# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001752724-25-180479
**Filing Date:** 2025-7
**Character Count:** 136867
**Document Hash:** 7758063bbcc76c76be331bb8ca3af15f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180479.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180479

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Exchange-Traded Fund Trust II
- **CENTRAL INDEX KEY:** 0001378872

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21977
- **FILM NUMBER:** 251154367

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 800-983-0903

**MAIL ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PowerShares Exchange-Traded Fund Trust II
- **DATE OF NAME CHANGE:** 20070919

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PowerShares Global Exchange-Traded Fund Trust
- **DATE OF NAME CHANGE:** 20061023

## Series and Classes Contracts Data

### Invesco NASDAQ Next Gen 100 ETF (Series ID: S000069449)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000221653 | Invesco NASDAQ Next Gen 100 ETF | QQQJ            |

## Nport-Ex

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

**Invesco ESG NASDAQ 100 ETF (QQMG)**

May 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** |
| **Communication Services-12.75%** | **Communication Services-12.75%** | **Communication Services-12.75%** |
| Alphabet, Inc., Class A | 9337 | &nbsp;&nbsp; $1603536 |
| Alphabet, Inc., Class C | 8799 | &nbsp;&nbsp; 1520907 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 602 | &nbsp;&nbsp; 238554 |
| Comcast Corp., Class A | 17395 | &nbsp;&nbsp; 601345 |
| Electronic Arts, Inc. | 1833 | &nbsp;&nbsp; 263549 |
| Meta Platforms, Inc., Class A | 1683 | &nbsp;&nbsp; 1089726 |
| Netflix, Inc.<sup>(b)</sup> | 2720 | &nbsp;&nbsp; 3283666 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 1107 | &nbsp;&nbsp; 250492 |
| T-Mobile US, Inc. | 5058 | &nbsp;&nbsp; 1225048 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 2024 | &nbsp;&nbsp; 152245 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 13968 | &nbsp;&nbsp; 139261 |
|  |  | &nbsp;&nbsp; 10368329 |
| **Consumer Discretionary-11.66%** | **Consumer Discretionary-11.66%** | **Consumer Discretionary-11.66%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 1871 | &nbsp;&nbsp; 241359 |
| Amazon.com, Inc.<sup>(b)</sup> | 14414 | &nbsp;&nbsp; 2955014 |
| Booking Holdings, Inc. | 216 | &nbsp;&nbsp; 1192089 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 1704 | &nbsp;&nbsp; 355540 |
| lululemon athletica, inc.<sup>(b)</sup> | 784 | &nbsp;&nbsp; 248269 |
| Marriott International, Inc., Class A | 1482 | &nbsp;&nbsp; 390996 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 230 | &nbsp;&nbsp; 589557 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 420 | &nbsp;&nbsp; 574350 |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup> | 1917 | &nbsp;&nbsp; 185010 |
| Ross Stores, Inc. | 1971 | &nbsp;&nbsp; 276117 |
| Starbucks Corp. | 5215 | &nbsp;&nbsp; 437799 |
| Tesla, Inc.<sup>(b)</sup> | 5880 | &nbsp;&nbsp; 2037185 |
|  |  | &nbsp;&nbsp; 9483285 |
| **Consumer Staples-4.04%** | **Consumer Staples-4.04%** | **Consumer Staples-4.04%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United <br> Kingdom)<br>| 2776 | &nbsp;&nbsp; 254809 |
| Costco Wholesale Corp. | 1258 | &nbsp;&nbsp; 1308546 |
| Keurig Dr Pepper, Inc. | 5552 | &nbsp;&nbsp; 186936 |
| Kraft Heinz Co. (The) | 2769 | &nbsp;&nbsp; 74015 |
| Mondelez International, Inc., Class A | 6064 | &nbsp;&nbsp; 409259 |
| Monster Beverage Corp.<sup>(b)</sup> | 1798 | &nbsp;&nbsp; 114982 |
| PepsiCo, Inc. | 7141 | &nbsp;&nbsp; 938685 |
|  |  | &nbsp;&nbsp; 3287232 |
| **Financials-0.53%** | **Financials-0.53%** | **Financials-0.53%** |
| PayPal Holdings, Inc.<sup>(b)</sup> | 6104 | &nbsp;&nbsp; 428989 |
| **Health Care-5.23%** | **Health Care-5.23%** | **Health Care-5.23%** |
| Amgen, Inc. | 2408 | &nbsp;&nbsp; 693937 |
| AstraZeneca PLC, ADR (United Kingdom) | 2751 | &nbsp;&nbsp; 200355 |
| Biogen, Inc.<sup>(b)</sup> | 740 | &nbsp;&nbsp; 96045 |
| DexCom, Inc.<sup>(b)</sup> | 2009 | &nbsp;&nbsp; 172372 |
| GE HealthCare Technologies, Inc. | 2205 | &nbsp;&nbsp; 155541 |
| Gilead Sciences, Inc. | 5933 | &nbsp;&nbsp; 653105 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 502 | &nbsp;&nbsp; 257707 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 2037 | &nbsp;&nbsp; 1125117 |
| Regeneron Pharmaceuticals, Inc. | 604 | &nbsp;&nbsp; 296129 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1366 | &nbsp;&nbsp; 603840 |
|  |  | &nbsp;&nbsp; 4254148 |
| **Industrials-3.45%** | **Industrials-3.45%** | **Industrials-3.45%** |
| Automatic Data Processing, Inc. | 2633 | &nbsp;&nbsp; 857121 |
| Cintas Corp. | 2410 | &nbsp;&nbsp; 545865 |
| Copart, Inc.<sup>(b)(c)</sup> | 5465 | &nbsp;&nbsp; 281338 |
| Fastenal Co. | 4465 | &nbsp;&nbsp; 184583 |
| Old Dominion Freight Line, Inc. | 1331 | &nbsp;&nbsp; 213186 |
| PACCAR, Inc. | 1178 | &nbsp;&nbsp; 110555 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Paychex, Inc.<sup>(c)</sup> | 2184 | &nbsp;&nbsp; $344876 |
| Verisk Analytics, Inc. | 864 | &nbsp;&nbsp; 271417 |
|  |  | &nbsp;&nbsp; 2808941 |
| **Information Technology-59.73%** | **Information Technology-59.73%** | **Information Technology-59.73%** |
| Adobe, Inc.<sup>(b)</sup> | 2935 | &nbsp;&nbsp; 1218289 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 11588 | &nbsp;&nbsp; 1283139 |
| ANSYS, Inc.<sup>(b)</sup> | 578 | &nbsp;&nbsp; 191214 |
| Apple, Inc. | 34750 | &nbsp;&nbsp; 6979538 |
| Applied Materials, Inc. | 6010 | &nbsp;&nbsp; 942068 |
| AppLovin Corp., Class A<sup>(b)</sup> | 1675 | &nbsp;&nbsp; 658275 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 741 | &nbsp;&nbsp; 545947 |
| Atlassian Corp., Class A<sup>(b)</sup> | 953 | &nbsp;&nbsp; 197871 |
| Autodesk, Inc.<sup>(b)</sup> | 1389 | &nbsp;&nbsp; 411311 |
| Broadcom, Inc. | 15781 | &nbsp;&nbsp; 3820107 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1820 | &nbsp;&nbsp; 522467 |
| CDW Corp. | 1117 | &nbsp;&nbsp; 201462 |
| Cisco Systems, Inc. | 28091 | &nbsp;&nbsp; 1770857 |
| Cognizant Technology Solutions Corp., Class A | 3172 | &nbsp;&nbsp; 256900 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 1352 | &nbsp;&nbsp; 637292 |
| Datadog, Inc., Class A<sup>(b)</sup> | 1971 | &nbsp;&nbsp; 232341 |
| Fortinet, Inc.<sup>(b)</sup> | 4809 | &nbsp;&nbsp; 489460 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 3341 | &nbsp;&nbsp; 119608 |
| Intel Corp. | 23463 | &nbsp;&nbsp; 458702 |
| Intuit, Inc. | 1686 | &nbsp;&nbsp; 1270350 |
| KLA Corp. | 930 | &nbsp;&nbsp; 703898 |
| Lam Research Corp. | 9277 | &nbsp;&nbsp; 749489 |
| Marvell Technology, Inc. | 5408 | &nbsp;&nbsp; 325508 |
| Microchip Technology, Inc. | 1429 | &nbsp;&nbsp; 82939 |
| Micron Technology, Inc. | 6201 | &nbsp;&nbsp; 585746 |
| Microsoft Corp. | 19237 | &nbsp;&nbsp; 8855945 |
| MicroStrategy, Inc., Class A<sup>(b)</sup> | 551 | &nbsp;&nbsp; 203352 |
| NVIDIA Corp. | 66170 | &nbsp;&nbsp; 8941552 |
| NXP Semiconductors N.V. (Netherlands) | 1537 | &nbsp;&nbsp; 293767 |
| ON Semiconductor Corp.<sup>(b)</sup> | 2063 | &nbsp;&nbsp; 86687 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 10326 | &nbsp;&nbsp; 1360760 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 4661 | &nbsp;&nbsp; 896870 |
| QUALCOMM, Inc. | 7588 | &nbsp;&nbsp; 1101778 |
| Roper Technologies, Inc. | 574 | &nbsp;&nbsp; 327335 |
| Synopsys, Inc.<sup>(b)</sup> | 1045 | &nbsp;&nbsp; 484859 |
| Texas Instruments, Inc. | 4290 | &nbsp;&nbsp; 784427 |
| Workday, Inc., Class A<sup>(b)</sup> | 1326 | &nbsp;&nbsp; 328463 |
| Zscaler, Inc.<sup>(b)(c)</sup> | 936 | &nbsp;&nbsp; 258055 |
|  |  | &nbsp;&nbsp; 48578628 |
| **Materials-2.01%** | **Materials-2.01%** | **Materials-2.01%** |
| Linde PLC | 3496 | &nbsp;&nbsp; 1634660 |
| **Real Estate-0.18%** | **Real Estate-0.18%** | **Real Estate-0.18%** |
| CoStar Group, Inc.<sup>(b)</sup> | 1965 | &nbsp;&nbsp; 144545 |
| **Utilities-0.30%** | **Utilities-0.30%** | **Utilities-0.30%** |
| Exelon Corp. | 5495 | &nbsp;&nbsp; 240791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $68,949,749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $68,949,749) | &nbsp;&nbsp; 81229548 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco ESG NASDAQ 100 ETF (QQMG)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $76,231)<br>| 76231 | &nbsp;&nbsp; $76231 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.97% <br>(Cost $69,025,980) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.97% <br>(Cost $69,025,980) | &nbsp;&nbsp; 81305779 |
| **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-1.05%** | **Money Market Funds-1.05%** | **Money Market Funds-1.05%** |
| Invesco Private Government Fund, 4.29%<sup>(d)(e)(f)</sup> | 236301 | &nbsp;&nbsp; 236301 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.45%<sup>(d)(e)(f)</sup> | 616150 | &nbsp;&nbsp; $616273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $852,574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $852,574) | &nbsp;&nbsp; 852574 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.02% <br>(Cost $69,878,554) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.02% <br>(Cost $69,878,554) | &nbsp;&nbsp; 82158353 |
| OTHER ASSETS LESS LIABILITIES-(1.02)% | OTHER ASSETS LESS LIABILITIES-(1.02)% | &nbsp;&nbsp; (827663)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $81330690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> ADR -American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 May 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 nine months ended May 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 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>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; $59151 | &nbsp;&nbsp;&nbsp; $472707 | &nbsp;&nbsp;&nbsp; $(455627)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $76231 | &nbsp;&nbsp;&nbsp; $1115 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 86430 | &nbsp;&nbsp;&nbsp; 13606573 | &nbsp;&nbsp;&nbsp; (13456702)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 236301 | &nbsp;&nbsp;&nbsp; 14,935<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 224802 | &nbsp;&nbsp;&nbsp; 28117056 | &nbsp;&nbsp;&nbsp; (27725268)<br>| &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp; 616273 | &nbsp;&nbsp;&nbsp; 39,567<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $370383 | &nbsp;&nbsp;&nbsp; $42196336 | &nbsp;&nbsp;&nbsp; $(41637597)<br>| &nbsp;&nbsp;&nbsp; $(17)<br>| &nbsp;&nbsp;&nbsp; $(300)<br>| &nbsp;&nbsp;&nbsp; $928805 | &nbsp;&nbsp;&nbsp; $55617 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

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

**Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)**

May 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** |
| **Communication Services-8.00%** | **Communication Services-8.00%** | **Communication Services-8.00%** |
| Fox Corp., Class A | 1267 | &nbsp;&nbsp; $69609 |
| Fox Corp., Class B | 1370 | &nbsp;&nbsp; 68884 |
| Liberty Broadband Corp., Class A<sup>(b)</sup> | 81 | &nbsp;&nbsp; 7525 |
| Liberty Broadband Corp., Class C<sup>(b)(c)</sup> | 544 | &nbsp;&nbsp; 51027 |
| Liberty Media Corp.-Liberty Formula One<sup>(b)(c)</sup> | 970 | &nbsp;&nbsp; 93634 |
| Liberty Media Corp.-Liberty Formula One<sup>(b)(c)</sup> | 104 | &nbsp;&nbsp; 9164 |
| NetEase, Inc., ADR (China) | 519 | &nbsp;&nbsp; 63193 |
| News Corp., Class A | 2352 | &nbsp;&nbsp; 66421 |
| News Corp., Class B<sup>(c)</sup> | 1178 | &nbsp;&nbsp; 38544 |
|  |  | &nbsp;&nbsp; 468001 |
| **Consumer Discretionary-13.82%** | **Consumer Discretionary-13.82%** | **Consumer Discretionary-13.82%** |
| Duolingo, Inc.<sup>(b)</sup> | 131 | &nbsp;&nbsp; 68069 |
| eBay, Inc. | 2392 | &nbsp;&nbsp; 175023 |
| Expedia Group, Inc. | 475 | &nbsp;&nbsp; 79206 |
| JD.com, Inc., ADR (China) | 1394 | &nbsp;&nbsp; 45179 |
| Pool Corp.<sup>(c)</sup> | 226 | &nbsp;&nbsp; 67933 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 2273 | &nbsp;&nbsp; 33027 |
| Tractor Supply Co.<sup>(c)</sup> | 2870 | &nbsp;&nbsp; 138908 |
| Trip.com Group Ltd., ADR (China)<sup>(c)</sup> | 1320 | &nbsp;&nbsp; 82698 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 252 | &nbsp;&nbsp; 118808 |
|  |  | &nbsp;&nbsp; 808851 |
| **Consumer Staples-2.88%** | **Consumer Staples-2.88%** | **Consumer Staples-2.88%** |
| Dollar Tree, Inc.<sup>(b)</sup> | 945 | &nbsp;&nbsp; 85296 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 314 | &nbsp;&nbsp; 54278 |
| The Campbell's Company<sup>(c)</sup> | 845 | &nbsp;&nbsp; 28764 |
|  |  | &nbsp;&nbsp; 168338 |
| **Financials-1.87%** | **Financials-1.87%** | **Financials-1.87%** |
| Affirm Holdings, Inc.<sup>(b)</sup> | 980 | &nbsp;&nbsp; 50862 |
| Jack Henry & Associates, Inc. | 322 | &nbsp;&nbsp; 58337 |
|  |  | &nbsp;&nbsp; 109199 |
| **Health Care-18.99%** | **Health Care-18.99%** | **Health Care-18.99%** |
| Align Technology, Inc.<sup>(b)</sup> | 326 | &nbsp;&nbsp; 58986 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 357 | &nbsp;&nbsp; 108728 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup> | 98 | &nbsp;&nbsp; 56180 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 654 | &nbsp;&nbsp; 37978 |
| BioNTech SE, ADR (Germany)<sup>(b)(c)</sup> | 290 | &nbsp;&nbsp; 27785 |
| Bio-Techne Corp. | 460 | &nbsp;&nbsp; 22264 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 1046 | &nbsp;&nbsp; 71421 |
| Hologic, Inc.<sup>(b)</sup> | 844 | &nbsp;&nbsp; 52472 |
| ICON PLC<sup>(b)</sup> | 408 | &nbsp;&nbsp; 53154 |
| Illumina, Inc.<sup>(b)(c)</sup> | 710 | &nbsp;&nbsp; 58390 |
| Incyte Corp.<sup>(b)</sup> | 658 | &nbsp;&nbsp; 42810 |
| Insmed, Inc.<sup>(b)(c)</sup> | 285 | &nbsp;&nbsp; 19873 |
| Insulet Corp.<sup>(b)(c)</sup> | 271 | &nbsp;&nbsp; 88083 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 144 | &nbsp;&nbsp; 42466 |
| Moderna, Inc.<sup>(b)(c)</sup> | 1666 | &nbsp;&nbsp; 44249 |
| Natera, Inc.<sup>(b)</sup> | 289 | &nbsp;&nbsp; 45584 |
| Neurocrine Biosciences, Inc.<sup>(b)(c)</sup> | 372 | &nbsp;&nbsp; 45763 |
| Royalty Pharma PLC, Class A | 1190 | &nbsp;&nbsp; 39127 |
| Sanofi S.A., ADR<sup>(c)</sup> | 1267 | &nbsp;&nbsp; 62552 |
| Sarepta Therapeutics, Inc.<sup>(b)</sup> | 202 | &nbsp;&nbsp; 7595 |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 2053 | &nbsp;&nbsp; 37395 |
| United Therapeutics Corp.<sup>(b)</sup> | 168 | &nbsp;&nbsp; 53567 |
| Vaxcyte, Inc.<sup>(b)</sup> | 124 | &nbsp;&nbsp; 4029 |
| Viatris, Inc. | 3479 | &nbsp;&nbsp; 30580 |
|  |  | &nbsp;&nbsp; 1111031 |
| **Industrials-10.94%** | **Industrials-10.94%** | **Industrials-10.94%** |
| AAON, Inc. | 313 | &nbsp;&nbsp; 30139 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| C.H. Robinson Worldwide, Inc. | 555 | &nbsp;&nbsp; $53263 |
| FTAI Aviation Ltd. | 197 | &nbsp;&nbsp; 23079 |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 13609 | &nbsp;&nbsp; 66276 |
| J.B. Hunt Transport Services, Inc. | 532 | &nbsp;&nbsp; 73868 |
| Lincoln Electric Holdings, Inc. | 221 | &nbsp;&nbsp; 42783 |
| Nordson Corp. | 187 | &nbsp;&nbsp; 39642 |
| Paylocity Holding Corp.<sup>(b)</sup> | 202 | &nbsp;&nbsp; 38562 |
| Ryanair Holdings PLC, ADR (Italy)<sup>(c)</sup> | 812 | &nbsp;&nbsp; 45147 |
| Saia, Inc.<sup>(b)(c)</sup> | 123 | &nbsp;&nbsp; 32522 |
| SS&C Technologies Holdings, Inc. | 927 | &nbsp;&nbsp; 74911 |
| Tetra Tech, Inc. | 1436 | &nbsp;&nbsp; 50174 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 879 | &nbsp;&nbsp; 69832 |
|  |  | &nbsp;&nbsp; 640198 |
| **Information Technology-41.83%** | **Information Technology-41.83%** | **Information Technology-41.83%** |
| Akamai Technologies, Inc.<sup>(b)</sup> | 831 | &nbsp;&nbsp; 63098 |
| Bentley Systems, Inc., Class B | 1347 | &nbsp;&nbsp; 64292 |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 507 | &nbsp;&nbsp; 116042 |
| CyberArk Software Ltd.<sup>(b)</sup> | 222 | &nbsp;&nbsp; 84977 |
| DocuSign, Inc.<sup>(b)</sup> | 964 | &nbsp;&nbsp; 85420 |
| Entegris, Inc.<sup>(c)</sup> | 633 | &nbsp;&nbsp; 43512 |
| F5, Inc.<sup>(b)</sup> | 283 | &nbsp;&nbsp; 80763 |
| First Solar, Inc.<sup>(b)</sup> | 503 | &nbsp;&nbsp; 79514 |
| Flex Ltd.<sup>(b)</sup> | 2572 | &nbsp;&nbsp; 108796 |
| Gen Digital, Inc. | 3242 | &nbsp;&nbsp; 92332 |
| Logitech International S.A., Class R (Switzerland) | 971 | &nbsp;&nbsp; 80360 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 288 | &nbsp;&nbsp; 54369 |
| Monday.com Ltd.<sup>(b)</sup> | 225 | &nbsp;&nbsp; 66935 |
| Monolithic Power Systems, Inc. | 212 | &nbsp;&nbsp; 140323 |
| NetApp, Inc. | 1080 | &nbsp;&nbsp; 107093 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 1161 | &nbsp;&nbsp; 89037 |
| Okta, Inc.<sup>(b)(c)</sup> | 918 | &nbsp;&nbsp; 94710 |
| PTC, Inc.<sup>(b)(c)</sup> | 536 | &nbsp;&nbsp; 90220 |
| Seagate Technology Holdings PLC | 1245 | &nbsp;&nbsp; 146835 |
| Skyworks Solutions, Inc. | 529 | &nbsp;&nbsp; 36517 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 2393 | &nbsp;&nbsp; 95768 |
| Teradyne, Inc. | 802 | &nbsp;&nbsp; 63037 |
| Trimble, Inc.<sup>(b)</sup> | 1548 | &nbsp;&nbsp; 110326 |
| VeriSign, Inc. | 376 | &nbsp;&nbsp; 102449 |
| Western Digital Corp.<sup>(b)</sup> | 2184 | &nbsp;&nbsp; 112585 |
| Wix.com Ltd. (Israel)<sup>(b)</sup> | 230 | &nbsp;&nbsp; 34259 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 320 | &nbsp;&nbsp; 92726 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 1372 | &nbsp;&nbsp; 111475 |
|  |  | &nbsp;&nbsp; 2447770 |
| **Materials-0.56%** | **Materials-0.56%** | **Materials-0.56%** |
| Steel Dynamics, Inc. | 267 | &nbsp;&nbsp; 32860 |
| **Real Estate-0.97%** | **Real Estate-0.97%** | **Real Estate-0.97%** |
| Zillow Group, Inc., Class A<sup>(b)(c)</sup> | 196 | &nbsp;&nbsp; 12969 |
| Zillow Group, Inc., Class C<sup>(b)</sup> | 656 | &nbsp;&nbsp; 44024 |
|  |  | &nbsp;&nbsp; 56993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $5,226,397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $5,226,397) | &nbsp;&nbsp; 5843241 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $3,322)<br>| 3322 | &nbsp;&nbsp; $3322 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.92% <br>(Cost $5,229,719) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.92% <br>(Cost $5,229,719) | &nbsp;&nbsp; 5846563 |
| **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-22.35%** | **Money Market Funds-22.35%** | **Money Market Funds-22.35%** |
| Invesco Private Government Fund, 4.29%<sup>(d)(e)(f)</sup> | 359467 | &nbsp;&nbsp; 359467 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.45%<sup>(d)(e)(f)</sup> | 948268 | &nbsp;&nbsp; $948458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,307,925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,307,925) | &nbsp;&nbsp; 1307925 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-122.27% <br>(Cost $6,537,644) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-122.27% <br>(Cost $6,537,644) | &nbsp;&nbsp; 7154488 |
| OTHER ASSETS LESS LIABILITIES-(22.27)% | OTHER ASSETS LESS LIABILITIES-(22.27)% | &nbsp;&nbsp; (1303063)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $5851425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> ADR -American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 May 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 nine months ended May 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 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>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; $3323 | &nbsp;&nbsp;&nbsp; $46572 | &nbsp;&nbsp;&nbsp; $(46573)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3322 | &nbsp;&nbsp;&nbsp; $63 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 282581 | &nbsp;&nbsp;&nbsp; 4415294 | &nbsp;&nbsp;&nbsp; (4338408)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 359467 | &nbsp;&nbsp;&nbsp; 12,239<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 661935 | &nbsp;&nbsp;&nbsp; 9426495 | &nbsp;&nbsp;&nbsp; (9139796)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; 948458 | &nbsp;&nbsp;&nbsp; 32,589<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $947839 | &nbsp;&nbsp;&nbsp; $13888361 | &nbsp;&nbsp;&nbsp; $(13524777)<br>| &nbsp;&nbsp;&nbsp; $(42)<br>| &nbsp;&nbsp;&nbsp; $(134)<br>| &nbsp;&nbsp;&nbsp; $1311247 | &nbsp;&nbsp;&nbsp; $44891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

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

**Invesco NASDAQ 100 ETF (QQQM)**

May 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** |
| **Communication Services-15.42%** | **Communication Services-15.42%** | **Communication Services-15.42%** |
| Alphabet, Inc., Class A | 7112820 | &nbsp;&nbsp; $1221555707 |
| Alphabet, Inc., Class C | 6703106 | &nbsp;&nbsp; 1158631872 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 425644 | &nbsp;&nbsp; 168669948 |
| Comcast Corp., Class A | 11313692 | &nbsp;&nbsp; 391114332 |
| Electronic Arts, Inc. | 781523 | &nbsp;&nbsp; 112367377 |
| Meta Platforms, Inc., Class A | 2670367 | &nbsp;&nbsp; 1729035929 |
| Netflix, Inc.<sup>(b)</sup> | 1283350 | &nbsp;&nbsp; 1549298621 |
| Take-Two Interactive Software, Inc.<sup>(b)(c)</sup> | 529044 | &nbsp;&nbsp; 119712076 |
| T-Mobile US, Inc. | 3425205 | &nbsp;&nbsp; 829584651 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 1356468 | &nbsp;&nbsp; 102033523 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 7360040 | &nbsp;&nbsp; 73379599 |
|  |  | &nbsp;&nbsp; 7455383635 |
| **Consumer Discretionary-13.88%** | **Consumer Discretionary-13.88%** | **Consumer Discretionary-13.88%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 1297727 | &nbsp;&nbsp; 167406783 |
| Amazon.com, Inc.<sup>(b)</sup> | 12923184 | &nbsp;&nbsp; 2649381952 |
| Booking Holdings, Inc. | 98371 | &nbsp;&nbsp; 542902663 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 1183148 | &nbsp;&nbsp; 246863830 |
| lululemon athletica, inc.<sup>(b)</sup> | 348505 | &nbsp;&nbsp; 110361078 |
| Marriott International, Inc., Class A | 826729 | &nbsp;&nbsp; 218115912 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 152127 | &nbsp;&nbsp; 389945618 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 171841 | &nbsp;&nbsp; 234992568 |
| PDD Holdings, Inc., ADR (China)<sup>(b)(c)</sup> | 2003275 | &nbsp;&nbsp; 193336070 |
| Ross Stores, Inc. | 989274 | &nbsp;&nbsp; 138587395 |
| Starbucks Corp.<sup>(c)</sup> | 3407085 | &nbsp;&nbsp; 286024786 |
| Tesla, Inc.<sup>(b)</sup> | 4432079 | &nbsp;&nbsp; 1535538090 |
|  |  | &nbsp;&nbsp; 6713456745 |
| **Consumer Staples-5.65%** | **Consumer Staples-5.65%** | **Consumer Staples-5.65%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC <br> (United Kingdom)<sup>(c)</sup><br>| 1381973 | &nbsp;&nbsp; 126851302 |
| Costco Wholesale Corp.<sup>(c)</sup> | 1331729 | &nbsp;&nbsp; 1385237871 |
| Keurig Dr Pepper, Inc. | 4067846 | &nbsp;&nbsp; 136964375 |
| Kraft Heinz Co. (The) | 3582801 | &nbsp;&nbsp; 95768271 |
| Mondelez International, Inc., Class A | 3879938 | &nbsp;&nbsp; 261857015 |
| Monster Beverage Corp.<sup>(b)</sup> | 2917716 | &nbsp;&nbsp; 186587938 |
| PepsiCo, Inc. | 4114355 | &nbsp;&nbsp; 540831965 |
|  |  | &nbsp;&nbsp; 2734098737 |
| **Energy-0.47%** | **Energy-0.47%** | **Energy-0.47%** |
| Baker Hughes Co., Class A | 2968587 | &nbsp;&nbsp; 109986149 |
| Diamondback Energy, Inc.<sup>(c)</sup> | 867684 | &nbsp;&nbsp; 116746882 |
|  |  | &nbsp;&nbsp; 226733031 |
| **Financials-0.43%** | **Financials-0.43%** | **Financials-0.43%** |
| PayPal Holdings, Inc.<sup>(b)</sup> | 2965896 | &nbsp;&nbsp; 208443171 |
| **Health Care-5.11%** | **Health Care-5.11%** | **Health Care-5.11%** |
| Amgen, Inc.<sup>(c)</sup> | 1611439 | &nbsp;&nbsp; 464384491 |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR (United <br> Kingdom)<br>| 1745795 | &nbsp;&nbsp; 127146250 |
| Biogen, Inc.<sup>(b)</sup> | 438734 | &nbsp;&nbsp; 56943286 |
| DexCom, Inc.<sup>(b)</sup> | 1171672 | &nbsp;&nbsp; 100529458 |
| GE HealthCare Technologies, Inc. | 1371187 | &nbsp;&nbsp; 96723531 |
| Gilead Sciences, Inc. | 3735681 | &nbsp;&nbsp; 411223764 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 243906 | &nbsp;&nbsp; 125211584 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 1069868 | &nbsp;&nbsp; 590930891 |
| Regeneron Pharmaceuticals, Inc. | 322394 | &nbsp;&nbsp; 158063330 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 770236 | &nbsp;&nbsp; 340482824 |
|  |  | &nbsp;&nbsp; 2471639409 |
| **Industrials-4.77%** | **Industrials-4.77%** | **Industrials-4.77%** |
| Automatic Data Processing, Inc. | 1220520 | &nbsp;&nbsp; 397315876 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 229682 | &nbsp;&nbsp; $172344186 |
| Cintas Corp. | 1210512 | &nbsp;&nbsp; 274180968 |
| Copart, Inc.<sup>(b)(c)</sup> | 2896511 | &nbsp;&nbsp; 149112386 |
| CSX Corp. | 5680496 | &nbsp;&nbsp; 179446869 |
| Fastenal Co.<sup>(c)</sup> | 3438622 | &nbsp;&nbsp; 142152633 |
| Honeywell International, Inc. | 1949541 | &nbsp;&nbsp; 441902458 |
| Old Dominion Freight Line, Inc.<sup>(c)</sup> | 637196 | &nbsp;&nbsp; 102059683 |
| PACCAR, Inc.<sup>(c)</sup> | 1573594 | &nbsp;&nbsp; 147681797 |
| Paychex, Inc.<sup>(c)</sup> | 1079623 | &nbsp;&nbsp; 170483268 |
| Verisk Analytics, Inc. | 420702 | &nbsp;&nbsp; 132159326 |
|  |  | &nbsp;&nbsp; 2308839450 |
| **Information Technology-51.08%** | **Information Technology-51.08%** | **Information Technology-51.08%** |
| Adobe, Inc.<sup>(b)</sup> | 1304689 | &nbsp;&nbsp; 541563357 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 4861173 | &nbsp;&nbsp; 538277686 |
| Analog Devices, Inc. | 1487779 | &nbsp;&nbsp; 318354950 |
| ANSYS, Inc.<sup>(b)</sup> | 262916 | &nbsp;&nbsp; 86977871 |
| Apple, Inc. | 18318399 | &nbsp;&nbsp; 3679250439 |
| Applied Materials, Inc. | 2437173 | &nbsp;&nbsp; 382026868 |
| AppLovin Corp., Class A<sup>(b)</sup> | 927660 | &nbsp;&nbsp; 364570380 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 392402 | &nbsp;&nbsp; 48869745 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 270899 | &nbsp;&nbsp; 199590256 |
| Atlassian Corp., Class A<sup>(b)</sup> | 491762 | &nbsp;&nbsp; 102104544 |
| Autodesk, Inc.<sup>(b)</sup> | 644768 | &nbsp;&nbsp; 190928700 |
| Broadcom, Inc. | 9453475 | &nbsp;&nbsp; 2288402693 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 822065 | &nbsp;&nbsp; 235990200 |
| CDW Corp. | 397374 | &nbsp;&nbsp; 71670375 |
| Cisco Systems, Inc. | 11934590 | &nbsp;&nbsp; 752356554 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 1483088 | &nbsp;&nbsp; 120115297 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 701415 | &nbsp;&nbsp; 330625989 |
| Datadog, Inc., Class A<sup>(b)</sup> | 951181 | &nbsp;&nbsp; 112125216 |
| Fortinet, Inc.<sup>(b)</sup> | 2306613 | &nbsp;&nbsp; 234767071 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 1656883 | &nbsp;&nbsp; 59316411 |
| Intel Corp. | 12987647 | &nbsp;&nbsp; 253908499 |
| Intuit, Inc. | 838609 | &nbsp;&nbsp; 631866723 |
| KLA Corp. | 398668 | &nbsp;&nbsp; 301743836 |
| Lam Research Corp. | 3850410 | &nbsp;&nbsp; 311074624 |
| Marvell Technology, Inc. | 2594428 | &nbsp;&nbsp; 156158621 |
| Microchip Technology, Inc. | 1612392 | &nbsp;&nbsp; 93583232 |
| Micron Technology, Inc.<sup>(c)</sup> | 3342151 | &nbsp;&nbsp; 315699584 |
| Microsoft Corp. | 9065238 | &nbsp;&nbsp; 4173272966 |
| MicroStrategy, Inc., Class A<sup>(b)(c)</sup> | 713107 | &nbsp;&nbsp; 263179269 |
| NVIDIA Corp. | 29754125 | &nbsp;&nbsp; 4020674911 |
| NXP Semiconductors N.V. (Netherlands) | 760521 | &nbsp;&nbsp; 145358379 |
| ON Semiconductor Corp.<sup>(b)(c)</sup> | 1263544 | &nbsp;&nbsp; 53094119 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 6746803 | &nbsp;&nbsp; 889093699 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 1986212 | &nbsp;&nbsp; 382186913 |
| QUALCOMM, Inc. | 3317780 | &nbsp;&nbsp; 481741656 |
| Roper Technologies, Inc. | 322043 | &nbsp;&nbsp; 183651462 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 3646194 | &nbsp;&nbsp; 390944921 |
| Synopsys, Inc.<sup>(b)</sup> | 463738 | &nbsp;&nbsp; 215165157 |
| Texas Instruments, Inc. | 2730795 | &nbsp;&nbsp; 499325866 |
| Workday, Inc., Class A<sup>(b)</sup> | 641498 | &nbsp;&nbsp; 158905470 |
| Zscaler, Inc.<sup>(b)(c)</sup> | 459932 | &nbsp;&nbsp; 126803252 |
|  |  | &nbsp;&nbsp; 24705317761 |
| **Materials-1.37%** | **Materials-1.37%** | **Materials-1.37%** |
| Linde PLC | 1418744 | &nbsp;&nbsp; 663376319 |
| **Real Estate-0.19%** | **Real Estate-0.19%** | **Real Estate-0.19%** |
| CoStar Group, Inc.<sup>(b)(c)</sup> | 1229520 | &nbsp;&nbsp; 90443491 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco NASDAQ 100 ETF (QQQM)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-1.46%** | **Utilities-1.46%** | **Utilities-1.46%** |
| American Electric Power Co., Inc.<sup>(c)</sup> | 1598767 | &nbsp;&nbsp; $165456397 |
| Constellation Energy Corp. | 938474 | &nbsp;&nbsp; 287313815 |
| Exelon Corp. | 3013875 | &nbsp;&nbsp; 132068002 |
| Xcel Energy, Inc.<sup>(c)</sup> | 1722568 | &nbsp;&nbsp; 120752017 |
|  |  | &nbsp;&nbsp; 705590231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $41,789,686,050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $41,789,686,050) | &nbsp;&nbsp; 48283321980 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $44,521,630)<br>| 44521630 | &nbsp;&nbsp; 44521630 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $41,834,207,680) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $41,834,207,680) | &nbsp;&nbsp; 48327843610 |

---

---

| | | |
|:---|:---|:---|
|  | **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-0.73%** | **Money Market Funds-0.73%** | **Money Market Funds-0.73%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.29%<sup>(d)(e)(f)</sup><br>| 96806829 | &nbsp;&nbsp; $96806829 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.45%<sup>(d)(e)(f)</sup><br>| 253074842 | &nbsp;&nbsp; 253125457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $349,932,286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $349,932,286) | &nbsp;&nbsp; 349932286 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.65% <br>(Cost $42,184,139,966) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.65% <br>(Cost $42,184,139,966) | &nbsp;&nbsp; 48677775896 |
| OTHER ASSETS LESS LIABILITIES-(0.65)% | OTHER ASSETS LESS LIABILITIES-(0.65)% | &nbsp;&nbsp; (312107869)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $48365668027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> ADR -American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 May 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 nine months ended May 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 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>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $12149472 | &nbsp;&nbsp;&nbsp; $320067046 | &nbsp;&nbsp;&nbsp; $(287694888)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $44521630 | &nbsp;&nbsp;&nbsp; $703746 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 73775478 | &nbsp;&nbsp;&nbsp; 1922846402 | &nbsp;&nbsp;&nbsp; (1899815051)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 96806829 | &nbsp;&nbsp;&nbsp; 3,483,703<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 199210478 | &nbsp;&nbsp;&nbsp; 4047490195 | &nbsp;&nbsp;&nbsp; (3993511084)<br>| &nbsp;&nbsp;&nbsp; (13357)<br>| &nbsp;&nbsp;&nbsp; (50775)<br>| &nbsp;&nbsp;&nbsp; 253125457 | &nbsp;&nbsp;&nbsp; 9,410,014<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $285135428 | &nbsp;&nbsp;&nbsp; $6290403643 | &nbsp;&nbsp;&nbsp; $(6181021023)<br>| &nbsp;&nbsp;&nbsp; $(13357)<br>| &nbsp;&nbsp;&nbsp; $(50775)<br>| &nbsp;&nbsp;&nbsp; $394453916 | &nbsp;&nbsp;&nbsp; $13597463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

**Invesco NASDAQ 100 ETF (QQQM)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Equity Risk** |  |  |  |  |  |
| &nbsp;&nbsp; CME E-Mini NASDAQ 100 Index Future | &nbsp;&nbsp;&nbsp; 160 | June-2025 | &nbsp;&nbsp;&nbsp; $68405600 | &nbsp;&nbsp;&nbsp; $7977690 | &nbsp;&nbsp;&nbsp; $7977690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Futures contracts collateralized by $9,038,725 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

See accompanying notes which are an integral part of this schedule.

------

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

**Invesco NASDAQ Future Gen 200 ETF (QQQS)**

May 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Communication Services-3.42%** | **Communication Services-3.42%** | **Communication Services-3.42%** |
| EchoStar Corp., Class A<sup>(b)</sup> | 1393 | &nbsp;&nbsp; $24698 |
| Gogo, Inc.<sup>(b)</sup> | 5959 | &nbsp;&nbsp; 63225 |
| iHeartMedia, Inc., Class A<sup>(b)</sup> | 24574 | &nbsp;&nbsp; 32192 |
| iQIYI, Inc., ADR (China)<sup>(b)</sup> | 20911 | &nbsp;&nbsp; 33458 |
| JOYY, Inc., ADR (China) | 930 | &nbsp;&nbsp; 44528 |
| Roku, Inc., Class A<sup>(b)</sup> | 521 | &nbsp;&nbsp; 37752 |
| TrueCar, Inc.<sup>(b)</sup> | 18667 | &nbsp;&nbsp; 27067 |
|  |  | &nbsp;&nbsp; 262920 |
| **Consumer Discretionary-7.04%** | **Consumer Discretionary-7.04%** | **Consumer Discretionary-7.04%** |
| BRP, Inc. | 1097 | &nbsp;&nbsp; 48268 |
| Garrett Motion, Inc. (Switzerland) | 4515 | &nbsp;&nbsp; 47859 |
| Gentex Corp. | 1789 | &nbsp;&nbsp; 38589 |
| Gentherm, Inc.<sup>(b)</sup> | 1315 | &nbsp;&nbsp; 35985 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)</sup> | 4603 | &nbsp;&nbsp; 52520 |
| GoPro, Inc., Class A<sup>(b)</sup> | 58274 | &nbsp;&nbsp; 38636 |
| Helen of Troy Ltd.<sup>(b)</sup> | 791 | &nbsp;&nbsp; 21270 |
| iRobot Corp.<sup>(b)(c)</sup> | 5983 | &nbsp;&nbsp; 18368 |
| Johnson Outdoors, Inc., Class A | 1627 | &nbsp;&nbsp; 44238 |
| MasterCraft Boat Holdings, Inc.<sup>(b)</sup> | 2474 | &nbsp;&nbsp; 42083 |
| Newell Brands, Inc. | 6775 | &nbsp;&nbsp; 35907 |
| QVC Group, Inc.<sup>(b)</sup> | 2606 | &nbsp;&nbsp; 10684 |
| Sleep Number Corp.<sup>(b)</sup> | 3092 | &nbsp;&nbsp; 33270 |
| Sonos, Inc.<sup>(b)</sup> | 3290 | &nbsp;&nbsp; 33821 |
| Stitch Fix, Inc., Class A<sup>(b)</sup> | 9195 | &nbsp;&nbsp; 40642 |
|  |  | &nbsp;&nbsp; 542140 |
| **Energy-0.43%** | **Energy-0.43%** | **Energy-0.43%** |
| DMC Global, Inc.<sup>(b)</sup> | 5129 | &nbsp;&nbsp; 33133 |
| **Health Care-44.90%** | **Health Care-44.90%** | **Health Care-44.90%** |
| 10X Genomics, Inc., Class A<sup>(b)</sup> | 4069 | &nbsp;&nbsp; 38778 |
| Accuray, Inc.<sup>(b)</sup> | 21640 | &nbsp;&nbsp; 33109 |
| Aclaris Therapeutics, Inc.<sup>(b)</sup> | 21857 | &nbsp;&nbsp; 31911 |
| Adaptimmune Therapeutics PLC, ADR<sup>(b)</sup> | 80548 | &nbsp;&nbsp; 23560 |
| Adaptive Biotechnologies Corp.<sup>(b)</sup> | 5266 | &nbsp;&nbsp; 50132 |
| Agios Pharmaceuticals, Inc.<sup>(b)</sup> | 1224 | &nbsp;&nbsp; 39278 |
| Akebia Therapeutics, Inc.<sup>(b)</sup> | 23628 | &nbsp;&nbsp; 71593 |
| Aldeyra Therapeutics, Inc.<sup>(b)</sup> | 8512 | &nbsp;&nbsp; 18301 |
| Alector, Inc.<sup>(b)</sup> | 26522 | &nbsp;&nbsp; 35274 |
| Alphatec Holdings, Inc.<sup>(b)</sup> | 3471 | &nbsp;&nbsp; 43145 |
| Altimmune, Inc.<sup>(b)(c)</sup> | 6540 | &nbsp;&nbsp; 35512 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 4583 | &nbsp;&nbsp; 27819 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 2600 | &nbsp;&nbsp; 57798 |
| AngioDynamics, Inc.<sup>(b)</sup> | 4682 | &nbsp;&nbsp; 47756 |
| Anika Therapeutics, Inc.<sup>(b)</sup> | 2493 | &nbsp;&nbsp; 27797 |
| Aquestive Therapeutics, Inc.<sup>(b)</sup> | 15534 | &nbsp;&nbsp; 42097 |
| Arbutus Biopharma Corp.<sup>(b)</sup> | 12608 | &nbsp;&nbsp; 42363 |
| Ardelyx, Inc.<sup>(b)</sup> | 8115 | &nbsp;&nbsp; 29782 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)</sup> | 2300 | &nbsp;&nbsp; 36961 |
| AtriCure, Inc.<sup>(b)</sup> | 1123 | &nbsp;&nbsp; 38822 |
| &nbsp;&nbsp;&nbsp; Autolus Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 25142 | &nbsp;&nbsp; 43998 |
| Axogen, Inc.<sup>(b)</sup> | 2174 | &nbsp;&nbsp; 23675 |
| Azenta, Inc.<sup>(b)</sup> | 997 | &nbsp;&nbsp; 26640 |
| &nbsp;&nbsp;&nbsp; Bicycle Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 3965 | &nbsp;&nbsp; 32592 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)</sup> | 5052 | &nbsp;&nbsp; 54309 |
| Bruker Corp. | 929 | &nbsp;&nbsp; 34094 |
| &nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc., Rts., expiring <br> 12/31/2050<sup>(b)(d)</sup><br>| 27325 | &nbsp;&nbsp; 3728 |
| Cerus Corp.<sup>(b)</sup> | 26362 | &nbsp;&nbsp; 33480 |
| ChromaDex Corp.<sup>(b)</sup> | 7747 | &nbsp;&nbsp; 83823 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| ClearPoint Neuro, Inc.<sup>(b)</sup> | 2996 | &nbsp;&nbsp; $35383 |
| Codexis, Inc.<sup>(b)</sup> | 14308 | &nbsp;&nbsp; 32908 |
| Coherus BioSciences, Inc.<sup>(b)(c)</sup> | 39481 | &nbsp;&nbsp; 30756 |
| CryoPort, Inc.<sup>(b)</sup> | 7809 | &nbsp;&nbsp; 46932 |
| DENTSPLY SIRONA, Inc. | 2628 | &nbsp;&nbsp; 41995 |
| Editas Medicine, Inc.<sup>(b)</sup> | 22654 | &nbsp;&nbsp; 38965 |
| Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 5591 | &nbsp;&nbsp; 33155 |
| Fate Therapeutics, Inc.<sup>(b)</sup> | 38836 | &nbsp;&nbsp; 46992 |
| Guardant Health, Inc.<sup>(b)</sup> | 1029 | &nbsp;&nbsp; 41798 |
| Heron Therapeutics, Inc.<sup>(b)</sup> | 17609 | &nbsp;&nbsp; 33105 |
| ICU Medical, Inc.<sup>(b)</sup> | 297 | &nbsp;&nbsp; 40053 |
| IGM Biosciences, Inc.<sup>(b)(c)</sup> | 31982 | &nbsp;&nbsp; 40617 |
| Immunic, Inc.<sup>(b)(c)</sup> | 36551 | &nbsp;&nbsp; 24120 |
| Innoviva, Inc.<sup>(b)</sup> | 2427 | &nbsp;&nbsp; 47496 |
| Inogen, Inc.<sup>(b)</sup> | 5221 | &nbsp;&nbsp; 33545 |
| Integra LifeSciences Holdings Corp.<sup>(b)</sup> | 1874 | &nbsp;&nbsp; 23725 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 1311 | &nbsp;&nbsp; 43932 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)</sup> | 27016 | &nbsp;&nbsp; 16185 |
| KalVista Pharmaceuticals, Inc.<sup>(b)</sup> | 3817 | &nbsp;&nbsp; 45041 |
| Kodiak Sciences, Inc.<sup>(b)</sup> | 10583 | &nbsp;&nbsp; 35982 |
| Lexicon Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 62181 | &nbsp;&nbsp; 38963 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 356 | &nbsp;&nbsp; 36380 |
| LivaNova PLC<sup>(b)</sup> | 1051 | &nbsp;&nbsp; 45456 |
| MacroGenics, Inc.<sup>(b)</sup> | 17682 | &nbsp;&nbsp; 24048 |
| MannKind Corp.<sup>(b)</sup> | 8146 | &nbsp;&nbsp; 33806 |
| Masimo Corp.<sup>(b)</sup> | 230 | &nbsp;&nbsp; 37375 |
| MaxCyte, Inc.<sup>(b)</sup> | 13023 | &nbsp;&nbsp; 30995 |
| MeiraGTx Holdings PLC<sup>(b)</sup> | 6101 | &nbsp;&nbsp; 31237 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 426 | &nbsp;&nbsp; 40483 |
| Mersana Therapeutics, Inc.<sup>(b)</sup> | 83103 | &nbsp;&nbsp; 28563 |
| MiMedx Group, Inc.<sup>(b)</sup> | 5198 | &nbsp;&nbsp; 33423 |
| Nektar Therapeutics<sup>(b)</sup> | 51781 | &nbsp;&nbsp; 37515 |
| Ocugen, Inc.<sup>(b)(c)</sup> | 66743 | &nbsp;&nbsp; 55804 |
| Omeros Corp.<sup>(b)(c)</sup> | 5172 | &nbsp;&nbsp; 15981 |
| &nbsp;&nbsp;&nbsp; OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(d)</sup><br>| 83 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(d)</sup><br>| 83 | &nbsp;&nbsp; 0 |
| Omnicell, Inc.<sup>(b)</sup> | 1143 | &nbsp;&nbsp; 34713 |
| OPKO Health, Inc.<sup>(b)</sup> | 24997 | &nbsp;&nbsp; 33996 |
| OraSure Technologies, Inc.<sup>(b)</sup> | 12495 | &nbsp;&nbsp; 35986 |
| Orthofix Medical, Inc.<sup>(b)</sup> | 2502 | &nbsp;&nbsp; 28148 |
| Pacific Biosciences of California, Inc.<sup>(b)(c)</sup> | 29997 | &nbsp;&nbsp; 28908 |
| Pacira BioSciences, Inc.<sup>(b)</sup> | 1809 | &nbsp;&nbsp; 46745 |
| Personalis, Inc.<sup>(b)</sup> | 10506 | &nbsp;&nbsp; 48643 |
| Pro-Dex, Inc.<sup>(b)(c)</sup> | 1253 | &nbsp;&nbsp; 50176 |
| ProQR Therapeutics N.V. (Netherlands)<sup>(b)</sup> | 18667 | &nbsp;&nbsp; 30987 |
| Prothena Corp. PLC (Ireland)<sup>(b)</sup> | 2751 | &nbsp;&nbsp; 12627 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 788 | &nbsp;&nbsp; 38234 |
| Quanterix Corp.<sup>(b)</sup> | 5731 | &nbsp;&nbsp; 29801 |
| Sage Therapeutics, Inc.<sup>(b)</sup> | 5958 | &nbsp;&nbsp; 38489 |
| Sangamo Therapeutics, Inc.<sup>(b)(c)</sup> | 42643 | &nbsp;&nbsp; 19829 |
| Scilex Holding Co., Class C (Singapore)<sup>(b)(c)</sup> | 72 | &nbsp;&nbsp; 369 |
| scPharmaceuticals, Inc.<sup>(b)(c)</sup> | 13338 | &nbsp;&nbsp; 48550 |
| Seres Therapeutics, Inc.<sup>(b)(c)</sup> | 2865 | &nbsp;&nbsp; 20196 |
| SI-BONE, Inc.<sup>(b)</sup> | 2415 | &nbsp;&nbsp; 45643 |
| SIGA Technologies, Inc. | 8793 | &nbsp;&nbsp; 52582 |
| Standard BioTools, Inc.<sup>(b)</sup> | 40841 | &nbsp;&nbsp; 41249 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 1356 | &nbsp;&nbsp; 42985 |
| Surmodics, Inc.<sup>(b)</sup> | 1323 | &nbsp;&nbsp; 38393 |
| Sutro Biopharma, Inc.<sup>(b)</sup> | 27356 | &nbsp;&nbsp; 24557 |
| Tactile Systems Technology, Inc.<sup>(b)</sup> | 3044 | &nbsp;&nbsp; 30075 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Theravance Biopharma, Inc.<sup>(b)</sup> | 4652 | &nbsp;&nbsp; $42612 |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 3307 | &nbsp;&nbsp; 47852 |
| Vanda Pharmaceuticals, Inc.<sup>(b)</sup> | 9149 | &nbsp;&nbsp; 39707 |
| Varex Imaging Corp.<sup>(b)</sup> | 3383 | &nbsp;&nbsp; 25948 |
| Vaxart, Inc.<sup>(b)</sup> | 85403 | &nbsp;&nbsp; 36988 |
| Verrica Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 67010 | &nbsp;&nbsp; 33143 |
| Vir Biotechnology, Inc.<sup>(b)</sup> | 5184 | &nbsp;&nbsp; 25609 |
| Voyager Therapeutics, Inc.<sup>(b)</sup> | 10661 | &nbsp;&nbsp; 29211 |
| Xencor, Inc.<sup>(b)</sup> | 2831 | &nbsp;&nbsp; 22648 |
|  |  | &nbsp;&nbsp; 3456440 |
| **Industrials-9.28%** | **Industrials-9.28%** | **Industrials-9.28%** |
| AeroVironment, Inc.<sup>(b)</sup> | 291 | &nbsp;&nbsp; 51807 |
| Allient, Inc. | 1749 | &nbsp;&nbsp; 53169 |
| American Superconductor Corp.<sup>(b)</sup> | 1915 | &nbsp;&nbsp; 54118 |
| Ballard Power Systems, Inc. (Canada)<sup>(b)(c)</sup> | 35362 | &nbsp;&nbsp; 45617 |
| Conduent, Inc.<sup>(b)</sup> | 12287 | &nbsp;&nbsp; 27523 |
| Energy Recovery, Inc.<sup>(b)</sup> | 2908 | &nbsp;&nbsp; 36670 |
| Interface, Inc. | 2150 | &nbsp;&nbsp; 43193 |
| LSI Industries, Inc. | 2369 | &nbsp;&nbsp; 38544 |
| Lyft, Inc., Class A<sup>(b)</sup> | 3261 | &nbsp;&nbsp; 49698 |
| Matthews International Corp., Class A | 1746 | &nbsp;&nbsp; 37452 |
| Microvast Holdings, Inc.<sup>(b)</sup> | 26802 | &nbsp;&nbsp; 96219 |
| MillerKnoll, Inc. | 2023 | &nbsp;&nbsp; 34128 |
| Omega Flex, Inc. | 1221 | &nbsp;&nbsp; 39951 |
| Stratasys Ltd.<sup>(b)</sup> | 4115 | &nbsp;&nbsp; 42508 |
| TTEC Holdings, Inc.<sup>(b)</sup> | 12924 | &nbsp;&nbsp; 63457 |
|  |  | &nbsp;&nbsp; 714054 |
| **Information Technology-33.86%** | **Information Technology-33.86%** | **Information Technology-33.86%** |
| 8x8, Inc.<sup>(b)</sup> | 17399 | &nbsp;&nbsp; 28534 |
| Advanced Energy Industries, Inc. | 378 | &nbsp;&nbsp; 43387 |
| Aehr Test Systems<sup>(b)(c)</sup> | 4512 | &nbsp;&nbsp; 43045 |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup> | 1951 | &nbsp;&nbsp; 49458 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 1437 | &nbsp;&nbsp; 30493 |
| Amkor Technology, Inc. | 2061 | &nbsp;&nbsp; 37139 |
| Applied Optoelectronics, Inc.<sup>(b)</sup> | 1990 | &nbsp;&nbsp; 30686 |
| Atomera, Inc.<sup>(b)(c)</sup> | 7447 | &nbsp;&nbsp; 45799 |
| AudioEye, Inc.<sup>(b)</sup> | 3343 | &nbsp;&nbsp; 40852 |
| Aviat Networks, Inc.<sup>(b)</sup> | 2078 | &nbsp;&nbsp; 44573 |
| Axcelis Technologies, Inc.<sup>(b)</sup> | 794 | &nbsp;&nbsp; 44734 |
| Bel Fuse, Inc., Class B | 518 | &nbsp;&nbsp; 38228 |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 4328 | &nbsp;&nbsp; 45574 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 417 | &nbsp;&nbsp; 41016 |
| Cognex Corp. | 1326 | &nbsp;&nbsp; 39740 |
| Cohu, Inc.<sup>(b)</sup> | 2212 | &nbsp;&nbsp; 37759 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 6850 | &nbsp;&nbsp; 41374 |
| Commvault Systems, Inc.<sup>(b)</sup> | 255 | &nbsp;&nbsp; 46703 |
| Digimarc Corp.<sup>(b)</sup> | 2660 | &nbsp;&nbsp; 34793 |
| Diodes, Inc.<sup>(b)</sup> | 881 | &nbsp;&nbsp; 39117 |
| Dropbox, Inc., Class A<sup>(b)</sup> | 1674 | &nbsp;&nbsp; 48312 |
| Extreme Networks, Inc.<sup>(b)</sup> | 2815 | &nbsp;&nbsp; 44111 |
| FARO Technologies, Inc.<sup>(b)</sup> | 1368 | &nbsp;&nbsp; 57962 |
| Himax Technologies, Inc., ADR (Taiwan) | 4315 | &nbsp;&nbsp; 35167 |
| Immersion Corp. | 5410 | &nbsp;&nbsp; 40683 |
| InterDigital, Inc. | 203 | &nbsp;&nbsp; 44104 |
| IPG Photonics Corp.<sup>(b)</sup> | 747 | &nbsp;&nbsp; 49496 |
| Itron, Inc.<sup>(b)</sup> | 402 | &nbsp;&nbsp; 46471 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 1137 | &nbsp;&nbsp; 36555 |
| Lantronix, Inc.<sup>(b)</sup> | 16991 | &nbsp;&nbsp; 37210 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 698 | &nbsp;&nbsp; $31368 |
| Littelfuse, Inc. | 188 | &nbsp;&nbsp; 38551 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 618 | &nbsp;&nbsp; 44669 |
| Materialise N.V., ADR (Belgium)<sup>(b)</sup> | 8269 | &nbsp;&nbsp; 44570 |
| MaxLinear, Inc.<sup>(b)</sup> | 2977 | &nbsp;&nbsp; 33908 |
| MicroVision, Inc.<sup>(b)(c)</sup> | 29997 | &nbsp;&nbsp; 32997 |
| Mitek Systems, Inc.<sup>(b)</sup> | 4642 | &nbsp;&nbsp; 43588 |
| MKS Instruments, Inc. | 474 | &nbsp;&nbsp; 38958 |
| Neonode, Inc.<sup>(b)(c)</sup> | 5023 | &nbsp;&nbsp; 51335 |
| NETGEAR, Inc.<sup>(b)</sup> | 1654 | &nbsp;&nbsp; 48512 |
| nLight, Inc.<sup>(b)</sup> | 4766 | &nbsp;&nbsp; 72110 |
| Open Text Corp. (Canada) | 1685 | &nbsp;&nbsp; 47702 |
| OSI Systems, Inc.<sup>(b)</sup> | 211 | &nbsp;&nbsp; 46232 |
| Penguin Solutions, Inc.<sup>(b)</sup> | 2182 | &nbsp;&nbsp; 38752 |
| Power Integrations, Inc. | 715 | &nbsp;&nbsp; 35557 |
| Qorvo, Inc.<sup>(b)</sup> | 599 | &nbsp;&nbsp; 45536 |
| Radware Ltd. (Israel)<sup>(b)</sup> | 2016 | &nbsp;&nbsp; 47013 |
| Rambus, Inc.<sup>(b)</sup> | 778 | &nbsp;&nbsp; 41600 |
| Ribbon Communications, Inc.<sup>(b)</sup> | 9215 | &nbsp;&nbsp; 31147 |
| Semtech Corp.<sup>(b)</sup> | 1146 | &nbsp;&nbsp; 42780 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 310 | &nbsp;&nbsp; 37364 |
| Silicon Motion Technology Corp., ADR (Taiwan) | 775 | &nbsp;&nbsp; 47430 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 2637 | &nbsp;&nbsp; 47097 |
| SoundHound AI, Inc., Class A<sup>(b)(c)</sup> | 4020 | &nbsp;&nbsp; 40642 |
| Synaptics, Inc.<sup>(b)</sup> | 658 | &nbsp;&nbsp; 38664 |
| Turtle Beach Corp.<sup>(b)</sup> | 2537 | &nbsp;&nbsp; 29125 |
| Universal Display Corp. | 283 | &nbsp;&nbsp; 40568 |
| Veeco Instruments, Inc.<sup>(b)</sup> | 1956 | &nbsp;&nbsp; 37770 |
| Verint Systems, Inc.<sup>(b)</sup> | 1927 | &nbsp;&nbsp; 33800 |
| Viasat, Inc.<sup>(b)</sup> | 5003 | &nbsp;&nbsp; 43676 |
| Viavi Solutions, Inc.<sup>(b)</sup> | 3891 | &nbsp;&nbsp; 35447 |
| Vuzix Corp.<sup>(b)(c)</sup> | 14694 | &nbsp;&nbsp; 42907 |
| Xerox Holdings Corp. | 6560 | &nbsp;&nbsp; 32078 |
|  |  | &nbsp;&nbsp; 2606528 |
| **Materials-1.00%** | **Materials-1.00%** | **Materials-1.00%** |
| Arq, Inc.<sup>(b)</sup> | 8332 | &nbsp;&nbsp; 41160 |
| Innospec, Inc. | 420 | &nbsp;&nbsp; 35734 |
|  |  | &nbsp;&nbsp; 76894 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.93% <br>(Cost $9,149,984) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.93% <br>(Cost $9,149,984) | &nbsp;&nbsp; 7692109 |
| **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-9.82%** | **Money Market Funds-9.82%** | **Money Market Funds-9.82%** |
| Invesco Private Government Fund, 4.29%<sup>(e)(f)(g)</sup> | 209627 | &nbsp;&nbsp; 209627 |
| Invesco Private Prime Fund, 4.45%<sup>(e)(f)(g)</sup> | 545920 | &nbsp;&nbsp; 546029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $755,656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $755,656) | &nbsp;&nbsp; 755656 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.75% <br>(Cost $9,905,640) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.75% <br>(Cost $9,905,640) | &nbsp;&nbsp; 8447765 |
| OTHER ASSETS LESS LIABILITIES-(9.75)% | OTHER ASSETS LESS LIABILITIES-(9.75)% | &nbsp;&nbsp; (750434)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $7697331 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)**

May 31, 2025

*(Unaudited)*

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> Rts. -Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 May 31, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| <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 nine months ended May 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 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>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $220951 | &nbsp;&nbsp;&nbsp; $(220951)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $105 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 342395 | &nbsp;&nbsp;&nbsp; 2871986 | &nbsp;&nbsp;&nbsp; (3004754)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 209627 | &nbsp;&nbsp;&nbsp; 10,034<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 863306 | &nbsp;&nbsp;&nbsp; 4939318 | &nbsp;&nbsp;&nbsp; (5256448)<br>| &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp; 546029 | &nbsp;&nbsp;&nbsp; 26,676<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $1205701 | &nbsp;&nbsp;&nbsp; $8032255 | &nbsp;&nbsp;&nbsp; $(8482153)<br>| &nbsp;&nbsp;&nbsp; $(46)<br>| &nbsp;&nbsp;&nbsp; $(101)<br>| &nbsp;&nbsp;&nbsp; $755656 | &nbsp;&nbsp;&nbsp; $36815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

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

**Invesco NASDAQ Next Gen 100 ETF (QQQJ)**

May 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.87%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.87%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.87%**<sup>(a)</sup>  |
| **Communication Services-6.83%** | **Communication Services-6.83%** | **Communication Services-6.83%** |
| Baidu, Inc., ADR (China)<sup>(b)(c)</sup> | 53618 | &nbsp;&nbsp; $4391314 |
| Fox Corp., Class A | 82190 | &nbsp;&nbsp; 4515518 |
| Fox Corp., Class B | 89014 | &nbsp;&nbsp; 4475624 |
| Liberty Broadband Corp., Class A<sup>(b)</sup> | 6844 | &nbsp;&nbsp; 635808 |
| Liberty Broadband Corp., Class C<sup>(b)(c)</sup> | 46411 | &nbsp;&nbsp; 4353352 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One<sup>(b)</sup><br>| 84204 | &nbsp;&nbsp; 8128212 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One<sup>(b)(c)</sup><br>| 9186 | &nbsp;&nbsp; 809470 |
| Liberty Media Corp.-Liberty Live<sup>(b)</sup> | 9652 | &nbsp;&nbsp; 693593 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live, <br> Series C<sup>(b)</sup><br>| 24060 | &nbsp;&nbsp; 1755177 |
| NetEase, Inc., ADR (China) | 39521 | &nbsp;&nbsp; 4812077 |
| News Corp., Class A | 142730 | &nbsp;&nbsp; 4030695 |
| News Corp., Class B<sup>(c)</sup> | 71407 | &nbsp;&nbsp; 2336437 |
|  |  | &nbsp;&nbsp; 40937277 |
| **Consumer Discretionary-13.74%** | **Consumer Discretionary-13.74%** | **Consumer Discretionary-13.74%** |
| DraftKings, Inc., Class A<sup>(b)</sup> | 184843 | &nbsp;&nbsp; 6632167 |
| Duolingo, Inc.<sup>(b)</sup> | 14747 | &nbsp;&nbsp; 7662689 |
| eBay, Inc. | 175965 | &nbsp;&nbsp; 12875359 |
| Expedia Group, Inc. | 46601 | &nbsp;&nbsp; 7770717 |
| JD.com, Inc., ADR (China) | 180690 | &nbsp;&nbsp; 5856163 |
| Pool Corp.<sup>(c)</sup> | 14212 | &nbsp;&nbsp; 4271985 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 423619 | &nbsp;&nbsp; 6155184 |
| Texas Roadhouse, Inc. | 25116 | &nbsp;&nbsp; 4902894 |
| Tractor Supply Co.<sup>(c)</sup> | 200848 | &nbsp;&nbsp; 9721043 |
| Trip.com Group Ltd., ADR (China)<sup>(c)</sup> | 132616 | &nbsp;&nbsp; 8308392 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 17522 | &nbsp;&nbsp; 8260922 |
|  |  | &nbsp;&nbsp; 82417515 |
| **Consumer Staples-5.45%** | **Consumer Staples-5.45%** | **Consumer Staples-5.45%** |
| Casey's General Stores, Inc. | 14023 | &nbsp;&nbsp; 6138708 |
| Dollar Tree, Inc.<sup>(b)</sup> | 81182 | &nbsp;&nbsp; 7327487 |
| Maplebear, Inc.<sup>(b)</sup> | 99846 | &nbsp;&nbsp; 4559967 |
| Pilgrim's Pride Corp. | 89530 | &nbsp;&nbsp; 4401295 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 37195 | &nbsp;&nbsp; 6429528 |
| The Campbell's Company<sup>(c)</sup> | 112141 | &nbsp;&nbsp; 3817280 |
|  |  | &nbsp;&nbsp; 32674265 |
| **Energy-1.70%** | **Energy-1.70%** | **Energy-1.70%** |
| Expand Energy Corp. | 87928 | &nbsp;&nbsp; 10211079 |
| **Financials-1.74%** | **Financials-1.74%** | **Financials-1.74%** |
| Affirm Holdings, Inc.<sup>(b)(c)</sup> | 104621 | &nbsp;&nbsp; 5429830 |
| Jack Henry & Associates, Inc. | 27488 | &nbsp;&nbsp; 4980001 |
|  |  | &nbsp;&nbsp; 10409831 |
| **Health Care-20.51%** | **Health Care-20.51%** | **Health Care-20.51%** |
| Align Technology, Inc.<sup>(b)(c)</sup> | 27778 | &nbsp;&nbsp; 5026151 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 48884 | &nbsp;&nbsp; 14888111 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup> | 12087 | &nbsp;&nbsp; 6928994 |
| BioMarin Pharmaceutical, Inc.<sup>(b)(c)</sup> | 72139 | &nbsp;&nbsp; 4189112 |
| BioNTech SE, ADR (Germany)<sup>(b)(c)</sup> | 37544 | &nbsp;&nbsp; 3597091 |
| Bio-Techne Corp. | 59815 | &nbsp;&nbsp; 2895046 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 75415 | &nbsp;&nbsp; 5149336 |
| Hologic, Inc.<sup>(b)</sup> | 84673 | &nbsp;&nbsp; 5264120 |
| ICON PLC<sup>(b)</sup> | 30444 | &nbsp;&nbsp; 3966244 |
| Illumina, Inc.<sup>(b)(c)</sup> | 59700 | &nbsp;&nbsp; 4909728 |
| Incyte Corp.<sup>(b)</sup> | 73031 | &nbsp;&nbsp; 4751397 |
| Insmed, Inc.<sup>(b)(c)</sup> | 68282 | &nbsp;&nbsp; 4761304 |
| Insulet Corp.<sup>(b)</sup> | 26530 | &nbsp;&nbsp; 8623046 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 11488 | &nbsp;&nbsp; 3387811 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Moderna, Inc.<sup>(b)(c)</sup> | 145661 | &nbsp;&nbsp; $3868756 |
| Natera, Inc.<sup>(b)</sup> | 51007 | &nbsp;&nbsp; 8045334 |
| Neurocrine Biosciences, Inc.<sup>(b)(c)</sup> | 37629 | &nbsp;&nbsp; 4629120 |
| Royalty Pharma PLC, Class A<sup>(c)</sup> | 163461 | &nbsp;&nbsp; 5374598 |
| Sanofi S.A., ADR<sup>(c)</sup> | 108426 | &nbsp;&nbsp; 5352992 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 36592 | &nbsp;&nbsp; 1375859 |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 278574 | &nbsp;&nbsp; 5074225 |
| United Therapeutics Corp.<sup>(b)</sup> | 16966 | &nbsp;&nbsp; 5409609 |
| Vaxcyte, Inc.<sup>(b)(c)</sup> | 48570 | &nbsp;&nbsp; 1578039 |
| Viatris, Inc. | 451048 | &nbsp;&nbsp; 3964712 |
|  |  | &nbsp;&nbsp; 123010735 |
| **Industrials-12.84%** | **Industrials-12.84%** | **Industrials-12.84%** |
| AAON, Inc.<sup>(c)</sup> | 30770 | &nbsp;&nbsp; 2962843 |
| C.H. Robinson Worldwide, Inc. | 44779 | &nbsp;&nbsp; 4297441 |
| Elbit Systems Ltd. (Israel)<sup>(c)</sup> | 16801 | &nbsp;&nbsp; 6881774 |
| FTAI Aviation Ltd. | 38747 | &nbsp;&nbsp; 4539211 |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 1476070 | &nbsp;&nbsp; 7188461 |
| J.B. Hunt Transport Services, Inc. | 37747 | &nbsp;&nbsp; 5241171 |
| Lincoln Electric Holdings, Inc. | 21175 | &nbsp;&nbsp; 4099268 |
| Nordson Corp. | 21541 | &nbsp;&nbsp; 4566477 |
| Paylocity Holding Corp.<sup>(b)</sup> | 21093 | &nbsp;&nbsp; 4026654 |
| Ryanair Holdings PLC, ADR (Italy)<sup>(c)</sup> | 86129 | &nbsp;&nbsp; 4788772 |
| Saia, Inc.<sup>(b)(c)</sup> | 10030 | &nbsp;&nbsp; 2652032 |
| SS&C Technologies Holdings, Inc. | 93520 | &nbsp;&nbsp; 7557351 |
| Tetra Tech, Inc. | 101108 | &nbsp;&nbsp; 3532713 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 123615 | &nbsp;&nbsp; 9820594 |
| Woodward, Inc. | 22434 | &nbsp;&nbsp; 4853147 |
|  |  | &nbsp;&nbsp; 77007909 |
| **Information Technology-32.24%** | **Information Technology-32.24%** | **Information Technology-32.24%** |
| Akamai Technologies, Inc.<sup>(b)(c)</sup> | 56762 | &nbsp;&nbsp; 4309939 |
| Astera Labs, Inc.<sup>(b)</sup> | 61193 | &nbsp;&nbsp; 5551429 |
| Bentley Systems, Inc., Class B | 110050 | &nbsp;&nbsp; 5252686 |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 41565 | &nbsp;&nbsp; 9513397 |
| CyberArk Software Ltd.<sup>(b)</sup> | 18619 | &nbsp;&nbsp; 7126981 |
| DocuSign, Inc.<sup>(b)</sup> | 76337 | &nbsp;&nbsp; 6764222 |
| Entegris, Inc.<sup>(c)</sup> | 57075 | &nbsp;&nbsp; 3923336 |
| F5, Inc.<sup>(b)</sup> | 21758 | &nbsp;&nbsp; 6209298 |
| First Solar, Inc.<sup>(b)(c)</sup> | 40413 | &nbsp;&nbsp; 6388487 |
| Flex Ltd.<sup>(b)</sup> | 144531 | &nbsp;&nbsp; 6113661 |
| Gen Digital, Inc.<sup>(c)</sup> | 232721 | &nbsp;&nbsp; 6627894 |
| &nbsp;&nbsp;&nbsp; Logitech International S.A., Class R <br> (Switzerland)<br>| 56277 | &nbsp;&nbsp; 4657485 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 23072 | &nbsp;&nbsp; 4355532 |
| Monday.com Ltd.<sup>(b)</sup> | 18811 | &nbsp;&nbsp; 5596084 |
| Monolithic Power Systems, Inc.<sup>(c)</sup> | 18438 | &nbsp;&nbsp; 12204112 |
| NetApp, Inc. | 76894 | &nbsp;&nbsp; 7624809 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 101235 | &nbsp;&nbsp; 7763712 |
| Okta, Inc.<sup>(b)(c)</sup> | 61815 | &nbsp;&nbsp; 6377455 |
| PTC, Inc.<sup>(b)(c)</sup> | 45407 | &nbsp;&nbsp; 7642906 |
| Sandisk Corp.<sup>(b)(c)</sup> | 54851 | &nbsp;&nbsp; 2067334 |
| Seagate Technology Holdings PLC | 79915 | &nbsp;&nbsp; 9425175 |
| Skyworks Solutions, Inc. | 60644 | &nbsp;&nbsp; 4186255 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 224253 | &nbsp;&nbsp; 8974605 |
| Teradyne, Inc. | 61076 | &nbsp;&nbsp; 4800574 |
| Trimble, Inc.<sup>(b)</sup> | 92755 | &nbsp;&nbsp; 6610649 |
| VeriSign, Inc. | 35749 | &nbsp;&nbsp; 9740530 |
| Western Digital Corp.<sup>(b)(c)</sup> | 131232 | &nbsp;&nbsp; 6765010 |
| Wix.com Ltd. (Israel)<sup>(b)</sup> | 20683 | &nbsp;&nbsp; 3080733 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 19424 | &nbsp;&nbsp; $5628492 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 99282 | &nbsp;&nbsp; 8066662 |
|  |  | &nbsp;&nbsp; 193349444 |
| **Materials-1.16%** | **Materials-1.16%** | **Materials-1.16%** |
| Steel Dynamics, Inc. | 56652 | &nbsp;&nbsp; 6972162 |
| **Real Estate-0.99%** | **Real Estate-0.99%** | **Real Estate-0.99%** |
| Zillow Group, Inc., Class A<sup>(b)(c)</sup> | 20544 | &nbsp;&nbsp; 1359397 |
| Zillow Group, Inc., Class C<sup>(b)</sup> | 68673 | &nbsp;&nbsp; 4608645 |
|  |  | &nbsp;&nbsp; 5968042 |
| **Utilities-2.67%** | **Utilities-2.67%** | **Utilities-2.67%** |
| Alliant Energy Corp. | 96913 | &nbsp;&nbsp; 6030896 |
| Evergy, Inc. | 86872 | &nbsp;&nbsp; 5769170 |
| Talen Energy Corp.<sup>(b)(c)</sup> | 17333 | &nbsp;&nbsp; 4228385 |
|  |  | &nbsp;&nbsp; 16028451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $561,593,634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $561,593,634) | &nbsp;&nbsp; 598986710 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $67,232)<br>| 67232 | &nbsp;&nbsp; 67232 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $561,660,866) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $561,660,866) | &nbsp;&nbsp; 599053942 |

---

---

| | | |
|:---|:---|:---|
|  | **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-22.28%** | **Money Market Funds-22.28%** | **Money Market Funds-22.28%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.29%<sup>(d)(e)(f)</sup><br>| 33150210 | &nbsp;&nbsp; $33150210 |
| Invesco Private Prime Fund, 4.45%<sup>(d)(e)(f)</sup> | 100415600 | &nbsp;&nbsp; 100435683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $133,585,893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $133,585,893) | &nbsp;&nbsp; 133585893 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-122.16% <br>(Cost $695,246,759) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-122.16% <br>(Cost $695,246,759) | &nbsp;&nbsp; 732639835 |
| OTHER ASSETS LESS LIABILITIES-(22.16)% | OTHER ASSETS LESS LIABILITIES-(22.16)% | &nbsp;&nbsp; (132888843)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $599750992 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> ADR -American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 May 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 nine months ended May 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 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>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $122819 | &nbsp;&nbsp;&nbsp; $6595548 | &nbsp;&nbsp;&nbsp; $(6651135)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $67232 | &nbsp;&nbsp;&nbsp; $5897 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 29413897 | &nbsp;&nbsp;&nbsp; 280541677 | &nbsp;&nbsp;&nbsp; (276805364)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 33150210 | &nbsp;&nbsp;&nbsp; 1,041,198<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 68121348 | &nbsp;&nbsp;&nbsp; 571286000 | &nbsp;&nbsp;&nbsp; (538959437)<br>| &nbsp;&nbsp;&nbsp; (4280)<br>| &nbsp;&nbsp;&nbsp; (7948)<br>| &nbsp;&nbsp;&nbsp; 100435683 | &nbsp;&nbsp;&nbsp; 2,737,486<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $97658064 | &nbsp;&nbsp;&nbsp; $858423225 | &nbsp;&nbsp;&nbsp; $(822415936)<br>| &nbsp;&nbsp;&nbsp; $(4280)<br>| &nbsp;&nbsp;&nbsp; $(7948)<br>| &nbsp;&nbsp;&nbsp; $133653125 | &nbsp;&nbsp;&nbsp; $3784581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes which are an integral part of this schedule.

------

**Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)**

May 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

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

**Invesco QQQ Low Volatility ETF (QQLV)**

May 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** |
| **Communication Services-3.36%** | **Communication Services-3.36%** | **Communication Services-3.36%** |
| T-Mobile US, Inc. | 386 | &nbsp;&nbsp; $93489 |
| **Consumer Discretionary-10.85%** | **Consumer Discretionary-10.85%** | **Consumer Discretionary-10.85%** |
| Marriott International, Inc., Class A | 353 | &nbsp;&nbsp; 93132 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 81 | &nbsp;&nbsp; 110768 |
| Ross Stores, Inc. | 702 | &nbsp;&nbsp; 98343 |
|  |  | &nbsp;&nbsp; 302243 |
| **Consumer Staples-24.00%** | **Consumer Staples-24.00%** | **Consumer Staples-24.00%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United <br> Kingdom)<br>| 1477 | &nbsp;&nbsp; 135574 |
| Costco Wholesale Corp. | 101 | &nbsp;&nbsp; 105058 |
| Keurig Dr Pepper, Inc. | 3495 | &nbsp;&nbsp; 117677 |
| Kraft Heinz Co. (The) | 3419 | &nbsp;&nbsp; 91390 |
| Mondelez International, Inc., Class A | 1747 | &nbsp;&nbsp; 117905 |
| PepsiCo, Inc. | 768 | &nbsp;&nbsp; 100953 |
|  |  | &nbsp;&nbsp; 668557 |
| **Health Care-3.65%** | **Health Care-3.65%** | **Health Care-3.65%** |
| AstraZeneca PLC, ADR (United Kingdom) | 1395 | &nbsp;&nbsp; 101598 |
| **Industrials-24.92%** | **Industrials-24.92%** | **Industrials-24.92%** |
| Automatic Data Processing, Inc. | 437 | &nbsp;&nbsp; 142256 |
| CSX Corp. | 3002 | &nbsp;&nbsp; 94833 |
| Fastenal Co. | 2526 | &nbsp;&nbsp; 104425 |
| Honeywell International, Inc. | 528 | &nbsp;&nbsp; 119682 |
| Paychex, Inc. | 737 | &nbsp;&nbsp; 116380 |
| Verisk Analytics, Inc. | 371 | &nbsp;&nbsp; 116546 |
|  |  | &nbsp;&nbsp; 694122 |
| **Information Technology-15.96%** | **Information Technology-15.96%** | **Information Technology-15.96%** |
| Cisco Systems, Inc. | 1808 | &nbsp;&nbsp; 113976 |
| Cognizant Technology Solutions Corp., Class A | 1250 | &nbsp;&nbsp; 101238 |
| Microsoft Corp. | 254 | &nbsp;&nbsp; 116931 |
| Roper Technologies, Inc. | 197 | &nbsp;&nbsp; 112343 |
|  |  | &nbsp;&nbsp; 444488 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-5.24%** | **Materials-5.24%** | **Materials-5.24%** |
| Linde PLC | 312 | &nbsp;&nbsp; $145885 |
| **Utilities-11.82%** | **Utilities-11.82%** | **Utilities-11.82%** |
| American Electric Power Co., Inc.<sup>(c)</sup> | 1126 | &nbsp;&nbsp; 116530 |
| Exelon Corp. | 2721 | &nbsp;&nbsp; 119234 |
| Xcel Energy, Inc. | 1335 | &nbsp;&nbsp; 93584 |
|  |  | &nbsp;&nbsp; 329348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $2,714,405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $2,714,405) | &nbsp;&nbsp; 2779730 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $1,214)<br>| 1214 | &nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.85% <br>(Cost $2,715,619) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.85% <br>(Cost $2,715,619) | &nbsp;&nbsp; 2780944 |
| **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-4.18%** | **Money Market Funds-4.18%** | **Money Market Funds-4.18%** |
| Invesco Private Government Fund, 4.29%<sup>(d)(e)(f)</sup> | 32628 | &nbsp;&nbsp; 32628 |
| Invesco Private Prime Fund, 4.45%<sup>(d)(e)(f)</sup> | 83880 | &nbsp;&nbsp; 83897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $116,525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $116,525) | &nbsp;&nbsp; 116525 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-104.03% <br>(Cost $2,832,144) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-104.03% <br>(Cost $2,832,144) | &nbsp;&nbsp; 2897469 |
| OTHER ASSETS LESS LIABILITIES-(4.03)% | OTHER ASSETS LESS LIABILITIES-(4.03)% | &nbsp;&nbsp; (112152)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2785317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Abbreviations: <br> ADR -American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 May 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 period ended May 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 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>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $18164 | &nbsp;&nbsp;&nbsp; $(16950)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1214 | &nbsp;&nbsp;&nbsp; $21 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco QQQ Low Volatility ETF (QQLV)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 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> **May 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $665763 | &nbsp;&nbsp;&nbsp; $(633135)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $32628 | &nbsp;&nbsp;&nbsp; $228<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1052623 | &nbsp;&nbsp;&nbsp; (968713)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; 83897 | &nbsp;&nbsp;&nbsp; 504<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1736550 | &nbsp;&nbsp;&nbsp; $(1618798)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(13)<br>| &nbsp;&nbsp;&nbsp; $117739 | &nbsp;&nbsp;&nbsp; $753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

**Notes to Quarterly Schedules of Portfolio Holdings**

May 31, 2025

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of May 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco ESG NASDAQ 100 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $81229548 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $81229548 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 76231 | &nbsp;&nbsp;&nbsp; 852574 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 928805 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $81305779 | &nbsp;&nbsp;&nbsp; $852574 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $82158353 |
| &nbsp;&nbsp; Invesco ESG NASDAQ Next Gen 100 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $5843241 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $5843241 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 3322 | &nbsp;&nbsp;&nbsp; 1307925 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1311247 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $5846563 | &nbsp;&nbsp;&nbsp; $1307925 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7154488 |
| &nbsp;&nbsp; Invesco NASDAQ 100 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $48283321980 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $48283321980 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 44521630 | &nbsp;&nbsp;&nbsp; 349932286 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 394453916 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 48327843610 | &nbsp;&nbsp;&nbsp; 358971011 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 48677775896 |
| **Other Investments - Assets**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 7977690 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7977690 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $48335821300 | &nbsp;&nbsp;&nbsp; $349932286 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $48685753586 |
| &nbsp;&nbsp; Invesco NASDAQ Future Gen 200 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $7688381 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3728 | &nbsp;&nbsp;&nbsp; $7692109 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 755656 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 755656 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $7688381 | &nbsp;&nbsp;&nbsp; $755656 | &nbsp;&nbsp;&nbsp; $3728 | &nbsp;&nbsp;&nbsp; $8447765 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco NASDAQ Next Gen 100 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $598986710 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $598986710 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 67232 | &nbsp;&nbsp;&nbsp; 133585893 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 133653125 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $599053942 | &nbsp;&nbsp;&nbsp; $133585893 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $732639835 |
| &nbsp;&nbsp; Invesco QQQ Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $2779730 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2779730 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 1214 | &nbsp;&nbsp;&nbsp; 116525 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 117739 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $2780944 | &nbsp;&nbsp;&nbsp; $116525 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2897469 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unrealized appreciation (depreciation).

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Invesco Exchange-Traded Fund Trust II

- **b. Investment Company Act file number:** 811-21977

- **c. CIK number of Registrant:** 0001378872

- **d. LEI of Registrant:** O540V2L4S174Y60FMD36

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 3500 Lacey Road

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

  - **Telephone number:** 800-983-0903

**Item A.2. Information about the Series.**

- **a. Name of Series:** Invesco NASDAQ Next Gen 100 ETF

- **b. EDGAR series identifier (if any):** S000069449

- **c. LEI of Series:** 549300CKS0D8S1MUG089

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $733411941.63

**Total Liabilities:** $133660950.05

**Net Assets:** $599750991.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221653 | -5.88%               | -0.24%               | 5.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2653584.18              | $-40836911.59                              |
| Month 2  | $951388.09               | $-4092073.21                               |
| Month 3  | $1329868.72              | $31536363.83                               |

### Schedule of Portfolio Investments

| Name                                    | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SS&C Technologies Holdings, Inc.        | SS&C Technologies Holdings, Inc.                           | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     93760 | NS      | $7576745.60   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc.                             | Insmed Inc.                                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     68457 | NS      | $4773506.61   | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| AAON, Inc.                              | AAON, Inc.                                                 | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     30850 | NS      | $2970546.50   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Rivian Automotive, Inc.                 | Rivian Automotive, Inc., Class A                           | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |    424704 | NS      | $6170949.12   | 1.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Texas Roadhouse, Inc.                   | Texas Roadhouse, Inc.                                      | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     25181 | NS      | $4915583.01   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp.                    | Alliant Energy Corp.                                       | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     97163 | NS      | $6046453.49   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Co. (The)                    | Campbell's Co. (The)                                       | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |    112426 | NS      | $3826981.04   | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Gen Digital Inc.                        | Gen Digital Inc.                                           | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    233316 | NS      | $6644839.68   | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| United Airlines Holdings, Inc.          | United Airlines Holdings, Inc.                             | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |    123930 | NS      | $9845618.85   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne, Inc.                          | Teradyne, Inc.                                             | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     61231 | NS      | $4812756.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Icon PLC                                | Icon PLC                                                   | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     30524 | NS      | $3976666.72   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences, Inc.            | Neurocrine Biosciences, Inc.                               | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     37724 | NS      | $4640806.48   | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| FTAI Aviation Ltd.                      | FTAI Aviation Ltd.                                         | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     38847 | NS      | $4550926.05   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp.-Liberty Live        | Liberty Media Corp.-Liberty Live                           | CUSIP: 531229748<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |      9677 | NS      | $695389.22    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech, Inc.                        | Tetra Tech, Inc.                                           | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |    101368 | NS      | $3541797.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward, Inc.                          | Woodward, Inc.                                             | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     22489 | NS      | $4865045.37   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings, Inc.         | Lincoln Electric Holdings, Inc.                            | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     21230 | NS      | $4109915.70   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd.                      | Elbit Systems Ltd.                                         | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |     16846 | NS      | $6900205.83   | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Astera Labs, Inc.                       | Astera Labs, Inc.                                          | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61348 | NS      | $5565490.56   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                   | Western Digital Corp.                                      | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    131567 | NS      | $6782278.85   | 1.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp.                     | Expand Energy Corp.                                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     88153 | NS      | $10237207.89  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree, Inc.                       | Dollar Tree, Inc.                                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     81392 | NS      | $7346441.92   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc.            | BioMarin Pharmaceutical Inc.                               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     72324 | NS      | $4199854.68   | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Liberty Media Corp.-Liberty Live        | Liberty Media Corp.-Liberty Live, Series C                 | CUSIP: 531229722<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     24120 | NS      | $1759554.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar, Inc.                       | First Solar, Inc.                                          | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     40518 | NS      | $6405085.44   | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| C.H. Robinson Worldwide, Inc.           | C.H. Robinson Worldwide, Inc.                              | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     44894 | NS      | $4308477.18   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                               | eBay Inc.                                                  | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    176415 | NS      | $12908285.55  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia, Inc.                              | Saia, Inc.                                                 | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |     10055 | NS      | $2658642.55   | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Zillow Group, Inc.                      | Zillow Group, Inc., Class C                                | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |     68848 | NS      | $4620389.28   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta, Inc.                              | Okta, Inc.                                                 | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     61975 | NS      | $6393960.75   | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Royalty Pharma PLC                      | Royalty Pharma PLC, Class A                                | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    163881 | NS      | $5388407.28   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Casey's General Stores, Inc.            | Casey's General Stores, Inc.                               | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     14058 | NS      | $6154030.08   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd.                  | CyberArk Software Ltd.                                     | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     18669 | NS      | $7146119.82   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp.                            | Incyte Corp.                                               | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     73216 | NS      | $4763432.96   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign, Inc.                          | VeriSign, Inc.                                             | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     35839 | NS      | $9765052.33   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp.               | United Therapeutics Corp.                                  | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     17011 | NS      | $5423957.35   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc.                            | Trimble Inc.                                               | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     92990 | NS      | $6627397.30   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix, Inc.                           | Nutanix, Inc., Class A                                     | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |    101495 | NS      | $7783651.55   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp.                               | Fox Corp., Class B                                         | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     89244 | NS      | $4487188.32   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.  | Check Point Software Technologies Ltd.                     | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     41670 | NS      | $9537429.60   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems, Inc.          | Monolithic Power Systems, Inc.                             | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     18483 | NS      | $12233897.70  | 2.04%             |  |  |  | No            |                  1 | On Loan: —       |
| monday.com Ltd.                         | monday.com Ltd.                                            | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     18861 | NS      | $5610958.89   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp.                              | News Corp., Class A                                        | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    143095 | NS      | $4041002.80   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrim's Pride Corp.                   | Pilgrim's Pride Corp.                                      | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |     89760 | NS      | $4412601.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com, Inc.                            | JD.com, Inc., ADR                                          | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    181150 | NS      | $5871071.50   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera, Inc.                            | Natera, Inc.                                               | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51137 | NS      | $8065839.01   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp.                      | Talen Energy Corp.                                         | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17378 | NS      | $4239363.10   | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| BioNTech SE                             | BioNTech SE, ADR                                           | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     37639 | NS      | $3606192.59   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Skyworks Solutions, Inc.                | Skyworks Solutions, Inc.                                   | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     60799 | NS      | $4196954.97   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                            | Evergy, Inc.                                               | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     87092 | NS      | $5783779.72   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.               | Akamai Technologies, Inc.                                  | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     56907 | NS      | $4320948.51   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Expedia Group, Inc.                     | Expedia Group, Inc.                                        | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |     46721 | NS      | $7790726.75   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp.                           | Nordson Corp.                                              | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     21596 | NS      | $4578136.04   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc.                                | PTC Inc.                                                   | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     45522 | NS      | $7662263.04   | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Liberty Media Corp.-Liberty Formula One | Liberty Media Corp.-Liberty Formula One                    | CUSIP: 531229771<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |      9211 | NS      | $811673.32    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Bio-Techne Corp.                        | Bio-Techne Corp.                                           | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     59970 | NS      | $2902548.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC         | Seagate Technology Holdings PLC                            | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     80120 | NS      | $9449352.80   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp.                 | Liberty Broadband Corp., Class C                           | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     46531 | NS      | $4364607.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Duolingo, Inc.                          | Duolingo, Inc.                                             | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14787 | NS      | $7683473.07   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp.-Liberty Formula One | Liberty Media Corp.-Liberty Formula One                    | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     84419 | NS      | $8148966.07   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                     | Trip.com Group Ltd., ADR                                   | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    132956 | NS      | $8329693.40   | 1.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Entegris, Inc.                          | Entegris, Inc.                                             | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     57220 | NS      | $3933302.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Hologic, Inc.                           | Hologic, Inc.                                              | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     84888 | NS      | $5277486.96   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp.                           | Insulet Corp.                                              | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     26600 | NS      | $8645798.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp.                 | Paylocity Holding Corp.                                    | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     21148 | NS      | $4037153.20   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna, Inc.                           | Moderna, Inc.                                              | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    146031 | NS      | $3878583.36   | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Fox Corp.                               | Fox Corp., Class A                                         | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     82400 | NS      | $4527056.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte, Inc.                           | Vaxcyte, Inc.                                              | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     48695 | NS      | $1582100.55   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Zoom Communications, Inc.               | Zoom Communications, Inc., Class A                         | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     99537 | NS      | $8087381.25   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics, Inc.              | Sarepta Therapeutics, Inc.                                 | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |     36687 | NS      | $1379431.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| NetEase, Inc.                           | NetEase, Inc., ADR                                         | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     39621 | NS      | $4824252.96   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                  | Sanofi, ADR                                                | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    108701 | NS      | $5366568.37   | 0.89%             |  |  |  | No            |                  1 | On Loan: —       |
| Jack Henry & Associates, Inc.           | Jack Henry & Associates, Inc.                              | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     27558 | NS      | $4992682.86   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                      | Tractor Supply Co.                                         | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    201363 | NS      | $9745969.20   | 1.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Pool Corp.                              | Pool Corp.                                                 | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     14247 | NS      | $4282505.73   | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Private Prime Fund              | Invesco Private Prime Fund                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        | 100435683 | NS      | $100435683.12 | 16.75%            |  |  |  | No            |                  2 | On Loan: No      |
| DocuSign, Inc.                          | DocuSign, Inc.                                             | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     76532 | NS      | $6781500.52   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandisk Corp.                           | Sandisk Corp.                                              | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54991 | NS      | $2072610.79   | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Illumina, Inc.                          | Illumina, Inc.                                             | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     59855 | NS      | $4922475.20   | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Maplebear Inc.                          | Maplebear Inc.                                             | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100101 | NS      | $4571612.67   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                       | Ulta Beauty, Inc.                                          | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     17567 | NS      | $8282137.82   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology, Inc.                  | Align Technology, Inc.                                     | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     27848 | NS      | $5038817.12   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Affirm Holdings Inc.                    | Affirm Holdings Inc.                                       | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104886 | NS      | $5443583.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: —       |
| Baidu, Inc.                             | Baidu, Inc., ADR                                           | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     53753 | NS      | $4402370.70   | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Ryanair Holdings PLC                    | Ryanair Holdings PLC, ADR                                  | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     86349 | NS      | $4801004.40   | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Viatris Inc.                            | Viatris Inc.                                               | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    452203 | NS      | $3974864.37   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc.                         | DraftKings Inc., Class A                                   | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    185313 | NS      | $6649030.44   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| J.B. Hunt Transport Services, Inc.      | J.B. Hunt Transport Services, Inc.                         | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |     37842 | NS      | $5254361.70   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd.                      | Grab Holdings Ltd., Class A                                | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |   1479845 | NS      | $7206845.15   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Portfolio   | Invesco Government & Agency Portfolio, Institutional Class | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |     67232 | NS      | $67232.33     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, Inc.                                | F5, Inc.                                                   | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     21813 | NS      | $6224993.94   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings, Inc.                  | Medpace Holdings, Inc.                                     | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     11518 | NS      | $3396658.20   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Bentley Systems, Inc.                   | Bentley Systems, Inc., Class B                             | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |    110330 | NS      | $5266050.90   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group, Inc.                      | Zillow Group, Inc., Class A                                | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |     20599 | NS      | $1363035.83   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Logitech International S.A.             | Logitech International S.A., Class R                       | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |     56422 | NS      | $4669484.72   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos., Inc. (The)                 | Cooper Cos., Inc. (The)                                    | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     75610 | NS      | $5162650.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Private Government Fund         | Invesco Private Government Fund                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  33150210 | NS      | $33150209.75  | 5.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Sprouts Farmers Market, Inc.            | Sprouts Farmers Market, Inc.                               | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     37290 | NS      | $6445949.40   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                    | Steel Dynamics, Inc.                                       | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     56797 | NS      | $6990006.79   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer, Inc.              | Super Micro Computer, Inc.                                 | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |    224828 | NS      | $8997616.56   | 1.50%             |  |  |  | No            |                  1 | On Loan: —       |
| News Corp.                              | News Corp., Class B                                        | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |     71592 | NS      | $2342490.24   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Wix.com Ltd.                            | Wix.com Ltd.                                               | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     20738 | NS      | $3088925.10   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Therapeutics Inc.                | Summit Therapeutics Inc.                                   | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    279284 | NS      | $5087158.06   | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| argenx SE                               | argenx SE, ADR                                             | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     12117 | NS      | $6946191.42   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp.                 | Liberty Broadband Corp., Class A                           | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |      6864 | NS      | $637665.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates, Inc.              | Manhattan Associates, Inc.                                 | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     23132 | NS      | $4366858.96   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp, Inc.                            | NetApp, Inc.                                               | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     77089 | NS      | $7644145.24   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                               | Flex Ltd.                                                  | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |    144901 | NS      | $6129312.30   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.           | Alnylam Pharmaceuticals, Inc.                              | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     49009 | NS      | $14926181.04  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp.                | Zebra Technologies Corp., Class A                          | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     19474 | NS      | $5642980.98   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Invesco Exchange-Traded Fund Trust II

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President