# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001378872-26-000305
**Filing Date:** 2026-1
**Character Count:** 85226
**Document Hash:** 5c4d484487267eb4f38b64eb36f56204
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001378872-26-000305.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001378872-26-000305

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**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:** 26571959

**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 Free Cash Flow Achievers ETF (Series ID: S000083070)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000246583 | Invesco Nasdaq Free Cash Flow Achievers ETF |  |

## Nport-Ex

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

**Invesco Nasdaq Biotechnology ETF (IBBQ)**

November 30, 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%** |
| **Biotechnology-80.58%** | **Biotechnology-80.58%** | **Biotechnology-80.58%** |
| 4D Molecular Therapeutics, Inc.<sup>(b)(c)</sup> | 2237 | &nbsp;&nbsp; $26083 |
| Absci Corp.<sup>(b)(c)</sup> | 7156 | &nbsp;&nbsp; 22685 |
| AC Immune S.A. (Switzerland)<sup>(b)(c)</sup> | 4854 | &nbsp;&nbsp; 14513 |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 7937 | &nbsp;&nbsp; 198742 |
| Acrivon Therapeutics, Inc.<sup>(b)</sup> | 1501 | &nbsp;&nbsp; 3542 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 11216 | &nbsp;&nbsp; 215123 |
| Agios Pharmaceuticals, Inc.<sup>(b)</sup> | 2681 | &nbsp;&nbsp; 78285 |
| Akero Therapeutics, Inc.<sup>(b)</sup> | 3740 | &nbsp;&nbsp; 203306 |
| Alector, Inc.<sup>(b)</sup> | 4782 | &nbsp;&nbsp; 6360 |
| Alkermes PLC<sup>(b)</sup> | 7743 | &nbsp;&nbsp; 229038 |
| Allogene Therapeutics, Inc.<sup>(b)(c)</sup> | 10591 | &nbsp;&nbsp; 15463 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 6090 | &nbsp;&nbsp; 2747991 |
| Altimmune, Inc.<sup>(b)</sup> | 3909 | &nbsp;&nbsp; 20561 |
| Alvotech S.A. (Luxembourg)<sup>(b)(c)</sup> | 14493 | &nbsp;&nbsp; 73914 |
| Amarin Corp. PLC, ADR (Ireland)<sup>(b)</sup> | 974 | &nbsp;&nbsp; 15555 |
| Amgen, Inc. | 13460 | &nbsp;&nbsp; 4649892 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 14276 | &nbsp;&nbsp; 141761 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 1309 | &nbsp;&nbsp; 54520 |
| Anavex Life Sciences Corp.<sup>(b)(c)</sup> | 4115 | &nbsp;&nbsp; 15760 |
| Annexon, Inc.<sup>(b)(c)</sup> | 5297 | &nbsp;&nbsp; 23837 |
| Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5927 | &nbsp;&nbsp; 126245 |
| Apogee Therapeutics, Inc.<sup>(b)(c)</sup> | 2128 | &nbsp;&nbsp; 153152 |
| Applied Therapeutics, Inc.<sup>(b)</sup> | 6819 | &nbsp;&nbsp; 1773 |
| Arbutus Biopharma Corp.<sup>(b)</sup> | 8617 | &nbsp;&nbsp; 38001 |
| Arcellx, Inc.<sup>(b)(c)</sup> | 2613 | &nbsp;&nbsp; 189991 |
| Arcturus Therapeutics Holdings, Inc.<sup>(b)(c)</sup> | 1297 | &nbsp;&nbsp; 8807 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup> | 5542 | &nbsp;&nbsp; 169862 |
| Ardelyx, Inc.<sup>(b)</sup> | 11032 | &nbsp;&nbsp; 63986 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup> | 1432 | &nbsp;&nbsp; 1305955 |
| ArriVent Biopharma, Inc.<sup>(b)(c)</sup> | 1868 | &nbsp;&nbsp; 42852 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6483 | &nbsp;&nbsp; 341654 |
| ARS Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4486 | &nbsp;&nbsp; 42796 |
| Artiva Biotherapeutics, Inc. (South Korea)<sup>(b)(c)</sup> | 1183 | &nbsp;&nbsp; 4448 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup> | 2846 | &nbsp;&nbsp; 604291 |
| Astria Therapeutics, Inc.<sup>(b)(c)</sup> | 2714 | &nbsp;&nbsp; 34332 |
| Aura Biosciences, Inc.<sup>(b)</sup> | 3003 | &nbsp;&nbsp; 19820 |
| Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 6102 | &nbsp;&nbsp; 98364 |
| &nbsp;&nbsp;&nbsp; Autolus Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 9666 | &nbsp;&nbsp; 13629 |
| Avidity Biosciences, Inc.<sup>(b)</sup> | 5991 | &nbsp;&nbsp; 429555 |
| Beam Therapeutics, Inc.<sup>(b)(c)</sup> | 4687 | &nbsp;&nbsp; 118722 |
| BeOne Medicines Ltd., ADR (China)<sup>(b)(c)</sup> | 1584 | &nbsp;&nbsp; 539526 |
| &nbsp;&nbsp;&nbsp; Bicycle Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 2117 | &nbsp;&nbsp; 15835 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)</sup> | 9605 | &nbsp;&nbsp; 68964 |
| Biogen, Inc.<sup>(b)</sup> | 6838 | &nbsp;&nbsp; 1245131 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 8979 | &nbsp;&nbsp; 502195 |
| Biomea Fusion, Inc.<sup>(b)(c)</sup> | 1817 | &nbsp;&nbsp; 1981 |
| BioNTech SE, ADR (Germany)<sup>(b)</sup> | 4695 | &nbsp;&nbsp; 484289 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 8951 | &nbsp;&nbsp; 644562 |
| C4 Therapeutics, Inc.<sup>(b)</sup> | 3434 | &nbsp;&nbsp; 9306 |
| Cartesian Therapeutics, Inc.<sup>(b)(c)</sup> | 1249 | &nbsp;&nbsp; 9355 |
| &nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc., Rts., expiring <br> 12/31/2049<sup>(b)(d)</sup><br>| 2633 | &nbsp;&nbsp; 359 |
| Centessa Pharmaceuticals PLC, ADR<sup>(b)(c)</sup> | 4454 | &nbsp;&nbsp; 129300 |
| CG Oncology, Inc.<sup>(b)(c)</sup> | 3542 | &nbsp;&nbsp; 158823 |
| Climb Bio, Inc.<sup>(b)</sup> | 3262 | &nbsp;&nbsp; 6165 |
| Cogent Biosciences, Inc.<sup>(b)</sup> | 6484 | &nbsp;&nbsp; 260786 |
| &nbsp;&nbsp;&nbsp; Compass Pathways PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 4376 | &nbsp;&nbsp; 24287 |
| Corvus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3279 | &nbsp;&nbsp; 30068 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Crinetics Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4431 | &nbsp;&nbsp; $201876 |
| CRISPR Therapeutics AG (Switzerland)<sup>(b)(c)</sup> | 4260 | &nbsp;&nbsp; 227782 |
| Cullinan Therapeutics, Inc.<sup>(b)(c)</sup> | 2850 | &nbsp;&nbsp; 32405 |
| CureVac N.V. (Germany)<sup>(b)</sup> | 10246 | &nbsp;&nbsp; 56251 |
| Cytokinetics, Inc.<sup>(b)(c)</sup> | 5583 | &nbsp;&nbsp; 380370 |
| Day One Biopharmaceuticals, Inc.<sup>(b)(c)</sup> | 4893 | &nbsp;&nbsp; 46435 |
| Denali Therapeutics, Inc.<sup>(b)(c)</sup> | 6897 | &nbsp;&nbsp; 134285 |
| Design Therapeutics, Inc.<sup>(b)(c)</sup> | 2727 | &nbsp;&nbsp; 25607 |
| Disc Medicine, Inc.<sup>(b)(c)</sup> | 1615 | &nbsp;&nbsp; 150776 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 5400 | &nbsp;&nbsp; 61398 |
| Dyne Therapeutics, Inc.<sup>(b)(c)</sup> | 6696 | &nbsp;&nbsp; 146642 |
| Editas Medicine, Inc.<sup>(b)(c)</sup> | 4047 | &nbsp;&nbsp; 9753 |
| Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 1030 | &nbsp;&nbsp; 14544 |
| Entrada Therapeutics, Inc.<sup>(b)</sup> | 1833 | &nbsp;&nbsp; 18825 |
| Erasca, Inc.<sup>(b)</sup> | 13674 | &nbsp;&nbsp; 43347 |
| Exelixis, Inc.<sup>(b)</sup> | 12563 | &nbsp;&nbsp; 554908 |
| Fate Therapeutics, Inc.<sup>(b)</sup> | 5530 | &nbsp;&nbsp; 6304 |
| Foghorn Therapeutics, Inc.<sup>(b)(c)</sup> | 2685 | &nbsp;&nbsp; 12754 |
| Galapagos N.V., ADR (Belgium)<sup>(b)</sup> | 632 | &nbsp;&nbsp; 19794 |
| Genmab A/S, ADR (Denmark)<sup>(b)(c)</sup> | 1997 | &nbsp;&nbsp; 64623 |
| Geron Corp.<sup>(b)</sup> | 28724 | &nbsp;&nbsp; 33894 |
| Gilead Sciences, Inc. | 34237 | &nbsp;&nbsp; 4308384 |
| GRAIL, Inc.<sup>(b)(c)</sup> | 1682 | &nbsp;&nbsp; 185676 |
| Grifols S.A., ADR (Spain) | 5540 | &nbsp;&nbsp; 49029 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 5480 | &nbsp;&nbsp; 391272 |
| Humacyte, Inc.<sup>(b)(c)</sup> | 7522 | &nbsp;&nbsp; 10155 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 4064 | &nbsp;&nbsp; 144760 |
| ImmunityBio, Inc.<sup>(b)(c)</sup> | 44091 | &nbsp;&nbsp; 104055 |
| &nbsp;&nbsp;&nbsp; Immunocore Holdings PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 1831 | &nbsp;&nbsp; 72325 |
| Immunovant, Inc.<sup>(b)(c)</sup> | 8178 | &nbsp;&nbsp; 197499 |
| Incyte Corp.<sup>(b)</sup> | 9148 | &nbsp;&nbsp; 955600 |
| Inhibrx Biosciences, Inc.<sup>(b)</sup> | 686 | &nbsp;&nbsp; 57706 |
| Insmed, Inc.<sup>(b)</sup> | 9874 | &nbsp;&nbsp; 2051521 |
| Intellia Therapeutics, Inc.<sup>(b)(c)</sup> | 4985 | &nbsp;&nbsp; 44815 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 7430 | &nbsp;&nbsp; 614684 |
| Iovance Biotherapeutics, Inc.<sup>(b)(c)</sup> | 17278 | &nbsp;&nbsp; 42677 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)</sup> | 7802 | &nbsp;&nbsp; 27307 |
| Janux Therapeutics, Inc.<sup>(b)(c)</sup> | 2842 | &nbsp;&nbsp; 96884 |
| KalVista Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2407 | &nbsp;&nbsp; 34829 |
| Keros Therapeutics, Inc.<sup>(b)</sup> | 1917 | &nbsp;&nbsp; 33509 |
| Kiniksa Pharmaceuticals International PLC<sup>(b)</sup> | 2043 | &nbsp;&nbsp; 86868 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 1373 | &nbsp;&nbsp; 299314 |
| Kura Oncology, Inc.<sup>(b)(c)</sup> | 4059 | &nbsp;&nbsp; 49276 |
| Kymera Therapeutics, Inc.<sup>(b)(c)</sup> | 3336 | &nbsp;&nbsp; 226448 |
| Kyverna Therapeutics, Inc.<sup>(b)</sup> | 2079 | &nbsp;&nbsp; 15946 |
| Larimar Therapeutics, Inc.<sup>(b)</sup> | 3943 | &nbsp;&nbsp; 13958 |
| Legend Biotech Corp., ADR<sup>(b)</sup> | 3894 | &nbsp;&nbsp; 107903 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup> | 1369 | &nbsp;&nbsp; 41782 |
| Lexeo Therapeutics, Inc.<sup>(b)</sup> | 2488 | &nbsp;&nbsp; 24532 |
| Lexicon Pharmaceuticals, Inc.<sup>(b)</sup> | 17558 | &nbsp;&nbsp; 25108 |
| Lyell Immunopharma, Inc.<sup>(b)(c)</sup> | 963 | &nbsp;&nbsp; 23112 |
| MacroGenics, Inc.<sup>(b)(c)</sup> | 3048 | &nbsp;&nbsp; 4663 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1038 | &nbsp;&nbsp; 619665 |
| MannKind Corp.<sup>(b)</sup> | 14497 | &nbsp;&nbsp; 77559 |
| MeiraGTx Holdings PLC<sup>(b)(c)</sup> | 3879 | &nbsp;&nbsp; 32196 |
| Mersana Therapeutics, Inc.<sup>(b)</sup> | 231 | &nbsp;&nbsp; 6336 |
| Merus N.V. (Netherlands)<sup>(b)</sup> | 3526 | &nbsp;&nbsp; 338990 |
| Mesoblast Ltd., ADR (Australia)<sup>(b)</sup> | 2200 | &nbsp;&nbsp; 37906 |
| Mineralys Therapeutics, Inc.<sup>(b)</sup> | 3108 | &nbsp;&nbsp; 134017 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2334 | &nbsp;&nbsp; 170499 |
| Moderna, Inc.<sup>(b)(c)</sup> | 18191 | &nbsp;&nbsp; 472602 |

---

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

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Monte Rosa Therapeutics, Inc.<sup>(b)(c)</sup> | 3008 | &nbsp;&nbsp; $48639 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 4645 | &nbsp;&nbsp; 706783 |
| Neurogene, Inc.<sup>(b)(c)</sup> | 677 | &nbsp;&nbsp; 14271 |
| &nbsp;&nbsp;&nbsp; NewAmsterdam Pharma Co. N.V. <br> (Netherlands)<sup>(b)</sup><br>| 5288 | &nbsp;&nbsp; 218394 |
| Nkarta, Inc.<sup>(b)</sup> | 3431 | &nbsp;&nbsp; 6485 |
| Novavax, Inc.<sup>(b)(c)</sup> | 7422 | &nbsp;&nbsp; 52325 |
| Nurix Therapeutics, Inc.<sup>(b)(c)</sup> | 3679 | &nbsp;&nbsp; 65045 |
| Nuvalent, Inc., Class A<sup>(b)(c)</sup> | 3110 | &nbsp;&nbsp; 340079 |
| Olema Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3297 | &nbsp;&nbsp; 93371 |
| OnKure Therapeutics, Inc.<sup>(b)(c)</sup> | 618 | &nbsp;&nbsp; 1860 |
| ORIC Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4495 | &nbsp;&nbsp; 53401 |
| Oruka Therapeutics, Inc.<sup>(b)(c)</sup> | 1812 | &nbsp;&nbsp; 54541 |
| PepGen, Inc.<sup>(b)</sup> | 1587 | &nbsp;&nbsp; 10220 |
| Praxis Precision Medicines, Inc.<sup>(b)(c)</sup> | 989 | &nbsp;&nbsp; 194299 |
| Precigen, Inc.<sup>(b)(c)</sup> | 13538 | &nbsp;&nbsp; 51851 |
| Prime Medicine, Inc.<sup>(b)(c)</sup> | 8064 | &nbsp;&nbsp; 30804 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 2894 | &nbsp;&nbsp; 260460 |
| Prothena Corp. PLC (Ireland)<sup>(b)(c)</sup> | 2606 | &nbsp;&nbsp; 28015 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 3707 | &nbsp;&nbsp; 318765 |
| Pyxis Oncology, Inc.<sup>(b)(c)</sup> | 3001 | &nbsp;&nbsp; 15575 |
| Q32 Bio, Inc.<sup>(b)</sup> | 592 | &nbsp;&nbsp; 1296 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(b)(c)</sup> | 19929 | &nbsp;&nbsp; 92271 |
| Regeneron Pharmaceuticals, Inc. | 4846 | &nbsp;&nbsp; 3780801 |
| REGENXBIO, Inc.<sup>(b)(c)</sup> | 2425 | &nbsp;&nbsp; 32471 |
| Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 8041 | &nbsp;&nbsp; 63685 |
| Replimune Group, Inc.<sup>(b)(c)</sup> | 3714 | &nbsp;&nbsp; 37140 |
| Revolution Medicines, Inc.<sup>(b)(c)</sup> | 8744 | &nbsp;&nbsp; 679933 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | 3093 | &nbsp;&nbsp; 337415 |
| Rigel Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 856 | &nbsp;&nbsp; 43219 |
| Rocket Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5186 | &nbsp;&nbsp; 17736 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 31908 | &nbsp;&nbsp; 664006 |
| Sana Biotechnology, Inc.<sup>(b)(c)</sup> | 12238 | &nbsp;&nbsp; 52623 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 4578 | &nbsp;&nbsp; 97695 |
| Savara, Inc.<sup>(b)(c)</sup> | 8346 | &nbsp;&nbsp; 52496 |
| Scholar Rock Holding Corp.<sup>(b)(c)</sup> | 4509 | &nbsp;&nbsp; 198667 |
| &nbsp;&nbsp;&nbsp; Silence Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 2266 | &nbsp;&nbsp; 15273 |
| Solid Biosciences, Inc.<sup>(b)(c)</sup> | 3731 | &nbsp;&nbsp; 20259 |
| Spyre Therapeutics, Inc.<sup>(b)(c)</sup> | 2855 | &nbsp;&nbsp; 85650 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 2536 | &nbsp;&nbsp; 78388 |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 34642 | &nbsp;&nbsp; 619745 |
| Sutro Biopharma, Inc.<sup>(b)</sup> | 4077 | &nbsp;&nbsp; 3748 |
| Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | 3926 | &nbsp;&nbsp; 77813 |
| Tango Therapeutics, Inc.<sup>(b)(c)</sup> | 5188 | &nbsp;&nbsp; 56601 |
| Taysha Gene Therapies, Inc.<sup>(b)(c)</sup> | 12573 | &nbsp;&nbsp; 59596 |
| Tectonic Therapeutic, Inc.<sup>(b)(c)</sup> | 889 | &nbsp;&nbsp; 19060 |
| Tevogen Bio Holdings, Inc.<sup>(b)(c)</sup> | 8861 | &nbsp;&nbsp; 3909 |
| Travere Therapeutics, Inc.<sup>(b)(c)</sup> | 4171 | &nbsp;&nbsp; 147695 |
| TScan Therapeutics, Inc.<sup>(b)(c)</sup> | 2514 | &nbsp;&nbsp; 2791 |
| Twist Bioscience Corp.<sup>(b)(c)</sup> | 2799 | &nbsp;&nbsp; 89596 |
| Tyra Biosciences, Inc.<sup>(b)</sup> | 2524 | &nbsp;&nbsp; 56941 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 4469 | &nbsp;&nbsp; 155298 |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 2537 | &nbsp;&nbsp; 69793 |
| United Therapeutics Corp.<sup>(b)</sup> | 2102 | &nbsp;&nbsp; 1021572 |
| UroGen Pharma Ltd.<sup>(b)(c)</sup> | 2228 | &nbsp;&nbsp; 64189 |
| Vanda Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2846 | &nbsp;&nbsp; 15255 |
| Vaxcyte, Inc.<sup>(b)(c)</sup> | 6073 | &nbsp;&nbsp; 301282 |
| Vera Therapeutics, Inc.<sup>(b)</sup> | 3019 | &nbsp;&nbsp; 101891 |
| Veracyte, Inc.<sup>(b)</sup> | 3650 | &nbsp;&nbsp; 172791 |
| Vericel Corp.<sup>(b)(c)</sup> | 2394 | &nbsp;&nbsp; 96359 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 9881 | &nbsp;&nbsp; 4284500 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 6627 | &nbsp;&nbsp; $42545 |
| Voyager Therapeutics, Inc.<sup>(b)</sup> | 2668 | &nbsp;&nbsp; 10912 |
| Xencor, Inc.<sup>(b)(c)</sup> | 3440 | &nbsp;&nbsp; 59581 |
| Xenon Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 3633 | &nbsp;&nbsp; 162468 |
| Zai Lab Ltd., ADR (China)<sup>(b)(c)</sup> | 2221 | &nbsp;&nbsp; 45331 |
| Zymeworks, Inc.<sup>(b)</sup> | 3514 | &nbsp;&nbsp; 93859 |
|  |  | &nbsp;&nbsp; 47921366 |
| **Health Care Equipment & Supplies-0.11%** | **Health Care Equipment & Supplies-0.11%** | **Health Care Equipment & Supplies-0.11%** |
| Novocure Ltd.<sup>(b)</sup> | 5128 | &nbsp;&nbsp; 65690 |
| **Health Care Providers & Services-1.15%** | **Health Care Providers & Services-1.15%** | **Health Care Providers & Services-1.15%** |
| Castle Biosciences, Inc.<sup>(b)</sup> | 1399 | &nbsp;&nbsp; 55890 |
| Guardant Health, Inc.<sup>(b)</sup> | 5807 | &nbsp;&nbsp; 629595 |
|  |  | &nbsp;&nbsp; 685485 |
| **Life Sciences Tools & Services-4.73%** | **Life Sciences Tools & Services-4.73%** | **Life Sciences Tools & Services-4.73%** |
| 10X Genomics, Inc., Class A<sup>(b)(c)</sup> | 5354 | &nbsp;&nbsp; 100709 |
| AbCellera Biologics, Inc. (Canada)<sup>(b)(c)</sup> | 13699 | &nbsp;&nbsp; 51097 |
| Adaptive Biotechnologies Corp.<sup>(b)</sup> | 7118 | &nbsp;&nbsp; 139940 |
| Alpha Teknova, Inc.<sup>(b)(c)</sup> | 2535 | &nbsp;&nbsp; 11864 |
| Codexis, Inc.<sup>(b)(c)</sup> | 4036 | &nbsp;&nbsp; 6982 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 4107 | &nbsp;&nbsp; 52200 |
| Illumina, Inc.<sup>(b)</sup> | 7168 | &nbsp;&nbsp; 942234 |
| Maravai LifeSciences Holdings, Inc., Class A<sup>(b)</sup> | 6948 | &nbsp;&nbsp; 25152 |
| MaxCyte, Inc.<sup>(b)</sup> | 5127 | &nbsp;&nbsp; 9023 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 1298 | &nbsp;&nbsp; 769013 |
| OmniAb, Inc.<sup>(b)</sup> | 5907 | &nbsp;&nbsp; 10692 |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(d)</sup><br>| 125 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring 11/02/2027<sup>(b)(d)</sup> | 125 | &nbsp;&nbsp; 0 |
| Pacific Biosciences of California, Inc.<sup>(b)</sup> | 14485 | &nbsp;&nbsp; 33605 |
| Personalis, Inc.<sup>(b)(c)</sup> | 4267 | &nbsp;&nbsp; 45785 |
| Tempus AI, Inc.<sup>(b)(c)</sup> | 7872 | &nbsp;&nbsp; 613465 |
|  |  | &nbsp;&nbsp; 2811761 |
| **Pharmaceuticals-13.29%** | **Pharmaceuticals-13.29%** | **Pharmaceuticals-13.29%** |
| Alumis, Inc.<sup>(b)</sup> | 4650 | &nbsp;&nbsp; 35665 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 14530 | &nbsp;&nbsp; 181916 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)</sup> | 2114 | &nbsp;&nbsp; 58558 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4063 | &nbsp;&nbsp; 60864 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1008 | &nbsp;&nbsp; 85529 |
| Aquestive Therapeutics, Inc.<sup>(b)(c)</sup> | 5580 | &nbsp;&nbsp; 34540 |
| Arvinas, Inc.<sup>(b)</sup> | 3515 | &nbsp;&nbsp; 44236 |
| AstraZeneca PLC, ADR (United Kingdom) | 24205 | &nbsp;&nbsp; 2244288 |
| Atea Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3693 | &nbsp;&nbsp; 11448 |
| Avadel Pharmaceuticals PLC<sup>(b)</sup> | 4467 | &nbsp;&nbsp; 95996 |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 2318 | &nbsp;&nbsp; 351177 |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup> | 1439 | &nbsp;&nbsp; 67172 |
| CorMedix, Inc.<sup>(b)(c)</sup> | 3493 | &nbsp;&nbsp; 34266 |
| Edgewise Therapeutics, Inc.<sup>(b)(c)</sup> | 4858 | &nbsp;&nbsp; 126502 |
| Enliven Therapeutics, Inc.<sup>(b)(c)</sup> | 2721 | &nbsp;&nbsp; 58774 |
| Esperion Therapeutics, Inc.<sup>(b)(c)</sup> | 9570 | &nbsp;&nbsp; 38376 |
| Evolus, Inc.<sup>(b)(c)</sup> | 3105 | &nbsp;&nbsp; 22232 |
| EyePoint Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3115 | &nbsp;&nbsp; 46195 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 2661 | &nbsp;&nbsp; 93907 |
| Harrow, Inc.<sup>(b)(c)</sup> | 1679 | &nbsp;&nbsp; 70149 |
| Hutchmed (China) Ltd., ADR (China)<sup>(b)(c)</sup> | 1487 | &nbsp;&nbsp; 21443 |
| Indivior PLC (United Kingdom)<sup>(b)(c)</sup> | 5878 | &nbsp;&nbsp; 197501 |
| Innoviva, Inc.<sup>(b)</sup> | 3010 | &nbsp;&nbsp; 65407 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 2842 | &nbsp;&nbsp; 501698 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 894 | &nbsp;&nbsp; 181643 |
| Mind Medicine (MindMed), Inc.<sup>(b)</sup> | 3651 | &nbsp;&nbsp; 46185 |
| Neumora Therapeutics, Inc.<sup>(b)</sup> | 7800 | &nbsp;&nbsp; 17472 |

---

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

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Ocular Therapeutix, Inc.<sup>(b)</sup> | 8033 | &nbsp;&nbsp; $97601 |
| Omeros Corp.<sup>(b)(c)</sup> | 3279 | &nbsp;&nbsp; 31773 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 2057 | &nbsp;&nbsp; 48483 |
| Phathom Pharmaceuticals, Inc.<sup>(b)</sup> | 3354 | &nbsp;&nbsp; 52389 |
| Phibro Animal Health Corp., Class A | 989 | &nbsp;&nbsp; 41419 |
| Pliant Therapeutics, Inc.<sup>(b)(c)</sup> | 3002 | &nbsp;&nbsp; 4833 |
| Rapport Therapeutics, Inc.<sup>(b)(c)</sup> | 1651 | &nbsp;&nbsp; 49051 |
| Royalty Pharma PLC, Class A | 20151 | &nbsp;&nbsp; 806443 |
| Sanofi S.A., ADR | 12511 | &nbsp;&nbsp; 624049 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 3451 | &nbsp;&nbsp; 20913 |
| Structure Therapeutics, Inc., ADR<sup>(b)(c)</sup> | 2823 | &nbsp;&nbsp; 101092 |
| Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2610 | &nbsp;&nbsp; 118990 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup> | 1975 | &nbsp;&nbsp; 157921 |
| Terns Pharmaceuticals, Inc.<sup>(b)</sup> | 4171 | &nbsp;&nbsp; 117247 |
| Theravance Biopharma, Inc.<sup>(b)(c)</sup> | 2419 | &nbsp;&nbsp; 49106 |
| Third Harmonic Bio, Inc., Class B<sup>(b)(d)</sup> | 1605 | &nbsp;&nbsp; 48 |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 5608 | &nbsp;&nbsp; 73969 |
| Viatris, Inc. | 54393 | &nbsp;&nbsp; 581461 |
| WaVe Life Sciences Ltd.<sup>(b)(c)</sup> | 7426 | &nbsp;&nbsp; 57626 |
| Xeris Biopharma Holdings, Inc.<sup>(b)(c)</sup> | 7615 | &nbsp;&nbsp; 54676 |
| Zevra Therapeutics, Inc.<sup>(b)(c)</sup> | 2641 | &nbsp;&nbsp; 22264 |
|  |  | &nbsp;&nbsp; 7904493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $51,170,805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $51,170,805) | &nbsp;&nbsp; 59388795 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.06%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(e)(f)</sup> <br>(Cost $32,828)<br>| 32828 | &nbsp;&nbsp; $32828 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $51,203,633) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $51,203,633) | &nbsp;&nbsp; 59421623 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-19.32%** | **Money Market Funds-19.32%** | **Money Market Funds-19.32%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(e)(f)(g)</sup><br>| 3250546 | &nbsp;&nbsp; 3250546 |
| Invesco Private Prime Fund, 4.12%<sup>(e)(f)(g)</sup> | 8238894 | &nbsp;&nbsp; 8241366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $11,491,953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $11,491,953) | &nbsp;&nbsp; 11491912 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-119.24% <br>(Cost $62,695,586) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-119.24% <br>(Cost $62,695,586) | &nbsp;&nbsp; 70913535 |
| OTHER ASSETS LESS LIABILITIES-(19.24)% | OTHER ASSETS LESS LIABILITIES-(19.24)% | &nbsp;&nbsp; (11440231)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $59473304 |

---

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

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 November 30, 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 three months ended November 30, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $18857 | &nbsp;&nbsp;&nbsp; $168197 | &nbsp;&nbsp;&nbsp; $(154226)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $32828 | &nbsp;&nbsp;&nbsp; $326 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 1910357 | &nbsp;&nbsp;&nbsp; 4313060 | &nbsp;&nbsp;&nbsp; (2972871)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3250546 | &nbsp;&nbsp;&nbsp; 23,879<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 4966542 | &nbsp;&nbsp;&nbsp; 9169405 | &nbsp;&nbsp;&nbsp; (5894617)<br>| &nbsp;&nbsp;&nbsp; (344)<br>| &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 8241366 | &nbsp;&nbsp;&nbsp; 63,434<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $6895756 | &nbsp;&nbsp;&nbsp; $13650662 | &nbsp;&nbsp;&nbsp; $(9021714)<br>| &nbsp;&nbsp;&nbsp; $(344)<br>| &nbsp;&nbsp;&nbsp; $380 | &nbsp;&nbsp;&nbsp; $11524740 | &nbsp;&nbsp;&nbsp; $87639 |

---

&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 Biotechnology ETF (IBBQ)—(continued)**

November 30, 2025

*(Unaudited)*

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 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 Free Cash Flow Achievers ETF (QOWZ)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
| **Building Products-0.84%** | **Building Products-0.84%** | **Building Products-0.84%** |
| Owens Corning | 1063 | &nbsp;&nbsp; $120374 |
| **Commercial Services & Supplies-6.76%** | **Commercial Services & Supplies-6.76%** | **Commercial Services & Supplies-6.76%** |
| Cintas Corp. | 1564 | &nbsp;&nbsp; 290935 |
| Clean Harbors, Inc.<sup>(b)</sup> | 668 | &nbsp;&nbsp; 152010 |
| Republic Services, Inc. | 1329 | &nbsp;&nbsp; 288473 |
| Rollins, Inc. | 3790 | &nbsp;&nbsp; 233009 |
|  |  | &nbsp;&nbsp; 964427 |
| **Electronic Equipment, Instruments & Components-1.35%** | **Electronic Equipment, Instruments & Components-1.35%** | **Electronic Equipment, Instruments & Components-1.35%** |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 387 | &nbsp;&nbsp; 193314 |
| **Entertainment-3.16%** | **Entertainment-3.16%** | **Entertainment-3.16%** |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 18812 | &nbsp;&nbsp; 451488 |
| **Financial Services-4.27%** | **Financial Services-4.27%** | **Financial Services-4.27%** |
| Mastercard, Inc., Class A | 1106 | &nbsp;&nbsp; 608886 |
| **Food Products-0.72%** | **Food Products-0.72%** | **Food Products-0.72%** |
| Marzetti Co. (The) | 618 | &nbsp;&nbsp; 103169 |
| **Ground Transportation-1.42%** | **Ground Transportation-1.42%** | **Ground Transportation-1.42%** |
| Old Dominion Freight Line, Inc. | 1500 | &nbsp;&nbsp; 202935 |
| **Health Care Equipment & Supplies-3.27%** | **Health Care Equipment & Supplies-3.27%** | **Health Care Equipment & Supplies-3.27%** |
| Becton, Dickinson and Co. | 1450 | &nbsp;&nbsp; 281329 |
| DexCom, Inc.<sup>(b)</sup> | 2926 | &nbsp;&nbsp; 185713 |
|  |  | &nbsp;&nbsp; 467042 |
| **Health Care Providers & Services-1.47%** | **Health Care Providers & Services-1.47%** | **Health Care Providers & Services-1.47%** |
| Chemed Corp. | 274 | &nbsp;&nbsp; 120338 |
| CorVel Corp.<sup>(b)</sup> | 1224 | &nbsp;&nbsp; 89572 |
|  |  | &nbsp;&nbsp; 209910 |
| **Health Care Technology-1.61%** | **Health Care Technology-1.61%** | **Health Care Technology-1.61%** |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 954 | &nbsp;&nbsp; 229237 |
| **Hotels, Restaurants & Leisure-1.39%** | **Hotels, Restaurants & Leisure-1.39%** | **Hotels, Restaurants & Leisure-1.39%** |
| Domino's Pizza, Inc. | 379 | &nbsp;&nbsp; 159040 |
| Nathan's Famous, Inc.<sup>(c)</sup> | 426 | &nbsp;&nbsp; 39303 |
|  |  | &nbsp;&nbsp; 198343 |
| **Household Durables-1.32%** | **Household Durables-1.32%** | **Household Durables-1.32%** |
| NVR, Inc.<sup>(b)</sup> | 25 | &nbsp;&nbsp; 187682 |
| **Household Products-1.28%** | **Household Products-1.28%** | **Household Products-1.28%** |
| Church & Dwight Co., Inc. | 2142 | &nbsp;&nbsp; 182413 |
| **Interactive Media & Services-6.12%** | **Interactive Media & Services-6.12%** | **Interactive Media & Services-6.12%** |
| Meta Platforms, Inc., Class A | 1349 | &nbsp;&nbsp; 874085 |
| **IT Services-1.85%** | **IT Services-1.85%** | **IT Services-1.85%** |
| ASGN, Inc.<sup>(b)</sup> | 1570 | &nbsp;&nbsp; 70666 |
| VeriSign, Inc. | 766 | &nbsp;&nbsp; 193024 |
|  |  | &nbsp;&nbsp; 263690 |
| **Life Sciences Tools & Services-5.41%** | **Life Sciences Tools & Services-5.41%** | **Life Sciences Tools & Services-5.41%** |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 164 | &nbsp;&nbsp; 242182 |
| Thermo Fisher Scientific, Inc. | 898 | &nbsp;&nbsp; 530566 |
|  |  | &nbsp;&nbsp; 772748 |
| **Machinery-3.02%** | **Machinery-3.02%** | **Machinery-3.02%** |
| Proto Labs, Inc.<sup>(b)</sup> | 1317 | &nbsp;&nbsp; 66930 |
| Watts Water Technologies, Inc., Class A | 476 | &nbsp;&nbsp; 131319 |
| Xylem, Inc. | 1650 | &nbsp;&nbsp; 232105 |
|  |  | &nbsp;&nbsp; 430354 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Professional Services-6.74%** | **Professional Services-6.74%** | **Professional Services-6.74%** |
| Automatic Data Processing, Inc. | 1245 | &nbsp;&nbsp; $317848 |
| Exponent, Inc. | 1396 | &nbsp;&nbsp; 100931 |
| Leidos Holdings, Inc. | 1112 | &nbsp;&nbsp; 212503 |
| Paychex, Inc. | 1933 | &nbsp;&nbsp; 215897 |
| Paycom Software, Inc. | 710 | &nbsp;&nbsp; 114431 |
|  |  | &nbsp;&nbsp; 961610 |
| **Semiconductors & Semiconductor Equipment-22.71%** | **Semiconductors & Semiconductor Equipment-22.71%** | **Semiconductors & Semiconductor Equipment-22.71%** |
| Broadcom, Inc. | 3183 | &nbsp;&nbsp; 1282622 |
| KLA Corp. | 423 | &nbsp;&nbsp; 497224 |
| NVIDIA Corp. | 8252 | &nbsp;&nbsp; 1460604 |
|  |  | &nbsp;&nbsp; 3240450 |
| **Software-25.28%** | **Software-25.28%** | **Software-25.28%** |
| Adobe, Inc.<sup>(b)</sup> | 1148 | &nbsp;&nbsp; 367509 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 982 | &nbsp;&nbsp; 306227 |
| Fair Isaac Corp.<sup>(b)</sup> | 157 | &nbsp;&nbsp; 283515 |
| Fortinet, Inc.<sup>(b)</sup> | 3674 | &nbsp;&nbsp; 298072 |
| Intuit, Inc. | 663 | &nbsp;&nbsp; 420395 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 754 | &nbsp;&nbsp; 133043 |
| Progress Software Corp.<sup>(b)</sup> | 1723 | &nbsp;&nbsp; 71349 |
| PTC, Inc.<sup>(b)</sup> | 981 | &nbsp;&nbsp; 172097 |
| Qualys, Inc.<sup>(b)</sup> | 824 | &nbsp;&nbsp; 116060 |
| ReposiTrak, Inc. | 2396 | &nbsp;&nbsp; 32298 |
| Roper Technologies, Inc. | 536 | &nbsp;&nbsp; 239174 |
| Salesforce, Inc. | 1915 | &nbsp;&nbsp; 441484 |
| ServiceNow, Inc.<sup>(b)</sup> | 487 | &nbsp;&nbsp; 395644 |
| SPS Commerce, Inc.<sup>(b)</sup> | 955 | &nbsp;&nbsp; 79571 |
| Workday, Inc., Class A<sup>(b)</sup> | 1166 | &nbsp;&nbsp; 251413 |
|  |  | &nbsp;&nbsp; 3607851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $13,122,989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $13,122,989) | &nbsp;&nbsp; 14270008 |
| **Money Market Funds-0.01%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $1,273)<br>| 1273 | &nbsp;&nbsp; 1273 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.00% <br>(Cost $13,124,262) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.00% <br>(Cost $13,124,262) | &nbsp;&nbsp; 14271281 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.20%** | **Money Market Funds-0.20%** | **Money Market Funds-0.20%** |
| Invesco Private Government Fund, 4.00%<sup>(d)(e)(f)</sup> | 7876 | &nbsp;&nbsp; 7876 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 20243 | &nbsp;&nbsp; 20249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $28,125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $28,125) | &nbsp;&nbsp; 28125 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.20% <br>(Cost $13,152,387) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.20% <br>(Cost $13,152,387) | &nbsp;&nbsp; 14299406 |
| OTHER ASSETS LESS LIABILITIES-(0.20)% | OTHER ASSETS LESS LIABILITIES-(0.20)% | &nbsp;&nbsp; (28147)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $14271259 |

---

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

------

**Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| 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 November 30, 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 three months ended November 30, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 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; $1107 | &nbsp;&nbsp;&nbsp; $47860 | &nbsp;&nbsp;&nbsp; $(47694)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1273 | &nbsp;&nbsp;&nbsp; $32 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 172276 | &nbsp;&nbsp;&nbsp; 910142 | &nbsp;&nbsp;&nbsp; (1074542)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7876 | &nbsp;&nbsp;&nbsp; 902<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 449254 | &nbsp;&nbsp;&nbsp; 2008402 | &nbsp;&nbsp;&nbsp; (2437394)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 20249 | &nbsp;&nbsp;&nbsp; 2,293<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $622637 | &nbsp;&nbsp;&nbsp; $2966404 | &nbsp;&nbsp;&nbsp; $(3559630)<br>| &nbsp;&nbsp;&nbsp; $(35)<br>| &nbsp;&nbsp;&nbsp; $22 | &nbsp;&nbsp;&nbsp; $29398 | &nbsp;&nbsp;&nbsp; $3227 |

---

&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 November 30, 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 PHLX Semiconductor ETF (SOXQ)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
| **Electronic Equipment, Instruments & Components-1.64%** | **Electronic Equipment, Instruments & Components-1.64%** | **Electronic Equipment, Instruments & Components-1.64%** |
| Coherent Corp.<sup>(b)</sup> | 75997 | &nbsp;&nbsp; $12483267 |
| **Semiconductors & Semiconductor Equipment-98.30%** | **Semiconductors & Semiconductor Equipment-98.30%** | **Semiconductors & Semiconductor Equipment-98.30%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 300141 | &nbsp;&nbsp; 65289672 |
| Analog Devices, Inc. | 97023 | &nbsp;&nbsp; 25744083 |
| Applied Materials, Inc. | 151619 | &nbsp;&nbsp; 38245893 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 66692 | &nbsp;&nbsp; 9040767 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 32869 | &nbsp;&nbsp; 34841140 |
| Astera Labs, Inc.<sup>(b)</sup> | 81158 | &nbsp;&nbsp; 12788066 |
| Broadcom, Inc. | 205157 | &nbsp;&nbsp; 82670065 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 84313 | &nbsp;&nbsp; 14973989 |
| Entegris, Inc.<sup>(c)</sup> | 73942 | &nbsp;&nbsp; 5703886 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 270849 | &nbsp;&nbsp; 9707228 |
| Intel Corp.<sup>(b)</sup> | 1001051 | &nbsp;&nbsp; 40602629 |
| KLA Corp. | 28007 | &nbsp;&nbsp; 32921388 |
| Lam Research Corp. | 243725 | &nbsp;&nbsp; 38021100 |
| MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> | 36378 | &nbsp;&nbsp; 6365786 |
| Marvell Technology, Inc. | 387777 | &nbsp;&nbsp; 34667264 |
| Microchip Technology, Inc. | 263344 | &nbsp;&nbsp; 14109971 |
| Micron Technology, Inc. | 205084 | &nbsp;&nbsp; 48498264 |
| Monolithic Power Systems, Inc. | 23383 | &nbsp;&nbsp; 21703399 |
| Nova Ltd. (Israel)<sup>(b)(c)</sup> | 14322 | &nbsp;&nbsp; 4480494 |
| NVIDIA Corp. | 420324 | &nbsp;&nbsp; 74397348 |
| NXP Semiconductors N.V. (Netherlands) | 103837 | &nbsp;&nbsp; 20241985 |
| ON Semiconductor Corp.<sup>(b)</sup> | 199644 | &nbsp;&nbsp; 10030115 |
| Qorvo, Inc.<sup>(b)</sup> | 45267 | &nbsp;&nbsp; 3887983 |
| QUALCOMM, Inc. | 151643 | &nbsp;&nbsp; 25489672 |
| Rambus, Inc.<sup>(b)</sup> | 52486 | &nbsp;&nbsp; 5016087 |
| Skyworks Solutions, Inc. | 72425 | &nbsp;&nbsp; 4776429 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR (Taiwan)<br>| 105688 | &nbsp;&nbsp; 30809109 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Teradyne, Inc. | 77678 | &nbsp;&nbsp; $14128851 |
| Texas Instruments, Inc. | 120420 | &nbsp;&nbsp; 20263074 |
|  |  | &nbsp;&nbsp; 749415737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $620,451,961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $620,451,961) | &nbsp;&nbsp; 761899004 |
| **Money Market Funds-0.04%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $250,909)<br>| 250909 | &nbsp;&nbsp; 250909 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $620,702,870) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $620,702,870) | &nbsp;&nbsp; 762149913 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.14%** | **Money Market Funds-1.14%** | **Money Market Funds-1.14%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 2435844 | &nbsp;&nbsp; 2435844 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 6256926 | &nbsp;&nbsp; 6258803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,694,647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,694,647) | &nbsp;&nbsp; 8694647 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.12% <br>(Cost $629,397,517) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.12% <br>(Cost $629,397,517) | &nbsp;&nbsp; 770844560 |
| OTHER ASSETS LESS LIABILITIES-(1.12)% | OTHER ASSETS LESS LIABILITIES-(1.12)% | &nbsp;&nbsp; (8501206)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $762343354 |

---

&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 November 30, 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 three months ended November 30, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<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>**November 30, 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; $494476 | &nbsp;&nbsp;&nbsp; $1116641 | &nbsp;&nbsp;&nbsp; $(1360208)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $250909 | &nbsp;&nbsp;&nbsp; $5500 |

---

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

------

**Invesco PHLX Semiconductor ETF (SOXQ)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<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> **November 30, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; $52246 | &nbsp;&nbsp;&nbsp; $30780191 | &nbsp;&nbsp;&nbsp; $(28396593)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2435844 | &nbsp;&nbsp;&nbsp; $32,928<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 214645 | &nbsp;&nbsp;&nbsp; 74086437 | &nbsp;&nbsp;&nbsp; (68040626)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1653)<br>| &nbsp;&nbsp;&nbsp; 6258803 | &nbsp;&nbsp;&nbsp; 92,553<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $761367 | &nbsp;&nbsp;&nbsp; $105983269 | &nbsp;&nbsp;&nbsp; $(97797427)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(1653)<br>| &nbsp;&nbsp;&nbsp; $8945556 | &nbsp;&nbsp;&nbsp; $130981 |

---

&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 November 30, 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 Solar ETF (TAN)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Construction & Engineering-0.84%** | **Construction & Engineering-0.84%** | **Construction & Engineering-0.84%** |
| West Holdings Corp. (Japan) | 833655 | &nbsp;&nbsp; $8179750 |
| **Electrical Equipment-24.31%** | **Electrical Equipment-24.31%** | **Electrical Equipment-24.31%** |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 3650975 | &nbsp;&nbsp; 27418822 |
| Nextracker, Inc., Class A<sup>(b)(c)</sup> | 1232076 | &nbsp;&nbsp; 112882803 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A<sup>(b)(c)</sup><br>| 3622665 | &nbsp;&nbsp; 30394160 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 3233557 | &nbsp;&nbsp; 65479529 |
|  |  | &nbsp;&nbsp; 236175314 |
| **Financial Services-4.18%** | **Financial Services-4.18%** | **Financial Services-4.18%** |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<sup>(c)</sup><br>| 1182616 | &nbsp;&nbsp; 40634686 |
| **Independent Power and Renewable Electricity Producers-24.27%** | **Independent Power and Renewable Electricity Producers-24.27%** | **Independent Power and Renewable Electricity Producers-24.27%** |
| Clearway Energy, Inc., Class C | 943509 | &nbsp;&nbsp; 34551300 |
| &nbsp;&nbsp;&nbsp; Doral Group Renewable Energy Resources <br> Ltd. (Israel)<sup>(b)</sup><br>| 2883028 | &nbsp;&nbsp; 26089330 |
| &nbsp;&nbsp;&nbsp; Energix-Renewable Energies Ltd. <br> (Israel)<sup>(c)</sup><br>| 3670965 | &nbsp;&nbsp; 16065622 |
| Enlight Renewable Energy Ltd. (Israel)<sup>(b)</sup> | 1179630 | &nbsp;&nbsp; 46682633 |
| Grenergy Renovables S.A. (Spain)<sup>(b)</sup> | 250851 | &nbsp;&nbsp; 19880048 |
| OY Nofar Energy Ltd. (Israel)<sup>(b)(c)</sup> | 606276 | &nbsp;&nbsp; 17642088 |
| &nbsp;&nbsp;&nbsp; ReNew Energy Global PLC, Class A <br> (India)<sup>(b)(c)</sup><br>| 1326187 | &nbsp;&nbsp; 10092283 |
| Scatec ASA (South Africa)<sup>(b)(d)</sup> | 1680581 | &nbsp;&nbsp; 16551436 |
| &nbsp;&nbsp;&nbsp; Solaria Energia y Medio Ambiente S.A. <br> (Spain)<sup>(b)(c)</sup><br>| 1950880 | &nbsp;&nbsp; 37778524 |
| Xinyi Energy Holdings Ltd. (China)<sup>(c)</sup> | 68335282 | &nbsp;&nbsp; 10380027 |
|  |  | &nbsp;&nbsp; 235713291 |
| **Semiconductors & Semiconductor Equipment-46.35%** | **Semiconductors & Semiconductor Equipment-46.35%** | **Semiconductors & Semiconductor Equipment-46.35%** |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 1334470 | &nbsp;&nbsp; 36230861 |
| Daqo New Energy Corp., ADR (China)<sup>(b)</sup> | 1040533 | &nbsp;&nbsp; 32964085 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 1663371 | &nbsp;&nbsp; 47988253 |
| First Solar, Inc.<sup>(b)</sup> | 407428 | &nbsp;&nbsp; 111195250 |
| &nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., H Shares <br> (China)<sup>(b)(c)</sup><br>| 10850758 | &nbsp;&nbsp; 14599235 |
| &nbsp;&nbsp;&nbsp; GCL Technology Holdings Ltd. <br> (China)<sup>(b)(c)</sup><br>| 315500222 | &nbsp;&nbsp; 47180972 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| &nbsp;&nbsp;&nbsp; JinkoSolar Holding Co. Ltd., ADR <br> (China)<sup>(c)</sup><br>| 899212 | &nbsp;&nbsp; $23505402 |
| Motech Industries, Inc. (Taiwan) | 16133000 | &nbsp;&nbsp; 8576303 |
| SMA Solar Technology AG (Germany)<sup>(b)(c)</sup> | 698912 | &nbsp;&nbsp; 28077927 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 1261186 | &nbsp;&nbsp; 46071125 |
| TSEC Corp. (Taiwan)<sup>(b)</sup> | 20604000 | &nbsp;&nbsp; 8822712 |
| &nbsp;&nbsp;&nbsp; United Renewable Energy Co. Ltd. <br> (Taiwan)<sup>(b)</sup><br>| 53275458 | &nbsp;&nbsp; 10675337 |
| Xinyi Solar Holdings Ltd. (China)<sup>(c)</sup> | 82785063 | &nbsp;&nbsp; 34382639 |
|  |  | &nbsp;&nbsp; 450270101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $1,087,633,614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $1,087,633,614) | &nbsp;&nbsp; 970973142 |
| **Money Market Funds-0.08%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(e)(f)</sup> <br>(Cost $813,341)<br>| 813341 | &nbsp;&nbsp; 813341 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $1,088,446,955) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $1,088,446,955) | &nbsp;&nbsp; 971786483 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-20.31%** | **Money Market Funds-20.31%** | **Money Market Funds-20.31%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(e)(f)(g)</sup><br>| 51892428 | &nbsp;&nbsp; 51892428 |
| Invesco Private Prime Fund, 4.12%<sup>(e)(f)(g)</sup> | 145330516 | &nbsp;&nbsp; 145374115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $197,266,543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $197,266,543) | &nbsp;&nbsp; 197266543 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-120.34% <br>(Cost $1,285,713,498) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-120.34% <br>(Cost $1,285,713,498) | &nbsp;&nbsp; 1169053026 |
| OTHER ASSETS LESS LIABILITIES-(20.34)% | OTHER ASSETS LESS LIABILITIES-(20.34)% | &nbsp;&nbsp; (197608555)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $971444471 |

---

&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 November 30, 2025. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at November 30, <br> 2025 represented 1.70% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

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

------

**Invesco Solar ETF (TAN)—(continued)**

November 30, 2025

*(Unaudited)*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**November 30, 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; $- | &nbsp;&nbsp;&nbsp; $12754642 | &nbsp;&nbsp;&nbsp; $(11941301)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $813341 | &nbsp;&nbsp;&nbsp; $7115 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 50910793 | &nbsp;&nbsp;&nbsp; 90177118 | &nbsp;&nbsp;&nbsp; (89195483)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 51892428 | &nbsp;&nbsp;&nbsp; 433,165<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 132364120 | &nbsp;&nbsp;&nbsp; 240463524 | &nbsp;&nbsp;&nbsp; (227452312)<br>| &nbsp;&nbsp;&nbsp; (9886)<br>| &nbsp;&nbsp;&nbsp; 8669 | &nbsp;&nbsp;&nbsp; 145374115 | &nbsp;&nbsp;&nbsp; 1,168,949<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $183274913 | &nbsp;&nbsp;&nbsp; $343395284 | &nbsp;&nbsp;&nbsp; $(328589096)<br>| &nbsp;&nbsp;&nbsp; $(9886)<br>| &nbsp;&nbsp;&nbsp; $8669 | &nbsp;&nbsp;&nbsp; $198079884 | &nbsp;&nbsp;&nbsp; $1609229 |

---

&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 November 30, 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.

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

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: |  |
| China | 16.78% |
| Israel | 10.96% |

---

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

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

------

**Notes to Quarterly Schedules of Portfolio Holdings**

November 30, 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 November 30, 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 Nasdaq Biotechnology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $59388388 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $407 | &nbsp;&nbsp;&nbsp; $59388795 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 32828 | &nbsp;&nbsp;&nbsp; 11491912 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11524740 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $59421216 | &nbsp;&nbsp;&nbsp; $11491912 | &nbsp;&nbsp;&nbsp; $407 | &nbsp;&nbsp;&nbsp; $70913535 |
| &nbsp;&nbsp; Invesco Nasdaq Free Cash Flow Achievers ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $14270008 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $14270008 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp; 28125 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 29398 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $14271281 | &nbsp;&nbsp;&nbsp; $28125 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $14299406 |
| &nbsp;&nbsp; Invesco PHLX Semiconductor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $761899004 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $761899004 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 250909 | &nbsp;&nbsp;&nbsp; 8694647 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8945556 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $762149913 | &nbsp;&nbsp;&nbsp; $8694647 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $770844560 |
| &nbsp;&nbsp; Invesco Solar ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $619408559 | &nbsp;&nbsp;&nbsp; $351564583 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $970973142 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 813341 | &nbsp;&nbsp;&nbsp; 197266543 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 198079884 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $620221900 | &nbsp;&nbsp;&nbsp; $548831126 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1169053026 |

---

------

## 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 Free Cash Flow Achievers ETF

- **b. EDGAR series identifier (if any):** S000083070

- **c. LEI of Series:** 2549003BO5O0DDCEBT95

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $14303971.97

**Total Liabilities:** $32712.56

**Net Assets:** $14271259.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246583 | 2.03%                | -0.19%               | -2.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $301279.01               | $3758.82                                   |
| Month 2  | $0.00                    | $-25157.37                                 |
| Month 3  | $148118.80               | $-466624.67                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASGN Inc.                             | ASGN Inc.                                                  | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |      1570 | NS      | $70665.70     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc.                         | Broadcom Inc.                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3183 | NS      | $1282621.68   | 8.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies, Inc.        | Watts Water Technologies, Inc., Class A                    | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |       476 | NS      | $131318.88    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins, Inc.                         | Rollins, Inc.                                              | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      3790 | NS      | $233009.20    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.              | Roper Technologies, Inc.                                   | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       536 | NS      | $239173.92    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                   | Clean Harbors, Inc.                                        | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |       668 | NS      | $152010.08    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CorVel Corp.                          | CorVel Corp.                                               | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1224 | NS      | $89572.32     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                      | Salesforce, Inc.                                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1915 | NS      | $441484.10    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                         | Owens Corning                                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      1063 | NS      | $120374.12    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc.                            | Adobe Inc.                                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1148 | NS      | $367509.24    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Co.             | Becton, Dickinson and Co.                                  | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1450 | NS      | $281329.00    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Portfolio | Invesco Government & Agency Portfolio, Institutional Class | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |      1273 | NS      | $1272.91      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.          | Cadence Design Systems, Inc.                               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       982 | NS      | $306226.88    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Private Government Fund       | Invesco Private Government Fund                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |      7876 | NS      | $7875.78      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund            | Invesco Private Prime Fund                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |     20249 | NS      | $20249.07     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Church & Dwight Co., Inc.             | Church & Dwight Co., Inc.                                  | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      2142 | NS      | $182412.72    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co. (The)                    | Marzetti Co. (The)                                         | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |       618 | NS      | $103168.92    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex, Inc.                         | Paychex, Inc.                                              | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1933 | NS      | $215896.77    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet, Inc.                        | Fortinet, Inc.                                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      3674 | NS      | $298071.62    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc.         | Thermo Fisher Scientific Inc.                              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       898 | NS      | $530565.34    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce, Inc.                    | SPS Commerce, Inc.                                         | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |       955 | NS      | $79570.60     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery, Inc.          | Warner Bros. Discovery, Inc.                               | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     18812 | NS      | $451488.00    | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc.     | Mettler-Toledo International Inc.                          | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       164 | NS      | $242182.08    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.       | Automatic Data Processing, Inc.                            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1245 | NS      | $317848.50    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ReposiTrak, Inc.                      | ReposiTrak, Inc.                                           | CUSIP: 700215304<br>LEI: 5299008X1VJFCKZ94E34 | Long             | EC               | CORP              | US        |      2396 | NS      | $32298.08     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc.                            | Xylem Inc.                                                 | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      1650 | NS      | $232105.50    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                  | Meta Platforms, Inc., Class A                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1349 | NS      | $874084.55    | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs, Inc.                      | Proto Labs, Inc.                                           | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |      1317 | NS      | $66929.94     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                      | ServiceNow, Inc.                                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       487 | NS      | $395643.67    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys, Inc.                          | Qualys, Inc.                                               | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |       824 | NS      | $116060.40    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday, Inc.                         | Workday, Inc., Class A                                     | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1166 | NS      | $251412.92    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom, Inc.                          | DexCom, Inc.                                               | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      2926 | NS      | $185713.22    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc.                              | PTC Inc.                                                   | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       981 | NS      | $172096.83    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                             | KLA Corp.                                                  | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       423 | NS      | $497223.81    | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc.                           | Intuit Inc.                                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       663 | NS      | $420395.04    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                          | Cintas Corp.                                               | CUSIP: 172908105<br>LEI: 549300E27V6N4OJCJ944 | Long             | EC               | CORP              | US        |      1564 | NS      | $290935.28    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign, Inc.                        | VeriSign, Inc.                                             | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       766 | NS      | $193024.34    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                          | NVIDIA Corp.                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      8252 | NS      | $1460604.00   | 10.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Exponent, Inc.                        | Exponent, Inc.                                             | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      1396 | NS      | $100930.80    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp.               | Progress Software Corp.                                    | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      1723 | NS      | $71349.43     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings, Inc.                 | Leidos Holdings, Inc.                                      | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      1112 | NS      | $212503.20    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc.                    | Veeva Systems Inc., Class A                                | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       954 | NS      | $229236.66    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line, Inc.       | Old Dominion Freight Line, Inc.                            | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      1500 | NS      | $202935.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.               | Republic Services, Inc.                                    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      1329 | NS      | $288472.74    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza, Inc.                  | Domino's Pizza, Inc.                                       | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       379 | NS      | $159039.77    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates, Inc.            | Manhattan Associates, Inc.                                 | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |       754 | NS      | $133043.30    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc.            | Teledyne Technologies Inc.                                 | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       387 | NS      | $193314.24    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software, Inc.                 | Paycom Software, Inc.                                      | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       710 | NS      | $114430.70    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp.                          | Chemed Corp.                                               | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       274 | NS      | $120338.06    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous, Inc.                 | Nathan's Famous, Inc.                                      | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |       426 | NS      | $39302.76     | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| NVR, Inc.                             | NVR, Inc.                                                  | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        25 | NS      | $187682.25    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp.                      | Fair Isaac Corp.                                           | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       157 | NS      | $283515.31    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc.                       | Mastercard Inc., Class A                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1106 | NS      | $608886.18    | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

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

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President