debt securities, high yield debt securities (commonly referred to as "junk bonds") involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors' claims. They are considered speculative with respect to the issuer's capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. The values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.

*Industry Concentration Risk*. Certain Funds are concentrated to a significant degree in securities of issuers operating in a single industry or industry group. By concentrating their investments in an industry or industry group, such Funds may face more risks than if they were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which some Funds invest, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Interest Rate Risk*. Interest rate risk refers to the risk that fixed income securities' prices generally fall as interest rates rise; conversely, fixed income securities' prices generally rise as interest rates fall. Specific fixed income securities differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. "Duration risk" is related to interest rate risk; it refers to the risks associated with the sensitivity of a fixed income security's price to a one percent change in interest rates. Fixed income securities with longer durations (i.e., a greater length of time until they reach maturity) face greater duration risk, meaning that they tend to exhibit greater volatility and are more sensitive to changes in interest rates than fixed income securities with shorter durations.

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*Leverage Risk*. Leverage occurs when a Fund's market exposure exceeds amounts invested. A Fund's exposure to derivatives and other investment techniques can create a leveraging effect on the portfolio. This leverage will vary over time and may at times be significant. Engaging in transactions using leverage or those having a leveraging effect subjects a Fund to certain risks. Leverage can magnify the effect of any gains or losses, causing a Fund to be more volatile than if it had not used leverage. A Fund may have a substantial cash position due to margin and collateral requirements related to a Fund's use of derivatives. Such margin and collateral requirements may limit a Fund's ability to take advantage of other investment opportunities, and a Fund also may have to sell or liquidate a portion of its assets at inopportune times to satisfy these requirements. This may negatively affect a Fund's ability to achieve its investment objective. In addition, a Fund's assets that are used as collateral to secure these transactions may decrease in value while the positions are outstanding, which may force a Fund to use its other assets to increase collateral. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount of a Fund's assets. There is no assurance that a leveraging strategy will be successful.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

*Management Risk*. The Funds are subject to management risk because they are actively managed portfolios. In managing a Fund's portfolio holdings, the Adviser or a sub-adviser (as applicable and as set forth below) applies investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these actions will produce the desired results.

*Market Risk*. Securities held by the Funds are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in a Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Mortgage-Backed and Asset-Backed Securities Risk*. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

*Net Zero Committed Companies Risk*. Because Global Equity Net Zero ETF will exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not pursue a net zero carbon economy investment strategy or may be required to sell a security when it might otherwise be disadvantageous to do so. This may cause the Fund to underperform the stock market as a whole or other funds that do not employ such an investment strategy. In addition, there is a risk that the companies identified by the Fund's investment strategy will not operate as expected with respect to the transition to a net zero economy and the reduction of global greenhouse gas emissions. Further, in selecting companies for inclusion in the Fund's portfolio, the Sub-Adviser may rely on information and data related to carbon intensity and carbon emissions provided by a third-party research firm, which could be incomplete or erroneous, which in turn could cause the Sub-Adviser to assess a company's net zero carbon economy characteristics incorrectly.

*Non-Diversified Fund Risk*. Because each Fund (except High Yield Bond Factor ETF, S&P 500<sup>®</sup> Downside Hedged ETF, Total Return Bond ETF, Ultra Short Duration ETF and Variable Rate Investment Grade ETF) is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their respective portfolio securities, which may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages

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and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Risk of Investing in Loans*. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. A Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. A Fund is also subject to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of a Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. Thus, to the extent a Fund effects redemptions in cash, the Fund is subject to the risk of selling other investments or taking other actions necessary to raise cash to meet its redemption obligations.

*Small- and Mid-Capitalization Company Risk*. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*To-be-Announced ("TBA") Transactions Risk*. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to the settlement date. TBA transactions involve counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose a Fund to potential loss and could affect the Fund's returns. In addition, TBA transactions may significantly increase a Fund's portfolio turnover rate.

*U.S. Government Obligations Risk*. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the "full faith and credit" of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

*Valuation Time Risk*. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund's portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

*Value Investing Risk*. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund's investments will vary and at times may be lower than that of other types of investments.

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**NOTE 3—Investment Advisory Agreements and Other Agreements**

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs, providing certain clerical, bookkeeping and other administrative services, and for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF), oversight of Invesco, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers").

Pursuant to an Investment Advisory Agreement, each Fund (except Ultra Short Duration ETF) accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF), and for each Fund the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

---

| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Comstock Contrarian Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Core Fixed Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Global Equity Net Zero ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| High Yield Select ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| International Growth Focus ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| MSCI EAFE Income Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| QQQ Hedged Advantage ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| QQQ Income Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| S&P 500 Equal Weight Income Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Short Duration Total Return Bond ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| SteelPath MLP & Energy Infrastructure ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Top QQQ ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Total Return Bond ETF<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Ultra Short Duration ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Variable Rate Investment Grade ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|

---

<sup>(a)</sup> Prior to July 1, 2025, the Adviser had agreed to waive 100% of its unitary management fee for the Fund.

<sup>(b)</sup> Effective February 24, 2025, the Fund's unitary management fee was reduced from 0.35% to 0.30%.

<sup>(c)</sup> Effective February 24, 2025, the Fund's unitary management fee was reduced from 0.50% to 0.35%. However, the Adviser had agreed to waive a portion of its unitary management fee for the Fund, resulting in a net unitary management fee of 0.25%, through August 31, 2025. 

Pursuant to another Investment Advisory Agreement, Ultra Short Duration ETF accrues daily and pays monthly to the Adviser an annual management fee equal to 0.20% of the Fund's average daily net assets. Ultra Short Duration ETF is responsible for all of its own expenses, including its management fee, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, Acquired Fund Fees and Expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Independent Trustees and officers, expenses incurred in connection with the Board members' services, including travel expenses and legal fees of counsel for the Independent Trustees and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Advisers for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF). The sub-advisory fee for these Funds is paid by the Adviser to the Affiliated Sub-Advisers at 40% of the Adviser's compensation of the sub-advised assets of each Fund.

The Adviser has contractually agreed to waive fees and/or pay Fund expenses for Ultra Short Duration ETF to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and

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**198**

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other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding 0.27% of the Fund's average daily net assets per year (the "Expense Cap"), through at least August 31, 2027. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

Further, the Adviser has contractually agreed to waive the management fee payable by each Fund (except for Total Return Bond ETF and Ultra Short Duration ETF) in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser (collectively, "Underlying Affiliated Investments") or (ii) the management fee available to be waived. For Total Return Bond ETF and Ultra Short Duration ETF, the Adviser has contractually agreed to waive a portion of the management fee payable and/or reimburse Fund expenses in an amount equal to 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's Underlying Affiliated Investments. These waivers do not apply to a Fund's investment of cash collateral received for securities lending. These waivers (except for Total Return Bond ETF and Ultra Short Duration ETF) are in place through at least August 31, 2027, and there is no guarantee that the Adviser will extend them past that date. These waivers are not subject to recapture by the Adviser.

For the fiscal year ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp;&nbsp; $6596 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; 74 |
| Comstock Contrarian Equity ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 2691 |
| Core Fixed Income ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1551 |
| Global Equity Net Zero ETF<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; 16 |
| High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp; 374 |
| High Yield Select ETF | &nbsp;&nbsp;&nbsp; 1937 |
| International Growth Focus ETF<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp; 313 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp; 328016 |
| QQQ Hedged Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 35 |
| QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp; 386283 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp; 52518 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp; 606855 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 887 |
| SteelPath MLP & Energy Infrastructure ETF<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp; 280 |
| Top QQQ ETF<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp; 19712 |
| Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 2391237 |
| Ultra Short Duration ETF | &nbsp;&nbsp;&nbsp; 12351 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp;&nbsp; 11495 |

---

<sup>(a)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(d)</sup> For the period June 9, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(e)</sup> For the period February 18, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(f)</sup> For the period December 2, 2024 (commencement of investment operations) through October 31, 2025.

The fees waived and/or expenses borne by the Adviser for Ultra Short Duration ETF pursuant to the Expense Cap are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

There are no amounts available for potential recapture by the Adviser as of October 31, 2025.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended October 31, 2025, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

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| | |
|:---|:---|
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; $18785 |
| Global Equity Net Zero ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 5159 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp; 719 |

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| | |
|:---|:---|
| QQQ Hedged Advantage ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; $401 |
| QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp; 1939 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp; 54375 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp; 8257 |
| Top QQQ ETF<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; 926 |

---

<sup>(a)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period December 2, 2024 (commencement of investment operations) through October 31, 2025.

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Additional Valuation Information**

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 the Adviser'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 October 31, 2025, for each Fund (except for QQQ Hedged Advantage ETF). As of October 31, 2025, all of the securities in QQQ Hedged Advantage 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| AAA CLO Floating Rate Note ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $- | &nbsp;&nbsp; $385803085 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $385803085 |
| Money Market Funds | &nbsp;&nbsp; 539116 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 539116 |
| **Total Investments in Securities** | &nbsp;&nbsp; 539116 | &nbsp;&nbsp; 385803085 | &nbsp;&nbsp; - | &nbsp;&nbsp; 386342201 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; (4451)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (4451)<br>|
| **Total Investments** | &nbsp;&nbsp; $539116 | &nbsp;&nbsp; $385798634 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $386337750 |
| Active U.S. Real Estate ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $50868127 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $50868127 |
| Money Market Funds | &nbsp;&nbsp; 127342 | &nbsp;&nbsp; 678602 | &nbsp;&nbsp; - | &nbsp;&nbsp; 805944 |
| **Total Investments** | &nbsp;&nbsp; $50995469 | &nbsp;&nbsp; $678602 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $51674071 |
| Comstock Contrarian Equity ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $108151837 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $108151837 |
| Money Market Funds | &nbsp;&nbsp; 2024441 | &nbsp;&nbsp; 196875 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2221316 |
| **Total Investments** | &nbsp;&nbsp; $110176278 | &nbsp;&nbsp; $196875 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $110373153 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Core Fixed Income ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $58878426 | &nbsp;&nbsp; $84792 | &nbsp;&nbsp; $58963218 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 58824951 | &nbsp;&nbsp; - | &nbsp;&nbsp; 58824951 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 56110606 | &nbsp;&nbsp; - | &nbsp;&nbsp; 56110606 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 21511522 | &nbsp;&nbsp; - | &nbsp;&nbsp; 21511522 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 551547 | &nbsp;&nbsp; - | &nbsp;&nbsp; 551547 |
| Money Market Funds | &nbsp;&nbsp; 35553401 | &nbsp;&nbsp; 1774470 | &nbsp;&nbsp; - | &nbsp;&nbsp; 37327871 |
| **Total Investments in Securities** | &nbsp;&nbsp; 35553401 | &nbsp;&nbsp; 197651522 | &nbsp;&nbsp; 84792 | &nbsp;&nbsp; 233289715 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 20440 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 20440 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (55446)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (55446)<br>|
| **Total Other Investments** | &nbsp;&nbsp; (35006)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (35006)<br>|
| **Total Investments** | &nbsp;&nbsp; $35518395 | &nbsp;&nbsp; $197651522 | &nbsp;&nbsp; $84792 | &nbsp;&nbsp; $233254709 |
| Global Equity Net Zero ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $103138033 | &nbsp;&nbsp; $43458285 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $146596318 |
| Preferred Stocks | &nbsp;&nbsp; - | &nbsp;&nbsp; 144409 | &nbsp;&nbsp; - | &nbsp;&nbsp; 144409 |
| Money Market Funds | &nbsp;&nbsp; 18704 | &nbsp;&nbsp; 820018 | &nbsp;&nbsp; - | &nbsp;&nbsp; 838722 |
| **Total Investments** | &nbsp;&nbsp; $103156737 | &nbsp;&nbsp; $44422712 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $147579449 |
| High Yield Bond Factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $130710993 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $130710993 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 322662 | &nbsp;&nbsp; - | &nbsp;&nbsp; 322662 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; - | &nbsp;&nbsp; 31265 | &nbsp;&nbsp; - | &nbsp;&nbsp; 31265 |
| Money Market Funds | &nbsp;&nbsp; 881378 | &nbsp;&nbsp; 39754688 | &nbsp;&nbsp; - | &nbsp;&nbsp; 40636066 |
| **Total Investments in Securities** | &nbsp;&nbsp; 881378 | &nbsp;&nbsp; 170819608 | &nbsp;&nbsp; - | &nbsp;&nbsp; 171700986 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1855 |
| Futures Contracts | &nbsp;&nbsp; 42316 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 42316 |
|  | &nbsp;&nbsp; 42316 | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; - | &nbsp;&nbsp; 44171 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (4485)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (4485)<br>|
| **Total Other Investments** | &nbsp;&nbsp; 37831 | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; - | &nbsp;&nbsp; 39686 |
| **Total Investments** | &nbsp;&nbsp; $919209 | &nbsp;&nbsp; $170821463 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $171740672 |
| High Yield Select ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7471867 | &nbsp;&nbsp; $41336 | &nbsp;&nbsp; $7513203 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 227710 | &nbsp;&nbsp; - | &nbsp;&nbsp; 227710 |
| Money Market Funds | &nbsp;&nbsp; 50248 | &nbsp;&nbsp; 577303 | &nbsp;&nbsp; - | &nbsp;&nbsp; 627551 |
| **Total Investments in Securities** | &nbsp;&nbsp; 50248 | &nbsp;&nbsp; 8276880 | &nbsp;&nbsp; 41336 | &nbsp;&nbsp; 8368464 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1801 |
| **Total Investments** | &nbsp;&nbsp; $50248 | &nbsp;&nbsp; $8278681 | &nbsp;&nbsp; $41336 | &nbsp;&nbsp; $8370265 |
| International Growth Focus ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $45887971 | &nbsp;&nbsp; $121797364 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $167685335 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 906746 | &nbsp;&nbsp; - | &nbsp;&nbsp; 906746 |
| **Total Investments** | &nbsp;&nbsp; $45887971 | &nbsp;&nbsp; $122704110 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $168592081 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| MSCI EAFE Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2968343 | &nbsp;&nbsp; $181731052 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $184699395 |
| Equity Linked Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 9771742 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9771742 |
| Money Market Funds | &nbsp;&nbsp; 43461647 | &nbsp;&nbsp; 7300516 | &nbsp;&nbsp; - | &nbsp;&nbsp; 50762163 |
| **Total Investments** | &nbsp;&nbsp; $46429990 | &nbsp;&nbsp; $198803310 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $245233300 |
| QQQ Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $331291191 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $331291191 |
| Equity Linked Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 19701226 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19701226 |
| Money Market Funds | &nbsp;&nbsp; 81835754 | &nbsp;&nbsp; 505424 | &nbsp;&nbsp; - | &nbsp;&nbsp; 82341178 |
| **Total Investments** | &nbsp;&nbsp; $413126945 | &nbsp;&nbsp; $20206650 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $433333595 |
| S&P 500<sup>®</sup> Downside Hedged ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $53080978 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $53080978 |
| Money Market Funds | &nbsp;&nbsp; 16335707 | &nbsp;&nbsp; 158803 | &nbsp;&nbsp; - | &nbsp;&nbsp; 16494510 |
| **Total Investments in Securities** | &nbsp;&nbsp; 69416685 | &nbsp;&nbsp; 158803 | &nbsp;&nbsp; - | &nbsp;&nbsp; 69575488 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 156681 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 156681 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (152337)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (152337)<br>|
| **Total Other Investments** | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4344 |
| **Total Investments** | &nbsp;&nbsp; $69421029 | &nbsp;&nbsp; $158803 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $69579832 |
| S&P 500 Equal Weight Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $353406967 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $353406967 |
| Equity Linked Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 23655788 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23655788 |
| Money Market Funds | &nbsp;&nbsp; 85547006 | &nbsp;&nbsp; 7524410 | &nbsp;&nbsp; - | &nbsp;&nbsp; 93071416 |
| **Total Investments** | &nbsp;&nbsp; $438953973 | &nbsp;&nbsp; $31180198 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $470134171 |
| Short Duration Total Return Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $48289430 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $48289430 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 18773294 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18773294 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 14140377 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14140377 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 253379 | &nbsp;&nbsp; - | &nbsp;&nbsp; 253379 |
| Preferred Stocks | &nbsp;&nbsp; 28820 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 28820 |
| Money Market Funds | &nbsp;&nbsp; 4436367 | &nbsp;&nbsp; 921044 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5357411 |
| **Total Investments in Securities** | &nbsp;&nbsp; 4465187 | &nbsp;&nbsp; 82377524 | &nbsp;&nbsp; - | &nbsp;&nbsp; 86842711 |
| **Other Investments - Assets** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 75061 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 75061 |
| **Other Investments - Liabilities** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (90075)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (90075)<br>|
| **Total Other Investments** | &nbsp;&nbsp; (15014)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (15014)<br>|
| **Total Investments** | &nbsp;&nbsp; $4450173 | &nbsp;&nbsp; $82377524 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $86827697 |
| SteelPath MLP & Energy Infrastructure ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $33610754 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $33610754 |
| Master Limited Partnerships & Related Entities | &nbsp;&nbsp; 14298541 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14298541 |
| Money Market Funds | &nbsp;&nbsp; 606735 | &nbsp;&nbsp; 1550624 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2157359 |
| **Total Investments** | &nbsp;&nbsp; $48516030 | &nbsp;&nbsp; $1550624 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $50066654 |

---

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**202**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Top QQQ ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $21205297 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $21205297 |
| Money Market Funds | &nbsp;&nbsp; 15759350 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15759350 |
| **Total Investments in Securities** | &nbsp;&nbsp; 36964647 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 36964647 |
| **Other Investments - Assets\*** |  |  |  |  |
| Swap Agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; 5038244 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5038244 |
| **Total Investments** | &nbsp;&nbsp; $36964647 | &nbsp;&nbsp; $5038244 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $42002891 |
| Total Return Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $936190831 | &nbsp;&nbsp; $13882981 | &nbsp;&nbsp; $950073812 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 509399821 | &nbsp;&nbsp; - | &nbsp;&nbsp; 509399821 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 494545820 | &nbsp;&nbsp; 2764010 | &nbsp;&nbsp; 497309830 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 278370820 | &nbsp;&nbsp; - | &nbsp;&nbsp; 278370820 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp; - | &nbsp;&nbsp; 22102334 | &nbsp;&nbsp; - | &nbsp;&nbsp; 22102334 |
| Municipal Obligations | &nbsp;&nbsp; - | &nbsp;&nbsp; 12632055 | &nbsp;&nbsp; - | &nbsp;&nbsp; 12632055 |
| Exchange-Traded Funds | &nbsp;&nbsp; 10837628 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10837628 |
| Preferred Stocks | &nbsp;&nbsp; 6133057 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6133057 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 3481965 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3481965 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 2531672 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2531672 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 1224021 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1224021 |
| Options Purchased | &nbsp;&nbsp; 967730 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 967730 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 130260712 | &nbsp;&nbsp; - | &nbsp;&nbsp; 130260712 |
| **Total Investments in Securities** | &nbsp;&nbsp; 17938415 | &nbsp;&nbsp; 2390740051 | &nbsp;&nbsp; 16646991 | &nbsp;&nbsp; 2425325457 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; 11101 | &nbsp;&nbsp; - | &nbsp;&nbsp; 11101 |
| Futures Contracts | &nbsp;&nbsp; 1971973 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1971973 |
| Investments Matured | &nbsp;&nbsp; - | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14000 |
| Swap Agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; 31740 | &nbsp;&nbsp; - | &nbsp;&nbsp; 31740 |
|  | &nbsp;&nbsp; 1971973 | &nbsp;&nbsp; 56841 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2028814 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (1714931)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1714931)<br>|
| **Total Other Investments** | &nbsp;&nbsp; 257042 | &nbsp;&nbsp; 56841 | &nbsp;&nbsp; - | &nbsp;&nbsp; 313883 |
| **Total Investments** | &nbsp;&nbsp; $18195457 | &nbsp;&nbsp; $2390796892 | &nbsp;&nbsp; $16646991 | &nbsp;&nbsp; $2425639340 |
| Ultra Short Duration ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1830533738 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1830533738 |
| Commercial Paper | &nbsp;&nbsp; - | &nbsp;&nbsp; 842011270 | &nbsp;&nbsp; - | &nbsp;&nbsp; 842011270 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 450601561 | &nbsp;&nbsp; - | &nbsp;&nbsp; 450601561 |
| Certificates of Deposit | &nbsp;&nbsp; - | &nbsp;&nbsp; 40585785 | &nbsp;&nbsp; - | &nbsp;&nbsp; 40585785 |
| Repurchase Agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; - | &nbsp;&nbsp; 30000000 |
| Exchange-Traded Funds | &nbsp;&nbsp; 7278564 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7278564 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 9978991 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9978991 |
| **Total Investments** | &nbsp;&nbsp; $7278564 | &nbsp;&nbsp; $3203711345 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3210989909 |
| Variable Rate Investment Grade ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $497386858 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $497386858 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 242574629 | &nbsp;&nbsp; - | &nbsp;&nbsp; 242574629 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 218484964 | &nbsp;&nbsp; - | &nbsp;&nbsp; 218484964 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 204779882 | &nbsp;&nbsp; - | &nbsp;&nbsp; 204779882 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 115524808 | &nbsp;&nbsp; - | &nbsp;&nbsp; 115524808 |
| Money Market Funds | &nbsp;&nbsp; 24666318 | &nbsp;&nbsp; 10908783 | &nbsp;&nbsp; - | &nbsp;&nbsp; 35575101 |
| **Total Investments** | &nbsp;&nbsp; $24666318 | &nbsp;&nbsp; $1289659924 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1314326242 |

---

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**203**

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\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.

**NOTE 5—Derivative Investments**

The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** |
|  | **AAA CLO** <br>**Floating Rate** <br>**Note ETF**<br>| **Core Fixed** <br>**Income ETF**<br>| **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Select ETF**<br>| **QQQ Hedged** <br>**Advantage ETF**<br>|
| **Derivative Assets** | **Currency** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Total** | **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1855 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1855 | &nbsp;&nbsp; $1801 | &nbsp;&nbsp; $- |
| Unrealized appreciation on futures contracts—<br> Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 20440 | &nbsp;&nbsp; - | &nbsp;&nbsp; 42316 | &nbsp;&nbsp; 42316 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Unrealized appreciation on swap agreements—<br> Centrally Cleared<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Unrealized appreciation on swap agreements—OTC | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Purchased options, at value - Exchange-Traded | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 490757 |
| Total Derivative Assets | &nbsp;&nbsp; - | &nbsp;&nbsp; 20440 | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; 42316 | &nbsp;&nbsp; 44171 | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 490757 |
| Derivatives not subject to master netting <br> agreements<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (20440)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (42316)<br>| &nbsp;&nbsp; (42316)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (490757)<br>|
| Total Derivative Assets subject to master netting <br> agreements<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1855 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1855 | &nbsp;&nbsp; $1801 | &nbsp;&nbsp; $- |
|  | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** |
|  | **AAA CLO** <br>**Floating Rate** <br>**Note ETF**<br>| **Core Fixed** <br>**Income ETF**<br>| **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Select ETF**<br>| **QQQ Hedged** <br>**Advantage ETF**<br>|
| **Derivative Liabilities** | **Currency** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Total** | **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; $(4451)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Unrealized depreciation on futures contracts—<br> Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (55446)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (4485)<br>| &nbsp;&nbsp; (4485)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Options written, at value - Exchange-Traded | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (76025)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp; (4451)<br>| &nbsp;&nbsp; (55446)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (4485)<br>| &nbsp;&nbsp; (4485)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (76025)<br>|
| Derivatives not subject to master netting <br> agreements<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 55446 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; - | &nbsp;&nbsp; 76025 |
| Total Derivative Liabilities subject to master netting <br> agreements<br>| &nbsp;&nbsp; $(4451)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin receivable (payable) is reported within the Statement of Assets and Liabilities for futures contracts, if any.

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**204**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** |
|  | **S&P 500**<sup>®</sup> <br>**Downside** <br>**Hedged ETF**<br>| **Short Duration** <br>**Total Return** <br>**Bond ETF**<br>| **Top QQQ ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** |
| **Derivative Assets** | **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Total** |
| Unrealized appreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11101 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11101 |
| Unrealized appreciation on futures contracts—<br> Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; 156681 | &nbsp;&nbsp; 75061 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1971973 | &nbsp;&nbsp; 1971973 |
| Unrealized appreciation on swap agreements—<br> Centrally Cleared<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 31740 | &nbsp;&nbsp; 31740 |
| Unrealized appreciation on swap agreements—OTC | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5038244 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Purchased options, at value - Exchange-Traded | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 967730 | &nbsp;&nbsp; - | &nbsp;&nbsp; 967730 |
| Total Derivative Assets | &nbsp;&nbsp; 156681 | &nbsp;&nbsp; 75061 | &nbsp;&nbsp; 5038244 | &nbsp;&nbsp; 11101 | &nbsp;&nbsp; 967730 | &nbsp;&nbsp; 2003713 | &nbsp;&nbsp; 2982544 |
| Derivatives not subject to master netting <br> agreements<br>| &nbsp;&nbsp; (156681)<br>| &nbsp;&nbsp; (75061)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (967730)<br>| &nbsp;&nbsp; (2003713)<br>| &nbsp;&nbsp; (2971443)<br>|
| Total Derivative Assets subject to master netting <br> agreements<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5038244 | &nbsp;&nbsp; $11101 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11101 |
|  | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** |
|  | **S&P 500**<sup>®</sup> <br>**Downside** <br>**Hedged ETF**<br>| **Short Duration** <br>**Total Return** <br>**Bond ETF**<br>| **Top QQQ ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** |
| **Derivative Liabilities** | **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Total** |
| Unrealized depreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Unrealized depreciation on futures contracts—<br> Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; (152337)<br>| &nbsp;&nbsp; (90075)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1714931)<br>| &nbsp;&nbsp; (1714931)<br>|
| Options written, at value - Exchange-Traded | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total Derivative Liabilities | &nbsp;&nbsp; (152337)<br>| &nbsp;&nbsp; (90075)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1714931)<br>| &nbsp;&nbsp; (1714931)<br>|
| Derivatives not subject to master netting <br> agreements<br>| &nbsp;&nbsp; 152337 | &nbsp;&nbsp; 90075 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1714931 | &nbsp;&nbsp; 1714931 |
| Total Derivative Liabilities subject to master netting <br> agreements<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin receivable (payable) is reported within the Statement of Assets and Liabilities for futures contracts, if any.

**Offsetting Assets and Liabilities**

The table below reflects the Funds' exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025:

AAA CLO Floating Rate Note ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward foreign** <br>**currency contracts**<br>| **Forward foreign** <br>**currency contracts**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(4451)<br>| &nbsp;&nbsp; $(4451)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(4451)<br>|

---

High Yield Bond Factor ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward foreign** <br>**currency contracts**<br>| **Forward foreign** <br>**currency contracts**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| State Street Bank & Trust | &nbsp;&nbsp; $1855 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1855 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1855 |

---

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**205**

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High Yield Select ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward foreign** <br>**currency contracts**<br>| **Forward foreign** <br>**currency contracts**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| Barclays Bank PLC | &nbsp;&nbsp; $1801 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1801 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1801 |

---

Top QQQ ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Swap Agreements** | **Swap Agreements** | **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| Bank of America, N.A. | &nbsp;&nbsp; $1682111 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1682111 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1682111 |
| Goldman Sachs International | &nbsp;&nbsp; 1678907 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1678907 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1678907 |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 1677226 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1677226 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1677226 |
| Total | &nbsp;&nbsp; $5038244 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5038244 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5038244 |

---

Total Return Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward foreign** <br>**currency contracts**<br>| **Forward foreign** <br>**currency contracts**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| Barclays Bank PLC | &nbsp;&nbsp; $2344 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2344 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2344 |
| State Street Bank & Trust | &nbsp;&nbsp; 8757 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8757 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8757 |
| Total | &nbsp;&nbsp; $11101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11101 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11101 |

---

**Effect of Derivative Investments for the Fiscal Year Ended October 31, 2025**

The table below summarizes each Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** |
|  | **AAA CLO** <br>**Floating Rate** <br>**Note ETF**<br>| **Core Fixed** <br>**Income ETF**<br>| **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Bond Factor ETF** | **High Yield** <br>**Select ETF**<br>| **QQQ Hedged** <br>**Advantage ETF**<br>|
|  | **Currency** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>| **Currency** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>| **Total** | **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>|
| Realized Gain (Loss): |  |  |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3821)<br>| &nbsp;&nbsp; $- |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; (37434)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (13346)<br>| &nbsp;&nbsp; (13346)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (692836)<br>|
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 48156 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp; (4451)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; (2181)<br>| &nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; (35006)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 125959 | &nbsp;&nbsp; 125959 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (110266)<br>|
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 28087 |
| Total | &nbsp;&nbsp; $(4451)<br>| &nbsp;&nbsp; $(72440)<br>| &nbsp;&nbsp; $1855 | &nbsp;&nbsp; $112613 | &nbsp;&nbsp; $114468 | &nbsp;&nbsp; $(6002)<br>| &nbsp;&nbsp; $(726859)<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** |
|  | **S&P 500**<sup>®</sup> <br>**Downside** <br>**Hedged ETF**<br>| **Short Duration** <br>**Total Return** <br>**Bond ETF**<br>| **Top QQQ ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** | **Total Return** <br>**Bond ETF** |
|  | **Equity** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>| **Equity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(7998)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(7998)<br>|
| Futures contracts | &nbsp;&nbsp; (1939308)<br>| &nbsp;&nbsp; (41751)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (15390185)<br>| &nbsp;&nbsp; (15390185)<br>|
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 59926 | &nbsp;&nbsp; - | &nbsp;&nbsp; 59926 |
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5038244 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14499 | &nbsp;&nbsp; 14499 |

---

------

**206**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** |
|  | **S&P 500**<sup>®</sup><br> **Downside**<br> **Hedged ETF**<br>| **Short Duration**<br> **Total Return**<br> **Bond ETF**<br>| **Top QQQ ETF** | **Total Return**<br> **Bond ETF** | **Total Return**<br> **Bond ETF** | **Total Return**<br> **Bond ETF** | **Total Return**<br> **Bond ETF** |
|  | **Equity**<br> **Risk**<br>| **Interest**<br> **Rate Risk**<br>| **Equity**<br> **Risk**<br>| **Currency**<br> **Risk**<br>| **Equity**<br> **Risk**<br>| **Interest**<br> **Rate Risk**<br>| **Total** |
| Change in Net Unrealized Appreciation <br> (Depreciation):<br>|  |  |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11101 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11101 |
| Futures contracts | &nbsp;&nbsp; 165065 | &nbsp;&nbsp; (1024)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1313220 | &nbsp;&nbsp; 1313220 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 251081 | &nbsp;&nbsp; - | &nbsp;&nbsp; 251081 |
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 31740 | &nbsp;&nbsp; 31740 |
| Total | &nbsp;&nbsp; $(1774243)<br>| &nbsp;&nbsp; $(42775)<br>| &nbsp;&nbsp; $5038244 | &nbsp;&nbsp; $3103 | &nbsp;&nbsp; $311007 | &nbsp;&nbsp; $(14030726)<br>| &nbsp;&nbsp; $(13716616)<br>|

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | **AAA CLO** <br>**Floating Rate** <br>**Note ETF**<br>| **Core Fixed** <br>**Income ETF**<br>| **High Yield** <br>**Bond Factor ETF**<br>| **High Yield** <br>**Select ETF**<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $2318997 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1271 | &nbsp;&nbsp; $293984 |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; 12769830 | &nbsp;&nbsp; 15695628 | &nbsp;&nbsp; - |
| Options purchased | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

---

| | | |
|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** |
|  | **QQQ Hedged** <br>**Advantage ETF**<br>| **S&P 500**<sup>®</sup> <br>**Downside** <br>**Hedged ETF**<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; 29109735 |
| Options purchased | &nbsp;&nbsp; 10293283 | &nbsp;&nbsp; - |
| Options written | &nbsp;&nbsp; 14028333 | &nbsp;&nbsp; - |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | **Short Duration** <br>**Total Return** <br>**Bond ETF**<br>| **Top QQQ ETF** | **Total Return** <br>**Bond ETF**<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2049784 |
| Futures contracts | &nbsp;&nbsp; 11607760 | &nbsp;&nbsp; - | &nbsp;&nbsp; 633942315 |
| Options purchased | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24915692 |
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7176000 |
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; 15364847 | &nbsp;&nbsp; 74000000 |
| Swaptions | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 326301 |

---

**NOTE 6—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Long-Term** <br>**Capital Gains**<br>| **Return of** <br>**Capital**<br>| **Ordinary** <br>**Income\***<br>|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $17642297 | &nbsp;&nbsp; $135390 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6900691 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 1564525 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2259259 |
| Comstock Contrarian Equity ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 907422 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Core Fixed Income ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; 427003 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Global Equity Net Zero ETF<sup>(c)</sup> <br>| &nbsp;&nbsp; 465256 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 4616309 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3639460 |
| High Yield Select ETF | &nbsp;&nbsp; 559003 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 716226 |
| International Growth Focus ETF<sup>(d)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

------

**207**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** |
|  | **Ordinary**<br> **Income\***<br>| **Long-Term**<br> **Capital Gains**<br>| **Return of**<br> **Capital**<br>| **Ordinary**<br> **Income\***<br>|
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; $12389313 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1735949 |
| QQQ Hedged Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 13756 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 24611090 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3179903 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; 2057347 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2621385 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 31897933 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6179890 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 718794 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 552129 |
| SteelPath MLP & Energy Infrastructure ETF<sup>(e)</sup> <br>| &nbsp;&nbsp; 694532 | &nbsp;&nbsp; - | &nbsp;&nbsp; 208169 | &nbsp;&nbsp; - |
| Top QQQ ETF<sup>(f)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total Return Bond ETF | &nbsp;&nbsp; 87724453 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 59344297 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 130088880 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 116677202 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 63613216 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 57755653 |

---

\* Includes short-term capital gain distributions, if any.

<sup>(a)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(d)</sup> For the period June 9, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(e)</sup> For the period February 18, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(f)</sup> For the period December 2, 2024 (commencement of investment operations) through October 31, 2025.

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Other** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Late-Year** <br>**Ordinary** <br>**Loss** <br>**Deferral**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| AAA CLO Floating Rate Note ETF | $86519 | $- | $- | $(414330)<br>| $(4451)<br>| $3521 | $(755579)<br>| $- | $384395349 | $383311029 |
| Active U.S. Real Estate ETF | - | - | - | (348260)<br>| - | - | (19100633)<br>| - | $70347069 | $50898176 |
| Comstock Contrarian Equity ETF | 251900 | - | - | 9034604 | - | - | - | - | $100949312 | $110235816 |
| Core Fixed Income ETF | 206639 | - | - | (420118)<br>| (35006)<br>| - | - | - | $176091578 | $175843093 |
| Global Equity Net Zero ETF | 790048 | - | - | 12242824 | - | (3431)<br>| - | - | $133814484 | $146843925 |
| High Yield Bond Factor ETF | 49215 | - | (10438)<br>| 532319 | 39686 | (1901)<br>| (4728207)<br>| - | $138332684 | $134213358 |
| High Yield Select ETF | 4787 | 21244 | - | 219260 | 1801 | 73 | - | - | $7720519 | $7967684 |
| International Growth Focus ETF | 1052741 | - | - | 5388925 | - | (2504)<br>| - | - | $160935993 | $167375155 |
| MSCI EAFE Income Advantage ETF | 1130820 | - | - | 18963913 | - | (7947)<br>| (8106484)<br>| - | $229183022 | $241163324 |
| QQQ Hedged Advantage ETF | - | - | - | 2642398 | 28087 | - | (464869)<br>| - | $10000003 | $12205619 |
| QQQ Income Advantage ETF | 357726 | - | - | 56741070 | - | - | (23477675)<br>| - | $400390764 | $434011885 |
| S&P 500<sup>®</sup> Downside Hedged ETF | 111302 | - | - | (4344)<br>| 4344 | - | (80783135)<br>| - | $153277792 | $72605959 |
| S&P 500 Equal Weight Income <br> Advantage ETF<br>| 595213 | - | - | 19067666 | - | - | (24598078)<br>| - | $468978128 | $464042929 |
| Short Duration Total Return Bond ETF | - | - | - | 132788 | (15014)<br>| - | (89019)<br>| - | $82768021 | $82796776 |
| SteelPath MLP & Energy Infrastructure <br> ETF<br>| - | - | - | (1710915)<br>| - | 29 | (752)<br>| - | $50477133 | $48765495 |
| Top QQQ ETF | - | - | 530055 | 3316738 | 5038244 | - | (1919183)<br>| (154150)<br>| $35243616 | $42055320 |
| Total Return Bond ETF | 457039 | - | 153051 | 11491029 | 268143 | 35228 | (162419579)<br>| - | $2072575579 | $1922560490 |
| Ultra Short Duration ETF | - | - | (49041)<br>| 9659943 | - | (9)<br>| (25756108)<br>| - | $3211139035 | $3194993820 |
| Variable Rate Investment Grade ETF | 307290 | - | - | 1628148 | - | - | (5538494)<br>| - | $1291056745 | $1287453689 |

---

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

------

**208**

------

The Funds have capital loss carryforwards as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total** |
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $755579 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $755579 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 7197559 | &nbsp;&nbsp; 11903074 | &nbsp;&nbsp; 19100633 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 945169 | &nbsp;&nbsp; 3783038 | &nbsp;&nbsp; 4728207 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 7792581 | &nbsp;&nbsp; 313903 | &nbsp;&nbsp; 8106484 |
| QQQ Hedged Advantage ETF | &nbsp;&nbsp; 28755 | &nbsp;&nbsp; 436114 | &nbsp;&nbsp; 464869 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 22986323 | &nbsp;&nbsp; 491352 | &nbsp;&nbsp; 23477675 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; 594510 | &nbsp;&nbsp; 80188625 | &nbsp;&nbsp; 80783135 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 23076076 | &nbsp;&nbsp; 1522002 | &nbsp;&nbsp; 24598078 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 74668 | &nbsp;&nbsp; 14351 | &nbsp;&nbsp; 89019 |
| SteelPath MLP & Energy Infrastructure ETF | &nbsp;&nbsp; 752 | &nbsp;&nbsp; - | &nbsp;&nbsp; 752 |
| Top QQQ ETF | &nbsp;&nbsp; 1919183 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1919183 |
| Total Return Bond ETF | &nbsp;&nbsp; 62511915 | &nbsp;&nbsp; 99907664 | &nbsp;&nbsp; 162419579 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 8464125 | &nbsp;&nbsp; 17291983 | &nbsp;&nbsp; 25756108 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 1181216 | &nbsp;&nbsp; 4357278 | &nbsp;&nbsp; 5538494 |

---

**NOTE 7—Investment Transactions**

For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $331266715 | &nbsp;&nbsp; $189093252 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 68626216 | &nbsp;&nbsp; 70118546 |
| Comstock Contrarian Equity ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 11901801 | &nbsp;&nbsp; 8258015 |
| Core Fixed Income ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; 176347672 | &nbsp;&nbsp; 39029064 |
| Global Equity Net Zero ETF<sup>(c)</sup> <br>| &nbsp;&nbsp; 39260381 | &nbsp;&nbsp; 29942253 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 53951634 | &nbsp;&nbsp; 46854473 |
| High Yield Select ETF | &nbsp;&nbsp; 12659689 | &nbsp;&nbsp; 15185456 |
| International Growth Focus ETF<sup>(d)</sup> <br>| &nbsp;&nbsp; 35349918 | &nbsp;&nbsp; 24487584 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 6690478 | &nbsp;&nbsp; 14412407 |
| QQQ Hedged Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 14446725 | &nbsp;&nbsp; 5254468 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 45862533 | &nbsp;&nbsp; 74137034 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; 590130305 | &nbsp;&nbsp; 618471840 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 129659698 | &nbsp;&nbsp; 142097857 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 75210803 | &nbsp;&nbsp; 18479729 |
| SteelPath MLP & Energy Infrastructure ETF<sup>(e)</sup> <br>| &nbsp;&nbsp; 10636510 | &nbsp;&nbsp; 582471 |
| Top QQQ ETF<sup>(f)</sup> <br>| &nbsp;&nbsp; 31560980 | &nbsp;&nbsp; 13227175 |
| Total Return Bond ETF | &nbsp;&nbsp; 10520238113 | &nbsp;&nbsp; 10288926741 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 1408377113 | &nbsp;&nbsp; 754756731 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 581352560 | &nbsp;&nbsp; 372469464 |

---

<sup>(a)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(d)</sup> For the period June 9, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(e)</sup> For the period February 18, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(f)</sup> For the period December 2, 2024 (commencement of investment operations) through October 31, 2025.

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For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Core Fixed Income ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $100440214 | &nbsp;&nbsp; $41934813 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 56615921 | &nbsp;&nbsp; 51864481 |
| Total Return Bond ETF | &nbsp;&nbsp; 3566020696 | &nbsp;&nbsp; 3515736198 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 384283616 | &nbsp;&nbsp; 372302933 |

---

<sup>(a)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

For the fiscal year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $71634560 | &nbsp;&nbsp; $- |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 1900656 | &nbsp;&nbsp; 13491881 |
| Comstock Contrarian Equity ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 95610556 | &nbsp;&nbsp; 253549 |
| Core Fixed Income ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Global Equity Net Zero ETF<sup>(c)</sup> <br>| &nbsp;&nbsp; 129070053 | &nbsp;&nbsp; 4951854 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 72559628 | &nbsp;&nbsp; - |
| High Yield Select ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| International Growth Focus ETF<sup>(d)</sup> <br>| &nbsp;&nbsp; 150504637 | &nbsp;&nbsp; - |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 101540389 | &nbsp;&nbsp; 19834383 |
| QQQ Hedged Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 229146642 | &nbsp;&nbsp; 30388952 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 182872981 | &nbsp;&nbsp; 40904969 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| SteelPath MLP & Energy Infrastructure ETF<sup>(e)</sup> <br>| &nbsp;&nbsp; 47073055 | &nbsp;&nbsp; 7206458 |
| Top QQQ ETF<sup>(f)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total Return Bond ETF | &nbsp;&nbsp; 4732834 | &nbsp;&nbsp; - |
| Ultra Short Duration ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 29730424 | &nbsp;&nbsp; - |

---

<sup>(a)</sup> For the period May 5, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(b)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(c)</sup> For the period July 14, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(d)</sup> For the period June 9, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(e)</sup> For the period February 18, 2025 (commencement of investment operations) through October 31, 2025.

<sup>(f)</sup> For the period December 2, 2024 (commencement of investment operations) through October 31, 2025.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $282079 | &nbsp;&nbsp; $(700860)<br>| &nbsp;&nbsp; $(418781)<br>| &nbsp;&nbsp; $386756531 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 3100101 | &nbsp;&nbsp; (3448361)<br>| &nbsp;&nbsp; (348260)<br>| &nbsp;&nbsp; 52022331 |
| Comstock Contrarian Equity ETF | &nbsp;&nbsp; 11773593 | &nbsp;&nbsp; (2738989)<br>| &nbsp;&nbsp; 9034604 | &nbsp;&nbsp; 101338549 |
| Core Fixed Income ETF | &nbsp;&nbsp; 96443 | &nbsp;&nbsp; (551567)<br>| &nbsp;&nbsp; (455124)<br>| &nbsp;&nbsp; 233709833 |
| Global Equity Net Zero ETF | &nbsp;&nbsp; 15049420 | &nbsp;&nbsp; (2806596)<br>| &nbsp;&nbsp; 12242824 | &nbsp;&nbsp; 135336625 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 2002294 | &nbsp;&nbsp; (1430289)<br>| &nbsp;&nbsp; 572005 | &nbsp;&nbsp; 171168667 |
| High Yield Select ETF | &nbsp;&nbsp; 241981 | &nbsp;&nbsp; (20920)<br>| &nbsp;&nbsp; 221061 | &nbsp;&nbsp; 8149204 |
| International Growth Focus ETF | &nbsp;&nbsp; 8844860 | &nbsp;&nbsp; (3455935)<br>| &nbsp;&nbsp; 5388925 | &nbsp;&nbsp; 163203156 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 24943994 | &nbsp;&nbsp; (5980081)<br>| &nbsp;&nbsp; 18963913 | &nbsp;&nbsp; 226269387 |
| QQQ Hedged Advantage ETF | &nbsp;&nbsp; 2965265 | &nbsp;&nbsp; (294780)<br>| &nbsp;&nbsp; 2670485 | &nbsp;&nbsp; 9508210 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 64094509 | &nbsp;&nbsp; (7353439)<br>| &nbsp;&nbsp; 56741070 | &nbsp;&nbsp; 376592525 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Cost** |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; $5673242 | &nbsp;&nbsp; $(5673242)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $69579832 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 38550409 | &nbsp;&nbsp; (19482743)<br>| &nbsp;&nbsp; 19067666 | &nbsp;&nbsp; 451066505 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 299757 | &nbsp;&nbsp; (181983)<br>| &nbsp;&nbsp; 117774 | &nbsp;&nbsp; 86709923 |
| SteelPath MLP & Energy Infrastructure ETF | &nbsp;&nbsp; 538529 | &nbsp;&nbsp; (2249444)<br>| &nbsp;&nbsp; (1710915)<br>| &nbsp;&nbsp; 51777569 |
| Top QQQ ETF | &nbsp;&nbsp; 8944052 | &nbsp;&nbsp; (589070)<br>| &nbsp;&nbsp; 8354982 | &nbsp;&nbsp; 33647909 |
| Total Return Bond ETF | &nbsp;&nbsp; 29633346 | &nbsp;&nbsp; (17874174)<br>| &nbsp;&nbsp; 11759172 | &nbsp;&nbsp; 2413848428 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 11396788 | &nbsp;&nbsp; (1736845)<br>| &nbsp;&nbsp; 9659943 | &nbsp;&nbsp; 3201329966 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 6496007 | &nbsp;&nbsp; (4867859)<br>| &nbsp;&nbsp; 1628148 | &nbsp;&nbsp; 1312698094 |

---

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of In-kind transactions, REITs, foreign currency transactions, distributions, paydowns, low-rated debt securities, return of capital, passive foreign investment companies and rounding, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income (Loss)**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $70039 | &nbsp;&nbsp; $(70039)<br>| &nbsp;&nbsp; $- |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 241316 | &nbsp;&nbsp; (273260)<br>| &nbsp;&nbsp; 31944 |
| Comstock Contrarian Equity ETF | &nbsp;&nbsp; 98379 | &nbsp;&nbsp; (116607)<br>| &nbsp;&nbsp; 18228 |
| Core Fixed Income ETF | &nbsp;&nbsp; 9724 | &nbsp;&nbsp; (9724)<br>| &nbsp;&nbsp; - |
| Global Equity Net Zero ETF | &nbsp;&nbsp; 17566 | &nbsp;&nbsp; (429790)<br>| &nbsp;&nbsp; 412224 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 284 | &nbsp;&nbsp; (283)<br>| &nbsp;&nbsp; (1)<br>|
| High Yield Select ETF | &nbsp;&nbsp; 7086 | &nbsp;&nbsp; (7086)<br>| &nbsp;&nbsp; - |
| International Growth Focus ETF | &nbsp;&nbsp; (29212)<br>| &nbsp;&nbsp; 29212 | &nbsp;&nbsp; - |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 46438 | &nbsp;&nbsp; (1123597)<br>| &nbsp;&nbsp; 1077159 |
| QQQ Hedged Advantage ETF | &nbsp;&nbsp; 48 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (47)<br>|
| QQQ Income Advantage ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (7412343)<br>| &nbsp;&nbsp; 7412343 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1)<br>|
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (9705950)<br>| &nbsp;&nbsp; 9705950 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 39985 | &nbsp;&nbsp; (991)<br>| &nbsp;&nbsp; (38994)<br>|
| SteelPath MLP & Energy Infrastructure ETF | &nbsp;&nbsp; 149720 | &nbsp;&nbsp; (28387)<br>| &nbsp;&nbsp; (121333)<br>|
| Top QQQ ETF | &nbsp;&nbsp; (167664)<br>| &nbsp;&nbsp; 172807 | &nbsp;&nbsp; (5143)<br>|
| Total Return Bond ETF | &nbsp;&nbsp; 364128 | &nbsp;&nbsp; (453542)<br>| &nbsp;&nbsp; 89414 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 229000 | &nbsp;&nbsp; (19691)<br>| &nbsp;&nbsp; (209309)<br>|
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 378142 | &nbsp;&nbsp; (378142)<br>| &nbsp;&nbsp; - |

---

**NOTE 9—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund's unitary management fee (except for Ultra Short Duration ETF), pays for such compensation for each Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 10—Borrowing**

AAA CLO Floating Rate Note ETF is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 7, 2026. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $300,000,000, (2) 20% of the value of the Fund's net assets or (3) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront

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**211**

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fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the fiscal year ended October 31, 2025, there were no borrowings from the line of credit.

**NOTE 11—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

**NOTE 12—Subsequent Event**

On December 9, 2025, the classification of AAA CLO Floating Rate Note ETF, High Yield Select ETF and Short Duration Total Return Bond ETF changed from "non-diversified" to "diversified" and therefore each of these Funds is now required to meet certain diversification requirements under the 1940 Act.

At a meeting held on December 17, 2025, the Board of Trustees of the Trust approved changes to the name and ticker symbol for High Yield Bond Factor ETF and High Yield Select ETF, as shown in the table below. These changes will be effective on or about February 23, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Current Fund Name** | **Current Ticker Symbol** | **New Fund Name** | **New Ticker Symbol** |
| Invesco High Yield Bond Factor ETF | IHYF | &nbsp;&nbsp;&nbsp; Invesco High Yield Systematic Bond <br> ETF<br>| GTOQ |
| Invesco High Yield Select ETF | HIYS | &nbsp;&nbsp;&nbsp; Inveso Short Duration High Yield <br> ETF<br>| GTOH |

---

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Actively Managed Exchange-Traded Fund Trust and Shareholders of each of the nineteen Funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nineteen of the funds constituting Invesco Actively Managed Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of October 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| Invesco AAA CLO Floating Rate Note ETF <sup>(1)</sup> <br>|
| Invesco Active U.S. Real Estate ETF <sup>(1)</sup> <br>|
| Invesco Comstock Contrarian Equity ETF <sup>(2)</sup> <br>|
| Invesco Core Fixed Income ETF <sup>(3)</sup> <br>|
| Invesco Global Equity Net Zero ETF <sup>(4)</sup> <br>|
| Invesco High Yield Bond Factor ETF <sup>(1)</sup> <br>|
| Invesco High Yield Select ETF <sup>(1)</sup> <br>|
| Invesco International Growth Focus ETF <sup>(5)</sup> <br>|
| Invesco MSCI EAFE Income Advantage ETF <sup>(6)</sup> <br>|
| Invesco QQQ Hedged Advantage ETF <sup>(2)</sup> <br>|
| Invesco QQQ Income Advantage ETF <sup>(6)</sup> <br>|
| Invesco S&P 500 Downside Hedged ETF <sup>(1)</sup> <br>|
| Invesco S&P 500 Equal Weight Income Advantage ETF <sup>(6)</sup> <br>|
| Invesco Short Duration Total Return Bond ETF <sup>(1)</sup> <br>|
| Invesco SteelPath MLP & Energy Infrastructure ETF <sup>(7)</sup> <br>|
| Invesco Top QQQ ETF <sup>(8)</sup> <br>|
| Invesco Total Return Bond ETF <sup>(1)</sup> <br>|
| Invesco Ultra Short Duration ETF <sup>(1)</sup> <br>|
| Invesco Variable Rate Investment Grade ETF <sup>(1)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the years ended October 31, 2025 and 2024

<sup>(2)</sup> Statement of operations and statement of changes in net assets for the period May 5, 2025 (commencement of investment operations) through October 31, 2025

<sup>(3)</sup> Statement of operations and statement of changes in net assets for the period July 21, 2025 (commencement of investment operations) through October 31, 2025

<sup>(4)</sup> Statement of operations and statement of changes in net assets for the period July 14, 2025 (commencement of investment operations) through October 31, 2025

<sup>(5)</sup> Statement of operations and statement of changes in net assets for the period June 9, 2025 (commencement of investment operations) through October 31, 2025

<sup>(6)</sup> Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and for the period July 15, 2024 (commencement of investment operations) through October 31, 2024

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**Report of Independent Registered Public Accounting Firm —(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(7)</sup> Statement of operations and statement of changes in net assets for the period February 18, 2025 (commencement of investment operations) through October 31, 2025

<sup>(8)</sup> Statement of operations and statement of changes in net assets for the period December 2, 2024 (commencement of investment operations) through October 31, 2025

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>| **Qualified** <br>**Interest** <br>**Income\***<br>| **Long Term** <br>**Capital Gains**<br>| **Qualified** <br>**Short** <br>**Term** <br>**Gains**<br>|
| Invesco AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; $135390 | &nbsp;&nbsp; $- |
| Invesco Active U.S. Real Estate ETF | &nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Comstock Contrarian Equity ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 98379 |
| Invesco Core Fixed Income ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 9426 |
| Invesco Global Equity Net Zero ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco High Yield Bond Factor ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 85<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco High Yield Select ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco International Growth Focus ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco QQQ Hedged Advantage ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco QQQ Income Advantage ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P 500 Equal Weight Income <br> Advantage ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Short Duration Total Return Bond <br> ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco SteelPath MLP & Energy <br> Infrastructure ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Top QQQ ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Total Return Bond ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Ultra Short Duration ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Variable Rate Investment Grade <br> ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes** <br>**Per Share**<br>| **Foreign Source** <br>**Income Per Share**<br>|
| Invesco MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; $0.0700 | &nbsp;&nbsp; $0.7462 |

---

------

**215**

------

**Proxy Results**

A Special Meeting ("Meeting") of Shareholders of Invesco Active U.S. Real Estate ETF (the "Fund") was held on July 10, 2025, and was adjourned until July 31 2025. The Meeting on July 31, 2025, was held for the following purpose:

(1) Approve changing the Fund's sub-classification from "diversified" to "non-diversified" and the elimination of the related fundamental investment restrictions.

The July 31, 2025 results of the voting on the above matter were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Matter** | **Votes For** | &nbsp;&nbsp;&nbsp;&nbsp; **Votes** <br>**Against**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Votes** <br>**Abstain**<br>|
| (1) | Approve changing the Fund's sub-classification from "diversified" to <br> "non-diversified" and the elimination of the related fundamental investment <br> restrictions.<br>| 250890 | 16713 | 59367 |

---

------

**216**

------

**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on March 13, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement (the "Advisory Agreement") between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco Managed Futures Strategy ETF, Invesco International Growth Focus ETF, Invesco QQQ Hedged Advantage ETF and Invesco Comstock Contrarian Equity ETF (each, a "Fund" and collectively, the "Funds") and the Investment Sub-Advisory Agreement for each Fund, between the Adviser and the following seven affiliated sub-advisers (the "Sub-Advisory Agreement"): Invesco Advisers, Inc. (as the initial sub-adviser for each Fund); Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

***Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with each Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees considered information regarding each Fund's investment objective, strategies and process. The Trustees noted other information the Board received and considered describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's and Sub-Advisers' portfolio transaction policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian, transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and to Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Advisers, except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **ETF** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Index Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Active Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Select** <br>**Peer Group** <br>**(Number of Peers)**<br>|
| Invesco Managed Futures Strategy ETF | &nbsp;&nbsp; Lower than <br>median (12)<br>| N/A | &nbsp;&nbsp; Lower than <br>median (19)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco International Growth Focus ETF | &nbsp;&nbsp; Lower than <br>median (11)<br>| &nbsp;&nbsp; Higher than <br>median (2)<br>| &nbsp;&nbsp; Lower than <br>median (82)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|

---

------

**217**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **ETF**<br> **Peer Group**<br> **(Number of Peers)**<br>| **Open-End**<br> **Index Fund**<br> **Peer Group**<br> **(Number of Peers)**<br>| **Open-End**<br> **Active Fund**<br> **Peer Group**<br> **(Number of Peers)**<br>| **Select**<br> **Peer Group**<br> **(Number of Peers)**<br>|
| Invesco QQQ Hedged Advantage ETF | &nbsp;&nbsp; Lower than <br>median (210)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>| &nbsp;&nbsp; Lower than <br>median (17)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco Comstock Contrarian Equity ETF | &nbsp;&nbsp; Lower than <br>median (24)<br>| &nbsp;&nbsp; Higher than <br>median (12)<br>| &nbsp;&nbsp; Lower than <br>median (161)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|

---

Based on all of the information provided, the Board concluded that each Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fees, the Trustees also considered the sub-advisory fees to be paid by the Adviser for each Fund. The Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of each Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as each Fund's distributor and will be paid a distribution fee by the Adviser. The Board concluded that each Fund's proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the Sub-Advisory Agreement for each Fund at a meeting held on March 13, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services to be provided to each Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services to be provided by each Sub-Adviser, the investment approach of each Sub-Adviser whose investment personnel will manage the Funds, and the investment personnel who will be responsible for the day-to-day management of each Fund. The Board considered additional information it received regarding each Fund's investment strategy during presentations from certain of the initial sub-adviser's portfolio managers for the Funds at the Board's December 12, 2024 meeting.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Advisers to each Fund under the Sub-Advisory Agreement were expected to be appropriate and reasonable.

*Fees and Expenses.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees to be charged by the

------

**218**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate the Sub-Advisers from its fee.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Advisory Agreement for each Fund, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the flat sub-advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. will receive management fees from affiliated money market funds into which the Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser will waive its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees considered that Invesco Advisers, Inc. may use or generate soft-dollars with respect to the Invesco International Growth Focus ETF and the Invesco Comstock Contrarian Equity ETF. The Trustees noted that the Sub-Advisers had not identified any further benefits that they would derive from their relationships with the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits expected to be received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Sub-Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

------

**219**

------

**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on June 25, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement (the "Advisory Agreement") between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco Global Equity Net Zero ETF, Invesco Core Fixed Income ETF and Invesco Intermediate Municipal ETF (each, a "Fund" and collectively, the "Funds") and the Investment Sub-Advisory Agreement for each Fund, between the Adviser and the following seven affiliated sub-advisers (the "Sub-Advisory Agreement"): Invesco Advisers, Inc. (as the initial sub-adviser for each Fund); Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

***Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with each Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs") managed by the Adviser and overseen by the Board. The Trustees considered information regarding each Fund's investment objective, strategies and process. The Trustees noted other information the Board received and considered in connection with its March 13, 2025 and April 24, 2025 meetings describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's and Sub-Advisers' portfolio transaction policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian, transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and overseen by the Board and that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Advisers, except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below:

------

**220**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **ETF** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Index Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Active Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Select** <br>**Peer Group** <br>**(Number of Peers)**<br>|
| Invesco Global Equity Net Zero ETF | Lower than <br>median (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco Core Fixed Income ETF | Lower than <br>median (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Higher than <br>median (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco Intermediate Municipal ETF | Higher than <br>median (15)<br>| N/A\* | &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Same as <br>median (4)<br>|

---

\* The information provided by the Adviser indicated that the Fund did not have any open-end index fund peers.

Based on all of the information provided, the Board concluded that each Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fees, the Trustees also considered the sub-advisory fees to be paid by the Adviser for each Fund. The Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered in connection with its March 13, 2025 and April 24, 2025 meetings regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of each Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as each Fund's distributor and will be paid a distribution fee by the Adviser. The Board concluded that each Fund's proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the Sub-Advisory Agreement for each Fund at a meeting held on June 25, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services to be provided to each Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services to be provided by each Sub-Adviser, the investment approach of each Sub-Adviser whose investment personnel will manage the Funds, and the investment personnel who will be responsible for the day-to-day management of each Fund. The Board considered additional information it received regarding the Invesco Global Equity Net Zero ETF's investment strategy during a presentation from certain of the initial sub-adviser's portfolio managers for the Fund at the Board's April 24, 2025 meeting. The Board also considered additional information it received from the Adviser regarding the Invesco Core Fixed Income ETF's and

------

**221**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

the Invesco Intermediate Municipal ETF's investment strategy from certain of the initial sub-adviser's portfolio managers for the Funds at the Board's June 25, 2025 meeting.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Advisers to each Fund under the Sub-Advisory Agreement were expected to be appropriate and reasonable.

*Fees and Expenses.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees to be charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate the Sub-Advisers from its fee.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Advisory Agreement for each Fund, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the flat sub-advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. will receive management fees from affiliated money market funds into which the Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser will waive its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees considered the Adviser's statement that Invesco Advisers, Inc. will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they would derive from their relationships with the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits expected to be received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Sub-Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

------

**222**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Matters submitted during the period covered by this report to a vote of shareholders can be found in the Proxy Results section of this report.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

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**223**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-AM-NCSR

invesco.com/ETFs

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![](imgbf9db8bf1.jpg)

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**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **IVRA** | Invesco Real Assets ESG ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_SOI-Continued-810_1) | **3** |
| [Statement of Assets and Liabilities](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_FS-Continued-810_1) | **5** |
| [Statement of Operations](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_FS-Continued-810_2) | **6** |
| [Statement of Changes in Net Assets](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_FS-Continued-810_3) | **7** |
| [Financial Highlights](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_FIHI-Continued-810_1) | **8** |
| [Notes to Financial Statements](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_NTF-Continued-810_1) | **9** |
| [Report of Independent Registered Public Accounting Firm](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_AR-Continued-810_1) | **18** |
| [Tax Information](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_TI-Continued-810_1) | **19** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_7651b54d-b683-4c69-b50d-fbd9f4bc524e_OIRSR-Continued-810_1) | **20** |

---

------

**2**

------

**Invesco Real Assets ESG ETF (IVRA)**

October 31, 2025

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.47%** | **Common Stocks & Other Equity Interests-99.47%** | **Common Stocks & Other Equity Interests-99.47%** |
| **Consumer Staples-1.66%** | **Consumer Staples-1.66%** | **Consumer Staples-1.66%** |
| Archer-Daniels-Midland Co. | 3661 | &nbsp;&nbsp; $221600 |
| **Energy-22.61%** | **Energy-22.61%** | **Energy-22.61%** |
| Cheniere Energy, Inc. | 2198 | &nbsp;&nbsp; 465976 |
| Enbridge, Inc. (Canada) | 8098 | &nbsp;&nbsp; 377982 |
| Keyera Corp. (Canada) | 2718 | &nbsp;&nbsp; 80329 |
| Kinder Morgan, Inc. | 16960 | &nbsp;&nbsp; 444182 |
| ONEOK, Inc. | 6400 | &nbsp;&nbsp; 428800 |
| Pembina Pipeline Corp. (Canada) | 5943 | &nbsp;&nbsp; 225055 |
| Targa Resources Corp. | 2589 | &nbsp;&nbsp; 398810 |
| TC Energy Corp. (Canada) | 2262 | &nbsp;&nbsp; 113621 |
| Williams Cos., Inc. (The) | 8419 | &nbsp;&nbsp; 487207 |
|  |  | &nbsp;&nbsp; 3021962 |
| **Materials-13.08%** | **Materials-13.08%** | **Materials-13.08%** |
| Agnico Eagle Mines Ltd. (Canada) | 360 | &nbsp;&nbsp; 57959 |
| Corteva, Inc. | 6859 | &nbsp;&nbsp; 421417 |
| Freeport-McMoRan, Inc. | 6622 | &nbsp;&nbsp; 276137 |
| International Paper Co. | 4051 | &nbsp;&nbsp; 156531 |
| Newmont Corp. | 3164 | &nbsp;&nbsp; 256189 |
| Nutrien Ltd. (Canada) | 4760 | &nbsp;&nbsp; 259513 |
| Smurfit WestRock PLC | 5072 | &nbsp;&nbsp; 187258 |
| West Fraser Timber Co. Ltd. (Canada) | 2182 | &nbsp;&nbsp; 133304 |
|  |  | &nbsp;&nbsp; 1748308 |
| **Real Estate-51.20%** | **Real Estate-51.20%** | **Real Estate-51.20%** |
| Agree Realty Corp. | 3605 | &nbsp;&nbsp; 263201 |
| Alexandria Real Estate Equities, Inc. | 831 | &nbsp;&nbsp; 48381 |
| American Homes 4 Rent, Class A | 5763 | &nbsp;&nbsp; 182111 |
| American Tower Corp. | 3109 | &nbsp;&nbsp; 556449 |
| AvalonBay Communities, Inc. | 969 | &nbsp;&nbsp; 168528 |
| Brixmor Property Group, Inc. | 2271 | &nbsp;&nbsp; 59409 |
| Crown Castle, Inc. | 2599 | &nbsp;&nbsp; 234482 |
| Digital Realty Trust, Inc. | 2175 | &nbsp;&nbsp; 370642 |
| EastGroup Properties, Inc. | 1145 | &nbsp;&nbsp; 199837 |
| Equinix, Inc. | 532 | &nbsp;&nbsp; 450077 |
| Equity LifeStyle Properties, Inc.<sup>(b)</sup> | 3009 | &nbsp;&nbsp; 183699 |
| Equity Residential | 3389 | &nbsp;&nbsp; 201442 |
| Extra Space Storage, Inc. | 753 | &nbsp;&nbsp; 100556 |
| Federal Realty Investment Trust | 1431 | &nbsp;&nbsp; 137648 |
| Fibra Uno Administracion S.A. de C.V. (Mexico) | 44800 | &nbsp;&nbsp; 65106 |
| Healthpeak Properties, Inc. | 3584 | &nbsp;&nbsp; 64333 |
| Host Hotels & Resorts, Inc. | 3532 | &nbsp;&nbsp; 56583 |
| Invitation Homes, Inc. | 8019 | &nbsp;&nbsp; 225735 |
| Kimco Realty Corp. | 4727 | &nbsp;&nbsp; 97660 |
| Mid-America Apartment Communities, Inc. | 730 | &nbsp;&nbsp; 93608 |
| NNN REIT, Inc. | 982 | &nbsp;&nbsp; 39732 |
| PotlatchDeltic Corp.<sup>(b)</sup> | 1532 | &nbsp;&nbsp; 61280 |
| Prologis, Inc. | 4658 | &nbsp;&nbsp; 578011 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Public Storage | 1331 | &nbsp;&nbsp; $370763 |
| Realty Income Corp. | 2805 | &nbsp;&nbsp; 162634 |
| Regency Centers Corp. | 2310 | &nbsp;&nbsp; 159274 |
| SBA Communications Corp., Class A | 1321 | &nbsp;&nbsp; 252945 |
| Simon Property Group, Inc. | 1430 | &nbsp;&nbsp; 251337 |
| UDR, Inc. | 2455 | &nbsp;&nbsp; 82709 |
| Ventas, Inc. | 4129 | &nbsp;&nbsp; 304679 |
| Welltower, Inc. | 3263 | &nbsp;&nbsp; 590733 |
| Weyerhaeuser Co. | 10004 | &nbsp;&nbsp; 230092 |
|  |  | &nbsp;&nbsp; 6843676 |
| **Utilities-10.92%** | **Utilities-10.92%** | **Utilities-10.92%** |
| American Water Works Co., Inc. | 1082 | &nbsp;&nbsp; 138961 |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 1040 | &nbsp;&nbsp; 39770 |
| Consolidated Edison, Inc. | 1902 | &nbsp;&nbsp; 185274 |
| Edison International | 3785 | &nbsp;&nbsp; 209613 |
| Essential Utilities, Inc. | 8136 | &nbsp;&nbsp; 317548 |
| PG&E Corp. | 19459 | &nbsp;&nbsp; 310566 |
| Sempra | 2807 | &nbsp;&nbsp; 258075 |
|  |  | &nbsp;&nbsp; 1459807 |
| Total Common Stocks & Other Equity Interests <br>(Cost $12,804,110) | Total Common Stocks & Other Equity Interests <br>(Cost $12,804,110) | &nbsp;&nbsp; 13295353 |
| **Money Market Funds-0.56%** | **Money Market Funds-0.56%** | **Money Market Funds-0.56%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $74,620)<br>| 74620 | &nbsp;&nbsp; 74620 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.03% <br>(Cost $12,878,730) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.03% <br>(Cost $12,878,730) | &nbsp;&nbsp; 13369973 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.15%** | **Money Market Funds-2.15%** | **Money Market Funds-2.15%** |
| Invesco Private Government Fund, 4.13%<sup>(c)(d)(e)</sup> | 83003 | &nbsp;&nbsp; 83003 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 203619 | &nbsp;&nbsp; 203680 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $286,683) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $286,683) | &nbsp;&nbsp; 286683 |
| TOTAL INVESTMENTS IN SECURITIES-102.18% <br>(Cost $13,165,413) | TOTAL INVESTMENTS IN SECURITIES-102.18% <br>(Cost $13,165,413) | &nbsp;&nbsp; 13656656 |
| OTHER ASSETS LESS LIABILITIES-(2.18)% | OTHER ASSETS LESS LIABILITIES-(2.18)% | &nbsp;&nbsp; (290848)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $13365808 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**3**

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**Invesco Real Assets ESG ETF (IVRA)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $153643 | &nbsp;&nbsp; $1001545 | &nbsp;&nbsp; $(1080568)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $74620 | &nbsp;&nbsp; $2817 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 291212 | &nbsp;&nbsp; 7492577 | &nbsp;&nbsp; (7700786)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 83003 | &nbsp;&nbsp; 10,097<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 841753 | &nbsp;&nbsp; 16897405 | &nbsp;&nbsp; (17535399)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp; 203680 | &nbsp;&nbsp; 27,412<br> \*<br>|
| Total | &nbsp;&nbsp; $1286608 | &nbsp;&nbsp; $25391527 | &nbsp;&nbsp; $(26316753)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(79)<br>| &nbsp;&nbsp; $361303 | &nbsp;&nbsp; $40326 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

<sup>(e)</sup> 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 Note 2J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**4**

------

**Statement of Assets and Liabilities**

October 31, 2025

---

| | |
|:---|:---|
|  | **Invesco Real Assets** <br>**ESG ETF (IVRA)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $13295353 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 361303 |
| Foreign currencies, at value | &nbsp;&nbsp; 2060 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 6252 |
| Securities lending | &nbsp;&nbsp; 94 |
| **Total assets** | &nbsp;&nbsp; 13665062 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5942 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 286683 |
| Accrued unitary management fees | &nbsp;&nbsp; 6629 |
| **Total liabilities** | &nbsp;&nbsp; 299254 |
| **Net Assets** | &nbsp;&nbsp; $13365808 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $12524617 |
| Distributable earnings | &nbsp;&nbsp; 841191 |
| **Net Assets** | &nbsp;&nbsp; $13365808 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 830001 |
| Net asset value | &nbsp;&nbsp; $16.10 |
| Market price | &nbsp;&nbsp; $16.12 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $12804110 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $361303 |
| Foreign currencies, at cost | &nbsp;&nbsp; $2060 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $280305 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**5**

------

**Statement of Operations**

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  | **Invesco Real Assets** <br>**ESG ETF (IVRA)**<br>|
| **Investment income:** |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $388168 |
| Affiliated dividend income | &nbsp;&nbsp; 2817 |
| Securities lending income, net | &nbsp;&nbsp; 3857 |
| Foreign withholding tax | &nbsp;&nbsp; (10001)<br>|
| Total investment income | &nbsp;&nbsp; 384841 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 72369 |
| Less: Waivers | &nbsp;&nbsp; (52)<br>|
| Net expenses | &nbsp;&nbsp; 72317 |
| Net investment income | &nbsp;&nbsp; 312524 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 400961 |
| Affiliated investment securities | &nbsp;&nbsp; (79)<br>|
| In-kind redemptions | &nbsp;&nbsp; 274572 |
| Foreign currencies | &nbsp;&nbsp; (1321)<br>|
| Net realized gain | &nbsp;&nbsp; 674133 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (342285)<br>|
| Foreign currencies | &nbsp;&nbsp; (3)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (342288)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 331845 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $644369 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**6**

------

**Statement of Changes in Net Assets**

For the years ended October 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **Invesco Real Assets** <br>**ESG ETF (IVRA)** | **Invesco Real Assets** <br>**ESG ETF (IVRA)** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $312524 | &nbsp;&nbsp;&nbsp; $139808 |
| Net realized gain | &nbsp;&nbsp; 674133 | &nbsp;&nbsp;&nbsp; 172770 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (342288)<br>| &nbsp;&nbsp;&nbsp; 1139457 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 644369 | &nbsp;&nbsp;&nbsp; 1452035 |
| **Distributions to Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (458371)<br>| &nbsp;&nbsp;&nbsp; (146010)<br>|
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 4303936 | &nbsp;&nbsp;&nbsp; 5967458 |
| Value of shares repurchased | &nbsp;&nbsp; (1159024)<br>| &nbsp;&nbsp;&nbsp; - |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 3144912 | &nbsp;&nbsp;&nbsp; 5967458 |
| Net increase in net assets | &nbsp;&nbsp; 3330910 | &nbsp;&nbsp;&nbsp; 7273483 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 10034898 | &nbsp;&nbsp;&nbsp; 2761415 |
| End of year | &nbsp;&nbsp; $13365808 | &nbsp;&nbsp;&nbsp; $10034898 |
| **Changes in Shares Outstanding:** |  |  |
| Shares sold | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 400000 |
| Shares repurchased | &nbsp;&nbsp; (70000)<br>| &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of year | &nbsp;&nbsp; 630001 | &nbsp;&nbsp;&nbsp; 230001 |
| Shares outstanding, end of year | &nbsp;&nbsp; 830001 | &nbsp;&nbsp;&nbsp; 630001 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**7**

------

**Financial Highlights**

Invesco Real Assets ESG ETF (IVRA)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**December 17, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**December 17, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $15.93 | &nbsp;&nbsp;&nbsp; $12.01 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $14.88 | &nbsp;&nbsp;&nbsp; $12.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $16.10 | &nbsp;&nbsp;&nbsp; $15.93 | &nbsp;&nbsp;&nbsp; $12.01 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $14.88 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $16.12 | &nbsp;&nbsp;&nbsp; $15.95 | &nbsp;&nbsp;&nbsp; $12.03 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $14.96 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.28<br> %<br>| &nbsp;&nbsp;&nbsp; (5.80)%<br>| &nbsp;&nbsp;&nbsp; (8.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.65 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.22<br> %<br>| &nbsp;&nbsp;&nbsp; (6.00)%<br>| &nbsp;&nbsp;&nbsp; (8.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.33 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $13366 | &nbsp;&nbsp;&nbsp; $10035 | &nbsp;&nbsp;&nbsp; $2761 | &nbsp;&nbsp;&nbsp; $3002 | &nbsp;&nbsp;&nbsp; $1934 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 32.40%. The market price total return from Fund Inception to October 31, 2021 was 32.53%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**8**

------

**Notes to Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

October 31, 2025

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes Invesco Real Assets ESG ETF (IVRA) (the "Fund").

The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund's Shares." The Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

The market price of a Share may differ to some degree from the Fund's net asset value ("NAV"). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in the Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though the Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek capital appreciation with a secondary objective of current income.

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and

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related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Fund may periodically participate in litigation related to the Fund's investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's NAV and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund's financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays Invesco Advisers, Inc.'s (the "Affiliated Sub-Adviser" or "Invesco") fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from the Fund's unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund's unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.

To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as

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defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Securities Lending** - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities.

Invesco, an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2025, the Fund paid Invesco $69 in fees for securities lending agent services. Fees paid to Invesco for securities lending agent services are included in *Securities lending income, net* on the Statement of Operations.

**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's

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books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**L.** **Other Risks**

*ADR Risk*. The Fund may invest in American depositary receipts ("ADRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Emerging Markets Investment Risk*. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

*Environmental, Social and Governance ("ESG") Risk*. Because the Affiliated Sub-Adviser evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under the Affiliated Sub-Adviser's ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by the Affiliated Sub-Adviser to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Affiliated Sub-Adviser's ability to apply its

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methodology, which in turn could negatively impact the Fund's performance. In addition, the assessment of an issuer, based on the issuer's level of involvement in a particular industry or the issuer's ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in the Fund's portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Industry Concentration Risk*. The Fund concentrates in securities of companies principally engaged in the U.S. real estate and infrastructure industries. By concentrating its investments in an industry or industry group, the Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Management Risk*. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.

*Market Risk*. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

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*Real Assets Companies Risk*. Investments in real assets companies may involve a higher degree of risk, including significant financial, operating, and competitive risks, and may expose the Fund to adverse macroeconomic conditions, such as changes and volatility in commodity prices, a rise in interest rates or a downturn in the economy in which the asset is located, elevating the risk of loss.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Small- and Mid-Capitalization Company Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund's investments, managing the Fund's business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.58% of the Fund's average daily net assets. Prior to May 13, 2025, the Fund's annual unitary management fee was 0.59%. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser's fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser's compensation of the sub-advised assets of the Fund.

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended October 31, 2025, the Adviser waived fees of $52.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

**NOTE 4—Additional Valuation Information**

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.

------

**15**

------

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 the Adviser'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 October 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** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $13295353 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13295353 |
| Money Market Funds | &nbsp;&nbsp; 74620 | &nbsp;&nbsp; 286683 | &nbsp;&nbsp; - | &nbsp;&nbsp; 361303 |
| **Total Investments** | &nbsp;&nbsp; $13369973 | &nbsp;&nbsp; $286683 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13656656 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $458371 | &nbsp;&nbsp; $146010 |

---

\* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $386987 |
| Net unrealized appreciation — investments | &nbsp;&nbsp; 454204 |
| Shares of beneficial interest | &nbsp;&nbsp; 12524617 |
| Total net assets | &nbsp;&nbsp; $13365808 |

---

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
| **No expiration** | **No expiration** |  |
| **Short-Term** | **Long-Term** | **Total\*** |
| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 6—Investment Transactions**

For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $11,264,383 and $11,083,225, respectively.

For the fiscal year ended October 31, 2025, in-kind transactions associated with creations and redemptions were $4,036,961 and $1,117,829, respectively.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $1036181 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp; (581977)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $454204 |

---

Cost of investments for tax purposes is $13,202,452.

------

**16**

------

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of in-kind transactions, distributions, foreign currency transactions and REITs, undistributed net investment income (loss) was increased by $27,410, undistributed net realized gain (loss) was decreased by $(277,420) and Shares of beneficial interest were increased by $250,010. These reclassifications had no effect on the net assets of the Fund.

**NOTE 8—Trustees' and Officer's Fees**

The Adviser, as a result of the Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

**NOTE 9—Capital**

Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.

To the extent that the Fund issues or redeems Creation Units in-kind, the Fund may issue Shares in advance of receipt of the underlying securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund's Shares are disclosed in detail in the Statement of Changes in Net Assets.

**NOTE 10—Subsequent Event**

At a meeting held on December 17, 2025, the Board of Trustees of the Trust approved the termination and winding down of the Fund, with the liquidation payment to shareholders expected to take place on or about February 25, 2026. Investors, who have elected not to sell their Shares before market close on February 23, 2026 will receive cash equal to the amount of the net asset value of their Shares, which will include any capital gains and dividends, on or about February 25, 2026.

------

**17**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Actively Managed Exchange-Traded Fund Trust and Shareholders of Invesco Real Assets ESG ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Real Assets ESG ETF (one of the funds constituting Invesco Actively Managed Exchange-Traded Fund Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2025 and for the period December 17, 2020 (commencement of investment operations) through October 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the four years in the period ended October 31, 2025 and for the period December 17, 2020 (commencement of investment operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

------

**18**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| Qualified Business Income\* | &nbsp;&nbsp; 25<br> %<br>|
| Qualified Dividend Income\* | &nbsp;&nbsp; 18<br> %<br>|
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 15<br> %<br>|
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0<br> %<br>|
| Business Interest Income\* | &nbsp;&nbsp; 0<br> %<br>|
| Qualified Short Term Gains\* | &nbsp;&nbsp; $140898 |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

------

**19**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Fund's trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**20**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-AMNT-NCSR

invesco.com/ETFs

------

![](imge4b04d771.jpg)

------

**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **IMF** | Invesco Managed Futures Strategy ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Consolidated Schedule of Investments](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_SOI-Continued-958_1) | **3** |
| [Consolidated Statement of Assets and Liabilities](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_FS-Continued-958_1) | **6** |
| [Consolidated Statement of Operations](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_FS-Continued-958_2) | **7** |
| [Consolidated Statement of Changes](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_FS-Continued-958_3) | **8** |
| [Consolidated Financial Highlights](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_FIHI-Continued-958_1) | **9** |
| [Notes to Consolidated Financial Statements](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_NTF-Continued-958_1) | **10** |
| [Report of Independent Registered Public Accounting Firm](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_AR-Continued-958_1) | **20** |
| [Tax Information](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_TI-Continued_1) | **21** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_4f083d59-b666-44e0-a264-f671faa07fe1_OIRSR-Continued_1) | **22** |

---

------

**2**

------

**Invesco Managed Futures Strategy ETF (IMF)**

October 31, 2025

Consolidated Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-81.84%** | **Money Market Funds-81.84%** | **Money Market Funds-81.84%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.03%<sup>(b)(c)</sup><br>| 178766970 | &nbsp;&nbsp; $178766970 |
| Invesco Liquidity Funds PLC, Invesco US <br> Dollar Liquidity Portfolio, Agency Class, <br> 4.29%<sup>(b)(c)</sup><br>| 60158088 | &nbsp;&nbsp; 60158088 |
| TOTAL INVESTMENTS IN SECURITIES-81.84% <br>(Cost $238,925,058) | TOTAL INVESTMENTS IN SECURITIES-81.84% <br>(Cost $238,925,058) | &nbsp;&nbsp; 238925058 |
| OTHER ASSETS LESS LIABILITIES-18.16% | OTHER ASSETS LESS LIABILITIES-18.16% | &nbsp;&nbsp; 53005031 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $291930089 |

---

---

| | |
|:---|:---|
| Notes to Consolidated Schedule of Investments: | Notes to Consolidated Schedule of Investments: |
| <sup>(a)</sup> | The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been <br> eliminated in consolidations.<br>|
| <sup>(b)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the period ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier U.S. <br>Government Money <br> Portfolio, <br>Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $329578510 | &nbsp;&nbsp; $(150811540)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $178766970 | &nbsp;&nbsp; $4633997 |
| Invesco Liquidity Funds <br> PLC, Invesco US Dollar <br> Liquidity Portfolio, <br> Agency Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 65575122 | &nbsp;&nbsp; (5417034)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 60158088 | &nbsp;&nbsp; 448803 |
| Invesco Liquidity Funds <br> PLC, Invesco US Dollar <br> Liquidity Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 82296850 | &nbsp;&nbsp; (82296850)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1048999 |
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $477450482 | &nbsp;&nbsp; $(238525424)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $238925058 | &nbsp;&nbsp; $6131799 |

---

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Commodity Risk** |  |  |  |  |  |
| Gasoline RBOB | &nbsp;&nbsp; 44 | December-2025 | &nbsp;&nbsp; $3512678 | &nbsp;&nbsp; $18287 | &nbsp;&nbsp; $18287 |
| Gold | &nbsp;&nbsp; 33 | December-2025 | &nbsp;&nbsp; 13188450 | &nbsp;&nbsp; 1374180 | &nbsp;&nbsp; 1374180 |
| LME Copper | &nbsp;&nbsp; 42 | January-2026 | &nbsp;&nbsp; 11433282 | &nbsp;&nbsp; 1074067 | &nbsp;&nbsp; 1074067 |
| LME Primary Aluminum | &nbsp;&nbsp; 174 | November-2025 | &nbsp;&nbsp; 12521606 | &nbsp;&nbsp; 683269 | &nbsp;&nbsp; 683269 |
| Low Sulphur Gasoil | &nbsp;&nbsp; 121 | December-2025 | &nbsp;&nbsp; 8470000 | &nbsp;&nbsp; (9583)<br>| &nbsp;&nbsp; (9583)<br>|
| New York Harbor Ultra-Low Sulfur Diesel | &nbsp;&nbsp; 70 | April-2026 | &nbsp;&nbsp; 6657336 | &nbsp;&nbsp; 15262 | &nbsp;&nbsp; 15262 |
| Silver | &nbsp;&nbsp; 30 | December-2025 | &nbsp;&nbsp; 7224000 | &nbsp;&nbsp; 1064690 | &nbsp;&nbsp; 1064690 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

------

**3**

------

**Invesco Managed Futures Strategy ETF (IMF)—(continued)**

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** |
| **Long Futures Contracts—(continued)** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Soybean | &nbsp;&nbsp; 104 | July-2026 | &nbsp;&nbsp; $5937100 | &nbsp;&nbsp; $87200 | &nbsp;&nbsp; $87200 |
| Soybean Oil | &nbsp;&nbsp; 65 | December-2025 | &nbsp;&nbsp; 1898520 | &nbsp;&nbsp; (73713)<br>| &nbsp;&nbsp; (73713)<br>|
| Subtotal—Commodity Risk |  |  |  | &nbsp;&nbsp; 4233659 | &nbsp;&nbsp; 4233659 |
| **Currency Risk** |  |  |  |  |  |
| CME Australian Dollar Currency | &nbsp;&nbsp; 118 | December-2025 | &nbsp;&nbsp; 7724280 | &nbsp;&nbsp; (40664)<br>| &nbsp;&nbsp; (40664)<br>|
| CME Euro Foreign Exchange Currency | &nbsp;&nbsp; 143 | December-2025 | &nbsp;&nbsp; 20649200 | &nbsp;&nbsp; (420331)<br>| &nbsp;&nbsp; (420331)<br>|
| CME Swiss Franc Currency | &nbsp;&nbsp; 158 | December-2025 | &nbsp;&nbsp; 24667750 | &nbsp;&nbsp; (358356)<br>| &nbsp;&nbsp; (358356)<br>|
| Subtotal—Currency Risk |  |  |  | &nbsp;&nbsp; (819351)<br>| &nbsp;&nbsp; (819351)<br>|
| **Equity Risk** |  |  |  |  |  |
| E-Mini Russell 2000 Index | &nbsp;&nbsp; 70 | December-2025 | &nbsp;&nbsp; 8714650 | &nbsp;&nbsp; 147672 | &nbsp;&nbsp; 147672 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 35 | December-2025 | &nbsp;&nbsp; 12029500 | &nbsp;&nbsp; 341397 | &nbsp;&nbsp; 341397 |
| Eurex DAX Index | &nbsp;&nbsp; 13 | December-2025 | &nbsp;&nbsp; 9015519 | &nbsp;&nbsp; (34135)<br>| &nbsp;&nbsp; (34135)<br>|
| EURO STOXX 50 | &nbsp;&nbsp; 169 | December-2025 | &nbsp;&nbsp; 11057946 | &nbsp;&nbsp; 392559 | &nbsp;&nbsp; 392559 |
| Euronext CAC 40 Index | &nbsp;&nbsp; 121 | November-2025 | &nbsp;&nbsp; 11357011 | &nbsp;&nbsp; 15592 | &nbsp;&nbsp; 15592 |
| FTSE 100 Index | &nbsp;&nbsp; 110 | December-2025 | &nbsp;&nbsp; 14085268 | &nbsp;&nbsp; 591094 | &nbsp;&nbsp; 591094 |
| FTSE/MIB Index | &nbsp;&nbsp; 40 | December-2025 | &nbsp;&nbsp; 9893346 | &nbsp;&nbsp; 205301 | &nbsp;&nbsp; 205301 |
| MEFF Madrid IBEX 35 Index | &nbsp;&nbsp; 59 | November-2025 | &nbsp;&nbsp; 10896607 | &nbsp;&nbsp; 295117 | &nbsp;&nbsp; 295117 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 160 | December-2025 | &nbsp;&nbsp; 11260800 | &nbsp;&nbsp; 370435 | &nbsp;&nbsp; 370435 |
| OML Stockholm OMXS30 Index | &nbsp;&nbsp; 395 | November-2025 | &nbsp;&nbsp; 11526468 | &nbsp;&nbsp; 124023 | &nbsp;&nbsp; 124023 |
| S&P/TSX 60 Index | &nbsp;&nbsp; 53 | December-2025 | &nbsp;&nbsp; 13478186 | &nbsp;&nbsp; 229682 | &nbsp;&nbsp; 229682 |
| SPI 200 Index | &nbsp;&nbsp; 105 | December-2025 | &nbsp;&nbsp; 15280521 | &nbsp;&nbsp; (32387)<br>| &nbsp;&nbsp; (32387)<br>|
| Tokyo Stock Price Index | &nbsp;&nbsp; 56 | December-2025 | &nbsp;&nbsp; 12119308 | &nbsp;&nbsp; 704880 | &nbsp;&nbsp; 704880 |
| Subtotal—Equity Risk |  |  |  | &nbsp;&nbsp; 3351230 | &nbsp;&nbsp; 3351230 |
| **Interest Rate Risk** |  |  |  |  |  |
| Australia 10 Year Bonds | &nbsp;&nbsp; 154 | December-2025 | &nbsp;&nbsp; 11453975 | &nbsp;&nbsp; (66749)<br>| &nbsp;&nbsp; (66749)<br>|
| Canada 10 Year Bonds | &nbsp;&nbsp; 375 | December-2025 | &nbsp;&nbsp; 32855155 | &nbsp;&nbsp; 66442 | &nbsp;&nbsp; 66442 |
| EURO-BTP | &nbsp;&nbsp; 174 | December-2025 | &nbsp;&nbsp; 24386897 | &nbsp;&nbsp; 111766 | &nbsp;&nbsp; 111766 |
| Long Gilt | &nbsp;&nbsp; 58 | December-2025 | &nbsp;&nbsp; 7134157 | &nbsp;&nbsp; 2371 | &nbsp;&nbsp; 2371 |
| SFE 3 Year Australian Bonds | &nbsp;&nbsp; 366 | December-2025 | &nbsp;&nbsp; 25571123 | &nbsp;&nbsp; (116876)<br>| &nbsp;&nbsp; (116876)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 370 | December-2025 | &nbsp;&nbsp; 41688594 | &nbsp;&nbsp; (245661)<br>| &nbsp;&nbsp; (245661)<br>|
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 80 | December-2025 | &nbsp;&nbsp; 16659375 | &nbsp;&nbsp; (45858)<br>| &nbsp;&nbsp; (45858)<br>|
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 182 | December-2025 | &nbsp;&nbsp; 19876391 | &nbsp;&nbsp; (133655)<br>| &nbsp;&nbsp; (133655)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 89 | December-2025 | &nbsp;&nbsp; 10440812 | &nbsp;&nbsp; (47642)<br>| &nbsp;&nbsp; (47642)<br>|
| Subtotal—Interest Rate Risk |  |  |  | &nbsp;&nbsp; (475862)<br>| &nbsp;&nbsp; (475862)<br>|
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; 6289676 | &nbsp;&nbsp; 6289676 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Commodity Risk** |  |  |  |  |  |
| Brent Crude Oil | &nbsp;&nbsp; 92 | February-2026 | &nbsp;&nbsp; (5906400)<br>| &nbsp;&nbsp; (37601)<br>| &nbsp;&nbsp; (37601)<br>|
| Corn | &nbsp;&nbsp; 344 | December-2025 | &nbsp;&nbsp; (7421800)<br>| &nbsp;&nbsp; (244297)<br>| &nbsp;&nbsp; (244297)<br>|
| Natural Gas | &nbsp;&nbsp; 178 | December-2025 | &nbsp;&nbsp; (7340720)<br>| &nbsp;&nbsp; (648388)<br>| &nbsp;&nbsp; (648388)<br>|
| Soybean Meal | &nbsp;&nbsp; 57 | December-2025 | &nbsp;&nbsp; (1833120)<br>| &nbsp;&nbsp; (221093)<br>| &nbsp;&nbsp; (221093)<br>|
| Wheat | &nbsp;&nbsp; 295 | December-2025 | &nbsp;&nbsp; (7876500)<br>| &nbsp;&nbsp; (203085)<br>| &nbsp;&nbsp; (203085)<br>|
| WTI Crude Oil | &nbsp;&nbsp; 93 | January-2026 | &nbsp;&nbsp; (5635800)<br>| &nbsp;&nbsp; (50344)<br>| &nbsp;&nbsp; (50344)<br>|
| Subtotal—Commodity Risk |  |  |  | &nbsp;&nbsp; (1404808)<br>| &nbsp;&nbsp; (1404808)<br>|

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

------

**4**

------

**Invesco Managed Futures Strategy ETF (IMF)—(continued)**

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** |
| **Short Futures Contracts—(continued)** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Currency Risk** |  |  |  |  |  |
| Canadian Dollar | &nbsp;&nbsp; 297 | December-2025 | &nbsp;&nbsp; $(21239955)<br>| &nbsp;&nbsp; $134643 | &nbsp;&nbsp; $134643 |
| CME Japanese Yen Currency | &nbsp;&nbsp; 234 | December-2025 | &nbsp;&nbsp; (19060763)<br>| &nbsp;&nbsp; 719650 | &nbsp;&nbsp; 719650 |
| CME New Zealand Dollar Currency | &nbsp;&nbsp; 247 | December-2025 | &nbsp;&nbsp; (14160510)<br>| &nbsp;&nbsp; 135566 | &nbsp;&nbsp; 135566 |
| Subtotal—Currency Risk |  |  |  | &nbsp;&nbsp; 989859 | &nbsp;&nbsp; 989859 |
| **Interest Rate Risk** |  |  |  |  |  |
| Euro-Buxl | &nbsp;&nbsp; 92 | December-2025 | &nbsp;&nbsp; (12330371)<br>| &nbsp;&nbsp; (214651)<br>| &nbsp;&nbsp; (214651)<br>|
| Euro-Schatz | &nbsp;&nbsp; 287 | December-2025 | &nbsp;&nbsp; (35470848)<br>| &nbsp;&nbsp; (3838)<br>| &nbsp;&nbsp; (3838)<br>|
| Subtotal—Interest Rate Risk |  |  |  | &nbsp;&nbsp; (218489)<br>| &nbsp;&nbsp; (218489)<br>|
| Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp; (633438)<br>| &nbsp;&nbsp; (633438)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $5656238 | &nbsp;&nbsp; $5656238 |

---

<sup>(a)</sup> Futures contracts collateralized by $50,854,827 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

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**Consolidated Statement of Assets and Liabilities**

October 31, 2025

---

| | |
|:---|:---|
|  | **Invesco** <br>**Managed Futures** <br>**Strategy ETF (IMF)**<br>|
| **Assets:** |  |
| Affiliated investments in securities, at value | &nbsp;&nbsp; $238925058 |
| Other investments: |  |
| Unrealized appreciation on LME futures contracts | &nbsp;&nbsp; 1757336 |
| Deposits with brokers: |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 50854827 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 824558 |
| Expenses absorbed | &nbsp;&nbsp; 35014 |
| **Total assets** | &nbsp;&nbsp; 292396793 |
| **Liabilities:** |  |
| Payable for: |  |
| LME futures contracts | &nbsp;&nbsp; 303734 |
| Accrued unitary management fees | &nbsp;&nbsp; 162970 |
| **Total liabilities** | &nbsp;&nbsp; 466704 |
| **Net Assets** | &nbsp;&nbsp; $291930089 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $298142338 |
| Distributable earnings (loss) | &nbsp;&nbsp; (6212249)<br>|
| **Net Assets** | &nbsp;&nbsp; $291930089 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 6600001 |
| Net asset value | &nbsp;&nbsp; $44.23 |
| Market price | &nbsp;&nbsp; $44.18 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $238925058 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

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**Consolidated Statement of Operations**

For the period ended October 31, 2025

---

| | |
|:---|:---|
|  | **Invesco** <br>**Managed Futures** <br>**Strategy ETF (IMF)**<sup>(a)</sup> <br>|
| **Investment income:** |  |
| Unaffiliated interest income | &nbsp;&nbsp; $825126 |
| Affiliated dividend income | &nbsp;&nbsp; 6131799 |
| Total investment income | &nbsp;&nbsp; 6956925 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 1119782 |
| Less: Waivers | &nbsp;&nbsp; (249819)<br>|
| Net expenses | &nbsp;&nbsp; 869963 |
| Net investment income | &nbsp;&nbsp; 6086962 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (430976)<br>|
| Foreign currencies | &nbsp;&nbsp; (96048)<br>|
| Futures contracts | &nbsp;&nbsp; (34141766)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (34668790)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Foreign currencies | &nbsp;&nbsp; (119873)<br>|
| Futures contracts | &nbsp;&nbsp; 5656238 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 5536365 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (29132425)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(23045463)<br>|

---

<sup>(a)</sup> For the period March 17, 2025 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

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**Consolidated Statement of Changes in Net Assets**

For the period ended October 31, 2025

---

| | |
|:---|:---|
|  | **Invesco** <br>**Managed Futures** <br>**Strategy ETF (IMF)**<br>|
|  | **2025**<sup>(a)</sup> <br>|
| **Operations:** |  |
| Net investment income | &nbsp;&nbsp; $6086962 |
| Net realized gain (loss) | &nbsp;&nbsp; (34668790)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 5536365 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (23045463)<br>|
| **Shareholder Transactions:** |  |
| Proceeds from shares sold | &nbsp;&nbsp; 339550326 |
| Value of shares repurchased | &nbsp;&nbsp; (24574774)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 314975552 |
| Net increase in net assets | &nbsp;&nbsp; 291930089 |
| **Net assets:** |  |
| Beginning of period | &nbsp;&nbsp; - |
| End of period | &nbsp;&nbsp; $291930089 |
| **Changes in Shares Outstanding:** |  |
| Shares sold | &nbsp;&nbsp; 7160001 |
| Shares repurchased | &nbsp;&nbsp; (560000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; - |
| Shares outstanding, end of period | &nbsp;&nbsp; 6600001 |

---

<sup>(a)</sup> For the period March 17, 2025 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

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**8**

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**Consolidated Financial Highlights**

Invesco Managed Futures Strategy ETF (IMF)

---

| | |
|:---|:---|
|  | **For the Period** <br>**March 17, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (6.74)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (5.77)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $44.23 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $44.18 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (11.54 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (11.64 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $291930 |
| Ratio to average net assets of: |  |
| Expenses, after Waivers<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(g)</sup><br>|
| Expenses, prior to Waivers<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.53 %<sup>(g)</sup><br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (March 19, 2025, the first day of trading on the exchange) to October 31, 2025 was (12.33)%. The market price total return from Fund Inception to October 31, 2025 was (12.24)%.

<sup>(f)</sup> In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying fund in which the Fund invests. Indirect expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying fund and are deducted from the value of the fund your Fund invests in. The effect of the underlying fund expenses that you bear indirectly is included in your Fund's total return. 

<sup>(g)</sup> Annualized.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

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**Notes to Consolidated Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

October 31, 2025

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes Invesco Managed Futures Strategy ETF (IMF) (the "Fund") and the Invesco Managed Futures Strategy Cayman Ltd. (the "Subsidiary"), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands.

The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund's Shares." The Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

The market price of a Share may differ to some degree from the Fund's net asset value ("NAV"). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in the Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash, though the Fund reserves the right to issue and redeem Creation Units in exchange for a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by authorized participants ("APs"), Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek long term capital appreciation. The Fund's investment in its Subsidiary is expected to provide the Fund with exposure to commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Fund in preparation of its consolidated financial statements.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may

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**10**

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become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Fund may periodically participate in litigation related to the Fund's investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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**11**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C.** **Country Determination** - For the purposes of presentation in the Consolidated Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - The Fund declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund's consolidated financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays Invesco Advisers, Inc.'s (the "Affiliated Sub-Adviser" or "Invesco") fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from the Fund's unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund's unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.

To the extent the Fund invests in other investment companies, the expenses shown in the accompanying consolidated financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**G.** **Accounting Estimates** - The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. All inter-company accounts and transactions have been eliminated in consolidation. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Also, under the Subsidiary's organizational documents, the directors and officers of the Subsidiary are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee

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and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements. Adoption of the new standard impacted the Fund's consolidated financial statement notes disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**K.** **Futures Contracts** - The Fund will enter into futures contracts to simulate full investment in securities or manage exposure to equity, interest rate, commodities, and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, index, commodity or financial instrument for a specified price at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments can be received or made on commodity futures contracts that do not trade on the London Metals Exchange (the "LME"), depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Consolidated Statement of Assets and Liabilities. Otherwise, the variation margin excess or deficit can be netted with cash held at the futures commission merchant broker and reflected as Cash collateral-futures contracts on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Consolidated Statement of

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Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations.

For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statement of Assets and Liabilities.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

**L.** **Other Risks**

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind, which may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs. Also, to the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease the Fund's NAV.

*Commodity-Linked Derivatives Risk*. Investments linked to the prices of commodities may be considered speculative. The Fund's significant investment exposure to commodities may subject the Fund to greater volatility than investments in traditional securities. Therefore, the value of such instruments may be volatile and fluctuate widely based on a variety of macroeconomic factors or commodity-specific factors. At times, price fluctuations may be quick and significant and may not correlate to price movements in other asset classes, such as stocks, bonds and cash.

*Commodity Pool Risk*. The Subsidiary's investments in futures contracts have caused it and the Fund to be deemed commodity pools, thereby subjecting the Subsidiary and the Fund to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission ("CFTC") rules. The Adviser is registered as a commodity pool operator ("CPO") and as a commodity trading advisor ("CTA"), and will manage both the Fund and the Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO or CTA subjects the Adviser to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund or the Subsidiary. Registration as a commodity pool may have negative effects on the ability of the Fund or the Subsidiary to engage in its planned investment program. Additionally, the Subsidiary's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

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*Futures Contracts Risk*. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying reference asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash or must sell securities to meet those margin requirements; (vi) the possibility that a failure to close a position may result in the Fund receiving an illiquid asset; and (vii) unfavorable execution prices from rapid selling.

*Interest Rate Risk*. The Fund's investments in U.S. Government securities and commercial paper will change in value in response to interest rate changes and other factors, such as the perception of an issuer's creditworthiness. For example, the value of fixed-income securities generally decrease when interest rates rise, which may cause the Fund's value to decrease. Also, investments in fixed-income securities with longer maturities fluctuate more in response to interest rate changes.

*Leveraging Risk*. The Fund's use of futures contracts will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of the reference asset underlying an instrument, which means the Fund will have the potential for greater losses than if the Fund did not use instruments with a leveraging effect. Leveraging may cause the Fund's net asset value to experience heightened volatility.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price. There is no assurance that a liquid secondary market will exist for any particular futures contract at any particular time, which may make it difficult for the Fund to sell them at an acceptable price, purchase a sufficient quantity at an acceptable price, or to accurately value them.

*Management Risk*. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.

*Market Risk*. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

*Non-Diversified Fund Risk*. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

*Subsidiary Investment Risk*. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with its Subsidiary's investments. The Subsidiary is not registered under the 1940 Act; therefore the Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

*Tax Risk*. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company ("RIC") and be subject to federal income tax at the Fund level. As a RIC, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as qualifying income under the Internal Revenue Code. The IRS has issued a number of private letter rulings to other RICs (upon which only the Fund that received the private letter ruling can rely), which indicate that income from the Fund's investment in certain commodity-linked notes and a wholly owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. However, the portion of such rulings relating to the treatment of a corporation as a RIC that require a determination of whether a financial instrument or position is a security under section 2(a)(36) of the 1940 Act was revoked because of changes in the IRS's position. (A financial instrument or position that constitutes a security under section 2(a)(36) of the 1940 Act generates qualifying income for a corporation taxed as a RIC.) Accordingly, the Fund may invest in certain commodity-linked notes: (a) directly, relying on an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the IRS issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund's use of the Subsidiary (which guidance might be applied to the Fund retroactively), it could limit the Fund's ability to pursue its investment strategy and the Fund might not qualify as a RIC for one or more years. In this event, the Fund's Board may authorize a significant change in investment strategy or other action. In lieu of potential disqualification, the Fund is

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permitted to pay a tax for certain failures to satisfy the income requirement, which, in general, are limited to those due to reasonable cause and not willful neglect. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the IRS.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a loss because a security is sold at a discount to its established value.

*Valuation Time Risk*. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund's portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund's investments, managing the Fund's business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser's fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser's compensation of the sub-advised assets of the Fund.

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the period March 17, 2025 (commencement of investment operations) through October 31, 2025, the Adviser waived fees of $249,819.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

**NOTE 4—Additional Valuation Information**

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.

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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 the Adviser'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.

As of October 31, 2025, all of the securities in the Fund were valued based on Level 1 inputs (see the Consolidated Schedule 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 5—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which the Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | **Commodity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $4316955 | &nbsp;&nbsp; $989859 | &nbsp;&nbsp; $3417752 | &nbsp;&nbsp; $180579 | &nbsp;&nbsp; $8905145 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; (4316955)<br>| &nbsp;&nbsp; (989859)<br>| &nbsp;&nbsp; (3417752)<br>| &nbsp;&nbsp; (180579)<br>| &nbsp;&nbsp; (8905145)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | **Commodity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $(1488104)<br>| &nbsp;&nbsp; $(819351)<br>| &nbsp;&nbsp; $(66522)<br>| &nbsp;&nbsp; $(874930)<br>| &nbsp;&nbsp; $(3248907)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 1488104 | &nbsp;&nbsp; 819351 | &nbsp;&nbsp; 66522 | &nbsp;&nbsp; 874930 | &nbsp;&nbsp; 3248907 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

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<sup>(a)</sup> Includes cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin receivable (payable) is reported within the Consolidated Statement of Assets and Liabilities for non-LME futures contracts, if any.

**Effect of Derivative Investments for the period March 17, 2025 (commencement of investment operations) through October 31, 2025**

The table below summarizes the Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** |
|  | **Commodity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $(19754426)<br>| &nbsp;&nbsp; $(4240407)<br>| &nbsp;&nbsp; $(1642219)<br>| &nbsp;&nbsp; $(8504714)<br>| &nbsp;&nbsp; $(34141766)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; 2828851 | &nbsp;&nbsp; 170508 | &nbsp;&nbsp; 3351230 | &nbsp;&nbsp; (694351)<br>| &nbsp;&nbsp; 5656238 |
| Total | &nbsp;&nbsp; $(16925575)<br>| &nbsp;&nbsp; $(4069899)<br>| &nbsp;&nbsp; $1709011 | &nbsp;&nbsp; $(9199065)<br>| &nbsp;&nbsp; $(28485528)<br>|

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The table below summarizes the average notional value of derivatives held during the period.

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| | |
|:---|:---|
|  | **Futures Contracts** |
| Average notional value | &nbsp;&nbsp; $692847223 |

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**NOTE 6—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Period March 17, 2025 (Commencement of Investment Operations) through October 31, 2025:

---

| | |
|:---|:---|
|  | **2025** |
| Ordinary income | &nbsp;&nbsp; $- |

---

Tax Components of Net Assets at Fiscal Year-End:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1956533 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp; (4451290)<br>|
| Net unrealized appreciation — other investments | &nbsp;&nbsp; 5656238 |
| Net unrealized appreciation (depreciation) — foreign currencies and foreign taxes | &nbsp;&nbsp; (119873)<br>|
| Capital loss carryforward | &nbsp;&nbsp; (9253857)<br>|
| Shares of beneficial interest | &nbsp;&nbsp; 298142338 |
| Total net assets | &nbsp;&nbsp; $291930089 |

---

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of October 31, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total** |
| Managed Futures Strategy ETF | &nbsp;&nbsp; $2683685 | &nbsp;&nbsp; $6570172 | &nbsp;&nbsp; $9253857 |

---

**NOTE 7—Investment Transactions**

There were no securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) purchased or sold by the Fund during the period March 17, 2025 (commencement of investment operations) through October 31, 2025.

As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $8905145 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp; (7700197)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $1204948 |

---

Cost of investments for tax purposes is $243,376,348.

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions and subsidiary differences, undistributed net investment income (loss) was decreased by $(4,130,429), undistributed net realized gain (loss) was increased by $20,963,643 and Shares of beneficial interest were decreased by $(16,833,214). These reclassifications had no effect on the net assets of the Fund.

**NOTE 9—Trustees' and Officer's Fees**

The Adviser, as a result of the Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

**NOTE 10—Capital**

Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.

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To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund's Shares are disclosed in detail in the Consolidated Statement of Changes in Net Assets.

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Actively Managed Exchange-Traded Fund Trust and Shareholders of Invesco Managed Futures Strategy ETF

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Managed Futures Strategy ETF and its subsidiary (one of the funds constituting Invesco Actively Managed Exchange-Traded Fund Trust, referred to hereafter as the "Fund") as of October 31, 2025, and the related consolidated statements of operations and changes in net assets, including the related notes, and the consolidated financial highlights for the period March 17, 2025 (commencement of investment operations) through October 31, 2025, (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations, changes in its net assets and the financial highlights for the period March 17, 2025 (commencement of investment operations) through October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, brokers and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

------

**20**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco Managed Futures Strategy ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

------

**21**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Fund's trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**22**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-MF-NCSR

invesco.com/ETFs

------

![](img319d319d1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **INTM** | Invesco Intermediate Municipal ETF |
| **IROC** | Invesco Rochester<sup>®</sup> High Yield Municipal ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_SOI-Continued-900_1) | **3** |
| [Invesco Intermediate Municipal ETF (INTM)](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_SOI-Continued-900_1) | **3** |
| [Invesco Rochester](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_SOI-Continued-900_6)<sup>®</sup>[High Yield Municipal ETF (IROC)](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_SOI-Continued-900_6) | **8** |
| [Statements of Assets and Liabilities](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_FS-Continued-900_1) | **13** |
| [Statements of Operations](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_FS-Continued-900_2) | **14** |
| [Statements of Changes in Net Assets](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_FS-Continued-900_3) | **15** |
| [Financial Highlights](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_FIHI-Continued-900_1) | **16** |
| [Notes to Financial Statements](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_NTF-Continued-900_1) | **18** |
| [Report of Independent Registered Public Accounting Firm](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_AR-Continued-900_1) | **26** |
| [Tax Information](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_TI-Continued-900_1) | **27** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_BCRC-Continued_1) | **28** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_c109bf24-6928-483b-ae72-a024f1b266d4_OIRSR-Continued_1) | **31** |

---

------

**2**

------

**Invesco Intermediate Municipal ETF (INTM)**

October 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-108.51%** |  |  |  |  |
| **Alabama-2.03%** |  |  |  |  |
| Baldwin (County of), AL Industrial Development Authority, Series 2025, RB<sup>(a)(b)(c)</sup> | 4.63% | 06/01/2032 | $250 | &nbsp;&nbsp; $252825 |
| Southeast Energy Authority A Cooperative District (No. 1), Series 2021 A, RB<sup>(c)</sup> | 4.00% | 10/01/2028 | 230 | &nbsp;&nbsp; 235317 |
| Southeast Energy Authority, A Cooperative District (No. 2), Series 2024 A, RB | 5.00% | 11/01/2035 | 500 | &nbsp;&nbsp; 533576 |
| Southeast Energy Authority, A Cooperative District (No. 3), Series 2022 A-1, RB<sup>(c)</sup> | 5.50% | 12/01/2029 | 120 | &nbsp;&nbsp; 130098 |
|  |  |  |  | &nbsp;&nbsp; 1151816 |
| **Alaska-1.27%** |  |  |  |  |
| Alaska Housing Finance Corp. (Veterans Mortgage), Series 2025, RB, (CEP - GNMA) | 4.65% | 12/01/2042 | 700 | &nbsp;&nbsp; 718747 |
| **Arizona-1.67%** |  |  |  |  |
| Glendale Industrial Development Authority (Midwestern University), Series 2025, RB<sup>(d)</sup> | 5.00% | 05/15/2043 | 500 | &nbsp;&nbsp; 534450 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2038 | 210 | &nbsp;&nbsp; 214349 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies), Series 2016, <br> Ref. RB<br>| 5.00% | 07/01/2036 | 40 | &nbsp;&nbsp; 39883 |
| Phoenix Civic Improvement Corp. (Green Bonds), Series 2020, RB | 5.00% | 07/01/2040 | 150 | &nbsp;&nbsp; 159742 |
|  |  |  |  | &nbsp;&nbsp; 948424 |
| **California-4.15%** |  |  |  |  |
| California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB<sup>(c)</sup> | 5.25% | 10/01/2031 | 250 | &nbsp;&nbsp; 268230 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.), <br> Series 2020 B-1, Ref. RB<br>| 5.00% | 06/01/2049 | 35 | &nbsp;&nbsp; 35012 |
| California (State of) Pollution Control Financing Authority (Plant Bonds), Series 2012, RB<sup>(a)(b)</sup> | 5.00% | 07/01/2037 | 250 | &nbsp;&nbsp; 250232 |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority), <br> Series 2019, Ref. RB<sup>(a)</sup><br>| 5.00% | 11/21/2045 | 250 | &nbsp;&nbsp; 253327 |
| California (State of) School Finance Authority (Alliance for College-Ready Public Schools), Series 2016, <br> Ref. RB<sup>(a)</sup><br>| 5.00% | 07/01/2036 | 250 | &nbsp;&nbsp; 250212 |
| California (State of) School Finance Authority (KIPP LA), Series 2017 A, RB<sup>(a)</sup> | 5.00% | 07/01/2037 | 150 | &nbsp;&nbsp; 152525 |
| California Municipal Finance Authority, Series 2025 A-1, RB | 4.33% | 11/20/2040 | 1000 | &nbsp;&nbsp; 1008166 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara), Series 2007 A, RB<sup>(e)</sup> | 0.00% | 06/01/2036 | 250 | &nbsp;&nbsp; 139029 |
|  |  |  |  | &nbsp;&nbsp; 2356733 |
| **Colorado-5.55%** |  |  |  |  |
| Colorado (City of), CO Springs Co., Series 2025 A, RB | 5.00% | 11/15/2036 | 150 | &nbsp;&nbsp; 176416 |
| Colorado Educational & Cultural Facilities Authority, Series 2008 A-12, VRD RB<sup>(f)</sup> | 3.90% | 11/05/2025 | 1025 | &nbsp;&nbsp; 1025000 |
| Colorado Health Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB | 4.00% | 08/01/2039 | 750 | &nbsp;&nbsp; 743417 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2038 | 160 | &nbsp;&nbsp; 162346 |
| Park Creek Metropolitan District, Series 2025, Ref. RB, (INS - AGI)<sup>(g)</sup> | 5.00% | 12/01/2041 | 750 | &nbsp;&nbsp; 803259 |
| Raindance Metropolitan District No. 2, Series 2024, Ref. GO Bonds, (INS - BAM)<sup>(g)</sup> | 5.00% | 12/01/2039 | 225 | &nbsp;&nbsp; 240976 |
|  |  |  |  | &nbsp;&nbsp; 3151414 |
| **Delaware-1.78%** |  |  |  |  |
| Delaware State Economic Development Authority (NRG Energy), Series 2020 B, Ref. RB<sup>(c)</sup> | 4.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1009164 |
| **District of Columbia-2.87%** |  |  |  |  |
| District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB | 6.75% | 05/15/2040 | 1000 | &nbsp;&nbsp; 1031361 |
| District of Columbia Water & Sewer Authority, Series 2025 C-1, VRD RB<sup>(f)</sup> | 3.95% | 11/05/2025 | 600 | &nbsp;&nbsp; 600000 |
|  |  |  |  | &nbsp;&nbsp; 1631361 |
| **Florida-8.88%** |  |  |  |  |
| Bellalago Educational Facilities Benefit District, Series 2014, Ref. RB | 4.50% | 05/01/2033 | 125 | &nbsp;&nbsp; 125085 |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities), Series 2025, <br> RB<sup>(b)</sup><br>| 5.13% | 10/01/2035 | 150 | &nbsp;&nbsp; 154905 |
| City Of South Miami Health Facilities Authority, Inc., Series 2025, RB | 5.00% | 08/15/2035 | 150 | &nbsp;&nbsp; 171544 |
| Delray Beach (City of), FL, Series 2025, RB | 5.00% | 10/01/2039 | 200 | &nbsp;&nbsp; 227080 |
| East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB | 5.00% | 10/01/2036 | 100 | &nbsp;&nbsp; 103491 |
| Florida Municipal Power Agency, Series 2025, Ref. RB | 5.00% | 10/01/2035 | 150 | &nbsp;&nbsp; 170101 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**3**

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Gainesville (City of), FL, Series 2012 B, Ref. VRD RB<sup>(f)</sup> | 3.90% | 11/05/2025 | $965 | &nbsp;&nbsp; $965000 |
| Highlands County Health Facilities Authority, Series 2025, VRD RB<sup>(f)</sup> | 3.90% | 11/05/2025 | 1330 | &nbsp;&nbsp; 1330000 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2020 D, <br> Ref. VRD RB, (LOC - TD Bank N.A.)<sup>(f)(h)</sup><br>| 3.96% | 11/05/2025 | 540 | &nbsp;&nbsp; 540000 |
| Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB | 5.00% | 07/01/2040 | 120 | &nbsp;&nbsp; 120511 |
| Okaloosa (County of), FL (Air Force Enlisted Village), Series 2025, RB<sup>(a)</sup> | 4.38% | 05/15/2035 | 500 | &nbsp;&nbsp; 504052 |
| Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2032 | 200 | &nbsp;&nbsp; 202566 |
| Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB | 5.00% | 10/01/2035 | 150 | &nbsp;&nbsp; 175309 |
| Port Orange (City of), FL, Series 2025, Ref. RB | 5.00% | 10/01/2038 | 225 | &nbsp;&nbsp; 253351 |
|  |  |  |  | &nbsp;&nbsp; 5042995 |
| **Georgia-2.65%** |  |  |  |  |
| Atlanta (City of), GA, Series 2015, Ref. RB | 5.00% | 11/01/2040 | 250 | &nbsp;&nbsp; 250297 |
| Development Authority of Appling County, Series 2013, Ref. VRD RB<sup>(f)</sup> | 3.58% | 11/12/2025 | 1000 | &nbsp;&nbsp; 1000000 |
| Savannah Georgia Convention Center Authority, Series 2025, RB, (INS - AGI)<sup>(g)</sup> | 5.00% | 06/01/2037 | 225 | &nbsp;&nbsp; 252526 |
|  |  |  |  | &nbsp;&nbsp; 1502823 |
| **Guam-0.60%** |  |  |  |  |
| Guam (Territory of) Waterworks Authority, Series 2025 A, RB | 5.00% | 07/01/2035 | 300 | &nbsp;&nbsp; 338874 |
| **Idaho-3.02%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2018 C, VRD Ref. RB, <br> (LOC - U.S. Bank N.A.)<sup>(f)(h)</sup><br>| 3.90% | 11/05/2025 | 1000 | &nbsp;&nbsp; 1000000 |
| Idaho (State of) Housing & Finance Association, Series 2015, RB<sup>(a)</sup> | 5.00% | 12/01/2036 | 245 | &nbsp;&nbsp; 245067 |
| Idaho (State of) Housing & Finance Association, Series 2022 A, RB<sup>(a)</sup> | 4.00% | 05/01/2032 | 135 | &nbsp;&nbsp; 128535 |
| Idaho (State of) Housing & Finance Association, Series 2025 C, RB, (CEP - GNMA) | 6.25% | 01/01/2056 | 300 | &nbsp;&nbsp; 340619 |
|  |  |  |  | &nbsp;&nbsp; 1714221 |
| **Illinois-7.13%** |  |  |  |  |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 B, Ref. RB | 5.00% | 01/01/2041 | 350 | &nbsp;&nbsp; 350305 |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2037 | 150 | &nbsp;&nbsp; 150311 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.25% | 01/01/2042 | 1000 | &nbsp;&nbsp; 1014277 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB | 5.00% | 01/01/2041 | 750 | &nbsp;&nbsp; 821984 |
| Illinois (County of), IL School District No. 102 (La Grange), Series 2025, GO Bonds, (INS - BAM)<sup>(g)</sup> | 5.00% | 12/15/2040 | 385 | &nbsp;&nbsp; 421363 |
| Illinois (County of), IL School District No. 102 (La Grange), Series 2025, GO Bonds, (INS - BAM)<sup>(g)</sup> | 5.00% | 12/15/2041 | 365 | &nbsp;&nbsp; 395201 |
| Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2035 | 300 | &nbsp;&nbsp; 300432 |
| Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2039 | 150 | &nbsp;&nbsp; 160704 |
| Illinois (State of) Toll Highway Authority, Series 2014 C, RB | 5.00% | 01/01/2038 | 200 | &nbsp;&nbsp; 200233 |
| Illinois (State of) Toll Highway Authority, Series 2016 B, RB | 5.00% | 01/01/2041 | 230 | &nbsp;&nbsp; 231234 |
|  |  |  |  | &nbsp;&nbsp; 4046044 |
| **Indiana-0.68%** |  |  |  |  |
| Kokomo (City of), IN (Silver Birch at KOKOMO), Series 2017, RB | 5.75% | 01/01/2034 | 150 | &nbsp;&nbsp; 144328 |
| Kokomo (City of), IN (Silver Birch at KOKOMO), Series 2017, RB | 5.88% | 01/01/2037 | 250 | &nbsp;&nbsp; 242826 |
|  |  |  |  | &nbsp;&nbsp; 387154 |
| **Iowa-1.61%** |  |  |  |  |
| Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB | 4.75% | 08/01/2042 | 915 | &nbsp;&nbsp; 915005 |
| **Kentucky-1.84%** |  |  |  |  |
| Kentucky Public Energy Authority, Series 2025 B, RB | 5.00% | 12/01/2033 | 1000 | &nbsp;&nbsp; 1043846 |
| **Louisiana-3.40%** |  |  |  |  |
| New Orleans Aviation Board, Series 2024 B, Ref. RB<sup>(b)</sup> | 5.25% | 01/01/2041 | 1500 | &nbsp;&nbsp; 1625939 |
| St. James (Parish of), LA, Series 2011, RB<sup>(c)</sup> | 3.70% | 06/01/2030 | 300 | &nbsp;&nbsp; 303105 |
|  |  |  |  | &nbsp;&nbsp; 1929044 |
| **Maine-0.27%** |  |  |  |  |
| Finance Authority of Maine (Casella Waste Systems, Inc.), Series 2015, RB<sup>(a)(b)</sup> | 5.00% | 08/01/2035 | 150 | &nbsp;&nbsp; 155081 |
| **Michigan-1.89%** |  |  |  |  |
| Great Lakes Water Authority, Series 2016, Ref .RB, (INS - BAM)<sup>(g)</sup> | 5.00% | 07/01/2036 | 100 | &nbsp;&nbsp; 101345 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**4**

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-(continued)** |  |  |  |  |
| Lansing School District, Series 2016 I, GO Bonds | 5.00% | 05/01/2037 | $75 | &nbsp;&nbsp; $75299 |
| Wayne County Airport Authority (Detroit Metropolitan), Series 2025, Ref. RB | 5.00% | 12/01/2043 | 825 | &nbsp;&nbsp; 895893 |
|  |  |  |  | &nbsp;&nbsp; 1072537 |
| **Minnesota-1.34%** |  |  |  |  |
| Hennepin (County of), MN, Series 2017 C, GO Bonds | 5.00% | 12/01/2037 | 125 | &nbsp;&nbsp; 127032 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB | 5.00% | 05/01/2046 | 630 | &nbsp;&nbsp; 631094 |
|  |  |  |  | &nbsp;&nbsp; 758126 |
| **Missouri-0.46%** |  |  |  |  |
| Kansas City Industrial Development Authority, Series 2019, RB<sup>(b)</sup> | 5.00% | 03/01/2034 | 250 | &nbsp;&nbsp; 261486 |
| **Nevada-1.36%** |  |  |  |  |
| Sparks Tourism Improvement District No. 1, Series 2025, RB<sup>(d)</sup> | 3.88% | 06/15/2028 | 775 | &nbsp;&nbsp; 774768 |
| **New Hampshire-0.26%** |  |  |  |  |
| New Hampshire (State of) Business Finance Authority, Series 2025, RB | 4.22% | 11/20/2042 | 150 | &nbsp;&nbsp; 147337 |
| **New Jersey-8.10%** |  |  |  |  |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds), Series 2024 K, RB | 6.00% | 10/01/2055 | 1000 | &nbsp;&nbsp; 1077645 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 5.00% | 06/15/2039 | 315 | &nbsp;&nbsp; 347251 |
| New Jersey Economic Development Authority, Series 2025, RB<sup>(d)</sup> | 5.00% | 11/01/2035 | 500 | &nbsp;&nbsp; 536045 |
| New Jersey Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2039 | 1000 | &nbsp;&nbsp; 1130782 |
| Newark (City of), NJ, Series 2016, GO Bonds | 4.50% | 03/15/2036 | 1275 | &nbsp;&nbsp; 1278595 |
| South Jersey Port Corp., Series 2017 B, RB<sup>(b)</sup> | 5.00% | 01/01/2037 | 225 | &nbsp;&nbsp; 231247 |
|  |  |  |  | &nbsp;&nbsp; 4601565 |
| **New York-11.54%** |  |  |  |  |
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds), Series 2022, <br> RB<sup>(a)</sup><br>| 5.00% | 06/01/2032 | 250 | &nbsp;&nbsp; 258414 |
| Build NYC Resource Corp. (Urban Resource Insititute), Series 2025, RB | 4.13% | 12/01/2035 | 715 | &nbsp;&nbsp; 745690 |
| Hempstead Town Local Development Corp. (Molloy College), Series 2017, Ref. RB | 5.00% | 07/01/2038 | 150 | &nbsp;&nbsp; 152286 |
| Monroe County Industrial Development Corp. (Rochester General Hospital (The)), Series 2013 A, Ref. <br> RB<br>| 5.00% | 12/01/2037 | 1000 | &nbsp;&nbsp; 1001426 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2040 | 250 | &nbsp;&nbsp; 278411 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB<sup>(f)</sup> | 3.90% | 11/05/2025 | 1075 | &nbsp;&nbsp; 1075000 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2041 | 245 | &nbsp;&nbsp; 268657 |
| New York (State of) Dormitory Authority (Rosewell Park Cancer Insititute), Series 2025, RB, <br> (INS - AGI)<sup>(g)</sup><br>| 5.00% | 07/01/2036 | 225 | &nbsp;&nbsp; 255053 |
| New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB | 5.25% | 10/01/2035 | 150 | &nbsp;&nbsp; 175417 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport), Series 2020, Ref. RB<sup>(b)</sup><br>| 5.25% | 08/01/2031 | 750 | &nbsp;&nbsp; 784821 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment), Series 2020, RB<sup>(b)</sup><br>| 5.00% | 10/01/2035 | 125 | &nbsp;&nbsp; 130822 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016 A, RB<sup>(b)</sup><br>| 5.00% | 07/01/2041 | 250 | &nbsp;&nbsp; 250017 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016 A, RB<sup>(b)</sup><br>| 5.00% | 07/01/2046 | 500 | &nbsp;&nbsp; 498605 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016, RB, (INS - AGI)<sup>(b)(g)</sup><br>| 4.00% | 07/01/2037 | 120 | &nbsp;&nbsp; 119442 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2022, RB<sup>(b)</sup> | 5.00% | 12/01/2029 | 150 | &nbsp;&nbsp; 159910 |
| Westchester Tobacco Asset Securitization Corp., Series 2016 B, Ref. RB | 5.00% | 06/01/2041 | 400 | &nbsp;&nbsp; 400584 |
|  |  |  |  | &nbsp;&nbsp; 6554555 |
| **North Carolina-3.05%** |  |  |  |  |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 G, VRD RB<sup>(f)</sup> | 3.90% | 11/05/2025 | 500 | &nbsp;&nbsp; 500000 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2021, Ref. VRD RB, <br> (LOC - Royal Bank Of Canada)<sup>(f)(h)</sup><br>| 3.85% | 11/05/2025 | 700 | &nbsp;&nbsp; 700000 |
| North Carolina Medical Care Commission, Series 2025, Ref. RB | 5.00% | 10/01/2034 | 500 | &nbsp;&nbsp; 532805 |
|  |  |  |  | &nbsp;&nbsp; 1732805 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**5**

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-4.58%** |  |  |  |  |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2016 A, Ref. RB<sup>(i)</sup> | 5.00% | 02/15/2026 | $300 | &nbsp;&nbsp; $301802 |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2025, Ref. RB<sup>(d)</sup> | 5.00% | 02/15/2041 | 600 | &nbsp;&nbsp; 658274 |
| Franklin (County of), OH, Series 2015, RB | 5.00% | 05/15/2040 | 150 | &nbsp;&nbsp; 150167 |
| Hamilton (County of), OH (Life Enriching Communities), Series 2023, RB | 5.25% | 01/01/2038 | 225 | &nbsp;&nbsp; 237369 |
| Hamilton (County of), OH (TriHealth, Inc. Obligated), Series 2021, Ref. VRD RB<sup>(f)</sup> | 4.00% | 11/05/2025 | 1000 | &nbsp;&nbsp; 1000000 |
| Hilliard School District, Series 2025 B, GO Bonds | 5.00% | 12/01/2039 | 225 | &nbsp;&nbsp; 254806 |
|  |  |  |  | &nbsp;&nbsp; 2602418 |
| **Oklahoma-0.45%** |  |  |  |  |
| Tulsa Municipal Airport Trust Trustees 9American Airlines, Inc.), Series 2025, Ref. RB<sup>(b)</sup> | 6.25% | 12/01/2040 | 230 | &nbsp;&nbsp; 258150 |
| **Oregon-0.92%** |  |  |  |  |
| Oregon (State of), Series 2020 J, Ref. VRD GO Bonds<sup>(f)</sup> | 3.85% | 11/05/2025 | 525 | &nbsp;&nbsp; 525000 |
| **Pennsylvania-1.65%** |  |  |  |  |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), <br> Series 2008, VRD Ref. RB<sup>(f)</sup><br>| 3.75% | 11/05/2025 | 400 | &nbsp;&nbsp; 400000 |
| Philadelphia (City of), PA Housing Authority (PHADC Acquition Program), Series 2025, RB | 5.00% | 03/01/2036 | 225 | &nbsp;&nbsp; 248891 |
| School District of Philadelphia (The), Series 2018 A, GO Bonds | 5.00% | 09/01/2036 | 275 | &nbsp;&nbsp; 287390 |
|  |  |  |  | &nbsp;&nbsp; 936281 |
| **Puerto Rico-0.56%** |  |  |  |  |
| Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 | 344 | &nbsp;&nbsp; 316059 |
| **Rhode Island-0.14%** |  |  |  |  |
| Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 80 | &nbsp;&nbsp; 80006 |
| **South Carolina-2.26%** |  |  |  |  |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB | 5.00% | 12/01/2038 | 280 | &nbsp;&nbsp; 282208 |
| South Carolina Jobs-Economic Development Authority (Rolling Green Village), Series 2025, RB<sup>(d)</sup> | 4.25% | 12/01/2031 | 1000 | &nbsp;&nbsp; 1000351 |
|  |  |  |  | &nbsp;&nbsp; 1282559 |
| **Tennessee-0.88%** |  |  |  |  |
| Knoxville Industrial Development Board, Series 2025, RB<sup>(a)</sup> | 4.25% | 11/01/2030 | 500 | &nbsp;&nbsp; 497223 |
| **Texas-12.32%** |  |  |  |  |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2025, Ref. RB<sup>(a)</sup> | 5.00% | 06/15/2035 | 150 | &nbsp;&nbsp; 157965 |
| Austin (City of), TX, Series 2017 A, RB | 5.00% | 11/15/2041 | 750 | &nbsp;&nbsp; 756662 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds | 5.00% | 09/01/2039 | 750 | &nbsp;&nbsp; 851466 |
| Bexar County Health Facilities Development Corp., Series 2016, Ref. RB | 4.00% | 07/15/2036 | 145 | &nbsp;&nbsp; 134295 |
| Dallas Fort Worth International Airport, Series 2025 A-1, RB<sup>(b)</sup> | 5.25% | 11/01/2039 | 250 | &nbsp;&nbsp; 278807 |
| Forney Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2035 | 150 | &nbsp;&nbsp; 174134 |
| Houston (City of), TX, Series 2024 B, RB<sup>(b)</sup> | 5.50% | 07/15/2036 | 225 | &nbsp;&nbsp; 247520 |
| Houston (City of), TX, Series 2025 A, RB<sup>(b)</sup> | 5.25% | 07/01/2036 | 175 | &nbsp;&nbsp; 199067 |
| Leander (City of), TX, Series 2025, GO Bonds | 5.00% | 08/15/2038 | 500 | &nbsp;&nbsp; 570473 |
| Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB<sup>(a)(b)</sup> | 4.63% | 10/01/2031 | 125 | &nbsp;&nbsp; 125448 |
| Montgomery County Municipal Utility District No. 95, Series 2017, GO Bonds, (INS - AGI)<sup>(g)</sup> | 3.63% | 09/01/2037 | 380 | &nbsp;&nbsp; 367741 |
| New Hope Cultural Education Facilities Finance Corp. (Brazos Prebyterian Homes), Series 2025, Ref. <br> RB<sup>(d)</sup><br>| 5.25% | 01/01/2036 | 750 | &nbsp;&nbsp; 819565 |
| New Hope Cultural Education Facilities Finance Corp. (Brazos Prebyterian Homes), Series 2025, Ref. <br> RB<sup>(d)</sup><br>| 5.25% | 01/01/2040 | 250 | &nbsp;&nbsp; 262574 |
| New Hope Cultural Education Facilities Finance Corp. (Children Health System), Series 2025, RB | 5.00% | 08/15/2037 | 225 | &nbsp;&nbsp; 255056 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2037 | 225 | &nbsp;&nbsp; 229620 |
| Sherman Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2036 | 150 | &nbsp;&nbsp; 173597 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2015, Ref. RB | 5.00% | 11/15/2040 | 500 | &nbsp;&nbsp; 500057 |
| Texas (State of), Series 2022, VRD GO Bonds, (LOC - Sumitomo Mitsui Banking)<sup>(f)(h)</sup> | 3.25% | 11/12/2025 | 500 | &nbsp;&nbsp; 500000 |
| Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)<sup>(g)</sup> | 6.50% | 03/01/2031 | 125 | &nbsp;&nbsp; 145248 |
| Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)<sup>(g)</sup> | 6.50% | 03/01/2032 | 210 | &nbsp;&nbsp; 248835 |
|  |  |  |  | &nbsp;&nbsp; 6998130 |
| **Virginia-0.26%** |  |  |  |  |
| University of Virginia, Series 2015 A-2, RB | 5.00% | 04/01/2045 | 150 | &nbsp;&nbsp; 149988 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**6**

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-4.31%** |  |  |  |  |  |
| Seattle (Port of), WA, Series 2017 C, RB<sup>(b)</sup> | 5.25% | 05/01/2042 | $| 1000 | &nbsp;&nbsp; $1010005 |
| Washington (State of) Housing Finance Commission (Transforming Age), Series 2019 A, RB<sup>(a)</sup> | 5.00% | 01/01/2039 |  | 150 | &nbsp;&nbsp; 151262 |
| Washington Health Care Facilities Authority (Commonspirit Health), Series 2025 A, Ref. RB | 5.00% | 09/01/2040 |  | 1000 | &nbsp;&nbsp; 1094578 |
| Washington State Housing Finance Commission, Series 2025-1, RB | 4.08% | 11/20/2041 |  | 200 | &nbsp;&nbsp; 192343 |
|  |  |  |  |  | &nbsp;&nbsp; 2448188 |
| **Wisconsin-2.78%** |  |  |  |  |  |
| University of Wisconsin Hospitals & Clinics, Series 2018 B, Ref. VRD RB<sup>(f)</sup> | 3.90% | 11/05/2025 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Washington (City of), WI, Series 2025, GO Bonds, (INS - BAM)<sup>(g)</sup> | 5.00% | 03/01/2037 |  | 225 | &nbsp;&nbsp; 254101 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2035 |  | 150 | &nbsp;&nbsp; 151127 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance), Series 2012, RB | 5.00% | 06/01/2039 |  | 175 | &nbsp;&nbsp; 175275 |
|  |  |  |  |  | &nbsp;&nbsp; 1580503 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-108.51% <br>(Cost $61,053,849) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-108.51% <br>(Cost $61,053,849) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-108.51% <br>(Cost $61,053,849) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-108.51% <br>(Cost $61,053,849) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>-108.51% <br>(Cost $61,053,849) | &nbsp;&nbsp; 61620430 |
| OTHER ASSETS LESS LIABILITIES-(8.51%) | OTHER ASSETS LESS LIABILITIES-(8.51%) | OTHER ASSETS LESS LIABILITIES-(8.51%) | OTHER ASSETS LESS LIABILITIES-(8.51%) | OTHER ASSETS LESS LIABILITIES-(8.51%) | &nbsp;&nbsp; (4831603)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $56788827 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $3,382,168, which represented 5.96% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Security subject to the alternative minimum tax. |
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <sup>(e)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(f)</sup> | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by <br> the issuer or agent based on current market conditions. Rate shown is the rate in effect on October 31, 2025.<br>|
| <sup>(g)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(h)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(i)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(j)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**7**

------

**Invesco Rochester**<sup>®</sup> **High Yield Municipal ETF (IROC)**

October 31, 2025

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.18%** |  |  |  |  |
| **Alabama-5.06%** |  |  |  |  |
| Black Belt Energy Gas District (Gas), Series 2025 B, RB | 5.00% | 10/01/2035 | $1000 | &nbsp;&nbsp; $1042180 |
| Lower Alabama Gas District (The), Series 2016 A, RB | 5.00% | 09/01/2046 | 1500 | &nbsp;&nbsp; 1623689 |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC), Series 2024, RB<sup>(a)</sup> | 5.00% | 06/01/2054 | 1000 | &nbsp;&nbsp; 972182 |
|  |  |  |  | &nbsp;&nbsp; 3638051 |
| **Arizona-3.48%** |  |  |  |  |
| Arizona Industrial Development Authority, Series 2025, RB<sup>(b)(c)</sup> | 4.88% | 07/01/2035 | 500 | &nbsp;&nbsp; 502018 |
| Pima (County of), AZ Industrial Development Authority (American Leadership Academy) (The), <br> Series 2022, Ref. RB<sup>(b)</sup><br>| 4.00% | 06/15/2031 | 500 | &nbsp;&nbsp; 497917 |
| Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy), Series 2025, <br> RB<br>| 6.25% | 06/15/2050 | 500 | &nbsp;&nbsp; 502709 |
| Tempe Industrial Development Authority (Friendship Village), Series 2025, RB | 5.38% | 12/01/2046 | 1000 | &nbsp;&nbsp; 1003865 |
|  |  |  |  | &nbsp;&nbsp; 2506509 |
| **Arkansas-0.71%** |  |  |  |  |
| Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds), Series 2023, <br> RB<sup>(a)</sup><br>| 5.70% | 05/01/2053 | 500 | &nbsp;&nbsp; 510696 |
| **California-3.42%** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds), Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup><br>| 9.50% | 01/01/2035 | 500 | &nbsp;&nbsp; 400000 |
| California (State of) Municipal Finance Authority (California Baptist University), Series 2025, Ref. RB<sup>(b)</sup> | 5.63% | 11/01/2054 | 500 | &nbsp;&nbsp; 510374 |
| California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, <br> RB<sup>(a)(b)</sup><br>| 5.00% | 07/01/2038 | 500 | &nbsp;&nbsp; 534888 |
| California (State of) Public Finance Authority (California University of Science and Medicine), <br> Series 2019 A, RB<sup>(b)</sup><br>| 6.25% | 07/01/2054 | 500 | &nbsp;&nbsp; 515437 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center), Series 2014, RB<br>| 5.25% | 12/01/2034 | 500 | &nbsp;&nbsp; 500353 |
|  |  |  |  | &nbsp;&nbsp; 2461052 |
| **Colorado-0.70%** |  |  |  |  |
| Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB<sup>(b)</sup> | 5.00% | 12/01/2037 | 500 | &nbsp;&nbsp; 500162 |
| **Delaware-1.41%** |  |  |  |  |
| Delaware State Economic Development Authority (NRG Energy), Series 2020 A, Ref. RB<sup>(c)</sup> | 4.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1010807 |
| **District of Columbia-1.89%** |  |  |  |  |
| District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB | 5.00% | 10/01/2045 | 350 | &nbsp;&nbsp; 329689 |
| District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB | 6.75% | 05/15/2040 | 1000 | &nbsp;&nbsp; 1031361 |
|  |  |  |  | &nbsp;&nbsp; 1361050 |
| **Florida-6.27%** |  |  |  |  |
| Capital Projects Finance Authority (Millenia Orlando), Series 2025 A, RB<sup>(b)</sup> | 6.75% | 01/01/2045 | 500 | &nbsp;&nbsp; 502552 |
| Capital Trust Authority (St.Johns Classical Academy, Inc.), Series 2025, Ref. RB<sup>(b)</sup> | 5.13% | 06/15/2050 | 250 | &nbsp;&nbsp; 229282 |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities), Series 2025, <br> RB<sup>(a)</sup><br>| 6.13% | 10/01/2055 | 500 | &nbsp;&nbsp; 520754 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(a)(b)(c)</sup><br>| 12.00% | 07/15/2028 | 250 | &nbsp;&nbsp; 117500 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(a)</sup><br>| 5.50% | 07/01/2053 | 500 | &nbsp;&nbsp; 417500 |
| Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group), Series 2024 B-3, <br> RB<br>| 4.13% | 11/15/2029 | 200 | &nbsp;&nbsp; 201058 |
| Miami Beach (City of), FL, Series 2017, Ref. RB | 5.00% | 09/01/2047 | 500 | &nbsp;&nbsp; 503775 |
| Okaloosa (County of), FL (Air Force Enlisted Village), Series 2025, RB<sup>(b)</sup> | 5.50% | 05/15/2045 | 1000 | &nbsp;&nbsp; 1016452 |
| Village Community Development District No. 16, Series 2025, RB<sup>(d)</sup> | 4.88% | 05/01/2045 | 1000 | &nbsp;&nbsp; 1000578 |
|  |  |  |  | &nbsp;&nbsp; 4509451 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**8**

------

**Invesco Rochester**<sup>®</sup> **High Yield Municipal ETF (IROC)—(continued)**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-2.43%** |  |  |  |  |
| Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds | 5.00% | 12/01/2033 | $500 | &nbsp;&nbsp; $499978 |
| Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds | 5.25% | 12/01/2035 | 1000 | &nbsp;&nbsp; 999990 |
| Marion (City of), IL (Star Bond District Project Area No. 1), Series 2025, RB | 6.38% | 06/01/2045 | 250 | &nbsp;&nbsp; 250061 |
|  |  |  |  | &nbsp;&nbsp; 1750029 |
| **Indiana-1.06%** |  |  |  |  |
| Indiana (State of) Finance Authority (U.S. Steel Corp.), Series 2021 A, Ref. RB | 4.13% | 12/01/2026 | 500 | &nbsp;&nbsp; 499742 |
| Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB<sup>(a)(c)</sup> | 4.40% | 06/10/2031 | 250 | &nbsp;&nbsp; 264480 |
|  |  |  |  | &nbsp;&nbsp; 764222 |
| **Iowa-2.15%** |  |  |  |  |
| Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB | 4.75% | 08/01/2042 | 1000 | &nbsp;&nbsp; 1000005 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB<sup>(c)(e)</sup> | 4.00% | 12/01/2032 | 500 | &nbsp;&nbsp; 544169 |
|  |  |  |  | &nbsp;&nbsp; 1544174 |
| **Kansas-0.70%** |  |  |  |  |
| Garden (City of), KS, Series 2025, RB<sup>(b)</sup> | 5.38% | 06/01/2039 | 500 | &nbsp;&nbsp; 505171 |
| **Kentucky-0.70%** |  |  |  |  |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway), Series 2015 A, RB<br>| 4.25% | 07/01/2035 | 500 | &nbsp;&nbsp; 500119 |
| **Maryland-2.45%** |  |  |  |  |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB<sup>(a)</sup> | 5.00% | 11/12/2028 | 500 | &nbsp;&nbsp; 503751 |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 B, RB<sup>(a)</sup> | 5.25% | 06/30/2047 | 750 | &nbsp;&nbsp; 753862 |
| Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB | 5.00% | 11/01/2037 | 500 | &nbsp;&nbsp; 501897 |
|  |  |  |  | &nbsp;&nbsp; 1759510 |
| **Massachusetts-0.70%** |  |  |  |  |
| Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.), Series 2025, RB | 5.25% | 07/01/2055 | 500 | &nbsp;&nbsp; 503045 |
| **Michigan-0.69%** |  |  |  |  |
| Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB<sup>(a)(c)</sup> | 4.00% | 10/01/2026 | 500 | &nbsp;&nbsp; 499713 |
| **Missouri-0.30%** |  |  |  |  |
| Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist University), Series 2025, <br> Ref. RB<sup>(b)</sup><br>| 5.00% | 10/01/2035 | 215 | &nbsp;&nbsp; 216884 |
| **New Jersey-1.86%** |  |  |  |  |
| New Jersey Economic Development Authority, Series 2025, RB<sup>(d)</sup> | 5.13% | 11/01/2055 | 900 | &nbsp;&nbsp; 881375 |
| Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 470 | &nbsp;&nbsp; 458305 |
|  |  |  |  | &nbsp;&nbsp; 1339680 |
| **New Mexico-6.95%** |  |  |  |  |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD <br> Ref. RB<sup>(f)</sup><br>| 3.90% | 08/01/2034 | 5000 | &nbsp;&nbsp; 5000000 |
| **New York-30.37%** |  |  |  |  |
| Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB, <br> (LOC - Santander Bank N.A.)<sup>(a)(b)(g)</sup><br>| 5.25% | 12/31/2033 | 250 | &nbsp;&nbsp; 252739 |
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds), Series 2025, <br> RB<sup>(b)</sup><br>| 5.13% | 10/15/2045 | 1000 | &nbsp;&nbsp; 987709 |
| New York (City of), NY Transitional Finance Authority, Series 2018 A-4, VRD RB<sup>(f)</sup> | 3.90% | 08/01/2045 | 10000 | &nbsp;&nbsp; 10000000 |
| New York (City of), NY Transitional Finance Authority, Series 2024, VRD RB<sup>(f)</sup> | 4.00% | 05/01/2047 | 1500 | &nbsp;&nbsp; 1500000 |
| New York (City of), NY Transitional Finance Authority, Subseries 2012 A-4, VRD RB<sup>(f)</sup> | 3.90% | 08/01/2039 | 5000 | &nbsp;&nbsp; 5000000 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport), Series 2021, Ref. RB<sup>(a)</sup><br>| 3.00% | 08/01/2031 | 500 | &nbsp;&nbsp; 473455 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) <br> (Green Bonds), Series 2023, RB<sup>(a)</sup><br>| 6.00% | 06/30/2054 | 500 | &nbsp;&nbsp; 522049 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2023, RB<sup>(a)</sup><br>| 6.00% | 04/01/2035 | 1000 | &nbsp;&nbsp; 1104463 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**9**

------

**Invesco Rochester**<sup>®</sup> **High Yield Municipal ETF (IROC)—(continued)**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), <br> Series 2024, Ref. RB<sup>(a)</sup><br>| 5.50% | 12/31/2060 | $1000 | &nbsp;&nbsp; $1022190 |
| Ulster County Capital Resource Corp., Series 2025, RB<sup>(b)(d)</sup> | 5.88% | 09/15/2059 | 1000 | &nbsp;&nbsp; 990267 |
|  |  |  |  | &nbsp;&nbsp; 21852872 |
| **North Dakota-0.57%** |  |  |  |  |
| Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB | 5.00% | 06/01/2034 | 410 | &nbsp;&nbsp; 412972 |
| **Ohio-2.89%** |  |  |  |  |
| Cleveland-Cuyahoga County Port Authority (Pinecrest Public Improvement), Series 2017, RB<sup>(b)</sup> | 7.00% | 11/15/2048 | 1000 | &nbsp;&nbsp; 1040336 |
| Dayton-Montgomery County Port Authority (Liberty Assisted Living Springfield), Series 2025, RB<sup>(b)</sup> | 6.63% | 01/01/2045 | 500 | &nbsp;&nbsp; 520617 |
| Ohio (State of) Housing Finance Agency (Haven's Edge Apartments), Series 2025, RB<sup>(b)</sup> | 5.70% | 08/01/2043 | 500 | &nbsp;&nbsp; 517964 |
|  |  |  |  | &nbsp;&nbsp; 2078917 |
| **Oregon-1.07%** |  |  |  |  |
| Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB<sup>(a)</sup> | 5.25% | 07/01/2039 | 700 | &nbsp;&nbsp; 771209 |
| **Pennsylvania-2.12%** |  |  |  |  |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. <br> RB<br>| 5.00% | 05/01/2033 | 525 | &nbsp;&nbsp; 570080 |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, LLC), <br> Series 2023 B, Ref. RB<br>| 4.10% | 06/01/2029 | 400 | &nbsp;&nbsp; 413681 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges <br> (The)), Series 2022, RB<sup>(a)</sup><br>| 5.50% | 06/30/2038 | 500 | &nbsp;&nbsp; 540161 |
|  |  |  |  | &nbsp;&nbsp; 1523922 |
| **Puerto Rico-1.40%** |  |  |  |  |
| Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 500 | &nbsp;&nbsp; 494649 |
| Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB<sup>(b)</sup> | 5.00% | 07/01/2028 | 500 | &nbsp;&nbsp; 512262 |
|  |  |  |  | &nbsp;&nbsp; 1006911 |
| **Rhode Island-1.38%** |  |  |  |  |
| Tobacco Settlement Financing Corp., Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 1000 | &nbsp;&nbsp; 990581 |
| **South Carolina-1.45%** |  |  |  |  |
| Patriots Energy Group Financing Agency, Series 2023 A-1, RB<sup>(c)</sup> | 5.25% | 08/01/2031 | 500 | &nbsp;&nbsp; 545718 |
| South Carolina Jobs-Economic Development Authority (Rolling Green Village), Series 2025, RB<sup>(d)</sup> | 5.80% | 12/01/2050 | 500 | &nbsp;&nbsp; 500587 |
|  |  |  |  | &nbsp;&nbsp; 1046305 |
| **Texas-2.96%** |  |  |  |  |
| Arlington Higher Education Finance Corp. (Newman International Academy), Series 2021, RB | 5.00% | 08/15/2051 | 150 | &nbsp;&nbsp; 106330 |
| Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB<sup>(a)</sup> | 4.00% | 07/15/2041 | 500 | &nbsp;&nbsp; 459324 |
| Houston (City of), TX (United Airlines, Inc.), Series 2024 B, RB<sup>(a)</sup> | 5.50% | 07/15/2038 | 500 | &nbsp;&nbsp; 543281 |
| Mission Economic Development Corp. (Green Bonds), Series 2025, RB<sup>(a)(c)</sup> | 5.00% | 06/01/2030 | 250 | &nbsp;&nbsp; 260234 |
| Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB<sup>(a)(b)</sup> | 4.63% | 10/01/2031 | 500 | &nbsp;&nbsp; 501791 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025 A, RB | 6.50% | 10/01/2060 | 250 | &nbsp;&nbsp; 258250 |
|  |  |  |  | &nbsp;&nbsp; 2129210 |
| **Utah-1.03%** |  |  |  |  |
| Black Desert Public Infrastructure District, Series 2021 A, GO Bonds<sup>(b)</sup> | 3.25% | 03/01/2031 | 500 | &nbsp;&nbsp; 478210 |
| Mida Cormont Public Infrastructure District, Series 2025 A-1, GO Bonds<sup>(b)</sup> | 6.25% | 06/01/2055 | 250 | &nbsp;&nbsp; 263349 |
|  |  |  |  | &nbsp;&nbsp; 741559 |
| **Virgin Islands-0.36%** |  |  |  |  |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development), <br> Series 2024 A, RB<sup>(b)</sup><br>| 6.00% | 04/01/2053 | 250 | &nbsp;&nbsp; 256858 |
| **Virginia-2.10%** |  |  |  |  |
| Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - <br> Harbor's Edge), Series 2019 A, RB<br>| 5.00% | 01/01/2034 | 500 | &nbsp;&nbsp; 506407 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 B-3, <br> RB<br>| 5.38% | 09/01/2029 | 1000 | &nbsp;&nbsp; 1007770 |
|  |  |  |  | &nbsp;&nbsp; 1514177 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**10**

------

**Invesco Rochester**<sup>®</sup> **High Yield Municipal ETF (IROC)—(continued)**

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-2.09%** |  |  |  |  |  |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2043 | $| 500 | &nbsp;&nbsp; $505260 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2048 |  | 500 | &nbsp;&nbsp; 500785 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, <br> RB<br>| 5.00% | 10/01/2042 |  | 500 | &nbsp;&nbsp; 500161 |
|  |  |  |  |  | &nbsp;&nbsp; 1506206 |
| **West Virginia-0.37%** |  |  |  |  |  |
| West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.), Series 2025, <br> Ref. RB<sup>(a)(b)(c)</sup><br>| 5.45% | 03/27/2035 |  | 250 | &nbsp;&nbsp; 268515 |
| **Wisconsin-4.09%** |  |  |  |  |  |
| Public Finance Authority, Series 2025, RB<sup>(b)</sup> | 6.75% | 07/01/2045 |  | 1000 | &nbsp;&nbsp; 1005340 |
| Public Finance Authority, Series 2025, RB<sup>(a)</sup> | 5.75% | 12/31/2065 |  | 500 | &nbsp;&nbsp; 518273 |
| Public Finance Authority (KSU Bixby Real Estate Foundation LLC), Series 2025, RB | 5.25% | 06/15/2055 |  | 500 | &nbsp;&nbsp; 513595 |
| Public Finance Authority (Milo Farms Project), Series 2025, RB<sup>(b)(h)</sup> | 0.00% | 12/15/2039 |  | 750 | &nbsp;&nbsp; 262431 |
| Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System), Series 2019, <br> Ref. RB<br>| 5.00% | 11/01/2046 |  | 500 | &nbsp;&nbsp; 463146 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB | 5.00% | 12/01/2027 |  | 180 | &nbsp;&nbsp; 182298 |
|  |  |  |  |  | &nbsp;&nbsp; 2945083 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-97.18% <br>(Cost $69,241,038) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-97.18% <br>(Cost $69,241,038) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-97.18% <br>(Cost $69,241,038) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-97.18% <br>(Cost $69,241,038) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-97.18% <br>(Cost $69,241,038) | &nbsp;&nbsp; 69925622 |
| OTHER ASSETS LESS LIABILITIES-2.82% | OTHER ASSETS LESS LIABILITIES-2.82% | OTHER ASSETS LESS LIABILITIES-2.82% | OTHER ASSETS LESS LIABILITIES-2.82% | OTHER ASSETS LESS LIABILITIES-2.82% | &nbsp;&nbsp; 2029339 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $71954961 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| GO | -General Obligation |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security subject to the alternative minimum tax. |
| <sup>(b)</sup> | 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 <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $13,907,025, which represented 19.33% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <sup>(e)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(f)</sup> | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by <br> the issuer or agent based on current market conditions. Rate shown is the rate in effect on October 31, 2025.<br>|
| <sup>(g)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(h)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(i)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|
| Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025. | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> 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 <br> affiliates for the fiscal year ended October 31, 2025. |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**11**

------

**Invesco Rochester**<sup>®</sup> **High Yield Municipal ETF (IROC)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $31229046 | &nbsp;&nbsp; $(31229046)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $39699 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**12**

------

**Statements of Assets and Liabilities**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Intermediate** <br>**Municipal** <br>**ETF (INTM)**<br>| **Invesco Rochester**<sup>®</sup> <br>**High Yield Municipal** <br>**ETF (IROC)**<br>|
| **Assets:** |  |  |
| Investments in securities, at value | &nbsp;&nbsp; $61620430 | &nbsp;&nbsp;&nbsp; $69925622 |
| Cash | &nbsp;&nbsp; 112181 | &nbsp;&nbsp;&nbsp; 3641480 |
| Receivable for: |  |  |
| Dividends and interest | &nbsp;&nbsp; 532550 | &nbsp;&nbsp;&nbsp; 738324 |
| Fund shares sold | &nbsp;&nbsp; 6656 | &nbsp;&nbsp;&nbsp; 1017667 |
| **Total assets** | &nbsp;&nbsp; 62271817 | &nbsp;&nbsp;&nbsp; 75323093 |
| **Liabilities:** |  |  |
| Payable for: |  |  |
| Investments purchased | &nbsp;&nbsp; 5470963 | &nbsp;&nbsp;&nbsp; 3368132 |
| Fund shares repurchased | &nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 11277 | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 5482990 | &nbsp;&nbsp;&nbsp; 3368132 |
| **Net Assets** | &nbsp;&nbsp; $56788827 | &nbsp;&nbsp;&nbsp; $71954961 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $56176301 | &nbsp;&nbsp;&nbsp; $71547817 |
| Distributable earnings | &nbsp;&nbsp; 612526 | &nbsp;&nbsp;&nbsp; 407144 |
| **Net Assets** | &nbsp;&nbsp; $56788827 | &nbsp;&nbsp;&nbsp; $71954961 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 1100001 | &nbsp;&nbsp;&nbsp; 1420001 |
| Net asset value | &nbsp;&nbsp; $51.63 | &nbsp;&nbsp;&nbsp; $50.67 |
| Market price | &nbsp;&nbsp; $51.63 | &nbsp;&nbsp;&nbsp; $50.83 |
| Investments in securities, at cost | &nbsp;&nbsp; $61053849 | &nbsp;&nbsp;&nbsp; $69241038 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**13**

------

**Statements of Operations**

For the year ended October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Intermediate** <br>**Municipal** <br>**ETF (INTM)**<sup>(a)</sup> <br>| **Invesco Rochester**<sup>®</sup> <br>**High Yield Municipal** <br>**ETF (IROC)**<br>|
| **Investment income:** |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $224307 | &nbsp;&nbsp;&nbsp; $1523479 |
| Affiliated dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 39699 |
| Total investment income | &nbsp;&nbsp; 224307 | &nbsp;&nbsp;&nbsp; 1563178 |
| **Expenses:** |  |  |
| Unitary management fees | &nbsp;&nbsp; 21699 | &nbsp;&nbsp;&nbsp; 126739 |
| Less: Waivers | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (48298)<br>|
| Net expenses | &nbsp;&nbsp; 21699 | &nbsp;&nbsp;&nbsp; 78441 |
| Net investment income | &nbsp;&nbsp; 202608 | &nbsp;&nbsp;&nbsp; 1484737 |
| **Realized and unrealized gain (loss) from:** |  |  |
| Net realized gain (loss) from unaffiliated investments | &nbsp;&nbsp; 19809 | &nbsp;&nbsp;&nbsp; (175755)<br>|
| Change in net unrealized appreciation (depreciation) on unaffiliated investment securities | &nbsp;&nbsp; 566581 | &nbsp;&nbsp;&nbsp; (106572)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 586390 | &nbsp;&nbsp;&nbsp; (282327)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $788998 | &nbsp;&nbsp;&nbsp; $1202410 |

---

<sup>(a)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**14**

------

**Statements of Changes in Net Assets**

For the years ended October 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Intermediate** <br>**Municipal ETF (INTM)**<br>| **Invesco Rochester**<sup>®</sup> <br>**High Yield Municipal** <br>**ETF (IROC)** | **Invesco Rochester**<sup>®</sup> <br>**High Yield Municipal** <br>**ETF (IROC)** |
|  | **2025**<sup>(a)</sup> <br>| **2025** | **2024** |
| **Operations:** |  |  |  |
| Net investment income | &nbsp;&nbsp; $202608 | &nbsp;&nbsp;&nbsp; $1484737 | &nbsp;&nbsp;&nbsp; $1266784 |
| Net realized gain (loss) | &nbsp;&nbsp; 19809 | &nbsp;&nbsp;&nbsp; (175755)<br>| &nbsp;&nbsp;&nbsp; (6245)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 566581 | &nbsp;&nbsp;&nbsp; (106572)<br>| &nbsp;&nbsp;&nbsp; 2177246 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 788998 | &nbsp;&nbsp;&nbsp; 1202410 | &nbsp;&nbsp;&nbsp; 3437785 |
| **Distributions to Shareholders from:** |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (176472)<br>| &nbsp;&nbsp;&nbsp; (1510941)<br>| &nbsp;&nbsp;&nbsp; (1248578)<br>|
| Return of capital | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (21113)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders | &nbsp;&nbsp; (176472)<br>| &nbsp;&nbsp;&nbsp; (1532054)<br>| &nbsp;&nbsp;&nbsp; (1248578)<br>|
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 56073617 | &nbsp;&nbsp;&nbsp; 41458614 | &nbsp;&nbsp;&nbsp; 1035084 |
| Value of shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1028426)<br>|
| Transaction fees | &nbsp;&nbsp; 102684 | &nbsp;&nbsp;&nbsp; 103647 | &nbsp;&nbsp;&nbsp; - |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 56176301 | &nbsp;&nbsp;&nbsp; 41562261 | &nbsp;&nbsp;&nbsp; 6658 |
| Net increase in net assets | &nbsp;&nbsp; 56788827 | &nbsp;&nbsp;&nbsp; 41232617 | &nbsp;&nbsp;&nbsp; 2195865 |
| **Net assets:** |  |  |  |
| Beginning of period | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30722344 | &nbsp;&nbsp;&nbsp; 28526479 |
| End of period | &nbsp;&nbsp; $56788827 | &nbsp;&nbsp;&nbsp; $71954961 | &nbsp;&nbsp;&nbsp; $30722344 |
| **Changes in Shares Outstanding:** |  |  |  |
| Shares sold | &nbsp;&nbsp; 1100001 | &nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp; 20000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (20000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 600001 | &nbsp;&nbsp;&nbsp; 600001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 1100001 | &nbsp;&nbsp;&nbsp; 1420001 | &nbsp;&nbsp;&nbsp; 600001 |

---

<sup>(a)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**15**

------

**Financial Highlights**

Invesco Intermediate Municipal ETF (INTM)

---

| | |
|:---|:---|
|  | **For the Period** <br>**July 21, 2025**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Transaction fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $51.63 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $51.63 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.85 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.85 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $56789 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.22 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 59<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (July 23, 2025, the first day of trading on the exchange) to October 31, 2025 was 3.81%. The market price total return from Fund Inception to October 31, 2025 was 3.81%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**16**

------

**Financial Highlights—(continued)**

Invesco Rochester<sup>®</sup> High Yield Municipal ETF (IROC)

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
|  | **2025** | **2024** | **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023** |
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $51.20 | &nbsp;&nbsp;&nbsp; $47.54 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp; (0.76)<br>|
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>|
| Transaction fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $50.67 | &nbsp;&nbsp;&nbsp; $51.20 | &nbsp;&nbsp;&nbsp; $47.54 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $50.83 | &nbsp;&nbsp;&nbsp; $51.21 | &nbsp;&nbsp;&nbsp; $47.53 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.18<br> %<br>| &nbsp;&nbsp;&nbsp; (1.61 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.23<br> %<br>| &nbsp;&nbsp;&nbsp; (1.63 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $71955 | &nbsp;&nbsp;&nbsp; $30722 | &nbsp;&nbsp;&nbsp; $28526 |
| Ratio to average net assets of: |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was (1.67)%. The market price total return from Fund Inception to October 31, 2023 was (2.08)%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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**Notes to Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

October 31, 2025

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco Intermediate Municipal ETF (INTM) | "Intermediate Municipal ETF" |
| Invesco Rochester<sup>®</sup> High Yield Municipal ETF (IROC)<sup>(a)</sup> <br>| "Rochester<sup>®</sup> High Yield Municipal ETF" |

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<sup>(a)</sup> Effective February 24, 2025, the Fund's name changed from Invesco Municipal Strategic Income ETF to Invesco Rochester High Yield Municipal ETF.

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is listed below.

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| Intermediate Municipal ETF | To seek current income exempt from federal income tax. |
| Rochester<sup>®</sup> High Yield Municipal ETF | To seek current income exempt from federal income tax. |

---

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of

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withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays Invesco Advisers, Inc.'s (the "Affiliated Sub-Adviser" or "Invesco") fees and substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund's unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund's unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement notes disclosures only and did not affect the Funds' financial position or the results of its operations.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis -** The Funds may purchase and sell interests in corporate and municipal fixed-income securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to a Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although a Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

**K.** **Other Risks**

*Alternative Minimum Tax Risk*. Although the interest received from municipal securities generally is exempt from federal income tax, the Funds may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, investment in the Funds could cause shareholders to be subject to, or result in an increased liability under, the federal alternative minimum tax.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Call Risk*. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund's net investment income could fall.

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, each Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind, which may decrease the tax efficiency of each Fund compared to ETFs that utilize

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an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs. Also, to the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease a Fund's NAV.

*Changing Fixed-Income Market Conditions Risk*. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund's portfolio turnover rate and transaction costs.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*High Yield Securities (Junk Bond) Risk*. Compared to higher quality debt securities, high yield debt securities (commonly referred to as "junk bonds") involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors' claims. They are considered speculative with respect to the issuer's capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. The values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.

*Interest Rate Risk*. Interest rate risk refers to the risk that fixed income securities' prices generally fall as interest rates rise; conversely, fixed income securities' prices generally rise as interest rates fall. Specific fixed income securities differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. "Duration risk" is related to interest rate risk; it refers to the risks associated with the sensitivity of a fixed income security's price to a one percent change in interest rates. Fixed income securities with longer durations (i.e., a greater length of time until they reach maturity) face greater duration risk, meaning that they tend to exhibit greater volatility and are more sensitive to changes in interest rates than fixed income securities with shorter durations.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

*Management Risk*. The Funds are subject to management risk because they are actively managed portfolios. In managing a Fund's portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these actions will produce the desired results.

*Market Risk*. Securities held by the Funds are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in a Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Municipal Issuer Focus Risk*. The municipal issuers in which the Funds invest may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make a Fund's investments more susceptible to similar social, economic, political or regulatory

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occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

*Municipal Securities Risk*. The Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. The secondary market for municipal securities also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value accurately. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service ("IRS") determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

*Non-Diversified Fund Risk*. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser's fees and substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| Intermediate Municipal ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Rochester<sup>®</sup> High Yield Municipal ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|

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<sup>(a)</sup> Effective July 1, 2025, the Adviser has agreed to waive 100% of its unitary management fee for the Fund through June 30, 2026.

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Funds is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser's compensation of the sub-advised assets of each Fund.

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended October 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| Intermediate Municipal ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $- |
| Rochester<sup>®</sup> High Yield Municipal ETF | &nbsp;&nbsp;&nbsp; 48298 |

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<sup>(a)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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**NOTE 4—Additional Valuation Information**

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.

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 the Adviser'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.

As of October 31, 2025, all of the securities in each Fund were valued based on Level 2 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.

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income-Tax-** <br>**Exempt**<br>| **Return of** <br>**Capital**<br>| **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income-Tax-** <br>**Exempt**<br>|
| Intermediate Municipal ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $21139 | &nbsp;&nbsp; $155333 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Rochester<sup>®</sup> High Yield Municipal ETF | &nbsp;&nbsp; 29033 | &nbsp;&nbsp; 1481908 | &nbsp;&nbsp; 21113 | &nbsp;&nbsp; 30290 | &nbsp;&nbsp; 1218288 |

---

\* Includes short-term capital gain distributions, if any. <br> <sup>(a)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Tax-Exempt** <br>**Income**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Investments**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| Intermediate Municipal ETF | &nbsp;&nbsp; $45945 | &nbsp;&nbsp; $566581 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56176301 | &nbsp;&nbsp; $56788827 |
| Rochester<sup>®</sup> High Yield Municipal ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 684584 | &nbsp;&nbsp; (277440)<br>| &nbsp;&nbsp; 71547817 | &nbsp;&nbsp; 71954961 |

---

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total** |
| Intermediate Municipal ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Rochester<sup>®</sup> High Yield Municipal ETF | &nbsp;&nbsp; 239838 | &nbsp;&nbsp; 37602 | &nbsp;&nbsp; 277440 |

---

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**24**

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**NOTE 6—Investment Transactions**

For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Intermediate Municipal ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $74577784 | &nbsp;&nbsp; $13515120 |
| Rochester<sup>®</sup> High Yield Municipal ETF | &nbsp;&nbsp; 58325032 | &nbsp;&nbsp; 17245265 |

---

<sup>(a)</sup> For the period July 21, 2025 (commencement of investment operations) through October 31, 2025.

As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation**<br>| **Cost** |
| Intermediate Municipal ETF | &nbsp;&nbsp; $580754 | &nbsp;&nbsp; $(14173)<br>| &nbsp;&nbsp; $566581 | &nbsp;&nbsp; $61053849 |
| Rochester<sup>®</sup> High Yield Municipal ETF | &nbsp;&nbsp; 1087448 | &nbsp;&nbsp; (402864)<br>| &nbsp;&nbsp; 684584 | &nbsp;&nbsp; 69241038 |

---

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions and return of capital, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| Intermediate Municipal ETF | &nbsp;&nbsp; $19809 | &nbsp;&nbsp; $(19809)<br>| &nbsp;&nbsp; $- |
| Rochester<sup>®</sup> High Yield Municipal ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

**NOTE 8—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

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**25**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Actively Managed Exchange-Traded Fund Trust and Shareholders of Invesco Intermediate Municipal ETF and Invesco Rochester High Yield Municipal ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting Invesco Actively Managed Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of October 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Invesco Intermediate Municipal ETF <sup>(1)</sup>

Invesco Rochester High Yield Municipal ETF <sup>(2)</sup>

<sup>(1)</sup> Statement of operations and statement of changes in net assets for the period July 21, 2025 (commencement of investment operations) through October 31, 2025

<sup>(2)</sup> Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the years ended October 31, 2025 and 2024

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**26**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>| **Qualified** <br>**Interest** <br>**Income\***<br>| **Tax-Exempt** <br>**Income\***<br>| **Qualified** <br>**Short** <br>**Term** <br>**Gains**<br>|
| Invesco Intermediate Municipal ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp; $19809 |
| Invesco Rochester<sup>®</sup> High Yield Municipal <br> ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp; - |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

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**27**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on June 25, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement (the "Advisory Agreement") between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco Global Equity Net Zero ETF, Invesco Core Fixed Income ETF and Invesco Intermediate Municipal ETF (each, a "Fund" and collectively, the "Funds") and the Investment Sub-Advisory Agreement for each Fund, between the Adviser and the following seven affiliated sub-advisers (the "Sub-Advisory Agreement"): Invesco Advisers, Inc. (as the initial sub-adviser for each Fund); Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

***Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with each Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs") managed by the Adviser and overseen by the Board. The Trustees considered information regarding each Fund's investment objective, strategies and process. The Trustees noted other information the Board received and considered in connection with its March 13, 2025 and April 24, 2025 meetings describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's and Sub-Advisers' portfolio transaction policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian, transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and overseen by the Board and that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Advisers, except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below:

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**28**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **ETF** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Index Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Active Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Select** <br>**Peer Group** <br>**(Number of Peers)**<br>|
| Invesco Global Equity Net Zero ETF | &nbsp;&nbsp; Lower than <br>median (7)<br>| &nbsp;&nbsp; Lower than <br>median (3)<br>| &nbsp;&nbsp; Lower than <br>median (23)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco Core Fixed Income ETF | &nbsp;&nbsp; Lower than <br>median (16)<br>| &nbsp;&nbsp; Higher than <br>median (17)<br>| &nbsp;&nbsp; Lower than <br>median (110)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco Intermediate Municipal ETF | &nbsp;&nbsp; Higher than <br>median (15)<br>| N/A\* | &nbsp;&nbsp; Lower than <br>median (55)<br>| &nbsp;&nbsp; Same as <br>median (4)<br>|

---

\* The information provided by the Adviser indicated that the Fund did not have any open-end index fund peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to those of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory was reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

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**29**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco AAA CLO Floating Rate Note ETF, Invesco Active U.S. Real Estate ETF, Invesco High Yield Bond Factor ETF, Invesco High Yield Select ETF, Invesco Real Assets ESG ETF, Invesco Rochester<sup>®</sup> High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF, Invesco Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF (each such Fund, a "Sub-Advised Fund" and collectively, the "Sub-Advised Funds") at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to each Sub-Advised Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco AAA CLO Floating Rate Note ETF's, Invesco Active U.S. Real Estate ETF's, Invesco High Yield Bond Factor ETF's, Invesco High Yield Select ETF's, Invesco Real Assets ESG ETF's, Invesco Rochester<sup>®</sup> High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF's, Invesco Total Return Bond ETF's and Invesco Variable Rate Investment Grade ETF's assets and the experience and skills of the investment personnel responsible for the day-to-day management of such Sub-Advised Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to each Sub-Advised Fund under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fee relates to the overall advisory fee for each Sub-Advised Fund and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. in connection with the March 13 and April 24, 2025 Board Meetings, and Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to each Sub-Advised Fund.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Investment Advisory Agreement for each Sub-Advised Fund, the Trustees considered the extent to which economies of scale may be realized as each Sub-Advised Fund grows and whether fee levels reflect economies of scale for the benefit of the Sub-Advised Fund's shareholders. The Board considered whether the sub-advisory fee rate for each Sub-Advised Fund was reasonable in relation to the asset size (if any) of the Sub-Advised Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Sub-Advised Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Sub-Advised Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Sub-Advised Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees considered that Invesco Advisers, Inc. may participate in soft-dollar arrangements for Invesco Real Assets ESG ETF, but that the Sub-Advisers otherwise generally do not use or generate soft-dollars with respect to the Sub-Advised Funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Sub-Advised Funds. The Board concluded that the sub-advisory fee with respect to each Sub-Advised Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for each Sub-Advised Fund. No single factor was determinative in the Board's analysis.

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**30**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

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**31**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-MS-NCSR

invesco.com/ETFs

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

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Item 9. Proxy Disclosures for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

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Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

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Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

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Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

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Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's PEO and PFO have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

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Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

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Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Invesco Actively Managed Exchange-Traded Fund Trust</u>

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Brian Hartigan

Title:Principal Executive Officer

Date: January 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Brian Hartigan

Title:Principal Executive Officer

Date: January 5, 2026

By: <u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Kelli Gallegos

Title:Principal Financial Officer

Date:January 5, 2026

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian Hartigan, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Actively Managed Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Brian Hartigan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Hartigan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Actively Managed Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Kelli Gallegos</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelli Gallegos

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)

### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").  |
| **Risk Addressed by Policy**  | Ethics Violations by Principals  |
| **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002.  |
| **Date of Last Review**  | July 2025  |
| **Policy Inception Date**  | August 2003  |

---

I.  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II.  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

• adhere to a high standard of business ethics; and

• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

III.  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.** 

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

• avoid conflicts of interest wherever possible;

• handle any actual or apparent conflict of interest ethically;

• not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

• not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• as described in more detail below, discuss any material transactions or relationship that could reasonably be expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

------

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

• service or significant business relationships as a trustee/director on the board of any public or private company;

• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

IV.  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of the Code;

------

• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Trust's Audit Committee;

• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.  **<u>AMENDMENTS</u>** 

------

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

VIII.  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX.  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

------

#### EXHIBIT A
Persons Covered by this Code of Ethics:

• **Invesco Funds** 

• President and Principal Executive Officer - Glenn Brightman

• Treasurer and Principal Financial Officer - Adrian Deberghes

• **Invesco ETFs** 

• President and Principal Executive Officer — Brian Hartigan

• Treasurer and Principal Financial Officer — Kelli Gallegos

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant."<br>

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Actively Managed Exchange-Traded Fund Trust (the "Registrant") on Form N-CSR for the period ended October 31, 2025 (the "Report"), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: January 5, 2026

<u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: January 5, 2026

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Kelli Gallegos

Title: Principal Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.

------