# EDGAR Filing Document

**Accession Number:** 0001209466
**File Stem:** 0001209466-25-000136
**Filing Date:** 2025-9
**Character Count:** 138315
**Document Hash:** ea32f82efc49796f939f386032823336
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209466-25-000136.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001209466-25-000136

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001209466

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21265
- **FILM NUMBER:** 251346603

**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
- **DATE OF NAME CHANGE:** 20021210

## Series and Classes Contracts Data

### Invesco Dorsey Wright Healthcare Momentum ETF (Series ID: S000013104)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000035320 | Invesco Dorsey Wright Healthcare Momentum ETF | PTH             |

## Nport-Ex

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

**Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Aluminum-1.19%** | **Aluminum-1.19%** | **Aluminum-1.19%** |
| Kaiser Aluminum Corp. | 7828 | &nbsp;&nbsp; $605183 |
| **Automotive Retail-1.50%** | **Automotive Retail-1.50%** | **Automotive Retail-1.50%** |
| Valvoline, Inc.<sup>(b)</sup> | 21604 | &nbsp;&nbsp; 761541 |
| **Coal & Consumable Fuels-3.10%** | **Coal & Consumable Fuels-3.10%** | **Coal & Consumable Fuels-3.10%** |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 181112 | &nbsp;&nbsp; 1570241 |
| **Commodity Chemicals-5.81%** | **Commodity Chemicals-5.81%** | **Commodity Chemicals-5.81%** |
| Cabot Corp. | 10843 | &nbsp;&nbsp; 782648 |
| Hawkins, Inc.<sup>(c)</sup> | 6456 | &nbsp;&nbsp; 1054135 |
| PureCycle Technologies, Inc.<sup>(b)(c)</sup> | 82444 | &nbsp;&nbsp; 1105574 |
|  |  | &nbsp;&nbsp; 2942357 |
| **Copper-1.80%** | **Copper-1.80%** | **Copper-1.80%** |
| Freeport-McMoRan, Inc. | 22728 | &nbsp;&nbsp; 914575 |
| **Diversified Chemicals-1.51%** | **Diversified Chemicals-1.51%** | **Diversified Chemicals-1.51%** |
| Chemours Co. (The)<sup>(c)</sup> | 63663 | &nbsp;&nbsp; 762683 |
| **Diversified Metals & Mining-9.01%** | **Diversified Metals & Mining-9.01%** | **Diversified Metals & Mining-9.01%** |
| Compass Minerals International, Inc.<sup>(b)(c)</sup> | 42644 | &nbsp;&nbsp; 849895 |
| MP Materials Corp.<sup>(b)(c)</sup> | 60370 | &nbsp;&nbsp; 3712755 |
|  |  | &nbsp;&nbsp; 4562650 |
| **Fertilizers & Agricultural Chemicals-11.77%** | **Fertilizers & Agricultural Chemicals-11.77%** | **Fertilizers & Agricultural Chemicals-11.77%** |
| CF Industries Holdings, Inc. | 15994 | &nbsp;&nbsp; 1484723 |
| Corteva, Inc. | 21971 | &nbsp;&nbsp; 1584768 |
| FMC Corp.<sup>(c)</sup> | 21898 | &nbsp;&nbsp; 854898 |
| Mosaic Co. (The) | 29603 | &nbsp;&nbsp; 1066004 |
| Scotts Miracle-Gro Co. (The) | 15551 | &nbsp;&nbsp; 974426 |
|  |  | &nbsp;&nbsp; 5964819 |
| **Forest Products-2.13%** | **Forest Products-2.13%** | **Forest Products-2.13%** |
| Louisiana-Pacific Corp. | 11918 | &nbsp;&nbsp; 1077506 |
| **Gold-9.88%** | **Gold-9.88%** | **Gold-9.88%** |
| Coeur Mining, Inc.<sup>(b)(c)</sup> | 201870 | &nbsp;&nbsp; 1754250 |
| Newmont Corp. | 26882 | &nbsp;&nbsp; 1669372 |
| Royal Gold, Inc. | 10435 | &nbsp;&nbsp; 1580068 |
|  |  | &nbsp;&nbsp; 5003690 |
| **Industrial Gases-5.47%** | **Industrial Gases-5.47%** | **Industrial Gases-5.47%** |
| Air Products and Chemicals, Inc. | 3415 | &nbsp;&nbsp; 983110 |
| Linde PLC | 3890 | &nbsp;&nbsp; 1790412 |
|  |  | &nbsp;&nbsp; 2773522 |
| **Industrial Machinery & Supplies & Components-1.79%** | **Industrial Machinery & Supplies & Components-1.79%** | **Industrial Machinery & Supplies & Components-1.79%** |
| Worthington Enterprises, Inc.<sup>(c)</sup> | 14622 | &nbsp;&nbsp; 906125 |
| **Metal, Glass & Plastic Containers-1.11%** | **Metal, Glass & Plastic Containers-1.11%** | **Metal, Glass & Plastic Containers-1.11%** |
| O-I Glass, Inc.<sup>(b)(c)</sup> | 43252 | &nbsp;&nbsp; 562708 |
| **Paper & Plastic Packaging Products & Materials-5.92%** | **Paper & Plastic Packaging Products & Materials-5.92%** | **Paper & Plastic Packaging Products & Materials-5.92%** |
| Avery Dennison Corp. | 11665 | &nbsp;&nbsp; 1957037 |
| International Paper Co. | 22349 | &nbsp;&nbsp; 1044592 |
|  |  | &nbsp;&nbsp; 3001629 |
| **Paper Products-1.20%** | **Paper Products-1.20%** | **Paper Products-1.20%** |
| Sylvamo Corp.<sup>(c)</sup> | 13154 | &nbsp;&nbsp; 606005 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Silver-1.78%** | **Silver-1.78%** | **Silver-1.78%** |
| Hecla Mining Co. | 157390 | &nbsp;&nbsp; $903419 |
| **Specialty Chemicals-19.79%** | **Specialty Chemicals-19.79%** | **Specialty Chemicals-19.79%** |
| ASP Isotopes, Inc.<sup>(b)(c)</sup> | 105820 | &nbsp;&nbsp; 959787 |
| Balchem Corp. | 5979 | &nbsp;&nbsp; 911618 |
| Celanese Corp.<sup>(c)</sup> | 17464 | &nbsp;&nbsp; 912145 |
| Ecolab, Inc. | 4156 | &nbsp;&nbsp; 1087875 |
| Element Solutions, Inc.<sup>(c)</sup> | 35614 | &nbsp;&nbsp; 840490 |
| Ingevity Corp.<sup>(b)(c)</sup> | 14528 | &nbsp;&nbsp; 607125 |
| International Flavors & Fragrances, Inc. | 11947 | &nbsp;&nbsp; 848596 |
| NewMarket Corp. | 1778 | &nbsp;&nbsp; 1221486 |
| RPM International, Inc. | 11544 | &nbsp;&nbsp; 1355381 |
| Sensient Technologies Corp. | 11427 | &nbsp;&nbsp; 1283138 |
|  |  | &nbsp;&nbsp; 10027641 |
| **Steel-15.19%** | **Steel-15.19%** | **Steel-15.19%** |
| ATI, Inc.<sup>(b)</sup> | 21182 | &nbsp;&nbsp; 1629743 |
| Carpenter Technology Corp. | 8822 | &nbsp;&nbsp; 2200119 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 123525 | &nbsp;&nbsp; 1299483 |
| Reliance, Inc. | 5681 | &nbsp;&nbsp; 1648228 |
| Steel Dynamics, Inc. | 7189 | &nbsp;&nbsp; 917029 |
|  |  | &nbsp;&nbsp; 7694602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $40,049,325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $40,049,325) | &nbsp;&nbsp; 50640896 |
| **Money Market Funds-0.29%** | **Money Market Funds-0.29%** | **Money Market Funds-0.29%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $148,057)<br>| 148057 | &nbsp;&nbsp; 148057 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.24% <br>(Cost $40,197,382) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.24% <br>(Cost $40,197,382) | &nbsp;&nbsp; 50788953 |
| **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-24.20%** | **Money Market Funds-24.20%** | **Money Market Funds-24.20%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 3404909 | &nbsp;&nbsp; 3404909 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 8853159 | &nbsp;&nbsp; 8854930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,259,839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,259,839) | &nbsp;&nbsp; 12259839 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-124.44% <br>(Cost $52,457,221) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-124.44% <br>(Cost $52,457,221) | &nbsp;&nbsp; 63048792 |
| OTHER ASSETS LESS LIABILITIES-(24.44)% | OTHER ASSETS LESS LIABILITIES-(24.44)% | &nbsp;&nbsp; (12381832)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $50666960 |

---

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

------

**Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)—(continued)**

July 31, 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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $130424 | &nbsp;&nbsp;&nbsp; $196170 | &nbsp;&nbsp;&nbsp; $(178537)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $148057 | &nbsp;&nbsp;&nbsp; $1539 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; 2023918 | &nbsp;&nbsp;&nbsp; 10130739 | &nbsp;&nbsp;&nbsp; (8749748)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3404909 | &nbsp;&nbsp;&nbsp; 25,017<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 5262219 | &nbsp;&nbsp;&nbsp; 23172703 | &nbsp;&nbsp;&nbsp; (19580001)<br>| &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; 8854930 | &nbsp;&nbsp;&nbsp; 67,453<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $7416561 | &nbsp;&nbsp;&nbsp; $33499612 | &nbsp;&nbsp;&nbsp; $(28508286)<br>| &nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp;&nbsp; $(97)<br>| &nbsp;&nbsp;&nbsp; $12407896 | &nbsp;&nbsp;&nbsp; $94009 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.09%** | **Common Stocks & Other Equity Interests-100.09%** | **Common Stocks & Other Equity Interests-100.09%** |
| **Apparel Retail-6.90%** | **Apparel Retail-6.90%** | **Apparel Retail-6.90%** |
| ThredUp, Inc., Class A<sup>(b)(c)</sup> | 75431 | &nbsp;&nbsp; $623060 |
| TJX Cos., Inc. (The) | 5844 | &nbsp;&nbsp; 727753 |
| Urban Outfitters, Inc.<sup>(b)(c)</sup> | 10317 | &nbsp;&nbsp; 776664 |
|  |  | &nbsp;&nbsp; 2127477 |
| **Apparel, Accessories & Luxury Goods-7.79%** | **Apparel, Accessories & Luxury Goods-7.79%** | **Apparel, Accessories & Luxury Goods-7.79%** |
| Ralph Lauren Corp. | 3601 | &nbsp;&nbsp; 1075799 |
| Tapestry, Inc. | 12285 | &nbsp;&nbsp; 1327148 |
|  |  | &nbsp;&nbsp; 2402947 |
| **Automotive Parts & Equipment-1.64%** | **Automotive Parts & Equipment-1.64%** | **Automotive Parts & Equipment-1.64%** |
| Dana, Inc. | 31700 | &nbsp;&nbsp; 504664 |
| **Automotive Retail-7.78%** | **Automotive Retail-7.78%** | **Automotive Retail-7.78%** |
| Carvana Co.<sup>(b)</sup> | 4471 | &nbsp;&nbsp; 1744450 |
| Group 1 Automotive, Inc.<sup>(c)</sup> | 1591 | &nbsp;&nbsp; 655731 |
|  |  | &nbsp;&nbsp; 2400181 |
| **Broadline Retail-8.68%** | **Broadline Retail-8.68%** | **Broadline Retail-8.68%** |
| Amazon.com, Inc.<sup>(b)</sup> | 4764 | &nbsp;&nbsp; 1115300 |
| Groupon, Inc.<sup>(b)(c)</sup> | 18648 | &nbsp;&nbsp; 575104 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 7232 | &nbsp;&nbsp; 988108 |
|  |  | &nbsp;&nbsp; 2678512 |
| **Casinos & Gaming-2.38%** | **Casinos & Gaming-2.38%** | **Casinos & Gaming-2.38%** |
| Rush Street Interactive, Inc.<sup>(b)</sup> | 36343 | &nbsp;&nbsp; 732675 |
| **Consumer Staples Merchandise Retail-2.59%** | **Consumer Staples Merchandise Retail-2.59%** | **Consumer Staples Merchandise Retail-2.59%** |
| Walmart, Inc. | 8143 | &nbsp;&nbsp; 797851 |
| **Education Services-2.01%** | **Education Services-2.01%** | **Education Services-2.01%** |
| Duolingo, Inc.<sup>(b)</sup> | 1793 | &nbsp;&nbsp; 621364 |
| **Health Care Distributors-6.77%** | **Health Care Distributors-6.77%** | **Health Care Distributors-6.77%** |
| Cardinal Health, Inc. | 6749 | &nbsp;&nbsp; 1047580 |
| McKesson Corp. | 1502 | &nbsp;&nbsp; 1041697 |
|  |  | &nbsp;&nbsp; 2089277 |
| **Home Furnishings-3.71%** | **Home Furnishings-3.71%** | **Home Furnishings-3.71%** |
| Somnigroup International, Inc.<sup>(c)</sup> | 15819 | &nbsp;&nbsp; 1144979 |
| **Hotels, Resorts & Cruise Lines-12.26%** | **Hotels, Resorts & Cruise Lines-12.26%** | **Hotels, Resorts & Cruise Lines-12.26%** |
| Booking Holdings, Inc. | 156 | &nbsp;&nbsp; 858633 |
| Hilton Worldwide Holdings, Inc. | 3143 | &nbsp;&nbsp; 842575 |
| Marriott International, Inc., Class A | 2873 | &nbsp;&nbsp; 757984 |
| Royal Caribbean Cruises Ltd. | 4164 | &nbsp;&nbsp; 1323611 |
|  |  | &nbsp;&nbsp; 3782803 |
| **Leisure Facilities-2.40%** | **Leisure Facilities-2.40%** | **Leisure Facilities-2.40%** |
| Planet Fitness, Inc., Class A<sup>(b)</sup> | 6788 | &nbsp;&nbsp; 741182 |
| **Movies & Entertainment-9.22%** | **Movies & Entertainment-9.22%** | **Movies & Entertainment-9.22%** |
| Cinemark Holdings, Inc. | 22828 | &nbsp;&nbsp; 613389 |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 8298 | &nbsp;&nbsp; 832704 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Movies & Entertainment-(continued)** | **Movies & Entertainment-(continued)** | **Movies & Entertainment-(continued)** |
| Liberty Media Corp.-Liberty Live<sup>(b)</sup> | 5309 | &nbsp;&nbsp; $434276 |
| Netflix, Inc.<sup>(b)</sup> | 832 | &nbsp;&nbsp; 964621 |
|  |  | &nbsp;&nbsp; 2844990 |
| **Other Specialty Retail-8.27%** | **Other Specialty Retail-8.27%** | **Other Specialty Retail-8.27%** |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 7973 | &nbsp;&nbsp; 404311 |
| Chewy, Inc., Class A<sup>(b)</sup> | 19963 | &nbsp;&nbsp; 732642 |
| Five Below, Inc.<sup>(b)</sup> | 5827 | &nbsp;&nbsp; 795502 |
| National Vision Holdings, Inc.<sup>(b)</sup> | 25517 | &nbsp;&nbsp; 619042 |
|  |  | &nbsp;&nbsp; 2551497 |
| **Restaurants-15.94%** | **Restaurants-15.94%** | **Restaurants-15.94%** |
| Brinker International, Inc.<sup>(b)</sup> | 6084 | &nbsp;&nbsp; 958839 |
| Darden Restaurants, Inc. | 4319 | &nbsp;&nbsp; 871013 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 4749 | &nbsp;&nbsp; 1188437 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 6250 | &nbsp;&nbsp; 752125 |
| Wingstop, Inc.<sup>(c)</sup> | 3042 | &nbsp;&nbsp; 1147868 |
|  |  | &nbsp;&nbsp; 4918282 |
| **Specialized Consumer Services-1.75%** | **Specialized Consumer Services-1.75%** | **Specialized Consumer Services-1.75%** |
| Frontdoor, Inc.<sup>(b)</sup> | 9204 | &nbsp;&nbsp; 538434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $26,548,135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $26,548,135) | &nbsp;&nbsp; 30877115 |
| **Money Market Funds-0.29%** | **Money Market Funds-0.29%** | **Money Market Funds-0.29%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $88,572)<br>| 88572 | &nbsp;&nbsp; 88572 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.38% <br>(Cost $26,636,707) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.38% <br>(Cost $26,636,707) | &nbsp;&nbsp; 30965687 |
| **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-13.39%** | **Money Market Funds-13.39%** | **Money Market Funds-13.39%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 1149080 | &nbsp;&nbsp; 1149080 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 2982713 | &nbsp;&nbsp; 2983310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,132,390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,132,390) | &nbsp;&nbsp; 4132390 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-113.77% <br>(Cost $30,769,097) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-113.77% <br>(Cost $30,769,097) | &nbsp;&nbsp; 35098077 |
| OTHER ASSETS LESS LIABILITIES-(13.77)% | OTHER ASSETS LESS LIABILITIES-(13.77)% | &nbsp;&nbsp; (4248691)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $30849386 |

---

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

------

**Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)—(continued)**

July 31, 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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $136511 | &nbsp;&nbsp;&nbsp; $110686 | &nbsp;&nbsp;&nbsp; $(158625)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $88572 | &nbsp;&nbsp;&nbsp; $1263 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; 4487712 | &nbsp;&nbsp;&nbsp; 4891126 | &nbsp;&nbsp;&nbsp; (8229758)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1149080 | &nbsp;&nbsp;&nbsp; 12,811<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 7998580 | &nbsp;&nbsp;&nbsp; 10433989 | &nbsp;&nbsp;&nbsp; (15449254)<br>| &nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp; (237)<br>| &nbsp;&nbsp;&nbsp; 2983310 | &nbsp;&nbsp;&nbsp; 36,017<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $12622803 | &nbsp;&nbsp;&nbsp; $15435801 | &nbsp;&nbsp;&nbsp; $(23837637)<br>| &nbsp;&nbsp;&nbsp; $232 | &nbsp;&nbsp;&nbsp; $(237)<br>| &nbsp;&nbsp;&nbsp; $4220962 | &nbsp;&nbsp;&nbsp; $50091 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
| **Agricultural Products & Services-5.68%** | **Agricultural Products & Services-5.68%** | **Agricultural Products & Services-5.68%** |
| Bunge Global S.A. | 18366 | &nbsp;&nbsp; $1464872 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 34136 | &nbsp;&nbsp; 1105324 |
| Fresh Del Monte Produce, Inc. | 35719 | &nbsp;&nbsp; 1342677 |
| Ingredion, Inc. | 12782 | &nbsp;&nbsp; 1681344 |
|  |  | &nbsp;&nbsp; 5594217 |
| **Brewers-1.58%** | **Brewers-1.58%** | **Brewers-1.58%** |
| Molson Coors Beverage Co., Class B | 32067 | &nbsp;&nbsp; 1562304 |
| **Consumer Finance-1.37%** | **Consumer Finance-1.37%** | **Consumer Finance-1.37%** |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 94142 | &nbsp;&nbsp; 1348113 |
| **Consumer Staples Merchandise Retail-6.96%** | **Consumer Staples Merchandise Retail-6.96%** | **Consumer Staples Merchandise Retail-6.96%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 32850 | &nbsp;&nbsp; 3478815 |
| Costco Wholesale Corp. | 3595 | &nbsp;&nbsp; 3378006 |
|  |  | &nbsp;&nbsp; 6856821 |
| **Education Services-15.85%** | **Education Services-15.85%** | **Education Services-15.85%** |
| Adtalem Global Education, Inc.<sup>(b)(c)</sup> | 21321 | &nbsp;&nbsp; 2436351 |
| Bright Horizons Family Solutions, Inc.<sup>(b)(c)</sup> | 11793 | &nbsp;&nbsp; 1333788 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 10869 | &nbsp;&nbsp; 1832839 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 75101 | &nbsp;&nbsp; 1697283 |
| Perdoceo Education Corp.<sup>(c)</sup> | 51023 | &nbsp;&nbsp; 1468442 |
| Strategic Education, Inc. | 14355 | &nbsp;&nbsp; 1064352 |
| Stride, Inc.<sup>(b)(c)</sup> | 25880 | &nbsp;&nbsp; 3318592 |
| Universal Technical Institute, Inc.<sup>(b)(c)</sup> | 76350 | &nbsp;&nbsp; 2459997 |
|  |  | &nbsp;&nbsp; 15611644 |
| **Food Distributors-7.75%** | **Food Distributors-7.75%** | **Food Distributors-7.75%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 36504 | &nbsp;&nbsp; 2502714 |
| Performance Food Group Co.<sup>(b)(c)</sup> | 16901 | &nbsp;&nbsp; 1696861 |
| US Foods Holding Corp.<sup>(b)</sup> | 41210 | &nbsp;&nbsp; 3434029 |
|  |  | &nbsp;&nbsp; 7633604 |
| **Food Retail-10.61%** | **Food Retail-10.61%** | **Food Retail-10.61%** |
| Casey's General Stores, Inc. | 7659 | &nbsp;&nbsp; 3983676 |
| Kroger Co. (The) | 46907 | &nbsp;&nbsp; 3288181 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 20962 | &nbsp;&nbsp; 3176581 |
|  |  | &nbsp;&nbsp; 10448438 |
| **Household Products-6.35%** | **Household Products-6.35%** | **Household Products-6.35%** |
| Church & Dwight Co., Inc. | 38012 | &nbsp;&nbsp; 3564385 |
| Procter & Gamble Co. (The) | 17908 | &nbsp;&nbsp; 2694617 |
|  |  | &nbsp;&nbsp; 6259002 |
| **Packaged Foods & Meats-9.03%** | **Packaged Foods & Meats-9.03%** | **Packaged Foods & Meats-9.03%** |
| Cal-Maine Foods, Inc. | 23769 | &nbsp;&nbsp; 2641687 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 19179 | &nbsp;&nbsp; 1310309 |
| Marzetti Co. (The) | 7785 | &nbsp;&nbsp; 1383862 |
| Post Holdings, Inc.<sup>(b)</sup> | 15146 | &nbsp;&nbsp; 1602598 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 52549 | &nbsp;&nbsp; 1954823 |
|  |  | &nbsp;&nbsp; 8893279 |
| **Personal Care Products-8.19%** | **Personal Care Products-8.19%** | **Personal Care Products-8.19%** |
| BellRing Brands, Inc.<sup>(b)</sup> | 25698 | &nbsp;&nbsp; 1402597 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 17022 | &nbsp;&nbsp; 2062896 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Personal Care Products-(continued)** | **Personal Care Products-(continued)** | **Personal Care Products-(continued)** |
| Estee Lauder Cos., Inc. (The), Class A | 21962 | &nbsp;&nbsp; $2049933 |
| Herbalife Ltd.<sup>(b)(c)</sup> | 150161 | &nbsp;&nbsp; 1381481 |
| Interparfums, Inc.<sup>(c)</sup> | 9733 | &nbsp;&nbsp; 1173800 |
|  |  | &nbsp;&nbsp; 8070707 |
| **Soft Drinks & Non-alcoholic Beverages-12.93%** | **Soft Drinks & Non-alcoholic Beverages-12.93%** | **Soft Drinks & Non-alcoholic Beverages-12.93%** |
| Celsius Holdings, Inc.<sup>(b)</sup> | 63528 | &nbsp;&nbsp; 2880360 |
| Coca-Cola Co. (The) | 22457 | &nbsp;&nbsp; 1524606 |
| Coca-Cola Consolidated, Inc. | 17477 | &nbsp;&nbsp; 1953055 |
| Keurig Dr Pepper, Inc. | 86405 | &nbsp;&nbsp; 2821123 |
| Monster Beverage Corp.<sup>(b)</sup> | 60595 | &nbsp;&nbsp; 3559956 |
|  |  | &nbsp;&nbsp; 12739100 |
| **Specialized Consumer Services-5.16%** | **Specialized Consumer Services-5.16%** | **Specialized Consumer Services-5.16%** |
| H&R Block, Inc. | 44717 | &nbsp;&nbsp; 2429922 |
| Service Corp. International<sup>(c)</sup> | 34724 | &nbsp;&nbsp; 2649788 |
|  |  | &nbsp;&nbsp; 5079710 |
| **Tobacco-8.55%** | **Tobacco-8.55%** | **Tobacco-8.55%** |
| Altria Group, Inc. | 41702 | &nbsp;&nbsp; 2583022 |
| Philip Morris International, Inc. | 17039 | &nbsp;&nbsp; 2795248 |
| Turning Point Brands, Inc.<sup>(c)</sup> | 21893 | &nbsp;&nbsp; 1815805 |
| Universal Corp.<sup>(c)</sup> | 22551 | &nbsp;&nbsp; 1228353 |
|  |  | &nbsp;&nbsp; 8422428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $82,369,728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $82,369,728) | &nbsp;&nbsp; 98519367 |
| **Money Market Funds-0.14%** | **Money Market Funds-0.14%** | **Money Market Funds-0.14%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $138,045)<br>| 138045 | &nbsp;&nbsp; 138045 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $82,507,773) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $82,507,773) | &nbsp;&nbsp; 98657412 |
| **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-9.13%** | **Money Market Funds-9.13%** | **Money Market Funds-9.13%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2496674 | &nbsp;&nbsp; 2496674 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 6495539 | &nbsp;&nbsp; 6496838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,993,512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,993,512) | &nbsp;&nbsp; 8993512 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.28% <br>(Cost $91,501,285) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-109.28% <br>(Cost $91,501,285) | &nbsp;&nbsp; 107650924 |
| OTHER ASSETS LESS LIABILITIES-(9.28)% | OTHER ASSETS LESS LIABILITIES-(9.28)% | &nbsp;&nbsp; (9139515)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $98511409 |

---

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

------

**Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)—(continued)**

July 31, 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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $208916 | &nbsp;&nbsp;&nbsp; $522009 | &nbsp;&nbsp;&nbsp; $(592880)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $138045 | &nbsp;&nbsp;&nbsp; $1600 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; 4827252 | &nbsp;&nbsp;&nbsp; 14973073 | &nbsp;&nbsp;&nbsp; (17303651)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2496674 | &nbsp;&nbsp;&nbsp; 38,721<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 12565489 | &nbsp;&nbsp;&nbsp; 29945811 | &nbsp;&nbsp;&nbsp; (36014710)<br>| &nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; 6496838 | &nbsp;&nbsp;&nbsp; 104,170<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $17601657 | &nbsp;&nbsp;&nbsp; $45440893 | &nbsp;&nbsp;&nbsp; $(53911241)<br>| &nbsp;&nbsp;&nbsp; $295 | &nbsp;&nbsp;&nbsp; $(47)<br>| &nbsp;&nbsp;&nbsp; $9131557 | &nbsp;&nbsp;&nbsp; $144491 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Energy Momentum ETF (PXI)**

July 31, 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%** |
| **Coal & Consumable Fuels-7.06%** | **Coal & Consumable Fuels-7.06%** | **Coal & Consumable Fuels-7.06%** |
| Centrus Energy Corp., Class A<sup>(b)(c)</sup> | 12167 | &nbsp;&nbsp; $2620772 |
| Hallador Energy Co.<sup>(b)(c)</sup> | 30050 | &nbsp;&nbsp; 530082 |
|  |  | &nbsp;&nbsp; 3150854 |
| **Integrated Oil & Gas-7.64%** | **Integrated Oil & Gas-7.64%** | **Integrated Oil & Gas-7.64%** |
| Chevron Corp. | 7410 | &nbsp;&nbsp; 1123652 |
| Exxon Mobil Corp. | 12717 | &nbsp;&nbsp; 1419726 |
| Occidental Petroleum Corp. | 19620 | &nbsp;&nbsp; 862103 |
|  |  | &nbsp;&nbsp; 3405481 |
| **Oil & Gas Drilling-1.35%** | **Oil & Gas Drilling-1.35%** | **Oil & Gas Drilling-1.35%** |
| Valaris Ltd.<sup>(b)(c)</sup> | 12386 | &nbsp;&nbsp; 602331 |
| **Oil & Gas Equipment & Services-10.72%** | **Oil & Gas Equipment & Services-10.72%** | **Oil & Gas Equipment & Services-10.72%** |
| Archrock, Inc. | 38637 | &nbsp;&nbsp; 902560 |
| Baker Hughes Co., Class A | 23382 | &nbsp;&nbsp; 1053359 |
| Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup> | 71261 | &nbsp;&nbsp; 422578 |
| Kodiak Gas Services, Inc. | 21202 | &nbsp;&nbsp; 685461 |
| Select Water Solutions, Inc., Class A | 48035 | &nbsp;&nbsp; 462577 |
| Weatherford International PLC | 22176 | &nbsp;&nbsp; 1254053 |
|  |  | &nbsp;&nbsp; 4780588 |
| **Oil & Gas Exploration & Production-32.63%** | **Oil & Gas Exploration & Production-32.63%** | **Oil & Gas Exploration & Production-32.63%** |
| Antero Resources Corp.<sup>(b)</sup> | 40354 | &nbsp;&nbsp; 1409565 |
| CNX Resources Corp.<sup>(b)</sup> | 29551 | &nbsp;&nbsp; 895691 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 38316 | &nbsp;&nbsp; 684707 |
| ConocoPhillips | 12633 | &nbsp;&nbsp; 1204430 |
| Devon Energy Corp. | 30229 | &nbsp;&nbsp; 1004208 |
| Diamondback Energy, Inc. | 8877 | &nbsp;&nbsp; 1319655 |
| EOG Resources, Inc. | 10764 | &nbsp;&nbsp; 1291895 |
| Expand Energy Corp. | 13236 | &nbsp;&nbsp; 1386868 |
| Gulfport Energy Corp.<sup>(b)</sup> | 5332 | &nbsp;&nbsp; 928461 |
| Magnolia Oil & Gas Corp., Class A | 29394 | &nbsp;&nbsp; 700165 |
| Permian Resources Corp. | 75877 | &nbsp;&nbsp; 1074418 |
| Range Resources Corp. | 38384 | &nbsp;&nbsp; 1409461 |
| Viper Energy, Inc. | 19523 | &nbsp;&nbsp; 735236 |
| Vital Energy, Inc.<sup>(b)(c)</sup> | 27351 | &nbsp;&nbsp; 511190 |
|  |  | &nbsp;&nbsp; 14555950 |
| **Oil & Gas Refining & Marketing-17.16%** | **Oil & Gas Refining & Marketing-17.16%** | **Oil & Gas Refining & Marketing-17.16%** |
| Calumet, Inc.<sup>(b)(c)</sup> | 27856 | &nbsp;&nbsp; 444025 |
| CVR Energy, Inc.<sup>(c)</sup> | 23081 | &nbsp;&nbsp; 618109 |
| Delek US Holdings, Inc. | 28256 | &nbsp;&nbsp; 632087 |
| Green Plains, Inc.<sup>(b)(c)</sup> | 79683 | &nbsp;&nbsp; 658978 |
| HF Sinclair Corp. | 20322 | &nbsp;&nbsp; 892949 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** |
| Marathon Petroleum Corp. | 12916 | &nbsp;&nbsp; $2198174 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 25853 | &nbsp;&nbsp; 811267 |
| PBF Energy, Inc., Class A | 24841 | &nbsp;&nbsp; 561406 |
| Valero Energy Corp. | 6080 | &nbsp;&nbsp; 834845 |
|  |  | &nbsp;&nbsp; 7651840 |
| **Oil & Gas Storage & Transportation-23.31%** | **Oil & Gas Storage & Transportation-23.31%** | **Oil & Gas Storage & Transportation-23.31%** |
| Antero Midstream Corp. | 56850 | &nbsp;&nbsp; 1043198 |
| Cheniere Energy, Inc. | 6639 | &nbsp;&nbsp; 1566007 |
| DT Midstream, Inc. | 15479 | &nbsp;&nbsp; 1590158 |
| Kinder Morgan, Inc. | 59534 | &nbsp;&nbsp; 1670524 |
| Kinetik Holdings, Inc., Class A | 14569 | &nbsp;&nbsp; 632003 |
| Targa Resources Corp. | 13569 | &nbsp;&nbsp; 2258017 |
| Williams Cos., Inc. (The) | 27331 | &nbsp;&nbsp; 1638494 |
|  |  | &nbsp;&nbsp; 10398401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $41,126,836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $41,126,836) | &nbsp;&nbsp; 44545445 |
| **Money Market Funds-0.33%** | **Money Market Funds-0.33%** | **Money Market Funds-0.33%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $145,408)<br>| 145408 | &nbsp;&nbsp; 145408 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.20% <br>(Cost $41,272,244) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.20% <br>(Cost $41,272,244) | &nbsp;&nbsp; 44690853 |
| **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-8.66%** | **Money Market Funds-8.66%** | **Money Market Funds-8.66%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 1044396 | &nbsp;&nbsp; 1044396 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 2819153 | &nbsp;&nbsp; 2819717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,864,113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,864,113) | &nbsp;&nbsp; 3864113 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-108.86% <br>(Cost $45,136,357) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-108.86% <br>(Cost $45,136,357) | &nbsp;&nbsp; 48554966 |
| OTHER ASSETS LESS LIABILITIES-(8.86)% | OTHER ASSETS LESS LIABILITIES-(8.86)% | &nbsp;&nbsp; (3951139)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $44603827 |

---

&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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $156950 | &nbsp;&nbsp;&nbsp; $399525 | &nbsp;&nbsp;&nbsp; $(411067)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $145408 | &nbsp;&nbsp;&nbsp; $1455 |

---

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

------

**Invesco Dorsey Wright Energy Momentum ETF (PXI)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **July 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; $2734661 | &nbsp;&nbsp;&nbsp; $10128579 | &nbsp;&nbsp;&nbsp; $(11818844)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1044396 | &nbsp;&nbsp;&nbsp; $26,500<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 7109338 | &nbsp;&nbsp;&nbsp; 20814696 | &nbsp;&nbsp;&nbsp; (25104359)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 2819717 | &nbsp;&nbsp;&nbsp; 71,937<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $10000949 | &nbsp;&nbsp;&nbsp; $31342800 | &nbsp;&nbsp;&nbsp; $(37334270)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $42 | &nbsp;&nbsp;&nbsp; $4009521 | &nbsp;&nbsp;&nbsp; $99892 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Financial Momentum ETF (PFI)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Asset Management & Custody Banks-9.45%** | **Asset Management & Custody Banks-9.45%** | **Asset Management & Custody Banks-9.45%** |
| Ameriprise Financial, Inc. | 4189 | &nbsp;&nbsp; $2170698 |
| Ares Management Corp., Class A<sup>(b)</sup> | 12960 | &nbsp;&nbsp; 2404469 |
| Victory Capital Holdings, Inc., Class A<sup>(b)</sup> | 17933 | &nbsp;&nbsp; 1235763 |
|  |  | &nbsp;&nbsp; 5810930 |
| **Commercial & Residential Mortgage Finance-1.75%** | **Commercial & Residential Mortgage Finance-1.75%** | **Commercial & Residential Mortgage Finance-1.75%** |
| MGIC Investment Corp. | 41468 | &nbsp;&nbsp; 1074021 |
| **Construction Machinery & Heavy Transportation Equipment-1.55%** | **Construction Machinery & Heavy Transportation Equipment-1.55%** | **Construction Machinery & Heavy Transportation Equipment-1.55%** |
| Microvast Holdings, Inc.<sup>(b)(c)</sup> | 300286 | &nbsp;&nbsp; 951907 |
| **Consumer Finance-10.17%** | **Consumer Finance-10.17%** | **Consumer Finance-10.17%** |
| American Express Co. | 5617 | &nbsp;&nbsp; 1681224 |
| Capital One Financial Corp. | 6807 | &nbsp;&nbsp; 1463505 |
| SLM Corp. | 33191 | &nbsp;&nbsp; 1055474 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 90883 | &nbsp;&nbsp; 2052138 |
|  |  | &nbsp;&nbsp; 6252341 |
| **Diversified Banks-3.63%** | **Diversified Banks-3.63%** | **Diversified Banks-3.63%** |
| JPMorgan Chase & Co. | 7542 | &nbsp;&nbsp; 2234242 |
| **Diversified Financial Services-2.18%** | **Diversified Financial Services-2.18%** | **Diversified Financial Services-2.18%** |
| Equitable Holdings, Inc. | 26164 | &nbsp;&nbsp; 1343521 |
| **Financial Exchanges & Data-2.30%** | **Financial Exchanges & Data-2.30%** | **Financial Exchanges & Data-2.30%** |
| Intercontinental Exchange, Inc. | 7669 | &nbsp;&nbsp; 1417461 |
| **Health Care REITs-2.28%** | **Health Care REITs-2.28%** | **Health Care REITs-2.28%** |
| Welltower, Inc. | 8502 | &nbsp;&nbsp; 1403425 |
| **Insurance Brokers-2.82%** | **Insurance Brokers-2.82%** | **Insurance Brokers-2.82%** |
| Arthur J. Gallagher & Co. | 6028 | &nbsp;&nbsp; 1731543 |
| **Investment Banking & Brokerage-22.64%** | **Investment Banking & Brokerage-22.64%** | **Investment Banking & Brokerage-22.64%** |
| Evercore, Inc., Class A | 6341 | &nbsp;&nbsp; 1909529 |
| Goldman Sachs Group, Inc. (The) | 2091 | &nbsp;&nbsp; 1513027 |
| Houlihan Lokey, Inc. | 7327 | &nbsp;&nbsp; 1396966 |
| Interactive Brokers Group, Inc., Class A | 29272 | &nbsp;&nbsp; 1919072 |
| PJT Partners, Inc., Class A<sup>(b)</sup> | 6928 | &nbsp;&nbsp; 1237479 |
| Raymond James Financial, Inc. | 10495 | &nbsp;&nbsp; 1754029 |
| Robinhood Markets, Inc., Class A<sup>(c)</sup> | 27904 | &nbsp;&nbsp; 2875507 |
| StoneX Group, Inc.<sup>(b)(c)</sup> | 13535 | &nbsp;&nbsp; 1316144 |
|  |  | &nbsp;&nbsp; 13921753 |
| **Life & Health Insurance-2.55%** | **Life & Health Insurance-2.55%** | **Life & Health Insurance-2.55%** |
| Unum Group | 21816 | &nbsp;&nbsp; 1566607 |
| **Multi-line Insurance-1.97%** | **Multi-line Insurance-1.97%** | **Multi-line Insurance-1.97%** |
| American International Group, Inc. | 15577 | &nbsp;&nbsp; 1209242 |
| **Property & Casualty Insurance-15.89%** | **Property & Casualty Insurance-15.89%** | **Property & Casualty Insurance-15.89%** |
| AXIS Capital Holdings Ltd. | 10278 | &nbsp;&nbsp; 964488 |
| HCI Group, Inc. | 6767 | &nbsp;&nbsp; 947651 |
| Lemonade, Inc.<sup>(b)(c)</sup> | 29308 | &nbsp;&nbsp; 1104325 |
| Palomar Holdings, Inc.<sup>(b)(c)</sup> | 7210 | &nbsp;&nbsp; 955253 |
| Progressive Corp. (The) | 10527 | &nbsp;&nbsp; 2547955 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Property & Casualty Insurance-(continued)** | **Property & Casualty Insurance-(continued)** | **Property & Casualty Insurance-(continued)** |
| Skyward Specialty Insurance Group, Inc.<sup>(c)</sup> | 16173 | &nbsp;&nbsp; $818030 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 20680 | &nbsp;&nbsp; 980439 |
| W.R. Berkley Corp. | 21117 | &nbsp;&nbsp; 1453061 |
|  |  | &nbsp;&nbsp; 9771202 |
| **Real Estate Services-2.52%** | **Real Estate Services-2.52%** | **Real Estate Services-2.52%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 9961 | &nbsp;&nbsp; 1551326 |
| **Regional Banks-1.56%** | **Regional Banks-1.56%** | **Regional Banks-1.56%** |
| Pathward Financial, Inc.<sup>(b)</sup> | 12727 | &nbsp;&nbsp; 962479 |
| **Reinsurance-1.65%** | **Reinsurance-1.65%** | **Reinsurance-1.65%** |
| SiriusPoint Ltd. (Sweden)<sup>(c)</sup> | 51641 | &nbsp;&nbsp; 1012680 |
| **Retail REITs-2.16%** | **Retail REITs-2.16%** | **Retail REITs-2.16%** |
| Simon Property Group, Inc. | 8126 | &nbsp;&nbsp; 1330958 |
| **Transaction & Payment Processing Services-12.95%** | **Transaction & Payment Processing Services-12.95%** | **Transaction & Payment Processing Services-12.95%** |
| Mastercard, Inc., Class A | 5108 | &nbsp;&nbsp; 2893529 |
| Paymentus Holdings, Inc., Class A<sup>(b)(c)</sup> | 30165 | &nbsp;&nbsp; 841000 |
| Sezzle, Inc.<sup>(b)(c)</sup> | 14017 | &nbsp;&nbsp; 2170392 |
| Visa, Inc., Class A | 5969 | &nbsp;&nbsp; 2062111 |
|  |  | &nbsp;&nbsp; 7967032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $57,051,514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $57,051,514) | &nbsp;&nbsp; 61512670 |
| **Money Market Funds-0.17%** | **Money Market Funds-0.17%** | **Money Market Funds-0.17%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $105,387)<br>| 105387 | &nbsp;&nbsp; 105387 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.19% <br>(Cost $57,156,901) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.19% <br>(Cost $57,156,901) | &nbsp;&nbsp; 61618057 |
| **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-22.67%** | **Money Market Funds-22.67%** | **Money Market Funds-22.67%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 3879668 | &nbsp;&nbsp; 3879668 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 10058852 | &nbsp;&nbsp; 10060864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,940,532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,940,532) | &nbsp;&nbsp; 13940532 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-122.86% <br>(Cost $71,097,433) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-122.86% <br>(Cost $71,097,433) | &nbsp;&nbsp; 75558589 |
| OTHER ASSETS LESS LIABILITIES-(22.86)% | OTHER ASSETS LESS LIABILITIES-(22.86)% | &nbsp;&nbsp; (14057458)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $61501131 |

---

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

------

**Invesco Dorsey Wright Financial Momentum ETF (PFI)—(continued)**

July 31, 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> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $111055 | &nbsp;&nbsp;&nbsp; $314285 | &nbsp;&nbsp;&nbsp; $(319953)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $105387 | &nbsp;&nbsp;&nbsp; $1457 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; 1434044 | &nbsp;&nbsp;&nbsp; 11548379 | &nbsp;&nbsp;&nbsp; (9102755)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3879668 | &nbsp;&nbsp;&nbsp; 18,879<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 3740392 | &nbsp;&nbsp;&nbsp; 25529397 | &nbsp;&nbsp;&nbsp; (19208878)<br>| &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp; 10060864 | &nbsp;&nbsp;&nbsp; 51,274<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $5285491 | &nbsp;&nbsp;&nbsp; $37392061 | &nbsp;&nbsp;&nbsp; $(28631586)<br>| &nbsp;&nbsp;&nbsp; $90 | &nbsp;&nbsp;&nbsp; $(137)<br>| &nbsp;&nbsp;&nbsp; $14045919 | &nbsp;&nbsp;&nbsp; $71610 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Healthcare Momentum ETF (PTH)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Biotechnology-40.49%** | **Biotechnology-40.49%** | **Biotechnology-40.49%** |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 69620 | &nbsp;&nbsp; $1659045 |
| Akero Therapeutics, Inc.<sup>(b)(c)</sup> | 53147 | &nbsp;&nbsp; 2596231 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 50407 | &nbsp;&nbsp; 1237492 |
| ARS Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 71577 | &nbsp;&nbsp; 1265481 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)</sup> | 193339 | &nbsp;&nbsp; 1573779 |
| CareDx, Inc.<sup>(b)</sup> | 69377 | &nbsp;&nbsp; 852296 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 71815 | &nbsp;&nbsp; 1531814 |
| Exelixis, Inc.<sup>(b)</sup> | 80149 | &nbsp;&nbsp; 2902997 |
| GRAIL, Inc.<sup>(b)</sup> | 62393 | &nbsp;&nbsp; 2134465 |
| Insmed, Inc.<sup>(b)</sup> | 51017 | &nbsp;&nbsp; 5473104 |
| Merus N.V. (Netherlands)<sup>(b)</sup> | 27223 | &nbsp;&nbsp; 1803252 |
| Mirum Pharmaceuticals, Inc.<sup>(b)</sup> | 24401 | &nbsp;&nbsp; 1261044 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 46027 | &nbsp;&nbsp; 2479014 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 26826 | &nbsp;&nbsp; 1397903 |
| Revolution Medicines, Inc.<sup>(b)(c)</sup> | 43098 | &nbsp;&nbsp; 1606262 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | 25497 | &nbsp;&nbsp; 2173109 |
| Soleno Therapeutics, Inc.<sup>(b)</sup> | 44288 | &nbsp;&nbsp; 3829583 |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 103888 | &nbsp;&nbsp; 1446121 |
|  |  | &nbsp;&nbsp; 37222992 |
| **Health Care Distributors-3.72%** | **Health Care Distributors-3.72%** | **Health Care Distributors-3.72%** |
| Cencora, Inc. | 11965 | &nbsp;&nbsp; 3422947 |
| **Health Care Equipment-19.61%** | **Health Care Equipment-19.61%** | **Health Care Equipment-19.61%** |
| Artivion, Inc.<sup>(b)</sup> | 46578 | &nbsp;&nbsp; 1439726 |
| Boston Scientific Corp.<sup>(b)</sup> | 48058 | &nbsp;&nbsp; 5042245 |
| Insulet Corp.<sup>(b)</sup> | 9702 | &nbsp;&nbsp; 2798057 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 6452 | &nbsp;&nbsp; 3103992 |
| ResMed, Inc. | 10155 | &nbsp;&nbsp; 2761551 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 24244 | &nbsp;&nbsp; 2884309 |
|  |  | &nbsp;&nbsp; 18029880 |
| **Health Care Facilities-6.59%** | **Health Care Facilities-6.59%** | **Health Care Facilities-6.59%** |
| Encompass Health Corp. | 16444 | &nbsp;&nbsp; 1810649 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 26332 | &nbsp;&nbsp; 4246825 |
|  |  | &nbsp;&nbsp; 6057474 |
| **Health Care Services-13.34%** | **Health Care Services-13.34%** | **Health Care Services-13.34%** |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 98784 | &nbsp;&nbsp; 2039889 |
| Guardant Health, Inc.<sup>(b)</sup> | 45246 | &nbsp;&nbsp; 1854181 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 90387 | &nbsp;&nbsp; 5981812 |
| RadNet, Inc.<sup>(b)</sup> | 43638 | &nbsp;&nbsp; 2388308 |
|  |  | &nbsp;&nbsp; 12264190 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Technology-1.31%** | **Health Care Technology-1.31%** | **Health Care Technology-1.31%** |
| LifeMD, Inc.<sup>(b)(c)</sup> | 115861 | &nbsp;&nbsp; $1206113 |
| **Life Sciences Tools & Services-1.28%** | **Life Sciences Tools & Services-1.28%** | **Life Sciences Tools & Services-1.28%** |
| Niagen Bioscience, Inc.<sup>(b)(c)</sup> | 126059 | &nbsp;&nbsp; 1178652 |
| **Managed Health Care-2.74%** | **Managed Health Care-2.74%** | **Managed Health Care-2.74%** |
| HealthEquity, Inc.<sup>(b)</sup> | 25939 | &nbsp;&nbsp; 2516083 |
| **Pharmaceuticals-10.94%** | **Pharmaceuticals-10.94%** | **Pharmaceuticals-10.94%** |
| CorMedix, Inc.<sup>(b)(c)</sup> | 140176 | &nbsp;&nbsp; 1635854 |
| Harrow, Inc.<sup>(b)(c)</sup> | 50758 | &nbsp;&nbsp; 1612074 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 197752 | &nbsp;&nbsp; 2289968 |
| Phathom Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 288736 | &nbsp;&nbsp; 2465805 |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 276826 | &nbsp;&nbsp; 2049897 |
|  |  | &nbsp;&nbsp; 10053598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $90,330,857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $90,330,857) | &nbsp;&nbsp; 91951929 |
| **Money Market Funds-0.18%** | **Money Market Funds-0.18%** | **Money Market Funds-0.18%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $162,798)<br>| 162798 | &nbsp;&nbsp; 162798 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.20% <br>(Cost $90,493,655) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.20% <br>(Cost $90,493,655) | &nbsp;&nbsp; 92114727 |
| **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-21.24%** | **Money Market Funds-21.24%** | **Money Market Funds-21.24%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 5445446 | &nbsp;&nbsp; 5445446 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 14073897 | &nbsp;&nbsp; 14076712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,522,158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,522,158) | &nbsp;&nbsp; 19522158 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-121.44% <br>(Cost $110,015,813) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-121.44% <br>(Cost $110,015,813) | &nbsp;&nbsp; 111636885 |
| OTHER ASSETS LESS LIABILITIES-(21.44)% | OTHER ASSETS LESS LIABILITIES-(21.44)% | &nbsp;&nbsp; (19705792)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $91931093 |

---

&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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $249261 | &nbsp;&nbsp;&nbsp; $225760 | &nbsp;&nbsp;&nbsp; $(312223)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $162798 | &nbsp;&nbsp;&nbsp; $2303 |

---

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

------

**Invesco Dorsey Wright Healthcare Momentum ETF (PTH)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **July 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; $9815269 | &nbsp;&nbsp;&nbsp; $14378578 | &nbsp;&nbsp;&nbsp; $(18748401)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $5445446 | &nbsp;&nbsp;&nbsp; $81,265<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 25531198 | &nbsp;&nbsp;&nbsp; 30546208 | &nbsp;&nbsp;&nbsp; (42000584)<br>| &nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp; (1890)<br>| &nbsp;&nbsp;&nbsp; 14076712 | &nbsp;&nbsp;&nbsp; 220,089<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $35595728 | &nbsp;&nbsp;&nbsp; $45150546 | &nbsp;&nbsp;&nbsp; $(61061208)<br>| &nbsp;&nbsp;&nbsp; $1780 | &nbsp;&nbsp;&nbsp; $(1890)<br>| &nbsp;&nbsp;&nbsp; $19684956 | &nbsp;&nbsp;&nbsp; $303657 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Industrials Momentum ETF (PRN)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
| **Aerospace & Defense-31.72%** | **Aerospace & Defense-31.72%** | **Aerospace & Defense-31.72%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 14778 | &nbsp;&nbsp; $11164631 |
| BWX Technologies, Inc. | 44112 | &nbsp;&nbsp; 6701936 |
| Byrna Technologies, Inc.<sup>(b)(c)</sup> | 165102 | &nbsp;&nbsp; 3666916 |
| Curtiss-Wright Corp. | 14920 | &nbsp;&nbsp; 7314082 |
| General Electric Co. | 32389 | &nbsp;&nbsp; 8780010 |
| HEICO Corp. | 52904 | &nbsp;&nbsp; 17289027 |
| Howmet Aerospace, Inc. | 73937 | &nbsp;&nbsp; 13291655 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)(c)</sup> | 177106 | &nbsp;&nbsp; 10396122 |
| Leonardo DRS, Inc.<sup>(c)</sup> | 123209 | &nbsp;&nbsp; 5125494 |
| Rocket Lab Corp.<sup>(b)(c)</sup> | 463688 | &nbsp;&nbsp; 21292553 |
| TransDigm Group, Inc. | 5986 | &nbsp;&nbsp; 9628242 |
|  |  | &nbsp;&nbsp; 114650668 |
| **Building Products-5.99%** | **Building Products-5.99%** | **Building Products-5.99%** |
| Tecnoglass, Inc.<sup>(c)</sup> | 106536 | &nbsp;&nbsp; 8313004 |
| Trane Technologies PLC | 30471 | &nbsp;&nbsp; 13348736 |
|  |  | &nbsp;&nbsp; 21661740 |
| **Cargo Ground Transportation-1.56%** | **Cargo Ground Transportation-1.56%** | **Cargo Ground Transportation-1.56%** |
| Ryder System, Inc. | 31679 | &nbsp;&nbsp; 5629675 |
| **Construction & Engineering-22.36%** | **Construction & Engineering-22.36%** | **Construction & Engineering-22.36%** |
| API Group Corp.<sup>(b)(c)</sup> | 166742 | &nbsp;&nbsp; 6014384 |
| Argan, Inc. | 28732 | &nbsp;&nbsp; 7038765 |
| Comfort Systems USA, Inc. | 30052 | &nbsp;&nbsp; 21135572 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 48895 | &nbsp;&nbsp; 4931061 |
| Dycom Industries, Inc.<sup>(b)(c)</sup> | 19367 | &nbsp;&nbsp; 5206043 |
| Limbach Holdings, Inc.<sup>(b)(c)</sup> | 59996 | &nbsp;&nbsp; 8219452 |
| Primoris Services Corp. | 65410 | &nbsp;&nbsp; 6159660 |
| Quanta Services, Inc. | 34876 | &nbsp;&nbsp; 14164190 |
| Tutor Perini Corp.<sup>(b)</sup> | 164947 | &nbsp;&nbsp; 7942198 |
|  |  | &nbsp;&nbsp; 80811325 |
| **Construction Machinery & Heavy Transportation Equipment-1.66%** | **Construction Machinery & Heavy Transportation Equipment-1.66%** | **Construction Machinery & Heavy Transportation Equipment-1.66%** |
| REV Group, Inc.<sup>(c)</sup> | 121383 | &nbsp;&nbsp; 6014528 |
| **Data Processing & Outsourced Services-1.26%** | **Data Processing & Outsourced Services-1.26%** | **Data Processing & Outsourced Services-1.26%** |
| ExlService Holdings, Inc.<sup>(b)</sup> | 105060 | &nbsp;&nbsp; 4562756 |
| **Diversified Support Services-5.88%** | **Diversified Support Services-5.88%** | **Diversified Support Services-5.88%** |
| Cintas Corp. | 67039 | &nbsp;&nbsp; 14919529 |
| VSE Corp. | 40509 | &nbsp;&nbsp; 6341279 |
|  |  | &nbsp;&nbsp; 21260808 |
| **Electronic Equipment & Instruments-1.19%** | **Electronic Equipment & Instruments-1.19%** | **Electronic Equipment & Instruments-1.19%** |
| Badger Meter, Inc. | 22737 | &nbsp;&nbsp; 4291836 |
| **Electronic Manufacturing Services-2.87%** | **Electronic Manufacturing Services-2.87%** | **Electronic Manufacturing Services-2.87%** |
| Jabil, Inc. | 46484 | &nbsp;&nbsp; 10373834 |
| **Environmental & Facilities Services-7.85%** | **Environmental & Facilities Services-7.85%** | **Environmental & Facilities Services-7.85%** |
| Republic Services, Inc. | 28095 | &nbsp;&nbsp; 6480112 |
| Rollins, Inc. | 275662 | &nbsp;&nbsp; 15787163 |
| Waste Management, Inc. | 26621 | &nbsp;&nbsp; 6100468 |
|  |  | &nbsp;&nbsp; 28367743 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Heavy Electrical Equipment-2.35%** | **Heavy Electrical Equipment-2.35%** | **Heavy Electrical Equipment-2.35%** |
| NuScale Power Corp.<sup>(b)(c)</sup> | 169092 | &nbsp;&nbsp; $8490109 |
| **Human Resource & Employment Services-1.90%** | **Human Resource & Employment Services-1.90%** | **Human Resource & Employment Services-1.90%** |
| Automatic Data Processing, Inc. | 22166 | &nbsp;&nbsp; 6860377 |
| **Industrial Machinery & Supplies & Components-5.16%** | **Industrial Machinery & Supplies & Components-5.16%** | **Industrial Machinery & Supplies & Components-5.16%** |
| ITT, Inc. | 29226 | &nbsp;&nbsp; 4967251 |
| Parker-Hannifin Corp. | 18702 | &nbsp;&nbsp; 13687994 |
|  |  | &nbsp;&nbsp; 18655245 |
| **Life Sciences Tools & Services-1.11%** | **Life Sciences Tools & Services-1.11%** | **Life Sciences Tools & Services-1.11%** |
| Adaptive Biotechnologies Corp.<sup>(b)(c)</sup> | 393593 | &nbsp;&nbsp; 4030392 |
| **Research & Consulting Services-1.00%** | **Research & Consulting Services-1.00%** | **Research & Consulting Services-1.00%** |
| CRA International, Inc. | 20391 | &nbsp;&nbsp; 3602274 |
| **Trading Companies & Distributors-6.17%** | **Trading Companies & Distributors-6.17%** | **Trading Companies & Distributors-6.17%** |
| Applied Industrial Technologies, Inc. | 20815 | &nbsp;&nbsp; 5651273 |
| W.W. Grainger, Inc. | 12560 | &nbsp;&nbsp; 13056622 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 111460 | &nbsp;&nbsp; 3604616 |
|  |  | &nbsp;&nbsp; 22312511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $301,896,726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $301,896,726) | &nbsp;&nbsp; 361575821 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $299,681)<br>| 299681 | &nbsp;&nbsp; 299681 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $302,196,407) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $302,196,407) | &nbsp;&nbsp; 361875502 |
| **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-17.55%** | **Money Market Funds-17.55%** | **Money Market Funds-17.55%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 17612340 | &nbsp;&nbsp; 17612340 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 45797764 | &nbsp;&nbsp; 45806924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $63,419,264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $63,419,264) | &nbsp;&nbsp; 63419264 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-117.66% <br>(Cost $365,615,671) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-117.66% <br>(Cost $365,615,671) | &nbsp;&nbsp; 425294766 |
| OTHER ASSETS LESS LIABILITIES-(17.66)% | OTHER ASSETS LESS LIABILITIES-(17.66)% | &nbsp;&nbsp; (63827125)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $361467641 |

---

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

------

**Invesco Dorsey Wright Industrials Momentum ETF (PRN)—(continued)**

July 31, 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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $576679 | &nbsp;&nbsp;&nbsp; $801334 | &nbsp;&nbsp;&nbsp; $(1078332)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $299681 | &nbsp;&nbsp;&nbsp; $5606 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 19440781 | &nbsp;&nbsp;&nbsp; 51329551 | &nbsp;&nbsp;&nbsp; (53157992)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 17612340 | &nbsp;&nbsp;&nbsp; 128,640<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 50461913 | &nbsp;&nbsp;&nbsp; 114770962 | &nbsp;&nbsp;&nbsp; (119426176)<br>| &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; (630)<br>| &nbsp;&nbsp;&nbsp; 45806924 | &nbsp;&nbsp;&nbsp; 348,724<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $70479373 | &nbsp;&nbsp;&nbsp; $166901847 | &nbsp;&nbsp;&nbsp; $(173662500)<br>| &nbsp;&nbsp;&nbsp; $855 | &nbsp;&nbsp;&nbsp; $(630)<br>| &nbsp;&nbsp;&nbsp; $63718945 | &nbsp;&nbsp;&nbsp; $482970 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Technology Momentum ETF (PTF)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Alternative Carriers-3.22%** | **Alternative Carriers-3.22%** | **Alternative Carriers-3.22%** |
| AST SpaceMobile, Inc.<sup>(b)(c)</sup> | 231084 | &nbsp;&nbsp; $12286736 |
| **Application Software-28.31%** | **Application Software-28.31%** | **Application Software-28.31%** |
| AvePoint, Inc.<sup>(b)</sup> | 256079 | &nbsp;&nbsp; 4885987 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 57928 | &nbsp;&nbsp; 21118811 |
| Digital Turbine, Inc.<sup>(b)(c)</sup> | 597045 | &nbsp;&nbsp; 3253895 |
| Guidewire Software, Inc.<sup>(b)</sup> | 42831 | &nbsp;&nbsp; 9689229 |
| InterDigital, Inc.<sup>(c)</sup> | 31139 | &nbsp;&nbsp; 8040090 |
| Life360, Inc.<sup>(b)(c)</sup> | 94791 | &nbsp;&nbsp; 7260043 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 156918 | &nbsp;&nbsp; 11795526 |
| Olo, Inc., Class A<sup>(b)</sup> | 478343 | &nbsp;&nbsp; 5013035 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 137754 | &nbsp;&nbsp; 21813346 |
| Pegasystems, Inc. | 104453 | &nbsp;&nbsp; 6132435 |
| Quantum Computing, Inc.<sup>(b)(c)</sup> | 601426 | &nbsp;&nbsp; 8925162 |
|  |  | &nbsp;&nbsp; 107927559 |
| **Communications Equipment-3.65%** | **Communications Equipment-3.65%** | **Communications Equipment-3.65%** |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 94647 | &nbsp;&nbsp; 10418742 |
| NETGEAR, Inc.<sup>(b)(c)</sup> | 150783 | &nbsp;&nbsp; 3505705 |
|  |  | &nbsp;&nbsp; 13924447 |
| **Consumer Finance-2.57%** | **Consumer Finance-2.57%** | **Consumer Finance-2.57%** |
| Dave, Inc.<sup>(b)(c)</sup> | 41593 | &nbsp;&nbsp; 9807629 |
| **Electronic Components-2.48%** | **Electronic Components-2.48%** | **Electronic Components-2.48%** |
| Amphenol Corp., Class A | 88605 | &nbsp;&nbsp; 9437319 |
| **Electronic Equipment & Instruments-5.53%** | **Electronic Equipment & Instruments-5.53%** | **Electronic Equipment & Instruments-5.53%** |
| Aeva Technologies, Inc.<sup>(b)(c)</sup> | 317553 | &nbsp;&nbsp; 5919188 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup> | 283290 | &nbsp;&nbsp; 6331531 |
| Ouster, Inc.<sup>(b)</sup> | 378305 | &nbsp;&nbsp; 8844771 |
|  |  | &nbsp;&nbsp; 21095490 |
| **Interactive Home Entertainment-4.14%** | **Interactive Home Entertainment-4.14%** | **Interactive Home Entertainment-4.14%** |
| Roblox Corp., Class A<sup>(b)</sup> | 114493 | &nbsp;&nbsp; 15775990 |
| **Internet Services & Infrastructure-3.36%** | **Internet Services & Infrastructure-3.36%** | **Internet Services & Infrastructure-3.36%** |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 61630 | &nbsp;&nbsp; 12799318 |
| **IT Consulting & Other Services-1.82%** | **IT Consulting & Other Services-1.82%** | **IT Consulting & Other Services-1.82%** |
| International Business Machines Corp. | 27449 | &nbsp;&nbsp; 6948714 |
| **Semiconductor Materials & Equipment-3.49%** | **Semiconductor Materials & Equipment-3.49%** | **Semiconductor Materials & Equipment-3.49%** |
| KLA Corp. | 15151 | &nbsp;&nbsp; 13318184 |
| **Semiconductors-9.94%** | **Semiconductors-9.94%** | **Semiconductors-9.94%** |
| Broadcom, Inc. | 59469 | &nbsp;&nbsp; 17466046 |
| Navitas Semiconductor Corp.<sup>(b)(c)</sup> | 1989525 | &nbsp;&nbsp; 14583218 |
| SiTime Corp.<sup>(b)</sup> | 28885 | &nbsp;&nbsp; 5859727 |
|  |  | &nbsp;&nbsp; 37908991 |
| **Systems Software-19.82%** | **Systems Software-19.82%** | **Systems Software-19.82%** |
| Commvault Systems, Inc.<sup>(b)</sup> | 30914 | &nbsp;&nbsp; 5872114 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-(continued)** | **Systems Software-(continued)** | **Systems Software-(continued)** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 22535 | &nbsp;&nbsp; $10243735 |
| Fortinet, Inc.<sup>(b)</sup> | 75379 | &nbsp;&nbsp; 7530362 |
| Microsoft Corp. | 20624 | &nbsp;&nbsp; 11002904 |
| Oracle Corp. | 40972 | &nbsp;&nbsp; 10397465 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 54549 | &nbsp;&nbsp; 9469706 |
| Rubrik, Inc., Class A<sup>(b)(c)</sup> | 129827 | &nbsp;&nbsp; 12327074 |
| Zscaler, Inc.<sup>(b)</sup> | 30612 | &nbsp;&nbsp; 8741563 |
|  |  | &nbsp;&nbsp; 75584923 |
| **Technology Hardware, Storage & Peripherals-7.38%** | **Technology Hardware, Storage & Peripherals-7.38%** | **Technology Hardware, Storage & Peripherals-7.38%** |
| CompoSecure, Inc., Class A<sup>(b)(c)</sup> | 360968 | &nbsp;&nbsp; 5129355 |
| Seagate Technology Holdings PLC | 61384 | &nbsp;&nbsp; 9637902 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 226703 | &nbsp;&nbsp; 13368676 |
|  |  | &nbsp;&nbsp; 28135933 |
| **Transaction & Payment Processing Services-2.92%** | **Transaction & Payment Processing Services-2.92%** | **Transaction & Payment Processing Services-2.92%** |
| Toast, Inc., Class A<sup>(b)</sup> | 227582 | &nbsp;&nbsp; 11115105 |
| **Wireless Telecommunication Services-1.32%** | **Wireless Telecommunication Services-1.32%** | **Wireless Telecommunication Services-1.32%** |
| Gogo, Inc.<sup>(b)(c)</sup> | 317551 | &nbsp;&nbsp; 5036359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $350,725,504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $350,725,504) | &nbsp;&nbsp; 381102697 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $414,364)<br>| 414364 | &nbsp;&nbsp; 414364 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $351,139,868) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.06% <br>(Cost $351,139,868) | &nbsp;&nbsp; 381517061 |
| **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-15.94%** | **Money Market Funds-15.94%** | **Money Market Funds-15.94%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 16882406 | &nbsp;&nbsp; 16882406 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 43906132 | &nbsp;&nbsp; 43914913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,797,319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,797,319) | &nbsp;&nbsp; 60797319 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-116.00% <br>(Cost $411,937,187) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-116.00% <br>(Cost $411,937,187) | &nbsp;&nbsp; 442314380 |
| OTHER ASSETS LESS LIABILITIES-(16.00)% | OTHER ASSETS LESS LIABILITIES-(16.00)% | &nbsp;&nbsp; (61005045)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $381309335 |

---

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

------

**Invesco Dorsey Wright Technology Momentum ETF (PTF)—(continued)**

July 31, 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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $285703 | &nbsp;&nbsp;&nbsp; $1536881 | &nbsp;&nbsp;&nbsp; $(1408220)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $414364 | &nbsp;&nbsp;&nbsp; $3294 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 16989874 | &nbsp;&nbsp;&nbsp; 75137072 | &nbsp;&nbsp;&nbsp; (75244540)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 16882406 | &nbsp;&nbsp;&nbsp; 177,575<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 44155951 | &nbsp;&nbsp;&nbsp; 129149053 | &nbsp;&nbsp;&nbsp; (129390290)<br>| &nbsp;&nbsp;&nbsp; 1801 | &nbsp;&nbsp;&nbsp; (1602)<br>| &nbsp;&nbsp;&nbsp; 43914913 | &nbsp;&nbsp;&nbsp; 477,923<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $61431528 | &nbsp;&nbsp;&nbsp; $205823006 | &nbsp;&nbsp;&nbsp; $(206043050)<br>| &nbsp;&nbsp;&nbsp; $1801 | &nbsp;&nbsp;&nbsp; $(1602)<br>| &nbsp;&nbsp;&nbsp; $61211683 | &nbsp;&nbsp;&nbsp; $658792 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco Dorsey Wright Utilities Momentum ETF (PUI)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Electric Utilities-42.21%** | **Electric Utilities-42.21%** | **Electric Utilities-42.21%** |
| Alliant Energy Corp. | 32152 | &nbsp;&nbsp; $2090202 |
| American Electric Power Co., Inc. | 17864 | &nbsp;&nbsp; 2021133 |
| Constellation Energy Corp. | 5973 | &nbsp;&nbsp; 2077648 |
| Duke Energy Corp. | 22627 | &nbsp;&nbsp; 2752348 |
| Entergy Corp. | 26329 | &nbsp;&nbsp; 2380931 |
| Evergy, Inc. | 29243 | &nbsp;&nbsp; 2070404 |
| Eversource Energy | 28223 | &nbsp;&nbsp; 1865540 |
| Exelon Corp. | 48220 | &nbsp;&nbsp; 2167007 |
| NRG Energy, Inc. | 18028 | &nbsp;&nbsp; 3014282 |
| Oklo, Inc.<sup>(b)(c)</sup> | 43752 | &nbsp;&nbsp; 3350966 |
| Otter Tail Corp.<sup>(c)</sup> | 20673 | &nbsp;&nbsp; 1595542 |
| Pinnacle West Capital Corp. | 20648 | &nbsp;&nbsp; 1871122 |
| Southern Co. (The) | 23834 | &nbsp;&nbsp; 2251836 |
| Xcel Energy, Inc. | 32265 | &nbsp;&nbsp; 2369542 |
|  |  | &nbsp;&nbsp; 31878503 |
| **Gas Utilities-8.52%** | **Gas Utilities-8.52%** | **Gas Utilities-8.52%** |
| Atmos Energy Corp. | 18339 | &nbsp;&nbsp; 2859417 |
| National Fuel Gas Co. | 22332 | &nbsp;&nbsp; 1938194 |
| UGI Corp.<sup>(c)</sup> | 45269 | &nbsp;&nbsp; 1637833 |
|  |  | &nbsp;&nbsp; 6435444 |
| **Heavy Electrical Equipment-4.32%** | **Heavy Electrical Equipment-4.32%** | **Heavy Electrical Equipment-4.32%** |
| GE Vernova, Inc. | 4944 | &nbsp;&nbsp; 3264474 |
| **Independent Power Producers & Energy Traders-6.65%** | **Independent Power Producers & Energy Traders-6.65%** | **Independent Power Producers & Energy Traders-6.65%** |
| Talen Energy Corp.<sup>(b)(c)</sup> | 7613 | &nbsp;&nbsp; 2874440 |
| Vistra Corp. | 10323 | &nbsp;&nbsp; 2152759 |
|  |  | &nbsp;&nbsp; 5027199 |
| **Integrated Telecommunication Services-2.91%** | **Integrated Telecommunication Services-2.91%** | **Integrated Telecommunication Services-2.91%** |
| AT&T, Inc. | 80202 | &nbsp;&nbsp; 2198337 |
| **Multi-Utilities-25.14%** | **Multi-Utilities-25.14%** | **Multi-Utilities-25.14%** |
| Ameren Corp. | 18977 | &nbsp;&nbsp; 1919144 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 53107 | &nbsp;&nbsp; 2061614 |
| CMS Energy Corp. | 29446 | &nbsp;&nbsp; 2173115 |
| DTE Energy Co. | 18805 | &nbsp;&nbsp; 2602800 |
| NiSource, Inc. | 67913 | &nbsp;&nbsp; 2882907 |
| Public Service Enterprise Group, Inc. | 26316 | &nbsp;&nbsp; 2362913 |
| Sempra | 28548 | &nbsp;&nbsp; 2331800 |
| WEC Energy Group, Inc.<sup>(c)</sup> | 24309 | &nbsp;&nbsp; 2651626 |
|  |  | &nbsp;&nbsp; 18985919 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Exploration & Production-2.23%** | **Oil & Gas Exploration & Production-2.23%** | **Oil & Gas Exploration & Production-2.23%** |
| EQT Corp. | 31344 | &nbsp;&nbsp; $1684740 |
| **Oil & Gas Storage & Transportation-4.29%** | **Oil & Gas Storage & Transportation-4.29%** | **Oil & Gas Storage & Transportation-4.29%** |
| Excelerate Energy, Inc., Class A<sup>(c)</sup> | 55314 | &nbsp;&nbsp; 1419357 |
| ONEOK, Inc. | 22173 | &nbsp;&nbsp; 1820625 |
|  |  | &nbsp;&nbsp; 3239982 |
| **Water Utilities-3.71%** | **Water Utilities-3.71%** | **Water Utilities-3.71%** |
| American Water Works Co., Inc. | 19982 | &nbsp;&nbsp; 2802276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $64,953,465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $64,953,465) | &nbsp;&nbsp; 75516874 |
| **Money Market Funds-0.15%** | **Money Market Funds-0.15%** | **Money Market Funds-0.15%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $107,849)<br>| 107849 | &nbsp;&nbsp; 107849 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.13% <br>(Cost $65,061,314) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.13% <br>(Cost $65,061,314) | &nbsp;&nbsp; 75624723 |
| **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-15.98%** | **Money Market Funds-15.98%** | **Money Market Funds-15.98%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 3048977 | &nbsp;&nbsp; 3048977 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 9020228 | &nbsp;&nbsp; 9022032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,071,009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $12,071,009) | &nbsp;&nbsp; 12071009 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-116.11% <br>(Cost $77,132,323) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-116.11% <br>(Cost $77,132,323) | &nbsp;&nbsp; 87695732 |
| OTHER ASSETS LESS LIABILITIES-(16.11)% | OTHER ASSETS LESS LIABILITIES-(16.11)% | &nbsp;&nbsp; (12165649)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $75530083 |

---

&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 July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $94565 | &nbsp;&nbsp;&nbsp; $762819 | &nbsp;&nbsp;&nbsp; $(749535)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $107849 | &nbsp;&nbsp;&nbsp; $1350 |

---

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

------

**Invesco Dorsey Wright Utilities Momentum ETF (PUI)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **July 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | &nbsp;&nbsp;&nbsp; $2519060 | &nbsp;&nbsp;&nbsp; $11661931 | &nbsp;&nbsp;&nbsp; $(11132014)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3048977 | &nbsp;&nbsp;&nbsp; $23,567<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 6535402 | &nbsp;&nbsp;&nbsp; 29560607 | &nbsp;&nbsp;&nbsp; (27073974)<br>| &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; (159)<br>| &nbsp;&nbsp;&nbsp; 9022032 | &nbsp;&nbsp;&nbsp; 64,337<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $9149027 | &nbsp;&nbsp;&nbsp; $41985357 | &nbsp;&nbsp;&nbsp; $(38955523)<br>| &nbsp;&nbsp;&nbsp; $156 | &nbsp;&nbsp;&nbsp; $(159)<br>| &nbsp;&nbsp;&nbsp; $12178858 | &nbsp;&nbsp;&nbsp; $89254 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco NASDAQ Internet ETF (PNQI)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Advertising-0.03%** | **Advertising-0.03%** | **Advertising-0.03%** |
| Criteo S.A., ADR (France)<sup>(b)</sup> | 10265 | &nbsp;&nbsp; $249850 |
| **Apparel Retail-0.02%** | **Apparel Retail-0.02%** | **Apparel Retail-0.02%** |
| Lands' End, Inc.<sup>(b)(c)</sup> | 5611 | &nbsp;&nbsp; 65817 |
| Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 20483 | &nbsp;&nbsp; 96885 |
|  |  | &nbsp;&nbsp; 162702 |
| **Application Software-8.54%** | **Application Software-8.54%** | **Application Software-8.54%** |
| Adobe, Inc.<sup>(b)</sup> | 69903 | &nbsp;&nbsp; 25003604 |
| Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 9057 | &nbsp;&nbsp; 494784 |
| Box, Inc., Class A<sup>(b)(c)</sup> | 26358 | &nbsp;&nbsp; 846092 |
| Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup> | 3564 | &nbsp;&nbsp; 71922 |
| DocuSign, Inc.<sup>(b)</sup> | 37109 | &nbsp;&nbsp; 2806925 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 35720 | &nbsp;&nbsp; 970512 |
| Open Text Corp. (Canada) | 47171 | &nbsp;&nbsp; 1388243 |
| PROS Holdings, Inc.<sup>(b)(c)</sup> | 8709 | &nbsp;&nbsp; 136644 |
| Salesforce, Inc. | 109343 | &nbsp;&nbsp; 28246577 |
| SPS Commerce, Inc.<sup>(b)(c)</sup> | 6908 | &nbsp;&nbsp; 752039 |
| Unity Software, Inc.<sup>(b)(c)</sup> | 75673 | &nbsp;&nbsp; 2524451 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 47313 | &nbsp;&nbsp; 3503528 |
|  |  | &nbsp;&nbsp; 66745321 |
| **Broadline Retail-16.15%** | **Broadline Retail-16.15%** | **Broadline Retail-16.15%** |
| Alibaba Group Holding Ltd., ADR (China)<sup>(c)</sup> | 128835 | &nbsp;&nbsp; 15541366 |
| Amazon.com, Inc.<sup>(b)</sup> | 283058 | &nbsp;&nbsp; 66266708 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 301467 | &nbsp;&nbsp; 8872174 |
| eBay, Inc. | 83823 | &nbsp;&nbsp; 7690760 |
| Etsy, Inc.<sup>(b)(c)</sup> | 18980 | &nbsp;&nbsp; 1105965 |
| Global-e Online Ltd. (Israel)<sup>(b)</sup> | 30894 | &nbsp;&nbsp; 1024136 |
| JD.com, Inc., ADR (China) | 87095 | &nbsp;&nbsp; 2742622 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 9224 | &nbsp;&nbsp; 21896761 |
| Vipshop Holdings Ltd., ADR (China) | 74540 | &nbsp;&nbsp; 1124809 |
|  |  | &nbsp;&nbsp; 126265301 |
| **Casinos & Gaming-0.52%** | **Casinos & Gaming-0.52%** | **Casinos & Gaming-0.52%** |
| DraftKings, Inc., Class A<sup>(b)(c)</sup> | 90182 | &nbsp;&nbsp; 4061797 |
| **Commercial Printing-0.03%** | **Commercial Printing-0.03%** | **Commercial Printing-0.03%** |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 4530 | &nbsp;&nbsp; 250554 |
| **Financial Exchanges & Data-1.86%** | **Financial Exchanges & Data-1.86%** | **Financial Exchanges & Data-1.86%** |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 38445 | &nbsp;&nbsp; 14522983 |
| **Health Care Technology-0.04%** | **Health Care Technology-0.04%** | **Health Care Technology-0.04%** |
| GoodRx Holdings, Inc., Class A<sup>(b)(c)</sup> | 18263 | &nbsp;&nbsp; 87480 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 31928 | &nbsp;&nbsp; 230201 |
|  |  | &nbsp;&nbsp; 317681 |
| **Homefurnishing Retail-0.17%** | **Homefurnishing Retail-0.17%** | **Homefurnishing Retail-0.17%** |
| Beyond, Inc.<sup>(b)(c)</sup> | 10501 | &nbsp;&nbsp; 93984 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 18865 | &nbsp;&nbsp; 1238298 |
|  |  | &nbsp;&nbsp; 1332282 |
| **Hotels, Resorts & Cruise Lines-6.23%** | **Hotels, Resorts & Cruise Lines-6.23%** | **Hotels, Resorts & Cruise Lines-6.23%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 78496 | &nbsp;&nbsp; 10393655 |
| Booking Holdings, Inc. | 5253 | &nbsp;&nbsp; 28912827 |
| Expedia Group, Inc. | 22096 | &nbsp;&nbsp; 3982141 |
| MakeMyTrip Ltd. (India)<sup>(b)(c)</sup> | 16365 | &nbsp;&nbsp; 1531600 |
| Trip.com Group Ltd., ADR (China)<sup>(c)</sup> | 62351 | &nbsp;&nbsp; 3862645 |
|  |  | &nbsp;&nbsp; 48682868 |
| **Human Resource & Employment Services-0.24%** | **Human Resource & Employment Services-0.24%** | **Human Resource & Employment Services-0.24%** |
| Paylocity Holding Corp.<sup>(b)</sup> | 10050 | &nbsp;&nbsp; 1858044 |
| **Interactive Home Entertainment-4.73%** | **Interactive Home Entertainment-4.73%** | **Interactive Home Entertainment-4.73%** |
| Electronic Arts, Inc. | 45599 | &nbsp;&nbsp; 6953392 |
| NetEase, Inc., ADR (China) | 18141 | &nbsp;&nbsp; 2363772 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Interactive Home Entertainment-(continued)** | **Interactive Home Entertainment-(continued)** | **Interactive Home Entertainment-(continued)** |
| Roblox Corp., Class A<sup>(b)</sup> | 114599 | &nbsp;&nbsp; $15790596 |
| Sea Ltd., ADR (Singapore)<sup>(b)</sup> | 75774 | &nbsp;&nbsp; 11869997 |
|  |  | &nbsp;&nbsp; 36977757 |
| **Interactive Media & Services-19.04%** | **Interactive Media & Services-19.04%** | **Interactive Media & Services-19.04%** |
| Alphabet, Inc., Class C | 335725 | &nbsp;&nbsp; 64747924 |
| Autohome, Inc., ADR (China) | 12301 | &nbsp;&nbsp; 333234 |
| Baidu, Inc., ADR (China)<sup>(b)(c)</sup> | 25772 | &nbsp;&nbsp; 2264586 |
| Bilibili, Inc., ADR (China)<sup>(b)(c)</sup> | 21436 | &nbsp;&nbsp; 489170 |
| Bumble, Inc., Class A<sup>(b)(c)</sup> | 18798 | &nbsp;&nbsp; 146248 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 11443 | &nbsp;&nbsp; 147271 |
| Meta Platforms, Inc., Class A | 89629 | &nbsp;&nbsp; 69322654 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 108033 | &nbsp;&nbsp; 4170074 |
| Reddit, Inc., Class A<sup>(b)(c)</sup> | 23581 | &nbsp;&nbsp; 3786873 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 257952 | &nbsp;&nbsp; 2432487 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 21505 | &nbsp;&nbsp; 376122 |
| Yelp, Inc.<sup>(b)(c)</sup> | 11619 | &nbsp;&nbsp; 400042 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 7664 | &nbsp;&nbsp; 238504 |
|  |  | &nbsp;&nbsp; 148855189 |
| **Internet Services & Infrastructure-5.43%** | **Internet Services & Infrastructure-5.43%** | **Internet Services & Infrastructure-5.43%** |
| Akamai Technologies, Inc.<sup>(b)</sup> | 26614 | &nbsp;&nbsp; 2030915 |
| Fastly, Inc., Class A<sup>(b)(c)</sup> | 26356 | &nbsp;&nbsp; 178957 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 25905 | &nbsp;&nbsp; 4185730 |
| Okta, Inc.<sup>(b)(c)</sup> | 30422 | &nbsp;&nbsp; 2975272 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 221553 | &nbsp;&nbsp; 27075992 |
| VeriSign, Inc. | 17068 | &nbsp;&nbsp; 4589073 |
| Wix.com Ltd. (Israel)<sup>(b)</sup> | 10174 | &nbsp;&nbsp; 1383969 |
|  |  | &nbsp;&nbsp; 42419908 |
| **Movies & Entertainment-10.75%** | **Movies & Entertainment-10.75%** | **Movies & Entertainment-10.75%** |
| Netflix, Inc.<sup>(b)</sup> | 24039 | &nbsp;&nbsp; 27870817 |
| Roku, Inc., Class A<sup>(b)</sup> | 23579 | &nbsp;&nbsp; 2220199 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 37299 | &nbsp;&nbsp; 23369315 |
| Walt Disney Co. (The) | 256720 | &nbsp;&nbsp; 30577919 |
|  |  | &nbsp;&nbsp; 84038250 |
| **Other Specialty Retail-0.17%** | **Other Specialty Retail-0.17%** | **Other Specialty Retail-0.17%** |
| 1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup> | 6651 | &nbsp;&nbsp; 39308 |
| Chewy, Inc., Class A<sup>(b)</sup> | 35549 | &nbsp;&nbsp; 1304648 |
|  |  | &nbsp;&nbsp; 1343956 |
| **Passenger Ground Transportation-4.46%** | **Passenger Ground Transportation-4.46%** | **Passenger Ground Transportation-4.46%** |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 718905 | &nbsp;&nbsp; 3515445 |
| Lyft, Inc., Class A<sup>(b)</sup> | 75012 | &nbsp;&nbsp; 1054669 |
| Uber Technologies, Inc.<sup>(b)</sup> | 344797 | &nbsp;&nbsp; 30255937 |
|  |  | &nbsp;&nbsp; 34826051 |
| **Real Estate Services-1.28%** | **Real Estate Services-1.28%** | **Real Estate Services-1.28%** |
| CoStar Group, Inc.<sup>(b)</sup> | 76714 | &nbsp;&nbsp; 7302406 |
| Zillow Group, Inc., Class C<sup>(b)</sup> | 33370 | &nbsp;&nbsp; 2654583 |
|  |  | &nbsp;&nbsp; 9956989 |
| **Restaurants-2.32%** | **Restaurants-2.32%** | **Restaurants-2.32%** |
| DoorDash, Inc., Class A<sup>(b)</sup> | 72512 | &nbsp;&nbsp; 18146128 |
| **Systems Software-8.75%** | **Systems Software-8.75%** | **Systems Software-8.75%** |
| GitLab, Inc., Class A<sup>(b)(c)</sup> | 26546 | &nbsp;&nbsp; 1162980 |
| Microsoft Corp. | 126053 | &nbsp;&nbsp; 67249276 |
|  |  | &nbsp;&nbsp; 68412256 |
| **Technology Hardware, Storage & Peripherals-7.67%** | **Technology Hardware, Storage & Peripherals-7.67%** | **Technology Hardware, Storage & Peripherals-7.67%** |
| Apple, Inc. | 288918 | &nbsp;&nbsp; 59970709 |

---

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

------

**Invesco NASDAQ Internet ETF (PNQI)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Transaction & Payment Processing Services-1.59%** | **Transaction & Payment Processing Services-1.59%** | **Transaction & Payment Processing Services-1.59%** |
| Dlocal Ltd. (Uruguay) | 27558 | &nbsp;&nbsp; $282745 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 176909 | &nbsp;&nbsp; 12164263 |
|  |  | &nbsp;&nbsp; 12447008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $566,024,837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $566,024,837) | &nbsp;&nbsp; 781843584 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $219,032)<br>| 219032 | &nbsp;&nbsp; 219032 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $566,243,869) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.05% <br>(Cost $566,243,869) | &nbsp;&nbsp; 782062616 |

---

---

| | | |
|:---|:---|:---|
|  | **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-5.37%** | **Money Market Funds-5.37%** | **Money Market Funds-5.37%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 11642567 | &nbsp;&nbsp; $11642567 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 30338117 | &nbsp;&nbsp; 30344185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $41,986,752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $41,986,752) | &nbsp;&nbsp; 41986752 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-105.42% <br>(Cost $608,230,621) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-105.42% <br>(Cost $608,230,621) | &nbsp;&nbsp; 824049368 |
| OTHER ASSETS LESS LIABILITIES-(5.42)% | OTHER ASSETS LESS LIABILITIES-(5.42)% | &nbsp;&nbsp; (42382291)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $781667077 |

---

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

Investment Abbreviations: <br> ADR -American Depositary Receipt

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the three months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $160647 | &nbsp;&nbsp;&nbsp; $1442513 | &nbsp;&nbsp;&nbsp; $(1384128)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $219032 | &nbsp;&nbsp;&nbsp; $2051 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 16131440 | &nbsp;&nbsp;&nbsp; 61424827 | &nbsp;&nbsp;&nbsp; (65913700)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11642567 | &nbsp;&nbsp;&nbsp; 127,667<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 41870189 | &nbsp;&nbsp;&nbsp; 139626331 | &nbsp;&nbsp;&nbsp; (151151545)<br>| &nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; (1141)<br>| &nbsp;&nbsp;&nbsp; 30344185 | &nbsp;&nbsp;&nbsp; 346,510<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $58162276 | &nbsp;&nbsp;&nbsp; $202493671 | &nbsp;&nbsp;&nbsp; $(218449373)<br>| &nbsp;&nbsp;&nbsp; $351 | &nbsp;&nbsp;&nbsp; $(1141)<br>| &nbsp;&nbsp;&nbsp; $42205784 | &nbsp;&nbsp;&nbsp; $476228 |

---

&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 July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

**Notes to Quarterly Schedules of Portfolio Holdings**

July 31, 2025

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco Dorsey Wright Basic Materials Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $50640896 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $50640896 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 148057 | &nbsp;&nbsp;&nbsp; 12259839 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 12407896 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $50788953 | &nbsp;&nbsp;&nbsp; $12259839 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $63048792 |
| &nbsp;&nbsp; Invesco Dorsey Wright Consumer Cyclicals Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $30877115 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $30877115 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 88572 | &nbsp;&nbsp;&nbsp; 4132390 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4220962 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $30965687 | &nbsp;&nbsp;&nbsp; $4132390 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $35098077 |
| &nbsp;&nbsp; Invesco Dorsey Wright Consumer Staples Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $98519367 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $98519367 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 138045 | &nbsp;&nbsp;&nbsp; 8993512 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9131557 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $98657412 | &nbsp;&nbsp;&nbsp; $8993512 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $107650924 |
| &nbsp;&nbsp; Invesco Dorsey Wright Energy Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $44545445 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $44545445 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 145408 | &nbsp;&nbsp;&nbsp; 3864113 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4009521 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $44690853 | &nbsp;&nbsp;&nbsp; $3864113 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $48554966 |
| &nbsp;&nbsp; Invesco Dorsey Wright Financial Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $61512670 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $61512670 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 105387 | &nbsp;&nbsp;&nbsp; 13940532 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14045919 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $61618057 | &nbsp;&nbsp;&nbsp; $13940532 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $75558589 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco Dorsey Wright Healthcare Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $91951929 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $91951929 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 162798 | &nbsp;&nbsp;&nbsp; 19522158 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 19684956 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $92114727 | &nbsp;&nbsp;&nbsp; $19522158 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $111636885 |
| &nbsp;&nbsp; Invesco Dorsey Wright Industrials Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $361575821 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $361575821 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 299681 | &nbsp;&nbsp;&nbsp; 63419264 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 63718945 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $361875502 | &nbsp;&nbsp;&nbsp; $63419264 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $425294766 |
| &nbsp;&nbsp; Invesco Dorsey Wright Technology Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $381102697 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $381102697 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 414364 | &nbsp;&nbsp;&nbsp; 60797319 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 61211683 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $381517061 | &nbsp;&nbsp;&nbsp; $60797319 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $442314380 |
| &nbsp;&nbsp; Invesco Dorsey Wright Utilities Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $75516874 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $75516874 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 107849 | &nbsp;&nbsp;&nbsp; 12071009 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 12178858 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $75624723 | &nbsp;&nbsp;&nbsp; $12071009 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $87695732 |
| &nbsp;&nbsp; Invesco NASDAQ Internet ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $781843584 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $781843584 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 219032 | &nbsp;&nbsp;&nbsp; 41986752 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 42205784 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $782062616 | &nbsp;&nbsp;&nbsp; $41986752 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $824049368 |

---

------

## 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

- **b. Investment Company Act file number:** 811-21265

- **c. CIK number of Registrant:** 0001209466

- **d. LEI of Registrant:** QPT4TMG79RF3UWNU0R52

- **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 Dorsey Wright Healthcare Momentum ETF

- **b. EDGAR series identifier (if any):** S000013104

- **c. LEI of Series:** 549300HW4X5F66JYEL71

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $111658360.54

**Total Liabilities:** $19727267.52

**Net Assets:** $91931093.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000035320 | -8.48%               | 6.01%                | -2.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7956.81                 | $-9177310.90                               |
| Month 2  | $31923.18                | $5880416.40                                |
| Month 3  | $-3507045.09             | $738810.17                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Insmed Inc.                           | Insmed Inc.                                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     51227 | NS      | $5495632.56   | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Harrow, Inc.                          | Harrow, Inc.                                               | CUSIP: 415858109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50967 | NS      | $1618711.92   | 1.76%             |  |  |  | No            |                  1 | On Loan: —       |
| CorMedix Inc.                         | CorMedix Inc.                                              | CUSIP: 21900C308<br>LEI: 5299006YIA3L0MBW8358 | Long             | EC               | CORP              | US        |    140753 | NS      | $1642587.51   | 1.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Mirum Pharmaceuticals, Inc.           | Mirum Pharmaceuticals, Inc.                                | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |     24501 | NS      | $1266211.68   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Pharmaceuticals Inc.           | Acadia Pharmaceuticals Inc.                                | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     69907 | NS      | $1665883.81   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group, Inc.               | TransMedics Group, Inc.                                    | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     24344 | NS      | $2896205.68   | 3.15%             |  |  |  | No            |                  1 | On Loan: —       |
| LifeMD, Inc.                          | LifeMD, Inc.                                               | CUSIP: 53216B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116338 | NS      | $1211078.58   | 1.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Hims & Hers Health, Inc.              | Hims & Hers Health, Inc.                                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     90759 | NS      | $6006430.62   | 6.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Artivion, Inc.                        | Artivion, Inc.                                             | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     46770 | NS      | $1445660.70   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Phathom Pharmaceuticals, Inc.         | Phathom Pharmaceuticals, Inc.                              | CUSIP: 71722W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    289924 | NS      | $2475950.96   | 2.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Cencora, Inc.                         | Cencora, Inc.                                              | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     12014 | NS      | $3436965.12   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.               | Boston Scientific Corp.                                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     48256 | NS      | $5063019.52   | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                        | Exelixis, Inc.                                             | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     80479 | NS      | $2914949.38   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.              | Intuitive Surgical, Inc.                                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      6479 | NS      | $3116982.11   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx, Inc.                          | CareDx, Inc.                                               | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     69663 | NS      | $855809.96    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics, Inc.             | Soleno Therapeutics, Inc.                                  | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     44470 | NS      | $3845320.90   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ocular Therapeutix, Inc.              | Ocular Therapeutix, Inc.                                   | CUSIP: 67576A100<br>LEI: 529900ABAWFXOHSIHG03 | Long             | EC               | CORP              | US        |    198566 | NS      | $2299394.28   | 2.50%             |  |  |  | No            |                  1 | On Loan: —       |
| RadNet, Inc.                          | RadNet, Inc.                                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     43818 | NS      | $2398159.14   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity, Inc.                    | HealthEquity, Inc.                                         | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     26046 | NS      | $2526462.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines, Inc.            | Revolution Medicines, Inc.                                 | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     43275 | NS      | $1612859.25   | 1.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Insulet Corp.                         | Insulet Corp.                                              | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      9742 | NS      | $2809592.80   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience, Inc.               | Niagen Bioscience, Inc.                                    | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |    126578 | NS      | $1183504.30   | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Private Prime Fund            | Invesco Private Prime Fund                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  14076712 | NS      | $14076711.78  | 15.31%            |  |  |  | No            |                  2 | On Loan: No      |
| Trevi Therapeutics, Inc.              | Trevi Therapeutics, Inc.                                   | CUSIP: 89532M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    277965 | NS      | $2058330.83   | 2.24%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics, Inc.                | PTC Therapeutics, Inc.                                     | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     26936 | NS      | $1403634.96   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| uniQure N.V.                          | uniQure N.V.                                               | CUSIP: N90064101<br>LEI: 724500RPCTZLFYJZ3S98 | Long             | EC               | CORP              | NL        |    104316 | NS      | $1452078.72   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL Inc.                            | GRAIL Inc.                                                 | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |     62650 | NS      | $2143256.50   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals, Inc.        | Catalyst Pharmaceuticals, Inc.                             | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     72111 | NS      | $1538127.63   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals, Inc.             | ARS Pharmaceuticals, Inc.                                  | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71872 | NS      | $1270696.96   | 1.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Tenet Healthcare Corp.                | Tenet Healthcare Corp.                                     | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     26440 | NS      | $4264243.20   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health, Inc.                 | Guardant Health, Inc.                                      | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     45432 | NS      | $1861803.36   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals, Inc.        | BioCryst Pharmaceuticals, Inc.                             | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |    194135 | NS      | $1580258.90   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio, Inc.                      | AnaptysBio, Inc.                                           | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |     50614 | NS      | $1242573.70   | 1.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Rhythm Pharmaceuticals, Inc.          | Rhythm Pharmaceuticals, Inc.                               | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     25602 | NS      | $2182058.46   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Portfolio | Invesco Government & Agency Portfolio, Institutional Class | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    162798 | NS      | $162798.01    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                | Encompass Health Corp.                                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     16512 | NS      | $1818136.32   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Private Government Fund       | Invesco Private Government Fund                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   5445446 | NS      | $5445446.18   | 5.92%             |  |  |  | No            |                  2 | On Loan: No      |
| ResMed Inc.                           | ResMed Inc.                                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     10197 | NS      | $2772972.18   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics, Inc.        | Protagonist Therapeutics, Inc.                             | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46216 | NS      | $2489193.76   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services, Inc.    | BrightSpring Health Services, Inc.                         | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99191 | NS      | $2048294.15   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus N.V.                            | Merus N.V.                                                 | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     27335 | NS      | $1810670.40   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics, Inc.              | Akero Therapeutics, Inc.                                   | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     53366 | NS      | $2606929.10   | 2.84%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-08-30

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

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President