# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001378872-26-000294
**Filing Date:** 2026-1
**Character Count:** 155330
**Document Hash:** 8b5af413b04ee8f3f6d2c3c7b64f3a5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001378872-26-000294.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001378872-26-000294

**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:** 26571937

**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 S&P SmallCap Energy ETF (Series ID: S000028297)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000086472 | Invesco S&P SmallCap Energy ETF | PSCE            |

## Nport-Ex

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

**Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Communication Services-0.69%** | **Communication Services-0.69%** | **Communication Services-0.69%** |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 41455 | &nbsp;&nbsp; $3038237 |
| Liberty Media Corp.-Liberty Live<sup>(b)</sup> | 27916 | &nbsp;&nbsp; 2147299 |
|  |  | &nbsp;&nbsp; 5185536 |
| **Consumer Discretionary-12.28%** | **Consumer Discretionary-12.28%** | **Consumer Discretionary-12.28%** |
| Acushnet Holdings Corp. | 35166 | &nbsp;&nbsp; 2957461 |
| American Public Education, Inc.<sup>(b)(c)</sup> | 218759 | &nbsp;&nbsp; 7616095 |
| AutoNation, Inc.<sup>(b)(c)</sup> | 15078 | &nbsp;&nbsp; 3185831 |
| Biglari Holdings, Inc., Class B<sup>(b)(c)</sup> | 8699 | &nbsp;&nbsp; 2556723 |
| Boyd Gaming Corp. | 38854 | &nbsp;&nbsp; 3236538 |
| Build-A-Bear Workshop, Inc. | 44460 | &nbsp;&nbsp; 2360826 |
| Cavco Industries, Inc.<sup>(b)</sup> | 4713 | &nbsp;&nbsp; 2807298 |
| Citi Trends, Inc.<sup>(b)</sup> | 78153 | &nbsp;&nbsp; 3539549 |
| Cooper-Standard Holdings, Inc.<sup>(b)(c)</sup> | 68317 | &nbsp;&nbsp; 2134906 |
| Dana, Inc. | 126585 | &nbsp;&nbsp; 2836770 |
| Frontdoor, Inc.<sup>(b)(c)</sup> | 39564 | &nbsp;&nbsp; 2133687 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 75908 | &nbsp;&nbsp; 5152635 |
| Group 1 Automotive, Inc. | 12288 | &nbsp;&nbsp; 4927980 |
| Installed Building Products, Inc.<sup>(c)</sup> | 10115 | &nbsp;&nbsp; 2711022 |
| Kontoor Brands, Inc. | 33533 | &nbsp;&nbsp; 2493179 |
| Latham Group, Inc.<sup>(b)(c)</sup> | 340532 | &nbsp;&nbsp; 2434804 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 90828 | &nbsp;&nbsp; 2806585 |
| M/I Homes, Inc.<sup>(b)</sup> | 17665 | &nbsp;&nbsp; 2430527 |
| Monarch Casino & Resort, Inc. | 26154 | &nbsp;&nbsp; 2525953 |
| Motorcar Parts of America, Inc.<sup>(b)(c)</sup> | 162597 | &nbsp;&nbsp; 2143028 |
| OneSpaWorld Holdings Ltd. (Bahamas)<sup>(c)</sup> | 119009 | &nbsp;&nbsp; 2430164 |
| Patrick Industries, Inc. | 24801 | &nbsp;&nbsp; 2683964 |
| QuantumScape Corp.<sup>(b)(c)</sup> | 219105 | &nbsp;&nbsp; 2677463 |
| Rush Street Interactive, Inc.<sup>(b)(c)</sup> | 174694 | &nbsp;&nbsp; 3221357 |
| Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup> | 43650 | &nbsp;&nbsp; 2736418 |
| ThredUp, Inc., Class A<sup>(b)(c)</sup> | 1078380 | &nbsp;&nbsp; 8109418 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 30116 | &nbsp;&nbsp; 3336853 |
| Winmark Corp. | 5169 | &nbsp;&nbsp; 2124511 |
| Wolverine World Wide, Inc.<sup>(c)</sup> | 89174 | &nbsp;&nbsp; 1445511 |
|  |  | &nbsp;&nbsp; 91757056 |
| **Consumer Staples-1.56%** | **Consumer Staples-1.56%** | **Consumer Staples-1.56%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 39867 | &nbsp;&nbsp; 2444644 |
| Seneca Foods Corp., Class A<sup>(b)(c)</sup> | 25652 | &nbsp;&nbsp; 3102609 |
| Turning Point Brands, Inc.<sup>(c)</sup> | 28786 | &nbsp;&nbsp; 2883206 |
| United Natural Foods, Inc.<sup>(b)(c)</sup> | 86512 | &nbsp;&nbsp; 3227763 |
|  |  | &nbsp;&nbsp; 11658222 |
| **Energy-1.66%** | **Energy-1.66%** | **Energy-1.66%** |
| Centrus Energy Corp., Class A<sup>(b)(c)</sup> | 26510 | &nbsp;&nbsp; 6874043 |
| Green Plains, Inc.<sup>(b)(c)</sup> | 258129 | &nbsp;&nbsp; 2666473 |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 232593 | &nbsp;&nbsp; 2853916 |
|  |  | &nbsp;&nbsp; 12394432 |
| **Financials-13.05%** | **Financials-13.05%** | **Financials-13.05%** |
| Acadian Asset Management, Inc. | 99665 | &nbsp;&nbsp; 4468979 |
| Affiliated Managers Group, Inc. | 10861 | &nbsp;&nbsp; 2919763 |
| Atlanticus Holdings Corp.<sup>(b)(c)</sup> | 37126 | &nbsp;&nbsp; 2188578 |
| Axos Financial, Inc.<sup>(b)</sup> | 29221 | &nbsp;&nbsp; 2401382 |
| BancFirst Corp.<sup>(c)</sup> | 19658 | &nbsp;&nbsp; 2178893 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 34272 | &nbsp;&nbsp; 2195807 |
| Bank7 Corp. | 58137 | &nbsp;&nbsp; 2408616 |
| BGC Group, Inc., Class A | 269608 | &nbsp;&nbsp; 2345590 |
| Capital Bancorp, Inc. | 79325 | &nbsp;&nbsp; 2205235 |
| Coastal Financial Corp.<sup>(b)(c)</sup> | 50466 | &nbsp;&nbsp; 5619389 |
| Customers Bancorp, Inc.<sup>(b)</sup> | 39450 | &nbsp;&nbsp; 2718105 |
| Enova International, Inc.<sup>(b)(c)</sup> | 50060 | &nbsp;&nbsp; 6562365 |
| Esquire Financial Holdings, Inc.<sup>(c)</sup> | 32311 | &nbsp;&nbsp; 3297661 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Finance of America Cos., Inc., Class A<sup>(b)(c)</sup> | 138639 | &nbsp;&nbsp; $3321790 |
| First Bancorp | 119379 | &nbsp;&nbsp; 2360123 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 305280 | &nbsp;&nbsp; 2649830 |
| Hancock Whitney Corp. | 41259 | &nbsp;&nbsp; 2499883 |
| HCI Group, Inc. | 20779 | &nbsp;&nbsp; 3693467 |
| LendingClub Corp.<sup>(b)</sup> | 150422 | &nbsp;&nbsp; 2722638 |
| Metropolitan Bank Holding Corp. | 33094 | &nbsp;&nbsp; 2469143 |
| MGIC Investment Corp. | 93159 | &nbsp;&nbsp; 2641058 |
| Northeast Bank<sup>(c)</sup> | 65847 | &nbsp;&nbsp; 5852481 |
| Northrim BanCorp, Inc. | 114727 | &nbsp;&nbsp; 2817695 |
| OFG Bancorp | 65192 | &nbsp;&nbsp; 2590078 |
| Oppenheimer Holdings, Inc., Class A | 33228 | &nbsp;&nbsp; 2260501 |
| Paymentus Holdings, Inc., Class A<sup>(b)</sup> | 81213 | &nbsp;&nbsp; 2819715 |
| Piper Sandler Cos. | 9329 | &nbsp;&nbsp; 3133611 |
| PJT Partners, Inc., Class A | 14139 | &nbsp;&nbsp; 2375493 |
| StepStone Group, Inc., Class A | 40577 | &nbsp;&nbsp; 2562843 |
| Unity Bancorp, Inc. | 49809 | &nbsp;&nbsp; 2491944 |
| Victory Capital Holdings, Inc., Class A | 74312 | &nbsp;&nbsp; 4673482 |
| WisdomTree, Inc. | 185194 | &nbsp;&nbsp; 2044542 |
|  |  | &nbsp;&nbsp; 97490680 |
| **Health Care-28.49%** | **Health Care-28.49%** | **Health Care-28.49%** |
| Adaptive Biotechnologies Corp.<sup>(b)</sup> | 263416 | &nbsp;&nbsp; 5178759 |
| Alignment Healthcare, Inc.<sup>(b)(c)</sup> | 165282 | &nbsp;&nbsp; 3175067 |
| Alphatec Holdings, Inc.<sup>(b)(c)</sup> | 175006 | &nbsp;&nbsp; 3946385 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 533615 | &nbsp;&nbsp; 6680860 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 579811 | &nbsp;&nbsp; 8685569 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 84215 | &nbsp;&nbsp; 4438131 |
| Artivion, Inc.<sup>(b)(c)</sup> | 64619 | &nbsp;&nbsp; 3015123 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup> | 97827 | &nbsp;&nbsp; 3537424 |
| Brookdale Senior Living, Inc.<sup>(b)</sup> | 331434 | &nbsp;&nbsp; 3688860 |
| Celcuity, Inc.<sup>(b)(c)</sup> | 80966 | &nbsp;&nbsp; 8188901 |
| Cidara Therapeutics, Inc.<sup>(b)</sup> | 100978 | &nbsp;&nbsp; 22203043 |
| Cogent Biosciences, Inc.<sup>(b)</sup> | 208647 | &nbsp;&nbsp; 8391782 |
| Exagen, Inc.<sup>(b)</sup> | 678207 | &nbsp;&nbsp; 5357835 |
| EyePoint Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 192891 | &nbsp;&nbsp; 2860574 |
| Guardant Health, Inc.<sup>(b)</sup> | 45699 | &nbsp;&nbsp; 4954686 |
| Harrow, Inc.<sup>(b)(c)</sup> | 67901 | &nbsp;&nbsp; 2836904 |
| iRhythm Technologies, Inc.<sup>(b)(c)</sup> | 15164 | &nbsp;&nbsp; 2850984 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup> | 63658 | &nbsp;&nbsp; 1942842 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 15622 | &nbsp;&nbsp; 3174078 |
| Maze Therapeutics, Inc.<sup>(b)(c)</sup> | 113021 | &nbsp;&nbsp; 4266543 |
| Merus N.V. (Netherlands)<sup>(b)</sup> | 42016 | &nbsp;&nbsp; 4039418 |
| Mineralys Therapeutics, Inc.<sup>(b)</sup> | 99782 | &nbsp;&nbsp; 4302600 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 35284 | &nbsp;&nbsp; 2577496 |
| Nektar Therapeutics<sup>(b)(c)</sup> | 101939 | &nbsp;&nbsp; 6647442 |
| &nbsp;&nbsp;&nbsp; NewAmsterdam Pharma Co. N.V. <br> (Netherlands)<sup>(b)(c)</sup><br>| 101311 | &nbsp;&nbsp; 4184144 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 274443 | &nbsp;&nbsp; 3334482 |
| OptimizeRx Corp.<sup>(b)(c)</sup> | 194424 | &nbsp;&nbsp; 2968855 |
| Palvella Therapeutics, Inc.<sup>(b)(c)</sup> | 44950 | &nbsp;&nbsp; 4620411 |
| Phathom Pharmaceuticals, Inc.<sup>(b)</sup> | 272936 | &nbsp;&nbsp; 4263260 |
| Phibro Animal Health Corp., Class A | 67489 | &nbsp;&nbsp; 2826439 |
| Prime Medicine, Inc.<sup>(b)(c)</sup> | 561123 | &nbsp;&nbsp; 2143490 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 43221 | &nbsp;&nbsp; 3889890 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 42216 | &nbsp;&nbsp; 3630154 |
| RadNet, Inc.<sup>(b)(c)</sup> | 37376 | &nbsp;&nbsp; 3094359 |
| RAPT Therapeutics, Inc.<sup>(b)(c)</sup> | 130328 | &nbsp;&nbsp; 4405086 |
| Rezolute, Inc.<sup>(b)(c)</sup> | 323934 | &nbsp;&nbsp; 3148639 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | 42601 | &nbsp;&nbsp; 4647343 |
| Septerna, Inc.<sup>(b)(c)</sup> | 166867 | &nbsp;&nbsp; 4842480 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 114891 | &nbsp;&nbsp; 3551281 |
| Tango Therapeutics, Inc.<sup>(b)(c)</sup> | 783389 | &nbsp;&nbsp; 8546774 |

---

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

------

**Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Terns Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 327428 | &nbsp;&nbsp; $9204001 |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 322581 | &nbsp;&nbsp; 4254843 |
| Tvardi Therapeutics, Inc.<sup>(b)(c)</sup> | 80744 | &nbsp;&nbsp; 332665 |
| Xeris Biopharma Holdings, Inc.<sup>(b)(c)</sup> | 374006 | &nbsp;&nbsp; 2685363 |
| Zenas Biopharma, Inc.<sup>(b)(c)</sup> | 137396 | &nbsp;&nbsp; 5335087 |
|  |  | &nbsp;&nbsp; 212850352 |
| **Industrials-16.69%** | **Industrials-16.69%** | **Industrials-16.69%** |
| Allient, Inc. | 55555 | &nbsp;&nbsp; 2992192 |
| Ameresco, Inc., Class A<sup>(b)(c)</sup> | 85352 | &nbsp;&nbsp; 2962568 |
| American Superconductor Corp.<sup>(b)</sup> | 41911 | &nbsp;&nbsp; 1303013 |
| Amprius Technologies, Inc.<sup>(b)(c)</sup> | 859224 | &nbsp;&nbsp; 9726416 |
| Astronics Corp.<sup>(b)</sup> | 63336 | &nbsp;&nbsp; 3456246 |
| AZZ, Inc. | 22782 | &nbsp;&nbsp; 2401678 |
| Barrett Business Services, Inc. | 56713 | &nbsp;&nbsp; 1990059 |
| Blue Bird Corp.<sup>(b)(c)</sup> | 44110 | &nbsp;&nbsp; 2303424 |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 42187 | &nbsp;&nbsp; 2904575 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 29905 | &nbsp;&nbsp; 3259645 |
| CRA International, Inc. | 14138 | &nbsp;&nbsp; 2493095 |
| DXP Enterprises, Inc.<sup>(b)(c)</sup> | 34858 | &nbsp;&nbsp; 3276303 |
| Enpro, Inc. | 11881 | &nbsp;&nbsp; 2647681 |
| ESCO Technologies, Inc. | 12247 | &nbsp;&nbsp; 2607509 |
| Granite Construction, Inc. | 36935 | &nbsp;&nbsp; 3971621 |
| IBEX Holdings Ltd.<sup>(b)</sup> | 63232 | &nbsp;&nbsp; 2225134 |
| Interface, Inc. | 91868 | &nbsp;&nbsp; 2564036 |
| LSI Industries, Inc. | 119349 | &nbsp;&nbsp; 2182893 |
| McGrath RentCorp | 21516 | &nbsp;&nbsp; 2217869 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 34421 | &nbsp;&nbsp; 2405684 |
| Moog, Inc., Class A | 13290 | &nbsp;&nbsp; 3052447 |
| MYR Group, Inc.<sup>(b)(c)</sup> | 18507 | &nbsp;&nbsp; 4151490 |
| Pitney Bowes, Inc. | 240051 | &nbsp;&nbsp; 2366903 |
| Planet Labs PBC<sup>(b)(c)</sup> | 411475 | &nbsp;&nbsp; 4896553 |
| Power Solutions International, Inc.<sup>(b)(c)</sup> | 29693 | &nbsp;&nbsp; 1605797 |
| Preformed Line Products Co.<sup>(c)</sup> | 13258 | &nbsp;&nbsp; 2721205 |
| Primoris Services Corp. | 36666 | &nbsp;&nbsp; 4640449 |
| Resolute Holdings Management, Inc.<sup>(b)(c)</sup> | 35688 | &nbsp;&nbsp; 6339616 |
| REV Group, Inc. | 62879 | &nbsp;&nbsp; 3349564 |
| Ryder System, Inc. | 15041 | &nbsp;&nbsp; 2605252 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A<sup>(b)(c)</sup><br>| 351413 | &nbsp;&nbsp; 2948355 |
| Standex International Corp.<sup>(c)</sup> | 12369 | &nbsp;&nbsp; 3032384 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 162828 | &nbsp;&nbsp; 3297267 |
| Tutor Perini Corp.<sup>(b)</sup> | 133306 | &nbsp;&nbsp; 9138126 |
| VSE Corp.<sup>(c)</sup> | 26355 | &nbsp;&nbsp; 4748907 |
| Watts Water Technologies, Inc., Class A | 9282 | &nbsp;&nbsp; 2560718 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 56614 | &nbsp;&nbsp; 3310221 |
|  |  | &nbsp;&nbsp; 124656895 |
| **Information Technology-17.63%** | **Information Technology-17.63%** | **Information Technology-17.63%** |
| ACM Research, Inc., Class A<sup>(b)(c)</sup> | 73561 | &nbsp;&nbsp; 2457673 |
| Aehr Test Systems<sup>(b)(c)</sup> | 92076 | &nbsp;&nbsp; 2114986 |
| Aeva Technologies, Inc.<sup>(b)(c)</sup> | 284427 | &nbsp;&nbsp; 3171361 |
| Agilysys, Inc.<sup>(b)</sup> | 24711 | &nbsp;&nbsp; 3038464 |
| Bel Fuse, Inc., Class B | 62896 | &nbsp;&nbsp; 9687871 |
| Belden, Inc. | 20380 | &nbsp;&nbsp; 2311092 |
| Bitmine Immersion Technologies, Inc.<sup>(b)(c)</sup> | 177346 | &nbsp;&nbsp; 5873699 |
| Cipher Mining, Inc.<sup>(b)(c)</sup> | 275694 | &nbsp;&nbsp; 5610373 |
| Climb Global Solutions, Inc.<sup>(c)</sup> | 63434 | &nbsp;&nbsp; 6410640 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 185024 | &nbsp;&nbsp; 3652374 |
| CompoSecure, Inc., Class A<sup>(b)(c)</sup> | 140625 | &nbsp;&nbsp; 2794219 |
| Daktronics, Inc.<sup>(b)(c)</sup> | 402598 | &nbsp;&nbsp; 7621180 |
| Diebold Nixdorf, Inc.<sup>(b)(c)</sup> | 44182 | &nbsp;&nbsp; 2850623 |
| Evolv Technologies Holdings, Inc.<sup>(b)</sup> | 338258 | &nbsp;&nbsp; 2161469 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| InterDigital, Inc. | 15837 | &nbsp;&nbsp; $5665687 |
| Life360, Inc.<sup>(b)(c)</sup> | 26890 | &nbsp;&nbsp; 2140713 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup> | 15500 | &nbsp;&nbsp; 5039980 |
| Mirion Technologies, Inc.<sup>(b)</sup> | 109479 | &nbsp;&nbsp; 2848643 |
| NextNav, Inc.<sup>(b)(c)</sup> | 175405 | &nbsp;&nbsp; 2492505 |
| nLight, Inc.<sup>(b)</sup> | 90490 | &nbsp;&nbsp; 3187963 |
| Ondas Holdings, Inc.<sup>(b)(c)</sup> | 1246348 | &nbsp;&nbsp; 9846149 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 10982 | &nbsp;&nbsp; 2974475 |
| Porch Group, Inc.<sup>(b)(c)</sup> | 542658 | &nbsp;&nbsp; 5258356 |
| Rigetti Computing, Inc.<sup>(b)(c)</sup> | 116599 | &nbsp;&nbsp; 2981436 |
| Sandisk Corp.<sup>(b)</sup> | 26900 | &nbsp;&nbsp; 6006232 |
| Sanmina Corp.<sup>(b)</sup> | 22958 | &nbsp;&nbsp; 3585236 |
| Semtech Corp.<sup>(b)(c)</sup> | 44491 | &nbsp;&nbsp; 3299452 |
| SiTime Corp.<sup>(b)</sup> | 9098 | &nbsp;&nbsp; 2708475 |
| Telos Corp.<sup>(b)(c)</sup> | 391855 | &nbsp;&nbsp; 2264922 |
| Terawulf, Inc.<sup>(b)(c)</sup> | 260482 | &nbsp;&nbsp; 4040076 |
| TTM Technologies, Inc.<sup>(b)</sup> | 56477 | &nbsp;&nbsp; 3963556 |
| Viasat, Inc.<sup>(b)</sup> | 105479 | &nbsp;&nbsp; 3621094 |
|  |  | &nbsp;&nbsp; 131680974 |
| **Materials-4.67%** | **Materials-4.67%** | **Materials-4.67%** |
| Century Aluminum Co.<sup>(b)(c)</sup> | 101001 | &nbsp;&nbsp; 3027000 |
| Coeur Mining, Inc.<sup>(b)(c)</sup> | 164444 | &nbsp;&nbsp; 2839948 |
| Contango ORE, Inc.<sup>(b)</sup> | 111008 | &nbsp;&nbsp; 2688614 |
| Hawkins, Inc. | 38010 | &nbsp;&nbsp; 4942060 |
| Idaho Strategic Resources, Inc.<sup>(b)(c)</sup> | 121094 | &nbsp;&nbsp; 4806221 |
| NewMarket Corp. | 3207 | &nbsp;&nbsp; 2448641 |
| Perimeter Solutions, Inc.<sup>(b)(c)</sup> | 194204 | &nbsp;&nbsp; 5414407 |
| Ramaco Resources, Inc., Class A<sup>(b)(c)</sup> | 89445 | &nbsp;&nbsp; 1403392 |
| United States Antimony Corp.<sup>(b)(c)</sup> | 451803 | &nbsp;&nbsp; 2760516 |
| United States Lime & Minerals, Inc. | 37211 | &nbsp;&nbsp; 4523741 |
|  |  | &nbsp;&nbsp; 34854540 |
| **Real Estate-2.88%** | **Real Estate-2.88%** | **Real Estate-2.88%** |
| American Healthcare REIT, Inc.<sup>(c)</sup> | 62566 | &nbsp;&nbsp; 3177101 |
| Anywhere Real Estate, Inc.<sup>(b)</sup> | 360514 | &nbsp;&nbsp; 5137325 |
| Industrial Logistics Properties Trust | 411952 | &nbsp;&nbsp; 2282214 |
| Opendoor Technologies, Inc.<sup>(b)(c)</sup> | 1112014 | &nbsp;&nbsp; 8562508 |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc., Series A, <br> Wts., expiring 11/20/2026<sup>(b)</sup><br>| 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc., Series K, <br> Wts., expiring 11/20/2026<sup>(b)</sup><br>| 1 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc., Series Z, <br> Wts., expiring 11/20/2026<sup>(b)</sup><br>| 1 | &nbsp;&nbsp; 1 |
| Vornado Realty Trust | 63302 | &nbsp;&nbsp; 2330780 |
|  |  | &nbsp;&nbsp; 21489932 |
| **Utilities-0.36%** | **Utilities-0.36%** | **Utilities-0.36%** |
| Consolidated Water Co. Ltd.<sup>(c)</sup> | 78634 | &nbsp;&nbsp; 2691642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $609,100,359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $609,100,359) | &nbsp;&nbsp; 746710261 |
| **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, 3.91%<sup>(d)(e)</sup> <br>(Cost $366,956)<br>| 366956 | &nbsp;&nbsp; 366956 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $609,467,315) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $609,467,315) | &nbsp;&nbsp; 747077217 |

---

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

------

**Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **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-28.37%** | **Money Market Funds-28.37%** | **Money Market Funds-28.37%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 57944220 | &nbsp;&nbsp; $57944220 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 153938233 | &nbsp;&nbsp; 153984414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $211,929,807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $211,929,807) | &nbsp;&nbsp; 211928634 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-128.38% <br>(Cost $821,397,122) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-128.38% <br>(Cost $821,397,122) | &nbsp;&nbsp; 959005851 |
| OTHER ASSETS LESS LIABILITIES-(28.38)% | OTHER ASSETS LESS LIABILITIES-(28.38)% | &nbsp;&nbsp; (211986779)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $747019072 |

---

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

Investment Abbreviations: <br> REIT -Real Estate Investment Trust <br> Wts. -Warrants

&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>**(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; $9716 | &nbsp;&nbsp;&nbsp; $2923384 | &nbsp;&nbsp;&nbsp; $(2566144)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $366956 | &nbsp;&nbsp;&nbsp; $5463 |
| **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; 45377721 | &nbsp;&nbsp;&nbsp; 117699481 | &nbsp;&nbsp;&nbsp; (105132982)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 57944220 | &nbsp;&nbsp;&nbsp; 536,370<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 119116376 | &nbsp;&nbsp;&nbsp; 234894973 | &nbsp;&nbsp;&nbsp; (200027295)<br>| &nbsp;&nbsp;&nbsp; (11362)<br>| &nbsp;&nbsp;&nbsp; 11722 | &nbsp;&nbsp;&nbsp; 153984414 | &nbsp;&nbsp;&nbsp; 1,456,996<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $164503813 | &nbsp;&nbsp;&nbsp; $355517838 | &nbsp;&nbsp;&nbsp; $(307726421)<br>| &nbsp;&nbsp;&nbsp; $(11362)<br>| &nbsp;&nbsp;&nbsp; $11722 | &nbsp;&nbsp;&nbsp; $212295590 | &nbsp;&nbsp;&nbsp; $1998829 |

---

&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 S&P SmallCap Consumer Discretionary ETF (PSCD)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Automobile Components-15.37%** | **Automobile Components-15.37%** | **Automobile Components-15.37%** |
| Adient PLC<sup>(b)</sup> | 8260 | &nbsp;&nbsp; $160740 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, <br> Inc.<sup>(b)(c)</sup><br>| 12064 | &nbsp;&nbsp; 79260 |
| BorgWarner, Inc. | 21984 | &nbsp;&nbsp; 946631 |
| Dana, Inc. | 13333 | &nbsp;&nbsp; 298792 |
| Dorman Products, Inc.<sup>(b)(c)</sup> | 2820 | &nbsp;&nbsp; 373001 |
| Fox Factory Holding Corp.<sup>(b)</sup> | 4302 | &nbsp;&nbsp; 63627 |
| Gentherm, Inc.<sup>(b)</sup> | 3103 | &nbsp;&nbsp; 110684 |
| LCI Industries | 2465 | &nbsp;&nbsp; 280197 |
| Patrick Industries, Inc. | 3377 | &nbsp;&nbsp; 365459 |
| Phinia, Inc.<sup>(c)</sup> | 3955 | &nbsp;&nbsp; 213926 |
| Standard Motor Products, Inc. | 2124 | &nbsp;&nbsp; 79735 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 2560 | &nbsp;&nbsp; 118989 |
|  |  | &nbsp;&nbsp; 3091041 |
| **Automobiles-0.51%** | **Automobiles-0.51%** | **Automobiles-0.51%** |
| Winnebago Industries, Inc.<sup>(c)</sup> | 2850 | &nbsp;&nbsp; 103142 |
| **Broadline Retail-4.11%** | **Broadline Retail-4.11%** | **Broadline Retail-4.11%** |
| Etsy, Inc.<sup>(b)</sup> | 10067 | &nbsp;&nbsp; 545833 |
| Kohl's Corp.<sup>(c)</sup> | 11390 | &nbsp;&nbsp; 280080 |
|  |  | &nbsp;&nbsp; 825913 |
| **Commercial Services & Supplies-0.75%** | **Commercial Services & Supplies-0.75%** | **Commercial Services & Supplies-0.75%** |
| Matthews International Corp., Class A | 3130 | &nbsp;&nbsp; 76810 |
| Pursuit Attractions and Hospitality, Inc.<sup>(b)(c)</sup> | 2185 | &nbsp;&nbsp; 75011 |
|  |  | &nbsp;&nbsp; 151821 |
| **Diversified Consumer Services-7.11%** | **Diversified Consumer Services-7.11%** | **Diversified Consumer Services-7.11%** |
| Adtalem Global Education, Inc.<sup>(b)</sup> | 3647 | &nbsp;&nbsp; 337566 |
| Frontdoor, Inc.<sup>(b)(c)</sup> | 7391 | &nbsp;&nbsp; 398597 |
| Mister Car Wash, Inc.<sup>(b)(c)</sup> | 10104 | &nbsp;&nbsp; 53955 |
| Perdoceo Education Corp. | 6207 | &nbsp;&nbsp; 173548 |
| Strategic Education, Inc. | 2405 | &nbsp;&nbsp; 187638 |
| Stride, Inc.<sup>(b)(c)</sup> | 4377 | &nbsp;&nbsp; 278071 |
|  |  | &nbsp;&nbsp; 1429375 |
| **Hotels, Restaurants & Leisure-16.41%** | **Hotels, Restaurants & Leisure-16.41%** | **Hotels, Restaurants & Leisure-16.41%** |
| BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 2249 | &nbsp;&nbsp; 86249 |
| Bloomin' Brands, Inc. | 7879 | &nbsp;&nbsp; 55941 |
| Brinker International, Inc.<sup>(b)</sup> | 4514 | &nbsp;&nbsp; 694208 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 21107 | &nbsp;&nbsp; 491160 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 4659 | &nbsp;&nbsp; 222048 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 2292 | &nbsp;&nbsp; 66216 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 2776 | &nbsp;&nbsp; 48552 |
| Golden Entertainment, Inc. | 2019 | &nbsp;&nbsp; 60610 |
| Monarch Casino & Resort, Inc. | 1263 | &nbsp;&nbsp; 121980 |
| Papa John's International, Inc.<sup>(c)</sup> | 3330 | &nbsp;&nbsp; 140093 |
| PENN Entertainment, Inc.<sup>(b)(c)</sup> | 14283 | &nbsp;&nbsp; 211960 |
| Red Rock Resorts, Inc., Class A | 4880 | &nbsp;&nbsp; 285822 |
| Sabre Corp.<sup>(b)(c)</sup> | 40107 | &nbsp;&nbsp; 64572 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 4087 | &nbsp;&nbsp; 357531 |
| Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 10296 | &nbsp;&nbsp; 156293 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 2796 | &nbsp;&nbsp; 100908 |
| Wendy's Co. (The)<sup>(c)</sup> | 16080 | &nbsp;&nbsp; 135876 |
|  |  | &nbsp;&nbsp; 3300019 |
| **Household Durables-20.53%** | **Household Durables-20.53%** | **Household Durables-20.53%** |
| Cavco Industries, Inc.<sup>(b)(c)</sup> | 804 | &nbsp;&nbsp; 478903 |
| Century Communities, Inc.<sup>(c)</sup> | 2625 | &nbsp;&nbsp; 171386 |
| Champion Homes, Inc.<sup>(b)(c)</sup> | 5737 | &nbsp;&nbsp; 492464 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 2967 | &nbsp;&nbsp; 58658 |
| Ethan Allen Interiors, Inc. | 2382 | &nbsp;&nbsp; 56310 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 3100 | &nbsp;&nbsp; 210428 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Durables-(continued)** | **Household Durables-(continued)** | **Household Durables-(continued)** |
| Helen of Troy Ltd.<sup>(b)(c)</sup> | 2362 | &nbsp;&nbsp; $44760 |
| Installed Building Products, Inc.<sup>(c)</sup> | 2317 | &nbsp;&nbsp; 621002 |
| La-Z-Boy, Inc. | 4185 | &nbsp;&nbsp; 162880 |
| Leggett & Platt, Inc. | 13760 | &nbsp;&nbsp; 141178 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 2063 | &nbsp;&nbsp; 107317 |
| M/I Homes, Inc.<sup>(b)(c)</sup> | 2684 | &nbsp;&nbsp; 369292 |
| Meritage Homes Corp. | 7223 | &nbsp;&nbsp; 527857 |
| Newell Brands, Inc. | 42606 | &nbsp;&nbsp; 155512 |
| Sonos, Inc.<sup>(b)</sup> | 12289 | &nbsp;&nbsp; 228084 |
| Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 8896 | &nbsp;&nbsp; 303531 |
|  |  | &nbsp;&nbsp; 4129562 |
| **Leisure Products-2.33%** | **Leisure Products-2.33%** | **Leisure Products-2.33%** |
| Acushnet Holdings Corp. | 2803 | &nbsp;&nbsp; 235732 |
| Sturm, Ruger & Co., Inc.<sup>(c)</sup> | 1663 | &nbsp;&nbsp; 50090 |
| Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 14206 | &nbsp;&nbsp; 182973 |
|  |  | &nbsp;&nbsp; 468795 |
| **Specialty Retail-26.10%** | **Specialty Retail-26.10%** | **Specialty Retail-26.10%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 6758 | &nbsp;&nbsp; 326074 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 6098 | &nbsp;&nbsp; 316364 |
| American Eagle Outfitters, Inc.<sup>(c)</sup> | 16382 | &nbsp;&nbsp; 334193 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 1995 | &nbsp;&nbsp; 463977 |
| Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 3102 | &nbsp;&nbsp; 601230 |
| Buckle, Inc. (The)<sup>(c)</sup> | 3062 | &nbsp;&nbsp; 172942 |
| CarMax, Inc.<sup>(b)(c)</sup> | 15236 | &nbsp;&nbsp; 589024 |
| Group 1 Automotive, Inc. | 1287 | &nbsp;&nbsp; 516138 |
| Guess?, Inc.<sup>(c)</sup> | 3158 | &nbsp;&nbsp; 53875 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 1944 | &nbsp;&nbsp; 45451 |
| Monro, Inc. | 3085 | &nbsp;&nbsp; 57720 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 8051 | &nbsp;&nbsp; 232271 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 10059 | &nbsp;&nbsp; 159536 |
| Shoe Carnival, Inc.<sup>(c)</sup> | 1829 | &nbsp;&nbsp; 30215 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 4179 | &nbsp;&nbsp; 418569 |
| Sonic Automotive, Inc., Class A<sup>(c)</sup> | 1507 | &nbsp;&nbsp; 94986 |
| Upbound Group, Inc.<sup>(c)</sup> | 5297 | &nbsp;&nbsp; 94922 |
| Urban Outfitters, Inc.<sup>(b)(c)</sup> | 5468 | &nbsp;&nbsp; 405015 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 8118 | &nbsp;&nbsp; 335517 |
|  |  | &nbsp;&nbsp; 5248019 |
| **Textiles, Apparel & Luxury Goods-6.70%** | **Textiles, Apparel & Luxury Goods-6.70%** | **Textiles, Apparel & Luxury Goods-6.70%** |
| Carter's, Inc. | 3704 | &nbsp;&nbsp; 118195 |
| G-III Apparel Group Ltd.<sup>(b)(c)</sup> | 3874 | &nbsp;&nbsp; 112927 |
| Hanesbrands, Inc.<sup>(b)</sup> | 35965 | &nbsp;&nbsp; 232693 |
| Kontoor Brands, Inc. | 5188 | &nbsp;&nbsp; 385728 |
| Oxford Industries, Inc.<sup>(c)</sup> | 1445 | &nbsp;&nbsp; 55141 |
| Steven Madden Ltd.<sup>(c)</sup> | 7386 | &nbsp;&nbsp; 308587 |
| Wolverine World Wide, Inc.<sup>(c)</sup> | 8260 | &nbsp;&nbsp; 133895 |
|  |  | &nbsp;&nbsp; 1347166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $20,365,271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $20,365,271) | &nbsp;&nbsp; 20094853 |
| **Money Market Funds-0.04%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(e)(f)</sup> <br>(Cost $7,913)<br>| 7913 | &nbsp;&nbsp; 7913 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.96% <br>(Cost $20,373,184) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.96% <br>(Cost $20,373,184) | &nbsp;&nbsp; 20102766 |

---

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

------

**Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-32.22%** | **Money Market Funds-32.22%** | **Money Market Funds-32.22%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(e)(f)(g)</sup><br>| 1737414 | &nbsp;&nbsp; $1737414 |
| Invesco Private Prime Fund, 4.12%<sup>(e)(f)(g)</sup> | 4740779 | &nbsp;&nbsp; 4742201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,479,656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,479,656) | &nbsp;&nbsp; 6479615 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-132.18% <br>(Cost $26,852,840) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-132.18% <br>(Cost $26,852,840) | &nbsp;&nbsp; 26582381 |
| OTHER ASSETS LESS LIABILITIES-(32.18)% | OTHER ASSETS LESS LIABILITIES-(32.18)% | &nbsp;&nbsp; (6471506)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $20110875 |

---

&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 less than 1% 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>|

---

&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; $8319 | &nbsp;&nbsp;&nbsp; $91782 | &nbsp;&nbsp;&nbsp; $(92188)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7913 | &nbsp;&nbsp;&nbsp; $110 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 2058949 | &nbsp;&nbsp;&nbsp; 3914885 | &nbsp;&nbsp;&nbsp; (4236420)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1737414 | &nbsp;&nbsp;&nbsp; 19,382<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 5356425 | &nbsp;&nbsp;&nbsp; 6205908 | &nbsp;&nbsp;&nbsp; (6820108)<br>| &nbsp;&nbsp;&nbsp; (365)<br>| &nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp; 4742201 | &nbsp;&nbsp;&nbsp; 50,455<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $7423693 | &nbsp;&nbsp;&nbsp; $10212575 | &nbsp;&nbsp;&nbsp; $(11148716)<br>| &nbsp;&nbsp;&nbsp; $(365)<br>| &nbsp;&nbsp;&nbsp; $341 | &nbsp;&nbsp;&nbsp; $6487528 | &nbsp;&nbsp;&nbsp; $69947 |

---

&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.

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 S&P SmallCap Consumer Staples ETF (PSCC)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.55%** | **Common Stocks & Other Equity Interests-99.55%** | **Common Stocks & Other Equity Interests-99.55%** |
| **Beverages-3.30%** | **Beverages-3.30%** | **Beverages-3.30%** |
| MGP Ingredients, Inc.<sup>(b)</sup> | 14170 | &nbsp;&nbsp; $323218 |
| National Beverage Corp.<sup>(c)</sup> | 23639 | &nbsp;&nbsp; 805144 |
|  |  | &nbsp;&nbsp; 1128362 |
| **Consumer Staples Distribution & Retail-28.42%** | **Consumer Staples Distribution & Retail-28.42%** | **Consumer Staples Distribution & Retail-28.42%** |
| Andersons, Inc. (The) | 34306 | &nbsp;&nbsp; 1766759 |
| Chefs' Warehouse, Inc. (The)<sup>(c)</sup> | 26635 | &nbsp;&nbsp; 1633258 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 97744 | &nbsp;&nbsp; 1087891 |
| PriceSmart, Inc.<sup>(b)</sup> | 24092 | &nbsp;&nbsp; 2965725 |
| United Natural Foods, Inc.<sup>(c)</sup> | 60372 | &nbsp;&nbsp; 2252479 |
|  |  | &nbsp;&nbsp; 9706112 |
| **Food Products-38.30%** | **Food Products-38.30%** | **Food Products-38.30%** |
| Cal-Maine Foods, Inc. | 43602 | &nbsp;&nbsp; 3632919 |
| Fresh Del Monte Produce, Inc. | 33433 | &nbsp;&nbsp; 1208269 |
| Freshpet, Inc.<sup>(c)</sup> | 46656 | &nbsp;&nbsp; 2666857 |
| J&J Snack Foods Corp. | 15730 | &nbsp;&nbsp; 1452665 |
| John B. Sanfilippo & Son, Inc. | 9252 | &nbsp;&nbsp; 671973 |
| Simply Good Foods Co. (The)<sup>(c)</sup> | 82189 | &nbsp;&nbsp; 1617479 |
| Tootsie Roll Industries, Inc.<sup>(b)</sup> | 19846 | &nbsp;&nbsp; 761292 |
| TreeHouse Foods, Inc.<sup>(b)(c)</sup> | 44883 | &nbsp;&nbsp; 1072255 |
|  |  | &nbsp;&nbsp; 13083709 |
| **Household Products-19.41%** | **Household Products-19.41%** | **Household Products-19.41%** |
| Central Garden & Pet Co.<sup>(c)</sup> | 6974 | &nbsp;&nbsp; 238232 |
| Central Garden & Pet Co., Class A<sup>(c)</sup> | 44492 | &nbsp;&nbsp; 1376583 |
| Energizer Holdings, Inc. | 60435 | &nbsp;&nbsp; 1101730 |
| Reynolds Consumer Products, Inc. | 55231 | &nbsp;&nbsp; 1379670 |
| WD-40 Co. | 12945 | &nbsp;&nbsp; 2534631 |
|  |  | &nbsp;&nbsp; 6630846 |
| **Personal Care Products-6.24%** | **Personal Care Products-6.24%** | **Personal Care Products-6.24%** |
| Edgewell Personal Care Co. | 46927 | &nbsp;&nbsp; 838116 |
| Interparfums, Inc. | 15906 | &nbsp;&nbsp; 1292681 |
|  |  | &nbsp;&nbsp; 2130797 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Tobacco-3.88%** | **Tobacco-3.88%** | **Tobacco-3.88%** |
| Universal Corp. | 25134 | &nbsp;&nbsp; $1326070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $42,019,469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $42,019,469) | &nbsp;&nbsp; 34005896 |
| **Money Market Funds-0.02%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $8,447)<br>| 8447 | &nbsp;&nbsp; 8447 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.57% <br>(Cost $42,027,916) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.57% <br>(Cost $42,027,916) | &nbsp;&nbsp; 34014343 |
| **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-9.95%** | **Money Market Funds-9.95%** | **Money Market Funds-9.95%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 513263 | &nbsp;&nbsp; 513263 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 2883118 | &nbsp;&nbsp; 2883983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,397,246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,397,246) | &nbsp;&nbsp; 3397246 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.52% <br>(Cost $45,425,162) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.52% <br>(Cost $45,425,162) | &nbsp;&nbsp; 37411589 |
| OTHER ASSETS LESS LIABILITIES-(9.52)% | OTHER ASSETS LESS LIABILITIES-(9.52)% | &nbsp;&nbsp; (3252763)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $34158826 |

---

&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> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the 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** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $16191 | &nbsp;&nbsp;&nbsp; $518621 | &nbsp;&nbsp;&nbsp; $(526365)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $8447 | &nbsp;&nbsp;&nbsp; $253 |

---

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

------

**Invesco S&P SmallCap Consumer Staples ETF (PSCC)—(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> **(Depreciation)**<br>| **Realized**<br> **Gain**<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; $1899726 | &nbsp;&nbsp;&nbsp; $6048171 | &nbsp;&nbsp;&nbsp; $(7434634)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $513263 | &nbsp;&nbsp;&nbsp; $13,239<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 4947457 | &nbsp;&nbsp;&nbsp; 13500763 | &nbsp;&nbsp;&nbsp; (15564257)<br>| &nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 2883983 | &nbsp;&nbsp;&nbsp; 35,736<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $6863374 | &nbsp;&nbsp;&nbsp; $20067555 | &nbsp;&nbsp;&nbsp; $(23525256)<br>| &nbsp;&nbsp;&nbsp; $(340)<br>| &nbsp;&nbsp;&nbsp; $360 | &nbsp;&nbsp;&nbsp; $3405693 | &nbsp;&nbsp;&nbsp; $49228 |

---

&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 S&P SmallCap Energy ETF (PSCE)**

November 30, 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%** |
| **Energy Equipment & Services-46.39%** | **Energy Equipment & Services-46.39%** | **Energy Equipment & Services-46.39%** |
| Archrock, Inc.<sup>(b)</sup> | 166582 | &nbsp;&nbsp; $4087922 |
| Atlas Energy Solutions, Inc.<sup>(b)</sup> | 72940 | &nbsp;&nbsp; 628743 |
| Bristow Group, Inc.<sup>(b)(c)</sup> | 23834 | &nbsp;&nbsp; 894013 |
| Cactus, Inc., Class A | 64952 | &nbsp;&nbsp; 2787740 |
| Core Laboratories, Inc.<sup>(b)</sup> | 44599 | &nbsp;&nbsp; 673445 |
| Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup> | 129966 | &nbsp;&nbsp; 865574 |
| Helmerich & Payne, Inc.<sup>(b)</sup> | 94167 | &nbsp;&nbsp; 2627259 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 36625 | &nbsp;&nbsp; 806483 |
| Kodiak Gas Services, Inc.<sup>(b)</sup> | 70731 | &nbsp;&nbsp; 2489731 |
| Liberty Energy, Inc., Class A | 153385 | &nbsp;&nbsp; 2727185 |
| Noble Corp. PLC | 118854 | &nbsp;&nbsp; 3639309 |
| Oceaneering International, Inc.<sup>(b)(c)</sup> | 94890 | &nbsp;&nbsp; 2315316 |
| Patterson-UTI Energy, Inc. | 331807 | &nbsp;&nbsp; 1927799 |
| RPC, Inc.<sup>(b)</sup> | 84441 | &nbsp;&nbsp; 449226 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 43592 | &nbsp;&nbsp; 2354840 |
|  |  | &nbsp;&nbsp; 29274585 |
| **Oil, Gas & Consumable Fuels-53.44%** | **Oil, Gas & Consumable Fuels-53.44%** | **Oil, Gas & Consumable Fuels-53.44%** |
| California Resources Corp. | 68967 | &nbsp;&nbsp; 3295243 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 74912 | &nbsp;&nbsp; 2012136 |
| Core Natural Resources, Inc. | 48766 | &nbsp;&nbsp; 3901280 |
| Crescent Energy Co., Class A<sup>(b)</sup> | 175842 | &nbsp;&nbsp; 1658190 |
| CVR Energy, Inc.<sup>(c)</sup> | 28590 | &nbsp;&nbsp; 987213 |
| Dorian LPG Ltd. | 34869 | &nbsp;&nbsp; 864054 |
| International Seaways, Inc. | 38329 | &nbsp;&nbsp; 2030287 |
| Kinetik Holdings, Inc.<sup>(b)</sup> | 41377 | &nbsp;&nbsp; 1434954 |
| Magnolia Oil & Gas Corp., Class A<sup>(b)</sup> | 175535 | &nbsp;&nbsp; 4061880 |
| Northern Oil and Gas, Inc.<sup>(b)</sup> | 91958 | &nbsp;&nbsp; 2058940 |
| Par Pacific Holdings, Inc.<sup>(b)(c)</sup> | 48106 | &nbsp;&nbsp; 2196039 |
| Peabody Energy Corp.<sup>(b)</sup> | 115217 | &nbsp;&nbsp; 3138511 |
| REX American Resources Corp.<sup>(b)(c)</sup> | 26934 | &nbsp;&nbsp; 888553 |
| SM Energy Co.<sup>(b)</sup> | 108834 | &nbsp;&nbsp; 2073288 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 122523 | &nbsp;&nbsp; $1404113 |
| Vital Energy, Inc.<sup>(b)(c)</sup> | 27633 | &nbsp;&nbsp; 495460 |
| World Kinect Corp.<sup>(b)</sup> | 52655 | &nbsp;&nbsp; 1220543 |
|  |  | &nbsp;&nbsp; 33720684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $72,641,686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $72,641,686) | &nbsp;&nbsp; 62995269 |
| **Money Market Funds-0.01%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $8,017)<br>| 8017 | &nbsp;&nbsp; 8017 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $72,649,703) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $72,649,703) | &nbsp;&nbsp; 63003286 |
| **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-21.41%** | **Money Market Funds-21.41%** | **Money Market Funds-21.41%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 4171738 | &nbsp;&nbsp; 4171738 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 9333354 | &nbsp;&nbsp; 9336154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,507,956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,507,956) | &nbsp;&nbsp; 13507892 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-121.25% <br>(Cost $86,157,659) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-121.25% <br>(Cost $86,157,659) | &nbsp;&nbsp; 76511178 |
| OTHER ASSETS LESS LIABILITIES-(21.25)% | OTHER ASSETS LESS LIABILITIES-(21.25)% | &nbsp;&nbsp; (13409640)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $63101538 |

---

&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> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the 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** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $49958 | &nbsp;&nbsp;&nbsp; $660083 | &nbsp;&nbsp;&nbsp; $(702024)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $8017 | &nbsp;&nbsp;&nbsp; $420 |

---

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

------

**Invesco S&P SmallCap Energy ETF (PSCE)—(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> **(Depreciation)**<br>| **Realized**<br> **Gain**<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; $5157496 | &nbsp;&nbsp;&nbsp; $9164057 | &nbsp;&nbsp;&nbsp; $(10149815)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4171738 | &nbsp;&nbsp;&nbsp; $52,631<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 13948386 | &nbsp;&nbsp;&nbsp; 14918670 | &nbsp;&nbsp;&nbsp; (19531020)<br>| &nbsp;&nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp; 9336154 | &nbsp;&nbsp;&nbsp; 141,779<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $19155840 | &nbsp;&nbsp;&nbsp; $24742810 | &nbsp;&nbsp;&nbsp; $(30382859)<br>| &nbsp;&nbsp;&nbsp; $(1199)<br>| &nbsp;&nbsp;&nbsp; $1317 | &nbsp;&nbsp;&nbsp; $13515909 | &nbsp;&nbsp;&nbsp; $194830 |

---

&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 S&P SmallCap Financials ETF (PSCF)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** |
| **Banks-32.68%** | **Banks-32.68%** | **Banks-32.68%** |
| Ameris Bancorp | 3244 | &nbsp;&nbsp; $245765 |
| Atlantic Union Bankshares Corp., Class B | 7196 | &nbsp;&nbsp; 243441 |
| Axos Financial, Inc.<sup>(b)</sup> | 2830 | &nbsp;&nbsp; 232569 |
| Banc of California, Inc. | 6560 | &nbsp;&nbsp; 120966 |
| BancFirst Corp. | 1045 | &nbsp;&nbsp; 115828 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 2317 | &nbsp;&nbsp; 148450 |
| Bank of Hawaii Corp. | 1991 | &nbsp;&nbsp; 130490 |
| BankUnited, Inc. | 3771 | &nbsp;&nbsp; 162945 |
| Banner Corp. | 1753 | &nbsp;&nbsp; 110106 |
| Beacon Financial Corp. | 4216 | &nbsp;&nbsp; 107887 |
| Capitol Federal Financial, Inc. | 6109 | &nbsp;&nbsp; 40381 |
| Cathay General Bancorp | 3476 | &nbsp;&nbsp; 168377 |
| Central Pacific Financial Corp. | 1349 | &nbsp;&nbsp; 40119 |
| City Holding Co.<sup>(c)</sup> | 725 | &nbsp;&nbsp; 87950 |
| Community Financial System, Inc. | 2675 | &nbsp;&nbsp; 151833 |
| Customers Bancorp, Inc.<sup>(b)</sup> | 1490 | &nbsp;&nbsp; 102661 |
| CVB Financial Corp. | 6488 | &nbsp;&nbsp; 127684 |
| Dime Community Bancshares, Inc., Class B | 2041 | &nbsp;&nbsp; 57862 |
| Eagle Bancorp, Inc.<sup>(c)</sup> | 1409 | &nbsp;&nbsp; 26729 |
| FB Financial Corp. | 2129 | &nbsp;&nbsp; 118926 |
| First Bancorp (Puerto Rico) | 8019 | &nbsp;&nbsp; 158536 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 2103 | &nbsp;&nbsp; 107274 |
| First Commonwealth Financial Corp. | 5209 | &nbsp;&nbsp; 84646 |
| First Financial Bancorp | 4793 | &nbsp;&nbsp; 119250 |
| First Hawaiian, Inc. | 6247 | &nbsp;&nbsp; 155675 |
| Fulton Financial Corp. | 9162 | &nbsp;&nbsp; 166290 |
| Hanmi Financial Corp.<sup>(c)</sup> | 1493 | &nbsp;&nbsp; 41237 |
| Heritage Financial Corp. | 1697 | &nbsp;&nbsp; 40626 |
| Hilltop Holdings, Inc. | 2205 | &nbsp;&nbsp; 75676 |
| Hope Bancorp, Inc. | 6408 | &nbsp;&nbsp; 68053 |
| Independent Bank Corp. | 2511 | &nbsp;&nbsp; 180918 |
| Lakeland Financial Corp. | 1276 | &nbsp;&nbsp; 74340 |
| National Bank Holdings Corp., Class A | 1902 | &nbsp;&nbsp; 70773 |
| NBT Bancorp, Inc. | 2657 | &nbsp;&nbsp; 110159 |
| Northwest Bancshares, Inc. | 7310 | &nbsp;&nbsp; 87428 |
| OFG Bancorp (Puerto Rico) | 2257 | &nbsp;&nbsp; 89671 |
| Park National Corp. | 725 | &nbsp;&nbsp; 111324 |
| Pathward Financial, Inc.<sup>(c)</sup> | 1148 | &nbsp;&nbsp; 82541 |
| Preferred Bank | 575 | &nbsp;&nbsp; 54286 |
| Provident Financial Services, Inc. | 6539 | &nbsp;&nbsp; 125418 |
| Renasant Corp. | 4780 | &nbsp;&nbsp; 169403 |
| S&T Bancorp, Inc.<sup>(c)</sup> | 1917 | &nbsp;&nbsp; 75683 |
| Seacoast Banking Corp. of Florida<sup>(c)</sup> | 4347 | &nbsp;&nbsp; 137191 |
| ServisFirst Bancshares, Inc. | 2526 | &nbsp;&nbsp; 179674 |
| Simmons First National Corp., Class A | 7330 | &nbsp;&nbsp; 135972 |
| Southside Bancshares, Inc. | 1414 | &nbsp;&nbsp; 41473 |
| Stellar Bancorp, Inc. | 2311 | &nbsp;&nbsp; 73051 |
| Tompkins Financial Corp. | 635 | &nbsp;&nbsp; 43885 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 1127 | &nbsp;&nbsp; 61545 |
| TrustCo Bank Corp. | 942 | &nbsp;&nbsp; 39686 |
| Trustmark Corp. | 3059 | &nbsp;&nbsp; 118995 |
| United Community Banks, Inc. | 6108 | &nbsp;&nbsp; 186660 |
| WaFd, Inc. | 3944 | &nbsp;&nbsp; 124867 |
| Westamerica Bancorporation | 1273 | &nbsp;&nbsp; 61079 |
| WSFS Financial Corp. | 2817 | &nbsp;&nbsp; 157217 |
|  |  | &nbsp;&nbsp; 6151471 |
| **Capital Markets-12.84%** | **Capital Markets-12.84%** | **Capital Markets-12.84%** |
| Acadian Asset Management, Inc. | 1325 | &nbsp;&nbsp; 59413 |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc., <br> Class A<br>| 3546 | &nbsp;&nbsp; 147088 |
| BGC Group, Inc., Class A | 18356 | &nbsp;&nbsp; 159697 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Cohen & Steers, Inc.<sup>(c)</sup> | 1397 | &nbsp;&nbsp; $88360 |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 1375 | &nbsp;&nbsp; 67458 |
| MarketAxess Holdings, Inc. | 1886 | &nbsp;&nbsp; 309097 |
| Moelis & Co., Class A | 3743 | &nbsp;&nbsp; 240188 |
| Piper Sandler Cos. | 839 | &nbsp;&nbsp; 281820 |
| PJT Partners, Inc., Class A | 1221 | &nbsp;&nbsp; 205140 |
| StepStone Group, Inc., Class A | 3652 | &nbsp;&nbsp; 230660 |
| StoneX Group, Inc.<sup>(b)</sup> | 2332 | &nbsp;&nbsp; 211303 |
| Victory Capital Holdings, Inc., Class A | 2486 | &nbsp;&nbsp; 156345 |
| Virtu Financial, Inc., Class A | 4027 | &nbsp;&nbsp; 144006 |
| Virtus Investment Partners, Inc. | 317 | &nbsp;&nbsp; 50590 |
| WisdomTree, Inc. | 6012 | &nbsp;&nbsp; 66372 |
|  |  | &nbsp;&nbsp; 2417537 |
| **Consumer Finance-3.16%** | **Consumer Finance-3.16%** | **Consumer Finance-3.16%** |
| Bread Financial Holdings, Inc. | 2337 | &nbsp;&nbsp; 158285 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 1150 | &nbsp;&nbsp; 59674 |
| Enova International, Inc.<sup>(b)</sup> | 1259 | &nbsp;&nbsp; 165042 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 2896 | &nbsp;&nbsp; 55835 |
| Navient Corp. | 3430 | &nbsp;&nbsp; 42532 |
| PRA Group, Inc.<sup>(b)</sup> | 1995 | &nbsp;&nbsp; 32319 |
| PROG Holdings, Inc. | 1977 | &nbsp;&nbsp; 56898 |
| World Acceptance Corp.<sup>(b)</sup> | 156 | &nbsp;&nbsp; 24127 |
|  |  | &nbsp;&nbsp; 594712 |
| **Diversified REITs-2.81%** | **Diversified REITs-2.81%** | **Diversified REITs-2.81%** |
| Alexander & Baldwin, Inc. | 3637 | &nbsp;&nbsp; 56846 |
| American Assets Trust, Inc. | 2361 | &nbsp;&nbsp; 46039 |
| Armada Hoffler Properties, Inc. | 4096 | &nbsp;&nbsp; 26911 |
| Essential Properties Realty Trust, Inc. | 10001 | &nbsp;&nbsp; 316632 |
| Global Net Lease, Inc. | 9935 | &nbsp;&nbsp; 81566 |
|  |  | &nbsp;&nbsp; 527994 |
| **Financial Services-8.37%** | **Financial Services-8.37%** | **Financial Services-8.37%** |
| Enact Holdings, Inc. | 1475 | &nbsp;&nbsp; 57097 |
| EVERTEC, Inc. (Puerto Rico) | 3246 | &nbsp;&nbsp; 93810 |
| HA Sustainable Infrastructure Capital, Inc.<sup>(c)</sup> | 6231 | &nbsp;&nbsp; 214097 |
| Jackson Financial, Inc., Class A | 3515 | &nbsp;&nbsp; 344505 |
| NCR Atleos Corp.<sup>(b)</sup> | 3727 | &nbsp;&nbsp; 138160 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 3886 | &nbsp;&nbsp; 148251 |
| Payoneer Global, Inc.<sup>(b)</sup> | 14591 | &nbsp;&nbsp; 84336 |
| Radian Group, Inc. | 6840 | &nbsp;&nbsp; 243162 |
| Walker & Dunlop, Inc. | 1715 | &nbsp;&nbsp; 110858 |
| Western Union Co. (The)<sup>(c)</sup> | 16175 | &nbsp;&nbsp; 142178 |
|  |  | &nbsp;&nbsp; 1576454 |
| **Health Care REITs-3.56%** | **Health Care REITs-3.56%** | **Health Care REITs-3.56%** |
| CareTrust REIT, Inc. | 11113 | &nbsp;&nbsp; 417071 |
| LTC Properties, Inc. | 2296 | &nbsp;&nbsp; 83781 |
| Medical Properties Trust, Inc. | 24686 | &nbsp;&nbsp; 142191 |
| Universal Health Realty Income Trust | 657 | &nbsp;&nbsp; 26707 |
|  |  | &nbsp;&nbsp; 669750 |
| **Hotel & Resort REITs-4.15%** | **Hotel & Resort REITs-4.15%** | **Hotel & Resort REITs-4.15%** |
| Apple Hospitality REIT, Inc. | 11166 | &nbsp;&nbsp; 132764 |
| DiamondRock Hospitality Co. | 10246 | &nbsp;&nbsp; 93341 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 5928 | &nbsp;&nbsp; 67224 |
| Ryman Hospitality Properties, Inc. | 3180 | &nbsp;&nbsp; 303467 |
| Summit Hotel Properties, Inc. | 5393 | &nbsp;&nbsp; 28906 |
| Sunstone Hotel Investors, Inc. | 9497 | &nbsp;&nbsp; 88892 |
| Xenia Hotels & Resorts, Inc. | 4788 | &nbsp;&nbsp; 66936 |
|  |  | &nbsp;&nbsp; 781530 |
| **Industrial REITs-2.88%** | **Industrial REITs-2.88%** | **Industrial REITs-2.88%** |
| Innovative Industrial Properties, Inc. | 1401 | &nbsp;&nbsp; 69279 |

---

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

------

**Invesco S&P SmallCap Financials ETF (PSCF)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial REITs-(continued)** | **Industrial REITs-(continued)** | **Industrial REITs-(continued)** |
| LXP Industrial Trust | 2995 | &nbsp;&nbsp; $145258 |
| Terreno Realty Corp. | 5214 | &nbsp;&nbsp; 327387 |
|  |  | &nbsp;&nbsp; 541924 |
| **Insurance-9.72%** | **Insurance-9.72%** | **Insurance-9.72%** |
| AMERISAFE, Inc. | 949 | &nbsp;&nbsp; 38719 |
| Assured Guaranty Ltd. | 2250 | &nbsp;&nbsp; 203715 |
| Employers Holdings, Inc. | 1175 | &nbsp;&nbsp; 46824 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 20645 | &nbsp;&nbsp; 179198 |
| Goosehead Insurance, Inc., Class A<sup>(c)</sup> | 1287 | &nbsp;&nbsp; 92085 |
| HCI Group, Inc. | 545 | &nbsp;&nbsp; 96874 |
| Horace Mann Educators Corp. | 2064 | &nbsp;&nbsp; 94490 |
| Lincoln National Corp. | 8514 | &nbsp;&nbsp; 350266 |
| Mercury General Corp. | 1331 | &nbsp;&nbsp; 123943 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 1347 | &nbsp;&nbsp; 167311 |
| ProAssurance Corp.<sup>(b)</sup> | 2570 | &nbsp;&nbsp; 61886 |
| Safety Insurance Group, Inc.<sup>(c)</sup> | 745 | &nbsp;&nbsp; 56635 |
| SiriusPoint Ltd. (Sweden)<sup>(b)</sup> | 5265 | &nbsp;&nbsp; 109512 |
| Stewart Information Services Corp. | 1420 | &nbsp;&nbsp; 108814 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 1677 | &nbsp;&nbsp; 59181 |
| United Fire Group, Inc. | 1096 | &nbsp;&nbsp; 40059 |
|  |  | &nbsp;&nbsp; 1829512 |
| **Mortgage REITs-3.94%** | **Mortgage REITs-3.94%** | **Mortgage REITs-3.94%** |
| Adamas Trust, Inc. | 4300 | &nbsp;&nbsp; 32766 |
| Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | 6530 | &nbsp;&nbsp; 66149 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 9750 | &nbsp;&nbsp; 86872 |
| ARMOUR Residential REIT, Inc.<sup>(c)</sup> | 5709 | &nbsp;&nbsp; 100022 |
| Blackstone Mortgage Trust, Inc., Class A<sup>(c)</sup> | 8072 | &nbsp;&nbsp; 157162 |
| Ellington Financial, Inc. | 4994 | &nbsp;&nbsp; 68418 |
| Franklin BSP Realty Trust, Inc. | 4113 | &nbsp;&nbsp; 42857 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 2803 | &nbsp;&nbsp; 23797 |
| PennyMac Mortgage Investment Trust | 4350 | &nbsp;&nbsp; 55854 |
| Ready Capital Corp.<sup>(c)</sup> | 7905 | &nbsp;&nbsp; 20000 |
| Redwood Trust, Inc.<sup>(c)</sup> | 6460 | &nbsp;&nbsp; 35595 |
| Two Harbors Investment Corp. | 5206 | &nbsp;&nbsp; 52789 |
|  |  | &nbsp;&nbsp; 742281 |
| **Office REITs-2.95%** | **Office REITs-2.95%** | **Office REITs-2.95%** |
| Brandywine Realty Trust | 8684 | &nbsp;&nbsp; 29786 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 8490 | &nbsp;&nbsp; 103493 |
| Easterly Government Properties, Inc. | 2152 | &nbsp;&nbsp; 46914 |
| Highwoods Properties, Inc. | 5438 | &nbsp;&nbsp; 151176 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties, (Acquired 03/17/2023 - <br> 10/03/2025; Cost $44,346)<sup>(c)(d)</sup><br>| 3086 | &nbsp;&nbsp; 56258 |
| SL Green Realty Corp. | 3571 | &nbsp;&nbsp; 168301 |
|  |  | &nbsp;&nbsp; 555928 |
| **Real Estate Management & Development-2.45%** | **Real Estate Management & Development-2.45%** | **Real Estate Management & Development-2.45%** |
| Cushman & Wakefield Ltd.<sup>(b)</sup> | 11644 | &nbsp;&nbsp; 195037 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 4481 | &nbsp;&nbsp; 50859 |
| Kennedy-Wilson Holdings, Inc. | 5998 | &nbsp;&nbsp; 58361 |
| Marcus & Millichap, Inc. | 1208 | &nbsp;&nbsp; 35394 |
| St. Joe Co. (The) | 2023 | &nbsp;&nbsp; 122048 |
|  |  | &nbsp;&nbsp; 461699 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Residential REITs-1.21%** | **Residential REITs-1.21%** | **Residential REITs-1.21%** |
| Centerspace<sup>(c)</sup> | 838 | &nbsp;&nbsp; $55945 |
| Elme Communities | 4408 | &nbsp;&nbsp; 76523 |
| NexPoint Residential Trust, Inc. | 1091 | &nbsp;&nbsp; 34705 |
| Veris Residential, Inc. | 4060 | &nbsp;&nbsp; 61143 |
|  |  | &nbsp;&nbsp; 228316 |
| **Retail REITs-6.14%** | **Retail REITs-6.14%** | **Retail REITs-6.14%** |
| Acadia Realty Trust<sup>(c)</sup> | 6561 | &nbsp;&nbsp; 134960 |
| Curbline Properties Corp.<sup>(c)</sup> | 4901 | &nbsp;&nbsp; 117330 |
| Getty Realty Corp.<sup>(c)</sup> | 2603 | &nbsp;&nbsp; 74107 |
| Macerich Co. (The) | 12702 | &nbsp;&nbsp; 220507 |
| Phillips Edison & Co., Inc. | 6313 | &nbsp;&nbsp; 224112 |
| Saul Centers, Inc.<sup>(c)</sup> | 642 | &nbsp;&nbsp; 19966 |
| SITE Centers Corp.<sup>(c)</sup> | 2703 | &nbsp;&nbsp; 19894 |
| Tanger, Inc. | 5692 | &nbsp;&nbsp; 191137 |
| Urban Edge Properties | 6371 | &nbsp;&nbsp; 122451 |
| Whitestone REIT | 2294 | &nbsp;&nbsp; 30487 |
|  |  | &nbsp;&nbsp; 1154951 |
| **Specialized REITs-3.01%** | **Specialized REITs-3.01%** | **Specialized REITs-3.01%** |
| Four Corners Property Trust, Inc. | 5293 | &nbsp;&nbsp; 127244 |
| Millrose Properties, Inc.<sup>(c)</sup> | 7744 | &nbsp;&nbsp; 235882 |
| Outfront Media, Inc. | 7297 | &nbsp;&nbsp; 171698 |
| Safehold, Inc. | 2296 | &nbsp;&nbsp; 31846 |
|  |  | &nbsp;&nbsp; 566670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $18,412,026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $18,412,026) | &nbsp;&nbsp; 18800729 |
| **Money Market Funds-0.02%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(e)(f)</sup> <br>(Cost $3,665)<br>| 3665 | &nbsp;&nbsp; 3665 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.89% <br>(Cost $18,415,691) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.89% <br>(Cost $18,415,691) | &nbsp;&nbsp; 18804394 |
| **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-10.55%** | **Money Market Funds-10.55%** | **Money Market Funds-10.55%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(e)(f)(g)</sup><br>| 556512 | &nbsp;&nbsp; 556512 |
| Invesco Private Prime Fund, 4.12%<sup>(e)(f)(g)</sup> | 1429265 | &nbsp;&nbsp; 1429694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,986,206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,986,206) | &nbsp;&nbsp; 1986206 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-110.44% <br>(Cost $20,401,897) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-110.44% <br>(Cost $20,401,897) | &nbsp;&nbsp; 20790600 |
| OTHER ASSETS LESS LIABILITIES-(10.44)% | OTHER ASSETS LESS LIABILITIES-(10.44)% | &nbsp;&nbsp; (1965743)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $18824857 |

---

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

------

**Invesco S&P SmallCap Financials ETF (PSCF)—(continued)**

November 30, 2025

*(Unaudited)*

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

&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> | Restricted security. The value of this security at November 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <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 Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $35918 | &nbsp;&nbsp;&nbsp; $223121 | &nbsp;&nbsp;&nbsp; $(255374)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3665 | &nbsp;&nbsp;&nbsp; $149 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 721674 | &nbsp;&nbsp;&nbsp; 2029065 | &nbsp;&nbsp;&nbsp; (2194227)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 556512 | &nbsp;&nbsp;&nbsp; 5,628<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 1877453 | &nbsp;&nbsp;&nbsp; 3807871 | &nbsp;&nbsp;&nbsp; (4255617)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 1429694 | &nbsp;&nbsp;&nbsp; 15,212<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $2635045 | &nbsp;&nbsp;&nbsp; $6060057 | &nbsp;&nbsp;&nbsp; $(6705218)<br>| &nbsp;&nbsp;&nbsp; $(132)<br>| &nbsp;&nbsp;&nbsp; $119 | &nbsp;&nbsp;&nbsp; $1989871 | &nbsp;&nbsp;&nbsp; $20989 |

---

&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.

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 S&P SmallCap Health Care ETF (PSCH)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.08%** | **Common Stocks & Other Equity Interests-100.08%** | **Common Stocks & Other Equity Interests-100.08%** |
| **Biotechnology-32.49%** | **Biotechnology-32.49%** | **Biotechnology-32.49%** |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 107355 | &nbsp;&nbsp; $2688169 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 205194 | &nbsp;&nbsp; 3935621 |
| Alkermes PLC<sup>(b)(c)</sup> | 141947 | &nbsp;&nbsp; 4198792 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 71276 | &nbsp;&nbsp; 1860304 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 118886 | &nbsp;&nbsp; 6265292 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 98928 | &nbsp;&nbsp; 2315905 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 85712 | &nbsp;&nbsp; 974545 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 22152 | &nbsp;&nbsp; 4829136 |
| Myriad Genetics, Inc.<sup>(b)(c)</sup> | 80009 | &nbsp;&nbsp; 610469 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 50285 | &nbsp;&nbsp; 4525650 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 68307 | &nbsp;&nbsp; 5873719 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 84023 | &nbsp;&nbsp; 1793051 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 116671 | &nbsp;&nbsp; 3880477 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 67648 | &nbsp;&nbsp; 3202456 |
| Vericel Corp.<sup>(b)(c)</sup> | 43388 | &nbsp;&nbsp; 1746367 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 81225 | &nbsp;&nbsp; 521465 |
| Xencor, Inc.<sup>(b)(c)</sup> | 61327 | &nbsp;&nbsp; 1062184 |
|  |  | &nbsp;&nbsp; 50283602 |
| **Health Care Equipment & Supplies-27.24%**  | **Health Care Equipment & Supplies-27.24%**  | **Health Care Equipment & Supplies-27.24%**  |
| Artivion, Inc.<sup>(b)(c)</sup> | 35705 | &nbsp;&nbsp; 1665995 |
| Avanos Medical, Inc.<sup>(b)</sup> | 39900 | &nbsp;&nbsp; 468426 |
| CONMED Corp. | 26619 | &nbsp;&nbsp; 1155797 |
| Embecta Corp. | 50291 | &nbsp;&nbsp; 641462 |
| Enovis Corp.<sup>(b)(c)</sup> | 49149 | &nbsp;&nbsp; 1487740 |
| Glaukos Corp.<sup>(b)</sup> | 49315 | &nbsp;&nbsp; 5241691 |
| ICU Medical, Inc.<sup>(b)(c)</sup> | 21228 | &nbsp;&nbsp; 3151084 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 23140 | &nbsp;&nbsp; 2878847 |
| Integer Holdings Corp.<sup>(b)(c)</sup> | 30125 | &nbsp;&nbsp; 2174422 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup> | 57613 | &nbsp;&nbsp; 755883 |
| LeMaitre Vascular, Inc. | 17909 | &nbsp;&nbsp; 1485552 |
| Merit Medical Systems, Inc.<sup>(b)(c)</sup> | 50923 | &nbsp;&nbsp; 4409423 |
| Neogen Corp.<sup>(b)(c)</sup> | 186772 | &nbsp;&nbsp; 1116897 |
| Omnicell, Inc.<sup>(b)(c)</sup> | 39498 | &nbsp;&nbsp; 1442072 |
| QuidelOrtho Corp.<sup>(b)(c)</sup> | 58387 | &nbsp;&nbsp; 1596884 |
| &nbsp;&nbsp;&nbsp; STAAR Surgical Co., (Acquired 08/21/2023 - <br> 11/28/2025; Cost $1,784,722)<sup>(b)(c)(d)</sup><br>| 42609 | &nbsp;&nbsp; 1130843 |
| Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 58102 | &nbsp;&nbsp; 1220723 |
| Teleflex, Inc.<sup>(c)</sup> | 37999 | &nbsp;&nbsp; 4347846 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 29314 | &nbsp;&nbsp; 4288931 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 6632 | &nbsp;&nbsp; 1503408 |
|  |  | &nbsp;&nbsp; 42163926 |
| **Health Care Providers & Services-18.88%** | **Health Care Providers & Services-18.88%** | **Health Care Providers & Services-18.88%** |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 79408 | &nbsp;&nbsp; 1365817 |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 92192 | &nbsp;&nbsp; 890575 |
| Addus HomeCare Corp.<sup>(b)(c)</sup> | 15617 | &nbsp;&nbsp; 1877163 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 32952 | &nbsp;&nbsp; 548651 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 36921 | &nbsp;&nbsp; 850660 |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 95155 | &nbsp;&nbsp; 3440805 |
| Concentra Group Holdings Parent, Inc. | 102496 | &nbsp;&nbsp; 2107318 |
| CorVel Corp.<sup>(b)</sup> | 26917 | &nbsp;&nbsp; 1969786 |
| National HealthCare Corp. | 10665 | &nbsp;&nbsp; 1453533 |
| NeoGenomics, Inc.<sup>(b)(c)</sup> | 111080 | &nbsp;&nbsp; 1344068 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 73423 | &nbsp;&nbsp; 1768760 |
| Privia Health Group, Inc.<sup>(b)(c)</sup> | 99199 | &nbsp;&nbsp; 2417480 |
| Progyny, Inc.<sup>(b)</sup> | 68757 | &nbsp;&nbsp; 1813122 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| RadNet, Inc.<sup>(b)(c)</sup> | 59524 | &nbsp;&nbsp; $4927992 |
| Select Medical Holdings Corp. | 94889 | &nbsp;&nbsp; 1469830 |
| U.S. Physical Therapy, Inc.<sup>(c)</sup> | 13075 | &nbsp;&nbsp; 965589 |
|  |  | &nbsp;&nbsp; 29211149 |
| **Health Care Technology-3.85%** | **Health Care Technology-3.85%** | **Health Care Technology-3.85%** |
| Certara, Inc.<sup>(b)(c)</sup> | 103586 | &nbsp;&nbsp; 948848 |
| HealthStream, Inc.<sup>(c)</sup> | 20389 | &nbsp;&nbsp; 512783 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 48210 | &nbsp;&nbsp; 846568 |
| Waystar Holding Corp.<sup>(b)</sup> | 98886 | &nbsp;&nbsp; 3649882 |
|  |  | &nbsp;&nbsp; 5958081 |
| **Life Sciences Tools & Services-2.36%** | **Life Sciences Tools & Services-2.36%** | **Life Sciences Tools & Services-2.36%** |
| Azenta, Inc.<sup>(b)(c)</sup> | 35082 | &nbsp;&nbsp; 1247516 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup> | 33367 | &nbsp;&nbsp; 884225 |
| Cytek Biosciences, Inc.<sup>(b)(c)</sup> | 94080 | &nbsp;&nbsp; 531552 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 78077 | &nbsp;&nbsp; 992359 |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 20053 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 20053 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 3655652 |
| **Pharmaceuticals-15.26%** | **Pharmaceuticals-15.26%** | **Pharmaceuticals-15.26%** |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 30784 | &nbsp;&nbsp; 852717 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 14860 | &nbsp;&nbsp; 1260871 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 27087 | &nbsp;&nbsp; 1264421 |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 80642 | &nbsp;&nbsp; 6402975 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 34135 | &nbsp;&nbsp; 1204624 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 51480 | &nbsp;&nbsp; 1118661 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 16852 | &nbsp;&nbsp; 3423989 |
| Organon & Co.<sup>(c)</sup> | 223538 | &nbsp;&nbsp; 1723478 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 38636 | &nbsp;&nbsp; 910651 |
| Phibro Animal Health Corp., Class A | 17515 | &nbsp;&nbsp; 733528 |
| Prestige Consumer Healthcare, Inc.<sup>(b)(c)</sup> | 42317 | &nbsp;&nbsp; 2519977 |
| Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 48217 | &nbsp;&nbsp; 2198213 |
|  |  | &nbsp;&nbsp; 23614105 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $153,103,012) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.08% <br>(Cost $153,103,012) | &nbsp;&nbsp; 154886515 |
| **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-32.94%** | **Money Market Funds-32.94%** | **Money Market Funds-32.94%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(f)(g)(h)</sup><br>| 14425585 | &nbsp;&nbsp; 14425585 |
| Invesco Private Prime Fund, 4.12%<sup>(f)(g)(h)</sup> | 36537892 | &nbsp;&nbsp; 36548853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,974,810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,974,810) | &nbsp;&nbsp; 50974438 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-133.02% <br>(Cost $204,077,822) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-133.02% <br>(Cost $204,077,822) | &nbsp;&nbsp; 205860953 |
| OTHER ASSETS LESS LIABILITIES-(33.02)% | OTHER ASSETS LESS LIABILITIES-(33.02)% | &nbsp;&nbsp; (51098804)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $154762149 |

---

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

------

**Invesco S&P SmallCap Health Care ETF (PSCH)—(continued)**

November 30, 2025

*(Unaudited)*

Investment Abbreviations: <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> | Restricted security. The value of this security at November 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(e)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| <sup>(f)</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** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $19829 | &nbsp;&nbsp;&nbsp; $2167060 | &nbsp;&nbsp;&nbsp; $(2186889)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $820 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 11271213 | &nbsp;&nbsp;&nbsp; 16800311 | &nbsp;&nbsp;&nbsp; (13645939)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14425585 | &nbsp;&nbsp;&nbsp; 128,872<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 29323616 | &nbsp;&nbsp;&nbsp; 39995827 | &nbsp;&nbsp;&nbsp; (32770294)<br>| &nbsp;&nbsp;&nbsp; (2293)<br>| &nbsp;&nbsp;&nbsp; 1997 | &nbsp;&nbsp;&nbsp; 36548853 | &nbsp;&nbsp;&nbsp; 347,870<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $40614658 | &nbsp;&nbsp;&nbsp; $58963198 | &nbsp;&nbsp;&nbsp; $(48603122)<br>| &nbsp;&nbsp;&nbsp; $(2293)<br>| &nbsp;&nbsp;&nbsp; $1997 | &nbsp;&nbsp;&nbsp; $50974438 | &nbsp;&nbsp;&nbsp; $477562 |

---

&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>(g)</sup> The rate shown is the 7-day SEC standardized yield as of November 30, 2025. <br> <sup>(h)</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 S&P SmallCap Industrials ETF (PSCI)**

November 30, 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%** |
| **Aerospace & Defense-5.43%** | **Aerospace & Defense-5.43%** | **Aerospace & Defense-5.43%** |
| AAR Corp.<sup>(b)</sup> | 21260 | &nbsp;&nbsp; $1769045 |
| Mercury Systems, Inc.<sup>(b)</sup> | 29169 | &nbsp;&nbsp; 2038621 |
| Moog, Inc., Class A | 15725 | &nbsp;&nbsp; 3611718 |
| National Presto Industries, Inc. | 2927 | &nbsp;&nbsp; 274699 |
|  |  | &nbsp;&nbsp; 7694083 |
| **Air Freight & Logistics-1.11%** | **Air Freight & Logistics-1.11%** | **Air Freight & Logistics-1.11%** |
| Forward Air Corp.<sup>(b)(c)</sup> | 12095 | &nbsp;&nbsp; 277822 |
| Hub Group, Inc., Class A | 33551 | &nbsp;&nbsp; 1294062 |
|  |  | &nbsp;&nbsp; 1571884 |
| **Building Products-15.40%** | **Building Products-15.40%** | **Building Products-15.40%** |
| American Woodmark Corp.<sup>(b)</sup> | 8054 | &nbsp;&nbsp; 444017 |
| Apogee Enterprises, Inc. | 11911 | &nbsp;&nbsp; 433679 |
| Armstrong World Industries, Inc. | 23931 | &nbsp;&nbsp; 4540668 |
| AZZ, Inc. | 16604 | &nbsp;&nbsp; 1750394 |
| CSW Industrials, Inc. | 9296 | &nbsp;&nbsp; 2527304 |
| Gibraltar Industries, Inc.<sup>(b)</sup> | 16327 | &nbsp;&nbsp; 815697 |
| Griffon Corp. | 21636 | &nbsp;&nbsp; 1622700 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 110297 | &nbsp;&nbsp; 1814386 |
| Insteel Industries, Inc. | 10738 | &nbsp;&nbsp; 328368 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 70111 | &nbsp;&nbsp; 777531 |
| Quanex Building Products Corp.<sup>(c)</sup> | 25291 | &nbsp;&nbsp; 327771 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 75716 | &nbsp;&nbsp; 2497871 |
| Zurn Elkay Water Solutions Corp. | 82499 | &nbsp;&nbsp; 3935202 |
|  |  | &nbsp;&nbsp; 21815588 |
| **Commercial Services & Supplies-10.49%** | **Commercial Services & Supplies-10.49%** | **Commercial Services & Supplies-10.49%** |
| ABM Industries, Inc. | 34443 | &nbsp;&nbsp; 1481049 |
| Brady Corp., Class A | 24219 | &nbsp;&nbsp; 1894895 |
| CoreCivic, Inc.<sup>(b)</sup> | 59229 | &nbsp;&nbsp; 1069083 |
| Deluxe Corp. | 24832 | &nbsp;&nbsp; 504586 |
| Enviri Corp.<sup>(b)(c)</sup> | 44617 | &nbsp;&nbsp; 818276 |
| GEO Group, Inc. (The)<sup>(b)(c)</sup> | 76794 | &nbsp;&nbsp; 1210273 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 40061 | &nbsp;&nbsp; 752346 |
| HNI Corp.<sup>(c)</sup> | 25360 | &nbsp;&nbsp; 1052947 |
| Interface, Inc. | 32287 | &nbsp;&nbsp; 901130 |
| Liquidity Services, Inc.<sup>(b)(c)</sup> | 13133 | &nbsp;&nbsp; 394515 |
| MillerKnoll, Inc. | 37513 | &nbsp;&nbsp; 593831 |
| OPENLANE, Inc.<sup>(b)</sup> | 58811 | &nbsp;&nbsp; 1496152 |
| Pitney Bowes, Inc. | 87605 | &nbsp;&nbsp; 863785 |
| UniFirst Corp. | 8294 | &nbsp;&nbsp; 1431130 |
| Vestis Corp.<sup>(c)</sup> | 61997 | &nbsp;&nbsp; 401741 |
|  |  | &nbsp;&nbsp; 14865739 |
| **Construction & Engineering-12.56%** | **Construction & Engineering-12.56%** | **Construction & Engineering-12.56%** |
| Arcosa, Inc. | 27133 | &nbsp;&nbsp; 2890750 |
| Dycom Industries, Inc.<sup>(b)</sup> | 16002 | &nbsp;&nbsp; 5785203 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 28219 | &nbsp;&nbsp; 2595019 |
| Granite Construction, Inc.<sup>(c)</sup> | 24224 | &nbsp;&nbsp; 2604807 |
| MYR Group, Inc.<sup>(b)</sup> | 8588 | &nbsp;&nbsp; 1926460 |
| WillScot Holdings Corp. | 100729 | &nbsp;&nbsp; 1989398 |
|  |  | &nbsp;&nbsp; 17791637 |
| **Electrical Equipment-3.81%** | **Electrical Equipment-3.81%** | **Electrical Equipment-3.81%** |
| Powell Industries, Inc.<sup>(c)</sup> | 5208 | &nbsp;&nbsp; 1683330 |
| Sunrun, Inc.<sup>(b)</sup> | 127648 | &nbsp;&nbsp; 2584872 |
| Vicor Corp.<sup>(b)</sup> | 12666 | &nbsp;&nbsp; 1131707 |
|  |  | &nbsp;&nbsp; 5399909 |
| **Ground Transportation-3.08%** | **Ground Transportation-3.08%** | **Ground Transportation-3.08%** |
| ArcBest Corp. | 12574 | &nbsp;&nbsp; 806873 |
| Heartland Express, Inc.<sup>(c)</sup> | 25266 | &nbsp;&nbsp; 198591 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 68774 | &nbsp;&nbsp; 360376 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Marten Transport Ltd. | 32020 | &nbsp;&nbsp; $328205 |
| RXO, Inc.<sup>(b)(c)</sup> | 90722 | &nbsp;&nbsp; 1199345 |
| Schneider National, Inc., Class B | 27554 | &nbsp;&nbsp; 622996 |
| Werner Enterprises, Inc. | 33100 | &nbsp;&nbsp; 846036 |
|  |  | &nbsp;&nbsp; 4362422 |
| **Machinery-29.10%** | **Machinery-29.10%** | **Machinery-29.10%** |
| Alamo Group, Inc. | 5964 | &nbsp;&nbsp; 956447 |
| Albany International Corp., Class A<sup>(c)</sup> | 16321 | &nbsp;&nbsp; 778185 |
| Astec Industries, Inc. | 12655 | &nbsp;&nbsp; 560110 |
| Enerpac Tool Group Corp. | 29840 | &nbsp;&nbsp; 1130041 |
| Enpro, Inc. | 11647 | &nbsp;&nbsp; 2595534 |
| ESCO Technologies, Inc. | 14287 | &nbsp;&nbsp; 3041845 |
| Federal Signal Corp. | 33631 | &nbsp;&nbsp; 3833934 |
| Franklin Electric Co., Inc. | 21165 | &nbsp;&nbsp; 2013850 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 142503 | &nbsp;&nbsp; 3243368 |
| Greenbrier Cos., Inc. (The) | 17086 | &nbsp;&nbsp; 759985 |
| Hillenbrand, Inc. | 38992 | &nbsp;&nbsp; 1241505 |
| JBT Marel Corp.<sup>(c)</sup> | 28751 | &nbsp;&nbsp; 4040378 |
| Kadant, Inc. | 6515 | &nbsp;&nbsp; 1811952 |
| Kennametal, Inc. | 42058 | &nbsp;&nbsp; 1164166 |
| Lindsay Corp. | 6010 | &nbsp;&nbsp; 690729 |
| Mueller Water Products, Inc., Class A | 86466 | &nbsp;&nbsp; 2095936 |
| Proto Labs, Inc.<sup>(b)</sup> | 13208 | &nbsp;&nbsp; 671231 |
| SPX Technologies, Inc.<sup>(b)</sup> | 27328 | &nbsp;&nbsp; 5876613 |
| Standex International Corp. | 6676 | &nbsp;&nbsp; 1636688 |
| Tennant Co. | 10218 | &nbsp;&nbsp; 747242 |
| Titan International, Inc.<sup>(b)(c)</sup> | 26512 | &nbsp;&nbsp; 214482 |
| Trinity Industries, Inc. | 44721 | &nbsp;&nbsp; 1186001 |
| Worthington Enterprises, Inc. | 17365 | &nbsp;&nbsp; 952644 |
|  |  | &nbsp;&nbsp; 41242866 |
| **Marine Transportation-1.35%** | **Marine Transportation-1.35%** | **Marine Transportation-1.35%** |
| Matson, Inc. | 17587 | &nbsp;&nbsp; 1916631 |
| **Passenger Airlines-2.80%** | **Passenger Airlines-2.80%** | **Passenger Airlines-2.80%** |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 7460 | &nbsp;&nbsp; 566960 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 160952 | &nbsp;&nbsp; 735550 |
| SkyWest, Inc.<sup>(b)</sup> | 22338 | &nbsp;&nbsp; 2267754 |
| Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 29496 | &nbsp;&nbsp; 404095 |
|  |  | &nbsp;&nbsp; 3974359 |
| **Professional Services-8.33%** | **Professional Services-8.33%** | **Professional Services-8.33%** |
| Amentum Holdings, Inc.<sup>(b)</sup> | 84809 | &nbsp;&nbsp; 2428082 |
| CSG Systems International, Inc. | 15165 | &nbsp;&nbsp; 1194547 |
| Heidrick & Struggles International, Inc. | 11471 | &nbsp;&nbsp; 675298 |
| Korn Ferry | 28949 | &nbsp;&nbsp; 1903976 |
| ManpowerGroup, Inc. | 25609 | &nbsp;&nbsp; 736515 |
| Robert Half, Inc.<sup>(c)</sup> | 55313 | &nbsp;&nbsp; 1495663 |
| Upwork, Inc.<sup>(b)(c)</sup> | 73362 | &nbsp;&nbsp; 1448166 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 88263 | &nbsp;&nbsp; 1925898 |
|  |  | &nbsp;&nbsp; 11808145 |
| **Trading Companies & Distributors-6.47%** | **Trading Companies & Distributors-6.47%** | **Trading Companies & Distributors-6.47%** |
| Air Lease Corp., Class A | 58121 | &nbsp;&nbsp; 3715676 |
| Boise Cascade Co. | 20656 | &nbsp;&nbsp; 1574813 |
| DNOW, Inc.<sup>(b)</sup> | 103869 | &nbsp;&nbsp; 1450011 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 7033 | &nbsp;&nbsp; 661032 |
| Rush Enterprises, Inc., Class A | 33882 | &nbsp;&nbsp; 1763897 |
|  |  | &nbsp;&nbsp; 9165429 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $122,708,640) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $122,708,640) | &nbsp;&nbsp; 141608692 |

---

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

------

**Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)**

November 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-7.75%** | **Money Market Funds-7.75%** | **Money Market Funds-7.75%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 1787024 | &nbsp;&nbsp; $1787024 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 9185361 | &nbsp;&nbsp; 9188117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,975,141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $10,975,141) | &nbsp;&nbsp; 10975141 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.68% <br>(Cost $133,683,781) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.68% <br>(Cost $133,683,781) | &nbsp;&nbsp; 152583833 |
| OTHER ASSETS LESS LIABILITIES-(7.68)% | OTHER ASSETS LESS LIABILITIES-(7.68)% | &nbsp;&nbsp; (10879321)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $141704512 |

---

&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>**(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; $54418 | &nbsp;&nbsp;&nbsp; $3224790 | &nbsp;&nbsp;&nbsp; $(3279208)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1568 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 4335262 | &nbsp;&nbsp;&nbsp; 11359934 | &nbsp;&nbsp;&nbsp; (13908172)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1787024 | &nbsp;&nbsp;&nbsp; 38,614<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 11275322 | &nbsp;&nbsp;&nbsp; 24910666 | &nbsp;&nbsp;&nbsp; (26997779)<br>| &nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 9188117 | &nbsp;&nbsp;&nbsp; 107,272<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $15665002 | &nbsp;&nbsp;&nbsp; $39495390 | &nbsp;&nbsp;&nbsp; $(44185159)<br>| &nbsp;&nbsp;&nbsp; $(712)<br>| &nbsp;&nbsp;&nbsp; $620 | &nbsp;&nbsp;&nbsp; $10975141 | &nbsp;&nbsp;&nbsp; $147454 |

---

&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 S&P SmallCap Information Technology ETF (PSCT)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** |
| **Communications Equipment-9.03%** | **Communications Equipment-9.03%** | **Communications Equipment-9.03%** |
| Calix, Inc.<sup>(b)</sup> | 92633 | &nbsp;&nbsp; $5119826 |
| Digi International, Inc.<sup>(b)(c)</sup> | 57865 | &nbsp;&nbsp; 2420493 |
| Extreme Networks, Inc.<sup>(b)(c)</sup> | 205858 | &nbsp;&nbsp; 3602515 |
| Harmonic, Inc.<sup>(b)(c)</sup> | 177326 | &nbsp;&nbsp; 1695236 |
| NetScout Systems, Inc.<sup>(b)</sup> | 106435 | &nbsp;&nbsp; 2860973 |
| Viasat, Inc.<sup>(b)(c)</sup> | 209286 | &nbsp;&nbsp; 7184788 |
| Viavi Solutions, Inc.<sup>(b)(c)</sup> | 347990 | &nbsp;&nbsp; 6242941 |
|  |  | &nbsp;&nbsp; 29126772 |
| **Electronic Equipment, Instruments & Components-33.56%** | **Electronic Equipment, Instruments & Components-33.56%** | **Electronic Equipment, Instruments & Components-33.56%** |
| Advanced Energy Industries, Inc. | 58696 | &nbsp;&nbsp; 12396008 |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 162691 | &nbsp;&nbsp; 2359019 |
| Badger Meter, Inc. | 45935 | &nbsp;&nbsp; 8201235 |
| Benchmark Electronics, Inc.<sup>(c)</sup> | 55977 | &nbsp;&nbsp; 2515047 |
| CTS Corp.<sup>(c)</sup> | 45948 | &nbsp;&nbsp; 1944979 |
| ePlus, Inc. | 41097 | &nbsp;&nbsp; 3682291 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 49056 | &nbsp;&nbsp; 4246778 |
| Itron, Inc.<sup>(b)(c)</sup> | 71264 | &nbsp;&nbsp; 7057987 |
| Knowles Corp.<sup>(b)(c)</sup> | 133880 | &nbsp;&nbsp; 3009622 |
| Mirion Technologies, Inc.<sup>(b)</sup> | 382213 | &nbsp;&nbsp; 9945182 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 24600 | &nbsp;&nbsp; 6662910 |
| PC Connection, Inc.<sup>(c)</sup> | 17809 | &nbsp;&nbsp; 1033634 |
| Plexus Corp.<sup>(b)(c)</sup> | 42067 | &nbsp;&nbsp; 6013478 |
| Ralliant Corp. | 175734 | &nbsp;&nbsp; 8675988 |
| Rogers Corp.<sup>(b)(c)</sup> | 26271 | &nbsp;&nbsp; 2201773 |
| Sanmina Corp.<sup>(b)</sup> | 83058 | &nbsp;&nbsp; 12970753 |
| ScanSource, Inc.<sup>(b)(c)</sup> | 32404 | &nbsp;&nbsp; 1332452 |
| TTM Technologies, Inc.<sup>(b)</sup> | 161041 | &nbsp;&nbsp; 11301857 |
| Vishay Intertechnology, Inc. | 192491 | &nbsp;&nbsp; 2631352 |
|  |  | &nbsp;&nbsp; 108182345 |
| **IT Services-2.89%** | **IT Services-2.89%** | **IT Services-2.89%** |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 106430 | &nbsp;&nbsp; 4738264 |
| DXC Technology Co.<sup>(b)</sup> | 279019 | &nbsp;&nbsp; 3683051 |
| Grid Dynamics Holdings, Inc.<sup>(b)</sup> | 102945 | &nbsp;&nbsp; 901798 |
|  |  | &nbsp;&nbsp; 9323113 |
| **Semiconductors & Semiconductor Equipment-26.01%** | **Semiconductors & Semiconductor Equipment-26.01%** | **Semiconductors & Semiconductor Equipment-26.01%** |
| ACM Research, Inc., Class A<sup>(b)(c)</sup> | 82072 | &nbsp;&nbsp; 2742026 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 38503 | &nbsp;&nbsp; 780841 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 48975 | &nbsp;&nbsp; 4053661 |
| CEVA, Inc.<sup>(b)(c)</sup> | 37227 | &nbsp;&nbsp; 803731 |
| Cohu, Inc.<sup>(b)(c)</sup> | 72767 | &nbsp;&nbsp; 1769694 |
| Diodes, Inc.<sup>(b)(c)</sup> | 72394 | &nbsp;&nbsp; 3345327 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 203811 | &nbsp;&nbsp; 5879947 |
| FormFactor, Inc.<sup>(b)(c)</sup> | 120203 | &nbsp;&nbsp; 6613569 |
| Ichor Holdings Ltd.<sup>(b)</sup> | 53508 | &nbsp;&nbsp; 898934 |
| Impinj, Inc.<sup>(b)(c)</sup> | 40357 | &nbsp;&nbsp; 6936158 |
| Kulicke & Soffa Industries, Inc. (Singapore)<sup>(c)</sup> | 81284 | &nbsp;&nbsp; 3666721 |
| MaxLinear, Inc.<sup>(b)(c)</sup> | 127594 | &nbsp;&nbsp; 1986639 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 49864 | &nbsp;&nbsp; 1351314 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup> | 74330 | &nbsp;&nbsp; 1503696 |
| Photronics, Inc.<sup>(b)(c)</sup> | 93762 | &nbsp;&nbsp; 2148087 |
| Qorvo, Inc.<sup>(b)(c)</sup> | 131428 | &nbsp;&nbsp; 11288351 |
| Semtech Corp.<sup>(b)(c)</sup> | 135046 | &nbsp;&nbsp; 10015011 |
| SiTime Corp.<sup>(b)</sup> | 34049 | &nbsp;&nbsp; 10136387 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 92552 | &nbsp;&nbsp; 3380925 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Ultra Clean Holdings, Inc.<sup>(b)(c)</sup> | 70681 | &nbsp;&nbsp; $1792470 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 93779 | &nbsp;&nbsp; 2741160 |
|  |  | &nbsp;&nbsp; 83834649 |
| **Software-28.13%** | **Software-28.13%** | **Software-28.13%** |
| A10 Networks, Inc.<sup>(c)</sup> | 112470 | &nbsp;&nbsp; 1936733 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 160853 | &nbsp;&nbsp; 7537572 |
| Adeia, Inc. | 170481 | &nbsp;&nbsp; 2108850 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 39549 | &nbsp;&nbsp; 4862945 |
| Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 77791 | &nbsp;&nbsp; 4042020 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 81034 | &nbsp;&nbsp; 4618128 |
| Box, Inc., Class A<sup>(b)(c)</sup> | 225729 | &nbsp;&nbsp; 6668035 |
| CleanSpark, Inc.<sup>(b)(c)</sup> | 438145 | &nbsp;&nbsp; 6615989 |
| Clear Secure, Inc., Class A | 135225 | &nbsp;&nbsp; 4800488 |
| InterDigital, Inc.<sup>(c)</sup> | 40219 | &nbsp;&nbsp; 14388347 |
| LiveRamp Holdings, Inc.<sup>(b)(c)</sup> | 102263 | &nbsp;&nbsp; 2950288 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 577460 | &nbsp;&nbsp; 6819803 |
| N-able, Inc.<sup>(b)(c)</sup> | 116656 | &nbsp;&nbsp; 839923 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 215475 | &nbsp;&nbsp; 2178452 |
| Progress Software Corp.<sup>(b)(c)</sup> | 67196 | &nbsp;&nbsp; 2782586 |
| Q2 Holdings, Inc.<sup>(b)(c)</sup> | 97333 | &nbsp;&nbsp; 7020629 |
| Sprinklr, Inc., Class A<sup>(b)(c)</sup> | 189245 | &nbsp;&nbsp; 1368241 |
| SPS Commerce, Inc.<sup>(b)(c)</sup> | 59092 | &nbsp;&nbsp; 4923545 |
| Teradata Corp.<sup>(b)(c)</sup> | 147304 | &nbsp;&nbsp; 4218787 |
|  |  | &nbsp;&nbsp; 90681361 |
| **Technology Hardware, Storage & Peripherals-0.15%** | **Technology Hardware, Storage & Peripherals-0.15%** | **Technology Hardware, Storage & Peripherals-0.15%** |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 72727 | &nbsp;&nbsp; 474180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $264,020,512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $264,020,512) | &nbsp;&nbsp; 321622420 |
| **Money Market Funds-0.24%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $752,916)<br>| 752916 | &nbsp;&nbsp; 752916 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $264,773,428) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $264,773,428) | &nbsp;&nbsp; 322375336 |
| **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-28.90%** | **Money Market Funds-28.90%** | **Money Market Funds-28.90%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 25866842 | &nbsp;&nbsp; 25866842 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 67279399 | &nbsp;&nbsp; 67299583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $93,167,066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $93,167,066) | &nbsp;&nbsp; 93166425 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-128.91% <br>(Cost $357,940,494) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-128.91% <br>(Cost $357,940,494) | &nbsp;&nbsp; 415541761 |
| OTHER ASSETS LESS LIABILITIES-(28.91)% | OTHER ASSETS LESS LIABILITIES-(28.91)% | &nbsp;&nbsp; (93186277)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $322355484 |

---

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

------

**Invesco S&P SmallCap Information Technology ETF (PSCT)—(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** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1521862 | &nbsp;&nbsp;&nbsp; $(768946)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $752916 | &nbsp;&nbsp;&nbsp; $856 |
| **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; 21374609 | &nbsp;&nbsp;&nbsp; 50108125 | &nbsp;&nbsp;&nbsp; (45615892)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 25866842 | &nbsp;&nbsp;&nbsp; 248,861<br> \*<br>|
| &nbsp;&nbsp; Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp;&nbsp; 55839807 | &nbsp;&nbsp;&nbsp; 110046463 | &nbsp;&nbsp;&nbsp; (98586441)<br>| &nbsp;&nbsp;&nbsp; (3832)<br>| &nbsp;&nbsp;&nbsp; 3586 | &nbsp;&nbsp;&nbsp; 67299583 | &nbsp;&nbsp;&nbsp; 673,710<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $77214416 | &nbsp;&nbsp;&nbsp; $161676450 | &nbsp;&nbsp;&nbsp; $(144971279)<br>| &nbsp;&nbsp;&nbsp; $(3832)<br>| &nbsp;&nbsp;&nbsp; $3586 | &nbsp;&nbsp;&nbsp; $93919341 | &nbsp;&nbsp;&nbsp; $923427 |

---

&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 S&P SmallCap Materials ETF (PSCM)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.50%** | **Common Stocks & Other Equity Interests-99.50%** | **Common Stocks & Other Equity Interests-99.50%** |
| **Chemicals-55.53%** | **Chemicals-55.53%** | **Chemicals-55.53%** |
| AdvanSix, Inc. | 4082 | &nbsp;&nbsp; $62822 |
| Balchem Corp. | 4405 | &nbsp;&nbsp; 688105 |
| Celanese Corp. | 14863 | &nbsp;&nbsp; 619044 |
| Chemours Co. (The) | 22811 | &nbsp;&nbsp; 291753 |
| Eastman Chemical Co. | 17493 | &nbsp;&nbsp; 1085965 |
| Element Solutions, Inc. | 30825 | &nbsp;&nbsp; 798984 |
| FMC Corp.<sup>(b)</sup> | 11818 | &nbsp;&nbsp; 168879 |
| H.B. Fuller Co. | 7077 | &nbsp;&nbsp; 412448 |
| Hawkins, Inc. | 2559 | &nbsp;&nbsp; 332721 |
| Ingevity Corp.<sup>(c)</sup> | 5556 | &nbsp;&nbsp; 290190 |
| Innospec, Inc. | 3783 | &nbsp;&nbsp; 282817 |
| Koppers Holdings, Inc. | 2997 | &nbsp;&nbsp; 88921 |
| Minerals Technologies, Inc. | 4781 | &nbsp;&nbsp; 280406 |
| Quaker Chemical Corp.<sup>(b)</sup> | 2093 | &nbsp;&nbsp; 288520 |
| Sensient Technologies Corp. | 4112 | &nbsp;&nbsp; 400879 |
| Stepan Co. | 3265 | &nbsp;&nbsp; 148002 |
|  |  | &nbsp;&nbsp; 6240456 |
| **Containers & Packaging-10.45%** | **Containers & Packaging-10.45%** | **Containers & Packaging-10.45%** |
| O-I Glass, Inc.<sup>(c)</sup> | 23474 | &nbsp;&nbsp; 316429 |
| Sealed Air Corp. | 19964 | &nbsp;&nbsp; 857454 |
|  |  | &nbsp;&nbsp; 1173883 |
| **Metals & Mining-31.34%** | **Metals & Mining-31.34%** | **Metals & Mining-31.34%** |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 1670 | &nbsp;&nbsp; 265881 |
| Century Aluminum Co.<sup>(c)</sup> | 8106 | &nbsp;&nbsp; 242937 |
| Hecla Mining Co. | 89748 | &nbsp;&nbsp; 1509561 |
| Kaiser Aluminum Corp. | 2441 | &nbsp;&nbsp; 234458 |
| Materion Corp. | 3158 | &nbsp;&nbsp; 385876 |
| Metallus, Inc.<sup>(c)</sup> | 5469 | &nbsp;&nbsp; 92481 |
| SunCoke Energy, Inc.<sup>(b)</sup> | 12870 | &nbsp;&nbsp; 83912 |
| Warrior Met Coal, Inc. | 6889 | &nbsp;&nbsp; 539340 |
| Worthington Steel, Inc. | 4948 | &nbsp;&nbsp; 166995 |
|  |  | &nbsp;&nbsp; 3521441 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Paper & Forest Products-2.18%** | **Paper & Forest Products-2.18%** | **Paper & Forest Products-2.18%** |
| Sylvamo Corp. | 5167 | &nbsp;&nbsp; $244761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $11,398,789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $11,398,789) | &nbsp;&nbsp; 11180541 |
| **Money Market Funds-0.06%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $6,955)<br>| 6955 | &nbsp;&nbsp; 6955 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.56% <br>(Cost $11,405,744) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.56% <br>(Cost $11,405,744) | &nbsp;&nbsp; 11187496 |
| **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-2.50%** | **Money Market Funds-2.50%** | **Money Market Funds-2.50%** |
| Invesco Private Government Fund, 4.00%<sup>(d)(e)(f)</sup> | 140616 | &nbsp;&nbsp; 140616 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 139984 | &nbsp;&nbsp; 140026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $280,642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $280,642) | &nbsp;&nbsp; 280642 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.06% <br>(Cost $11,686,386) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.06% <br>(Cost $11,686,386) | &nbsp;&nbsp; 11468138 |
| OTHER ASSETS LESS LIABILITIES-(2.06)% | OTHER ASSETS LESS LIABILITIES-(2.06)% | &nbsp;&nbsp; (231146)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $11236992 |

---

&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> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the 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; $6447 | &nbsp;&nbsp;&nbsp; $65852 | &nbsp;&nbsp;&nbsp; $(65344)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $6955 | &nbsp;&nbsp;&nbsp; $93 |

---

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

------

**Invesco S&P SmallCap Materials ETF (PSCM)—(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> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **November 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; $612267 | &nbsp;&nbsp;&nbsp; $2773053 | &nbsp;&nbsp;&nbsp; $(3244704)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $140616 | &nbsp;&nbsp;&nbsp; $5,373<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 1880084 | &nbsp;&nbsp;&nbsp; 7095084 | &nbsp;&nbsp;&nbsp; (8835214)<br>| &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 140026 | &nbsp;&nbsp;&nbsp; 14,389<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $2498798 | &nbsp;&nbsp;&nbsp; $9933989 | &nbsp;&nbsp;&nbsp; $(12145262)<br>| &nbsp;&nbsp;&nbsp; $(114)<br>| &nbsp;&nbsp;&nbsp; $186 | &nbsp;&nbsp;&nbsp; $287597 | &nbsp;&nbsp;&nbsp; $19855 |

---

&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 S&P SmallCap Utilities & Communication Services ETF (PSCU)**

November 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** |
| **Diversified Telecommunication Services-12.18%** | **Diversified Telecommunication Services-12.18%** | **Diversified Telecommunication Services-12.18%** |
| Cogent Communications Holdings, Inc.<sup>(b)</sup> | 8586 | &nbsp;&nbsp; $163821 |
| Lumen Technologies, Inc.<sup>(c)</sup> | 170556 | &nbsp;&nbsp; 1383209 |
| Shenandoah Telecommunications Co.<sup>(b)</sup> | 8231 | &nbsp;&nbsp; 89965 |
|  |  | &nbsp;&nbsp; 1636995 |
| **Electric Utilities-8.70%** | **Electric Utilities-8.70%** | **Electric Utilities-8.70%** |
| MGE Energy, Inc. | 6601 | &nbsp;&nbsp; 546695 |
| Otter Tail Corp. | 7570 | &nbsp;&nbsp; 622254 |
|  |  | &nbsp;&nbsp; 1168949 |
| **Entertainment-9.26%** | **Entertainment-9.26%** | **Entertainment-9.26%** |
| Cinemark Holdings, Inc. | 18496 | &nbsp;&nbsp; 506421 |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp., <br> Class A<sup>(b)(c)</sup><br>| 3239 | &nbsp;&nbsp; 738589 |
|  |  | &nbsp;&nbsp; 1245010 |
| **Gas Utilities-12.97%** | **Gas Utilities-12.97%** | **Gas Utilities-12.97%** |
| Chesapeake Utilities Corp. | 4253 | &nbsp;&nbsp; 591422 |
| MDU Resources Group, Inc. | 36915 | &nbsp;&nbsp; 787028 |
| Northwest Natural Holding Co. | 7396 | &nbsp;&nbsp; 365880 |
|  |  | &nbsp;&nbsp; 1744330 |
| **Independent Power and Renewable Electricity Producers-5.69%** | **Independent Power and Renewable Electricity Producers-5.69%** | **Independent Power and Renewable Electricity Producers-5.69%** |
| Clearway Energy, Inc., Class A | 6253 | &nbsp;&nbsp; 213853 |
| Clearway Energy, Inc., Class C | 15042 | &nbsp;&nbsp; 550838 |
|  |  | &nbsp;&nbsp; 764691 |
| **Interactive Media & Services-16.88%** | **Interactive Media & Services-16.88%** | **Interactive Media & Services-16.88%** |
| Angi, Inc.<sup>(b)(c)</sup> | 6649 | &nbsp;&nbsp; 75932 |
| CarGurus, Inc.<sup>(c)</sup> | 15364 | &nbsp;&nbsp; 542042 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 10323 | &nbsp;&nbsp; 119747 |
| IAC, Inc.<sup>(b)(c)</sup> | 12226 | &nbsp;&nbsp; 428766 |
| QuinStreet, Inc.<sup>(c)</sup> | 10289 | &nbsp;&nbsp; 143634 |
| Shutterstock, Inc. | 4358 | &nbsp;&nbsp; 90733 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 20981 | &nbsp;&nbsp; 311987 |
| Yelp, Inc.<sup>(c)</sup> | 10823 | &nbsp;&nbsp; 312893 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 7407 | &nbsp;&nbsp; 243098 |
|  |  | &nbsp;&nbsp; 2268832 |
| **Media-8.16%** | **Media-8.16%** | **Media-8.16%** |
| Cable One, Inc.<sup>(b)</sup> | 833 | &nbsp;&nbsp; 97619 |
| John Wiley & Sons, Inc., Class A | 7406 | &nbsp;&nbsp; 269282 |
| Scholastic Corp. | 4078 | &nbsp;&nbsp; 120464 |
| TEGNA, Inc. | 29064 | &nbsp;&nbsp; 567329 |
| Thryv Holdings, Inc.<sup>(b)(c)</sup> | 7461 | &nbsp;&nbsp; 42006 |
|  |  | &nbsp;&nbsp; 1096700 |
| **Multi-Utilities-5.70%** | **Multi-Utilities-5.70%** | **Multi-Utilities-5.70%** |
| Avista Corp. | 14653 | &nbsp;&nbsp; 606341 |
| Unitil Corp. | 3195 | &nbsp;&nbsp; 160485 |
|  |  | &nbsp;&nbsp; 766826 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software-1.92%** | **Software-1.92%** | **Software-1.92%** |
| DoubleVerify Holdings, Inc.<sup>(c)</sup> | 24536 | &nbsp;&nbsp; $258609 |
| **Specialized REITs-1.53%** | **Specialized REITs-1.53%** | **Specialized REITs-1.53%** |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 32329 | &nbsp;&nbsp; 205936 |
| **Water Utilities-10.74%** | **Water Utilities-10.74%** | **Water Utilities-10.74%** |
| American States Water Co. | 6957 | &nbsp;&nbsp; 513218 |
| California Water Service Group | 10764 | &nbsp;&nbsp; 488363 |
| H2O America | 5928 | &nbsp;&nbsp; 275237 |
| Middlesex Water Co. | 3255 | &nbsp;&nbsp; 167014 |
|  |  | &nbsp;&nbsp; 1443832 |
| **Wireless Telecommunication Services-6.04%** | **Wireless Telecommunication Services-6.04%** | **Wireless Telecommunication Services-6.04%** |
| Gogo, Inc.<sup>(b)(c)</sup> | 13484 | &nbsp;&nbsp; 96410 |
| Telephone and Data Systems, Inc. | 17755 | &nbsp;&nbsp; 714994 |
|  |  | &nbsp;&nbsp; 811404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $13,382,366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $13,382,366) | &nbsp;&nbsp; 13412114 |
| **Money Market Funds-0.09%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 3.91%<sup>(d)(e)</sup> <br>(Cost $12,482)<br>| 12482 | &nbsp;&nbsp; 12482 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.86% <br>(Cost $13,394,848) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.86% <br>(Cost $13,394,848) | &nbsp;&nbsp; 13424596 |
| **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-13.93%** | **Money Market Funds-13.93%** | **Money Market Funds-13.93%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.00%<sup>(d)(e)(f)</sup><br>| 524663 | &nbsp;&nbsp; 524663 |
| Invesco Private Prime Fund, 4.12%<sup>(d)(e)(f)</sup> | 1347690 | &nbsp;&nbsp; 1348094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,872,757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,872,757) | &nbsp;&nbsp; 1872757 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-113.79% <br>(Cost $15,267,605) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-113.79% <br>(Cost $15,267,605) | &nbsp;&nbsp; 15297353 |
| OTHER ASSETS LESS LIABILITIES-(13.79)% | OTHER ASSETS LESS LIABILITIES-(13.79)% | &nbsp;&nbsp; (1853687)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $13443666 |

---

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

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

&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> | All or a portion of this security was out on loan at November 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended November 30, 2025.<br>|

---

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

------

**Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)—(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 Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $3286 | &nbsp;&nbsp;&nbsp; $70527 | &nbsp;&nbsp;&nbsp; $(61331)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $12482 | &nbsp;&nbsp;&nbsp; $137 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 742607 | &nbsp;&nbsp;&nbsp; 3079227 | &nbsp;&nbsp;&nbsp; (3297171)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 524663 | &nbsp;&nbsp;&nbsp; 7,777<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 1930164 | &nbsp;&nbsp;&nbsp; 6477676 | &nbsp;&nbsp;&nbsp; (7059733)<br>| &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1348094 | &nbsp;&nbsp;&nbsp; 21,292<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $2676057 | &nbsp;&nbsp;&nbsp; $9627430 | &nbsp;&nbsp;&nbsp; $(10418235)<br>| &nbsp;&nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp;&nbsp; $12 | &nbsp;&nbsp;&nbsp; $1885239 | &nbsp;&nbsp;&nbsp; $29206 |

---

&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.

------

**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 Dorsey Wright SmallCap Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $746710261 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $746710261 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 366956 | &nbsp;&nbsp;&nbsp; 211928634 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 212295590 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $747077217 | &nbsp;&nbsp;&nbsp; $211928634 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $959005851 |
| &nbsp;&nbsp; Invesco S&P SmallCap Consumer Discretionary ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $20094853 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $20094853 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 7913 | &nbsp;&nbsp;&nbsp; 6479615 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6487528 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $20102766 | &nbsp;&nbsp;&nbsp; $6479615 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $26582381 |
| &nbsp;&nbsp; Invesco S&P SmallCap Consumer Staples ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $34005896 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $34005896 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 8447 | &nbsp;&nbsp;&nbsp; 3397246 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3405693 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $34014343 | &nbsp;&nbsp;&nbsp; $3397246 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $37411589 |
| &nbsp;&nbsp; Invesco S&P SmallCap Energy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $62995269 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $62995269 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 8017 | &nbsp;&nbsp;&nbsp; 13507892 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13515909 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $63003286 | &nbsp;&nbsp;&nbsp; $13507892 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $76511178 |
| &nbsp;&nbsp; Invesco S&P SmallCap Financials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $18800729 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $18800729 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 3665 | &nbsp;&nbsp;&nbsp; 1986206 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1989871 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $18804394 | &nbsp;&nbsp;&nbsp; $1986206 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $20790600 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco S&P SmallCap Health Care ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $154886515 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $154886515 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 50974438 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 50974438 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $154886515 | &nbsp;&nbsp;&nbsp; $50974438 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $205860953 |
| &nbsp;&nbsp; Invesco S&P SmallCap Industrials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $141608692 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $141608692 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 10975141 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 10975141 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $141608692 | &nbsp;&nbsp;&nbsp; $10975141 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $152583833 |
| &nbsp;&nbsp; Invesco S&P SmallCap Information Technology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $321622420 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $321622420 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 752916 | &nbsp;&nbsp;&nbsp; 93166425 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 93919341 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $322375336 | &nbsp;&nbsp;&nbsp; $93166425 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $415541761 |
| &nbsp;&nbsp; Invesco S&P SmallCap Materials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $11180541 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $11180541 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 6955 | &nbsp;&nbsp;&nbsp; 280642 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 287597 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $11187496 | &nbsp;&nbsp;&nbsp; $280642 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $11468138 |
| &nbsp;&nbsp; Invesco S&P SmallCap Utilities & Communication Services ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $13412114 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $13412114 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 12482 | &nbsp;&nbsp;&nbsp; 1872757 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1885239 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $13424596 | &nbsp;&nbsp;&nbsp; $1872757 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $15297353 |

---

------

## 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 S&P SmallCap Energy ETF

- **b. EDGAR series identifier (if any):** S000028297

- **c. LEI of Series:** 5493008GV13MOHGPN118

**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:** $76624053.41

**Total Liabilities:** $13522515.78

**Net Assets:** $63101537.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000086472 | 2.33%                | 1.17%                | 1.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1991958.89             | $3841504.03                                |
| Month 2  | $64210.68                | $575889.25                                 |
| Month 3  | $116535.03               | $577557.08                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Archrock, Inc.                        | Archrock, Inc.                                             | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    166582 | NS      | $4087922.28   | 6.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Comstock Resources, Inc.              | Comstock Resources, Inc.                                   | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |     74912 | NS      | $2012136.32   | 3.19%             |  |  |  | No            |                  1 | On Loan: —       |
| International Seaways, Inc.           | International Seaways, Inc.                                | CUSIP: Y41053102<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | MH        |     38329 | NS      | $2030287.13   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy, Inc.            | Patterson-UTI Energy, Inc.                                 | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    331807 | NS      | $1927798.67   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                  | Peabody Energy Corp.                                       | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |    115217 | NS      | $3138511.08   | 4.97%             |  |  |  | No            |                  1 | On Loan: —       |
| Tidewater Inc.                        | Tidewater Inc.                                             | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     43592 | NS      | $2354839.84   | 3.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Liberty Energy Inc.                   | Liberty Energy Inc., Class A                               | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153385 | NS      | $2727185.30   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus, Inc.                          | Cactus, Inc., Class A                                      | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     64952 | NS      | $2787739.84   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc.                     | Talos Energy Inc.                                          | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |    122523 | NS      | $1404113.58   | 2.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Magnolia Oil & Gas Corp.              | Magnolia Oil & Gas Corp., Class A                          | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    175535 | NS      | $4061879.90   | 6.44%             |  |  |  | No            |                  1 | On Loan: —       |
| RPC, Inc.                             | RPC, Inc.                                                  | CUSIP: 749660106<br>LEI: 549300ZDXAFBC3SB4918 | Long             | EC               | CORP              | US        |     84441 | NS      | $449226.12    | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Government & Agency Portfolio | Invesco Government & Agency Portfolio, Institutional Class | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |      8017 | NS      | $8017.47      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Private Government Fund       | Invesco Private Government Fund                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   4171738 | NS      | $4171738.12   | 6.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Vital Energy, Inc.                    | Vital Energy, Inc.                                         | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |     27633 | NS      | $495459.69    | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Bristow Group Inc.                    | Bristow Group Inc.                                         | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     23834 | NS      | $894013.34    | 1.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Kinetik Holdings Inc.                 | Kinetik Holdings Inc., Class A                             | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41377 | NS      | $1434954.36   | 2.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Private Prime Fund            | Invesco Private Prime Fund                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   9336154 | NS      | $9336154.01   | 14.80%            |  |  |  | No            |                  2 | On Loan: No      |
| Northern Oil and Gas, Inc.            | Northern Oil and Gas, Inc.                                 | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     91958 | NS      | $2058939.62   | 3.26%             |  |  |  | No            |                  1 | On Loan: —       |
| California Resources Corp.            | California Resources Corp.                                 | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     68967 | NS      | $3295243.26   | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.       | Oceaneering International, Inc.                            | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |     94890 | NS      | $2315316.00   | 3.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Crescent Energy Co.                   | Crescent Energy Co., Class A                               | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    175842 | NS      | $1658190.06   | 2.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Noble Corp. PLC                       | Noble Corp. PLC                                            | CUSIP: G65431127<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | GB        |    118854 | NS      | $3639309.48   | 5.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc.                | Core Laboratories Inc.                                     | CUSIP: 21867A105<br>LEI: 984500040P5J07V43135 | Long             | EC               | CORP              | US        |     44599 | NS      | $673444.90    | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Kodiak Gas Services, Inc.             | Kodiak Gas Services, Inc.                                  | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70731 | NS      | $2489731.20   | 3.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Atlas Energy Solutions Inc.           | Atlas Energy Solutions Inc.                                | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72940 | NS      | $628742.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| World Kinect Corp.                    | World Kinect Corp.                                         | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     52655 | NS      | $1220542.90   | 1.93%             |  |  |  | No            |                  1 | On Loan: —       |
| CVR Energy, Inc.                      | CVR Energy, Inc.                                           | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |     28590 | NS      | $987212.70    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International, Inc.           | Innovex International, Inc.                                | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     36625 | NS      | $806482.50    | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Core Natural Resources, Inc.          | Core Natural Resources, Inc.                               | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     48766 | NS      | $3901280.00   | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group, Inc.    | Helix Energy Solutions Group, Inc.                         | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |    129966 | NS      | $865573.56    | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Helmerich & Payne, Inc.               | Helmerich & Payne, Inc.                                    | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     94167 | NS      | $2627259.30   | 4.16%             |  |  |  | No            |                  1 | On Loan: —       |
| SM Energy Co.                         | SM Energy Co.                                              | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    108834 | NS      | $2073287.70   | 3.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Par Pacific Holdings, Inc.            | Par Pacific Holdings, Inc.                                 | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     48106 | NS      | $2196038.90   | 3.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Dorian LPG Ltd.                       | Dorian LPG Ltd.                                            | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |     34869 | NS      | $864053.82    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp.          | REX American Resources Corp.                               | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26934 | NS      | $888552.66    | 1.41%             |  |  |  | No            |                  1 | On Loan: —       |

### 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