# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001193125-26-001460
**Filing Date:** 2026-1
**Character Count:** 1490226
**Document Hash:** b1e94238daf80c4c44a8dc3cf0e11d1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001460.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-001460

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21977
- **FILM NUMBER:** 26503840

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

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

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

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

## Series and Classes Contracts Data

### Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (Series ID: S000015260)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000041880 | Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF | PDN             |

### Invesco RAFI Developed Markets ex-U.S. ETF (Series ID: S000015261)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000041881 | Invesco RAFI Developed Markets ex-U.S. ETF | PXF             |

### Invesco RAFI Emerging Markets ETF (Series ID: S000015263)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000041883 | Invesco RAFI Emerging Markets ETF | PXH             |

### Invesco Global Water ETF (Series ID: S000015278)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000041898 | Invesco Global Water ETF | PIO             |

### Invesco Global Clean Energy ETF (Series ID: S000015279)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000041899 | Invesco Global Clean Energy ETF | PBD             |

### Invesco S&P International Developed Quality ETF (Series ID: S000015280)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000041900 | Invesco S&P International Developed Quality ETF | IDHQ            |

### Invesco Emerging Markets Sovereign Debt ETF (Series ID: S000019229)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000053050 | Invesco Emerging Markets Sovereign Debt ETF | PCY             |

### Invesco International Corporate Bond ETF (Series ID: S000019231)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000053052 | Invesco International Corporate Bond ETF | PICB            |

### Invesco Dorsey Wright Developed Markets Momentum ETF (Series ID: S000020450)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000057374 | Invesco Dorsey Wright Developed Markets Momentum ETF | PIZ             |

### Invesco Dorsey Wright Emerging Markets Momentum ETF (Series ID: S000020451)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000057375 | Invesco Dorsey Wright Emerging Markets Momentum ETF | PIE             |

### Invesco S&P International Developed Momentum ETF (Series ID: S000034746)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000106969 | Invesco S&P International Developed Momentum ETF | IDMO            |

### Invesco S&P International Developed Low Volatility ETF (Series ID: S000034747)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000106970 | Invesco S&P International Developed Low Volatility ETF | IDLV            |

### Invesco S&P Emerging Markets Momentum ETF (Series ID: S000034748)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000106971 | Invesco S&P Emerging Markets Momentum ETF | EEMO            |

### Invesco S&P Emerging Markets Low Volatility ETF (Series ID: S000034749)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000106972 | Invesco S&P Emerging Markets Low Volatility ETF | EELV            |

### Invesco Global ex-US High Yield Corporate Bond ETF (Series ID: S000040915)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000126877 | Invesco Global ex-US High Yield Corporate Bond ETF | PGHY            |

### Invesco International BuyBack Achievers ETF (Series ID: S000043789)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000135815 | Invesco International BuyBack Achievers ETF | IPKW            |

### Invesco 0-5 Yr US TIPS ETF (Series ID: S000058751)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000192793 | Invesco 0-5 Yr US TIPS ETF | PBTP            |

### Invesco MSCI Global Timber ETF (Series ID: S000060818)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000197634 | Invesco MSCI Global Timber ETF | CUT             |

### Invesco S&P Global Water Index ETF (Series ID: S000060819)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000197635 | Invesco S&P Global Water Index ETF | CGW             |

### Invesco China Technology ETF (Series ID: S000060828)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000197644 | Invesco China Technology ETF | CQQQ            |

### Invesco MSCI Green Building ETF (Series ID: S000071549)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000226858 | Invesco MSCI Green Building ETF |  |

### Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (Series ID: S000072836)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000229461 | Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | BLKC            |

### Invesco Alerian Galaxy Crypto Economy ETF (Series ID: S000072837)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000229462 | Invesco Alerian Galaxy Crypto Economy ETF | SATO            |

### Invesco MSCI Global Climate 500 ETF (Series ID: S000085579)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000250890 | Invesco MSCI Global Climate 500 ETF |  |

?xml version='1.0' encoding='ASCII'? a123b54d-9276-4697-9038-259f49f40cd7

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-21977

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

------

3500 Lacey Road Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan, Principal Executive Officer

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

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

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

![TSR_logo](images_2625.jpg)

### Invesco 0-5 Yr US TIPS ETF

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

#### ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about Invesco 0-5 Yr US TIPS ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco 0-5 Yr US TIPS ETF | $7 | 0.07% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the U.S. Treasury bond market benefited from relatively lower short-term interest rates. Because the Fund holds the vast majority of its portfolio in U.S. Treasury Inflation-Protected Securities ("TIPS") that have shorter durations, it benefited from this broader market environment.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury Index (the "Index"). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 6.12%, differed from the return of the Index, 6.16%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Duration Allocations** \| Bonds with maturities of 3-4 years, followed by bonds with maturities of 2-3 years.

 **Positions \|** U.S. Treasury Inflation-Indexed Note, 1.63% coupon, due 10/15/2029, followed by U.S. Treasury Inflation-Indexed Note, 0.25% coupon, due 7/15/2029.

 **What detracted from performance?**

 **Duration Allocations** \| No durations detracted from the Fund's performance during the period.

 **Positions \|** No positions detracted from the Fund's performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722273.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **Since<br> Inception<br> (9/22/17)** |
| **Invesco 0-5 Yr US TIPS ETF — NAV Return** | 6.12% | 3.74% | 3.38% |
| **ICE BofA 0-5 Year US Inflation-Linked Treasury Index** | 6.16% | 3.81% | 3.46% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.69% |

---

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$76351273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$44029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.63%, 01/15/2026 | &nbsp;&nbsp;&nbsp;5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.63%, 04/15/2030 | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 0.13%, 07/15/2030 | &nbsp;&nbsp;&nbsp;4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.38%, 01/15/2027 | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.50%, 01/15/2028 | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.13%, 07/15/2026 | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.13%, 01/15/2030 | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.13%, 04/15/2026 | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.25%, 07/15/2029 | &nbsp;&nbsp;&nbsp;4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 1.63%, 10/15/2029 | &nbsp;&nbsp;&nbsp;4.30% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Duration allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722267.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PBTP-AR **Invesco 0-5 Yr US TIPS ETF**

![TSR_logo](images_2625.jpg)

### Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | $81 | 0.60% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, digital assets experienced a positive market environment. Since many blockchain-related companies are either exposed to digital asset prices directly, or generate revenues from activity in the space, they also benefited from the strong performance of digital assets during the period.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index (the "Index"). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 70.04%, differed from the return of the Index, 68.03%, primarily due to income received from the securities lending program in which the Fund participates, enhanced by the effect of daily compounding during a period of strong performance, which was partially offset by fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Allocations** \| Software industry, followed by the capital markets industry and Bitcoin-focused exchange-traded funds ("ETFs").

**Positions \|** iShares Bitcoin Trust ETF, a Bitcoin-focused ETF, and Bakkt Holdings, Inc., a capital markets company.

**What detracted from performance?**

**Allocations** \| Semiconductors & semiconductor equipment industry, followed by the electronic equipment, instruments & components and hotels, restaurants & leisure industries, respectively.

**Positions \|** Digi Power X Inc., a software company (no longer held at fiscal year-end), and Metaplanet, Inc., a hotels, restaurants & leisure company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722561.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(10/7/21)** |
| **Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF — NAV Return** | 70.04% | 12.80% |
| **Alerian Galaxy Global Blockchain Equity, Trusts & ETPs Index (Net)** | 68.03% | 12.17% |
| **MSCI ACWI Index (Net)** | 22.64% | 10.42% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7587568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$25225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;131% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF | &nbsp;&nbsp;&nbsp;8.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Wise Origin Bitcoin Fund | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grayscale Bitcoin Trust ETF | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Digital Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canaan, Inc., ADR | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hut 8 Corp. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722556.jpg)

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

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

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

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

![TSR_QRcode](images_2624.jpg)

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

P-BLKC-AR **Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF**

![TSR_logo](images_2625.jpg)

### Invesco Alerian Galaxy Crypto Economy ETF

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Alerian Galaxy Crypto Economy ETF | $87 | 0.60% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, digital assets experienced a positive market environment. Stocks of companies that are materially engaged in the research and development of blockchain technology, cryptocurrency mining, cryptocurrency buying, or cryptocurrency enabling technologies benefited from the strong performance of digital assets during the period.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index (the "Index"). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 89.74%, differed from the return of the Index, 84.42%, primarily due to income received from the securities lending program in which the Fund participates, enhanced by the effect of daily compounding during a period of strong performance, which was partially offset by fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations** \| Software industry, followed by the capital markets and IT services industries, respectively.

 **Positions \|** Bakkt Holdings, Inc., a capital markets company and IREN Ltd., a software company.

 **What detracted from performance?**

 **Industry Allocations** \| Semiconductors & semiconductor equipment industry, followed by the electronic equipment, instruments & components and commercial services & supplies industries, respectively.

 **Positions \|** Digi Power X Inc., a software company (no longer held at fiscal year-end), and The9 Ltd., ADR, a software company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722578.jpg)

---

| | | |
|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **Since<br> Inception<br> (10/7/21)** |
| **Invesco Alerian Galaxy Crypto Economy ETF — NAV Return** | 89.74% | 8.82% |
| **Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts & ETPs Index (Net)** | 84.42% | 7.46% |
| **MSCI ACWI Index (Net)** | 22.64% | 10.42% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13623526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$67483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;164% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF | &nbsp;&nbsp;&nbsp;8.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Digital Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canaan, Inc., ADR | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Wise Origin Bitcoin Fund | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hut 8 Corp. | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitdeer Technologies Group | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;OSL Group Ltd. | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cipher Mining, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722583.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-SATO-AR **Invesco Alerian Galaxy Crypto Economy ETF**

![TSR_logo](images_2625.jpg)

### Invesco China Technology ETF

### CQQQ \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco China Technology ETF | $77 | 0.65% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, despite an initial decline in the spring of 2025 on tariff concerns, the MSCI China Index saw strong returns. Negotiations over the summer ultimately led to a reduction in trade tensions, allowing investors to focus on China's strong artificial intelligence ambitions. The Fund's focus on the technology sector allowed for slight outperformance compared to the MSCI China Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE China Incl A 25% Technology Capped Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts ("ADRs") and global depositary receipts ("GDRs") that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 35.68%, differed from the return of the Index, 36.48%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Industry Allocations** \| Interactive media & services industry followed by the semiconductors & semiconductor equipment and electronic equipment instruments & components industries, respectively.

 **Positions \|** Tencent Holdings Ltd., an interactive media & services company, and Kuaishou Technology, an interactive media & services company.

 **What detracted from performance?**

 **Industry Allocations** \| Hotels, restaurants & leisure industry, followed by the textiles apparel & luxury goods industry.

 **Positions \|** Meituan, B Shares, a hotels, restaurants & leisure company, and Shijiazhuang Changshan BeiMing Technology Co. Ltd., a textiles, apparel & luxury goods company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9721786.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco China Technology ETF — NAV Return** | 35.68% | -5.16% | 5.36% |
| **Blended - FTSE China Incl A 25% Technology Capped Index (Net)** | 36.48% | -4.51% | 6.00% |
| **MSCI China Index (Net)** | 33.68% | -1.39% | 5.43% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 18, 2018, Guggenheim China Technology ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim China Technology ETF and the Fund.

- The Blended - FTSE China Incl A 25% Technology Capped Index (Net) performance is comprised of the performance of the AlphaShares China Technology Index, the Fund's former underlying index, prior to June 22, 2019, followed by the performance of the Index thereafter.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3087144838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7627417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc., ADR | &nbsp;&nbsp;&nbsp;9.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;8.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc., A Shares | &nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology | &nbsp;&nbsp;&nbsp;5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Robotics | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bilibili, Inc., Z Shares | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;SenseTime Group, Inc., B Shares | &nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hua Hong Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;&nbsp;2.58% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721791.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-CQQQ-AR **Invesco China Technology ETF**

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Developed Markets Momentum ETF

### PIZ \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Dorsey Wright Developed Markets Momentum ETF | $94 | 0.80% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, despite an initial decline in the spring of 2025 on tariff concerns, the MSCI EAFE<sup>®</sup> Index saw strong returns. The Fund's overweight allocation to the industrials sector created a tailwind compared to the MSCI EAFE<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Developed Markets Tech Leaders<sup>TM</sup> Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 34.17%, differed from the return of the Index, 35.08%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Industrials sector, followed by the financials sector.

 **Positions \|** Rheinmetall AG, an industrials company, and Fujikura Ltd., an industrials company.

 **What detracted from performance?**

 **Sector Allocations** \| Health care sector followed by the communication services sector.

 **Positions \|** Metaplanet, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Novo Nordisk A/S, Class B, a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9721841.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Developed Markets Momentum ETF — NAV Return** | 34.17% | 11.94% | 9.17% |
| **Dorsey Wright Developed Markets Tech Leaders™ Index (Net)** | 35.08% | 12.68% | 9.89% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$481255998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2271793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;122% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fujikura Ltd. | &nbsp;&nbsp;&nbsp;3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology One Ltd. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flughafen Zureich AG | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sampo OYJ | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.97% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721835.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PIZ-AR **Invesco Dorsey Wright Developed Markets Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco Dorsey Wright Emerging Markets Momentum ETF

### PIE \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | $100 | 0.90% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, despite an initial decline in the spring of 2025 on tariff concerns, the MSCI Emerging Markets Index saw strong returns. However, the Fund's lower exposure to the information technology and communication services sectors created headwinds compared to the MSCI Emerging Markets Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright Emerging Markets Tech Leaders<sup>TM</sup> Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 22.14%, differed from the return of the Index, 23.64%, primarily due to fees and expenses incurred by the Fund during the period and by the effect of daily compounding during a period of strong performance.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the consumer discretionary sector.

 **Positions \|** Pop Mart International Group Ltd., a consumer discretionary company (no longer held at fiscal year-end), and Gentera S.A.B. de C.V., a financials company.

 **What detracted from performance?**

 **Sector Allocations** \| Consumer staples sector, followed by the utilities sector.

 **Positions \|** Shiny Chemical Industrial Co., Ltd., a materials company (no longer held at fiscal year-end), and Asia Vital Components Co. Ltd., an information technology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9721858.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Dorsey Wright Emerging Markets Momentum ETF — NAV Return** | 22.14% | 6.64% | 6.38% |
| **Dorsey Wright Emerging Markets Tech Leaders™ Index (Net)** | 23.64% | 8.72% | 8.14% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$119262361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$945981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;204% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tera Yatirim Menkul Degerler A.S. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Topco Scientific Co. Ltd. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tisco Financial Group PCL, NVDR | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wanguo Gold Group Ltd. | &nbsp;&nbsp;&nbsp;2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sigurd Microelectronics Corp. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yankey Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentera S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721864.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PIE-AR **Invesco Dorsey Wright Emerging Markets Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco Emerging Markets Sovereign Debt ETF

### PCY \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Emerging Markets Sovereign Debt ETF | $53 | 0.50% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, emerging market sovereign debt benefited from relatively lower longer term U.S. interest rates and a weaker U.S. dollar. Because the Fund holds the vast majority of its portfolio in emerging market sovereign bonds, it benefited from this broader market environment.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Markets USD Liquid Balanced Index (the "Index"). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 13.23%, differed from the return of the Index, 13.62%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Country Allocations** \| Pakistan bonds, followed by El Salvador bonds and Egypt bonds.

 **Positions \|** Pakistan Government International Bond, 8.88% coupon, due 4/8/2051, followed by Pakistan Government International Bond, 7.38% coupon, due 4/8/2031.

 **What detracted from performance?**

 **Country Allocations** \| No countries detracted from the Fund's performance during the period.

 **Positions \|** No positions detracted from the Fund's performance during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9721913.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Emerging Markets Sovereign Debt ETF — NAV Return** | 13.23% | 2.02% | 3.08% |
| **DBIQ Emerging Markets USD Liquid Balanced Index** | 13.62% | 1.62% | 3.24% |
| **Bloomberg Global Aggregate ex-U.S. Index** | 5.22% | -2.82% | 0.35% |
| **JP Morgan Emerging Market Bond Global Index** | 12.16% | 2.69% | 4.01% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1294628302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6228179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond, 8.88%, 04/08/2051 | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond, 7.38%, 04/08/2031 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bond, 7.88%, 03/01/2057 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond, 8.88%, 05/29/2050 | &nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bond, 6.88%, 01/31/2036 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bond, 6.40%, 02/14/2035 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond, 6.88%, 08/15/2055 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond, 8.75%, 09/30/2051 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government International Bond, 6.30%, 06/22/2048 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond, 4.65%, 10/07/2041 | &nbsp;&nbsp;&nbsp;1.07% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721907.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PCY-AR **Invesco Emerging Markets Sovereign Debt ETF**

![TSR_logo](images_2625.jpg)

### Invesco Global Clean Energy ETF

### PBD \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Clean Energy ETF | $88 | 0.75% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, despite an initial decline in the spring of 2025 on tariff concerns, the MSCI EAFE<sup>®</sup> Index saw strong returns. The Fund's focus on clean energy created a tailwind later in the year compared to the MSCI EAFE<sup>®</sup> Index as clean energy stocks saw a sharp relief rally.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts and global depositary receipts that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 34.31%, differed from the return of the Index, 34.24%, primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sub-industry Allocations** \| Electrical components & equipment sub-industry, followed by the heavy electrical equipment sub-industry.

 **Positions \|** Bloom Energy Corp., Class A, a heavy electrical equipment company, and Eos Energy Enterprises, Inc., an electrical components & equipment company.

 **What detracted from performance?**

 **Sub-Industry Allocations** \| Semiconductors sub-industry, followed by the semiconductor materials & equipment sub-industry.

 **Positions \|** BYD Co. Ltd., H Shares, an automobile manufacturers company, and Wolfspeed, Inc., a semiconductors company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722057.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Global Clean Energy ETF — NAV Return** | 34.31% | -4.12% | 5.90% |
| **WilderHill New Energy Global Innovation Index** | 34.24% | -4.09% | 5.95% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$94053050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$589322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;SES AI Corp. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceres Power Holdings PLC | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;QuantumScape Corp. | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ballard Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orsted A/S | &nbsp;&nbsp;&nbsp;1.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722051.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PBD-AR **Invesco Global Clean Energy ETF**

![TSR_logo](images_2625.jpg)

### Invesco Global ex-US High Yield Corporate Bond ETF

### PGHY \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global ex-US High Yield Corporate Bond ETF | $36 | 0.35% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the global high yield bond market benefited from relatively lower longer term interest rates, a weaker U.S. dollar, and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in global high yield bonds outside the United States, it benefited from this broader market environment.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE USD Global High Yield Excluding US Issuers Constrained Index (the "Index"). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 7.67%, differed from the return of the Index, 7.80%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Energy sector, followed by the communication services and financials sectors, respectively.

 **Positions \|** Samarco Mineracao S.A., 9.00% PIK Rate, 0.50% Cash Rate, due 6/30/2031, followed by Connect Finco S.a.r.l./Connect US Finco LLC, 9.00% coupon, due 9/15/2029.

 **What detracted from performance?**

 **Sector Allocations** \| No sectors detracted from the Fund's performance during the period.

 **Positions \|** Braskem Netherlands Finance B.V., 4.50% coupon, due 1/31/2030, followed by Braskem Netherlands Finance B.V., 4.50% coupon, due 1/10/2028.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722074.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Global ex-US High Yield Corporate Bond ETF — NAV Return** | 7.67% | 5.03% | 4.49% |
| **Blended - Invesco Global ex-US High Yield Corporate Bond Benchmark** | 7.80% | 5.19% | 5.11% |
| **Bloomberg Global Aggregate Index** | 5.69% | -1.63% | 1.10% |
| **ICE BofA 0-5 Year US High Yield Constrained Index** | 7.63% | 6.60% | 5.84% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended - Invesco Global ex-US High Yield Corporate Bond Benchmark performance is comprised of the performance of the DB Global Short Maturity High Yield Bond Index, the Fund's former underlying index, through August 25, 2023, followed by the performance of the Index thereafter.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$183515496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$564643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and Commercial Bank of China Ltd., 3.20%, | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao S.A., 9.00% PIK Rate, 0.50% Cash Rate, 9.50%, 06/30/2031 | &nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd., 3.80%, | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd., 4.81%, 09/17/2030 | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 7.00%, 04/04/2079 | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd., 4.35%, 09/17/2027 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 9.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gol Finance, Inc., 14.38%, 06/06/2030 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Connect Finco S.a.r.l./Connect US Finco LLC, 9.00%, 09/15/2029 | &nbsp;&nbsp;&nbsp;0.46% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722080.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PGHY-AR **Invesco Global ex-US High Yield Corporate Bond ETF**

![TSR_logo](images_2625.jpg)

### Invesco Global Water ETF

### PIO \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Water ETF | $79 | 0.75% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, despite an initial decline in the spring of 2025 on tariff concerns, the MSCI EAFE<sup>®</sup> Index saw strong returns. The Fund's focus on water, coupled with a lack of exposure to the financials sector created headwinds compared to the MSCI EAFE<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq OMX Global Water<sup>TM</sup> Index (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts and global depositary receipts that are based on the securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 11.90%, differed from the return of the Index, 12.34%, primarily due to fees and expenses incurred by the Fund during the period, partially offset by income received from the securities lending program in which the Fund participates.

 **What contributed to performance?**

 **Sub-industry Allocations** \| Industrial machinery & supplies & components sub-industry, followed by the water utilities sub-industry.

 **Positions \|** Ebara Corp., an industrial machinery & supplies & components company, and Cia de Saneamento Basico do Estado de Sao Paulo SABESP, a water utilities company.

 **What detracted from performance?**

 **Sub-Industry Allocations** \| Application software sub-industry, followed by the research & consulting services sub-industry.

 **Positions \|** Roper Technologies, Inc., an application software company, and IDEX Corp., an industrial machinery & supplies & components company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722129.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco Global Water ETF — NAV Return** | 11.90% | 8.69% | 8.77% |
| **Nasdaq OMX Global Water™ Index** | 12.34% | 9.01% | 9.00% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$276023817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1994239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;7.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement S.A. | &nbsp;&nbsp;&nbsp;7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;6.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;6.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ebara Corp. | &nbsp;&nbsp;&nbsp;5.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stantec, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722123.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PIO-AR **Invesco Global Water ETF**

![TSR_logo](images_2625.jpg)

### Invesco International BuyBack Achievers<sup>TM</sup> ETF

### IPKW \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF | $64 | 0.55% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI ACWI ex USA<sup>®</sup> Index experienced positive returns following initial tariff concerns and more accommodative stance from central banks. The Fund outperformed the MSCI ACWI ex USA<sup>®</sup> Index due primarily to security selection in the financials, consumer discretionary, and industrials sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq International BuyBack Achievers<sup>TM</sup> Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 31.64%, differed from the return of the Index, 32.29%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the consumer discretionary sector.

 **Positions \|** UniCredit S.p.A, a financials company, and Prosus N.V., a consumer discretionary company (no longer held at fiscal year-end).

 **What detracted from performance?**

 **Sector Allocations** \| Health care sector followed by the communication services sector.

 **Positions \|** Olympus Corp. a health care company (no longer held at fiscal year-end), and JD.com, Inc., A Shares, a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722146.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco International BuyBack Achievers<sup>TM</sup> ETF — NAV Return** | 31.64% | 15.53% | 10.35% |
| **Nasdaq International BuyBack Achievers™ Index (Net)** | 32.29% | 16.17% | 10.99% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$401132351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1134915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;108% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;ING Groep N.V. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;2.61% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722152.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-IPKW-AR **Invesco International BuyBack Achievers<sup>TM</sup> ETF**

![TSR_logo](images_2625.jpg)

### Invesco International Corporate Bond ETF

### PICB \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco International Corporate Bond ETF | $52 | 0.50% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index<sup>®</sup> (the "Index"). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 9.02%, differed from the return of the Index, 8.73%, primarily due to positive effects of the sampling approach employed by the portfolio management team, which were partially offset by fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the utilities and industrials sectors, respectively.

 **Positions \|** Electricite de France S.A, 6.13% coupon, due 6/2/2034 (no longer held at fiscal year-end), followed by Norway Government Bond, Series 479, 1.75% coupon, due 2/17/2027.

 **What detracted from performance?**

 **Sector Allocations** \| No sectors detracted from the Fund's performance during the period.

 **Positions \|** NTT Finance Corp., Series 18, 0.38% coupon, due 9/20/2030, followed by SW (Finance) I PLC, 7.38% coupon, due 12/12/2041 (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722201.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco International Corporate Bond ETF — NAV Return** | 9.02% | -1.20% | 1.01% |
| **S&P International Corporate Bond Index<sup>®</sup> (Net)** | 8.73% | -1.29% | 0.96% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 24.93% | 11.18% | 7.67% |
| **Bloomberg Pan-European Aggregate Index** | 9.13% | -2.36% | 0.44% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$235172053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$780919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NTT Finance Corp., Series 18, 0.38%, 09/20/2030 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The), 4.21%, 06/01/2027 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The), 4.68%, 01/08/2029 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International N.V., 5.75%, 09/14/2040 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.31%, 06/01/2027 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 3.19%, 03/01/2028 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.63%, 05/01/2028 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.71%, 12/07/2027 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 4.95%, 06/29/2027 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.64%, 01/17/2028 | &nbsp;&nbsp;&nbsp;0.50% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722195.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PICB-AR **Invesco International Corporate Bond ETF**

![TSR_logo](images_2625.jpg)

### Invesco MSCI Global Climate 500 ETF

### KLMT \| NYSE Arca, Inc.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco MSCI Global Climate 500 ETF | $11 | 0.10% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, despite a difficult tariff environment, the Fund experienced positive returns while still slightly underperforming the MSCI ACWI Index. The Fund's underperformance was due primarily to security selection in the industrials, real estate, and energy sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI ACWI Select Climate 500 Index (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts and global depositary receipts that are based on the securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 21.99%, differed from the return of the Index, 21.76%, primarily due to favorable dividend tax withholding on foreign securities as well as income from the securities lending program in which the Fund participates, which were partially offset by fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Information technology sector, followed by the financials sector.

 **Positions \|** NVIDIA Corp., an information technology company, and Broadcom, Inc., an information technology company.

 **What detracted from performance?**

 **Sector Allocations** \| Health care sector.

 **Positions \|** Novo Nordisk A/S, Class B, a health care company, and UnitedHealth Group, Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722631.jpg)

---

| | | |
|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **Since<br> Inception<br> (6/26/24)** |
| **Invesco MSCI Global Climate 500 ETF — NAV Return** | 21.99% | 19.20% |
| **MSCI ACWI Select Climate 500 Index** | 21.76% | 19.00% |
| **MSCI ACWI Index (Net)** | 22.64% | 19.86% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1402945854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1386829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.32% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722627.jpg)

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

Effective June 2, 2025, the Fund modified its principal investment strategies to reflect certain updates to the Index methodology effective as of such date, specifically that the Index (i) no longer excludes companies in the business of fossil fuel power generation from the Index's investment universe, and (ii) lowered certain thresholds for the exclusion of companies in the business of thermal coal-based power generation from the Index's investment universe.

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

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

![TSR_QRcode](images_2624.jpg)

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

P-KLMT-AR **Invesco MSCI Global Climate 500 ETF**

![TSR_logo](images_2625.jpg)

### Invesco MSCI Global Timber ETF

### CUT \| NYSE Arca, Inc.

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

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco MSCI Global Timber ETF | $700.76%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the timber industry faced significant challenges, including a collapse in lumber prices, a weakening housing market, and additional pressure on Canadian companies from U.S. trade tariffs and duties. The Fund's underperformance relative to the MSCI World Index largely stemmed from an overweight allocation to paper and plastic packaging products companies and materials, paper products and forest products companies.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts and global depositary receipts that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, -15.75%, differed from the return of the Index, -15.67%, primarily due to fees and expenses incurred by the Fund during the period, which were partially offset by favorable dividend tax withholding on foreign securities along with the impact of foreign fair valuation.

 **What contributed to performance?**

 **Sub-industry Allocations** \| Metal, glass & plastic containers sub-industry.

 **Positions \|** Oji Holdings Corp., a paper products company and Stora Enso OYJ, Class R, a paper products company.

 **What detracted from performance?**

 **Sub-Industry Allocations** \| Paper and plastic packaging products & materials sub-industry, followed by the paper products sub-industry.

 **Positions \|** Graphic Packaging Holding Co., a paper & plastic packaging products & materials company and SIG Group AG, a paper & plastic packaging products & materials.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722218.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco MSCI Global Timber ETF — NAV Return** | -15.75% | 2.53% | 3.64% |
| **Blended - MSCI ACWI IMI Timber Select Capped Index (Net)** | -15.67% | 2.64% | 3.70% |
| **MSCI ACWI Index (Net)** | 22.64% | 14.61% | 11.31% |
| **MSCI World Index (Net)** | 22.02% | 15.58% | 11.79% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended - MSCI ACWI IMI Timber Select Capped Index (Net) performance is comprised of the performance of the Beacon Global Timber Index, the Fund's former underlying index, prior to May 20, 2016, followed by the performance of the Index thereafter.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$40805461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$128890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Svenska Cellulosa AB S.C.A., Class B | &nbsp;&nbsp;&nbsp;5.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;5.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;4.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;4.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stora Enso OYJ, Class R | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suzano S.A. | &nbsp;&nbsp;&nbsp;4.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722224.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-CUT-AR **Invesco MSCI Global Timber ETF**

![TSR_logo](images_2625.jpg)

### Invesco MSCI Green Building ETF

### GBLD \| NYSE Arca, Inc.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco MSCI Green Building ETF | $41 | 0.39% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended October 31, 2025, the MSCI Global Green Building Index delivered positive returns, supported by the tendency of green properties to command higher premiums and occupancy rates compared to their non-green counterparts. However, commercial real estate, and to a lesser extent green buildings, continued to face vacancy rates above pre-pandemic levels during the period. The Fund's underperformance relative to the MSCI All Country World IMI Index was largely attributed to an overweight in office real estate investment trusts ("REITs"), exposure to homebuilding, and security selection in healthcare REITs.

**•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Green Building Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 9.42%, differed from the return of the Index, 9.10%, primarily due to favorable dividend tax withholding on foreign securities along with the impact of foreign fair valuation, which were partially offset by fees and expenses incurred by the Fund during the period.

**What contributed to performance?**

**Sub-industry Allocations** \| Retail REITs sub-industry, followed by the diversified REITs sub-industry.

**Positions \|** Unibail-Rodamco-Westfield, a retail REITs company and Swiss Prime Site AG, a diversified REITs company.

**What detracted from performance?**

**Sub-Industry Allocations** \| Health care REITs, followed by the homebuilding sub-industry.

**Positions \|** Alexandria Real Estate Equities, Inc., a health care REITs company (no longer held at fiscal year-end) and Meritage Homes Corp., a homebuilding company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722506.jpg)

---

| | | |
|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **Since<br>Inception<br>(4/22/21)** |
| **Invesco MSCI Green Building ETF — NAV Return** | 9.42% | -2.44% |
| **MSCI Global Green Building Index (Net)** | 9.10% | -2.54% |
| **MSCI All Country World IMI Index (Net)** | 22.00% | 9.55% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5435428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$23463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Klepierre S.A. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vicinity Ltd. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merlin Properties SOCIMI S.A. | &nbsp;&nbsp;&nbsp;2.27% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722511.jpg)

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

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

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

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

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

![TSR_QRcode](images_2624.jpg)

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

P-GBLD-AR **Invesco MSCI Green Building ETF**

![TSR_logo](images_2625.jpg)

### Invesco RAFI Developed Markets ex-U.S. ETF

### PXF \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco RAFI Developed Markets ex-U.S. ETF | $51 | 0.44% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI EAFE<sup>®</sup> Index experienced positive returns following initial tariff concerns and a more accommodative stance from central banks. The Fund outperformed the MSCI EAFE<sup>®</sup> Index due primarily to security selection within the information technology and financials sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI<sup>TM</sup> Fundamental Select Developed ex US 1000 Index (the "Index"), and prior to March 24, 2025, the FTSE RAFI<sup>TM</sup> Developed ex U.S. 1000 Index (the "Previous Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts and global depositary receipts that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 30.61%, differed from the return of the Custom Invesco RAFI Developed Markets ex-U.S. ETF Benchmark (a composite of the returns of the Previous Index through March 21, 2025, and the Index for the remainder of the fiscal year ended October 31, 2025), 31.60%, primarily due to fees and expenses incurred by the Fund during the period, as well as negative differences in the tax withholding treatment of dividends between the Fund and the Index.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the industrials sector.

 **Positions \|** Samsung Electronics Co. Ltd., an information technology company, and Banco Santander S.A., a financials company.

 **What detracted from performance?**

 **Sector Allocations** \| Real estate sector, followed by the health care sector.

 **Positions \|** Novo Nordisk A/S, Class B, a health care company, and Stellantis N.V., a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9721930.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco RAFI Developed Markets ex-U.S. ETF — NAV Return** | 30.61% | 16.95% | 8.59% |
| **Custom Invesco RAFI Developed Markets ex-U.S. ETF Benchmark** | 31.60% | 17.33% | 8.83% |
| **RAFI™ Fundamental Select Developed ex US 1000 Index** | N/A | N/A | N/A |
| **FTSE RAFI™ Developed ex U.S. 1000 Index (Net)** | 29.69% | 16.99% | 8.67% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- The Custom Invesco RAFI Developed Markets ex-U.S. ETF Benchmark performance is comprised of the performance of the Previous Index through March 21, 2025, followed by the performance of the Index thereafter.

- Performance information for the Index is not available for periods prior to the RAFI™ Fundamental Select Developed ex US 1000 Index's commencement date of December 9, 2024.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2164926678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8368119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;0.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721936.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PXF-AR **Invesco RAFI Developed Markets ex-U.S. ETF**

![TSR_logo](images_2625.jpg)

### Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF

### PDN \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF | $55 | 0.48% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI EAFE<sup>®</sup> Index experienced positive returns following initial tariff concerns and a more accommodative stance from central banks. The Fund outperformed the MSCI EAFE<sup>®</sup> Index due primarily to security selection within the industrials, health care, and consumer discretionary sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI<sup>TM</sup> Fundamental Select Developed ex US 1500 Index (the "Index"), and prior to March 24, 2025, the FTSE RAFI<sup>TM</sup> Developed ex U.S. Mid-Small 1500 Index (the "Previous Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts and global depositary receipts that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 29.76%, differed from the return of the Custom Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF Benchmark (a composite of the returns of the Previous Index through March 21, 2025, and of the Index for the remainder of the fiscal year ended October 31, 2025), 30.28%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Industrials sector, followed by the financials sector.

 **Positions \|** Doosan Co. Ltd., an industrials company, and Hanwha Aerospace Co. Ltd., an industrials company.

 **What detracted from performance?**

 **Sector Allocations** \| Utilities sector, followed by the consumer staples sector.

 **Positions \|** Algoma Steel Group, Inc., a materials company, and Fugro N.V., an industrials company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9721985.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF — NAV Return** | 29.76% | 10.48% | 7.30% |
| **Custom Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF Benchmark** | 30.28% | 10.92% | 7.67% |
| **RAFI™ Fundamental Select Developed ex US 1500 Index** | N/A | N/A | N/A |
| **FTSE RAFI™ Developed ex U.S. Mid-Small 1500 Index (Net)** | 29.05% | 10.71% | 7.57% |
| **MSCI World ex USA IMI Index** | 23.90% | 12.31% | 7.72% |
| **MSCI EAFE<sup>®</sup> Small Cap Index (Net)** | 24.50% | 9.06% | 7.20% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- The Custom Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF Benchmark performance is comprised of the performance of the Previous Index through March 21, 2025, followed by the performance of the Index thereafter.

- Performance information for the Index is not available for periods prior to the RAFI™ Fundamental Select Developed ex US 1500 Index's commencement date of December 9, 2024.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$364376435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1791795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Co. Ltd. | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinden Corp. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;SSR Mining, Inc. | &nbsp;&nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold Corp. | &nbsp;&nbsp;&nbsp;0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;NHK Spring Co. Ltd. | &nbsp;&nbsp;&nbsp;0.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9721979.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PDN-AR **Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF**

![TSR_logo](images_2625.jpg)

### Invesco RAFI Emerging Markets ETF

### PXH \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco RAFI Emerging Markets ETF | $54 | 0.48% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI Emerging Markets Index experienced positive returns following initial tariff concerns and improving growth prospects. The Fund lagged the MSCI Emerging Markets Index due primarily to security selection within the information technology sector and overweight allocation to the energy sector.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI<sup>TM</sup> Fundamental Select Emerging Markets 350 Index (the "Index"), and prior to March 24, 2025, the FTSE RAFI<sup>TM</sup> Emerging Index (the "Previous Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts and global depositary receipts that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 25.76%, differed from the return of the Custom Invesco RAFI Emerging Markets ETF Benchmark (a composite of the returns of the Previous Index through March 21, 2025, and of the Index for the remainder of the fiscal year ended October 31, 2025), 26.52%, primarily due to fees and expenses incurred by the Fund during the period, as well as negative differences in the tax withholding treatment of dividends between the Fund and the Index.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the information technology sector.

 **Positions \|** Alibaba Group Holding Ltd., a consumer discretionary company, and Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company.

 **What detracted from performance?**

 **Sector Allocations** \| Real estate sector, followed by the health care sector.

 **Positions \|** Meituan, B Shares, a consumer discretionary company, and JD.com, Inc., ADR, a consumer discretionary company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco RAFI Emerging Markets ETF — NAV Return** | 25.76% | 13.02% | 9.33% |
| **Custom Invesco RAFI Emerging Markets ETF Benchmark** | 26.52% | 13.98% | 10.06% |
| **RAFI™ Fundamental Select Emerging Markets 350 Index** | N/A | N/A | N/A |
| **FTSE RAFI™ Emerging Index (Net)** | 26.39% | 13.96% | 10.04% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- The Custom Invesco RAFI Emerging Markets ETF Benchmark performance is comprised of the performance of the Previous Index through March 21, 2025, followed by the performance of the Index thereafter.

- Performance information for the Index is not available for periods prior to the RAFI™ Fundamental Select Emerging Markets 350 Index's commencement date of December 9, 2024.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1693854503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6552367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;6.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A., Preference Shares | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance (Group) Co. of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;1.48% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722008.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-PXH-AR **Invesco RAFI Emerging Markets ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P Emerging Markets Low Volatility ETF

### EELV \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P Emerging Markets Low Volatility ETF | $31 | 0.29% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI Emerging Markets Index (Net) saw positive returns on improving growth prospects despite a decline in the spring on tariff concerns. The Fund's large average underweight allocation to the information technology sector and its security selection results within the materials, communication services, and industrials sectors were significant drivers of its relative underperformance versus the MSCI Emerging Markets Index (Net).

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI Emerging Markets Low Volatility Index<sup>TM</sup> (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 13.89%, differed from the return of the Index, 13.55%, primarily due to positive impact from fair valuation of foreign securities, which were partially offset by fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the utilities sector.

 **Positions \|** OTP Bank Nyrt, a financials company, followed by Abu Dhabi Islamic Bank PJSC, a financials company.

 **What detracted from performance?**

 **Sector Allocations** \| Materials sector, followed by the health care sector.

 **Positions \|** Grupo Elektra S.A.B. de C.V., a financials company (no longer held at fiscal year-end), and Airports of Thailand PCL NVDR, an industrials company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722290.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P Emerging Markets Low Volatility ETF — NAV Return** | 13.89% | 10.59% | 5.81% |
| **S&P BMI Emerging Markets Low Volatility Index™ (Net)** | 13.55% | 11.32% | 6.52% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$408683925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1136599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tisco Financial Group PCL, NVDR | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kuwait Finance House K.S.C.P. | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jarir Marketing Co. | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;IHH Healthcare Bhd. | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi Telecom Co. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;AlRayan Bank | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malayan Banking Bhd. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Leong Bank Bhd. | &nbsp;&nbsp;&nbsp;0.71% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722296.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-EELV-AR **Invesco S&P Emerging Markets Low Volatility ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P Emerging Markets Momentum ETF

### EEMO \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P Emerging Markets Momentum ETF | $31 | 0.29% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI Emerging Markets Index (Net) saw positive returns on improving growth prospects despite a decline in the spring on tariff concerns. The Fund's security selection results in the information technology and consumer discretionary sectors, as well as its average underweight allocation to the information technology sector, were significant drivers of its relative underperformance versus the MSCI Emerging Markets Index (Net).

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Emerging Plus LargeMidCap Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities of companies that comprise the Index, as well as American depositary receipts and global depositary receipts that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 10.45%, differed from the return of the Index, 9.88%, primarily due to the positive differential treatment of foreign capital gains taxes and the fair valuation of foreign securities between the Fund and the Index, which were partially offset by fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the industrials sector.

 **Positions \|** Taiwan Semiconductor Manufacturing Co., Ltd., an information technology company (no longer held at fiscal year-end), and Tencent Holdings Ltd., a communication services company.

 **What detracted from performance?**

 **Sector Allocations** \| Consumer discretionary sector, followed by the communication services sector.

 **Positions \|** Meituan, B Shares, a consumer discretionary company (no longer held at fiscal year-end), and Xiaomi Corp., B Shares, an information technology company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722345.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P Emerging Markets Momentum ETF — NAV Return** | 10.45% | 4.37% | 5.06% |
| **Blended - S&P Momentum Emerging Plus LargeMidCap Index (Net)** | 9.88% | 5.77% | 6.55% |
| **MSCI Emerging Markets Index (Net)** | 27.91% | 7.46% | 7.69% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended - S&P Momentum Emerging Plus LargeMidCap Index (Net) performance is comprised of the performance of the S&P BMI Emerging Markets High Beta Index™, the Fund's former underlying index, through March 21, 2016, followed by the performance of the Index thereafter.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13396245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;128% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;9.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp., B Shares | &nbsp;&nbsp;&nbsp;6.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Enerbility Co. Ltd. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance (Group) Co. of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;1.69% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722338.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-EEMO-AR **Invesco S&P Emerging Markets Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P Global Water Index ETF

### CGW \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P Global Water Index ETF | $62 | 0.58% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, despite an initial decline in the spring of 2025 on tariff concerns, the MSCI EAFE<sup>®</sup> Index saw strong returns. The Fund's focus on water, coupled with a lack of exposure to the financials sector created headwinds compared to the MSCI EAFE<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Global Water Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts and global depositary receipts that represent securities in the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 12.48%, differed from the return of the Index, 12.87%, primarily due to fees and expenses incurred by the Fund during the period, which were partially offset by favorable dividend tax withholding on foreign securities as well as income from the securities lending program in which the Fund participates.

 **What contributed to performance?**

 **Industry Allocations** \| Water utilities industry, followed by the machinery and building products industries, respectively.

 **Positions \|** Cia de Saneamento Basico do Estado de Sao Paulo SABESP, a water utilities company, and Xylem, Inc., a machinery company.

 **What detracted from performance?**

 **Industry Allocations** \| Commercial services & supplies industry, followed by the electronic equipment instruments & components and metals & mining industries, respectively.

 **Positions \|** Advanced Drainage Systems, Inc., a building products company, and American States Water Co., a water utilities company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722362.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P Global Water Index ETF — NAV Return** | 12.48% | 10.78% | 10.28% |
| **S&P Global Water Index (Net)** | 12.87% | 11.02% | 10.53% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

Effective after the close of business on April 6, 2018, Guggenheim S&P Global Water Index ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim S&P Global Water Index ETF and the Fund.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$984500681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4747817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;8.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;7.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;5.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;3.67% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722369.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-CGW-AR **Invesco S&P Global Water Index ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P International Developed Low Volatility ETF

### IDLV \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P International Developed Low Volatility ETF | $27 | 0.25% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI EAFE<sup>®</sup> Index (Net) experienced positive returns on more accommodative stances from central banks despite a decline in the spring on tariff concerns. The Fund's security selection results in the financials, industrials, and communication services sectors were significant drivers of its relative underperformance versus the MSCI EAFE<sup>®</sup> Index (Net).

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI International Developed Low Volatility<sup>TM</sup> Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 18.43%, differed from the return of the Index, 18.32%, primarily due to positive differences in the tax withholding treatment of dividends between the Fund and the Index, which were partially offset by fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the industrials sector.

 **Positions \|** Singapore Technologies Engineering Ltd., an industrials company (no longer held at fiscal year-end), and Poste Italiane S.p.A., a financials company.

 **What detracted from performance?**

 **Sector Allocations** \| Information technology sector, followed by the materials sector.

 **Positions \|** CSL Ltd., a health care company (no longer held at fiscal year-end), and Bunzl PLC, an industrials company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722417.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P International Developed Low Volatility ETF — NAV Return** | 18.43% | 7.62% | 4.90% |
| **S&P BMI International Developed Low Volatility™ Index (Net)** | 18.32% | 7.67% | 4.93% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$324261888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$762895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;HK Electric Investments & HK Electric Investments Ltd. | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telstra Group Ltd. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;ORIX JREIT, Inc. | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daiwa House REIT Investment Corp. | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Urban Investment Corp. | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance Residence Investment Corp. | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortis, Inc. | &nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | &nbsp;&nbsp;&nbsp;0.66% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722410.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-IDLV-AR **Invesco S&P International Developed Low Volatility ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P International Developed Momentum ETF

### IDMO \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P International Developed Momentum ETF | $29 | 0.25% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI EAFE<sup>®</sup> Index experienced positive returns on more accommodative stances from central banks despite a decline in the spring on tariff concerns. The Fund's large average overweight allocation to the financials sector, as well as its security selection results in the industrials and materials sectors, were significant drivers of its relative outperformance versus the MSCI EAFE<sup>®</sup> Index.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P World Ex-U.S. Momentum Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 34.06%, differed from the return of the Index, 34.35%, primarily due to fees and expenses incurred by the Fund during the period.

 **What contributed to performance?**

 **Sector Allocations** \| Financials sector, followed by the industrials sector.

 **Positions \|** Rolls-Royce Holdings PLC, an industrials company, and Rheinmetall AG, an industrials company.

 **What detracted from performance?**

 **Sector Allocations** \| Health care sector, followed by the real estate sector.

 **Positions \|** Novo Nordisk A/S, Class B, a health care company (no longer held at fiscal year-end), and Recruit Holdings Co. Ltd., an industrials company (no longer held at fiscal year-end).

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722434.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P International Developed Momentum ETF — NAV Return** | 34.06% | 16.27% | 10.46% |
| **Blended - Invesco S&P International Developed Momentum ETF Benchmark (Net)** | 34.35% | 16.44% | 10.76% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended - Invesco S&P International Developed Momentum ETF Benchmark (Net) performance is comprised of the performance of the S&P BMI International Developed High Beta Index™ (Net), the Fund's former underlying index, through March 21, 2016, followed by the performance of the Index thereafter.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2081577978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2182548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;105% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG, Class A | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722439.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-IDMO-AR **Invesco S&P International Developed Momentum ETF**

![TSR_logo](images_2625.jpg)

### Invesco S&P International Developed Quality ETF

### IDHQ \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco S&P International Developed Quality ETF | $32 | 0.29% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended October 31, 2025, the MSCI EAFE<sup>®</sup> Index experienced positive returns following initial tariff concerns and more accommodative stance from central banks. The Fund underperformed developing market equities due primarily to specific security exposures in the financials, industrials, and consumer discretionary sectors.

 **•** The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Quality Developed ex-U.S. LargeMidCap Index (Net) (the "Index"). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

• For the fiscal year ended October 31, 2025, the Fund's performance, on a net asset value ("NAV") basis, 18.60%, differed from the return of the Index, 18.70%, primarily due to fees and expenses incurred by the Fund during the period, which were partially offset by positive differences in the tax withholding treatment of dividends between the Fund and the Index.

 **What contributed to performance?**

 **Sector Allocations** \| Information technology sector, followed by the industrials sector.

 **Positions \|** ASML Holding N.V., an information technology company, and SK hynix, Inc., an information technology company.

 **What detracted from performance?**

 **Sector Allocations** \| Health care sector, followed by the real estate sector.

 **Positions \|** Novo Nordisk A/S, a health care company (no longer held at fiscal year-end), and Recruit Holdings Co. Ltd., an industrials company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9722489.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br> AVERAGE ANNUAL TOTAL RETURNS** | **<br> 1 Year** | **<br> 5 Years** | **<br> 10 Years** |
| **Invesco S&P International Developed Quality ETF — NAV Return** | 18.60% | 9.43% | 8.09% |
| **Blended - S&P Quality Developed ex-U.S. LargeMidCap Index (Net)** | 18.70% | 9.61% | 8.19% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 23.03% | 12.33% | 7.48% |

---

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended - S&P Quality Developed ex-U.S. LargeMidCap Index (Net) performance is comprised of the performance of the S&P International Developed High Quality Rankings Index (Net), the Fund's former underlying index, through March 18, 2016, followed by the performance of the Index thereafter.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$531427069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1227690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;6.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp;&nbsp;2.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9722484.jpg)

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

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

![TSR_QRcode](images_2624.jpg)

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

P-IDHQ-AR **Invesco S&P International Developed Quality ETF**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

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

------

Item 3. Audit Committee Financial Expert.

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

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

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d) 

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

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | $518340  | $469680  |
| Audit-Related Fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $0  |
| Tax Fees<sup>(</sup><sup>1</sup><sup>)</sup>  | $289440  | $289440  |
| All Other Fees  | $0  | $0  |
| Total Fees  | $807780  | $759120  |

---

<sup>(1)</sup> Tax Fees for the fiscal years ended 2025 and 2024 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. 

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

---

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

---

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

------

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

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

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

---

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

---

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

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

------

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

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

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

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

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

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

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

#### Tax Services

------

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

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

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

---

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

---

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

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

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

------

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

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

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

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

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

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

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

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

• **Financial information systems design and implementation**

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

• **Actuarial services** 

• **Internal audit outsourcing services**

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

• **Human resources**

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

• **Legal services** 

• **Expert services unrelated to the audit** 

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

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

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

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

---

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

---

(f) Not applicable. 

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,737,000 for the fiscal year ended October 31, 2025 and $6,466,000 for the fiscal year ended October 31, 2024 for non-audit services not required to be pre-approved by the Registrant's Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,187,440 for the fiscal year ended October 31, 2025 and $7,889,440 for the fiscal year ended October 31, 2024. 

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

(i) Not applicable. 

(j) Not applicable. 

------

Item 5. Audit Committee of Listed Registrants.

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

(b) Not applicable.

------

Item 6. Investments.

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

(b) Not applicable.

------

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

------

![](img07b198881.jpg)

------

**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **BLKC** | Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF |
| **SATO** | Invesco Alerian Galaxy Crypto Economy ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Consolidated Schedules of Investments |  |
| [Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_SOI-Continued-841_1)<br> [(BLKC)](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_SOI-Continued-841_1)<br>| **3** |
| [Invesco Alerian Galaxy Crypto Economy ETF (SATO)](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_SOI-Continued-841_3) | **5** |
| [Consolidated Statements of Assets and Liabilities](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_FS-Continued-841_1) | **7** |
| [Consolidated Statements of Operations](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_FS-Continued-841_2) | **8** |
| [Consolidated Statements of Changes](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_FS-Continued-841_3) | **9** |
| [Consolidated Financial Highlights](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_FIHI-Continued-841_1) | **10** |
| [Notes to Consolidated Financial Statements](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_NTF-Continued-841_1) | **12** |
| [Report of Independent Registered Public Accounting Firm](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_AR-Continued-841_1) | **25** |
| [Tax Information](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_TI-Continued-841_1) | **26** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_640f0388-c45d-4c1a-ae19-847a697cc5de_OIRSR-Continued-841_1) | **27** |

---

------

**2**

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**Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)**

October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-85.37%** | **Common Stocks & Other Equity Interests-85.37%** | **Common Stocks & Other Equity Interests-85.37%** |
| **Australia-1.18%** | **Australia-1.18%** | **Australia-1.18%** |
| IREN Ltd.<sup>(b)</sup> | 1472 | &nbsp;&nbsp; $89424 |
| **Canada-4.50%** | **Canada-4.50%** | **Canada-4.50%** |
| Bitfarms Ltd.<sup>(b)</sup> | 22536 | &nbsp;&nbsp; 89468 |
| Hive Digital Technologies Ltd.<sup>(b)</sup> | 13521 | &nbsp;&nbsp; 70309 |
| Hut 8 Corp.<sup>(b)</sup> | 2027 | &nbsp;&nbsp; 102688 |
| Sol Strategies, Inc.<sup>(b)(c)</sup> | 22559 | &nbsp;&nbsp; 78731 |
|  |  | &nbsp;&nbsp; 341196 |
| **Cayman Islands-0.94%** | **Cayman Islands-0.94%** | **Cayman Islands-0.94%** |
| Bullish<sup>(b)</sup> | 1408 | &nbsp;&nbsp; 71203 |
| **China-8.50%** | **China-8.50%** | **China-8.50%** |
| Alibaba Group Holding Ltd., ADR | 541 | &nbsp;&nbsp; 92203 |
| Boyaa Interactive International Ltd. | 106259 | &nbsp;&nbsp; 72906 |
| Canaan, Inc., ADR<sup>(b)</sup> | 77013 | &nbsp;&nbsp; 110128 |
| Cango, Inc., ADR<sup>(b)(c)</sup> | 20281 | &nbsp;&nbsp; 81327 |
| Meitu, Inc.<sup>(b)(d)</sup> | 78470 | &nbsp;&nbsp; 87130 |
| Mercurity Fintech Holding, Inc.<sup>(b)(c)</sup> | 2992 | &nbsp;&nbsp; 31236 |
| Next Technology Holding, Inc.<sup>(b)(c)</sup> | 3904 | &nbsp;&nbsp; 72146 |
| OSL Group Ltd.<sup>(b)(c)</sup> | 43346 | &nbsp;&nbsp; 98094 |
|  |  | &nbsp;&nbsp; 645170 |
| **Germany-2.23%** | **Germany-2.23%** | **Germany-2.23%** |
| Northern Data AG<sup>(b)(c)</sup> | 4678 | &nbsp;&nbsp; 80143 |
| SAP SE | 341 | &nbsp;&nbsp; 88804 |
|  |  | &nbsp;&nbsp; 168947 |
| **Hong Kong-1.04%** | **Hong Kong-1.04%** | **Hong Kong-1.04%** |
| Sinohope Technology Holdings Ltd.<sup>(b)(d)</sup> | 135078 | &nbsp;&nbsp; 79037 |
| **Israel-1.16%** | **Israel-1.16%** | **Israel-1.16%** |
| Etoro Group Ltd.<sup>(b)</sup> | 2380 | &nbsp;&nbsp; 88203 |
| **Japan-2.21%** | **Japan-2.21%** | **Japan-2.21%** |
| Metaplanet, Inc.<sup>(b)</sup> | 25717 | &nbsp;&nbsp; 81095 |
| Sony Group Corp. | 3098 | &nbsp;&nbsp; 86309 |
|  |  | &nbsp;&nbsp; 167404 |
| **Norway-1.27%** | **Norway-1.27%** | **Norway-1.27%** |
| Aker ASA, Class A | 1238 | &nbsp;&nbsp; 96315 |
| **Switzerland-1.27%** | **Switzerland-1.27%** | **Switzerland-1.27%** |
| Nestle S.A. | 1008 | &nbsp;&nbsp; 96553 |
| **Taiwan-1.24%** | **Taiwan-1.24%** | **Taiwan-1.24%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 313 | &nbsp;&nbsp; 94035 |
| **United States-59.83%** | **United States-59.83%** | **United States-59.83%** |
| Accenture PLC, Class A | 373 | &nbsp;&nbsp; 93287 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 404 | &nbsp;&nbsp; 103472 |
| Amazon.com, Inc.<sup>(b)</sup> | 412 | &nbsp;&nbsp; 100619 |
| American Bitcoin Corp., Class A<sup>(b)(c)</sup> | 14367 | &nbsp;&nbsp; 73128 |
| Applied Digital Corp.<sup>(b)</sup> | 3209 | &nbsp;&nbsp; 111224 |
| Bakkt Holdings, Inc.<sup>(b)</sup> | 2459 | &nbsp;&nbsp; 68041 |
| Bank of America Corp. | 1887 | &nbsp;&nbsp; 100860 |
| Bit Digital, Inc.<sup>(b)</sup> | 23380 | &nbsp;&nbsp; 85571 |
| Bitcoin Depot, Inc.<sup>(b)</sup> | 28260 | &nbsp;&nbsp; 77715 |
| Bitdeer Technologies Group<sup>(b)(c)</sup> | 4582 | &nbsp;&nbsp; 101720 |
| BitFuFu, Inc., Class A<sup>(b)(c)</sup> | 24068 | &nbsp;&nbsp; 83997 |
| Bitmine Immersion Technologies, Inc.<sup>(b)</sup> | 1592 | &nbsp;&nbsp; 74267 |
| BTCS, Inc.<sup>(b)</sup> | 16597 | &nbsp;&nbsp; 61907 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Cipher Mining, Inc.<sup>(b)</sup> | 5223 | &nbsp;&nbsp; $97409 |
| Circle Internet Group, Inc.<sup>(b)(c)</sup> | 624 | &nbsp;&nbsp; 79236 |
| Cisco Systems, Inc. | 1343 | &nbsp;&nbsp; 98187 |
| Citigroup, Inc. | 979 | &nbsp;&nbsp; 99104 |
| CleanSpark, Inc.<sup>(b)</sup> | 4678 | &nbsp;&nbsp; 83268 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 243 | &nbsp;&nbsp; 83539 |
| Core Scientific, Inc.<sup>(b)</sup> | 5216 | &nbsp;&nbsp; 112353 |
| Exodus Movement, Inc., Class A<sup>(b)(c)</sup> | 3167 | &nbsp;&nbsp; 77560 |
| Galaxy Digital, Inc.<sup>(b)</sup> | 2226 | &nbsp;&nbsp; 77932 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 3905 | &nbsp;&nbsp; 87042 |
| Goldman Sachs Group, Inc. (The) | 120 | &nbsp;&nbsp; 94724 |
| Honeywell International, Inc. | 460 | &nbsp;&nbsp; 92612 |
| Intel Corp.<sup>(b)</sup> | 2486 | &nbsp;&nbsp; 99415 |
| International Business Machines Corp. | 326 | &nbsp;&nbsp; 100216 |
| Intuit, Inc. | 145 | &nbsp;&nbsp; 96795 |
| JPMorgan Chase & Co. | 307 | &nbsp;&nbsp; 95514 |
| Kindly MD, Inc.<sup>(b)</sup> | 100356 | &nbsp;&nbsp; 93291 |
| MARA Holdings, Inc.<sup>(b)</sup> | 4652 | &nbsp;&nbsp; 84992 |
| Mastercard, Inc., Class A | 166 | &nbsp;&nbsp; 91630 |
| Microsoft Corp. | 180 | &nbsp;&nbsp; 93206 |
| NVIDIA Corp. | 488 | &nbsp;&nbsp; 98815 |
| Oracle Corp. | 316 | &nbsp;&nbsp; 82985 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 1242 | &nbsp;&nbsp; 86033 |
| QUALCOMM, Inc. | 568 | &nbsp;&nbsp; 102751 |
| Riot Platforms, Inc.<sup>(b)</sup> | 4218 | &nbsp;&nbsp; 83432 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 617 | &nbsp;&nbsp; 90563 |
| Salesforce, Inc. | 383 | &nbsp;&nbsp; 99737 |
| Semler Scientific, Inc.<sup>(b)(c)</sup> | 3323 | &nbsp;&nbsp; 87927 |
| SoFi Technologies, Inc.<sup>(b)</sup> | 3303 | &nbsp;&nbsp; 98033 |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 115 | &nbsp;&nbsp; 5183 |
| Strategy, Inc., Class A<sup>(b)</sup> | 293 | &nbsp;&nbsp; 78966 |
| Terawulf, Inc.<sup>(b)</sup> | 6916 | &nbsp;&nbsp; 107198 |
| Tesla, Inc.<sup>(b)</sup> | 216 | &nbsp;&nbsp; 98617 |
| Texas Instruments, Inc. | 525 | &nbsp;&nbsp; 84766 |
| Trump Media & Technology Group Corp.<sup>(b)</sup> | 5505 | &nbsp;&nbsp; 84364 |
| Verizon Communications, Inc. | 2301 | &nbsp;&nbsp; 91442 |
| Visa, Inc., Class A | 270 | &nbsp;&nbsp; 92000 |
| Walmart, Inc. | 923 | &nbsp;&nbsp; 93389 |
|  |  | &nbsp;&nbsp; 4540034 |
| Total Common Stocks & Other Equity Interests <br>(Cost $4,942,970) | Total Common Stocks & Other Equity Interests <br>(Cost $4,942,970) | &nbsp;&nbsp; 6477521 |
| **Exchange-Traded Funds-14.46%** | **Exchange-Traded Funds-14.46%** | **Exchange-Traded Funds-14.46%** |
| **United States-14.46%** | **United States-14.46%** | **United States-14.46%** |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 1447 | &nbsp;&nbsp; 124471 |
| Bitwise Bitcoin ETF<sup>(b)</sup> | 616 | &nbsp;&nbsp; 36757 |
| Fidelity Wise Origin Bitcoin Fund<sup>(b)</sup> | 1784 | &nbsp;&nbsp; 170711 |
| ARK 21Shares Bitcoin ETF<sup>(b)</sup> | 1024 | &nbsp;&nbsp; 37355 |
| iShares Bitcoin Trust ETF<sup>(b)</sup> | 10469 | &nbsp;&nbsp; 652219 |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 820 | &nbsp;&nbsp; 39868 |

---

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

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**3**

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**Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)—(continued)**

October 31, 2025

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| VanEck Bitcoin ETF<sup>(b)</sup> | 1163 | &nbsp;&nbsp; $36088 |
| Total Exchange-Traded Funds <br>(Cost $866,765) | Total Exchange-Traded Funds <br>(Cost $866,765) | &nbsp;&nbsp; 1097469 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.83% <br>(Cost $5,809,735) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.83% <br>(Cost $5,809,735) | &nbsp;&nbsp; 7574990 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-10.88%** | **Money Market Funds-10.88%** | **Money Market Funds-10.88%** |
| Invesco Private Government Fund, 4.13%<sup>(e)(f)(g)</sup> | 228717 | &nbsp;&nbsp; 228717 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 596380 | &nbsp;&nbsp; $596559 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $825,276) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $825,276) | &nbsp;&nbsp; 825276 |
| TOTAL INVESTMENTS IN SECURITIES-110.71% <br>(Cost $6,635,011) | TOTAL INVESTMENTS IN SECURITIES-110.71% <br>(Cost $6,635,011) | &nbsp;&nbsp; 8400266 |
| OTHER ASSETS LESS LIABILITIES-(10.71)% | OTHER ASSETS LESS LIABILITIES-(10.71)% | &nbsp;&nbsp; (812698)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $7587568 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt <br> ETF-Exchange-Traded Fund

---

| | |
|:---|:---|
| Notes to Consolidated Schedule of Investments: | Notes to Consolidated Schedule of Investments: |
| <sup>(a)</sup> | The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been <br> eliminated in consolidations.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $166,167, which represented 2.19% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $1612748 | &nbsp;&nbsp; $(1612748)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $696 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 188767 | &nbsp;&nbsp; 3275223 | &nbsp;&nbsp; (3235273)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 228717 | &nbsp;&nbsp; 6,964<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 493333 | &nbsp;&nbsp; 5888526 | &nbsp;&nbsp; (5785408)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 596559 | &nbsp;&nbsp; 18,352<br> \*<br>|
| Total | &nbsp;&nbsp; $682100 | &nbsp;&nbsp; $10776497 | &nbsp;&nbsp; $(10633429)<br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; $105 | &nbsp;&nbsp; $825276 | &nbsp;&nbsp; $26012 |

---

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

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

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**4**

------

**Invesco Alerian Galaxy Crypto Economy ETF (SATO)**

October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-84.88%** | **Common Stocks & Other Equity Interests-84.88%** | **Common Stocks & Other Equity Interests-84.88%** |
| **Australia-1.92%** | **Australia-1.92%** | **Australia-1.92%** |
| IREN Ltd.<sup>(b)</sup> | 4309 | &nbsp;&nbsp; $261772 |
| **Canada-7.33%** | **Canada-7.33%** | **Canada-7.33%** |
| Bitfarms Ltd.<sup>(b)(c)</sup> | 65905 | &nbsp;&nbsp; 261643 |
| Hive Digital Technologies Ltd.<sup>(b)</sup> | 39534 | &nbsp;&nbsp; 205577 |
| Hut 8 Corp.<sup>(b)(c)</sup> | 5935 | &nbsp;&nbsp; 300667 |
| Sol Strategies, Inc.<sup>(b)(c)</sup> | 65963 | &nbsp;&nbsp; 230210 |
|  |  | &nbsp;&nbsp; 998097 |
| **Cayman Islands-1.53%** | **Cayman Islands-1.53%** | **Cayman Islands-1.53%** |
| Bullish<sup>(b)</sup> | 4125 | &nbsp;&nbsp; 208601 |
| **China-11.08%** | **China-11.08%** | **China-11.08%** |
| Boyaa Interactive International Ltd. | 310698 | &nbsp;&nbsp; 213174 |
| Canaan, Inc., ADR<sup>(b)</sup> | 225345 | &nbsp;&nbsp; 322243 |
| Cango, Inc., ADR<sup>(b)(c)</sup> | 59301 | &nbsp;&nbsp; 237797 |
| Meitu, Inc.<sup>(b)(d)</sup> | 132114 | &nbsp;&nbsp; 146694 |
| Mercurity Fintech Holding, Inc.<sup>(b)(c)</sup> | 8749 | &nbsp;&nbsp; 91339 |
| Next Technology Holding, Inc.<sup>(b)(c)</sup> | 11420 | &nbsp;&nbsp; 211042 |
| OSL Group Ltd.<sup>(b)(c)</sup> | 126744 | &nbsp;&nbsp; 286829 |
|  |  | &nbsp;&nbsp; 1509118 |
| **Germany-1.72%** | **Germany-1.72%** | **Germany-1.72%** |
| Northern Data AG<sup>(b)(c)</sup> | 13678 | &nbsp;&nbsp; 234331 |
| **Hong Kong-1.70%** | **Hong Kong-1.70%** | **Hong Kong-1.70%** |
| Sinohope Technology Holdings Ltd.<sup>(b)(d)</sup> | 394965 | &nbsp;&nbsp; 231104 |
| **Israel-1.89%** | **Israel-1.89%** | **Israel-1.89%** |
| Etoro Group Ltd.<sup>(b)</sup> | 6968 | &nbsp;&nbsp; 258234 |
| **Japan-1.00%** | **Japan-1.00%** | **Japan-1.00%** |
| Metaplanet, Inc.<sup>(b)</sup> | 43072 | &nbsp;&nbsp; 135821 |
| **Norway-1.19%** | **Norway-1.19%** | **Norway-1.19%** |
| Aker ASA, Class A | 2087 | &nbsp;&nbsp; 162367 |
| **Taiwan-1.16%** | **Taiwan-1.16%** | **Taiwan-1.16%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 528 | &nbsp;&nbsp; 158627 |
| **United States-54.36%** | **United States-54.36%** | **United States-54.36%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 680 | &nbsp;&nbsp; 174162 |
| American Bitcoin Corp., Class A<sup>(b)(c)</sup> | 42009 | &nbsp;&nbsp; 213826 |
| Applied Digital Corp.<sup>(b)</sup> | 9383 | &nbsp;&nbsp; 325215 |
| Bakkt Holdings, Inc.<sup>(b)</sup> | 7201 | &nbsp;&nbsp; 199252 |
| Bit Digital, Inc.<sup>(b)</sup> | 68447 | &nbsp;&nbsp; 250516 |
| Bitcoin Depot, Inc.<sup>(b)(c)</sup> | 82630 | &nbsp;&nbsp; 227233 |
| Bitdeer Technologies Group<sup>(b)</sup> | 13400 | &nbsp;&nbsp; 297480 |
| BitFuFu, Inc., Class A<sup>(b)(c)</sup> | 70373 | &nbsp;&nbsp; 245602 |
| Bitmine Immersion Technologies, Inc.<sup>(b)</sup> | 4656 | &nbsp;&nbsp; 217202 |
| BTCS, Inc.<sup>(b)(c)</sup> | 48529 | &nbsp;&nbsp; 181013 |
| Cipher Mining, Inc.<sup>(b)</sup> | 15280 | &nbsp;&nbsp; 284972 |
| Circle Internet Group, Inc.<sup>(b)(c)</sup> | 1826 | &nbsp;&nbsp; 231865 |
| CleanSpark, Inc.<sup>(b)</sup> | 13696 | &nbsp;&nbsp; 243789 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 711 | &nbsp;&nbsp; 244428 |
| Core Scientific, Inc.<sup>(b)</sup> | 15237 | &nbsp;&nbsp; 328205 |
| Exodus Movement, Inc., Class A<sup>(b)(c)</sup> | 9274 | &nbsp;&nbsp; 227120 |
| Galaxy Digital, Inc.<sup>(b)</sup> | 6517 | &nbsp;&nbsp; 228160 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 6583 | &nbsp;&nbsp; 146735 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Goldman Sachs Group, Inc. (The) | 203 | &nbsp;&nbsp; $160242 |
| JPMorgan Chase & Co. | 518 | &nbsp;&nbsp; 161160 |
| Kindly MD, Inc.<sup>(b)</sup> | 293440 | &nbsp;&nbsp; 272782 |
| MARA Holdings, Inc.<sup>(b)</sup> | 13608 | &nbsp;&nbsp; 248618 |
| Microsoft Corp. | 303 | &nbsp;&nbsp; 156896 |
| NVIDIA Corp. | 822 | &nbsp;&nbsp; 166447 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 2091 | &nbsp;&nbsp; 144844 |
| Riot Platforms, Inc.<sup>(b)</sup> | 12350 | &nbsp;&nbsp; 244283 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 1039 | &nbsp;&nbsp; 152504 |
| Semler Scientific, Inc.<sup>(b)(c)</sup> | 9716 | &nbsp;&nbsp; 257085 |
| SoFi Technologies, Inc.<sup>(b)</sup> | 5570 | &nbsp;&nbsp; 165318 |
| Strategy, Inc., Class A<sup>(b)</sup> | 859 | &nbsp;&nbsp; 231509 |
| Terawulf, Inc.<sup>(b)</sup> | 20247 | &nbsp;&nbsp; 313829 |
| Tesla, Inc.<sup>(b)</sup> | 363 | &nbsp;&nbsp; 165731 |
| Trump Media & Technology Group Corp.<sup>(b)</sup> | 9281 | &nbsp;&nbsp; 142231 |
| Visa, Inc., Class A | 456 | &nbsp;&nbsp; 155377 |
|  |  | &nbsp;&nbsp; 7405631 |
| Total Common Stocks & Other Equity Interests <br>(Cost $8,419,002) | Total Common Stocks & Other Equity Interests <br>(Cost $8,419,002) | &nbsp;&nbsp; 11563703 |
| **Exchange-Traded Funds-14.96%** | **Exchange-Traded Funds-14.96%** | **Exchange-Traded Funds-14.96%** |
| **United States-14.96%** | **United States-14.96%** | **United States-14.96%** |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 2677 | &nbsp;&nbsp; 230275 |
| Bitwise Bitcoin ETF<sup>(b)</sup> | 1145 | &nbsp;&nbsp; 68322 |
| Fidelity Wise Origin Bitcoin Fund<sup>(b)</sup> | 3317 | &nbsp;&nbsp; 317404 |
| ARK 21Shares Bitcoin ETF<sup>(b)</sup> | 1911 | &nbsp;&nbsp; 69713 |
| iShares Bitcoin Trust ETF<sup>(b)</sup> | 19413 | &nbsp;&nbsp; 1209430 |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 1522 | &nbsp;&nbsp; 74000 |
| VanEck Bitcoin ETF<sup>(b)</sup> | 2198 | &nbsp;&nbsp; 68204 |
| Total Exchange-Traded Funds <br>(Cost $1,314,610) | Total Exchange-Traded Funds <br>(Cost $1,314,610) | &nbsp;&nbsp; 2037348 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.84% <br>(Cost $9,733,612) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.84% <br>(Cost $9,733,612) | &nbsp;&nbsp; 13601051 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-15.00%** | **Money Market Funds-15.00%** | **Money Market Funds-15.00%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 566668 | &nbsp;&nbsp; 566668 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 1476611 | &nbsp;&nbsp; 1477054 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,043,722) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,043,722) | &nbsp;&nbsp; 2043722 |
| TOTAL INVESTMENTS IN SECURITIES-114.84% <br>(Cost $11,777,334) | TOTAL INVESTMENTS IN SECURITIES-114.84% <br>(Cost $11,777,334) | &nbsp;&nbsp; 15644773 |
| OTHER ASSETS LESS LIABILITIES-(14.84)% | OTHER ASSETS LESS LIABILITIES-(14.84)% | &nbsp;&nbsp; (2021247)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $13623526 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt <br> ETF-Exchange-Traded Fund

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

------

**5**

------

**Invesco Alerian Galaxy Crypto Economy ETF (SATO)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Consolidated Schedule of Investments: | Notes to Consolidated Schedule of Investments: |
| <sup>(a)</sup> | The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been <br> eliminated in consolidations.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $377,798, which represented 2.77% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $3873925 | &nbsp;&nbsp; $(3873925)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1332 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 781885 | &nbsp;&nbsp; 14098607 | &nbsp;&nbsp; (14313824)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 566668 | &nbsp;&nbsp; 30,589<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 2180165 | &nbsp;&nbsp; 24417226 | &nbsp;&nbsp; (25120560)<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 1477054 | &nbsp;&nbsp; 80,128<br> \*<br>|
| Total | &nbsp;&nbsp; $2962050 | &nbsp;&nbsp; $42389758 | &nbsp;&nbsp; $(43308309)<br>| &nbsp;&nbsp; $89 | &nbsp;&nbsp; $134 | &nbsp;&nbsp; $2043722 | &nbsp;&nbsp; $112049 |

---

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

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

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**6**

------

**Consolidated Statements of Assets and Liabilities**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)**<br>| **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)**<br>|
| **Assets:** |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $7574990 | &nbsp;&nbsp;&nbsp; $13601051 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 825276 | &nbsp;&nbsp;&nbsp; 2043722 |
| Foreign currencies, at value | &nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp; 49085 |
| Receivable for: |  |  |
| Dividends | &nbsp;&nbsp; 2636 | &nbsp;&nbsp;&nbsp; 51 |
| Securities lending | &nbsp;&nbsp; 24816 | &nbsp;&nbsp;&nbsp; 67330 |
| **Total assets** | &nbsp;&nbsp; 8431334 | &nbsp;&nbsp;&nbsp; 15761239 |
| **Liabilities:** |  |  |
| Due to custodian | &nbsp;&nbsp; 14546 | &nbsp;&nbsp;&nbsp; 86806 |
| Payable for: |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 825276 | &nbsp;&nbsp;&nbsp; 2043722 |
| Accrued unitary management fees | &nbsp;&nbsp; 3944 | &nbsp;&nbsp;&nbsp; 7185 |
| **Total liabilities** | &nbsp;&nbsp; 843766 | &nbsp;&nbsp;&nbsp; 2137713 |
| **Net Assets** | &nbsp;&nbsp; $7587568 | &nbsp;&nbsp;&nbsp; $13623526 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $6291955 | &nbsp;&nbsp;&nbsp; $11198287 |
| Distributable earnings | &nbsp;&nbsp; 1295613 | &nbsp;&nbsp;&nbsp; 2425239 |
| **Net Assets** | &nbsp;&nbsp; $7587568 | &nbsp;&nbsp;&nbsp; $13623526 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 250001 | &nbsp;&nbsp;&nbsp; 500001 |
| Net asset value | &nbsp;&nbsp; $30.35 | &nbsp;&nbsp;&nbsp; $27.25 |
| Market price | &nbsp;&nbsp; $30.35 | &nbsp;&nbsp;&nbsp; $27.29 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $5809735 | &nbsp;&nbsp;&nbsp; $9733612 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $825276 | &nbsp;&nbsp;&nbsp; $2043722 |
| Foreign currencies, at cost | &nbsp;&nbsp; $3612 | &nbsp;&nbsp;&nbsp; $49010 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $813276 | &nbsp;&nbsp;&nbsp; $2018406 |

---

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

------

**7**

------

**Consolidated Statements of Operations**

For the year ended October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)**<br>| **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)**<br>|
| **Investment income:** |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $32943 | &nbsp;&nbsp;&nbsp; $30344 |
| Affiliated dividend income | &nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp; 1332 |
| Securities lending income, net | &nbsp;&nbsp; 81126 | &nbsp;&nbsp;&nbsp; 313735 |
| Foreign withholding tax | &nbsp;&nbsp; (2118)<br>| &nbsp;&nbsp;&nbsp; (2404)<br>|
| Total investment income | &nbsp;&nbsp; 112647 | &nbsp;&nbsp;&nbsp; 343007 |
| **Expenses:** |  |  |
| Unitary management fees | &nbsp;&nbsp; 25240 | &nbsp;&nbsp;&nbsp; 67512 |
| Less: Waivers | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (29)<br>|
| Net expenses | &nbsp;&nbsp; 25225 | &nbsp;&nbsp;&nbsp; 67483 |
| Net investment income | &nbsp;&nbsp; 87422 | &nbsp;&nbsp;&nbsp; 275524 |
| **Realized and unrealized gain (loss) from:** |  |  |
| Net realized gain (loss) from: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1551183 | &nbsp;&nbsp;&nbsp; 4869170 |
| Affiliated investment securities | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 134 |
| In-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 868825 |
| Foreign currencies | &nbsp;&nbsp; (659)<br>| &nbsp;&nbsp;&nbsp; (2632)<br>|
| Net realized gain | &nbsp;&nbsp; 1550629 | &nbsp;&nbsp;&nbsp; 5735497 |
| Change in net unrealized appreciation of: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 857193 | &nbsp;&nbsp;&nbsp; 1188953 |
| Affiliated investment securities | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 89 |
| Foreign currencies | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 503 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 857244 | &nbsp;&nbsp;&nbsp; 1189545 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2407873 | &nbsp;&nbsp;&nbsp; 6925042 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2495295 | &nbsp;&nbsp;&nbsp; $7200566 |

---

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

------

**8**

------

**Consolidated Statements of Changes in Net Assets**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)** | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)** | **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)** | **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $87422 | &nbsp;&nbsp;&nbsp; $44063 | &nbsp;&nbsp;&nbsp; $275524 | &nbsp;&nbsp;&nbsp; $132617 |
| Net realized gain | &nbsp;&nbsp; 1550629 | &nbsp;&nbsp;&nbsp; 1199444 | &nbsp;&nbsp;&nbsp; 5735497 | &nbsp;&nbsp;&nbsp; 3013509 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 857244 | &nbsp;&nbsp;&nbsp; 618208 | &nbsp;&nbsp;&nbsp; 1189545 | &nbsp;&nbsp;&nbsp; 1984276 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2495295 | &nbsp;&nbsp;&nbsp; 1861715 | &nbsp;&nbsp;&nbsp; 7200566 | &nbsp;&nbsp;&nbsp; 5130402 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (829210)<br>| &nbsp;&nbsp;&nbsp; (76309)<br>| &nbsp;&nbsp;&nbsp; (1745456)<br>| &nbsp;&nbsp;&nbsp; (238390)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2558800 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1993298 | &nbsp;&nbsp;&nbsp; 1335215 |
| Value of shares repurchased | &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (1012610)<br>| &nbsp;&nbsp;&nbsp; (2308650)<br>| &nbsp;&nbsp;&nbsp; (2099025)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 2558758 | &nbsp;&nbsp;&nbsp; (1012610)<br>| &nbsp;&nbsp;&nbsp; (315352)<br>| &nbsp;&nbsp;&nbsp; (763810)<br>|
| Net increase in net assets | &nbsp;&nbsp; 4224843 | &nbsp;&nbsp;&nbsp; 772796 | &nbsp;&nbsp;&nbsp; 5139758 | &nbsp;&nbsp;&nbsp; 4128202 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 3362725 | &nbsp;&nbsp;&nbsp; 2589929 | &nbsp;&nbsp;&nbsp; 8483768 | &nbsp;&nbsp;&nbsp; 4355566 |
| End of year | &nbsp;&nbsp; $7587568 | &nbsp;&nbsp;&nbsp; $3362725 | &nbsp;&nbsp;&nbsp; $13623526 | &nbsp;&nbsp;&nbsp; $8483768 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp; 500001 | &nbsp;&nbsp;&nbsp; 550001 |
| Shares outstanding, end of year | &nbsp;&nbsp; 250001 | &nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 500001 | &nbsp;&nbsp;&nbsp; 500001 |

---

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

------

**9**

------

**Consolidated Financial Highlights**

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $12.95 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $27.93 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp; (18.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (5.47)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $30.35 | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $12.95 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $27.93 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $30.35 | &nbsp;&nbsp;&nbsp; $22.43 | &nbsp;&nbsp;&nbsp; $12.94 | &nbsp;&nbsp;&nbsp; $9.82 | &nbsp;&nbsp;&nbsp; $27.73 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.88<br> %<br>| &nbsp;&nbsp;&nbsp; (63.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.72 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.92<br> %<br>| &nbsp;&nbsp;&nbsp; (63.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.92 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $7588 | &nbsp;&nbsp;&nbsp; $3363 | &nbsp;&nbsp;&nbsp; $2590 | &nbsp;&nbsp;&nbsp; $1966 | &nbsp;&nbsp;&nbsp; $5586 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|

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<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 10.48%. The market price total return from Fund Inception to October 31, 2021 was 9.34%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**Consolidated Financial Highlights—(continued)**

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $16.97 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $6.15 | &nbsp;&nbsp;&nbsp; $29.41 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;13.16 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp; (23.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; (22.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.41 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; - |
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $27.25 | &nbsp;&nbsp;&nbsp; $16.97 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $6.15 | &nbsp;&nbsp;&nbsp; $29.41 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $27.29 | &nbsp;&nbsp;&nbsp; $16.91 | &nbsp;&nbsp;&nbsp; $7.96 | &nbsp;&nbsp;&nbsp; $6.14 | &nbsp;&nbsp;&nbsp; $29.09 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 89.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 121.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.34<br> %<br>| &nbsp;&nbsp;&nbsp; (78.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.64 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 119.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.23<br> %<br>| &nbsp;&nbsp;&nbsp; (78.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.36 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $13624 | &nbsp;&nbsp;&nbsp; $8484 | &nbsp;&nbsp;&nbsp; $4356 | &nbsp;&nbsp;&nbsp; $2768 | &nbsp;&nbsp;&nbsp; $11763 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(f)</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp; (0.60 )%<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 164<br> %<br>| &nbsp;&nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp;&nbsp; 149<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

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<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (October 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 16.25%. The market price total return from Fund Inception to October 31, 2021 was 13.63%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**Notes to Consolidated Financial Statements**

Invesco Exchange-Traded Fund Trust II

October 31, 2025

**NOTE 1—Organization**

Invesco Exchange-Traded Fund Trust II (the "Trust") was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following Funds and their respective wholly-owned subsidiaries (each, a "Subsidiary") organized under the laws of the Cayman Islands:

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| | | |
|:---|:---|:---|
| **Full Name** | **Short Name** | **Subsidiary** |
| Invesco Alerian Galaxy Blockchain Users and <br> Decentralized Commerce ETF (BLKC)<br>| &nbsp;&nbsp;&nbsp; "Alerian Galaxy Blockchain Users and <br> Decentralized Commerce ETF"<br>| Invesco GBE Cayman Ltd. |
| Invesco Alerian Galaxy Crypto Economy ETF <br> (SATO)<br>| "Alerian Galaxy Crypto Economy ETF" | Invesco GCE Cayman Ltd. |

---

The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for cash and/or the deposit or delivery of a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp;&nbsp; Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and <br> ETPs Index<br>|

---

Each Fund's investment in its respective Subsidiary is expected to provide the Fund with exposure to exchange-traded products and private investment trusts traded over-the-counter that are linked to cryptocurrencies. Each Fund may invest up to 25% of its respective total assets in its Subsidiary.

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their consolidated financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related

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to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Consolidated Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund's Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's consolidated financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Each Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, each Fund is required to increase its taxable income by its share of its Subsidiary's income. Net investment losses of each Subsidiary cannot be deducted by each Fund in the current period nor carried forward to offset taxable income in future periods.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes** - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several

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factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Consolidated Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Consolidated Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Consolidated Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended October 31, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund's unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund's unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying consolidated financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**H.** **Accounting Estimates** - The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. All inter-company accounts and transactions have been eliminated in consolidation. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

**I.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Also, under each Subsidiary's organizational documents, the directors and officers of the Subsidiary are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' consolidated financial statements. Adoption of the new standard impacted the Funds' financial statement notes disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for

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international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Consolidated Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Consolidated Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Consolidated Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Consolidated Statements of Operations, were incurred by each Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $5158 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 19034 |

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**L.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit

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risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Other Risks**

*ADR and GDR Risk*. The Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Blockchain Company Investments Risk*. Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. A lack of expansion in the usage of blockchain technology could adversely affect the underlying holdings of the Funds. Moreover, the extent to which companies held by the Funds utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material impact on the stock price of such companies.

Furthermore, companies that are developing applications of blockchain technology may not in fact do so or may not be able to capitalize on those blockchain technologies. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Funds. Additionally, blockchain technology is new, and as such may be subject to future laws or regulations. Any such regulatory changes affecting blockchain technology may adversely impact an investment in companies utilizing this technology.

Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user's account (or "wallet"). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether "smart contracts," securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company's business or operations if it were dependent on the ledger.

In addition, because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Funds. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

*Cryptocurrency Risk*. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies. While the Funds will not invest directly in cryptocurrencies, the value of the Funds' investments in cryptocurrency-linked assets (including private trusts and ETPs) is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network

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or a change in user preference to competing cryptocurrencies. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Funds' exposure to cryptocurrency-linked assets could result in substantial losses to the Funds.

Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users' cryptocurrency or other market disruptions. Cryptocurrency exchanges are more exposed to the risk of market manipulation than exchanges for traditional assets. Cryptocurrency exchanges that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., "flash crashes"). As a result, the prices of cryptocurrencies on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, cryptocurrency exchanges are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of cryptocurrencies. A cyber or other security breach or a business failure of a cryptocurrency exchange or custodian may affect the price of a particular cryptocurrency or cryptocurrencies generally. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of a digital currency.

Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of cryptocurrencies, either of which could adversely impact a Fund's investment in cryptocurrency. In addition, to the extent market participants develop a preference for one cryptocurrency over another, the value of the less preferred cryptocurrency would likely be adversely affected.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Digital Asset Company Investments Risk*. Companies engaged in the development, enablement and acquisition of digital assets and cryptocurrencies are subject to a number of risks. The technology relating to digital assets, including blockchain, is developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Cryptocurrencies and blockchain technology are new and many of their uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to cryptocurrencies. A lack of expansion in the usage of cryptocurrencies could adversely affect an investment in the Funds.

Currently, there are relatively few companies for which digital assets represents an attributable and significant revenue stream. Therefore, the values of the companies included in an Underlying Index may not be a reflection of their connection to digital assets, but may be based on other business operations. Furthermore, companies that are developing applications of digital assets and cryptocurrencies may not in fact do so or may not be able to capitalize on those digital assets. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in an Underlying Index, which could adversely affect an investment in the Funds. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain and/or cryptocurrencies may adversely affect an investment in the Funds.

There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.

*Emerging Markets Investment Risk*. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue

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or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or

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viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Micro-Capitalization Company Risk*. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-Diversified Fund Risk*. Because Alerian Galaxy Crypto Economy ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

*Portfolio Turnover Risk*. The Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund's shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

*Sampling Risk*. A Fund's use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*Small-Capitalization Company Risk*. Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile than those of more established companies. Securities of small-capitalization companies may be more thinly traded (that is, less liquid) than those of more established companies, making it more difficult for a Fund to buy and sell them. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*Subsidiary Investment Risk*. By investing in its Subsidiary, each Fund is indirectly exposed to the risks associated with its respective Subsidiary's investments. Each Subsidiary is not registered under the 1940 Act; therefore each Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or its Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair

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valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|

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Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended October 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp;&nbsp; $15 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp;&nbsp; 29 |

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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with VettaFi, LLC (the "Licensor").

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended October 31, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp;&nbsp; $3431 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp;&nbsp; 14336 |

---

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Consolidated Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market

------

**21**

------

prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $5611135 | &nbsp;&nbsp; $866386 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6477521 |
| Exchange-Traded Funds | &nbsp;&nbsp; 1097469 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1097469 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 825276 | &nbsp;&nbsp; - | &nbsp;&nbsp; 825276 |
| **Total Investments** | &nbsp;&nbsp; $6708604 | &nbsp;&nbsp; $1691662 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8400266 |
| Alerian Galaxy Crypto Economy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $10153383 | &nbsp;&nbsp; $1410320 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11563703 |
| Exchange-Traded Funds | &nbsp;&nbsp; 2037348 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2037348 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 2043722 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2043722 |
| **Total Investments** | &nbsp;&nbsp; $12190731 | &nbsp;&nbsp; $3454042 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15644773 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $829210 | &nbsp;&nbsp; $76309 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 1745456 | &nbsp;&nbsp; 238390 |

---

\* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| Alerian Galaxy Blockchain Users and Decentralized <br> Commerce ETF<br>| &nbsp;&nbsp; $88470 | &nbsp;&nbsp; $1611353 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $(404215)<br>| &nbsp;&nbsp; $6291955 | &nbsp;&nbsp; $7587568 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 382560 | &nbsp;&nbsp; 3251548 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; (1208944)<br>| &nbsp;&nbsp; 11198287 | &nbsp;&nbsp; 13623526 |

---

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

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**22**

------

The Funds have capital loss carryforwards as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $404215 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $404215 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 1208944 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1208944 |

---

**NOTE 6—Investment Transactions**

For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $5589785 | &nbsp;&nbsp; $5900619 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 17725861 | &nbsp;&nbsp; 19229676 |

---

For the fiscal year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $2118875 | &nbsp;&nbsp; $- |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 1526020 | &nbsp;&nbsp; 1829230 |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation**<br>| **Cost** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $2189003 | &nbsp;&nbsp; $(577650)<br>| &nbsp;&nbsp; $1611353 | &nbsp;&nbsp; $6788913 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 5139983 | &nbsp;&nbsp; (1888435)<br>| &nbsp;&nbsp; 3251548 | &nbsp;&nbsp; 12393225 |

---

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of redemptions in-kind, passive foreign investment companies, income from the Subsidiary and elimination entry, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $223059 | &nbsp;&nbsp; $(223061)<br>| &nbsp;&nbsp; $2 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 673577 | &nbsp;&nbsp; (1391672)<br>| &nbsp;&nbsp; 718095 |

---

**NOTE 8—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received

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**23**

------

in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Consolidated Statements of Changes in Net Assets.

**NOTE 10—Subsequent Event**

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

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**24**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF

**Opinions on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF and each of their subsidiaries (two of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related consolidated statements of operations for the year ended October 31, 2025, the consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes and the consolidated financial highlights for each of the four years in the period ended October 31, 2025 and for the period October 5, 2021 (commencement of investment operations) through October 31, 2021 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the four years in the period ended October 31, 2025 and for the period October 5, 2021 (commencement of investment operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These consolidated financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

------

**25**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

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**26**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**27**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-AG-NCSR

invesco.com/ETFs

------

![](img8c9c491c1.jpg)

------

**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **PBTP** | Invesco 0-5 Yr US TIPS ETF |
| **PCY** | Invesco Emerging Markets Sovereign Debt ETF |
| **PGHY** | Invesco Global ex-US High Yield Corporate Bond ETF |
| **PICB** | Invesco International Corporate Bond ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco 0-5 Yr US TIPS ETF (PBTP)](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_SOI-Continued-430_1) | **3** |
| [Invesco Emerging Markets Sovereign Debt ETF (PCY)](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_SOI-Continued-430_2) | **4** |
| [Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_SOI-Continued-430_5) | **7** |
| [Invesco International Corporate Bond ETF (PICB)](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_SOI-Continued-430_15) | **17** |
| [Statements of Assets and Liabilities](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_FS-Continued-430_1) | **25** |
| [Statements of Operations](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_FS-Continued-430_2) | **26** |
| [Statements of Changes in Net Assets](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_FS-Continued-430_4) | **28** |
| [Financial Highlights](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_FIHI-Continued-430_1) | **30** |
| [Notes to Financial Statements](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_NTF-Continued-430_1) | **33** |
| [Report of Independent Registered Public Accounting Firm](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_AR-Continued-430_1) | **45** |
| [Tax Information](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_TI-Continued-430_1) | **46** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_a4a110ec-51c2-44e0-adbe-15c464ba9f22_OIRSR-Continued-430_1) | **47** |

---

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**2**

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**Invesco 0-5 Yr US TIPS ETF (PBTP)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-99.85%** | **U.S. Treasury Securities-99.85%** | **U.S. Treasury Securities-99.85%** |
| **U.S. Treasury Inflation — Indexed Bonds-27.84%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Bonds-27.84%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Bonds-27.84%**<sup>(a)</sup> |
| 2.00%, 01/15/2026 | $2199538 | &nbsp;&nbsp; $2198768 |
| 2.38%, 01/15/2027 | 1780816 | &nbsp;&nbsp; 1804551 |
| 1.75%, 01/15/2028 | 1627639 | &nbsp;&nbsp; 1647647 |
| 3.63%, 04/15/2028 | 2259631 | &nbsp;&nbsp; 2390080 |
| 2.50%, 01/15/2029 | 1440463 | &nbsp;&nbsp; 1498290 |
| 3.88%, 04/15/2029 | 2569534 | &nbsp;&nbsp; 2794204 |
| 1.63%, 04/15/2030 | 3576338 | &nbsp;&nbsp; 3621088 |
| 0.13%, 07/15/2030 | 3641442 | &nbsp;&nbsp; 3456604 |
| 1.13%, 10/15/2030 | 1860917 | &nbsp;&nbsp; 1845885 |
|  |  | &nbsp;&nbsp; 21257117 |
| **U.S. Treasury Inflation — Indexed Notes-72.01%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Notes-72.01%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Notes-72.01%**<sup>(a)</sup> |
| 0.63%, 01/15/2026 | 3883571 | &nbsp;&nbsp; 3872018 |
| 0.13%, 04/15/2026 | 3329075 | &nbsp;&nbsp; 3306921 |
| 0.13%, 07/15/2026 | 3367056 | &nbsp;&nbsp; 3348944 |
| 0.13%, 10/15/2026 | 3065987 | &nbsp;&nbsp; 3041357 |
| 0.38%, 01/15/2027 | 3460941 | &nbsp;&nbsp; 3425235 |
| 0.13%, 04/15/2027 | 3052764 | &nbsp;&nbsp; 3001652 |
| 0.38%, 07/15/2027 | 3296192 | &nbsp;&nbsp; 3265087 |
| 1.63%, 10/15/2027 | 2954987 | &nbsp;&nbsp; 2991492 |
| 0.50%, 01/15/2028 | 3435513 | &nbsp;&nbsp; 3384768 |
| 1.25%, 04/15/2028 | 2915190 | &nbsp;&nbsp; 2915722 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** |
| 0.75%, 07/15/2028 | $| 3183671 | &nbsp;&nbsp; $3157825 |
| 2.38%, 10/15/2028 |  | 3002049 | &nbsp;&nbsp; 3112718 |
| 0.88%, 01/15/2029 |  | 3135414 | &nbsp;&nbsp; 3101829 |
| 2.13%, 04/15/2029 |  | 3067160 | &nbsp;&nbsp; 3153737 |
| 0.25%, 07/15/2029 |  | 3402080 | &nbsp;&nbsp; 3292773 |
| 1.63%, 10/15/2029 |  | 3229403 | &nbsp;&nbsp; 3283535 |
| 0.13%, 01/15/2030 |  | 3488921 | &nbsp;&nbsp; 3325132 |
|  |  |  | &nbsp;&nbsp; 54980745 |
| Total U.S. Treasury Securities <br>(Cost $75,906,102) | Total U.S. Treasury Securities <br>(Cost $75,906,102) | Total U.S. Treasury Securities <br>(Cost $75,906,102) | &nbsp;&nbsp; 76237862 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.36%** | **Money Market Funds-0.36%** | **Money Market Funds-0.36%** | **Money Market Funds-0.36%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(b)(c)</sup> <br>(Cost $274,943)<br>|  | 274943 | &nbsp;&nbsp; 274943 |
| TOTAL INVESTMENTS IN SECURITIES-100.21% <br>(Cost $76,181,045) | TOTAL INVESTMENTS IN SECURITIES-100.21% <br>(Cost $76,181,045) | TOTAL INVESTMENTS IN SECURITIES-100.21% <br>(Cost $76,181,045) | &nbsp;&nbsp; 76512805 |
| OTHER ASSETS LESS LIABILITIES-(0.21)% | OTHER ASSETS LESS LIABILITIES-(0.21)% | OTHER ASSETS LESS LIABILITIES-(0.21)% | &nbsp;&nbsp; (161532)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $76351273 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal amount of security and interest payments are adjusted for inflation. See Note 2K. |
| <sup>(b)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $158159 | &nbsp;&nbsp; $2781164 | &nbsp;&nbsp; $(2664380)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $274943 | &nbsp;&nbsp; $2433 |

---

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

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

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**3**

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**Invesco Emerging Markets Sovereign Debt ETF (PCY)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.39%** | **U.S. Dollar Denominated Bonds & Notes-98.39%** | **U.S. Dollar Denominated Bonds & Notes-98.39%** |
| **Angola-2.92%** | **Angola-2.92%** | **Angola-2.92%** |
| Angolan Government International Bond |  |  |
| 8.75%, 04/14/2032<sup>(a)</sup> | $13471000 | &nbsp;&nbsp; $12661729 |
| 9.38%, 05/08/2048<sup>(a)</sup> | 14639000 | &nbsp;&nbsp; 12581122 |
| 9.13%, 11/26/2049<sup>(a)</sup> | 14909000 | &nbsp;&nbsp; 12538679 |
|  |  | &nbsp;&nbsp; 37781530 |
| **Bahrain-3.06%** | **Bahrain-3.06%** | **Bahrain-3.06%** |
| Bahrain Government International Bond |  |  |
| 6.00%, 09/19/2044<sup>(a)(b)</sup> | 14193000 | &nbsp;&nbsp; 13213767 |
| 7.50%, 09/20/2047<sup>(a)(b)</sup> | 12107000 | &nbsp;&nbsp; 13047933 |
| 6.25%, 01/25/2051<sup>(a)(b)</sup> | 14354000 | &nbsp;&nbsp; 13384862 |
|  |  | &nbsp;&nbsp; 39646562 |
| **Brazil-3.04%** | **Brazil-3.04%** | **Brazil-3.04%** |
| Brazilian Government International Bond |  |  |
| 5.63%, 02/21/2047 | 15198000 | &nbsp;&nbsp; 13189584 |
| 4.75%, 01/14/2050 | 17591000 | &nbsp;&nbsp; 13290001 |
| 7.13%, 05/13/2054 | 12716000 | &nbsp;&nbsp; 12928993 |
|  |  | &nbsp;&nbsp; 39408578 |
| **Chile-3.04%** | **Chile-3.04%** | **Chile-3.04%** |
| Chile Government International Bond |  |  |
| 4.34%, 03/07/2042 | 14303000 | &nbsp;&nbsp; 12834082 |
| 4.00%, 01/31/2052 | 16465000 | &nbsp;&nbsp; 13279023 |
| 5.33%, 01/05/2054<sup>(b)</sup> | 13358997 | &nbsp;&nbsp; 13223737 |
|  |  | &nbsp;&nbsp; 39336842 |
| **China-3.06%** | **China-3.06%** | **China-3.06%** |
| China Government International Bond |  |  |
| 4.00%, 10/19/2048<sup>(a)(b)</sup> | 13522000 | &nbsp;&nbsp; 13131215 |
| 2.25%, 10/21/2050<sup>(a)(b)</sup> | 18690000 | &nbsp;&nbsp; 13205156 |
| 2.50%, 10/26/2051<sup>(a)(b)</sup> | 17929000 | &nbsp;&nbsp; 13244425 |
|  |  | &nbsp;&nbsp; 39580796 |
| **Colombia-3.16%** | **Colombia-3.16%** | **Colombia-3.16%** |
| Colombia Government International Bond |  |  |
| 5.63%, 02/26/2044 | 16039000 | &nbsp;&nbsp; 13368507 |
| 8.75%, 11/14/2053 | 11985000 | &nbsp;&nbsp; 13764173 |
| 8.38%, 11/07/2054 | 12466000 | &nbsp;&nbsp; 13771813 |
|  |  | &nbsp;&nbsp; 40904493 |
| **Costa Rica-3.01%** | **Costa Rica-3.01%** | **Costa Rica-3.01%** |
| Costa Rica Government International Bond |  |  |
| 5.63%, 04/30/2043<sup>(a)</sup> | 13726000 | &nbsp;&nbsp; 13054250 |
| 7.00%, 04/04/2044<sup>(a)</sup> | 11937000 | &nbsp;&nbsp; 12969550 |
| 7.16%, 03/12/2045<sup>(a)</sup> | 11757000 | &nbsp;&nbsp; 12915065 |
|  |  | &nbsp;&nbsp; 38938865 |
| **Dominican Republic-3.03%** | **Dominican Republic-3.03%** | **Dominican Republic-3.03%** |
| Dominican Republic International Bond |  |  |
| 7.45%, 04/30/2044<sup>(a)</sup> | 11584000 | &nbsp;&nbsp; 12888937 |
| 6.85%, 01/27/2045<sup>(a)</sup> | 12466000 | &nbsp;&nbsp; 13068108 |
| 6.50%, 02/15/2048<sup>(a)(b)</sup> | 13103000 | &nbsp;&nbsp; 13259581 |
|  |  | &nbsp;&nbsp; 39216626 |
| **Egypt-3.22%** | **Egypt-3.22%** | **Egypt-3.22%** |
| Egypt Government International Bond |  |  |
| 8.70%, 03/01/2049<sup>(a)</sup> | 14716000 | &nbsp;&nbsp; 13747714 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Egypt-(continued)** | **Egypt-(continued)** | **Egypt-(continued)** | **Egypt-(continued)** |
| 8.88%, 05/29/2050<sup>(a)</sup> | $| 14943000 | &nbsp;&nbsp; $14151229 |
| 8.75%, 09/30/2051<sup>(a)</sup> |  | 14851000 | &nbsp;&nbsp; 13839124 |
|  |  |  | &nbsp;&nbsp; 41738067 |
| **El Salvador-3.02%** | **El Salvador-3.02%** | **El Salvador-3.02%** | **El Salvador-3.02%** |
| El Salvador Government International Bond |  |  |  |
| 7.63%, 02/01/2041<sup>(a)</sup> |  | 13238000 | &nbsp;&nbsp; 13138715 |
| 7.13%, 01/20/2050<sup>(a)</sup> |  | 14439000 | &nbsp;&nbsp; 13044816 |
| 9.50%, 07/15/2052<sup>(a)</sup> |  | 11659000 | &nbsp;&nbsp; 12905462 |
|  |  |  | &nbsp;&nbsp; 39088993 |
| **Guatemala-3.19%** | **Guatemala-3.19%** | **Guatemala-3.19%** | **Guatemala-3.19%** |
| Guatemala Government Bond |  |  |  |
| 6.55%, 02/06/2037<sup>(a)</sup> |  | 12590000 | &nbsp;&nbsp; 13584610 |
| 4.65%, 10/07/2041<sup>(a)</sup> |  | 15691000 | &nbsp;&nbsp; 13798273 |
| 6.88%, 08/15/2055<sup>(a)</sup> |  | 12826000 | &nbsp;&nbsp; 13857339 |
|  |  |  | &nbsp;&nbsp; 41240222 |
| **Hungary-2.99%** | **Hungary-2.99%** | **Hungary-2.99%** | **Hungary-2.99%** |
| Hungary Government International Bond |  |  |  |
| 7.63%, 03/29/2041 |  | 10716000 | &nbsp;&nbsp; 12921570 |
| 6.75%, 09/25/2052<sup>(a)</sup> |  | 11657000 | &nbsp;&nbsp; 12920820 |
| 6.75%, 09/23/2055<sup>(a)</sup> |  | 11800000 | &nbsp;&nbsp; 12869522 |
|  |  |  | &nbsp;&nbsp; 38711912 |
| **Indonesia-2.98%** | **Indonesia-2.98%** | **Indonesia-2.98%** | **Indonesia-2.98%** |
| Indonesia Government International Bond |  |  |  |
| 3.50%, 02/14/2050 |  | 17337000 | &nbsp;&nbsp; 13005864 |
| 4.45%, 04/15/2070 |  | 15046000 | &nbsp;&nbsp; 12553888 |
| 3.35%, 03/12/2071 |  | 19248000 | &nbsp;&nbsp; 12989933 |
|  |  |  | &nbsp;&nbsp; 38549685 |
| **Jordan-3.13%** | **Jordan-3.13%** | **Jordan-3.13%** | **Jordan-3.13%** |
| Jordan Government International Bond |  |  |  |
| 7.50%, 01/13/2029<sup>(a)</sup> |  | 12408000 | &nbsp;&nbsp; 13213919 |
| 5.85%, 07/07/2030<sup>(a)</sup> |  | 13372000 | &nbsp;&nbsp; 13557476 |
| 7.38%, 10/10/2047<sup>(a)(b)</sup> |  | 13603000 | &nbsp;&nbsp; 13778550 |
|  |  |  | &nbsp;&nbsp; 40549945 |
| **Kazakhstan-2.95%** | **Kazakhstan-2.95%** | **Kazakhstan-2.95%** | **Kazakhstan-2.95%** |
| Kazakhstan Government International <br> Bond<br>|  |  |  |
| 5.50%, 07/01/2037<sup>(a)</sup> |  | 12449000 | &nbsp;&nbsp; 12759455 |
| 4.88%, 10/14/2044<sup>(a)</sup> |  | 13501000 | &nbsp;&nbsp; 12608227 |
| 6.50%, 07/21/2045<sup>(a)</sup> |  | 11388000 | &nbsp;&nbsp; 12810286 |
|  |  |  | &nbsp;&nbsp; 38177968 |
| **Mexico-3.14%** | **Mexico-3.14%** | **Mexico-3.14%** | **Mexico-3.14%** |
| Mexico Government International Bond |  |  |  |
| 6.34%, 05/04/2053 |  | 13528000 | &nbsp;&nbsp; 13467124 |
| 3.75%, 04/19/2071 |  | 21577000 | &nbsp;&nbsp; 13434919 |
| 5.75%, 10/12/2110 |  | 15502000 | &nbsp;&nbsp; 13677415 |
|  |  |  | &nbsp;&nbsp; 40579458 |
| **Morocco-3.07%** | **Morocco-3.07%** | **Morocco-3.07%** | **Morocco-3.07%** |
| Morocco Government International Bond |  |  |  |
| 6.50%, 09/08/2033<sup>(a)</sup> |  | 11596000 | &nbsp;&nbsp; 12710614 |
| 5.50%, 12/11/2042<sup>(a)</sup> |  | 13942000 | &nbsp;&nbsp; 13520602 |
| 4.00%, 12/15/2050<sup>(a)</sup> |  | 18062000 | &nbsp;&nbsp; 13530259 |
|  |  |  | &nbsp;&nbsp; 39761475 |

---

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

------

**4**

------

**Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Nigeria-3.13%** | **Nigeria-3.13%** | **Nigeria-3.13%** |
| Nigeria Government International Bond |  |  |
| 7.70%, 02/23/2038<sup>(a)</sup> | $14130000 | &nbsp;&nbsp; $13356445 |
| 7.63%, 11/28/2047<sup>(a)</sup> | 15202000 | &nbsp;&nbsp; 13557920 |
| 9.25%, 01/21/2049<sup>(a)(b)</sup> | 13132000 | &nbsp;&nbsp; 13629963 |
|  |  | &nbsp;&nbsp; 40544328 |
| **Oman-3.12%** | **Oman-3.12%** | **Oman-3.12%** |
| Oman Government International Bond |  |  |
| 6.50%, 03/08/2047<sup>(a)</sup> | 12103000 | &nbsp;&nbsp; 13327613 |
| 6.75%, 01/17/2048<sup>(a)</sup> | 11963000 | &nbsp;&nbsp; 13447169 |
| 7.00%, 01/25/2051<sup>(a)</sup> | 11812000 | &nbsp;&nbsp; 13664269 |
|  |  | &nbsp;&nbsp; 40439051 |
| **Pakistan-3.18%** | **Pakistan-3.18%** | **Pakistan-3.18%** |
| Pakistan Government International Bond |  |  |
| 7.38%, 04/08/2031<sup>(a)</sup> | 20585000 | &nbsp;&nbsp; 20381895 |
| 8.88%, 04/08/2051<sup>(a)</sup> | 21791000 | &nbsp;&nbsp; 20825721 |
|  |  | &nbsp;&nbsp; 41207616 |
| **Panama-3.26%** | **Panama-3.26%** | **Panama-3.26%** |
| Panama Government International Bond |  |  |
| 6.40%, 02/14/2035 | 13209000 | &nbsp;&nbsp; 13908417 |
| 6.88%, 01/31/2036<sup>(b)</sup> | 12930000 | &nbsp;&nbsp; 14012564 |
| 7.88%, 03/01/2057 | 12156000 | &nbsp;&nbsp; 14303357 |
|  |  | &nbsp;&nbsp; 42224338 |
| **Peru-3.02%** | **Peru-3.02%** | **Peru-3.02%** |
| Peruvian Government International Bond |  |  |
| 5.63%, 11/18/2050 | 13044000 | &nbsp;&nbsp; 12982693 |
| 5.88%, 08/08/2054 | 12924000 | &nbsp;&nbsp; 13124322 |
| 3.60%, 01/15/2072<sup>(b)</sup> | 20039000 | &nbsp;&nbsp; 12973750 |
|  |  | &nbsp;&nbsp; 39080765 |
| **Philippines-3.01%** | **Philippines-3.01%** | **Philippines-3.01%** |
| Philippine Government International Bond |  |  |
| 4.20%, 03/29/2047 | 15063000 | &nbsp;&nbsp; 12949716 |
| 5.95%, 10/13/2047 | 11909000 | &nbsp;&nbsp; 12840365 |
| 5.90%, 02/04/2050 | 12301000 | &nbsp;&nbsp; 13168227 |
|  |  | &nbsp;&nbsp; 38958308 |
| **Qatar-3.02%** | **Qatar-3.02%** | **Qatar-3.02%** |
| Qatar Government International Bond |  |  |
| 4.63%, 06/02/2046<sup>(a)</sup> | 13808000 | &nbsp;&nbsp; 13097144 |
| 5.10%, 04/23/2048<sup>(a)</sup> | 12967000 | &nbsp;&nbsp; 13015301 |
| 4.82%, 03/14/2049<sup>(a)</sup> | 13475000 | &nbsp;&nbsp; 13033732 |
|  |  | &nbsp;&nbsp; 39146177 |
| **Romania-3.18%** | **Romania-3.18%** | **Romania-3.18%** |
| Romanian Government International Bond |  |  |
| 5.13%, 06/15/2048<sup>(a)</sup> | 16396000 | &nbsp;&nbsp; 13691781 |
| 4.00%, 02/14/2051<sup>(a)</sup> | 19840000 | &nbsp;&nbsp; 13769901 |
| 7.63%, 01/17/2053<sup>(a)</sup> | 12350000 | &nbsp;&nbsp; 13743615 |
|  |  | &nbsp;&nbsp; 41205297 |
| **Saudi Arabia-3.07%** | **Saudi Arabia-3.07%** | **Saudi Arabia-3.07%** |
| Saudi Government International Bond |  |  |
| 5.75%, 01/16/2054<sup>(a)</sup> | 13007000 | &nbsp;&nbsp; 13321973 |
| 4.50%, 04/22/2060<sup>(a)</sup> | 15582000 | &nbsp;&nbsp; 13015390 |
| 3.45%, 02/02/2061<sup>(a)</sup> | 19951000 | &nbsp;&nbsp; 13397464 |
|  |  | &nbsp;&nbsp; 39734827 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Serbia-3.05%** | **Serbia-3.05%** | **Serbia-3.05%** |
| Serbia International Bond |  |  |
| 2.13%, 12/01/2030<sup>(a)</sup> | $15139000 | &nbsp;&nbsp; $13310315 |
| 6.50%, 09/26/2033<sup>(a)</sup> | 11828000 | &nbsp;&nbsp; 12942161 |
| 6.00%, 06/12/2034<sup>(a)</sup> | 12505000 | &nbsp;&nbsp; 13166296 |
|  |  | &nbsp;&nbsp; 39418772 |
| **South Africa-3.17%** | **South Africa-3.17%** | **South Africa-3.17%** |
| Republic of South Africa Government <br> International Bond<br>|  |  |
| 6.30%, 06/22/2048 | 15199000 | &nbsp;&nbsp; 13819534 |
| 5.75%, 09/30/2049 | 16144000 | &nbsp;&nbsp; 13689104 |
| 7.30%, 04/20/2052 | 13408000 | &nbsp;&nbsp; 13528623 |
|  |  | &nbsp;&nbsp; 41037261 |
| **Trinidad-2.95%** | **Trinidad-2.95%** | **Trinidad-2.95%** |
| Trinidad & Tobago Government <br> International Bond<br>|  |  |
| 4.50%, 06/26/2030<sup>(a)(b)</sup> | 13514000 | &nbsp;&nbsp; 12895734 |
| 5.95%, 01/14/2031<sup>(a)</sup> | 12700000 | &nbsp;&nbsp; 12680950 |
| 6.40%, 06/26/2034<sup>(a)</sup> | 12714000 | &nbsp;&nbsp; 12602753 |
|  |  | &nbsp;&nbsp; 38179437 |
| **Turkey-3.05%** | **Turkey-3.05%** | **Turkey-3.05%** |
| Turkey Government International Bond |  |  |
| 4.88%, 04/16/2043 | 17218000 | &nbsp;&nbsp; 13146524 |
| 6.63%, 02/17/2045 | 14549000 | &nbsp;&nbsp; 13363414 |
| 5.75%, 05/11/2047 | 15949000 | &nbsp;&nbsp; 12989748 |
|  |  | &nbsp;&nbsp; 39499686 |
| **United Arab Emirates-3.07%** | **United Arab Emirates-3.07%** | **United Arab Emirates-3.07%** |
| Finance Department Government of <br> Sharjah<br>|  |  |
| 6.13%, 03/06/2036<sup>(a)(b)</sup> | 12330000 | &nbsp;&nbsp; 13018294 |
| 4.00%, 07/28/2050<sup>(a)</sup> | 19198000 | &nbsp;&nbsp; 13485711 |
| 4.38%, 03/10/2051<sup>(a)</sup> | 17677000 | &nbsp;&nbsp; 13183931 |
|  |  | &nbsp;&nbsp; 39687936 |
| **Uzbekistan-3.10%** | **Uzbekistan-3.10%** | **Uzbekistan-3.10%** |
| Republic of Uzbekistan International Bond |  |  |
| 3.70%, 11/25/2030<sup>(a)(b)</sup> | 14505000 | &nbsp;&nbsp; 13568086 |
| 3.90%, 10/19/2031<sup>(a)</sup> | 14600000 | &nbsp;&nbsp; 13589822 |
| 6.90%, 02/28/2032<sup>(a)</sup> | 11972000 | &nbsp;&nbsp; 13007088 |
|  |  | &nbsp;&nbsp; 40164996 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,326,312,510) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,326,312,510) | &nbsp;&nbsp; 1273740812 |
|  | **Shares** |  |
| **Money Market Funds-0.23%** | **Money Market Funds-0.23%** | **Money Market Funds-0.23%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $3,047,458)<br>| 3047458 | &nbsp;&nbsp; 3047458 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.62% <br>(Cost $1,329,359,968) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.62% <br>(Cost $1,329,359,968) | &nbsp;&nbsp; 1276788270 |

---

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

------

**5**

------

**Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-6.21%** | **Money Market Funds-6.21%** | **Money Market Funds-6.21%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup><br>| 22344225 | &nbsp;&nbsp; $22344225 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 58012331 | &nbsp;&nbsp; 58029735 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,374,765) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,374,765) | &nbsp;&nbsp; 80373960 |
| TOTAL INVESTMENTS IN SECURITIES-104.83% <br>(Cost $1,409,734,733) | TOTAL INVESTMENTS IN SECURITIES-104.83% <br>(Cost $1,409,734,733) | &nbsp;&nbsp; 1357162230 |
| OTHER ASSETS LESS LIABILITIES-(4.83)% | OTHER ASSETS LESS LIABILITIES-(4.83)% | &nbsp;&nbsp; (62533928)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1294628302 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $861,239,828, which represented 66.52% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1189395 | &nbsp;&nbsp; $87527623 | &nbsp;&nbsp; $(85669560)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3047458 | &nbsp;&nbsp; $117016 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 13407358 | &nbsp;&nbsp; 122185635 | &nbsp;&nbsp; (113248768)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22344225 | &nbsp;&nbsp; 825,338<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 35021651 | &nbsp;&nbsp; 295365589 | &nbsp;&nbsp; (272357653)<br>| &nbsp;&nbsp; 1236 | &nbsp;&nbsp; (1088)<br>| &nbsp;&nbsp; 58029735 | &nbsp;&nbsp; 2,207,207<br> \*<br>|
| Total | &nbsp;&nbsp; $49618404 | &nbsp;&nbsp; $505078847 | &nbsp;&nbsp; $(471275981)<br>| &nbsp;&nbsp; $1236 | &nbsp;&nbsp; $(1088)<br>| &nbsp;&nbsp; $83421418 | &nbsp;&nbsp; $3149561 |

---

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

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

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2L. 

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

------

**6**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.72%** | **U.S. Dollar Denominated Bonds & Notes-97.72%** | **U.S. Dollar Denominated Bonds & Notes-97.72%** |
| **Angola-0.25%** | **Angola-0.25%** | **Angola-0.25%** |
| Azule Energy Finance PLC, 8.13%, <br> 01/23/2030<sup>(a)</sup><br>| $450000 | &nbsp;&nbsp; $452682 |
| **Argentina-2.23%** | **Argentina-2.23%** | **Argentina-2.23%** |
| Banco Macro S.A., 8.00%, 06/23/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 202060 |
| Pampa Energia S.A., 7.88%, 12/16/2034<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 304440 |
| Pluspetrol S.A., 8.50%, 05/30/2032<sup>(a)</sup> | 280000 | &nbsp;&nbsp; 285488 |
| Telecom Argentina S.A. |  |  |
| 9.50%, 07/18/2031<sup>(a)</sup> | 370000 | &nbsp;&nbsp; 385577 |
| 9.25%, 05/28/2033<sup>(a)</sup> | 430000 | &nbsp;&nbsp; 438245 |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/2033<sup>(a)</sup> | 215000 | &nbsp;&nbsp; 221256 |
| 7.63%, 12/10/2035<sup>(a)</sup> | 240000 | &nbsp;&nbsp; 237444 |
| YPF S.A. |  |  |
| 6.95%, 07/21/2027<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 259729 |
| 9.00%, 06/30/2029<sup>(a)</sup> | 285942 | &nbsp;&nbsp; 294328 |
| 9.50%, 01/17/2031<sup>(a)</sup> | 310000 | &nbsp;&nbsp; 327290 |
| 8.75%, 09/11/2031<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 226550 |
| 7.00%, 09/30/2033<sup>(a)</sup> | 230000 | &nbsp;&nbsp; 219362 |
| 8.25%, 01/17/2034<sup>(a)</sup> | 460000 | &nbsp;&nbsp; 464212 |
| 7.00%, 12/15/2047<sup>(a)</sup> | 255000 | &nbsp;&nbsp; 220146 |
|  |  | &nbsp;&nbsp; 4086127 |
| **Australia-1.24%** | **Australia-1.24%** | **Australia-1.24%** |
| Fortescue Treasury Pty Ltd. |  |  |
| 4.50%, 09/15/2027<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 231235 |
| 4.38%, 04/01/2031<sup>(a)</sup> | 420000 | &nbsp;&nbsp; 406792 |
| 6.13%, 04/15/2032<sup>(a)</sup> | 316000 | &nbsp;&nbsp; 329972 |
| Infrabuild Australia Pty Ltd., 14.50%, <br> 11/15/2028<sup>(a)</sup><br>| 293000 | &nbsp;&nbsp; 314207 |
| Mineral Resources Ltd. |  |  |
| 8.00%, 11/01/2027<sup>(a)</sup> | 293000 | &nbsp;&nbsp; 299431 |
| 9.25%, 10/01/2028<sup>(a)</sup> | 414000 | &nbsp;&nbsp; 434599 |
| 8.50%, 05/01/2030<sup>(a)</sup> | 242000 | &nbsp;&nbsp; 252478 |
|  |  | &nbsp;&nbsp; 2268714 |
| **Austria-0.13%** | **Austria-0.13%** | **Austria-0.13%** |
| ams-OSRAM AG, 12.25%, 03/30/2029<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 237836 |
| **Azerbaijan-0.20%** | **Azerbaijan-0.20%** | **Azerbaijan-0.20%** |
| State Oil Co. of the Azerbaijan Republic (The), <br> 6.95%, 03/18/2030<sup>(a)</sup><br>| 340000 | &nbsp;&nbsp; 367913 |
| **Bahrain-1.09%** | **Bahrain-1.09%** | **Bahrain-1.09%** |
| Bank of Bahrain and Kuwait B.S.C., 6.88%, <br> 06/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 206107 |
| Bapco Energies B.S.C. Closed |  |  |
| 7.50%, 10/25/2027<sup>(a)</sup> | 370000 | &nbsp;&nbsp; 386632 |
| 8.38%, 11/07/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 217272 |
| Bapco Energies Sukuk Ltd. |  |  |
| 5.25%, 04/08/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 201047 |
| 6.63%, 05/25/2033<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 429756 |
| 6.25%, 01/29/2035<sup>(a)(b)</sup> | 350000 | &nbsp;&nbsp; 364610 |
| GFH Senior Sukuk Ltd., 7.50%, <br> 11/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 202534 |
|  |  | &nbsp;&nbsp; 2007958 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Belgium-0.22%** | **Belgium-0.22%** | **Belgium-0.22%** |
| Telenet Finance Luxembourg Notes S.a.r.l., <br> 5.50%, 03/01/2028<sup>(a)</sup><br>| $400000 | &nbsp;&nbsp; $399259 |
| **Brazil-12.04%** | **Brazil-12.04%** | **Brazil-12.04%** |
| 3R Lux S.a.r.l., 9.75%, 02/05/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 205190 |
| Acu Petroleo (Luxembourg) S.a.r.l., 7.50%, <br> 01/13/2032<sup>(a)</sup><br>| 238732 | &nbsp;&nbsp; 242542 |
| Adecoagro S.A., 7.50%, 07/29/2032<sup>(a)</sup> | 210000 | &nbsp;&nbsp; 198671 |
| Aegea Finance S.a.r.l., 9.00%, <br> 01/20/2031<sup>(a)(b)</sup><br>| 328000 | &nbsp;&nbsp; 346892 |
| Amaggi (Luxembourg) International S.a.r.l., <br> 5.25%, 01/28/2028<sup>(a)</sup><br>| 360000 | &nbsp;&nbsp; 354540 |
| B3 S.A. - Brasil, Bolsa, Balcao, 4.13%, <br> 09/20/2031<sup>(a)</sup><br>| 260000 | &nbsp;&nbsp; 244471 |
| Banco Bradesco S.A. |  |  |
| 4.38%, 03/18/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 220084 |
| 6.50%, 01/22/2030<sup>(a)</sup> | 390000 | &nbsp;&nbsp; 410865 |
| Banco BTG Pactual S.A. |  |  |
| 2.75%, 01/11/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 218687 |
| 6.25%, 04/08/2029<sup>(a)</sup> | 170000 | &nbsp;&nbsp; 176399 |
| 5.75%, 01/22/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 203927 |
| Banco do Brasil S.A. |  |  |
| 3.25%, 09/30/2026<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 257454 |
| 4.88%, 01/11/2029<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 219651 |
| 6.25%, 04/18/2030<sup>(a)</sup> | 290000 | &nbsp;&nbsp; 301928 |
| 6.00%, 03/18/2031<sup>(a)(b)</sup> | 290000 | &nbsp;&nbsp; 300494 |
| Banco Votorantim S.A., 5.88%, <br> 04/08/2028<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 202406 |
| Braskem America Finance Co., 7.13%, <br> 07/22/2041<sup>(a)</sup><br>| 235000 | &nbsp;&nbsp; 96343 |
| Braskem Netherlands Finance B.V. |  |  |
| 4.50%, 01/10/2028<sup>(a)(b)</sup> | 513000 | &nbsp;&nbsp; 231158 |
| 4.50%, 01/31/2030<sup>(a)</sup> | 615000 | &nbsp;&nbsp; 247900 |
| 8.50%, 01/12/2031<sup>(a)</sup> | 348000 | &nbsp;&nbsp; 146430 |
| 7.25%, 02/13/2033<sup>(a)</sup> | 410000 | &nbsp;&nbsp; 166979 |
| 8.00%, 10/15/2034<sup>(a)</sup> | 348000 | &nbsp;&nbsp; 143338 |
| 5.88%, 01/31/2050<sup>(a)</sup> | 290000 | &nbsp;&nbsp; 111106 |
| BRF S.A. |  |  |
| 4.88%, 01/24/2030<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 253017 |
| 5.75%, 09/21/2050<sup>(a)(b)</sup> | 260000 | &nbsp;&nbsp; 220596 |
| Caixa Economica Federal, 5.63%, <br> 05/13/2030<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 406910 |
| Centrais Eletricas Brasileiras S.A. |  |  |
| 4.63%, 02/04/2030<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 339040 |
| 6.50%, 01/11/2035<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 268674 |
| Constellation Oil Services Holding S.A., 9.38%, <br> 11/07/2029<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 309000 |
| Cosan (Luxembourg) S.A., 5.50%, <br> 09/20/2029<sup>(a)</sup><br>| 180000 | &nbsp;&nbsp; 177458 |
| CSN Inova Ventures, 6.75%, <br> 01/28/2028<sup>(a)(b)</sup><br>| 480000 | &nbsp;&nbsp; 446241 |
| CSN Resources S.A. |  |  |
| 8.88%, 12/05/2030<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 284437 |
| 4.63%, 06/10/2031<sup>(a)</sup> | 330000 | &nbsp;&nbsp; 258149 |
| 5.88%, 04/08/2032<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 179981 |
| FS Luxembourg S.a.r.l., 8.63%, <br> 06/25/2033<sup>(a)</sup><br>| 210000 | &nbsp;&nbsp; 218243 |

---

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

------

**7**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Brazil-(continued)** | **Brazil-(continued)** | **Brazil-(continued)** | **Brazil-(continued)** |
| Gol Finance, Inc., 14.38%, 06/06/2030<sup>(a)</sup> | $| 900000 | &nbsp;&nbsp; $914445 |
| Itau Unibanco Holding S.A., 6.00%, <br> 02/27/2030<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 418712 |
| Klabin Austria GmbH |  |  |  |
| 5.75%, 04/03/2029<sup>(a)</sup> |  | 330000 | &nbsp;&nbsp; 335620 |
| 7.00%, 04/03/2049<sup>(a)</sup> |  | 297000 | &nbsp;&nbsp; 314588 |
| LD Celulose International GmbH, 7.95%, <br> 01/26/2032<sup>(a)(b)</sup><br>|  | 270000 | &nbsp;&nbsp; 284294 |
| MARB BondCo PLC, 3.95%, 01/29/2031<sup>(a)</sup> |  | 455000 | &nbsp;&nbsp; 411087 |
| MC Brazil Downstream Trading S.a.r.l., 7.25%, <br> 06/30/2031<sup>(a)</sup><br>|  | 673210 | &nbsp;&nbsp; 554691 |
| Minerva (Luxembourg) S.A. |  |  |  |
| 4.38%, 03/18/2031<sup>(a)(b)</sup> |  | 438000 | &nbsp;&nbsp; 404249 |
| 8.88%, 09/13/2033<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 437923 |
| Movida Europe S.A., 7.85%, 04/11/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 183212 |
| MV24 Capital B.V., 6.75%, 06/01/2034<sup>(a)</sup> |  | 366160 | &nbsp;&nbsp; 363019 |
| Oceanica Lux S.a.r.l., 13.00%, 10/02/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 198436 |
| Petrobras Global Finance B.V. |  |  |  |
| 7.38%, 01/17/2027 |  | 235000 | &nbsp;&nbsp; 243084 |
| 6.00%, 01/27/2028 |  | 398000 | &nbsp;&nbsp; 407857 |
| 5.13%, 09/10/2030 |  | 250000 | &nbsp;&nbsp; 246937 |
| 5.60%, 01/03/2031 |  | 277000 | &nbsp;&nbsp; 279839 |
| 6.50%, 07/03/2033<sup>(b)</sup> |  | 340000 | &nbsp;&nbsp; 353719 |
| 6.00%, 01/13/2035 |  | 335000 | &nbsp;&nbsp; 330428 |
| 6.25%, 01/10/2036<sup>(b)</sup> |  | 250000 | &nbsp;&nbsp; 246904 |
| 6.88%, 01/20/2040 |  | 268000 | &nbsp;&nbsp; 277364 |
| 6.75%, 01/27/2041 |  | 253000 | &nbsp;&nbsp; 257193 |
| 7.25%, 03/17/2044 |  | 296000 | &nbsp;&nbsp; 309885 |
| 5.50%, 06/10/2051 |  | 211000 | &nbsp;&nbsp; 176650 |
| 6.85%, 06/05/2115 |  | 507000 | &nbsp;&nbsp; 489230 |
| Rede D'Or Finance S.a.r.l. |  |  |  |
| 4.95%, 01/17/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 218409 |
| 4.50%, 01/22/2030<sup>(a)</sup> |  | 360000 | &nbsp;&nbsp; 346783 |
| 6.45%, 09/09/2035<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 204985 |
| Rumo Luxembourg S.a.r.l. |  |  |  |
| 5.25%, 01/10/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 218778 |
| 4.20%, 01/18/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 184709 |
| Sabesp Lux S.a.r.l., 5.63%, 08/20/2030<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 212457 |
| Samarco Mineracao S.A., 9.00% PIK Rate, <br> 0.50% Cash Rate, 06/30/2031<sup>(a)(c)</sup><br>|  | 2002769 | &nbsp;&nbsp; 2003996 |
| Simpar Europe S.A., 5.20%, 01/26/2031<sup>(a)</sup> |  | 230000 | &nbsp;&nbsp; 177430 |
| Usiminas International S.a.r.l., 7.50%, <br> 01/27/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 206977 |
| XP, Inc., 6.75%, 07/02/2029<sup>(a)</sup> |  | 170000 | &nbsp;&nbsp; 174223 |
| Yinson Bergenia Production B.V., 8.50%, <br> 01/31/2045<sup>(a)</sup><br>|  | 480000 | &nbsp;&nbsp; 504388 |
| Yinson Boronia Production B.V., 8.95%, <br> 07/31/2042<sup>(a)</sup><br>|  | 539600 | &nbsp;&nbsp; 589888 |
|  |  |  | &nbsp;&nbsp; 22091590 |
| **Canada-12.57%** | **Canada-12.57%** | **Canada-12.57%** | **Canada-12.57%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| 3.88%, 01/15/2028<sup>(a)</sup> |  | 703000 | &nbsp;&nbsp; 691048 |
| 4.38%, 01/15/2028<sup>(a)</sup> |  | 317000 | &nbsp;&nbsp; 313285 |
| 3.50%, 02/15/2029<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 276871 |
| 6.13%, 06/15/2029<sup>(a)(b)</sup> |  | 500000 | &nbsp;&nbsp; 514422 |
| 5.63%, 09/15/2029<sup>(a)</sup> |  | 225000 | &nbsp;&nbsp; 229280 |
| 4.00%, 10/15/2030<sup>(a)</sup> |  | 1162000 | &nbsp;&nbsp; 1100319 |
| Air Canada, 3.88%, 08/15/2026<sup>(a)</sup> |  | 563000 | &nbsp;&nbsp; 559030 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Algonquin Power & Utilities Corp., 4.75%, <br> 01/18/2082<sup>(d)</sup><br>| $292000 | &nbsp;&nbsp; $286885 |
| AltaGas Ltd., 7.20%, 10/15/2054<sup>(a)(d)</sup> | 500000 | &nbsp;&nbsp; 513011 |
| Baffinland Iron Mines Corp./Baffinland Iron <br> Mines L.P., 8.75%, 07/15/2026<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 198092 |
| Baytex Energy Corp. |  |  |
| 8.50%, 04/30/2030<sup>(a)</sup> | 325000 | &nbsp;&nbsp; 333447 |
| 7.38%, 03/15/2032<sup>(a)</sup> | 235000 | &nbsp;&nbsp; 231584 |
| Bell Canada |  |  |
| 6.88%, 09/15/2055<sup>(d)</sup> | 410000 | &nbsp;&nbsp; 428413 |
| 7.00%, 09/15/2055<sup>(d)</sup> | 513000 | &nbsp;&nbsp; 539603 |
| Bombardier, Inc. |  |  |
| 6.00%, 02/15/2028<sup>(a)</sup> | 292000 | &nbsp;&nbsp; 292900 |
| 7.50%, 02/01/2029<sup>(a)</sup> | 287000 | &nbsp;&nbsp; 299193 |
| 8.75%, 11/15/2030<sup>(a)</sup> | 310000 | &nbsp;&nbsp; 334723 |
| 7.25%, 07/01/2031<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 371935 |
| 7.00%, 06/01/2032<sup>(a)</sup> | 460000 | &nbsp;&nbsp; 483525 |
| 6.75%, 06/15/2033<sup>(a)</sup> | 320000 | &nbsp;&nbsp; 336319 |
| 7.45%, 05/01/2034<sup>(a)</sup> | 209000 | &nbsp;&nbsp; 232700 |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC<br>|  |  |
| 6.25%, 09/15/2027<sup>(a)</sup> | 240000 | &nbsp;&nbsp; 240185 |
| 4.88%, 02/15/2030<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 175698 |
| Capstone Copper Corp., 6.75%, <br> 03/31/2033<sup>(a)</sup><br>| 240000 | &nbsp;&nbsp; 248530 |
| Champion Iron Canada, Inc., 7.88%, <br> 07/15/2032<sup>(a)</sup><br>| 210000 | &nbsp;&nbsp; 220352 |
| Dye & Durham Ltd., 8.63%, 04/15/2029<sup>(a)</sup> | 228000 | &nbsp;&nbsp; 216121 |
| Emera, Inc., Series 16-A, 6.75%, <br> 06/15/2076<sup>(d)</sup><br>| 470000 | &nbsp;&nbsp; 473742 |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 215000 | &nbsp;&nbsp; 220166 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/2027<sup>(a)</sup> | 218000 | &nbsp;&nbsp; 216453 |
| 6.00%, 06/01/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 195273 |
| 8.25%, 08/01/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 203745 |
| 8.38%, 11/15/2032<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 407458 |
| goeasy Ltd. |  |  |
| 9.25%, 12/01/2028<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 414953 |
| 7.63%, 07/01/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 201605 |
| Great Canadian Gaming Corp., 8.75%, <br> 11/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 195721 |
| Hudbay Minerals, Inc., 6.13%, 04/01/2029<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 235084 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup><br>| 430000 | &nbsp;&nbsp; 444788 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/2030<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 412634 |
| Jones Deslauriers Insurance Management, <br> Inc., 8.50%, 03/15/2030<sup>(a)</sup><br>| 276000 | &nbsp;&nbsp; 290085 |
| Kronos Acquisition Holdings, Inc., 8.25%, <br> 06/30/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 149357 |
| Mattamy Group Corp. |  |  |
| 5.25%, 12/15/2027<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 189397 |
| 4.63%, 03/01/2030<sup>(a)</sup> | 230000 | &nbsp;&nbsp; 223303 |
| MEG Energy Corp., 5.88%, 02/01/2029<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 232330 |
| Methanex Corp. |  |  |
| 5.13%, 10/15/2027 | 279000 | &nbsp;&nbsp; 279848 |
| 5.25%, 12/15/2029<sup>(b)</sup> | 295000 | &nbsp;&nbsp; 294364 |
| New Flyer Holdings, Inc., 9.25%, <br> 07/01/2030<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 426233 |

---

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

------

**8**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Northriver Midstream Finance L.P., 6.75%, <br> 07/15/2032<sup>(a)</sup><br>| $| 250000 | &nbsp;&nbsp; $254964 |
| NOVA Chemicals Corp. |  |  |  |
| 5.25%, 06/01/2027<sup>(a)</sup> |  | 507000 | &nbsp;&nbsp; 508482 |
| 4.25%, 05/15/2029<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 214291 |
| 9.00%, 02/15/2030<sup>(a)</sup> |  | 275000 | &nbsp;&nbsp; 294422 |
| Open Text Corp. |  |  |  |
| 3.88%, 02/15/2028<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 390064 |
| 3.88%, 12/01/2029<sup>(a)</sup> |  | 391000 | &nbsp;&nbsp; 370446 |
| Open Text Holdings, Inc. |  |  |  |
| 4.13%, 02/15/2030<sup>(a)</sup> |  | 342000 | &nbsp;&nbsp; 326836 |
| 4.13%, 12/01/2031<sup>(a)</sup> |  | 253000 | &nbsp;&nbsp; 235741 |
| Parkland Corp. |  |  |  |
| 5.88%, 07/15/2027<sup>(a)</sup> |  | 190000 | &nbsp;&nbsp; 190313 |
| 4.50%, 10/01/2029<sup>(a)</sup> |  | 309000 | &nbsp;&nbsp; 299291 |
| 4.63%, 05/01/2030<sup>(a)</sup> |  | 309000 | &nbsp;&nbsp; 300017 |
| 6.63%, 08/15/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 204874 |
| RB Global Holdings, Inc. |  |  |  |
| 6.75%, 03/15/2028<sup>(a)(b)</sup> |  | 210000 | &nbsp;&nbsp; 214684 |
| 7.75%, 03/15/2031<sup>(a)</sup> |  | 308000 | &nbsp;&nbsp; 321823 |
| Rogers Communications, Inc. |  |  |  |
| 7.00%, 04/15/2055<sup>(b)(d)</sup> |  | 450000 | &nbsp;&nbsp; 471084 |
| 7.13%, 04/15/2055<sup>(b)(d)</sup> |  | 410000 | &nbsp;&nbsp; 439022 |
| 5.25%, 03/15/2082<sup>(a)(d)</sup> |  | 302000 | &nbsp;&nbsp; 300448 |
| Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(a)</sup> |  | 226000 | &nbsp;&nbsp; 228859 |
| South Bow Canadian infrastructure Holdings <br> Ltd., 7.50%, 03/01/2055<sup>(d)</sup><br>|  | 250000 | &nbsp;&nbsp; 267664 |
| Strathcona Resources Ltd., 6.88%, <br> 08/01/2026<sup>(a)</sup><br>|  | 195000 | &nbsp;&nbsp; 195372 |
| Superior Plus L.P./Superior General Partner, <br> Inc., 4.50%, 03/15/2029<sup>(a)</sup><br>|  | 230000 | &nbsp;&nbsp; 223205 |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 211702 |
| TELUS Corp. |  |  |  |
| 6.63%, 10/15/2055<sup>(d)</sup> |  | 290000 | &nbsp;&nbsp; 299273 |
| 7.00%, 10/15/2055<sup>(d)</sup> |  | 330000 | &nbsp;&nbsp; 352268 |
| Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo US LLC, 9.50%, <br> 05/15/2030<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 375428 |
| Wrangler Holdco Corp., 6.63%, <br> 04/01/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 209185 |
|  |  |  | &nbsp;&nbsp; 23073768 |
| **Cayman Islands-0.26%** | **Cayman Islands-0.26%** | **Cayman Islands-0.26%** | **Cayman Islands-0.26%** |
| Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/2027<sup>(a)</sup><br>|  | 463000 | &nbsp;&nbsp; 477256 |
| **Chile-1.11%** | **Chile-1.11%** | **Chile-1.11%** | **Chile-1.11%** |
| AES Andes S.A., 8.15%, 06/10/2055<sup>(a)(d)</sup> |  | 200000 | &nbsp;&nbsp; 209480 |
| Agrosuper S.A., 4.60%, 01/20/2032<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 211440 |
| Falabella S.A., 3.38%, 01/15/2032<sup>(a)</sup> |  | 290000 | &nbsp;&nbsp; 260341 |
| Inversiones CMPC S.A., 6.70%, <br> 12/09/2057<sup>(a)(d)</sup><br>|  | 250000 | &nbsp;&nbsp; 253200 |
| LATAM Airlines Group S.A. |  |  |  |
| 7.88%, 04/15/2030<sup>(a)</sup> |  | 600000 | &nbsp;&nbsp; 621240 |
| 7.63%, 01/07/2031<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 309270 |
| Telefonica Moviles Chile S.A., 3.54%, <br> 11/18/2031<sup>(a)</sup><br>|  | 280000 | &nbsp;&nbsp; 180250 |
|  |  |  | &nbsp;&nbsp; 2045221 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **China-3.76%** | **China-3.76%** | **China-3.76%** |
| Bank of Communications Co. Ltd., <br> 3.80%<sup>(a)(d)(e)</sup><br>| $1250000 | &nbsp;&nbsp; $1249455 |
| CFAMC III Co. Ltd. |  |  |
| 4.75%, 04/27/2027<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 302025 |
| 4.25%, 11/07/2027<sup>(a)</sup> | 500000 | &nbsp;&nbsp; 498575 |
| CFAMC IV Co. Ltd., 4.50%, 05/29/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 199836 |
| Fortune Star (BVI) Ltd. |  |  |
| 5.05%, 01/27/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 217257 |
| 8.50%, 05/19/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 209603 |
| Franshion Brilliant Ltd. |  |  |
| 4.25%, 07/23/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 186723 |
| 6.00%<sup>(a)(d)(e)</sup> | 220000 | &nbsp;&nbsp; 220308 |
| Greentown China Holdings Ltd., 8.45%, <br> 02/24/2028<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 206298 |
| Industrial and Commercial Bank of China Ltd., <br> 3.20%<sup>(a)(d)(e)</sup><br>| 2682000 | &nbsp;&nbsp; 2656381 |
| Longfor Group Holdings Ltd., 4.50%, <br> 01/16/2028<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 181791 |
| Vanke Real Estate (Hong Kong) Co. Ltd., <br> 3.98%, 11/09/2027<sup>(a)</sup><br>| 530000 | &nbsp;&nbsp; 360441 |
| West China Cement Ltd., 4.95%, <br> 07/08/2026<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 216490 |
| Westwood Group Holdings Ltd., 2.80%, <br> 01/20/2026<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 199750 |
|  |  | &nbsp;&nbsp; 6904933 |
| **Colombia-4.20%** | **Colombia-4.20%** | **Colombia-4.20%** |
| AI Candelaria (Spain) S.A., 5.75%, <br> 06/15/2033<sup>(a)</sup><br>| 195000 | &nbsp;&nbsp; 177113 |
| Banco Davivienda S.A., 8.13%, <br> 07/02/2035<sup>(a)(d)</sup><br>| 200000 | &nbsp;&nbsp; 206792 |
| Banco de Bogota S.A., 6.25%, 05/12/2026<sup>(a)</sup> | 490000 | &nbsp;&nbsp; 491997 |
| Ecopetrol S.A. |  |  |
| 8.63%, 01/19/2029 | 339000 | &nbsp;&nbsp; 365944 |
| 6.88%, 04/29/2030<sup>(b)</sup> | 491000 | &nbsp;&nbsp; 503169 |
| 4.63%, 11/02/2031 | 410000 | &nbsp;&nbsp; 368045 |
| 7.75%, 02/01/2032 | 480000 | &nbsp;&nbsp; 496526 |
| 8.88%, 01/13/2033<sup>(b)</sup> | 610000 | &nbsp;&nbsp; 661064 |
| 8.38%, 01/19/2036 | 500000 | &nbsp;&nbsp; 518735 |
| 7.38%, 09/18/2043 | 208000 | &nbsp;&nbsp; 193721 |
| 5.88%, 05/28/2045 | 570000 | &nbsp;&nbsp; 437887 |
| 5.88%, 11/02/2051 | 230000 | &nbsp;&nbsp; 169401 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.25%, 07/18/2029<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 379138 |
| 4.38%, 02/15/2031<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 241734 |
| EnfraGen Energia Sur S.A./EnfraGen Spain <br> S.A./Prime Energia S.p.A., 5.38%, <br> 12/30/2030<sup>(a)</sup><br>| 245000 | &nbsp;&nbsp; 228247 |
| Gran Tierra Energy, Inc., 9.50%, <br> 10/15/2029<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 243238 |
| Grupo Aval Ltd., 4.38%, 02/04/2030<sup>(a)</sup> | 450000 | &nbsp;&nbsp; 424932 |
| Grupo Nutresa S.A. |  |  |
| 8.00%, 05/12/2030<sup>(a)</sup> | 600000 | &nbsp;&nbsp; 645450 |
| 9.00%, 05/12/2035<sup>(a)(b)</sup> | 600000 | &nbsp;&nbsp; 682350 |
| SierraCol Energy Andina LLC, 6.00%, <br> 06/15/2028<sup>(a)</sup><br>| 270000 | &nbsp;&nbsp; 265106 |
|  |  | &nbsp;&nbsp; 7700589 |

---

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

------

**9**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Costa Rica-0.12%** | **Costa Rica-0.12%** | **Costa Rica-0.12%** |
| Instituto Costarricense de Electricidad, 6.38%, <br> 05/15/2043<sup>(a)</sup><br>| $220000 | &nbsp;&nbsp; $217345 |
| **Czech Republic-0.23%** | **Czech Republic-0.23%** | **Czech Republic-0.23%** |
| Czechoslovak Group A.S., 6.50%, <br> 01/10/2031<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 413842 |
| **Dominican Republic-0.11%** | **Dominican Republic-0.11%** | **Dominican Republic-0.11%** |
| Aeropuertos Dominicanos Siglo XXI S.A., <br> 7.00%, 06/30/2034<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 209675 |
| **Finland-0.19%** | **Finland-0.19%** | **Finland-0.19%** |
| Amer Sports Co., 6.75%, 02/16/2031<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 354417 |
| **France-1.68%** | **France-1.68%** | **France-1.68%** |
| Calderys Financing LLC, 11.25%, <br> 06/01/2028<sup>(a)</sup><br>| 210000 | &nbsp;&nbsp; 222133 |
| Electricite de France S.A., 9.13%<sup>(a)(d)(e)</sup> | 620000 | &nbsp;&nbsp; 718622 |
| Forvia SE, 8.00%, 06/15/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 212698 |
| Iliad Holding S.A.S.U. |  |  |
| 7.00%, 10/15/2028<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 304665 |
| 8.50%, 04/15/2031<sup>(a)</sup> | 420000 | &nbsp;&nbsp; 451183 |
| 7.00%, 04/15/2032<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 358618 |
| Opal Bidco SAS, 6.50%, 03/31/2032<sup>(a)</sup> | 450000 | &nbsp;&nbsp; 463859 |
| Vallourec SACA, 7.50%, 04/15/2032<sup>(a)</sup> | 330000 | &nbsp;&nbsp; 351161 |
|  |  | &nbsp;&nbsp; 3082939 |
| **Georgia-0.11%** | **Georgia-0.11%** | **Georgia-0.11%** |
| Georgian Railway JSC, 4.00%, 06/17/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 207008 |
| **Germany-1.41%** | **Germany-1.41%** | **Germany-1.41%** |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 366385 |
| IHO Verwaltungs GmbH, 7.75% PIK Rate, <br> 8.50% Cash Rate, 11/15/2030<sup>(a)(c)</sup><br>| 200000 | &nbsp;&nbsp; 207346 |
| Mercer International, Inc., 5.13%, <br> 02/01/2029<sup>(b)</sup><br>| 339000 | &nbsp;&nbsp; 219533 |
| TK Elevator U.S. Newco, Inc., 5.25%, <br> 07/15/2027<sup>(a)</sup><br>| 650000 | &nbsp;&nbsp; 649725 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/2028<sup>(a)</sup> | 331000 | &nbsp;&nbsp; 333244 |
| 7.13%, 04/14/2030<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 214350 |
| 6.75%, 04/23/2030<sup>(a)</sup> | 365000 | &nbsp;&nbsp; 347779 |
| 6.88%, 04/23/2032<sup>(a)</sup> | 280000 | &nbsp;&nbsp; 255820 |
|  |  | &nbsp;&nbsp; 2594182 |
| **Ghana-0.33%** | **Ghana-0.33%** | **Ghana-0.33%** |
| Kosmos Energy Ltd., 8.75%, 10/01/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 134597 |
| Tullow Oil PLC, 10.25%, 05/15/2026<sup>(a)</sup> | 550000 | &nbsp;&nbsp; 466125 |
|  |  | &nbsp;&nbsp; 600722 |
| **Guatemala-0.56%** | **Guatemala-0.56%** | **Guatemala-0.56%** |
| Central American Bottling Corp./CBC Bottling <br> Holdco S.L./Beliv Holdco S.L., 5.25%, <br> 04/27/2029<sup>(a)</sup><br>| 459000 | &nbsp;&nbsp; 450191 |
| CT Trust, 5.13%, 02/03/2032<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 283650 |
| Investment Energy Resources Ltd., 6.25%, <br> 04/26/2029<sup>(a)</sup><br>| 290000 | &nbsp;&nbsp; 288875 |
|  |  | &nbsp;&nbsp; 1022716 |
| **Hong Kong-1.55%** | **Hong Kong-1.55%** | **Hong Kong-1.55%** |
| CAS Capital No. 1 Ltd., 4.00%<sup>(a)(d)(e)</sup> | 340000 | &nbsp;&nbsp; 336163 |
| China CITIC Bank International Ltd. |  |  |
| 3.25%<sup>(a)(d)(e)</sup> | 270000 | &nbsp;&nbsp; 267811 |
| 4.80%<sup>(a)(d)(e)</sup> | 270000 | &nbsp;&nbsp; 272244 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| Melco Resorts Finance Ltd. |  |  |  |
| 5.63%, 07/17/2027<sup>(a)</sup> | $| 270000 | &nbsp;&nbsp; $269735 |
| 5.75%, 07/21/2028<sup>(a)</sup> |  | 530000 | &nbsp;&nbsp; 379112 |
| 5.38%, 12/04/2029<sup>(a)</sup> |  | 490000 | &nbsp;&nbsp; 484747 |
| 7.63%, 04/17/2032<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 263320 |
| Nanyang Commercial Bank Ltd., 6.50%<sup>(a)(d)(e)</sup> |  | 290000 | &nbsp;&nbsp; 297564 |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 276643 |
|  |  |  | &nbsp;&nbsp; 2847339 |
| **Hungary-0.37%** | **Hungary-0.37%** | **Hungary-0.37%** | **Hungary-0.37%** |
| OTP Bank Nyrt. |  |  |  |
| 8.75%, 05/15/2033<sup>(a)(d)</sup> |  | 240000 | &nbsp;&nbsp; 258432 |
| 7.30%, 07/30/2035<sup>(a)(d)</sup> |  | 400000 | &nbsp;&nbsp; 426039 |
|  |  |  | &nbsp;&nbsp; 684471 |
| **India-3.93%** | **India-3.93%** | **India-3.93%** | **India-3.93%** |
| Biocon Biologics Global PLC, 6.67%, <br> 10/09/2029<sup>(a)</sup><br>|  | 370000 | &nbsp;&nbsp; 366026 |
| CA Magnum Holdings, 5.38%, 10/31/2026<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 398425 |
| Continuum Green Energy India Pvt./Co-<br> Issuers, 7.50%, 06/26/2033<sup>(a)</sup><br>|  | 212190 | &nbsp;&nbsp; 223964 |
| Delhi International Airport Ltd. |  |  |  |
| 6.13%, 10/31/2026<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 202224 |
| 6.45%, 06/04/2029<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 229122 |
| Diamond II Ltd., 7.95%, 07/28/2026<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 201197 |
| Greenko Dutch B.V., 3.85%, 03/29/2026<sup>(a)</sup> |  | 391845 | &nbsp;&nbsp; 388238 |
| Greenko Power II Ltd., 4.30%, 12/13/2028<sup>(a)</sup> |  | 319000 | &nbsp;&nbsp; 305794 |
| Greenko Wind Projects (Mauritius) Ltd., <br> 7.25%, 09/27/2028<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 406598 |
| IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/2032<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 416589 |
| JSW Hydro Energy Ltd., 4.13%, <br> 05/18/2031<sup>(a)</sup><br>|  | 227200 | &nbsp;&nbsp; 214905 |
| JSW Steel Ltd. |  |  |  |
| 3.95%, 04/05/2027<sup>(a)</sup> |  | 428000 | &nbsp;&nbsp; 420644 |
| 5.05%, 04/05/2032<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 214735 |
| Muthoot Finance Ltd. |  |  |  |
| 7.13%, 02/14/2028<sup>(a)</sup> |  | 260000 | &nbsp;&nbsp; 266277 |
| 6.38%, 04/23/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203063 |
| 6.38%, 03/02/2030<sup>(a)</sup> |  | 315000 | &nbsp;&nbsp; 320335 |
| Periama Holdings LLC, 5.95%, 04/19/2026<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 341466 |
| ReNew Wind Energy AP2/ReNew Power Pvt <br> Ltd. other 9 Subsidiaries, 4.50%, <br> 07/14/2028<sup>(a)</sup><br>|  | 260000 | &nbsp;&nbsp; 251350 |
| Shriram Finance Ltd. |  |  |  |
| 6.63%, 04/22/2027<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 307354 |
| 6.15%, 04/03/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205424 |
| UPL Corp. Ltd., 4.63%, 06/16/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 185949 |
| Vedanta Resources Finance II PLC |  |  |  |
| 10.88%, 09/17/2029<sup>(a)</sup> |  | 500000 | &nbsp;&nbsp; 524588 |
| 9.48%, 07/24/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203138 |
| 11.25%, 12/03/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 212117 |
| 9.85%, 04/24/2033<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 202418 |
|  |  |  | &nbsp;&nbsp; 7211940 |
| **Israel-2.70%** | **Israel-2.70%** | **Israel-2.70%** | **Israel-2.70%** |
| Energean Israel Finance Ltd. |  |  |  |
| 5.38%, 03/30/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 216837 |
| 5.88%, 03/30/2031<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 212893 |
| 8.50%, 09/30/2033<sup>(a)(b)</sup> |  | 380000 | &nbsp;&nbsp; 405931 |

---

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

------

**10**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** |
| Leviathan Bond Ltd. |  |  |  |
| 6.50%, 06/30/2027<sup>(a)</sup> | $| 210000 | &nbsp;&nbsp; $211381 |
| 6.75%, 06/30/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 202413 |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, <br> 02/01/2036<sup>(b)</sup><br>|  | 370000 | &nbsp;&nbsp; 388191 |
| Teva Pharmaceutical Finance Netherlands III <br> B.V.<br>|  |  |  |
| 3.15%, 10/01/2026<sup>(b)</sup> |  | 745000 | &nbsp;&nbsp; 734011 |
| 4.75%, 05/09/2027<sup>(b)</sup> |  | 285000 | &nbsp;&nbsp; 285309 |
| 6.75%, 03/01/2028<sup>(b)</sup> |  | 520000 | &nbsp;&nbsp; 540411 |
| 5.13%, 05/09/2029<sup>(b)</sup> |  | 420000 | &nbsp;&nbsp; 422938 |
| 8.13%, 09/15/2031 |  | 188000 | &nbsp;&nbsp; 215728 |
| 4.10%, 10/01/2046 |  | 821000 | &nbsp;&nbsp; 617553 |
| Teva Pharmaceutical Finance Netherlands IV <br> B.V., 5.75%, 12/01/2030<sup>(b)</sup><br>|  | 280000 | &nbsp;&nbsp; 289715 |
| Teva Pharmaceuticals Finance Netherlands <br> B.V., 6.00%, 12/01/2032<br>|  | 200000 | &nbsp;&nbsp; 208909 |
|  |  |  | &nbsp;&nbsp; 4952220 |
| **Italy-0.96%** | **Italy-0.96%** | **Italy-0.96%** | **Italy-0.96%** |
| Efesto Bidco S.p.A. Efesto US LLC, Series XR, <br> 7.50%, 02/15/2032<sup>(a)</sup><br>|  | 310000 | &nbsp;&nbsp; 309752 |
| FiberCop S.p.A. |  |  |  |
| 6.38%, 11/15/2033<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 198352 |
| 6.00%, 09/30/2034<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 189362 |
| 7.20%, 07/18/2036<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203098 |
| 7.72%, 06/04/2038<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203225 |
| Kedrion S.p.A., 6.50%, 09/01/2029<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 391274 |
| Telecom Italia Capital S.A., 7.20%, <br> 07/18/2036<br>|  | 236000 | &nbsp;&nbsp; 257445 |
|  |  |  | &nbsp;&nbsp; 1752508 |
| **Ivory Coast-0.11%** | **Ivory Coast-0.11%** | **Ivory Coast-0.11%** | **Ivory Coast-0.11%** |
| Endeavour Mining PLC, 7.00%, <br> 05/28/2030<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 206294 |
| **Jamaica-0.46%** | **Jamaica-0.46%** | **Jamaica-0.46%** | **Jamaica-0.46%** |
| Digicel International Finance Ltd./Difl US LLC, <br> 8.63%, 08/01/2032<sup>(a)</sup><br>|  | 840000 | &nbsp;&nbsp; 837006 |
| **Japan-6.17%** | **Japan-6.17%** | **Japan-6.17%** | **Japan-6.17%** |
| Kioxia Holdings Corp. |  |  |  |
| 6.25%, 07/24/2030<sup>(a)</sup> |  | 467000 | &nbsp;&nbsp; 482692 |
| 6.63%, 07/24/2033<sup>(a)</sup> |  | 467000 | &nbsp;&nbsp; 487680 |
| Nissan Motor Co. Ltd. |  |  |  |
| 4.35%, 09/17/2027<sup>(a)</sup> |  | 970000 | &nbsp;&nbsp; 951100 |
| 7.50%, 07/17/2030<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 418830 |
| 4.81%, 09/17/2030<sup>(a)(b)</sup> |  | 1070000 | &nbsp;&nbsp; 1004284 |
| 7.75%, 07/17/2032<sup>(a)(b)</sup> |  | 280000 | &nbsp;&nbsp; 295906 |
| 8.13%, 07/17/2035<sup>(a)(b)</sup> |  | 480000 | &nbsp;&nbsp; 510884 |
| Rakuten Group, Inc. |  |  |  |
| 11.25%, 02/15/2027<sup>(a)</sup> |  | 750000 | &nbsp;&nbsp; 811109 |
| 9.75%, 04/15/2029<sup>(a)</sup> |  | 825000 | &nbsp;&nbsp; 926110 |
| 5.13%<sup>(a)(d)(e)</sup> |  | 370000 | &nbsp;&nbsp; 367883 |
| 6.25%<sup>(a)(b)(d)(e)</sup> |  | 430000 | &nbsp;&nbsp; 415420 |
| 8.13%<sup>(a)(d)(e)</sup> |  | 200000 | &nbsp;&nbsp; 209141 |
| RLGH Finance Bermuda Ltd. |  |  |  |
| 8.25%, 07/17/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 228685 |
| 6.75%, 07/02/2035<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 322610 |
| SoftBank Group Corp. |  |  |  |
| 4.00%, 07/06/2026<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 297397 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| 5.13%, 09/19/2027<sup>(a)</sup> | $| 750000 | &nbsp;&nbsp; $749779 |
| 4.63%, 07/06/2028<sup>(a)</sup> |  | 360000 | &nbsp;&nbsp; 354992 |
| 6.50%, 04/10/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 204136 |
| 6.88%, 01/10/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 204247 |
| 5.25%, 07/06/2031<sup>(a)(b)</sup> |  | 610000 | &nbsp;&nbsp; 591754 |
| 7.00%, 07/08/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 208436 |
| 7.25%, 07/10/2032<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 260392 |
| 7.50%, 07/10/2035<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 222644 |
| 6.88%<sup>(a)(b)(d)(e)</sup> |  | 790000 | &nbsp;&nbsp; 791975 |
|  |  |  | &nbsp;&nbsp; 11318086 |
| **Jersey-0.19%** | **Jersey-0.19%** | **Jersey-0.19%** | **Jersey-0.19%** |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/2029<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 356156 |
| **Luxembourg-1.10%** | **Luxembourg-1.10%** | **Luxembourg-1.10%** | **Luxembourg-1.10%** |
| Albion Financing 1 S.a.r.l./Aggreko Holdings, <br> Inc., 7.00%, 05/21/2030<sup>(a)</sup><br>|  | 580000 | &nbsp;&nbsp; 600058 |
| Altice Financing S.A. |  |  |  |
| 5.00%, 01/15/2028<sup>(a)</sup> |  | 440000 | &nbsp;&nbsp; 328379 |
| 5.75%, 08/15/2029<sup>(a)</sup> |  | 820000 | &nbsp;&nbsp; 597583 |
| INEOS Finance PLC, 7.50%, 04/15/2029<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 279616 |
| Maxam Prill S.a.r.l., 7.75%, 07/15/2030<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 214627 |
|  |  |  | &nbsp;&nbsp; 2020263 |
| **Macau-2.00%** | **Macau-2.00%** | **Macau-2.00%** | **Macau-2.00%** |
| Champion Path Holdings Ltd. |  |  |  |
| 4.50%, 01/27/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 219046 |
| 4.85%, 01/27/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 216138 |
| MGM China Holdings Ltd. |  |  |  |
| 5.88%, 05/15/2026<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 340871 |
| 4.75%, 02/01/2027<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 339079 |
| 7.13%, 06/26/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 211558 |
| Studio City Finance Ltd. |  |  |  |
| 6.50%, 01/15/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 220137 |
| 5.00%, 01/15/2029<sup>(a)</sup> |  | 483000 | &nbsp;&nbsp; 462785 |
| Wynn Macau Ltd. |  |  |  |
| 5.50%, 10/01/2027<sup>(a)</sup> |  | 318000 | &nbsp;&nbsp; 317867 |
| 5.63%, 08/26/2028<sup>(a)</sup> |  | 570000 | &nbsp;&nbsp; 569806 |
| 5.13%, 12/15/2029<sup>(a)</sup> |  | 428000 | &nbsp;&nbsp; 421323 |
| 6.75%, 02/15/2034<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 352952 |
|  |  |  | &nbsp;&nbsp; 3671562 |
| **Mauritius Island-0.14%** | **Mauritius Island-0.14%** | **Mauritius Island-0.14%** | **Mauritius Island-0.14%** |
| Axian Telecom Holding and Management Ltd., <br> 7.25%, 07/11/2030<sup>(a)</sup><br>|  | 250000 | &nbsp;&nbsp; 252629 |
| **Mexico-3.91%** | **Mexico-3.91%** | **Mexico-3.91%** | **Mexico-3.91%** |
| Alsea S.A.B. de C.V., 7.75%, 12/14/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 220794 |
| Borr IHC Ltd./Borr Finance LLC |  |  |  |
| 10.00%, 11/15/2028<sup>(a)</sup> |  | 488445 | &nbsp;&nbsp; 490828 |
| 10.38%, 11/15/2030<sup>(a)</sup> |  | 277791 | &nbsp;&nbsp; 278426 |
| Braskem Idesa S.A.P.I. |  |  |  |
| 7.45%, 11/15/2029<sup>(a)</sup> |  | 420000 | &nbsp;&nbsp; 273414 |
| 6.99%, 02/20/2032<sup>(a)</sup> |  | 490000 | &nbsp;&nbsp; 314424 |
| CEMEX S.A.B. de C.V., 5.13%<sup>(a)(d)(e)</sup> |  | 450000 | &nbsp;&nbsp; 444327 |
| Grupo Aeromexico S.A.B. de C.V., 8.63%, <br> 11/15/2031<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 201061 |
| Grupo Aeromexico, S.A.B. De C.V., 8.25%, <br> 11/15/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 202000 |
| Nemak S.A.B. de C.V., 3.63%, 06/28/2031<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 192744 |

---

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

------

**11**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Mexico-(continued)** | **Mexico-(continued)** | **Mexico-(continued)** | **Mexico-(continued)** |
| Petroleos Mexicanos |  |  |  |
| 6.88%, 08/04/2026 | $| 84000 | &nbsp;&nbsp; $85253 |
| 6.50%, 03/13/2027 |  | 100000 | &nbsp;&nbsp; 102038 |
| 5.35%, 02/12/2028 |  | 50000 | &nbsp;&nbsp; 50140 |
| 6.50%, 01/23/2029 |  | 80000 | &nbsp;&nbsp; 81826 |
| 8.75%, 06/02/2029 |  | 125000 | &nbsp;&nbsp; 134971 |
| 6.84%, 01/23/2030 |  | 160000 | &nbsp;&nbsp; 164334 |
| 5.95%, 01/28/2031 |  | 310000 | &nbsp;&nbsp; 303428 |
| 6.70%, 02/16/2032 |  | 560000 | &nbsp;&nbsp; 559870 |
| 10.00%, 02/07/2033 |  | 160000 | &nbsp;&nbsp; 187264 |
| 6.63%, 06/15/2035 |  | 185000 | &nbsp;&nbsp; 177682 |
| 6.50%, 06/02/2041 |  | 120000 | &nbsp;&nbsp; 105752 |
| 5.50%, 06/27/2044 |  | 50000 | &nbsp;&nbsp; 38418 |
| 6.38%, 01/23/2045 |  | 94000 | &nbsp;&nbsp; 76430 |
| 5.63%, 01/23/2046 |  | 40000 | &nbsp;&nbsp; 30653 |
| 6.75%, 09/21/2047 |  | 468000 | &nbsp;&nbsp; 387964 |
| 6.35%, 02/12/2048 |  | 120000 | &nbsp;&nbsp; 96272 |
| 7.69%, 01/23/2050 |  | 690000 | &nbsp;&nbsp; 626310 |
| 6.95%, 01/28/2060 |  | 280000 | &nbsp;&nbsp; 230812 |
| Saavi Energia S.a.r.l., 8.88%, 02/10/2035<sup>(a)</sup> |  | 590000 | &nbsp;&nbsp; 634988 |
| Total Play Telecomunicaciones S.A. de C.V., <br> 11.13%, 12/31/2032<sup>(a)</sup><br>|  | 500000 | &nbsp;&nbsp; 482000 |
|  |  |  | &nbsp;&nbsp; 7174423 |
| **Moldova-0.11%** | **Moldova-0.11%** | **Moldova-0.11%** | **Moldova-0.11%** |
| Aragvi Finance International DAC, 11.13%, <br> 11/20/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 199712 |
| **Morocco-0.46%** | **Morocco-0.46%** | **Morocco-0.46%** | **Morocco-0.46%** |
| OCP S.A. |  |  |  |
| 3.75%, 06/23/2031<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 319326 |
| 6.88%, 04/25/2044<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 232103 |
| 5.13%, 06/23/2051<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 287284 |
|  |  |  | &nbsp;&nbsp; 838713 |
| **Netherlands-1.19%** | **Netherlands-1.19%** | **Netherlands-1.19%** | **Netherlands-1.19%** |
| Sunrise FinCo I B.V., 4.88%, 07/15/2031, <br> (Acquired 08/25/2023 - 07/31/2025; <br> Cost $460,979)<sup>(a)(f)</sup><br>|  | 520000 | &nbsp;&nbsp; 496499 |
| Trivium Packaging Finance B.V. |  |  |  |
| 8.25%, 07/15/2030<sup>(a)</sup> |  | 260000 | &nbsp;&nbsp; 269579 |
| 12.25%, 01/15/2031<sup>(a)</sup> |  | 260000 | &nbsp;&nbsp; 271525 |
| VZ Secured Financing B.V., 5.00%, <br> 01/15/2032<sup>(a)(b)</sup><br>|  | 621000 | &nbsp;&nbsp; 564648 |
| Ziggo B.V., 4.88%, 01/15/2030<sup>(a)</sup> |  | 416000 | &nbsp;&nbsp; 392976 |
| Ziggo Bond Co. B.V., 5.13%, 02/28/2030<sup>(a)</sup> |  | 209000 | &nbsp;&nbsp; 185160 |
|  |  |  | &nbsp;&nbsp; 2180387 |
| **Nigeria-0.69%** | **Nigeria-0.69%** | **Nigeria-0.69%** | **Nigeria-0.69%** |
| Access Bank PLC, 6.13%, 09/21/2026<sup>(a)</sup> |  | 229000 | &nbsp;&nbsp; 228120 |
| IHS Holding Ltd. |  |  |  |
| 6.25%, 11/29/2028<sup>(a)</sup> |  | 420000 | &nbsp;&nbsp; 420169 |
| 7.88%, 05/29/2030<sup>(a)</sup> |  | 150000 | &nbsp;&nbsp; 153292 |
| 8.25%, 11/29/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 208888 |
| Seplat Energy PLC, 9.13%, 03/21/2030<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 255388 |
|  |  |  | &nbsp;&nbsp; 1265857 |
| **Norway-0.28%** | **Norway-0.28%** | **Norway-0.28%** | **Norway-0.28%** |
| Seadrill Finance Ltd., 8.38%, 08/01/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 204764 |
| TGS ASA, 8.50%, 01/15/2030<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 311775 |
|  |  |  | &nbsp;&nbsp; 516539 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oman-1.22%** | **Oman-1.22%** | **Oman-1.22%** |
| Bank muscat SAOG, 4.75%, 03/17/2026<sup>(a)</sup> | $220000 | &nbsp;&nbsp; $220122 |
| Mazoon Assets Co. SAOC |  |  |
| 5.20%, 11/08/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 223302 |
| 5.50%, 02/14/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 205900 |
| 5.25%, 10/09/2031<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 409958 |
| OmGrid Funding Ltd., 5.20%, 05/16/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 222228 |
| OQ SAOC, 5.13%, 05/06/2028<sup>(a)</sup> | 140000 | &nbsp;&nbsp; 141602 |
| Oryx Funding Ltd., 5.80%, 02/03/2031<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 282885 |
| OTEL Sukuk Ltd., 5.38%, 01/24/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204739 |
| Oztel Holdings SPC Ltd., 6.63%, <br> 04/24/2028<sup>(a)</sup><br>| 310000 | &nbsp;&nbsp; 325979 |
|  |  | &nbsp;&nbsp; 2236715 |
| **Pakistan-0.12%** | **Pakistan-0.12%** | **Pakistan-0.12%** |
| Pakistan Water & Power Development <br> Authority, 7.50%, 06/04/2031<sup>(a)</sup><br>| 235000 | &nbsp;&nbsp; 223600 |
| **Panama-0.86%** | **Panama-0.86%** | **Panama-0.86%** |
| AES Panama Generation Holdings S.R.L., <br> 4.38%, 05/31/2030<sup>(a)</sup><br>| 584260 | &nbsp;&nbsp; 546064 |
| C&W Senior Finance Ltd., 9.00%, <br> 01/15/2033<sup>(a)</sup><br>| 250000 | &nbsp;&nbsp; 255109 |
| Empresa de Transmision Electrica S.A., <br> 5.13%, 05/02/2049<sup>(a)</sup><br>| 195000 | &nbsp;&nbsp; 149455 |
| Sable International Finance Ltd., 7.13%, <br> 10/15/2032<sup>(a)</sup><br>| 421000 | &nbsp;&nbsp; 421666 |
| Telecomunicaciones Digitales S.A., 4.50%, <br> 01/30/2030<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 210436 |
|  |  | &nbsp;&nbsp; 1582730 |
| **Peru-0.80%** | **Peru-0.80%** | **Peru-0.80%** |
| Compania de Minas Buenaventura S.A.A., <br> 6.80%, 02/04/2032<sup>(a)</sup><br>| 250000 | &nbsp;&nbsp; 260625 |
| Peru LNG S.r.l., 5.38%, 03/22/2030<sup>(a)</sup> | 240032 | &nbsp;&nbsp; 231967 |
| Petroleos del Peru S.A. |  |  |
| 4.75%, 06/19/2032<sup>(a)</sup> | 390000 | &nbsp;&nbsp; 334840 |
| 5.63%, 06/19/2047<sup>(a)</sup> | 900000 | &nbsp;&nbsp; 648950 |
|  |  | &nbsp;&nbsp; 1476382 |
| **Poland-0.16%** | **Poland-0.16%** | **Poland-0.16%** |
| Canpack S.A./Canpack US LLC, 3.88%, <br> 11/15/2029<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 285200 |
| **Puerto Rico-0.31%** | **Puerto Rico-0.31%** | **Puerto Rico-0.31%** |
| LCPR Senior Secured Financing DAC |  |  |
| 6.75%, 10/15/2027<sup>(a)</sup> | 535000 | &nbsp;&nbsp; 335175 |
| 5.13%, 07/15/2029<sup>(a)</sup> | 370000 | &nbsp;&nbsp; 224296 |
|  |  | &nbsp;&nbsp; 559471 |
| **Russia-0.01%** | **Russia-0.01%** | **Russia-0.01%** |
| O1 Properties Finance PLC, 0.50% PIK Rate, <br> 7.75% Cash Rate, 12/31/2049<sup>(a)(g)</sup><br>| 500000 | &nbsp;&nbsp; 20227 |
| **Saudi Arabia-0.66%** | **Saudi Arabia-0.66%** | **Saudi Arabia-0.66%** |
| Arabian Centres Sukuk II Ltd., 5.63%, <br> 10/07/2026<sup>(a)</sup><br>| 390000 | &nbsp;&nbsp; 381237 |
| Arabian Centres Sukuk III Ltd., 9.50%, <br> 03/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 204319 |
| Dar Al-Arkan Sukuk Co. Ltd. |  |  |
| 8.00%, 02/25/2029<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 312367 |
| 7.25%, 07/02/2030<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 304483 |
|  |  | &nbsp;&nbsp; 1202406 |

---

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

------

**12**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Serbia-0.16%** | **Serbia-0.16%** | **Serbia-0.16%** |
| Telecommunications co Telekom Srbija AD <br> Belgrade, 7.00%, 10/28/2029<sup>(a)</sup><br>| $300000 | &nbsp;&nbsp; $301971 |
| **Singapore-0.11%** | **Singapore-0.11%** | **Singapore-0.11%** |
| Puma International Financing S.A., 7.75%, <br> 04/25/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 207147 |
| **South Africa-1.72%** | **South Africa-1.72%** | **South Africa-1.72%** |
| Bidvest Group (UK) PLC (The), 6.20%, <br> 09/17/2032<sup>(a)</sup><br>| 210000 | &nbsp;&nbsp; 213058 |
| Eskom Holdings, 8.45%, 08/10/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 236125 |
| Liquid Telecommunications Financing PLC, <br> 5.50%, 09/04/2026<sup>(a)</sup><br>| 280000 | &nbsp;&nbsp; 250425 |
| MTN (Mauritius) Investments Ltd., 6.50%, <br> 10/13/2026<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 222637 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/2026 | 190000 | &nbsp;&nbsp; 189183 |
| 6.50%, 09/27/2028 | 300000 | &nbsp;&nbsp; 295954 |
| 8.75%, 05/03/2029<sup>(a)</sup> | 500000 | &nbsp;&nbsp; 508187 |
| 5.50%, 03/18/2031 | 337000 | &nbsp;&nbsp; 286593 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/2026<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 257510 |
| 4.50%, 11/16/2029<sup>(a)</sup> | 227000 | &nbsp;&nbsp; 212866 |
| Transnet, 8.25%, 02/06/2028<sup>(a)</sup> | 450000 | &nbsp;&nbsp; 476083 |
|  |  | &nbsp;&nbsp; 3148621 |
| **South Korea-0.15%** | **South Korea-0.15%** | **South Korea-0.15%** |
| SK Battery America, Inc., 2.13%, <br> 01/26/2026<sup>(a)</sup><br>| 280000 | &nbsp;&nbsp; 278067 |
| **Spain-0.15%** | **Spain-0.15%** | **Spain-0.15%** |
| Grifols S.A., 4.75%, 10/15/2028<sup>(a)</sup> | 288000 | &nbsp;&nbsp; 278688 |
| **Sweden-0.20%** | **Sweden-0.20%** | **Sweden-0.20%** |
| Stena International S.A., 7.25%, <br> 01/15/2031<sup>(a)</sup><br>| 350000 | &nbsp;&nbsp; 358371 |
| **Switzerland-0.60%** | **Switzerland-0.60%** | **Switzerland-0.60%** |
| Consolidated Energy Finance S.A. |  |  |
| 5.63%, 10/15/2028<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 129975 |
| 12.00%, 02/15/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 142390 |
| VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.<br>|  |  |
| 7.88%, 05/01/2027<sup>(a)</sup> | 195000 | &nbsp;&nbsp; 198009 |
| 9.50%, 06/01/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 208133 |
| 6.38%, 02/01/2030<sup>(a)</sup> | 430000 | &nbsp;&nbsp; 415673 |
|  |  | &nbsp;&nbsp; 1094180 |
| **Tanzania-0.20%** | **Tanzania-0.20%** | **Tanzania-0.20%** |
| HTA Group, Ltd., 7.50%, 06/04/2029<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 363865 |
| **Thailand-0.70%** | **Thailand-0.70%** | **Thailand-0.70%** |
| Bangkok Bank PCL, 3.73%, 09/25/2034<sup>(a)(d)</sup> | 490000 | &nbsp;&nbsp; 466935 |
| GC Treasury Center Co. Ltd. |  |  |
| 6.50%<sup>(a)(d)(e)</sup> | 252000 | &nbsp;&nbsp; 255301 |
| 7.13%<sup>(a)(d)(e)</sup> | 210000 | &nbsp;&nbsp; 217427 |
| Kasikornbank PCL, 3.34%, 10/02/2031<sup>(a)(d)</sup> | 360000 | &nbsp;&nbsp; 353619 |
|  |  | &nbsp;&nbsp; 1293282 |
| **Togo-0.12%** | **Togo-0.12%** | **Togo-0.12%** |
| Ecobank Transnational, Inc., 10.13%, <br> 10/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 217807 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Trinidad-0.25%** | **Trinidad-0.25%** | **Trinidad-0.25%** |
| Heritage Petroleum Co. Ltd., 9.00%, <br> 08/12/2029<sup>(a)</sup><br>| $220000 | &nbsp;&nbsp; $226160 |
| Trinidad Generation Unlimited, 7.75%, <br> 06/16/2033<sup>(a)</sup><br>| 230000 | &nbsp;&nbsp; 241204 |
|  |  | &nbsp;&nbsp; 467364 |
| **Turkey-6.93%** | **Turkey-6.93%** | **Turkey-6.93%** |
| Akbank T.A.S. |  |  |
| 6.80%, 02/06/2026<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 201219 |
| 7.50%, 01/20/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 209828 |
| 6.80%, 06/22/2031<sup>(a)(d)</sup> | 240000 | &nbsp;&nbsp; 241291 |
| Akbank Turk A.S., 7.88%, 09/04/2035<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 204030 |
| Anadolu Efes Biracilik ve Malt Sanayii A.S., <br> 3.38%, 06/29/2028<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 204110 |
| Eldorado Gold Corp., 6.25%, 09/01/2029<sup>(a)</sup> | 195000 | &nbsp;&nbsp; 195546 |
| Eregli Demir ve Celik Fabrikalari T.A.S., 8.38%, <br> 07/23/2029<sup>(a)</sup><br>| 525000 | &nbsp;&nbsp; 548522 |
| Ford Otomotiv Sanayi A.S., 7.13%, <br> 04/25/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 206751 |
| GDZ Elektrik Dagitim AS, 9.00%, <br> 10/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 196266 |
| Limak Cimento Sanayi ve Ticaret A.S., 9.75%, <br> 07/25/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 205757 |
| Limak Yenilenebilir Enerji AS, 9.63%, <br> 08/12/2030<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 197879 |
| Mersin Uluslararasi Liman Isletmeciligi A.S., <br> 8.25%, 11/15/2028<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 208941 |
| Pegasus Hava Tasimaciligi A.S., 8.00%, <br> 09/11/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 207148 |
| QNB Bank A.S., 7.25%, 05/21/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 211521 |
| Sisecam UK PLC |  |  |
| 8.25%, 05/02/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204904 |
| 8.63%, 05/02/2032<sup>(a)(b)</sup> | 275000 | &nbsp;&nbsp; 283828 |
| T.C. Ziraat Bankasi A.S. |  |  |
| 5.38%, 03/02/2026<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 270802 |
| 9.50%, 08/01/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 228126 |
| 8.00%, 01/16/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 210627 |
| Turk Telekomunikasyon A.S., 7.38%, <br> 05/20/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 207197 |
| Turkcell Iletisim Hizmetleri A.S. |  |  |
| 7.45%, 01/24/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 208402 |
| 7.65%, 01/24/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 209743 |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S. |  |  |
| 7.25%, 02/04/2030<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 412278 |
| 8.99%, 08/02/2034<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 211263 |
| Turkiye Garanti Bankasi A.S. |  |  |
| 8.38%, 02/28/2034<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 208242 |
| 8.13%, 01/03/2035<sup>(a)(d)</sup> | 400000 | &nbsp;&nbsp; 412816 |
| 8.13%, 01/08/2036<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 205804 |
| Turkiye Ihracat Kredi Bankasi A.S. |  |  |
| 9.38%, 01/31/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 223034 |
| 5.75%, 07/06/2026<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 342584 |
| 9.00%, 01/28/2027<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 210299 |
| 7.50%, 02/06/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 207491 |
| 6.88%, 07/03/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 205519 |
| Turkiye Is Bankasi A.S., 7.75%, <br> 06/12/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 208422 |
| Turkiye Vakiflar Bankasi T.A.O. |  |  |
| 6.50%, 01/08/2026<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 341589 |

---

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

------

**13**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** |
| 5.50%, 10/01/2026<sup>(a)</sup> | $| 235000 | &nbsp;&nbsp; $237105 |
| 9.00%, 10/12/2028<sup>(a)</sup> |  | 270000 | &nbsp;&nbsp; 292429 |
| 6.88%, 01/07/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203422 |
| 7.25%, 07/31/2030<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 409567 |
| 8.99%, 10/05/2034<sup>(a)(d)</sup> |  | 400000 | &nbsp;&nbsp; 422967 |
| Ulker Biskuvi Sanayi A.S., 7.88%, <br> 07/08/2031<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 207069 |
| Vestel Elektronik Sanayi ve Ticaret A.S., <br> 9.75%, 05/15/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 139863 |
| WE Soda Investments Holding PLC |  |  |  |
| 9.50%, 10/06/2028<sup>(a)</sup> |  | 380000 | &nbsp;&nbsp; 381669 |
| 9.38%, 02/14/2031<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 249134 |
| Yapi Ve Kredi Bankasi A.S. |  |  |  |
| 9.25%, 10/16/2028<sup>(a)</sup> |  | 290000 | &nbsp;&nbsp; 316039 |
| 7.13%, 10/10/2029<sup>(a)</sup> |  | 150000 | &nbsp;&nbsp; 154642 |
| 7.25%, 03/03/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 206052 |
| 7.88%, 01/22/2031<sup>(a)(d)</sup> |  | 300000 | &nbsp;&nbsp; 301369 |
| 9.25%, 01/17/2034<sup>(a)(d)</sup> |  | 220000 | &nbsp;&nbsp; 234209 |
| Ziraat Katilim Varlik Kiralama A.S., 9.38%, <br> 11/12/2026<sup>(a)</sup><br>|  | 210000 | &nbsp;&nbsp; 219667 |
| Zorlu Enerji Elektrik Uretim A.S., 11.00%, <br> 04/23/2030<sup>(a)</sup><br>|  | 550000 | &nbsp;&nbsp; 494595 |
|  |  |  | &nbsp;&nbsp; 12721577 |
| **Ukraine-0.10%** | **Ukraine-0.10%** | **Ukraine-0.10%** | **Ukraine-0.10%** |
| Ukraine Railways Via Rail Capital Markets PLC, <br> 8.25%, 07/09/2026<sup>(a)(g)</sup><br>|  | 236403 | &nbsp;&nbsp; 186926 |
| **United Arab Emirates-1.19%** | **United Arab Emirates-1.19%** | **United Arab Emirates-1.19%** | **United Arab Emirates-1.19%** |
| Alpha Star Holding IX Ltd., 7.00%, <br> 08/26/2028<sup>(a)</sup><br>|  | 275000 | &nbsp;&nbsp; 281878 |
| Alpha Star Holding VIII Ltd., 8.38%, <br> 04/12/2027<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 414380 |
| Arada Sukuk 2 Ltd., 8.00%, 06/24/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 207862 |
| Binghatti Sukuk 2 SPV Ltd., 8.13%, <br> 08/07/2030<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 196899 |
| Binghatti Sukuk SPC Ltd., 9.63%, <br> 02/28/2027<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 203756 |
| MAF Global Securities Ltd., 7.88%<sup>(a)(d)(e)</sup> |  | 220000 | &nbsp;&nbsp; 228150 |
| Omniyat Sukuk 1 Ltd., 8.38%, 05/06/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203341 |
| Shelf Drilling Holdings Ltd., 9.63%, <br> 04/15/2029<sup>(a)</sup><br>|  | 429000 | &nbsp;&nbsp; 451414 |
|  |  |  | &nbsp;&nbsp; 2187680 |
| **United Kingdom-6.69%** | **United Kingdom-6.69%** | **United Kingdom-6.69%** | **United Kingdom-6.69%** |
| Allwyn Entertainment Financing (UK) PLC, <br> 7.88%, 04/30/2029<sup>(a)(b)</sup><br>|  | 292000 | &nbsp;&nbsp; 303104 |
| Ardonagh Finco Ltd., 7.75%, 02/15/2031<sup>(a)</sup> |  | 550000 | &nbsp;&nbsp; 575791 |
| Ardonagh Group Finance Ltd., 8.88%, <br> 02/15/2032<sup>(a)</sup><br>|  | 700000 | &nbsp;&nbsp; 731114 |
| Belron UK Finance PLC, 5.75%, <br> 10/15/2029<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 405553 |
| British Telecommunications PLC, 4.25%, <br> 11/23/2081<sup>(a)(d)</sup><br>|  | 240000 | &nbsp;&nbsp; 237524 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, 02/15/2032<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 303300 |
| Connect Finco S.a.r.l./Connect US Finco LLC, <br> 9.00%, 09/15/2029<sup>(a)</sup><br>|  | 800000 | &nbsp;&nbsp; 848131 |
| EG Global Finance PLC, 12.00%, <br> 11/30/2028<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 438545 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Froneri Lux Finco S.a.r.l., 6.00%, <br> 08/01/2032<sup>(a)</sup><br>| $| 250000 | &nbsp;&nbsp; $252500 |
| Global Auto Holdings Ltd./AAG FH UK Ltd. |  |  |  |
| 8.38%, 01/15/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 192701 |
| 11.50%, 08/15/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205278 |
| 8.75%, 01/15/2032<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 285003 |
| Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden US Refinance LLC<br>|  |  |  |
| 7.25%, 02/15/2031<sup>(a)</sup> |  | 375000 | &nbsp;&nbsp; 386848 |
| 8.13%, 02/15/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 206625 |
| Ithaca Energy (North Sea) PLC, 8.13%, <br> 10/15/2029<sup>(a)(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 262738 |
| Jaguar Land Rover Automotive PLC |  |  |  |
| 4.50%, 10/01/2027<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 217073 |
| 5.88%, 01/15/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 220260 |
| Merlin Entertainments Group U.S. Holdings, <br> Inc., 7.38%, 02/15/2031<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 167788 |
| Panama Infrastructure Receivable Purchaser <br> PLC, 0.00%, 04/05/2032<sup>(a)(h)</sup><br>|  | 550000 | &nbsp;&nbsp; 420222 |
| Standard Chartered PLC, 7.01%<sup>(a)(d)(e)</sup> |  | 300000 | &nbsp;&nbsp; 316396 |
| Trident Energy Finance PLC, 12.50%, <br> 11/30/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 204676 |
| Virgin Media Finance PLC, 5.00%, <br> 07/15/2030<sup>(a)(b)</sup><br>|  | 420000 | &nbsp;&nbsp; 375337 |
| Virgin Media Secured Finance PLC |  |  |  |
| 5.50%, 05/15/2029<sup>(a)</sup> |  | 581000 | &nbsp;&nbsp; 570859 |
| 4.50%, 08/15/2030<sup>(a)</sup> |  | 410000 | &nbsp;&nbsp; 381391 |
| Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/2028<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 215744 |
| VMED 02 UK Financing I PLC, 7.75%, <br> 04/15/2032<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 415170 |
| VMED O2 UK Financing I PLC |  |  |  |
| 4.25%, 01/31/2031<sup>(a)</sup> |  | 561000 | &nbsp;&nbsp; 512621 |
| 4.75%, 07/15/2031<sup>(a)</sup> |  | 580000 | &nbsp;&nbsp; 537266 |
| Vodafone Group PLC |  |  |  |
| 7.00%, 04/04/2079<sup>(d)</sup> |  | 921000 | &nbsp;&nbsp; 973137 |
| 4.13%, 06/04/2081<sup>(d)</sup> |  | 430000 | &nbsp;&nbsp; 405699 |
| 5.13%, 06/04/2081<sup>(d)</sup> |  | 413000 | &nbsp;&nbsp; 334473 |
| Zegona Finance PLC, 8.63%, 07/15/2029<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 372918 |
|  |  |  | &nbsp;&nbsp; 12275785 |
| **United States-2.35%** | **United States-2.35%** | **United States-2.35%** | **United States-2.35%** |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA, Inc., 4.13%, 08/15/2026<sup>(a)</sup><br>|  | 350000 | &nbsp;&nbsp; 323750 |
| Avianca Midco 2 PLC |  |  |  |
| 9.00%, 12/01/2028<sup>(a)</sup> |  | 450000 | &nbsp;&nbsp; 450000 |
| 9.63%, 02/14/2030<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 347587 |
| CNG Holdings, Inc., 14.50%, 06/30/2026<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 281250 |
| Constellium SE, 3.75%, 04/15/2029<sup>(a)</sup> |  | 150000 | &nbsp;&nbsp; 143329 |
| Dresdner Funding Trust I, 8.15%, <br> 06/30/2031<sup>(a)</sup><br>|  | 350000 | &nbsp;&nbsp; 389709 |
| EUSHI Finance, Inc., 6.25%, 04/01/2056<sup>(d)</sup> |  | 315000 | &nbsp;&nbsp; 313887 |
| Garrett Motion Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 05/31/2032<sup>(a)</sup><br>|  | 325000 | &nbsp;&nbsp; 342334 |
| GFL Environmental, Inc. |  |  |  |
| 4.00%, 08/01/2028<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 280966 |
| 4.75%, 06/15/2029<sup>(a)</sup> |  | 286000 | &nbsp;&nbsp; 283231 |
| 4.38%, 08/15/2029<sup>(a)(b)</sup> |  | 210000 | &nbsp;&nbsp; 205542 |
| 6.75%, 01/15/2031<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 418950 |

---

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

------

**14**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Methanex US Operations, Inc., 6.25%, <br> 03/15/2032<sup>(a)</sup><br>| $| 325000 | &nbsp;&nbsp; $330852 |
| Playtika Holding Corp., 4.25%, <br> 03/15/2029<sup>(a)</sup><br>|  | 231000 | &nbsp;&nbsp; 208846 |
|  |  |  | &nbsp;&nbsp; 4320233 |
| **Uzbekistan-0.71%** | **Uzbekistan-0.71%** | **Uzbekistan-0.71%** | **Uzbekistan-0.71%** |
| JSC Uzbekneftegaz, 8.75%, 05/07/2030<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 320375 |
| Navoi Mining and Metallurgical Combinat |  |  |  |
| 6.70%, 10/17/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 208392 |
| 6.75%, 05/14/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 211115 |
| 6.95%, 10/17/2031<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 268237 |
| Uzbekneftegaz JSC, 4.75%, 11/16/2028<sup>(a)</sup> |  | 310000 | &nbsp;&nbsp; 295174 |
|  |  |  | &nbsp;&nbsp; 1303293 |
| **Zambia-0.89%** | **Zambia-0.89%** | **Zambia-0.89%** | **Zambia-0.89%** |
| First Quantum Minerals Ltd. |  |  |  |
| 8.63%, 06/01/2031<sup>(a)</sup> |  | 581000 | &nbsp;&nbsp; 609205 |
| 8.00%, 03/01/2033<sup>(a)</sup> |  | 550000 | &nbsp;&nbsp; 585218 |
| 7.25%, 02/15/2034<sup>(a)</sup> |  | 420000 | &nbsp;&nbsp; 436505 |
|  |  |  | &nbsp;&nbsp; 1630928 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $175,199,488) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $175,199,488) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $175,199,488) | &nbsp;&nbsp; 179325313 |
|  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests-0.13%** | **Common Stocks & Other Equity Interests-0.13%** | **Common Stocks & Other Equity Interests-0.13%** | **Common Stocks & Other Equity Interests-0.13%** |
| **Spain-0.00%** | **Spain-0.00%** | **Spain-0.00%** | **Spain-0.00%** |
| Codere Online Luxembourg S.A., Wts., expiring <br> 10/15/2034<sup>(a)(i)(j)</sup><br>|  | 10 | &nbsp;&nbsp; 46 |
| **United States-0.13%** | **United States-0.13%** | **United States-0.13%** | **United States-0.13%** |
| Hornbeck Offshore Services, Inc.<sup>(i)(k)</sup> |  | 323 | &nbsp;&nbsp; 16029 |
| Hornbeck Offshore Services, Inc., Wts., <br> TBA<sup>(i)(k)</sup><br>|  | 3246 | &nbsp;&nbsp; 161083 |
| Hornbeck Offshore Services, Inc., Wts., <br> TBA<sup>(i)(k)</sup><br>|  | 2673 | &nbsp;&nbsp; 48448 |
| Premier Brands Group Holdings Co.<sup>(i)(l)</sup> |  | 3222 | &nbsp;&nbsp; 6445 |
| TRU Taj LLC/TRU Taj Finance, Inc.<sup>(i)</sup> |  | 2156 | &nbsp;&nbsp; 2156 |
|  |  |  | &nbsp;&nbsp; 234161 |
| Total Common Stocks & Other Equity Interests <br>(Cost $178,938) | Total Common Stocks & Other Equity Interests <br>(Cost $178,938) | Total Common Stocks & Other Equity Interests <br>(Cost $178,938) | &nbsp;&nbsp; 234207 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks-0.00%** | **Preferred Stocks-0.00%** | **Preferred Stocks-0.00%** |
| Guitar Center Holdings, Inc., Series A, Pfd., <br> 0.00%<sup>(j)(m)</sup> <br>(Cost $220,500)<br>| 2000 | &nbsp;&nbsp; $4000 |
| **Money Market Funds-1.05%** | **Money Market Funds-1.05%** | **Money Market Funds-1.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(n)(o)</sup> <br>(Cost $1,938,406)<br>| 1938406 | &nbsp;&nbsp; 1938406 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.90% <br>(Cost $177,537,332) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.90% <br>(Cost $177,537,332) | &nbsp;&nbsp; 181501926 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-7.27%** | **Money Market Funds-7.27%** | **Money Market Funds-7.27%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(n)(o)(p)</sup><br>| 3704605 | &nbsp;&nbsp; 3704605 |
| Invesco Private Prime Fund, 4.30%<sup>(n)(o)(p)</sup> | 9629480 | &nbsp;&nbsp; 9632369 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,336,934) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,336,934) | &nbsp;&nbsp; 13336974 |
| TOTAL INVESTMENTS IN SECURITIES-106.17% <br>(Cost $190,874,266) | TOTAL INVESTMENTS IN SECURITIES-106.17% <br>(Cost $190,874,266) | &nbsp;&nbsp; 194838900 |
| OTHER ASSETS LESS LIABILITIES-(6.17)% | OTHER ASSETS LESS LIABILITIES-(6.17)% | &nbsp;&nbsp; (11323404)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $183515496 |

---

---

| |
|:---|
| Investment Abbreviations: |
| Pfd.-Preferred |
| PIK-Pay-in-Kind |
| TBA-To Be Announced |
| Wts.-Warrants |

---

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

------

**15**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $157,441,525, which represented 85.79% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(d)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(e)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(f)</sup> | Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(g)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, <br> 2025 was $207,153, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(h)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(i)</sup> | Non-income producing security. |
| <sup>(j)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(k)</sup> | Acquired as part of the Hornbeck Offshore Services, Inc. reorganization. |
| <sup>(l)</sup> | Acquired as part of the Nine West Holding, Inc. reorganization. |
| <sup>(m)</sup> | Acquired as part of the Guitar Center, Inc. reorganization. |
| <sup>(n)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2305374 | &nbsp;&nbsp; $34179335 | &nbsp;&nbsp; $(34546303)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1938406 | &nbsp;&nbsp; $60455 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3371166 | &nbsp;&nbsp; 19589160 | &nbsp;&nbsp; (19255721)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3704605 | &nbsp;&nbsp; 121,104<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 8773029 | &nbsp;&nbsp; 50123817 | &nbsp;&nbsp; (49265239)<br>| &nbsp;&nbsp; 339 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 9632369 | &nbsp;&nbsp; 325,064<br> \*<br>|
| Total | &nbsp;&nbsp; $14449569 | &nbsp;&nbsp; $103892312 | &nbsp;&nbsp; $(103067263)<br>| &nbsp;&nbsp; $339 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $15275380 | &nbsp;&nbsp; $506623 |

---

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

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

<sup>(p)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2L. 

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

------

**16**

------

**Invesco International Corporate Bond ETF (PICB)**

October 31, 2025

Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes-98.22%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.22%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.22%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.22%**<sup>(a)</sup>  |
| **Australia-2.65%** | **Australia-2.65%** | **Australia-2.65%** | **Australia-2.65%** |
| APA Infrastructure Ltd., 3.50%, <br> 03/22/2030<sup>(b)</sup><br>| GBP | 449000 | &nbsp;&nbsp; $561321 |
| Australia and New Zealand Banking <br> Group Ltd., 4.95%, 02/05/2029<br>| AUD | 550000 | &nbsp;&nbsp; 368001 |
| BHP Billiton Finance Ltd., Series 12, <br> 4.30%, 09/25/2042<br>| GBP | 750000 | &nbsp;&nbsp; 833490 |
| Commonwealth Bank of Australia, <br> 4.90%, 08/17/2028<br>| AUD | 700000 | &nbsp;&nbsp; 467063 |
| National Australia Bank Ltd. |  |  |  |
| 2.90%, 02/25/2027 | AUD | 1000000 | &nbsp;&nbsp; 645603 |
| 2.13%, 05/24/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 343986 |
| 4.85%, 03/22/2029 | AUD | 900000 | &nbsp;&nbsp; 600562 |
| 3.13%, 02/28/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 352459 |
| Scentre Group Trust 1, 5.35%, <br> 09/18/2035<sup>(b)</sup><br>| AUD | 900000 | &nbsp;&nbsp; 582262 |
| Sydney Airport Finance Co. Pty. Ltd., <br> 4.38%, 05/03/2033<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 122545 |
| Westpac Banking Corp. |  |  |  |
| 5.00%, 01/15/2029 | AUD | 800000 | &nbsp;&nbsp; 536017 |
| 5.10%, 05/14/2029 | AUD | 1200000 | &nbsp;&nbsp; 808009 |
|  |  |  | &nbsp;&nbsp; 6221318 |
| **Belgium-0.10%** | **Belgium-0.10%** | **Belgium-0.10%** | **Belgium-0.10%** |
| Belfius Bank S.A., 4.13%, 09/12/2029 | EUR | 200000 | &nbsp;&nbsp; 242920 |
| **Canada-19.69%** | **Canada-19.69%** | **Canada-19.69%** | **Canada-19.69%** |
| Bank of Montreal |  |  |  |
| 3.65%, 04/01/2027 | CAD | 1520000 | &nbsp;&nbsp; 1096951 |
| 4.31%, 06/01/2027 | CAD | 1950000 | &nbsp;&nbsp; 1422095 |
| 4.71%, 12/07/2027 | CAD | 1850000 | &nbsp;&nbsp; 1367388 |
| 3.19%, 03/01/2028 | CAD | 1950000 | &nbsp;&nbsp; 1404420 |
| 5.04%, 05/29/2028 | CAD | 1500000 | &nbsp;&nbsp; 1124109 |
| 4.54%, 12/18/2028 | CAD | 1500000 | &nbsp;&nbsp; 1116561 |
| 4.42%, 07/17/2029 | CAD | 1550000 | &nbsp;&nbsp; 1154610 |
| 3.73%, 06/03/2031<sup>(c)</sup> | CAD | 1100000 | &nbsp;&nbsp; 796681 |
| Bank of Nova Scotia (The) |  |  |  |
| 4.68%, 02/01/2029 | CAD | 1500000 | &nbsp;&nbsp; 1123638 |
| 3.50%, 04/17/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237839 |
| Bell Canada |  |  |  |
| 3.80%, 08/21/2028 | CAD | 850000 | &nbsp;&nbsp; 616806 |
| 4.55%, 02/09/2030 | CAD | 800000 | &nbsp;&nbsp; 596019 |
| 2.50%, 05/14/2030 | CAD | 750000 | &nbsp;&nbsp; 518103 |
| 3.00%, 03/17/2031 | CAD | 750000 | &nbsp;&nbsp; 520089 |
| 5.85%, 11/10/2032 | CAD | 1050000 | &nbsp;&nbsp; 833675 |
| 5.15%, 08/24/2034 | CAD | 800000 | &nbsp;&nbsp; 608192 |
| Brookfield Finance II, Inc., 5.43%, <br> 12/14/2032<sup>(b)</sup><br>| CAD | 750000 | &nbsp;&nbsp; 582459 |
| Canadian Imperial Bank of Commerce |  |  |  |
| 4.95%, 06/29/2027 | CAD | 1650000 | &nbsp;&nbsp; 1215935 |
| 5.05%, 10/07/2027 | CAD | 1300000 | &nbsp;&nbsp; 963910 |
| 5.50%, 01/14/2028 | CAD | 900000 | &nbsp;&nbsp; 675872 |
| CDP Financial, Inc. |  |  |  |
| 3.00%, 04/11/2029<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 470017 |
| 4.10%, 06/13/2030<sup>(b)</sup> | AUD | 1300000 | &nbsp;&nbsp; 845352 |
| 2.75%, 02/13/2032<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 286834 |
| Cenovus Energy, Inc., 3.50%, <br> 02/07/2028<br>| CAD | 1050000 | &nbsp;&nbsp; 754038 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Coastal Gaslink Pipeline L.P. |  |  |  |
| Series J, 5.86%, 03/30/2049 | CAD | 750000 | &nbsp;&nbsp; $610754 |
| Series K, 5.86%, 06/30/2049 | CAD | 750000 | &nbsp;&nbsp; 609137 |
| Federation des caisses Desjardins du <br> Quebec<br>|  |  |  |
| 4.41%, 05/19/2027 | CAD | 700000 | &nbsp;&nbsp; 511645 |
| 5.47%, 11/17/2028 | CAD | 1000000 | &nbsp;&nbsp; 762588 |
| 3.80%, 09/24/2029 | CAD | 1000000 | &nbsp;&nbsp; 729601 |
| Hydro One, Inc., 4.25%, 01/04/2035 | CAD | 830000 | &nbsp;&nbsp; 608868 |
| National Bank of Canada |  |  |  |
| 5.22%, 06/14/2028 | CAD | 1300000 | &nbsp;&nbsp; 980889 |
| 5.02%, 02/01/2029 | CAD | 1150000 | &nbsp;&nbsp; 869622 |
| OMERS Finance Trust, 3.25%, <br> 01/28/2035<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 288598 |
| Ontario Teachers' Finance Trust |  |  |  |
| 2.85%, 12/04/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231579 |
| 1.85%, 05/03/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 324877 |
| 0.90%, 05/20/2041<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 234035 |
| Original Wempi, Inc., 7.79%, <br> 10/04/2027<br>| CAD | 500000 | &nbsp;&nbsp; 382447 |
| Rogers Communications, Inc. |  |  |  |
| 3.65%, 03/31/2027 | CAD | 1300000 | &nbsp;&nbsp; 935612 |
| 4.25%, 04/15/2032 | CAD | 750000 | &nbsp;&nbsp; 547077 |
| 6.75%, 11/09/2039 | CAD | 1070000 | &nbsp;&nbsp; 905890 |
| Royal Bank of Canada |  |  |  |
| 4.61%, 07/26/2027 | CAD | 1600000 | &nbsp;&nbsp; 1176999 |
| 4.64%, 01/17/2028 | CAD | 1600000 | &nbsp;&nbsp; 1184273 |
| 4.63%, 05/01/2028 | CAD | 1850000 | &nbsp;&nbsp; 1373858 |
| 2.13%, 04/26/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 340329 |
| 5.23%, 06/24/2030 | CAD | 900000 | &nbsp;&nbsp; 696478 |
| TELUS Corp. |  |  |  |
| 5.25%, 11/15/2032 | CAD | 800000 | &nbsp;&nbsp; 614883 |
| Series CY, 3.30%, 05/02/2029 | CAD | 850000 | &nbsp;&nbsp; 609289 |
| Toronto-Dominion Bank (The) |  |  |  |
| 4.21%, 06/01/2027 | CAD | 2100000 | &nbsp;&nbsp; 1530947 |
| 5.38%, 10/21/2027 | CAD | 1550000 | &nbsp;&nbsp; 1158437 |
| 4.48%, 01/18/2028 | CAD | 1500000 | &nbsp;&nbsp; 1106391 |
| 5.49%, 09/08/2028 | CAD | 1100000 | &nbsp;&nbsp; 837818 |
| 4.68%, 01/08/2029 | CAD | 1950000 | &nbsp;&nbsp; 1460966 |
| 3.63%, 12/13/2029<sup>(b)</sup> | EUR | 350000 | &nbsp;&nbsp; 416418 |
| 1.95%, 04/08/2030<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 277363 |
| 3.56%, 04/16/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 354993 |
| 3.13%, 08/03/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 345254 |
| TransCanada PipeLines Ltd. |  |  |  |
| 3.80%, 04/05/2027 | CAD | 1550000 | &nbsp;&nbsp; 1116954 |
| 5.28%, 07/15/2030<sup>(b)</sup> | CAD | 950000 | &nbsp;&nbsp; 729015 |
| 4.58%, 02/20/2035 | CAD | 800000 | &nbsp;&nbsp; 585622 |
| 4.34%, 10/15/2049<sup>(b)</sup> | CAD | 800000 | &nbsp;&nbsp; 519459 |
|  |  |  | &nbsp;&nbsp; 46300558 |
| **Denmark-2.36%** | **Denmark-2.36%** | **Denmark-2.36%** | **Denmark-2.36%** |
| Carlsberg Breweries A/S |  |  |  |
| 3.00%, 08/28/2029<sup>(b)(d)</sup> | EUR | 250000 | &nbsp;&nbsp; 291825 |
| 3.25%, 02/28/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232042 |
| 3.50%, 02/28/2035<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 288149 |
| 5.50%, 02/28/2039<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 525705 |

---

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

------

**17**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Denmark-(continued)** | **Denmark-(continued)** | **Denmark-(continued)** | **Denmark-(continued)** |
| DSV Finance B.V. |  |  |  |
| 3.13%, 11/06/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; $352020 |
| 3.25%, 11/06/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 351293 |
| Novo Nordisk Finance (Netherlands) <br> B.V.<br>|  |  |  |
| 3.13%, 01/21/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235180 |
| 2.88%, 08/27/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 349587 |
| 3.25%, 01/21/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 353738 |
| 3.38%, 05/21/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 350640 |
| 3.63%, 05/27/2037<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 350106 |
| Orsted A/S |  |  |  |
| 4.88%, 01/12/2032<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 770849 |
| 5.75%, 04/09/2040<sup>(b)</sup> | GBP | 388000 | &nbsp;&nbsp; 488993 |
| 5.38%, 09/13/2042<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 598198 |
|  |  |  | &nbsp;&nbsp; 5538325 |
| **Finland-0.64%** | **Finland-0.64%** | **Finland-0.64%** | **Finland-0.64%** |
| Nordea Bank Abp |  |  |  |
| 0.50%, 11/02/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 326576 |
| 2.50%, 05/23/2029<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 230349 |
| 3.38%, 06/11/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355723 |
| 2.75%, 05/02/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 346973 |
| 3.63%, 03/15/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237353 |
|  |  |  | &nbsp;&nbsp; 1496974 |
| **France-22.20%** | **France-22.20%** | **France-22.20%** | **France-22.20%** |
| Abertis France SAS, 1.48%, <br> 01/18/2031<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 106329 |
| Action Logement Services |  |  |  |
| 0.38%, 10/05/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 198017 |
| 1.38%, 04/13/2032<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 519092 |
| 0.50%, 10/30/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 178727 |
| 4.13%, 10/03/2038<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235344 |
| 0.75%, 07/19/2041<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 215066 |
| 3.63%, 05/25/2043<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214308 |
| Aeroports de Paris S.A., 2.75%, <br> 04/02/2030<sup>(b)</sup><br>| EUR | 400000 | &nbsp;&nbsp; 459272 |
| Airbus SE |  |  |  |
| 1.63%, 06/09/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 331924 |
| 2.38%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 226244 |
| 2.38%, 06/09/2040<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 295420 |
| Autoroutes du Sud de la France S.A. |  |  |  |
| 1.38%, 01/22/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 218277 |
| 1.38%, 02/21/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 319901 |
| Ayvens S.A. |  |  |  |
| 3.88%, 01/24/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355658 |
| 4.88%, 10/06/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 245264 |
| Banque Federative du Credit Mutuel |  |  |  |
| 3.00%, 05/07/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231665 |
| 3.63%, 03/07/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230901 |
| Banque Federative du Credit Mutuel S.A. |  |  |  |
| 3.88%, 01/26/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 356526 |
| 5.38%, 05/25/2028<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 538237 |
| 0.25%, 07/19/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 325149 |
| 0.63%, 11/03/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 325960 |
| 4.13%, 03/13/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 362380 |
| 1.75%, 03/15/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 335203 |
| 1.88%, 06/18/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221444 |
| 5.00%, 10/22/2029<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 535140 |
| 2.63%, 11/06/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 228823 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| 0.75%, 01/17/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; $317182 |
| 4.38%, 05/02/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 365352 |
| 1.25%, 06/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 213682 |
| 0.63%, 02/21/2031<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 404885 |
| 3.25%, 10/17/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 348922 |
| 4.75%, 11/10/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 249160 |
| 1.13%, 01/19/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 304928 |
| 5.13%, 01/13/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 376276 |
| 3.75%, 02/01/2033<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 475497 |
| 4.13%, 06/14/2033<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 487136 |
| 4.38%, 01/11/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358883 |
| 3.75%, 02/03/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236932 |
| BNP Paribas S.A. |  |  |  |
| 1.38%, 05/28/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 329162 |
| 3.63%, 09/01/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355199 |
| 1.63%, 07/02/2031<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 418624 |
| 1.25%, 07/13/2031<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 649479 |
| 2.10%, 04/07/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 321562 |
| 5.75%, 06/13/2032<sup>(b)</sup> | GBP | 800000 | &nbsp;&nbsp; 1095854 |
| 0.63%, 12/03/2032<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 478192 |
| 4.13%, 05/24/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 367224 |
| 4.10%, 02/13/2034<sup>(b)(d)</sup> | EUR | 300000 | &nbsp;&nbsp; 359558 |
| 2.00%, 09/13/2036<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 475857 |
| Bouygues S.A. |  |  |  |
| 2.25%, 06/29/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227441 |
| 0.50%, 02/11/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 209689 |
| 3.88%, 07/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240914 |
| 4.63%, 06/07/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 375141 |
| 3.25%, 06/30/2037<sup>(b)(d)</sup> | EUR | 300000 | &nbsp;&nbsp; 337220 |
| 5.38%, 06/30/2042<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 260728 |
| BPCE S.A. |  |  |  |
| 4.38%, 07/13/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 362018 |
| 1.00%, 10/05/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221601 |
| 3.88%, 01/11/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238338 |
| 5.25%, 04/16/2029<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 791596 |
| 0.25%, 01/14/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 302303 |
| 0.75%, 03/03/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204505 |
| 1.00%, 01/14/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 201879 |
| 4.00%, 11/29/2032<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 484401 |
| 4.50%, 01/13/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 369105 |
| 3.88%, 01/25/2036<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355804 |
| Capgemini SE |  |  |  |
| 2.00%, 04/15/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225852 |
| 2.38%, 04/15/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 330794 |
| Cie de Saint-Gobain S.A. |  |  |  |
| 3.38%, 04/08/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 354149 |
| 3.88%, 11/29/2030<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 481912 |
| 1.88%, 03/15/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109352 |
| 3.63%, 04/08/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234899 |
| Cie Generale des Etablissements Michelin <br> S.C.A., 1.75%, 09/03/2030<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 330675 |
| Credit Agricole Assurances S.A. |  |  |  |
| 2.00%, 07/17/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 328326 |
| 1.50%, 10/06/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 207024 |
| Credit Agricole S.A. |  |  |  |
| 0.38%, 04/20/2028<sup>(b)</sup> | EUR | 700000 | &nbsp;&nbsp; 767300 |
| 1.13%, 02/24/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 330953 |
| 1.75%, 03/05/2029<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 558474 |
| 2.00%, 03/25/2029<sup>(b)</sup> | EUR | 700000 | &nbsp;&nbsp; 783346 |

---

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

------

**18**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| 1.00%, 07/03/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; $327225 |
| 2.50%, 08/29/2029<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 574913 |
| 4.88%, 10/23/2029<sup>(b)</sup> | GBP | 700000 | &nbsp;&nbsp; 933735 |
| 4.13%, 03/07/2030<sup>(b)</sup> | EUR | 600000 | &nbsp;&nbsp; 731964 |
| 3.88%, 04/20/2031<sup>(b)</sup> | EUR | 900000 | &nbsp;&nbsp; 1085601 |
| 0.88%, 01/14/2032<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 403965 |
| 3.13%, 02/26/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231459 |
| 1.13%, 07/12/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 201932 |
| 4.00%, 01/18/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 242769 |
| 4.38%, 11/27/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 367900 |
| 3.75%, 01/22/2034<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 592230 |
| 3.50%, 09/26/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 345434 |
| 3.88%, 11/28/2034<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 477470 |
| 3.75%, 05/27/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233285 |
| 4.13%, 02/26/2036<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 598240 |
| Danone S.A., 1.21%, 11/03/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 335273 |
| Dassault Systemes SE, 0.38%, <br> 09/16/2029<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 318804 |
| ENGIE S.A. |  |  |  |
| 3.63%, 01/11/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 357475 |
| 4.00%, 01/11/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358284 |
| 5.75%, 10/28/2050<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 621538 |
| 5.63%, 04/03/2053<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 484779 |
| 5.00%, 10/01/2060<sup>(b)</sup> | GBP | 800000 | &nbsp;&nbsp; 882142 |
| EssilorLuxottica S.A. |  |  |  |
| 2.88%, 03/05/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 350296 |
| 2.63%, 01/10/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 345746 |
| 0.75%, 11/27/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204798 |
| Kering S.A. |  |  |  |
| 3.63%, 09/05/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237078 |
| 3.38%, 03/11/2032<sup>(b)(d)</sup> | EUR | 300000 | &nbsp;&nbsp; 350002 |
| 3.88%, 09/05/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 351708 |
| La Banque Postale S.A., 4.00%, <br> 05/03/2028<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 238367 |
| LVMH Moet Hennessy Louis Vuitton |  |  |  |
| 2.63%, 03/07/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 348209 |
| 3.25%, 09/07/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355751 |
| LVMH Moet Hennessy Louis Vuitton SE |  |  |  |
| 0.38%, 02/11/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 308915 |
| 3.50%, 09/07/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358517 |
| Orange S.A. |  |  |  |
| 1.38%, 03/20/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225630 |
| 2.00%, 01/15/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 341405 |
| 1.38%, 01/16/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 329205 |
| 1.88%, 09/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221707 |
| 3.25%, 01/15/2032<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 733070 |
| 0.50%, 09/04/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 195014 |
| 8.13%, 01/28/2033 | EUR | 350000 | &nbsp;&nbsp; 531787 |
| 0.63%, 12/16/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 281802 |
| 5.63%, 01/23/2034 | GBP | 378000 | &nbsp;&nbsp; 523258 |
| 5.38%, 11/22/2050<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 487968 |
| Pernod Ricard S.A., 1.75%, <br> 04/08/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 220727 |
| Schneider Electric SE, 3.62%, <br> 09/02/2037<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 351807 |
| Societe Generale S.A. |  |  |  |
| 2.13%, 09/27/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 341898 |
| 4.13%, 11/21/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241541 |
| 1.75%, 03/22/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223144 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| 2.63%, 05/30/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; $346651 |
| 1.25%, 06/12/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 320663 |
| 4.25%, 11/16/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 370451 |
| 5.63%, 06/02/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 256159 |
| 6.25%, 06/22/2033<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 424207 |
| Suez S.A. |  |  |  |
| 2.88%, 05/24/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 217601 |
| 6.63%, 10/05/2043<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 694486 |
| TotalEnergies Capital Canada Ltd., <br> 2.13%, 09/18/2029<sup>(b)</sup><br>| EUR | 400000 | &nbsp;&nbsp; 453095 |
| TotalEnergies Capital International S.A. |  |  |  |
| 1.38%, 10/04/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 331919 |
| 3.08%, 07/01/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233125 |
| 1.99%, 04/08/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 326368 |
| 3.16%, 03/03/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230811 |
| 3.65%, 07/01/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 351619 |
| 1.62%, 05/18/2040<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 261171 |
| 3.85%, 03/03/2045<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 330599 |
| Unibail-Rodamco-Westfield SE, 1.38%, <br> 12/04/2031<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 307930 |
| Vinci S.A., 1.75%, 09/26/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 330230 |
|  |  |  | &nbsp;&nbsp; 52218408 |
| **Germany-10.94%** | **Germany-10.94%** | **Germany-10.94%** | **Germany-10.94%** |
| Allianz Finance II B.V., Series 62, <br> 4.50%, 03/13/2043<sup>(b)</sup><br>| GBP | 600000 | &nbsp;&nbsp; 704627 |
| Amprion GmbH, 3.97%, 09/22/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 362104 |
| Aroundtown S.A., 0.38%, <br> 04/15/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 223430 |
| BASF SE, 1.50%, 03/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215120 |
| Bayer AG |  |  |  |
| 0.38%, 01/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214651 |
| 1.13%, 01/06/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 321940 |
| 0.63%, 07/12/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 201048 |
| 1.38%, 07/06/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 307103 |
| 4.63%, 05/26/2033<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 494783 |
| Bayer Capital Corp. B.V., 2.13%, <br> 12/15/2029<sup>(b)</sup><br>| EUR | 400000 | &nbsp;&nbsp; 448351 |
| BMW Finance N.V. |  |  |  |
| 2.63%, 05/20/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 348404 |
| 1.50%, 02/06/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 335113 |
| BMW International Investment B.V., <br> 3.13%, 07/22/2029<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 292808 |
| BMW US Capital LLC, 3.38%, <br> 02/02/2034<sup>(b)(d)</sup><br>| EUR | 235000 | &nbsp;&nbsp; 271419 |
| Deutsche Bahn AG |  |  |  |
| 1.13%, 12/18/2028<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 222437 |
| 0.63%, 04/15/2036<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 223381 |
| 0.63%, 12/08/2050<sup>(b)</sup> | EUR | 248000 | &nbsp;&nbsp; 140858 |
| 1.13%, 05/29/2051<sup>(b)</sup> | EUR | 251000 | &nbsp;&nbsp; 159438 |
| Deutsche Boerse AG, 3.88%, <br> 09/28/2033<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 364571 |
| Deutsche Post AG, 3.50%, <br> 03/25/2036<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 291113 |
| Deutsche Telekom AG |  |  |  |
| 1.75%, 03/25/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 332289 |
| 3.63%, 02/03/2045<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 272963 |
| Deutsche Telekom International Finance <br> B.V., 2.00%, 12/01/2029<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 227163 |

---

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

------

**19**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| E.ON International Finance B.V. |  |  |  |
| 1.50%, 07/31/2029<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; $278705 |
| 6.25%, 06/03/2030<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 704936 |
| 6.38%, 06/07/2032 | GBP | 782000 | &nbsp;&nbsp; 1114764 |
| 4.75%, 01/31/2034<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 642208 |
| 5.88%, 10/30/2037<sup>(b)</sup> | GBP | 650000 | &nbsp;&nbsp; 875492 |
| 6.75%, 01/27/2039<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 721062 |
| 6.13%, 07/06/2039<sup>(b)</sup> | GBP | 800000 | &nbsp;&nbsp; 1088187 |
| E.ON SE |  |  |  |
| 3.88%, 01/12/2035<sup>(b)(d)</sup> | EUR | 266000 | &nbsp;&nbsp; 321127 |
| 4.13%, 03/25/2044<sup>(b)</sup> | EUR | 175000 | &nbsp;&nbsp; 203207 |
| EnBW International Finance B.V., <br> 3.75%, 11/20/2035<sup>(b)</sup><br>| EUR | 206000 | &nbsp;&nbsp; 241970 |
| Eurogrid GmbH, 3.73%, 10/18/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 349011 |
| Grand City Properties S.A., 0.13%, <br> 01/11/2028<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 327455 |
| Landesbank Hessen-Thueringen <br> Girozentrale, 3.00%, 03/05/2032<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 347712 |
| Mercedes-Benz Group AG |  |  |  |
| 1.50%, 07/03/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 334472 |
| 0.75%, 09/10/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 210926 |
| 1.13%, 11/06/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 208971 |
| 0.75%, 03/11/2033<sup>(b)</sup> | EUR | 229000 | &nbsp;&nbsp; 224662 |
| 2.13%, 07/03/2037<sup>(b)</sup> | EUR | 350000 | &nbsp;&nbsp; 350843 |
| Mercedes-Benz International Finance <br> B.V.<br>|  |  |  |
| 3.25%, 11/15/2030<sup>(b)</sup> | EUR | 328000 | &nbsp;&nbsp; 385632 |
| 3.70%, 05/30/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241064 |
| Robert Bosch GmbH |  |  |  |
| 3.63%, 06/02/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238053 |
| 4.00%, 06/02/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358040 |
| 4.38%, 06/02/2043<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 350840 |
| RWE AG, 2.75%, 05/24/2030<sup>(b)</sup> | EUR | 225000 | &nbsp;&nbsp; 260412 |
| SAP SE, 1.63%, 03/10/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 327790 |
| Siemens Financieringsmaatschappij N.V. |  |  |  |
| 2.63%, 05/27/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232595 |
| 3.38%, 08/24/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358443 |
| 3.13%, 05/22/2032<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 469381 |
| 3.00%, 09/08/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232502 |
| 0.50%, 09/05/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 189111 |
| 3.63%, 05/27/2036<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236347 |
| 3.38%, 02/22/2037<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 345512 |
| 3.75%, 09/10/2042<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 538325 |
| 3.63%, 02/22/2044<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 334694 |
| Traton Finance Luxembourg S.A., <br> 0.75%, 03/24/2029<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 323369 |
| Volkswagen Financial Services AG |  |  |  |
| 0.13%, 02/12/2027<sup>(b)</sup> | EUR | 208000 | &nbsp;&nbsp; 233183 |
| 3.25%, 05/19/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233245 |
| 0.88%, 01/31/2028<sup>(b)</sup> | EUR | 230000 | &nbsp;&nbsp; 254899 |
| 3.63%, 05/19/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235693 |
| Volkswagen Financial Services N.V., <br> 2.13%, 01/18/2028<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 499153 |
| Volkswagen International Finance N.V. |  |  |  |
| 1.88%, 03/30/2027<sup>(b)</sup> | EUR | 600000 | &nbsp;&nbsp; 686137 |
| 0.88%, 09/22/2028<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 438910 |
| 1.63%, 01/16/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220338 |
| 3.25%, 11/18/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231764 |
| 4.13%, 11/16/2038<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 342783 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Volkswagen Leasing GmbH, 3.88%, <br> 10/11/2028<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; $357303 |
| Vonovia SE |  |  |  |
| 0.25%, 09/01/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 324473 |
| 0.75%, 09/01/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 193324 |
| Wintershall Dea Finance B.V. |  |  |  |
| 1.33%, 09/25/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220509 |
| 1.82%, 09/25/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 310519 |
|  |  |  | &nbsp;&nbsp; 25725167 |
| **Italy-4.72%** | **Italy-4.72%** | **Italy-4.72%** | **Italy-4.72%** |
| ASTM S.p.A. |  |  |  |
| 1.50%, 01/25/2030<sup>(b)</sup> | EUR | 325000 | &nbsp;&nbsp; 355425 |
| 2.38%, 11/25/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 315951 |
| Autostrade per l'Italia S.p.A. |  |  |  |
| 2.00%, 12/04/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 339259 |
| 2.00%, 01/15/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 333654 |
| Enel Finance International N.V. |  |  |  |
| 3.88%, 03/09/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 239864 |
| 0.88%, 09/28/2034<sup>(b)</sup> | EUR | 270000 | &nbsp;&nbsp; 250805 |
| 3.88%, 01/23/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237255 |
| 0.88%, 06/17/2036<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 263270 |
| 5.75%, 09/14/2040<sup>(b)</sup> | GBP | 1100000 | &nbsp;&nbsp; 1439062 |
| Enel S.p.A., 5.75%, 06/22/2037<sup>(b)</sup> | GBP | 439000 | &nbsp;&nbsp; 585419 |
| Eni S.p.A. |  |  |  |
| 3.63%, 01/29/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 357484 |
| 0.63%, 01/23/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 317698 |
| 2.00%, 05/18/2031<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 165688 |
| 4.25%, 05/19/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 366452 |
| 3.88%, 01/15/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238173 |
| Intesa Sanpaolo S.p.A. |  |  |  |
| 0.75%, 03/16/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221867 |
| 1.75%, 07/04/2029<sup>(b)</sup> | EUR | 223000 | &nbsp;&nbsp; 249234 |
| 4.88%, 05/19/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 376011 |
| 3.63%, 10/16/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358070 |
| 5.13%, 08/29/2031<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 512618 |
| 6.63%, 05/31/2033<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 859575 |
| Italgas S.p.A., 3.13%, 02/08/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234675 |
| Snam S.p.A. |  |  |  |
| 3.25%, 07/01/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 348235 |
| 3.88%, 02/19/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238869 |
| 5.75%, 11/26/2036<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 537140 |
| UniCredit S.p.A. |  |  |  |
| 0.85%, 01/19/2031<sup>(b)</sup> | EUR | 213000 | &nbsp;&nbsp; 221584 |
| 4.00%, 03/05/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 360424 |
| 4.20%, 06/11/2034<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 180859 |
| 3.73%, 06/10/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 352374 |
| Unipol Assicurazioni S.p.A., 3.25%, <br> 09/23/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 236628 |
|  |  |  | &nbsp;&nbsp; 11093622 |
| **Japan-2.44%** | **Japan-2.44%** | **Japan-2.44%** | **Japan-2.44%** |
| East Japan Railway Co., 5.56%, <br> 09/04/2054<sup>(b)</sup><br>| GBP | 500000 | &nbsp;&nbsp; 634891 |
| Mizuho Financial Group, Inc., 0.69%, <br> 10/07/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 207704 |
| NTT Finance Corp. |  |  |  |
| 2.91%, 03/16/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232495 |
| 0.34%, 03/03/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 312332 |
| 3.68%, 07/16/2033<sup>(b)</sup> | EUR | 350000 | &nbsp;&nbsp; 413121 |

---

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

------

**20**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| 4.09%, 07/16/2037<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; $299276 |
| Series 17, 0.28%, 12/20/2027 | JPY | 100000000 | &nbsp;&nbsp; 635863 |
| Series 18, 0.38%, 09/20/2030 | JPY | 300000000 | &nbsp;&nbsp; 1832125 |
| Sumitomo Mitsui Financial Group, Inc., <br> 0.63%, 10/23/2029<sup>(b)</sup><br>| EUR | 325000 | &nbsp;&nbsp; 346189 |
| Takeda Pharmaceutical Co. Ltd. |  |  |  |
| 3.00%, 11/21/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 345885 |
| 1.38%, 07/09/2032 | EUR | 300000 | &nbsp;&nbsp; 309028 |
| 2.00%, 07/09/2040 | EUR | 200000 | &nbsp;&nbsp; 179509 |
|  |  |  | &nbsp;&nbsp; 5748418 |
| **Luxembourg-0.14%** | **Luxembourg-0.14%** | **Luxembourg-0.14%** | **Luxembourg-0.14%** |
| Logicor Financing S.a.r.l., 1.63%, <br> 07/15/2027<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 340963 |
| **Netherlands-2.95%** | **Netherlands-2.95%** | **Netherlands-2.95%** | **Netherlands-2.95%** |
| ABN AMRO Bank N.V. |  |  |  |
| 4.38%, 10/20/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 363719 |
| 2.75%, 06/04/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232393 |
| 0.50%, 09/23/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 317455 |
| 3.13%, 01/21/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235696 |
| 4.25%, 02/21/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 244175 |
| 3.88%, 01/15/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 359400 |
| 1.00%, 06/02/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 295255 |
| 1.25%, 01/20/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 296598 |
| 4.50%, 11/21/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 251855 |
| Cooperatieve Rabobank U.A. |  |  |  |
| 4.63%, 05/23/2029<sup>(b)</sup> | GBP | 800000 | &nbsp;&nbsp; 1050165 |
| 4.00%, 01/10/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 242004 |
| 1.13%, 05/07/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 314602 |
| 3.82%, 07/26/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 359728 |
| ING Groep N.V. |  |  |  |
| 1.38%, 01/11/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 338987 |
| 2.00%, 09/20/2028<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 456998 |
| 2.50%, 11/15/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 341530 |
| Koninklijke KPN N.V., 3.88%, <br> 02/16/2036<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 354160 |
| Prosus N.V., 1.29%, 07/13/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216768 |
| TenneT Holding B.V. |  |  |  |
| 4.50%, 10/28/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 378546 |
| 0.88%, 06/16/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 284868 |
|  |  |  | &nbsp;&nbsp; 6934902 |
| **New Zealand-0.62%** | **New Zealand-0.62%** | **New Zealand-0.62%** | **New Zealand-0.62%** |
| ASB Bank Ltd., 4.10%, 09/02/2030<sup>(b)</sup> | NZD | 900000 | &nbsp;&nbsp; 522121 |
| Bank of New Zealand, 5.87%, <br> 09/01/2028<sup>(b)</sup><br>| NZD | 750000 | &nbsp;&nbsp; 459309 |
| Westpac New Zealand Ltd., 4.34%, <br> 09/24/2029<br>| NZD | 800000 | &nbsp;&nbsp; 470375 |
|  |  |  | &nbsp;&nbsp; 1451805 |
| **Norway-2.37%** | **Norway-2.37%** | **Norway-2.37%** | **Norway-2.37%** |
| Equinor ASA |  |  |  |
| 6.88%, 03/11/2031<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 881209 |
| 1.38%, 05/22/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 208502 |
| 1.63%, 02/17/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 199113 |
| Norway Government Bond |  |  |  |
| Series 479, 1.75%, 02/17/2027<sup>(b)</sup> | NOK | 8500000 | &nbsp;&nbsp; 818144 |
| Series 480, 2.00%, 04/26/2028<sup>(b)</sup> | NOK | 5170000 | &nbsp;&nbsp; 489538 |
| Series 481, 1.75%, 09/06/2029<sup>(b)</sup> | NOK | 4400000 | &nbsp;&nbsp; 403084 |
| Series 482, 1.38%, 08/19/2030<sup>(b)</sup> | NOK | 3400000 | &nbsp;&nbsp; 300074 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Norway-(continued)** | **Norway-(continued)** | **Norway-(continued)** | **Norway-(continued)** |
| Series 483, 1.25%, 09/17/2031<sup>(b)</sup> | NOK | 1350000 | &nbsp;&nbsp; $115275 |
| Series 484, 2.13%, 05/18/2032<sup>(b)</sup> | NOK | 2142000 | &nbsp;&nbsp; 190180 |
| Series 486, 3.00%, 08/15/2033<sup>(b)</sup> | NOK | 4500000 | &nbsp;&nbsp; 417175 |
| Series 487, 3.63%, 04/13/2034<sup>(b)</sup> | NOK | 5000000 | &nbsp;&nbsp; 482302 |
| Series 488, 3.63%, 05/31/2039<sup>(b)</sup> | NOK | 2100000 | &nbsp;&nbsp; 199471 |
| Series 489, 3.75%, 06/12/2035<sup>(b)</sup> | NOK | 3100000 | &nbsp;&nbsp; 300387 |
| Telenor ASA, 1.13%, 05/31/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 329267 |
| Var Energi ASA, 3.88%, 03/12/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235376 |
|  |  |  | &nbsp;&nbsp; 5569097 |
| **Portugal-0.14%** | **Portugal-0.14%** | **Portugal-0.14%** | **Portugal-0.14%** |
| EDP Finance B.V., 1.88%, <br> 09/21/2029<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 336571 |
| **Singapore-0.23%** | **Singapore-0.23%** | **Singapore-0.23%** | **Singapore-0.23%** |
| Temasek Financial I Ltd., 5.13%, <br> 07/26/2040<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 530289 |
| **Spain-4.79%** | **Spain-4.79%** | **Spain-4.79%** | **Spain-4.79%** |
| Abertis Infraestructuras S.A. |  |  |  |
| 2.38%, 09/27/2027<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 346178 |
| 3.00%, 03/27/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229898 |
| Banco Bilbao Vizcaya Argentaria S.A. |  |  |  |
| 3.50%, 02/10/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233587 |
| 4.38%, 10/14/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 368508 |
| 3.13%, 07/15/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 349323 |
| 3.50%, 03/26/2031<sup>(b)(d)</sup> | EUR | 300000 | &nbsp;&nbsp; 358177 |
| 3.88%, 01/15/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 364583 |
| 3.75%, 08/26/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235146 |
| Banco Santander S.A. |  |  |  |
| 3.88%, 04/22/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 359176 |
| 5.13%, 01/25/2030<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 540283 |
| 4.25%, 06/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 244921 |
| 1.63%, 10/22/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215703 |
| 5.38%, 01/17/2031<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 545815 |
| 4.88%, 10/18/2031<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 631903 |
| 1.00%, 11/04/2031<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 205763 |
| 3.25%, 05/27/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232938 |
| 3.50%, 10/02/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235108 |
| 3.75%, 01/09/2034<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 476936 |
| 3.50%, 02/17/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 347700 |
| CaixaBank S.A. |  |  |  |
| 3.75%, 09/07/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 360012 |
| 4.25%, 09/06/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 245589 |
| 4.38%, 11/29/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 250628 |
| 3.38%, 06/26/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 347213 |
| Cellnex Finance Co. S.A. |  |  |  |
| 1.50%, 06/08/2028<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 225046 |
| 2.00%, 02/15/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 313864 |
| Cellnex Telecom S.A., 1.75%, <br> 10/23/2030<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 326199 |
| Iberdrola Finanzas S.A. |  |  |  |
| 1.38%, 03/11/2032<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 210912 |
| 5.25%, 10/31/2036<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 526435 |
| Santander Consumer Finance S.A., <br> 3.75%, 01/17/2029<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 238376 |
| Telefonica Emisiones S.A. |  |  |  |
| 1.72%, 01/12/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 341743 |
| 1.79%, 03/12/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 337555 |
| 0.66%, 02/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 212016 |
| 2.59%, 05/25/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 339838 |

---

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

------

**21**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| 3.70%, 01/24/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; $237329 |
| 3.72%, 01/23/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232410 |
|  |  |  | &nbsp;&nbsp; 11266811 |
| **Sweden-2.05%** | **Sweden-2.05%** | **Sweden-2.05%** | **Sweden-2.05%** |
| Skandinaviska Enskilda Banken AB |  |  |  |
| 0.63%, 11/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 212206 |
| 3.38%, 03/19/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 353517 |
| Svenska Handelsbanken AB |  |  |  |
| 0.05%, 09/06/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 324093 |
| 1.38%, 02/23/2029<sup>(b)(d)</sup> | EUR | 230000 | &nbsp;&nbsp; 255180 |
| 0.50%, 02/18/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 314475 |
| Swedbank AB, 4.13%, 11/13/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 362923 |
| Sweden Government Bond |  |  |  |
| Series 1056, 2.25%, 06/01/2032<sup>(b)</sup> | SEK | 1200000 | &nbsp;&nbsp; 126125 |
| Series 1059, 1.00%, 11/12/2026<sup>(b)</sup> | SEK | 2500000 | &nbsp;&nbsp; 260937 |
| Series 1060, 0.75%, 05/12/2028<sup>(b)</sup> | SEK | 8500000 | &nbsp;&nbsp; 869700 |
| Series 1061, 0.75%, 11/12/2029<sup>(b)</sup> | SEK | 9300000 | &nbsp;&nbsp; 931371 |
| Series 1062, 0.13%, 05/12/2031<sup>(b)</sup> | SEK | 700000 | &nbsp;&nbsp; 65842 |
| Vattenfall AB, 6.88%, 04/15/2039<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 737335 |
|  |  |  | &nbsp;&nbsp; 4813704 |
| **Switzerland-1.36%** | **Switzerland-1.36%** | **Switzerland-1.36%** | **Switzerland-1.36%** |
| Holcim Finance (Luxembourg) S.A., <br> 0.50%, 09/03/2030<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 310886 |
| Lonza Finance International N.V., <br> 3.88%, 04/24/2036<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 235258 |
| Richemont International Holding S.A. |  |  |  |
| 1.50%, 03/26/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 329891 |
| 2.00%, 03/26/2038<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 293612 |
| Swisscom Finance B.V. |  |  |  |
| 3.50%, 11/29/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 356710 |
| 3.63%, 11/29/2036<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234960 |
| UBS AG, 0.50%, 03/31/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204597 |
| UBS Group AG |  |  |  |
| 0.65%, 09/10/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 320120 |
| 0.88%, 11/03/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 203654 |
| 0.63%, 01/18/2033<sup>(b)</sup> | EUR | 348000 | &nbsp;&nbsp; 333513 |
| 0.63%, 02/24/2033<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 382938 |
|  |  |  | &nbsp;&nbsp; 3206139 |
| **United Kingdom-14.05%** | **United Kingdom-14.05%** | **United Kingdom-14.05%** | **United Kingdom-14.05%** |
| Anglian Water Services Financing PLC |  |  |  |
| 6.00%, 06/20/2039<sup>(b)</sup> | GBP | 403000 | &nbsp;&nbsp; 526629 |
| 5.75%, 06/07/2043<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 492847 |
| 6.25%, 09/12/2044<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 646526 |
| B.A.T. International Finance PLC |  |  |  |
| 2.25%, 01/16/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 337209 |
| 6.00%, 11/24/2034<sup>(b)</sup> | GBP | 375000 | &nbsp;&nbsp; 517316 |
| Blend Funding PLC |  |  |  |
| 3.46%, 09/21/2047<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 371883 |
| 2.92%, 04/05/2054<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 392591 |
| British Telecommunications PLC |  |  |  |
| 3.13%, 11/21/2031<sup>(b)</sup> | GBP | 350000 | &nbsp;&nbsp; 424403 |
| 6.38%, 06/23/2037<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 563280 |
| Cadent Finance PLC |  |  |  |
| 2.63%, 09/22/2038<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 563845 |
| 2.75%, 09/22/2046<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 482688 |
| CCEP Finance (Ireland) DAC, 0.88%, <br> 05/06/2033<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 294248 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Centrica PLC, 4.25%, 09/12/2044<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; $421774 |
| Clarion Funding PLC, 3.13%, <br> 04/19/2048<sup>(b)</sup><br>| GBP | 430000 | &nbsp;&nbsp; 372175 |
| Community Finance Co. 1 PLC, 5.02%, <br> 07/31/2034<br>| GBP | 500000 | &nbsp;&nbsp; 661539 |
| Diageo Finance PLC |  |  |  |
| 3.13%, 02/28/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232821 |
| 2.50%, 03/27/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 334963 |
| 2.75%, 06/08/2038<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 405632 |
| easyJet FinCo B.V., 1.88%, <br> 03/03/2028<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 341699 |
| GlaxoSmithKline Capital PLC |  |  |  |
| 5.25%, 12/19/2033 | GBP | 400000 | &nbsp;&nbsp; 552919 |
| 1.63%, 05/12/2035<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 595018 |
| 6.38%, 03/09/2039 | GBP | 500000 | &nbsp;&nbsp; 720607 |
| Heathrow Funding Ltd. |  |  |  |
| 6.75%, 12/03/2026<sup>(b)</sup> | GBP | 550000 | &nbsp;&nbsp; 740399 |
| 6.45%, 12/10/2031<sup>(b)</sup> | GBP | 650000 | &nbsp;&nbsp; 924931 |
| 5.88%, 05/13/2041<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 654890 |
| 4.63%, 10/31/2046<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 654992 |
| High Speed Rail Finance 1 PLC, 4.38%, <br> 11/01/2038<sup>(b)</sup><br>| GBP | 450000 | &nbsp;&nbsp; 554102 |
| Housing & Care 21, 3.29%, <br> 11/08/2049<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 357231 |
| HSBC Holdings PLC, 7.00%, <br> 04/07/2038<sup>(b)</sup><br>| GBP | 600000 | &nbsp;&nbsp; 853786 |
| Imperial Brands Finance Netherlands <br> B.V.<br>|  |  |  |
| 5.25%, 02/15/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 378061 |
| 1.75%, 03/18/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 202635 |
| Imperial Brands Finance PLC |  |  |  |
| 4.88%, 06/07/2032<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 386958 |
| 3.88%, 02/12/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230789 |
| Lloyds Bank PLC, 6.50%, <br> 09/17/2040<sup>(b)</sup><br>| GBP | 660000 | &nbsp;&nbsp; 957188 |
| LSEGA Financing PLC, 4.88%, <br> 09/19/2032<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 530728 |
| Motability Operations Group PLC |  |  |  |
| 4.00%, 01/17/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240026 |
| 3.88%, 01/24/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234385 |
| 4.25%, 06/17/2035<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358178 |
| 3.63%, 03/10/2036<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 451368 |
| 2.38%, 07/03/2039<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 361961 |
| 2.13%, 01/18/2042<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 400530 |
| 5.75%, 06/17/2051<sup>(b)</sup> | GBP | 350000 | &nbsp;&nbsp; 434055 |
| 5.63%, 01/24/2054<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 487165 |
| National Grid Electricity Distribution <br> (West Midlands) PLC, 5.75%, <br> 04/16/2032<sup>(b)</sup><br>| GBP | 525000 | &nbsp;&nbsp; 722397 |
| National Grid PLC, 4.28%, <br> 01/16/2035<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 243141 |
| Nationwide Building Society |  |  |  |
| 3.00%, 03/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232723 |
| 3.13%, 08/18/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 346799 |
| NatWest Markets PLC |  |  |  |
| 5.00%, 11/18/2029<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 401204 |
| 3.13%, 01/10/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 350571 |
| 3.00%, 09/03/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 347542 |

---

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

------

**22**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Places For People Treasury PLC |  |  |  |
| 6.25%, 12/06/2041<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; $403897 |
| 5.75%, 05/11/2055<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 361245 |
| Reckitt Benckiser Treasury Services <br> PLC, 1.75%, 05/19/2032<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 446234 |
| Rothesay Life PLC |  |  |  |
| 7.73%, 05/16/2033<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 584009 |
| 7.02%, 12/10/2034<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 560920 |
| Sanctuary Capital PLC, 2.38%, <br> 04/14/2050<sup>(b)</sup><br>| GBP | 450000 | &nbsp;&nbsp; 326180 |
| Santander UK PLC, 3.35%, <br> 03/25/2030<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 352172 |
| Scottish Hydro Electric Transmission <br> PLC, 5.50%, 01/15/2044<sup>(b)</sup><br>| GBP | 350000 | &nbsp;&nbsp; 441055 |
| Scottish Widows Ltd., 7.00%, <br> 06/16/2043<sup>(b)</sup><br>| GBP | 450000 | &nbsp;&nbsp; 619558 |
| Standard Chartered PLC |  |  |  |
| 5.13%, 06/06/2034<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 510154 |
| 4.38%, 01/18/2038<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 478400 |
| T.H.F.C. (Funding No.3) PLC, 5.20%, <br> 10/11/2043<sup>(b)</sup><br>| GBP | 800000 | &nbsp;&nbsp; 991112 |
| Unilever Finance Netherlands B.V., <br> 1.75%, 03/25/2030<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 334511 |
| University of Oxford, 2.54%, <br> 12/08/2117<sup>(b)</sup><br>| GBP | 750000 | &nbsp;&nbsp; 473074 |
| Vodafone Group PLC |  |  |  |
| 1.63%, 11/24/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 218312 |
| 6.38%, 07/03/2050<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 544674 |
| 5.13%, 12/02/2052<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 454985 |
| Wellcome Trust Finance PLC, 4.63%, <br> 07/25/2036<sup>(b)</sup><br>| GBP | 350000 | &nbsp;&nbsp; 452909 |
| Wellcome Trust Ltd. (The) |  |  |  |
| 1.50%, 07/14/2071<sup>(b)</sup> | GBP | 620000 | &nbsp;&nbsp; 286013 |
| 2.52%, 02/07/2118<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 373430 |
| Yorkshire Water Finance PLC, 6.38%, <br> 11/18/2034<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 548941 |
|  |  |  | &nbsp;&nbsp; 33053132 |
| **United States-3.78%** | **United States-3.78%** | **United States-3.78%** | **United States-3.78%** |
| BG Energy Capital PLC, 5.00%, <br> 11/04/2036<sup>(b)</sup><br>| GBP | 650000 | &nbsp;&nbsp; 845963 |
| BP Capital Markets PLC |  |  |  |
| 1.23%, 05/08/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 316282 |
| 2.82%, 04/07/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 340638 |
| Medtronic Global Holdings S.C.A. |  |  |  |
| 0.38%, 10/15/2028 | EUR | 300000 | &nbsp;&nbsp; 326592 |
| 3.00%, 10/15/2028 | EUR | 200000 | &nbsp;&nbsp; 234597 |
| 1.63%, 03/07/2031 | EUR | 300000 | &nbsp;&nbsp; 325742 |
| 3.13%, 10/15/2031 | EUR | 200000 | &nbsp;&nbsp; 234009 |
| 0.75%, 10/15/2032 | EUR | 200000 | &nbsp;&nbsp; 198543 |
| 3.38%, 10/15/2034 | EUR | 200000 | &nbsp;&nbsp; 233874 |
| 1.38%, 10/15/2040 | EUR | 300000 | &nbsp;&nbsp; 249503 |
| 1.63%, 10/15/2050 | EUR | 200000 | &nbsp;&nbsp; 139578 |
| Nestle Finance International Ltd., <br> 0.38%, 05/12/2032<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 249201 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Nestle Holdings, Inc., 2.50%, <br> 04/04/2032<sup>(b)</sup><br>| GBP | 500000 | &nbsp;&nbsp; $591551 |
| Robert Bosch Finance LLC, 2.75%, <br> 05/28/2028<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 348152 |
| Sanofi S.A. |  |  |  |
| 1.50%, 04/01/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221836 |
| Series 12FX, 1.38%, 03/21/2030<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 551156 |
| Series 20FX, 1.88%, 03/21/2038<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 292585 |
| Shell International Finance B.V. |  |  |  |
| 0.50%, 11/08/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 201174 |
| 1.88%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 217121 |
| 1.25%, 11/11/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 306859 |
| 0.88%, 11/08/2039<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 157415 |
| 1.75%, 09/10/2052<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 182983 |
| Stellantis N.V. |  |  |  |
| 4.50%, 07/07/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 361025 |
| 0.75%, 01/18/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 323602 |
| 4.38%, 03/14/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 362482 |
| 4.25%, 06/16/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237896 |
| 2.75%, 04/01/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 324832 |
| 1.25%, 06/20/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 283295 |
| Toyota Motor Credit Corp., 3.63%, <br> 07/15/2031<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 238736 |
|  |  |  | &nbsp;&nbsp; 8897222 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $230,171,936) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $230,171,936) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $230,171,936) | &nbsp;&nbsp; 230986345 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.31%** | **Money Market Funds-0.31%** | **Money Market Funds-0.31%** | **Money Market Funds-0.31%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $717,695)<br>|  | 717695 | &nbsp;&nbsp; 717695 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.53% <br>(Cost $230,889,631) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.53% <br>(Cost $230,889,631) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.53% <br>(Cost $230,889,631) | &nbsp;&nbsp; 231704040 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-0.80%** | **Money Market Funds-0.80%** | **Money Market Funds-0.80%** | **Money Market Funds-0.80%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>|  | 524385 | &nbsp;&nbsp; 524385 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(e)(f)(g)</sup><br>|  | 1358832 | &nbsp;&nbsp; 1359240 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,883,627) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,883,627) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,883,627) | &nbsp;&nbsp; 1883625 |
| TOTAL INVESTMENTS IN SECURITIES-99.33% <br>(Cost $232,773,258) | TOTAL INVESTMENTS IN SECURITIES-99.33% <br>(Cost $232,773,258) | TOTAL INVESTMENTS IN SECURITIES-99.33% <br>(Cost $232,773,258) | &nbsp;&nbsp; 233587665 |
| OTHER ASSETS LESS LIABILITIES-0.67% | OTHER ASSETS LESS LIABILITIES-0.67% | OTHER ASSETS LESS LIABILITIES-0.67% | &nbsp;&nbsp; 1584388 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $235172053 |

---

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

------

**23**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

October 31, 2025

---

| |
|:---|
| Investment Abbreviations: |
| AUD-Australian Dollar |
| CAD-Canadian Dollar |
| EUR-Euro |
| GBP-British Pound Sterling |
| JPY-Japanese Yen |
| NOK-Norwegian Krone |
| NZD-New Zealand Dollar |
| SEK-Swedish Krona |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $177,194,331, which represented 75.35% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(d)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $745439 | &nbsp;&nbsp; $13447691 | &nbsp;&nbsp; $(13475435)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $717695 | &nbsp;&nbsp; $19671 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 232112 | &nbsp;&nbsp; 2022511 | &nbsp;&nbsp; (1730238)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 524385 | &nbsp;&nbsp; 10,253<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 604170 | &nbsp;&nbsp; 5049733 | &nbsp;&nbsp; (4294749)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1359240 | &nbsp;&nbsp; 27,369<br> \*<br>|
| Total | &nbsp;&nbsp; $1581721 | &nbsp;&nbsp; $20519935 | &nbsp;&nbsp; $(19500422)<br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $2601320 | &nbsp;&nbsp; $57293 |

---

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

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

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2L. 

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

------

**24**

------

**Statements of Assets and Liabilities**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**0-5 Yr** <br>**US TIPS ETF** <br>**(PBTP)**<br>| **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)**<br>| **Invesco** <br>**Global ex-US** <br>**High Yield Corporate** <br>**Bond ETF (PGHY)**<br>| **Invesco International** <br>**Corporate Bond** <br>**ETF (PICB)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $76237862 | &nbsp;&nbsp;&nbsp; $1273740812 | &nbsp;&nbsp;&nbsp; $179563520 | &nbsp;&nbsp;&nbsp; $230986345 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 274943 | &nbsp;&nbsp;&nbsp; 83421418 | &nbsp;&nbsp;&nbsp; 15275380 | &nbsp;&nbsp;&nbsp; 2601320 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 29385 | &nbsp;&nbsp;&nbsp; 6014 |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 161612 | &nbsp;&nbsp;&nbsp; 26368 | &nbsp;&nbsp;&nbsp; 99489 |
| Deposits with brokers: |  |  |  |  |
| Cash segregated as collateral | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 548581 | &nbsp;&nbsp;&nbsp; 166214 | &nbsp;&nbsp;&nbsp; 1163590 |
| Receivable for: |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 113187 | &nbsp;&nbsp;&nbsp; 18168083 | &nbsp;&nbsp;&nbsp; 3085296 | &nbsp;&nbsp;&nbsp; 3534630 |
| Securities lending | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 39231 | &nbsp;&nbsp;&nbsp; 10935 | &nbsp;&nbsp;&nbsp; 512 |
| Investments sold | &nbsp;&nbsp; 1578475 | &nbsp;&nbsp;&nbsp; 262838 | &nbsp;&nbsp;&nbsp; 3258599 | &nbsp;&nbsp;&nbsp; 3868815 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13485866 | &nbsp;&nbsp;&nbsp; 158399 | &nbsp;&nbsp;&nbsp; 5687969 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2698 |
| Investments matured, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 101456 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 78204467 | &nbsp;&nbsp;&nbsp; 1389828441 | &nbsp;&nbsp;&nbsp; 201675552 | &nbsp;&nbsp;&nbsp; 247951382 |
| **Liabilities:** |  |  |  |  |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20964 | &nbsp;&nbsp;&nbsp; 165565 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 1848666 | &nbsp;&nbsp;&nbsp; 13450000 | &nbsp;&nbsp;&nbsp; 4331928 | &nbsp;&nbsp;&nbsp; 9638388 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 80374765 | &nbsp;&nbsp;&nbsp; 13336934 | &nbsp;&nbsp;&nbsp; 1883627 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 548581 | &nbsp;&nbsp;&nbsp; 166214 | &nbsp;&nbsp;&nbsp; 1163590 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 262838 | &nbsp;&nbsp;&nbsp; 104153 | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 4528 | &nbsp;&nbsp;&nbsp; 542991 | &nbsp;&nbsp;&nbsp; 55262 | &nbsp;&nbsp;&nbsp; 93724 |
| **Total liabilities** | &nbsp;&nbsp; 1853194 | &nbsp;&nbsp;&nbsp; 95200139 | &nbsp;&nbsp;&nbsp; 18160056 | &nbsp;&nbsp;&nbsp; 12779329 |
| **Net Assets** | &nbsp;&nbsp; $76351273 | &nbsp;&nbsp;&nbsp; $1294628302 | &nbsp;&nbsp;&nbsp; $183515496 | &nbsp;&nbsp;&nbsp; $235172053 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $77128205 | &nbsp;&nbsp;&nbsp; $2389249357 | &nbsp;&nbsp;&nbsp; $225544635 | &nbsp;&nbsp;&nbsp; $245751286 |
| Distributable earnings (loss) | &nbsp;&nbsp; (776932)<br>| &nbsp;&nbsp;&nbsp; (1094621055)<br>| &nbsp;&nbsp;&nbsp; (42029139)<br>| &nbsp;&nbsp;&nbsp; (10579233)<br>|
| **Net Assets** | &nbsp;&nbsp; $76351273 | &nbsp;&nbsp;&nbsp; $1294628302 | &nbsp;&nbsp;&nbsp; $183515496 | &nbsp;&nbsp;&nbsp; $235172053 |
| Shares outstanding (unlimited amount authorized, $0.01 par <br> value)<br>| &nbsp;&nbsp; 2920001 | &nbsp;&nbsp;&nbsp; 59100000 | &nbsp;&nbsp;&nbsp; 9200000 | &nbsp;&nbsp;&nbsp; 9950000 |
| Net asset value | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp;&nbsp; $21.91 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $23.64 |
| Market price | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp;&nbsp; $21.90 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $23.64 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $75906102 | &nbsp;&nbsp;&nbsp; $1326312510 | &nbsp;&nbsp;&nbsp; $175598926 | &nbsp;&nbsp;&nbsp; $230171936 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $274943 | &nbsp;&nbsp;&nbsp; $83422223 | &nbsp;&nbsp;&nbsp; $15275340 | &nbsp;&nbsp;&nbsp; $2601322 |
| Foreign currencies, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $150948 | &nbsp;&nbsp;&nbsp; $23066 | &nbsp;&nbsp;&nbsp; $99461 |
| Investments matured, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3661152 | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $77781605 | &nbsp;&nbsp;&nbsp; $12471617 | &nbsp;&nbsp;&nbsp; $1761975 |

---

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

------

**25**

------

**Statements of Operations**

For the year ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**0-5 Yr** <br>**US TIPS ETF** <br>**(PBTP)**<br>| **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)**<br>| **Invesco** <br>**Global ex-US** <br>**High Yield Corporate** <br>**Bond ETF (PGHY)**<br>| **Invesco International** <br>**Corporate Bond** <br>**ETF (PICB)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $2276374 | &nbsp;&nbsp;&nbsp; $84515255 | &nbsp;&nbsp;&nbsp; $12279079 | &nbsp;&nbsp;&nbsp; $5749558 |
| Unaffiliated dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14995 | &nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp; - |
| Affiliated dividend income | &nbsp;&nbsp; 2433 | &nbsp;&nbsp;&nbsp; 117016 | &nbsp;&nbsp;&nbsp; 60455 | &nbsp;&nbsp;&nbsp; 19671 |
| Securities lending income, net | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 388548 | &nbsp;&nbsp;&nbsp; 79343 | &nbsp;&nbsp;&nbsp; 2675 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3219)<br>|
| Total investment income | &nbsp;&nbsp; 2278807 | &nbsp;&nbsp;&nbsp; 85035814 | &nbsp;&nbsp;&nbsp; 12419458 | &nbsp;&nbsp;&nbsp; 5768685 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 44085 | &nbsp;&nbsp;&nbsp; 6230842 | &nbsp;&nbsp;&nbsp; 566029 | &nbsp;&nbsp;&nbsp; 781370 |
| Less: Waivers | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (2663)<br>| &nbsp;&nbsp;&nbsp; (1386)<br>| &nbsp;&nbsp;&nbsp; (451)<br>|
| Net expenses | &nbsp;&nbsp; 44029 | &nbsp;&nbsp;&nbsp; 6228179 | &nbsp;&nbsp;&nbsp; 564643 | &nbsp;&nbsp;&nbsp; 780919 |
| Net investment income | &nbsp;&nbsp; 2234778 | &nbsp;&nbsp;&nbsp; 78807635 | &nbsp;&nbsp;&nbsp; 11854815 | &nbsp;&nbsp;&nbsp; 4987766 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (128014)<br>| &nbsp;&nbsp;&nbsp; (21436233)<br>| &nbsp;&nbsp;&nbsp; (427525)<br>| &nbsp;&nbsp;&nbsp; (1097805)<br>|
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1088)<br>| &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 77 |
| In-kind redemptions | &nbsp;&nbsp; 92903 | &nbsp;&nbsp;&nbsp; (14345464)<br>| &nbsp;&nbsp;&nbsp; 296362 | &nbsp;&nbsp;&nbsp; 118627 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (332)<br>| &nbsp;&nbsp;&nbsp; 25532 |
| Net realized gain (loss) | &nbsp;&nbsp; (35111)<br>| &nbsp;&nbsp;&nbsp; (35782784)<br>| &nbsp;&nbsp;&nbsp; (131072)<br>| &nbsp;&nbsp;&nbsp; (953569)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1438445 | &nbsp;&nbsp;&nbsp; 105630705 | &nbsp;&nbsp;&nbsp; 483116 | &nbsp;&nbsp;&nbsp; 8278009 |
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 9 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8518 | &nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp; (14774)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 1438445 | &nbsp;&nbsp;&nbsp; 105640459 | &nbsp;&nbsp;&nbsp; 484281 | &nbsp;&nbsp;&nbsp; 8263244 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1403334 | &nbsp;&nbsp;&nbsp; 69857675 | &nbsp;&nbsp;&nbsp; 353209 | &nbsp;&nbsp;&nbsp; 7309675 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $3638112 | &nbsp;&nbsp;&nbsp; $148665310 | &nbsp;&nbsp;&nbsp; $12208024 | &nbsp;&nbsp;&nbsp; $12297441 |

---

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

------

**26**

------

**27**

------

**Statements of Changes in Net Assets**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco 0-5 Yr US** <br>**TIPS ETF (PBTP)** | **Invesco 0-5 Yr US** <br>**TIPS ETF (PBTP)** | **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)** | **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2234778 | &nbsp;&nbsp;&nbsp; $1350903 | &nbsp;&nbsp;&nbsp; $78807635 | &nbsp;&nbsp;&nbsp; $94476391 |
| Net realized gain (loss) | &nbsp;&nbsp; (35111)<br>| &nbsp;&nbsp;&nbsp; (968288)<br>| &nbsp;&nbsp;&nbsp; (35782784)<br>| &nbsp;&nbsp;&nbsp; (29946869)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 1438445 | &nbsp;&nbsp;&nbsp; 3556761 | &nbsp;&nbsp;&nbsp; 105640459 | &nbsp;&nbsp;&nbsp; 228026937 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3638112 | &nbsp;&nbsp;&nbsp; 3939376 | &nbsp;&nbsp;&nbsp; 148665310 | &nbsp;&nbsp;&nbsp; 292556459 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (2022238)<br>| &nbsp;&nbsp;&nbsp; (1578803)<br>| &nbsp;&nbsp;&nbsp; (78889492)<br>| &nbsp;&nbsp;&nbsp; (95756117)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 27813289 | &nbsp;&nbsp;&nbsp; 8157881 | &nbsp;&nbsp;&nbsp; 109217294 | &nbsp;&nbsp;&nbsp; 246901542 |
| Value of shares repurchased | &nbsp;&nbsp; (8219545)<br>| &nbsp;&nbsp;&nbsp; (24470403)<br>| &nbsp;&nbsp;&nbsp; (239223881)<br>| &nbsp;&nbsp;&nbsp; (373074363)<br>|
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 19593744 | &nbsp;&nbsp;&nbsp; (16312522)<br>| &nbsp;&nbsp;&nbsp; (130006587)<br>| &nbsp;&nbsp;&nbsp; (126172821)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 21209618 | &nbsp;&nbsp;&nbsp; (13951949)<br>| &nbsp;&nbsp;&nbsp; (60230769)<br>| &nbsp;&nbsp;&nbsp; 70627521 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 55141655 | &nbsp;&nbsp;&nbsp; 69093604 | &nbsp;&nbsp;&nbsp; 1354859071 | &nbsp;&nbsp;&nbsp; 1284231550 |
| End of year | &nbsp;&nbsp; $76351273 | &nbsp;&nbsp;&nbsp; $55141655 | &nbsp;&nbsp;&nbsp; $1294628302 | &nbsp;&nbsp;&nbsp; $1354859071 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; 12200000 |
| Shares repurchased | &nbsp;&nbsp; (320000)<br>| &nbsp;&nbsp;&nbsp; (980000)<br>| &nbsp;&nbsp;&nbsp; (11800000)<br>| &nbsp;&nbsp;&nbsp; (18300000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 2170001 | &nbsp;&nbsp;&nbsp; 2820001 | &nbsp;&nbsp;&nbsp; 65700000 | &nbsp;&nbsp;&nbsp; 71800000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 2920001 | &nbsp;&nbsp;&nbsp; 2170001 | &nbsp;&nbsp;&nbsp; 59100000 | &nbsp;&nbsp;&nbsp; 65700000 |

---

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

------

**28**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Global ex-US High Yield** <br>**Corporate Bond ETF (PGHY)** | **Invesco Global ex-US High Yield** <br>**Corporate Bond ETF (PGHY)** | **Invesco International Corporate** <br>**Bond ETF (PICB)** | **Invesco International Corporate** <br>**Bond ETF (PICB)** |
| **2025** | **2024** | **2025** | **2024** |
| $11854815 | &nbsp;&nbsp;&nbsp; $10336513 | &nbsp;&nbsp;&nbsp; $4987766 | &nbsp;&nbsp;&nbsp; $3815308 |
| (131072)<br>| &nbsp;&nbsp;&nbsp; (5047979)<br>| &nbsp;&nbsp;&nbsp; (953569)<br>| &nbsp;&nbsp;&nbsp; (1522133)<br>|
| 484281 | &nbsp;&nbsp;&nbsp; 14324131 | &nbsp;&nbsp;&nbsp; 8263244 | &nbsp;&nbsp;&nbsp; 10877175 |
| 12208024 | &nbsp;&nbsp;&nbsp; 19612665 | &nbsp;&nbsp;&nbsp; 12297441 | &nbsp;&nbsp;&nbsp; 13170350 |
| (11825841)<br>| &nbsp;&nbsp;&nbsp; (10312284)<br>| &nbsp;&nbsp;&nbsp; (4979537)<br>| &nbsp;&nbsp;&nbsp; (3800844)<br>|
| 54458380 | &nbsp;&nbsp;&nbsp; 7922147 | &nbsp;&nbsp;&nbsp; 110512669 | &nbsp;&nbsp;&nbsp; 12262589 |
| (11845094)<br>| &nbsp;&nbsp;&nbsp; (6858552)<br>| &nbsp;&nbsp;&nbsp; (9121129)<br>| &nbsp;&nbsp;&nbsp; (11101056)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 16710 |
| 42613286 | &nbsp;&nbsp;&nbsp; 1063595 | &nbsp;&nbsp;&nbsp; 101391540 | &nbsp;&nbsp;&nbsp; 1178243 |
| 42995469 | &nbsp;&nbsp;&nbsp; 10363976 | &nbsp;&nbsp;&nbsp; 108709444 | &nbsp;&nbsp;&nbsp; 10547749 |
| 140520027 | &nbsp;&nbsp;&nbsp; 130156051 | &nbsp;&nbsp;&nbsp; 126462609 | &nbsp;&nbsp;&nbsp; 115914860 |
| $183515496 | &nbsp;&nbsp;&nbsp; $140520027 | &nbsp;&nbsp;&nbsp; $235172053 | &nbsp;&nbsp;&nbsp; $126462609 |
| 2750000 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp; 550000 |
| (600000)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>|
| 7050000 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 5650000 | &nbsp;&nbsp;&nbsp; 5600000 |
| 9200000 | &nbsp;&nbsp;&nbsp; 7050000 | &nbsp;&nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp; 5650000 |

---

------

**29**

------

**Financial Highlights**

Invesco 0-5 Yr US TIPS ETF (PBTP)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $25.41 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $26.68 | &nbsp;&nbsp;&nbsp; $25.74 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $26.15 | &nbsp;&nbsp;&nbsp; $25.41 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $26.68 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $26.15 | &nbsp;&nbsp;&nbsp; $25.41 | &nbsp;&nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp; $24.59 | &nbsp;&nbsp;&nbsp; $26.70 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp; (2.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.46<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp; (2.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $76351 | &nbsp;&nbsp;&nbsp; $55142 | &nbsp;&nbsp;&nbsp; $69094 | &nbsp;&nbsp;&nbsp; $121635 | &nbsp;&nbsp;&nbsp; $52826 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

Invesco Emerging Markets Sovereign Debt ETF (PCY)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $20.62 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $17.12 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $26.89 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (9.61)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp; (8.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $21.91 | &nbsp;&nbsp;&nbsp; $20.62 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $17.12 | &nbsp;&nbsp;&nbsp; $26.76 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $21.90 | &nbsp;&nbsp;&nbsp; $20.48 | &nbsp;&nbsp;&nbsp; $17.83 | &nbsp;&nbsp;&nbsp; $16.88 | &nbsp;&nbsp;&nbsp; $26.73 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.89<br> %<br>| &nbsp;&nbsp;&nbsp; (31.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.12<br> %<br>| &nbsp;&nbsp;&nbsp; (32.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1294628 | &nbsp;&nbsp;&nbsp; $1354859 | &nbsp;&nbsp;&nbsp; $1284232 | &nbsp;&nbsp;&nbsp; $1429380 | &nbsp;&nbsp;&nbsp; $2723916 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**30**

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**Financial Highlights—(continued)**

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $18.59 | &nbsp;&nbsp;&nbsp; $19.06 | &nbsp;&nbsp;&nbsp; $21.59 | &nbsp;&nbsp;&nbsp; $21.58 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $18.59 | &nbsp;&nbsp;&nbsp; $19.06 | &nbsp;&nbsp;&nbsp; $21.59 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $19.92 | &nbsp;&nbsp;&nbsp; $18.55 | &nbsp;&nbsp;&nbsp; $18.96 | &nbsp;&nbsp;&nbsp; $21.62 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.06<br> %<br>| &nbsp;&nbsp;&nbsp; (7.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp; (7.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $183515 | &nbsp;&nbsp;&nbsp; $140520 | &nbsp;&nbsp;&nbsp; $130156 | &nbsp;&nbsp;&nbsp; $186805 | &nbsp;&nbsp;&nbsp; $236363 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.36<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund's portfolio holdings due to the underlying index change. 

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

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**31**

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**Financial Highlights—(continued)**

Invesco International Corporate Bond ETF (PICB)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $22.38 | &nbsp;&nbsp;&nbsp; $20.70 | &nbsp;&nbsp;&nbsp; $19.72 | &nbsp;&nbsp;&nbsp; $28.27 | &nbsp;&nbsp;&nbsp; $28.10 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp; (8.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp; (8.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $23.64 | &nbsp;&nbsp;&nbsp; $22.38 | &nbsp;&nbsp;&nbsp; $20.70 | &nbsp;&nbsp;&nbsp; $19.72 | &nbsp;&nbsp;&nbsp; $28.27 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $23.64 | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $20.75 | &nbsp;&nbsp;&nbsp; $19.73 | &nbsp;&nbsp;&nbsp; $28.31 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> %<br>| &nbsp;&nbsp;&nbsp; (29.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.58<br> %<br>| &nbsp;&nbsp;&nbsp; (29.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $235172 | &nbsp;&nbsp;&nbsp; $126463 | &nbsp;&nbsp;&nbsp; $115915 | &nbsp;&nbsp;&nbsp; $97609 | &nbsp;&nbsp;&nbsp; $122979 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**32**

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

October 31, 2025

**NOTE 1—Organization**

Invesco Exchange-Traded Fund Trust II (the "Trust") was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco 0-5 Yr US TIPS ETF (PBTP) | "0-5 Yr US TIPS ETF" |
| Invesco Emerging Markets Sovereign Debt ETF (PCY) | "Emerging Markets Sovereign Debt ETF" |
| Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) | "Global ex-US High Yield Corporate Bond ETF" |
| Invesco International Corporate Bond ETF (PICB) | "International Corporate Bond ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

---

| | |
|:---|:---|
| **Fund** | **Exchange** |
| 0-5 Yr US TIPS ETF | Cboe BZX Exchange, Inc. |
| Emerging Markets Sovereign Debt ETF | NYSE Arca, Inc. |
| Global ex-US High Yield Corporate Bond ETF | NYSE Arca, Inc. |
| International Corporate Bond ETF | NYSE Arca, Inc. |

---

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| 0-5 Yr US TIPS ETF | ICE BofA 0-5 Year US Inflation-Linked Treasury Index |
| Emerging Markets Sovereign Debt ETF | DBIQ Emerging Market USD Liquid Balanced Index |
| Global ex-US High Yield Corporate Bond ETF | ICE USD Global High Yield Excluding US Issuers Constrained Index |
| International Corporate Bond ETF | S&P International Corporate Bond Index<sup>®</sup> |

---

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

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**33**

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Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a

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**34**

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methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund's Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - Each Fund (except 0-5 Yr US TIPS ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. 0-5 Yr US TIPS ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes** - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax

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refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended October 31, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund's unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund's unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**H.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement notes disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Treasury Inflation-Protected Securities** - 0-5 Yr US TIPS ETF will invest in Treasury Inflation-Protected Securities ("TIPS"). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included in *Unaffiliated interest income* in the Statements of Operations, even though investors do not receive their principal until maturity.

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

**L.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2025, Global ex-US High Yield Corporate Bond ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by that Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; $490 |

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**M.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the

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investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**N.** **Other Risks**

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Call Risk*. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund's net investment income could fall.

*Changing Fixed-Income Market Conditions Risk*. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund's portfolio turnover rate and transaction costs.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Sovereign Debt Risk*. Government obligors in emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which Emerging Markets Sovereign Debt ETF may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*Foreign Fixed-Income Investment Risk*. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or

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economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

*Geographic Concentration Risk*. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund's investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected region.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Inflation-Linked Security Risk.* The value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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*Non-Investment Grade Securities Risk*. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

*Restricted Securities Risk*. Certain Funds may invest in restricted securities, including those that may be resold only in accordance with Regulation S under the Securities Act of 1933. Regulation S securities are securities of U.S. and non-U.S. issuers initially offered and sold outside the United States without registration with the SEC. Accordingly, the liquidity of the market for specific Regulation S securities may vary. Delay or difficulty in selling such securities may result in a loss to the Funds.

*Sampling Risk*. Certain Funds' use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*U.S. Government Obligations Risk*. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the "full faith and credit" of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| International Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

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Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are

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attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended October 31, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp;&nbsp; $56 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp; 2663 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 1386 |
| International Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 451 |

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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

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| | |
|:---|:---|
| **Fund** | **Licensor** |
| 0-5 Yr US TIPS ETF | ICE Data Indices, LLC |
| Emerging Markets Sovereign Debt ETF | Deutsche Bank Securities Inc. |
| Global ex-US High Yield Corporate Bond ETF | ICE Data Indices, LLC |
| International Corporate Bond ETF | S&P Dow Jones Indices LLC |

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Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| 0-5 Yr US TIPS ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp; $- | &nbsp;&nbsp; $76237862 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $76237862 |
| Money Market Funds | &nbsp;&nbsp; 274943 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 274943 |
| **Total Investments** | &nbsp;&nbsp; $274943 | &nbsp;&nbsp; $76237862 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $76512805 |

---

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**41**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Emerging Markets Sovereign Debt ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1273740812 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1273740812 |
| Money Market Funds | &nbsp;&nbsp; 3047458 | &nbsp;&nbsp; 80373960 | &nbsp;&nbsp; - | &nbsp;&nbsp; 83421418 |
| **Total Investments** | &nbsp;&nbsp; $3047458 | &nbsp;&nbsp; $1354114772 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1357162230 |
| Global ex-US High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $179325313 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $179325313 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; - | &nbsp;&nbsp; 234161 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 234207 |
| Preferred Stocks | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
| Money Market Funds | &nbsp;&nbsp; 1938406 | &nbsp;&nbsp; 13336974 | &nbsp;&nbsp; - | &nbsp;&nbsp; 15275380 |
| **Total Investments in Securities** | &nbsp;&nbsp; 1938406 | &nbsp;&nbsp; 192896448 | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 194838900 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp; - | &nbsp;&nbsp; 96581 | &nbsp;&nbsp; 4875 | &nbsp;&nbsp; 101456 |
| **Total Investments** | &nbsp;&nbsp; $1938406 | &nbsp;&nbsp; $192993029 | &nbsp;&nbsp; $8921 | &nbsp;&nbsp; $194940356 |
| International Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $230986345 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $230986345 |
| Money Market Funds | &nbsp;&nbsp; 717695 | &nbsp;&nbsp; 1883625 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2601320 |
| **Total Investments** | &nbsp;&nbsp; $717695 | &nbsp;&nbsp; $232869970 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $233587665 |

---

**NOTE 5—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $2022238 | &nbsp;&nbsp; $1578803 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 78889492 | &nbsp;&nbsp; 95756117 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 11825841 | &nbsp;&nbsp; 10312284 |
| International Corporate Bond ETF | &nbsp;&nbsp; 4979538 | &nbsp;&nbsp; 3800844 |

---

\* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $270069 | &nbsp;&nbsp; $199957 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1246958)<br>| &nbsp;&nbsp; $77128205 | &nbsp;&nbsp; $76351273 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (54782880)<br>| &nbsp;&nbsp; 10664 | &nbsp;&nbsp; (1039848839)<br>| &nbsp;&nbsp; 2389249357 | &nbsp;&nbsp; 1294628302 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 109135 | &nbsp;&nbsp; 340942 | &nbsp;&nbsp; 3303 | &nbsp;&nbsp; (42482519)<br>| &nbsp;&nbsp; 225544635 | &nbsp;&nbsp; 183515496 |
| International Corporate Bond ETF | &nbsp;&nbsp; 372917 | &nbsp;&nbsp; (259409)<br>| &nbsp;&nbsp; (33114)<br>| &nbsp;&nbsp; (10659627)<br>| &nbsp;&nbsp; 245751286 | &nbsp;&nbsp; 235172053 |

---

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $144010 | &nbsp;&nbsp; $1102948 | &nbsp;&nbsp; $1246958 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 301181775 | &nbsp;&nbsp; 738667064 | &nbsp;&nbsp; 1039848839 |

---

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**42**

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---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; $10007707 | &nbsp;&nbsp; $32474812 | &nbsp;&nbsp; $42482519 |
| International Corporate Bond ETF | &nbsp;&nbsp; 3008082 | &nbsp;&nbsp; 7651545 | &nbsp;&nbsp; 10659627 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 6—Investment Transactions**

For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 207191531 | &nbsp;&nbsp; 203972746 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 48446179 | &nbsp;&nbsp; 50298323 |
| International Corporate Bond ETF | &nbsp;&nbsp; 75855298 | &nbsp;&nbsp; 75815098 |

---

For the fiscal year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $21948034 | &nbsp;&nbsp; $7330705 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 98569193 | &nbsp;&nbsp; 233911400 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 49082983 | &nbsp;&nbsp; 9066192 |
| International Corporate Bond ETF | &nbsp;&nbsp; 107625965 | &nbsp;&nbsp; 8706656 |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $554656 | &nbsp;&nbsp; $(354699)<br>| &nbsp;&nbsp; $199957 | &nbsp;&nbsp; $76312848 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 57142250 | &nbsp;&nbsp; (111925130)<br>| &nbsp;&nbsp; (54782880)<br>| &nbsp;&nbsp; 1411945110 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 7302575 | &nbsp;&nbsp; (6961633)<br>| &nbsp;&nbsp; 340942 | &nbsp;&nbsp; 194599414 |
| International Corporate Bond ETF | &nbsp;&nbsp; 4667451 | &nbsp;&nbsp; (4926860)<br>| &nbsp;&nbsp; (259409)<br>| &nbsp;&nbsp; 233847074 |

---

**NOTE 7—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistribution of dividends, hybrid securities and foreign currency transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(14260)<br>| &nbsp;&nbsp; $14260 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 80638 | &nbsp;&nbsp; 15361303 | &nbsp;&nbsp; (15441941)<br>|
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 8126 | &nbsp;&nbsp; (304487)<br>| &nbsp;&nbsp; 296361 |
| International Corporate Bond ETF | &nbsp;&nbsp; 319628 | &nbsp;&nbsp; (485740)<br>| &nbsp;&nbsp; 166112 |

---

**NOTE 8—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with

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**43**

------

contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

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**44**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco 0-5 Yr US TIPS ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global ex-US High Yield Corporate Bond ETF and Invesco International Corporate Bond ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco 0-5 Yr US TIPS ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global ex-US High Yield Corporate Bond ETF and Invesco International Corporate Bond ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**45**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>| **Qualified** <br>**Interest** <br>**Income\***<br>|
| Invesco 0-5 Yr US TIPS ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 100<br> %<br>|
| Invesco Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp; 7<br> %<br>|
| Invesco International Corporate Bond ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

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**46**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

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**47**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-FI-NCSR

invesco.com/ETFs

------

![](imgc94813141.jpg)

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**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **EELV** | Invesco S&P Emerging Markets Low Volatility ETF |
| **EEMO** | Invesco S&P Emerging Markets Momentum ETF |
| **IDLV** | Invesco S&P International Developed Low Volatility ETF |
| **IDMO** | Invesco S&P International Developed Momentum ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco S&P Emerging Markets Low Volatility ETF (EELV)](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_SOI-Continued-528_1) | **3** |
| [Invesco S&P Emerging Markets Momentum ETF (EEMO)](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_SOI-Continued-528_5) | **7** |
| [Invesco S&P International Developed Low Volatility ETF (IDLV)](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_SOI-Continued-528_9) | **11** |
| [Invesco S&P International Developed Momentum ETF (IDMO)](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_SOI-Continued-528_13) | **15** |
| [Statements of Assets and Liabilities](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_FS-Continued-528_1) | **18** |
| [Statements of Operations](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_FS-Continued-528_2) | **19** |
| [Statements of Changes in Net Assets](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_FS-Continued-528_3) | **20** |
| [Financial Highlights](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_FIHI-Continued-528_1) | **22** |
| [Notes to Financial Statements](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_NTF-Continued-528_1) | **25** |
| [Report of Independent Registered Public Accounting Firm](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_AR-Continued-528_1) | **38** |
| [Tax Information](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_TI-Continued-528_1) | **39** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_296e26d1-5418-40c6-9fa6-54646cfc7480_OIRSR-Continued-528_1) | **40** |

---

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**2**

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**Invesco S&P Emerging Markets Low Volatility ETF (EELV)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** |
| **Brazil-10.88%** | **Brazil-10.88%** | **Brazil-10.88%** |
| Ambev S.A. | 786486 | &nbsp;&nbsp; $1856260 |
| Banco do Brasil S.A. | 395700 | &nbsp;&nbsp; 1609209 |
| Banco Santander Brasil S.A., Series CPO | 297600 | &nbsp;&nbsp; 1720892 |
| BB Seguridade Participacoes S.A. | 330700 | &nbsp;&nbsp; 2017306 |
| Caixa Seguridade Participacoes S.A. | 650301 | &nbsp;&nbsp; 1807750 |
| Centrais Eletricas Brasileiras S.A. | 209100 | &nbsp;&nbsp; 2163552 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 71900 | &nbsp;&nbsp; 1760132 |
| Cia Energetica de Minas Gerais, Preference <br> Shares<br>| 862800 | &nbsp;&nbsp; 1816876 |
| Cia Paranaense de Energia - Copel, Class B, <br> Preference Shares<br>| 818700 | &nbsp;&nbsp; 2116246 |
| CPFL Energia S.A. | 302100 | &nbsp;&nbsp; 2333707 |
| ENGIE Brasil Energia S.A. | 257600 | &nbsp;&nbsp; 1913410 |
| Equatorial Energia S.A. | 254900 | &nbsp;&nbsp; 1734786 |
| Itau Unibanco Holding S.A., Preference <br> Shares<br>| 276475 | &nbsp;&nbsp; 2024860 |
| Itausa S.A., Preference Shares | 922857 | &nbsp;&nbsp; 1996469 |
| Klabin S.A. | 578457 | &nbsp;&nbsp; 1937804 |
| Motiva Infraestrutura de Mobilidade S.A. | 580000 | &nbsp;&nbsp; 1710333 |
| Neoenergia S.A. | 321800 | &nbsp;&nbsp; 1743707 |
| Petroleo Brasileiro S.A., Preference Shares | 299900 | &nbsp;&nbsp; 1656783 |
| Porto Seguro S.A. | 193900 | &nbsp;&nbsp; 1730109 |
| Rede D'Or Sao Luiz S.A.<sup>(a)</sup> | 218100 | &nbsp;&nbsp; 1755282 |
| Suzano S.A. | 204800 | &nbsp;&nbsp; 1859312 |
| Telefonica Brasil S.A. | 283480 | &nbsp;&nbsp; 1686620 |
| TIM S.A. | 375600 | &nbsp;&nbsp; 1694163 |
| Vale S.A. | 149600 | &nbsp;&nbsp; 1812929 |
|  |  | &nbsp;&nbsp; 44458497 |
| **Chile-5.54%** | **Chile-5.54%** | **Chile-5.54%** |
| Banco de Chile | 16042016 | &nbsp;&nbsp; 2814360 |
| Banco de Credito e Inversiones S.A. | 43163 | &nbsp;&nbsp; 2216087 |
| Banco Santander Chile | 36584469 | &nbsp;&nbsp; 2644423 |
| Cencosud S.A. | 640967 | &nbsp;&nbsp; 1986152 |
| Empresas CMPC S.A. | 1193581 | &nbsp;&nbsp; 1724435 |
| Empresas COPEC S.A. | 237540 | &nbsp;&nbsp; 1697581 |
| Enel Americas S.A. | 20079146 | &nbsp;&nbsp; 1899086 |
| Enel Chile S.A. | 27286637 | &nbsp;&nbsp; 2083581 |
| Falabella S.A. | 299329 | &nbsp;&nbsp; 1885638 |
| LATAM Airlines Group S.A.<sup>(b)</sup> | 72348317 | &nbsp;&nbsp; 1644912 |
| Plaza S.A. | 729191 | &nbsp;&nbsp; 2052768 |
|  |  | &nbsp;&nbsp; 22649023 |
| **China-4.41%** | **China-4.41%** | **China-4.41%** |
| Bank of China Ltd., H Shares | 3074309 | &nbsp;&nbsp; 1740439 |
| Bank of Communications Co. Ltd., H Shares | 1987000 | &nbsp;&nbsp; 1764679 |
| Beijing Enterprises Holdings Ltd. | 363000 | &nbsp;&nbsp; 1592462 |
| China CITIC Bank Corp. Ltd., H Shares | 1607000 | &nbsp;&nbsp; 1532923 |
| China Construction Bank Corp., H Shares | 1537278 | &nbsp;&nbsp; 1521646 |
| China Petroleum & Chemical Corp., H Shares | 2888000 | &nbsp;&nbsp; 1535814 |
| China Power International Development <br> Ltd.<sup>(c)</sup><br>| 3880000 | &nbsp;&nbsp; 1672307 |
| China Zheshang Bank Co. Ltd., H Shares | 4540000 | &nbsp;&nbsp; 1478655 |
| Hengan International Group Co. Ltd. | 503000 | &nbsp;&nbsp; 1761277 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| Industrial & Commercial Bank of China Ltd., H <br> Shares<br>| 2195089 | &nbsp;&nbsp; $1700392 |
| Jiangsu Expressway Co. Ltd., H Shares | 1410000 | &nbsp;&nbsp; 1715735 |
|  |  | &nbsp;&nbsp; 18016329 |
| **Colombia-0.42%** | **Colombia-0.42%** | **Colombia-0.42%** |
| Grupo Cibest S.A., Preference Shares | 117311 | &nbsp;&nbsp; 1710773 |
| **Czech Republic-1.10%** | **Czech Republic-1.10%** | **Czech Republic-1.10%** |
| CEZ A.S. | 38288 | &nbsp;&nbsp; 2347430 |
| Komercni banka A.S. | 41672 | &nbsp;&nbsp; 2134254 |
|  |  | &nbsp;&nbsp; 4481684 |
| **Egypt-0.58%** | **Egypt-0.58%** | **Egypt-0.58%** |
| Commercial International Bank-Egypt (CIB) <br> S.A.E.<br>| 1064858 | &nbsp;&nbsp; 2377847 |
| **Greece-2.57%** | **Greece-2.57%** | **Greece-2.57%** |
| GEK TERNA S.A. | 77740 | &nbsp;&nbsp; 2077665 |
| Hellenic Telecommunications Organization <br> S.A.<br>| 95275 | &nbsp;&nbsp; 1791558 |
| JUMBO S.A. | 43793 | &nbsp;&nbsp; 1391540 |
| Motor Oil Hellas Corinth Refineries S.A. | 62517 | &nbsp;&nbsp; 1876002 |
| OPAP S.A. | 82769 | &nbsp;&nbsp; 1713487 |
| Public Power Corp. S.A. | 95071 | &nbsp;&nbsp; 1653335 |
|  |  | &nbsp;&nbsp; 10503587 |
| **Hungary-0.99%** | **Hungary-0.99%** | **Hungary-0.99%** |
| MOL Hungarian Oil & Gas PLC | 252347 | &nbsp;&nbsp; 2222692 |
| OTP Bank Nyrt. | 19208 | &nbsp;&nbsp; 1835855 |
|  |  | &nbsp;&nbsp; 4058547 |
| **India-2.19%** | **India-2.19%** | **India-2.19%** |
| Dr. Reddy's Laboratories Ltd., ADR<sup>(c)</sup> | 117117 | &nbsp;&nbsp; 1556485 |
| HDFC Bank Ltd., ADR<sup>(c)</sup> | 53952 | &nbsp;&nbsp; 1954141 |
| ICICI Bank Ltd., ADR | 64695 | &nbsp;&nbsp; 1960258 |
| Infosys Ltd., ADR<sup>(c)</sup> | 97240 | &nbsp;&nbsp; 1611267 |
| Reliance Industries Ltd., GDR<sup>(a)</sup> | 28155 | &nbsp;&nbsp; 1867464 |
|  |  | &nbsp;&nbsp; 8949615 |
| **Kuwait-4.83%** | **Kuwait-4.83%** | **Kuwait-4.83%** |
| Al Ahli Bank of Kuwait K.S.C.P. | 2171699 | &nbsp;&nbsp; 2035235 |
| Boubyan Bank K.S.C.P. | 1133396 | &nbsp;&nbsp; 2642989 |
| Burgan Bank SAK | 2149756 | &nbsp;&nbsp; 1656296 |
| Gulf Bank K.S.C.P. | 1799407 | &nbsp;&nbsp; 2054513 |
| Kuwait Finance House K.S.C.P. | 1403854 | &nbsp;&nbsp; 3673099 |
| Mabanee Co. K.P.S.C. | 790351 | &nbsp;&nbsp; 2593919 |
| Mobile Telecommunications Co. K.S.C.P. | 1629647 | &nbsp;&nbsp; 2814540 |
| National Bank of Kuwait S.A.K.P. | 656865 | &nbsp;&nbsp; 2248133 |
|  |  | &nbsp;&nbsp; 19718724 |
| **Malaysia-8.60%** | **Malaysia-8.60%** | **Malaysia-8.60%** |
| AMMB Holdings Bhd. | 1408000 | &nbsp;&nbsp; 1915193 |
| CIMB Group Holdings Bhd. | 1049000 | &nbsp;&nbsp; 1825578 |
| Genting Bhd. | 2405800 | &nbsp;&nbsp; 1940062 |
| Hong Leong Bank Bhd. | 588700 | &nbsp;&nbsp; 2888839 |
| IHH Healthcare Bhd. | 1627947 | &nbsp;&nbsp; 3205279 |
| Malayan Banking Bhd. | 1246092 | &nbsp;&nbsp; 2936769 |
| MISC Bhd. | 1152400 | &nbsp;&nbsp; 2143144 |
| Petronas Gas Bhd. | 579500 | &nbsp;&nbsp; 2558221 |
| Public Bank Bhd. | 2137200 | &nbsp;&nbsp; 2151557 |
| QL Resources Bhd. | 2703800 | &nbsp;&nbsp; 2678344 |

---

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

------

**3**

------

**Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Malaysia-(continued)** | **Malaysia-(continued)** | **Malaysia-(continued)** |
| RHB Bank Bhd. | 1622000 | &nbsp;&nbsp; $2622241 |
| SD Guthrie Bhd. | 1425400 | &nbsp;&nbsp; 1796768 |
| Telekom Malaysia Bhd. | 1497800 | &nbsp;&nbsp; 2610288 |
| Tenaga Nasional Bhd. | 665172 | &nbsp;&nbsp; 2107433 |
| Westports Holdings Bhd. | 1434200 | &nbsp;&nbsp; 1762045 |
|  |  | &nbsp;&nbsp; 35141761 |
| **Mexico-3.08%** | **Mexico-3.08%** | **Mexico-3.08%** |
| America Movil S.A.B. de C.V., Class B | 1878906 | &nbsp;&nbsp; 2146135 |
| Arca Continental S.A.B. de C.V.<sup>(c)</sup> | 167595 | &nbsp;&nbsp; 1625585 |
| Coca-Cola FEMSA S.A.B. de C.V., Series CPO | 210263 | &nbsp;&nbsp; 1811629 |
| Fomento Economico Mexicano, S.A.B. de <br> C.V., Series CPO<sup>(d)</sup><br>| 222623 | &nbsp;&nbsp; 2103167 |
| Gruma S.A.B. de C.V., Class B | 98255 | &nbsp;&nbsp; 1669882 |
| Grupo Comercial Chedraui S.A. de C.V.<sup>(c)</sup> | 203219 | &nbsp;&nbsp; 1475656 |
| Kimberly-Clark de Mexico S.A.B. de C.V., <br> Class A<sup>(c)</sup><br>| 908577 | &nbsp;&nbsp; 1761175 |
|  |  | &nbsp;&nbsp; 12593229 |
| **Peru-0.42%** | **Peru-0.42%** | **Peru-0.42%** |
| Credicorp Ltd. | 6627 | &nbsp;&nbsp; 1729647 |
| **Poland-0.42%** | **Poland-0.42%** | **Poland-0.42%** |
| Orange Polska S.A.<sup>(c)</sup> | 710644 | &nbsp;&nbsp; 1733322 |
| **Qatar-5.73%** | **Qatar-5.73%** | **Qatar-5.73%** |
| AlRayan Bank | 4587668 | &nbsp;&nbsp; 2949202 |
| Commercial Bank P.S.Q.C. (The) | 1634006 | &nbsp;&nbsp; 1859568 |
| Dukhan Bank | 2797332 | &nbsp;&nbsp; 2670325 |
| Industries Qatar Q.S.C. | 724788 | &nbsp;&nbsp; 2525305 |
| Mesaieed Petrochemical Holding Co. <br> Q.P.S.C.<br>| 6759863 | &nbsp;&nbsp; 2318193 |
| Ooredoo Q.P.S.C. | 532018 | &nbsp;&nbsp; 1978718 |
| Qatar Gas Transport Co. Ltd. | 1684302 | &nbsp;&nbsp; 2045020 |
| Qatar International Islamic Bank Q.S.C. | 750503 | &nbsp;&nbsp; 2297444 |
| Qatar Islamic Bank Q.P.S.C. | 318616 | &nbsp;&nbsp; 2148006 |
| Qatar National Bank Q.P.S.C. | 516317 | &nbsp;&nbsp; 2625983 |
|  |  | &nbsp;&nbsp; 23417764 |
| **Romania-0.67%** | **Romania-0.67%** | **Romania-0.67%** |
| NEPI Rockcastle N.V.<sup>(b)</sup> | 337663 | &nbsp;&nbsp; 2739151 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| X5 Retail Group N.V., GDR<sup>(a)(b)(e)</sup> | 51546 | &nbsp;&nbsp; 0 |
| **Saudi Arabia-13.83%** | **Saudi Arabia-13.83%** | **Saudi Arabia-13.83%** |
| Al Rajhi Bank | 88177 | &nbsp;&nbsp; 2492345 |
| Alinma Bank | 344931 | &nbsp;&nbsp; 2388444 |
| Almarai Co. JSC | 167015 | &nbsp;&nbsp; 2214408 |
| Arab National Bank | 308639 | &nbsp;&nbsp; 1996208 |
| Arabian Internet & Communications Services <br> Co.<br>| 25088 | &nbsp;&nbsp; 1685051 |
| Bank AlBilad | 245062 | &nbsp;&nbsp; 1936459 |
| Bank Al-Jazira<sup>(b)</sup> | 638840 | &nbsp;&nbsp; 2148543 |
| Banque Saudi Fransi | 472097 | &nbsp;&nbsp; 2246822 |
| Company for Cooperative Insurance (The) | 48948 | &nbsp;&nbsp; 1779574 |
| Dr. Sulaiman Al Habib Medical Services Group <br> Co., Class H<br>| 30953 | &nbsp;&nbsp; 2249007 |
| Etihad Etisalat Co. | 99487 | &nbsp;&nbsp; 1794964 |
| Jarir Marketing Co. | 907184 | &nbsp;&nbsp; 3435985 |
| Nahdi Medical Co. | 71096 | &nbsp;&nbsp; 2201003 |
| Riyad Bank | 258467 | &nbsp;&nbsp; 1876888 |
| SABIC Agri-Nutrients Co. | 67484 | &nbsp;&nbsp; 2203440 |
| Sahara International Petrochemical Co. | 354234 | &nbsp;&nbsp; 1785378 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Saudi Arabia-(continued)** | **Saudi Arabia-(continued)** | **Saudi Arabia-(continued)** |
| Saudi Arabian Oil Co.<sup>(a)</sup> | 525981 | &nbsp;&nbsp; $3634408 |
| Saudi Aramco Base Oil Co. | 78873 | &nbsp;&nbsp; 2026913 |
| Saudi Awwal Bank | 209779 | &nbsp;&nbsp; 1810146 |
| Saudi Basic Industries Corp. | 146649 | &nbsp;&nbsp; 2387044 |
| Saudi Electricity Co. | 640941 | &nbsp;&nbsp; 2736273 |
| Saudi National Bank (The) | 215729 | &nbsp;&nbsp; 2295569 |
| Saudi Tadawul Group Holding Co. | 37892 | &nbsp;&nbsp; 2012221 |
| Saudi Telecom Co. | 249665 | &nbsp;&nbsp; 3007741 |
| Yanbu National Petrochemical Co., Class A | 235808 | &nbsp;&nbsp; 2168348 |
|  |  | &nbsp;&nbsp; 56513182 |
| **South Africa-7.43%** | **South Africa-7.43%** | **South Africa-7.43%** |
| Absa Group Ltd. | 164635 | &nbsp;&nbsp; 1840143 |
| Bid Corp. Ltd. | 85598 | &nbsp;&nbsp; 2119520 |
| Bidvest Group Ltd. (The) | 134485 | &nbsp;&nbsp; 1749932 |
| Capitec Bank Holdings Ltd. | 9085 | &nbsp;&nbsp; 2010614 |
| Clicks Group Ltd. | 101433 | &nbsp;&nbsp; 2139330 |
| Discovery Ltd. | 149909 | &nbsp;&nbsp; 1883967 |
| FirstRand Ltd. | 399432 | &nbsp;&nbsp; 1896210 |
| Growthpoint Properties Ltd. | 2532180 | &nbsp;&nbsp; 2381529 |
| OUTsurance Group Ltd. | 450403 | &nbsp;&nbsp; 1895974 |
| Pepkor Holdings Ltd.<sup>(a)</sup> | 1102899 | &nbsp;&nbsp; 1682098 |
| Remgro Ltd.<sup>(c)</sup> | 177977 | &nbsp;&nbsp; 1765744 |
| Sanlam Ltd. | 372668 | &nbsp;&nbsp; 1956173 |
| Shoprite Holdings Ltd. | 114207 | &nbsp;&nbsp; 1910853 |
| Standard Bank Group Ltd. | 122240 | &nbsp;&nbsp; 1798040 |
| Vodacom Group Ltd. | 217157 | &nbsp;&nbsp; 1758449 |
| Woolworths Holdings Ltd.<sup>(c)</sup> | 528175 | &nbsp;&nbsp; 1595211 |
|  |  | &nbsp;&nbsp; 30383787 |
| **South Korea-1.62%** | **South Korea-1.62%** | **South Korea-1.62%** |
| Industrial Bank of Korea<sup>(c)</sup> | 127111 | &nbsp;&nbsp; 1722605 |
| LG Uplus Corp. | 191445 | &nbsp;&nbsp; 2046471 |
| Orion Corp. | 20523 | &nbsp;&nbsp; 1429119 |
| Samsung Card Co. Ltd. | 40546 | &nbsp;&nbsp; 1408599 |
|  |  | &nbsp;&nbsp; 6606794 |
| **Taiwan-12.06%** | **Taiwan-12.06%** | **Taiwan-12.06%** |
| Asia Cement Corp. | 1632872 | &nbsp;&nbsp; 1924579 |
| Chang Hwa Commercial Bank Ltd. | 4071014 | &nbsp;&nbsp; 2618211 |
| Chunghwa Telecom Co. Ltd. | 804137 | &nbsp;&nbsp; 3426393 |
| CTBC Financial Holding Co. Ltd. | 1234000 | &nbsp;&nbsp; 1675874 |
| E.Sun Financial Holding Co. Ltd. | 1874292 | &nbsp;&nbsp; 1810465 |
| Far Eastern New Century Corp. | 1710000 | &nbsp;&nbsp; 1471525 |
| Far EasTone Telecommunications Co. Ltd.<sup>(b)</sup> | 704810 | &nbsp;&nbsp; 2116650 |
| First Financial Holding Co. Ltd. | 2066970 | &nbsp;&nbsp; 1917240 |
| Fubon Financial Holding Co. Ltd. | 548375 | &nbsp;&nbsp; 1622953 |
| Hotai Motor Co. Ltd. | 81000 | &nbsp;&nbsp; 1485008 |
| Hua Nan Financial Holdings Co. Ltd. | 2105417 | &nbsp;&nbsp; 1997572 |
| Mega Financial Holding Co. Ltd. | 1560012 | &nbsp;&nbsp; 2050940 |
| President Chain Store Corp. | 273000 | &nbsp;&nbsp; 2114107 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| 1289902 | &nbsp;&nbsp; 1660500 |
| SinoPac Financial Holdings Co. Ltd. | 2071260 | &nbsp;&nbsp; 1724103 |
| Starlux Airlines Co. Ltd.<sup>(b)</sup> | 2095000 | &nbsp;&nbsp; 1633801 |
| Taichung Commercial Bank Co. Ltd. | 2693916 | &nbsp;&nbsp; 1872808 |
| Taichung Commercial Bank Co. Ltd., Rts., <br> expiring 12/08/2025<br>| 34119 | &nbsp;&nbsp; 2775 |
| Taiwan Business Bank | 3892340 | &nbsp;&nbsp; 1938804 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| 2994642 | &nbsp;&nbsp; 2314398 |

---

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

------

**4**

------

**Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-(continued)** | **Taiwan-(continued)** | **Taiwan-(continued)** |
| Taiwan High Speed Rail Corp. | 3021000 | &nbsp;&nbsp; $2685174 |
| Taiwan Mobile Co. Ltd. | 681800 | &nbsp;&nbsp; 2426428 |
| TCC Group Holdings Co. Ltd. | 2372900 | &nbsp;&nbsp; 1702498 |
| TS Financial Holding Co. Ltd. | 2777277 | &nbsp;&nbsp; 1687212 |
| Uni-President Enterprises Corp. | 716181 | &nbsp;&nbsp; 1829786 |
| Yuanta Financial Holding Co. Ltd. | 1412000 | &nbsp;&nbsp; 1580939 |
|  |  | &nbsp;&nbsp; 49290743 |
| **Thailand-5.84%** | **Thailand-5.84%** | **Thailand-5.84%** |
| Advanced Info Service PCL, NVDR | 174270 | &nbsp;&nbsp; 1627881 |
| Bangkok Bank PCL, NVDR | 432437 | &nbsp;&nbsp; 2119051 |
| Bangkok Dusit Medical Services PCL, NVDR | 2528126 | &nbsp;&nbsp; 1475286 |
| Kasikornbank PCL, NVDR | 382597 | &nbsp;&nbsp; 2205325 |
| Krung Thai Bank PCL, NVDR | 2000900 | &nbsp;&nbsp; 1684782 |
| PTT PCL, NVDR | 1959103 | &nbsp;&nbsp; 1863122 |
| SCB X PCL, NVDR | 532466 | &nbsp;&nbsp; 2156489 |
| Thai Beverage PCL | 5622265 | &nbsp;&nbsp; 2072313 |
| Thanachart Capital PCL, NVDR | 1305500 | &nbsp;&nbsp; 2059289 |
| Tisco Financial Group PCL, NVDR | 1358278 | &nbsp;&nbsp; 4514876 |
| TMBThanachart Bank PCL, NVDR | 36529298 | &nbsp;&nbsp; 2090486 |
|  |  | &nbsp;&nbsp; 23868900 |
| **United Arab Emirates-6.41%** | **United Arab Emirates-6.41%** | **United Arab Emirates-6.41%** |
| Abu Dhabi Islamic Bank PJSC | 292954 | &nbsp;&nbsp; 1683352 |
| Abu Dhabi National Oil Co. for Distribution <br> PJSC<br>| 2465165 | &nbsp;&nbsp; 2409258 |
| Abu Dhabi Ports Co. PJSC<sup>(b)</sup> | 1490062 | &nbsp;&nbsp; 1860333 |
| ADNOC Drilling Co. PJSC, Class C | 1128472 | &nbsp;&nbsp; 1714430 |
| ADNOC Gas PLC | 2250230 | &nbsp;&nbsp; 2138035 |
| ADNOC Logistics & Services | 1130629 | &nbsp;&nbsp; 1766122 |
| Borouge PLC | 3687355 | &nbsp;&nbsp; 2521028 |
| Dubai Electricity and Water Authority PJSC | 2975069 | &nbsp;&nbsp; 2250840 |
| Dubai Islamic Bank PJSC | 840860 | &nbsp;&nbsp; 2175150 |
| Emirates Telecommunications Group Co. <br> PJSC<br>| 476212 | &nbsp;&nbsp; 2514296 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Arab Emirates-(continued)** | **United Arab Emirates-(continued)** | **United Arab Emirates-(continued)** |
| Fertiglobe PLC | 2667408 | &nbsp;&nbsp; $1815382 |
| First Abu Dhabi Bank PJSC | 383690 | &nbsp;&nbsp; 1821380 |
| Pure Health LLC | 1968337 | &nbsp;&nbsp; 1506384 |
|  |  | &nbsp;&nbsp; 26175990 |
| Total Common Stocks & Other Equity Interests <br>(Cost $353,243,032) | Total Common Stocks & Other Equity Interests <br>(Cost $353,243,032) | &nbsp;&nbsp; 407118896 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(f)(g)</sup> <br>(Cost $246,488)<br>| 246488 | &nbsp;&nbsp; 246488 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.68% <br>(Cost $353,489,520) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.68% <br>(Cost $353,489,520) | &nbsp;&nbsp; 407365384 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-1.70%** | **Money Market Funds-1.70%** | **Money Market Funds-1.70%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(f)(g)(h)</sup><br>| 1599725 | &nbsp;&nbsp; 1599725 |
| Invesco Private Prime Fund, 4.30%<sup>(f)(g)(h)</sup> | 5345068 | &nbsp;&nbsp; 5346672 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,946,661) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,946,661) | &nbsp;&nbsp; 6946397 |
| TOTAL INVESTMENTS IN SECURITIES-101.38% <br>(Cost $360,436,181) | TOTAL INVESTMENTS IN SECURITIES-101.38% <br>(Cost $360,436,181) | &nbsp;&nbsp; 414311781 |
| OTHER ASSETS LESS LIABILITIES-(1.38)% | OTHER ASSETS LESS LIABILITIES-(1.38)% | &nbsp;&nbsp; (5627856)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $408683925 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| CPO-Certificates of Ordinary Participation |
| GDR-Global Depositary Receipt |
| NVDR-Non-Voting Depositary Receipt |
| Rts.-Rights |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $8,939,252, which represented 2.19% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
| <sup>(e)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

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

------

**5**

------

**Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $30856 | &nbsp;&nbsp; $37909231 | &nbsp;&nbsp; $(37693599)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $246488 | &nbsp;&nbsp; $12315 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 4053634 | &nbsp;&nbsp; 39743299 | &nbsp;&nbsp; (42197208)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1599725 | &nbsp;&nbsp; 140,999<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 5364341 | &nbsp;&nbsp; 73609896 | &nbsp;&nbsp; (73626829)<br>| &nbsp;&nbsp; (168)<br>| &nbsp;&nbsp; (568)<br>| &nbsp;&nbsp; 5346672 | &nbsp;&nbsp; 379,314<br> \*<br>|
| Total | &nbsp;&nbsp; $9448831 | &nbsp;&nbsp; $151262426 | &nbsp;&nbsp; $(153517636)<br>| &nbsp;&nbsp; $(168)<br>| &nbsp;&nbsp; $(568)<br>| &nbsp;&nbsp; $7192885 | &nbsp;&nbsp; $532628 |

---

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

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

<sup>(h)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>|
| **Equity Risk** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 19 | December-2025 | &nbsp;&nbsp; $1337220 | &nbsp;&nbsp; $67786 | &nbsp;&nbsp; $67786 |

---

<sup>(a)</sup> Futures contracts collateralized by $551,953 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

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

------

**6**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.61%** | **Common Stocks & Other Equity Interests-99.61%** | **Common Stocks & Other Equity Interests-99.61%** |
| **Brazil-1.02%** | **Brazil-1.02%** | **Brazil-1.02%** |
| Cia Paranaense de Energia | 3800 | &nbsp;&nbsp; $9251 |
| Embraer S.A. | 3915 | &nbsp;&nbsp; 63242 |
| Neoenergia S.A. | 1000 | &nbsp;&nbsp; 5419 |
| Porto Seguro S.A. | 1718 | &nbsp;&nbsp; 15329 |
| Telefonica Brasil S.A. | 3400 | &nbsp;&nbsp; 20229 |
| TOTVS S.A. | 2800 | &nbsp;&nbsp; 23070 |
|  |  | &nbsp;&nbsp; 136540 |
| **Chile-1.59%** | **Chile-1.59%** | **Chile-1.59%** |
| Banco de Chile | 239830 | &nbsp;&nbsp; 42075 |
| Banco de Credito e Inversiones S.A. | 463 | &nbsp;&nbsp; 23772 |
| Banco Santander Chile | 290560 | &nbsp;&nbsp; 21002 |
| Cencosud S.A. | 9835 | &nbsp;&nbsp; 30476 |
| Falabella S.A. | 5613 | &nbsp;&nbsp; 35359 |
| LATAM Airlines Group S.A.<sup>(a)</sup> | 2121256 | &nbsp;&nbsp; 48229 |
| Plaza S.A. | 4114 | &nbsp;&nbsp; 11581 |
|  |  | &nbsp;&nbsp; 212494 |
| **China-48.73%** | **China-48.73%** | **China-48.73%** |
| 3SBio, Inc.<sup>(a)(b)</sup> | 17562 | &nbsp;&nbsp; 69858 |
| Agricultural Bank of China Ltd., H Shares | 178763 | &nbsp;&nbsp; 136345 |
| Akeso, Inc.<sup>(a)(b)</sup> | 5976 | &nbsp;&nbsp; 86998 |
| Asymchem Laboratories (Tianjin) Co., Ltd., H <br> Shares<sup>(b)</sup><br>| 88 | &nbsp;&nbsp; 947 |
| Atour Lifestyle Holdings Ltd., ADR | 553 | &nbsp;&nbsp; 21545 |
| Bank of China Ltd., H Shares | 414456 | &nbsp;&nbsp; 234633 |
| Bank of Communications Co. Ltd., H Shares | 91999 | &nbsp;&nbsp; 81705 |
| Bank of Zhengzhou Co. Ltd., H Shares<sup>(b)</sup> | 8876 | &nbsp;&nbsp; 1462 |
| BYD Co. Ltd., H Shares | 13986 | &nbsp;&nbsp; 180661 |
| Central China Securities Co. Ltd., H Shares<sup>(b)</sup> | 4376 | &nbsp;&nbsp; 1451 |
| China CITIC Bank Corp. Ltd., H Shares | 61081 | &nbsp;&nbsp; 58265 |
| China CITIC Financial Asset Management Co. <br> Ltd., H Shares<sup>(a)(b)(c)</sup><br>| 121626 | &nbsp;&nbsp; 16120 |
| China Construction Bank Corp., H Shares | 621489 | &nbsp;&nbsp; 615169 |
| China Everbright Bank Co. Ltd., H Shares | 19000 | &nbsp;&nbsp; 7793 |
| China Galaxy Securities Co. Ltd., H Shares | 23712 | &nbsp;&nbsp; 34105 |
| China Hongqiao Group Ltd. | 21053 | &nbsp;&nbsp; 79917 |
| China International Capital Corp. Ltd., H <br> Shares<sup>(b)</sup><br>| 7400 | &nbsp;&nbsp; 20128 |
| China Life Insurance Co. Ltd., H Shares | 47605 | &nbsp;&nbsp; 150090 |
| China Medical System Holdings Ltd. | 8876 | &nbsp;&nbsp; 15304 |
| China Merchants Bank Co. Ltd., H Shares | 15890 | &nbsp;&nbsp; 99586 |
| China Merchants Port Holdings Co. Ltd. | 4421 | &nbsp;&nbsp; 8561 |
| China Merchants Securities Co. Ltd., H <br> Shares<sup>(b)(c)</sup><br>| 4019 | &nbsp;&nbsp; 8067 |
| China Minsheng Banking Corp. Ltd., H Shares | 50720 | &nbsp;&nbsp; 25979 |
| China National Building Material Co. Ltd., H <br> Shares<br>| 19500 | &nbsp;&nbsp; 13816 |
| China Pacific Insurance (Group) Co. Ltd., H <br> Shares<br>| 9732 | &nbsp;&nbsp; 39446 |
| China Reinsurance Group Corp., H Shares | 46750 | &nbsp;&nbsp; 9492 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | 2826 | &nbsp;&nbsp; 14783 |
| China Taiping Insurance Holdings Co. Ltd. | 8468 | &nbsp;&nbsp; 19258 |
| China Zheshang Bank Co. Ltd., H Shares | 14126 | &nbsp;&nbsp; 4601 |
| Chongqing Rural Commercial Bank Co. Ltd., H <br> Shares<br>| 12522 | &nbsp;&nbsp; 10296 |
| CITIC Ltd. | 45000 | &nbsp;&nbsp; 69539 |
| CITIC Securities Co. Ltd., H Shares | 7062 | &nbsp;&nbsp; 26880 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| CSC Financial Co. Ltd., H Shares<sup>(b)</sup> | 4000 | &nbsp;&nbsp; $6784 |
| CSPC Pharmaceutical Group Ltd. | 35250 | &nbsp;&nbsp; 34714 |
| Everbright Securities Co. Ltd., H Shares<sup>(b)(c)</sup> | 1226 | &nbsp;&nbsp; 1539 |
| Far East Horizon Ltd. | 11500 | &nbsp;&nbsp; 10321 |
| Fuyao Glass Industry Group Co. Ltd., H <br> Shares<sup>(b)</sup><br>| 2127 | &nbsp;&nbsp; 18938 |
| GDS Holdings Ltd., A Shares<sup>(a)</sup> | 7467 | &nbsp;&nbsp; 33262 |
| Geely Automobile Holdings Ltd. | 32525 | &nbsp;&nbsp; 77143 |
| GF Securities Co. Ltd., H Shares | 6350 | &nbsp;&nbsp; 15327 |
| Goldwind Science & Technology Co. Ltd., H <br> Shares<br>| 3242 | &nbsp;&nbsp; 5502 |
| Guangdong Investment Ltd. | 17750 | &nbsp;&nbsp; 16859 |
| Guotai Haitong Securities Co. Ltd., H Shares<sup>(b)</sup> | 18740 | &nbsp;&nbsp; 35901 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | 7000 | &nbsp;&nbsp; 32128 |
| Huatai Securities Co. Ltd., H Shares<sup>(b)(c)</sup> | 8650 | &nbsp;&nbsp; 21742 |
| Industrial & Commercial Bank of China Ltd., H <br> Shares<br>| 446460 | &nbsp;&nbsp; 345843 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 9876 | &nbsp;&nbsp; 110762 |
| JD Health International, Inc.<sup>(a)(b)</sup> | 6662 | &nbsp;&nbsp; 51992 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 8344 | &nbsp;&nbsp; 13600 |
| Jiangsu Expressway Co. Ltd., H Shares | 5250 | &nbsp;&nbsp; 6388 |
| JL Mag Rare-Earth Co. Ltd., H Shares<sup>(b)</sup> | 1050 | &nbsp;&nbsp; 3096 |
| JOYY, Inc., ADR | 120 | &nbsp;&nbsp; 7117 |
| Kingboard Holdings Ltd. | 3062 | &nbsp;&nbsp; 10968 |
| Kingdee International Software Group Co. <br> Ltd.<sup>(a)</sup><br>| 19376 | &nbsp;&nbsp; 36548 |
| Kingsoft Corp. Ltd. | 3890 | &nbsp;&nbsp; 16953 |
| Laopu Gold Co. Ltd.<sup>(c)</sup> | 418 | &nbsp;&nbsp; 36787 |
| Livzon Pharmaceutical Group, Inc., H Shares | 612 | &nbsp;&nbsp; 2461 |
| Maanshan Iron & Steel Co. Ltd., H Shares<sup>(a)</sup> | 7000 | &nbsp;&nbsp; 2297 |
| Minth Group Ltd. | 3500 | &nbsp;&nbsp; 15527 |
| NetEase Cloud Music, Inc.<sup>(a)(b)</sup> | 750 | &nbsp;&nbsp; 23283 |
| New China Life Insurance Co. Ltd., H Shares | 9469 | &nbsp;&nbsp; 59828 |
| Orient Securities Co. Ltd., H Shares<sup>(b)</sup> | 4250 | &nbsp;&nbsp; 3959 |
| People's Insurance Co. (Group) of China Ltd. <br> (The), H Shares<br>| 71394 | &nbsp;&nbsp; 64106 |
| Pharmaron Beijing Co. Ltd., H Shares<sup>(b)(c)</sup> | 1412 | &nbsp;&nbsp; 4714 |
| PICC Property & Casualty Co. Ltd., H Shares | 37000 | &nbsp;&nbsp; 87395 |
| Ping An Insurance (Group) Co. of China Ltd., H <br> Shares<br>| 31312 | &nbsp;&nbsp; 226160 |
| Pop Mart International Group Ltd.<sup>(b)(c)</sup> | 6446 | &nbsp;&nbsp; 183318 |
| Postal Savings Bank of China Co. Ltd., H <br> Shares<sup>(b)</sup><br>| 43250 | &nbsp;&nbsp; 30468 |
| Qifu Technology, Inc., ADR<sup>(c)</sup> | 483 | &nbsp;&nbsp; 11664 |
| Remegen Co. Ltd., B Shares<sup>(a)(b)(c)</sup> | 1312 | &nbsp;&nbsp; 15182 |
| Sany Heavy Equipment International Holdings <br> Co. Ltd.<br>| 4376 | &nbsp;&nbsp; 4130 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., H Shares<br>| 12350 | &nbsp;&nbsp; 8643 |
| Shanghai Electric Group Co. Ltd., H Shares<sup>(a)</sup> | 10500 | &nbsp;&nbsp; 6121 |
| Shanghai Fudan Microelectronics Group Co. <br> Ltd., H Shares<br>| 1750 | &nbsp;&nbsp; 9517 |
| Shanghai Junshi Biosciences Co. Ltd.<sup>(a)(b)(c)</sup> | 876 | &nbsp;&nbsp; 2990 |
| Shenwan Hongyuan Group Co. Ltd., H Shares<sup>(b)</sup> | 8500 | &nbsp;&nbsp; 3739 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. <br> Ltd.<sup>(a)</sup><br>| 250 | &nbsp;&nbsp; 14368 |
| Simcere Pharmaceutical Group Ltd.<sup>(b)</sup> | 5250 | &nbsp;&nbsp; 8360 |
| Sino Biopharmaceutical Ltd. | 96126 | &nbsp;&nbsp; 87546 |

---

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

------

**7**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| SITC International Holdings Co. Ltd. | 5383 | &nbsp;&nbsp; $19857 |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | 10947 | &nbsp;&nbsp; 18432 |
| Tencent Holdings Ltd. | 15508 | &nbsp;&nbsp; 1259413 |
| Uni-President China Holdings Ltd. | 5819 | &nbsp;&nbsp; 6299 |
| WEILONG Delicious Global Holdings Ltd. | 2650 | &nbsp;&nbsp; 4064 |
| WuXi AppTec Co. Ltd., H Shares<sup>(b)</sup> | 3888 | &nbsp;&nbsp; 54316 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(b)</sup> | 24688 | &nbsp;&nbsp; 115123 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> | 1312 | &nbsp;&nbsp; 12672 |
| Xiaomi Corp., B Shares<sup>(a)(b)</sup> | 167507 | &nbsp;&nbsp; 929117 |
| XPeng, Inc.<sup>(a)</sup> | 7588 | &nbsp;&nbsp; 88383 |
| Zhejiang Expressway Co. Ltd., H Shares | 7000 | &nbsp;&nbsp; 6832 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | 2826 | &nbsp;&nbsp; 21164 |
| ZMJ Group Co. Ltd., H Shares | 1226 | &nbsp;&nbsp; 3384 |
|  |  | &nbsp;&nbsp; 6527846 |
| **Colombia-0.31%** | **Colombia-0.31%** | **Colombia-0.31%** |
| Grupo Cibest S.A., Preference Shares | 2807 | &nbsp;&nbsp; 40935 |
| **Czech Republic-0.65%** | **Czech Republic-0.65%** | **Czech Republic-0.65%** |
| CEZ A.S. | 1081 | &nbsp;&nbsp; 66276 |
| Komercni banka A.S. | 396 | &nbsp;&nbsp; 20281 |
|  |  | &nbsp;&nbsp; 86557 |
| **Greece-1.88%** | **Greece-1.88%** | **Greece-1.88%** |
| Alpha Bank S.A. | 14337 | &nbsp;&nbsp; 56280 |
| Eurobank Ergasias Services and Holdings S.A. | 13944 | &nbsp;&nbsp; 52522 |
| GEK TERNA S.A. | 276 | &nbsp;&nbsp; 7376 |
| National Bank of Greece S.A. | 4458 | &nbsp;&nbsp; 65614 |
| OPAP S.A. | 750 | &nbsp;&nbsp; 15527 |
| Piraeus Financial Holdings S.A.<sup>(a)</sup> | 6949 | &nbsp;&nbsp; 54346 |
|  |  | &nbsp;&nbsp; 251665 |
| **Hong Kong-0.74%** | **Hong Kong-0.74%** | **Hong Kong-0.74%** |
| Grand Pharmaceutical Group Ltd.<sup>(c)</sup> | 6188 | &nbsp;&nbsp; 6586 |
| J&T Global Express Ltd.<sup>(a)</sup> | 26476 | &nbsp;&nbsp; 33965 |
| United Laboratories International Holdings Ltd. <br> (The)<sup>(c)</sup><br>| 4214 | &nbsp;&nbsp; 6821 |
| WH Group Ltd. | 54234 | &nbsp;&nbsp; 52158 |
|  |  | &nbsp;&nbsp; 99530 |
| **Hungary-1.12%** | **Hungary-1.12%** | **Hungary-1.12%** |
| OTP Bank Nyrt. | 1571 | &nbsp;&nbsp; 150152 |
| **India-8.41%** | **India-8.41%** | **India-8.41%** |
| Bharti Airtel Ltd. | 12444 | &nbsp;&nbsp; 288156 |
| Bharti Hexacom Ltd. | 351 | &nbsp;&nbsp; 7346 |
| Coromandel International Ltd. | 700 | &nbsp;&nbsp; 16739 |
| Divi's Laboratories Ltd. | 537 | &nbsp;&nbsp; 40768 |
| Fortis Healthcare Ltd. | 3119 | &nbsp;&nbsp; 35923 |
| GE Vernova T&D India Ltd. | 625 | &nbsp;&nbsp; 21370 |
| Glenmark Pharmaceuticals Ltd. | 685 | &nbsp;&nbsp; 14581 |
| HDFC Bank Ltd. | 50974 | &nbsp;&nbsp; 566772 |
| Hitachi Energy India Ltd. | 56 | &nbsp;&nbsp; 11205 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | 705 | &nbsp;&nbsp; 44668 |
| J.K. Cement Ltd. | 194 | &nbsp;&nbsp; 13573 |
| Lloyds Metals and Energy Ltd. | 841 | &nbsp;&nbsp; 12357 |
| Muthoot Finance Ltd. | 505 | &nbsp;&nbsp; 18094 |
| One 97 Communications Ltd.<sup>(a)</sup> | 2430 | &nbsp;&nbsp; 35631 |
|  |  | &nbsp;&nbsp; 1127183 |
| **Indonesia-0.49%** | **Indonesia-0.49%** | **Indonesia-0.49%** |
| PT Aneka Tambang Tbk | 56786 | &nbsp;&nbsp; 10563 |
| PT Barito Pacific Tbk<sup>(a)</sup> | 172969 | &nbsp;&nbsp; 35847 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Indonesia-(continued)** | **Indonesia-(continued)** | **Indonesia-(continued)** |
| PT Indofood Sukses Makmur Tbk | 19750 | &nbsp;&nbsp; $8789 |
| PT Pantai Indah Kapuk Dua Tbk | 11850 | &nbsp;&nbsp; 10031 |
|  |  | &nbsp;&nbsp; 65230 |
| **Kuwait-2.64%** | **Kuwait-2.64%** | **Kuwait-2.64%** |
| Boubyan Bank K.S.C.P. | 8608 | &nbsp;&nbsp; 20073 |
| Burgan Bank SAK | 6521 | &nbsp;&nbsp; 5024 |
| Kuwait Finance House K.S.C.P. | 62457 | &nbsp;&nbsp; 163415 |
| Mobile Telecommunications Co. K.S.C.P. | 12840 | &nbsp;&nbsp; 22176 |
| National Bank of Kuwait S.A.K.P. | 41906 | &nbsp;&nbsp; 143424 |
|  |  | &nbsp;&nbsp; 354112 |
| **Malaysia-0.05%** | **Malaysia-0.05%** | **Malaysia-0.05%** |
| KPJ Healthcare Bhd. | 10781 | &nbsp;&nbsp; 7298 |
| **Mexico-0.63%** | **Mexico-0.63%** | **Mexico-0.63%** |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., <br> Class B<br>| 2149 | &nbsp;&nbsp; 44861 |
| Industrias Penoles S.A.B. de C.V.<sup>(a)</sup> | 939 | &nbsp;&nbsp; 38928 |
|  |  | &nbsp;&nbsp; 83789 |
| **Peru-0.77%** | **Peru-0.77%** | **Peru-0.77%** |
| Credicorp Ltd. | 396 | &nbsp;&nbsp; 103356 |
| **Poland-1.80%** | **Poland-1.80%** | **Poland-1.80%** |
| Bank Millennium S.A.<sup>(a)</sup> | 2861 | &nbsp;&nbsp; 11985 |
| CD Projekt S.A. | 342 | &nbsp;&nbsp; 23517 |
| ORLEN S.A. | 2716 | &nbsp;&nbsp; 73674 |
| PGE Polska Grupa Energetyczna S.A.<sup>(a)</sup> | 4352 | &nbsp;&nbsp; 13207 |
| Powszechna Kasa Oszczednosci Bank Polski <br> S.A.<br>| 3715 | &nbsp;&nbsp; 76232 |
| Powszechny Zaklad Ubezpieczen S.A. | 2644 | &nbsp;&nbsp; 42310 |
|  |  | &nbsp;&nbsp; 240925 |
| **Qatar-1.43%** | **Qatar-1.43%** | **Qatar-1.43%** |
| Ooredoo Q.P.S.C. | 3959 | &nbsp;&nbsp; 14725 |
| Qatar Islamic Bank Q.P.S.C. | 8480 | &nbsp;&nbsp; 57169 |
| Qatar National Bank Q.P.S.C. | 23652 | &nbsp;&nbsp; 120294 |
|  |  | &nbsp;&nbsp; 192188 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Alrosa PJSC<sup>(d)</sup> | 11439 | &nbsp;&nbsp; 0 |
| Gazprom PJSC<sup>(a)(d)</sup> | 43562 | &nbsp;&nbsp; 0 |
| Severstal PAO<sup>(a)(d)</sup> | 1045 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Saudi Arabia-0.10%** | **Saudi Arabia-0.10%** | **Saudi Arabia-0.10%** |
| Saudi Industrial Investment Group<sup>(a)</sup> | 3206 | &nbsp;&nbsp; 13885 |
| **South Africa-5.48%** | **South Africa-5.48%** | **South Africa-5.48%** |
| Capitec Bank Holdings Ltd. | 346 | &nbsp;&nbsp; 76574 |
| Discovery Ltd. | 3951 | &nbsp;&nbsp; 49654 |
| Impala Platinum Holdings Ltd. | 4029 | &nbsp;&nbsp; 43191 |
| MTN Group Ltd. | 13725 | &nbsp;&nbsp; 137159 |
| Naspers Ltd. | 4527 | &nbsp;&nbsp; 318050 |
| OUTsurance Group Ltd. | 6655 | &nbsp;&nbsp; 28014 |
| Pepkor Holdings Ltd.<sup>(b)</sup> | 15541 | &nbsp;&nbsp; 23703 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | 12305 | &nbsp;&nbsp; 32663 |
| Vodacom Group Ltd. | 3071 | &nbsp;&nbsp; 24868 |
|  |  | &nbsp;&nbsp; 733876 |
| **South Korea-11.33%** | **South Korea-11.33%** | **South Korea-11.33%** |
| Coway Co. Ltd., (Acquired 09/19/2025 - <br> 10/23/2025; Cost $22,048)<sup>(e)</sup><br>| 294 | &nbsp;&nbsp; 18384 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | 4362 | &nbsp;&nbsp; 269969 |

---

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

------

**8**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Hanwha Aerospace Co. Ltd. | 284 | &nbsp;&nbsp; $194803 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | 1281 | &nbsp;&nbsp; 123477 |
| Hanwha Systems Co. Ltd. | 575 | &nbsp;&nbsp; 24140 |
| HD Hyundai Co. Ltd. | 243 | &nbsp;&nbsp; 34903 |
| HD Hyundai Heavy Industries Co. Ltd. | 150 | &nbsp;&nbsp; 63168 |
| HD Hyundai Mipo Co. Ltd. | 107 | &nbsp;&nbsp; 18125 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 216 | &nbsp;&nbsp; 71794 |
| Hyundai Engineering & Construction Co. Ltd. | 477 | &nbsp;&nbsp; 23436 |
| Hyundai Rotem Co. Ltd. | 701 | &nbsp;&nbsp; 113255 |
| Industrial Bank of Korea | 1584 | &nbsp;&nbsp; 21466 |
| Kakaopay Corp.<sup>(a)</sup> | 163 | &nbsp;&nbsp; 5968 |
| KIWOOM Securities Co. Ltd. | 70 | &nbsp;&nbsp; 14540 |
| Korea Electric Power Corp. | 1604 | &nbsp;&nbsp; 48014 |
| Korea Investment Holdings Co. Ltd. | 298 | &nbsp;&nbsp; 37994 |
| KT&G Corp. | 437 | &nbsp;&nbsp; 41127 |
| LG Uplus Corp. | 1532 | &nbsp;&nbsp; 16376 |
| LIG Nex1 Co. Ltd. | 120 | &nbsp;&nbsp; 43700 |
| Meritz Financial Group, Inc. | 315 | &nbsp;&nbsp; 24411 |
| Mirae Asset Securities Co. Ltd. | 1542 | &nbsp;&nbsp; 28351 |
| Mirae Asset Securities Co. Ltd., Second Pfd. | 1250 | &nbsp;&nbsp; 9501 |
| NH Investment & Securities Co. Ltd. | 716 | &nbsp;&nbsp; 10207 |
| Rainbow Robotics<sup>(a)</sup> | 34 | &nbsp;&nbsp; 10389 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | 2972 | &nbsp;&nbsp; 61585 |
| Samsung Securities Co. Ltd. | 382 | &nbsp;&nbsp; 20674 |
| Samyang Foods Co. Ltd. | 29 | &nbsp;&nbsp; 27386 |
| SK Square Co. Ltd.<sup>(a)</sup> | 361 | &nbsp;&nbsp; 65527 |
| Woori Financial Group, Inc. | 4243 | &nbsp;&nbsp; 75533 |
|  |  | &nbsp;&nbsp; 1518203 |
| **Taiwan-2.91%** | **Taiwan-2.91%** | **Taiwan-2.91%** |
| Accton Technology Corp. | 2290 | &nbsp;&nbsp; 79639 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | 6100 | &nbsp;&nbsp; 29591 |
| E.Sun Financial Holding Co. Ltd. | 73000 | &nbsp;&nbsp; 70514 |
| Elite Material Co. Ltd. | 2425 | &nbsp;&nbsp; 106544 |
| Gold Circuit Electronics Ltd. | 1425 | &nbsp;&nbsp; 21395 |
| KGI Financial Holding Co. Ltd. | 774 | &nbsp;&nbsp; 399 |
| King Slide Works Co. Ltd. | 475 | &nbsp;&nbsp; 63015 |
| MiTAC Holdings Corp. | 4638 | &nbsp;&nbsp; 14971 |
| PharmaEssentia Corp. | 209 | &nbsp;&nbsp; 3377 |
|  |  | &nbsp;&nbsp; 389445 |
| **Thailand-0.80%** | **Thailand-0.80%** | **Thailand-0.80%** |
| Advanced Info Service PCL, NVDR | 4165 | &nbsp;&nbsp; 38906 |
| Kasikornbank PCL, NVDR | 5595 | &nbsp;&nbsp; 32250 |
| Krung Thai Bank PCL, NVDR | 14319 | &nbsp;&nbsp; 12057 |
| SCB X PCL, NVDR | 4424 | &nbsp;&nbsp; 17917 |
| Tisco Financial Group PCL, NVDR | 1875 | &nbsp;&nbsp; 6232 |
|  |  | &nbsp;&nbsp; 107362 |
| **Turkey-0.52%** | **Turkey-0.52%** | **Turkey-0.52%** |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim <br> A.S.<sup>(a)</sup><br>| 5284 | &nbsp;&nbsp; 3608 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** |
| Aselsan Elektronik Sanayi Ve Ticaret A.S. | 11539 | &nbsp;&nbsp; $55794 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. | 9284 | &nbsp;&nbsp; 4451 |
| Gubre Fabrikalari T.A.S.<sup>(a)</sup> | 335 | &nbsp;&nbsp; 2520 |
| Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 695 | &nbsp;&nbsp; 1285 |
| Turkiye Halk Bankasi A.S.<sup>(a)</sup> | 2241 | &nbsp;&nbsp; 1416 |
|  |  | &nbsp;&nbsp; 69074 |
| **United Arab Emirates-5.23%** | **United Arab Emirates-5.23%** | **United Arab Emirates-5.23%** |
| Abu Dhabi Commercial Bank PJSC | 23890 | &nbsp;&nbsp; 93728 |
| Abu Dhabi Islamic Bank PJSC | 14129 | &nbsp;&nbsp; 81187 |
| ADNOC Drilling Co. PJSC, Class C | 11818 | &nbsp;&nbsp; 17954 |
| Dubai Islamic Bank PJSC | 28160 | &nbsp;&nbsp; 72845 |
| Emaar Development PJSC | 5554 | &nbsp;&nbsp; 22561 |
| Emaar Properties PJSC | 45867 | &nbsp;&nbsp; 177489 |
| Emirates NBD Bank PJSC | 12070 | &nbsp;&nbsp; 92358 |
| First Abu Dhabi Bank PJSC | 23432 | &nbsp;&nbsp; 111232 |
| Presight AI Holding PLC<sup>(a)</sup> | 3474 | &nbsp;&nbsp; 3413 |
| Salik Co. PJSC | 16959 | &nbsp;&nbsp; 27608 |
|  |  | &nbsp;&nbsp; 700375 |
| **United States-0.98%** | **United States-0.98%** | **United States-0.98%** |
| BeOne Medicines Ltd.<sup>(a)</sup> | 4500 | &nbsp;&nbsp; 108168 |
| JBS N.V., BDR<sup>(a)</sup> | 1747 | &nbsp;&nbsp; 23192 |
|  |  | &nbsp;&nbsp; 131360 |
| Total Common Stocks & Other Equity Interests <br>(Cost $12,497,157) | Total Common Stocks & Other Equity Interests <br>(Cost $12,497,157) | &nbsp;&nbsp; 13343380 |
| **Money Market Funds-0.52%** | **Money Market Funds-0.52%** | **Money Market Funds-0.52%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(f)(g)</sup> <br>(Cost $69,687)<br>| 69687 | &nbsp;&nbsp; 69687 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.13% <br>(Cost $12,566,844) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.13% <br>(Cost $12,566,844) | &nbsp;&nbsp; 13413067 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-1.45%** | **Money Market Funds-1.45%** | **Money Market Funds-1.45%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(f)(g)(h)</sup><br>| 53739 | &nbsp;&nbsp; 53739 |
| Invesco Private Prime Fund, 4.30%<sup>(f)(g)(h)</sup> | 140681 | &nbsp;&nbsp; 140723 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $194,462) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $194,462) | &nbsp;&nbsp; 194462 |
| TOTAL INVESTMENTS IN SECURITIES-101.58% <br>(Cost $12,761,306) | TOTAL INVESTMENTS IN SECURITIES-101.58% <br>(Cost $12,761,306) | &nbsp;&nbsp; 13607529 |
| OTHER ASSETS LESS LIABILITIES-(1.58)% | OTHER ASSETS LESS LIABILITIES-(1.58)% | &nbsp;&nbsp; (211284)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $13396245 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| BDR-Brazilian Depositary Receipt |
| NVDR-Non-Voting Depositary Receipt |
| Pfd.-Preferred |

---

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

------

**9**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $1,998,832, which represented 14.92% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; $125162 | &nbsp;&nbsp; $2354610 | &nbsp;&nbsp; $(2410085)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $69687 | &nbsp;&nbsp; $2310 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 13135 | &nbsp;&nbsp; 1471817 | &nbsp;&nbsp; (1431213)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 53739 | &nbsp;&nbsp; 2,504<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 34752 | &nbsp;&nbsp; 3562291 | &nbsp;&nbsp; (3456315)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 140723 | &nbsp;&nbsp; 6,647<br> \*<br>|
| Total | &nbsp;&nbsp; $173049 | &nbsp;&nbsp; $7388718 | &nbsp;&nbsp; $(7297613)<br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; $264149 | &nbsp;&nbsp; $11461 |

---

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

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

<sup>(h)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**10**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.42%** | **Common Stocks & Other Equity Interests-99.42%** | **Common Stocks & Other Equity Interests-99.42%** |
| **Australia-8.53%** | **Australia-8.53%** | **Australia-8.53%** |
| ANZ Group Holdings Ltd. | 67666 | &nbsp;&nbsp; $1621584 |
| Atlas Arteria Ltd. | 453819 | &nbsp;&nbsp; 1442461 |
| Aurizon Holdings Ltd.<sup>(a)</sup> | 955361 | &nbsp;&nbsp; 2144494 |
| Cleanaway Waste Management Ltd. | 983382 | &nbsp;&nbsp; 1640215 |
| Coles Group Ltd. | 100486 | &nbsp;&nbsp; 1450041 |
| Dexus | 308126 | &nbsp;&nbsp; 1469861 |
| GPT Group (The) | 428828 | &nbsp;&nbsp; 1507067 |
| Lottery Corp. Ltd. (The) | 434426 | &nbsp;&nbsp; 1563474 |
| Medibank Pvt. Ltd. | 466811 | &nbsp;&nbsp; 1490620 |
| Orica Ltd. | 105030 | &nbsp;&nbsp; 1527990 |
| Scentre Group | 610778 | &nbsp;&nbsp; 1627884 |
| Stockland | 370247 | &nbsp;&nbsp; 1531563 |
| Suncorp Group Ltd. | 101807 | &nbsp;&nbsp; 1307587 |
| Telstra Group Ltd. | 754063 | &nbsp;&nbsp; 2410400 |
| Transurban Group | 205476 | &nbsp;&nbsp; 1945192 |
| Vicinity Ltd. | 944544 | &nbsp;&nbsp; 1561287 |
| Wesfarmers Ltd. | 25671 | &nbsp;&nbsp; 1409733 |
|  |  | &nbsp;&nbsp; 27651453 |
| **Belgium-1.50%** | **Belgium-1.50%** | **Belgium-1.50%** |
| Ackermans & van Haaren N.V. | 5701 | &nbsp;&nbsp; 1421731 |
| Ageas S.A./N.V. | 26643 | &nbsp;&nbsp; 1765596 |
| Groupe Bruxelles Lambert N.V. | 19182 | &nbsp;&nbsp; 1688185 |
|  |  | &nbsp;&nbsp; 4875512 |
| **Canada-14.43%** | **Canada-14.43%** | **Canada-14.43%** |
| Bank of Montreal<sup>(a)</sup> | 13367 | &nbsp;&nbsp; 1662158 |
| Bank of Nova Scotia (The) | 30798 | &nbsp;&nbsp; 2021988 |
| Canadian Imperial Bank of Commerce | 24264 | &nbsp;&nbsp; 2012432 |
| Canadian National Railway Co. | 15420 | &nbsp;&nbsp; 1480096 |
| CCL Industries, Inc., Class B | 25714 | &nbsp;&nbsp; 1435866 |
| CGI, Inc., Class A | 16464 | &nbsp;&nbsp; 1434248 |
| Element Fleet Management Corp. | 56920 | &nbsp;&nbsp; 1536797 |
| Emera, Inc.<sup>(a)</sup> | 41024 | &nbsp;&nbsp; 1952311 |
| Empire Co. Ltd., Class A | 40292 | &nbsp;&nbsp; 1370241 |
| Enbridge, Inc. | 38066 | &nbsp;&nbsp; 1776767 |
| FirstService Corp. | 7124 | &nbsp;&nbsp; 1135142 |
| Fortis, Inc. | 42913 | &nbsp;&nbsp; 2159202 |
| George Weston Ltd. | 25444 | &nbsp;&nbsp; 1548631 |
| Great-West Lifeco, Inc. | 39171 | &nbsp;&nbsp; 1662283 |
| Hydro One Ltd.<sup>(b)</sup> | 56766 | &nbsp;&nbsp; 2095782 |
| Intact Financial Corp. | 8230 | &nbsp;&nbsp; 1536748 |
| Loblaw Cos. Ltd. | 39731 | &nbsp;&nbsp; 1580563 |
| Metro, Inc. | 24652 | &nbsp;&nbsp; 1644874 |
| National Bank of Canada | 16608 | &nbsp;&nbsp; 1857384 |
| Pembina Pipeline Corp. | 38969 | &nbsp;&nbsp; 1475713 |
| Power Corp. of Canada | 42099 | &nbsp;&nbsp; 1974024 |
| Royal Bank of Canada | 12623 | &nbsp;&nbsp; 1851085 |
| Sun Life Financial, Inc. | 26648 | &nbsp;&nbsp; 1622482 |
| TC Energy Corp. | 30240 | &nbsp;&nbsp; 1518960 |
| TELUS Corp. | 100246 | &nbsp;&nbsp; 1467399 |
| TMX Group Ltd. | 39454 | &nbsp;&nbsp; 1456629 |
| Toromont Industries Ltd. | 14418 | &nbsp;&nbsp; 1733988 |
| Toronto-Dominion Bank (The) | 21554 | &nbsp;&nbsp; 1771515 |
|  |  | &nbsp;&nbsp; 46775308 |
| **China-0.53%** | **China-0.53%** | **China-0.53%** |
| Wilmar International Ltd. | 719966 | &nbsp;&nbsp; 1730355 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Denmark-0.49%** | **Denmark-0.49%** | **Denmark-0.49%** |
| Tryg A/S | 64778 | &nbsp;&nbsp; $1599033 |
| **Finland-1.42%** | **Finland-1.42%** | **Finland-1.42%** |
| Elisa OYJ | 31092 | &nbsp;&nbsp; 1371888 |
| Kone OYJ, Class B | 23045 | &nbsp;&nbsp; 1541779 |
| Sampo OYJ | 151387 | &nbsp;&nbsp; 1689679 |
|  |  | &nbsp;&nbsp; 4603346 |
| **France-4.88%** | **France-4.88%** | **France-4.88%** |
| Air Liquide S.A. | 8092 | &nbsp;&nbsp; 1568224 |
| Bollore SE | 299239 | &nbsp;&nbsp; 1668519 |
| Bouygues S.A. | 34068 | &nbsp;&nbsp; 1539835 |
| Credit Agricole S.A. | 76702 | &nbsp;&nbsp; 1386439 |
| Danone S.A. | 19827 | &nbsp;&nbsp; 1753410 |
| ENGIE S.A. | 78633 | &nbsp;&nbsp; 1843508 |
| Orange S.A. | 110439 | &nbsp;&nbsp; 1769000 |
| TotalEnergies SE | 23039 | &nbsp;&nbsp; 1440376 |
| Veolia Environnement S.A. | 43938 | &nbsp;&nbsp; 1453978 |
| Vinci S.A. | 10446 | &nbsp;&nbsp; 1398680 |
|  |  | &nbsp;&nbsp; 15821969 |
| **Germany-2.26%** | **Germany-2.26%** | **Germany-2.26%** |
| Allianz SE | 3784 | &nbsp;&nbsp; 1522615 |
| Deutsche Boerse AG | 5459 | &nbsp;&nbsp; 1384298 |
| E.ON SE | 83230 | &nbsp;&nbsp; 1550693 |
| Hannover Rueck SE | 4991 | &nbsp;&nbsp; 1426740 |
| Henkel AG & Co. KGaA, Preference Shares<sup>(a)</sup> | 17997 | &nbsp;&nbsp; 1459950 |
|  |  | &nbsp;&nbsp; 7344296 |
| **Hong Kong-4.76%** | **Hong Kong-4.76%** | **Hong Kong-4.76%** |
| CK Infrastructure Holdings Ltd. | 229550 | &nbsp;&nbsp; 1492759 |
| CLP Holdings Ltd. | 295884 | &nbsp;&nbsp; 2523169 |
| HK Electric Investments & HK Electric <br> Investments Ltd.<br>| 3537317 | &nbsp;&nbsp; 2748828 |
| HKT Trust & HKT Ltd. | 1273644 | &nbsp;&nbsp; 1859345 |
| Hong Kong & China Gas Co. Ltd. (The) | 2095801 | &nbsp;&nbsp; 1950048 |
| MTR Corp. Ltd.<sup>(a)</sup> | 455685 | &nbsp;&nbsp; 1671413 |
| Power Assets Holdings Ltd.<sup>(a)</sup> | 261946 | &nbsp;&nbsp; 1663723 |
| Sino Land Co. Ltd. | 1232377 | &nbsp;&nbsp; 1530455 |
|  |  | &nbsp;&nbsp; 15439740 |
| **Ireland-0.43%** | **Ireland-0.43%** | **Ireland-0.43%** |
| Kerry Group PLC, Class A | 15222 | &nbsp;&nbsp; 1390461 |
| **Israel-0.97%** | **Israel-0.97%** | **Israel-0.97%** |
| FIBI Holdings Ltd. | 21704 | &nbsp;&nbsp; 1669507 |
| First International Bank of Israel Ltd. (The) | 20281 | &nbsp;&nbsp; 1460556 |
|  |  | &nbsp;&nbsp; 3130063 |
| **Italy-3.67%** | **Italy-3.67%** | **Italy-3.67%** |
| Assicurazioni Generali S.p.A.<sup>(a)</sup> | 39289 | &nbsp;&nbsp; 1514500 |
| Enel S.p.A. | 181081 | &nbsp;&nbsp; 1834236 |
| Eni S.p.A.<sup>(a)</sup> | 85641 | &nbsp;&nbsp; 1581300 |
| Infrastrutture Wireless Italiane S.p.A.<sup>(a)(b)</sup> | 129390 | &nbsp;&nbsp; 1423696 |
| Poste Italiane S.p.A.<sup>(b)</sup> | 76933 | &nbsp;&nbsp; 1857343 |
| Snam S.p.A. | 298025 | &nbsp;&nbsp; 1840576 |
| Terna S.p.A. | 178682 | &nbsp;&nbsp; 1834684 |
|  |  | &nbsp;&nbsp; 11886335 |
| **Japan-25.47%** | **Japan-25.47%** | **Japan-25.47%** |
| ABC-MART, Inc. | 71661 | &nbsp;&nbsp; 1228120 |
| Advance Residence Investment Corp. | 2023 | &nbsp;&nbsp; 2190425 |

---

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

------

**11**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Air Water, Inc. | 86231 | &nbsp;&nbsp; $1204663 |
| ALSOK Co. Ltd. | 188532 | &nbsp;&nbsp; 1289049 |
| ANA Holdings, Inc.<sup>(a)</sup> | 82917 | &nbsp;&nbsp; 1554602 |
| Asahi Group Holdings Ltd.<sup>(a)</sup> | 114456 | &nbsp;&nbsp; 1234485 |
| Canon Marketing Japan, Inc. | 35452 | &nbsp;&nbsp; 1476776 |
| Daito Trust Construction Co. Ltd. | 79540 | &nbsp;&nbsp; 1487616 |
| Daiwa House Industry Co. Ltd. | 46697 | &nbsp;&nbsp; 1584904 |
| Daiwa House REIT Investment Corp. | 2675 | &nbsp;&nbsp; 2306003 |
| East Japan Railway Co. | 57098 | &nbsp;&nbsp; 1395117 |
| GLP J-Reit | 2299 | &nbsp;&nbsp; 2084888 |
| Hankyu Hanshin Holdings, Inc. | 52316 | &nbsp;&nbsp; 1405395 |
| Haseko Corp. | 102552 | &nbsp;&nbsp; 1656703 |
| Hulic Co. Ltd.<sup>(a)</sup> | 145261 | &nbsp;&nbsp; 1501280 |
| Invincible Investment Corp. | 4102 | &nbsp;&nbsp; 1833403 |
| Japan Airlines Co. Ltd. | 68353 | &nbsp;&nbsp; 1231846 |
| Japan Metropolitan Fund Investment Corp.<sup>(a)</sup> | 2926 | &nbsp;&nbsp; 2264282 |
| Japan Real Estate Investment Corp. | 2319 | &nbsp;&nbsp; 1913332 |
| Japan Tobacco, Inc. | 50072 | &nbsp;&nbsp; 1744776 |
| KDDI Corp. | 85182 | &nbsp;&nbsp; 1358317 |
| KDX Realty Investment Corp.<sup>(a)</sup> | 1684 | &nbsp;&nbsp; 1865115 |
| Kintetsu Group Holdings Co. Ltd. | 67306 | &nbsp;&nbsp; 1277723 |
| Kirin Holdings Co. Ltd. | 122366 | &nbsp;&nbsp; 1721413 |
| Kyushu Railway Co. | 60019 | &nbsp;&nbsp; 1522675 |
| Lixil Corp. | 112385 | &nbsp;&nbsp; 1246073 |
| Marui Group Co. Ltd. | 66586 | &nbsp;&nbsp; 1277466 |
| McDonald's Holdings Co. (Japan) Ltd.<sup>(a)</sup> | 40360 | &nbsp;&nbsp; 1579446 |
| Medipal Holdings Corp. | 80861 | &nbsp;&nbsp; 1316112 |
| MEIJI Holdings Co. Ltd. | 75378 | &nbsp;&nbsp; 1451541 |
| Mitsubishi HC Capital, Inc. | 214258 | &nbsp;&nbsp; 1676669 |
| Nippon Building Fund, Inc.<sup>(a)</sup> | 2089 | &nbsp;&nbsp; 1928762 |
| Nippon Prologis REIT, Inc. | 3105 | &nbsp;&nbsp; 1806600 |
| Nisshin Seifun Group, Inc. | 157383 | &nbsp;&nbsp; 1779928 |
| Nomura Real Estate Master Fund, Inc. | 1970 | &nbsp;&nbsp; 2102729 |
| NTT, Inc.<sup>(a)</sup> | 1660987 | &nbsp;&nbsp; 1710188 |
| OBIC Co. Ltd. | 41625 | &nbsp;&nbsp; 1291714 |
| Odakyu Electric Railway Co. Ltd.<sup>(a)</sup> | 123355 | &nbsp;&nbsp; 1305105 |
| ORIX JREIT, Inc. | 3534 | &nbsp;&nbsp; 2392949 |
| Osaka Gas Co. Ltd. | 48449 | &nbsp;&nbsp; 1524986 |
| Rinnai Corp. | 57265 | &nbsp;&nbsp; 1298413 |
| Secom Co. Ltd. | 42863 | &nbsp;&nbsp; 1449493 |
| Sekisui House Ltd.<sup>(a)</sup> | 61379 | &nbsp;&nbsp; 1317373 |
| SoftBank Corp. | 1123046 | &nbsp;&nbsp; 1596417 |
| Suntory Beverage & Food Ltd.<sup>(a)</sup> | 45761 | &nbsp;&nbsp; 1385665 |
| Takeda Pharmaceutical Co. Ltd. | 49799 | &nbsp;&nbsp; 1344431 |
| Tobu Railway Co. Ltd. | 83505 | &nbsp;&nbsp; 1347246 |
| Tokyu Corp. | 135562 | &nbsp;&nbsp; 1509074 |
| Toyo Seikan Group Holdings Ltd. | 59252 | &nbsp;&nbsp; 1330697 |
| United Urban Investment Corp. | 1904 | &nbsp;&nbsp; 2305172 |
| USS Co. Ltd. | 138958 | &nbsp;&nbsp; 1534350 |
| West Japan Railway Co. | 71074 | &nbsp;&nbsp; 1461244 |
|  |  | &nbsp;&nbsp; 82602751 |
| **Netherlands-1.10%** | **Netherlands-1.10%** | **Netherlands-1.10%** |
| Koninklijke Ahold Delhaize N.V. | 42493 | &nbsp;&nbsp; 1741147 |
| Koninklijke KPN N.V. | 390891 | &nbsp;&nbsp; 1811267 |
|  |  | &nbsp;&nbsp; 3552414 |
| **New Zealand-0.43%** | **New Zealand-0.43%** | **New Zealand-0.43%** |
| Contact Energy Ltd. | 259445 | &nbsp;&nbsp; 1384024 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Norway-3.09%** | **Norway-3.09%** | **Norway-3.09%** |
| DNB Bank ASA | 53911 | &nbsp;&nbsp; $1377775 |
| Gjensidige Forsikring ASA | 50415 | &nbsp;&nbsp; 1358431 |
| Mowi ASA | 66525 | &nbsp;&nbsp; 1464198 |
| Orkla ASA | 133503 | &nbsp;&nbsp; 1357547 |
| SpareBank 1 Sør-Norge ASA, Class B | 85164 | &nbsp;&nbsp; 1467743 |
| Storebrand ASA | 93343 | &nbsp;&nbsp; 1448297 |
| Telenor ASA | 104468 | &nbsp;&nbsp; 1555489 |
|  |  | &nbsp;&nbsp; 10029480 |
| **Singapore-7.26%** | **Singapore-7.26%** | **Singapore-7.26%** |
| CapitaLand Ascendas REIT | 819714 | &nbsp;&nbsp; 1774912 |
| CapitaLand Integrated Commercial Trust | 1072014 | &nbsp;&nbsp; 1949136 |
| City Developments Ltd. | 276054 | &nbsp;&nbsp; 1533508 |
| DBS Group Holdings Ltd. | 35639 | &nbsp;&nbsp; 1475715 |
| Genting Singapore Ltd.<sup>(a)</sup> | 2496367 | &nbsp;&nbsp; 1399498 |
| Jardine Cycle & Carriage Ltd. | 81337 | &nbsp;&nbsp; 2031185 |
| Keppel Ltd. | 217692 | &nbsp;&nbsp; 1702624 |
| Mapletree Industrial Trust<sup>(a)</sup> | 1052066 | &nbsp;&nbsp; 1720763 |
| Mapletree Pan Asia Commercial Trust | 1521713 | &nbsp;&nbsp; 1683762 |
| Oversea-Chinese Banking Corp. Ltd. | 128220 | &nbsp;&nbsp; 1677491 |
| Singapore Airlines Ltd. | 364946 | &nbsp;&nbsp; 1857978 |
| Singapore Telecommunications Ltd. | 438704 | &nbsp;&nbsp; 1432117 |
| United Overseas Bank Ltd. | 57240 | &nbsp;&nbsp; 1522615 |
| UOL Group Ltd. | 293296 | &nbsp;&nbsp; 1792015 |
|  |  | &nbsp;&nbsp; 23553319 |
| **Spain-2.61%** | **Spain-2.61%** | **Spain-2.61%** |
| Aena S.M.E. S.A.<sup>(b)</sup> | 59189 | &nbsp;&nbsp; 1609806 |
| Endesa S.A. | 51433 | &nbsp;&nbsp; 1846355 |
| Iberdrola S.A. | 91439 | &nbsp;&nbsp; 1855618 |
| Naturgy Energy Group S.A. | 53016 | &nbsp;&nbsp; 1607946 |
| Telefonica S.A.<sup>(a)</sup> | 300846 | &nbsp;&nbsp; 1527695 |
|  |  | &nbsp;&nbsp; 8447420 |
| **Sweden-3.35%** | **Sweden-3.35%** | **Sweden-3.35%** |
| Essity AB, Class B | 58128 | &nbsp;&nbsp; 1597942 |
| Holmen AB, Class B<sup>(a)</sup> | 38247 | &nbsp;&nbsp; 1446381 |
| Industrivarden AB, Class C<sup>(a)</sup> | 38023 | &nbsp;&nbsp; 1578527 |
| Investor AB, Class B | 48832 | &nbsp;&nbsp; 1609197 |
| L E Lundbergforetagen AB, Class B<sup>(a)</sup> | 31999 | &nbsp;&nbsp; 1714078 |
| Tele2 AB, Class B<sup>(a)</sup> | 80874 | &nbsp;&nbsp; 1285803 |
| Telia Co. AB<sup>(a)</sup> | 413472 | &nbsp;&nbsp; 1629032 |
|  |  | &nbsp;&nbsp; 10860960 |
| **Switzerland-4.78%** | **Switzerland-4.78%** | **Switzerland-4.78%** |
| Chocoladefabriken Lindt & Spruengli AG, PC | 91 | &nbsp;&nbsp; 1402369 |
| DSM-Firmenich AG | 15210 | &nbsp;&nbsp; 1241419 |
| EMS-Chemie Holding AG | 2056 | &nbsp;&nbsp; 1411726 |
| Givaudan S.A. | 342 | &nbsp;&nbsp; 1404545 |
| Nestle S.A. | 17695 | &nbsp;&nbsp; 1694942 |
| Roche Holding AG | 4313 | &nbsp;&nbsp; 1400550 |
| Schindler Holding AG, PC | 4055 | &nbsp;&nbsp; 1447991 |
| Swiss Life Holding AG | 1642 | &nbsp;&nbsp; 1786754 |
| Swisscom AG | 2828 | &nbsp;&nbsp; 2076736 |
| Zurich Insurance Group AG | 2352 | &nbsp;&nbsp; 1639824 |
|  |  | &nbsp;&nbsp; 15506856 |
| **United Kingdom-5.98%** | **United Kingdom-5.98%** | **United Kingdom-5.98%** |
| Admiral Group PLC | 34516 | &nbsp;&nbsp; 1486334 |
| Aviva PLC | 166789 | &nbsp;&nbsp; 1466126 |
| British American Tobacco PLC | 25578 | &nbsp;&nbsp; 1310141 |
| Coca-Cola Europacific Partners PLC | 16424 | &nbsp;&nbsp; 1458944 |

---

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

------

**12**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Compass Group PLC | 43823 | &nbsp;&nbsp; $1450701 |
| Haleon PLC | 314092 | &nbsp;&nbsp; 1460768 |
| Imperial Brands PLC | 38270 | &nbsp;&nbsp; 1520807 |
| Legal & General Group PLC | 459370 | &nbsp;&nbsp; 1435659 |
| National Grid PLC | 109209 | &nbsp;&nbsp; 1637680 |
| Pearson PLC | 105267 | &nbsp;&nbsp; 1465277 |
| RELX PLC | 34670 | &nbsp;&nbsp; 1532465 |
| Shell PLC | 39766 | &nbsp;&nbsp; 1490975 |
| Unilever PLC | 28053 | &nbsp;&nbsp; 1683496 |
|  |  | &nbsp;&nbsp; 19399373 |
| **United States-1.48%** | **United States-1.48%** | **United States-1.48%** |
| Ferrovial SE<sup>(a)</sup> | 27283 | &nbsp;&nbsp; 1676456 |
| Novartis AG | 11895 | &nbsp;&nbsp; 1475813 |
| Waste Connections, Inc.<sup>(a)</sup> | 9742 | &nbsp;&nbsp; 1635452 |
|  |  | &nbsp;&nbsp; 4787721 |
| Total Common Stocks & Other Equity Interests <br>(Cost $303,024,782) | Total Common Stocks & Other Equity Interests <br>(Cost $303,024,782) | &nbsp;&nbsp; 322372189 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup> <br>(Cost $165,733)<br>| 165733 | &nbsp;&nbsp; 165733 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.47% <br>(Cost $303,190,515) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.47% <br>(Cost $303,190,515) | &nbsp;&nbsp; 322537922 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-11.02%** | **Money Market Funds-11.02%** | **Money Market Funds-11.02%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup><br>| 8699984 | &nbsp;&nbsp; $8699984 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup> | 27034552 | &nbsp;&nbsp; 27042662 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,742,901) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $35,742,901) | &nbsp;&nbsp; 35742646 |
| TOTAL INVESTMENTS IN SECURITIES-110.49% <br>(Cost $338,933,416) | TOTAL INVESTMENTS IN SECURITIES-110.49% <br>(Cost $338,933,416) | &nbsp;&nbsp; 358280568 |
| OTHER ASSETS LESS LIABILITIES-(10.49)% | OTHER ASSETS LESS LIABILITIES-(10.49)% | &nbsp;&nbsp; (34018680)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $324261888 |

---

Investment Abbreviations: <br> PC-Participation Certificate <br> REIT-Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $6,986,627, which represented 2.15% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $54486734 | &nbsp;&nbsp; $(54321001)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $165733 | &nbsp;&nbsp; $22097 |

---

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

------

**13**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $5055427 | &nbsp;&nbsp; $82437533 | &nbsp;&nbsp; $(78792976)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8699984 | &nbsp;&nbsp; $349,268<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 13130209 | &nbsp;&nbsp; 167388346 | &nbsp;&nbsp; (153476414)<br>| &nbsp;&nbsp; 611 | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; 27042662 | &nbsp;&nbsp; 944,062<br> \*<br>|
| Total | &nbsp;&nbsp; $18185636 | &nbsp;&nbsp; $304312613 | &nbsp;&nbsp; $(286590391)<br>| &nbsp;&nbsp; $611 | &nbsp;&nbsp; $(90)<br>| &nbsp;&nbsp; $35908379 | &nbsp;&nbsp; $1315427 |

---

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

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

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**14**

------

**Invesco S&P International Developed Momentum ETF (IDMO)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** |
| **Australia-5.01%** | **Australia-5.01%** | **Australia-5.01%** |
| Brambles Ltd. | 573493 | &nbsp;&nbsp; $9324007 |
| Commonwealth Bank of Australia<sup>(a)</sup> | 455035 | &nbsp;&nbsp; 51084566 |
| Computershare Ltd. | 171278 | &nbsp;&nbsp; 4093948 |
| Evolution Mining Ltd. | 682726 | &nbsp;&nbsp; 4833942 |
| JB Hi-Fi Ltd. | 43509 | &nbsp;&nbsp; 2977886 |
| Lynas Rare Earths Ltd.<sup>(b)</sup> | 258865 | &nbsp;&nbsp; 2582102 |
| Medibank Pvt. Ltd. | 785460 | &nbsp;&nbsp; 2508130 |
| Pro Medicus Ltd. | 26109 | &nbsp;&nbsp; 4485444 |
| Qantas Airways Ltd. | 306795 | &nbsp;&nbsp; 2045007 |
| QBE Insurance Group Ltd. | 407489 | &nbsp;&nbsp; 5289829 |
| SGH Ltd.<sup>(a)</sup> | 46879 | &nbsp;&nbsp; 1486176 |
| Sigma Healthcare Ltd. | 2298968 | &nbsp;&nbsp; 4676453 |
| Technology One Ltd. | 150261 | &nbsp;&nbsp; 3620829 |
| Telstra Group Ltd. | 1630806 | &nbsp;&nbsp; 5212952 |
|  |  | &nbsp;&nbsp; 104221271 |
| **Austria-0.84%** | **Austria-0.84%** | **Austria-0.84%** |
| BAWAG Group AG<sup>(b)(c)</sup> | 32189 | &nbsp;&nbsp; 4165422 |
| Erste Group Bank AG | 121527 | &nbsp;&nbsp; 12605786 |
| Strabag SE | 8786 | &nbsp;&nbsp; 688299 |
|  |  | &nbsp;&nbsp; 17459507 |
| **Belgium-0.22%** | **Belgium-0.22%** | **Belgium-0.22%** |
| Ageas S.A./N.V. | 67876 | &nbsp;&nbsp; 4498052 |
| **Canada-18.46%** | **Canada-18.46%** | **Canada-18.46%** |
| Agnico Eagle Mines Ltd. | 164322 | &nbsp;&nbsp; 26455238 |
| AtkinsRealis Group, Inc. | 48953 | &nbsp;&nbsp; 3455691 |
| Bank of Montreal<sup>(a)</sup> | 234167 | &nbsp;&nbsp; 29118165 |
| Bank of Nova Scotia (The) | 384249 | &nbsp;&nbsp; 25227182 |
| Brookfield Asset Management Ltd., <br> Class A<br>| 94943 | &nbsp;&nbsp; 5141009 |
| CAE, Inc.<sup>(b)</sup> | 89771 | &nbsp;&nbsp; 2523057 |
| Canadian Imperial Bank of Commerce | 390866 | &nbsp;&nbsp; 32418041 |
| Dollarama, Inc. | 93097 | &nbsp;&nbsp; 12113274 |
| Element Fleet Management Corp.<sup>(a)</sup> | 125059 | &nbsp;&nbsp; 3376499 |
| Emera, Inc.<sup>(a)</sup> | 115995 | &nbsp;&nbsp; 5520142 |
| Empire Co. Ltd., Class A | 56601 | &nbsp;&nbsp; 1924874 |
| Enbridge, Inc. | 685216 | &nbsp;&nbsp; 31983104 |
| Fairfax Financial Holdings Ltd. | 7602 | &nbsp;&nbsp; 12354450 |
| George Weston Ltd. | 38452 | &nbsp;&nbsp; 2340354 |
| Great-West Lifeco, Inc. | 74512 | &nbsp;&nbsp; 3162034 |
| iA Financial Corp., Inc. | 26875 | &nbsp;&nbsp; 3175552 |
| Kinross Gold Corp. | 382044 | &nbsp;&nbsp; 8894319 |
| Loblaw Cos. Ltd. | 171615 | &nbsp;&nbsp; 6827121 |
| Metro, Inc. | 61984 | &nbsp;&nbsp; 4135806 |
| National Bank of Canada | 110283 | &nbsp;&nbsp; 12333687 |
| Power Corp. of Canada | 222393 | &nbsp;&nbsp; 10428020 |
| Shopify, Inc., Class A<sup>(b)</sup> | 348959 | &nbsp;&nbsp; 60733784 |
| Sun Life Financial, Inc. | 151763 | &nbsp;&nbsp; 9240197 |
| TC Energy Corp. | 288828 | &nbsp;&nbsp; 14507879 |
| TMX Group Ltd. | 88045 | &nbsp;&nbsp; 3250593 |
| Toronto-Dominion Bank (The) | 495679 | &nbsp;&nbsp; 40739674 |
| Wheaton Precious Metals Corp. | 133484 | &nbsp;&nbsp; 12903977 |
|  |  | &nbsp;&nbsp; 384283723 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-0.45%** | **China-0.45%** | **China-0.45%** |
| BOC Hong Kong (Holdings) Ltd. | 1646251 | &nbsp;&nbsp; $8087499 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 622191 | &nbsp;&nbsp; 1217508 |
|  |  | &nbsp;&nbsp; 9305007 |
| **Finland-0.14%** | **Finland-0.14%** | **Finland-0.14%** |
| Amer Sports, Inc.<sup>(b)</sup> | 93315 | &nbsp;&nbsp; 2914227 |
| **France-5.84%** | **France-5.84%** | **France-5.84%** |
| AXA S.A. | 558709 | &nbsp;&nbsp; 24274108 |
| ENGIE S.A. | 765750 | &nbsp;&nbsp; 17952593 |
| Orange S.A. | 721390 | &nbsp;&nbsp; 11555150 |
| Safran S.A. | 95807 | &nbsp;&nbsp; 34087796 |
| Societe Generale S.A. | 401910 | &nbsp;&nbsp; 25523686 |
| Thales S.A. | 28851 | &nbsp;&nbsp; 8238014 |
|  |  | &nbsp;&nbsp; 121631347 |
| **Germany-14.45%** | **Germany-14.45%** | **Germany-14.45%** |
| Allianz SE | 131397 | &nbsp;&nbsp; 52871846 |
| Commerzbank AG | 496578 | &nbsp;&nbsp; 18131039 |
| Deutsche Bank AG | 889750 | &nbsp;&nbsp; 31896078 |
| Deutsche Boerse AG | 57988 | &nbsp;&nbsp; 14704647 |
| Deutsche Telekom AG | 966303 | &nbsp;&nbsp; 29971680 |
| Fresenius SE & Co. KGaA | 100156 | &nbsp;&nbsp; 5771028 |
| Heidelberg Materials AG | 62405 | &nbsp;&nbsp; 14660138 |
| MTU Aero Engines AG | 14132 | &nbsp;&nbsp; 6184351 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Class R<br>| 30933 | &nbsp;&nbsp; 19163805 |
| Rheinmetall AG | 27595 | &nbsp;&nbsp; 54318791 |
| Siemens Energy AG, Class A<sup>(b)</sup> | 402840 | &nbsp;&nbsp; 50255472 |
| Talanx AG | 24112 | &nbsp;&nbsp; 2940100 |
|  |  | &nbsp;&nbsp; 300868975 |
| **Hong Kong-1.90%** | **Hong Kong-1.90%** | **Hong Kong-1.90%** |
| Cathay Pacific Airways Ltd. | 348546 | &nbsp;&nbsp; 496059 |
| DFI Retail Group Holdings Ltd. | 142084 | &nbsp;&nbsp; 498506 |
| HKT Trust & HKT Ltd. | 1501986 | &nbsp;&nbsp; 2192693 |
| Hong Kong Exchanges & Clearing Ltd. | 404393 | &nbsp;&nbsp; 22035911 |
| Hongkong Land Holdings Ltd. | 481800 | &nbsp;&nbsp; 2943954 |
| Link REIT<sup>(a)</sup> | 829635 | &nbsp;&nbsp; 4319503 |
| Sun Hung Kai Properties Ltd. | 479355 | &nbsp;&nbsp; 5831929 |
| Swire Properties Ltd. | 430280 | &nbsp;&nbsp; 1171952 |
|  |  | &nbsp;&nbsp; 39490507 |
| **Indonesia-0.21%** | **Indonesia-0.21%** | **Indonesia-0.21%** |
| Jardine Matheson Holdings Ltd. | 74358 | &nbsp;&nbsp; 4365899 |
| **Israel-3.73%** | **Israel-3.73%** | **Israel-3.73%** |
| Amot Investments Ltd. | 97690 | &nbsp;&nbsp; 772264 |
| Bank Hapoalim B.M. | 743190 | &nbsp;&nbsp; 15093569 |
| Bank Leumi le-Israel B.M. | 899710 | &nbsp;&nbsp; 18284349 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd.<br>| 930419 | &nbsp;&nbsp; 1908267 |
| Big Shopping Centers Ltd. | 8178 | &nbsp;&nbsp; 1831879 |
| Clal Insurance Enterprises Holdings Ltd. | 39106 | &nbsp;&nbsp; 2177338 |
| Delek Group Ltd. | 4553 | &nbsp;&nbsp; 1198624 |
| Elbit Systems Ltd. | 16198 | &nbsp;&nbsp; 7682669 |
| Fattal Holdings 1998 Ltd.<sup>(b)</sup> | 2242 | &nbsp;&nbsp; 407468 |
| First International Bank of Israel Ltd. <br> (The)<br>| 22186 | &nbsp;&nbsp; 1597747 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| 67051 | &nbsp;&nbsp; 2339996 |

---

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

------

**15**

------

**Invesco S&P International Developed Momentum ETF (IDMO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** |
| Israel Discount Bank Ltd., Class A | 547812 | &nbsp;&nbsp; $5481868 |
| Matrix IT Ltd. | 15264 | &nbsp;&nbsp; 566019 |
| Melisron Ltd. | 8619 | &nbsp;&nbsp; 1123358 |
| Menora Mivtachim Holdings Ltd. | 12823 | &nbsp;&nbsp; 1278964 |
| Migdal Insurance & Financial Holdings <br> Ltd.<sup>(a)</sup><br>| 286734 | &nbsp;&nbsp; 1030289 |
| Mivne Real Estate KD Ltd. | 190105 | &nbsp;&nbsp; 840459 |
| Mizrahi Tefahot Bank Ltd. | 60777 | &nbsp;&nbsp; 3956735 |
| OPC Energy Ltd.<sup>(b)</sup> | 71005 | &nbsp;&nbsp; 1282616 |
| Phoenix Finance Ltd. | 136200 | &nbsp;&nbsp; 5250145 |
| Plus500 Ltd. | 25812 | &nbsp;&nbsp; 1074147 |
| Shikun & Binui Ltd.<sup>(b)</sup> | 115716 | &nbsp;&nbsp; 645413 |
| Shufersal Ltd. | 86610 | &nbsp;&nbsp; 1077792 |
| Strauss Group Ltd. | 26099 | &nbsp;&nbsp; 735899 |
|  |  | &nbsp;&nbsp; 77637874 |
| **Italy-6.15%** | **Italy-6.15%** | **Italy-6.15%** |
| Assicurazioni Generali S.p.A.<sup>(a)</sup> | 363428 | &nbsp;&nbsp; 14009308 |
| Banca Mediolanum S.p.A. | 75795 | &nbsp;&nbsp; 1525869 |
| Banco BPM S.p.A. | 712400 | &nbsp;&nbsp; 10393236 |
| Intesa Sanpaolo S.p.A. | 5293340 | &nbsp;&nbsp; 34163303 |
| Leonardo S.p.A. | 178681 | &nbsp;&nbsp; 10526783 |
| Poste Italiane S.p.A.<sup>(c)</sup> | 254297 | &nbsp;&nbsp; 6139324 |
| Ryanair Holdings PLC | 238586 | &nbsp;&nbsp; 7233055 |
| UniCredit S.p.A. | 593176 | &nbsp;&nbsp; 43981809 |
|  |  | &nbsp;&nbsp; 127972687 |
| **Japan-6.52%** | **Japan-6.52%** | **Japan-6.52%** |
| AEON Co. Ltd. | 815544 | &nbsp;&nbsp; 12903829 |
| BayCurrent, Inc. | 46298 | &nbsp;&nbsp; 2124171 |
| Fujikura Ltd. | 136322 | &nbsp;&nbsp; 18570156 |
| IHI Corp. | 576931 | &nbsp;&nbsp; 11949102 |
| Japan Metropolitan Fund Investment <br> Corp.<br>| 2065 | &nbsp;&nbsp; 1597998 |
| Kawasaki Heavy Industries Ltd. | 48956 | &nbsp;&nbsp; 3921632 |
| Kinden Corp. | 34817 | &nbsp;&nbsp; 1395168 |
| Konami Group Corp. | 34498 | &nbsp;&nbsp; 5747182 |
| LY Corp. | 732229 | &nbsp;&nbsp; 2152436 |
| Mitsubishi Heavy Industries Ltd. | 986439 | &nbsp;&nbsp; 29790915 |
| NEC Corp. | 364389 | &nbsp;&nbsp; 13239352 |
| Nippon Building Fund, Inc.<sup>(a)</sup> | 2404 | &nbsp;&nbsp; 2219600 |
| ORIX JREIT, Inc. | 2036 | &nbsp;&nbsp; 1378621 |
| Rakuten Bank Ltd.<sup>(b)</sup> | 27091 | &nbsp;&nbsp; 1487484 |
| Ryohin Keikaku Co. Ltd. | 318918 | &nbsp;&nbsp; 6562288 |
| Sankyo Co. Ltd. | 69661 | &nbsp;&nbsp; 1208866 |
| Sanrio Co. Ltd.<sup>(a)</sup> | 59968 | &nbsp;&nbsp; 2776212 |
| SCSK Corp. | 45414 | &nbsp;&nbsp; 1671759 |
| SHIMAMURA Co. Ltd. | 15594 | &nbsp;&nbsp; 1005700 |
| Shimizu Corp. | 196852 | &nbsp;&nbsp; 2643319 |
| Square Enix Holdings Co. Ltd. | 126742 | &nbsp;&nbsp; 2452675 |
| Sugi Holdings Co. Ltd. | 35015 | &nbsp;&nbsp; 756654 |
| TIS, Inc. | 62697 | &nbsp;&nbsp; 2160736 |
| Toho Co. Ltd. | 48196 | &nbsp;&nbsp; 2826108 |
| Tokyo Gas Co. Ltd. | 93500 | &nbsp;&nbsp; 3282479 |
|  |  | &nbsp;&nbsp; 135824442 |
| **Netherlands-2.55%** | **Netherlands-2.55%** | **Netherlands-2.55%** |
| ABN AMRO Bank N.V., CVA<sup>(c)</sup> | 241181 | &nbsp;&nbsp; 7215865 |
| ING Groep N.V. | 712167 | &nbsp;&nbsp; 17806503 |
| Prosus N.V.<sup>(b)</sup> | 405668 | &nbsp;&nbsp; 28076863 |
|  |  | &nbsp;&nbsp; 53099231 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Norway-0.49%** | **Norway-0.49%** | **Norway-0.49%** |
| Gjensidige Forsikring ASA | 78795 | &nbsp;&nbsp; $2123130 |
| Orkla ASA | 210297 | &nbsp;&nbsp; 2138439 |
| SpareBank 1 Sør-Norge ASA, Class B | 62715 | &nbsp;&nbsp; 1080850 |
| Storebrand ASA | 135321 | &nbsp;&nbsp; 2099621 |
| Telenor ASA | 190283 | &nbsp;&nbsp; 2833242 |
|  |  | &nbsp;&nbsp; 10275282 |
| **Singapore-3.63%** | **Singapore-3.63%** | **Singapore-3.63%** |
| DBS Group Holdings Ltd. | 615915 | &nbsp;&nbsp; 25503383 |
| Keppel Ltd. | 403307 | &nbsp;&nbsp; 3154366 |
| Sea Ltd., ADR<sup>(b)</sup> | 173402 | &nbsp;&nbsp; 27094062 |
| Sembcorp Industries Ltd.<sup>(a)</sup> | 374766 | &nbsp;&nbsp; 1878000 |
| Singapore Exchange Ltd. | 341572 | &nbsp;&nbsp; 4432596 |
| Singapore Technologies Engineering Ltd. | 877024 | &nbsp;&nbsp; 5714524 |
| Singapore Telecommunications Ltd. | 2136066 | &nbsp;&nbsp; 6973032 |
| UOL Group Ltd. | 138633 | &nbsp;&nbsp; 847037 |
|  |  | &nbsp;&nbsp; 75597000 |
| **Spain-7.78%** | **Spain-7.78%** | **Spain-7.78%** |
| ACS Actividades de Construccion y <br> Servicios S.A.<br>| 68615 | &nbsp;&nbsp; 5641536 |
| Aena S.M.E. S.A.<sup>(c)</sup> | 262740 | &nbsp;&nbsp; 7145930 |
| Banco Bilbao Vizcaya Argentaria S.A.<sup>(a)</sup> | 1829386 | &nbsp;&nbsp; 36904549 |
| Banco Santander S.A.<sup>(a)</sup> | 5497320 | &nbsp;&nbsp; 56094097 |
| CaixaBank S.A.<sup>(a)</sup> | 1270228 | &nbsp;&nbsp; 13444051 |
| Endesa S.A. | 121102 | &nbsp;&nbsp; 4347349 |
| Iberdrola S.A. | 1799108 | &nbsp;&nbsp; 36510216 |
| Naturgy Energy Group S.A. | 57964 | &nbsp;&nbsp; 1758016 |
|  |  | &nbsp;&nbsp; 161845744 |
| **Sweden-1.97%** | **Sweden-1.97%** | **Sweden-1.97%** |
| Saab AB, Class B<sup>(a)</sup> | 116079 | &nbsp;&nbsp; 6392635 |
| Spotify Technology S.A.<sup>(b)</sup> | 48224 | &nbsp;&nbsp; 31602152 |
| Tele2 AB, Class B<sup>(a)</sup> | 191052 | &nbsp;&nbsp; 3037506 |
|  |  | &nbsp;&nbsp; 41032293 |
| **Switzerland-0.97%** | **Switzerland-0.97%** | **Switzerland-0.97%** |
| Galderma Group AG, Class A | 50224 | &nbsp;&nbsp; 9350443 |
| Schindler Holding AG | 5289 | &nbsp;&nbsp; 1792349 |
| Swiss Life Holding AG | 8289 | &nbsp;&nbsp; 9019736 |
|  |  | &nbsp;&nbsp; 20162528 |
| **United Kingdom-16.71%** | **United Kingdom-16.71%** | **United Kingdom-16.71%** |
| 3i Group PLC | 239641 | &nbsp;&nbsp; 13869764 |
| Admiral Group PLC | 75500 | &nbsp;&nbsp; 3251193 |
| Aviva PLC | 970673 | &nbsp;&nbsp; 8532512 |
| Barclays PLC | 4467307 | &nbsp;&nbsp; 23963699 |
| British American Tobacco PLC | 889438 | &nbsp;&nbsp; 45558281 |
| BT Group PLC | 1856054 | &nbsp;&nbsp; 4530358 |
| Coca-Cola Europacific Partners PLC | 64181 | &nbsp;&nbsp; 5701198 |
| HSBC Holdings PLC | 4910786 | &nbsp;&nbsp; 68756198 |
| Imperial Brands PLC | 306768 | &nbsp;&nbsp; 12190620 |
| International Consolidated Airlines Group <br> S.A.<sup>(a)</sup><br>| 1392728 | &nbsp;&nbsp; 7657537 |
| Lloyds Banking Group PLC | 15799129 | &nbsp;&nbsp; 18526431 |
| NatWest Group PLC | 2451314 | &nbsp;&nbsp; 18873647 |
| Reckitt Benckiser Group PLC | 213324 | &nbsp;&nbsp; 16318828 |
| Rolls-Royce Holdings PLC | 4784622 | &nbsp;&nbsp; 73638080 |
| Standard Chartered PLC | 773474 | &nbsp;&nbsp; 15879116 |
| Tesco PLC | 1751745 | &nbsp;&nbsp; 10572423 |
|  |  | &nbsp;&nbsp; 347819885 |

---

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

------

**16**

------

**Invesco S&P International Developed Momentum ETF (IDMO)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-1.81%** | **United States-1.81%** | **United States-1.81%** |
| CyberArk Software Ltd.<sup>(b)</sup> | 13622 | &nbsp;&nbsp; $7094065 |
| Holcim AG<sup>(b)</sup> | 168631 | &nbsp;&nbsp; 15028855 |
| Swiss Re AG | 84936 | &nbsp;&nbsp; 15548122 |
|  |  | &nbsp;&nbsp; 37671042 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,894,189,719) | Total Common Stocks & Other Equity Interests <br>(Cost $1,894,189,719) | &nbsp;&nbsp; 2077976523 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $666,408)<br>| 666408 | &nbsp;&nbsp; 666408 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $1,894,856,127) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $1,894,856,127) | &nbsp;&nbsp; 2078642931 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-6.61%** | **Money Market Funds-6.61%** | **Money Market Funds-6.61%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 37061013 | &nbsp;&nbsp; $37061013 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 100518845 | &nbsp;&nbsp; 100549001 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $137,610,228) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $137,610,228) | &nbsp;&nbsp; 137610014 |
| TOTAL INVESTMENTS IN SECURITIES-106.47% <br>(Cost $2,032,466,355) | TOTAL INVESTMENTS IN SECURITIES-106.47% <br>(Cost $2,032,466,355) | &nbsp;&nbsp; 2216252945 |
| OTHER ASSETS LESS LIABILITIES-(6.47)% | OTHER ASSETS LESS LIABILITIES-(6.47)% | &nbsp;&nbsp; (134674967)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2081577978 |

---

---

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

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $24,666,541, which represented 1.19% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $23972702 | &nbsp;&nbsp; $(23306294)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $666408 | &nbsp;&nbsp; $30966 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3796768 | &nbsp;&nbsp; 183035370 | &nbsp;&nbsp; (149771125)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 37061013 | &nbsp;&nbsp; 361,721<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 9913593 | &nbsp;&nbsp; 440362742 | &nbsp;&nbsp; (349727104)<br>| &nbsp;&nbsp; (124)<br>| &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; 100549001 | &nbsp;&nbsp; 985,190<br> \*<br>|
| Total | &nbsp;&nbsp; $13710361 | &nbsp;&nbsp; $647370814 | &nbsp;&nbsp; $(522804523)<br>| &nbsp;&nbsp; $(124)<br>| &nbsp;&nbsp; $(106)<br>| &nbsp;&nbsp; $138276422 | &nbsp;&nbsp; $1377877 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**17**

------

**Statements of Assets and Liabilities**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Low Volatility** <br>**ETF (EELV)**<br>| **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Momentum** <br>**ETF (EEMO)**<br>| **Invesco S&P** <br>**International** <br>**Developed Low** <br>**Volatility** <br>**ETF (IDLV)**<br>| **Invesco S&P** <br>**International** <br>**Developed** <br>**Momentum** <br>**ETF (IDMO)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $407118896 | &nbsp;&nbsp;&nbsp; $13343380 | &nbsp;&nbsp;&nbsp; $322372189 | &nbsp;&nbsp;&nbsp; $2077976523 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 7192885 | &nbsp;&nbsp;&nbsp; 264149 | &nbsp;&nbsp;&nbsp; 35908379 | &nbsp;&nbsp;&nbsp; 138276422 |
| Due from broker | &nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 29149 |
| Foreign currencies, at value | &nbsp;&nbsp; 167635 | &nbsp;&nbsp;&nbsp; 7457 | &nbsp;&nbsp;&nbsp; 138969 | &nbsp;&nbsp;&nbsp; 408887 |
| Deposits with brokers: |  |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 551953 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 685625 | &nbsp;&nbsp;&nbsp; 5940 | &nbsp;&nbsp;&nbsp; 1116572 | &nbsp;&nbsp;&nbsp; 2245127 |
| Securities lending | &nbsp;&nbsp; 21369 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 10913 | &nbsp;&nbsp;&nbsp; 44914 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 660 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13464323 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 535894 | &nbsp;&nbsp;&nbsp; 324636 |
| **Total assets** | &nbsp;&nbsp; 415740494 | &nbsp;&nbsp;&nbsp; 13621242 | &nbsp;&nbsp;&nbsp; 360082979 | &nbsp;&nbsp;&nbsp; 2232770641 |
| **Liabilities:** |  |  |  |  |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8715 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 10092 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 13157292 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6946661 | &nbsp;&nbsp;&nbsp; 194462 | &nbsp;&nbsp;&nbsp; 35742901 | &nbsp;&nbsp;&nbsp; 137610228 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1831 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 578 |
| Accrued unitary management fees | &nbsp;&nbsp; 99816 | &nbsp;&nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp; 69462 | &nbsp;&nbsp;&nbsp; 424565 |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 25572 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 7056569 | &nbsp;&nbsp;&nbsp; 224997 | &nbsp;&nbsp;&nbsp; 35821091 | &nbsp;&nbsp;&nbsp; 151192663 |
| **Net Assets** | &nbsp;&nbsp; $408683925 | &nbsp;&nbsp;&nbsp; $13396245 | &nbsp;&nbsp;&nbsp; $324261888 | &nbsp;&nbsp;&nbsp; $2081577978 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $518220414 | &nbsp;&nbsp;&nbsp; $13865434 | &nbsp;&nbsp;&nbsp; $536243020 | &nbsp;&nbsp;&nbsp; $1857999872 |
| Distributable earnings (loss) | &nbsp;&nbsp; (109536489)<br>| &nbsp;&nbsp;&nbsp; (469189)<br>| &nbsp;&nbsp;&nbsp; (211981132)<br>| &nbsp;&nbsp;&nbsp; 223578106 |
| **Net Assets** | &nbsp;&nbsp; $408683925 | &nbsp;&nbsp;&nbsp; $13396245 | &nbsp;&nbsp;&nbsp; $324261888 | &nbsp;&nbsp;&nbsp; $2081577978 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 15200000 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 9800000 | &nbsp;&nbsp;&nbsp; 38650000 |
| Net asset value | &nbsp;&nbsp; $26.89 | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $33.09 | &nbsp;&nbsp;&nbsp; $53.86 |
| Market price | &nbsp;&nbsp; $26.78 | &nbsp;&nbsp;&nbsp; $17.99 | &nbsp;&nbsp;&nbsp; $32.99 | &nbsp;&nbsp;&nbsp; $53.90 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $353243032 | &nbsp;&nbsp;&nbsp; $12497157 | &nbsp;&nbsp;&nbsp; $303024782 | &nbsp;&nbsp;&nbsp; $1894189719 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $7193149 | &nbsp;&nbsp;&nbsp; $264149 | &nbsp;&nbsp;&nbsp; $35908634 | &nbsp;&nbsp;&nbsp; $138276636 |
| Foreign currencies, at cost | &nbsp;&nbsp; $167169 | &nbsp;&nbsp;&nbsp; $7462 | &nbsp;&nbsp;&nbsp; $139844 | &nbsp;&nbsp;&nbsp; $409122 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $6313088 | &nbsp;&nbsp;&nbsp; $183524 | &nbsp;&nbsp;&nbsp; $30136611 | &nbsp;&nbsp;&nbsp; $121445715 |

---

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

------

**18**

------

**Statements of Operations**

For the year ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Low Volatility** <br>**ETF (EELV)**<br>| **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Momentum** <br>**ETF (EEMO)**<br>| **Invesco S&P** <br>**International** <br>**Developed Low** <br>**Volatility** <br>**ETF (IDLV)**<br>| **Invesco S&P** <br>**International** <br>**Developed** <br>**Momentum** <br>**ETF (IDMO)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $6832 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $5870 | &nbsp;&nbsp;&nbsp; $- |
| Unaffiliated dividend income | &nbsp;&nbsp; 18461727 | &nbsp;&nbsp;&nbsp; 351105 | &nbsp;&nbsp;&nbsp; 13095906 | &nbsp;&nbsp;&nbsp; 22676948 |
| Affiliated dividend income | &nbsp;&nbsp; 12315 | &nbsp;&nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp; 22097 | &nbsp;&nbsp;&nbsp; 30966 |
| Securities lending income, net | &nbsp;&nbsp; 65422 | &nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp; 156699 | &nbsp;&nbsp;&nbsp; 229222 |
| Foreign withholding tax claims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 54254 | &nbsp;&nbsp;&nbsp; - |
| Foreign withholding tax | &nbsp;&nbsp; (1523436)<br>| &nbsp;&nbsp;&nbsp; (42973)<br>| &nbsp;&nbsp;&nbsp; (1166181)<br>| &nbsp;&nbsp;&nbsp; (2049253)<br>|
| Total investment income | &nbsp;&nbsp; 17022860 | &nbsp;&nbsp;&nbsp; 311251 | &nbsp;&nbsp;&nbsp; 12168645 | &nbsp;&nbsp;&nbsp; 20887883 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 1136885 | &nbsp;&nbsp;&nbsp; 36749 | &nbsp;&nbsp;&nbsp; 763419 | &nbsp;&nbsp;&nbsp; 2183277 |
| Less: Waivers | &nbsp;&nbsp; (286)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (524)<br>| &nbsp;&nbsp;&nbsp; (729)<br>|
| Net expenses | &nbsp;&nbsp; 1136599 | &nbsp;&nbsp;&nbsp; 36699 | &nbsp;&nbsp;&nbsp; 762895 | &nbsp;&nbsp;&nbsp; 2182548 |
| Net investment income | &nbsp;&nbsp; 15886261 | &nbsp;&nbsp;&nbsp; 274552 | &nbsp;&nbsp;&nbsp; 11405750 | &nbsp;&nbsp;&nbsp; 18705335 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (3589240)<br>| &nbsp;&nbsp;&nbsp; 1019601 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6928542 | &nbsp;&nbsp;&nbsp; 42871616 |
| Affiliated investment securities | &nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (106)<br>|
| In-kind redemptions | &nbsp;&nbsp; 656492 | &nbsp;&nbsp;&nbsp; 125754 | &nbsp;&nbsp;&nbsp; 17842544 | &nbsp;&nbsp;&nbsp; 3916655 |
| Short Sales | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 739 |
| Foreign currencies | &nbsp;&nbsp; (233141)<br>| &nbsp;&nbsp;&nbsp; (14578)<br>| &nbsp;&nbsp;&nbsp; 110751 | &nbsp;&nbsp;&nbsp; (71457)<br>|
| Futures contracts | &nbsp;&nbsp; 277330 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; (2889127)<br>| &nbsp;&nbsp;&nbsp; 1130768 | &nbsp;&nbsp;&nbsp; 24881747 | &nbsp;&nbsp;&nbsp; 46717447 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 36231399 | &nbsp;&nbsp;&nbsp; (30473 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 13996355 | &nbsp;&nbsp;&nbsp; 170744035 |
| Affiliated investment securities | &nbsp;&nbsp; (168)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp; (124)<br>|
| Foreign currencies | &nbsp;&nbsp; 26712 | &nbsp;&nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 19379 |
| Futures contracts | &nbsp;&nbsp; 67786 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 36325729 | &nbsp;&nbsp;&nbsp; (29691)<br>| &nbsp;&nbsp;&nbsp; 13997161 | &nbsp;&nbsp;&nbsp; 170763290 |
| Net realized and unrealized gain | &nbsp;&nbsp; 33436602 | &nbsp;&nbsp;&nbsp; 1101077 | &nbsp;&nbsp;&nbsp; 38878908 | &nbsp;&nbsp;&nbsp; 217480737 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $49322863 | &nbsp;&nbsp;&nbsp; $1375629 | &nbsp;&nbsp;&nbsp; $50284658 | &nbsp;&nbsp;&nbsp; $236186072 |

---

<sup>(a)</sup> Net of Foreign Taxes of $25,937.

<sup>(b)</sup> Net of Foreign Taxes of $89,752.

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

------

**19**

------

**Statements of Changes in Net Assets**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P Emerging Markets** <br>**Low Volatility ETF (EELV)** | **Invesco S&P Emerging Markets** <br>**Low Volatility ETF (EELV)** | **Invesco S&P Emerging Markets** <br>**Momentum ETF (EEMO)** | **Invesco S&P Emerging Markets** <br>**Momentum ETF (EEMO)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $15886261 | &nbsp;&nbsp;&nbsp; $18263123 | &nbsp;&nbsp;&nbsp; $274552 | &nbsp;&nbsp;&nbsp; $177346 |
| Net realized gain (loss) | &nbsp;&nbsp; (2889127)<br>| &nbsp;&nbsp;&nbsp; 25529665 | &nbsp;&nbsp;&nbsp; 1130768 | &nbsp;&nbsp;&nbsp; 193572 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 36325729 | &nbsp;&nbsp;&nbsp; 55606019 | &nbsp;&nbsp;&nbsp; (29691)<br>| &nbsp;&nbsp;&nbsp; 1070865 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 49322863 | &nbsp;&nbsp;&nbsp; 99398807 | &nbsp;&nbsp;&nbsp; 1375629 | &nbsp;&nbsp;&nbsp; 1441783 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (20107490)<br>| &nbsp;&nbsp;&nbsp; (24879054)<br>| &nbsp;&nbsp;&nbsp; (264352)<br>| &nbsp;&nbsp;&nbsp; (84802)<br>|
| Return of capital | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (129583)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (20107490)<br>| &nbsp;&nbsp;&nbsp; (24879054)<br>| &nbsp;&nbsp;&nbsp; (264352)<br>| &nbsp;&nbsp;&nbsp; (214385)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 11668527 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5005550 | &nbsp;&nbsp;&nbsp; 3288256 |
| Value of shares repurchased | &nbsp;&nbsp; (44976902)<br>| &nbsp;&nbsp;&nbsp; (357587780)<br>| &nbsp;&nbsp;&nbsp; (1792078)<br>| &nbsp;&nbsp;&nbsp; - |
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 452468 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2571 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (33308375)<br>| &nbsp;&nbsp;&nbsp; (357135312)<br>| &nbsp;&nbsp;&nbsp; 3213472 | &nbsp;&nbsp;&nbsp; 3290827 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (4093002)<br>| &nbsp;&nbsp;&nbsp; (282615559)<br>| &nbsp;&nbsp;&nbsp; 4324749 | &nbsp;&nbsp;&nbsp; 4518225 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 412776927 | &nbsp;&nbsp;&nbsp; 695392486 | &nbsp;&nbsp;&nbsp; 9071496 | &nbsp;&nbsp;&nbsp; 4553271 |
| End of year | &nbsp;&nbsp; $408683925 | &nbsp;&nbsp;&nbsp; $412776927 | &nbsp;&nbsp;&nbsp; $13396245 | &nbsp;&nbsp;&nbsp; $9071496 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 200000 |
| Shares repurchased | &nbsp;&nbsp; (1850000)<br>| &nbsp;&nbsp;&nbsp; (14900000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of year | &nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 31500000 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 350000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 15200000 | &nbsp;&nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 550000 |

---

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

------

**20**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P International** <br>**Developed Low Volatility ETF** <br>**(IDLV)** | **Invesco S&P International** <br>**Developed Low Volatility ETF** <br>**(IDLV)** | **Invesco S&P International** <br>**Developed Momentum ETF** <br>**(IDMO)** | **Invesco S&P International** <br>**Developed Momentum ETF** <br>**(IDMO)** |
| **2025** | **2024** | **2025** | **2024** |
| $11405750 | &nbsp;&nbsp;&nbsp; $13312543 | &nbsp;&nbsp;&nbsp; $18705335 | &nbsp;&nbsp;&nbsp; $3567384 |
| 24881747 | &nbsp;&nbsp;&nbsp; 18187082 | &nbsp;&nbsp;&nbsp; 46717447 | &nbsp;&nbsp;&nbsp; 11082517 |
| 13997161 | &nbsp;&nbsp;&nbsp; 47323205 | &nbsp;&nbsp;&nbsp; 170763290 | &nbsp;&nbsp;&nbsp; 14153262 |
| 50284658 | &nbsp;&nbsp;&nbsp; 78822830 | &nbsp;&nbsp;&nbsp; 236186072 | &nbsp;&nbsp;&nbsp; 28803163 |
| (11274738)<br>| &nbsp;&nbsp;&nbsp; (14829662)<br>| &nbsp;&nbsp;&nbsp; (17445098)<br>| &nbsp;&nbsp;&nbsp; (4437254)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (11274738)<br>| &nbsp;&nbsp;&nbsp; (14829662)<br>| &nbsp;&nbsp;&nbsp; (17445098)<br>| &nbsp;&nbsp;&nbsp; (4437254)<br>|
| 152762151 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1611723913 | &nbsp;&nbsp;&nbsp; 222533951 |
| (125203842)<br>| &nbsp;&nbsp;&nbsp; (343262093)<br>| &nbsp;&nbsp;&nbsp; (8982368)<br>| &nbsp;&nbsp;&nbsp; (52242648)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 27558309 | &nbsp;&nbsp;&nbsp; (343262093)<br>| &nbsp;&nbsp;&nbsp; 1602741545 | &nbsp;&nbsp;&nbsp; 170291303 |
| 66568229 | &nbsp;&nbsp;&nbsp; (279268925)<br>| &nbsp;&nbsp;&nbsp; 1821482519 | &nbsp;&nbsp;&nbsp; 194657212 |
| 257693659 | &nbsp;&nbsp;&nbsp; 536962584 | &nbsp;&nbsp;&nbsp; 260095459 | &nbsp;&nbsp;&nbsp; 65438247 |
| $324261888 | &nbsp;&nbsp;&nbsp; $257693659 | &nbsp;&nbsp;&nbsp; $2081577978 | &nbsp;&nbsp;&nbsp; $260095459 |
| 4800000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 32500000 | &nbsp;&nbsp;&nbsp; 5550000 |
| (3900000)<br>| &nbsp;&nbsp;&nbsp; (12100000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (1250000)<br>|
| 8900000 | &nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp; 6350000 | &nbsp;&nbsp;&nbsp; 2050000 |
| 9800000 | &nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp; 38650000 | &nbsp;&nbsp;&nbsp; 6350000 |

---

------

**21**

------

**Financial Highlights**

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $24.87 | &nbsp;&nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp; $21.30 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $19.94 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.77 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $26.89 | &nbsp;&nbsp;&nbsp; $24.87 | &nbsp;&nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp; $21.30 | &nbsp;&nbsp;&nbsp; $25.05 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $26.78 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $22.00 | &nbsp;&nbsp;&nbsp; $21.40 | &nbsp;&nbsp;&nbsp; $25.08 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.01<br> %<br>| &nbsp;&nbsp;&nbsp; (10.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.21<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13<br> %<br>| &nbsp;&nbsp;&nbsp; (10.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.16<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $408684 | &nbsp;&nbsp;&nbsp; $412777 | &nbsp;&nbsp;&nbsp; $695392 | &nbsp;&nbsp;&nbsp; $904397 | &nbsp;&nbsp;&nbsp; $360698 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 136<br> %<br>| &nbsp;&nbsp;&nbsp; 92<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**22**

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**Financial Highlights—(continued)**

Invesco S&P Emerging Markets Momentum ETF (EEMO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $16.49 | &nbsp;&nbsp;&nbsp; $13.01 | &nbsp;&nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp; $17.90 | &nbsp;&nbsp;&nbsp; $16.49 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 <br><sup>(c)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $16.49 | &nbsp;&nbsp;&nbsp; $13.01 | &nbsp;&nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp; $17.90 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $17.99 | &nbsp;&nbsp;&nbsp; $16.61 | &nbsp;&nbsp;&nbsp; $13.03 | &nbsp;&nbsp;&nbsp; $14.07 | &nbsp;&nbsp;&nbsp; $17.72 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.19<br> %<br>| &nbsp;&nbsp;&nbsp; (3.27)%<br>| &nbsp;&nbsp;&nbsp; (18.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.66<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.92<br> %<br>| &nbsp;&nbsp;&nbsp; (2.76)%<br>| &nbsp;&nbsp;&nbsp; (18.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.44<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $13396 | &nbsp;&nbsp;&nbsp; $9071 | &nbsp;&nbsp;&nbsp; $4553 | &nbsp;&nbsp;&nbsp; $4942 | &nbsp;&nbsp;&nbsp; $6263 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43 %<sup>(c)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 128<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp;&nbsp; 166<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.32 and 1.98%, respectively. 

<sup>(c)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.22 and 1.14%, respectively. 

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**23**

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**Financial Highlights—(continued)**

Invesco S&P International Developed Low Volatility ETF (IDLV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $28.95 | &nbsp;&nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $31.63 | &nbsp;&nbsp;&nbsp; $27.37 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (6.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.17 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $33.09 | &nbsp;&nbsp;&nbsp; $28.95 | &nbsp;&nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $31.63 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $32.99 | &nbsp;&nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $25.75 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $31.69 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.42<br> %<br>| &nbsp;&nbsp;&nbsp; (17.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.34<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.17<br> %<br>| &nbsp;&nbsp;&nbsp; (17.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.31<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $324262 | &nbsp;&nbsp;&nbsp; $257694 | &nbsp;&nbsp;&nbsp; $536963 | &nbsp;&nbsp;&nbsp; $431159 | &nbsp;&nbsp;&nbsp; $700694 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

Invesco S&P International Developed Momentum ETF (IDMO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $40.96 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $28.98 | &nbsp;&nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $28.96 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp; 2.87 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (7.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp; (6.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.75 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $53.86 | &nbsp;&nbsp;&nbsp; $40.96 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $28.98 | &nbsp;&nbsp;&nbsp; $37.11 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $53.90 | &nbsp;&nbsp;&nbsp; $40.94 | &nbsp;&nbsp;&nbsp; $32.41 | &nbsp;&nbsp;&nbsp; $29.21 | &nbsp;&nbsp;&nbsp; $37.16 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.82<br> %<br>| &nbsp;&nbsp;&nbsp; (18.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.43<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.62<br> %<br>| &nbsp;&nbsp;&nbsp; (18.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.80<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $2081578 | &nbsp;&nbsp;&nbsp; $260095 | &nbsp;&nbsp;&nbsp; $65438 | &nbsp;&nbsp;&nbsp; $8695 | &nbsp;&nbsp;&nbsp; $16701 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**24**

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

October 31, 2025

**NOTE 1—Organization**

Invesco Exchange-Traded Fund Trust II (the "Trust") was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco S&P Emerging Markets Low Volatility ETF (EELV) | "S&P Emerging Markets Low Volatility ETF" |
| Invesco S&P Emerging Markets Momentum ETF (EEMO) | "S&P Emerging Markets Momentum ETF" |
| Invesco S&P International Developed Low Volatility ETF (IDLV) | "S&P International Developed Low Volatility ETF" |
| Invesco S&P International Developed Momentum ETF (IDMO) | "S&P International Developed Momentum ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index").

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| S&P Emerging Markets Low Volatility ETF | S&P BMI Emerging Markets Low Volatility Index<sup>TM</sup> |
| S&P Emerging Markets Momentum ETF | S&P Momentum Emerging Plus LargeMidCap Index |
| S&P International Developed Low Volatility ETF | S&P BMI International Developed Low Volatility<sup>TM</sup> Index |
| S&P International Developed Momentum ETF | S&P World Ex-U.S. Momentum Index |

---

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations

------

**25**

------

assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and

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accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund's Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes** - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the

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year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended October 31, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund's unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund's unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**H.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement notes disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the

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securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $1733 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 10 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 24 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 89 |

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**L.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Futures Contracts** - The Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments can be received or made depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Statements of Assets and Liabilities. Otherwise, the variation margin excess or

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deficit can be netted with cash held at the futures commission merchant broker and reflected as Cash collateral-futures contracts on the Statements of Assets and Liabilities. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.

**N.** **Other Risks**

*ADR and GDR Risk*. Certain Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Investment Risk*. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments

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in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Geographic Concentration Risk*. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund's investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected region.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry

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groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Momentum Investing Risk*. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-Diversification Risk*. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds' volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds' performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund's shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

*Sampling Risk*. Certain Funds' use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*Small- and Mid-Capitalization Company Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

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**32**

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*Valuation Time Risk*. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund's portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

---

| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended October 31, 2025, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp; $286 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 50 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp; 524 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp; 729 |

---

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with S&P Dow Jones Indices LLC (the "Licensor").

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended October 31, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp; $3637 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 397 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp; 14975 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp; 55789 |

---

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

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**33**

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**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| S&P Emerging Markets Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $67574297 | &nbsp;&nbsp; $339544599 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $407118896 |
| Money Market Funds | &nbsp;&nbsp; 246488 | &nbsp;&nbsp; 6946397 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7192885 |
| **Total Investments in Securities** | &nbsp;&nbsp; 67820785 | &nbsp;&nbsp; 346490996 | &nbsp;&nbsp; - | &nbsp;&nbsp; 414311781 |
| **Other Investments - Assets**<sup>(a)</sup> <br>|  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 67786 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 67786 |
| **Total Investments** | &nbsp;&nbsp; $67888571 | &nbsp;&nbsp; $346490996 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $414379567 |
| S&P Emerging Markets Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $428138 | &nbsp;&nbsp; $12915242 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $13343380 |
| Money Market Funds | &nbsp;&nbsp; 69687 | &nbsp;&nbsp; 194462 | &nbsp;&nbsp; - | &nbsp;&nbsp; 264149 |
| **Total Investments** | &nbsp;&nbsp; $497825 | &nbsp;&nbsp; $13109704 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $13607529 |
| S&P International Developed Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $49869704 | &nbsp;&nbsp; $272502485 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $322372189 |
| Money Market Funds | &nbsp;&nbsp; 165733 | &nbsp;&nbsp; 35742646 | &nbsp;&nbsp; - | &nbsp;&nbsp; 35908379 |
| **Total Investments** | &nbsp;&nbsp; $50035437 | &nbsp;&nbsp; $308245131 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $358280568 |
| S&P International Developed Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $460361186 | &nbsp;&nbsp; $1617615337 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2077976523 |
| Money Market Funds | &nbsp;&nbsp; 666408 | &nbsp;&nbsp; 137610014 | &nbsp;&nbsp; - | &nbsp;&nbsp; 138276422 |
| **Total Investments** | &nbsp;&nbsp; $461027594 | &nbsp;&nbsp; $1755225351 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2216252945 |

---

<sup>(a)</sup> Futures contracts is valued at unrealized appreciation (depreciation).

**NOTE 5—Derivative Investments**

The Funds may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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**34**

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For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
|  | **S&P Emerging Markets Low Volatility ETF** |
| **Derivative Assets** | **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $67786 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; (67786)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin receivable (payable) is reported within the Statement of Assets and Liabilities for futures contracts, if any.

**Effect of Derivative Investments for the Fiscal Year Ended October 31, 2025**

The table below summarizes each Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** |
|  | **S&P Emerging Markets Low Volatility ETF** |
|  | **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp; $277330 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp; 67786 |
| Total | &nbsp;&nbsp; $345116 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **S&P Emerging Markets Low Volatility ETF** |
| Futures contracts | &nbsp;&nbsp; $1422079 |

---

**NOTE 6—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Ordinary** <br>**Income\***<br>| **Return of** <br>**Capital**<br>|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $20107490 | &nbsp;&nbsp; $24879054 | &nbsp;&nbsp; $- |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 264352 | &nbsp;&nbsp; 84802 | &nbsp;&nbsp; 129583 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 11274738 | &nbsp;&nbsp; 14829662 | &nbsp;&nbsp; - |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 17445098 | &nbsp;&nbsp; 4437254 | &nbsp;&nbsp; - |

---

\* Includes short-term capital gain distributions, if any.

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**35**

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Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Other** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Foreign** <br>**Currencies**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| S&P Emerging <br> Markets Low Volatility <br> ETF<br>| $246946 | $- | $48308367 | $67786 | $22694 | $(158182282)<br>| $518220414 | $408683925 |
| S&P Emerging <br> Markets Momentum <br> ETF<br>| 25972 | - | 785468 | - | (25478)<br>| (1255151)<br>| 13865434 | 13396245 |
| S&P International <br> Developed Low <br> Volatility ETF<br>| 4906155 | - | 15930698 | - | 903 | (232818888)<br>| 536243020 | 324261888 |
| S&P International <br> Developed Momentum <br> ETF<br>| 32959121 | 11582181 | 179058700 | - | (21896)<br>| - | 1857999872 | 2081577978 |

---

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $105769425 | &nbsp;&nbsp; $52412857 | &nbsp;&nbsp; $158182282 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 1255151 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1255151 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 125080080 | &nbsp;&nbsp; 107738808 | &nbsp;&nbsp; 232818888 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 7—Investment Transactions**

For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $264519009 | &nbsp;&nbsp; $293772412 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 19843236 | &nbsp;&nbsp; 15918060 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 210836593 | &nbsp;&nbsp; 210862046 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 962383517 | &nbsp;&nbsp; 944253323 |

---

For the fiscal year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $2800530 | &nbsp;&nbsp; $11585766 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 517155 | &nbsp;&nbsp; 1189059 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 148976270 | &nbsp;&nbsp; 121813753 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 1593426259 | &nbsp;&nbsp; 10629639 |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

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As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation**<br>| **Cost** |
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $65045757 | &nbsp;&nbsp; $(16669604)<br>| &nbsp;&nbsp; $48376153 | &nbsp;&nbsp; $366003414 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 1567772 | &nbsp;&nbsp; (782304)<br>| &nbsp;&nbsp; 785468 | &nbsp;&nbsp; 12822061 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 30475596 | &nbsp;&nbsp; (14544898)<br>| &nbsp;&nbsp; 15930698 | &nbsp;&nbsp; 342349870 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 203350962 | &nbsp;&nbsp; (24292262)<br>| &nbsp;&nbsp; 179058700 | &nbsp;&nbsp; 2037194245 |

---

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign capital gains taxes, foreign currency transactions, passive foreign investment companies and redemption in-kind, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income (Loss)**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $(156783)<br>| &nbsp;&nbsp; $(483866)<br>| &nbsp;&nbsp; $640649 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; (25615)<br>| &nbsp;&nbsp; (99994)<br>| &nbsp;&nbsp; 125609 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 1939128 | &nbsp;&nbsp; (19104431)<br>| &nbsp;&nbsp; 17165303 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 480293 | &nbsp;&nbsp; (4337659)<br>| &nbsp;&nbsp; 3857366 |

---

**NOTE 9—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 10—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

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**37**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>|
| Invesco S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|
| Invesco S&P International Developed Momentum ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>|

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes** <br>**Per Share**<br>| **Foreign Source** <br>**Income Per Share**<br>|
| Invesco S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $0.0906 | &nbsp;&nbsp; $1.1821 |
| Invesco S&P Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0879 | &nbsp;&nbsp;&nbsp;&nbsp;0.4663 |
| Invesco S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0636 | &nbsp;&nbsp;&nbsp;&nbsp;1.3361 |
| Invesco S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0317 | &nbsp;&nbsp;&nbsp;&nbsp;0.5841 |

---

------

**39**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**40**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-HBLV-NCSR

invesco.com/ETFs

------

![](imgff01e3731.jpg)

------

**Invesco Annual Financial Statements and Other Information**

October 31, 2025

---

| | |
|:---|:---|
| **CQQQ** | Invesco China Technology ETF |
| **PIZ** | Invesco Dorsey Wright Developed Markets Momentum ETF |
| **PIE** | Invesco Dorsey Wright Emerging Markets Momentum ETF |
| **PBD** | Invesco Global Clean Energy ETF |
| **PIO** | Invesco Global Water ETF |
| **IPKW** | Invesco International BuyBack Achievers<sup>TM</sup> ETF |
| **KLMT** | Invesco MSCI Global Climate 500 ETF |
| **CUT** | Invesco MSCI Global Timber ETF |
| **GBLD** | Invesco MSCI Green Building ETF |
| **PXF** | Invesco RAFI Developed Markets ex-U.S. ETF |
| **PDN** | Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF |
| **PXH** | Invesco RAFI Emerging Markets ETF |
| **CGW** | Invesco S&P Global Water Index ETF |
| **IDHQ** | Invesco S&P International Developed Quality ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco China Technology ETF (CQQQ)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_1) | **3** |
| [Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_5) | **7** |
| [Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_8) | **10** |
| [Invesco Global Clean Energy ETF (PBD)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_11) | **13** |
| [Invesco Global Water ETF (PIO)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_14) | **16** |
| [Invesco International BuyBack Achievers](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_16)<sup>TM</sup>[ETF (IPKW)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_16) | **18** |
| [Invesco MSCI Global Climate 500 ETF (KLMT)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_19) | **21** |
| [Invesco MSCI Global Timber ETF (CUT)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_25) | **27** |
| [Invesco MSCI Green Building ETF (GBLD)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_27) | **29** |
| [Invesco RAFI Developed Markets ex-U.S. ETF (PXF)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_30) | **32** |
| [Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_42) | **44** |
| [Invesco RAFI Emerging Markets ETF (PXH)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_60) | **62** |
| [Invesco S&P Global Water Index ETF (CGW)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_66) | **68** |
| [Invesco S&P International Developed Quality ETF (IDHQ)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_SOI-Continued-386_68) | **70** |
| [Statements of Assets and Liabilities](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_FS-Continued-386_1) | **74** |
| [Statements of Operations](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_FS-Continued-386_5) | **78** |
| [Statements of Changes in Net Assets](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_FS-Continued-386_9) | **82** |
| [Financial Highlights](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_FIHI-Continued-386_1) | **87** |
| [Notes to Financial Statements](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_NTF-Continued-386_1) | **100** |
| [Report of Independent Registered Public Accounting Firm](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_AR-Continued-386_1) | **119** |
| [Tax Information](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_TI-Continued-386_1) | **121** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_4c6fa446-fd90-47b2-8f29-a67b291d69d2_OIRSR-Continued_1) | **122** |

---

------

**2**

------

**Invesco China Technology ETF (CQQQ)**

October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
| **Broadline Retail-9.44%** | **Broadline Retail-9.44%** | **Broadline Retail-9.44%** |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup> | 2159584 | &nbsp;&nbsp; $291263094 |
| **Capital Markets-0.76%** | **Capital Markets-0.76%** | **Capital Markets-0.76%** |
| Hithink RoyalFlush Information Network <br> Co. Ltd., A Shares (China)<br>| 460101 | &nbsp;&nbsp; 23465208 |
| **Electrical Equipment-0.39%** | **Electrical Equipment-0.39%** | **Electrical Equipment-0.39%** |
| China XD Electric Co. Ltd., A Shares <br> (China)<br>| 4411501 | &nbsp;&nbsp; 4945319 |
| Qingdao TGOOD Electric Co. Ltd., A <br> Shares (China)<br>| 908818 | &nbsp;&nbsp; 3708064 |
| Sieyuan Electric Co. Ltd., A Shares <br> (China)<br>| 191020 | &nbsp;&nbsp; 3526413 |
|  |  | &nbsp;&nbsp; 12179796 |
| **Electronic Equipment, Instruments & Components-12.30%** | **Electronic Equipment, Instruments & Components-12.30%** | **Electronic Equipment, Instruments & Components-12.30%** |
| Avary Holding Shenzhen Co. Ltd., A <br> Shares (China)<br>| 1969921 | &nbsp;&nbsp; 14520602 |
| Beijing Yuanliu Hongyuan Electronic <br> Technology Co. Ltd., A Shares (China)<br>| 198486 | &nbsp;&nbsp; 1406441 |
| BOE Technology Group Co. Ltd., A Shares <br> (China)<br>| 31709974 | &nbsp;&nbsp; 18100710 |
| BOE Technology Group Co. Ltd., B Shares <br> (China)<br>| 8517260 | &nbsp;&nbsp; 3144571 |
| Chaozhou Three-Circle (Group) Co. Ltd., A <br> Shares (China)<br>| 1649890 | &nbsp;&nbsp; 11515536 |
| China Zhenhua (Group) Science & <br> Technology Co. Ltd., A Shares (China)<br>| 477059 | &nbsp;&nbsp; 3381497 |
| Everdisplay Optronics (Shanghai) Co. Ltd., <br> A Shares (China)<sup>(b)</sup><br>| 11416400 | &nbsp;&nbsp; 4364588 |
| Guangzhou Shiyuan Electronic Technology <br> Co. Ltd., A Shares (China)<br>| 598760 | &nbsp;&nbsp; 3513256 |
| Hengdian Group DMEGC Magnetics Co. <br> Ltd., A Shares (China)<br>| 1400100 | &nbsp;&nbsp; 4166256 |
| Huagong Tech Co. Ltd., A Shares (China) | 863600 | &nbsp;&nbsp; 9690317 |
| IRICO Display Devices Co. Ltd. (China)<sup>(b)</sup> | 3088200 | &nbsp;&nbsp; 2544592 |
| Kingboard Laminates Holdings Ltd. <br> (China)<sup>(c)</sup><br>| 9760909 | &nbsp;&nbsp; 16338402 |
| Lens Technology Co. Ltd., A Shares <br> (China)<br>| 4276000 | &nbsp;&nbsp; 17675267 |
| Leyard Optoelectronic Co. Ltd., A Shares <br> (China)<br>| 2334300 | &nbsp;&nbsp; 2256320 |
| Lingyi iTech Guangdong Co., A Shares <br> (China)<br>| 6031187 | &nbsp;&nbsp; 13244826 |
| Maxscend Microelectronics Co. Ltd., A <br> Shares (China)<br>| 460478 | &nbsp;&nbsp; 4831903 |
| Raytron Technology Co. Ltd., A Shares <br> (China)<br>| 391771 | &nbsp;&nbsp; 4574805 |
| Shanghai BOCHU Electronic Technology <br> Corp. Ltd., A Shares (China)<br>| 248874 | &nbsp;&nbsp; 4789705 |
| Shengyi Electronics Co. Ltd., A Shares <br> (China)<br>| 575000 | &nbsp;&nbsp; 8781839 |
| Shengyi Technology Co. Ltd., A Shares <br> (China)<br>| 2084619 | &nbsp;&nbsp; 18795929 |
| Shennan Circuits Co. Ltd., A Shares <br> (China)<br>| 571977 | &nbsp;&nbsp; 17218300 |
| Shenzhen Everwin Precision Technology <br> Co. Ltd., A Shares (China)<br>| 1166480 | &nbsp;&nbsp; 6233083 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** |
| Shenzhen Huaqiang Industry Co. Ltd., A <br> Shares (China)<br>| 900375 | &nbsp;&nbsp; $3516597 |
| Shenzhen Kaifa Technology Co. Ltd., A <br> Shares (China)<br>| 1337017 | &nbsp;&nbsp; 5132106 |
| Shenzhen Kinwong Electronic Co. Ltd., A <br> Shares (China)<br>| 811320 | &nbsp;&nbsp; 8271995 |
| Sunny Optical Technology Group Co. Ltd. <br> (China)<sup>(c)</sup><br>| 8245168 | &nbsp;&nbsp; 79661959 |
| TCL Technology Group Corp., A Shares <br> (China)<br>| 17009710 | &nbsp;&nbsp; 10313417 |
| Tianma Microelectronics Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 2115752 | &nbsp;&nbsp; 2889420 |
| Tunghsu Optoelectronic Technology Co. <br> Ltd., A Shares (China)<sup>(b)(d)</sup><br>| 2101000 | &nbsp;&nbsp; 0 |
| Unisplendour Corp. Ltd., A Shares <br> (China)<br>| 2461058 | &nbsp;&nbsp; 9370955 |
| Universal Scientific Industrial Shanghai Co. <br> Ltd., A Shares (China)<br>| 1431800 | &nbsp;&nbsp; 4845958 |
| Victory Giant Technology (HuiZhou) Co. <br> Ltd. (China)<br>| 739900 | &nbsp;&nbsp; 30435379 |
| WUS Printed Circuit Kunshan Co. Ltd., A <br> Shares (China)<br>| 1646110 | &nbsp;&nbsp; 16366891 |
| Xiamen Faratronic Co. Ltd., A Shares <br> (China)<br>| 193698 | &nbsp;&nbsp; 3277545 |
| Zhejiang Crystal-Optech Co. Ltd., A <br> Shares (China)<br>| 1197170 | &nbsp;&nbsp; 4202289 |
| Zhejiang Dahua Technology Co. Ltd., A <br> Shares (China)<br>| 2838713 | &nbsp;&nbsp; 8163285 |
| Zhuzhou Hongda Electronics Corp. Ltd., A <br> Shares (China)<br>| 354500 | &nbsp;&nbsp; 2132343 |
|  |  | &nbsp;&nbsp; 379668884 |
| **Entertainment-1.95%** | **Entertainment-1.95%** | **Entertainment-1.95%** |
| Hangzhou Shunwang Technology Co. Ltd., <br> A Shares (China)<br>| 588000 | &nbsp;&nbsp; 1824297 |
| Kingsoft Corp. Ltd. (China) | 12229733 | &nbsp;&nbsp; 53299751 |
| Talkweb Information System Co., Ltd. <br> (China)<sup>(b)</sup><br>| 1080600 | &nbsp;&nbsp; 5210455 |
|  |  | &nbsp;&nbsp; 60334503 |
| **Hotels, Restaurants & Leisure-8.76%** | **Hotels, Restaurants & Leisure-8.76%** | **Hotels, Restaurants & Leisure-8.76%** |
| Meituan, B Shares (China)<sup>(b)(e)</sup> | 19410743 | &nbsp;&nbsp; 255444613 |
| TravelSky Technology Ltd., H Shares <br> (China)<sup>(c)</sup><br>| 11402463 | &nbsp;&nbsp; 15002446 |
|  |  | &nbsp;&nbsp; 270447059 |
| **Interactive Media & Services-28.78%** | **Interactive Media & Services-28.78%** | **Interactive Media & Services-28.78%** |
| Autohome, Inc., ADR (China)<sup>(c)</sup> | 760829 | &nbsp;&nbsp; 19172891 |
| Baidu, Inc., A Shares (China)<sup>(b)</sup> | 14246374 | &nbsp;&nbsp; 215590738 |
| Bilibili, Inc., Z Shares (China)<sup>(b)(c)</sup> | 3510775 | &nbsp;&nbsp; 106013418 |
| JOYY, Inc., ADR (China)<sup>(c)</sup> | 327529 | &nbsp;&nbsp; 19425745 |
| Kuaishou Technology (China)<sup>(e)</sup> | 18677022 | &nbsp;&nbsp; 173366916 |
| Meitu, Inc. (China)<sup>(b)(e)</sup> | 41446000 | &nbsp;&nbsp; 46019959 |
| Tencent Holdings Ltd. (China) | 3640415 | &nbsp;&nbsp; 295639989 |
| Visual China Group Co. Ltd., A Shares <br> (China)<br>| 602600 | &nbsp;&nbsp; 1832654 |
| Weibo Corp., A Shares (China) | 1035560 | &nbsp;&nbsp; 11320660 |
|  |  | &nbsp;&nbsp; 888382970 |

---

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

------

**3**

------

**Invesco China Technology ETF (CQQQ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services-2.34%** | **IT Services-2.34%** | **IT Services-2.34%** |
| Beijing Sinnet Technology Co. Ltd., A <br> Shares (China)<br>| 1546300 | &nbsp;&nbsp; $2964036 |
| China TransInfo Technology Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 1359771 | &nbsp;&nbsp; 2126724 |
| DHC Software Co. Ltd., A Shares (China) | 2757400 | &nbsp;&nbsp; 4006146 |
| Digital China Information Service Group <br> Co. Ltd., A Shares (China)<sup>(b)</sup><br>| 839500 | &nbsp;&nbsp; 2240936 |
| GDS Holdings Ltd., A Shares (China)<sup>(b)</sup> | 10773246 | &nbsp;&nbsp; 47989520 |
| iSoftStone Information Technology <br> (Group) Co. Ltd., A Shares (China)<br>| 819700 | &nbsp;&nbsp; 6132003 |
| Taiji Computer Corp. Ltd., A Shares <br> (China)<br>| 536273 | &nbsp;&nbsp; 2025764 |
| Wangsu Science & Technology Co. Ltd., A <br> Shares (China)<br>| 2103045 | &nbsp;&nbsp; 3421725 |
| Wonders Information Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 1241400 | &nbsp;&nbsp; 1204148 |
|  |  | &nbsp;&nbsp; 72111002 |
| **Media-0.99%** | **Media-0.99%** | **Media-0.99%** |
| China Literature Ltd. (China)<sup>(b)(c)(e)</sup> | 4981853 | &nbsp;&nbsp; 26832539 |
| NanJi E-Commerce Co. Ltd., A Shares <br> (China)<br>| 2113268 | &nbsp;&nbsp; 1049892 |
| People.cn Co. Ltd., A Shares (China) | 952000 | &nbsp;&nbsp; 2703096 |
|  |  | &nbsp;&nbsp; 30585527 |
| **Semiconductors & Semiconductor Equipment-18.55%** | **Semiconductors & Semiconductor Equipment-18.55%** | **Semiconductors & Semiconductor Equipment-18.55%** |
| 3Peak, Inc., A Shares (China)<sup>(b)</sup> | 115296 | &nbsp;&nbsp; 2752296 |
| ACM Research (Shanghai), Inc., A Shares <br> (China)<br>| 234400 | &nbsp;&nbsp; 5848415 |
| Advanced Micro-Fabrication Equipment, <br> Inc., A Shares (China)<br>| 535849 | &nbsp;&nbsp; 21052017 |
| All Winner Technology Co. Ltd., A Shares <br> (China)<br>| 708358 | &nbsp;&nbsp; 4560701 |
| Amlogic Shanghai Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 361815 | &nbsp;&nbsp; 4373183 |
| ASR Microelectronics Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 360400 | &nbsp;&nbsp; 4732655 |
| Bestechnic (Shanghai) Co. Ltd. (China) | 144200 | &nbsp;&nbsp; 4987140 |
| Cambricon Technologies Corp. Ltd. <br> (China)<sup>(b)</sup><br>| 358200 | &nbsp;&nbsp; 69230934 |
| China Resources Microelectronics Ltd., A <br> Shares (China)<br>| 1085673 | &nbsp;&nbsp; 7745193 |
| GalaxyCore, Inc., A Shares (China) | 2158800 | &nbsp;&nbsp; 4844783 |
| GigaDevice Semiconductor, Inc., A Shares <br> (China)<br>| 569164 | &nbsp;&nbsp; 17606000 |
| Goke Microelectronics Co. Ltd., A Shares <br> (China)<br>| 186900 | &nbsp;&nbsp; 2345713 |
| Guobo Electronics Co. Ltd., A Shares <br> (China)<br>| 220505 | &nbsp;&nbsp; 2207355 |
| Hangzhou Chang Chuan Technology Co. <br> Ltd., A Shares (China)<br>| 540302 | &nbsp;&nbsp; 6350129 |
| Hangzhou Lion Microelectronics Co. Ltd., <br> A Shares (China)<sup>(b)</sup><br>| 571676 | &nbsp;&nbsp; 2816217 |
| Hangzhou Silan Microelectronics Co. Ltd., <br> A Shares (China)<br>| 1432200 | &nbsp;&nbsp; 6414141 |
| Hoyuan Green Energy Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 584514 | &nbsp;&nbsp; 2422703 |
| Hua Hong Semiconductor Ltd. <br> (China)<sup>(b)(c)(e)</sup><br>| 8109989 | &nbsp;&nbsp; 83111336 |
| Hua Hong Semiconductor Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 350781 | &nbsp;&nbsp; 6166803 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Hwatsing Technology Co. Ltd., A Shares <br> (China)<br>| 303722 | &nbsp;&nbsp; $5862217 |
| Hygon Information Technology Co. Ltd., A <br> Shares (China)<br>| 1994460 | &nbsp;&nbsp; 64314930 |
| Ingenic Semiconductor Co. Ltd., A Shares <br> (China)<br>| 414400 | &nbsp;&nbsp; 5055080 |
| JCET Group Co. Ltd., A Shares (China) | 1540700 | &nbsp;&nbsp; 8672497 |
| Jiangsu Pacific Quartz Co. Ltd., A Shares <br> (China)<br>| 466300 | &nbsp;&nbsp; 2704549 |
| Loongson Technology Corp. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 324090 | &nbsp;&nbsp; 6280031 |
| Montage Technology Co. Ltd., A Shares <br> (China)<br>| 982289 | &nbsp;&nbsp; 18827620 |
| National Silicon Industry Group Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 2363800 | &nbsp;&nbsp; 7596928 |
| NAURA Technology Group Co. Ltd., A <br> Shares (China)<br>| 618467 | &nbsp;&nbsp; 35385309 |
| Nexchip Semiconductor Corp., A Shares <br> (China)<br>| 1726338 | &nbsp;&nbsp; 8138489 |
| OmniVision Integrated Circuits Group, <br> Inc., A Shares (China)<br>| 1044088 | &nbsp;&nbsp; 19183196 |
| Piotech, Inc., A Shares (China) | 239878 | &nbsp;&nbsp; 10286429 |
| Rockchip Electronics Co. Ltd., A Shares <br> (China)<br>| 360608 | &nbsp;&nbsp; 9199695 |
| Sanan Optoelectronics Co. Ltd., A Shares <br> (China)<br>| 4293841 | &nbsp;&nbsp; 8378768 |
| SG Micro Corp., A Shares (China) | 529557 | &nbsp;&nbsp; 5481734 |
| Shanghai Awinic Technology Co. Ltd., A <br> Shares (China)<br>| 201000 | &nbsp;&nbsp; 2342260 |
| Shanghai Fudan Microelectronics Group <br> Co. Ltd., A Shares (China)<br>| 461217 | &nbsp;&nbsp; 4096683 |
| Shanghai Fudan Microelectronics Group <br> Co. Ltd., H Shares (China)<sup>(c)</sup><br>| 3478892 | &nbsp;&nbsp; 18918733 |
| Shenzhen Goodix Technology Co. Ltd., A <br> Shares (China)<br>| 397505 | &nbsp;&nbsp; 4594239 |
| SICC Co. Ltd., A Shares (China)<sup>(b)</sup> | 370295 | &nbsp;&nbsp; 3638853 |
| Smartsens Technology (Shanghai) Co. <br> Ltd. (China)<br>| 346014 | &nbsp;&nbsp; 5174017 |
| StarPower Semiconductor Ltd., A Shares <br> (China)<br>| 205980 | &nbsp;&nbsp; 3030922 |
| Suzhou Centec Communications Co. Ltd. <br> (China)<sup>(b)</sup><br>| 137510 | &nbsp;&nbsp; 2357542 |
| Suzhou Novosense Microelectronics Co. <br> Ltd., A Shares (China)<sup>(b)</sup><br>| 123168 | &nbsp;&nbsp; 2977542 |
| Tianshui Huatian Technology Co. Ltd., A <br> Shares (China)<br>| 2639940 | &nbsp;&nbsp; 4479477 |
| TongFu Microelectronics Co. Ltd., A <br> Shares (China)<br>| 1301500 | &nbsp;&nbsp; 7779109 |
| Unigroup Guoxin Microelectronics Co. <br> Ltd., A Shares (China)<br>| 731559 | &nbsp;&nbsp; 8403534 |
| United Nova Technology Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 6083712 | &nbsp;&nbsp; 5363101 |
| Vanchip (Tianjin) Technology Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 370600 | &nbsp;&nbsp; 1948454 |
| Verisilicon Microelectronics (Shanghai) Co. <br> Ltd. (China)<sup>(b)</sup><br>| 452000 | &nbsp;&nbsp; 10118255 |
| Wuxi Autowell Technology Co. Ltd., A <br> Shares (China)<br>| 271287 | &nbsp;&nbsp; 1667040 |

---

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

------

**4**

------

**Invesco China Technology ETF (CQQQ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Yangzhou Yangjie Electronic Technology <br> Co. Ltd., A Shares (China)<br>| 467670 | &nbsp;&nbsp; $4583507 |
| Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., A Shares (China)<br>| 1127200 | &nbsp;&nbsp; 6182388 |
|  |  | &nbsp;&nbsp; 572590842 |
| **Software-13.60%** | **Software-13.60%** | **Software-13.60%** |
| 360 Security Technology, Inc., A Shares <br> (China)<br>| 6023300 | &nbsp;&nbsp; 10137298 |
| Beijing E-Hualu Information Technology <br> Co. Ltd., A Shares (China)<sup>(b)</sup><br>| 619300 | &nbsp;&nbsp; 1775576 |
| Beijing Kingsoft Office Software, Inc., A <br> Shares (China)<br>| 397636 | &nbsp;&nbsp; 20067768 |
| Beijing Shiji Information Technology Co. <br> Ltd., A Shares (China)<br>| 1946925 | &nbsp;&nbsp; 2702559 |
| Business-intelligence of Oriental Nations <br> Corp. Ltd., A Shares (China)<sup>(b)</sup><br>| 980452 | &nbsp;&nbsp; 1455725 |
| China National Software & Service Co. <br> Ltd., A Shares (China)<sup>(b)</sup><br>| 801290 | &nbsp;&nbsp; 5890035 |
| Empyrean Technology Co. Ltd., A Shares <br> (China)<br>| 407485 | &nbsp;&nbsp; 6933553 |
| Horizon Robotics (China)<sup>(b)(c)</sup> | 104963400 | &nbsp;&nbsp; 118846978 |
| Hundsun Technologies, Inc., A Shares <br> (China)<br>| 1627825 | &nbsp;&nbsp; 7201320 |
| Iflytek Co. Ltd., A Shares (China) | 1988650 | &nbsp;&nbsp; 15550492 |
| Jiangsu Hoperun Software Co. Ltd. <br> (China)<sup>(b)</sup><br>| 685427 | &nbsp;&nbsp; 5935297 |
| Kingdee International Software Group Co. <br> Ltd. (China)<sup>(b)</sup><br>| 34825664 | &nbsp;&nbsp; 65689751 |
| Longshine Technology Group Co. Ltd., A <br> Shares (China)<br>| 929567 | &nbsp;&nbsp; 2337008 |
| Neusoft Corp., A Shares (China) | 1023400 | &nbsp;&nbsp; 1513784 |
| Newland Digital Technology Co. Ltd., A <br> Shares (China)<br>| 887900 | &nbsp;&nbsp; 3438665 |
| Qi An Xin Technology Group, Inc. <br> (China)<sup>(b)</sup><br>| 590400 | &nbsp;&nbsp; 3240166 |
| Sangfor Technologies, Inc., A Shares <br> (China)<br>| 362814 | &nbsp;&nbsp; 6685089 |
| SenseTime Group, Inc., B Shares <br> (China)<sup>(b)(c)(e)</sup><br>| 324875255 | &nbsp;&nbsp; 99069104 |
| Shanghai Baosight Software Co. Ltd., A <br> Shares (China)<br>| 1859020 | &nbsp;&nbsp; 6010027 |
| Shanghai Baosight Software Co. Ltd., B <br> Shares (China)<br>| 8885283 | &nbsp;&nbsp; 9969101 |
| Shanghai Stonehill Technology Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 4889300 | &nbsp;&nbsp; 5448102 |
| Shenzhen Infogem Technologies Co. Ltd., <br> A Shares (China)<sup>(b)</sup><br>| 608700 | &nbsp;&nbsp; 4057513 |
| Shenzhen Kingdom Sci-Tech Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 814600 | &nbsp;&nbsp; 1927831 |
| Sinosoft Co. Ltd., A Shares (China) | 714568 | &nbsp;&nbsp; 2131584 |
| Thunder Software Technology Co. Ltd., A <br> Shares (China)<br>| 396187 | &nbsp;&nbsp; 3829223 |
| Topsec Technologies Group, Inc., A <br> Shares (China)<br>| 1015163 | &nbsp;&nbsp; 1487864 |
| Yonyou Network Technology Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 2941004 | &nbsp;&nbsp; 6453897 |
|  |  | &nbsp;&nbsp; 419785310 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals-1.93%** | **Technology Hardware, Storage & Peripherals-1.93%** | **Technology Hardware, Storage & Peripherals-1.93%** |
| China Greatwall Technology Group Co. <br> Ltd., A Shares (China)<sup>(b)</sup><br>| 2776646 | &nbsp;&nbsp; $6607168 |
| GRG Banking Equipment Co. Ltd., A <br> Shares (China)<br>| 2137700 | &nbsp;&nbsp; 3861229 |
| Huaqin Technology Co. Ltd. (China) | 756560 | &nbsp;&nbsp; 10799405 |
| IEIT Systems Co. Ltd., A Shares (China) | 1262558 | &nbsp;&nbsp; 11565259 |
| Legend Holdings Corp., H Shares <br> (China)<sup>(b)(e)</sup><br>| 6599602 | &nbsp;&nbsp; 8528504 |
| Ninestar Corp., A Shares (China)<sup>(b)</sup> | 1222750 | &nbsp;&nbsp; 3728425 |
| Shenzhen Longsys Electronics Co. Ltd., A <br> Shares (China)<br>| 299700 | &nbsp;&nbsp; 11005246 |
| Tsinghua Tongfang Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 2883300 | &nbsp;&nbsp; 3536420 |
|  |  | &nbsp;&nbsp; 59631656 |
| **Textiles, Apparel & Luxury Goods-0.14%** | **Textiles, Apparel & Luxury Goods-0.14%** | **Textiles, Apparel & Luxury Goods-0.14%** |
| Shijiazhuang Changshan BeiMing <br> Technology Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 1375500 | &nbsp;&nbsp; 4461759 |
| **Trading Companies & Distributors-0.08%** | **Trading Companies & Distributors-0.08%** | **Trading Companies & Distributors-0.08%** |
| Beijing United Information Technology Co. <br> Ltd., A Shares (China)<br>| 619679 | &nbsp;&nbsp; 2475148 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,617,532,515) | Total Common Stocks & Other Equity Interests <br>(Cost $2,617,532,515) | &nbsp;&nbsp; 3087382758 |
| **Money Market Funds-0.03%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(f)(g)</sup> <br>(Cost $940,970)<br>| 940970 | &nbsp;&nbsp; 940970 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $2,618,473,485) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.04% <br>(Cost $2,618,473,485) | &nbsp;&nbsp; 3088323728 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-6.21%** | **Money Market Funds-6.21%** | **Money Market Funds-6.21%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(f)(g)(h)</sup><br>| 53202496 | &nbsp;&nbsp; 53202496 |
| Invesco Private Prime Fund, 4.30%<sup>(f)(g)(h)</sup> | 138523065 | &nbsp;&nbsp; 138564622 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $191,767,851) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $191,767,851) | &nbsp;&nbsp; 191767118 |
| TOTAL INVESTMENTS IN SECURITIES-106.25% <br>(Cost $2,810,241,336) | TOTAL INVESTMENTS IN SECURITIES-106.25% <br>(Cost $2,810,241,336) | &nbsp;&nbsp; 3280090846 |
| OTHER ASSETS LESS LIABILITIES-(6.25)% | OTHER ASSETS LESS LIABILITIES-(6.25)% | &nbsp;&nbsp; (192946008)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3087144838 |

---

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

------

**5**

------

**Invesco China Technology ETF (CQQQ)—(continued)**

October 31, 2025

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $692,372,971, which represented 22.43% of the Fund's Net Assets.<br>|
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $319705 | &nbsp;&nbsp; $807594456 | &nbsp;&nbsp; $(806973191)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $940970 | &nbsp;&nbsp; $182061 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 8211483 | &nbsp;&nbsp; 333344548 | &nbsp;&nbsp; (288353535)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 53202496 | &nbsp;&nbsp; 962,102<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 21404078 | &nbsp;&nbsp; 782024467 | &nbsp;&nbsp; (664869620)<br>| &nbsp;&nbsp; 942 | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 138564622 | &nbsp;&nbsp; 2,540,234<br> \*<br>|
| Total | &nbsp;&nbsp; $29935266 | &nbsp;&nbsp; $1922963471 | &nbsp;&nbsp; $(1760196346)<br>| &nbsp;&nbsp; $942 | &nbsp;&nbsp; $4755 | &nbsp;&nbsp; $192708088 | &nbsp;&nbsp; $3684397 |

---

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

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

<sup>(h)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: | This Fund has holdings greater than 10% of net assets in the following country: |
| China | 100.01% |

---

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

------

**6**

------

**Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** |
| **Australia-6.66%** | **Australia-6.66%** | **Australia-6.66%** |
| HUB24 Ltd. | 35045 | &nbsp;&nbsp; $2612814 |
| JB Hi-Fi Ltd. | 39751 | &nbsp;&nbsp; 2720677 |
| Pro Medicus Ltd. | 29854 | &nbsp;&nbsp; 5128823 |
| Ramelius Resources Ltd. | 1055418 | &nbsp;&nbsp; 2284505 |
| Sigma Healthcare Ltd.<sup>(a)</sup> | 1631001 | &nbsp;&nbsp; 3317706 |
| Technology One Ltd. | 561598 | &nbsp;&nbsp; 13532790 |
| Wesfarmers Ltd. | 44344 | &nbsp;&nbsp; 2435168 |
|  |  | &nbsp;&nbsp; 32032483 |
| **Austria-0.52%** | **Austria-0.52%** | **Austria-0.52%** |
| BAWAG Group AG<sup>(b)(c)</sup> | 19393 | &nbsp;&nbsp; 2509554 |
| **Belgium-0.58%** | **Belgium-0.58%** | **Belgium-0.58%** |
| D'Ieteren Group | 15341 | &nbsp;&nbsp; 2806152 |
| **Canada-13.26%** | **Canada-13.26%** | **Canada-13.26%** |
| Alamos Gold, Inc., Class A<sup>(a)</sup> | 77810 | &nbsp;&nbsp; 2401245 |
| Bombardier, Inc., Class B<sup>(c)</sup> | 62376 | &nbsp;&nbsp; 8724137 |
| Capital Power Corp. | 51021 | &nbsp;&nbsp; 2585370 |
| Dollarama, Inc. | 65799 | &nbsp;&nbsp; 8561407 |
| Element Fleet Management Corp. | 155323 | &nbsp;&nbsp; 4193605 |
| Fairfax Financial Holdings Ltd. | 1510 | &nbsp;&nbsp; 2453988 |
| IAMGOLD Corp.<sup>(c)</sup> | 228487 | &nbsp;&nbsp; 2648274 |
| Imperial Oil Ltd. | 39161 | &nbsp;&nbsp; 3467096 |
| Kinross Gold Corp. | 130283 | &nbsp;&nbsp; 3033102 |
| Lundin Gold, Inc. | 47938 | &nbsp;&nbsp; 3262241 |
| New Gold, Inc.<sup>(c)</sup> | 605400 | &nbsp;&nbsp; 4463321 |
| Royal Bank of Canada | 43024 | &nbsp;&nbsp; 6309204 |
| SSR Mining, Inc.<sup>(c)</sup> | 130494 | &nbsp;&nbsp; 2953263 |
| TMX Group Ltd. | 68884 | &nbsp;&nbsp; 2543175 |
| Toromont Industries Ltd. | 24302 | &nbsp;&nbsp; 2922692 |
| WSP Global, Inc. | 17139 | &nbsp;&nbsp; 3279914 |
|  |  | &nbsp;&nbsp; 63802034 |
| **China-0.86%** | **China-0.86%** | **China-0.86%** |
| Yangzijiang Shipbuilding Holdings Ltd. | 1533305 | &nbsp;&nbsp; 4141563 |
| **Denmark-2.77%** | **Denmark-2.77%** | **Denmark-2.77%** |
| Novo Nordisk A/S, Class B | 120159 | &nbsp;&nbsp; 5924229 |
| Ringkjoebing Landbobank A/S | 19837 | &nbsp;&nbsp; 4492771 |
| Sydbank A/S<sup>(a)</sup> | 34236 | &nbsp;&nbsp; 2927019 |
|  |  | &nbsp;&nbsp; 13344019 |
| **Finland-2.55%** | **Finland-2.55%** | **Finland-2.55%** |
| Konecranes OYJ | 28265 | &nbsp;&nbsp; 2793725 |
| Sampo OYJ | 849343 | &nbsp;&nbsp; 9479791 |
|  |  | &nbsp;&nbsp; 12273516 |
| **France-1.48%** | **France-1.48%** | **France-1.48%** |
| Legrand S.A. | 15655 | &nbsp;&nbsp; 2707063 |
| Nexans S.A. | 16140 | &nbsp;&nbsp; 2275604 |
| Technip Energies N.V. | 53038 | &nbsp;&nbsp; 2158049 |
|  |  | &nbsp;&nbsp; 7140716 |
| **Germany-4.67%** | **Germany-4.67%** | **Germany-4.67%** |
| Allianz SE | 6043 | &nbsp;&nbsp; 2431597 |
| Bilfinger SE | 28813 | &nbsp;&nbsp; 3112892 |
| Heidelberg Materials AG | 10501 | &nbsp;&nbsp; 2466888 |
| HOCHTIEF AG | 9535 | &nbsp;&nbsp; 2740597 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| RENK Group AG | 29789 | &nbsp;&nbsp; $2271074 |
| Rheinmetall AG | 4805 | &nbsp;&nbsp; 9458300 |
|  |  | &nbsp;&nbsp; 22481348 |
| **Greece-2.11%** | **Greece-2.11%** | **Greece-2.11%** |
| National Bank of Greece S.A. | 394543 | &nbsp;&nbsp; 5807000 |
| Piraeus Financial Holdings S.A.<sup>(c)</sup> | 552882 | &nbsp;&nbsp; 4323937 |
|  |  | &nbsp;&nbsp; 10130937 |
| **Ireland-1.79%** | **Ireland-1.79%** | **Ireland-1.79%** |
| AIB Group PLC | 448326 | &nbsp;&nbsp; 4137478 |
| Bank of Ireland Group PLC | 271946 | &nbsp;&nbsp; 4458555 |
|  |  | &nbsp;&nbsp; 8596033 |
| **Israel-3.65%** | **Israel-3.65%** | **Israel-3.65%** |
| Bank Hapoalim B.M. | 132136 | &nbsp;&nbsp; 2683572 |
| Israel Discount Bank Ltd., Class A | 285523 | &nbsp;&nbsp; 2857183 |
| Mizrahi Tefahot Bank Ltd. | 136802 | &nbsp;&nbsp; 8906152 |
| Plus500 Ltd. | 74920 | &nbsp;&nbsp; 3117739 |
|  |  | &nbsp;&nbsp; 17564646 |
| **Italy-4.41%** | **Italy-4.41%** | **Italy-4.41%** |
| BPER Banca S.p.A. | 372221 | &nbsp;&nbsp; 4465915 |
| Prysmian S.p.A. | 25712 | &nbsp;&nbsp; 2684435 |
| Recordati Industria Chimica e Farmaceutica <br> S.p.A.<sup>(a)</sup><br>| 77149 | &nbsp;&nbsp; 4598222 |
| UniCredit S.p.A. | 65156 | &nbsp;&nbsp; 4831077 |
| Unipol Assicurazioni S.p.A. | 212587 | &nbsp;&nbsp; 4660499 |
|  |  | &nbsp;&nbsp; 21240148 |
| **Japan-8.97%** | **Japan-8.97%** | **Japan-8.97%** |
| Advantest Corp. | 30783 | &nbsp;&nbsp; 4611271 |
| ASICS Corp. | 116358 | &nbsp;&nbsp; 2964019 |
| Fujikura Ltd. | 109168 | &nbsp;&nbsp; 14871164 |
| Fujitsu Ltd. | 104030 | &nbsp;&nbsp; 2712037 |
| IHI Corp. | 187241 | &nbsp;&nbsp; 3878041 |
| ITOCHU Corp. | 43760 | &nbsp;&nbsp; 2535629 |
| Marubeni Corp. | 102109 | &nbsp;&nbsp; 2510329 |
| Mitsubishi Heavy Industries Ltd. | 230174 | &nbsp;&nbsp; 6951361 |
| Sankyo Co. Ltd. | 123675 | &nbsp;&nbsp; 2146201 |
|  |  | &nbsp;&nbsp; 43180052 |
| **Mexico-0.57%** | **Mexico-0.57%** | **Mexico-0.57%** |
| Fresnillo PLC | 93683 | &nbsp;&nbsp; 2739903 |
| **Netherlands-4.22%** | **Netherlands-4.22%** | **Netherlands-4.22%** |
| ASML Holding N.V. | 13695 | &nbsp;&nbsp; 14499336 |
| ING Groep N.V. | 95626 | &nbsp;&nbsp; 2390962 |
| Koninklijke Ahold Delhaize N.V. | 83689 | &nbsp;&nbsp; 3429150 |
|  |  | &nbsp;&nbsp; 20319448 |
| **Portugal-0.81%** | **Portugal-0.81%** | **Portugal-0.81%** |
| Banco Comercial Portugues S.A., Class R | 4423302 | &nbsp;&nbsp; 3909714 |
| **Singapore-2.51%** | **Singapore-2.51%** | **Singapore-2.51%** |
| Oversea-Chinese Banking Corp. Ltd. | 270187 | &nbsp;&nbsp; 3534832 |
| Singapore Exchange Ltd. | 656517 | &nbsp;&nbsp; 8519653 |
|  |  | &nbsp;&nbsp; 12054485 |
| **South Korea-12.46%** | **South Korea-12.46%** | **South Korea-12.46%** |
| Doosan Co. Ltd. | 7986 | &nbsp;&nbsp; 5276869 |
| Hanwha Aerospace Co. Ltd. | 16661 | &nbsp;&nbsp; 11428190 |

---

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

------

**7**

------

**Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| HD Hyundai Electric Co. Ltd. | 26427 | &nbsp;&nbsp; $16055630 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 8247 | &nbsp;&nbsp; 2741143 |
| Hyosung Heavy Industries Corp. | 2765 | &nbsp;&nbsp; 4124386 |
| Hyundai Rotem Co. Ltd. | 23758 | &nbsp;&nbsp; 3838380 |
| Meritz Financial Group, Inc. | 27748 | &nbsp;&nbsp; 2150305 |
| Peptron, Inc.<sup>(c)</sup> | 29183 | &nbsp;&nbsp; 5534270 |
| Samyang Foods Co. Ltd. | 6080 | &nbsp;&nbsp; 5741714 |
| SK Square Co. Ltd.<sup>(c)</sup> | 17015 | &nbsp;&nbsp; 3088490 |
|  |  | &nbsp;&nbsp; 59979377 |
| **Spain-1.91%** | **Spain-1.91%** | **Spain-1.91%** |
| ACS Actividades de Construccion y Servicios <br> S.A.<br>| 30652 | &nbsp;&nbsp; 2520212 |
| Banco Bilbao Vizcaya Argentaria S.A.<sup>(a)</sup> | 176705 | &nbsp;&nbsp; 3564704 |
| CaixaBank S.A.<sup>(a)</sup> | 294031 | &nbsp;&nbsp; 3112014 |
|  |  | &nbsp;&nbsp; 9196930 |
| **Sweden-2.17%** | **Sweden-2.17%** | **Sweden-2.17%** |
| Investor AB, Class B | 171965 | &nbsp;&nbsp; 5666889 |
| Saab AB, Class B<sup>(a)</sup> | 86518 | &nbsp;&nbsp; 4764668 |
|  |  | &nbsp;&nbsp; 10431557 |
| **Switzerland-14.03%** | **Switzerland-14.03%** | **Switzerland-14.03%** |
| ABB Ltd. | 167143 | &nbsp;&nbsp; 12457632 |
| Accelleron Industries AG<sup>(c)</sup> | 27071 | &nbsp;&nbsp; 2224564 |
| Belimo Holding AG | 12458 | &nbsp;&nbsp; 13474982 |
| BKW AG | 13313 | &nbsp;&nbsp; 2986973 |
| Flughafen Zureich AG<sup>(c)</sup> | 35066 | &nbsp;&nbsp; 10383805 |
| Geberit AG | 10440 | &nbsp;&nbsp; 7650907 |
| Schindler Holding AG, PC | 18815 | &nbsp;&nbsp; 6718606 |
| Swiss Life Holding AG | 4914 | &nbsp;&nbsp; 5347205 |
| Swissquote Group Holding S.A. | 9859 | &nbsp;&nbsp; 6279447 |
|  |  | &nbsp;&nbsp; 67524121 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-5.63%** | **United Kingdom-5.63%** | **United Kingdom-5.63%** |
| 3i Group PLC | 47332 | &nbsp;&nbsp; $2739446 |
| Diploma PLC | 125409 | &nbsp;&nbsp; 9252866 |
| Halma PLC | 117619 | &nbsp;&nbsp; 5481493 |
| NatWest Group PLC | 402530 | &nbsp;&nbsp; 3099240 |
| Rolls-Royce Holdings PLC | 424150 | &nbsp;&nbsp; 6527912 |
|  |  | &nbsp;&nbsp; 27100957 |
| **United States-1.25%** | **United States-1.25%** | **United States-1.25%** |
| Experian PLC | 53953 | &nbsp;&nbsp; 2516937 |
| Ferrovial SE | 56620 | &nbsp;&nbsp; 3479124 |
|  |  | &nbsp;&nbsp; 5996061 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $393,820,937) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.84% <br>(Cost $393,820,937) | &nbsp;&nbsp; 480495754 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.87%** | **Money Market Funds-3.87%** | **Money Market Funds-3.87%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 5185236 | &nbsp;&nbsp; 5185236 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 13448695 | &nbsp;&nbsp; 13452730 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,637,966) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,637,966) | &nbsp;&nbsp; 18637966 |
| TOTAL INVESTMENTS IN SECURITIES-103.71% <br>(Cost $412,458,903) | TOTAL INVESTMENTS IN SECURITIES-103.71% <br>(Cost $412,458,903) | &nbsp;&nbsp; 499133720 |
| OTHER ASSETS LESS LIABILITIES-(3.71)% | OTHER ASSETS LESS LIABILITIES-(3.71)% | &nbsp;&nbsp; (17877722)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $481255998 |

---

Investment Abbreviations: <br> PC-Participation Certificate

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $26759157 | &nbsp;&nbsp; $(26759157)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12671 |

---

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

------

**8**

------

**Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $1835807 | &nbsp;&nbsp; $56620568 | &nbsp;&nbsp; $(53271139)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5185236 | &nbsp;&nbsp; $138,656<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 4788155 | &nbsp;&nbsp; 118430289 | &nbsp;&nbsp; (109766438)<br>| &nbsp;&nbsp; 344 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 13452730 | &nbsp;&nbsp; 381,348<br> \*<br>|
| Total | &nbsp;&nbsp; $6623962 | &nbsp;&nbsp; $201810014 | &nbsp;&nbsp; $(189796734)<br>| &nbsp;&nbsp; $344 | &nbsp;&nbsp; $380 | &nbsp;&nbsp; $18637966 | &nbsp;&nbsp; $532675 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**9**

------

**Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Brazil-4.94%** | **Brazil-4.94%** | **Brazil-4.94%** |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 38070 | &nbsp;&nbsp; $931964 |
| Cia Paranaense de Energia - Copel, Class B, <br> Preference Shares<br>| 264942 | &nbsp;&nbsp; 684845 |
| Direcional Engenharia S.A. | 523365 | &nbsp;&nbsp; 1650230 |
| Itau Unibanco Holding S.A., Preference Shares | 85469 | &nbsp;&nbsp; 625962 |
| Marcopolo S.A., Preference Shares | 550460 | &nbsp;&nbsp; 806501 |
| MBRF Global Foods Co. S.A. | 161302 | &nbsp;&nbsp; 535262 |
| Porto Seguro S.A. | 73339 | &nbsp;&nbsp; 654381 |
|  |  | &nbsp;&nbsp; 5889145 |
| **China-32.53%** | **China-32.53%** | **China-32.53%** |
| 3SBio, Inc.<sup>(a)(b)</sup> | 344620 | &nbsp;&nbsp; 1370832 |
| AAC Technologies Holdings, Inc. | 112000 | &nbsp;&nbsp; 575602 |
| Abbisko Cayman Ltd.<sup>(b)</sup> | 742000 | &nbsp;&nbsp; 1388180 |
| Agricultural Bank of China Ltd., H Shares | 989680 | &nbsp;&nbsp; 754844 |
| Ascentage Pharma Group International<sup>(a)(b)</sup> | 85135 | &nbsp;&nbsp; 728991 |
| BYD Electronic International Co. Ltd. | 117000 | &nbsp;&nbsp; 549155 |
| China Galaxy Securities Co. Ltd., H Shares | 514677 | &nbsp;&nbsp; 740259 |
| China Hongqiao Group Ltd. | 308903 | &nbsp;&nbsp; 1172592 |
| China Nonferrous Mining Corp. Ltd.<sup>(c)</sup> | 902051 | &nbsp;&nbsp; 1663431 |
| Dongfeng Motor Group Co. Ltd., H Shares<sup>(b)</sup> | 768000 | &nbsp;&nbsp; 928870 |
| Fuyao Glass Industry Group Co. Ltd., H <br> Shares<sup>(a)</sup><br>| 65600 | &nbsp;&nbsp; 584066 |
| Goldwind Science & Technology Co. Ltd., H <br> Shares<br>| 403200 | &nbsp;&nbsp; 684229 |
| HBM Holdings Ltd.<sup>(a)(b)</sup> | 1298000 | &nbsp;&nbsp; 2249105 |
| Horizon Robotics<sup>(b)(c)</sup> | 453000 | &nbsp;&nbsp; 512919 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 51528 | &nbsp;&nbsp; 577898 |
| JD Health International, Inc.<sup>(a)(b)</sup> | 79600 | &nbsp;&nbsp; 621221 |
| Kingsoft Cloud Holdings Ltd., H shares<sup>(b)(c)</sup> | 1524000 | &nbsp;&nbsp; 1279843 |
| Lingbao Gold Group Co., Ltd., H Shares | 636000 | &nbsp;&nbsp; 1331064 |
| MicroPort Scientific Corp.<sup>(b)</sup> | 361600 | &nbsp;&nbsp; 564203 |
| Newborn Town, Inc.<sup>(a)(b)</sup> | 1220000 | &nbsp;&nbsp; 1658180 |
| People's Insurance Co. (Group) of China Ltd. <br> (The), H Shares<br>| 951008 | &nbsp;&nbsp; 853928 |
| PetroChina Co. Ltd., H Shares | 1120000 | &nbsp;&nbsp; 1157519 |
| PICC Property & Casualty Co. Ltd., H Shares | 381611 | &nbsp;&nbsp; 901374 |
| Remegen Co. Ltd., B Shares<sup>(a)(b)(c)</sup> | 160776 | &nbsp;&nbsp; 1860434 |
| RoboSense Technology Co. Ltd.<sup>(b)</sup> | 134400 | &nbsp;&nbsp; 601255 |
| Shanghai Fudan Microelectronics Group Co. <br> Ltd., H Shares<br>| 158578 | &nbsp;&nbsp; 862371 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. <br> Ltd.<sup>(b)</sup><br>| 28188 | &nbsp;&nbsp; 1620065 |
| UBTech Robotics Corp Ltd.<sup>(b)</sup> | 37650 | &nbsp;&nbsp; 666082 |
| Wanguo Gold Group Ltd. | 702000 | &nbsp;&nbsp; 2762966 |
| WuXi AppTec Co. Ltd., H Shares<sup>(a)</sup> | 55484 | &nbsp;&nbsp; 775120 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(b)</sup> | 153857 | &nbsp;&nbsp; 717451 |
| WuXi XDC Cayman, Inc.<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 1014128 |
| XD, Inc.<sup>(a)</sup> | 190479 | &nbsp;&nbsp; 1651693 |
| Xiaomi Corp., B Shares<sup>(a)(b)</sup> | 134661 | &nbsp;&nbsp; 746929 |
| XPeng, Inc.<sup>(b)</sup> | 60500 | &nbsp;&nbsp; 704685 |
| Zhaojin Mining Industry Co. Ltd., H Shares | 306848 | &nbsp;&nbsp; 1142318 |
| Zijin Mining Group Co. Ltd., H Shares | 199871 | &nbsp;&nbsp; 826694 |
|  |  | &nbsp;&nbsp; 38800496 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hungary-2.12%** | **Hungary-2.12%** | **Hungary-2.12%** |
| Magyar Telekom Telecommunications PLC | 318875 | &nbsp;&nbsp; $1673415 |
| OTP Bank Nyrt. | 8912 | &nbsp;&nbsp; 851788 |
|  |  | &nbsp;&nbsp; 2525203 |
| **Indonesia-1.37%** | **Indonesia-1.37%** | **Indonesia-1.37%** |
| PT Aneka Tambang Tbk | 3025912 | &nbsp;&nbsp; 562843 |
| PT Barito Pacific Tbk<sup>(b)</sup> | 5195389 | &nbsp;&nbsp; 1076714 |
|  |  | &nbsp;&nbsp; 1639557 |
| **Malaysia-3.04%** | **Malaysia-3.04%** | **Malaysia-3.04%** |
| Gamuda Bhd. | 886415 | &nbsp;&nbsp; 1064594 |
| Sunway Bhd. | 681332 | &nbsp;&nbsp; 878305 |
| Telekom Malaysia Bhd. | 375505 | &nbsp;&nbsp; 654410 |
| YTL Corp. Bhd. | 1664600 | &nbsp;&nbsp; 1031164 |
|  |  | &nbsp;&nbsp; 3628473 |
| **Mexico-6.73%** | **Mexico-6.73%** | **Mexico-6.73%** |
| Fibra Uno Administracion S.A. de C.V.<sup>(c)</sup> | 402842 | &nbsp;&nbsp; 585431 |
| Gentera S.A.B. de C.V. | 1005654 | &nbsp;&nbsp; 2396028 |
| Grupo Aeroportuario del Pacifico S.A.B. de <br> C.V., Class B<br>| 35600 | &nbsp;&nbsp; 743164 |
| Grupo Aeroportuario del Sureste S.A.B. de <br> C.V., Class B<sup>(c)</sup><br>| 20764 | &nbsp;&nbsp; 629014 |
| Grupo Comercial Chedraui S.A. de C.V. | 191594 | &nbsp;&nbsp; 1391242 |
| Grupo Mexico S.A.B. de C.V., Class B | 104700 | &nbsp;&nbsp; 906499 |
| Industrias Penoles S.A.B. de C.V.<sup>(b)</sup> | 17700 | &nbsp;&nbsp; 733789 |
| Prologis Property Mexico S.A. de C.V. | 160129 | &nbsp;&nbsp; 640378 |
|  |  | &nbsp;&nbsp; 8025545 |
| **Peru-0.60%** | **Peru-0.60%** | **Peru-0.60%** |
| Credicorp Ltd. | 2744 | &nbsp;&nbsp; 716184 |
| **Philippines-1.06%** | **Philippines-1.06%** | **Philippines-1.06%** |
| International Container Terminal Services, Inc. | 139696 | &nbsp;&nbsp; 1259972 |
| **South Africa-4.13%** | **South Africa-4.13%** | **South Africa-4.13%** |
| Gold Fields Ltd. | 17014 | &nbsp;&nbsp; 656183 |
| Impala Platinum Holdings Ltd. | 61853 | &nbsp;&nbsp; 663069 |
| Investec Ltd. | 170069 | &nbsp;&nbsp; 1280741 |
| Momentum Group Ltd. | 320136 | &nbsp;&nbsp; 616533 |
| Vukile Property Fund Ltd. | 1305562 | &nbsp;&nbsp; 1706665 |
|  |  | &nbsp;&nbsp; 4923191 |
| **Taiwan-34.39%** | **Taiwan-34.39%** | **Taiwan-34.39%** |
| Accton Technology Corp. | 99929 | &nbsp;&nbsp; 3475202 |
| ASE Technology Holding Co. Ltd. | 115000 | &nbsp;&nbsp; 920088 |
| Asia Vital Components Co. Ltd. | 18582 | &nbsp;&nbsp; 850697 |
| Bizlink Holding, Inc. | 32426 | &nbsp;&nbsp; 1457494 |
| Chenbro Micom Co., Ltd. | 33000 | &nbsp;&nbsp; 986098 |
| Chroma ATE, Inc. | 30831 | &nbsp;&nbsp; 816303 |
| CTBC Financial Holding Co. Ltd. | 444148 | &nbsp;&nbsp; 603190 |
| Delta Electronics, Inc. | 22500 | &nbsp;&nbsp; 723687 |
| E.Sun Financial Holding Co. Ltd. | 1710268 | &nbsp;&nbsp; 1652026 |
| Elite Material Co. Ltd. | 16864 | &nbsp;&nbsp; 740932 |
| Fubon Financial Holding Co. Ltd. | 4656 | &nbsp;&nbsp; 13780 |
| Getac Holdings Corp. | 524159 | &nbsp;&nbsp; 2348011 |
| Gold Circuit Electronics Ltd. | 45000 | &nbsp;&nbsp; 675637 |
| Hua Nan Financial Holdings Co. Ltd. | 675125 | &nbsp;&nbsp; 640543 |
| Jentech Precision Industrial Co. Ltd. | 8262 | &nbsp;&nbsp; 566495 |
| KGI Financial Holding Co. Ltd. | 9953 | &nbsp;&nbsp; 5134 |
| King Slide Works Co. Ltd. | 6525 | &nbsp;&nbsp; 865619 |

---

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

------

**10**

------

**Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-(continued)** | **Taiwan-(continued)** | **Taiwan-(continued)** |
| Lite-On Technology Corp. | 435823 | &nbsp;&nbsp; $2528423 |
| Mega Financial Holding Co. Ltd. | 601760 | &nbsp;&nbsp; 791131 |
| Mega Union Technology, Inc. | 71000 | &nbsp;&nbsp; 1337538 |
| Nanya Technology Corp.<sup>(b)</sup> | 246000 | &nbsp;&nbsp; 1050542 |
| Qisda Corp. | 760000 | &nbsp;&nbsp; 763669 |
| Sigurd Microelectronics Corp. | 750000 | &nbsp;&nbsp; 2537443 |
| SinoPac Financial Holdings Co. Ltd. | 1146000 | &nbsp;&nbsp; 953923 |
| Taichung Commercial Bank Co. Ltd. | 1510754 | &nbsp;&nbsp; 1050275 |
| Taichung Commercial Bank Co. Ltd., Rts., <br> expiring 12/08/2025<br>| 19134 | &nbsp;&nbsp; 0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 77202 | &nbsp;&nbsp; 3733465 |
| Topco Scientific Co. Ltd. | 322000 | &nbsp;&nbsp; 3567866 |
| Tripod Technology Corp. | 197000 | &nbsp;&nbsp; 2178660 |
| Yankey Engineering Co., Ltd. | 167000 | &nbsp;&nbsp; 2490779 |
| Yuanta Financial Holding Co. Ltd. | 618000 | &nbsp;&nbsp; 691941 |
|  |  | &nbsp;&nbsp; 41016591 |
| **Thailand-3.71%** | **Thailand-3.71%** | **Thailand-3.71%** |
| Krung Thai Bank PCL, NVDR | 870606 | &nbsp;&nbsp; 733061 |
| Thanachart Capital PCL, NVDR | 405911 | &nbsp;&nbsp; 640282 |
| Tisco Financial Group PCL, NVDR | 919400 | &nbsp;&nbsp; 3056058 |
|  |  | &nbsp;&nbsp; 4429401 |
| **Turkey-5.34%** | **Turkey-5.34%** | **Turkey-5.34%** |
| Aselsan Elektronik Sanayi Ve Ticaret A.S. | 316268 | &nbsp;&nbsp; 1529238 |
| Tera Yatirim Menkul Degerler A.S.<sup>(b)</sup> | 943791 | &nbsp;&nbsp; 4837617 |
|  |  | &nbsp;&nbsp; 6366855 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $99,985,036) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $99,985,036) | &nbsp;&nbsp; 119220613 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.65%** | **Money Market Funds-2.65%** | **Money Market Funds-2.65%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 877193 | &nbsp;&nbsp; $877193 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 2282069 | &nbsp;&nbsp; 2282754 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,159,947) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,159,947) | &nbsp;&nbsp; 3159947 |
| TOTAL INVESTMENTS IN SECURITIES-102.61% <br>(Cost $103,144,983) | TOTAL INVESTMENTS IN SECURITIES-102.61% <br>(Cost $103,144,983) | &nbsp;&nbsp; 122380560 |
| OTHER ASSETS LESS LIABILITIES-(2.61)% | OTHER ASSETS LESS LIABILITIES-(2.61)% | &nbsp;&nbsp; (3118199)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $119262361 |

---

Investment Abbreviations: <br> NVDR-Non-Voting Depositary Receipt <br> Rts.-Rights

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $13,541,920, which represented 11.35% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $9626163 | &nbsp;&nbsp; $(9626163)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2243 |

---

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

------

**11**

------

**Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $503535 | &nbsp;&nbsp; $15694897 | &nbsp;&nbsp; $(15321239)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $877193 | &nbsp;&nbsp; $51,202<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 1318246 | &nbsp;&nbsp; 37005603 | &nbsp;&nbsp; (36041520)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 2282754 | &nbsp;&nbsp; 136,873<br> \*<br>|
| Total | &nbsp;&nbsp; $1821781 | &nbsp;&nbsp; $62326663 | &nbsp;&nbsp; $(60988922)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $425 | &nbsp;&nbsp; $3159947 | &nbsp;&nbsp; $190318 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**12**

------

**Invesco Global Clean Energy ETF (PBD)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** |
| **Austria-0.75%** | **Austria-0.75%** | **Austria-0.75%** |
| Verbund AG<sup>(a)</sup> | 9171 | &nbsp;&nbsp; $708772 |
| **Belgium-0.79%** | **Belgium-0.79%** | **Belgium-0.79%** |
| Elia Group S.A./N.V.<sup>(a)</sup> | 6122 | &nbsp;&nbsp; 738867 |
| **Canada-3.97%** | **Canada-3.97%** | **Canada-3.97%** |
| Ballard Power Systems, Inc.<sup>(a)(b)</sup> | 376485 | &nbsp;&nbsp; 1340799 |
| Boralex, Inc., Class A<sup>(a)</sup> | 32209 | &nbsp;&nbsp; 647329 |
| Canadian Solar, Inc.<sup>(a)(b)</sup> | 59305 | &nbsp;&nbsp; 1231172 |
| NFI Group, Inc.<sup>(b)</sup> | 49859 | &nbsp;&nbsp; 510279 |
|  |  | &nbsp;&nbsp; 3729579 |
| **Chile-0.79%** | **Chile-0.79%** | **Chile-0.79%** |
| Sociedad Quimica y Minera de Chile S.A., <br> ADR<sup>(b)</sup><br>| 15205 | &nbsp;&nbsp; 744893 |
| **China-13.63%** | **China-13.63%** | **China-13.63%** |
| BYD Co. Ltd., H Shares<sup>(a)</sup> | 47729 | &nbsp;&nbsp; 616527 |
| CALB Group Co., Ltd., H Shares<sup>(b)(c)</sup> | 269972 | &nbsp;&nbsp; 1163443 |
| China Datang Corp. Renewable Power Co. <br> Ltd., H Shares<sup>(a)</sup><br>| 2301542 | &nbsp;&nbsp; 704684 |
| Contemporary Amperex Technology Co. <br> Ltd.<sup>(a)</sup><br>| 12955 | &nbsp;&nbsp; 926890 |
| Flat Glass Group Co. Ltd., H Shares<sup>(a)</sup> | 533477 | &nbsp;&nbsp; 838619 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(c)</sup> | 166482 | &nbsp;&nbsp; 1099156 |
| JinkoSolar Holding Co. Ltd., ADR | 31884 | &nbsp;&nbsp; 800607 |
| NIO, Inc., ADR<sup>(b)</sup> | 155821 | &nbsp;&nbsp; 1129702 |
| Tianneng Power International Ltd. | 792185 | &nbsp;&nbsp; 878014 |
| Wasion Holdings Ltd. | 619072 | &nbsp;&nbsp; 995848 |
| Xinyi Energy Holdings Ltd. | 4642760 | &nbsp;&nbsp; 757885 |
| Xinyi Solar Holdings Ltd.<sup>(a)</sup> | 1702330 | &nbsp;&nbsp; 784262 |
| XPeng, Inc., ADR<sup>(b)</sup> | 35739 | &nbsp;&nbsp; 839509 |
| Yadea Group Holdings Ltd.<sup>(a)(c)</sup> | 423689 | &nbsp;&nbsp; 662264 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(b)(c)</sup> | 83490 | &nbsp;&nbsp; 625265 |
|  |  | &nbsp;&nbsp; 12822675 |
| **Denmark-3.13%** | **Denmark-3.13%** | **Denmark-3.13%** |
| NKT A/S<sup>(b)</sup> | 8098 | &nbsp;&nbsp; 907814 |
| Orsted A/S<sup>(b)(c)</sup> | 68677 | &nbsp;&nbsp; 1231741 |
| Vestas Wind Systems A/S | 39187 | &nbsp;&nbsp; 802621 |
|  |  | &nbsp;&nbsp; 2942176 |
| **Finland-0.69%** | **Finland-0.69%** | **Finland-0.69%** |
| Kempower OYJ<sup>(a)(b)</sup> | 37050 | &nbsp;&nbsp; 647393 |
| **France-2.88%** | **France-2.88%** | **France-2.88%** |
| Legrand S.A. | 4503 | &nbsp;&nbsp; 778659 |
| Nexans S.A. | 4301 | &nbsp;&nbsp; 606405 |
| Rexel S.A. | 21686 | &nbsp;&nbsp; 752974 |
| SPIE S.A. | 11240 | &nbsp;&nbsp; 572799 |
|  |  | &nbsp;&nbsp; 2710837 |
| **Germany-3.62%** | **Germany-3.62%** | **Germany-3.62%** |
| Nordex SE<sup>(b)</sup> | 27523 | &nbsp;&nbsp; 813868 |
| SMA Solar Technology AG<sup>(b)</sup> | 28257 | &nbsp;&nbsp; 848608 |
| Verbio SE<sup>(a)</sup> | 57726 | &nbsp;&nbsp; 1026720 |
| Wacker Chemie AG | 9019 | &nbsp;&nbsp; 712289 |
|  |  | &nbsp;&nbsp; 3401485 |
| **Ireland-0.68%** | **Ireland-0.68%** | **Ireland-0.68%** |
| Kingspan Group PLC | 8518 | &nbsp;&nbsp; 638671 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Israel-2.69%** | **Israel-2.69%** | **Israel-2.69%** |
| Energix-Renewable Energies Ltd.<sup>(a)</sup> | 182371 | &nbsp;&nbsp; $843388 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | 27329 | &nbsp;&nbsp; 951187 |
| OY Nofar Energy Ltd.<sup>(b)</sup> | 23021 | &nbsp;&nbsp; 735824 |
|  |  | &nbsp;&nbsp; 2530399 |
| **Italy-2.50%** | **Italy-2.50%** | **Italy-2.50%** |
| ERG S.p.A. | 31315 | &nbsp;&nbsp; 808892 |
| Prysmian S.p.A. | 7968 | &nbsp;&nbsp; 831891 |
| Terna S.p.A. | 69242 | &nbsp;&nbsp; 710968 |
|  |  | &nbsp;&nbsp; 2351751 |
| **Japan-4.77%** | **Japan-4.77%** | **Japan-4.77%** |
| GS Yuasa Corp. | 34066 | &nbsp;&nbsp; 951618 |
| RENOVA, Inc.<sup>(a)(b)</sup> | 129646 | &nbsp;&nbsp; 694886 |
| Sanyo Denki Co. Ltd.<sup>(a)</sup> | 31146 | &nbsp;&nbsp; 796719 |
| Tamura Corp. | 201412 | &nbsp;&nbsp; 690535 |
| Toyo Tanso Co. Ltd.<sup>(a)</sup> | 25028 | &nbsp;&nbsp; 749044 |
| West Holdings Corp. | 62876 | &nbsp;&nbsp; 601600 |
|  |  | &nbsp;&nbsp; 4484402 |
| **Netherlands-0.61%** | **Netherlands-0.61%** | **Netherlands-0.61%** |
| Alfen N.V.<sup>(a)(b)(c)</sup> | 51528 | &nbsp;&nbsp; 571744 |
| **New Zealand-0.74%** | **New Zealand-0.74%** | **New Zealand-0.74%** |
| Mercury NZ Ltd. | 188192 | &nbsp;&nbsp; 698122 |
| **Norway-0.68%** | **Norway-0.68%** | **Norway-0.68%** |
| NEL ASA<sup>(a)(b)</sup> | 2941474 | &nbsp;&nbsp; 642476 |
| **South Africa-0.80%** | **South Africa-0.80%** | **South Africa-0.80%** |
| Scatec ASA<sup>(b)(c)</sup> | 71583 | &nbsp;&nbsp; 755965 |
| **South Korea-9.37%** | **South Korea-9.37%** | **South Korea-9.37%** |
| CS Wind Corp. | 21061 | &nbsp;&nbsp; 643175 |
| Doosan Fuel Cell Co. Ltd.<sup>(a)(b)</sup> | 36646 | &nbsp;&nbsp; 1094344 |
| Ecopro BM Co. Ltd.<sup>(b)</sup> | 6906 | &nbsp;&nbsp; 772728 |
| HD Hyundai Electric Co. Ltd. | 1968 | &nbsp;&nbsp; 1195651 |
| L&F Co. Ltd.<sup>(a)(b)</sup> | 10590 | &nbsp;&nbsp; 904114 |
| LG Energy Solution Ltd.<sup>(b)</sup> | 2432 | &nbsp;&nbsp; 805107 |
| Lotte Energy Materials Corp.<sup>(a)(b)</sup> | 35296 | &nbsp;&nbsp; 641954 |
| LS Corp.<sup>(a)</sup> | 5792 | &nbsp;&nbsp; 844091 |
| LS Electric Co. Ltd. | 3121 | &nbsp;&nbsp; 947410 |
| Samsung SDI Co. Ltd.<sup>(a)</sup> | 4278 | &nbsp;&nbsp; 963925 |
|  |  | &nbsp;&nbsp; 8812499 |
| **Spain-4.31%** | **Spain-4.31%** | **Spain-4.31%** |
| Acciona S.A.<sup>(a)</sup> | 3429 | &nbsp;&nbsp; 760003 |
| Corporacion ACCIONA Energias Renovables <br> S.A.<sup>(a)</sup><br>| 25543 | &nbsp;&nbsp; 703653 |
| EDP Renovaveis S.A.<sup>(a)</sup> | 61752 | &nbsp;&nbsp; 904071 |
| Grenergy Renovables S.A.<sup>(b)</sup> | 9686 | &nbsp;&nbsp; 836199 |
| Solaria Energia y Medio Ambiente S.A.<sup>(b)</sup> | 49346 | &nbsp;&nbsp; 854484 |
|  |  | &nbsp;&nbsp; 4058410 |
| **Sweden-0.62%** | **Sweden-0.62%** | **Sweden-0.62%** |
| NIBE Industrier AB, Class B<sup>(a)</sup> | 150295 | &nbsp;&nbsp; 585321 |
| **Switzerland-0.65%** | **Switzerland-0.65%** | **Switzerland-0.65%** |
| Landis+Gyr Group AG<sup>(b)</sup> | 8367 | &nbsp;&nbsp; 607655 |
| **Taiwan-12.09%** | **Taiwan-12.09%** | **Taiwan-12.09%** |
| AcBel Polytech, Inc.<sup>(b)</sup> | 712128 | &nbsp;&nbsp; 1004225 |
| Allis Electric Co. Ltd. | 202748 | &nbsp;&nbsp; 725563 |

---

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

------

**13**

------

**Invesco Global Clean Energy ETF (PBD)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-(continued)** | **Taiwan-(continued)** | **Taiwan-(continued)** |
| Chung-Hsin Electric and Machinery <br> Manufacturing Corp.<br>| 126650 | &nbsp;&nbsp; $628756 |
| Delta Electronics, Inc. | 31046 | &nbsp;&nbsp; 998560 |
| Fortune Electric Co. Ltd. | 33191 | &nbsp;&nbsp; 767391 |
| FSP Technology, Inc. | 360303 | &nbsp;&nbsp; 708108 |
| Motech Industries, Inc. | 1087370 | &nbsp;&nbsp; 599943 |
| Phihong Technology Co. Ltd.<sup>(b)</sup> | 892495 | &nbsp;&nbsp; 882377 |
| Shihlin Electric & Engineering Corp. | 117651 | &nbsp;&nbsp; 760436 |
| Sino-American Silicon Products, Inc. | 205799 | &nbsp;&nbsp; 832769 |
| Ta Ya Electric Wire & Cable Co. Ltd. | 538242 | &nbsp;&nbsp; 732812 |
| Teco Electric and Machinery Co. Ltd. | 373160 | &nbsp;&nbsp; 1404398 |
| TSEC Corp.<sup>(b)</sup> | 1268105 | &nbsp;&nbsp; 577474 |
| Voltronic Power Technology Corp. | 19109 | &nbsp;&nbsp; 748611 |
|  |  | &nbsp;&nbsp; 11371423 |
| **United Kingdom-2.46%** | **United Kingdom-2.46%** | **United Kingdom-2.46%** |
| Ceres Power Holdings PLC<sup>(a)(b)</sup> | 451449 | &nbsp;&nbsp; 1590364 |
| ITM Power PLC<sup>(a)(b)</sup> | 693080 | &nbsp;&nbsp; 720153 |
|  |  | &nbsp;&nbsp; 2310517 |
| **United States-26.55%** | **United States-26.55%** | **United States-26.55%** |
| Array Technologies, Inc.<sup>(b)</sup> | 114046 | &nbsp;&nbsp; 987638 |
| Atkore, Inc. | 11701 | &nbsp;&nbsp; 810294 |
| Bloom Energy Corp., Class A<sup>(a)(b)</sup> | 15371 | &nbsp;&nbsp; 2031431 |
| Blue Bird Corp.<sup>(b)</sup> | 12270 | &nbsp;&nbsp; 613009 |
| ChargePoint Holdings, Inc.<sup>(a)(b)</sup> | 58737 | &nbsp;&nbsp; 634360 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 10730 | &nbsp;&nbsp; 559891 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 22382 | &nbsp;&nbsp; 717343 |
| Enphase Energy, Inc.<sup>(b)</sup> | 21497 | &nbsp;&nbsp; 655874 |
| Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | 109542 | &nbsp;&nbsp; 1755958 |
| EVgo, Inc.<sup>(b)</sup> | 183732 | &nbsp;&nbsp; 755139 |
| First Solar, Inc.<sup>(b)</sup> | 3848 | &nbsp;&nbsp; 1027185 |
| Green Plains, Inc.<sup>(b)</sup> | 79971 | &nbsp;&nbsp; 822102 |
| HA Sustainable Infrastructure Capital, Inc. | 25960 | &nbsp;&nbsp; 719352 |
| Hubbell, Inc. | 1583 | &nbsp;&nbsp; 744010 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Itron, Inc.<sup>(b)</sup> | 5524 | &nbsp;&nbsp; $554223 |
| Lucid Group, Inc.<sup>(a)(b)</sup> | 30820 | &nbsp;&nbsp; 547055 |
| Ormat Technologies, Inc. | 7837 | &nbsp;&nbsp; 833622 |
| Plug Power, Inc.<sup>(b)</sup> | 420244 | &nbsp;&nbsp; 1130456 |
| QuantumScape Corp.<sup>(a)(b)</sup> | 76282 | &nbsp;&nbsp; 1406640 |
| Rivian Automotive, Inc., Class A<sup>(b)</sup> | 57426 | &nbsp;&nbsp; 779271 |
| SES AI Corp.<sup>(a)(b)</sup> | 693405 | &nbsp;&nbsp; 1636436 |
| Shoals Technologies Group, Inc., Class A<sup>(b)</sup> | 151069 | &nbsp;&nbsp; 1587735 |
| Signify N.V. | 26243 | &nbsp;&nbsp; 629037 |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 26990 | &nbsp;&nbsp; 947079 |
| Sunrun, Inc.<sup>(b)</sup> | 66165 | &nbsp;&nbsp; 1373585 |
| Universal Display Corp. | 4823 | &nbsp;&nbsp; 710332 |
|  |  | &nbsp;&nbsp; 24969057 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.77% <br>(Cost $81,339,084) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.77% <br>(Cost $81,339,084) | &nbsp;&nbsp; 93835089 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-19.85%** | **Money Market Funds-19.85%** | **Money Market Funds-19.85%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 5186590 | &nbsp;&nbsp; 5186590 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 13482883 | &nbsp;&nbsp; 13486928 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,673,709) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,673,709) | &nbsp;&nbsp; 18673518 |
| TOTAL INVESTMENTS IN SECURITIES-119.62% <br>(Cost $100,012,793) | TOTAL INVESTMENTS IN SECURITIES-119.62% <br>(Cost $100,012,793) | &nbsp;&nbsp; 112508607 |
| OTHER ASSETS LESS LIABILITIES-(19.62)% | OTHER ASSETS LESS LIABILITIES-(19.62)% | &nbsp;&nbsp; (18455557)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $94053050 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $6,109,578, which represented 6.50% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $1682816 | &nbsp;&nbsp; $(1682816)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $486 |

---

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

------

**14**

------

**Invesco Global Clean Energy ETF (PBD)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $8450766 | &nbsp;&nbsp; $29722450 | &nbsp;&nbsp; $(32986626)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5186590 | &nbsp;&nbsp; $257,138<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 22004229 | &nbsp;&nbsp; 65634899 | &nbsp;&nbsp; (74152371)<br>| &nbsp;&nbsp; 711 | &nbsp;&nbsp; (540)<br>| &nbsp;&nbsp; 13486928 | &nbsp;&nbsp; 689,270<br> \*<br>|
| Total | &nbsp;&nbsp; $30454995 | &nbsp;&nbsp; $97040165 | &nbsp;&nbsp; $(108821813)<br>| &nbsp;&nbsp; $711 | &nbsp;&nbsp; $(540)<br>| &nbsp;&nbsp; $18673518 | &nbsp;&nbsp; $946894 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**15**

------

**Invesco Global Water ETF (PIO)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** |
| **Brazil-6.76%** | **Brazil-6.76%** | **Brazil-6.76%** |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 761841 | &nbsp;&nbsp; $18650084 |
| **Canada-3.81%** | **Canada-3.81%** | **Canada-3.81%** |
| Stantec, Inc. | 94948 | &nbsp;&nbsp; 10525157 |
| **Chile-0.24%** | **Chile-0.24%** | **Chile-0.24%** |
| Aguas Andinas S.A., Class A | 1729960 | &nbsp;&nbsp; 659439 |
| **France-7.05%** | **France-7.05%** | **France-7.05%** |
| Veolia Environnement S.A. | 588227 | &nbsp;&nbsp; 19465365 |
| **India-3.61%** | **India-3.61%** | **India-3.61%** |
| Astral Ltd. | 353708 | &nbsp;&nbsp; 5774738 |
| Jindal Saw Ltd. | 1114104 | &nbsp;&nbsp; 2198776 |
| VA Tech Wabag Ltd. | 125583 | &nbsp;&nbsp; 1997722 |
|  |  | &nbsp;&nbsp; 9971236 |
| **Japan-11.51%** | **Japan-11.51%** | **Japan-11.51%** |
| Ebara Corp.<sup>(a)</sup> | 522620 | &nbsp;&nbsp; 13941858 |
| Ebara Jitsugyo Co. Ltd. | 7670 | &nbsp;&nbsp; 208706 |
| Kurita Water Industries Ltd. | 180907 | &nbsp;&nbsp; 6855924 |
| METAWATER Co. Ltd. | 53886 | &nbsp;&nbsp; 1156996 |
| Miura Co. Ltd. | 163121 | &nbsp;&nbsp; 3159749 |
| Organo Corp. | 75250 | &nbsp;&nbsp; 6460203 |
|  |  | &nbsp;&nbsp; 31783436 |
| **Netherlands-0.80%** | **Netherlands-0.80%** | **Netherlands-0.80%** |
| Arcadis N.V. | 46408 | &nbsp;&nbsp; 2219279 |
| **Philippines-0.18%** | **Philippines-0.18%** | **Philippines-0.18%** |
| Manila Water Co., Inc. | 823400 | &nbsp;&nbsp; 486070 |
| **South Korea-1.40%** | **South Korea-1.40%** | **South Korea-1.40%** |
| Coway Co. Ltd., (Acquired 03/19/2020 - <br> 09/19/2025; Cost $3,024,923)<sup>(b)</sup><br>| 61616 | &nbsp;&nbsp; 3852838 |
| **Switzerland-9.86%** | **Switzerland-9.86%** | **Switzerland-9.86%** |
| Belimo Holding AG | 9449 | &nbsp;&nbsp; 10220349 |
| Geberit AG<sup>(a)</sup> | 14981 | &nbsp;&nbsp; 10978758 |
| Georg Fischer AG | 45917 | &nbsp;&nbsp; 3250251 |
| Sulzer AG | 16531 | &nbsp;&nbsp; 2769627 |
|  |  | &nbsp;&nbsp; 27218985 |
| **United Kingdom-7.91%** | **United Kingdom-7.91%** | **United Kingdom-7.91%** |
| Genuit Group PLC | 233243 | &nbsp;&nbsp; 1134145 |
| Halma PLC | 170091 | &nbsp;&nbsp; 7926887 |
| Severn Trent PLC | 150890 | &nbsp;&nbsp; 5516417 |
| United Utilities Group PLC | 460271 | &nbsp;&nbsp; 7262300 |
|  |  | &nbsp;&nbsp; 21839749 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-46.75%** | **United States-46.75%** | **United States-46.75%** |
| AECOM | 44978 | &nbsp;&nbsp; $6042794 |
| American Water Works Co., Inc. | 68544 | &nbsp;&nbsp; 8803106 |
| Consolidated Water Co. Ltd.<sup>(a)</sup> | 38981 | &nbsp;&nbsp; 1325744 |
| Core & Main, Inc., Class A<sup>(c)</sup> | 104112 | &nbsp;&nbsp; 5432564 |
| Ecolab, Inc. | 79343 | &nbsp;&nbsp; 20343545 |
| Ferguson Enterprises, Inc. | 47548 | &nbsp;&nbsp; 11815678 |
| IDEX Corp. | 42115 | &nbsp;&nbsp; 7221038 |
| Pentair PLC | 204420 | &nbsp;&nbsp; 21740067 |
| Roper Technologies, Inc. | 41765 | &nbsp;&nbsp; 18633455 |
| Veralto Corp. | 60436 | &nbsp;&nbsp; 5963825 |
| Waters Corp.<sup>(c)</sup> | 36417 | &nbsp;&nbsp; 12731383 |
| Xylem, Inc. | 59513 | &nbsp;&nbsp; 8977536 |
|  |  | &nbsp;&nbsp; 129030735 |
| Total Common Stocks & Other Equity Interests <br>(Cost $208,679,902) | Total Common Stocks & Other Equity Interests <br>(Cost $208,679,902) | &nbsp;&nbsp; 275702373 |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $61,691)<br>| 61691 | &nbsp;&nbsp; 61691 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $208,741,593) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $208,741,593) | &nbsp;&nbsp; 275764064 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-0.38%** | **Money Market Funds-0.38%** | **Money Market Funds-0.38%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 286478 | &nbsp;&nbsp; 286478 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 749239 | &nbsp;&nbsp; 749464 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,035,978) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,035,978) | &nbsp;&nbsp; 1035942 |
| TOTAL INVESTMENTS IN SECURITIES-100.28% <br>(Cost $209,777,571) | TOTAL INVESTMENTS IN SECURITIES-100.28% <br>(Cost $209,777,571) | &nbsp;&nbsp; 276800006 |
| OTHER ASSETS LESS LIABILITIES-(0.28)% | OTHER ASSETS LESS LIABILITIES-(0.28)% | &nbsp;&nbsp; (776189)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $276023817 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Restricted security. The value of this security at October 31, 2025 represented 1.40% of the Fund's Net Assets. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

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

------

**16**

------

**Invesco Global Water ETF (PIO)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $122640 | &nbsp;&nbsp; $9024196 | &nbsp;&nbsp; $(9085145)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $61691 | &nbsp;&nbsp; $6960 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2058065 | &nbsp;&nbsp; 72585456 | &nbsp;&nbsp; (74357043)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 286478 | &nbsp;&nbsp; 192,888<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 5364901 | &nbsp;&nbsp; 179013323 | &nbsp;&nbsp; (183627133)<br>| &nbsp;&nbsp; 453 | &nbsp;&nbsp; (2080)<br>| &nbsp;&nbsp; 749464 | &nbsp;&nbsp; 516,576<br> \*<br>|
| Total | &nbsp;&nbsp; $7545606 | &nbsp;&nbsp; $260622975 | &nbsp;&nbsp; $(267069321)<br>| &nbsp;&nbsp; $453 | &nbsp;&nbsp; $(2080)<br>| &nbsp;&nbsp; $1097633 | &nbsp;&nbsp; $716424 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**17**

------

**Invesco International BuyBack Achievers**<sup>TM</sup> **ETF (IPKW)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.71%** | **Common Stocks & Other Equity Interests-99.71%** | **Common Stocks & Other Equity Interests-99.71%** |
| **Australia-0.99%** | **Australia-0.99%** | **Australia-0.99%** |
| Helia Group Ltd. | 79670 | &nbsp;&nbsp; $281145 |
| MA Financial Group Ltd. | 35610 | &nbsp;&nbsp; 224223 |
| Qantas Airways Ltd. | 477623 | &nbsp;&nbsp; 3183698 |
| WEB Travel Group Ltd.<sup>(a)(b)</sup> | 106850 | &nbsp;&nbsp; 291673 |
|  |  | &nbsp;&nbsp; 3980739 |
| **Belgium-0.64%** | **Belgium-0.64%** | **Belgium-0.64%** |
| Groupe Bruxelles Lambert N.V. | 29209 | &nbsp;&nbsp; 2570650 |
| **Brazil-0.33%** | **Brazil-0.33%** | **Brazil-0.33%** |
| StoneCo Ltd., Class A<sup>(a)(b)</sup> | 70216 | &nbsp;&nbsp; 1334806 |
| **Canada-7.29%** | **Canada-7.29%** | **Canada-7.29%** |
| Air Canada<sup>(a)</sup> | 98404 | &nbsp;&nbsp; 1295057 |
| Athabasca Oil Corp.<sup>(a)</sup> | 163594 | &nbsp;&nbsp; 804455 |
| Baytex Energy Corp.<sup>(b)</sup> | 222088 | &nbsp;&nbsp; 537329 |
| Cargojet, Inc. | 4261 | &nbsp;&nbsp; 248577 |
| Fairfax Financial Holdings Ltd. | 5734 | &nbsp;&nbsp; 9318655 |
| Finning International, Inc. | 44046 | &nbsp;&nbsp; 2384391 |
| Gildan Activewear, Inc. | 49590 | &nbsp;&nbsp; 2894741 |
| iA Financial Corp., Inc. | 30775 | &nbsp;&nbsp; 3636377 |
| Imperial Oil Ltd.<sup>(b)</sup> | 35022 | &nbsp;&nbsp; 3100652 |
| Mattr Corp.<sup>(a)</sup> | 11035 | &nbsp;&nbsp; 86160 |
| Onex Corp. | 17526 | &nbsp;&nbsp; 1526012 |
| Precision Drilling Corp.<sup>(a)</sup> | 4392 | &nbsp;&nbsp; 263743 |
| Russel Metals, Inc. | 18602 | &nbsp;&nbsp; 576321 |
| Secure Waste Infrastructure Corp. | 72990 | &nbsp;&nbsp; 912147 |
| Superior Plus Corp. | 74132 | &nbsp;&nbsp; 422206 |
| Tamarack Valley Energy Ltd. | 165609 | &nbsp;&nbsp; 736355 |
| Trican Well Service Ltd.<sup>(b)</sup> | 70514 | &nbsp;&nbsp; 264211 |
| Winpak Ltd. | 7545 | &nbsp;&nbsp; 231657 |
|  |  | &nbsp;&nbsp; 29239046 |
| **China-6.49%** | **China-6.49%** | **China-6.49%** |
| Bairong, Inc.<sup>(a)(c)</sup> | 83700 | &nbsp;&nbsp; 105957 |
| China National Building Material Co. Ltd., H <br> Shares<br>| 1233506 | &nbsp;&nbsp; 873949 |
| Chinasoft International Ltd.<sup>(a)(b)</sup> | 718121 | &nbsp;&nbsp; 537470 |
| Dongyue Group Ltd. | 490063 | &nbsp;&nbsp; 630369 |
| JD.com, Inc., A Shares | 563662 | &nbsp;&nbsp; 9304078 |
| Kuaishou Technology<sup>(c)</sup> | 922732 | &nbsp;&nbsp; 8565134 |
| TUHU Car, Inc.<sup>(a)(c)</sup> | 155767 | &nbsp;&nbsp; 354079 |
| XPeng, Inc.<sup>(a)</sup> | 487536 | &nbsp;&nbsp; 5678668 |
|  |  | &nbsp;&nbsp; 26049704 |
| **Colombia-0.03%** | **Colombia-0.03%** | **Colombia-0.03%** |
| GeoPark Ltd.<sup>(b)</sup> | 13193 | &nbsp;&nbsp; 106731 |
| **Denmark-0.63%** | **Denmark-0.63%** | **Denmark-0.63%** |
| D/S Norden A/S | 7107 | &nbsp;&nbsp; 284474 |
| Per Aarsleff Holding A/S | 5390 | &nbsp;&nbsp; 612943 |
| Scandinavian Tobacco Group A/S<sup>(c)</sup> | 13290 | &nbsp;&nbsp; 176456 |
| Sydbank A/S | 17013 | &nbsp;&nbsp; 1454532 |
|  |  | &nbsp;&nbsp; 2528405 |
| **Germany-4.87%** | **Germany-4.87%** | **Germany-4.87%** |
| Bayerische Motoren Werke AG | 96319 | &nbsp;&nbsp; 8993333 |
| CANCOM SE | 5968 | &nbsp;&nbsp; 169996 |
| Mercedes-Benz Group AG | 159699 | &nbsp;&nbsp; 10375941 |
|  |  | &nbsp;&nbsp; 19539270 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-0.03%** | **Hong Kong-0.03%** | **Hong Kong-0.03%** |
| Skyworth Group Ltd.<sup>(a)</sup> | 226195 | &nbsp;&nbsp; $114606 |
| **Ireland-4.08%** | **Ireland-4.08%** | **Ireland-4.08%** |
| AIB Group PLC | 709942 | &nbsp;&nbsp; 6551861 |
| Bank of Ireland Group PLC | 301655 | &nbsp;&nbsp; 4945634 |
| Greencore Group PLC | 70816 | &nbsp;&nbsp; 221862 |
| Kerry Group PLC, Class A | 50729 | &nbsp;&nbsp; 4633865 |
|  |  | &nbsp;&nbsp; 16353222 |
| **Israel-0.29%** | **Israel-0.29%** | **Israel-0.29%** |
| Airport City Ltd.<sup>(a)</sup> | 14971 | &nbsp;&nbsp; 296306 |
| Plus500 Ltd. | 20744 | &nbsp;&nbsp; 863246 |
|  |  | &nbsp;&nbsp; 1159552 |
| **Italy-7.42%** | **Italy-7.42%** | **Italy-7.42%** |
| Ryanair Holdings PLC | 333758 | &nbsp;&nbsp; 10118322 |
| UniCredit S.p.A. | 264902 | &nbsp;&nbsp; 19641504 |
|  |  | &nbsp;&nbsp; 29759826 |
| **Japan-17.10%** | **Japan-17.10%** | **Japan-17.10%** |
| Avex, Inc. | 11619 | &nbsp;&nbsp; 91093 |
| Canon Marketing Japan, Inc. | 18418 | &nbsp;&nbsp; 767214 |
| Cosmo Energy Holdings Co. Ltd. | 43314 | &nbsp;&nbsp; 989445 |
| Credit Saison Co. Ltd. | 61545 | &nbsp;&nbsp; 1499803 |
| Elecom Co. Ltd. | 20494 | &nbsp;&nbsp; 239742 |
| ENEOS Holdings, Inc. | 854419 | &nbsp;&nbsp; 5392214 |
| GungHo Online Entertainment, Inc. | 17099 | &nbsp;&nbsp; 289261 |
| Hogy Medical Co. Ltd. | 5756 | &nbsp;&nbsp; 199881 |
| Honda Motor Co. Ltd. | 967953 | &nbsp;&nbsp; 9786833 |
| Idemitsu Kosan Co. Ltd. | 312526 | &nbsp;&nbsp; 2174005 |
| Iriso Electronics Co. Ltd.<sup>(b)</sup> | 6796 | &nbsp;&nbsp; 136473 |
| Japan Lifeline Co. Ltd. | 20320 | &nbsp;&nbsp; 192947 |
| Japan Post Holdings Co. Ltd. | 632290 | &nbsp;&nbsp; 5927341 |
| JTEKT Corp. | 80499 | &nbsp;&nbsp; 805603 |
| Kansai Paint Co. Ltd. | 43226 | &nbsp;&nbsp; 694042 |
| Kawasaki Kisen Kaisha Ltd.<sup>(b)</sup> | 118941 | &nbsp;&nbsp; 1704742 |
| Keihan Holdings Co. Ltd. | 35478 | &nbsp;&nbsp; 719019 |
| Koito Manufacturing Co. Ltd. | 80818 | &nbsp;&nbsp; 1203827 |
| K's Holdings Corp. | 54045 | &nbsp;&nbsp; 535955 |
| Kureha Corp. | 15334 | &nbsp;&nbsp; 366705 |
| LY Corp. | 868893 | &nbsp;&nbsp; 2554169 |
| Maxell Ltd. | 15671 | &nbsp;&nbsp; 227246 |
| Megachips Corp.<sup>(b)</sup> | 5718 | &nbsp;&nbsp; 299806 |
| Mitsubishi Motors Corp.<sup>(b)</sup> | 266895 | &nbsp;&nbsp; 650635 |
| Morinaga & Co. Ltd. | 26602 | &nbsp;&nbsp; 458537 |
| Nikon Corp.<sup>(b)</sup> | 88637 | &nbsp;&nbsp; 1034114 |
| Nippon Ceramic Co. Ltd. | 7835 | &nbsp;&nbsp; 185067 |
| Nippon Electric Glass Co. Ltd. | 27356 | &nbsp;&nbsp; 921319 |
| Nippon Yusen K.K.<sup>(b)</sup> | 144287 | &nbsp;&nbsp; 4984490 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | 789803 | &nbsp;&nbsp; 1805924 |
| OSG Corp. | 30317 | &nbsp;&nbsp; 439702 |
| Raito Kogyo Co. Ltd. | 14199 | &nbsp;&nbsp; 297261 |
| Ricoh Co. Ltd. | 189363 | &nbsp;&nbsp; 1625085 |
| Sankyu, Inc. | 18372 | &nbsp;&nbsp; 938412 |
| Santen Pharmaceutical Co. Ltd. | 106887 | &nbsp;&nbsp; 1047629 |
| Seino Holdings Co. Ltd. | 53589 | &nbsp;&nbsp; 757588 |
| Stanley Electric Co. Ltd. | 41892 | &nbsp;&nbsp; 823145 |
| Star Micronics Co. Ltd. | 16174 | &nbsp;&nbsp; 174371 |
| Suzuken Co. Ltd. | 23970 | &nbsp;&nbsp; 910623 |
| Systena Corp. | 107559 | &nbsp;&nbsp; 370282 |

---

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

------

**18**

------

**Invesco International BuyBack Achievers**<sup>TM</sup> **ETF (IPKW)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Taisei Corp. | 60811 | &nbsp;&nbsp; $4426270 |
| Toho Gas Co. Ltd. | 30640 | &nbsp;&nbsp; 915237 |
| Tokyo Gas Co. Ltd. | 113446 | &nbsp;&nbsp; 3982718 |
| TOPPAN Holdings, Inc. | 88108 | &nbsp;&nbsp; 2155701 |
| Toyo Seikan Group Holdings Ltd. | 41807 | &nbsp;&nbsp; 938912 |
| TS Tech Co. Ltd. | 32514 | &nbsp;&nbsp; 385486 |
| TSI Holdings Co. Ltd.<sup>(b)</sup> | 24592 | &nbsp;&nbsp; 152652 |
| UACJ Corp. | 44380 | &nbsp;&nbsp; 573277 |
| Wacoal Holdings Corp.<sup>(b)</sup> | 14499 | &nbsp;&nbsp; 505778 |
| Wacom Co. Ltd. | 36316 | &nbsp;&nbsp; 197187 |
| Zuken, Inc. | 5091 | &nbsp;&nbsp; 157447 |
|  |  | &nbsp;&nbsp; 68612215 |
| **Luxembourg-0.13%** | **Luxembourg-0.13%** | **Luxembourg-0.13%** |
| Aperam S.A. | 14590 | &nbsp;&nbsp; 509106 |
| **Malaysia-0.10%** | **Malaysia-0.10%** | **Malaysia-0.10%** |
| Hibiscus Petroleum Bhd. | 213200 | &nbsp;&nbsp; 72793 |
| Yinson Holdings Bhd. | 572800 | &nbsp;&nbsp; 324107 |
|  |  | &nbsp;&nbsp; 396900 |
| **Mexico-0.18%** | **Mexico-0.18%** | **Mexico-0.18%** |
| Corp. Inmobiliaria Vesta SAB de C.V.<sup>(b)</sup> | 233286 | &nbsp;&nbsp; 709233 |
| **Netherlands-6.48%** | **Netherlands-6.48%** | **Netherlands-6.48%** |
| ING Groep N.V. | 773641 | &nbsp;&nbsp; 19343553 |
| Koninklijke Vopak N.V. | 18000 | &nbsp;&nbsp; 816803 |
| NN Group N.V. | 83119 | &nbsp;&nbsp; 5695890 |
| TomTom N.V.<sup>(a)</sup> | 19520 | &nbsp;&nbsp; 117709 |
|  |  | &nbsp;&nbsp; 25973955 |
| **Philippines-0.06%** | **Philippines-0.06%** | **Philippines-0.06%** |
| DigiPlus Interactive Corp. | 670434 | &nbsp;&nbsp; 237931 |
| **Poland-0.05%** | **Poland-0.05%** | **Poland-0.05%** |
| Inter Cars S.A.<sup>(b)</sup> | 1318 | &nbsp;&nbsp; 197109 |
| **Romania-0.04%** | **Romania-0.04%** | **Romania-0.04%** |
| MAS PLC<sup>(a)(b)</sup> | 138006 | &nbsp;&nbsp; 167848 |
| **Singapore-5.22%** | **Singapore-5.22%** | **Singapore-5.22%** |
| DBS Group Holdings Ltd. | 505768 | &nbsp;&nbsp; 20942492 |
| **South Africa-2.42%** | **South Africa-2.42%** | **South Africa-2.42%** |
| Naspers Ltd. | 138378 | &nbsp;&nbsp; 9721929 |
| **South Korea-1.40%** | **South Korea-1.40%** | **South Korea-1.40%** |
| CJ Logistics Corp. | 3183 | &nbsp;&nbsp; 183783 |
| Hanwha Corp. | 9962 | &nbsp;&nbsp; 666301 |
| Korea Zinc Co. Ltd. | 3792 | &nbsp;&nbsp; 2746779 |
| Meritz Financial Group, Inc. | 21541 | &nbsp;&nbsp; 1669299 |
| SFA Engineering Corp. | 6323 | &nbsp;&nbsp; 109602 |
| Shinsegae, Inc. | 1827 | &nbsp;&nbsp; 222678 |
|  |  | &nbsp;&nbsp; 5598442 |
| **Spain-0.45%** | **Spain-0.45%** | **Spain-0.45%** |
| Grifols S.A. | 89197 | &nbsp;&nbsp; 1157360 |
| Laboratorios Farmaceuticos Rovi S.A. | 5618 | &nbsp;&nbsp; 396632 |
| Neinor Homes S.A.<sup>(a)(c)</sup> | 12852 | &nbsp;&nbsp; 255894 |
|  |  | &nbsp;&nbsp; 1809886 |
| **Sweden-0.90%** | **Sweden-0.90%** | **Sweden-0.90%** |
| Attendo AB<sup>(c)</sup> | 45714 | &nbsp;&nbsp; 388183 |
| Autoliv, Inc., SDR<sup>(b)</sup> | 25520 | &nbsp;&nbsp; 2947227 |
| Truecaller AB, Class B<sup>(b)</sup> | 88297 | &nbsp;&nbsp; 263410 |
|  |  | &nbsp;&nbsp; 3598820 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-0.23%** | **Switzerland-0.23%** | **Switzerland-0.23%** |
| Huber + Suhner AG | 5037 | &nbsp;&nbsp; $924808 |
| **United Kingdom-27.12%** | **United Kingdom-27.12%** | **United Kingdom-27.12%** |
| Barclays PLC | 2513378 | &nbsp;&nbsp; 13482358 |
| Centrica PLC | 913279 | &nbsp;&nbsp; 2152664 |
| Computacenter PLC | 12490 | &nbsp;&nbsp; 470713 |
| Drax Group PLC | 66608 | &nbsp;&nbsp; 631362 |
| Future PLC | 17173 | &nbsp;&nbsp; 138489 |
| HSBC Holdings PLC | 1426381 | &nbsp;&nbsp; 19970843 |
| IP Group PLC<sup>(a)</sup> | 113965 | &nbsp;&nbsp; 90579 |
| Johnson Matthey PLC | 30768 | &nbsp;&nbsp; 861797 |
| Lloyds Banking Group PLC | 10653100 | &nbsp;&nbsp; 12492076 |
| Mitie Group PLC | 222734 | &nbsp;&nbsp; 481821 |
| National Grid PLC | 698158 | &nbsp;&nbsp; 10469460 |
| NatWest Group PLC | 1428842 | &nbsp;&nbsp; 11001226 |
| On the Beach Group PLC<sup>(c)</sup> | 20661 | &nbsp;&nbsp; 57721 |
| OSB Group PLC | 69414 | &nbsp;&nbsp; 492061 |
| Paragon Banking Group PLC | 35521 | &nbsp;&nbsp; 387450 |
| Pets at Home Group PLC | 81412 | &nbsp;&nbsp; 229358 |
| Serco Group PLC | 175956 | &nbsp;&nbsp; 587227 |
| Shell PLC | 563222 | &nbsp;&nbsp; 21117291 |
| Standard Chartered PLC | 331651 | &nbsp;&nbsp; 6808664 |
| Trainline PLC<sup>(a)(c)</sup> | 69410 | &nbsp;&nbsp; 229151 |
| Vodafone Group PLC | 3884336 | &nbsp;&nbsp; 4702818 |
| Wise PLC, Class A<sup>(a)</sup> | 152098 | &nbsp;&nbsp; 1934306 |
|  |  | &nbsp;&nbsp; 108789435 |
| **United States-4.74%** | **United States-4.74%** | **United States-4.74%** |
| Aegon Ltd. | 428330 | &nbsp;&nbsp; 3268578 |
| BP PLC | 2690111 | &nbsp;&nbsp; 15762662 |
|  |  | &nbsp;&nbsp; 19031240 |
| Total Common Stocks & Other Equity Interests <br>(Cost $367,844,292) | Total Common Stocks & Other Equity Interests <br>(Cost $367,844,292) | &nbsp;&nbsp; 399957906 |
| **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $20,462)<br>| 20462 | &nbsp;&nbsp; 20462 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.71% <br>(Cost $367,864,754) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.71% <br>(Cost $367,864,754) | &nbsp;&nbsp; 399978368 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.37%** | **Money Market Funds-2.37%** | **Money Market Funds-2.37%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 2631740 | &nbsp;&nbsp; 2631740 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 6856333 | &nbsp;&nbsp; 6858390 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,490,255) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,490,255) | &nbsp;&nbsp; 9490130 |
| TOTAL INVESTMENTS IN SECURITIES-102.08% <br>(Cost $377,355,009) | TOTAL INVESTMENTS IN SECURITIES-102.08% <br>(Cost $377,355,009) | &nbsp;&nbsp; 409468498 |
| OTHER ASSETS LESS LIABILITIES-(2.08)% | OTHER ASSETS LESS LIABILITIES-(2.08)% | &nbsp;&nbsp; (8336147)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $401132351 |

---

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

------

**19**

------

**Invesco International BuyBack Achievers**<sup>TM</sup> **ETF (IPKW)—(continued)**

October 31, 2025

Investment Abbreviations: <br> SDR-Swedish Depository Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $10,132,575, which represented 2.53% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $25779018 | &nbsp;&nbsp; $(25758556)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $20462 | &nbsp;&nbsp; $9963 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 978498 | &nbsp;&nbsp; 44952575 | &nbsp;&nbsp; (43299333)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2631740 | &nbsp;&nbsp; 120,526<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 2686409 | &nbsp;&nbsp; 90668838 | &nbsp;&nbsp; (86497909)<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 6858390 | &nbsp;&nbsp; 325,361<br> \*<br>|
| Total | &nbsp;&nbsp; $3664907 | &nbsp;&nbsp; $161400431 | &nbsp;&nbsp; $(155555798)<br>| &nbsp;&nbsp; $48 | &nbsp;&nbsp; $1004 | &nbsp;&nbsp; $9510592 | &nbsp;&nbsp; $455850 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**20**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** |
| **Australia-1.63%** | **Australia-1.63%** | **Australia-1.63%** |
| ANZ Group Holdings Ltd. | 84643 | &nbsp;&nbsp; $2028430 |
| BHP Group Ltd. | 128888 | &nbsp;&nbsp; 3676335 |
| Coles Group Ltd. | 76906 | &nbsp;&nbsp; 1109775 |
| Commonwealth Bank of Australia | 30428 | &nbsp;&nbsp; 3416003 |
| CSL Ltd. | 11684 | &nbsp;&nbsp; 1362340 |
| Goodman Group | 63215 | &nbsp;&nbsp; 1364163 |
| Macquarie Group Ltd. | 11909 | &nbsp;&nbsp; 1699546 |
| National Australia Bank Ltd. | 67090 | &nbsp;&nbsp; 1913765 |
| Telstra Group Ltd. | 363974 | &nbsp;&nbsp; 1163461 |
| Transurban Group<sup>(a)</sup> | 161229 | &nbsp;&nbsp; 1526316 |
| Wesfarmers Ltd. | 27078 | &nbsp;&nbsp; 1486999 |
| Westpac Banking Corp. | 81648 | &nbsp;&nbsp; 2067167 |
|  |  | &nbsp;&nbsp; 22814300 |
| **Belgium-0.25%** | **Belgium-0.25%** | **Belgium-0.25%** |
| Anheuser-Busch InBev S.A./N.V. | 26410 | &nbsp;&nbsp; 1612575 |
| Groupe Bruxelles Lambert N.V. | 22108 | &nbsp;&nbsp; 1945699 |
|  |  | &nbsp;&nbsp; 3558274 |
| **Brazil-0.51%** | **Brazil-0.51%** | **Brazil-0.51%** |
| Itau Unibanco Holding S.A., Preference <br> Shares<br>| 233979 | &nbsp;&nbsp; 1713626 |
| Itausa S.A., Preference Shares | 692302 | &nbsp;&nbsp; 1497696 |
| MercadoLibre, Inc.<sup>(b)</sup> | 774 | &nbsp;&nbsp; 1801299 |
| NU Holdings Ltd., Class A<sup>(b)</sup> | 72077 | &nbsp;&nbsp; 1161160 |
| Petroleo Brasileiro S.A. | 158100 | &nbsp;&nbsp; 925087 |
|  |  | &nbsp;&nbsp; 7098868 |
| **Canada-3.07%** | **Canada-3.07%** | **Canada-3.07%** |
| Agnico Eagle Mines Ltd. | 16964 | &nbsp;&nbsp; 2731142 |
| Bank of Montreal<sup>(a)</sup> | 16395 | &nbsp;&nbsp; 2038683 |
| Bank of Nova Scotia (The) | 30834 | &nbsp;&nbsp; 2024351 |
| Brookfield Corp. | 47887 | &nbsp;&nbsp; 2207488 |
| Canadian Imperial Bank of Commerce | 21582 | &nbsp;&nbsp; 1789990 |
| Canadian National Railway Co. | 15944 | &nbsp;&nbsp; 1530392 |
| Canadian Pacific Kansas City Ltd. | 23116 | &nbsp;&nbsp; 1665131 |
| Constellation Software, Inc. | 447 | &nbsp;&nbsp; 1177542 |
| Element Fleet Management Corp. | 46683 | &nbsp;&nbsp; 1260406 |
| Enbridge, Inc. | 48155 | &nbsp;&nbsp; 2247680 |
| Loblaw Cos. Ltd. | 26254 | &nbsp;&nbsp; 1044426 |
| Manulife Financial Corp. | 45554 | &nbsp;&nbsp; 1475713 |
| National Bank of Canada | 12880 | &nbsp;&nbsp; 1440457 |
| Pembina Pipeline Corp. | 33638 | &nbsp;&nbsp; 1273834 |
| Rogers Communications, Inc., Class B | 49142 | &nbsp;&nbsp; 1925136 |
| Royal Bank of Canada | 26193 | &nbsp;&nbsp; 3841042 |
| Shopify, Inc., Class A<sup>(b)</sup> | 21536 | &nbsp;&nbsp; 3748185 |
| Sun Life Financial, Inc. | 20281 | &nbsp;&nbsp; 1234823 |
| TC Energy Corp. | 24664 | &nbsp;&nbsp; 1238877 |
| Thomson Reuters Corp. | 7063 | &nbsp;&nbsp; 1082978 |
| Toronto-Dominion Bank (The) | 32381 | &nbsp;&nbsp; 2661382 |
| Wheaton Precious Metals Corp. | 22306 | &nbsp;&nbsp; 2156334 |
| WSP Global, Inc. | 6508 | &nbsp;&nbsp; 1245445 |
|  |  | &nbsp;&nbsp; 43041437 |
| **China-2.46%** | **China-2.46%** | **China-2.46%** |
| Alibaba Group Holding Ltd. | 310540 | &nbsp;&nbsp; 6606500 |
| Bank of China Ltd., H Shares | 3104357 | &nbsp;&nbsp; 1757450 |
| BYD Co. Ltd., H Shares | 90637 | &nbsp;&nbsp; 1170781 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| China Construction Bank Corp., H Shares | 2377986 | &nbsp;&nbsp; $2353806 |
| China Merchants Bank Co. Ltd., H Shares | 211094 | &nbsp;&nbsp; 1322969 |
| Industrial & Commercial Bank of China Ltd., <br> H Shares<br>| 1984441 | &nbsp;&nbsp; 1537217 |
| JD.com, Inc., A Shares | 77594 | &nbsp;&nbsp; 1280804 |
| Meituan, B Shares<sup>(b)(c)</sup> | 116441 | &nbsp;&nbsp; 1532359 |
| PDD Holdings, Inc., ADR<sup>(b)</sup> | 13686 | &nbsp;&nbsp; 1845831 |
| Ping An Insurance (Group) Co. of China <br> Ltd., H Shares<br>| 336378 | &nbsp;&nbsp; 2429590 |
| Tencent Holdings Ltd. | 116895 | &nbsp;&nbsp; 9493103 |
| Trip.com Group Ltd. | 19274 | &nbsp;&nbsp; 1356051 |
| Xiaomi Corp., B Shares<sup>(b)(c)</sup> | 339335 | &nbsp;&nbsp; 1882201 |
|  |  | &nbsp;&nbsp; 34568662 |
| **Denmark-0.27%** | **Denmark-0.27%** | **Denmark-0.27%** |
| DSV A/S | 4806 | &nbsp;&nbsp; 1027131 |
| Novo Nordisk A/S, Class B | 56213 | &nbsp;&nbsp; 2771483 |
|  |  | &nbsp;&nbsp; 3798614 |
| **France-2.30%** | **France-2.30%** | **France-2.30%** |
| Air Liquide S.A. | 10087 | &nbsp;&nbsp; 1954853 |
| AXA S.A. | 36937 | &nbsp;&nbsp; 1604794 |
| BNP Paribas S.A. | 20242 | &nbsp;&nbsp; 1570014 |
| Cie de Saint-Gobain S.A. | 11664 | &nbsp;&nbsp; 1133655 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 29375 | &nbsp;&nbsp; 939659 |
| Danone S.A. | 22840 | &nbsp;&nbsp; 2019866 |
| ENGIE S.A. | 57192 | &nbsp;&nbsp; 1340836 |
| EssilorLuxottica S.A. | 6573 | &nbsp;&nbsp; 2410395 |
| Hermes International S.C.A. | 660 | &nbsp;&nbsp; 1635341 |
| Legrand S.A. | 10664 | &nbsp;&nbsp; 1844019 |
| L'Oreal S.A. | 5015 | &nbsp;&nbsp; 2095632 |
| LVMH Moet Hennessy Louis Vuitton SE | 4980 | &nbsp;&nbsp; 3524715 |
| Orange S.A. | 94346 | &nbsp;&nbsp; 1511224 |
| Publicis Groupe S.A. | 10674 | &nbsp;&nbsp; 1071285 |
| Schneider Electric SE | 11085 | &nbsp;&nbsp; 3162697 |
| TotalEnergies SE | 40404 | &nbsp;&nbsp; 2526019 |
| Vinci S.A. | 14256 | &nbsp;&nbsp; 1908824 |
|  |  | &nbsp;&nbsp; 32253828 |
| **Germany-2.22%** | **Germany-2.22%** | **Germany-2.22%** |
| adidas AG | 4583 | &nbsp;&nbsp; 867730 |
| Allianz SE | 7600 | &nbsp;&nbsp; 3058106 |
| Bayerische Motoren Werke AG | 15465 | &nbsp;&nbsp; 1443971 |
| Deutsche Bank AG | 45551 | &nbsp;&nbsp; 1632929 |
| Deutsche Boerse AG | 6192 | &nbsp;&nbsp; 1570173 |
| Deutsche Post AG | 26836 | &nbsp;&nbsp; 1234676 |
| Deutsche Telekom AG | 74591 | &nbsp;&nbsp; 2313578 |
| GEA Group AG | 18618 | &nbsp;&nbsp; 1333494 |
| Mercedes-Benz Group AG | 28892 | &nbsp;&nbsp; 1877167 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Class R<br>| 2846 | &nbsp;&nbsp; 1763172 |
| Rheinmetall AG | 1001 | &nbsp;&nbsp; 1970397 |
| SAP SE | 18354 | &nbsp;&nbsp; 4779793 |
| Siemens AG | 14406 | &nbsp;&nbsp; 4088114 |
| Siemens Energy AG, Class A<sup>(b)</sup> | 14452 | &nbsp;&nbsp; 1802929 |
| Volkswagen AG, Preference Shares | 12777 | &nbsp;&nbsp; 1332346 |
|  |  | &nbsp;&nbsp; 31068575 |

---

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

------

**21**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Greece-0.10%** | **Greece-0.10%** | **Greece-0.10%** |
| Piraeus Financial Holdings S.A.<sup>(b)</sup> | 182249 | &nbsp;&nbsp; $1425319 |
| **Hong Kong-0.44%** | **Hong Kong-0.44%** | **Hong Kong-0.44%** |
| AIA Group Ltd. | 295080 | &nbsp;&nbsp; 2870736 |
| Hong Kong Exchanges & Clearing Ltd. | 35175 | &nbsp;&nbsp; 1916733 |
| MTR Corp. Ltd.<sup>(a)</sup> | 386695 | &nbsp;&nbsp; 1418363 |
|  |  | &nbsp;&nbsp; 6205832 |
| **India-1.15%** | **India-1.15%** | **India-1.15%** |
| Axis Bank Ltd. | 84717 | &nbsp;&nbsp; 1175661 |
| Bharti Airtel Ltd. | 82521 | &nbsp;&nbsp; 1910872 |
| HDFC Bank Ltd. | 231066 | &nbsp;&nbsp; 2569188 |
| Hindustan Unilever Ltd. | 43941 | &nbsp;&nbsp; 1220340 |
| ICICI Bank Ltd. | 125549 | &nbsp;&nbsp; 1902398 |
| Infosys Ltd. | 93865 | &nbsp;&nbsp; 1563987 |
| Mahindra & Mahindra Ltd. | 33610 | &nbsp;&nbsp; 1319800 |
| Power Grid Corp. of India Ltd. | 339988 | &nbsp;&nbsp; 1103086 |
| Reliance Industries Ltd. | 135840 | &nbsp;&nbsp; 2272990 |
| Tata Consultancy Services Ltd. | 30920 | &nbsp;&nbsp; 1064165 |
|  |  | &nbsp;&nbsp; 16102487 |
| **Ireland-0.08%** | **Ireland-0.08%** | **Ireland-0.08%** |
| Flutter Entertainment PLC<sup>(a)(b)</sup> | 4669 | &nbsp;&nbsp; 1085963 |
| **Italy-0.50%** | **Italy-0.50%** | **Italy-0.50%** |
| Ferrari N.V. | 2446 | &nbsp;&nbsp; 980845 |
| Intesa Sanpaolo S.p.A. | 411871 | &nbsp;&nbsp; 2658222 |
| Terna S.p.A. | 140201 | &nbsp;&nbsp; 1439566 |
| UniCredit S.p.A. | 26584 | &nbsp;&nbsp; 1971105 |
|  |  | &nbsp;&nbsp; 7049738 |
| **Japan-5.02%** | **Japan-5.02%** | **Japan-5.02%** |
| Advantest Corp. | 18250 | &nbsp;&nbsp; 2733837 |
| Bridgestone Corp. | 29628 | &nbsp;&nbsp; 1293876 |
| Canon, Inc.<sup>(a)</sup> | 39372 | &nbsp;&nbsp; 1131082 |
| Daiichi Sankyo Co. Ltd. | 41157 | &nbsp;&nbsp; 983514 |
| Daikin Industries Ltd. | 8582 | &nbsp;&nbsp; 997413 |
| Daiwa House Industry Co. Ltd. | 39059 | &nbsp;&nbsp; 1325669 |
| Denso Corp. | 97797 | &nbsp;&nbsp; 1366887 |
| FANUC Corp. | 36679 | &nbsp;&nbsp; 1224468 |
| Fast Retailing Co. Ltd. | 4752 | &nbsp;&nbsp; 1745177 |
| FUJIFILM Holdings Corp. | 48228 | &nbsp;&nbsp; 1118164 |
| Fujitsu Ltd. | 48294 | &nbsp;&nbsp; 1259013 |
| Hitachi Ltd. | 88602 | &nbsp;&nbsp; 3027635 |
| Honda Motor Co. Ltd. | 107470 | &nbsp;&nbsp; 1086614 |
| Hoya Corp. | 7697 | &nbsp;&nbsp; 1250686 |
| Hulic Co. Ltd.<sup>(a)</sup> | 121694 | &nbsp;&nbsp; 1257714 |
| KDDI Corp. | 85798 | &nbsp;&nbsp; 1368140 |
| Keyence Corp. | 3983 | &nbsp;&nbsp; 1478758 |
| Komatsu Ltd. | 42292 | &nbsp;&nbsp; 1415214 |
| Kyocera Corp. | 83807 | &nbsp;&nbsp; 1112466 |
| Mitsubishi Corp. | 74876 | &nbsp;&nbsp; 1798614 |
| Mitsubishi Electric Corp. | 54019 | &nbsp;&nbsp; 1534288 |
| Mitsubishi Heavy Industries Ltd. | 65486 | &nbsp;&nbsp; 1977707 |
| Mitsubishi UFJ Financial Group, Inc. | 209839 | &nbsp;&nbsp; 3170809 |
| Mizuho Financial Group, Inc. | 53874 | &nbsp;&nbsp; 1805180 |
| Murata Manufacturing Co. Ltd. | 78836 | &nbsp;&nbsp; 1700383 |
| NEC Corp. | 40312 | &nbsp;&nbsp; 1464657 |
| Nintendo Co. Ltd. | 22069 | &nbsp;&nbsp; 1882935 |
| NTT, Inc. | 1014257 | &nbsp;&nbsp; 1044301 |
| Recruit Holdings Co. Ltd. | 28707 | &nbsp;&nbsp; 1424030 |
| Secom Co. Ltd. | 30976 | &nbsp;&nbsp; 1047512 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Sekisui House Ltd. | 59110 | &nbsp;&nbsp; $1268674 |
| Shin-Etsu Chemical Co. Ltd. | 42306 | &nbsp;&nbsp; 1272128 |
| SMC Corp. | 2724 | &nbsp;&nbsp; 932819 |
| SoftBank Corp. | 1084837 | &nbsp;&nbsp; 1542103 |
| SoftBank Group Corp. | 21380 | &nbsp;&nbsp; 3752860 |
| Sony Financial Group, Inc.<sup>(b)</sup> | 112275 | &nbsp;&nbsp; 113255 |
| Sony Group Corp. | 112275 | &nbsp;&nbsp; 3127929 |
| Sumitomo Mitsui Financial Group, Inc. | 74551 | &nbsp;&nbsp; 2019100 |
| Takeda Pharmaceutical Co. Ltd. | 64969 | &nbsp;&nbsp; 1753977 |
| Terumo Corp. | 54672 | &nbsp;&nbsp; 882772 |
| Tokio Marine Holdings, Inc. | 40554 | &nbsp;&nbsp; 1512928 |
| Tokyo Electron Ltd. | 10998 | &nbsp;&nbsp; 2425598 |
| Toyota Motor Corp. | 182896 | &nbsp;&nbsp; 3730057 |
|  |  | &nbsp;&nbsp; 70360943 |
| **Mexico-0.21%** | **Mexico-0.21%** | **Mexico-0.21%** |
| Grupo Financiero Banorte S.A.B. de C.V., <br> Class O<br>| 134725 | &nbsp;&nbsp; 1269798 |
| Southern Copper Corp. | 12285 | &nbsp;&nbsp; 1705158 |
|  |  | &nbsp;&nbsp; 2974956 |
| **Netherlands-1.21%** | **Netherlands-1.21%** | **Netherlands-1.21%** |
| ASML Holding N.V. | 6777 | &nbsp;&nbsp; 7175027 |
| Heineken N.V. | 12871 | &nbsp;&nbsp; 997972 |
| ING Groep N.V. | 63648 | &nbsp;&nbsp; 1591408 |
| Koninklijke Ahold Delhaize N.V. | 28242 | &nbsp;&nbsp; 1157214 |
| Koninklijke KPN N.V. | 255684 | &nbsp;&nbsp; 1184760 |
| NXP Semiconductors N.V. | 7009 | &nbsp;&nbsp; 1465722 |
| Prosus N.V.<sup>(b)</sup> | 24187 | &nbsp;&nbsp; 1674017 |
| Universal Music Group N.V. | 32429 | &nbsp;&nbsp; 870980 |
| Wolters Kluwer N.V. | 7225 | &nbsp;&nbsp; 886872 |
|  |  | &nbsp;&nbsp; 17003972 |
| **New Zealand-0.09%** | **New Zealand-0.09%** | **New Zealand-0.09%** |
| Meridian Energy Ltd. | 362060 | &nbsp;&nbsp; 1226565 |
| **Norway-0.08%** | **Norway-0.08%** | **Norway-0.08%** |
| Orkla ASA | 106872 | &nbsp;&nbsp; 1086745 |
| **Singapore-0.77%** | **Singapore-0.77%** | **Singapore-0.77%** |
| CapitaLand Ascendas REIT<sup>(a)</sup> | 750886 | &nbsp;&nbsp; 1625880 |
| CapitaLand Integrated Commercial Trust | 830312 | &nbsp;&nbsp; 1509674 |
| DBS Group Holdings Ltd. | 54681 | &nbsp;&nbsp; 2264193 |
| Oversea-Chinese Banking Corp. Ltd. | 126176 | &nbsp;&nbsp; 1650749 |
| Sea Ltd., ADR<sup>(b)</sup> | 7222 | &nbsp;&nbsp; 1128438 |
| Singapore Telecommunications Ltd. | 400170 | &nbsp;&nbsp; 1306326 |
| United Overseas Bank Ltd. | 50755 | &nbsp;&nbsp; 1350110 |
|  |  | &nbsp;&nbsp; 10835370 |
| **South Africa-0.29%** | **South Africa-0.29%** | **South Africa-0.29%** |
| FirstRand Ltd. | 279555 | &nbsp;&nbsp; 1327122 |
| Naspers Ltd. | 19351 | &nbsp;&nbsp; 1359530 |
| Standard Bank Group Ltd. | 95684 | &nbsp;&nbsp; 1407425 |
|  |  | &nbsp;&nbsp; 4094077 |
| **South Korea-0.80%** | **South Korea-0.80%** | **South Korea-0.80%** |
| Samsung Electronics Co. Ltd. | 93441 | &nbsp;&nbsp; 7033885 |
| SK hynix, Inc. | 10921 | &nbsp;&nbsp; 4249290 |
|  |  | &nbsp;&nbsp; 11283175 |
| **Spain-0.97%** | **Spain-0.97%** | **Spain-0.97%** |
| Amadeus IT Group S.A. | 16839 | &nbsp;&nbsp; 1288917 |
| Banco Bilbao Vizcaya Argentaria S.A. | 115534 | &nbsp;&nbsp; 2330689 |
| Banco Santander S.A.<sup>(a)</sup> | 289764 | &nbsp;&nbsp; 2956723 |

---

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

------

**22**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| Iberdrola S.A. | 158829 | &nbsp;&nbsp; $3223198 |
| Industria de Diseno Textil S.A.<sup>(a)</sup> | 27194 | &nbsp;&nbsp; 1503684 |
| Redeia Corp. S.A. | 69625 | &nbsp;&nbsp; 1255066 |
| Telefonica S.A. | 209961 | &nbsp;&nbsp; 1066181 |
|  |  | &nbsp;&nbsp; 13624458 |
| **Sweden-0.75%** | **Sweden-0.75%** | **Sweden-0.75%** |
| Assa Abloy AB, Class B | 46810 | &nbsp;&nbsp; 1765455 |
| Atlas Copco AB, Class A | 115389 | &nbsp;&nbsp; 1935044 |
| Investor AB, Class B | 48228 | &nbsp;&nbsp; 1589293 |
| Sandvik AB | 61666 | &nbsp;&nbsp; 1866270 |
| Spotify Technology S.A.<sup>(b)</sup> | 2730 | &nbsp;&nbsp; 1789024 |
| Volvo AB, Class B | 56779 | &nbsp;&nbsp; 1556733 |
|  |  | &nbsp;&nbsp; 10501819 |
| **Switzerland-1.93%** | **Switzerland-1.93%** | **Switzerland-1.93%** |
| ABB Ltd. | 41116 | &nbsp;&nbsp; 3064490 |
| Chocoladefabriken Lindt & Spruengli AG, <br> PC<br>| 82 | &nbsp;&nbsp; 1263673 |
| Cie Financiere Richemont S.A. | 10662 | &nbsp;&nbsp; 2114259 |
| Givaudan S.A. | 311 | &nbsp;&nbsp; 1277232 |
| Lonza Group AG | 1647 | &nbsp;&nbsp; 1140139 |
| Nestle S.A. | 48392 | &nbsp;&nbsp; 4635301 |
| Roche Holding AG | 12212 | &nbsp;&nbsp; 3965572 |
| Schindler Holding AG, PC | 3057 | &nbsp;&nbsp; 1091617 |
| Sika AG | 6792 | &nbsp;&nbsp; 1334466 |
| TE Connectivity PLC | 10564 | &nbsp;&nbsp; 2609414 |
| UBS Group AG<sup>(b)</sup> | 63397 | &nbsp;&nbsp; 2431951 |
| Zurich Insurance Group AG | 3065 | &nbsp;&nbsp; 2136931 |
|  |  | &nbsp;&nbsp; 27065045 |
| **Taiwan-2.63%** | **Taiwan-2.63%** | **Taiwan-2.63%** |
| Cathay Financial Holding Co. Ltd. | 652116 | &nbsp;&nbsp; 1353331 |
| CTBC Financial Holding Co. Ltd. | 823000 | &nbsp;&nbsp; 1117702 |
| E.Sun Financial Holding Co. Ltd. | 1332356 | &nbsp;&nbsp; 1286984 |
| First Financial Holding Co. Ltd. | 1585775 | &nbsp;&nbsp; 1470902 |
| Fubon Financial Holding Co. Ltd. | 524978 | &nbsp;&nbsp; 1553708 |
| Hon Hai Precision Industry Co. Ltd. | 299700 | &nbsp;&nbsp; 2492721 |
| MediaTek, Inc. | 31213 | &nbsp;&nbsp; 1323726 |
| Mega Financial Holding Co. Ltd. | 1040000 | &nbsp;&nbsp; 1367283 |
| SinoPac Financial Holdings Co. Ltd. | 1694255 | &nbsp;&nbsp; 1410287 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| 1875574 | &nbsp;&nbsp; 1449530 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| 395148 | &nbsp;&nbsp; 19109233 |
| TS Financial Holding Co. Ltd. | 2560511 | &nbsp;&nbsp; 1555525 |
| Yuanta Financial Holding Co. Ltd. | 1309379 | &nbsp;&nbsp; 1466040 |
|  |  | &nbsp;&nbsp; 36956972 |
| **United Kingdom-3.16%** | **United Kingdom-3.16%** | **United Kingdom-3.16%** |
| 3i Group PLC | 25781 | &nbsp;&nbsp; 1492134 |
| AstraZeneca PLC | 27552 | &nbsp;&nbsp; 4545187 |
| Aviva PLC | 176497 | &nbsp;&nbsp; 1551462 |
| Barclays PLC | 297178 | &nbsp;&nbsp; 1594134 |
| Coca-Cola Europacific Partners PLC | 12986 | &nbsp;&nbsp; 1153546 |
| Compass Group PLC | 46734 | &nbsp;&nbsp; 1547065 |
| Diageo PLC | 54150 | &nbsp;&nbsp; 1245688 |
| Haleon PLC | 302874 | &nbsp;&nbsp; 1408596 |
| HSBC Holdings PLC | 300056 | &nbsp;&nbsp; 4201101 |
| Informa PLC | 102708 | &nbsp;&nbsp; 1307964 |
| Lloyds Banking Group PLC | 1184482 | &nbsp;&nbsp; 1388951 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| London Stock Exchange Group PLC | 13580 | &nbsp;&nbsp; $1692620 |
| National Grid PLC | 133875 | &nbsp;&nbsp; 2007567 |
| NatWest Group PLC | 190605 | &nbsp;&nbsp; 1467544 |
| Reckitt Benckiser Group PLC | 19479 | &nbsp;&nbsp; 1490102 |
| RELX PLC | 44045 | &nbsp;&nbsp; 1946854 |
| Rolls-Royce Holdings PLC | 172591 | &nbsp;&nbsp; 2656275 |
| Segro PLC | 123296 | &nbsp;&nbsp; 1131540 |
| Shell PLC | 91430 | &nbsp;&nbsp; 3428051 |
| Smiths Group PLC | 40241 | &nbsp;&nbsp; 1332696 |
| SSE PLC | 55761 | &nbsp;&nbsp; 1404937 |
| Tesco PLC | 223652 | &nbsp;&nbsp; 1349822 |
| Unilever PLC | 50370 | &nbsp;&nbsp; 3022767 |
|  |  | &nbsp;&nbsp; 44366603 |
| **United States-66.94%** | **United States-66.94%** | **United States-66.94%** |
| 3M Co. | 11219 | &nbsp;&nbsp; 1867963 |
| Abbott Laboratories | 31103 | &nbsp;&nbsp; 3844953 |
| AbbVie, Inc. | 29279 | &nbsp;&nbsp; 6383993 |
| Accenture PLC, Class A | 11214 | &nbsp;&nbsp; 2804621 |
| Adobe, Inc.<sup>(b)</sup> | 7393 | &nbsp;&nbsp; 2515912 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 28624 | &nbsp;&nbsp; 7331179 |
| AECOM | 10160 | &nbsp;&nbsp; 1364996 |
| Aflac, Inc. | 11114 | &nbsp;&nbsp; 1191310 |
| Agilent Technologies, Inc. | 8812 | &nbsp;&nbsp; 1289724 |
| Air Products and Chemicals, Inc. | 3524 | &nbsp;&nbsp; 854887 |
| Airbnb, Inc., Class A<sup>(b)</sup> | 9275 | &nbsp;&nbsp; 1173659 |
| Alcon AG<sup>(a)</sup> | 11727 | &nbsp;&nbsp; 876250 |
| Allstate Corp. (The) | 5373 | &nbsp;&nbsp; 1029037 |
| Alphabet, Inc., Class A | 102469 | &nbsp;&nbsp; 28813258 |
| Alphabet, Inc., Class C | 65867 | &nbsp;&nbsp; 18562638 |
| Amazon.com, Inc.<sup>(b)</sup> | 148635 | &nbsp;&nbsp; 36299640 |
| American Express Co. | 11201 | &nbsp;&nbsp; 4040537 |
| American International Group, Inc. | 13991 | &nbsp;&nbsp; 1104729 |
| American Tower Corp. | 9549 | &nbsp;&nbsp; 1709080 |
| American Water Works Co., Inc. | 7876 | &nbsp;&nbsp; 1011515 |
| Ameriprise Financial, Inc. | 2288 | &nbsp;&nbsp; 1035938 |
| AMETEK, Inc. | 6795 | &nbsp;&nbsp; 1373337 |
| Amgen, Inc. | 9967 | &nbsp;&nbsp; 2974452 |
| Amphenol Corp., Class A | 23145 | &nbsp;&nbsp; 3225024 |
| Analog Devices, Inc. | 10762 | &nbsp;&nbsp; 2519707 |
| Aon PLC, Class A | 4534 | &nbsp;&nbsp; 1544643 |
| Apollo Global Management, Inc. | 9342 | &nbsp;&nbsp; 1161304 |
| Apple, Inc. | 233943 | &nbsp;&nbsp; 63251169 |
| Applied Materials, Inc. | 17569 | &nbsp;&nbsp; 4095334 |
| AppLovin Corp., Class A<sup>(b)</sup> | 4038 | &nbsp;&nbsp; 2573539 |
| Ares Management Corp., Class A | 6555 | &nbsp;&nbsp; 974794 |
| Arista Networks, Inc.<sup>(b)</sup> | 20045 | &nbsp;&nbsp; 3160896 |
| Arthur J. Gallagher & Co. | 4971 | &nbsp;&nbsp; 1240215 |
| AT&T, Inc. | 133424 | &nbsp;&nbsp; 3302244 |
| Autodesk, Inc.<sup>(b)</sup> | 5305 | &nbsp;&nbsp; 1598609 |
| Automatic Data Processing, Inc. | 7692 | &nbsp;&nbsp; 2002228 |
| AutoZone, Inc.<sup>(b)</sup> | 313 | &nbsp;&nbsp; 1150097 |
| AvalonBay Communities, Inc. | 6820 | &nbsp;&nbsp; 1186134 |
| Avery Dennison Corp. | 6513 | &nbsp;&nbsp; 1139059 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 1628 | &nbsp;&nbsp; 1192070 |
| Baker Hughes Co., Class A | 32473 | &nbsp;&nbsp; 1572018 |
| Bank of America Corp. | 118435 | &nbsp;&nbsp; 6330351 |
| Bank of New York Mellon Corp. (The) | 16669 | &nbsp;&nbsp; 1799085 |
| Becton, Dickinson and Co. | 8139 | &nbsp;&nbsp; 1454521 |
| BlackRock, Inc. | 2555 | &nbsp;&nbsp; 2766580 |

---

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

------

**23**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Blackstone, Inc., Class A | 13647 | &nbsp;&nbsp; $2001196 |
| Block, Inc., Class A<sup>(b)</sup> | 14620 | &nbsp;&nbsp; 1110243 |
| Booking Holdings, Inc. | 591 | &nbsp;&nbsp; 3000944 |
| Boston Scientific Corp.<sup>(b)</sup> | 31219 | &nbsp;&nbsp; 3144378 |
| BP PLC | 359217 | &nbsp;&nbsp; 2104826 |
| Bristol-Myers Squibb Co. | 39757 | &nbsp;&nbsp; 1831605 |
| Broadcom, Inc. | 69992 | &nbsp;&nbsp; 25871143 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 5311 | &nbsp;&nbsp; 1798783 |
| Capital One Financial Corp. | 12214 | &nbsp;&nbsp; 2686958 |
| Cardinal Health, Inc. | 7420 | &nbsp;&nbsp; 1415513 |
| Carrier Global Corp. | 20641 | &nbsp;&nbsp; 1227933 |
| Carvana Co.<sup>(b)</sup> | 2318 | &nbsp;&nbsp; 710560 |
| Caterpillar, Inc. | 8413 | &nbsp;&nbsp; 4856488 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 8441 | &nbsp;&nbsp; 1286662 |
| Cencora, Inc. | 5162 | &nbsp;&nbsp; 1743775 |
| Charles Schwab Corp. (The) | 28543 | &nbsp;&nbsp; 2697884 |
| Cheniere Energy, Inc. | 5218 | &nbsp;&nbsp; 1106216 |
| Chevron Corp. | 37546 | &nbsp;&nbsp; 5921755 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 28825 | &nbsp;&nbsp; 913464 |
| Chubb Ltd. | 7089 | &nbsp;&nbsp; 1963228 |
| Church & Dwight Co., Inc. | 11564 | &nbsp;&nbsp; 1014047 |
| Cigna Group (The) | 4978 | &nbsp;&nbsp; 1216673 |
| Cintas Corp. | 7408 | &nbsp;&nbsp; 1357664 |
| Cisco Systems, Inc. | 71599 | &nbsp;&nbsp; 5234603 |
| Citigroup, Inc. | 33701 | &nbsp;&nbsp; 3411552 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 6629 | &nbsp;&nbsp; 1679126 |
| CME Group, Inc., Class A | 7113 | &nbsp;&nbsp; 1888430 |
| Coca-Cola Co. (The) | 74905 | &nbsp;&nbsp; 5160954 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 16962 | &nbsp;&nbsp; 1236191 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 3715 | &nbsp;&nbsp; 1277143 |
| Colgate-Palmolive Co. | 20821 | &nbsp;&nbsp; 1604258 |
| Comcast Corp., Class A | 68464 | &nbsp;&nbsp; 1905695 |
| ConocoPhillips | 30287 | &nbsp;&nbsp; 2691303 |
| Consolidated Edison, Inc. | 13692 | &nbsp;&nbsp; 1333738 |
| Constellation Energy Corp. | 5445 | &nbsp;&nbsp; 2052765 |
| Copart, Inc.<sup>(b)</sup> | 19384 | &nbsp;&nbsp; 833706 |
| Corning, Inc. | 24823 | &nbsp;&nbsp; 2211233 |
| Corteva, Inc. | 17822 | &nbsp;&nbsp; 1094984 |
| Costco Wholesale Corp. | 6987 | &nbsp;&nbsp; 6368301 |
| Coterra Energy, Inc. | 44496 | &nbsp;&nbsp; 1052775 |
| CRH PLC | 12729 | &nbsp;&nbsp; 1516024 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 4370 | &nbsp;&nbsp; 2372954 |
| Crown Castle, Inc. | 10525 | &nbsp;&nbsp; 949566 |
| CSX Corp. | 49201 | &nbsp;&nbsp; 1772220 |
| Cummins, Inc. | 4319 | &nbsp;&nbsp; 1890340 |
| CVS Health Corp. | 23769 | &nbsp;&nbsp; 1857547 |
| Danaher Corp. | 11180 | &nbsp;&nbsp; 2407948 |
| Deere & Co. | 4758 | &nbsp;&nbsp; 2196436 |
| Devon Energy Corp. | 39297 | &nbsp;&nbsp; 1276760 |
| Diamondback Energy, Inc. | 11741 | &nbsp;&nbsp; 1681194 |
| Digital Realty Trust, Inc. | 7357 | &nbsp;&nbsp; 1253706 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 6939 | &nbsp;&nbsp; 1765073 |
| Dover Corp. | 8490 | &nbsp;&nbsp; 1540595 |
| DuPont de Nemours, Inc. | 16355 | &nbsp;&nbsp; 1335386 |
| Eaton Corp. PLC | 8074 | &nbsp;&nbsp; 3080715 |
| eBay, Inc. | 13375 | &nbsp;&nbsp; 1087521 |
| Ecolab, Inc. | 6950 | &nbsp;&nbsp; 1781980 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 13668 | &nbsp;&nbsp; 1126927 |
| Elevance Health, Inc. | 4929 | &nbsp;&nbsp; 1563479 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Eli Lilly and Co. | 12664 | &nbsp;&nbsp; $10927259 |
| Emerson Electric Co. | 14504 | &nbsp;&nbsp; 2024323 |
| EOG Resources, Inc. | 15949 | &nbsp;&nbsp; 1688042 |
| Equifax, Inc. | 3638 | &nbsp;&nbsp; 767982 |
| Equinix, Inc. | 2051 | &nbsp;&nbsp; 1735167 |
| Equity Residential | 16871 | &nbsp;&nbsp; 1002812 |
| Exelon Corp. | 29632 | &nbsp;&nbsp; 1366628 |
| Experian PLC | 28620 | &nbsp;&nbsp; 1335139 |
| Exxon Mobil Corp. | 71379 | &nbsp;&nbsp; 8162902 |
| Fair Isaac Corp.<sup>(b)</sup> | 477 | &nbsp;&nbsp; 791596 |
| Fastenal Co. | 24867 | &nbsp;&nbsp; 1023277 |
| FedEx Corp. | 3871 | &nbsp;&nbsp; 982537 |
| Ferrovial SE | 23849 | &nbsp;&nbsp; 1465447 |
| Fidelity National Information Services, Inc. | 11157 | &nbsp;&nbsp; 697536 |
| Fiserv, Inc.<sup>(b)</sup> | 11985 | &nbsp;&nbsp; 799280 |
| Ford Motor Co. | 101388 | &nbsp;&nbsp; 1331224 |
| Fortinet, Inc.<sup>(b)</sup> | 12681 | &nbsp;&nbsp; 1096019 |
| Freeport-McMoRan, Inc. | 57620 | &nbsp;&nbsp; 2402754 |
| Gartner, Inc.<sup>(b)</sup> | 2580 | &nbsp;&nbsp; 640717 |
| GE HealthCare Technologies, Inc. | 12544 | &nbsp;&nbsp; 940173 |
| GE Vernova, Inc. | 4779 | &nbsp;&nbsp; 2796384 |
| General Electric Co. | 18191 | &nbsp;&nbsp; 5620109 |
| General Mills, Inc. | 29028 | &nbsp;&nbsp; 1352995 |
| General Motors Co. | 22526 | &nbsp;&nbsp; 1556321 |
| Gilead Sciences, Inc. | 23062 | &nbsp;&nbsp; 2762597 |
| Goldman Sachs Group, Inc. (The) | 5405 | &nbsp;&nbsp; 4266545 |
| GSK PLC | 100116 | &nbsp;&nbsp; 2344330 |
| HCA Healthcare, Inc. | 3316 | &nbsp;&nbsp; 1524299 |
| HEICO Corp., Class A | 5014 | &nbsp;&nbsp; 1242118 |
| Hilton Worldwide Holdings, Inc. | 7087 | &nbsp;&nbsp; 1821076 |
| Home Depot, Inc. (The) | 16974 | &nbsp;&nbsp; 6443161 |
| Howmet Aerospace, Inc. | 9214 | &nbsp;&nbsp; 1897623 |
| HP, Inc. | 37540 | &nbsp;&nbsp; 1038732 |
| Illinois Tool Works, Inc. | 6039 | &nbsp;&nbsp; 1473033 |
| Ingersoll Rand, Inc. | 17197 | &nbsp;&nbsp; 1312647 |
| Intel Corp.<sup>(b)</sup> | 76110 | &nbsp;&nbsp; 3043639 |
| Intercontinental Exchange, Inc. | 10636 | &nbsp;&nbsp; 1555940 |
| International Business Machines Corp. | 15275 | &nbsp;&nbsp; 4695688 |
| Intuit, Inc. | 4971 | &nbsp;&nbsp; 3318391 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 6036 | &nbsp;&nbsp; 3224914 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 7510 | &nbsp;&nbsp; 1625615 |
| Iron Mountain, Inc. | 8872 | &nbsp;&nbsp; 913372 |
| Johnson & Johnson | 42516 | &nbsp;&nbsp; 8029997 |
| Johnson Controls International PLC | 15058 | &nbsp;&nbsp; 1722485 |
| JPMorgan Chase & Co. | 44260 | &nbsp;&nbsp; 13770171 |
| Kenvue, Inc. | 47180 | &nbsp;&nbsp; 677977 |
| Keurig Dr Pepper, Inc. | 42647 | &nbsp;&nbsp; 1158293 |
| Kimberly-Clark Corp. | 8847 | &nbsp;&nbsp; 1059074 |
| Kimco Realty Corp. | 54287 | &nbsp;&nbsp; 1121569 |
| Kinder Morgan, Inc. | 46201 | &nbsp;&nbsp; 1210004 |
| KKR & Co., Inc., Class A | 12421 | &nbsp;&nbsp; 1469777 |
| KLA Corp. | 2835 | &nbsp;&nbsp; 3426778 |
| Lam Research Corp. | 28542 | &nbsp;&nbsp; 4494223 |
| Linde PLC | 8670 | &nbsp;&nbsp; 3626661 |
| Lowe's Cos., Inc. | 9339 | &nbsp;&nbsp; 2223896 |
| Marriott International, Inc., Class A | 6171 | &nbsp;&nbsp; 1608039 |
| Marsh & McLennan Cos., Inc. | 10912 | &nbsp;&nbsp; 1943973 |
| Marvell Technology, Inc. | 19658 | &nbsp;&nbsp; 1842741 |
| Mastercard, Inc., Class A | 13824 | &nbsp;&nbsp; 7630710 |
| McDonald's Corp. | 12987 | &nbsp;&nbsp; 3875710 |

---

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

------

**24**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| McKesson Corp. | 2546 | &nbsp;&nbsp; $2065672 |
| Medtronic PLC | 23822 | &nbsp;&nbsp; 2160655 |
| Merck & Co., Inc. | 45529 | &nbsp;&nbsp; 3914583 |
| Meta Platforms, Inc., Class A | 34592 | &nbsp;&nbsp; 22427723 |
| MetLife, Inc. | 13570 | &nbsp;&nbsp; 1083157 |
| Micron Technology, Inc. | 19857 | &nbsp;&nbsp; 4443401 |
| Microsoft Corp. | 110395 | &nbsp;&nbsp; 57163635 |
| Mondelez International, Inc., Class A | 33033 | &nbsp;&nbsp; 1898076 |
| Moody's Corp. | 3845 | &nbsp;&nbsp; 1846753 |
| Morgan Stanley | 21065 | &nbsp;&nbsp; 3454660 |
| Motorola Solutions, Inc. | 3282 | &nbsp;&nbsp; 1334822 |
| Nasdaq, Inc. | 17070 | &nbsp;&nbsp; 1459314 |
| Netflix, Inc.<sup>(b)</sup> | 6888 | &nbsp;&nbsp; 7706708 |
| Newmont Corp. | 29289 | &nbsp;&nbsp; 2371530 |
| NextEra Energy, Inc. | 35214 | &nbsp;&nbsp; 2866420 |
| NIKE, Inc., Class B | 24310 | &nbsp;&nbsp; 1570183 |
| Norfolk Southern Corp. | 5359 | &nbsp;&nbsp; 1518633 |
| Novartis AG | 36135 | &nbsp;&nbsp; 4483270 |
| NVIDIA Corp. | 378894 | &nbsp;&nbsp; 76722246 |
| ONEOK, Inc. | 18233 | &nbsp;&nbsp; 1221611 |
| Oracle Corp. | 27292 | &nbsp;&nbsp; 7167152 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 16108 | &nbsp;&nbsp; 1521240 |
| Otis Worldwide Corp. | 14228 | &nbsp;&nbsp; 1319789 |
| PACCAR, Inc. | 15026 | &nbsp;&nbsp; 1478558 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 34646 | &nbsp;&nbsp; 6945484 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 12449 | &nbsp;&nbsp; 2741768 |
| Parker-Hannifin Corp. | 3004 | &nbsp;&nbsp; 2321581 |
| Paychex, Inc. | 7788 | &nbsp;&nbsp; 911430 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 19395 | &nbsp;&nbsp; 1343492 |
| PepsiCo, Inc. | 28470 | &nbsp;&nbsp; 4159182 |
| Pfizer, Inc. | 113425 | &nbsp;&nbsp; 2795926 |
| PNC Financial Services Group, Inc. (The) | 8124 | &nbsp;&nbsp; 1483036 |
| PPG Industries, Inc. | 13337 | &nbsp;&nbsp; 1303692 |
| Procter & Gamble Co. (The) | 40414 | &nbsp;&nbsp; 6077053 |
| Progressive Corp. (The) | 9721 | &nbsp;&nbsp; 2002526 |
| Prologis, Inc. | 19466 | &nbsp;&nbsp; 2415536 |
| Prudential Financial, Inc. | 10842 | &nbsp;&nbsp; 1127568 |
| Public Service Enterprise Group, Inc. | 14134 | &nbsp;&nbsp; 1138635 |
| Public Storage | 3630 | &nbsp;&nbsp; 1011173 |
| QUALCOMM, Inc. | 20753 | &nbsp;&nbsp; 3754218 |
| Quanta Services, Inc. | 3421 | &nbsp;&nbsp; 1536474 |
| Realty Income Corp. | 24638 | &nbsp;&nbsp; 1428511 |
| Regency Centers Corp. | 16989 | &nbsp;&nbsp; 1171392 |
| Regeneron Pharmaceuticals, Inc. | 2327 | &nbsp;&nbsp; 1516739 |
| Republic Services, Inc. | 5966 | &nbsp;&nbsp; 1242360 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 14511 | &nbsp;&nbsp; 2129925 |
| Roper Technologies, Inc. | 2373 | &nbsp;&nbsp; 1058714 |
| Ross Stores, Inc. | 6887 | &nbsp;&nbsp; 1094482 |
| Royal Caribbean Cruises Ltd. | 5204 | &nbsp;&nbsp; 1492663 |
| S&P Global, Inc. | 6264 | &nbsp;&nbsp; 3051883 |
| Salesforce, Inc. | 17155 | &nbsp;&nbsp; 4467334 |
| Sanofi S.A. | 25598 | &nbsp;&nbsp; 2593050 |
| Sempra | 17144 | &nbsp;&nbsp; 1576219 |
| ServiceNow, Inc.<sup>(b)</sup> | 3690 | &nbsp;&nbsp; 3392143 |
| Sherwin-Williams Co. (The) | 4519 | &nbsp;&nbsp; 1558784 |
| Simon Property Group, Inc. | 8892 | &nbsp;&nbsp; 1562858 |
| SLB Ltd. | 42341 | &nbsp;&nbsp; 1526816 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 6588 | &nbsp;&nbsp; 1810909 |
| Starbucks Corp. | 21412 | &nbsp;&nbsp; 1731588 |
| Strategy, Inc., Class A<sup>(b)</sup> | 4220 | &nbsp;&nbsp; 1137332 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Stryker Corp. | 5947 | &nbsp;&nbsp; $2118559 |
| Swiss Re AG | 7319 | &nbsp;&nbsp; 1339794 |
| Synopsys, Inc.<sup>(b)</sup> | 3384 | &nbsp;&nbsp; 1535727 |
| Sysco Corp. | 15826 | &nbsp;&nbsp; 1175555 |
| Target Corp. | 10585 | &nbsp;&nbsp; 981441 |
| Tesla, Inc.<sup>(b)</sup> | 45282 | &nbsp;&nbsp; 20673950 |
| Texas Instruments, Inc. | 15801 | &nbsp;&nbsp; 2551229 |
| Thermo Fisher Scientific, Inc. | 7127 | &nbsp;&nbsp; 4043789 |
| TJX Cos., Inc. (The) | 18782 | &nbsp;&nbsp; 2632109 |
| T-Mobile US, Inc. | 9273 | &nbsp;&nbsp; 1947794 |
| Trane Technologies PLC | 4900 | &nbsp;&nbsp; 2198385 |
| TransDigm Group, Inc. | 1359 | &nbsp;&nbsp; 1778265 |
| Travelers Cos., Inc. (The) | 4795 | &nbsp;&nbsp; 1288033 |
| Truist Financial Corp. | 29212 | &nbsp;&nbsp; 1303732 |
| U.S. Bancorp | 30761 | &nbsp;&nbsp; 1435923 |
| Uber Technologies, Inc.<sup>(b)</sup> | 31778 | &nbsp;&nbsp; 3066577 |
| Union Pacific Corp. | 11489 | &nbsp;&nbsp; 2531831 |
| United Parcel Service, Inc., Class B | 12780 | &nbsp;&nbsp; 1232248 |
| United Rentals, Inc. | 1489 | &nbsp;&nbsp; 1297187 |
| UnitedHealth Group, Inc. | 14840 | &nbsp;&nbsp; 5068750 |
| Ventas, Inc. | 17437 | &nbsp;&nbsp; 1286676 |
| Verizon Communications, Inc. | 76955 | &nbsp;&nbsp; 3058192 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 4487 | &nbsp;&nbsp; 1909533 |
| VICI Properties, Inc. | 34332 | &nbsp;&nbsp; 1029617 |
| Visa, Inc., Class A | 28580 | &nbsp;&nbsp; 9738349 |
| W.W. Grainger, Inc. | 998 | &nbsp;&nbsp; 977042 |
| Wabtec Corp. | 5409 | &nbsp;&nbsp; 1105816 |
| Walmart, Inc. | 72653 | &nbsp;&nbsp; 7351031 |
| Walt Disney Co. (The) | 31789 | &nbsp;&nbsp; 3580077 |
| Waste Management, Inc. | 8671 | &nbsp;&nbsp; 1732206 |
| Wells Fargo & Co. | 53086 | &nbsp;&nbsp; 4616889 |
| Welltower, Inc. | 14922 | &nbsp;&nbsp; 2701479 |
| Weyerhaeuser Co. | 37113 | &nbsp;&nbsp; 853599 |
| Williams Cos., Inc. (The) | 27075 | &nbsp;&nbsp; 1566830 |
| Willis Towers Watson PLC | 3521 | &nbsp;&nbsp; 1102425 |
| Workday, Inc., Class A<sup>(b)</sup> | 4974 | &nbsp;&nbsp; 1193362 |
| Yum! Brands, Inc. | 7734 | &nbsp;&nbsp; 1068916 |
| Zoetis, Inc. | 8173 | &nbsp;&nbsp; 1177648 |
|  |  | &nbsp;&nbsp; 939133548 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $1,140,357,345) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $1,140,357,345) | &nbsp;&nbsp; 1400586145 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-1.05%** | **Money Market Funds-1.05%** | **Money Market Funds-1.05%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 4071183 | &nbsp;&nbsp; 4071183 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 10601707 | &nbsp;&nbsp; 10604888 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,676,180) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,676,180) | &nbsp;&nbsp; 14676071 |
| TOTAL INVESTMENTS IN SECURITIES-100.88% <br>(Cost $1,155,033,525) | TOTAL INVESTMENTS IN SECURITIES-100.88% <br>(Cost $1,155,033,525) | &nbsp;&nbsp; 1415262216 |
| OTHER ASSETS LESS LIABILITIES-(0.88)% | OTHER ASSETS LESS LIABILITIES-(0.88)% | &nbsp;&nbsp; (12316362)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1402945854 |

---

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

------

**25**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

October 31, 2025

---

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

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $3,414,560, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1973306 | &nbsp;&nbsp; $33731674 | &nbsp;&nbsp; $(35704980)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $27338 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 1184555 | &nbsp;&nbsp; 112703516 | &nbsp;&nbsp; (109816888)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4071183 | &nbsp;&nbsp; 236,429<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 5474506 | &nbsp;&nbsp; 216148631 | &nbsp;&nbsp; (211018405)<br>| &nbsp;&nbsp; (109)<br>| &nbsp;&nbsp; 265 | &nbsp;&nbsp; 10604888 | &nbsp;&nbsp; 637,749<br> \*<br>|
| Total | &nbsp;&nbsp; $8632367 | &nbsp;&nbsp; $362583821 | &nbsp;&nbsp; $(356540273)<br>| &nbsp;&nbsp; $(109)<br>| &nbsp;&nbsp; $265 | &nbsp;&nbsp; $14676071 | &nbsp;&nbsp; $901516 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**26**

------

**Invesco MSCI Global Timber ETF (CUT)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.76%** | **Common Stocks & Other Equity Interests-99.76%** | **Common Stocks & Other Equity Interests-99.76%** |
| **Austria-3.34%** | **Austria-3.34%** | **Austria-3.34%** |
| Mondi PLC | 121911 | &nbsp;&nbsp; $1362859 |
| **Brazil-6.40%** | **Brazil-6.40%** | **Brazil-6.40%** |
| Dexco S.A. | 113595 | &nbsp;&nbsp; 113064 |
| Klabin S.A. | 224947 | &nbsp;&nbsp; 753562 |
| Suzano S.A. | 192053 | &nbsp;&nbsp; 1743586 |
|  |  | &nbsp;&nbsp; 2610212 |
| **Canada-5.15%** | **Canada-5.15%** | **Canada-5.15%** |
| Canfor Corp.<sup>(a)</sup> | 16449 | &nbsp;&nbsp; 143576 |
| Cascades, Inc. | 21040 | &nbsp;&nbsp; 166830 |
| Interfor Corp.<sup>(a)</sup> | 18111 | &nbsp;&nbsp; 102243 |
| Resolute Forest Products, Inc.<sup>(a)(b)</sup> | 13637 | &nbsp;&nbsp; 0 |
| Stella-Jones, Inc. | 13754 | &nbsp;&nbsp; 781470 |
| West Fraser Timber Co. Ltd. | 14858 | &nbsp;&nbsp; 907715 |
|  |  | &nbsp;&nbsp; 2101834 |
| **Chile-1.10%** | **Chile-1.10%** | **Chile-1.10%** |
| Empresas CMPC S.A. | 311257 | &nbsp;&nbsp; 449691 |
| **China-1.33%** | **China-1.33%** | **China-1.33%** |
| Lee & Man Paper Manufacturing Ltd. | 348205 | &nbsp;&nbsp; 123049 |
| Nine Dragons Paper Holdings Ltd.<sup>(a)</sup> | 454052 | &nbsp;&nbsp; 325160 |
| Shandong Sun Paper Industry JSC Ltd., A <br> Shares<br>| 46700 | &nbsp;&nbsp; 93359 |
|  |  | &nbsp;&nbsp; 541568 |
| **Finland-12.44%** | **Finland-12.44%** | **Finland-12.44%** |
| Huhtamaki OYJ | 26781 | &nbsp;&nbsp; 901235 |
| Metsa Board OYJ<sup>(c)</sup> | 44835 | &nbsp;&nbsp; 152296 |
| Stora Enso OYJ, Class R<sup>(c)</sup> | 160851 | &nbsp;&nbsp; 1875495 |
| UPM-Kymmene OYJ<sup>(c)</sup> | 79886 | &nbsp;&nbsp; 2146408 |
|  |  | &nbsp;&nbsp; 5075434 |
| **India-1.27%** | **India-1.27%** | **India-1.27%** |
| Aditya Birla Real Estate Ltd. | 13904 | &nbsp;&nbsp; 293858 |
| Century Plyboards (India) Ltd. | 15390 | &nbsp;&nbsp; 130716 |
| JK Paper Ltd. | 21273 | &nbsp;&nbsp; 95134 |
|  |  | &nbsp;&nbsp; 519708 |
| **Indonesia-1.14%** | **Indonesia-1.14%** | **Indonesia-1.14%** |
| PT Indah Kiat Pulp & Paper Tbk | 680173 | &nbsp;&nbsp; 304197 |
| PT Pabrik Kertas Tjiwi Kimia Tbk | 387844 | &nbsp;&nbsp; 162399 |
|  |  | &nbsp;&nbsp; 466596 |
| **Japan-4.56%** | **Japan-4.56%** | **Japan-4.56%** |
| Daio Paper Corp.<sup>(c)</sup> | 23399 | &nbsp;&nbsp; 123374 |
| Hokuetsu Corp.<sup>(c)</sup> | 28710 | &nbsp;&nbsp; 152312 |
| Nippon Paper Industries Co. Ltd. | 27365 | &nbsp;&nbsp; 204804 |
| Oji Holdings Corp. | 210024 | &nbsp;&nbsp; 1060030 |
| Rengo Co. Ltd. | 52356 | &nbsp;&nbsp; 318984 |
|  |  | &nbsp;&nbsp; 1859504 |
| **Norway-0.43%** | **Norway-0.43%** | **Norway-0.43%** |
| Elopak ASA | 37330 | &nbsp;&nbsp; 175940 |
| **Portugal-0.97%** | **Portugal-0.97%** | **Portugal-0.97%** |
| Altri SGPS S.A.<sup>(c)</sup> | 16837 | &nbsp;&nbsp; 95626 |
| Navigator Co. S.A. (The)<sup>(c)</sup> | 58903 | &nbsp;&nbsp; 204238 |
| Semapa-Sociedade de Investimento e Gestao<sup>(c)</sup> | 4544 | &nbsp;&nbsp; 94922 |
|  |  | &nbsp;&nbsp; 394786 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Segezha Group PJSC<sup>(a)(b)(d)</sup> | 1310077 | &nbsp;&nbsp; $0 |
| **Saudi Arabia-0.39%** | **Saudi Arabia-0.39%** | **Saudi Arabia-0.39%** |
| Middle East Paper Co.<sup>(a)</sup> | 11868 | &nbsp;&nbsp; 85435 |
| Saudi Paper Manufacturing Co.<sup>(a)</sup> | 5068 | &nbsp;&nbsp; 72581 |
|  |  | &nbsp;&nbsp; 158016 |
| **South Africa-0.54%** | **South Africa-0.54%** | **South Africa-0.54%** |
| Sappi Ltd.<sup>(c)</sup> | 167405 | &nbsp;&nbsp; 219406 |
| **Spain-0.23%** | **Spain-0.23%** | **Spain-0.23%** |
| Ence Energia y Celulosa S.A.<sup>(c)</sup> | 30351 | &nbsp;&nbsp; 92820 |
| **Sweden-8.84%** | **Sweden-8.84%** | **Sweden-8.84%** |
| Billerud AB<sup>(c)</sup> | 62200 | &nbsp;&nbsp; 576033 |
| Holmen AB, Class B<sup>(c)</sup> | 21029 | &nbsp;&nbsp; 795251 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(c)</sup> | 167805 | &nbsp;&nbsp; 2237011 |
|  |  | &nbsp;&nbsp; 3608295 |
| **Switzerland-2.32%** | **Switzerland-2.32%** | **Switzerland-2.32%** |
| SIG Group AG<sup>(a)</sup> | 84455 | &nbsp;&nbsp; 946624 |
| **Taiwan-0.83%** | **Taiwan-0.83%** | **Taiwan-0.83%** |
| Cheng Loong Corp. | 201000 | &nbsp;&nbsp; 111596 |
| YFY, Inc. | 277000 | &nbsp;&nbsp; 228434 |
|  |  | &nbsp;&nbsp; 340030 |
| **Thailand-0.50%** | **Thailand-0.50%** | **Thailand-0.50%** |
| SCG Packaging PCL, NVDR | 366415 | &nbsp;&nbsp; 206026 |
| **United States-47.98%** | **United States-47.98%** | **United States-47.98%** |
| Amcor PLC | 254793 | &nbsp;&nbsp; 2012865 |
| Avery Dennison Corp. | 12553 | &nbsp;&nbsp; 2195394 |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 83375 | &nbsp;&nbsp; 1333166 |
| International Paper Co. | 46735 | &nbsp;&nbsp; 1805840 |
| Louisiana-Pacific Corp. | 17306 | &nbsp;&nbsp; 1507526 |
| Magnera Corp.<sup>(a)(c)</sup> | 8810 | &nbsp;&nbsp; 80083 |
| Packaging Corp. of America | 11358 | &nbsp;&nbsp; 2223442 |
| PotlatchDeltic Corp.<sup>(c)</sup> | 20618 | &nbsp;&nbsp; 824720 |
| Rayonier, Inc.<sup>(c)</sup> | 40872 | &nbsp;&nbsp; 902045 |
| Sealed Air Corp. | 40608 | &nbsp;&nbsp; 1360774 |
| Smurfit WestRock PLC | 51065 | &nbsp;&nbsp; 1885320 |
| Sonoco Products Co. | 27231 | &nbsp;&nbsp; 1104762 |
| Sylvamo Corp. | 9581 | &nbsp;&nbsp; 388988 |
| Weyerhaeuser Co. | 84881 | &nbsp;&nbsp; 1952263 |
|  |  | &nbsp;&nbsp; 19577188 |
| Total Common Stocks & Other Equity Interests <br>(Cost $45,369,975) | Total Common Stocks & Other Equity Interests <br>(Cost $45,369,975) | &nbsp;&nbsp; 40706537 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $23,493)<br>| 23493 | &nbsp;&nbsp; 23493 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.82% <br>(Cost $45,393,468) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.82% <br>(Cost $45,393,468) | &nbsp;&nbsp; 40730030 |

---

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

------

**27**

------

**Invesco MSCI Global Timber ETF (CUT)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-23.45%** | **Money Market Funds-23.45%** | **Money Market Funds-23.45%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup><br>| 2656809 | &nbsp;&nbsp; $2656809 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 6910907 | &nbsp;&nbsp; 6912980 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,569,933) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,569,933) | &nbsp;&nbsp; 9569789 |
| TOTAL INVESTMENTS IN SECURITIES-123.27% <br>(Cost $54,963,401) | TOTAL INVESTMENTS IN SECURITIES-123.27% <br>(Cost $54,963,401) | &nbsp;&nbsp; 50299819 |
| OTHER ASSETS LESS LIABILITIES-(23.27)% | OTHER ASSETS LESS LIABILITIES-(23.27)% | &nbsp;&nbsp; (9494358)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $40805461 |

---

Investment Abbreviations: <br> NVDR-Non-Voting Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $704 | &nbsp;&nbsp; $4677670 | &nbsp;&nbsp; $(4654881)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $23493 | &nbsp;&nbsp; $2389 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2368371 | &nbsp;&nbsp; 27923420 | &nbsp;&nbsp; (27634982)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2656809 | &nbsp;&nbsp; 119,922<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 6192193 | &nbsp;&nbsp; 61548571 | &nbsp;&nbsp; (60827372)<br>| &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; (367)<br>| &nbsp;&nbsp; 6912980 | &nbsp;&nbsp; 321,086<br> \*<br>|
| Total | &nbsp;&nbsp; $8561268 | &nbsp;&nbsp; $94149661 | &nbsp;&nbsp; $(93117235)<br>| &nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp; $(367)<br>| &nbsp;&nbsp; $9593282 | &nbsp;&nbsp; $443397 |

---

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

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

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**28**

------

**Invesco MSCI Green Building ETF (GBLD)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** |
| **Australia-2.96%** | **Australia-2.96%** | **Australia-2.96%** |
| Abacus Group | 8926 | &nbsp;&nbsp; $7018 |
| Centuria Office REIT<sup>(a)</sup> | 7661 | &nbsp;&nbsp; 5917 |
| Cromwell Property Group | 34518 | &nbsp;&nbsp; 10505 |
| Growthpoint Properties Australia Ltd. | 5149 | &nbsp;&nbsp; 8631 |
| Vicinity Ltd. | 77805 | &nbsp;&nbsp; 128608 |
|  |  | &nbsp;&nbsp; 160679 |
| **Austria-0.38%** | **Austria-0.38%** | **Austria-0.38%** |
| CA Immobilien Anlagen AG | 745 | &nbsp;&nbsp; 20736 |
| **Brazil-0.65%** | **Brazil-0.65%** | **Brazil-0.65%** |
| ALLOS S.A. | 7619 | &nbsp;&nbsp; 35300 |
| **Canada-1.73%** | **Canada-1.73%** | **Canada-1.73%** |
| First Capital REIT | 2104 | &nbsp;&nbsp; 28246 |
| RioCan REIT<sup>(a)</sup> | 2875 | &nbsp;&nbsp; 38514 |
| SmartCentres REIT<sup>(a)</sup> | 1453 | &nbsp;&nbsp; 27584 |
|  |  | &nbsp;&nbsp; 94344 |
| **China-0.26%** | **China-0.26%** | **China-0.26%** |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd.<br>| 10800 | &nbsp;&nbsp; 14344 |
| **Finland-0.10%** | **Finland-0.10%** | **Finland-0.10%** |
| Citycon OYJ<sup>(a)</sup> | 1601 | &nbsp;&nbsp; 5444 |
| **France-11.41%** | **France-11.41%** | **France-11.41%** |
| Carmila S.A. | 1267 | &nbsp;&nbsp; 23129 |
| Covivio S.A. | 1115 | &nbsp;&nbsp; 71632 |
| Gecina S.A. | 920 | &nbsp;&nbsp; 85612 |
| Klepierre S.A. | 4304 | &nbsp;&nbsp; 164705 |
| Mercialys S.A. | 1876 | &nbsp;&nbsp; 22921 |
| Unibail-Rodamco-Westfield | 2435 | &nbsp;&nbsp; 252126 |
|  |  | &nbsp;&nbsp; 620125 |
| **Hong Kong-4.20%** | **Hong Kong-4.20%** | **Hong Kong-4.20%** |
| Fortune REIT | 30564 | &nbsp;&nbsp; 19739 |
| Hang Lung Group Ltd. | 16392 | &nbsp;&nbsp; 31186 |
| Hang Lung Properties Ltd. | 39900 | &nbsp;&nbsp; 44421 |
| Henderson Land Development Co. Ltd. | 29029 | &nbsp;&nbsp; 102095 |
| Hysan Development Co. Ltd. | 12000 | &nbsp;&nbsp; 24856 |
| Yuexiu REIT | 50253 | &nbsp;&nbsp; 5880 |
|  |  | &nbsp;&nbsp; 228177 |
| **India-2.80%** | **India-2.80%** | **India-2.80%** |
| Brookfield India Real Estate Trust<sup>(b)</sup> | 6677 | &nbsp;&nbsp; 25798 |
| Embassy Office Parks REIT | 17042 | &nbsp;&nbsp; 82340 |
| Mahindra Lifespace Developers Ltd. | 2130 | &nbsp;&nbsp; 9263 |
| Max Estates Ltd.<sup>(c)</sup> | 1098 | &nbsp;&nbsp; 5783 |
| Mindspace Business Parks REIT<sup>(b)</sup> | 4259 | &nbsp;&nbsp; 22309 |
| Nesco Ltd. | 422 | &nbsp;&nbsp; 6503 |
|  |  | &nbsp;&nbsp; 151996 |
| **Japan-24.40%** | **Japan-24.40%** | **Japan-24.40%** |
| Activia Properties, Inc. | 43 | &nbsp;&nbsp; 39358 |
| AEON REIT Investment Corp. | 32 | &nbsp;&nbsp; 27102 |
| CRE Logistics REIT, Inc. | 11 | &nbsp;&nbsp; 11212 |
| Daiwa House REIT Investment Corp. | 88 | &nbsp;&nbsp; 75861 |
| Daiwa Office Investment Corp. | 10 | &nbsp;&nbsp; 24487 |
| Frontier Real Estate Investment Corp. | 49 | &nbsp;&nbsp; 28792 |
| Fukuoka REIT Corp. | 14 | &nbsp;&nbsp; 17175 |
| Global One Real Estate Investment Corp. | 20 | &nbsp;&nbsp; 18395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| GLP J-Reit | 91 | &nbsp;&nbsp; $82525 |
| Hulic Reit, Inc. | 26 | &nbsp;&nbsp; 28948 |
| Isetan Mitsukoshi Holdings Ltd. | 6479 | &nbsp;&nbsp; 101718 |
| Japan Excellent, Inc.<sup>(a)</sup> | 22 | &nbsp;&nbsp; 21006 |
| Japan Logistics Fund, Inc. | 50 | &nbsp;&nbsp; 32386 |
| Japan Metropolitan Fund Investment Corp. | 144 | &nbsp;&nbsp; 111434 |
| Japan Prime Realty Investment Corp. | 67 | &nbsp;&nbsp; 45594 |
| Japan Real Estate Investment Corp. | 128 | &nbsp;&nbsp; 105609 |
| LaSalle Logiport REIT | 36 | &nbsp;&nbsp; 34871 |
| Mirai Corp.<sup>(a)</sup> | 39 | &nbsp;&nbsp; 12221 |
| Mitsubishi Estate Logistics REIT Investment Corp. | 29 | &nbsp;&nbsp; 23242 |
| Mori Hills REIT Investment Corp. | 29 | &nbsp;&nbsp; 27518 |
| Nippon Building Fund, Inc.<sup>(a)</sup> | 156 | &nbsp;&nbsp; 144034 |
| Nippon Prologis REIT, Inc. | 135 | &nbsp;&nbsp; 78548 |
| Nomura Real Estate Master Fund, Inc. | 79 | &nbsp;&nbsp; 84323 |
| NTT UD REIT Investment Corp.<sup>(a)</sup> | 28 | &nbsp;&nbsp; 24803 |
| ORIX JREIT, Inc. | 105 | &nbsp;&nbsp; 71098 |
| Sekisui House Reit, Inc.<sup>(a)</sup> | 83 | &nbsp;&nbsp; 42733 |
| SOSiLA Logistics REIT, Inc. | 14 | &nbsp;&nbsp; 11211 |
|  |  | &nbsp;&nbsp; 1326204 |
| **Mauritius Island-0.20%** | **Mauritius Island-0.20%** | **Mauritius Island-0.20%** |
| Lighthouse Properties PLC | 22952 | &nbsp;&nbsp; 10688 |
| **Mexico-3.06%** | **Mexico-3.06%** | **Mexico-3.06%** |
| Fibra Uno Administracion S.A. de C.V.<sup>(a)</sup> | 57060 | &nbsp;&nbsp; 82923 |
| Prologis Property Mexico S.A. de C.V. | 20910 | &nbsp;&nbsp; 83622 |
|  |  | &nbsp;&nbsp; 166545 |
| **Netherlands-0.80%** | **Netherlands-0.80%** | **Netherlands-0.80%** |
| Eurocommercial Properties N.V. | 887 | &nbsp;&nbsp; 26521 |
| Wereldhave N.V. | 788 | &nbsp;&nbsp; 16760 |
|  |  | &nbsp;&nbsp; 43281 |
| **Romania-1.81%** | **Romania-1.81%** | **Romania-1.81%** |
| NEPI Rockcastle N.V.<sup>(c)</sup> | 12163 | &nbsp;&nbsp; 98667 |
| **Singapore-12.11%** | **Singapore-12.11%** | **Singapore-12.11%** |
| CapitaLand Ascendas REIT | 78550 | &nbsp;&nbsp; 170083 |
| CapitaLand India Trust | 18894 | &nbsp;&nbsp; 17558 |
| CapitaLand Integrated Commercial Trust | 117321 | &nbsp;&nbsp; 213313 |
| City Developments Ltd. | 10011 | &nbsp;&nbsp; 55612 |
| Frasers Centrepoint Trust | 26304 | &nbsp;&nbsp; 47292 |
| Frasers Logistics & Commercial Trust<sup>(a)(b)</sup> | 56487 | &nbsp;&nbsp; 41428 |
| Keppel REIT | 54221 | &nbsp;&nbsp; 43756 |
| Lendlease Global Commercial REIT | 34180 | &nbsp;&nbsp; 16806 |
| Mapletree Pan Asia Commercial Trust | 47397 | &nbsp;&nbsp; 52444 |
|  |  | &nbsp;&nbsp; 658292 |
| **South Africa-0.78%** | **South Africa-0.78%** | **South Africa-0.78%** |
| Redefine Properties Ltd. | 136689 | &nbsp;&nbsp; 42599 |
| **Spain-3.23%** | **Spain-3.23%** | **Spain-3.23%** |
| Colonial SFL Socimi S.A. | 5640 | &nbsp;&nbsp; 35736 |
| Merlin Properties SOCIMI S.A. | 7920 | &nbsp;&nbsp; 123546 |
| Neinor Homes S.A.<sup>(b)(c)</sup> | 809 | &nbsp;&nbsp; 16108 |
|  |  | &nbsp;&nbsp; 175390 |
| **Sweden-1.26%** | **Sweden-1.26%** | **Sweden-1.26%** |
| Atrium Ljungberg AB | 5126 | &nbsp;&nbsp; 18468 |
| Fabege AB | 3965 | &nbsp;&nbsp; 34968 |

---

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

------

**29**

------

**Invesco MSCI Green Building ETF (GBLD)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-(continued)** | **Sweden-(continued)** | **Sweden-(continued)** |
| FastPartner AB, Class A | 1098 | &nbsp;&nbsp; $5811 |
| Platzer Fastigheter Holding AB, Class B | 1198 | &nbsp;&nbsp; 9204 |
|  |  | &nbsp;&nbsp; 68451 |
| **Switzerland-4.22%** | **Switzerland-4.22%** | **Switzerland-4.22%** |
| Swiss Prime Site AG | 1610 | &nbsp;&nbsp; 229420 |
| **United Kingdom-3.71%** | **United Kingdom-3.71%** | **United Kingdom-3.71%** |
| Berkeley Group Holdings PLC (The) | 1953 | &nbsp;&nbsp; 103471 |
| Crest Nicholson Holdings PLC<sup>(a)</sup> | 4602 | &nbsp;&nbsp; 10007 |
| Tritax Big Box REIT PLC | 44618 | &nbsp;&nbsp; 88089 |
|  |  | &nbsp;&nbsp; 201567 |
| **United States-19.55%** | **United States-19.55%** | **United States-19.55%** |
| American Assets Trust, Inc. | 972 | &nbsp;&nbsp; 18575 |
| Beazer Homes USA, Inc.<sup>(c)</sup> | 571 | &nbsp;&nbsp; 12790 |
| Brandywine Realty Trust | 3437 | &nbsp;&nbsp; 11789 |
| BXP, Inc.<sup>(a)</sup> | 3008 | &nbsp;&nbsp; 214140 |
| Cousins Properties, Inc. | 3356 | &nbsp;&nbsp; 87021 |
| Douglas Emmett, Inc. | 3345 | &nbsp;&nbsp; 43284 |
| Elme Communities | 1761 | &nbsp;&nbsp; 28968 |
| Empire State Realty Trust, Inc., Class A<sup>(a)</sup> | 2844 | &nbsp;&nbsp; 21017 |
| Highwoods Properties, Inc. | 2154 | &nbsp;&nbsp; 61669 |
| Hudson Pacific Properties, Inc.<sup>(c)</sup> | 7533 | &nbsp;&nbsp; 18381 |
| JBG SMITH Properties, (Acquired 04/20/2021 - <br> 08/05/2025; Cost $35,308)<sup>(d)</sup><br>| 1459 | &nbsp;&nbsp; 28436 |
| KB Home | 1360 | &nbsp;&nbsp; 84891 |
| Kilroy Realty Corp.<sup>(a)</sup> | 2246 | &nbsp;&nbsp; 94894 |
| Meritage Homes Corp. | 1436 | &nbsp;&nbsp; 97016 |
| Paramount Group, Inc.<sup>(c)</sup> | 3504 | &nbsp;&nbsp; 22916 |
| Piedmont Realty Trust, Inc., Class A | 2485 | &nbsp;&nbsp; 20029 |
| SL Green Realty Corp. | 1419 | &nbsp;&nbsp; 72866 |
| Vornado Realty Trust | 3262 | &nbsp;&nbsp; 123760 |
|  |  | &nbsp;&nbsp; 1062442 |
| Total Common Stocks & Other Equity Interests <br>(Cost $5,925,914) | Total Common Stocks & Other Equity Interests <br>(Cost $5,925,914) | &nbsp;&nbsp; 5414691 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(e)(f)</sup> <br>(Cost $4,292)<br>| 4292 | &nbsp;&nbsp; $4292 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.70% <br>(Cost $5,930,206) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.70% <br>(Cost $5,930,206) | &nbsp;&nbsp; 5418983 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-12.33%** | **Money Market Funds-12.33%** | **Money Market Funds-12.33%** |
| Invesco Private Government Fund, 4.13%<sup>(e)(f)(g)</sup> | 186081 | &nbsp;&nbsp; 186081 |
| Invesco Private Prime Fund, 4.30%<sup>(e)(f)(g)</sup> | 484351 | &nbsp;&nbsp; 484496 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $670,583) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $670,583) | &nbsp;&nbsp; 670577 |
| TOTAL INVESTMENTS IN SECURITIES-112.03% <br>(Cost $6,600,789) | TOTAL INVESTMENTS IN SECURITIES-112.03% <br>(Cost $6,600,789) | &nbsp;&nbsp; 6089560 |
| OTHER ASSETS LESS LIABILITIES-(12.03)% | OTHER ASSETS LESS LIABILITIES-(12.03)% | &nbsp;&nbsp; (654132)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $5435428 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $105,643, which represented 1.94% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Restricted security. The value of this security at October 31, 2025 represented 0.52% of the Fund's Net Assets. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $541868 | &nbsp;&nbsp; $(537576)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4292 | &nbsp;&nbsp; $215 |

---

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

------

**30**

------

**Invesco MSCI Green Building ETF (GBLD)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $263099 | &nbsp;&nbsp; $4318839 | &nbsp;&nbsp; $(4395857)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $186081 | &nbsp;&nbsp; $11,601<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 686794 | &nbsp;&nbsp; 9403560 | &nbsp;&nbsp; (9605851)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 484496 | &nbsp;&nbsp; 31,228<br> \*<br>|
| Total | &nbsp;&nbsp; $949893 | &nbsp;&nbsp; $14264267 | &nbsp;&nbsp; $(14539284)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; $674869 | &nbsp;&nbsp; $43044 |

---

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

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

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**31**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** |
| **Australia-5.86%** | **Australia-5.86%** | **Australia-5.86%** |
| AGL Energy Ltd. | 113680 | &nbsp;&nbsp; $689004 |
| Ampol Ltd.<sup>(a)</sup> | 51867 | &nbsp;&nbsp; 1042548 |
| ANZ Group Holdings Ltd. | 256919 | &nbsp;&nbsp; 6156945 |
| APA Group | 103382 | &nbsp;&nbsp; 621238 |
| Aristocrat Leisure Ltd. | 18800 | &nbsp;&nbsp; 778269 |
| ASX Ltd. | 2369 | &nbsp;&nbsp; 87456 |
| Aurizon Holdings Ltd. | 305216 | &nbsp;&nbsp; 685117 |
| Bank of Queensland Ltd.<sup>(a)</sup> | 23592 | &nbsp;&nbsp; 105912 |
| Bendigo & Adelaide Bank Ltd. | 51658 | &nbsp;&nbsp; 427542 |
| BHP Group Ltd. | 609305 | &nbsp;&nbsp; 17379504 |
| BlueScope Steel Ltd. | 84196 | &nbsp;&nbsp; 1260344 |
| Brambles Ltd. | 80170 | &nbsp;&nbsp; 1303426 |
| Coles Group Ltd. | 105633 | &nbsp;&nbsp; 1524314 |
| Commonwealth Bank of Australia | 67364 | &nbsp;&nbsp; 7562629 |
| Computershare Ltd. | 20173 | &nbsp;&nbsp; 482182 |
| Coronado Global Resources, Inc., CDI<sup>(b)</sup> | 555309 | &nbsp;&nbsp; 132292 |
| CSL Ltd. | 16478 | &nbsp;&nbsp; 1921314 |
| Dexus | 117852 | &nbsp;&nbsp; 562192 |
| Downer EDI Ltd. | 57336 | &nbsp;&nbsp; 289761 |
| Dyno Nobel Ltd. | 276549 | &nbsp;&nbsp; 582274 |
| EBOS Group Ltd. | 6940 | &nbsp;&nbsp; 114845 |
| Endeavour Group Ltd.<sup>(a)</sup> | 202128 | &nbsp;&nbsp; 483841 |
| Evolution Mining Ltd. | 45041 | &nbsp;&nbsp; 318906 |
| Fortescue Ltd. | 254971 | &nbsp;&nbsp; 3547839 |
| Glencore PLC<sup>(c)</sup> | 3090681 | &nbsp;&nbsp; 14807822 |
| Goodman Group | 42732 | &nbsp;&nbsp; 922145 |
| GPT Group (The) | 172479 | &nbsp;&nbsp; 606158 |
| Insurance Australia Group Ltd. | 157565 | &nbsp;&nbsp; 810450 |
| James Hardie Industries PLC, CDI<sup>(c)</sup> | 18497 | &nbsp;&nbsp; 389769 |
| JB Hi-Fi Ltd. | 9264 | &nbsp;&nbsp; 634056 |
| Lendlease Corp. Ltd.<sup>(a)</sup> | 97093 | &nbsp;&nbsp; 352285 |
| Macquarie Group Ltd. | 19659 | &nbsp;&nbsp; 2805556 |
| Medibank Pvt. Ltd. | 215169 | &nbsp;&nbsp; 687077 |
| Metcash Ltd. | 185666 | &nbsp;&nbsp; 462728 |
| Mineral Resources Ltd.<sup>(c)</sup> | 20409 | &nbsp;&nbsp; 644913 |
| Mirvac Group | 456743 | &nbsp;&nbsp; 687962 |
| National Australia Bank Ltd. | 180554 | &nbsp;&nbsp; 5150363 |
| Northern Star Resources Ltd. | 53085 | &nbsp;&nbsp; 856446 |
| Orica Ltd. | 38616 | &nbsp;&nbsp; 561791 |
| Origin Energy Ltd. | 147985 | &nbsp;&nbsp; 1186560 |
| Orora Ltd. | 42870 | &nbsp;&nbsp; 56422 |
| Qantas Airways Ltd. | 21533 | &nbsp;&nbsp; 143533 |
| QBE Insurance Group Ltd. | 100681 | &nbsp;&nbsp; 1306993 |
| Ramsay Health Care Ltd. | 20515 | &nbsp;&nbsp; 430636 |
| Rio Tinto Ltd. | 55928 | &nbsp;&nbsp; 4858623 |
| Rio Tinto PLC | 178112 | &nbsp;&nbsp; 12841572 |
| Santos Ltd. | 387333 | &nbsp;&nbsp; 1600595 |
| Scentre Group | 416927 | &nbsp;&nbsp; 1111220 |
| Sonic Healthcare Ltd. | 51008 | &nbsp;&nbsp; 706360 |
| South32 Ltd. | 751410 | &nbsp;&nbsp; 1554814 |
| Stockland | 236685 | &nbsp;&nbsp; 979071 |
| Suncorp Group Ltd. | 85628 | &nbsp;&nbsp; 1099787 |
| Telstra Group Ltd. | 397769 | &nbsp;&nbsp; 1271488 |
| Transurban Group | 142946 | &nbsp;&nbsp; 1353235 |
| Treasury Wine Estates Ltd.<sup>(a)</sup> | 68614 | &nbsp;&nbsp; 268898 |
| Vicinity Ltd. | 385035 | &nbsp;&nbsp; 636445 |
| Viva Energy Group Ltd.<sup>(b)</sup> | 264254 | &nbsp;&nbsp; 317363 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia-(continued)** | **Australia-(continued)** | **Australia-(continued)** |
| Washington H Soul Pattinson & Co. Ltd.<sup>(a)</sup> | 6376 | &nbsp;&nbsp; $156750 |
| Wesfarmers Ltd. | 53213 | &nbsp;&nbsp; 2922213 |
| Westpac Banking Corp. | 244829 | &nbsp;&nbsp; 6198590 |
| Whitehaven Coal Ltd.<sup>(a)</sup> | 178565 | &nbsp;&nbsp; 839724 |
| Woodside Energy Group Ltd. | 253923 | &nbsp;&nbsp; 4117141 |
| Woolworths Group Ltd. | 96412 | &nbsp;&nbsp; 1792197 |
| Worley Ltd. | 73844 | &nbsp;&nbsp; 689998 |
|  |  | &nbsp;&nbsp; 126879443 |
| **Austria-0.43%** | **Austria-0.43%** | **Austria-0.43%** |
| ams-OSRAM AG<sup>(c)</sup> | 41626 | &nbsp;&nbsp; 577434 |
| ANDRITZ AG | 1443 | &nbsp;&nbsp; 109246 |
| BAWAG Group AG<sup>(b)(c)</sup> | 7235 | &nbsp;&nbsp; 936246 |
| Erste Group Bank AG | 25723 | &nbsp;&nbsp; 2668202 |
| Mondi PLC | 74256 | &nbsp;&nbsp; 830118 |
| OMV AG | 33520 | &nbsp;&nbsp; 1837560 |
| Raiffeisen Bank International AG | 24762 | &nbsp;&nbsp; 924374 |
| voestalpine AG | 30139 | &nbsp;&nbsp; 1074573 |
| Wienerberger AG | 14366 | &nbsp;&nbsp; 427023 |
|  |  | &nbsp;&nbsp; 9384776 |
| **Belgium-0.64%** | **Belgium-0.64%** | **Belgium-0.64%** |
| Ackermans & van Haaren N.V. | 1218 | &nbsp;&nbsp; 303748 |
| Ageas S.A./N.V. | 18021 | &nbsp;&nbsp; 1194228 |
| Anheuser-Busch InBev S.A./N.V. | 80518 | &nbsp;&nbsp; 4916370 |
| Cofinimmo S.A. | 1057 | &nbsp;&nbsp; 90385 |
| Colruyt Group N.V | 1775 | &nbsp;&nbsp; 66379 |
| Elia Group S.A./N.V. | 766 | &nbsp;&nbsp; 92449 |
| Groupe Bruxelles Lambert N.V. | 2273 | &nbsp;&nbsp; 200044 |
| KBC Group N.V. | 23616 | &nbsp;&nbsp; 2845051 |
| Proximus SADP<sup>(a)</sup> | 50537 | &nbsp;&nbsp; 434685 |
| Syensqo S.A.<sup>(a)</sup> | 9726 | &nbsp;&nbsp; 803925 |
| UCB S.A. | 6335 | &nbsp;&nbsp; 1631186 |
| Umicore S.A.<sup>(a)</sup> | 70001 | &nbsp;&nbsp; 1334792 |
|  |  | &nbsp;&nbsp; 13913242 |
| **Brazil-0.07%** | **Brazil-0.07%** | **Brazil-0.07%** |
| Yara International ASA | 44168 | &nbsp;&nbsp; 1611089 |
| **Canada-8.63%** | **Canada-8.63%** | **Canada-8.63%** |
| Agnico Eagle Mines Ltd. | 18210 | &nbsp;&nbsp; 2931743 |
| Air Canada<sup>(c)</sup> | 5946 | &nbsp;&nbsp; 78253 |
| Algonquin Power & Utilities Corp. | 118770 | &nbsp;&nbsp; 663718 |
| Alimentation Couche-Tard, Inc. | 74474 | &nbsp;&nbsp; 3788678 |
| Allied Properties REIT<sup>(a)</sup> | 6857 | &nbsp;&nbsp; 72331 |
| AltaGas Ltd. | 32491 | &nbsp;&nbsp; 954683 |
| ARC Resources Ltd. | 52310 | &nbsp;&nbsp; 965821 |
| ATCO Ltd., Class I | 10624 | &nbsp;&nbsp; 400727 |
| AtkinsRealis Group, Inc. | 8531 | &nbsp;&nbsp; 602220 |
| B2Gold Corp.<sup>(a)</sup> | 174215 | &nbsp;&nbsp; 763430 |
| Bank of Montreal<sup>(a)</sup> | 54346 | &nbsp;&nbsp; 6757809 |
| Bank of Nova Scotia (The) | 142955 | &nbsp;&nbsp; 9385455 |
| Barrick Mining Corp. | 170735 | &nbsp;&nbsp; 5610134 |
| BCE, Inc.<sup>(a)</sup> | 73458 | &nbsp;&nbsp; 1680808 |
| Bombardier, Inc., Class B<sup>(c)</sup> | 3313 | &nbsp;&nbsp; 463368 |
| Brookfield Corp. | 131572 | &nbsp;&nbsp; 6065186 |
| Brookfield Renewable Corp. | 2930 | &nbsp;&nbsp; 126974 |
| CAE, Inc.<sup>(c)</sup> | 15091 | &nbsp;&nbsp; 424140 |
| Cameco Corp. | 1767 | &nbsp;&nbsp; 180767 |
| Canadian Apartment Properties REIT | 16277 | &nbsp;&nbsp; 448063 |

---

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

------

**32**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Canadian Imperial Bank of Commerce | 77363 | &nbsp;&nbsp; $6416411 |
| Canadian National Railway Co. | 29668 | &nbsp;&nbsp; 2847696 |
| Canadian Natural Resources Ltd.<sup>(a)</sup> | 216439 | &nbsp;&nbsp; 6931177 |
| Canadian Pacific Kansas City Ltd. | 35071 | &nbsp;&nbsp; 2526293 |
| Canadian Tire Corp. Ltd., Class A<sup>(a)</sup> | 9744 | &nbsp;&nbsp; 1118597 |
| Capital Power Corp. | 11083 | &nbsp;&nbsp; 561605 |
| CCL Industries, Inc., Class B | 7280 | &nbsp;&nbsp; 406514 |
| Celestica, Inc.<sup>(c)</sup> | 5032 | &nbsp;&nbsp; 1734148 |
| Cenovus Energy, Inc. | 223513 | &nbsp;&nbsp; 3780650 |
| CGI, Inc., Class A | 12807 | &nbsp;&nbsp; 1115671 |
| Constellation Software, Inc. | 219 | &nbsp;&nbsp; 576917 |
| Dollarama, Inc. | 4368 | &nbsp;&nbsp; 568340 |
| Element Fleet Management Corp. | 19640 | &nbsp;&nbsp; 530265 |
| Emera, Inc.<sup>(a)</sup> | 26388 | &nbsp;&nbsp; 1255791 |
| Empire Co. Ltd., Class A | 17147 | &nbsp;&nbsp; 583131 |
| Enbridge, Inc. | 202253 | &nbsp;&nbsp; 9440350 |
| Fairfax Financial Holdings Ltd. | 1546 | &nbsp;&nbsp; 2512494 |
| Finning International, Inc. | 17104 | &nbsp;&nbsp; 925910 |
| First Capital REIT | 5956 | &nbsp;&nbsp; 79957 |
| Fortis, Inc. | 41866 | &nbsp;&nbsp; 2106522 |
| Franco-Nevada Corp. | 4165 | &nbsp;&nbsp; 778781 |
| George Weston Ltd. | 17286 | &nbsp;&nbsp; 1052100 |
| Gibson Energy, Inc.<sup>(a)</sup> | 6035 | &nbsp;&nbsp; 102985 |
| Gildan Activewear, Inc. | 11596 | &nbsp;&nbsp; 676899 |
| Great-West Lifeco, Inc. | 22975 | &nbsp;&nbsp; 974980 |
| H&R REIT<sup>(a)</sup> | 37723 | &nbsp;&nbsp; 301267 |
| Hydro One Ltd.<sup>(b)</sup> | 20340 | &nbsp;&nbsp; 750946 |
| iA Financial Corp., Inc. | 8048 | &nbsp;&nbsp; 950952 |
| Imperial Oil Ltd. | 19928 | &nbsp;&nbsp; 1764314 |
| Intact Financial Corp. | 8070 | &nbsp;&nbsp; 1506872 |
| Keyera Corp. | 21137 | &nbsp;&nbsp; 624689 |
| Kinross Gold Corp. | 79155 | &nbsp;&nbsp; 1842798 |
| Linamar Corp. | 7811 | &nbsp;&nbsp; 423399 |
| Loblaw Cos. Ltd. | 45559 | &nbsp;&nbsp; 1812410 |
| Magna International, Inc. | 85496 | &nbsp;&nbsp; 4043082 |
| Manulife Financial Corp. | 154018 | &nbsp;&nbsp; 4989385 |
| MEG Energy Corp. | 33524 | &nbsp;&nbsp; 710126 |
| Methanex Corp. | 10863 | &nbsp;&nbsp; 427961 |
| Metro, Inc. | 19014 | &nbsp;&nbsp; 1268686 |
| National Bank of Canada | 22427 | &nbsp;&nbsp; 2508162 |
| Northland Power, Inc.<sup>(a)</sup> | 29966 | &nbsp;&nbsp; 548142 |
| Nutrien Ltd.<sup>(a)</sup> | 96986 | &nbsp;&nbsp; 5287628 |
| Onex Corp. | 5200 | &nbsp;&nbsp; 452771 |
| Open Text Corp. | 25524 | &nbsp;&nbsp; 980228 |
| Pan American Silver Corp. | 12672 | &nbsp;&nbsp; 446774 |
| Pembina Pipeline Corp. | 54335 | &nbsp;&nbsp; 2057606 |
| Power Corp. of Canada | 60087 | &nbsp;&nbsp; 2817483 |
| Quebecor, Inc., Class B | 11422 | &nbsp;&nbsp; 364715 |
| RB Global, Inc. | 3385 | &nbsp;&nbsp; 336193 |
| Restaurant Brands International, Inc. | 14135 | &nbsp;&nbsp; 929320 |
| RioCan REIT<sup>(a)</sup> | 41456 | &nbsp;&nbsp; 555350 |
| Rogers Communications, Inc., Class B | 41364 | &nbsp;&nbsp; 1620433 |
| Royal Bank of Canada | 92018 | &nbsp;&nbsp; 13493872 |
| Saputo, Inc. | 31465 | &nbsp;&nbsp; 761053 |
| Shopify, Inc., Class A<sup>(c)</sup> | 8084 | &nbsp;&nbsp; 1406962 |
| SmartCentres REIT<sup>(a)</sup> | 4168 | &nbsp;&nbsp; 79127 |
| South Bow Corp. | 5943 | &nbsp;&nbsp; 154306 |
| SSR Mining, Inc.<sup>(c)</sup> | 17321 | &nbsp;&nbsp; 391999 |
| Stantec, Inc. | 884 | &nbsp;&nbsp; 97993 |
| Sun Life Financial, Inc. | 44751 | &nbsp;&nbsp; 2724696 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Suncor Energy, Inc. | 191379 | &nbsp;&nbsp; $7628389 |
| TC Energy Corp. | 82718 | &nbsp;&nbsp; 4154939 |
| Teck Resources Ltd., Class B | 63397 | &nbsp;&nbsp; 2722476 |
| TELUS Corp. | 66437 | &nbsp;&nbsp; 972503 |
| TFI International, Inc. | 6140 | &nbsp;&nbsp; 552322 |
| Thomson Reuters Corp. | 4282 | &nbsp;&nbsp; 656564 |
| TMX Group Ltd. | 3217 | &nbsp;&nbsp; 118771 |
| Toromont Industries Ltd. | 4395 | &nbsp;&nbsp; 528567 |
| Toronto-Dominion Bank (The) | 149980 | &nbsp;&nbsp; 12326801 |
| Tourmaline Oil Corp. | 31427 | &nbsp;&nbsp; 1383672 |
| Vermilion Energy, Inc. | 49548 | &nbsp;&nbsp; 370951 |
| West Fraser Timber Co. Ltd. | 16684 | &nbsp;&nbsp; 1019270 |
| Wheaton Precious Metals Corp.<sup>(a)</sup> | 9321 | &nbsp;&nbsp; 901067 |
| Whitecap Resources, Inc.<sup>(a)</sup> | 158588 | &nbsp;&nbsp; 1181643 |
| WSP Global, Inc. | 4343 | &nbsp;&nbsp; 831126 |
|  |  | &nbsp;&nbsp; 186749253 |
| **Chile-0.09%** | **Chile-0.09%** | **Chile-0.09%** |
| Antofagasta PLC | 24861 | &nbsp;&nbsp; 912563 |
| Lundin Mining Corp. | 62253 | &nbsp;&nbsp; 1002339 |
|  |  | &nbsp;&nbsp; 1914902 |
| **China-0.21%** | **China-0.21%** | **China-0.21%** |
| BOC Hong Kong (Holdings) Ltd. | 75692 | &nbsp;&nbsp; 371850 |
| China Gas Holdings Ltd.<sup>(a)</sup> | 406600 | &nbsp;&nbsp; 418118 |
| GCL Technology Holdings Ltd.<sup>(a)(c)</sup> | 2210000 | &nbsp;&nbsp; 386247 |
| JOYY, Inc., ADR | 9655 | &nbsp;&nbsp; 572638 |
| Kingboard Holdings Ltd. | 79000 | &nbsp;&nbsp; 282984 |
| Lenovo Group Ltd. | 438369 | &nbsp;&nbsp; 639379 |
| Sino Biopharmaceutical Ltd. | 576000 | &nbsp;&nbsp; 524585 |
| SITC International Holdings Co. Ltd. | 175937 | &nbsp;&nbsp; 649012 |
| Wilmar International Ltd.<sup>(a)</sup> | 263347 | &nbsp;&nbsp; 632924 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 77078 | &nbsp;&nbsp; 90126 |
|  |  | &nbsp;&nbsp; 4567863 |
| **Colombia-0.02%** | **Colombia-0.02%** | **Colombia-0.02%** |
| Parex Resources, Inc. | 28969 | &nbsp;&nbsp; 370912 |
| **Denmark-0.63%** | **Denmark-0.63%** | **Denmark-0.63%** |
| Carlsberg A/S, Class B | 7854 | &nbsp;&nbsp; 924811 |
| Coloplast A/S, Class B | 4881 | &nbsp;&nbsp; 442101 |
| Danske Bank A/S | 47982 | &nbsp;&nbsp; 2147587 |
| DSV A/S | 8992 | &nbsp;&nbsp; 1921756 |
| Genmab A/S<sup>(c)</sup> | 2838 | &nbsp;&nbsp; 810653 |
| ISS A/S<sup>(a)</sup> | 17497 | &nbsp;&nbsp; 552288 |
| Jyske Bank A/S | 1029 | &nbsp;&nbsp; 121122 |
| Novo Nordisk A/S, Class B | 74125 | &nbsp;&nbsp; 3654603 |
| Novonesis (Novozymes) B, Class B | 7521 | &nbsp;&nbsp; 450105 |
| Orsted A/S<sup>(b)(c)</sup> | 27337 | &nbsp;&nbsp; 490296 |
| Pandora A/S | 3083 | &nbsp;&nbsp; 413131 |
| Rockwool A/S | 7109 | &nbsp;&nbsp; 243949 |
| Tryg A/S | 19890 | &nbsp;&nbsp; 490981 |
| Vestas Wind Systems A/S | 51962 | &nbsp;&nbsp; 1064277 |
|  |  | &nbsp;&nbsp; 13727660 |
| **Finland-1.31%** | **Finland-1.31%** | **Finland-1.31%** |
| Elisa OYJ<sup>(a)</sup> | 10430 | &nbsp;&nbsp; 460208 |
| Fortum OYJ<sup>(a)</sup> | 71218 | &nbsp;&nbsp; 1590293 |
| Huhtamaki OYJ | 9486 | &nbsp;&nbsp; 319223 |
| Kesko OYJ, Class B | 33243 | &nbsp;&nbsp; 702192 |
| Kone OYJ, Class B | 20297 | &nbsp;&nbsp; 1357930 |
| Konecranes OYJ | 1506 | &nbsp;&nbsp; 148854 |

---

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

------

**33**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Finland-(continued)** | **Finland-(continued)** | **Finland-(continued)** |
| Mandatum OYJ | 18857 | &nbsp;&nbsp; $135429 |
| Metso OYJ<sup>(a)</sup> | 37767 | &nbsp;&nbsp; 620174 |
| Neste OYJ | 117852 | &nbsp;&nbsp; 2445258 |
| Nokia OYJ | 880929 | &nbsp;&nbsp; 6017166 |
| Nordea Bank Abp | 367789 | &nbsp;&nbsp; 6300162 |
| Orion OYJ, Class B | 6101 | &nbsp;&nbsp; 426624 |
| Outokumpu OYJ<sup>(a)</sup> | 138163 | &nbsp;&nbsp; 595054 |
| Sampo OYJ | 183400 | &nbsp;&nbsp; 2046987 |
| Stora Enso OYJ, Class R<sup>(a)</sup> | 119413 | &nbsp;&nbsp; 1392335 |
| TietoEVRY OYJ<sup>(a)</sup> | 19686 | &nbsp;&nbsp; 423098 |
| UPM-Kymmene OYJ<sup>(a)</sup> | 74660 | &nbsp;&nbsp; 2005994 |
| Valmet OYJ<sup>(a)</sup> | 14532 | &nbsp;&nbsp; 473488 |
| Wartsila OYJ Abp | 28935 | &nbsp;&nbsp; 947943 |
|  |  | &nbsp;&nbsp; 28408412 |
| **France-7.50%** | **France-7.50%** | **France-7.50%** |
| Accor S.A. | 10699 | &nbsp;&nbsp; 545021 |
| Air France-KLM<sup>(c)</sup> | 14667 | &nbsp;&nbsp; 195791 |
| Air Liquide S.A. | 25892 | &nbsp;&nbsp; 5017851 |
| Airbus SE | 20039 | &nbsp;&nbsp; 4947687 |
| Alstom S.A.<sup>(c)</sup> | 58836 | &nbsp;&nbsp; 1473326 |
| Amundi S.A.<sup>(b)</sup> | 6421 | &nbsp;&nbsp; 476644 |
| Arkema S.A. | 13550 | &nbsp;&nbsp; 805446 |
| AXA S.A. | 165742 | &nbsp;&nbsp; 7200956 |
| Ayvens S.A.<sup>(b)</sup> | 34852 | &nbsp;&nbsp; 465596 |
| BNP Paribas S.A. | 139317 | &nbsp;&nbsp; 10805735 |
| Bollore SE | 76184 | &nbsp;&nbsp; 424792 |
| Bouygues S.A. | 36537 | &nbsp;&nbsp; 1651431 |
| Bureau Veritas S.A. | 14166 | &nbsp;&nbsp; 466156 |
| Capgemini SE | 12704 | &nbsp;&nbsp; 1957082 |
| Carrefour S.A. | 187250 | &nbsp;&nbsp; 2823956 |
| Cie de Saint-Gobain S.A. | 43043 | &nbsp;&nbsp; 4183463 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 99431 | &nbsp;&nbsp; 3180639 |
| Clariane SE<sup>(c)</sup> | 70096 | &nbsp;&nbsp; 301760 |
| Covivio S.A. | 6874 | &nbsp;&nbsp; 441614 |
| Credit Agricole S.A. | 139297 | &nbsp;&nbsp; 2517885 |
| Danone S.A. | 49854 | &nbsp;&nbsp; 4408861 |
| Dassault Systemes SE | 18603 | &nbsp;&nbsp; 530112 |
| Edenred SE | 1793 | &nbsp;&nbsp; 51608 |
| Eiffage S.A. | 13528 | &nbsp;&nbsp; 1666858 |
| Elis S.A. | 16061 | &nbsp;&nbsp; 447887 |
| Emeis S.A.<sup>(c)</sup> | 26140 | &nbsp;&nbsp; 432152 |
| ENGIE S.A. | 242081 | &nbsp;&nbsp; 5675458 |
| EssilorLuxottica S.A. | 12390 | &nbsp;&nbsp; 4543555 |
| Eurazeo SE | 4122 | &nbsp;&nbsp; 281366 |
| Forvia SE<sup>(c)</sup> | 103647 | &nbsp;&nbsp; 1329045 |
| Gecina S.A. | 6433 | &nbsp;&nbsp; 598631 |
| Getlink SE | 4155 | &nbsp;&nbsp; 75944 |
| Hermes International S.C.A. | 337 | &nbsp;&nbsp; 835015 |
| Kering S.A. | 8050 | &nbsp;&nbsp; 2862538 |
| Klepierre S.A. | 20136 | &nbsp;&nbsp; 770564 |
| Legrand S.A. | 12664 | &nbsp;&nbsp; 2189859 |
| L'Oreal S.A. | 9491 | &nbsp;&nbsp; 3966031 |
| Louis Hachette Group | 20334 | &nbsp;&nbsp; 34978 |
| LVMH Moet Hennessy Louis Vuitton SE | 10899 | &nbsp;&nbsp; 7714029 |
| Nexans S.A. | 824 | &nbsp;&nbsp; 116177 |
| Orange S.A. | 364708 | &nbsp;&nbsp; 5841855 |
| Pernod Ricard S.A. | 16797 | &nbsp;&nbsp; 1647321 |
| Publicis Groupe S.A. | 15350 | &nbsp;&nbsp; 1540587 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** |
| Renault S.A.<sup>(a)</sup> | 64330 | &nbsp;&nbsp; $2503176 |
| Rexel S.A. | 46159 | &nbsp;&nbsp; 1602717 |
| Rubis S.C.A. | 12533 | &nbsp;&nbsp; 455710 |
| Safran S.A. | 9138 | &nbsp;&nbsp; 3251269 |
| Schneider Electric SE | 22551 | &nbsp;&nbsp; 6434099 |
| SCOR SE | 24204 | &nbsp;&nbsp; 733684 |
| SEB S.A.<sup>(a)</sup> | 4335 | &nbsp;&nbsp; 240195 |
| Societe Generale S.A. | 125397 | &nbsp;&nbsp; 7963459 |
| Sodexo S.A.<sup>(a)</sup> | 8699 | &nbsp;&nbsp; 482315 |
| Sopra Steria Group | 318 | &nbsp;&nbsp; 49562 |
| SPIE S.A. | 9171 | &nbsp;&nbsp; 467362 |
| STMicroelectronics N.V. | 65734 | &nbsp;&nbsp; 1622503 |
| Technip Energies N.V. | 4318 | &nbsp;&nbsp; 175694 |
| Teleperformance SE | 7948 | &nbsp;&nbsp; 568319 |
| Thales S.A. | 4657 | &nbsp;&nbsp; 1329744 |
| TotalEnergies SE | 401474 | &nbsp;&nbsp; 25099765 |
| Ubisoft Entertainment S.A.<sup>(c)</sup> | 3222 | &nbsp;&nbsp; 28805 |
| Unibail-Rodamco-Westfield | 15010 | &nbsp;&nbsp; 1554171 |
| Valeo SE<sup>(a)</sup> | 118836 | &nbsp;&nbsp; 1645147 |
| Veolia Environnement S.A. | 74769 | &nbsp;&nbsp; 2474225 |
| Vinci S.A. | 42838 | &nbsp;&nbsp; 5735845 |
| Vivendi SE | 20338 | &nbsp;&nbsp; 73355 |
| Wendel SE | 857 | &nbsp;&nbsp; 80547 |
| Worldline S.A.<sup>(a)(b)(c)</sup> | 101553 | &nbsp;&nbsp; 275692 |
|  |  | &nbsp;&nbsp; 162290622 |
| **Germany-8.46%** | **Germany-8.46%** | **Germany-8.46%** |
| adidas AG | 10380 | &nbsp;&nbsp; 1965315 |
| Allianz SE | 29343 | &nbsp;&nbsp; 11807108 |
| Aroundtown S.A.<sup>(c)</sup> | 71445 | &nbsp;&nbsp; 255650 |
| Aumovio SE<sup>(c)</sup> | 14457 | &nbsp;&nbsp; 622398 |
| Aurubis AG | 6816 | &nbsp;&nbsp; 889912 |
| BASF SE | 193275 | &nbsp;&nbsp; 9549376 |
| Bayer AG | 336663 | &nbsp;&nbsp; 10485818 |
| Bayerische Motoren Werke AG | 93344 | &nbsp;&nbsp; 8715556 |
| Beiersdorf AG | 4095 | &nbsp;&nbsp; 434711 |
| BioNTech SE, ADR<sup>(a)(c)</sup> | 21192 | &nbsp;&nbsp; 2202061 |
| Brenntag SE | 15324 | &nbsp;&nbsp; 852221 |
| Commerzbank AG | 90662 | &nbsp;&nbsp; 3310248 |
| Continental AG | 28915 | &nbsp;&nbsp; 2212423 |
| Daimler Truck Holding AG | 58314 | &nbsp;&nbsp; 2340525 |
| Deutsche Bank AG | 234903 | &nbsp;&nbsp; 8420887 |
| Deutsche Boerse AG | 5310 | &nbsp;&nbsp; 1346514 |
| Deutsche Lufthansa AG | 145426 | &nbsp;&nbsp; 1276650 |
| Deutsche Post AG | 138428 | &nbsp;&nbsp; 6368822 |
| Deutsche Telekom AG | 326838 | &nbsp;&nbsp; 10137487 |
| Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(a)(b)</sup><br>| 7426 | &nbsp;&nbsp; 389058 |
| E.ON SE | 235323 | &nbsp;&nbsp; 4384400 |
| Evonik Industries AG | 55110 | &nbsp;&nbsp; 924778 |
| Freenet AG | 12959 | &nbsp;&nbsp; 403539 |
| Fresenius Medical Care AG | 35493 | &nbsp;&nbsp; 1908085 |
| Fresenius SE & Co. KGaA | 65996 | &nbsp;&nbsp; 3802715 |
| FUCHS SE, Preference Shares<sup>(a)</sup> | 8310 | &nbsp;&nbsp; 372494 |
| GEA Group AG | 10265 | &nbsp;&nbsp; 735219 |
| Hannover Rueck SE | 3298 | &nbsp;&nbsp; 942775 |
| Hapag-Lloyd AG<sup>(a)(b)</sup> | 1369 | &nbsp;&nbsp; 197101 |
| Heidelberg Materials AG | 13812 | &nbsp;&nbsp; 3244705 |
| HelloFresh SE<sup>(c)</sup> | 5903 | &nbsp;&nbsp; 47918 |

---

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

------

**34**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Henkel AG & Co. KGaA, Preference <br> Shares<sup>(a)</sup><br>| 21513 | &nbsp;&nbsp; $1745175 |
| HOCHTIEF AG | 1053 | &nbsp;&nbsp; 302659 |
| HUGO BOSS AG | 1006 | &nbsp;&nbsp; 44691 |
| Infineon Technologies AG | 67168 | &nbsp;&nbsp; 2669679 |
| K+S AG | 48349 | &nbsp;&nbsp; 630710 |
| KION Group AG | 12134 | &nbsp;&nbsp; 863335 |
| Knorr-Bremse AG | 4792 | &nbsp;&nbsp; 446486 |
| LANXESS AG | 25590 | &nbsp;&nbsp; 610209 |
| LEG Immobilien SE | 7446 | &nbsp;&nbsp; 568255 |
| Mercedes-Benz Group AG | 220568 | &nbsp;&nbsp; 14330713 |
| Merck KGaA | 9092 | &nbsp;&nbsp; 1192596 |
| MTU Aero Engines AG | 1625 | &nbsp;&nbsp; 711122 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Class R<br>| 8790 | &nbsp;&nbsp; 5445636 |
| Porsche Automobil Holding SE, <br> Preference Shares<br>| 36836 | &nbsp;&nbsp; 1465591 |
| ProSiebenSat.1 Media SE<sup>(a)</sup> | 14800 | &nbsp;&nbsp; 90282 |
| Puma SE | 16215 | &nbsp;&nbsp; 345242 |
| Rheinmetall AG | 810 | &nbsp;&nbsp; 1594427 |
| RWE AG | 72843 | &nbsp;&nbsp; 3590924 |
| SAP SE | 29420 | &nbsp;&nbsp; 7661627 |
| Schaeffler AG | 50102 | &nbsp;&nbsp; 407025 |
| Siemens AG | 45740 | &nbsp;&nbsp; 12980032 |
| Siemens Energy AG, Class A<sup>(c)</sup> | 38949 | &nbsp;&nbsp; 4859002 |
| Siemens Healthineers AG<sup>(b)</sup> | 15292 | &nbsp;&nbsp; 858269 |
| Symrise AG | 6383 | &nbsp;&nbsp; 528578 |
| TAG Immobilien AG | 6130 | &nbsp;&nbsp; 101901 |
| Talanx AG | 4938 | &nbsp;&nbsp; 602116 |
| thyssenkrupp AG | 188274 | &nbsp;&nbsp; 1975643 |
| Tkms AG & Co. KGaA<sup>(c)</sup> | 9413 | &nbsp;&nbsp; 888172 |
| Traton SE<sup>(a)</sup> | 8424 | &nbsp;&nbsp; 270961 |
| TUI AG<sup>(c)</sup> | 27278 | &nbsp;&nbsp; 232745 |
| United Internet AG | 3326 | &nbsp;&nbsp; 102818 |
| Volkswagen AG, Preference Shares<sup>(a)</sup> | 114708 | &nbsp;&nbsp; 11961392 |
| Vonovia SE | 67367 | &nbsp;&nbsp; 2027491 |
| Wacker Chemie AG | 624 | &nbsp;&nbsp; 49281 |
| Zalando SE<sup>(b)(c)</sup> | 19336 | &nbsp;&nbsp; 542574 |
|  |  | &nbsp;&nbsp; 183243828 |
| **Guatemala-0.02%** | **Guatemala-0.02%** | **Guatemala-0.02%** |
| Millicom International Cellular S.A. | 9689 | &nbsp;&nbsp; 456449 |
| **Hong Kong-1.43%** | **Hong Kong-1.43%** | **Hong Kong-1.43%** |
| AIA Group Ltd. | 781107 | &nbsp;&nbsp; 7599133 |
| CK Asset Holdings Ltd. | 270238 | &nbsp;&nbsp; 1336650 |
| CK Hutchison Holdings Ltd. | 372417 | &nbsp;&nbsp; 2469150 |
| CLP Holdings Ltd. | 154506 | &nbsp;&nbsp; 1317559 |
| Hang Lung Group Ltd. | 51000 | &nbsp;&nbsp; 97027 |
| Hang Seng Bank Ltd. | 60722 | &nbsp;&nbsp; 1183522 |
| Henderson Land Development Co. Ltd. | 185867 | &nbsp;&nbsp; 653695 |
| HKT Trust & HKT Ltd. | 250000 | &nbsp;&nbsp; 364966 |
| Hong Kong & China Gas Co. Ltd. (The) | 823425 | &nbsp;&nbsp; 766160 |
| Hong Kong Exchanges & Clearing Ltd. | 23378 | &nbsp;&nbsp; 1273898 |
| Hongkong Land Holdings Ltd. | 123904 | &nbsp;&nbsp; 757093 |
| Kerry Properties Ltd. | 81500 | &nbsp;&nbsp; 205375 |
| Link REIT | 301176 | &nbsp;&nbsp; 1568076 |
| MTR Corp. Ltd.<sup>(a)</sup> | 150590 | &nbsp;&nbsp; 552351 |
| New World Development Co. Ltd.<sup>(c)</sup> | 811075 | &nbsp;&nbsp; 750599 |
| Orient Overseas International Ltd.<sup>(a)</sup> | 8262 | &nbsp;&nbsp; 142951 |
| Pacific Basin Shipping Ltd.<sup>(a)</sup> | 851000 | &nbsp;&nbsp; 281790 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| Power Assets Holdings Ltd.<sup>(a)</sup> | 15298 | &nbsp;&nbsp; $97164 |
| Prudential PLC | 213484 | &nbsp;&nbsp; 2969495 |
| Sino Land Co. Ltd. | 264000 | &nbsp;&nbsp; 327854 |
| Sun Hung Kai Properties Ltd. | 173426 | &nbsp;&nbsp; 2109936 |
| Swire Pacific Ltd., Class A<sup>(a)</sup> | 64565 | &nbsp;&nbsp; 533150 |
| Swire Properties Ltd. | 128600 | &nbsp;&nbsp; 350267 |
| Techtronic Industries Co. Ltd. | 84834 | &nbsp;&nbsp; 989295 |
| WH Group Ltd. | 1492300 | &nbsp;&nbsp; 1435164 |
| Wharf Real Estate Investment Co. Ltd. | 183481 | &nbsp;&nbsp; 522117 |
| Yue Yuen Industrial Holdings Ltd.<sup>(a)</sup> | 179500 | &nbsp;&nbsp; 329128 |
|  |  | &nbsp;&nbsp; 30983565 |
| **Indonesia-0.03%** | **Indonesia-0.03%** | **Indonesia-0.03%** |
| Golden Agri-Resources Ltd. | 182135 | &nbsp;&nbsp; 39187 |
| Jardine Matheson Holdings Ltd. | 12295 | &nbsp;&nbsp; 721896 |
|  |  | &nbsp;&nbsp; 761083 |
| **Ireland-0.28%** | **Ireland-0.28%** | **Ireland-0.28%** |
| AerCap Holdings N.V. | 9372 | &nbsp;&nbsp; 1220609 |
| AIB Group PLC | 142083 | &nbsp;&nbsp; 1311245 |
| Bank of Ireland Group PLC | 80298 | &nbsp;&nbsp; 1316486 |
| Flutter Entertainment PLC<sup>(a)(c)</sup> | 990 | &nbsp;&nbsp; 230264 |
| Glanbia PLC | 21366 | &nbsp;&nbsp; 362127 |
| Kerry Group PLC, Class A | 10647 | &nbsp;&nbsp; 972555 |
| Kingspan Group PLC | 7579 | &nbsp;&nbsp; 568266 |
|  |  | &nbsp;&nbsp; 5981552 |
| **Israel-0.50%** | **Israel-0.50%** | **Israel-0.50%** |
| Bank Hapoalim B.M. | 82133 | &nbsp;&nbsp; 1668053 |
| Bank Leumi le-Israel B.M. | 95168 | &nbsp;&nbsp; 1934051 |
| Check Point Software Technologies <br> Ltd.<sup>(c)</sup><br>| 2807 | &nbsp;&nbsp; 549274 |
| ICL Group Ltd. | 112132 | &nbsp;&nbsp; 735478 |
| Israel Discount Bank Ltd., Class A | 93976 | &nbsp;&nbsp; 940403 |
| Mizrahi Tefahot Bank Ltd. | 10728 | &nbsp;&nbsp; 698419 |
| Nice Ltd.<sup>(c)</sup> | 3062 | &nbsp;&nbsp; 418227 |
| Oil Refineries Ltd. | 499934 | &nbsp;&nbsp; 146146 |
| Teva Pharmaceutical Industries Ltd., <br> ADR<sup>(c)</sup><br>| 108079 | &nbsp;&nbsp; 2213458 |
| Tower Semiconductor Ltd.<sup>(c)</sup> | 4031 | &nbsp;&nbsp; 333615 |
| ZIM Integrated Shipping Services Ltd.<sup>(a)</sup> | 75092 | &nbsp;&nbsp; 1154915 |
|  |  | &nbsp;&nbsp; 10792039 |
| **Italy-2.97%** | **Italy-2.97%** | **Italy-2.97%** |
| A2A S.p.A. | 233810 | &nbsp;&nbsp; 682150 |
| Assicurazioni Generali S.p.A.<sup>(a)</sup> | 108626 | &nbsp;&nbsp; 4187281 |
| Azimut Holding S.p.A. | 2859 | &nbsp;&nbsp; 112043 |
| Banca Monte dei Paschi di Siena S.p.A. | 201803 | &nbsp;&nbsp; 1772292 |
| Banca Popolare di Sondrio S.p.A. | 10037 | &nbsp;&nbsp; 168537 |
| Banco BPM S.p.A.<sup>(a)</sup> | 117421 | &nbsp;&nbsp; 1713060 |
| BPER Banca S.p.A. | 101400 | &nbsp;&nbsp; 1216599 |
| Coca-Cola HBC AG<sup>(c)</sup> | 12740 | &nbsp;&nbsp; 578183 |
| Enel S.p.A. | 1010670 | &nbsp;&nbsp; 10237449 |
| Eni S.p.A.<sup>(a)</sup> | 507563 | &nbsp;&nbsp; 9371790 |
| Ferrari N.V. | 1485 | &nbsp;&nbsp; 595484 |
| FinecoBank Banca Fineco S.p.A. | 21153 | &nbsp;&nbsp; 484635 |
| Hera S.p.A. | 108084 | &nbsp;&nbsp; 485754 |
| Intesa Sanpaolo S.p.A. | 1406474 | &nbsp;&nbsp; 9077406 |
| Italgas S.p.A. | 18088 | &nbsp;&nbsp; 190051 |
| Iveco Group N.V. | 36008 | &nbsp;&nbsp; 766312 |
| Leonardo S.p.A. | 30045 | &nbsp;&nbsp; 1770066 |

---

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

------

**35**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| Moncler S.p.A. | 7656 | &nbsp;&nbsp; $459896 |
| Nexi S.p.A.<sup>(a)(b)</sup> | 70736 | &nbsp;&nbsp; 373466 |
| Pirelli & C. S.p.A.<sup>(b)</sup> | 17992 | &nbsp;&nbsp; 126475 |
| Poste Italiane S.p.A.<sup>(b)</sup> | 39928 | &nbsp;&nbsp; 963955 |
| Prysmian S.p.A. | 14818 | &nbsp;&nbsp; 1547058 |
| Ryanair Holdings PLC | 29172 | &nbsp;&nbsp; 884388 |
| Snam S.p.A. | 178370 | &nbsp;&nbsp; 1101598 |
| Telecom Italia S.p.A.<sup>(c)</sup> | 6356144 | &nbsp;&nbsp; 3752896 |
| Terna S.p.A. | 85951 | &nbsp;&nbsp; 882534 |
| UniCredit S.p.A. | 132661 | &nbsp;&nbsp; 9836323 |
| Unipol Assicurazioni S.p.A. | 39871 | &nbsp;&nbsp; 874083 |
|  |  | &nbsp;&nbsp; 64211764 |
| **Ivory Coast-0.01%** | **Ivory Coast-0.01%** | **Ivory Coast-0.01%** |
| Endeavour Mining PLC | 4360 | &nbsp;&nbsp; 174848 |
| **Japan-23.23%** | **Japan-23.23%** | **Japan-23.23%** |
| Advantest Corp. | 13781 | &nbsp;&nbsp; 2064384 |
| AEON Co. Ltd. | 168597 | &nbsp;&nbsp; 2667602 |
| AGC, Inc.<sup>(a)</sup> | 50057 | &nbsp;&nbsp; 1564491 |
| Air Water, Inc. | 23185 | &nbsp;&nbsp; 323899 |
| Aisin Corp. | 137642 | &nbsp;&nbsp; 2474337 |
| Ajinomoto Co., Inc. | 53639 | &nbsp;&nbsp; 1521869 |
| Alfresa Holdings Corp. | 20130 | &nbsp;&nbsp; 284506 |
| Alps Alpine Co. Ltd. | 42361 | &nbsp;&nbsp; 533766 |
| Amada Co. Ltd. | 46147 | &nbsp;&nbsp; 550483 |
| ANA Holdings, Inc. | 35429 | &nbsp;&nbsp; 664254 |
| Aozora Bank Ltd. | 7191 | &nbsp;&nbsp; 102998 |
| Asahi Group Holdings Ltd.<sup>(a)</sup> | 183957 | &nbsp;&nbsp; 1984100 |
| Asahi Kasei Corp. | 213670 | &nbsp;&nbsp; 1637750 |
| Astellas Pharma, Inc. | 260131 | &nbsp;&nbsp; 2723926 |
| Bandai Namco Holdings, Inc. | 34846 | &nbsp;&nbsp; 1084878 |
| Bridgestone Corp. | 85516 | &nbsp;&nbsp; 3734546 |
| Brother Industries Ltd. | 45519 | &nbsp;&nbsp; 775043 |
| Canon, Inc.<sup>(a)</sup> | 113670 | &nbsp;&nbsp; 3265522 |
| Central Japan Railway Co. | 97151 | &nbsp;&nbsp; 2379274 |
| Chiba Bank Ltd. (The)<sup>(a)</sup> | 53964 | &nbsp;&nbsp; 526755 |
| Chubu Electric Power Co., Inc. | 131929 | &nbsp;&nbsp; 1835229 |
| Chugai Pharmaceutical Co. Ltd. | 22382 | &nbsp;&nbsp; 1024739 |
| Chugoku Electric Power Co., Inc. (The)<sup>(a)</sup> | 89617 | &nbsp;&nbsp; 498744 |
| Coca-Cola Bottlers Japan Holdings, Inc.<sup>(a)</sup> | 26864 | &nbsp;&nbsp; 430058 |
| COMSYS Holdings Corp. | 15857 | &nbsp;&nbsp; 400016 |
| Cosmo Energy Holdings Co. Ltd. | 32302 | &nbsp;&nbsp; 737892 |
| Credit Saison Co. Ltd. | 5845 | &nbsp;&nbsp; 142438 |
| CyberAgent, Inc. | 10449 | &nbsp;&nbsp; 104196 |
| Dai Nippon Printing Co. Ltd. | 63625 | &nbsp;&nbsp; 1062305 |
| Daicel Corp. | 37663 | &nbsp;&nbsp; 324172 |
| Daifuku Co. Ltd. | 19369 | &nbsp;&nbsp; 617642 |
| Dai-ichi Life Holdings, Inc. | 351150 | &nbsp;&nbsp; 2465601 |
| Daiichi Sankyo Co. Ltd. | 84987 | &nbsp;&nbsp; 2030905 |
| Daikin Industries Ltd. | 25710 | &nbsp;&nbsp; 2988055 |
| Daito Trust Construction Co. Ltd. | 40031 | &nbsp;&nbsp; 748690 |
| Daiwa House Industry Co. Ltd. | 77648 | &nbsp;&nbsp; 2635386 |
| Daiwa House REIT Investment Corp. | 105 | &nbsp;&nbsp; 90516 |
| Daiwa Securities Group, Inc. | 122855 | &nbsp;&nbsp; 945824 |
| Daiwabo Holdings Co. Ltd. | 10801 | &nbsp;&nbsp; 201835 |
| Denka Co. Ltd.<sup>(a)</sup> | 19034 | &nbsp;&nbsp; 276346 |
| Denso Corp. | 334615 | &nbsp;&nbsp; 4676839 |
| Dentsu Group, Inc.<sup>(a)</sup> | 29851 | &nbsp;&nbsp; 591406 |
| DIC Corp. | 12502 | &nbsp;&nbsp; 294253 |
| Disco Corp. | 1716 | &nbsp;&nbsp; 570058 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Dowa Holdings Co. Ltd. | 8734 | &nbsp;&nbsp; $316801 |
| East Japan Railway Co. | 102476 | &nbsp;&nbsp; 2503871 |
| Ebara Corp. | 33984 | &nbsp;&nbsp; 906586 |
| Eisai Co. Ltd. | 42929 | &nbsp;&nbsp; 1275473 |
| Electric Power Development Co. Ltd. | 34737 | &nbsp;&nbsp; 660438 |
| ENEOS Holdings, Inc. | 602244 | &nbsp;&nbsp; 3800744 |
| EXEO Group, Inc. | 24186 | &nbsp;&nbsp; 348954 |
| FANUC Corp. | 65891 | &nbsp;&nbsp; 2199663 |
| Fast Retailing Co. Ltd. | 4260 | &nbsp;&nbsp; 1564490 |
| Fuji Electric Co. Ltd. | 14510 | &nbsp;&nbsp; 1036694 |
| Fuji Media Holdings, Inc.<sup>(a)</sup> | 10804 | &nbsp;&nbsp; 241237 |
| FUJIFILM Holdings Corp. | 142671 | &nbsp;&nbsp; 3307822 |
| Fujikura Ltd. | 15018 | &nbsp;&nbsp; 2045793 |
| Fujitsu Ltd. | 139332 | &nbsp;&nbsp; 3632352 |
| Fukuoka Financial Group, Inc. | 18203 | &nbsp;&nbsp; 529175 |
| Furukawa Electric Co. Ltd. | 12757 | &nbsp;&nbsp; 903336 |
| GLP J-Reit | 91 | &nbsp;&nbsp; 82525 |
| GS Yuasa Corp. | 15648 | &nbsp;&nbsp; 437120 |
| Hakuhodo DY Holdings, Inc. | 8319 | &nbsp;&nbsp; 60237 |
| Hankyu Hanshin Holdings, Inc. | 23184 | &nbsp;&nbsp; 622805 |
| Hanwa Co. Ltd. | 3677 | &nbsp;&nbsp; 153424 |
| Haseko Corp. | 38607 | &nbsp;&nbsp; 623687 |
| Hikari Tsushin, Inc. | 462 | &nbsp;&nbsp; 122421 |
| Hino Motors Ltd.<sup>(c)</sup> | 121238 | &nbsp;&nbsp; 275513 |
| Hirose Electric Co. Ltd. | 680 | &nbsp;&nbsp; 91130 |
| Hitachi Construction Machinery Co. Ltd. | 16534 | &nbsp;&nbsp; 538324 |
| Hitachi Ltd. | 296224 | &nbsp;&nbsp; 10122324 |
| Honda Motor Co. Ltd. | 1106841 | &nbsp;&nbsp; 11191110 |
| Hoya Corp. | 10189 | &nbsp;&nbsp; 1655612 |
| Hulic Co. Ltd.<sup>(a)</sup> | 42000 | &nbsp;&nbsp; 434072 |
| Ibiden Co. Ltd. | 12336 | &nbsp;&nbsp; 1161536 |
| Idemitsu Kosan Co. Ltd. | 217482 | &nbsp;&nbsp; 1512856 |
| IHI Corp. | 93203 | &nbsp;&nbsp; 1930373 |
| Iida Group Holdings Co. Ltd. | 24400 | &nbsp;&nbsp; 373780 |
| INFRONEER Holdings, Inc. | 36265 | &nbsp;&nbsp; 388650 |
| Inpex Corp.<sup>(a)</sup> | 183303 | &nbsp;&nbsp; 3383539 |
| Isetan Mitsukoshi Holdings Ltd. | 32330 | &nbsp;&nbsp; 507571 |
| Isuzu Motors Ltd. | 114745 | &nbsp;&nbsp; 1408456 |
| ITOCHU Corp. | 132441 | &nbsp;&nbsp; 7674159 |
| Iwatani Corp.<sup>(a)</sup> | 34830 | &nbsp;&nbsp; 362736 |
| J. Front Retailing Co. Ltd. | 8906 | &nbsp;&nbsp; 134000 |
| Japan Airlines Co. Ltd. | 36329 | &nbsp;&nbsp; 654715 |
| Japan Exchange Group, Inc. | 38209 | &nbsp;&nbsp; 426227 |
| Japan Metropolitan Fund Investment <br> Corp.<br>| 566 | &nbsp;&nbsp; 437998 |
| Japan Post Bank Co. Ltd. | 197716 | &nbsp;&nbsp; 2216214 |
| Japan Post Holdings Co. Ltd. | 306835 | &nbsp;&nbsp; 2876395 |
| Japan Post Insurance Co. Ltd. | 39819 | &nbsp;&nbsp; 1030180 |
| Japan Real Estate Investment Corp. | 140 | &nbsp;&nbsp; 115509 |
| Japan Tobacco, Inc.<sup>(a)</sup> | 105215 | &nbsp;&nbsp; 3666252 |
| JFE Holdings, Inc.<sup>(a)</sup> | 192558 | &nbsp;&nbsp; 2207544 |
| JGC Holdings Corp. | 45112 | &nbsp;&nbsp; 456448 |
| JTEKT Corp. | 65637 | &nbsp;&nbsp; 656870 |
| Kajima Corp. | 52464 | &nbsp;&nbsp; 1691926 |
| Kaneka Corp. | 8029 | &nbsp;&nbsp; 221596 |
| Kansai Electric Power Co., Inc. (The) | 147527 | &nbsp;&nbsp; 2302267 |
| Kansai Paint Co. Ltd. | 24029 | &nbsp;&nbsp; 385813 |
| Kao Corp. | 44260 | &nbsp;&nbsp; 1873736 |
| Kawasaki Heavy Industries Ltd. | 18464 | &nbsp;&nbsp; 1479063 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 44751 | &nbsp;&nbsp; 641401 |

---

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

------

**36**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| KDDI Corp. | 306941 | &nbsp;&nbsp; $4894498 |
| Keio Corp. | 2786 | &nbsp;&nbsp; 66101 |
| Keyence Corp. | 4135 | &nbsp;&nbsp; 1535190 |
| Kikkoman Corp.<sup>(a)</sup> | 48638 | &nbsp;&nbsp; 387444 |
| Kintetsu Group Holdings Co. Ltd.<sup>(a)</sup> | 21750 | &nbsp;&nbsp; 412898 |
| Kirin Holdings Co. Ltd. | 119295 | &nbsp;&nbsp; 1678212 |
| Kobe Steel Ltd. | 98159 | &nbsp;&nbsp; 1155682 |
| Koito Manufacturing Co. Ltd. | 49857 | &nbsp;&nbsp; 742647 |
| Komatsu Ltd. | 115498 | &nbsp;&nbsp; 3864900 |
| Konami Group Corp. | 3304 | &nbsp;&nbsp; 550429 |
| Konica Minolta, Inc. | 153022 | &nbsp;&nbsp; 525657 |
| K's Holdings Corp. | 29725 | &nbsp;&nbsp; 294778 |
| Kubota Corp.<sup>(a)</sup> | 179253 | &nbsp;&nbsp; 2321647 |
| Kuraray Co. Ltd. | 62567 | &nbsp;&nbsp; 678253 |
| Kurita Water Industries Ltd. | 10437 | &nbsp;&nbsp; 395536 |
| Kyocera Corp. | 204591 | &nbsp;&nbsp; 2715770 |
| Kyoto Financial Group, Inc.<sup>(a)</sup> | 5661 | &nbsp;&nbsp; 114724 |
| Kyowa Kirin Co. Ltd. | 25417 | &nbsp;&nbsp; 393698 |
| Kyushu Electric Power Co., Inc. | 84800 | &nbsp;&nbsp; 832547 |
| Kyushu Financial Group, Inc.<sup>(a)</sup> | 10727 | &nbsp;&nbsp; 61502 |
| Kyushu Railway Co. | 16155 | &nbsp;&nbsp; 409851 |
| Lion Corp. | 8245 | &nbsp;&nbsp; 81275 |
| Lixil Corp. | 72836 | &nbsp;&nbsp; 807572 |
| LY Corp. | 234978 | &nbsp;&nbsp; 690734 |
| Makita Corp. | 26008 | &nbsp;&nbsp; 786537 |
| Marubeni Corp. | 208237 | &nbsp;&nbsp; 5119464 |
| Marui Group Co. Ltd. | 4222 | &nbsp;&nbsp; 81000 |
| MatsukiyoCocokara & Co. | 32366 | &nbsp;&nbsp; 586604 |
| Mazda Motor Corp. | 329073 | &nbsp;&nbsp; 2268404 |
| Mebuki Financial Group, Inc. | 96458 | &nbsp;&nbsp; 602076 |
| Medipal Holdings Corp. | 16549 | &nbsp;&nbsp; 269355 |
| MEIJI Holdings Co. Ltd. | 46560 | &nbsp;&nbsp; 896598 |
| MINEBEA MITSUMI, Inc. | 54960 | &nbsp;&nbsp; 1086604 |
| MISUMI Group, Inc. | 30428 | &nbsp;&nbsp; 474574 |
| Mitsubishi Chemical Group Corp. | 296760 | &nbsp;&nbsp; 1550703 |
| Mitsubishi Corp. | 486190 | &nbsp;&nbsp; 11678881 |
| Mitsubishi Electric Corp. | 240713 | &nbsp;&nbsp; 6836910 |
| Mitsubishi Estate Co. Ltd. | 105681 | &nbsp;&nbsp; 2240379 |
| Mitsubishi Gas Chemical Co., Inc. | 36719 | &nbsp;&nbsp; 679586 |
| Mitsubishi HC Capital, Inc. | 105907 | &nbsp;&nbsp; 828772 |
| Mitsubishi Heavy Industries Ltd. | 181686 | &nbsp;&nbsp; 5487001 |
| Mitsubishi Materials Corp. | 41471 | &nbsp;&nbsp; 798761 |
| Mitsubishi Motors Corp.<sup>(a)</sup> | 236967 | &nbsp;&nbsp; 577677 |
| Mitsubishi UFJ Financial Group, Inc. | 814539 | &nbsp;&nbsp; 12308233 |
| Mitsui & Co. Ltd. | 330228 | &nbsp;&nbsp; 8123744 |
| Mitsui Chemicals, Inc. | 42285 | &nbsp;&nbsp; 998661 |
| Mitsui Fudosan Co. Ltd. | 235583 | &nbsp;&nbsp; 2453861 |
| Mitsui Kinzoku Co. Ltd. | 13022 | &nbsp;&nbsp; 1326862 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 48323 | &nbsp;&nbsp; 1436268 |
| Mizuho Financial Group, Inc. | 233026 | &nbsp;&nbsp; 7808104 |
| MS&AD Insurance Group Holdings, Inc. | 112500 | &nbsp;&nbsp; 2319955 |
| Murata Manufacturing Co. Ltd. | 183724 | &nbsp;&nbsp; 3962673 |
| Nabtesco Corp. | 4468 | &nbsp;&nbsp; 111962 |
| Nagase & Co. Ltd. | 10522 | &nbsp;&nbsp; 229864 |
| Nagoya Railroad Co. Ltd.<sup>(a)</sup> | 24042 | &nbsp;&nbsp; 263089 |
| NEC Corp. | 112243 | &nbsp;&nbsp; 4078127 |
| Nexon Co. Ltd. | 22667 | &nbsp;&nbsp; 462447 |
| NGK Insulators Ltd. | 47439 | &nbsp;&nbsp; 800656 |
| NH Foods Ltd. | 21643 | &nbsp;&nbsp; 799621 |
| Nichirei Corp. | 33038 | &nbsp;&nbsp; 391223 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Nidec Corp. | 92958 | &nbsp;&nbsp; $1131403 |
| Nikon Corp.<sup>(a)</sup> | 71933 | &nbsp;&nbsp; 839231 |
| Nintendo Co. Ltd. | 46893 | &nbsp;&nbsp; 4000927 |
| Nippon Building Fund, Inc.<sup>(a)</sup> | 539 | &nbsp;&nbsp; 497656 |
| Nippon Electric Glass Co. Ltd. | 15522 | &nbsp;&nbsp; 522763 |
| Nippon Express Holdings, Inc., Class H | 53000 | &nbsp;&nbsp; 1127993 |
| Nippon Paint Holdings Co. Ltd. | 63685 | &nbsp;&nbsp; 405246 |
| Nippon Paper Industries Co. Ltd. | 27636 | &nbsp;&nbsp; 206832 |
| Nippon Prologis REIT, Inc. | 123 | &nbsp;&nbsp; 71566 |
| Nippon Sanso Holdings Corp. | 12299 | &nbsp;&nbsp; 408618 |
| Nippon Steel Corp.<sup>(a)</sup> | 1051213 | &nbsp;&nbsp; 4334679 |
| Nippon Television Holdings, Inc. | 8833 | &nbsp;&nbsp; 214387 |
| Nippon Yusen K.K.<sup>(a)</sup> | 77987 | &nbsp;&nbsp; 2694113 |
| Nissan Chemical Corp. | 11616 | &nbsp;&nbsp; 392595 |
| Nissan Motor Co. Ltd.<sup>(a)(c)</sup> | 1582496 | &nbsp;&nbsp; 3618456 |
| Nisshin Seifun Group, Inc. | 40118 | &nbsp;&nbsp; 453716 |
| Nissin Foods Holdings Co. Ltd.<sup>(a)</sup> | 19195 | &nbsp;&nbsp; 346629 |
| Nissui Corp. | 47440 | &nbsp;&nbsp; 330633 |
| Niterra Co. Ltd.<sup>(a)</sup> | 22497 | &nbsp;&nbsp; 923226 |
| Nitori Holdings Co. Ltd. | 32881 | &nbsp;&nbsp; 532935 |
| Nitto Denko Corp. | 67421 | &nbsp;&nbsp; 1679710 |
| Nomura Holdings, Inc. | 301952 | &nbsp;&nbsp; 2155530 |
| Nomura Real Estate Holdings, Inc. | 21453 | &nbsp;&nbsp; 122559 |
| Nomura Real Estate Master Fund, Inc. | 358 | &nbsp;&nbsp; 382120 |
| Nomura Research Institute Ltd. | 17542 | &nbsp;&nbsp; 677593 |
| NSK Ltd. | 111742 | &nbsp;&nbsp; 563270 |
| NTN Corp.<sup>(a)</sup> | 35222 | &nbsp;&nbsp; 78663 |
| NTT, Inc. | 4786130 | &nbsp;&nbsp; 4927901 |
| Obayashi Corp. | 83525 | &nbsp;&nbsp; 1413534 |
| Odakyu Electric Railway Co. Ltd.<sup>(a)</sup> | 6324 | &nbsp;&nbsp; 66908 |
| Oji Holdings Corp. | 203326 | &nbsp;&nbsp; 1026224 |
| Olympus Corp. | 81425 | &nbsp;&nbsp; 1002453 |
| Omron Corp. | 32380 | &nbsp;&nbsp; 903231 |
| Ono Pharmaceutical Co. Ltd. | 71569 | &nbsp;&nbsp; 873698 |
| Open House Group Co. Ltd. | 2291 | &nbsp;&nbsp; 110289 |
| Oriental Land Co. Ltd. | 17151 | &nbsp;&nbsp; 347220 |
| ORIX Corp. | 116546 | &nbsp;&nbsp; 2851972 |
| Osaka Gas Co. Ltd. | 55806 | &nbsp;&nbsp; 1756555 |
| Otsuka Corp. | 21107 | &nbsp;&nbsp; 417436 |
| Otsuka Holdings Co. Ltd. | 47242 | &nbsp;&nbsp; 2572017 |
| Pan Pacific International Holdings Corp. | 93745 | &nbsp;&nbsp; 557851 |
| Panasonic Holdings Corp. | 427720 | &nbsp;&nbsp; 4971553 |
| Persol Holdings Co. Ltd. | 275247 | &nbsp;&nbsp; 456761 |
| Rakuten Group, Inc.<sup>(c)</sup> | 24490 | &nbsp;&nbsp; 160276 |
| Recruit Holdings Co. Ltd. | 50805 | &nbsp;&nbsp; 2520216 |
| Renesas Electronics Corp. | 123037 | &nbsp;&nbsp; 1519997 |
| Rengo Co. Ltd. | 47666 | &nbsp;&nbsp; 290410 |
| Resona Holdings, Inc. | 205665 | &nbsp;&nbsp; 1983540 |
| Resonac Holdings Corp.<sup>(a)</sup> | 38752 | &nbsp;&nbsp; 1510306 |
| Ricoh Co. Ltd. | 106257 | &nbsp;&nbsp; 911881 |
| Rohm Co. Ltd.<sup>(a)</sup> | 62582 | &nbsp;&nbsp; 1002526 |
| Ryohin Keikaku Co. Ltd. | 27880 | &nbsp;&nbsp; 573679 |
| Sankyu, Inc. | 5940 | &nbsp;&nbsp; 303405 |
| Santen Pharmaceutical Co. Ltd. | 42991 | &nbsp;&nbsp; 421367 |
| Sanwa Holdings Corp. | 14694 | &nbsp;&nbsp; 400874 |
| SBI Holdings, Inc. | 21964 | &nbsp;&nbsp; 981857 |
| SCREEN Holdings Co. Ltd. | 5283 | &nbsp;&nbsp; 500995 |
| Secom Co. Ltd. | 34304 | &nbsp;&nbsp; 1160054 |
| Seibu Holdings, Inc. | 4726 | &nbsp;&nbsp; 166169 |
| Seiko Epson Corp. | 58165 | &nbsp;&nbsp; 737250 |

---

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

------

**37**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Seino Holdings Co. Ltd.<sup>(a)</sup> | 22522 | &nbsp;&nbsp; $318394 |
| Sekisui Chemical Co. Ltd. | 58560 | &nbsp;&nbsp; 1014873 |
| Sekisui House Ltd.<sup>(a)</sup> | 97981 | &nbsp;&nbsp; 2102960 |
| Seven & i Holdings Co. Ltd. | 309384 | &nbsp;&nbsp; 3936709 |
| SG Holdings Co. Ltd.<sup>(a)</sup> | 64202 | &nbsp;&nbsp; 590266 |
| Sharp Corp.<sup>(c)</sup> | 65510 | &nbsp;&nbsp; 363787 |
| Shimadzu Corp. | 21021 | &nbsp;&nbsp; 565361 |
| SHIMAMURA Co. Ltd. | 5165 | &nbsp;&nbsp; 333105 |
| Shimano, Inc. | 6486 | &nbsp;&nbsp; 679754 |
| Shimizu Corp. | 78814 | &nbsp;&nbsp; 1058311 |
| Shin-Etsu Chemical Co. Ltd. | 142306 | &nbsp;&nbsp; 4279095 |
| Shionogi & Co. Ltd. | 73297 | &nbsp;&nbsp; 1229821 |
| Shiseido Co. Ltd.<sup>(a)</sup> | 52764 | &nbsp;&nbsp; 889067 |
| Shizuoka Financial Group, Inc. | 43890 | &nbsp;&nbsp; 591305 |
| SMC Corp. | 4212 | &nbsp;&nbsp; 1442377 |
| SoftBank Corp. | 2589705 | &nbsp;&nbsp; 3681282 |
| SoftBank Group Corp. | 88615 | &nbsp;&nbsp; 15554708 |
| Sojitz Corp. | 43063 | &nbsp;&nbsp; 1142889 |
| Sompo Holdings, Inc. | 74192 | &nbsp;&nbsp; 2261844 |
| Sony Financial Group, Inc.<sup>(c)</sup> | 385579 | &nbsp;&nbsp; 388945 |
| Sony Group Corp. | 385623 | &nbsp;&nbsp; 10743276 |
| Stanley Electric Co. Ltd. | 25029 | &nbsp;&nbsp; 491801 |
| Subaru Corp. | 133821 | &nbsp;&nbsp; 2847807 |
| SUMCO Corp.<sup>(a)</sup> | 74841 | &nbsp;&nbsp; 762963 |
| Sumitomo Chemical Co. Ltd. | 532849 | &nbsp;&nbsp; 1567842 |
| Sumitomo Corp. | 141692 | &nbsp;&nbsp; 4123426 |
| Sumitomo Electric Industries Ltd. | 130686 | &nbsp;&nbsp; 4766175 |
| Sumitomo Forestry Co. Ltd.<sup>(a)</sup> | 78043 | &nbsp;&nbsp; 812154 |
| Sumitomo Heavy Industries Ltd. | 23620 | &nbsp;&nbsp; 631743 |
| Sumitomo Metal Mining Co. Ltd.<sup>(a)</sup> | 55733 | &nbsp;&nbsp; 1823814 |
| Sumitomo Mitsui Financial Group, Inc. | 358103 | &nbsp;&nbsp; 9698674 |
| Sumitomo Mitsui Trust Group, Inc. | 63646 | &nbsp;&nbsp; 1748761 |
| Sumitomo Realty & Development Co. Ltd. | 28191 | &nbsp;&nbsp; 1204101 |
| Sumitomo Rubber Industries Ltd.<sup>(a)</sup> | 47172 | &nbsp;&nbsp; 552648 |
| Suntory Beverage & Food Ltd.<sup>(a)</sup> | 17400 | &nbsp;&nbsp; 526880 |
| Suzuken Co. Ltd. | 11620 | &nbsp;&nbsp; 441445 |
| Suzuki Motor Corp.<sup>(a)</sup> | 264725 | &nbsp;&nbsp; 3953456 |
| Sysmex Corp. | 28706 | &nbsp;&nbsp; 320116 |
| T&D Holdings, Inc. | 43348 | &nbsp;&nbsp; 931254 |
| Taiheiyo Cement Corp. | 21973 | &nbsp;&nbsp; 596373 |
| Taisei Corp. | 20359 | &nbsp;&nbsp; 1481877 |
| Taiyo Yuden Co. Ltd.<sup>(a)</sup> | 23325 | &nbsp;&nbsp; 662709 |
| Takashimaya Co. Ltd.<sup>(a)</sup> | 48278 | &nbsp;&nbsp; 516583 |
| Takeda Pharmaceutical Co. Ltd. | 245924 | &nbsp;&nbsp; 6639246 |
| TDK Corp. | 180346 | &nbsp;&nbsp; 3152170 |
| Teijin Ltd. | 32515 | &nbsp;&nbsp; 284560 |
| Terumo Corp. | 66072 | &nbsp;&nbsp; 1066844 |
| THK Co. Ltd.<sup>(a)</sup> | 3680 | &nbsp;&nbsp; 98024 |
| TIS, Inc. | 16594 | &nbsp;&nbsp; 571881 |
| Tobu Railway Co. Ltd. | 22505 | &nbsp;&nbsp; 363089 |
| Toho Gas Co. Ltd. | 10513 | &nbsp;&nbsp; 314030 |
| Tohoku Electric Power Co., Inc. | 111564 | &nbsp;&nbsp; 763618 |
| Tokai Carbon Co. Ltd. | 10531 | &nbsp;&nbsp; 70570 |
| Tokio Marine Holdings, Inc. | 104647 | &nbsp;&nbsp; 3904015 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(c)</sup> | 756631 | &nbsp;&nbsp; 3782584 |
| Tokyo Electron Ltd. | 20730 | &nbsp;&nbsp; 4571982 |
| Tokyo Gas Co. Ltd. | 56475 | &nbsp;&nbsp; 1982652 |
| Tokyo Tatemono Co. Ltd.<sup>(a)</sup> | 23081 | &nbsp;&nbsp; 431082 |
| Tokyu Corp.<sup>(a)</sup> | 49615 | &nbsp;&nbsp; 552313 |
| Tokyu Fudosan Holdings Corp. | 83596 | &nbsp;&nbsp; 673915 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| TOPPAN Holdings, Inc. | 38472 | &nbsp;&nbsp; $941278 |
| Toray Industries, Inc. | 248908 | &nbsp;&nbsp; 1524466 |
| Tosoh Corp. | 54742 | &nbsp;&nbsp; 780766 |
| TOTO Ltd.<sup>(a)</sup> | 24326 | &nbsp;&nbsp; 617240 |
| Toyo Seikan Group Holdings Ltd. | 17445 | &nbsp;&nbsp; 391784 |
| Toyo Suisan Kaisha Ltd. | 6854 | &nbsp;&nbsp; 496989 |
| Toyo Tire Corp.<sup>(a)</sup> | 14965 | &nbsp;&nbsp; 409141 |
| Toyoda Gosei Co. Ltd. | 18278 | &nbsp;&nbsp; 423192 |
| Toyota Boshoku Corp. | 21492 | &nbsp;&nbsp; 326904 |
| Toyota Industries Corp.<sup>(a)</sup> | 18914 | &nbsp;&nbsp; 2056727 |
| Toyota Motor Corp. | 1202117 | &nbsp;&nbsp; 24516473 |
| Toyota Tsusho Corp. | 101265 | &nbsp;&nbsp; 3096396 |
| Trend Micro, Inc. | 6284 | &nbsp;&nbsp; 320802 |
| Tsuruha Holdings, Inc. | 30820 | &nbsp;&nbsp; 535311 |
| UBE Corp.<sup>(a)</sup> | 25470 | &nbsp;&nbsp; 374569 |
| Unicharm Corp. | 75876 | &nbsp;&nbsp; 469626 |
| West Japan Railway Co. | 50581 | &nbsp;&nbsp; 1039919 |
| Yakult Honsha Co. Ltd.<sup>(a)</sup> | 23913 | &nbsp;&nbsp; 358125 |
| Yamada Holdings Co. Ltd. | 166402 | &nbsp;&nbsp; 500418 |
| Yamaha Corp. | 74988 | &nbsp;&nbsp; 473379 |
| Yamaha Motor Co. Ltd.<sup>(a)</sup> | 208730 | &nbsp;&nbsp; 1504387 |
| Yamato Holdings Co. Ltd.<sup>(a)</sup> | 62878 | &nbsp;&nbsp; 919662 |
| Yamazaki Baking Co. Ltd. | 18314 | &nbsp;&nbsp; 360047 |
| Yaskawa Electric Corp.<sup>(a)</sup> | 20436 | &nbsp;&nbsp; 560725 |
| Yokogawa Electric Corp. | 22788 | &nbsp;&nbsp; 681934 |
| Yokohama Financial Group, Inc.<sup>(a)</sup> | 98208 | &nbsp;&nbsp; 713661 |
| Yokohama Rubber Co. Ltd. (The) | 23983 | &nbsp;&nbsp; 856235 |
|  |  | &nbsp;&nbsp; 502972768 |
| **Luxembourg-0.34%** | **Luxembourg-0.34%** | **Luxembourg-0.34%** |
| Aperam S.A. | 14063 | &nbsp;&nbsp; 490717 |
| ArcelorMittal S.A. | 151583 | &nbsp;&nbsp; 5794629 |
| Eurofins Scientific SE | 8667 | &nbsp;&nbsp; 612101 |
| SES S.A., FDR<sup>(a)</sup> | 50725 | &nbsp;&nbsp; 389197 |
|  |  | &nbsp;&nbsp; 7286644 |
| **Macau-0.03%** | **Macau-0.03%** | **Macau-0.03%** |
| Galaxy Entertainment Group Ltd. | 99569 | &nbsp;&nbsp; 495980 |
| Sands China Ltd. | 23077 | &nbsp;&nbsp; 60132 |
|  |  | &nbsp;&nbsp; 556112 |
| **Netherlands-2.26%** | **Netherlands-2.26%** | **Netherlands-2.26%** |
| Aalberts N.V. | 11972 | &nbsp;&nbsp; 379798 |
| ABN AMRO Bank N.V., CVA<sup>(b)</sup> | 101885 | &nbsp;&nbsp; 3048285 |
| Adyen N.V.<sup>(b)(c)</sup> | 251 | &nbsp;&nbsp; 430663 |
| Akzo Nobel N.V. | 35273 | &nbsp;&nbsp; 2334158 |
| argenx SE, ADR<sup>(c)</sup> | 468 | &nbsp;&nbsp; 383058 |
| ASM International N.V. | 924 | &nbsp;&nbsp; 600339 |
| ASML Holding N.V. | 6612 | &nbsp;&nbsp; 7000337 |
| ASR Nederland N.V. | 14677 | &nbsp;&nbsp; 980841 |
| BE Semiconductor Industries N.V. | 388 | &nbsp;&nbsp; 66241 |
| Euronext N.V.<sup>(b)</sup> | 1099 | &nbsp;&nbsp; 157271 |
| EXOR N.V. | 2145 | &nbsp;&nbsp; 186136 |
| Heineken Holding N.V. | 13453 | &nbsp;&nbsp; 909718 |
| Heineken N.V. | 22621 | &nbsp;&nbsp; 1753952 |
| IMCD N.V.<sup>(a)</sup> | 2868 | &nbsp;&nbsp; 297593 |
| ING Groep N.V. | 374717 | &nbsp;&nbsp; 9369150 |
| JDE Peet's N.V. | 13434 | &nbsp;&nbsp; 489576 |
| Koninklijke Ahold Delhaize N.V. | 159831 | &nbsp;&nbsp; 6549062 |
| Koninklijke KPN N.V. | 294558 | &nbsp;&nbsp; 1364890 |
| Koninklijke Philips N.V. | 101468 | &nbsp;&nbsp; 2783475 |

---

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

------

**38**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands-(continued)** | **Netherlands-(continued)** | **Netherlands-(continued)** |
| NN Group N.V. | 43628 | &nbsp;&nbsp; $2989693 |
| NXP Semiconductors N.V. | 9087 | &nbsp;&nbsp; 1900273 |
| OCI N.V.<sup>(c)</sup> | 2903 | &nbsp;&nbsp; 11403 |
| Prosus N.V.<sup>(c)</sup> | 30126 | &nbsp;&nbsp; 2085064 |
| Randstad N.V.<sup>(a)</sup> | 25486 | &nbsp;&nbsp; 1000163 |
| SBM Offshore N.V.<sup>(a)</sup> | 21814 | &nbsp;&nbsp; 564848 |
| Universal Music Group N.V.<sup>(a)</sup> | 16117 | &nbsp;&nbsp; 432871 |
| Wolters Kluwer N.V. | 6603 | &nbsp;&nbsp; 810521 |
|  |  | &nbsp;&nbsp; 48879379 |
| **New Zealand-0.03%** | **New Zealand-0.03%** | **New Zealand-0.03%** |
| Fisher & Paykel Healthcare Corp. Ltd. | 4519 | &nbsp;&nbsp; 95870 |
| Fletcher Building Ltd.<sup>(c)</sup> | 83491 | &nbsp;&nbsp; 155747 |
| Spark New Zealand Ltd. | 214271 | &nbsp;&nbsp; 300604 |
|  |  | &nbsp;&nbsp; 552221 |
| **Norway-0.59%** | **Norway-0.59%** | **Norway-0.59%** |
| Aker BP ASA | 52280 | &nbsp;&nbsp; 1356584 |
| DNB Bank ASA | 76025 | &nbsp;&nbsp; 1942931 |
| Equinor ASA | 197779 | &nbsp;&nbsp; 4742825 |
| Mowi ASA | 38678 | &nbsp;&nbsp; 851293 |
| Norsk Hydro ASA | 244763 | &nbsp;&nbsp; 1656748 |
| Orkla ASA | 55600 | &nbsp;&nbsp; 565378 |
| Storebrand ASA | 10830 | &nbsp;&nbsp; 168037 |
| Telenor ASA | 71994 | &nbsp;&nbsp; 1071963 |
| Var Energi ASA | 28451 | &nbsp;&nbsp; 95708 |
| Vend Marketplaces ASA, Class B | 2142 | &nbsp;&nbsp; 73724 |
| Vend Marketplaces ASA, Rts., expiring <br> 11/13/2025<sup>(c)</sup><br>| 2142 | &nbsp;&nbsp; 4774 |
| Wallenius Wilhelmsen ASA | 33178 | &nbsp;&nbsp; 259797 |
|  |  | &nbsp;&nbsp; 12789762 |
| **Poland-0.34%** | **Poland-0.34%** | **Poland-0.34%** |
| Bank Polska Kasa Opieki S.A. | 12053 | &nbsp;&nbsp; 617637 |
| KGHM Polska Miedz S.A.<sup>(c)</sup> | 19279 | &nbsp;&nbsp; 1012067 |
| ORLEN S.A. | 123503 | &nbsp;&nbsp; 3350131 |
| PGE Polska Grupa Energetyczna S.A.<sup>(c)</sup> | 134359 | &nbsp;&nbsp; 407745 |
| Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 37220 | &nbsp;&nbsp; 763752 |
| Powszechny Zaklad Ubezpieczen S.A. | 55878 | &nbsp;&nbsp; 894169 |
| Tauron Polska Energia S.A.<sup>(c)</sup> | 138909 | &nbsp;&nbsp; 376351 |
|  |  | &nbsp;&nbsp; 7421852 |
| **Portugal-0.20%** | **Portugal-0.20%** | **Portugal-0.20%** |
| Banco Comercial Portugues S.A., Class R | 242153 | &nbsp;&nbsp; 214037 |
| EDP S.A. | 433554 | &nbsp;&nbsp; 2158159 |
| Galp Energia SGPS S.A. | 64958 | &nbsp;&nbsp; 1306832 |
| Jeronimo Martins SGPS S.A. | 24806 | &nbsp;&nbsp; 639739 |
|  |  | &nbsp;&nbsp; 4318767 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Evraz PLC<sup>(c)(d)</sup> | 48360 | &nbsp;&nbsp; 0 |
| Raspadskaya OJSC<sup>(c)(d)</sup> | 546 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Singapore-0.79%** | **Singapore-0.79%** | **Singapore-0.79%** |
| CapitaLand Ascendas REIT<sup>(a)</sup> | 259249 | &nbsp;&nbsp; 561347 |
| CapitaLand Integrated Commercial Trust | 413753 | &nbsp;&nbsp; 752286 |
| CapitaLand Investment Ltd.<sup>(a)</sup> | 56272 | &nbsp;&nbsp; 114023 |
| ComfortDelGro Corp. Ltd. | 233498 | &nbsp;&nbsp; 261845 |
| DBS Group Holdings Ltd. | 103760 | &nbsp;&nbsp; 4296422 |
| Genting Singapore Ltd.<sup>(a)</sup> | 89233 | &nbsp;&nbsp; 50025 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore-(continued)** | **Singapore-(continued)** | **Singapore-(continued)** |
| Keppel Ltd. | 119266 | &nbsp;&nbsp; $932810 |
| Mapletree Logistics Trust<sup>(a)</sup> | 57721 | &nbsp;&nbsp; 59405 |
| Olam Group Ltd.<sup>(a)</sup> | 79231 | &nbsp;&nbsp; 59708 |
| Oversea-Chinese Banking Corp. Ltd. | 225239 | &nbsp;&nbsp; 2946781 |
| Sea Ltd., ADR<sup>(c)</sup> | 4650 | &nbsp;&nbsp; 726563 |
| Singapore Airlines Ltd.<sup>(a)</sup> | 161666 | &nbsp;&nbsp; 823058 |
| Singapore Exchange Ltd. | 9819 | &nbsp;&nbsp; 127422 |
| Singapore Technologies Engineering Ltd. | 24006 | &nbsp;&nbsp; 156419 |
| Singapore Telecommunications Ltd. | 562189 | &nbsp;&nbsp; 1835225 |
| United Overseas Bank Ltd. | 96934 | &nbsp;&nbsp; 2578496 |
| UOL Group Ltd. | 72244 | &nbsp;&nbsp; 441405 |
| Venture Corp. Ltd. | 29402 | &nbsp;&nbsp; 336509 |
|  |  | &nbsp;&nbsp; 17059749 |
| **South Africa-0.40%** | **South Africa-0.40%** | **South Africa-0.40%** |
| Anglo American PLC | 198238 | &nbsp;&nbsp; 7500732 |
| Valterra Platinum Ltd. | 17462 | &nbsp;&nbsp; 1080323 |
|  |  | &nbsp;&nbsp; 8581055 |
| **South Korea-6.98%** | **South Korea-6.98%** | **South Korea-6.98%** |
| BNK Financial Group, Inc.<sup>(a)</sup> | 45185 | &nbsp;&nbsp; 437425 |
| Celltrion, Inc.<sup>(a)</sup> | 3909 | &nbsp;&nbsp; 481142 |
| CJ CheilJedang Corp.<sup>(a)</sup> | 2224 | &nbsp;&nbsp; 357668 |
| CJ Corp.<sup>(a)</sup> | 4226 | &nbsp;&nbsp; 505551 |
| DB Insurance Co. Ltd. | 5731 | &nbsp;&nbsp; 509393 |
| Delivery Hero SE<sup>(b)(c)</sup> | 3114 | &nbsp;&nbsp; 79201 |
| DL E&C Co. Ltd.<sup>(a)</sup> | 7458 | &nbsp;&nbsp; 223101 |
| Doosan Enerbility Co. Ltd.<sup>(c)</sup> | 31359 | &nbsp;&nbsp; 1940841 |
| E-MART, Inc.<sup>(a)</sup> | 7317 | &nbsp;&nbsp; 370633 |
| GS Engineering & Construction Corp. | 16867 | &nbsp;&nbsp; 220902 |
| GS Holdings Corp. | 10032 | &nbsp;&nbsp; 337191 |
| Hana Financial Group, Inc. | 36707 | &nbsp;&nbsp; 2199064 |
| Hankook Tire & Technology Co. Ltd.<sup>(a)</sup> | 14383 | &nbsp;&nbsp; 466980 |
| Hanwha Corp.<sup>(a)</sup> | 8678 | &nbsp;&nbsp; 580421 |
| Hanwha Solutions Corp.<sup>(a)</sup> | 22522 | &nbsp;&nbsp; 481553 |
| HD Hyundai Co. Ltd. | 7759 | &nbsp;&nbsp; 1114450 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 3313 | &nbsp;&nbsp; 1101177 |
| HMM Co. Ltd.<sup>(a)</sup> | 60686 | &nbsp;&nbsp; 873803 |
| Hyundai Engineering & Construction Co. <br> Ltd.<sup>(a)</sup><br>| 19756 | &nbsp;&nbsp; 970664 |
| Hyundai Glovis Co. Ltd.<sup>(a)</sup> | 4937 | &nbsp;&nbsp; 652494 |
| Hyundai Mobis Co. Ltd.<sup>(a)</sup> | 8746 | &nbsp;&nbsp; 1934068 |
| Hyundai Motor Co. | 36699 | &nbsp;&nbsp; 7442171 |
| Hyundai Steel Co. | 27604 | &nbsp;&nbsp; 637736 |
| Industrial Bank of Korea<sup>(a)</sup> | 37251 | &nbsp;&nbsp; 504825 |
| Kakao Corp.<sup>(a)</sup> | 16370 | &nbsp;&nbsp; 746058 |
| KB Financial Group, Inc.<sup>(a)</sup> | 41387 | &nbsp;&nbsp; 3378569 |
| Kia Corp.<sup>(a)</sup> | 50272 | &nbsp;&nbsp; 4216746 |
| Korea Electric Power Corp. | 63565 | &nbsp;&nbsp; 1902758 |
| Korea Gas Corp. | 14622 | &nbsp;&nbsp; 427496 |
| Korea Zinc Co. Ltd.<sup>(a)</sup> | 1050 | &nbsp;&nbsp; 760579 |
| Korean Air Lines Co. Ltd. | 35450 | &nbsp;&nbsp; 550122 |
| KT Corp. | 67 | &nbsp;&nbsp; 2308 |
| KT&G Corp.<sup>(a)</sup> | 9280 | &nbsp;&nbsp; 873358 |
| Kumho Petrochemical Co. Ltd.<sup>(a)</sup> | 3944 | &nbsp;&nbsp; 320587 |
| LG Chem Ltd.<sup>(a)</sup> | 13336 | &nbsp;&nbsp; 3709385 |
| LG Corp.<sup>(a)</sup> | 10119 | &nbsp;&nbsp; 569102 |
| LG Display Co. Ltd.<sup>(a)(c)</sup> | 62050 | &nbsp;&nbsp; 634377 |
| LG Electronics, Inc. | 24475 | &nbsp;&nbsp; 1501131 |
| LG Energy Solution Ltd.<sup>(c)</sup> | 314 | &nbsp;&nbsp; 103949 |

---

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

------

**39**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| LG H&H Co. Ltd. | 2150 | &nbsp;&nbsp; $428672 |
| LG Innotek Co. Ltd. | 4844 | &nbsp;&nbsp; 817146 |
| LG Uplus Corp. | 45225 | &nbsp;&nbsp; 483437 |
| LOTTE Chemical Corp.<sup>(a)</sup> | 6336 | &nbsp;&nbsp; 313883 |
| LS Corp. | 4097 | &nbsp;&nbsp; 597072 |
| Meritz Financial Group, Inc. | 1686 | &nbsp;&nbsp; 130655 |
| NAVER Corp. | 9466 | &nbsp;&nbsp; 1774081 |
| NCSoft Corp. | 420 | &nbsp;&nbsp; 64829 |
| POSCO Holdings, Inc. | 21096 | &nbsp;&nbsp; 4588262 |
| Posco International Corp. | 1751 | &nbsp;&nbsp; 67452 |
| Samsung C&T Corp.<sup>(a)</sup> | 10472 | &nbsp;&nbsp; 1657207 |
| Samsung E&A Co. Ltd. | 22803 | &nbsp;&nbsp; 414565 |
| Samsung Electro-Mechanics Co. Ltd. | 7847 | &nbsp;&nbsp; 1345138 |
| Samsung Electronics Co. Ltd. | 879810 | &nbsp;&nbsp; 66228771 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2895 | &nbsp;&nbsp; 896016 |
| Samsung Heavy Industries Co. Ltd.<sup>(c)</sup> | 13750 | &nbsp;&nbsp; 284925 |
| Samsung Life Insurance Co. Ltd. | 9835 | &nbsp;&nbsp; 1062862 |
| Samsung SDI Co. Ltd.<sup>(a)</sup> | 8419 | &nbsp;&nbsp; 1896982 |
| Samsung SDS Co. Ltd. | 5695 | &nbsp;&nbsp; 730474 |
| Shinhan Financial Group Co. Ltd. | 61399 | &nbsp;&nbsp; 3153608 |
| SK hynix, Inc.<sup>(a)</sup> | 37144 | &nbsp;&nbsp; 14452489 |
| SK Innovation Co. Ltd. | 14384 | &nbsp;&nbsp; 1298949 |
| SK Telecom Co. Ltd. | 21998 | &nbsp;&nbsp; 805388 |
| SK, Inc.<sup>(a)</sup> | 7687 | &nbsp;&nbsp; 1334870 |
| S-Oil Corp.<sup>(c)</sup> | 9518 | &nbsp;&nbsp; 479080 |
| Woori Financial Group, Inc. | 91836 | &nbsp;&nbsp; 1634837 |
|  |  | &nbsp;&nbsp; 151060629 |
| **Spain-3.09%** | **Spain-3.09%** | **Spain-3.09%** |
| Acciona S.A.<sup>(a)</sup> | 938 | &nbsp;&nbsp; 207898 |
| ACS Actividades de Construccion y <br> Servicios S.A.<br>| 20863 | &nbsp;&nbsp; 1715359 |
| Aena S.M.E. S.A.<sup>(b)</sup> | 23243 | &nbsp;&nbsp; 632157 |
| Amadeus IT Group S.A. | 13838 | &nbsp;&nbsp; 1059209 |
| Banco Bilbao Vizcaya Argentaria S.A.<sup>(a)</sup> | 550720 | &nbsp;&nbsp; 11109779 |
| Banco de Sabadell S.A. | 559871 | &nbsp;&nbsp; 2101722 |
| Banco Santander S.A.<sup>(a)</sup> | 1768392 | &nbsp;&nbsp; 18044493 |
| Bankinter S.A. | 47530 | &nbsp;&nbsp; 717443 |
| CaixaBank S.A. | 246042 | &nbsp;&nbsp; 2604100 |
| Cellnex Telecom S.A.<sup>(a)(b)</sup> | 20700 | &nbsp;&nbsp; 645294 |
| Enagas S.A. | 34737 | &nbsp;&nbsp; 552003 |
| Endesa S.A. | 41141 | &nbsp;&nbsp; 1476890 |
| Grifols S.A.<sup>(a)</sup> | 69453 | &nbsp;&nbsp; 901175 |
| Iberdrola S.A. | 457309 | &nbsp;&nbsp; 9280405 |
| Industria de Diseno Textil S.A.<sup>(a)</sup> | 43774 | &nbsp;&nbsp; 2420470 |
| Logista Integral S.A. | 2651 | &nbsp;&nbsp; 88469 |
| Mapfre S.A. | 142979 | &nbsp;&nbsp; 632293 |
| Merlin Properties SOCIMI S.A. | 35084 | &nbsp;&nbsp; 547283 |
| Naturgy Energy Group S.A. | 15632 | &nbsp;&nbsp; 474110 |
| Redeia Corp. S.A. | 44818 | &nbsp;&nbsp; 807893 |
| Repsol S.A. | 358075 | &nbsp;&nbsp; 6579284 |
| Telefonica S.A.<sup>(a)</sup> | 803692 | &nbsp;&nbsp; 4081145 |
| Unicaja Banco S.A.<sup>(b)</sup> | 72544 | &nbsp;&nbsp; 196119 |
|  |  | &nbsp;&nbsp; 66874993 |
| **Sweden-2.07%** | **Sweden-2.07%** | **Sweden-2.07%** |
| Alfa Laval AB | 13358 | &nbsp;&nbsp; 635393 |
| Asmodee Group AB<sup>(c)</sup> | 8318 | &nbsp;&nbsp; 107281 |
| Assa Abloy AB, Class B<sup>(a)</sup> | 50397 | &nbsp;&nbsp; 1900740 |
| Atlas Copco AB, Class A | 127944 | &nbsp;&nbsp; 2145588 |
| Autoliv, Inc. | 5899 | &nbsp;&nbsp; 689003 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-(continued)** | **Sweden-(continued)** | **Sweden-(continued)** |
| Billerud AB<sup>(a)</sup> | 30122 | &nbsp;&nbsp; $278959 |
| Boliden AB<sup>(c)</sup> | 40419 | &nbsp;&nbsp; 1813967 |
| Castellum AB<sup>(a)</sup> | 40109 | &nbsp;&nbsp; 456501 |
| Electrolux AB, Class B<sup>(a)(c)</sup> | 90554 | &nbsp;&nbsp; 584797 |
| Embracer Group AB, Class A<sup>(a)(c)</sup> | 8319 | &nbsp;&nbsp; 86769 |
| Epiroc AB, Class A | 36817 | &nbsp;&nbsp; 776956 |
| EQT AB<sup>(a)</sup> | 8807 | &nbsp;&nbsp; 304597 |
| Essity AB, Class B | 57624 | &nbsp;&nbsp; 1584087 |
| Evolution AB<sup>(a)(b)</sup> | 5516 | &nbsp;&nbsp; 367818 |
| Fastighets AB Balder, Class B<sup>(a)(c)</sup> | 13247 | &nbsp;&nbsp; 97244 |
| Getinge AB, Class B<sup>(a)</sup> | 4350 | &nbsp;&nbsp; 101985 |
| H & M Hennes & Mauritz AB, Class B<sup>(a)</sup> | 69263 | &nbsp;&nbsp; 1309177 |
| Hexagon AB, Class B | 92814 | &nbsp;&nbsp; 1132291 |
| Holmen AB, Class B<sup>(a)</sup> | 9657 | &nbsp;&nbsp; 365197 |
| Husqvarna AB, Class B<sup>(a)</sup> | 76865 | &nbsp;&nbsp; 364257 |
| Industrivarden AB, Class A | 2069 | &nbsp;&nbsp; 86099 |
| Industrivarden AB, Class C<sup>(a)</sup> | 2458 | &nbsp;&nbsp; 102044 |
| Investor AB, Class A<sup>(a)</sup> | 7319 | &nbsp;&nbsp; 240950 |
| Investor AB, Class B | 28558 | &nbsp;&nbsp; 941093 |
| Kinnevik AB, Class B<sup>(c)</sup> | 6720 | &nbsp;&nbsp; 63473 |
| NIBE Industrier AB, Class B<sup>(a)</sup> | 81854 | &nbsp;&nbsp; 318779 |
| Saab AB, Class B<sup>(a)</sup> | 3875 | &nbsp;&nbsp; 213402 |
| Sandvik AB | 69390 | &nbsp;&nbsp; 2100030 |
| Securitas AB, Class B<sup>(a)</sup> | 52401 | &nbsp;&nbsp; 772542 |
| Skandinaviska Enskilda Banken AB, <br> Class A<sup>(a)</sup><br>| 127418 | &nbsp;&nbsp; 2434342 |
| Skanska AB, Class B | 41115 | &nbsp;&nbsp; 1120558 |
| SKF AB, Class B | 45905 | &nbsp;&nbsp; 1177599 |
| Spotify Technology S.A.<sup>(c)</sup> | 667 | &nbsp;&nbsp; 437099 |
| SSAB AB, Class A | 187556 | &nbsp;&nbsp; 1187365 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(a)</sup> | 48403 | &nbsp;&nbsp; 645261 |
| Svenska Handelsbanken AB, Class A | 134821 | &nbsp;&nbsp; 1760761 |
| Swedbank AB, Class A | 93010 | &nbsp;&nbsp; 2826164 |
| Tele2 AB, Class B | 72550 | &nbsp;&nbsp; 1153461 |
| Telefonaktiebolaget LM Ericsson, Class B | 459477 | &nbsp;&nbsp; 4665599 |
| Telia Co. AB<sup>(a)</sup> | 348982 | &nbsp;&nbsp; 1374949 |
| Trelleborg AB, Class B | 15560 | &nbsp;&nbsp; 649884 |
| Volvo AB, Class B<sup>(a)</sup> | 170457 | &nbsp;&nbsp; 4673490 |
| Volvo Car AB, Class B<sup>(a)(c)</sup> | 218005 | &nbsp;&nbsp; 756038 |
|  |  | &nbsp;&nbsp; 44803589 |
| **Switzerland-3.83%** | **Switzerland-3.83%** | **Switzerland-3.83%** |
| ABB Ltd. | 61007 | &nbsp;&nbsp; 4547021 |
| Adecco Group AG | 47722 | &nbsp;&nbsp; 1333919 |
| Avolta AG<sup>(c)</sup> | 2182 | &nbsp;&nbsp; 115309 |
| Baloise Holding AG | 2839 | &nbsp;&nbsp; 706797 |
| Barry Callebaut AG<sup>(a)</sup> | 399 | &nbsp;&nbsp; 520009 |
| Bucher Industries AG | 740 | &nbsp;&nbsp; 329175 |
| Chocoladefabriken Lindt & Spruengli AG, <br> PC<br>| 64 | &nbsp;&nbsp; 986281 |
| Cie Financiere Richemont S.A. | 18435 | &nbsp;&nbsp; 3655633 |
| Clariant AG<sup>(a)(c)</sup> | 36248 | &nbsp;&nbsp; 325813 |
| DKSH Holding AG | 3810 | &nbsp;&nbsp; 266355 |
| DSM-Firmenich AG | 14505 | &nbsp;&nbsp; 1183878 |
| Galenica AG<sup>(b)(c)</sup> | 3866 | &nbsp;&nbsp; 417683 |
| Geberit AG | 1226 | &nbsp;&nbsp; 898469 |
| Georg Fischer AG | 1368 | &nbsp;&nbsp; 96834 |
| Givaudan S.A. | 263 | &nbsp;&nbsp; 1080103 |
| Helvetia Holding AG | 2219 | &nbsp;&nbsp; 546631 |
| Julius Baer Group Ltd. | 14961 | &nbsp;&nbsp; 1012512 |

---

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

------

**40**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Kuehne + Nagel International AG, Class R | 4532 | &nbsp;&nbsp; $871615 |
| Logitech International S.A., Class R | 8203 | &nbsp;&nbsp; 988609 |
| Lonza Group AG | 2260 | &nbsp;&nbsp; 1564490 |
| Nestle S.A. | 155296 | &nbsp;&nbsp; 14875262 |
| Partners Group Holding AG | 510 | &nbsp;&nbsp; 626111 |
| PSP Swiss Property AG | 2565 | &nbsp;&nbsp; 444757 |
| Roche Holding AG | 60976 | &nbsp;&nbsp; 19800581 |
| Sandoz Group AG | 32331 | &nbsp;&nbsp; 2161100 |
| Schindler Holding AG, PC | 2473 | &nbsp;&nbsp; 883078 |
| SGS S.A. | 6220 | &nbsp;&nbsp; 703176 |
| SIG Group AG<sup>(c)</sup> | 4935 | &nbsp;&nbsp; 55315 |
| Sika AG | 5284 | &nbsp;&nbsp; 1038180 |
| Sonova Holding AG, Class A | 1781 | &nbsp;&nbsp; 487014 |
| Sunrise Communications AG, (Acquired <br> 03/21/2025 - 09/19/2025; <br> Cost $342,513)<sup>(e)</sup><br>| 6332 | &nbsp;&nbsp; 347936 |
| Swatch Group AG (The), BR<sup>(a)</sup> | 6943 | &nbsp;&nbsp; 1454610 |
| Swiss Life Holding AG | 1939 | &nbsp;&nbsp; 2109937 |
| Swiss Prime Site AG<sup>(a)</sup> | 4693 | &nbsp;&nbsp; 668739 |
| Swisscom AG | 2254 | &nbsp;&nbsp; 1655220 |
| UBS Group AG<sup>(c)</sup> | 195197 | &nbsp;&nbsp; 7487887 |
| Zurich Insurance Group AG | 9515 | &nbsp;&nbsp; 6633898 |
|  |  | &nbsp;&nbsp; 82879937 |
| **Thailand-0.00%** | **Thailand-0.00%** | **Thailand-0.00%** |
| Thai Beverage PCL | 201259 | &nbsp;&nbsp; 74182 |
| **United Kingdom-11.33%** | **United Kingdom-11.33%** | **United Kingdom-11.33%** |
| 3i Group PLC | 39657 | &nbsp;&nbsp; 2295238 |
| Aberdeen Group PLC | 328158 | &nbsp;&nbsp; 875310 |
| Admiral Group PLC | 16040 | &nbsp;&nbsp; 690717 |
| AngloGold Ashanti PLC<sup>(a)</sup> | 12303 | &nbsp;&nbsp; 836604 |
| Ashtead Group PLC | 24071 | &nbsp;&nbsp; 1608003 |
| Associated British Foods PLC | 40151 | &nbsp;&nbsp; 1211758 |
| AstraZeneca PLC | 66968 | &nbsp;&nbsp; 11047549 |
| Aviva PLC | 265576 | &nbsp;&nbsp; 2334494 |
| B&M European Value Retail S.A. | 165359 | &nbsp;&nbsp; 390492 |
| BAE Systems PLC | 165181 | &nbsp;&nbsp; 4069451 |
| Balfour Beatty PLC | 58717 | &nbsp;&nbsp; 519005 |
| Barclays PLC | 2359389 | &nbsp;&nbsp; 12656325 |
| Barratt Redrow PLC | 206391 | &nbsp;&nbsp; 1021439 |
| Beazley PLC | 12464 | &nbsp;&nbsp; 152500 |
| Bellway PLC | 20144 | &nbsp;&nbsp; 695310 |
| Berkeley Group Holdings PLC (The) | 12077 | &nbsp;&nbsp; 639849 |
| British American Tobacco PLC | 285840 | &nbsp;&nbsp; 14641132 |
| British Land Co. PLC (The) | 102827 | &nbsp;&nbsp; 513624 |
| BT Group PLC | 1366021 | &nbsp;&nbsp; 3334259 |
| Bunzl PLC | 28492 | &nbsp;&nbsp; 866191 |
| Burberry Group PLC<sup>(c)</sup> | 51930 | &nbsp;&nbsp; 845397 |
| Centrica PLC | 697277 | &nbsp;&nbsp; 1643532 |
| Coca-Cola Europacific Partners PLC | 7709 | &nbsp;&nbsp; 684790 |
| Compass Group PLC | 70741 | &nbsp;&nbsp; 2341784 |
| Croda International PLC | 12584 | &nbsp;&nbsp; 477757 |
| Currys PLC | 178400 | &nbsp;&nbsp; 329330 |
| DCC PLC<sup>(a)</sup> | 16459 | &nbsp;&nbsp; 1084428 |
| Diageo PLC | 123230 | &nbsp;&nbsp; 2834831 |
| Dowlais Group PLC | 278948 | &nbsp;&nbsp; 303078 |
| Drax Group PLC | 70384 | &nbsp;&nbsp; 667154 |
| Entain PLC | 53821 | &nbsp;&nbsp; 560648 |
| Haleon PLC | 639065 | &nbsp;&nbsp; 2972141 |
| Halma PLC | 10775 | &nbsp;&nbsp; 502156 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Harbour Energy PLC | 28324 | &nbsp;&nbsp; $83848 |
| Hays PLC | 184310 | &nbsp;&nbsp; 143140 |
| Hikma Pharmaceuticals PLC | 2951 | &nbsp;&nbsp; 71391 |
| Hiscox Ltd. | 6358 | &nbsp;&nbsp; 114955 |
| Howden Joinery Group PLC | 8178 | &nbsp;&nbsp; 92895 |
| HSBC Holdings PLC | 1749653 | &nbsp;&nbsp; 24496992 |
| ICG PLC | 15337 | &nbsp;&nbsp; 389664 |
| IG Group Holdings PLC | 35598 | &nbsp;&nbsp; 521129 |
| IMI PLC | 15017 | &nbsp;&nbsp; 472174 |
| Imperial Brands PLC | 87208 | &nbsp;&nbsp; 3465549 |
| Inchcape PLC | 57621 | &nbsp;&nbsp; 578285 |
| Informa PLC | 71275 | &nbsp;&nbsp; 907672 |
| InterContinental Hotels Group PLC | 1224 | &nbsp;&nbsp; 147665 |
| International Consolidated Airlines Group <br> S.A.<sup>(a)</sup><br>| 167062 | &nbsp;&nbsp; 918545 |
| Intertek Group PLC | 8971 | &nbsp;&nbsp; 597610 |
| Investec PLC | 70594 | &nbsp;&nbsp; 531609 |
| ITV PLC | 467606 | &nbsp;&nbsp; 428076 |
| J Sainsbury PLC | 494995 | &nbsp;&nbsp; 2222729 |
| JD Sports Fashion PLC | 304590 | &nbsp;&nbsp; 373283 |
| Johnson Matthey PLC | 46786 | &nbsp;&nbsp; 1310453 |
| Kingfisher PLC | 451592 | &nbsp;&nbsp; 1831679 |
| Land Securities Group PLC | 83994 | &nbsp;&nbsp; 686528 |
| Legal & General Group PLC | 543057 | &nbsp;&nbsp; 1697204 |
| Lloyds Banking Group PLC | 6701305 | &nbsp;&nbsp; 7858108 |
| London Stock Exchange Group PLC | 17159 | &nbsp;&nbsp; 2138709 |
| M&G PLC | 448171 | &nbsp;&nbsp; 1551823 |
| Man Group PLC | 146254 | &nbsp;&nbsp; 404119 |
| Marks & Spencer Group PLC | 231171 | &nbsp;&nbsp; 1208197 |
| Melrose Industries PLC | 104526 | &nbsp;&nbsp; 861190 |
| National Grid PLC | 368829 | &nbsp;&nbsp; 5530898 |
| NatWest Group PLC | 897180 | &nbsp;&nbsp; 6907748 |
| Next PLC | 5959 | &nbsp;&nbsp; 1119766 |
| Pearson PLC | 54585 | &nbsp;&nbsp; 759803 |
| Pennon Group PLC | 54313 | &nbsp;&nbsp; 370192 |
| Persimmon PLC | 71143 | &nbsp;&nbsp; 1130814 |
| Phoenix Group Holdings PLC | 71901 | &nbsp;&nbsp; 637032 |
| Quilter PLC<sup>(b)</sup> | 143300 | &nbsp;&nbsp; 342176 |
| Reckitt Benckiser Group PLC | 45804 | &nbsp;&nbsp; 3503908 |
| RELX PLC | 41937 | &nbsp;&nbsp; 1853677 |
| Rentokil Initial PLC | 126961 | &nbsp;&nbsp; 708708 |
| Rolls-Royce Holdings PLC | 93768 | &nbsp;&nbsp; 1443143 |
| RS Group PLC | 48091 | &nbsp;&nbsp; 352013 |
| Sage Group PLC (The) | 40814 | &nbsp;&nbsp; 616990 |
| Schroders PLC | 89138 | &nbsp;&nbsp; 444861 |
| Segro PLC | 91450 | &nbsp;&nbsp; 839275 |
| Severn Trent PLC | 17148 | &nbsp;&nbsp; 626917 |
| Shell PLC | 1171897 | &nbsp;&nbsp; 43938785 |
| Smith & Nephew PLC | 70898 | &nbsp;&nbsp; 1309354 |
| Smiths Group PLC | 26952 | &nbsp;&nbsp; 892593 |
| Spectris PLC | 11054 | &nbsp;&nbsp; 596404 |
| Spirax Group PLC | 604 | &nbsp;&nbsp; 56343 |
| SSE PLC | 98758 | &nbsp;&nbsp; 2488277 |
| St. James's Place PLC | 41457 | &nbsp;&nbsp; 707423 |
| Standard Chartered PLC | 282573 | &nbsp;&nbsp; 5801112 |
| Subsea 7 S.A. | 27869 | &nbsp;&nbsp; 509600 |
| Tate & Lyle PLC | 52384 | &nbsp;&nbsp; 265976 |
| Taylor Wimpey PLC | 673467 | &nbsp;&nbsp; 931675 |
| Tesco PLC | 1045712 | &nbsp;&nbsp; 6311255 |
| Travis Perkins PLC | 51838 | &nbsp;&nbsp; 428646 |

---

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

------

**41**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Tritax Big Box REIT PLC | 33588 | &nbsp;&nbsp; $66312 |
| Unilever PLC | 153330 | &nbsp;&nbsp; 9201526 |
| United Utilities Group PLC | 49772 | &nbsp;&nbsp; 785318 |
| Vistry Group PLC<sup>(c)</sup> | 53777 | &nbsp;&nbsp; 455579 |
| Vodafone Group PLC | 8069145 | &nbsp;&nbsp; 9769422 |
| Weir Group PLC (The) | 13114 | &nbsp;&nbsp; 510559 |
| Whitbread PLC | 20029 | &nbsp;&nbsp; 762596 |
| WPP PLC | 176237 | &nbsp;&nbsp; 666019 |
|  |  | &nbsp;&nbsp; 245394192 |
| **United States-4.95%** | **United States-4.95%** | **United States-4.95%** |
| A.P. Moller - Maersk A/S, Class B<sup>(a)</sup> | 2449 | &nbsp;&nbsp; 5042284 |
| Acerinox S.A. | 37002 | &nbsp;&nbsp; 477148 |
| Aegon Ltd. | 168019 | &nbsp;&nbsp; 1282150 |
| Alcon AG | 22014 | &nbsp;&nbsp; 1644902 |
| Allegion PLC | 2706 | &nbsp;&nbsp; 448574 |
| Amcor PLC | 43433 | &nbsp;&nbsp; 343121 |
| Amrize Ltd.<sup>(c)</sup> | 35401 | &nbsp;&nbsp; 1836422 |
| Aptiv PLC<sup>(c)</sup> | 23606 | &nbsp;&nbsp; 1914447 |
| ARM Holdings PLC, ADR<sup>(a)(c)</sup> | 3471 | &nbsp;&nbsp; 589445 |
| Bausch Health Cos., Inc.<sup>(c)</sup> | 90590 | &nbsp;&nbsp; 638782 |
| BeOne Medicines Ltd.<sup>(a)(c)</sup> | 6700 | &nbsp;&nbsp; 161049 |
| BP PLC | 3316089 | &nbsp;&nbsp; 19430569 |
| CRH PLC | 11705 | &nbsp;&nbsp; 1394066 |
| Experian PLC | 25071 | &nbsp;&nbsp; 1169576 |
| Ferguson Enterprises, Inc. | 2970 | &nbsp;&nbsp; 738045 |
| Ferrovial SE | 4838 | &nbsp;&nbsp; 297280 |
| Garmin Ltd. | 4512 | &nbsp;&nbsp; 965297 |
| GSK PLC | 408870 | &nbsp;&nbsp; 9574157 |
| Holcim AG<sup>(c)</sup> | 39519 | &nbsp;&nbsp; 3522041 |
| ICON PLC<sup>(c)</sup> | 4272 | &nbsp;&nbsp; 734015 |
| lululemon athletica, Inc.<sup>(c)</sup> | 3169 | &nbsp;&nbsp; 540441 |
| Medtronic PLC | 81182 | &nbsp;&nbsp; 7363207 |
| Novartis AG | 121801 | &nbsp;&nbsp; 15111852 |
| Perrigo Co. PLC | 21707 | &nbsp;&nbsp; 450203 |
| QIAGEN N.V. | 10441 | &nbsp;&nbsp; 492120 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Sanofi S.A. | 124004 | &nbsp;&nbsp; $12561473 |
| Signify N.V. | 32248 | &nbsp;&nbsp; 772975 |
| Sims Ltd. | 15308 | &nbsp;&nbsp; 159777 |
| Smurfit WestRock PLC | 30098 | &nbsp;&nbsp; 1111218 |
| Stellantis N.V. | 863373 | &nbsp;&nbsp; 8792183 |
| Swiss Re AG | 19414 | &nbsp;&nbsp; 3553867 |
| Tenaris S.A. | 41690 | &nbsp;&nbsp; 829698 |
| Trane Technologies PLC | 3284 | &nbsp;&nbsp; 1473367 |
| Transocean Ltd.<sup>(c)</sup> | 165804 | &nbsp;&nbsp; 636687 |
| Waste Connections, Inc. | 6524 | &nbsp;&nbsp; 1095226 |
|  |  | &nbsp;&nbsp; 107147664 |
| **Zambia-0.07%** | **Zambia-0.07%** | **Zambia-0.07%** |
| First Quantum Minerals Ltd.<sup>(c)</sup> | 75552 | &nbsp;&nbsp; 1570192 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.62% <br>(Cost $1,573,721,053) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.62% <br>(Cost $1,573,721,053) | &nbsp;&nbsp; 2156646989 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-7.15%** | **Money Market Funds-7.15%** | **Money Market Funds-7.15%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(f)(g)(h)</sup><br>| 39266155 | &nbsp;&nbsp; 39266155 |
| Invesco Private Prime Fund, 4.30%<sup>(f)(g)(h)</sup> | 115588314 | &nbsp;&nbsp; 115622990 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $154,890,725) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $154,890,725) | &nbsp;&nbsp; 154889145 |
| TOTAL INVESTMENTS IN SECURITIES-106.77% <br>(Cost $1,728,611,778) | TOTAL INVESTMENTS IN SECURITIES-106.77% <br>(Cost $1,728,611,778) | &nbsp;&nbsp; 2311536134 |
| OTHER ASSETS LESS LIABILITIES-(6.77)% | OTHER ASSETS LESS LIABILITIES-(6.77)% | &nbsp;&nbsp; (146609456)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2164926678 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| BR-Bearer Shares |
| CDI-CREST Depository Interest |
| CVA-Dutch Certificates |
| FDR-Fiduciary Depositary Receipt |
| PC-Participation Certificate |
| REIT-Real Estate Investment Trust |
| Rts.-Rights |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $13,612,640, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

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

------

**42**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $82903371 | &nbsp;&nbsp; $(82903371)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $45438 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 37612648 | &nbsp;&nbsp; 281110121 | &nbsp;&nbsp; (279456614)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 39266155 | &nbsp;&nbsp; 1,898,888<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 98135663 | &nbsp;&nbsp; 617993078 | &nbsp;&nbsp; (600502540)<br>| &nbsp;&nbsp; 4443 | &nbsp;&nbsp; (7654)<br>| &nbsp;&nbsp; 115622990 | &nbsp;&nbsp; 5,130,114<br> \*<br>|
| Total | &nbsp;&nbsp; $135748311 | &nbsp;&nbsp; $982006570 | &nbsp;&nbsp; $(962862525)<br>| &nbsp;&nbsp; $4443 | &nbsp;&nbsp; $(7654)<br>| &nbsp;&nbsp; $154889145 | &nbsp;&nbsp; $7074440 |

---

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

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

<sup>(h)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**43**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.60%** | **Common Stocks & Other Equity Interests-99.60%** | **Common Stocks & Other Equity Interests-99.60%** |
| **Australia-6.05%** | **Australia-6.05%** | **Australia-6.05%** |
| Accent Group Ltd.<sup>(a)</sup> | 82280 | &nbsp;&nbsp; $68920 |
| ALS Ltd. | 33317 | &nbsp;&nbsp; 473112 |
| Amotiv Ltd. | 18500 | &nbsp;&nbsp; 107822 |
| AMP Ltd. | 435697 | &nbsp;&nbsp; 508600 |
| Ansell Ltd. | 19235 | &nbsp;&nbsp; 459774 |
| ARB Corp. Ltd. | 5243 | &nbsp;&nbsp; 123314 |
| ASX Ltd. | 8192 | &nbsp;&nbsp; 302421 |
| Atlas Arteria Ltd. | 88195 | &nbsp;&nbsp; 280327 |
| AUB Group Ltd. | 5394 | &nbsp;&nbsp; 130364 |
| Austal Ltd.<sup>(b)</sup> | 28536 | &nbsp;&nbsp; 126601 |
| Bank of Queensland Ltd.<sup>(a)</sup> | 79918 | &nbsp;&nbsp; 358777 |
| Bapcor Ltd. | 44131 | &nbsp;&nbsp; 72934 |
| Beach Energy Ltd. | 385021 | &nbsp;&nbsp; 313011 |
| Bega Cheese Ltd. | 41467 | &nbsp;&nbsp; 143999 |
| Breville Group Ltd.<sup>(a)</sup> | 6901 | &nbsp;&nbsp; 133974 |
| BWP Property Group Ltd. | 38656 | &nbsp;&nbsp; 97271 |
| CAR Group Ltd. | 11896 | &nbsp;&nbsp; 277914 |
| Centuria Capital Group | 80335 | &nbsp;&nbsp; 123944 |
| Centuria Industrial REIT | 68000 | &nbsp;&nbsp; 157740 |
| Challenger Ltd. | 62926 | &nbsp;&nbsp; 383233 |
| Charter Hall Group | 38165 | &nbsp;&nbsp; 560819 |
| Charter Hall Long Wale REIT | 88282 | &nbsp;&nbsp; 245745 |
| Charter Hall Retail REIT | 65640 | &nbsp;&nbsp; 176992 |
| Cleanaway Waste Management Ltd.<sup>(a)</sup> | 224343 | &nbsp;&nbsp; 374189 |
| Cochlear Ltd. | 2436 | &nbsp;&nbsp; 457579 |
| Collins Foods Ltd. | 4256 | &nbsp;&nbsp; 29783 |
| Coronado Global Resources, Inc., CDI<sup>(c)</sup> | 41998 | &nbsp;&nbsp; 10005 |
| Corporate Travel Management Ltd.<sup>(a)(d)</sup> | 4681 | &nbsp;&nbsp; 39408 |
| Credit Corp. Group Ltd. | 10863 | &nbsp;&nbsp; 101963 |
| Cromwell Property Group | 143807 | &nbsp;&nbsp; 43767 |
| Data# 3 Ltd. | 4694 | &nbsp;&nbsp; 27044 |
| Deterra Royalties Ltd. | 6399 | &nbsp;&nbsp; 17069 |
| Domino's Pizza Enterprises Ltd. | 9363 | &nbsp;&nbsp; 112187 |
| Downer EDI Ltd. | 16692 | &nbsp;&nbsp; 84357 |
| Eagers Automotive Ltd.<sup>(a)</sup> | 26527 | &nbsp;&nbsp; 590631 |
| EBOS Group Ltd. | 1656 | &nbsp;&nbsp; 27404 |
| Elders Ltd. | 45490 | &nbsp;&nbsp; 211095 |
| Evolution Mining Ltd. | 82480 | &nbsp;&nbsp; 583988 |
| Flight Centre Travel Group Ltd.<sup>(a)</sup> | 15119 | &nbsp;&nbsp; 121691 |
| G8 Education Ltd. | 100688 | &nbsp;&nbsp; 53023 |
| GrainCorp Ltd., Class A | 47927 | &nbsp;&nbsp; 277360 |
| Growthpoint Properties Australia Ltd. | 15943 | &nbsp;&nbsp; 26723 |
| Harvey Norman Holdings Ltd. | 108319 | &nbsp;&nbsp; 512200 |
| Healius Ltd. | 172234 | &nbsp;&nbsp; 100302 |
| Helia Group Ltd. | 58083 | &nbsp;&nbsp; 204967 |
| HomeCo Daily Needs REIT<sup>(c)</sup> | 186099 | &nbsp;&nbsp; 166311 |
| IDP Education Ltd.<sup>(a)</sup> | 21754 | &nbsp;&nbsp; 79786 |
| IGO Ltd.<sup>(b)</sup> | 104892 | &nbsp;&nbsp; 367991 |
| Iluka Resources Ltd.<sup>(a)</sup> | 92997 | &nbsp;&nbsp; 420681 |
| Ingenia Communities Group | 33607 | &nbsp;&nbsp; 123570 |
| Inghams Group Ltd. | 76970 | &nbsp;&nbsp; 121893 |
| Insignia Financial Ltd.<sup>(b)</sup> | 99274 | &nbsp;&nbsp; 294403 |
| IPH Ltd. | 29619 | &nbsp;&nbsp; 71456 |
| IRESS Ltd. | 23244 | &nbsp;&nbsp; 134662 |
| Kelsian Group Ltd.<sup>(a)</sup> | 4688 | &nbsp;&nbsp; 14933 |
| Lottery Corp. Ltd. (The) | 69956 | &nbsp;&nbsp; 251768 |
| Lynas Rare Earths Ltd.<sup>(b)</sup> | 35729 | &nbsp;&nbsp; 356386 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia-(continued)** | **Australia-(continued)** | **Australia-(continued)** |
| Magellan Financial Group Ltd. | 42328 | &nbsp;&nbsp; $266190 |
| McMillan Shakespeare Ltd. | 2500 | &nbsp;&nbsp; 28154 |
| Monadelphous Group Ltd. | 13698 | &nbsp;&nbsp; 208311 |
| Myer Holdings Ltd.<sup>(a)</sup> | 188603 | &nbsp;&nbsp; 48710 |
| National Storage REIT | 142689 | &nbsp;&nbsp; 214830 |
| New Hope Corp. Ltd.<sup>(a)</sup> | 125445 | &nbsp;&nbsp; 340639 |
| NEXTDC Ltd.<sup>(a)(b)</sup> | 14831 | &nbsp;&nbsp; 152558 |
| nib holdings Ltd. | 58478 | &nbsp;&nbsp; 288369 |
| Nine Entertainment Co. Holdings Ltd. | 264653 | &nbsp;&nbsp; 200909 |
| NRW Holdings Ltd. | 72245 | &nbsp;&nbsp; 229025 |
| Nufarm Ltd.<sup>(b)</sup> | 80191 | &nbsp;&nbsp; 109114 |
| OceanaGold Corp. | 26617 | &nbsp;&nbsp; 595921 |
| Orora Ltd. | 198437 | &nbsp;&nbsp; 261167 |
| Perenti Ltd. | 114151 | &nbsp;&nbsp; 202287 |
| Perpetual Ltd. | 17985 | &nbsp;&nbsp; 225708 |
| Perseus Mining Ltd. | 117637 | &nbsp;&nbsp; 373576 |
| PEXA Group Ltd.<sup>(b)</sup> | 2541 | &nbsp;&nbsp; 25173 |
| Pilbara Minerals Ltd.<sup>(a)(b)</sup> | 243133 | &nbsp;&nbsp; 523450 |
| Premier Investments Ltd. | 10626 | &nbsp;&nbsp; 123761 |
| Qantas Airways Ltd. | 30828 | &nbsp;&nbsp; 205491 |
| Qube Holdings Ltd. | 156557 | &nbsp;&nbsp; 448923 |
| Ramelius Resources Ltd. | 83745 | &nbsp;&nbsp; 181270 |
| REA Group Ltd. | 975 | &nbsp;&nbsp; 135926 |
| Reece Ltd. | 28579 | &nbsp;&nbsp; 218285 |
| Region Group | 172496 | &nbsp;&nbsp; 275662 |
| Regis Resources Ltd. | 117711 | &nbsp;&nbsp; 494416 |
| Resolute Mining Ltd.<sup>(b)</sup> | 133960 | &nbsp;&nbsp; 83421 |
| Sandfire Resources Ltd.<sup>(b)</sup> | 44031 | &nbsp;&nbsp; 466605 |
| SEEK Ltd. | 21396 | &nbsp;&nbsp; 378850 |
| Service Stream Ltd. | 57542 | &nbsp;&nbsp; 85412 |
| SGH Ltd. | 11544 | &nbsp;&nbsp; 365972 |
| Sigma Healthcare Ltd. | 103049 | &nbsp;&nbsp; 209617 |
| SmartGroup Corp. Ltd. | 3219 | &nbsp;&nbsp; 17217 |
| Stanmore Resources Ltd. | 60744 | &nbsp;&nbsp; 85417 |
| Star Entertainment Group Ltd. (The)<sup>(a)(b)</sup> | 311891 | &nbsp;&nbsp; 18153 |
| Steadfast Group Ltd. | 62407 | &nbsp;&nbsp; 228739 |
| Super Retail Group Ltd. | 29360 | &nbsp;&nbsp; 307016 |
| Tabcorp Holdings Ltd. | 424163 | &nbsp;&nbsp; 294905 |
| Technology One Ltd. | 1891 | &nbsp;&nbsp; 45567 |
| TPG Telecom Ltd. | 71865 | &nbsp;&nbsp; 260097 |
| Ventia Services Group Pty. Ltd. | 70175 | &nbsp;&nbsp; 262986 |
| Waypoint REIT Ltd. | 82184 | &nbsp;&nbsp; 142607 |
| WEB Travel Group Ltd.<sup>(b)</sup> | 4881 | &nbsp;&nbsp; 13324 |
| Webjet Group Ltd.<sup>(b)</sup> | 5376 | &nbsp;&nbsp; 2954 |
| West African Resources Ltd.<sup>(b)(d)</sup> | 137883 | &nbsp;&nbsp; 246965 |
| Westgold Resources Ltd. | 17239 | &nbsp;&nbsp; 59779 |
| WiseTech Global Ltd. | 1261 | &nbsp;&nbsp; 56904 |
|  |  | &nbsp;&nbsp; 22048515 |
| **Austria-0.65%** | **Austria-0.65%** | **Austria-0.65%** |
| ANDRITZ AG | 5984 | &nbsp;&nbsp; 453034 |
| AT&S Austria Technologie & Systemtechnik <br> AG<sup>(a)(b)</sup><br>| 1815 | &nbsp;&nbsp; 67465 |
| CA Immobilien Anlagen AG | 5048 | &nbsp;&nbsp; 140506 |
| CPI Europe AG<sup>(b)</sup> | 1160 | &nbsp;&nbsp; 22644 |
| EVN AG | 6368 | &nbsp;&nbsp; 186081 |
| Kontron AG<sup>(a)</sup> | 6584 | &nbsp;&nbsp; 172328 |
| Lenzing AG<sup>(a)(b)</sup> | 4717 | &nbsp;&nbsp; 141298 |

---

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

------

**44**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Austria-(continued)** | **Austria-(continued)** | **Austria-(continued)** |
| Mayr Melnhof Karton AG | 687 | &nbsp;&nbsp; $62686 |
| Oesterreichische Post AG<sup>(a)</sup> | 2812 | &nbsp;&nbsp; 97336 |
| Palfinger AG | 2192 | &nbsp;&nbsp; 82226 |
| SBO AG | 434 | &nbsp;&nbsp; 14407 |
| Strabag SE | 1883 | &nbsp;&nbsp; 147515 |
| Telekom Austria AG | 8606 | &nbsp;&nbsp; 91647 |
| UNIQA Insurance Group AG | 15823 | &nbsp;&nbsp; 232774 |
| Verbund AG<sup>(a)</sup> | 3764 | &nbsp;&nbsp; 290897 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| 3519 | &nbsp;&nbsp; 180739 |
|  |  | &nbsp;&nbsp; 2383583 |
| **Belgium-1.41%** | **Belgium-1.41%** | **Belgium-1.41%** |
| Ackermans & van Haaren N.V. | 525 | &nbsp;&nbsp; 130926 |
| Aedifica S.A.<sup>(a)</sup> | 5607 | &nbsp;&nbsp; 410021 |
| Azelis Group N.V.<sup>(a)</sup> | 17067 | &nbsp;&nbsp; 202084 |
| Barco N.V. | 12714 | &nbsp;&nbsp; 181569 |
| Bekaert S.A. | 5927 | &nbsp;&nbsp; 247920 |
| Cofinimmo S.A. | 4173 | &nbsp;&nbsp; 356836 |
| Colruyt Group N.V | 6787 | &nbsp;&nbsp; 253809 |
| Deme Group N.V. | 737 | &nbsp;&nbsp; 111501 |
| D'Ieteren Group | 1492 | &nbsp;&nbsp; 272914 |
| Elia Group S.A./N.V. | 2601 | &nbsp;&nbsp; 313916 |
| Fagron | 4678 | &nbsp;&nbsp; 111310 |
| Financiere de Tubize S.A. | 552 | &nbsp;&nbsp; 134987 |
| Galapagos N.V.<sup>(a)(b)</sup> | 9283 | &nbsp;&nbsp; 295948 |
| Gimv N.V. | 2307 | &nbsp;&nbsp; 124741 |
| KBC Ancora | 3094 | &nbsp;&nbsp; 243780 |
| Lotus Bakeries N.V. | 10 | &nbsp;&nbsp; 87364 |
| Melexis N.V.<sup>(a)</sup> | 2452 | &nbsp;&nbsp; 176715 |
| Montea N.V. | 1743 | &nbsp;&nbsp; 140951 |
| Ontex Group N.V.<sup>(a)(b)</sup> | 12445 | &nbsp;&nbsp; 91095 |
| Retail Estates N.V. | 1094 | &nbsp;&nbsp; 79427 |
| Shurgard Self Storage Ltd. | 3116 | &nbsp;&nbsp; 114220 |
| Sofina S.A.<sup>(a)</sup> | 428 | &nbsp;&nbsp; 117796 |
| Solvay S.A., Class A | 11746 | &nbsp;&nbsp; 361002 |
| Tessenderlo Group S.A.<sup>(a)</sup> | 1706 | &nbsp;&nbsp; 51603 |
| Warehouses De Pauw C.V.A. | 15413 | &nbsp;&nbsp; 391935 |
| Xior Student Housing N.V.<sup>(a)(c)</sup> | 4078 | &nbsp;&nbsp; 133233 |
|  |  | &nbsp;&nbsp; 5137603 |
| **Bermuda-0.00%** | **Bermuda-0.00%** | **Bermuda-0.00%** |
| Conduit Holdings Ltd. | 3759 | &nbsp;&nbsp; 16744 |
| **Brazil-0.05%** | **Brazil-0.05%** | **Brazil-0.05%** |
| ERO Copper Corp.<sup>(b)</sup> | 8228 | &nbsp;&nbsp; 175876 |
| **Canada-9.20%** | **Canada-9.20%** | **Canada-9.20%** |
| AbCellera Biologics, Inc.<sup>(a)(b)</sup> | 31115 | &nbsp;&nbsp; 172688 |
| Advantage Energy Ltd.<sup>(b)</sup> | 28353 | &nbsp;&nbsp; 225221 |
| Aecon Group, Inc. | 19328 | &nbsp;&nbsp; 426522 |
| Ag Growth International, Inc. | 652 | &nbsp;&nbsp; 16789 |
| Air Canada<sup>(b)</sup> | 18522 | &nbsp;&nbsp; 243761 |
| Alamos Gold, Inc., Class A<sup>(a)</sup> | 19921 | &nbsp;&nbsp; 614769 |
| Alaris Equity Partners Income | 4794 | &nbsp;&nbsp; 66993 |
| Algoma Steel Group, Inc.<sup>(a)</sup> | 51085 | &nbsp;&nbsp; 213652 |
| Allied Properties REIT<sup>(a)</sup> | 30728 | &nbsp;&nbsp; 324134 |
| Altus Group Ltd. | 2651 | &nbsp;&nbsp; 109018 |
| Aritzia, Inc.<sup>(b)</sup> | 3970 | &nbsp;&nbsp; 277587 |
| Artis REIT<sup>(a)</sup> | 6338 | &nbsp;&nbsp; 27593 |
| ATCO Ltd., Class I | 4178 | &nbsp;&nbsp; 157590 |
| Athabasca Oil Corp.<sup>(b)</sup> | 61798 | &nbsp;&nbsp; 303885 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| ATS Corp.<sup>(b)</sup> | 6690 | &nbsp;&nbsp; $184206 |
| Badger Infrastructure Solutions Ltd. | 3096 | &nbsp;&nbsp; 162606 |
| Ballard Power Systems, Inc.<sup>(b)</sup> | 7552 | &nbsp;&nbsp; 26895 |
| Baytex Energy Corp.<sup>(a)</sup> | 227745 | &nbsp;&nbsp; 551016 |
| Birchcliff Energy Ltd. | 72679 | &nbsp;&nbsp; 339236 |
| Bird Construction, Inc.<sup>(a)</sup> | 5714 | &nbsp;&nbsp; 122832 |
| BlackBerry Ltd.<sup>(b)</sup> | 53327 | &nbsp;&nbsp; 260707 |
| Boardwalk REIT | 4471 | &nbsp;&nbsp; 206359 |
| Bombardier, Inc., Class B<sup>(b)</sup> | 2005 | &nbsp;&nbsp; 280427 |
| Boralex, Inc., Class A<sup>(a)</sup> | 10559 | &nbsp;&nbsp; 212212 |
| Boyd Group, Inc. | 1529 | &nbsp;&nbsp; 244472 |
| Brookfield Asset Management Ltd., Class A | 1012 | &nbsp;&nbsp; 54798 |
| Brookfield Business Corp., Class A | 5572 | &nbsp;&nbsp; 203291 |
| Brookfield Infrastructure Corp. | 6940 | &nbsp;&nbsp; 314768 |
| Brookfield Renewable Corp. | 6444 | &nbsp;&nbsp; 279256 |
| Brookfield Wealth Solutions Ltd.<sup>(b)</sup> | 3427 | &nbsp;&nbsp; 158173 |
| BRP, Inc. | 7575 | &nbsp;&nbsp; 475644 |
| Cameco Corp. | 7252 | &nbsp;&nbsp; 741892 |
| Canaccord Genuity Group, Inc. | 10689 | &nbsp;&nbsp; 89714 |
| Canada Goose Holdings, Inc.<sup>(b)</sup> | 1641 | &nbsp;&nbsp; 22873 |
| Canada Packers, Inc.<sup>(b)</sup> | 2688 | &nbsp;&nbsp; 32095 |
| Canadian Solar, Inc.<sup>(a)(b)</sup> | 25908 | &nbsp;&nbsp; 537850 |
| Canadian Utilities Ltd., Class A<sup>(a)</sup> | 14442 | &nbsp;&nbsp; 404869 |
| Canfor Corp.<sup>(b)</sup> | 16273 | &nbsp;&nbsp; 142040 |
| Capstone Copper Corp.<sup>(b)</sup> | 48272 | &nbsp;&nbsp; 431335 |
| Cardinal Energy Ltd.<sup>(a)</sup> | 22971 | &nbsp;&nbsp; 130827 |
| Cargojet, Inc. | 1377 | &nbsp;&nbsp; 80331 |
| Cascades, Inc. | 20355 | &nbsp;&nbsp; 161399 |
| Centerra Gold, Inc. | 54550 | &nbsp;&nbsp; 639658 |
| CES Energy Solutions Corp. | 33775 | &nbsp;&nbsp; 231651 |
| Champion Iron Ltd. | 69553 | &nbsp;&nbsp; 251673 |
| Chartwell Retirement Residences | 19772 | &nbsp;&nbsp; 291680 |
| Chemtrade Logistics Income Fund | 24848 | &nbsp;&nbsp; 238522 |
| Choice Properties REIT<sup>(a)</sup> | 26802 | &nbsp;&nbsp; 283868 |
| Cineplex, Inc.<sup>(a)(b)</sup> | 5731 | &nbsp;&nbsp; 51700 |
| Cogeco Communications, Inc. | 6397 | &nbsp;&nbsp; 291555 |
| Cogeco, Inc. | 696 | &nbsp;&nbsp; 29124 |
| Colliers International Group, Inc. | 1743 | &nbsp;&nbsp; 278340 |
| Crombie REIT<sup>(a)</sup> | 20053 | &nbsp;&nbsp; 213675 |
| CT REIT | 2539 | &nbsp;&nbsp; 29555 |
| Definity Financial Corp. | 5100 | &nbsp;&nbsp; 237501 |
| dentalcorp Holdings Ltd. | 16063 | &nbsp;&nbsp; 124959 |
| Descartes Systems Group, Inc. (The)<sup>(b)</sup> | 2053 | &nbsp;&nbsp; 181497 |
| DPM Metals, Inc. | 19676 | &nbsp;&nbsp; 421283 |
| Dream Industrial REIT | 37107 | &nbsp;&nbsp; 320183 |
| DREAM Unlimited Corp. | 2305 | &nbsp;&nbsp; 30582 |
| E-L Financial Corp. Ltd. | 2341 | &nbsp;&nbsp; 27167 |
| Enerflex Ltd. | 30328 | &nbsp;&nbsp; 382036 |
| Enghouse Systems Ltd. | 6364 | &nbsp;&nbsp; 94519 |
| EQB, Inc. | 2508 | &nbsp;&nbsp; 160148 |
| Equinox Gold Corp.<sup>(b)</sup> | 53782 | &nbsp;&nbsp; 591500 |
| Exchange Income Corp.<sup>(a)</sup> | 5577 | &nbsp;&nbsp; 305846 |
| Fiera Capital Corp. | 5677 | &nbsp;&nbsp; 25485 |
| First Capital REIT | 25226 | &nbsp;&nbsp; 338651 |
| First Majestic Silver Corp. | 27889 | &nbsp;&nbsp; 356885 |
| FirstService Corp. | 1665 | &nbsp;&nbsp; 265302 |
| Fortuna Mining Corp., Class C<sup>(b)</sup> | 42061 | &nbsp;&nbsp; 347919 |
| Freehold Royalties Ltd.<sup>(a)</sup> | 12610 | &nbsp;&nbsp; 127707 |
| Gibson Energy, Inc.<sup>(a)</sup> | 22231 | &nbsp;&nbsp; 379362 |
| goeasy Ltd. | 1156 | &nbsp;&nbsp; 139142 |

---

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

------

**45**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Granite REIT | 8137 | &nbsp;&nbsp; $457737 |
| H&R REIT<sup>(a)</sup> | 13862 | &nbsp;&nbsp; 110706 |
| Hudbay Minerals, Inc. | 39945 | &nbsp;&nbsp; 640876 |
| IAMGOLD Corp.<sup>(b)</sup> | 69946 | &nbsp;&nbsp; 810708 |
| IGM Financial, Inc. | 13863 | &nbsp;&nbsp; 533782 |
| Interfor Corp.<sup>(b)</sup> | 5058 | &nbsp;&nbsp; 28554 |
| International Petroleum Corp.<sup>(b)</sup> | 12533 | &nbsp;&nbsp; 195203 |
| InterRent REIT<sup>(a)</sup> | 18166 | &nbsp;&nbsp; 173473 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | 13893 | &nbsp;&nbsp; 139113 |
| Kelt Exploration Ltd.<sup>(b)</sup> | 22807 | &nbsp;&nbsp; 108570 |
| Killam Apartment REIT<sup>(a)</sup> | 16051 | &nbsp;&nbsp; 198525 |
| Kinaxis, Inc.<sup>(b)</sup> | 558 | &nbsp;&nbsp; 67638 |
| Labrador Iron Ore Royalty Corp.<sup>(a)</sup> | 6222 | &nbsp;&nbsp; 128512 |
| Lassonde Industries, Inc., Class A | 172 | &nbsp;&nbsp; 26806 |
| Laurentian Bank of Canada | 12731 | &nbsp;&nbsp; 302567 |
| Leon's Furniture Ltd. | 1244 | &nbsp;&nbsp; 25934 |
| Lightspeed Commerce, Inc.<sup>(b)</sup> | 20225 | &nbsp;&nbsp; 243223 |
| Linamar Corp. | 2187 | &nbsp;&nbsp; 118547 |
| Lundin Gold, Inc. | 1664 | &nbsp;&nbsp; 113237 |
| Major Drilling Group International, Inc.<sup>(b)</sup> | 3276 | &nbsp;&nbsp; 28875 |
| Maple Leaf Foods, Inc. | 13441 | &nbsp;&nbsp; 258623 |
| Martinrea International, Inc. | 2975 | &nbsp;&nbsp; 21487 |
| Mattr Corp.<sup>(b)</sup> | 2581 | &nbsp;&nbsp; 20152 |
| MTY Food Group, Inc. | 3070 | &nbsp;&nbsp; 74145 |
| Mullen Group Ltd.<sup>(a)</sup> | 21266 | &nbsp;&nbsp; 214003 |
| New Gold, Inc.<sup>(b)</sup> | 59443 | &nbsp;&nbsp; 438244 |
| NFI Group, Inc.<sup>(b)</sup> | 14865 | &nbsp;&nbsp; 152135 |
| North West Co., Inc. (The) | 7468 | &nbsp;&nbsp; 242511 |
| NorthWest Healthcare Properties REIT<sup>(a)</sup> | 57770 | &nbsp;&nbsp; 209038 |
| NuVista Energy Ltd.<sup>(b)</sup> | 29650 | &nbsp;&nbsp; 352969 |
| Obsidian Energy Ltd.<sup>(b)</sup> | 7416 | &nbsp;&nbsp; 42078 |
| OR Royalties, Inc. | 7708 | &nbsp;&nbsp; 247554 |
| Pan American Silver Corp. | 8099 | &nbsp;&nbsp; 285545 |
| Paramount Resources Ltd., Class A | 15216 | &nbsp;&nbsp; 249772 |
| Pason Systems, Inc. | 13060 | &nbsp;&nbsp; 111385 |
| Peyto Exploration & Development Corp.<sup>(a)</sup> | 25484 | &nbsp;&nbsp; 371579 |
| Precision Drilling Corp.<sup>(b)</sup> | 4440 | &nbsp;&nbsp; 266625 |
| Premium Brands Holdings Corp. | 6324 | &nbsp;&nbsp; 436449 |
| Primaris REIT | 12703 | &nbsp;&nbsp; 139437 |
| Quebecor, Inc., Class B | 2270 | &nbsp;&nbsp; 72483 |
| RB Global, Inc. | 1614 | &nbsp;&nbsp; 160300 |
| Richelieu Hardware Ltd. | 6638 | &nbsp;&nbsp; 182158 |
| Russel Metals, Inc. | 13423 | &nbsp;&nbsp; 415867 |
| Sagicor Financial Co. Ltd. | 2117 | &nbsp;&nbsp; 12087 |
| Secure Waste Infrastructure Corp. | 40724 | &nbsp;&nbsp; 508923 |
| Sienna Senior Living, Inc.<sup>(a)</sup> | 11066 | &nbsp;&nbsp; 151164 |
| Slate Grocery REIT, Class U | 2744 | &nbsp;&nbsp; 28612 |
| SmartCentres REIT<sup>(a)</sup> | 14484 | &nbsp;&nbsp; 274970 |
| Spin Master Corp.<sup>(c)</sup> | 5284 | &nbsp;&nbsp; 78554 |
| SSR Mining, Inc.<sup>(b)</sup> | 34286 | &nbsp;&nbsp; 775941 |
| Stantec, Inc. | 4224 | &nbsp;&nbsp; 468238 |
| Stella-Jones, Inc. | 7851 | &nbsp;&nbsp; 446075 |
| SunOpta, Inc.<sup>(b)</sup> | 3347 | &nbsp;&nbsp; 17557 |
| Superior Plus Corp. | 64025 | &nbsp;&nbsp; 364643 |
| Tamarack Valley Energy Ltd. | 69340 | &nbsp;&nbsp; 308310 |
| Taseko Mines Ltd.<sup>(b)</sup> | 13119 | &nbsp;&nbsp; 59455 |
| Teekay Tankers Ltd., Class A<sup>(a)</sup> | 3314 | &nbsp;&nbsp; 202154 |
| Tilray Brands, Inc., Class 2<sup>(a)(b)</sup> | 339027 | &nbsp;&nbsp; 454296 |
| TMX Group Ltd. | 9146 | &nbsp;&nbsp; 337667 |
| Topaz Energy Corp.<sup>(a)</sup> | 6613 | &nbsp;&nbsp; 117520 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Torex Gold Resources, Inc.<sup>(b)</sup> | 12844 | &nbsp;&nbsp; $531122 |
| TransAlta Corp. | 35162 | &nbsp;&nbsp; 622108 |
| Transcontinental, Inc., Class A | 16470 | &nbsp;&nbsp; 231449 |
| Trican Well Service Ltd.<sup>(a)</sup> | 6394 | &nbsp;&nbsp; 23958 |
| Westshore Terminals Investment Corp. | 1547 | &nbsp;&nbsp; 28464 |
| Whitecap Resources, Inc.<sup>(a)</sup> | 14059 | &nbsp;&nbsp; 104754 |
| Winpak Ltd. | 4277 | &nbsp;&nbsp; 131318 |
| Xenon Pharmaceuticals, Inc.<sup>(b)</sup> | 2078 | &nbsp;&nbsp; 87110 |
|  |  | &nbsp;&nbsp; 33504574 |
| **China-1.41%** | **China-1.41%** | **China-1.41%** |
| AAC Technologies Holdings, Inc. | 45097 | &nbsp;&nbsp; 231767 |
| Alibaba Health Information Technology <br> Ltd.<sup>(a)(b)</sup><br>| 241054 | &nbsp;&nbsp; 179761 |
| BOC Aviation Ltd.<sup>(c)</sup> | 4136 | &nbsp;&nbsp; 36247 |
| Bosideng International Holdings Ltd. | 500089 | &nbsp;&nbsp; 305947 |
| Budweiser Brewing Co. APAC Ltd.<sup>(a)(c)</sup> | 272980 | &nbsp;&nbsp; 276837 |
| CapitaLand China Trust | 112438 | &nbsp;&nbsp; 69031 |
| China Education Group Holdings Ltd.<sup>(a)(c)</sup> | 256902 | &nbsp;&nbsp; 98556 |
| China Gold International Resources Corp. <br> Ltd.<br>| 21294 | &nbsp;&nbsp; 358364 |
| China Medical System Holdings Ltd. | 177198 | &nbsp;&nbsp; 305533 |
| China Ruyi Holdings Ltd.<sup>(a)(b)</sup> | 285032 | &nbsp;&nbsp; 101580 |
| China Water Affairs Group Ltd.<sup>(a)</sup> | 139098 | &nbsp;&nbsp; 112188 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 262722 | &nbsp;&nbsp; 514097 |
| CITIC Telecom International Holdings Ltd. | 58511 | &nbsp;&nbsp; 18598 |
| Damai Entertainment Holdings Ltd.<sup>(b)</sup> | 857526 | &nbsp;&nbsp; 101409 |
| FIH Mobile Ltd.<sup>(b)</sup> | 29840 | &nbsp;&nbsp; 71211 |
| Hopson Development Holdings Ltd.<sup>(b)</sup> | 115190 | &nbsp;&nbsp; 46718 |
| HUTCHMED China Ltd.<sup>(a)(b)</sup> | 28546 | &nbsp;&nbsp; 85387 |
| Jinchuan Group International Resources Co. <br> Ltd.<sup>(b)(d)</sup><br>| 1210507 | &nbsp;&nbsp; 79743 |
| Kingboard Laminates Holdings Ltd.<sup>(a)</sup> | 165466 | &nbsp;&nbsp; 276967 |
| Lee & Man Paper Manufacturing Ltd. | 246861 | &nbsp;&nbsp; 87236 |
| MMG Ltd.<sup>(b)</sup> | 184470 | &nbsp;&nbsp; 163674 |
| Nexteer Automotive Group Ltd. | 93130 | &nbsp;&nbsp; 80713 |
| Nine Dragons Paper Holdings Ltd.<sup>(b)</sup> | 364652 | &nbsp;&nbsp; 261138 |
| Powerlong Real Estate Holdings Ltd.<sup>(a)(b)</sup> | 229636 | &nbsp;&nbsp; 8101 |
| Silvercorp Metals, Inc. | 8156 | &nbsp;&nbsp; 52970 |
| Stella International Holdings Ltd. | 76737 | &nbsp;&nbsp; 163107 |
| Towngas Smart Energy Co. Ltd.<sup>(b)</sup> | 151099 | &nbsp;&nbsp; 75732 |
| VSTECS Holdings Ltd. | 199355 | &nbsp;&nbsp; 246779 |
| Want Want China Holdings Ltd. | 252246 | &nbsp;&nbsp; 162973 |
| Wharf (Holdings) Ltd. (The) | 65393 | &nbsp;&nbsp; 172003 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 347906 | &nbsp;&nbsp; 406800 |
|  |  | &nbsp;&nbsp; 5151167 |
| **Colombia-0.08%** | **Colombia-0.08%** | **Colombia-0.08%** |
| Aris Mining Corp.<sup>(b)</sup> | 21168 | &nbsp;&nbsp; 209693 |
| Parex Resources, Inc. | 5709 | &nbsp;&nbsp; 73097 |
|  |  | &nbsp;&nbsp; 282790 |
| **Cyprus-0.01%** | **Cyprus-0.01%** | **Cyprus-0.01%** |
| Bank of Cyprus Holdings PLC | 5563 | &nbsp;&nbsp; 51264 |
| **Denmark-1.65%** | **Denmark-1.65%** | **Denmark-1.65%** |
| ALK-Abello A/S<sup>(b)</sup> | 3153 | &nbsp;&nbsp; 104164 |
| Alm Brand A/S | 122093 | &nbsp;&nbsp; 344106 |
| Ambu A/S | 4564 | &nbsp;&nbsp; 71094 |
| Ascendis Pharma A/S, ADR<sup>(b)</sup> | 768 | &nbsp;&nbsp; 154829 |
| Bavarian Nordic A/S<sup>(b)</sup> | 6229 | &nbsp;&nbsp; 230486 |
| Cementir Holding N.V. | 5028 | &nbsp;&nbsp; 92768 |

---

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

------

**46**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Denmark-(continued)** | **Denmark-(continued)** | **Denmark-(continued)** |
| D/S Norden A/S | 9017 | &nbsp;&nbsp; $360925 |
| Demant A/S<sup>(b)</sup> | 6583 | &nbsp;&nbsp; 219336 |
| Dfds A/S<sup>(b)</sup> | 11265 | &nbsp;&nbsp; 159067 |
| FLSmidth & Co. A/S | 7128 | &nbsp;&nbsp; 555933 |
| GN Store Nord A/S<sup>(a)(b)</sup> | 21192 | &nbsp;&nbsp; 371624 |
| H. Lundbeck A/S | 57618 | &nbsp;&nbsp; 420827 |
| Jyske Bank A/S | 4378 | &nbsp;&nbsp; 515326 |
| Matas A/S<sup>(a)</sup> | 5714 | &nbsp;&nbsp; 113598 |
| Netcompany Group A/S<sup>(b)(c)</sup> | 2195 | &nbsp;&nbsp; 109839 |
| NKT A/S<sup>(b)</sup> | 3843 | &nbsp;&nbsp; 430813 |
| Novonesis (Novozymes) B, Class B | 1829 | &nbsp;&nbsp; 109459 |
| Per Aarsleff Holding A/S | 1624 | &nbsp;&nbsp; 184679 |
| Ringkjoebing Landbobank A/S | 965 | &nbsp;&nbsp; 218557 |
| Rockwool A/S | 2491 | &nbsp;&nbsp; 85480 |
| Royal Unibrew A/S | 4888 | &nbsp;&nbsp; 369973 |
| Scandinavian Tobacco Group A/S<sup>(c)</sup> | 11591 | &nbsp;&nbsp; 153898 |
| Schouw & Co. A/S | 1120 | &nbsp;&nbsp; 103125 |
| Sydbank A/S | 6051 | &nbsp;&nbsp; 517332 |
|  |  | &nbsp;&nbsp; 5997238 |
| **Faroe Islands-0.02%** | **Faroe Islands-0.02%** | **Faroe Islands-0.02%** |
| Bakkafrost P/F | 1248 | &nbsp;&nbsp; 57375 |
| **Finland-0.79%** | **Finland-0.79%** | **Finland-0.79%** |
| Citycon OYJ<sup>(a)</sup> | 19564 | &nbsp;&nbsp; 66518 |
| Hiab OYJ, Class B | 3716 | &nbsp;&nbsp; 206070 |
| Kalmar OYJ, Class B | 5747 | &nbsp;&nbsp; 238418 |
| Kemira OYJ | 16911 | &nbsp;&nbsp; 372699 |
| Kojamo OYJ<sup>(a)(b)</sup> | 23197 | &nbsp;&nbsp; 281461 |
| Konecranes OYJ | 4807 | &nbsp;&nbsp; 475126 |
| Mandatum OYJ | 33160 | &nbsp;&nbsp; 238152 |
| Metsa Board OYJ<sup>(a)</sup> | 48838 | &nbsp;&nbsp; 165894 |
| Nokian Renkaat OYJ<sup>(a)</sup> | 57970 | &nbsp;&nbsp; 585370 |
| Olvi OYJ | 486 | &nbsp;&nbsp; 16608 |
| Sanoma OYJ | 2488 | &nbsp;&nbsp; 30450 |
| Terveystalo OYJ<sup>(c)</sup> | 5942 | &nbsp;&nbsp; 64010 |
| Tokmanni Group Corp.<sup>(a)</sup> | 9116 | &nbsp;&nbsp; 90233 |
| Vaisala OYJ, Class A | 1054 | &nbsp;&nbsp; 52111 |
|  |  | &nbsp;&nbsp; 2883120 |
| **France-3.24%** | **France-3.24%** | **France-3.24%** |
| Aeroports de Paris S.A.<sup>(a)</sup> | 2787 | &nbsp;&nbsp; 382838 |
| Air France-KLM<sup>(a)(b)</sup> | 18878 | &nbsp;&nbsp; 252005 |
| Altarea SCA | 482 | &nbsp;&nbsp; 55054 |
| Alten S.A. | 4894 | &nbsp;&nbsp; 403589 |
| ARGAN S.A. | 244 | &nbsp;&nbsp; 19015 |
| Ayvens S.A.<sup>(c)</sup> | 17007 | &nbsp;&nbsp; 227201 |
| Beneteau SACA<sup>(a)</sup> | 9309 | &nbsp;&nbsp; 89850 |
| bioMerieux | 3106 | &nbsp;&nbsp; 400438 |
| Carmila S.A. | 5721 | &nbsp;&nbsp; 104438 |
| Cie de L'Odet SE | 28 | &nbsp;&nbsp; 42033 |
| Cie des Alpes | 3356 | &nbsp;&nbsp; 77092 |
| Clariane SE<sup>(a)(b)</sup> | 22600 | &nbsp;&nbsp; 97292 |
| Coface S.A. | 18858 | &nbsp;&nbsp; 332579 |
| Criteo S.A., ADR<sup>(b)</sup> | 10263 | &nbsp;&nbsp; 234817 |
| Dassault Aviation S.A. | 1369 | &nbsp;&nbsp; 441747 |
| Derichebourg S.A. | 20415 | &nbsp;&nbsp; 139449 |
| Edenred SE | 9487 | &nbsp;&nbsp; 273063 |
| Elior Group S.A.<sup>(a)(b)(c)</sup> | 15702 | &nbsp;&nbsp; 50775 |
| Eramet S.A.<sup>(a)</sup> | 2811 | &nbsp;&nbsp; 192702 |
| Euroapi S.A.<sup>(b)</sup> | 3946 | &nbsp;&nbsp; 14615 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** |
| Eutelsat Communications SACA<sup>(a)(b)</sup> | 7744 | &nbsp;&nbsp; $30000 |
| FDJ United | 8398 | &nbsp;&nbsp; 245023 |
| Fnac Darty S.A. | 2928 | &nbsp;&nbsp; 96019 |
| Gaztransport Et Technigaz S.A. | 1455 | &nbsp;&nbsp; 288521 |
| Getlink SE | 13066 | &nbsp;&nbsp; 238817 |
| ICADE<sup>(a)</sup> | 13717 | &nbsp;&nbsp; 334684 |
| ID Logistics Group SACA<sup>(b)</sup> | 76 | &nbsp;&nbsp; 34565 |
| Imerys S.A. | 10070 | &nbsp;&nbsp; 248378 |
| Ipsen S.A. | 4041 | &nbsp;&nbsp; 568651 |
| Ipsos S.A. | 6087 | &nbsp;&nbsp; 233637 |
| JCDecaux SE | 11960 | &nbsp;&nbsp; 217899 |
| Lectra<sup>(a)</sup> | 2283 | &nbsp;&nbsp; 60627 |
| LISI S.A. | 1033 | &nbsp;&nbsp; 60589 |
| Mercialys S.A. | 14606 | &nbsp;&nbsp; 178457 |
| Mersen S.A.<sup>(a)</sup> | 819 | &nbsp;&nbsp; 20729 |
| Metropole Television S.A. | 11568 | &nbsp;&nbsp; 159811 |
| Nexans S.A. | 3388 | &nbsp;&nbsp; 477680 |
| Nexity S.A.<sup>(a)(b)</sup> | 16277 | &nbsp;&nbsp; 170600 |
| OPmobility | 16037 | &nbsp;&nbsp; 262295 |
| Remy Cointreau S.A.<sup>(a)</sup> | 3193 | &nbsp;&nbsp; 158410 |
| Rubis S.C.A. | 4218 | &nbsp;&nbsp; 153370 |
| Sartorius Stedim Biotech | 1013 | &nbsp;&nbsp; 242605 |
| Societe BIC S.A. | 4342 | &nbsp;&nbsp; 241921 |
| SOITEC<sup>(b)</sup> | 3028 | &nbsp;&nbsp; 143481 |
| Solutions 30 SE<sup>(a)(b)</sup> | 8152 | &nbsp;&nbsp; 9392 |
| Sopra Steria Group | 1732 | &nbsp;&nbsp; 269942 |
| Stef S.A. | 196 | &nbsp;&nbsp; 27377 |
| Technip Energies N.V. | 9565 | &nbsp;&nbsp; 389188 |
| Television Francaise 1 S.A.<sup>(a)</sup> | 21634 | &nbsp;&nbsp; 198186 |
| Tikehau Capital S.C.A.<sup>(a)</sup> | 1838 | &nbsp;&nbsp; 38230 |
| Trigano S.A.<sup>(a)</sup> | 1544 | &nbsp;&nbsp; 257283 |
| Ubisoft Entertainment S.A.<sup>(b)</sup> | 31421 | &nbsp;&nbsp; 280903 |
| Vallourec SACA | 23690 | &nbsp;&nbsp; 442284 |
| Verallia S.A.<sup>(a)(c)</sup> | 9980 | &nbsp;&nbsp; 260623 |
| Vicat S.A. | 2828 | &nbsp;&nbsp; 212296 |
| Virbac SACA | 353 | &nbsp;&nbsp; 144537 |
| Viridien<sup>(a)(b)</sup> | 2555 | &nbsp;&nbsp; 313291 |
| Vivendi SE | 76650 | &nbsp;&nbsp; 276462 |
|  |  | &nbsp;&nbsp; 11817355 |
| **Georgia-0.11%** | **Georgia-0.11%** | **Georgia-0.11%** |
| Lion Finance Group PLC | 3255 | &nbsp;&nbsp; 342706 |
| TBC Bank Group PLC | 792 | &nbsp;&nbsp; 45380 |
|  |  | &nbsp;&nbsp; 388086 |
| **Germany-3.60%** | **Germany-3.60%** | **Germany-3.60%** |
| AIXTRON SE | 10428 | &nbsp;&nbsp; 167333 |
| Aroundtown S.A.<sup>(b)</sup> | 125591 | &nbsp;&nbsp; 449400 |
| Auto1 Group SE<sup>(b)</sup> | 17265 | &nbsp;&nbsp; 607553 |
| Bechtle AG | 11437 | &nbsp;&nbsp; 484088 |
| Bilfinger SE | 3937 | &nbsp;&nbsp; 425345 |
| CANCOM SE | 6314 | &nbsp;&nbsp; 179852 |
| Carl Zeiss Meditec AG, BR | 4153 | &nbsp;&nbsp; 210927 |
| CECONOMY AG<sup>(b)</sup> | 35392 | &nbsp;&nbsp; 181437 |
| Cewe Stiftung & Co. KGaA | 425 | &nbsp;&nbsp; 48763 |
| CTS Eventim AG & Co. KGaA | 1375 | &nbsp;&nbsp; 123354 |
| Deutsche Pfandbriefbank AG<sup>(c)</sup> | 45589 | &nbsp;&nbsp; 240100 |
| Deutsche Wohnen SE | 1224 | &nbsp;&nbsp; 30547 |
| Deutz AG | 36884 | &nbsp;&nbsp; 366082 |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares<br>| 1474 | &nbsp;&nbsp; 124377 |

---

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

------

**47**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Duerr AG | 12239 | &nbsp;&nbsp; $285854 |
| DWS Group GmbH & Co. KGaA<sup>(c)</sup> | 5311 | &nbsp;&nbsp; 340465 |
| Evotec SE<sup>(a)(b)</sup> | 15373 | &nbsp;&nbsp; 125365 |
| Fielmann Group AG | 2009 | &nbsp;&nbsp; 109866 |
| flatexDEGIRO AG | 2231 | &nbsp;&nbsp; 84740 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<sup>(b)</sup><br>| 3962 | &nbsp;&nbsp; 340059 |
| Gerresheimer AG<sup>(a)</sup> | 4902 | &nbsp;&nbsp; 156239 |
| Grand City Properties S.A.<sup>(b)</sup> | 14237 | &nbsp;&nbsp; 181528 |
| GRENKE AG | 4540 | &nbsp;&nbsp; 78330 |
| Hella GmbH & Co. KGaA | 724 | &nbsp;&nbsp; 67484 |
| HelloFresh SE<sup>(b)</sup> | 26308 | &nbsp;&nbsp; 213555 |
| Hensoldt AG | 1875 | &nbsp;&nbsp; 200140 |
| HOCHTIEF AG | 490 | &nbsp;&nbsp; 140838 |
| Hornbach Holding AG & Co. KGaA | 1387 | &nbsp;&nbsp; 138966 |
| HUGO BOSS AG | 5471 | &nbsp;&nbsp; 243047 |
| Jenoptik AG | 8451 | &nbsp;&nbsp; 191131 |
| JOST Werke SE<sup>(c)</sup> | 864 | &nbsp;&nbsp; 50404 |
| Jungheinrich AG, Preference Shares | 7480 | &nbsp;&nbsp; 267681 |
| Kloeckner & Co. SE | 15543 | &nbsp;&nbsp; 99521 |
| Krones AG | 2037 | &nbsp;&nbsp; 296269 |
| KSB SE & Co. KGaA, Preference Shares | 70 | &nbsp;&nbsp; 72763 |
| KWS Saat SE & Co. KGaA | 1139 | &nbsp;&nbsp; 87916 |
| Mutares SE & Co. KGaA<sup>(a)</sup> | 4660 | &nbsp;&nbsp; 148958 |
| Nemetschek SE | 1155 | &nbsp;&nbsp; 133640 |
| Nordex SE<sup>(b)</sup> | 12539 | &nbsp;&nbsp; 370784 |
| ProSiebenSat.1 Media SE<sup>(a)</sup> | 36222 | &nbsp;&nbsp; 220959 |
| Rational AG | 189 | &nbsp;&nbsp; 138837 |
| SAF-Holland SE | 8380 | &nbsp;&nbsp; 136500 |
| Salzgitter AG<sup>(a)</sup> | 12853 | &nbsp;&nbsp; 417665 |
| Sartorius AG, Preference Shares<sup>(a)</sup> | 1122 | &nbsp;&nbsp; 309109 |
| Scout24 SE<sup>(c)</sup> | 3140 | &nbsp;&nbsp; 363618 |
| SGL Carbon SE<sup>(a)(b)</sup> | 2764 | &nbsp;&nbsp; 9801 |
| Siltronic AG<sup>(a)</sup> | 5250 | &nbsp;&nbsp; 324644 |
| Sirius Real Estate Ltd. | 145804 | &nbsp;&nbsp; 191493 |
| Sixt SE | 3762 | &nbsp;&nbsp; 331154 |
| Softwareone Holding AG<sup>(a)</sup> | 24519 | &nbsp;&nbsp; 252578 |
| Stabilus SE | 6481 | &nbsp;&nbsp; 162922 |
| STO SE & Co. KGaA, Preference Shares | 233 | &nbsp;&nbsp; 32074 |
| Stroeer SE & Co. KGaA | 2847 | &nbsp;&nbsp; 124736 |
| Suedzucker AG<sup>(a)</sup> | 18663 | &nbsp;&nbsp; 206109 |
| TAG Immobilien AG | 18749 | &nbsp;&nbsp; 311669 |
| TeamViewer SE<sup>(b)(c)</sup> | 8316 | &nbsp;&nbsp; 61294 |
| Traton SE<sup>(a)</sup> | 2677 | &nbsp;&nbsp; 86107 |
| TUI AG<sup>(b)</sup> | 44634 | &nbsp;&nbsp; 380832 |
| United Internet AG | 16129 | &nbsp;&nbsp; 498601 |
| Wacker Chemie AG | 4778 | &nbsp;&nbsp; 377350 |
| Wacker Neuson SE | 3858 | &nbsp;&nbsp; 84117 |
| Wuestenrot & Wuerttembergische AG | 2256 | &nbsp;&nbsp; 36826 |
|  |  | &nbsp;&nbsp; 13123696 |
| **Ghana-0.00%** | **Ghana-0.00%** | **Ghana-0.00%** |
| Tullow Oil PLC<sup>(a)(b)</sup> | 68035 | &nbsp;&nbsp; 8783 |
| **Hong Kong-1.67%** | **Hong Kong-1.67%** | **Hong Kong-1.67%** |
| ASMPT Ltd. | 57421 | &nbsp;&nbsp; 604273 |
| Bank of East Asia Ltd. (The) | 41045 | &nbsp;&nbsp; 70656 |
| Cathay Pacific Airways Ltd. | 186673 | &nbsp;&nbsp; 265677 |
| Champion REIT<sup>(a)</sup> | 94084 | &nbsp;&nbsp; 25265 |
| CK Infrastructure Holdings Ltd. | 55941 | &nbsp;&nbsp; 363783 |
| Cowell e Holdings, Inc.<sup>(b)</sup> | 18619 | &nbsp;&nbsp; 73952 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| Crystal International Group Ltd.<sup>(c)</sup> | 90203 | &nbsp;&nbsp; $79048 |
| CTF Services Ltd. | 38661 | &nbsp;&nbsp; 41766 |
| Dah Sing Financial Holdings Ltd. | 20269 | &nbsp;&nbsp; 93701 |
| DFI Retail Group Holdings Ltd. | 47669 | &nbsp;&nbsp; 167248 |
| Fortune REIT | 121249 | &nbsp;&nbsp; 78307 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | 1829 | &nbsp;&nbsp; 364044 |
| Grand Pharmaceutical Group Ltd. | 120375 | &nbsp;&nbsp; 128127 |
| Hang Lung Properties Ltd. | 449170 | &nbsp;&nbsp; 500064 |
| HK Electric Investments & HK Electric <br> Investments Ltd.<br>| 139010 | &nbsp;&nbsp; 108024 |
| HKBN Ltd.<sup>(a)</sup> | 139200 | &nbsp;&nbsp; 122386 |
| Hongkong Land Holdings Ltd. | 20984 | &nbsp;&nbsp; 128219 |
| Hutchison Port Holdings Trust, Class U | 274037 | &nbsp;&nbsp; 57573 |
| Hysan Development Co. Ltd. | 95721 | &nbsp;&nbsp; 198269 |
| Johnson Electric Holdings Ltd. | 77660 | &nbsp;&nbsp; 364327 |
| Kerry Properties Ltd. | 14568 | &nbsp;&nbsp; 36710 |
| Luk Fook Holdings International Ltd. | 49257 | &nbsp;&nbsp; 157452 |
| Man Wah Holdings Ltd. | 333591 | &nbsp;&nbsp; 203609 |
| Melco International Development Ltd.<sup>(b)</sup> | 44645 | &nbsp;&nbsp; 26815 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(b)</sup> | 25217 | &nbsp;&nbsp; 206779 |
| Pacific Basin Shipping Ltd.<sup>(a)</sup> | 166237 | &nbsp;&nbsp; 55046 |
| PAX Global Technology Ltd. | 82661 | &nbsp;&nbsp; 56620 |
| PCCW Ltd. | 470950 | &nbsp;&nbsp; 336361 |
| Power Assets Holdings Ltd.<sup>(a)</sup> | 58076 | &nbsp;&nbsp; 368864 |
| Sino Land Co. Ltd. | 56838 | &nbsp;&nbsp; 70586 |
| Skyworth Group Ltd.<sup>(b)</sup> | 238687 | &nbsp;&nbsp; 120936 |
| Swire Properties Ltd. | 27611 | &nbsp;&nbsp; 75204 |
| United Energy Group Ltd.<sup>(a)</sup> | 660089 | &nbsp;&nbsp; 42107 |
| United Laboratories International Holdings <br> Ltd. (The)<sup>(a)</sup><br>| 140526 | &nbsp;&nbsp; 227469 |
| Vitasoy International Holdings Ltd. | 67137 | &nbsp;&nbsp; 65648 |
| VTech Holdings Ltd. | 25217 | &nbsp;&nbsp; 205619 |
|  |  | &nbsp;&nbsp; 6090534 |
| **Indonesia-0.10%** | **Indonesia-0.10%** | **Indonesia-0.10%** |
| First Pacific Co. Ltd. | 207234 | &nbsp;&nbsp; 167287 |
| Nickel Industries Ltd. | 429757 | &nbsp;&nbsp; 207702 |
|  |  | &nbsp;&nbsp; 374989 |
| **Iraq-0.01%** | **Iraq-0.01%** | **Iraq-0.01%** |
| Gulf Keystone Petroleum Ltd. | 15016 | &nbsp;&nbsp; 35749 |
| **Ireland-0.30%** | **Ireland-0.30%** | **Ireland-0.30%** |
| Cairn Homes PLC | 73504 | &nbsp;&nbsp; 163789 |
| Cimpress PLC<sup>(a)(b)</sup> | 3207 | &nbsp;&nbsp; 221956 |
| Dalata Hotel Group PLC | 22401 | &nbsp;&nbsp; 166401 |
| Glanbia PLC | 6218 | &nbsp;&nbsp; 105387 |
| Glenveagh Properties PLC<sup>(b)(c)</sup> | 71988 | &nbsp;&nbsp; 158445 |
| Greencoat Renewables PLC<sup>(a)</sup> | 59743 | &nbsp;&nbsp; 48542 |
| Greencore Group PLC | 67130 | &nbsp;&nbsp; 210314 |
|  |  | &nbsp;&nbsp; 1074834 |
| **Israel-2.54%** | **Israel-2.54%** | **Israel-2.54%** |
| Airport City Ltd.<sup>(b)</sup> | 6917 | &nbsp;&nbsp; 136902 |
| Alony Hetz Properties & Investments Ltd. | 21705 | &nbsp;&nbsp; 266461 |
| Amot Investments Ltd. | 23741 | &nbsp;&nbsp; 187679 |
| Ashtrom Group Ltd. | 5872 | &nbsp;&nbsp; 134339 |
| Azrieli Group Ltd. | 2843 | &nbsp;&nbsp; 300334 |
| Bezeq The Israeli Telecommunication Corp. <br> Ltd.<br>| 177542 | &nbsp;&nbsp; 364134 |
| Big Shopping Centers Ltd. | 1157 | &nbsp;&nbsp; 259169 |
| Cellcom Israel Ltd.<sup>(b)</sup> | 9366 | &nbsp;&nbsp; 97764 |

---

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

------

**48**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** |
| Clal Insurance Enterprises Holdings Ltd. | 6322 | &nbsp;&nbsp; $351995 |
| Cognyte Software Ltd.<sup>(b)</sup> | 7985 | &nbsp;&nbsp; 66675 |
| Delek Automotive Systems Ltd.<sup>(a)</sup> | 3905 | &nbsp;&nbsp; 32893 |
| Delek Group Ltd. | 1893 | &nbsp;&nbsp; 498352 |
| El Al Israel Airlines<sup>(a)(b)</sup> | 14140 | &nbsp;&nbsp; 58834 |
| Elbit Systems Ltd. | 1426 | &nbsp;&nbsp; 676348 |
| Energean PLC<sup>(a)</sup> | 12352 | &nbsp;&nbsp; 156563 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | 5194 | &nbsp;&nbsp; 180777 |
| Equital Ltd.<sup>(b)</sup> | 902 | &nbsp;&nbsp; 43075 |
| Fattal Holdings 1998 Ltd.<sup>(b)</sup> | 169 | &nbsp;&nbsp; 30715 |
| FIBI Holdings Ltd. | 1500 | &nbsp;&nbsp; 115382 |
| First International Bank of Israel Ltd. (The) | 5920 | &nbsp;&nbsp; 426335 |
| Formula Systems 1985 Ltd. | 530 | &nbsp;&nbsp; 77038 |
| G City Ltd.<sup>(a)</sup> | 16607 | &nbsp;&nbsp; 56633 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| 11926 | &nbsp;&nbsp; 416202 |
| Isracard Ltd. | 25833 | &nbsp;&nbsp; 110359 |
| Israel Corp. Ltd. | 544 | &nbsp;&nbsp; 192857 |
| Kornit Digital Ltd.<sup>(b)</sup> | 3751 | &nbsp;&nbsp; 50639 |
| Melisron Ltd. | 1932 | &nbsp;&nbsp; 251807 |
| Migdal Insurance & Financial Holdings Ltd. | 35873 | &nbsp;&nbsp; 128898 |
| Mivne Real Estate KD Ltd. | 55590 | &nbsp;&nbsp; 245765 |
| Mobileye Global, Inc., Class A<sup>(b)</sup> | 8248 | &nbsp;&nbsp; 108461 |
| Nova Ltd.<sup>(a)(b)</sup> | 653 | &nbsp;&nbsp; 225050 |
| Oil Refineries Ltd. | 55781 | &nbsp;&nbsp; 16307 |
| Partner Communications Co. Ltd. | 10111 | &nbsp;&nbsp; 100523 |
| Paz Retail and Energy Ltd. | 580 | &nbsp;&nbsp; 124070 |
| Perion Network Ltd.<sup>(b)</sup> | 1047 | &nbsp;&nbsp; 9859 |
| Phoenix Finance Ltd. | 15078 | &nbsp;&nbsp; 581216 |
| Plus500 Ltd. | 11578 | &nbsp;&nbsp; 481810 |
| Radware Ltd.<sup>(b)</sup> | 3067 | &nbsp;&nbsp; 78607 |
| Reit 1 Ltd. | 11689 | &nbsp;&nbsp; 95904 |
| Shikun & Binui Ltd.<sup>(a)(b)</sup> | 31658 | &nbsp;&nbsp; 176575 |
| Shufersal Ltd. | 19789 | &nbsp;&nbsp; 246258 |
| Strauss Group Ltd. | 5332 | &nbsp;&nbsp; 150343 |
| Taboola.com Ltd.<sup>(b)</sup> | 26206 | &nbsp;&nbsp; 93555 |
| Tower Semiconductor Ltd.<sup>(b)</sup> | 8203 | &nbsp;&nbsp; 678900 |
| Wix.com Ltd.<sup>(b)</sup> | 1263 | &nbsp;&nbsp; 183817 |
|  |  | &nbsp;&nbsp; 9266179 |
| **Italy-2.53%** | **Italy-2.53%** | **Italy-2.53%** |
| ACEA S.p.A. | 9027 | &nbsp;&nbsp; 219237 |
| Amplifon S.p.A. | 8583 | &nbsp;&nbsp; 146879 |
| Ariston Holding N.V. | 4011 | &nbsp;&nbsp; 16698 |
| Azimut Holding S.p.A. | 9907 | &nbsp;&nbsp; 388250 |
| Banca Generali S.p.A. | 5593 | &nbsp;&nbsp; 317191 |
| Banca IFIS S.p.A. | 5854 | &nbsp;&nbsp; 151446 |
| Banca Mediolanum S.p.A. | 27583 | &nbsp;&nbsp; 555288 |
| Banca Popolare di Sondrio S.p.A. | 23424 | &nbsp;&nbsp; 393326 |
| BFF Bank S.p.A.<sup>(b)(c)</sup> | 22850 | &nbsp;&nbsp; 276182 |
| Brembo N.V. | 25977 | &nbsp;&nbsp; 280549 |
| Brunello Cucinelli S.p.A.<sup>(a)</sup> | 188 | &nbsp;&nbsp; 19079 |
| Credito Emiliano S.p.A. | 8431 | &nbsp;&nbsp; 133654 |
| Danieli & C. Officine Meccaniche S.p.A.<sup>(a)</sup> | 7510 | &nbsp;&nbsp; 406357 |
| Davide Campari-Milano N.V.<sup>(a)</sup> | 45581 | &nbsp;&nbsp; 317756 |
| De' Longhi S.p.A. | 8275 | &nbsp;&nbsp; 302444 |
| DiaSorin S.p.A. | 1863 | &nbsp;&nbsp; 165234 |
| doValue S.p.A.<sup>(b)(c)</sup> | 2456 | &nbsp;&nbsp; 7682 |
| Enav S.p.A.<sup>(c)</sup> | 35847 | &nbsp;&nbsp; 187557 |
| ERG S.p.A.<sup>(a)</sup> | 8024 | &nbsp;&nbsp; 207267 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| F.I.L.A - Fabbrica Italiana Lapis ed Affini - <br> S.p.A.<br>| 2321 | &nbsp;&nbsp; $25483 |
| Fincantieri S.p.A.<sup>(b)</sup> | 7709 | &nbsp;&nbsp; 198607 |
| Infrastrutture Wireless Italiane S.p.A.<sup>(a)(c)</sup> | 23628 | &nbsp;&nbsp; 259982 |
| Interpump Group S.p.A.<sup>(a)</sup> | 7421 | &nbsp;&nbsp; 383516 |
| Iren S.p.A. | 138767 | &nbsp;&nbsp; 410018 |
| Italgas S.p.A. | 45897 | &nbsp;&nbsp; 482242 |
| Maire S.p.A. | 8949 | &nbsp;&nbsp; 136056 |
| MFE-MediaForEurope N.V., Class A | 77214 | &nbsp;&nbsp; 273764 |
| OVS S.p.A.<sup>(c)</sup> | 41200 | &nbsp;&nbsp; 208210 |
| Piaggio & C S.p.A.<sup>(a)</sup> | 49001 | &nbsp;&nbsp; 111707 |
| Pirelli & C. S.p.A.<sup>(c)</sup> | 55795 | &nbsp;&nbsp; 392210 |
| Prada S.p.A. | 36080 | &nbsp;&nbsp; 212872 |
| Recordati Industria Chimica e Farmaceutica <br> S.p.A.<br>| 6392 | &nbsp;&nbsp; 380975 |
| Reply S.p.A.<sup>(a)</sup> | 1192 | &nbsp;&nbsp; 167516 |
| Saipem S.p.A.<sup>(a)</sup> | 191833 | &nbsp;&nbsp; 500771 |
| Salvatore Ferragamo S.p.A.<sup>(a)(b)</sup> | 14976 | &nbsp;&nbsp; 120907 |
| Sesa S.p.A. | 210 | &nbsp;&nbsp; 19569 |
| SOL S.p.A. | 1575 | &nbsp;&nbsp; 92342 |
| Technogym S.p.A.<sup>(c)</sup> | 7940 | &nbsp;&nbsp; 144011 |
| Webuild S.p.A. | 47676 | &nbsp;&nbsp; 192932 |
| Webuild S.p.A., Wts., expiring <br> 08/31/2030<sup>(b)(d)</sup><br>| 6553 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 9205766 |
| **Ivory Coast-0.13%** | **Ivory Coast-0.13%** | **Ivory Coast-0.13%** |
| Endeavour Mining PLC | 11825 | &nbsp;&nbsp; 474215 |
| **Japan-30.07%** | **Japan-30.07%** | **Japan-30.07%** |
| 77 Bank Ltd. (The) | 11423 | &nbsp;&nbsp; 489791 |
| ABC-MART, Inc. | 12492 | &nbsp;&nbsp; 214087 |
| ACOM Co. Ltd. | 63822 | &nbsp;&nbsp; 182007 |
| Activia Properties, Inc. | 282 | &nbsp;&nbsp; 258113 |
| ADEKA Corp. | 14656 | &nbsp;&nbsp; 332191 |
| Advance Residence Investment Corp. | 267 | &nbsp;&nbsp; 289097 |
| AEON Financial Service Co. Ltd. | 32451 | &nbsp;&nbsp; 317524 |
| AEON Hokkaido Corp. | 3270 | &nbsp;&nbsp; 18435 |
| AEON REIT Investment Corp.<sup>(a)</sup> | 249 | &nbsp;&nbsp; 210885 |
| Ahresty Corp. | 4770 | &nbsp;&nbsp; 24778 |
| Aica Kogyo Co. Ltd. | 10617 | &nbsp;&nbsp; 250111 |
| Aichi Financial Group, Inc. | 7328 | &nbsp;&nbsp; 189010 |
| Aichi Steel Corp. | 13698 | &nbsp;&nbsp; 235920 |
| Aiful Corp. | 13855 | &nbsp;&nbsp; 40759 |
| Ain Holdings, Inc. | 7454 | &nbsp;&nbsp; 312428 |
| Air Water, Inc. | 5293 | &nbsp;&nbsp; 73944 |
| Aisan Industry Co. Ltd. | 10938 | &nbsp;&nbsp; 148261 |
| Alfresa Holdings Corp. | 5935 | &nbsp;&nbsp; 83882 |
| Alps Alpine Co. Ltd. | 15891 | &nbsp;&nbsp; 200233 |
| ALSOK Co. Ltd. | 57665 | &nbsp;&nbsp; 394273 |
| Amano Corp. | 8400 | &nbsp;&nbsp; 222946 |
| and St. HD Co. Ltd. | 6243 | &nbsp;&nbsp; 105384 |
| Anritsu Corp. | 29266 | &nbsp;&nbsp; 432927 |
| AOKI Holdings, Inc.<sup>(a)</sup> | 5744 | &nbsp;&nbsp; 61947 |
| Aoyama Trading Co. Ltd. | 14626 | &nbsp;&nbsp; 216316 |
| Aozora Bank Ltd. | 14815 | &nbsp;&nbsp; 212198 |
| Arata Corp. | 3259 | &nbsp;&nbsp; 63517 |
| Arclands Corp. | 15094 | &nbsp;&nbsp; 171499 |
| Arcs Co. Ltd. | 5092 | &nbsp;&nbsp; 103514 |
| ARE Holdings, Inc. | 16824 | &nbsp;&nbsp; 267239 |
| Ariake Japan Co. Ltd. | 566 | &nbsp;&nbsp; 19869 |

---

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

------

**49**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| artience Co. Ltd. | 8662 | &nbsp;&nbsp; $176604 |
| As One Corp. | 6763 | &nbsp;&nbsp; 110438 |
| Asahi Intecc Co. Ltd. | 10162 | &nbsp;&nbsp; 161200 |
| Asanuma Corp. | 4830 | &nbsp;&nbsp; 27152 |
| ASICS Corp. | 25620 | &nbsp;&nbsp; 652625 |
| ASKUL Corp. | 9655 | &nbsp;&nbsp; 87818 |
| Autobacs Seven Co. Ltd. | 9866 | &nbsp;&nbsp; 98607 |
| Awa Bank Ltd. (The) | 2942 | &nbsp;&nbsp; 69531 |
| Azbil Corp. | 55970 | &nbsp;&nbsp; 551915 |
| Bank of Nagoya Ltd. (The) | 8914 | &nbsp;&nbsp; 227692 |
| BayCurrent, Inc. | 3477 | &nbsp;&nbsp; 159526 |
| Belc Co. Ltd. | 1161 | &nbsp;&nbsp; 54528 |
| Bell System24 Holdings, Inc. | 1877 | &nbsp;&nbsp; 16133 |
| Bic Camera, Inc. | 24306 | &nbsp;&nbsp; 245102 |
| BIPROGY, Inc. | 9357 | &nbsp;&nbsp; 378077 |
| Blue Zones Holdings Co., Ltd. | 2661 | &nbsp;&nbsp; 135476 |
| BML, Inc. | 3785 | &nbsp;&nbsp; 89699 |
| Bunka Shutter Co. Ltd. | 5858 | &nbsp;&nbsp; 77288 |
| C. Uyemura & Co. Ltd. | 968 | &nbsp;&nbsp; 78762 |
| Calbee, Inc.<sup>(a)</sup> | 14529 | &nbsp;&nbsp; 270492 |
| Canon Marketing Japan, Inc. | 8897 | &nbsp;&nbsp; 370610 |
| Capcom Co. Ltd. | 12018 | &nbsp;&nbsp; 313939 |
| Casio Computer Co. Ltd. | 52056 | &nbsp;&nbsp; 408243 |
| CCI Group, Inc. | 30190 | &nbsp;&nbsp; 129092 |
| Central Glass Co. Ltd. | 1770 | &nbsp;&nbsp; 36941 |
| Chiba Kogyo Bank Ltd. (The) | 3673 | &nbsp;&nbsp; 38337 |
| Chiyoda Corp.<sup>(a)(b)</sup> | 13258 | &nbsp;&nbsp; 35101 |
| Chudenko Corp. | 3115 | &nbsp;&nbsp; 85041 |
| Chugin Financial Group, Inc. | 22232 | &nbsp;&nbsp; 310134 |
| Chugoku Marine Paints Ltd.<sup>(a)</sup> | 6641 | &nbsp;&nbsp; 177594 |
| Citizen Watch Co. Ltd.<sup>(a)</sup> | 53913 | &nbsp;&nbsp; 374273 |
| CKD Corp. | 12046 | &nbsp;&nbsp; 258033 |
| Colowide Co. Ltd.<sup>(a)</sup> | 2316 | &nbsp;&nbsp; 25133 |
| Comforia Residential REIT, Inc. | 76 | &nbsp;&nbsp; 160318 |
| COMSYS Holdings Corp. | 5065 | &nbsp;&nbsp; 127772 |
| Cosmos Pharmaceutical Corp. | 6506 | &nbsp;&nbsp; 291191 |
| Create SD Holdings Co. Ltd. | 5919 | &nbsp;&nbsp; 122711 |
| Credit Saison Co. Ltd. | 15920 | &nbsp;&nbsp; 387958 |
| CyberAgent, Inc. | 38439 | &nbsp;&nbsp; 383307 |
| Dai-Dan Co. Ltd. | 5789 | &nbsp;&nbsp; 256615 |
| Daido Steel Co. Ltd. | 32260 | &nbsp;&nbsp; 305350 |
| Daihen Corp. | 3726 | &nbsp;&nbsp; 243902 |
| Daiichikosho Co. Ltd. | 13237 | &nbsp;&nbsp; 135389 |
| Daio Paper Corp.<sup>(a)</sup> | 15939 | &nbsp;&nbsp; 84040 |
| Daiseki Co. Ltd. | 4915 | &nbsp;&nbsp; 103417 |
| Daishi Hokuetsu Financial Group, Inc. | 33156 | &nbsp;&nbsp; 319873 |
| Daiwa House REIT Investment Corp. | 410 | &nbsp;&nbsp; 353443 |
| Daiwa Office Investment Corp. | 81 | &nbsp;&nbsp; 198348 |
| Daiwa Securities Living Investments Corp. | 254 | &nbsp;&nbsp; 182037 |
| Daiwabo Holdings Co. Ltd. | 3751 | &nbsp;&nbsp; 70094 |
| DCM Holdings Co. Ltd. | 16921 | &nbsp;&nbsp; 156956 |
| DeNA Co. Ltd.<sup>(a)</sup> | 11904 | &nbsp;&nbsp; 208782 |
| Denka Co. Ltd.<sup>(a)</sup> | 6018 | &nbsp;&nbsp; 87373 |
| Dexerials Corp. | 12430 | &nbsp;&nbsp; 200566 |
| DIC Corp. | 4428 | &nbsp;&nbsp; 104219 |
| Digital Garage, Inc. | 905 | &nbsp;&nbsp; 19338 |
| DMG Mori Co. Ltd.<sup>(a)</sup> | 20575 | &nbsp;&nbsp; 319221 |
| Doutor Nichires Holdings Co. Ltd. | 7082 | &nbsp;&nbsp; 110516 |
| Dowa Holdings Co. Ltd.<sup>(a)</sup> | 2466 | &nbsp;&nbsp; 89447 |
| DTS Corp. | 18064 | &nbsp;&nbsp; 150541 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Duskin Co. Ltd.<sup>(a)</sup> | 5792 | &nbsp;&nbsp; $139689 |
| DyDo Group Holdings, Inc.<sup>(a)</sup> | 4762 | &nbsp;&nbsp; 75015 |
| Eagle Industry Co. Ltd. | 2605 | &nbsp;&nbsp; 46133 |
| Earth Corp. | 2714 | &nbsp;&nbsp; 88701 |
| EDION Corp. | 18129 | &nbsp;&nbsp; 238562 |
| Elecom Co. Ltd. | 7575 | &nbsp;&nbsp; 88613 |
| eRex Co. Ltd. | 4860 | &nbsp;&nbsp; 21160 |
| Exedy Corp. | 8892 | &nbsp;&nbsp; 298878 |
| EXEO Group, Inc. | 7598 | &nbsp;&nbsp; 109623 |
| Ezaki Glico Co. Ltd. | 9605 | &nbsp;&nbsp; 307051 |
| FCC Co. Ltd. | 9561 | &nbsp;&nbsp; 193202 |
| Ferrotec Corp.<sup>(a)</sup> | 13725 | &nbsp;&nbsp; 450077 |
| First Bank of Toyama Ltd. (The)<sup>(a)</sup> | 4011 | &nbsp;&nbsp; 37939 |
| Food & Life Cos. Ltd. | 6720 | &nbsp;&nbsp; 327874 |
| FP Corp. | 8528 | &nbsp;&nbsp; 138631 |
| Frontier Real Estate Investment Corp. | 318 | &nbsp;&nbsp; 186853 |
| Fuji Co. Ltd.<sup>(a)</sup> | 7172 | &nbsp;&nbsp; 91627 |
| Fuji Corp. | 15966 | &nbsp;&nbsp; 309960 |
| Fuji Media Holdings, Inc.<sup>(a)</sup> | 3532 | &nbsp;&nbsp; 78864 |
| Fuji Oil Co. Ltd.<sup>(a)</sup> | 12556 | &nbsp;&nbsp; 259802 |
| Fuji Oil Co. Ltd.<sup>(a)</sup> | 11226 | &nbsp;&nbsp; 34730 |
| Fuji Seal International, Inc. | 4799 | &nbsp;&nbsp; 84409 |
| Fujimi, Inc. | 7096 | &nbsp;&nbsp; 111008 |
| Fujitec Co. Ltd. | 7396 | &nbsp;&nbsp; 271476 |
| Fukuda Denshi Co. Ltd. | 1159 | &nbsp;&nbsp; 52450 |
| Fukuoka REIT Corp. | 99 | &nbsp;&nbsp; 121454 |
| Fukuyama Transporting Co. Ltd. | 4094 | &nbsp;&nbsp; 101729 |
| Furukawa Co. Ltd. | 5974 | &nbsp;&nbsp; 117785 |
| Futaba Industrial Co. Ltd. | 5852 | &nbsp;&nbsp; 35753 |
| Fuyo General Lease Co. Ltd. | 8990 | &nbsp;&nbsp; 235124 |
| Geo Holdings Corp. | 2901 | &nbsp;&nbsp; 30379 |
| Global One Real Estate Investment Corp. | 36 | &nbsp;&nbsp; 33112 |
| Glory Ltd. | 10802 | &nbsp;&nbsp; 258199 |
| GLP J-Reit | 331 | &nbsp;&nbsp; 300173 |
| GMO Internet Group, Inc. | 6053 | &nbsp;&nbsp; 135619 |
| GMO Payment Gateway, Inc. | 379 | &nbsp;&nbsp; 20682 |
| Godo Steel Ltd. | 697 | &nbsp;&nbsp; 16532 |
| Goldwin, Inc. | 8397 | &nbsp;&nbsp; 138750 |
| GS Yuasa Corp. | 5463 | &nbsp;&nbsp; 152606 |
| GungHo Online Entertainment, Inc. | 7854 | &nbsp;&nbsp; 132865 |
| Gunma Bank Ltd. (The) | 48162 | &nbsp;&nbsp; 500805 |
| Gunze Ltd. | 1313 | &nbsp;&nbsp; 32354 |
| H.I.S. Co. Ltd.<sup>(a)</sup> | 2726 | &nbsp;&nbsp; 23150 |
| H.U. Group Holdings, Inc. | 12187 | &nbsp;&nbsp; 297473 |
| H2O Retailing Corp. | 25203 | &nbsp;&nbsp; 341099 |
| Hachijuni Bank Ltd. (The) | 67052 | &nbsp;&nbsp; 675666 |
| Hagiwara Electric Holdings Co. Ltd. | 840 | &nbsp;&nbsp; 19293 |
| Hakuhodo DY Holdings, Inc. | 29107 | &nbsp;&nbsp; 210762 |
| Hamakyorex Co. Ltd. | 5410 | &nbsp;&nbsp; 53683 |
| Hamamatsu Photonics K.K. | 41540 | &nbsp;&nbsp; 465133 |
| Hanwa Co. Ltd. | 1519 | &nbsp;&nbsp; 63381 |
| Happinet Corp.<sup>(a)</sup> | 3794 | &nbsp;&nbsp; 154599 |
| Harmonic Drive Systems, Inc. | 888 | &nbsp;&nbsp; 16356 |
| Hazama Ando Corp. | 37526 | &nbsp;&nbsp; 420052 |
| Heiwa Corp. | 12673 | &nbsp;&nbsp; 164800 |
| Heiwa Real Estate Co. Ltd. | 1634 | &nbsp;&nbsp; 23923 |
| Heiwa Real Estate REIT, Inc. | 115 | &nbsp;&nbsp; 115186 |
| Heiwado Co. Ltd. | 9528 | &nbsp;&nbsp; 175328 |
| Hikari Tsushin, Inc. | 1309 | &nbsp;&nbsp; 346860 |
| Hino Motors Ltd.<sup>(b)</sup> | 32976 | &nbsp;&nbsp; 74938 |

---

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

------

**50**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Hirogin Holdings, Inc. | 40101 | &nbsp;&nbsp; $374791 |
| Hirose Electric Co. Ltd. | 3011 | &nbsp;&nbsp; 403519 |
| Hisamitsu Pharmaceutical Co., Inc. | 8987 | &nbsp;&nbsp; 233689 |
| Hogy Medical Co. Ltd. | 2622 | &nbsp;&nbsp; 91051 |
| Hokkaido Electric Power Co., Inc.<sup>(a)</sup> | 80126 | &nbsp;&nbsp; 557830 |
| Hokuetsu Corp.<sup>(a)</sup> | 18631 | &nbsp;&nbsp; 98841 |
| Hokuhoku Financial Group, Inc. | 20166 | &nbsp;&nbsp; 494196 |
| Hokuriku Electric Power Co. | 61964 | &nbsp;&nbsp; 344734 |
| Horiba Ltd. | 6124 | &nbsp;&nbsp; 569173 |
| Hoshino Resorts REIT, Inc.<sup>(a)</sup> | 67 | &nbsp;&nbsp; 112001 |
| Hoshizaki Corp.<sup>(a)</sup> | 11256 | &nbsp;&nbsp; 396186 |
| Hosiden Corp. | 11321 | &nbsp;&nbsp; 180534 |
| House Foods Group, Inc. | 9937 | &nbsp;&nbsp; 186277 |
| Hulic Reit, Inc. | 158 | &nbsp;&nbsp; 175918 |
| Hyakugo Bank Ltd. (The)<sup>(a)</sup> | 31586 | &nbsp;&nbsp; 195955 |
| Hyakujushi Bank Ltd. (The) | 4559 | &nbsp;&nbsp; 159659 |
| Ichigo Office REIT Investment Corp.<sup>(a)</sup> | 41 | &nbsp;&nbsp; 25261 |
| Idec Corp. | 1304 | &nbsp;&nbsp; 19858 |
| IDOM, Inc. | 19674 | &nbsp;&nbsp; 146913 |
| Iino Kaiun Kaisha Ltd.<sup>(a)</sup> | 17652 | &nbsp;&nbsp; 144023 |
| Inaba Denki Sangyo Co. Ltd. | 4663 | &nbsp;&nbsp; 137361 |
| Inabata & Co. Ltd. | 9787 | &nbsp;&nbsp; 219274 |
| Industrial & Infrastructure Fund Investment <br> Corp.<br>| 264 | &nbsp;&nbsp; 245371 |
| INFRONEER Holdings, Inc. | 9365 | &nbsp;&nbsp; 100364 |
| Internet Initiative Japan, Inc. | 10825 | &nbsp;&nbsp; 195380 |
| Invincible Investment Corp. | 579 | &nbsp;&nbsp; 258786 |
| Iriso Electronics Co. Ltd.<sup>(a)</sup> | 1042 | &nbsp;&nbsp; 20925 |
| Ishihara Sangyo Kaisha Ltd. | 3171 | &nbsp;&nbsp; 48814 |
| ITO EN Ltd.<sup>(a)</sup> | 12831 | &nbsp;&nbsp; 264554 |
| Itochu Enex Co. Ltd. | 7179 | &nbsp;&nbsp; 84731 |
| Itoham Yonekyu Holdings, Inc. | 5961 | &nbsp;&nbsp; 213225 |
| Itoki Corp. | 1696 | &nbsp;&nbsp; 27367 |
| Iyogin Holdings, Inc. | 39053 | &nbsp;&nbsp; 610456 |
| Izumi Co. Ltd. | 8600 | &nbsp;&nbsp; 160375 |
| J Trust Co. Ltd.<sup>(a)</sup> | 7277 | &nbsp;&nbsp; 19142 |
| J. Front Retailing Co. Ltd. | 26267 | &nbsp;&nbsp; 395214 |
| Jaccs Co. Ltd. | 5272 | &nbsp;&nbsp; 137940 |
| JAFCO Group Co. Ltd. | 12479 | &nbsp;&nbsp; 195116 |
| Japan Airport Terminal Co. Ltd. | 3852 | &nbsp;&nbsp; 119730 |
| Japan Aviation Electronics Industry Ltd. | 11412 | &nbsp;&nbsp; 170497 |
| Japan Excellent, Inc.<sup>(a)</sup> | 160 | &nbsp;&nbsp; 152768 |
| Japan Hotel REIT Investment Corp. | 411 | &nbsp;&nbsp; 239511 |
| Japan Lifeline Co. Ltd. | 9838 | &nbsp;&nbsp; 93416 |
| Japan Logistics Fund, Inc. | 261 | &nbsp;&nbsp; 169054 |
| Japan Petroleum Exploration Co. Ltd. | 44249 | &nbsp;&nbsp; 369944 |
| Japan Prime Realty Investment Corp.<sup>(a)</sup> | 415 | &nbsp;&nbsp; 282410 |
| Japan Real Estate Investment Corp. | 519 | &nbsp;&nbsp; 428210 |
| Japan Securities Finance Co. Ltd. | 2653 | &nbsp;&nbsp; 30477 |
| Japan Steel Works Ltd. (The) | 8568 | &nbsp;&nbsp; 561346 |
| Japan Wool Textile Co. Ltd. (The) | 3946 | &nbsp;&nbsp; 41637 |
| Jeol Ltd. | 5835 | &nbsp;&nbsp; 196168 |
| Joyful Honda Co. Ltd. | 8799 | &nbsp;&nbsp; 116424 |
| Juroku Financial Group, Inc. | 5640 | &nbsp;&nbsp; 205483 |
| JVCKenwood Corp. | 38560 | &nbsp;&nbsp; 309064 |
| Kadokawa Corp.<sup>(a)</sup> | 9615 | &nbsp;&nbsp; 215945 |
| Kaga Electronics Co. Ltd. | 7240 | &nbsp;&nbsp; 167712 |
| Kagome Co. Ltd.<sup>(a)</sup> | 11638 | &nbsp;&nbsp; 201138 |
| Kakaku.com, Inc. | 8697 | &nbsp;&nbsp; 154666 |
| Kaken Pharmaceutical Co. Ltd. | 6674 | &nbsp;&nbsp; 158801 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Kamigumi Co. Ltd. | 12577 | &nbsp;&nbsp; $377674 |
| Kanadevia Corp. | 37866 | &nbsp;&nbsp; 280675 |
| Kanamoto Co. Ltd.<sup>(a)</sup> | 5648 | &nbsp;&nbsp; 131590 |
| Kandenko Co. Ltd. | 18041 | &nbsp;&nbsp; 551569 |
| Kaneka Corp. | 2160 | &nbsp;&nbsp; 59615 |
| Kanematsu Corp. | 19739 | &nbsp;&nbsp; 399776 |
| Katitas Co. Ltd. | 1675 | &nbsp;&nbsp; 27240 |
| Kato Sangyo Co. Ltd. | 1702 | &nbsp;&nbsp; 65357 |
| KDX Realty Investment Corp.<sup>(a)</sup> | 245 | &nbsp;&nbsp; 271350 |
| Keihan Holdings Co. Ltd.<sup>(a)</sup> | 13280 | &nbsp;&nbsp; 269141 |
| Keikyu Corp.<sup>(a)</sup> | 34198 | &nbsp;&nbsp; 319152 |
| Keio Corp. | 11866 | &nbsp;&nbsp; 281533 |
| Keisei Electric Railway Co. Ltd. | 37914 | &nbsp;&nbsp; 302719 |
| Keiyo Bank Ltd. (The) | 20872 | &nbsp;&nbsp; 176152 |
| Kewpie Corp. | 21418 | &nbsp;&nbsp; 594508 |
| KH Neochem Co. Ltd. | 1792 | &nbsp;&nbsp; 32058 |
| Kinden Corp.<sup>(a)</sup> | 19875 | &nbsp;&nbsp; 796420 |
| Kissei Pharmaceutical Co. Ltd. | 4862 | &nbsp;&nbsp; 127012 |
| Ki-Star Real Estate Co. Ltd. | 870 | &nbsp;&nbsp; 29545 |
| Kitz Corp. | 9506 | &nbsp;&nbsp; 106606 |
| Kiyo Bank Ltd. (The) | 5492 | &nbsp;&nbsp; 107004 |
| Kobayashi Pharmaceutical Co. Ltd. | 7051 | &nbsp;&nbsp; 234530 |
| Kobe Bussan Co. Ltd.<sup>(a)</sup> | 7203 | &nbsp;&nbsp; 167199 |
| Koei Tecmo Holdings Co. Ltd. | 8841 | &nbsp;&nbsp; 119042 |
| Kohnan Shoji Co. Ltd. | 4579 | &nbsp;&nbsp; 110898 |
| Kokusai Electric Corp. | 7576 | &nbsp;&nbsp; 276937 |
| Kokuyo Co. Ltd. | 60978 | &nbsp;&nbsp; 350041 |
| Komeri Co. Ltd. | 4345 | &nbsp;&nbsp; 90428 |
| Komori Corp. | 2428 | &nbsp;&nbsp; 22811 |
| Konoike Transport Co. Ltd. | 5140 | &nbsp;&nbsp; 106346 |
| KOSE Corp. | 6975 | &nbsp;&nbsp; 267311 |
| KPP Group Holdings Co. Ltd.<sup>(a)</sup> | 4983 | &nbsp;&nbsp; 24624 |
| Kraftia Corp. | 9902 | &nbsp;&nbsp; 523982 |
| K's Holdings Corp. | 9797 | &nbsp;&nbsp; 97155 |
| Kumagai Gumi Co. Ltd. | 33216 | &nbsp;&nbsp; 301695 |
| Kumiai Chemical Industry Co. Ltd.<sup>(a)</sup> | 19864 | &nbsp;&nbsp; 87907 |
| Kurabo Industries Ltd. | 1995 | &nbsp;&nbsp; 90744 |
| Kureha Corp. | 10735 | &nbsp;&nbsp; 256722 |
| Kusuri no Aoki Holdings Co. Ltd.<sup>(a)</sup> | 5548 | &nbsp;&nbsp; 140630 |
| KYB Corp.<sup>(a)</sup> | 8956 | &nbsp;&nbsp; 227196 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 6501 | &nbsp;&nbsp; 108831 |
| Kyoritsu Maintenance Co. Ltd. | 5001 | &nbsp;&nbsp; 97364 |
| Kyoto Financial Group, Inc. | 24549 | &nbsp;&nbsp; 497500 |
| Kyushu Financial Group, Inc.<sup>(a)</sup> | 51254 | &nbsp;&nbsp; 293861 |
| LaSalle Logiport REIT | 194 | &nbsp;&nbsp; 187915 |
| Lasertec Corp.<sup>(a)</sup> | 1713 | &nbsp;&nbsp; 347919 |
| Leopalace21 Corp. | 19375 | &nbsp;&nbsp; 79152 |
| Life Corp. | 12273 | &nbsp;&nbsp; 192612 |
| Lintec Corp. | 10948 | &nbsp;&nbsp; 278334 |
| Lion Corp. | 35661 | &nbsp;&nbsp; 351530 |
| M3, Inc. | 25343 | &nbsp;&nbsp; 355305 |
| Mabuchi Motor Co. Ltd. | 19779 | &nbsp;&nbsp; 349541 |
| Macnica Holdings, Inc. | 32652 | &nbsp;&nbsp; 465024 |
| Makino Milling Machine Co. Ltd. | 4350 | &nbsp;&nbsp; 316137 |
| Mandom Corp.<sup>(a)</sup> | 2325 | &nbsp;&nbsp; 36593 |
| Marubun Corp. | 2466 | &nbsp;&nbsp; 18977 |
| Maruha Nichiro Corp., Class C | 10576 | &nbsp;&nbsp; 236494 |
| Marui Group Co. Ltd. | 12857 | &nbsp;&nbsp; 246664 |
| Maruichi Steel Tube Ltd. | 24642 | &nbsp;&nbsp; 208430 |
| Maruwa Co. Ltd. | 445 | &nbsp;&nbsp; 125863 |

---

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

------

**51**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Maruzen Showa Unyu Co. Ltd. | 1230 | &nbsp;&nbsp; $55368 |
| Matsui Securities Co. Ltd. | 3827 | &nbsp;&nbsp; 19071 |
| Max Co. Ltd. | 4521 | &nbsp;&nbsp; 163935 |
| Maxell Ltd. | 2023 | &nbsp;&nbsp; 29336 |
| McDonald's Holdings Co. (Japan) Ltd.<sup>(a)</sup> | 8445 | &nbsp;&nbsp; 330486 |
| MCJ Co. Ltd. | 8069 | &nbsp;&nbsp; 76142 |
| Medipal Holdings Corp. | 6658 | &nbsp;&nbsp; 108367 |
| Megachips Corp. | 746 | &nbsp;&nbsp; 39114 |
| Megmilk Snow Brand Co. Ltd. | 8554 | &nbsp;&nbsp; 156942 |
| Meidensha Corp. | 7297 | &nbsp;&nbsp; 289087 |
| Meiko Electronics Co. Ltd. | 2853 | &nbsp;&nbsp; 187704 |
| MEITEC Group Holdings, Inc. | 9092 | &nbsp;&nbsp; 186439 |
| Menicon Co. Ltd.<sup>(a)</sup> | 13629 | &nbsp;&nbsp; 106290 |
| Milbon Co. Ltd. | 3962 | &nbsp;&nbsp; 59530 |
| Mirai Corp.<sup>(a)</sup> | 72 | &nbsp;&nbsp; 22562 |
| MIRAIT ONE Corp. | 13808 | &nbsp;&nbsp; 267658 |
| Mitsuba Corp. | 3659 | &nbsp;&nbsp; 22249 |
| Mitsubishi Estate Logistics REIT Investment <br> Corp.<br>| 143 | &nbsp;&nbsp; 114608 |
| Mitsubishi Logisnext Co. Ltd. | 3759 | &nbsp;&nbsp; 37446 |
| Mitsubishi Logistics Corp. | 55172 | &nbsp;&nbsp; 400197 |
| Mitsubishi Paper Mills Ltd.<sup>(a)</sup> | 6346 | &nbsp;&nbsp; 25118 |
| Mitsubishi Pencil Co. Ltd. | 3893 | &nbsp;&nbsp; 51659 |
| Mitsuboshi Belting Ltd.<sup>(a)</sup> | 3697 | &nbsp;&nbsp; 89050 |
| Mitsui E&S Co. Ltd. | 16085 | &nbsp;&nbsp; 654169 |
| Mitsui Fudosan Accommodations Fund, Inc. | 227 | &nbsp;&nbsp; 191369 |
| Mitsui Fudosan Logistics Park, Inc. | 236 | &nbsp;&nbsp; 171130 |
| Mitsui High-Tec, Inc. | 15849 | &nbsp;&nbsp; 79076 |
| Mitsui Matsushima Holdings Co. Ltd.<sup>(a)</sup> | 6680 | &nbsp;&nbsp; 56122 |
| Mitsui-Soko Holdings Co. Ltd. | 11413 | &nbsp;&nbsp; 299621 |
| Mitsuuroko Group Holdings Co. Ltd. | 1682 | &nbsp;&nbsp; 22989 |
| Miura Co. Ltd. | 12003 | &nbsp;&nbsp; 232505 |
| Mixi, Inc. | 8392 | &nbsp;&nbsp; 169409 |
| Mizuho Leasing Co. Ltd. | 26077 | &nbsp;&nbsp; 208984 |
| Mizuno Corp. | 11399 | &nbsp;&nbsp; 205713 |
| Mochida Pharmaceutical Co. Ltd. | 982 | &nbsp;&nbsp; 18766 |
| Modec, Inc. | 4996 | &nbsp;&nbsp; 324202 |
| Monex Group, Inc. | 5116 | &nbsp;&nbsp; 23509 |
| MonotaRO Co. Ltd. | 8839 | &nbsp;&nbsp; 123367 |
| Mori Hills REIT Investment Corp. | 168 | &nbsp;&nbsp; 159415 |
| Mori Trust REIT, Inc. | 268 | &nbsp;&nbsp; 135195 |
| Morinaga & Co. Ltd. | 13587 | &nbsp;&nbsp; 234198 |
| Morinaga Milk Industry Co. Ltd. | 20591 | &nbsp;&nbsp; 444638 |
| Morita Holdings Corp. | 3093 | &nbsp;&nbsp; 46777 |
| Musashi Seimitsu Industry Co. Ltd. | 11292 | &nbsp;&nbsp; 254839 |
| Musashino Bank Ltd. (The) | 3556 | &nbsp;&nbsp; 95700 |
| Nabtesco Corp. | 20946 | &nbsp;&nbsp; 524877 |
| Nachi-Fujikoshi Corp. | 1259 | &nbsp;&nbsp; 32217 |
| Nagase & Co. Ltd. | 2970 | &nbsp;&nbsp; 64883 |
| Nagoya Railroad Co. Ltd. | 6609 | &nbsp;&nbsp; 72321 |
| Nakanishi, Inc. | 8307 | &nbsp;&nbsp; 110026 |
| Nankai Electric Railway Co. Ltd. | 14103 | &nbsp;&nbsp; 254836 |
| Nanto Bank Ltd. (The) | 5512 | &nbsp;&nbsp; 183392 |
| Nextage Co. Ltd. | 9429 | &nbsp;&nbsp; 141738 |
| NHK Spring Co. Ltd. | 36693 | &nbsp;&nbsp; 688161 |
| Nichias Corp. | 9367 | &nbsp;&nbsp; 349648 |
| Nichicon Corp. | 14513 | &nbsp;&nbsp; 145667 |
| Nichiha Corp. | 3066 | &nbsp;&nbsp; 54554 |
| Nifco, Inc. | 15662 | &nbsp;&nbsp; 454040 |
| Nihon Kohden Corp. | 27131 | &nbsp;&nbsp; 313665 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Nihon M&A Center Holdings, Inc. | 26105 | &nbsp;&nbsp; $122993 |
| Nihon Parkerizing Co. Ltd. | 8021 | &nbsp;&nbsp; 69693 |
| Nikkon Holdings Co. Ltd.<sup>(a)</sup> | 15106 | &nbsp;&nbsp; 340823 |
| Nippn Corp. | 11283 | &nbsp;&nbsp; 160468 |
| Nippon Carbon Co. Ltd. | 657 | &nbsp;&nbsp; 18483 |
| Nippon Chemi-Con Corp.<sup>(b)</sup> | 3042 | &nbsp;&nbsp; 30709 |
| Nippon Densetsu Kogyo Co. Ltd. | 3335 | &nbsp;&nbsp; 62239 |
| Nippon Gas Co. Ltd. | 13489 | &nbsp;&nbsp; 258319 |
| Nippon Kayaku Co. Ltd. | 24944 | &nbsp;&nbsp; 228180 |
| Nippon Light Metal Holdings Co. Ltd. | 12185 | &nbsp;&nbsp; 177505 |
| Nippon Paper Industries Co. Ltd. | 9845 | &nbsp;&nbsp; 73682 |
| Nippon Prologis REIT, Inc. | 522 | &nbsp;&nbsp; 303718 |
| NIPPON REIT Investment Corp. | 234 | &nbsp;&nbsp; 147808 |
| Nippon Seiki Co. Ltd. | 2387 | &nbsp;&nbsp; 27593 |
| Nippon Sheet Glass Co. Ltd.<sup>(b)</sup> | 17070 | &nbsp;&nbsp; 63888 |
| Nippon Shinyaku Co. Ltd. | 14021 | &nbsp;&nbsp; 293474 |
| Nippon Shokubai Co. Ltd. | 36545 | &nbsp;&nbsp; 423574 |
| Nippon Soda Co. Ltd. | 8033 | &nbsp;&nbsp; 178147 |
| Nippon Yakin Kogyo Co. Ltd. | 1265 | &nbsp;&nbsp; 35062 |
| Nipro Corp. | 27481 | &nbsp;&nbsp; 268347 |
| Nishimatsu Construction Co. Ltd. | 7330 | &nbsp;&nbsp; 251874 |
| Nishimatsuya Chain Co. Ltd.<sup>(a)</sup> | 8433 | &nbsp;&nbsp; 112874 |
| Nishi-Nippon Financial Holdings, Inc. | 24419 | &nbsp;&nbsp; 417428 |
| Nishi-Nippon Railroad Co. Ltd. | 9463 | &nbsp;&nbsp; 137517 |
| Nisshin Oillio Group Ltd. (The) | 4603 | &nbsp;&nbsp; 152143 |
| Nisshinbo Holdings, Inc. | 41109 | &nbsp;&nbsp; 324992 |
| Nissui Corp. | 18065 | &nbsp;&nbsp; 125904 |
| Nitta Corp. | 1330 | &nbsp;&nbsp; 34875 |
| Nitto Boseki Co. Ltd. | 3724 | &nbsp;&nbsp; 210275 |
| Nitto Kogyo Corp. | 4797 | &nbsp;&nbsp; 114917 |
| NOF Corp. | 25222 | &nbsp;&nbsp; 448974 |
| Nojima Corp. | 34614 | &nbsp;&nbsp; 255675 |
| NOK Corp. | 18169 | &nbsp;&nbsp; 322734 |
| Nomura Co. Ltd. | 17002 | &nbsp;&nbsp; 113139 |
| Nomura Real Estate Holdings, Inc. | 69318 | &nbsp;&nbsp; 396008 |
| Noritake Co. Ltd. | 3829 | &nbsp;&nbsp; 119980 |
| Noritsu Koki Co. Ltd. | 11894 | &nbsp;&nbsp; 129156 |
| North Pacific Bank Ltd.<sup>(a)</sup> | 71121 | &nbsp;&nbsp; 333203 |
| Npr-Riken Corp. | 1631 | &nbsp;&nbsp; 33037 |
| NS Solutions Corp.<sup>(a)</sup> | 7155 | &nbsp;&nbsp; 180348 |
| NS United Kaiun Kaisha Ltd.<sup>(a)</sup> | 956 | &nbsp;&nbsp; 34190 |
| NSD Co. Ltd. | 5604 | &nbsp;&nbsp; 119776 |
| NTN Corp.<sup>(a)</sup> | 153377 | &nbsp;&nbsp; 342545 |
| NTT UD REIT Investment Corp.<sup>(a)</sup> | 168 | &nbsp;&nbsp; 148821 |
| OBIC Co. Ltd. | 10810 | &nbsp;&nbsp; 335458 |
| Odakyu Electric Railway Co. Ltd.<sup>(a)</sup> | 34224 | &nbsp;&nbsp; 362093 |
| Ogaki Kyoritsu Bank Ltd. (The) | 1388 | &nbsp;&nbsp; 33238 |
| Okamura Corp. | 10620 | &nbsp;&nbsp; 155416 |
| Okasan Securities Group, Inc.<sup>(a)</sup> | 24432 | &nbsp;&nbsp; 109531 |
| Oki Electric Industry Co. Ltd. | 5887 | &nbsp;&nbsp; 70359 |
| Okinawa Electric Power Co., Inc. (The)<sup>(a)</sup> | 3218 | &nbsp;&nbsp; 21094 |
| OKUMA Corp. | 12102 | &nbsp;&nbsp; 269520 |
| Okumura Corp. | 6377 | &nbsp;&nbsp; 202225 |
| Onward Holdings Co. Ltd. | 8619 | &nbsp;&nbsp; 36185 |
| Open House Group Co. Ltd. | 9267 | &nbsp;&nbsp; 446114 |
| Open Up Group, Inc.<sup>(a)</sup> | 6367 | &nbsp;&nbsp; 71052 |
| Organo Corp. | 1930 | &nbsp;&nbsp; 165690 |
| Orient Corp. | 5257 | &nbsp;&nbsp; 32867 |
| ORIX JREIT, Inc. | 638 | &nbsp;&nbsp; 432004 |
| Osaka Soda Co. Ltd. | 11460 | &nbsp;&nbsp; 122318 |

---

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

------

**52**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| OSG Corp.<sup>(a)</sup> | 18095 | &nbsp;&nbsp; $262440 |
| Pacific Industrial Co. Ltd. | 2248 | &nbsp;&nbsp; 44847 |
| PALTAC Corp. | 4369 | &nbsp;&nbsp; 128899 |
| Paramount Bed Holdings Co. Ltd. | 5406 | &nbsp;&nbsp; 123846 |
| Park24 Co. Ltd.<sup>(a)</sup> | 15055 | &nbsp;&nbsp; 176006 |
| Pasona Group, Inc. | 1599 | &nbsp;&nbsp; 19780 |
| Penta-Ocean Construction Co. Ltd. | 71513 | &nbsp;&nbsp; 654935 |
| PHC Holdings Corp.<sup>(a)</sup> | 2560 | &nbsp;&nbsp; 16740 |
| Pigeon Corp.<sup>(a)</sup> | 23089 | &nbsp;&nbsp; 261266 |
| Pilot Corp. | 5121 | &nbsp;&nbsp; 154689 |
| Piolax, Inc.<sup>(a)</sup> | 1162 | &nbsp;&nbsp; 12952 |
| Pola Orbis Holdings, Inc.<sup>(a)</sup> | 19579 | &nbsp;&nbsp; 168750 |
| Press Kogyo Co. Ltd. | 5290 | &nbsp;&nbsp; 22428 |
| Prima Meat Packers Ltd. | 5248 | &nbsp;&nbsp; 84334 |
| Raito Kogyo Co. Ltd. | 8970 | &nbsp;&nbsp; 187790 |
| Rakuten Bank Ltd.<sup>(b)</sup> | 4167 | &nbsp;&nbsp; 228797 |
| Rakuten Group, Inc.<sup>(b)</sup> | 49386 | &nbsp;&nbsp; 323209 |
| Relo Group, Inc. | 11960 | &nbsp;&nbsp; 128794 |
| Rengo Co. Ltd. | 11330 | &nbsp;&nbsp; 69029 |
| Resorttrust, Inc. | 15362 | &nbsp;&nbsp; 181094 |
| Ricoh Leasing Co. Ltd.<sup>(a)</sup> | 2271 | &nbsp;&nbsp; 83432 |
| Rinnai Corp. | 18997 | &nbsp;&nbsp; 430733 |
| Rohto Pharmaceutical Co. Ltd. | 21304 | &nbsp;&nbsp; 330545 |
| Round One Corp. | 5393 | &nbsp;&nbsp; 38737 |
| Ryobi Ltd.<sup>(a)</sup> | 2896 | &nbsp;&nbsp; 51718 |
| Saizeriya Co. Ltd. | 3401 | &nbsp;&nbsp; 111246 |
| Sakata INX Corp.<sup>(a)</sup> | 8407 | &nbsp;&nbsp; 124147 |
| Sakata Seed Corp. | 5659 | &nbsp;&nbsp; 145053 |
| San-A Co. Ltd. | 8675 | &nbsp;&nbsp; 150953 |
| San-Ai Obbli Co. Ltd. | 4137 | &nbsp;&nbsp; 54814 |
| Sangetsu Corp. | 8410 | &nbsp;&nbsp; 164507 |
| San-In Godo Bank Ltd. (The) | 20898 | &nbsp;&nbsp; 183815 |
| Sanken Electric Co. Ltd.<sup>(b)</sup> | 3866 | &nbsp;&nbsp; 185881 |
| Sanki Engineering Co. Ltd. | 7604 | &nbsp;&nbsp; 261413 |
| Sankyo Co. Ltd. | 21899 | &nbsp;&nbsp; 380026 |
| Sankyu, Inc. | 2146 | &nbsp;&nbsp; 109614 |
| Sanyo Denki Co. Ltd.<sup>(a)</sup> | 5739 | &nbsp;&nbsp; 146804 |
| Sapporo Holdings Ltd.<sup>(a)</sup> | 6685 | &nbsp;&nbsp; 321372 |
| Sawai Group Holdings Co. Ltd. | 23812 | &nbsp;&nbsp; 284471 |
| SCSK Corp. | 13443 | &nbsp;&nbsp; 494857 |
| Sega Sammy Holdings, Inc. | 27578 | &nbsp;&nbsp; 510477 |
| Seibu Holdings, Inc. | 9828 | &nbsp;&nbsp; 345558 |
| Seiko Group Corp. | 6092 | &nbsp;&nbsp; 279868 |
| Seiren Co. Ltd. | 6994 | &nbsp;&nbsp; 143276 |
| Sekisui House Reit, Inc.<sup>(a)</sup> | 484 | &nbsp;&nbsp; 249189 |
| Senko Group Holdings Co. Ltd.<sup>(a)</sup> | 27191 | &nbsp;&nbsp; 355028 |
| Senshu Ikeda Holdings, Inc. | 58631 | &nbsp;&nbsp; 253162 |
| Seria Co. Ltd. | 10731 | &nbsp;&nbsp; 204411 |
| Seven Bank Ltd.<sup>(a)</sup> | 115582 | &nbsp;&nbsp; 212401 |
| Shibaura Machine Co. Ltd. | 1473 | &nbsp;&nbsp; 40918 |
| Shibuya Corp. | 1430 | &nbsp;&nbsp; 31736 |
| Shiga Bank Ltd. (The) | 5892 | &nbsp;&nbsp; 238088 |
| Shikoku Electric Power Co., Inc.<sup>(a)</sup> | 39304 | &nbsp;&nbsp; 351046 |
| SHIMAMURA Co. Ltd. | 2048 | &nbsp;&nbsp; 132081 |
| Shinmaywa Industries Ltd. | 12690 | &nbsp;&nbsp; 165092 |
| Ship Healthcare Holdings, Inc. | 14130 | &nbsp;&nbsp; 211452 |
| SHO-BOND Holdings Co. Ltd.<sup>(a)</sup> | 4778 | &nbsp;&nbsp; 151667 |
| Siix Corp. | 2688 | &nbsp;&nbsp; 24116 |
| Sinfonia Technology Co. Ltd. | 1263 | &nbsp;&nbsp; 86960 |
| SKY Perfect JSAT Holdings, Inc. | 22117 | &nbsp;&nbsp; 217708 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Skylark Holdings Co. Ltd.<sup>(a)</sup> | 20011 | &nbsp;&nbsp; $362078 |
| Socionext, Inc. | 25054 | &nbsp;&nbsp; 564030 |
| SOSiLA Logistics REIT, Inc. | 28 | &nbsp;&nbsp; 22423 |
| Sotetsu Holdings, Inc. | 11816 | &nbsp;&nbsp; 198145 |
| Square Enix Holdings Co. Ltd. | 26009 | &nbsp;&nbsp; 503319 |
| Star Asia Investment Corp. | 69 | &nbsp;&nbsp; 27471 |
| Star Micronics Co. Ltd. | 1962 | &nbsp;&nbsp; 21152 |
| Starts Corp., Inc. | 4294 | &nbsp;&nbsp; 133436 |
| Sugi Holdings Co. Ltd. | 19663 | &nbsp;&nbsp; 424906 |
| Sumida Corp. | 3491 | &nbsp;&nbsp; 25375 |
| Sumitomo Bakelite Co. Ltd. | 13378 | &nbsp;&nbsp; 445138 |
| Sumitomo Densetsu Co. Ltd. | 1936 | &nbsp;&nbsp; 121875 |
| Sumitomo Mitsui Construction Co. Ltd.<sup>(a)</sup> | 7695 | &nbsp;&nbsp; 29758 |
| Sumitomo Osaka Cement Co. Ltd. | 10709 | &nbsp;&nbsp; 267608 |
| Sumitomo Pharma Co. Ltd.<sup>(b)</sup> | 81235 | &nbsp;&nbsp; 885938 |
| Sumitomo Riko Co. Ltd. | 11892 | &nbsp;&nbsp; 201316 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(a)</sup> | 597 | &nbsp;&nbsp; 18499 |
| Sumitomo Warehouse Co. Ltd. (The) | 7535 | &nbsp;&nbsp; 158984 |
| Sun Frontier Fudousan Co. Ltd. | 1737 | &nbsp;&nbsp; 25741 |
| Sundrug Co. Ltd. | 15696 | &nbsp;&nbsp; 423790 |
| Suruga Bank Ltd. | 23070 | &nbsp;&nbsp; 231016 |
| SWCC Corp. | 3974 | &nbsp;&nbsp; 193149 |
| T Hasegawa Co. Ltd. | 2305 | &nbsp;&nbsp; 40399 |
| Tachi-S Co. Ltd. | 2800 | &nbsp;&nbsp; 35506 |
| Tadano Ltd. | 16989 | &nbsp;&nbsp; 118035 |
| Taihei Dengyo Kaisha Ltd. | 5085 | &nbsp;&nbsp; 71325 |
| Taikisha Ltd. | 9709 | &nbsp;&nbsp; 192286 |
| Taiyo Holdings Co. Ltd. | 4286 | &nbsp;&nbsp; 229355 |
| Takara Holdings, Inc.<sup>(a)</sup> | 32470 | &nbsp;&nbsp; 330833 |
| Takara Standard Co. Ltd. | 3923 | &nbsp;&nbsp; 63384 |
| Takasago International Corp. | 8975 | &nbsp;&nbsp; 87744 |
| Takasago Thermal Engineering Co. Ltd. | 12080 | &nbsp;&nbsp; 358592 |
| Takeuchi Manufacturing Co. Ltd. | 5507 | &nbsp;&nbsp; 227121 |
| Takuma Co. Ltd.<sup>(a)</sup> | 11363 | &nbsp;&nbsp; 174340 |
| Tama Home Co. Ltd.<sup>(a)</sup> | 873 | &nbsp;&nbsp; 20464 |
| Tamron Co. Ltd.<sup>(a)</sup> | 11766 | &nbsp;&nbsp; 83587 |
| Tamura Corp. | 4945 | &nbsp;&nbsp; 16954 |
| TBS Holdings, Inc. | 12740 | &nbsp;&nbsp; 440039 |
| TechnoPro Holdings, Inc.<sup>(a)</sup> | 10583 | &nbsp;&nbsp; 331817 |
| Teijin Ltd. | 13207 | &nbsp;&nbsp; 115583 |
| THK Co. Ltd.<sup>(a)</sup> | 15145 | &nbsp;&nbsp; 403418 |
| TKC Corp. | 3245 | &nbsp;&nbsp; 84934 |
| Toa Corp. | 12587 | &nbsp;&nbsp; 192865 |
| TOA ROAD Corp. | 2509 | &nbsp;&nbsp; 25277 |
| Toagosei Co. Ltd. | 14878 | &nbsp;&nbsp; 147640 |
| Tocalo Co. Ltd. | 4973 | &nbsp;&nbsp; 72910 |
| Toda Corp. | 38339 | &nbsp;&nbsp; 258373 |
| Toei Co. Ltd. | 3384 | &nbsp;&nbsp; 120340 |
| Toho Bank Ltd. (The) | 11929 | &nbsp;&nbsp; 35316 |
| Toho Co. Ltd. | 7895 | &nbsp;&nbsp; 462946 |
| Toho Co. Ltd. | 1166 | &nbsp;&nbsp; 25083 |
| Toho Gas Co. Ltd. | 3927 | &nbsp;&nbsp; 117302 |
| Toho Holdings Co. Ltd.<sup>(a)</sup> | 12700 | &nbsp;&nbsp; 407420 |
| Tokai Carbon Co. Ltd. | 47854 | &nbsp;&nbsp; 320680 |
| TOKAI Holdings Corp. | 9161 | &nbsp;&nbsp; 60671 |
| Tokai Rika Co. Ltd. | 9628 | &nbsp;&nbsp; 173023 |
| Tokai Tokyo Financial Holdings, Inc. | 41405 | &nbsp;&nbsp; 153476 |
| Token Corp. | 1480 | &nbsp;&nbsp; 135820 |
| Tokuyama Corp. | 23199 | &nbsp;&nbsp; 576155 |
| Tokyo Century Corp. | 30044 | &nbsp;&nbsp; 354701 |

---

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

------

**53**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Tokyo Electron Device Ltd. | 477 | &nbsp;&nbsp; $9323 |
| Tokyo Kiraboshi Financial Group, Inc. | 5362 | &nbsp;&nbsp; 255402 |
| Tokyo Metro Co. Ltd.<sup>(a)</sup> | 10312 | &nbsp;&nbsp; 108440 |
| Tokyo Ohka Kogyo Co. Ltd. | 11432 | &nbsp;&nbsp; 417343 |
| Tokyo Seimitsu Co. Ltd. | 5053 | &nbsp;&nbsp; 347738 |
| Tokyo Steel Manufacturing Co. Ltd. | 21004 | &nbsp;&nbsp; 185399 |
| Tokyu Construction Co. Ltd. | 4543 | &nbsp;&nbsp; 30909 |
| Tokyu REIT, Inc. | 106 | &nbsp;&nbsp; 136105 |
| TOMONY Holdings, Inc. | 43523 | &nbsp;&nbsp; 192940 |
| Tomy Co. Ltd. | 10553 | &nbsp;&nbsp; 217171 |
| Topcon Corp.<sup>(a)(b)</sup> | 15637 | &nbsp;&nbsp; 332930 |
| Topre Corp. | 3205 | &nbsp;&nbsp; 46476 |
| Toridoll Holdings Corp.<sup>(a)</sup> | 786 | &nbsp;&nbsp; 22774 |
| Toshiba TEC Corp. | 6474 | &nbsp;&nbsp; 130720 |
| Totetsu Kogyo Co. Ltd. | 2715 | &nbsp;&nbsp; 74543 |
| Towa Pharmaceutical Co. Ltd. | 6300 | &nbsp;&nbsp; 116021 |
| Toyo Construction Co. Ltd. | 14587 | &nbsp;&nbsp; 164617 |
| Toyo Engineering Corp.<sup>(a)</sup> | 4357 | &nbsp;&nbsp; 73167 |
| Toyo Seikan Group Holdings Ltd. | 5885 | &nbsp;&nbsp; 132167 |
| Toyo Tire Corp.<sup>(a)</sup> | 6035 | &nbsp;&nbsp; 164996 |
| Toyobo Co. Ltd. | 4474 | &nbsp;&nbsp; 33222 |
| Toyota Boshoku Corp. | 6775 | &nbsp;&nbsp; 103051 |
| Transcosmos, Inc. | 4422 | &nbsp;&nbsp; 104828 |
| Trusco Nakayama Corp. | 6928 | &nbsp;&nbsp; 109270 |
| TS Tech Co. Ltd. | 16211 | &nbsp;&nbsp; 192198 |
| TSI Holdings Co. Ltd.<sup>(a)</sup> | 17362 | &nbsp;&nbsp; 107773 |
| Tsubaki Nakashima Co. Ltd.<sup>(a)</sup> | 4634 | &nbsp;&nbsp; 11703 |
| Tsubakimoto Chain Co. | 13822 | &nbsp;&nbsp; 193524 |
| Tsugami Corp. | 2805 | &nbsp;&nbsp; 49734 |
| Tsumura & Co.<sup>(a)</sup> | 11078 | &nbsp;&nbsp; 257064 |
| TV Asahi Holdings Corp. | 10588 | &nbsp;&nbsp; 215536 |
| Tv Tokyo Holdings Corp. | 2756 | &nbsp;&nbsp; 83021 |
| UACJ Corp. | 33184 | &nbsp;&nbsp; 428653 |
| Ulvac, Inc.<sup>(a)</sup> | 9901 | &nbsp;&nbsp; 449263 |
| United Arrows Ltd. | 2061 | &nbsp;&nbsp; 25750 |
| United Super Markets Holdings, Inc. | 21373 | &nbsp;&nbsp; 114144 |
| United Urban Investment Corp. | 342 | &nbsp;&nbsp; 414059 |
| Universal Entertainment Corp.<sup>(a)(b)</sup> | 1747 | &nbsp;&nbsp; 9789 |
| Ushio, Inc. | 19091 | &nbsp;&nbsp; 316637 |
| USS Co. Ltd. | 32322 | &nbsp;&nbsp; 356894 |
| UT Group Co. Ltd. | 951 | &nbsp;&nbsp; 16941 |
| V Technology Co. Ltd. | 1096 | &nbsp;&nbsp; 24632 |
| Valor Holdings Co. Ltd., Class C | 5172 | &nbsp;&nbsp; 94710 |
| Valqua Ltd.<sup>(a)</sup> | 617 | &nbsp;&nbsp; 15528 |
| Wacoal Holdings Corp. | 7606 | &nbsp;&nbsp; 265325 |
| Wacom Co. Ltd. | 25997 | &nbsp;&nbsp; 141157 |
| Warabeya Nichiyo Holdings Co. Ltd. | 1609 | &nbsp;&nbsp; 32544 |
| Welcia Holdings Co. Ltd. | 23574 | &nbsp;&nbsp; 470301 |
| Workman Co. Ltd. | 1215 | &nbsp;&nbsp; 45716 |
| YAMABIKO Corp. | 4300 | &nbsp;&nbsp; 71866 |
| Yamae Group Holdings Co. Ltd. | 1471 | &nbsp;&nbsp; 24429 |
| Yamaguchi Financial Group, Inc. | 27865 | &nbsp;&nbsp; 319359 |
| Yamato Kogyo Co. Ltd. | 5365 | &nbsp;&nbsp; 338285 |
| Yamazen Corp.<sup>(a)</sup> | 12042 | &nbsp;&nbsp; 111619 |
| Yellow Hat Ltd. | 12853 | &nbsp;&nbsp; 129472 |
| Yodoko Ltd. | 15053 | &nbsp;&nbsp; 126960 |
| Yokogawa Bridge Holdings Corp. | 6984 | &nbsp;&nbsp; 124711 |
| Yoshinoya Holdings Co. Ltd.<sup>(a)</sup> | 7049 | &nbsp;&nbsp; 139193 |
| Yuasa Trading Co. Ltd. | 1423 | &nbsp;&nbsp; 46282 |
| Yurtec Corp. | 5981 | &nbsp;&nbsp; 96455 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Zenkoku Hosho Co. Ltd. | 11899 | &nbsp;&nbsp; $244647 |
| Zensho Holdings Co. Ltd. | 5354 | &nbsp;&nbsp; 333491 |
| Zeon Corp. | 37248 | &nbsp;&nbsp; 382319 |
| ZOZO, Inc. | 16989 | &nbsp;&nbsp; 146914 |
|  |  | &nbsp;&nbsp; 109549358 |
| **Luxembourg-0.12%** | **Luxembourg-0.12%** | **Luxembourg-0.12%** |
| RTL Group S.A.<sup>(a)</sup> | 9639 | &nbsp;&nbsp; 372672 |
| SES S.A., FDR<sup>(a)</sup> | 10376 | &nbsp;&nbsp; 79612 |
|  |  | &nbsp;&nbsp; 452284 |
| **Macau-0.11%** | **Macau-0.11%** | **Macau-0.11%** |
| Sands China Ltd. | 91849 | &nbsp;&nbsp; 239331 |
| SJM Holdings Ltd.<sup>(b)</sup> | 327593 | &nbsp;&nbsp; 119195 |
| Wynn Macau Ltd. | 47607 | &nbsp;&nbsp; 40472 |
|  |  | &nbsp;&nbsp; 398998 |
| **Mexico-0.18%** | **Mexico-0.18%** | **Mexico-0.18%** |
| Fresnillo PLC | 22208 | &nbsp;&nbsp; 649507 |
| **Mongolia-0.01%** | **Mongolia-0.01%** | **Mongolia-0.01%** |
| Mongolian Mining Corp.<sup>(b)</sup> | 16411 | &nbsp;&nbsp; 23911 |
| **Netherlands-1.23%** | **Netherlands-1.23%** | **Netherlands-1.23%** |
| AMG Critical Materials N.V.<sup>(a)</sup> | 1973 | &nbsp;&nbsp; 65596 |
| Arcadis N.V. | 6657 | &nbsp;&nbsp; 318345 |
| argenx SE, ADR<sup>(b)</sup> | 176 | &nbsp;&nbsp; 144056 |
| Basic-Fit N.V.<sup>(a)(b)(c)</sup> | 4373 | &nbsp;&nbsp; 129983 |
| BE Semiconductor Industries N.V.<sup>(a)</sup> | 2004 | &nbsp;&nbsp; 342134 |
| Corbion N.V.<sup>(a)</sup> | 11065 | &nbsp;&nbsp; 225512 |
| CTP N.V.<sup>(c)</sup> | 9893 | &nbsp;&nbsp; 206578 |
| Eurocommercial Properties N.V. | 5527 | &nbsp;&nbsp; 165259 |
| Euronext N.V.<sup>(c)</sup> | 2568 | &nbsp;&nbsp; 367491 |
| Flow Traders Ltd.<sup>(b)</sup> | 7423 | &nbsp;&nbsp; 204385 |
| Fugro N.V.<sup>(a)</sup> | 19264 | &nbsp;&nbsp; 196994 |
| JDE Peet's N.V. | 3921 | &nbsp;&nbsp; 142894 |
| Koninklijke BAM Groep N.V. | 51785 | &nbsp;&nbsp; 481361 |
| Koninklijke Heijmans N.V, CVA | 2255 | &nbsp;&nbsp; 159968 |
| Koninklijke Vopak N.V.<sup>(a)</sup> | 8367 | &nbsp;&nbsp; 379677 |
| OCI N.V.<sup>(b)</sup> | 30942 | &nbsp;&nbsp; 121541 |
| PostNL N.V.<sup>(a)</sup> | 50387 | &nbsp;&nbsp; 55830 |
| Redcare Pharmacy N.V.<sup>(a)(b)(c)</sup> | 672 | &nbsp;&nbsp; 55240 |
| TKH Group N.V., CVA | 8361 | &nbsp;&nbsp; 370121 |
| Van Lanschot Kempen N.V., CVA | 5330 | &nbsp;&nbsp; 312051 |
| Wereldhave N.V. | 1318 | &nbsp;&nbsp; 28032 |
|  |  | &nbsp;&nbsp; 4473048 |
| **New Zealand-0.66%** | **New Zealand-0.66%** | **New Zealand-0.66%** |
| a2 Milk Co. Ltd. (The)<sup>(a)</sup> | 50255 | &nbsp;&nbsp; 310783 |
| Air New Zealand Ltd. | 71093 | &nbsp;&nbsp; 24223 |
| Auckland International Airport Ltd. | 91896 | &nbsp;&nbsp; 428002 |
| Chorus Ltd. | 25316 | &nbsp;&nbsp; 135663 |
| Contact Energy Ltd. | 48405 | &nbsp;&nbsp; 258219 |
| Fisher & Paykel Healthcare Corp. Ltd. | 16703 | &nbsp;&nbsp; 354353 |
| Fletcher Building Ltd.<sup>(b)</sup> | 20634 | &nbsp;&nbsp; 38491 |
| Genesis Energy Ltd. | 14759 | &nbsp;&nbsp; 21211 |
| Infratil Ltd. | 6267 | &nbsp;&nbsp; 44326 |
| Kiwi Property Group Ltd. | 47871 | &nbsp;&nbsp; 29610 |
| Mainfreight Ltd. | 481 | &nbsp;&nbsp; 16600 |
| Mercury NZ Ltd. | 46706 | &nbsp;&nbsp; 173262 |
| Meridian Energy Ltd. | 61652 | &nbsp;&nbsp; 208861 |
| Precinct Properties Group | 46388 | &nbsp;&nbsp; 32941 |
| Ryman Healthcare Ltd.<sup>(b)</sup> | 50625 | &nbsp;&nbsp; 82961 |

---

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

------

**54**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **New Zealand-(continued)** | **New Zealand-(continued)** | **New Zealand-(continued)** |
| SKYCITY Entertainment Group Ltd.<sup>(b)</sup> | 36634 | &nbsp;&nbsp; $15296 |
| Spark New Zealand Ltd. | 34356 | &nbsp;&nbsp; 48198 |
| Vector Ltd. | 5233 | &nbsp;&nbsp; 15013 |
| Xero Ltd.<sup>(b)</sup> | 1766 | &nbsp;&nbsp; 167162 |
|  |  | &nbsp;&nbsp; 2405175 |
| **Nigeria-0.18%** | **Nigeria-0.18%** | **Nigeria-0.18%** |
| Airtel Africa PLC<sup>(c)</sup> | 179748 | &nbsp;&nbsp; 653761 |
| **Norway-2.13%** | **Norway-2.13%** | **Norway-2.13%** |
| Aker ASA, Class A | 572 | &nbsp;&nbsp; 44501 |
| Aker Solutions ASA, Class A | 60322 | &nbsp;&nbsp; 165941 |
| Austevoll Seafood ASA | 16109 | &nbsp;&nbsp; 151436 |
| BlueNord ASA<sup>(b)</sup> | 1401 | &nbsp;&nbsp; 64055 |
| Bonheur ASA | 839 | &nbsp;&nbsp; 18173 |
| Borregaard ASA | 7584 | &nbsp;&nbsp; 143805 |
| DNO ASA | 219955 | &nbsp;&nbsp; 300709 |
| DOF Group ASA | 9791 | &nbsp;&nbsp; 87880 |
| Elkem ASA<sup>(b)(c)</sup> | 120248 | &nbsp;&nbsp; 316672 |
| Entra ASA<sup>(c)</sup> | 9883 | &nbsp;&nbsp; 110103 |
| Europris ASA<sup>(c)</sup> | 18866 | &nbsp;&nbsp; 162859 |
| Frontline PLC<sup>(a)</sup> | 18963 | &nbsp;&nbsp; 474834 |
| Gjensidige Forsikring ASA | 18406 | &nbsp;&nbsp; 495949 |
| Grieg Seafood ASA<sup>(b)</sup> | 3519 | &nbsp;&nbsp; 23595 |
| Hoegh Autoliners ASA | 22320 | &nbsp;&nbsp; 200243 |
| Kongsberg Gruppen ASA | 13938 | &nbsp;&nbsp; 355757 |
| Leroy Seafood Group ASA | 58213 | &nbsp;&nbsp; 274430 |
| MPC Container Ships ASA | 144308 | &nbsp;&nbsp; 252821 |
| Norconsult Norge AS | 19839 | &nbsp;&nbsp; 91861 |
| Nordic Semiconductor ASA<sup>(b)</sup> | 13286 | &nbsp;&nbsp; 192391 |
| Norske Skog ASA<sup>(b)(c)</sup> | 6234 | &nbsp;&nbsp; 9651 |
| Odfjell Drilling Ltd. | 18007 | &nbsp;&nbsp; 144816 |
| Opera Ltd., ADR<sup>(a)</sup> | 5744 | &nbsp;&nbsp; 84667 |
| Protector Forsikring ASA | 1196 | &nbsp;&nbsp; 53943 |
| SalMar ASA | 5854 | &nbsp;&nbsp; 329126 |
| SFL Corp. Ltd.<sup>(a)</sup> | 18984 | &nbsp;&nbsp; 141621 |
| Solstad Offshore ASA<sup>(b)</sup> | 6278 | &nbsp;&nbsp; 26969 |
| SpareBank 1 Nord Norge | 7600 | &nbsp;&nbsp; 103177 |
| SpareBank 1 Oestlandet | 2898 | &nbsp;&nbsp; 50881 |
| SpareBank 1 SMN | 12332 | &nbsp;&nbsp; 227106 |
| SpareBank 1 Sør-Norge ASA, Class B | 20248 | &nbsp;&nbsp; 348960 |
| Sparebanken Norge | 7681 | &nbsp;&nbsp; 134001 |
| Stolt-Nielsen Ltd. | 6162 | &nbsp;&nbsp; 206932 |
| Storebrand ASA | 27081 | &nbsp;&nbsp; 420185 |
| TGS ASA | 43768 | &nbsp;&nbsp; 378166 |
| TOMRA Systems ASA | 14822 | &nbsp;&nbsp; 181166 |
| Var Energi ASA | 111595 | &nbsp;&nbsp; 375403 |
| Veidekke ASA | 5924 | &nbsp;&nbsp; 91831 |
| Vend Marketplaces ASA, Class B | 10991 | &nbsp;&nbsp; 378293 |
| Vend Marketplaces ASA, Rts., expiring <br> 11/13/2025<sup>(b)</sup><br>| 10991 | &nbsp;&nbsp; 24496 |
| Wallenius Wilhelmsen ASA | 5435 | &nbsp;&nbsp; 42558 |
| Wilh Wilhelmsen Holding ASA, Class A | 1525 | &nbsp;&nbsp; 76959 |
|  |  | &nbsp;&nbsp; 7758922 |
| **Peru-0.03%** | **Peru-0.03%** | **Peru-0.03%** |
| Hochschild Mining PLC | 28733 | &nbsp;&nbsp; 124916 |
| **Poland-1.04%** | **Poland-1.04%** | **Poland-1.04%** |
| Alior Bank S.A. | 8894 | &nbsp;&nbsp; 248034 |
| Allegro.eu S.A.<sup>(b)(c)</sup> | 25124 | &nbsp;&nbsp; 234795 |
| Asseco Poland S.A. | 5756 | &nbsp;&nbsp; 335080 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Poland-(continued)** | **Poland-(continued)** | **Poland-(continued)** |
| Bank Handlowy w Warszawie S.A.<sup>(a)</sup> | 2129 | &nbsp;&nbsp; $60060 |
| Bank Millennium S.A.<sup>(a)(b)</sup> | 41907 | &nbsp;&nbsp; 175555 |
| Budimex S.A.<sup>(a)</sup> | 830 | &nbsp;&nbsp; 131878 |
| CCC S.A.<sup>(a)(b)</sup> | 1747 | &nbsp;&nbsp; 71562 |
| CD Projekt S.A.<sup>(a)</sup> | 2143 | &nbsp;&nbsp; 147360 |
| Cyfrowy Polsat S.A.<sup>(a)(b)</sup> | 46949 | &nbsp;&nbsp; 168617 |
| Dino Polska S.A.<sup>(b)(c)</sup> | 17720 | &nbsp;&nbsp; 211825 |
| Enea S.A. | 18983 | &nbsp;&nbsp; 106574 |
| Eurocash S.A.<sup>(b)</sup> | 11000 | &nbsp;&nbsp; 24010 |
| Grupa Azoty S.A.<sup>(a)(b)</sup> | 6607 | &nbsp;&nbsp; 33509 |
| Grupa Kety S.A.<sup>(a)</sup> | 739 | &nbsp;&nbsp; 186138 |
| Jastrzebska Spolka Weglowa S.A.<sup>(a)(b)</sup> | 20636 | &nbsp;&nbsp; 144695 |
| KRUK S.A.<sup>(a)</sup> | 1648 | &nbsp;&nbsp; 202749 |
| LPP S.A. | 66 | &nbsp;&nbsp; 320637 |
| mBank S.A.<sup>(a)(b)</sup> | 835 | &nbsp;&nbsp; 222532 |
| Orange Polska S.A.<sup>(a)</sup> | 66401 | &nbsp;&nbsp; 161958 |
| PGE Polska Grupa Energetyczna S.A.<sup>(b)</sup> | 31925 | &nbsp;&nbsp; 96884 |
| Santander Bank Polska S.A. | 3219 | &nbsp;&nbsp; 424276 |
| Tauron Polska Energia S.A.<sup>(b)</sup> | 27382 | &nbsp;&nbsp; 74187 |
|  |  | &nbsp;&nbsp; 3782915 |
| **Portugal-0.43%** | **Portugal-0.43%** | **Portugal-0.43%** |
| Banco Comercial Portugues S.A., Class R | 530186 | &nbsp;&nbsp; 468626 |
| CTT-Correios de Portugal S.A. | 4735 | &nbsp;&nbsp; 41224 |
| Mota-Engil SGPS S.A. | 4050 | &nbsp;&nbsp; 28053 |
| Navigator Co. S.A. (The)<sup>(a)</sup> | 47586 | &nbsp;&nbsp; 164998 |
| NOS SGPS S.A. | 43337 | &nbsp;&nbsp; 188038 |
| REN - Redes Energeticas Nacionais SGPS <br> S.A.<br>| 91454 | &nbsp;&nbsp; 344718 |
| Sonae SGPS S.A. | 202284 | &nbsp;&nbsp; 330008 |
|  |  | &nbsp;&nbsp; 1565665 |
| **Singapore-2.42%** | **Singapore-2.42%** | **Singapore-2.42%** |
| AEM Holdings Ltd.<sup>(b)</sup> | 9843 | &nbsp;&nbsp; 14329 |
| BW LPG Ltd.<sup>(a)(c)</sup> | 23988 | &nbsp;&nbsp; 318052 |
| CapitaLand Ascott Trust | 352909 | &nbsp;&nbsp; 255951 |
| CapitaLand India Trust | 145132 | &nbsp;&nbsp; 134866 |
| CapitaLand Integrated Commercial Trust | 1684 | &nbsp;&nbsp; 3062 |
| CapitaLand Investment Ltd. | 167328 | &nbsp;&nbsp; 339052 |
| CDL Hospitality Trusts | 78469 | &nbsp;&nbsp; 49720 |
| City Developments Ltd. | 89071 | &nbsp;&nbsp; 494798 |
| ComfortDelGro Corp. Ltd. | 72477 | &nbsp;&nbsp; 81276 |
| ESR-REIT | 67689 | &nbsp;&nbsp; 148706 |
| Frasers Centrepoint Trust | 112422 | &nbsp;&nbsp; 202123 |
| Frasers Logistics & Commercial Trust<sup>(a)(c)</sup> | 499566 | &nbsp;&nbsp; 366389 |
| Genting Singapore Ltd.<sup>(a)</sup> | 584849 | &nbsp;&nbsp; 327875 |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | 79713 | &nbsp;&nbsp; 479075 |
| Hafnia Ltd. | 54314 | &nbsp;&nbsp; 338774 |
| IGG, Inc. | 121919 | &nbsp;&nbsp; 61100 |
| Jardine Cycle & Carriage Ltd. | 12599 | &nbsp;&nbsp; 314628 |
| Kenon Holdings Ltd. | 2316 | &nbsp;&nbsp; 120791 |
| Keppel DC REIT | 114981 | &nbsp;&nbsp; 211007 |
| Keppel Infrastructure Trust | 276970 | &nbsp;&nbsp; 97896 |
| Keppel REIT | 319231 | &nbsp;&nbsp; 257617 |
| Kulicke & Soffa Industries, Inc. | 9205 | &nbsp;&nbsp; 367556 |
| Lendlease Global Commercial REIT | 248238 | &nbsp;&nbsp; 122057 |
| Mapletree Industrial Trust<sup>(a)</sup> | 221807 | &nbsp;&nbsp; 362788 |
| Mapletree Logistics Trust<sup>(a)</sup> | 327285 | &nbsp;&nbsp; 336835 |
| Mapletree Pan Asia Commercial Trust | 384138 | &nbsp;&nbsp; 425045 |
| NetLink NBN Trust<sup>(a)(c)</sup> | 259409 | &nbsp;&nbsp; 195309 |
| SATS Ltd. | 80036 | &nbsp;&nbsp; 210215 |

---

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

------

**55**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore-(continued)** | **Singapore-(continued)** | **Singapore-(continued)** |
| Seatrium Ltd.<sup>(a)</sup> | 163976 | &nbsp;&nbsp; $273583 |
| Sembcorp Industries Ltd. | 78353 | &nbsp;&nbsp; 392637 |
| Sheng Siong Group Ltd. | 70207 | &nbsp;&nbsp; 125106 |
| Singapore Exchange Ltd. | 33115 | &nbsp;&nbsp; 429735 |
| Singapore Post Ltd.<sup>(a)</sup> | 332637 | &nbsp;&nbsp; 107475 |
| Singapore Technologies Engineering Ltd. | 69549 | &nbsp;&nbsp; 453168 |
| Suntec REIT | 257158 | &nbsp;&nbsp; 264771 |
| Venture Corp. Ltd. | 10580 | &nbsp;&nbsp; 121089 |
|  |  | &nbsp;&nbsp; 8804456 |
| **South Africa-0.04%** | **South Africa-0.04%** | **South Africa-0.04%** |
| Scatec ASA<sup>(b)(c)</sup> | 15136 | &nbsp;&nbsp; 159846 |
| **South Korea-8.38%** | **South Korea-8.38%** | **South Korea-8.38%** |
| Amorepacific Corp.<sup>(a)</sup> | 4965 | &nbsp;&nbsp; 420523 |
| AMOREPACIFIC Holdings Corp.<sup>(a)</sup> | 8535 | &nbsp;&nbsp; 151904 |
| Asiana Airlines, Inc.<sup>(b)</sup> | 7163 | &nbsp;&nbsp; 44271 |
| BGF retail Co. Ltd.<sup>(a)</sup> | 2325 | &nbsp;&nbsp; 168934 |
| BH Co. Ltd. | 8457 | &nbsp;&nbsp; 108649 |
| Binggrae Co. Ltd. | 1178 | &nbsp;&nbsp; 59694 |
| BNK Financial Group, Inc. | 9342 | &nbsp;&nbsp; 90438 |
| Celltrion, Inc. | 819 | &nbsp;&nbsp; 100807 |
| Cheil Worldwide, Inc.<sup>(a)</sup> | 13940 | &nbsp;&nbsp; 198934 |
| Chong Kun Dang Pharmaceutical Corp. | 1497 | &nbsp;&nbsp; 86901 |
| CJ CheilJedang Corp. | 293 | &nbsp;&nbsp; 47121 |
| CJ Corp. | 1294 | &nbsp;&nbsp; 154800 |
| CJ ENM Co. Ltd.<sup>(b)</sup> | 4080 | &nbsp;&nbsp; 200604 |
| CJ Logistics Corp. | 3371 | &nbsp;&nbsp; 194638 |
| Com2uSCorp. | 2852 | &nbsp;&nbsp; 68142 |
| Cosmax, Inc. | 258 | &nbsp;&nbsp; 36945 |
| Coway Co. Ltd., (Acquired 03/18/2022 - <br> 09/19/2025; Cost $336,415)<sup>(e)</sup><br>| 7460 | &nbsp;&nbsp; 466472 |
| Daeduck Electronics Co. Ltd. | 8251 | &nbsp;&nbsp; 218638 |
| Daesang Corp. | 8671 | &nbsp;&nbsp; 126685 |
| Daesang Holdings Co. Ltd. | 3109 | &nbsp;&nbsp; 20148 |
| Daewoo Engineering & Construction Co. <br> Ltd.<sup>(a)(b)</sup><br>| 56150 | &nbsp;&nbsp; 147282 |
| Daishin Securities Co. Ltd. | 9269 | &nbsp;&nbsp; 188930 |
| Daou Data Corp. | 2017 | &nbsp;&nbsp; 24827 |
| Daou Technology, Inc. | 3180 | &nbsp;&nbsp; 86880 |
| DB HiTek Co. Ltd. | 6635 | &nbsp;&nbsp; 272571 |
| Delivery Hero SE<sup>(b)(c)</sup> | 6691 | &nbsp;&nbsp; 170178 |
| DL E&C Co. Ltd. | 2003 | &nbsp;&nbsp; 59918 |
| DL Holdings Co. Ltd.<sup>(a)</sup> | 3426 | &nbsp;&nbsp; 93437 |
| Dongjin Semichem Co. Ltd. | 5092 | &nbsp;&nbsp; 152164 |
| Dongwon Industries Co. Ltd. | 1471 | &nbsp;&nbsp; 49946 |
| Doosan Bobcat, Inc.<sup>(b)</sup> | 13979 | &nbsp;&nbsp; 590098 |
| Doosan Co. Ltd. | 2411 | &nbsp;&nbsp; 1593104 |
| DoubleDown Interactive Co. Ltd., ADR<sup>(b)</sup> | 1184 | &nbsp;&nbsp; 10538 |
| Ecopro BM Co. Ltd.<sup>(b)</sup> | 1320 | &nbsp;&nbsp; 147698 |
| Ecopro Co. Ltd. | 4431 | &nbsp;&nbsp; 272869 |
| E-MART, Inc. | 1486 | &nbsp;&nbsp; 75271 |
| F&F Co. Ltd. | 2459 | &nbsp;&nbsp; 105717 |
| Gravity Co. Ltd., ADR<sup>(b)</sup> | 616 | &nbsp;&nbsp; 35648 |
| Green Cross Corp. | 1096 | &nbsp;&nbsp; 99598 |
| Green Cross Holdings Corp. | 2936 | &nbsp;&nbsp; 32445 |
| GS Engineering & Construction Corp. | 6343 | &nbsp;&nbsp; 83072 |
| GS Holdings Corp. | 1416 | &nbsp;&nbsp; 47594 |
| GS P&L Co. Ltd.<sup>(b)</sup> | 396 | &nbsp;&nbsp; 10644 |
| GS Retail Co. Ltd. | 9302 | &nbsp;&nbsp; 115612 |
| Hanjin Kal Corp. | 466 | &nbsp;&nbsp; 34202 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Hankook & Co. Co. Ltd. | 1989 | &nbsp;&nbsp; $32826 |
| Hanmi Pharm Co. Ltd. | 499 | &nbsp;&nbsp; 148504 |
| Hanon Systems<sup>(a)(b)</sup> | 52596 | &nbsp;&nbsp; 160694 |
| Hansol Chemical Co. Ltd.<sup>(a)</sup> | 1227 | &nbsp;&nbsp; 199394 |
| Hanwha Aerospace Co. Ltd. | 1408 | &nbsp;&nbsp; 965782 |
| Hanwha Corp. | 2312 | &nbsp;&nbsp; 154636 |
| Hanwha Investment & Securities Co. Ltd.<sup>(b)</sup> | 5875 | &nbsp;&nbsp; 21984 |
| Hanwha Life Insurance Co. Ltd.<sup>(b)</sup> | 71705 | &nbsp;&nbsp; 152255 |
| Hanwha Ocean Co. Ltd.<sup>(b)</sup> | 2555 | &nbsp;&nbsp; 246279 |
| Hanwha Systems Co. Ltd. | 4857 | &nbsp;&nbsp; 203906 |
| Hanwha Vision Co. Ltd.<sup>(b)</sup> | 870 | &nbsp;&nbsp; 30614 |
| Harim Holdings Co. Ltd., Class C<sup>(a)</sup> | 17072 | &nbsp;&nbsp; 88482 |
| HD Hyundai Construction Equipment Co. Ltd. | 3311 | &nbsp;&nbsp; 231929 |
| HD Hyundai Electric Co. Ltd. | 523 | &nbsp;&nbsp; 317747 |
| HD Hyundai Heavy Industries Co. Ltd. | 956 | &nbsp;&nbsp; 402591 |
| HD Hyundai Infracore Co. Ltd.<sup>(b)</sup> | 31649 | &nbsp;&nbsp; 337659 |
| HD Hyundai Mipo Co. Ltd. | 1895 | &nbsp;&nbsp; 320998 |
| HDC Holdings Co. Ltd. | 6797 | &nbsp;&nbsp; 87714 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| 14218 | &nbsp;&nbsp; 192054 |
| Hite Jinro Co. Ltd.<sup>(a)</sup> | 7713 | &nbsp;&nbsp; 101844 |
| HK inno.N Corp.<sup>(b)</sup> | 649 | &nbsp;&nbsp; 22478 |
| HL Mando Co. Ltd. | 11890 | &nbsp;&nbsp; 320581 |
| Hotel Shilla Co. Ltd.<sup>(b)</sup> | 6078 | &nbsp;&nbsp; 207258 |
| HS Hyosung Advanced Materials Corp. | 795 | &nbsp;&nbsp; 103152 |
| HYBE Co. Ltd.<sup>(b)</sup> | 797 | &nbsp;&nbsp; 190385 |
| Hyosung Corp. | 927 | &nbsp;&nbsp; 82236 |
| Hyosung Heavy Industries Corp. | 460 | &nbsp;&nbsp; 686155 |
| Hyosung TNC Corp. | 822 | &nbsp;&nbsp; 119829 |
| Hyundai Department Store Co. Ltd. | 3394 | &nbsp;&nbsp; 192276 |
| Hyundai Elevator Co. Ltd. | 2850 | &nbsp;&nbsp; 151061 |
| Hyundai Glovis Co. Ltd.<sup>(a)</sup> | 1524 | &nbsp;&nbsp; 201418 |
| Hyundai Green Food Co. Ltd. | 2114 | &nbsp;&nbsp; 22326 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(a)(b)</sup> | 19236 | &nbsp;&nbsp; 368065 |
| Hyundai Rotem Co. Ltd. | 3573 | &nbsp;&nbsp; 577259 |
| Hyundai Steel Co. | 3618 | &nbsp;&nbsp; 83587 |
| Hyundai Wia Corp. | 4302 | &nbsp;&nbsp; 176562 |
| iM Financial Group Co. Ltd.<sup>(a)</sup> | 29275 | &nbsp;&nbsp; 271619 |
| Itcenglobal Co. Ltd.<sup>(b)</sup> | 2687 | &nbsp;&nbsp; 35203 |
| JB Financial Group Co. Ltd.<sup>(a)</sup> | 24322 | &nbsp;&nbsp; 382920 |
| Kakao Games Corp.<sup>(b)</sup> | 1373 | &nbsp;&nbsp; 15485 |
| KakaoBank Corp. | 9058 | &nbsp;&nbsp; 146819 |
| Kangwon Land, Inc. | 16412 | &nbsp;&nbsp; 194304 |
| KCC Corp.<sup>(a)</sup> | 1274 | &nbsp;&nbsp; 392321 |
| KCC Glass Corp. | 946 | &nbsp;&nbsp; 17223 |
| KEPCO Plant Service & Engineering Co. Ltd. | 3814 | &nbsp;&nbsp; 135285 |
| KG Chemical Corp.<sup>(a)</sup> | 5791 | &nbsp;&nbsp; 19763 |
| KG Dongbu Steel | 5176 | &nbsp;&nbsp; 19774 |
| KG Eco Solution Co. Ltd. | 2851 | &nbsp;&nbsp; 11329 |
| KIWOOM Securities Co. Ltd. | 1911 | &nbsp;&nbsp; 396940 |
| Kolmar Korea Co. Ltd.<sup>(b)</sup> | 767 | &nbsp;&nbsp; 41401 |
| Kolon Industries, Inc.<sup>(a)</sup> | 6268 | &nbsp;&nbsp; 156298 |
| Korea Aerospace Industries Ltd.<sup>(a)</sup> | 4174 | &nbsp;&nbsp; 302415 |
| Korea Electric Terminal Co. Ltd. | 1576 | &nbsp;&nbsp; 68343 |
| Korea Gas Corp. | 1651 | &nbsp;&nbsp; 48269 |
| Korea Investment Holdings Co. Ltd.<sup>(a)</sup> | 6855 | &nbsp;&nbsp; 873984 |
| Korea Line Corp.<sup>(b)</sup> | 21013 | &nbsp;&nbsp; 27671 |
| Korea Petrochemical Ind Co. Ltd. | 1479 | &nbsp;&nbsp; 135724 |
| Korean Reinsurance Co. | 15981 | &nbsp;&nbsp; 118921 |
| Krafton, Inc.<sup>(b)</sup> | 2128 | &nbsp;&nbsp; 411870 |

---

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

------

**56**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Kumho Petrochemical Co. Ltd.<sup>(a)</sup> | 809 | &nbsp;&nbsp; $65759 |
| Kumho Tire Co., Inc.<sup>(b)</sup> | 18953 | &nbsp;&nbsp; 62710 |
| L&F Co. Ltd.<sup>(a)(b)</sup> | 1878 | &nbsp;&nbsp; 160333 |
| LF Corp. | 2315 | &nbsp;&nbsp; 29660 |
| LG Energy Solution Ltd.<sup>(b)</sup> | 972 | &nbsp;&nbsp; 321778 |
| LG Uplus Corp. | 10303 | &nbsp;&nbsp; 110135 |
| LIG Nex1 Co. Ltd. | 248 | &nbsp;&nbsp; 90314 |
| LOTTE Chilsung Beverage Co. Ltd. | 1049 | &nbsp;&nbsp; 84831 |
| LOTTE Corp. | 7951 | &nbsp;&nbsp; 162837 |
| LOTTE Fine Chemical Co. Ltd. | 3665 | &nbsp;&nbsp; 117115 |
| Lotte Rental Co. Ltd. | 1791 | &nbsp;&nbsp; 36797 |
| LOTTE Shopping Co. Ltd.<sup>(a)</sup> | 3287 | &nbsp;&nbsp; 149999 |
| LS Electric Co. Ltd. | 1599 | &nbsp;&nbsp; 485392 |
| LX International Corp. | 10952 | &nbsp;&nbsp; 231398 |
| LX Semicon Co. Ltd. | 2159 | &nbsp;&nbsp; 86592 |
| Macquarie Korea Infrastructure Fund<sup>(a)</sup> | 28204 | &nbsp;&nbsp; 217517 |
| Meritz Financial Group, Inc. | 4177 | &nbsp;&nbsp; 323693 |
| Mirae Asset Securities Co. Ltd. | 36517 | &nbsp;&nbsp; 671408 |
| Misto Holdings Corp. | 6220 | &nbsp;&nbsp; 160436 |
| NCSoft Corp.<sup>(a)</sup> | 3064 | &nbsp;&nbsp; 472940 |
| Netmarble Corp., (Acquired 09/27/2022 - <br> 09/19/2025; Cost $197,643)<sup>(c)(e)</sup><br>| 4866 | &nbsp;&nbsp; 184397 |
| NH Investment & Securities Co. Ltd. | 24372 | &nbsp;&nbsp; 347450 |
| NHN Corp. | 3613 | &nbsp;&nbsp; 73305 |
| NongShim Co. Ltd.<sup>(a)</sup> | 745 | &nbsp;&nbsp; 227799 |
| OCI Holdings Co. Ltd. | 4247 | &nbsp;&nbsp; 339577 |
| Orion Corp. | 3163 | &nbsp;&nbsp; 220255 |
| Orion Holdings Corp. | 5998 | &nbsp;&nbsp; 79858 |
| Otoki Corp. | 154 | &nbsp;&nbsp; 41964 |
| Pan Ocean Co. Ltd.<sup>(a)</sup> | 84231 | &nbsp;&nbsp; 226268 |
| Poongsan Corp.<sup>(a)</sup> | 4964 | &nbsp;&nbsp; 381775 |
| POSCO Future M Co. Ltd.<sup>(b)</sup> | 1105 | &nbsp;&nbsp; 167426 |
| Posco International Corp.<sup>(a)</sup> | 9391 | &nbsp;&nbsp; 361762 |
| S-1 Corp.<sup>(a)</sup> | 2274 | &nbsp;&nbsp; 119579 |
| Samsung Biologics Co. Ltd.<sup>(b)(c)</sup> | 258 | &nbsp;&nbsp; 221104 |
| Samsung Card Co. Ltd. | 3431 | &nbsp;&nbsp; 119196 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | 22626 | &nbsp;&nbsp; 468853 |
| Samsung Securities Co. Ltd. | 9642 | &nbsp;&nbsp; 521842 |
| Samyang Holdings Corp.<sup>(b)</sup> | 705 | &nbsp;&nbsp; 51759 |
| SD Biosensor, Inc. | 10435 | &nbsp;&nbsp; 69886 |
| Seah Besteel Holdings Corp. | 1445 | &nbsp;&nbsp; 27820 |
| SeAH Steel Holdings Corp. | 372 | &nbsp;&nbsp; 37399 |
| Sebang Global Battery Co. Ltd. | 396 | &nbsp;&nbsp; 18083 |
| Seegene, Inc. | 8660 | &nbsp;&nbsp; 153598 |
| Seoul Semiconductor Co. Ltd.<sup>(b)</sup> | 2954 | &nbsp;&nbsp; 12977 |
| Seoyon E-Hwa Co. Ltd. | 1212 | &nbsp;&nbsp; 11039 |
| SFA Engineering Corp. | 4347 | &nbsp;&nbsp; 75350 |
| Shinsegae, Inc.<sup>(a)</sup> | 1734 | &nbsp;&nbsp; 211343 |
| Simmtech Co. Ltd. | 947 | &nbsp;&nbsp; 41654 |
| SK Chemicals Co. Ltd. | 1854 | &nbsp;&nbsp; 82153 |
| SK Discovery Co. Ltd. | 1220 | &nbsp;&nbsp; 50784 |
| SK Gas Ltd. | 446 | &nbsp;&nbsp; 81495 |
| SK IE Technology Co. Ltd.<sup>(b)(c)</sup> | 396 | &nbsp;&nbsp; 8507 |
| SK Networks Co. Ltd. | 20460 | &nbsp;&nbsp; 65128 |
| SK Square Co. Ltd.<sup>(b)</sup> | 2104 | &nbsp;&nbsp; 381909 |
| SKC Co. Ltd.<sup>(b)</sup> | 1993 | &nbsp;&nbsp; 177587 |
| SL Corp. | 4533 | &nbsp;&nbsp; 115175 |
| SOLUM Co. Ltd.<sup>(b)</sup> | 972 | &nbsp;&nbsp; 12190 |
| Soulbrain Co. Ltd.<sup>(a)</sup> | 661 | &nbsp;&nbsp; 130732 |
| Sungwoo Hitech Co. Ltd. | 5922 | &nbsp;&nbsp; 28062 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Taihan Cable & Solution Co. Ltd.<sup>(b)</sup> | 9247 | &nbsp;&nbsp; $156286 |
| UNID Co. Ltd. | 348 | &nbsp;&nbsp; 16397 |
| WONIK IPS Co. Ltd. | 6992 | &nbsp;&nbsp; 313601 |
| Wooree Bio Co. Ltd.<sup>(b)</sup> | 9044 | &nbsp;&nbsp; 13402 |
| Youngone Corp.<sup>(a)</sup> | 3347 | &nbsp;&nbsp; 135713 |
| Youngone Holdings Co. Ltd. | 628 | &nbsp;&nbsp; 62595 |
| Yuhan Corp.<sup>(a)</sup> | 3218 | &nbsp;&nbsp; 266228 |
|  |  | &nbsp;&nbsp; 30544798 |
| **Spain-1.61%** | **Spain-1.61%** | **Spain-1.61%** |
| Acciona S.A.<sup>(a)</sup> | 2522 | &nbsp;&nbsp; 558976 |
| Almirall S.A.<sup>(a)</sup> | 10941 | &nbsp;&nbsp; 157680 |
| Atresmedia Corp. de Medios de <br> Comunicacion S.A.<sup>(a)</sup><br>| 18682 | &nbsp;&nbsp; 113226 |
| Befesa S.A.<sup>(c)</sup> | 7080 | &nbsp;&nbsp; 234791 |
| CIE Automotive S.A. | 5960 | &nbsp;&nbsp; 200149 |
| Colonial SFL Socimi S.A. | 64676 | &nbsp;&nbsp; 409805 |
| Construcciones y Auxiliar de Ferrocarriles <br> S.A.<br>| 2871 | &nbsp;&nbsp; 181525 |
| Corporacion ACCIONA Energias Renovables <br> S.A.<sup>(a)</sup><br>| 7210 | &nbsp;&nbsp; 198620 |
| Ebro Foods S.A. | 3914 | &nbsp;&nbsp; 79880 |
| EDP Renovaveis S.A.<sup>(a)</sup> | 34746 | &nbsp;&nbsp; 508694 |
| Elecnor, S.A. | 3792 | &nbsp;&nbsp; 123866 |
| Ence Energia y Celulosa S.A.<sup>(a)</sup> | 9440 | &nbsp;&nbsp; 28870 |
| Faes Farma S.A. | 23163 | &nbsp;&nbsp; 119382 |
| Fluidra S.A. | 9933 | &nbsp;&nbsp; 287892 |
| Gestamp Automocion S.A.<sup>(a)(c)</sup> | 59758 | &nbsp;&nbsp; 231537 |
| Grupo Catalana Occidente S.A. | 3614 | &nbsp;&nbsp; 206483 |
| Indra Sistemas S.A.<sup>(a)</sup> | 11186 | &nbsp;&nbsp; 619613 |
| Linea Directa Aseguradora S.A. Cia de <br> Seguros y Reaseguros<br>| 42504 | &nbsp;&nbsp; 56407 |
| Logista Integral S.A. | 5032 | &nbsp;&nbsp; 167928 |
| Melia Hotels International S.A. | 4167 | &nbsp;&nbsp; 34529 |
| Obrascon Huarte Lain S.A.<sup>(b)</sup> | 61324 | &nbsp;&nbsp; 32206 |
| Prosegur Cia de Seguridad S.A. | 11181 | &nbsp;&nbsp; 36552 |
| Sacyr S.A. | 71346 | &nbsp;&nbsp; 314274 |
| Tecnicas Reunidas S.A.<sup>(b)</sup> | 4504 | &nbsp;&nbsp; 161424 |
| Unicaja Banco S.A.<sup>(c)</sup> | 102011 | &nbsp;&nbsp; 275781 |
| Vidrala S.A.<sup>(a)</sup> | 1947 | &nbsp;&nbsp; 185713 |
| Vidrala S.A., Rts., expiring 11/12/2025<sup>(b)</sup> | 1947 | &nbsp;&nbsp; 9214 |
| Viscofan S.A. | 5358 | &nbsp;&nbsp; 333437 |
|  |  | &nbsp;&nbsp; 5868454 |
| **Sweden-3.56%** | **Sweden-3.56%** | **Sweden-3.56%** |
| AAK AB<sup>(a)</sup> | 14622 | &nbsp;&nbsp; 409204 |
| AcadeMedia AB<sup>(c)</sup> | 10006 | &nbsp;&nbsp; 110587 |
| AddLife AB, Class B | 7158 | &nbsp;&nbsp; 154765 |
| Addtech AB, Class B | 6839 | &nbsp;&nbsp; 230599 |
| AFRY AB | 15421 | &nbsp;&nbsp; 264765 |
| Alleima AB | 31567 | &nbsp;&nbsp; 272843 |
| Arjo AB, Class B | 36293 | &nbsp;&nbsp; 115261 |
| Atea ASA<sup>(b)</sup> | 5787 | &nbsp;&nbsp; 88272 |
| Atrium Ljungberg AB<sup>(a)</sup> | 28744 | &nbsp;&nbsp; 103557 |
| Attendo AB<sup>(c)</sup> | 12645 | &nbsp;&nbsp; 107376 |
| Avanza Bank Holding AB | 4434 | &nbsp;&nbsp; 170558 |
| Axfood AB<sup>(a)</sup> | 12068 | &nbsp;&nbsp; 329111 |
| Beijer Ref AB<sup>(a)</sup> | 16875 | &nbsp;&nbsp; 266878 |
| Betsson AB, Class B<sup>(a)</sup> | 14226 | &nbsp;&nbsp; 221888 |
| Bilia AB, Class A | 6310 | &nbsp;&nbsp; 88414 |
| Billerud AB<sup>(a)</sup> | 12157 | &nbsp;&nbsp; 112586 |

---

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

------

**57**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-(continued)** | **Sweden-(continued)** | **Sweden-(continued)** |
| Bravida Holding AB<sup>(c)</sup> | 25223 | &nbsp;&nbsp; $213366 |
| Bure Equity AB | 661 | &nbsp;&nbsp; 19375 |
| Catena AB<sup>(a)</sup> | 2497 | &nbsp;&nbsp; 121082 |
| Cibus Nordic Real Estate AB (publ)<sup>(a)</sup> | 2560 | &nbsp;&nbsp; 44406 |
| Cint Group AB<sup>(b)</sup> | 22149 | &nbsp;&nbsp; 8419 |
| Clas Ohlson AB, Class B | 1485 | &nbsp;&nbsp; 54200 |
| Cloetta AB, Class B | 11557 | &nbsp;&nbsp; 43074 |
| Corem Property Group AB, Class B<sup>(a)</sup> | 220400 | &nbsp;&nbsp; 89704 |
| Dios Fastigheter AB | 14866 | &nbsp;&nbsp; 101395 |
| Dometic Group AB<sup>(a)(c)</sup> | 76705 | &nbsp;&nbsp; 375241 |
| Dustin Group AB<sup>(a)(b)(c)</sup> | 43732 | &nbsp;&nbsp; 9459 |
| Electrolux Professional AB<sup>(a)</sup> | 11312 | &nbsp;&nbsp; 78631 |
| Elekta AB, Class B | 60284 | &nbsp;&nbsp; 306663 |
| Embracer Group AB, Class A<sup>(a)(b)</sup> | 14224 | &nbsp;&nbsp; 148359 |
| EQT AB<sup>(a)</sup> | 3935 | &nbsp;&nbsp; 136095 |
| Fabege AB<sup>(a)</sup> | 37192 | &nbsp;&nbsp; 328008 |
| Fastighets AB Balder, Class B<sup>(a)(b)</sup> | 41497 | &nbsp;&nbsp; 304624 |
| Getinge AB, Class B<sup>(a)</sup> | 20169 | &nbsp;&nbsp; 472859 |
| Granges AB | 14112 | &nbsp;&nbsp; 206667 |
| Hexpol AB<sup>(a)</sup> | 35558 | &nbsp;&nbsp; 323565 |
| Hufvudstaden AB, Class A<sup>(a)</sup> | 12438 | &nbsp;&nbsp; 165451 |
| Indutrade AB | 11850 | &nbsp;&nbsp; 317036 |
| Instalco AB<sup>(a)(c)</sup> | 6870 | &nbsp;&nbsp; 17422 |
| Intrum AB<sup>(b)</sup> | 29259 | &nbsp;&nbsp; 132740 |
| Investment AB Latour, Class B | 1643 | &nbsp;&nbsp; 41897 |
| Inwido AB<sup>(a)</sup> | 5153 | &nbsp;&nbsp; 77529 |
| JM AB<sup>(a)</sup> | 19479 | &nbsp;&nbsp; 277549 |
| L E Lundbergforetagen AB, Class B | 1967 | &nbsp;&nbsp; 105366 |
| Lagercrantz Group AB, Class B | 1847 | &nbsp;&nbsp; 45223 |
| Lifco AB, Class B | 5625 | &nbsp;&nbsp; 217355 |
| Lindab International AB<sup>(a)</sup> | 8086 | &nbsp;&nbsp; 193594 |
| Loomis AB | 9965 | &nbsp;&nbsp; 401772 |
| MEKO AB | 3903 | &nbsp;&nbsp; 31597 |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | 4329 | &nbsp;&nbsp; 58240 |
| Munters Group AB<sup>(c)</sup> | 6545 | &nbsp;&nbsp; 110862 |
| Mycronic AB<sup>(a)</sup> | 5871 | &nbsp;&nbsp; 137839 |
| NCAB Group AB<sup>(b)</sup> | 5414 | &nbsp;&nbsp; 33305 |
| NCC AB, Class B | 17168 | &nbsp;&nbsp; 391679 |
| New Wave Group AB, Class B<sup>(a)</sup> | 8707 | &nbsp;&nbsp; 102701 |
| Nolato AB, Class B | 20255 | &nbsp;&nbsp; 134154 |
| Nordnet AB publ<sup>(a)</sup> | 2028 | &nbsp;&nbsp; 58607 |
| Nyfosa AB | 17157 | &nbsp;&nbsp; 146064 |
| Pandox AB | 6395 | &nbsp;&nbsp; 127695 |
| Peab AB, Class B<sup>(a)</sup> | 31991 | &nbsp;&nbsp; 259117 |
| Ratos AB, Class B | 44037 | &nbsp;&nbsp; 178297 |
| Saab AB, Class B<sup>(a)</sup> | 8794 | &nbsp;&nbsp; 484298 |
| Sagax AB, Class B<sup>(a)</sup> | 9418 | &nbsp;&nbsp; 211519 |
| Samhallsbyggnadsbolaget i Norden AB, <br> Class B<sup>(a)(b)</sup><br>| 711749 | &nbsp;&nbsp; 391058 |
| Scandic Hotels Group AB<sup>(c)</sup> | 19877 | &nbsp;&nbsp; 193362 |
| Stillfront Group AB<sup>(b)</sup> | 22146 | &nbsp;&nbsp; 15037 |
| Storskogen Group AB, Class B | 90063 | &nbsp;&nbsp; 93134 |
| Sweco AB, Class B | 14327 | &nbsp;&nbsp; 258362 |
| Swedish Orphan Biovitrum AB, Class B<sup>(b)</sup> | 13005 | &nbsp;&nbsp; 448431 |
| Thule Group AB<sup>(a)(c)</sup> | 10748 | &nbsp;&nbsp; 275593 |
| Vitrolife AB<sup>(a)</sup> | 1121 | &nbsp;&nbsp; 17316 |
| Wallenstam AB, Class B<sup>(a)</sup> | 34072 | &nbsp;&nbsp; 157784 |
| Wihlborgs Fastigheter AB | 24479 | &nbsp;&nbsp; 238069 |
|  |  | &nbsp;&nbsp; 12978910 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-3.32%** | **Switzerland-3.32%** | **Switzerland-3.32%** |
| Accelleron Industries AG<sup>(b)</sup> | 3305 | &nbsp;&nbsp; $271589 |
| Allreal Holding AG<sup>(b)</sup> | 1705 | &nbsp;&nbsp; 408525 |
| ALSO Holding AG | 943 | &nbsp;&nbsp; 271629 |
| Arbonia AG | 1726 | &nbsp;&nbsp; 10941 |
| Aryzta AG<sup>(b)</sup> | 3251 | &nbsp;&nbsp; 208965 |
| Avolta AG<sup>(b)</sup> | 6178 | &nbsp;&nbsp; 326479 |
| Bachem Holding AG<sup>(a)(b)</sup> | 1486 | &nbsp;&nbsp; 108083 |
| Banque Cantonale Vaudoise<sup>(a)</sup> | 2445 | &nbsp;&nbsp; 284588 |
| Belimo Holding AG | 380 | &nbsp;&nbsp; 411021 |
| Bell Food Group AG<sup>(b)</sup> | 90 | &nbsp;&nbsp; 25887 |
| BKW AG | 1935 | &nbsp;&nbsp; 434147 |
| Bossard Holding AG, Class A | 420 | &nbsp;&nbsp; 91495 |
| Bucher Industries AG | 231 | &nbsp;&nbsp; 102756 |
| Burckhardt Compression Holding AG | 171 | &nbsp;&nbsp; 118566 |
| Cembra Money Bank AG | 3335 | &nbsp;&nbsp; 382318 |
| Comet Holding AG | 454 | &nbsp;&nbsp; 111232 |
| CRISPR Therapeutics AG<sup>(a)(b)</sup> | 5319 | &nbsp;&nbsp; 340363 |
| Daetwyler Holding AG, BR | 660 | &nbsp;&nbsp; 122008 |
| DKSH Holding AG | 1432 | &nbsp;&nbsp; 100110 |
| DocMorris AG<sup>(b)</sup> | 444 | &nbsp;&nbsp; 3064 |
| dormakaba Holding AG | 2640 | &nbsp;&nbsp; 226062 |
| EFG International AG<sup>(b)</sup> | 7961 | &nbsp;&nbsp; 166424 |
| Emmi AG | 237 | &nbsp;&nbsp; 211115 |
| EMS-Chemie Holding AG | 475 | &nbsp;&nbsp; 326153 |
| Flughafen Zureich AG<sup>(b)</sup> | 1242 | &nbsp;&nbsp; 367783 |
| Forbo Holding AG<sup>(a)</sup> | 154 | &nbsp;&nbsp; 141849 |
| Galderma Group AG, Class A | 1215 | &nbsp;&nbsp; 226202 |
| Garrett Motion, Inc.<sup>(a)</sup> | 9766 | &nbsp;&nbsp; 165436 |
| Georg Fischer AG | 3997 | &nbsp;&nbsp; 282929 |
| Huber + Suhner AG | 1925 | &nbsp;&nbsp; 353436 |
| Implenia AG | 651 | &nbsp;&nbsp; 51786 |
| Inficon Holding AG<sup>(a)</sup> | 1015 | &nbsp;&nbsp; 122071 |
| International Workplace Group PLC | 129811 | &nbsp;&nbsp; 386376 |
| Interroll Holding AG, Class R | 52 | &nbsp;&nbsp; 160867 |
| Kardex Holding AG | 316 | &nbsp;&nbsp; 119157 |
| Komax Holding AG, Class R<sup>(b)</sup> | 127 | &nbsp;&nbsp; 10491 |
| Landis+Gyr Group AG<sup>(b)</sup> | 5573 | &nbsp;&nbsp; 404740 |
| Luzerner Kantonalbank AG<sup>(a)</sup> | 902 | &nbsp;&nbsp; 91986 |
| Mobilezone Holding AG | 1409 | &nbsp;&nbsp; 21111 |
| Mobimo Holding AG<sup>(b)</sup> | 575 | &nbsp;&nbsp; 244339 |
| OC Oerlikon Corp. AG | 43067 | &nbsp;&nbsp; 154391 |
| On Holding AG, Class A<sup>(b)</sup> | 2143 | &nbsp;&nbsp; 79612 |
| SFS Group AG<sup>(b)</sup> | 1536 | &nbsp;&nbsp; 208827 |
| Siegfried Holding AG<sup>(b)</sup> | 1639 | &nbsp;&nbsp; 158491 |
| SIG Group AG<sup>(b)</sup> | 20636 | &nbsp;&nbsp; 231301 |
| St Galler Kantonalbank AG | 185 | &nbsp;&nbsp; 117641 |
| Stadler Rail AG<sup>(a)</sup> | 8108 | &nbsp;&nbsp; 199316 |
| Straumann Holding AG<sup>(b)</sup> | 2997 | &nbsp;&nbsp; 377667 |
| Sulzer AG | 1518 | &nbsp;&nbsp; 254328 |
| Swissquote Group Holding S.A. | 261 | &nbsp;&nbsp; 166238 |
| Tecan Group AG, Class R<sup>(b)</sup> | 1229 | &nbsp;&nbsp; 224991 |
| Temenos AG | 3488 | &nbsp;&nbsp; 330151 |
| TORM PLC, Class A | 12334 | &nbsp;&nbsp; 266441 |
| u-blox Holding AG<sup>(a)(b)</sup> | 208 | &nbsp;&nbsp; 35054 |
| Valiant Holding AG | 1706 | &nbsp;&nbsp; 281495 |
| VAT Group AG<sup>(c)</sup> | 928 | &nbsp;&nbsp; 406562 |
| Vaudoise Assurances Holding S.A. | 97 | &nbsp;&nbsp; 74681 |

---

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

------

**58**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Vontobel Holding AG, Class R | 3760 | &nbsp;&nbsp; $285828 |
| Zehnder Group AG | 314 | &nbsp;&nbsp; 27738 |
|  |  | &nbsp;&nbsp; 12094832 |
| **Taiwan-0.08%** | **Taiwan-0.08%** | **Taiwan-0.08%** |
| FIT Hon Teng Ltd.<sup>(a)(b)(c)</sup> | 365184 | &nbsp;&nbsp; 273152 |
| **Turkey-0.19%** | **Turkey-0.19%** | **Turkey-0.19%** |
| Eldorado Gold Corp.<sup>(b)</sup> | 26852 | &nbsp;&nbsp; 688955 |
| **Ukraine-0.00%** | **Ukraine-0.00%** | **Ukraine-0.00%** |
| Ferrexpo PLC<sup>(b)</sup> | 18728 | &nbsp;&nbsp; 14088 |
| **United Kingdom-6.61%** | **United Kingdom-6.61%** | **United Kingdom-6.61%** |
| 4imprint Group PLC | 2555 | &nbsp;&nbsp; 111903 |
| AG Barr PLC | 7903 | &nbsp;&nbsp; 69473 |
| AJ Bell PLC | 4936 | &nbsp;&nbsp; 34851 |
| Allfunds Group PLC | 38599 | &nbsp;&nbsp; 293814 |
| Ashmore Group PLC<sup>(a)</sup> | 73923 | &nbsp;&nbsp; 182523 |
| ASOS PLC<sup>(a)(b)</sup> | 9797 | &nbsp;&nbsp; 32791 |
| Aston Martin Lagonda Global Holdings <br> PLC<sup>(a)(b)(c)</sup><br>| 10497 | &nbsp;&nbsp; 8692 |
| Auto Trader Group PLC<sup>(c)</sup> | 25575 | &nbsp;&nbsp; 262406 |
| Babcock International Group PLC | 33227 | &nbsp;&nbsp; 530664 |
| Bakkavor Group PLC<sup>(c)</sup> | 26100 | &nbsp;&nbsp; 76078 |
| Balfour Beatty PLC | 15862 | &nbsp;&nbsp; 140206 |
| Beazley PLC | 35201 | &nbsp;&nbsp; 430692 |
| Big Yellow Group PLC | 23574 | &nbsp;&nbsp; 344854 |
| Bodycote PLC<sup>(a)</sup> | 25824 | &nbsp;&nbsp; 209396 |
| Breedon Group PLC | 45993 | &nbsp;&nbsp; 208221 |
| Bridgepoint Group PLC<sup>(a)(c)</sup> | 18648 | &nbsp;&nbsp; 73863 |
| Chemring Group PLC | 31738 | &nbsp;&nbsp; 239277 |
| Clarkson PLC | 3186 | &nbsp;&nbsp; 151876 |
| Close Brothers Group PLC<sup>(a)(b)</sup> | 67053 | &nbsp;&nbsp; 369916 |
| Coats Group PLC | 146400 | &nbsp;&nbsp; 157347 |
| Computacenter PLC | 9764 | &nbsp;&nbsp; 367978 |
| ConvaTec Group PLC<sup>(c)</sup> | 131491 | &nbsp;&nbsp; 422343 |
| Cranswick PLC | 6331 | &nbsp;&nbsp; 410769 |
| Crest Nicholson Holdings PLC<sup>(a)</sup> | 12754 | &nbsp;&nbsp; 27732 |
| Currys PLC | 27203 | &nbsp;&nbsp; 50217 |
| CVS Group PLC | 4676 | &nbsp;&nbsp; 76289 |
| Derwent London PLC | 17099 | &nbsp;&nbsp; 395981 |
| Diploma PLC | 4875 | &nbsp;&nbsp; 359685 |
| Domino's Pizza Group PLC | 49288 | &nbsp;&nbsp; 126065 |
| Dowlais Group PLC | 56384 | &nbsp;&nbsp; 61261 |
| Dr. Martens PLC | 110530 | &nbsp;&nbsp; 132226 |
| Dunelm Group PLC | 14305 | &nbsp;&nbsp; 210118 |
| easyJet PLC | 72014 | &nbsp;&nbsp; 458551 |
| Elementis PLC | 65630 | &nbsp;&nbsp; 141880 |
| Empiric Student property PLC | 58599 | &nbsp;&nbsp; 60021 |
| Endava PLC, ADR<sup>(a)(b)</sup> | 5651 | &nbsp;&nbsp; 52385 |
| Essentra PLC | 9302 | &nbsp;&nbsp; 11898 |
| Evoke PLC<sup>(b)</sup> | 16266 | &nbsp;&nbsp; 9207 |
| Firstgroup PLC | 114097 | &nbsp;&nbsp; 315213 |
| Frasers Group PLC<sup>(a)(b)</sup> | 25112 | &nbsp;&nbsp; 241099 |
| Future PLC | 19283 | &nbsp;&nbsp; 155504 |
| Games Workshop Group PLC | 1568 | &nbsp;&nbsp; 328390 |
| Gamma Communications PLC | 6242 | &nbsp;&nbsp; 81501 |
| GB Group PLC | 23865 | &nbsp;&nbsp; 73882 |
| Genuit Group PLC | 32822 | &nbsp;&nbsp; 159597 |
| Genus PLC | 6714 | &nbsp;&nbsp; 217261 |
| Grafton Group PLC | 27666 | &nbsp;&nbsp; 345992 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Grainger PLC | 86110 | &nbsp;&nbsp; $212187 |
| Great Portland Estates PLC | 45568 | &nbsp;&nbsp; 199501 |
| Greggs PLC<sup>(a)</sup> | 12186 | &nbsp;&nbsp; 258316 |
| Halfords Group PLC | 10137 | &nbsp;&nbsp; 19917 |
| Hammerson PLC | 51992 | &nbsp;&nbsp; 208653 |
| Harbour Energy PLC | 104193 | &nbsp;&nbsp; 308446 |
| Hays PLC<sup>(a)</sup> | 46222 | &nbsp;&nbsp; 35897 |
| Hikma Pharmaceuticals PLC | 15186 | &nbsp;&nbsp; 367384 |
| Hill & Smith PLC | 6565 | &nbsp;&nbsp; 185791 |
| Hilton Food Group PLC | 9421 | &nbsp;&nbsp; 79678 |
| Howden Joinery Group PLC | 36413 | &nbsp;&nbsp; 413622 |
| Hunting PLC | 25886 | &nbsp;&nbsp; 116261 |
| Ibstock PLC<sup>(a)(c)</sup> | 62695 | &nbsp;&nbsp; 112640 |
| InterContinental Hotels Group PLC | 2658 | &nbsp;&nbsp; 320664 |
| J D Wetherspoon PLC<sup>(a)</sup> | 12500 | &nbsp;&nbsp; 106060 |
| James Halstead PLC | 13578 | &nbsp;&nbsp; 24904 |
| JET2 PLC | 10728 | &nbsp;&nbsp; 187364 |
| John Wood Group PLC<sup>(a)(b)(d)</sup> | 100974 | &nbsp;&nbsp; 22017 |
| Just Group PLC | 88421 | &nbsp;&nbsp; 246863 |
| Keller Group PLC | 10437 | &nbsp;&nbsp; 217740 |
| Kier Group PLC | 97755 | &nbsp;&nbsp; 278189 |
| Lancashire Holdings Ltd. | 29556 | &nbsp;&nbsp; 259568 |
| Liontrust Asset Management PLC | 3346 | &nbsp;&nbsp; 13669 |
| LondonMetric Property PLC | 179113 | &nbsp;&nbsp; 448158 |
| Marshalls PLC | 46437 | &nbsp;&nbsp; 103018 |
| Mitchells & Butlers PLC<sup>(b)</sup> | 20900 | &nbsp;&nbsp; 66842 |
| Mitie Group PLC | 139993 | &nbsp;&nbsp; 302835 |
| Mobico Group PLC<sup>(b)</sup> | 33038 | &nbsp;&nbsp; 11409 |
| Molten Ventures PLC<sup>(b)</sup> | 18057 | &nbsp;&nbsp; 110214 |
| MONY Group PLC | 71598 | &nbsp;&nbsp; 182616 |
| Morgan Advanced Materials PLC | 38804 | &nbsp;&nbsp; 104073 |
| Morgan Sindall Group PLC | 4641 | &nbsp;&nbsp; 283596 |
| Ninety One PLC | 52344 | &nbsp;&nbsp; 159135 |
| Ocado Group PLC<sup>(a)(b)</sup> | 54580 | &nbsp;&nbsp; 157211 |
| OSB Group PLC | 66565 | &nbsp;&nbsp; 471865 |
| Oxford Instruments PLC | 4884 | &nbsp;&nbsp; 121189 |
| PageGroup PLC | 44432 | &nbsp;&nbsp; 137931 |
| Paragon Banking Group PLC | 28118 | &nbsp;&nbsp; 306701 |
| Pepco Group N.V.<sup>(a)(c)</sup> | 24644 | &nbsp;&nbsp; 185771 |
| Petershill Partners PLC<sup>(c)</sup> | 10669 | &nbsp;&nbsp; 43670 |
| Petrofac Ltd.<sup>(a)(b)(d)</sup> | 387808 | &nbsp;&nbsp; 1013 |
| Pets at Home Group PLC | 96484 | &nbsp;&nbsp; 271819 |
| Pinewood Technologies Group PLC<sup>(b)</sup> | 3921 | &nbsp;&nbsp; 18979 |
| Playtech PLC | 5061 | &nbsp;&nbsp; 17519 |
| Polar Capital Holdings PLC | 10093 | &nbsp;&nbsp; 76096 |
| Premier Foods PLC | 65902 | &nbsp;&nbsp; 158088 |
| Primary Health Properties PLC | 326422 | &nbsp;&nbsp; 401936 |
| QinetiQ Group PLC | 59060 | &nbsp;&nbsp; 372988 |
| Quilter PLC<sup>(c)</sup> | 55474 | &nbsp;&nbsp; 132463 |
| Rathbones Group PLC | 3844 | &nbsp;&nbsp; 90112 |
| Renew Holdings PLC | 7966 | &nbsp;&nbsp; 97025 |
| Renishaw PLC | 3492 | &nbsp;&nbsp; 162376 |
| Rightmove PLC | 20043 | &nbsp;&nbsp; 176007 |
| Rotork PLC | 73151 | &nbsp;&nbsp; 329353 |
| RWS Holdings PLC | 58167 | &nbsp;&nbsp; 59172 |
| S4 Capital PLC | 38868 | &nbsp;&nbsp; 12056 |
| Safestore Holdings PLC | 30386 | &nbsp;&nbsp; 285655 |
| Savills PLC | 17202 | &nbsp;&nbsp; 227980 |
| Senior PLC | 63913 | &nbsp;&nbsp; 160105 |
| Serco Group PLC | 185963 | &nbsp;&nbsp; 620624 |

---

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

------

**59**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Serica Energy PLC<sup>(a)</sup> | 52567 | &nbsp;&nbsp; $150259 |
| Shaftesbury Capital PLC | 109578 | &nbsp;&nbsp; 202443 |
| Softcat PLC | 6928 | &nbsp;&nbsp; 146000 |
| Spirax Group PLC | 4424 | &nbsp;&nbsp; 412686 |
| Spire Healthcare Group PLC<sup>(c)</sup> | 33265 | &nbsp;&nbsp; 102571 |
| SSP Group PLC | 91017 | &nbsp;&nbsp; 183968 |
| Supermarket Income REIT PLC | 130607 | &nbsp;&nbsp; 135923 |
| Telecom Plus PLC | 7917 | &nbsp;&nbsp; 184688 |
| THG PLC<sup>(a)(b)</sup> | 314168 | &nbsp;&nbsp; 192032 |
| TP ICAP Group PLC | 114723 | &nbsp;&nbsp; 395721 |
| Travis Perkins PLC | 8932 | &nbsp;&nbsp; 73858 |
| Tritax Big Box REIT PLC | 153743 | &nbsp;&nbsp; 303532 |
| Unite Group PLC (The) | 36235 | &nbsp;&nbsp; 270316 |
| Vesuvius PLC | 42466 | &nbsp;&nbsp; 209586 |
| Victrex PLC | 11699 | &nbsp;&nbsp; 99422 |
| Watches of Switzerland Group PLC<sup>(b)(c)</sup> | 36549 | &nbsp;&nbsp; 188672 |
| WH Smith PLC | 12761 | &nbsp;&nbsp; 113369 |
| Wise PLC, Class A<sup>(b)</sup> | 2324 | &nbsp;&nbsp; 29556 |
| Workspace Group PLC | 24713 | &nbsp;&nbsp; 135794 |
| Yellow Cake PLC<sup>(a)(b)(c)</sup> | 13464 | &nbsp;&nbsp; 104319 |
| Zigup PLC | 37265 | &nbsp;&nbsp; 169786 |
|  |  | &nbsp;&nbsp; 24089320 |
| **United States-1.65%** | **United States-1.65%** | **United States-1.65%** |
| Alkermes PLC<sup>(b)</sup> | 9295 | &nbsp;&nbsp; 285356 |
| Atlassian Corp., Class A<sup>(b)</sup> | 1499 | &nbsp;&nbsp; 253961 |
| Bausch + Lomb Corp.<sup>(b)</sup> | 7255 | &nbsp;&nbsp; 109823 |
| Burford Capital Ltd.<sup>(a)</sup> | 11895 | &nbsp;&nbsp; 116867 |
| Buzzi S.p.A. | 10542 | &nbsp;&nbsp; 635938 |
| Carnival PLC, ADR<sup>(b)</sup> | 10660 | &nbsp;&nbsp; 277267 |
| Constellium SE<sup>(b)</sup> | 23241 | &nbsp;&nbsp; 365581 |
| Curaleaf Holdings, Inc.<sup>(b)</sup> | 38399 | &nbsp;&nbsp; 108251 |
| CyberArk Software Ltd.<sup>(b)</sup> | 300 | &nbsp;&nbsp; 156234 |
| Diversified Energy Co. PLC<sup>(a)(c)</sup> | 16937 | &nbsp;&nbsp; 213763 |
| Dole PLC | 15542 | &nbsp;&nbsp; 198005 |
| Ferrovial SE | 7866 | &nbsp;&nbsp; 483341 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Galaxy Digital, Inc.<sup>(b)</sup> | 3038 | &nbsp;&nbsp; $106416 |
| GFL Environmental, Inc. | 8647 | &nbsp;&nbsp; 378428 |
| Inmode Ltd.<sup>(b)</sup> | 5448 | &nbsp;&nbsp; 80467 |
| MDA Space Ltd.<sup>(b)</sup> | 6453 | &nbsp;&nbsp; 126099 |
| Monday.com Ltd.<sup>(b)</sup> | 245 | &nbsp;&nbsp; 50284 |
| Oracle Corp. | 2412 | &nbsp;&nbsp; 222441 |
| Reliance Worldwide Corp. Ltd. | 100453 | &nbsp;&nbsp; 272527 |
| RHI Magnesita N.V. | 1182 | &nbsp;&nbsp; 32621 |
| Samsonite Group S.A.<sup>(a)(c)</sup> | 139610 | &nbsp;&nbsp; 291871 |
| Sims Ltd. | 6014 | &nbsp;&nbsp; 62771 |
| Sinch AB<sup>(a)(b)(c)</sup> | 130534 | &nbsp;&nbsp; 473071 |
| SolarEdge Technologies, Inc.<sup>(a)(b)</sup> | 18279 | &nbsp;&nbsp; 641410 |
| Titan S.A. | 1645 | &nbsp;&nbsp; 73171 |
|  |  | &nbsp;&nbsp; 6015964 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.60% <br>(Cost $313,506,085) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.60% <br>(Cost $313,506,085) | &nbsp;&nbsp; 362921270 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-14.40%** | **Money Market Funds-14.40%** | **Money Market Funds-14.40%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(f)(g)(h)</sup><br>| 14588985 | &nbsp;&nbsp; 14588985 |
| Invesco Private Prime Fund, 4.30%<sup>(f)(g)(h)</sup> | 37879001 | &nbsp;&nbsp; 37890365 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $52,479,309) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $52,479,309) | &nbsp;&nbsp; 52479350 |
| TOTAL INVESTMENTS IN SECURITIES-114.00% <br>(Cost $365,985,394) | TOTAL INVESTMENTS IN SECURITIES-114.00% <br>(Cost $365,985,394) | &nbsp;&nbsp; 415400620 |
| OTHER ASSETS LESS LIABILITIES-(14.00)% | OTHER ASSETS LESS LIABILITIES-(14.00)% | &nbsp;&nbsp; (51024185)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $364376435 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| BR-Bearer Shares |
| CDI-CREST Depository Interest |
| CVA-Dutch Certificates |
| FDR-Fiduciary Depositary Receipt |
| REIT-Real Estate Investment Trust |
| Rts.-Rights |
| Wts.-Warrants |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $14,045,321, which represented 3.85% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Restricted security. The aggregate value of these securities at October 31, 2025 was $650,869, which represented less than 1% of the Fund's Net Assets. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

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

------

**60**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $12365647 | &nbsp;&nbsp; $(12365647)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5255 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 17509156 | &nbsp;&nbsp; 56518691 | &nbsp;&nbsp; (59438862)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14588985 | &nbsp;&nbsp; 752,044<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 45772846 | &nbsp;&nbsp; 126841120 | &nbsp;&nbsp; (134722560)<br>| &nbsp;&nbsp; 2340 | &nbsp;&nbsp; (3381)<br>| &nbsp;&nbsp; 37890365 | &nbsp;&nbsp; 2,013,770<br> \*<br>|
| Total | &nbsp;&nbsp; $63282002 | &nbsp;&nbsp; $195725458 | &nbsp;&nbsp; $(206527069)<br>| &nbsp;&nbsp; $2340 | &nbsp;&nbsp; $(3381)<br>| &nbsp;&nbsp; $52479350 | &nbsp;&nbsp; $2771069 |

---

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

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

<sup>(h)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**61**

------

**Invesco RAFI Emerging Markets ETF (PXH)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.56%** | **Common Stocks & Other Equity Interests-99.56%** | **Common Stocks & Other Equity Interests-99.56%** |
| **Brazil-10.47%** | **Brazil-10.47%** | **Brazil-10.47%** |
| Ambev S.A. | 1553277 | &nbsp;&nbsp; $3666035 |
| B3 S.A. - Brasil, Bolsa, Balcao | 1115382 | &nbsp;&nbsp; 2622162 |
| Banco Bradesco S.A., Preference Shares | 3982506 | &nbsp;&nbsp; 13429952 |
| Banco BTG Pactual S.A., Series CPO | 41400 | &nbsp;&nbsp; 375319 |
| Banco do Brasil S.A. | 1586396 | &nbsp;&nbsp; 6451459 |
| Banco Santander Brasil S.A., Series CPO | 68500 | &nbsp;&nbsp; 396106 |
| Braskem S.A., Class A, Preference <br> Shares<sup>(a)</sup><br>| 78309 | &nbsp;&nbsp; 98302 |
| Centrais Eletricas Brasileiras S.A. | 537362 | &nbsp;&nbsp; 5560070 |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP<br>| 93092 | &nbsp;&nbsp; 2278919 |
| Cia Energetica de Minas Gerais, Preference <br> Shares<br>| 1070008 | &nbsp;&nbsp; 2253213 |
| Cia Paranaense de Energia - Copel, Class B, <br> Preference Shares<br>| 840080 | &nbsp;&nbsp; 2171511 |
| Cia Siderurgica Nacional S.A. | 1209282 | &nbsp;&nbsp; 2119834 |
| Cosan S.A.<sup>(a)</sup> | 1032365 | &nbsp;&nbsp; 1178991 |
| Embraer S.A. | 50167 | &nbsp;&nbsp; 810382 |
| Energisa S.A. | 22400 | &nbsp;&nbsp; 215591 |
| Equatorial Energia S.A. | 315100 | &nbsp;&nbsp; 2144493 |
| Gerdau S.A., Preference Shares | 1500354 | &nbsp;&nbsp; 5276864 |
| Hapvida Participacoes e Investimentos <br> S.A.<sup>(a)(b)</sup><br>| 216886 | &nbsp;&nbsp; 1259796 |
| Itau Unibanco Holding S.A., Preference <br> Shares<br>| 1921535 | &nbsp;&nbsp; 14073024 |
| Itausa S.A., Preference Shares | 232049 | &nbsp;&nbsp; 502005 |
| Klabin S.A. | 354680 | &nbsp;&nbsp; 1188161 |
| Localiza Rent a Car S.A. | 225800 | &nbsp;&nbsp; 1653724 |
| Lojas Renner S.A. | 100621 | &nbsp;&nbsp; 277284 |
| MBRF Global Foods Co. S.A. | 183100 | &nbsp;&nbsp; 607596 |
| Metalurgica Gerdau S.A., Preference <br> Shares<br>| 1323500 | &nbsp;&nbsp; 2725572 |
| Motiva Infraestrutura de Mobilidade S.A. | 116400 | &nbsp;&nbsp; 343246 |
| Natura Cosmeticos S.A.<sup>(a)</sup> | 416900 | &nbsp;&nbsp; 697524 |
| Petroleo Brasileiro S.A., Preference Shares | 8773145 | &nbsp;&nbsp; 48466814 |
| Sendas Distribuidora S.A. | 138100 | &nbsp;&nbsp; 220543 |
| Suzano S.A. | 252668 | &nbsp;&nbsp; 2293889 |
| Telefonica Brasil S.A. | 404380 | &nbsp;&nbsp; 2405938 |
| TIM S.A. | 71700 | &nbsp;&nbsp; 323407 |
| Ultrapar Participacoes S.A. | 725892 | &nbsp;&nbsp; 2885964 |
| Usinas Siderurgicas de Minas Gerais S.A. <br> Usiminas, Class A, Preference Shares<sup>(a)</sup><br>| 125700 | &nbsp;&nbsp; 132349 |
| Vale S.A. | 3231261 | &nbsp;&nbsp; 39158072 |
| Vibra Energia S.A. | 1359498 | &nbsp;&nbsp; 6008385 |
| WEG S.A. | 130500 | &nbsp;&nbsp; 1020222 |
|  |  | &nbsp;&nbsp; 177292718 |
| **Canada-0.02%** | **Canada-0.02%** | **Canada-0.02%** |
| Canadian Solar, Inc.<sup>(a)(c)</sup> | 13110 | &nbsp;&nbsp; 272164 |
| **Chile-0.56%** | **Chile-0.56%** | **Chile-0.56%** |
| Banco de Chile | 10307403 | &nbsp;&nbsp; 1808298 |
| Banco Santander Chile | 5916742 | &nbsp;&nbsp; 427678 |
| Cencosud S.A. | 379594 | &nbsp;&nbsp; 1176240 |
| Empresas CMPC S.A. | 314054 | &nbsp;&nbsp; 453732 |
| Empresas COPEC S.A. | 86257 | &nbsp;&nbsp; 616436 |
| Enel Americas S.A. | 4823786 | &nbsp;&nbsp; 456234 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Chile-(continued)** | **Chile-(continued)** | **Chile-(continued)** |
| Falabella S.A. | 195728 | &nbsp;&nbsp; $1232998 |
| Sociedad Quimica y Minera de Chile S.A., <br> Class B, Preference Shares<sup>(a)</sup><br>| 69568 | &nbsp;&nbsp; 3386149 |
|  |  | &nbsp;&nbsp; 9557765 |
| **China-41.55%** | **China-41.55%** | **China-41.55%** |
| Agricultural Bank of China Ltd., H Shares | 18803000 | &nbsp;&nbsp; 14341343 |
| Alibaba Group Holding Ltd. | 4201300 | &nbsp;&nbsp; 89379430 |
| Aluminum Corp. of China Ltd., H Shares | 2711101 | &nbsp;&nbsp; 3446485 |
| Anhui Conch Cement Co. Ltd., H Shares | 1482858 | &nbsp;&nbsp; 4420148 |
| ANTA Sports Products Ltd. | 175707 | &nbsp;&nbsp; 1833663 |
| BAIC Motor Corp. Ltd., H Shares<sup>(a)(b)</sup> | 1817000 | &nbsp;&nbsp; 469740 |
| Baidu, Inc., A Shares<sup>(a)</sup> | 945508 | &nbsp;&nbsp; 14308396 |
| Bank of Beijing Co. Ltd., A Shares | 1941700 | &nbsp;&nbsp; 1526136 |
| Bank of China Ltd., H Shares | 44218189 | &nbsp;&nbsp; 25032961 |
| Bank of Communications Co. Ltd., H <br> Shares<br>| 7874987 | &nbsp;&nbsp; 6993873 |
| Bank of Jiangsu Co. Ltd. | 802500 | &nbsp;&nbsp; 1216945 |
| Bank of Shanghai Co. Ltd., A Shares | 234300 | &nbsp;&nbsp; 312721 |
| Baoshan Iron & Steel Co. Ltd., A Shares | 1253400 | &nbsp;&nbsp; 1299082 |
| Beijing Enterprises Holdings Ltd. | 262000 | &nbsp;&nbsp; 1149380 |
| BOC Hong Kong (Holdings) Ltd. | 861500 | &nbsp;&nbsp; 4232271 |
| BOE Technology Group Co. Ltd., A Shares | 2669200 | &nbsp;&nbsp; 1523635 |
| BYD Co. Ltd., H Shares | 347995 | &nbsp;&nbsp; 4495138 |
| BYD Electronic International Co. Ltd.<sup>(c)</sup> | 200000 | &nbsp;&nbsp; 938726 |
| CGN Power Co. Ltd., H Shares<sup>(b)</sup> | 4789470 | &nbsp;&nbsp; 1897146 |
| China Cinda Asset Management Co. Ltd., H <br> Shares<br>| 7950000 | &nbsp;&nbsp; 1288378 |
| China CITIC Bank Corp. Ltd., H Shares | 6862000 | &nbsp;&nbsp; 6545686 |
| China Coal Energy Co. Ltd., H Shares | 1337858 | &nbsp;&nbsp; 1884166 |
| China Communications Services Corp. Ltd., <br> H Shares<br>| 1098000 | &nbsp;&nbsp; 657907 |
| China Construction Bank Corp., H Shares | 49664000 | &nbsp;&nbsp; 49158996 |
| China Energy Engineering Corp. Ltd., H <br> Shares<br>| 9924821 | &nbsp;&nbsp; 1480257 |
| China Everbright Bank Co. Ltd., H <br> Shares<sup>(c)</sup><br>| 8679236 | &nbsp;&nbsp; 3559878 |
| China Everbright Environment Group Ltd. | 2573885 | &nbsp;&nbsp; 1592227 |
| China Hongqiao Group Ltd. | 1649642 | &nbsp;&nbsp; 6262022 |
| China International Marine Containers <br> Group Co. Ltd., H Shares<br>| 1181200 | &nbsp;&nbsp; 1079439 |
| China Life Insurance Co. Ltd., H Shares | 1578000 | &nbsp;&nbsp; 4975156 |
| China Mengniu Dairy Co. Ltd. | 1258785 | &nbsp;&nbsp; 2290189 |
| China Merchants Bank Co. Ltd., H Shares | 2119000 | &nbsp;&nbsp; 13280208 |
| China Minsheng Banking Corp. Ltd., H <br> Shares<br>| 13244111 | &nbsp;&nbsp; 6783711 |
| China National Building Material Co. Ltd., H <br> Shares<br>| 3176000 | &nbsp;&nbsp; 2250221 |
| China Overseas Land & Investment Ltd. | 3167302 | &nbsp;&nbsp; 5314218 |
| China Pacific Insurance (Group) Co. Ltd., H <br> Shares<br>| 1463200 | &nbsp;&nbsp; 5930631 |
| China Petroleum & Chemical Corp., H <br> Shares<br>| 28734000 | &nbsp;&nbsp; 15280494 |
| China Power International Development <br> Ltd.<br>| 824994 | &nbsp;&nbsp; 355578 |
| China Railway Group Ltd., H Shares | 8375840 | &nbsp;&nbsp; 4247984 |
| China Resources Beer (Holdings) Co. Ltd. | 68601 | &nbsp;&nbsp; 234602 |
| China Resources Gas Group Ltd. | 454743 | &nbsp;&nbsp; 1250198 |

---

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

------

**62**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| China Resources Land Ltd. | 1585460 | &nbsp;&nbsp; $5726953 |
| China Resources Pharmaceutical Group <br> Ltd.<sup>(b)(c)</sup><br>| 1235500 | &nbsp;&nbsp; 791596 |
| China Resources Power Holdings Co. <br> Ltd.<sup>(c)</sup><br>| 980019 | &nbsp;&nbsp; 2343021 |
| China Shenhua Energy Co. Ltd., H <br> Shares<sup>(c)</sup><br>| 1545508 | &nbsp;&nbsp; 8046035 |
| China State Construction Engineering Corp. <br> Ltd., A Shares<br>| 4832022 | &nbsp;&nbsp; 3688481 |
| China State Construction International <br> Holdings Ltd.<br>| 564000 | &nbsp;&nbsp; 641448 |
| China Taiping Insurance Holdings Co. Ltd. | 714800 | &nbsp;&nbsp; 1625587 |
| China Tower Corp. Ltd., H Shares<sup>(b)</sup> | 1854287 | &nbsp;&nbsp; 2678223 |
| China United Network Communications <br> Ltd., A Shares<br>| 1902200 | &nbsp;&nbsp; 1450351 |
| China Vanke Co. Ltd., H Shares<sup>(a)(c)</sup> | 6474260 | &nbsp;&nbsp; 3667152 |
| China Yangtze Power Co. Ltd., A Shares | 80300 | &nbsp;&nbsp; 317242 |
| China Yongda Automobiles Services <br> Holdings Ltd.<br>| 1250000 | &nbsp;&nbsp; 274414 |
| China Zheshang Bank Co. Ltd., H Shares | 3760000 | &nbsp;&nbsp; 1224613 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> H Shares<br>| 2187175 | &nbsp;&nbsp; 1798335 |
| CITIC Ltd. | 2964991 | &nbsp;&nbsp; 4581809 |
| CITIC Securities Co. Ltd., H Shares | 1026190 | &nbsp;&nbsp; 3905969 |
| CMOC Group Ltd., H Shares | 1092000 | &nbsp;&nbsp; 2363634 |
| Contemporary Amperex Technology Co. <br> Ltd., A Shares<br>| 26200 | &nbsp;&nbsp; 1432487 |
| COSCO SHIPPING Holdings Co. Ltd., H <br> Shares<sup>(c)</sup><br>| 2988000 | &nbsp;&nbsp; 5180787 |
| Country Garden Services Holdings Co. Ltd. | 1718649 | &nbsp;&nbsp; 1366266 |
| CRRC Corp. Ltd., H Shares | 3460360 | &nbsp;&nbsp; 2625221 |
| CSPC Pharmaceutical Group Ltd. | 2847937 | &nbsp;&nbsp; 2804602 |
| Daqo New Energy Corp., ADR<sup>(a)(c)</sup> | 88342 | &nbsp;&nbsp; 2885250 |
| Dongfeng Motor Group Co. Ltd., H <br> Shares<sup>(a)</sup><br>| 2550000 | &nbsp;&nbsp; 3084139 |
| ENN Energy Holdings Ltd. | 354052 | &nbsp;&nbsp; 3084296 |
| Fosun International Ltd. | 510000 | &nbsp;&nbsp; 323444 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | 2490288 | &nbsp;&nbsp; 435234 |
| Geely Automobile Holdings Ltd. | 2018000 | &nbsp;&nbsp; 4786305 |
| Gree Electric Appliances, Inc. of Zhuhai | 236900 | &nbsp;&nbsp; 1324668 |
| Guangdong Investment Ltd. | 1515164 | &nbsp;&nbsp; 1439074 |
| Guangdong Land Holdings Ltd.<sup>(a)</sup> | 78000 | &nbsp;&nbsp; 2669 |
| Haier Smart Home Co. Ltd., H Shares | 1231967 | &nbsp;&nbsp; 4005366 |
| Hello Group, Inc., ADR | 109773 | &nbsp;&nbsp; 745359 |
| Huaneng Power International, Inc., H <br> Shares<br>| 2363729 | &nbsp;&nbsp; 1952286 |
| Huatai Securities Co. Ltd., H Shares<sup>(b)(c)</sup> | 736244 | &nbsp;&nbsp; 1850590 |
| Huaxia Bank Co. Ltd., A Shares | 1325792 | &nbsp;&nbsp; 1269156 |
| Industrial & Commercial Bank of China Ltd., <br> H Shares<br>| 41339000 | &nbsp;&nbsp; 32022619 |
| Industrial Bank Co. Ltd., A Shares | 1675726 | &nbsp;&nbsp; 4767901 |
| iQIYI, Inc., ADR<sup>(a)(c)</sup> | 766870 | &nbsp;&nbsp; 1771470 |
| JD.com, Inc., ADR | 709824 | &nbsp;&nbsp; 23452585 |
| Jiangxi Copper Co. Ltd., H Shares | 1713663 | &nbsp;&nbsp; 7148638 |
| JinkoSolar Holding Co. Ltd., ADR<sup>(c)</sup> | 66883 | &nbsp;&nbsp; 1679432 |
| KE Holdings, Inc., ADR<sup>(c)</sup> | 163955 | &nbsp;&nbsp; 2795433 |
| Kuaishou Technology<sup>(b)</sup> | 231563 | &nbsp;&nbsp; 2149452 |
| Kunlun Energy Co. Ltd. | 1790335 | &nbsp;&nbsp; 1645302 |
| Kweichow Moutai Co. Ltd., A Shares | 8100 | &nbsp;&nbsp; 1629305 |
| Lenovo Group Ltd. | 2642000 | &nbsp;&nbsp; 3853462 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| Li Auto, Inc., A Shares<sup>(a)</sup> | 102000 | &nbsp;&nbsp; $1058237 |
| Li Ning Co. Ltd. | 792954 | &nbsp;&nbsp; 1723688 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | 2476836 | &nbsp;&nbsp; 3058822 |
| Lufax Holding Ltd., ADR<sup>(a)(c)</sup> | 510408 | &nbsp;&nbsp; 1592473 |
| Meituan, B Shares<sup>(a)(b)</sup> | 510600 | &nbsp;&nbsp; 6719476 |
| Metallurgical Corp. of China Ltd., H <br> Shares<sup>(c)</sup><br>| 7186266 | &nbsp;&nbsp; 2189378 |
| Midea Group Co. Ltd., A Shares | 226800 | &nbsp;&nbsp; 2436261 |
| NetEase, Inc. | 271995 | &nbsp;&nbsp; 7630760 |
| New China Life Insurance Co. Ltd., H <br> Shares<br>| 445783 | &nbsp;&nbsp; 2816577 |
| New Oriental Education & Technology <br> Group, Inc.<sup>(a)</sup><br>| 34154 | &nbsp;&nbsp; 204189 |
| NIO, Inc., ADR<sup>(a)(c)</sup> | 355812 | &nbsp;&nbsp; 2579637 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | 66036 | &nbsp;&nbsp; 8906275 |
| People's Insurance Co. (Group) of China <br> Ltd. (The), H Shares<br>| 3761648 | &nbsp;&nbsp; 3377655 |
| PetroChina Co. Ltd., H Shares | 16130891 | &nbsp;&nbsp; 16671264 |
| PICC Property & Casualty Co. Ltd., H <br> Shares<br>| 2906602 | &nbsp;&nbsp; 6865460 |
| Ping An Bank Co. Ltd., A Shares | 1060000 | &nbsp;&nbsp; 1686758 |
| Ping An Insurance (Group) Co. of China <br> Ltd., H Shares<br>| 4525500 | &nbsp;&nbsp; 32686771 |
| Poly Developments and Holdings Group Co. <br> Ltd., A Shares<br>| 1456900 | &nbsp;&nbsp; 1500814 |
| Postal Savings Bank of China Co. Ltd., H <br> Shares<sup>(b)</sup><br>| 7007918 | &nbsp;&nbsp; 4936808 |
| Power Construction Corp. of China Ltd., A <br> Shares<br>| 345400 | &nbsp;&nbsp; 273814 |
| Qifu Technology, Inc., ADR<sup>(c)</sup> | 17599 | &nbsp;&nbsp; 425016 |
| SAIC Motor Corp. Ltd., A Shares | 162356 | &nbsp;&nbsp; 379863 |
| Shaanxi Coal Industry Co. Ltd., A Shares | 62500 | &nbsp;&nbsp; 199431 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> H Shares<br>| 226008 | &nbsp;&nbsp; 340217 |
| Shanghai Pudong Development Bank Co. <br> Ltd., A Shares<br>| 2024205 | &nbsp;&nbsp; 3272714 |
| Shenzhou International Group Holdings <br> Ltd.<br>| 196567 | &nbsp;&nbsp; 1696370 |
| Sino Biopharmaceutical Ltd. | 803401 | &nbsp;&nbsp; 731688 |
| Sinopharm Group Co. Ltd., H Shares | 918525 | &nbsp;&nbsp; 2288999 |
| Sunac China Holdings Ltd.<sup>(a)(c)</sup> | 8386000 | &nbsp;&nbsp; 1572269 |
| Sunny Optical Technology Group Co. Ltd. | 173181 | &nbsp;&nbsp; 1673215 |
| Tencent Holdings Ltd. | 654100 | &nbsp;&nbsp; 53119800 |
| Tencent Music Entertainment Group, ADR | 84450 | &nbsp;&nbsp; 1884924 |
| Tianneng Power International Ltd.<sup>(c)</sup> | 754000 | &nbsp;&nbsp; 835692 |
| Trip.com Group Ltd. | 70100 | &nbsp;&nbsp; 4931990 |
| Vipshop Holdings Ltd., ADR | 257314 | &nbsp;&nbsp; 4500422 |
| Weichai Power Co. Ltd., H Shares | 1279429 | &nbsp;&nbsp; 2643123 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(b)</sup> | 469635 | &nbsp;&nbsp; 2189958 |
| Xiaomi Corp., B Shares<sup>(a)(b)</sup> | 2120000 | &nbsp;&nbsp; 11759078 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | 491935 | &nbsp;&nbsp; 226634 |
| Yankuang Energy Group Co. Ltd., H <br> Shares<sup>(c)</sup><br>| 2028293 | &nbsp;&nbsp; 2783942 |
| Yum China Holdings, Inc. | 82868 | &nbsp;&nbsp; 3584870 |
| Zhongsheng Group Holdings Ltd. | 909000 | &nbsp;&nbsp; 1434642 |
| Zijin Mining Group Co. Ltd., H Shares | 1472801 | &nbsp;&nbsp; 6091706 |
| ZTE Corp., H Shares<sup>(c)</sup> | 433800 | &nbsp;&nbsp; 1831999 |
| ZTO Express (Cayman), Inc. | 74400 | &nbsp;&nbsp; 1372299 |
|  |  | &nbsp;&nbsp; 703843004 |

---

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

------

**63**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-0.10%** | **Hong Kong-0.10%** | **Hong Kong-0.10%** |
| Orient Overseas International Ltd.<sup>(c)</sup> | 101500 | &nbsp;&nbsp; $1756180 |
| **India-10.26%** | **India-10.26%** | **India-10.26%** |
| Axis Bank Ltd. | 385204 | &nbsp;&nbsp; 5345670 |
| Bajaj Auto Ltd. | 10656 | &nbsp;&nbsp; 1066880 |
| Bajaj Finance Ltd. | 132237 | &nbsp;&nbsp; 1553072 |
| Bajaj Finserv Ltd. | 43549 | &nbsp;&nbsp; 1023535 |
| Bank of Baroda | 484056 | &nbsp;&nbsp; 1516960 |
| Bharat Petroleum Corp. Ltd. | 1319465 | &nbsp;&nbsp; 5293303 |
| Bharti Airtel Ltd. | 179001 | &nbsp;&nbsp; 4144981 |
| Canara Bank | 163833 | &nbsp;&nbsp; 252622 |
| Cipla Ltd. | 57971 | &nbsp;&nbsp; 980280 |
| Coal India Ltd. | 569229 | &nbsp;&nbsp; 2490103 |
| Dr. Reddy's Laboratories Ltd. | 84515 | &nbsp;&nbsp; 1137172 |
| GAIL (India) Ltd. | 1222133 | &nbsp;&nbsp; 2514317 |
| Grasim Industries Ltd. | 82817 | &nbsp;&nbsp; 2695554 |
| HCL Technologies Ltd. | 160416 | &nbsp;&nbsp; 2783402 |
| HDFC Bank Ltd. | 1133713 | &nbsp;&nbsp; 12605584 |
| Hero MotoCorp Ltd. | 28089 | &nbsp;&nbsp; 1753324 |
| Hindalco Industries Ltd. | 579870 | &nbsp;&nbsp; 5530693 |
| Hindustan Petroleum Corp. Ltd. | 702073 | &nbsp;&nbsp; 3756005 |
| Hindustan Unilever Ltd. | 73047 | &nbsp;&nbsp; 2028679 |
| ICICI Bank Ltd. | 465581 | &nbsp;&nbsp; 7054779 |
| Indian Oil Corp. Ltd. | 2201446 | &nbsp;&nbsp; 4108166 |
| IndusInd Bank Ltd.<sup>(a)</sup> | 142842 | &nbsp;&nbsp; 1278818 |
| Infosys Ltd. | 523587 | &nbsp;&nbsp; 8724055 |
| ITC Hotels Ltd.<sup>(a)</sup> | 11707 | &nbsp;&nbsp; 28578 |
| ITC Ltd. | 931333 | &nbsp;&nbsp; 4408495 |
| Jindal Steel Ltd. | 24420 | &nbsp;&nbsp; 293184 |
| Jio Financial Services Ltd. | 103200 | &nbsp;&nbsp; 356683 |
| JSW Steel Ltd. | 178235 | &nbsp;&nbsp; 2420237 |
| Kotak Mahindra Bank Ltd. | 91119 | &nbsp;&nbsp; 2158499 |
| Larsen & Toubro Ltd. | 109986 | &nbsp;&nbsp; 4990556 |
| Mahindra & Mahindra Ltd. | 97557 | &nbsp;&nbsp; 3830876 |
| Maruti Suzuki India Ltd. | 15783 | &nbsp;&nbsp; 2874330 |
| NTPC Ltd. | 1182060 | &nbsp;&nbsp; 4483549 |
| Oil & Natural Gas Corp. Ltd. | 1914145 | &nbsp;&nbsp; 5508429 |
| Petronet LNG Ltd. | 342775 | &nbsp;&nbsp; 1085382 |
| Power Finance Corp. Ltd. | 507007 | &nbsp;&nbsp; 2302121 |
| Power Grid Corp. of India Ltd. | 918459 | &nbsp;&nbsp; 2979926 |
| Punjab National Bank | 164897 | &nbsp;&nbsp; 228124 |
| Rajesh Exports Ltd.<sup>(a)</sup> | 77298 | &nbsp;&nbsp; 158293 |
| REC Ltd. | 322469 | &nbsp;&nbsp; 1360829 |
| Reliance Industries Ltd. | 1040342 | &nbsp;&nbsp; 17407884 |
| Sammaan Capital Ltd.<sup>(a)</sup> | 117957 | &nbsp;&nbsp; 250536 |
| Shriram Finance Ltd. | 273386 | &nbsp;&nbsp; 2305465 |
| State Bank of India | 567538 | &nbsp;&nbsp; 5991759 |
| Steel Authority of India Ltd. | 1060486 | &nbsp;&nbsp; 1633898 |
| Sun Pharmaceutical Industries Ltd. | 89009 | &nbsp;&nbsp; 1696765 |
| Tata Consultancy Services Ltd. | 125509 | &nbsp;&nbsp; 4319607 |
| Tata Motors Ltd. | 436402 | &nbsp;&nbsp; 2014228 |
| Tata Motors Ltd.<sup>(a)(d)</sup> | 429742 | &nbsp;&nbsp; 1262292 |
| Tata Power Co. Ltd. (The) | 55147 | &nbsp;&nbsp; 251342 |
| Tata Steel Ltd. | 3275556 | &nbsp;&nbsp; 6741148 |
| Tech Mahindra Ltd. | 113184 | &nbsp;&nbsp; 1814202 |
| UltraTech Cement Ltd. | 10053 | &nbsp;&nbsp; 1351832 |
| Union Bank of India Ltd. | 125251 | &nbsp;&nbsp; 209711 |
| UPL Ltd. | 188022 | &nbsp;&nbsp; 1524903 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India-(continued)** | **India-(continued)** | **India-(continued)** |
| Vedanta Ltd. | 780945 | &nbsp;&nbsp; $4335450 |
| Wipro Ltd. | 571406 | &nbsp;&nbsp; 1547474 |
|  |  | &nbsp;&nbsp; 173764541 |
| **Indonesia-1.16%** | **Indonesia-1.16%** | **Indonesia-1.16%** |
| PT Alamtri Resources (Indonesia) Tbk | 7855219 | &nbsp;&nbsp; 889262 |
| PT Astra International Tbk | 6025505 | &nbsp;&nbsp; 2228012 |
| PT Bank Central Asia Tbk | 5757004 | &nbsp;&nbsp; 2947540 |
| PT Bank Mandiri (Persero) Tbk | 10137573 | &nbsp;&nbsp; 2872113 |
| PT Bank Negara Indonesia (Persero) Tbk | 5105009 | &nbsp;&nbsp; 1341772 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 18560798 | &nbsp;&nbsp; 4440119 |
| PT GoTo Gojek Tokopedia Tbk<sup>(a)</sup> | 46258013 | &nbsp;&nbsp; 166181 |
| PT Telkom Indonesia (Persero) Tbk | 20637834 | &nbsp;&nbsp; 3992072 |
| PT United Tractors Tbk | 488062 | &nbsp;&nbsp; 789137 |
|  |  | &nbsp;&nbsp; 19666208 |
| **Malaysia-0.80%** | **Malaysia-0.80%** | **Malaysia-0.80%** |
| Axiata Group Bhd. | 802800 | &nbsp;&nbsp; 481409 |
| CIMB Group Holdings Bhd. | 1715800 | &nbsp;&nbsp; 2986013 |
| Genting Bhd. | 636500 | &nbsp;&nbsp; 513280 |
| Malayan Banking Bhd. | 1424600 | &nbsp;&nbsp; 3357474 |
| Petronas Chemicals Group Bhd. | 500500 | &nbsp;&nbsp; 465543 |
| Public Bank Bhd. | 2151500 | &nbsp;&nbsp; 2165953 |
| Sime Darby Bhd. | 1057900 | &nbsp;&nbsp; 517166 |
| Tenaga Nasional Bhd. | 908300 | &nbsp;&nbsp; 2877724 |
| Top Glove Corp. Bhd.<sup>(a)</sup> | 1241700 | &nbsp;&nbsp; 186520 |
|  |  | &nbsp;&nbsp; 13551082 |
| **Mexico-3.03%** | **Mexico-3.03%** | **Mexico-3.03%** |
| Alfa S.A.B. de C.V., Class A<sup>(c)</sup> | 1156760 | &nbsp;&nbsp; 873579 |
| America Movil S.A.B. de C.V., Class B | 8466614 | &nbsp;&nbsp; 9670784 |
| Arca Continental S.A.B. de C.V. | 23740 | &nbsp;&nbsp; 230266 |
| Banco del Bajio S.A.<sup>(b)(c)</sup> | 274727 | &nbsp;&nbsp; 704459 |
| CEMEX S.A.B. de C.V., Series CPO<sup>(e)</sup> | 7264187 | &nbsp;&nbsp; 7392817 |
| Coca-Cola FEMSA S.A.B. de C.V., <br> Series CPO<br>| 138855 | &nbsp;&nbsp; 1196377 |
| Controladora Alpek SAB de CV<sup>(a)(c)</sup> | 195258 | &nbsp;&nbsp; 30313 |
| Fibra Uno Administracion S.A. de C.V.<sup>(c)</sup> | 1037377 | &nbsp;&nbsp; 1507570 |
| Fomento Economico Mexicano, S.A.B. de <br> C.V., Series CPO<sup>(f)</sup><br>| 680171 | &nbsp;&nbsp; 6425721 |
| Grupo Bimbo S.A.B. de C.V., Series A<sup>(c)</sup> | 331807 | &nbsp;&nbsp; 1148263 |
| Grupo Comercial Chedraui S.A. de C.V. | 67321 | &nbsp;&nbsp; 488845 |
| Grupo Financiero Banorte S.A.B. de C.V., <br> Class O<br>| 847086 | &nbsp;&nbsp; 7983882 |
| Grupo Mexico S.A.B. de C.V., Class B | 892023 | &nbsp;&nbsp; 7723189 |
| Grupo Televisa S.A.B., Series CPO<sup>(c)(g)</sup> | 1962175 | &nbsp;&nbsp; 1023845 |
| Orbia Advance Corp. S.A.B. de C.V.<sup>(c)</sup> | 305665 | &nbsp;&nbsp; 278289 |
| Wal-Mart de Mexico S.A.B. de C.V., <br> Series V<sup>(c)</sup><br>| 1400803 | &nbsp;&nbsp; 4637755 |
|  |  | &nbsp;&nbsp; 51315954 |
| **Romania-0.09%** | **Romania-0.09%** | **Romania-0.09%** |
| NEPI Rockcastle N.V.<sup>(a)</sup> | 181124 | &nbsp;&nbsp; 1469293 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Aeroflot PJSC<sup>(a)(d)</sup> | 1684800 | &nbsp;&nbsp; 0 |
| Alrosa PJSC<sup>(d)</sup> | 1976600 | &nbsp;&nbsp; 0 |
| Gazprom PJSC<sup>(a)(d)</sup> | 9643940 | &nbsp;&nbsp; 0 |
| GMK Norilskiy Nickel PAO<sup>(a)(d)</sup> | 2015200 | &nbsp;&nbsp; 0 |
| Inter RAO UES PJSC<sup>(a)(d)</sup> | 29081146 | &nbsp;&nbsp; 0 |
| Lukoil PJSC<sup>(a)(d)</sup> | 261775 | &nbsp;&nbsp; 0 |
| Magnit PJSC<sup>(a)(d)</sup> | 55179 | &nbsp;&nbsp; 0 |

---

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

------

**64**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Russia-(continued)** | **Russia-(continued)** | **Russia-(continued)** |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | 921186 | &nbsp;&nbsp; $0 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | 550555 | &nbsp;&nbsp; 0 |
| Novatek PJSC<sup>(d)</sup> | 130598 | &nbsp;&nbsp; 0 |
| Novolipetsk Steel PJSC<sup>(a)(d)</sup> | 795328 | &nbsp;&nbsp; 0 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | 1054960 | &nbsp;&nbsp; 0 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | 7562894 | &nbsp;&nbsp; 0 |
| Severstal PAO<sup>(a)(d)</sup> | 147196 | &nbsp;&nbsp; 0 |
| Sistema AFK PAO<sup>(a)(d)</sup> | 3408447 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO<sup>(a)(d)</sup> | 3493738 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO, Preference <br> Shares<sup>(a)(d)</sup><br>| 3804484 | &nbsp;&nbsp; 0 |
| Tatneft PJSC<sup>(a)(d)</sup> | 753855 | &nbsp;&nbsp; 0 |
| Tatneft PJSC, Preference Shares<sup>(d)</sup> | 74068 | &nbsp;&nbsp; 0 |
| VTB Bank PJSC<sup>(a)(d)</sup> | 712692 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Saudi Arabia-2.31%** | **Saudi Arabia-2.31%** | **Saudi Arabia-2.31%** |
| Al Rajhi Bank | 155105 | &nbsp;&nbsp; 4384083 |
| Alinma Bank | 44182 | &nbsp;&nbsp; 305934 |
| Arab National Bank | 48432 | &nbsp;&nbsp; 313247 |
| Banque Saudi Fransi | 261627 | &nbsp;&nbsp; 1245145 |
| Etihad Etisalat Co. | 19278 | &nbsp;&nbsp; 347818 |
| Riyad Bank | 249952 | &nbsp;&nbsp; 1815055 |
| SABIC Agri-Nutrients Co. | 47094 | &nbsp;&nbsp; 1537680 |
| Sahara International Petrochemical Co. | 36165 | &nbsp;&nbsp; 182276 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | 118520 | &nbsp;&nbsp; 2037648 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | 1400851 | &nbsp;&nbsp; 9679558 |
| Saudi Awwal Bank | 155882 | &nbsp;&nbsp; 1345078 |
| Saudi Basic Industries Corp. | 218645 | &nbsp;&nbsp; 3558942 |
| Saudi Electricity Co. | 181893 | &nbsp;&nbsp; 776528 |
| Saudi National Bank (The) | 516829 | &nbsp;&nbsp; 5499569 |
| Saudi Telecom Co. | 480422 | &nbsp;&nbsp; 5787696 |
| Yanbu National Petrochemical Co., Class A | 24948 | &nbsp;&nbsp; 229407 |
|  |  | &nbsp;&nbsp; 39045664 |
| **South Africa-4.38%** | **South Africa-4.38%** | **South Africa-4.38%** |
| Absa Group Ltd. | 348702 | &nbsp;&nbsp; 3897479 |
| Aspen Pharmacare Holdings Ltd. | 126729 | &nbsp;&nbsp; 718008 |
| Bid Corp. Ltd. | 85902 | &nbsp;&nbsp; 2127048 |
| Bidvest Group Ltd. (The) | 119414 | &nbsp;&nbsp; 1553827 |
| Capitec Bank Holdings Ltd. | 3044 | &nbsp;&nbsp; 673672 |
| Discovery Ltd. | 33166 | &nbsp;&nbsp; 416810 |
| E Media Holdings Ltd.<sup>(c)</sup> | 11528 | &nbsp;&nbsp; 1303 |
| Exxaro Resources Ltd. | 104293 | &nbsp;&nbsp; 1062482 |
| FirstRand Ltd. | 1441899 | &nbsp;&nbsp; 6845079 |
| Foschini Group Ltd. (The) | 41916 | &nbsp;&nbsp; 222565 |
| Gold Fields Ltd. | 139014 | &nbsp;&nbsp; 5361386 |
| Growthpoint Properties Ltd. | 1606996 | &nbsp;&nbsp; 1511388 |
| Impala Platinum Holdings Ltd. | 539188 | &nbsp;&nbsp; 5780138 |
| MTN Group Ltd. | 722653 | &nbsp;&nbsp; 7221761 |
| Naspers Ltd. | 38965 | &nbsp;&nbsp; 2737538 |
| Nedbank Group Ltd. | 192098 | &nbsp;&nbsp; 2619588 |
| Northam Platinum Holdings Ltd. | 42424 | &nbsp;&nbsp; 708714 |
| Old Mutual Ltd.<sup>(c)</sup> | 1737853 | &nbsp;&nbsp; 1359313 |
| Remgro Ltd.<sup>(c)</sup> | 27462 | &nbsp;&nbsp; 272456 |
| Sanlam Ltd. | 485069 | &nbsp;&nbsp; 2546178 |
| Sappi Ltd.<sup>(c)</sup> | 279870 | &nbsp;&nbsp; 366806 |
| Sasol Ltd.<sup>(a)</sup> | 710636 | &nbsp;&nbsp; 4447433 |
| Shoprite Holdings Ltd. | 128560 | &nbsp;&nbsp; 2151000 |
| Sibanye Stillwater Ltd.<sup>(a)(c)</sup> | 2589335 | &nbsp;&nbsp; 6873303 |
| Standard Bank Group Ltd. | 407908 | &nbsp;&nbsp; 5999957 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Africa-(continued)** | **South Africa-(continued)** | **South Africa-(continued)** |
| Thungela Resources Ltd. | 120629 | &nbsp;&nbsp; $533186 |
| Valterra Platinum Ltd. | 75564 | &nbsp;&nbsp; 4674925 |
| Vodacom Group Ltd.<sup>(c)</sup> | 150095 | &nbsp;&nbsp; 1215408 |
| Woolworths Holdings Ltd. | 82441 | &nbsp;&nbsp; 248991 |
|  |  | &nbsp;&nbsp; 74147742 |
| **Taiwan-20.47%** | **Taiwan-20.47%** | **Taiwan-20.47%** |
| Acer, Inc. | 1659000 | &nbsp;&nbsp; 1616407 |
| ASE Technology Holding Co. Ltd. | 1330000 | &nbsp;&nbsp; 10641012 |
| Asia Cement Corp. | 797000 | &nbsp;&nbsp; 939381 |
| Asustek Computer, Inc. | 288600 | &nbsp;&nbsp; 6519908 |
| AUO Corp.<sup>(a)</sup> | 4138244 | &nbsp;&nbsp; 1627342 |
| Catcher Technology Co. Ltd. | 273000 | &nbsp;&nbsp; 1760371 |
| Cathay Financial Holding Co. Ltd. | 2279919 | &nbsp;&nbsp; 4731498 |
| Chailease Holding Co. Ltd. | 504861 | &nbsp;&nbsp; 1687535 |
| Cheng Shin Rubber Industry Co. Ltd. | 150000 | &nbsp;&nbsp; 155502 |
| Chicony Electronics Co. Ltd. | 48000 | &nbsp;&nbsp; 202423 |
| China Airlines Ltd. | 339000 | &nbsp;&nbsp; 219777 |
| China Steel Corp. | 3648632 | &nbsp;&nbsp; 2201600 |
| Chunghwa Telecom Co. Ltd. | 991039 | &nbsp;&nbsp; 4222774 |
| Compal Electronics, Inc. | 3245000 | &nbsp;&nbsp; 3467452 |
| CTBC Financial Holding Co. Ltd. | 4159000 | &nbsp;&nbsp; 5648266 |
| Delta Electronics, Inc. | 331000 | &nbsp;&nbsp; 10646242 |
| E.Sun Financial Holding Co. Ltd. | 1896751 | &nbsp;&nbsp; 1832159 |
| Eva Airways Corp. | 1017000 | &nbsp;&nbsp; 1193823 |
| Evergreen Marine Corp. Taiwan Ltd. | 1442000 | &nbsp;&nbsp; 9045841 |
| Far Eastern New Century Corp. | 1057000 | &nbsp;&nbsp; 909592 |
| Far EasTone Telecommunications Co. <br> Ltd.<sup>(a)</sup><br>| 466000 | &nbsp;&nbsp; 1399468 |
| First Financial Holding Co. Ltd. | 2168314 | &nbsp;&nbsp; 2011243 |
| Formosa Chemicals & Fibre Corp. | 1761000 | &nbsp;&nbsp; 1666335 |
| Formosa Petrochemical Corp. | 806000 | &nbsp;&nbsp; 1171885 |
| Formosa Plastics Corp. | 2933280 | &nbsp;&nbsp; 3624789 |
| Fubon Financial Holding Co. Ltd. | 1843141 | &nbsp;&nbsp; 5454900 |
| Globalwafers Co. Ltd. | 13457 | &nbsp;&nbsp; 221246 |
| Hon Hai Precision Industry Co. Ltd. | 6083930 | &nbsp;&nbsp; 50602392 |
| Hua Nan Financial Holdings Co. Ltd. | 1170740 | &nbsp;&nbsp; 1110771 |
| Innolux Corp.<sup>(a)</sup> | 7506444 | &nbsp;&nbsp; 3232915 |
| Inventec Corp. | 1423000 | &nbsp;&nbsp; 2111948 |
| KGI Financial Holding Co. Ltd. | 4619070 | &nbsp;&nbsp; 2382708 |
| Largan Precision Co. Ltd. | 23000 | &nbsp;&nbsp; 1650806 |
| Lite-On Technology Corp. | 640313 | &nbsp;&nbsp; 3714770 |
| MediaTek, Inc. | 317600 | &nbsp;&nbsp; 13469242 |
| Mega Financial Holding Co. Ltd. | 2079985 | &nbsp;&nbsp; 2734546 |
| Micro-Star International Co. Ltd. | 310000 | &nbsp;&nbsp; 1098922 |
| Nan Ya Plastics Corp. | 2129940 | &nbsp;&nbsp; 2866054 |
| Nanya Technology Corp.<sup>(a)</sup> | 131000 | &nbsp;&nbsp; 559435 |
| Novatek Microelectronics Corp. | 183000 | &nbsp;&nbsp; 2331630 |
| Pegatron Corp. | 855260 | &nbsp;&nbsp; 2057575 |
| Pou Chen Corp. | 1377000 | &nbsp;&nbsp; 1310206 |
| Powerchip Semiconductor Manufacturing <br> Corp.<sup>(a)</sup><br>| 293000 | &nbsp;&nbsp; 297420 |
| Powertech Technology, Inc. | 354000 | &nbsp;&nbsp; 1977499 |
| Qisda Corp. | 200580 | &nbsp;&nbsp; 201548 |
| Quanta Computer, Inc. | 609000 | &nbsp;&nbsp; 5906222 |
| Radiant Opto-Electronics Corp. | 52000 | &nbsp;&nbsp; 222749 |
| Realtek Semiconductor Corp. | 126000 | &nbsp;&nbsp; 2104032 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| 773000 | &nbsp;&nbsp; 995088 |
| Simplo Technology Co. Ltd. | 20000 | &nbsp;&nbsp; 227666 |

---

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

------

**65**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-(continued)** | **Taiwan-(continued)** | **Taiwan-(continued)** |
| Sino-American Silicon Products, Inc. | 47000 | &nbsp;&nbsp; $190186 |
| SinoPac Financial Holdings Co. Ltd. | 2067355 | &nbsp;&nbsp; 1720853 |
| Synnex Technology International Corp. | 536000 | &nbsp;&nbsp; 988156 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| 1126910 | &nbsp;&nbsp; 870928 |
| Taiwan Mobile Co. Ltd. | 416000 | &nbsp;&nbsp; 1480484 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| 2194000 | &nbsp;&nbsp; 106101151 |
| TCC Group Holdings Co. Ltd. | 2133136 | &nbsp;&nbsp; 1530473 |
| Tripod Technology Corp. | 35000 | &nbsp;&nbsp; 387072 |
| TS Financial Holding Co. Ltd. | 4366000 | &nbsp;&nbsp; 2652371 |
| Unimicron Technology Corp. | 373000 | &nbsp;&nbsp; 1965913 |
| Uni-President Enterprises Corp. | 1126941 | &nbsp;&nbsp; 2879245 |
| United Microelectronics Corp. | 4787000 | &nbsp;&nbsp; 7229458 |
| Walsin Lihwa Corp. | 1756000 | &nbsp;&nbsp; 1700868 |
| Wan Hai Lines Ltd. | 755000 | &nbsp;&nbsp; 2014450 |
| Winbond Electronics Corp.<sup>(a)</sup> | 2169000 | &nbsp;&nbsp; 3793469 |
| Wistron Corp. | 1188875 | &nbsp;&nbsp; 5761672 |
| Wiwynn Corp. | 4000 | &nbsp;&nbsp; 564079 |
| WPG Holdings Ltd. | 882000 | &nbsp;&nbsp; 1724993 |
| WT Microelectronics Co. Ltd. | 338000 | &nbsp;&nbsp; 1566981 |
| Yageo Corp. | 492160 | &nbsp;&nbsp; 3961331 |
| Yang Ming Marine Transport Corp. | 2299000 | &nbsp;&nbsp; 4289153 |
| Yuanta Financial Holding Co. Ltd. | 2878939 | &nbsp;&nbsp; 3223390 |
| Zhen Ding Technology Holding Ltd. | 407000 | &nbsp;&nbsp; 2149171 |
|  |  | &nbsp;&nbsp; 346730762 |
| **Thailand-2.76%** | **Thailand-2.76%** | **Thailand-2.76%** |
| Advanced Info Service PCL, NVDR | 194587 | &nbsp;&nbsp; 1817665 |
| Bangchak Corp. PCL, NVDR | 216183 | &nbsp;&nbsp; 197265 |
| Bangkok Bank PCL, NVDR | 752892 | &nbsp;&nbsp; 3689363 |
| Bangkok Dusit Medical Services PCL, <br> NVDR<br>| 1870287 | &nbsp;&nbsp; 1091404 |
| Banpu PCL, NVDR | 10282749 | &nbsp;&nbsp; 1604174 |
| Charoen Pokphand Foods PCL, NVDR | 2892834 | &nbsp;&nbsp; 1886091 |
| CP ALL PCL, NVDR | 1320474 | &nbsp;&nbsp; 1877505 |
| Indorama Ventures PCL, NVDR | 460864 | &nbsp;&nbsp; 271931 |
| Kasikornbank PCL, NVDR | 1055919 | &nbsp;&nbsp; 6086418 |
| Krung Thai Bank PCL, NVDR | 2669310 | &nbsp;&nbsp; 2247591 |
| PTT Exploration & Production PCL, NVDR | 704299 | &nbsp;&nbsp; 2333765 |
| PTT Global Chemical PCL, NVDR | 3463843 | &nbsp;&nbsp; 2702157 |
| PTT PCL, NVDR | 10124143 | &nbsp;&nbsp; 9628138 |
| SCB X PCL, NVDR | 1037536 | &nbsp;&nbsp; 4202025 |
| Siam Cement PCL (The), NVDR | 594004 | &nbsp;&nbsp; 3747686 |
| Thai Oil PCL, NVDR | 1567517 | &nbsp;&nbsp; 1733591 |
| TMBThanachart Bank PCL, NVDR | 21624744 | &nbsp;&nbsp; 1237533 |
| True Corp. PCL, NVDR<sup>(a)</sup> | 1236551 | &nbsp;&nbsp; 431832 |
|  |  | &nbsp;&nbsp; 46786134 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Turkey-1.21%** | **Turkey-1.21%** | **Turkey-1.21%** |
| Akbank T.A.S. | 1535152 | &nbsp;&nbsp; $2216914 |
| BIM Birlesik Magazalar A.S. | 146720 | &nbsp;&nbsp; 1879175 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | 3586405 | &nbsp;&nbsp; 2341820 |
| Haci Omer Sabanci Holding A.S. | 271930 | &nbsp;&nbsp; 526498 |
| KOC Holding A.S. | 876737 | &nbsp;&nbsp; 3570937 |
| Turk Hava Yollari AO | 353305 | &nbsp;&nbsp; 2446879 |
| Turkcell Iletisim Hizmetleri A.S. | 562414 | &nbsp;&nbsp; 1331797 |
| Turkiye Is Bankasi A.S., Class C | 4538596 | &nbsp;&nbsp; 1362478 |
| Turkiye Petrol Rafinerileri A.S. | 668906 | &nbsp;&nbsp; 3140342 |
| Turkiye Sise ve Cam Fabrikalari A.S. | 138848 | &nbsp;&nbsp; 121233 |
| Yapi Ve Kredi Bankasi A.S.<sup>(a)</sup> | 1983186 | &nbsp;&nbsp; 1582316 |
|  |  | &nbsp;&nbsp; 20520389 |
| **United Kingdom-0.13%** | **United Kingdom-0.13%** | **United Kingdom-0.13%** |
| AngloGold Ashanti PLC | 33351 | &nbsp;&nbsp; 2267868 |
| **United States-0.26%** | **United States-0.26%** | **United States-0.26%** |
| JBS N.V., BDR<sup>(a)</sup> | 329185 | &nbsp;&nbsp; 4370061 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,292,875,826) | Total Common Stocks & Other Equity Interests <br>(Cost $1,292,875,826) | &nbsp;&nbsp; 1686357529 |
| **Money Market Funds-0.79%** | **Money Market Funds-0.79%** | **Money Market Funds-0.79%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(h)(i)</sup> <br>(Cost $13,450,994)<br>| 13450994 | &nbsp;&nbsp; 13450994 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.35% <br>(Cost $1,306,326,820) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.35% <br>(Cost $1,306,326,820) | &nbsp;&nbsp; 1699808523 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.65%** | **Money Market Funds-2.65%** | **Money Market Funds-2.65%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(h)(i)(j)</sup><br>| 12401431 | &nbsp;&nbsp; 12401431 |
| Invesco Private Prime Fund, 4.30%<sup>(h)(i)(j)</sup> | 32476148 | &nbsp;&nbsp; 32485891 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $44,887,490) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $44,887,490) | &nbsp;&nbsp; 44887322 |
| TOTAL INVESTMENTS IN SECURITIES-103.00% <br>(Cost $1,351,214,310) | TOTAL INVESTMENTS IN SECURITIES-103.00% <br>(Cost $1,351,214,310) | &nbsp;&nbsp; 1744695845 |
| OTHER ASSETS LESS LIABILITIES-(3.00)% | OTHER ASSETS LESS LIABILITIES-(3.00)% | &nbsp;&nbsp; (50841342)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1693854503 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| BDR-Brazilian Depositary Receipt |
| CPO-Certificates of Ordinary Participation |
| NVDR-Non-Voting Depositary Receipt |

---

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

------

**66**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

October 31, 2025

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $50,144,702, which represented 2.96% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
| <sup>(f)</sup> | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
| <sup>(g)</sup> | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L <br> shares.<br>|
| <sup>(h)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $9010769 | &nbsp;&nbsp; $245617707 | &nbsp;&nbsp; $(241177482)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13450994 | &nbsp;&nbsp; $425821 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 15286308 | &nbsp;&nbsp; 120713137 | &nbsp;&nbsp; (123598014)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12401431 | &nbsp;&nbsp; 524,906<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 39859532 | &nbsp;&nbsp; 272008591 | &nbsp;&nbsp; (279384861)<br>| &nbsp;&nbsp; 2603 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 32485891 | &nbsp;&nbsp; 1,406,292<br> \*<br>|
| Total | &nbsp;&nbsp; $64156609 | &nbsp;&nbsp; $638339435 | &nbsp;&nbsp; $(644160357)<br>| &nbsp;&nbsp; $2603 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $58338316 | &nbsp;&nbsp; $2357019 |

---

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

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

<sup>(j)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>|
| **Equity Risk** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 90 | December-2025 | &nbsp;&nbsp; $6334200 | &nbsp;&nbsp; $321091 | &nbsp;&nbsp; $321091 |

---

<sup>(a)</sup> Futures contracts collateralized by $2,458,800 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

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

------

**67**

------

**Invesco S&P Global Water Index ETF (CGW)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** |
| **Austria-0.61%** | **Austria-0.61%** | **Austria-0.61%** |
| Wienerberger AG | 202369 | &nbsp;&nbsp; $6015334 |
| **Brazil-10.01%** | **Brazil-10.01%** | **Brazil-10.01%** |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP<br>| 3199700 | &nbsp;&nbsp; 78329564 |
| Cia de Saneamento de Minas Gerais <br> COPASA MG<br>| 1323500 | &nbsp;&nbsp; 9287590 |
| Cia De Sanena Do Parana, Series CPO | 1706746 | &nbsp;&nbsp; 10927941 |
|  |  | &nbsp;&nbsp; 98545095 |
| **China-1.46%** | **China-1.46%** | **China-1.46%** |
| Beijing Capital Eco-environment Protection <br> Group Co. Ltd., A Shares<br>| 3008500 | &nbsp;&nbsp; 1349158 |
| Beijing Enterprises Water Group Ltd.<sup>(a)</sup> | 21122062 | &nbsp;&nbsp; 6787408 |
| Beijing Originwater Technology Co. Ltd., A <br> Shares<br>| 1980600 | &nbsp;&nbsp; 1214219 |
| Chengdu Xingrong Environment Co. Ltd., A <br> Shares<br>| 1630900 | &nbsp;&nbsp; 1618746 |
| China Lesso Group Holdings Ltd. | 1635268 | &nbsp;&nbsp; 935575 |
| Jiangxi Hongcheng Environment. Co., Ltd. | 526300 | &nbsp;&nbsp; 677519 |
| Jingjin Equipment, Inc., A Shares | 165600 | &nbsp;&nbsp; 355041 |
| Zhongshan Public Utilities Group Co. Ltd., A <br> Shares<br>| 806100 | &nbsp;&nbsp; 1406698 |
|  |  | &nbsp;&nbsp; 14344364 |
| **Finland-0.48%** | **Finland-0.48%** | **Finland-0.48%** |
| Kemira OYJ<sup>(a)</sup> | 215811 | &nbsp;&nbsp; 4756232 |
| **India-1.84%** | **India-1.84%** | **India-1.84%** |
| Astral Ltd. | 325098 | &nbsp;&nbsp; 5307643 |
| ElectroSteel Castings Ltd. | 1472802 | &nbsp;&nbsp; 1512632 |
| Jain Irrigation Systems Ltd.<sup>(b)</sup> | 922028 | &nbsp;&nbsp; 534214 |
| Jindal Saw Ltd. | 420829 | &nbsp;&nbsp; 830541 |
| Supreme Industries Ltd. | 117435 | &nbsp;&nbsp; 5035663 |
| VA Tech Wabag Ltd. | 307569 | &nbsp;&nbsp; 4892679 |
|  |  | &nbsp;&nbsp; 18113372 |
| **Italy-0.77%** | **Italy-0.77%** | **Italy-0.77%** |
| Interpump Group S.p.A.<sup>(a)</sup> | 147054 | &nbsp;&nbsp; 7599718 |
| **Japan-2.56%** | **Japan-2.56%** | **Japan-2.56%** |
| Kurita Water Industries Ltd. | 383090 | &nbsp;&nbsp; 14518155 |
| Nomura Micro Science Co. Ltd.<sup>(a)</sup> | 117546 | &nbsp;&nbsp; 2995631 |
| Organo Corp. | 89543 | &nbsp;&nbsp; 7687256 |
|  |  | &nbsp;&nbsp; 25201042 |
| **Netherlands-0.92%** | **Netherlands-0.92%** | **Netherlands-0.92%** |
| Aalberts N.V.<sup>(a)</sup> | 285324 | &nbsp;&nbsp; 9051582 |
| **Saudi Arabia-0.60%** | **Saudi Arabia-0.60%** | **Saudi Arabia-0.60%** |
| Alkhorayef Water and Power Technologies <br> Co.<br>| 84017 | &nbsp;&nbsp; 3369290 |
| Power and Water Utility Co. for Jubail and <br> Yanbu<sup>(b)</sup><br>| 229791 | &nbsp;&nbsp; 2586688 |
|  |  | &nbsp;&nbsp; 5955978 |
| **South Korea-0.59%** | **South Korea-0.59%** | **South Korea-0.59%** |
| Coway Co. Ltd., (Acquired 07/19/2023 - <br> 04/24/2025; Cost $3,113,810)<sup>(c)</sup><br>| 93876 | &nbsp;&nbsp; 5870050 |
| **Switzerland-7.45%** | **Switzerland-7.45%** | **Switzerland-7.45%** |
| Belimo Holding AG | 18109 | &nbsp;&nbsp; 19587290 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Geberit AG | 52411 | &nbsp;&nbsp; $38409163 |
| Georg Fischer AG | 142546 | &nbsp;&nbsp; 10090170 |
| Sulzer AG | 31196 | &nbsp;&nbsp; 5226622 |
|  |  | &nbsp;&nbsp; 73313245 |
| **Taiwan-0.08%** | **Taiwan-0.08%** | **Taiwan-0.08%** |
| Kuo Toong International Co. Ltd. | 414000 | &nbsp;&nbsp; 775926 |
| **Thailand-0.09%** | **Thailand-0.09%** | **Thailand-0.09%** |
| Amata Corp. PCL, NVDR | 1917349 | &nbsp;&nbsp; 854845 |
| **United Kingdom-13.08%** | **United Kingdom-13.08%** | **United Kingdom-13.08%** |
| Pennon Group PLC | 3114190 | &nbsp;&nbsp; 21226032 |
| Severn Trent PLC | 1386099 | &nbsp;&nbsp; 50674667 |
| United Utilities Group PLC | 3602542 | &nbsp;&nbsp; 56842034 |
|  |  | &nbsp;&nbsp; 128742733 |
| **United States-59.34%** | **United States-59.34%** | **United States-59.34%** |
| Advanced Drainage Systems, Inc.<sup>(a)</sup> | 257848 | &nbsp;&nbsp; 36111612 |
| American States Water Co. | 256532 | &nbsp;&nbsp; 18293297 |
| American Water Works Co., Inc.<sup>(a)</sup> | 562177 | &nbsp;&nbsp; 72200392 |
| Badger Meter, Inc.<sup>(a)</sup> | 106469 | &nbsp;&nbsp; 19212331 |
| California Water Service Group | 393439 | &nbsp;&nbsp; 17460823 |
| Consolidated Water Co. Ltd.<sup>(a)</sup> | 101328 | &nbsp;&nbsp; 3446165 |
| Core & Main, Inc., Class A<sup>(a)(b)</sup> | 516280 | &nbsp;&nbsp; 26939490 |
| Ecolab, Inc. | 140922 | &nbsp;&nbsp; 36132401 |
| Energy Recovery, Inc.<sup>(a)(b)</sup> | 194339 | &nbsp;&nbsp; 3325140 |
| Essential Utilities, Inc. | 1086454 | &nbsp;&nbsp; 42404300 |
| Franklin Electric Co., Inc. | 139215 | &nbsp;&nbsp; 13193406 |
| H2O America | 219433 | &nbsp;&nbsp; 10148776 |
| Hawkins, Inc.<sup>(a)</sup> | 38234 | &nbsp;&nbsp; 5423493 |
| Lindsay Corp.<sup>(a)</sup> | 39201 | &nbsp;&nbsp; 4360719 |
| Middlesex Water Co.<sup>(a)</sup> | 119067 | &nbsp;&nbsp; 6842780 |
| Montrose Environmental Group, Inc.<sup>(a)(b)</sup> | 109935 | &nbsp;&nbsp; 2845118 |
| Mueller Water Products, Inc., Class A | 563975 | &nbsp;&nbsp; 14471599 |
| Otter Tail Corp.<sup>(a)</sup> | 77155 | &nbsp;&nbsp; 5957909 |
| Pentair PLC | 294322 | &nbsp;&nbsp; 31301145 |
| Select Water Solutions, Inc., Class A | 689636 | &nbsp;&nbsp; 7972192 |
| TETRA Technologies, Inc.<sup>(a)(b)</sup> | 446955 | &nbsp;&nbsp; 3155502 |
| Valmont Industries, Inc.<sup>(a)</sup> | 34062 | &nbsp;&nbsp; 14082253 |
| Veralto Corp. | 571944 | &nbsp;&nbsp; 56439434 |
| Watts Water Technologies, Inc., Class A<sup>(a)</sup> | 98690 | &nbsp;&nbsp; 26902894 |
| Xylem, Inc. | 535122 | &nbsp;&nbsp; 80723154 |
| Zurn Elkay Water Solutions Corp.<sup>(a)</sup> | 527495 | &nbsp;&nbsp; 24850289 |
|  |  | &nbsp;&nbsp; 584196614 |
| Total Common Stocks & Other Equity Interests <br>(Cost $756,689,527) | Total Common Stocks & Other Equity Interests <br>(Cost $756,689,527) | &nbsp;&nbsp; 983336130 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $461,168)<br>| 461168 | &nbsp;&nbsp; 461168 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $757,150,695) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $757,150,695) | &nbsp;&nbsp; 983797298 |

---

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

------

**68**

------

**Invesco S&P Global Water Index ETF (CGW)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.19%** | **Money Market Funds-3.19%** | **Money Market Funds-3.19%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 8716512 | &nbsp;&nbsp; $8716512 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 22681991 | &nbsp;&nbsp; 22688796 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,405,618) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,405,618) | &nbsp;&nbsp; 31405308 |
| TOTAL INVESTMENTS IN SECURITIES-103.12% <br>(Cost $788,556,313) | TOTAL INVESTMENTS IN SECURITIES-103.12% <br>(Cost $788,556,313) | &nbsp;&nbsp; 1015202606 |
| OTHER ASSETS LESS LIABILITIES-(3.12)% | OTHER ASSETS LESS LIABILITIES-(3.12)% | &nbsp;&nbsp; (30701925)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $984500681 |

---

Investment Abbreviations: <br> CPO-Certificates of Ordinary Participation <br> NVDR-Non-Voting Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Restricted security. The value of this security at October 31, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $62938 | &nbsp;&nbsp; $28220082 | &nbsp;&nbsp; $(27821852)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $461168 | &nbsp;&nbsp; $17799 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 5966431 | &nbsp;&nbsp; 180750160 | &nbsp;&nbsp; (178000079)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8716512 | &nbsp;&nbsp; 594,877<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 15554204 | &nbsp;&nbsp; 410746389 | &nbsp;&nbsp; (403610187)<br>| &nbsp;&nbsp; 229 | &nbsp;&nbsp; (1839)<br>| &nbsp;&nbsp; 22688796 | &nbsp;&nbsp; 1,596,969<br> \*<br>|
| Total | &nbsp;&nbsp; $21583573 | &nbsp;&nbsp; $619716631 | &nbsp;&nbsp; $(609432118)<br>| &nbsp;&nbsp; $229 | &nbsp;&nbsp; $(1839)<br>| &nbsp;&nbsp; $31866476 | &nbsp;&nbsp; $2209645 |

---

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**69**

------

**Invesco S&P International Developed Quality ETF (IDHQ)**

October 31, 2025

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.66%** | **Common Stocks & Other Equity Interests-99.66%** | **Common Stocks & Other Equity Interests-99.66%** |
| **Australia-7.59%** | **Australia-7.59%** | **Australia-7.59%** |
| Aristocrat Leisure Ltd. | 47627 | &nbsp;&nbsp; $1971629 |
| BHP Group Ltd. | 488963 | &nbsp;&nbsp; 13946930 |
| Brambles Ltd. | 121393 | &nbsp;&nbsp; 1973641 |
| Cochlear Ltd. | 4862 | &nbsp;&nbsp; 913280 |
| Computershare Ltd. | 61328 | &nbsp;&nbsp; 1465884 |
| Fortescue Ltd. | 129535 | &nbsp;&nbsp; 1802438 |
| Insurance Australia Group Ltd. | 176832 | &nbsp;&nbsp; 909552 |
| James Hardie Industries PLC, CDI<sup>(a)(b)</sup> | 28728 | &nbsp;&nbsp; 605357 |
| JB Hi-Fi Ltd. | 10777 | &nbsp;&nbsp; 737610 |
| Medibank Pvt. Ltd. | 249956 | &nbsp;&nbsp; 798159 |
| Pro Medicus Ltd. | 3927 | &nbsp;&nbsp; 674646 |
| QBE Insurance Group Ltd. | 113727 | &nbsp;&nbsp; 1476350 |
| REA Group Ltd. | 5904 | &nbsp;&nbsp; 823086 |
| Rio Tinto PLC | 89900 | &nbsp;&nbsp; 6481637 |
| Wesfarmers Ltd. | 99809 | &nbsp;&nbsp; 5481050 |
| Yancoal Australia Ltd.<sup>(b)</sup> | 69379 | &nbsp;&nbsp; 252573 |
|  |  | &nbsp;&nbsp; 40313822 |
| **Austria-0.24%** | **Austria-0.24%** | **Austria-0.24%** |
| ANDRITZ AG | 6264 | &nbsp;&nbsp; 474232 |
| Strabag SE | 2768 | &nbsp;&nbsp; 216846 |
| Verbund AG | 7269 | &nbsp;&nbsp; 561778 |
|  |  | &nbsp;&nbsp; 1252856 |
| **Canada-1.93%** | **Canada-1.93%** | **Canada-1.93%** |
| ARC Resources Ltd. | 44435 | &nbsp;&nbsp; 820421 |
| Brookfield Asset Management Ltd., Class A | 45867 | &nbsp;&nbsp; 2483624 |
| Imperial Oil Ltd.<sup>(b)</sup> | 12065 | &nbsp;&nbsp; 1068168 |
| Open Text Corp. | 21833 | &nbsp;&nbsp; 838478 |
| Suncor Energy, Inc. | 89162 | &nbsp;&nbsp; 3554008 |
| Thomson Reuters Corp. | 9919 | &nbsp;&nbsp; 1520892 |
|  |  | &nbsp;&nbsp; 10285591 |
| **China-0.04%** | **China-0.04%** | **China-0.04%** |
| Budweiser Brewing Co. APAC Ltd.<sup>(b)(c)</sup> | 228137 | &nbsp;&nbsp; 231360 |
| **Denmark-0.18%** | **Denmark-0.18%** | **Denmark-0.18%** |
| Carlsberg A/S, Class B | 8076 | &nbsp;&nbsp; 950952 |
| **Finland-1.52%** | **Finland-1.52%** | **Finland-1.52%** |
| Elisa OYJ | 11789 | &nbsp;&nbsp; 520172 |
| Fortum OYJ<sup>(b)</sup> | 30925 | &nbsp;&nbsp; 690553 |
| Kone OYJ, Class B | 49270 | &nbsp;&nbsp; 3296309 |
| Sampo OYJ | 180536 | &nbsp;&nbsp; 2015021 |
| Wartsila OYJ Abp | 47730 | &nbsp;&nbsp; 1563688 |
|  |  | &nbsp;&nbsp; 8085743 |
| **France-7.83%** | **France-7.83%** | **France-7.83%** |
| Airbus SE | 46383 | &nbsp;&nbsp; 11452096 |
| Bollore SE | 62927 | &nbsp;&nbsp; 350873 |
| Dassault Aviation S.A. | 1448 | &nbsp;&nbsp; 467239 |
| Hermes International S.C.A. | 3133 | &nbsp;&nbsp; 7762916 |
| L'Oreal S.A. | 15753 | &nbsp;&nbsp; 6582750 |
| LVMH Moet Hennessy Louis Vuitton SE | 18130 | &nbsp;&nbsp; 12831944 |
| Thales S.A. | 7600 | &nbsp;&nbsp; 2170077 |
|  |  | &nbsp;&nbsp; 41617895 |
| **Germany-4.78%** | **Germany-4.78%** | **Germany-4.78%** |
| adidas AG | 12975 | &nbsp;&nbsp; 2456644 |
| Allianz SE | 27683 | &nbsp;&nbsp; 11139153 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Deutsche Boerse AG | 13412 | &nbsp;&nbsp; $3401027 |
| Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(b)(c)</sup><br>| 6087 | &nbsp;&nbsp; 318906 |
| Hannover Rueck SE | 5016 | &nbsp;&nbsp; 1433886 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 9788 | &nbsp;&nbsp; 6063923 |
| Talanx AG | 4992 | &nbsp;&nbsp; 608700 |
|  |  | &nbsp;&nbsp; 25422239 |
| **Hong Kong-1.64%** | **Hong Kong-1.64%** | **Hong Kong-1.64%** |
| Cathay Pacific Airways Ltd. | 184907 | &nbsp;&nbsp; 263164 |
| Hong Kong Exchanges & Clearing Ltd. | 130319 | &nbsp;&nbsp; 7101255 |
| Techtronic Industries Co. Ltd. | 115510 | &nbsp;&nbsp; 1347024 |
|  |  | &nbsp;&nbsp; 8711443 |
| **Israel-0.59%** | **Israel-0.59%** | **Israel-0.59%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 9676 | &nbsp;&nbsp; 1893400 |
| First International Bank of Israel Ltd. (The) | 4096 | &nbsp;&nbsp; 294978 |
| Oddity Tech Ltd.<sup>(a)</sup> | 3353 | &nbsp;&nbsp; 151723 |
| Plus500 Ltd. | 10742 | &nbsp;&nbsp; 447020 |
| Sapiens International Corp. N.V. | 8509 | &nbsp;&nbsp; 364540 |
|  |  | &nbsp;&nbsp; 3151661 |
| **Italy-2.94%** | **Italy-2.94%** | **Italy-2.94%** |
| Banca Mediolanum S.p.A. | 21852 | &nbsp;&nbsp; 439914 |
| Enel S.p.A. | 598790 | &nbsp;&nbsp; 6065365 |
| Ferrari N.V. | 12884 | &nbsp;&nbsp; 5166476 |
| FinecoBank Banca Fineco S.p.A. | 62152 | &nbsp;&nbsp; 1423960 |
| Moncler S.p.A. | 16642 | &nbsp;&nbsp; 999686 |
| Prada S.p.A. | 42714 | &nbsp;&nbsp; 252013 |
| Ryanair Holdings PLC | 41872 | &nbsp;&nbsp; 1269406 |
|  |  | &nbsp;&nbsp; 15616820 |
| **Japan-16.91%** | **Japan-16.91%** | **Japan-16.91%** |
| ASICS Corp. | 75698 | &nbsp;&nbsp; 1928276 |
| Azbil Corp. | 34919 | &nbsp;&nbsp; 344333 |
| Bandai Namco Holdings, Inc. | 57986 | &nbsp;&nbsp; 1805308 |
| BayCurrent, Inc. | 14591 | &nbsp;&nbsp; 669441 |
| Canon Marketing Japan, Inc. | 6772 | &nbsp;&nbsp; 282092 |
| Capcom Co. Ltd. | 24393 | &nbsp;&nbsp; 637205 |
| Chugai Pharmaceutical Co. Ltd. | 45565 | &nbsp;&nbsp; 2086152 |
| Daiichi Sankyo Co. Ltd. | 167542 | &nbsp;&nbsp; 4003693 |
| Daito Trust Construction Co. Ltd. | 28395 | &nbsp;&nbsp; 531065 |
| Disco Corp. | 8687 | &nbsp;&nbsp; 2885836 |
| Fast Retailing Co. Ltd. | 19212 | &nbsp;&nbsp; 7055627 |
| GMO Payment Gateway, Inc. | 3812 | &nbsp;&nbsp; 208020 |
| Hitachi Ltd. | 365062 | &nbsp;&nbsp; 12474600 |
| Hoya Corp. | 29878 | &nbsp;&nbsp; 4854879 |
| IHI Corp. | 91987 | &nbsp;&nbsp; 1905188 |
| J. Front Retailing Co. Ltd. | 20742 | &nbsp;&nbsp; 312085 |
| Japan Exchange Group, Inc. | 93132 | &nbsp;&nbsp; 1038901 |
| JX Advanced Metals Corp. | 47730 | &nbsp;&nbsp; 634477 |
| Kawasaki Kisen Kaisha Ltd.<sup>(b)</sup> | 56498 | &nbsp;&nbsp; 809767 |
| Keisei Electric Railway Co. Ltd. | 39202 | &nbsp;&nbsp; 313002 |
| Kobe Bussan Co. Ltd.<sup>(b)</sup> | 11933 | &nbsp;&nbsp; 276994 |
| Konami Group Corp. | 8528 | &nbsp;&nbsp; 1420719 |
| Lasertec Corp.<sup>(b)</sup> | 8829 | &nbsp;&nbsp; 1793213 |
| Makita Corp. | 25272 | &nbsp;&nbsp; 764279 |
| MonotaRO Co. Ltd. | 25920 | &nbsp;&nbsp; 361768 |

---

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

------

**70**

------

**Invesco S&P International Developed Quality ETF (IDHQ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| MS&AD Insurance Group Holdings, Inc. | 111086 | &nbsp;&nbsp; $2290796 |
| Murata Manufacturing Co. Ltd. | 149296 | &nbsp;&nbsp; 3220108 |
| Nomura Research Institute Ltd. | 34887 | &nbsp;&nbsp; 1347576 |
| OBIC Business Consultants Co. Ltd. | 4360 | &nbsp;&nbsp; 249613 |
| Olympus Corp. | 91397 | &nbsp;&nbsp; 1125222 |
| Ono Pharmaceutical Co. Ltd. | 36912 | &nbsp;&nbsp; 450613 |
| Otsuka Corp. | 15825 | &nbsp;&nbsp; 312973 |
| Persol Holdings Co. Ltd. | 134673 | &nbsp;&nbsp; 223484 |
| Recruit Holdings Co. Ltd. | 147858 | &nbsp;&nbsp; 7334596 |
| Sankyo Co. Ltd. | 22187 | &nbsp;&nbsp; 385023 |
| Sanrio Co. Ltd.<sup>(b)</sup> | 19641 | &nbsp;&nbsp; 909278 |
| Santen Pharmaceutical Co. Ltd. | 28159 | &nbsp;&nbsp; 275994 |
| SCREEN Holdings Co. Ltd. | 7056 | &nbsp;&nbsp; 669131 |
| Socionext, Inc. | 14836 | &nbsp;&nbsp; 333997 |
| Sompo Holdings, Inc. | 86030 | &nbsp;&nbsp; 2622741 |
| Square Enix Holdings Co. Ltd. | 21147 | &nbsp;&nbsp; 409231 |
| Tokio Marine Holdings, Inc. | 201938 | &nbsp;&nbsp; 7533603 |
| Tokyo Electron Ltd. | 38583 | &nbsp;&nbsp; 8509444 |
| Toyo Suisan Kaisha Ltd. | 8510 | &nbsp;&nbsp; 617067 |
| Trend Micro, Inc. | 14866 | &nbsp;&nbsp; 758919 |
| USS Co. Ltd. | 41571 | &nbsp;&nbsp; 459020 |
| ZOZO, Inc. | 47101 | &nbsp;&nbsp; 407311 |
|  |  | &nbsp;&nbsp; 89842660 |
| **Netherlands-8.72%** | **Netherlands-8.72%** | **Netherlands-8.72%** |
| Adyen N.V.<sup>(a)(c)</sup> | 3061 | &nbsp;&nbsp; 5252032 |
| ASML Holding N.V. | 31964 | &nbsp;&nbsp; 33841312 |
| EXOR N.V. | 12504 | &nbsp;&nbsp; 1085054 |
| Koninklijke KPN N.V. | 273429 | &nbsp;&nbsp; 1266985 |
| Universal Music Group N.V.<sup>(b)</sup> | 76305 | &nbsp;&nbsp; 2049405 |
| Wolters Kluwer N.V. | 23012 | &nbsp;&nbsp; 2824733 |
|  |  | &nbsp;&nbsp; 46319521 |
| **Norway-0.67%** | **Norway-0.67%** | **Norway-0.67%** |
| Equinor ASA | 56578 | &nbsp;&nbsp; 1356765 |
| Gjensidige Forsikring ASA | 21231 | &nbsp;&nbsp; 572069 |
| Kongsberg Gruppen ASA | 53845 | &nbsp;&nbsp; 1374355 |
| Wallenius Wilhelmsen ASA | 30076 | &nbsp;&nbsp; 235507 |
|  |  | &nbsp;&nbsp; 3538696 |
| **Portugal-0.12%** | **Portugal-0.12%** | **Portugal-0.12%** |
| Galp Energia SGPS S.A. | 32306 | &nbsp;&nbsp; 649936 |
| **Singapore-0.45%** | **Singapore-0.45%** | **Singapore-0.45%** |
| Hafnia Ltd. | 48841 | &nbsp;&nbsp; 304638 |
| Singapore Exchange Ltd. | 101267 | &nbsp;&nbsp; 1314147 |
| Singapore Technologies Engineering Ltd. | 117532 | &nbsp;&nbsp; 765816 |
|  |  | &nbsp;&nbsp; 2384601 |
| **South Korea-4.26%** | **South Korea-4.26%** | **South Korea-4.26%** |
| DB Insurance Co. Ltd. | 3455 | &nbsp;&nbsp; 307093 |
| Hanjin Kal Corp. | 2434 | &nbsp;&nbsp; 178643 |
| Hanmi Pharm Co. Ltd. | 1096 | &nbsp;&nbsp; 326173 |
| Hanmi Semiconductor Co. Ltd. | 3981 | &nbsp;&nbsp; 398110 |
| HD Hyundai Electric Co. Ltd. | 2878 | &nbsp;&nbsp; 1748519 |
| HD Hyundai Heavy Industries Co. Ltd. | 2013 | &nbsp;&nbsp; 847716 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| 3337 | &nbsp;&nbsp; 1109154 |
| Hyundai Rotem Co. Ltd. | 5336 | &nbsp;&nbsp; 862092 |
| LIG Nex1 Co. Ltd. | 748 | &nbsp;&nbsp; 272399 |
| NCSoft Corp. | 1914 | &nbsp;&nbsp; 295433 |
| Posco DX Co. Ltd. | 15155 | &nbsp;&nbsp; 278668 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Samsung C&T Corp. | 4978 | &nbsp;&nbsp; $787775 |
| Samsung E&A Co. Ltd. | 16019 | &nbsp;&nbsp; 291230 |
| Samyang Foods Co. Ltd. | 324 | &nbsp;&nbsp; 305973 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | 3666 | &nbsp;&nbsp; 296422 |
| SK hynix, Inc. | 36900 | &nbsp;&nbsp; 14357550 |
|  |  | &nbsp;&nbsp; 22662950 |
| **Spain-2.13%** | **Spain-2.13%** | **Spain-2.13%** |
| Aena S.M.E. S.A.<sup>(c)</sup> | 63438 | &nbsp;&nbsp; 1725369 |
| Amadeus IT Group S.A. | 34581 | &nbsp;&nbsp; 2646952 |
| Endesa S.A. | 27110 | &nbsp;&nbsp; 973201 |
| Industria de Diseno Textil S.A.<sup>(b)</sup> | 108166 | &nbsp;&nbsp; 5981006 |
|  |  | &nbsp;&nbsp; 11326528 |
| **Sweden-1.69%** | **Sweden-1.69%** | **Sweden-1.69%** |
| AAK AB<sup>(b)</sup> | 13546 | &nbsp;&nbsp; 379091 |
| Addtech AB, Class B | 19353 | &nbsp;&nbsp; 652548 |
| Alfa Laval AB | 24234 | &nbsp;&nbsp; 1152727 |
| Atlas Copco AB, Class A<sup>(b)</sup> | 203511 | &nbsp;&nbsp; 3412828 |
| Essity AB, Class B | 55951 | &nbsp;&nbsp; 1538096 |
| Evolution AB<sup>(b)(c)</sup> | 17898 | &nbsp;&nbsp; 1193474 |
| Tele2 AB, Class B<sup>(b)</sup> | 40145 | &nbsp;&nbsp; 638259 |
|  |  | &nbsp;&nbsp; 8967023 |
| **Switzerland-13.34%** | **Switzerland-13.34%** | **Switzerland-13.34%** |
| ABB Ltd. | 155711 | &nbsp;&nbsp; 11605573 |
| EMS-Chemie Holding AG | 829 | &nbsp;&nbsp; 569222 |
| Geberit AG | 3989 | &nbsp;&nbsp; 2923321 |
| Givaudan S.A. | 628 | &nbsp;&nbsp; 2579105 |
| Kuehne + Nagel International AG, Class R | 4740 | &nbsp;&nbsp; 911619 |
| Nestle S.A. | 201984 | &nbsp;&nbsp; 19347343 |
| Partners Group Holding AG | 3287 | &nbsp;&nbsp; 4035345 |
| Roche Holding AG | 49967 | &nbsp;&nbsp; 16225657 |
| Schindler Holding AG, PC | 3395 | &nbsp;&nbsp; 1212313 |
| Sonova Holding AG, Class A | 4141 | &nbsp;&nbsp; 1132356 |
| Straumann Holding AG<sup>(a)</sup> | 8734 | &nbsp;&nbsp; 1100614 |
| Zurich Insurance Group AG | 13245 | &nbsp;&nbsp; 9234469 |
|  |  | &nbsp;&nbsp; 70876937 |
| **United Kingdom-14.60%** | **United Kingdom-14.60%** | **United Kingdom-14.60%** |
| 3i Group PLC | 85403 | &nbsp;&nbsp; 4942891 |
| Admiral Group PLC | 38792 | &nbsp;&nbsp; 1670467 |
| AstraZeneca PLC | 108446 | &nbsp;&nbsp; 17890074 |
| Auto Trader Group PLC<sup>(c)</sup> | 122049 | &nbsp;&nbsp; 1252255 |
| Centrica PLC | 473388 | &nbsp;&nbsp; 1115810 |
| Compass Group PLC | 130841 | &nbsp;&nbsp; 4331313 |
| Diageo PLC | 186722 | &nbsp;&nbsp; 4295427 |
| ICG PLC | 21224 | &nbsp;&nbsp; 539234 |
| Imperial Brands PLC | 95103 | &nbsp;&nbsp; 3779288 |
| Intertek Group PLC | 14729 | &nbsp;&nbsp; 981183 |
| Marks & Spencer Group PLC | 161715 | &nbsp;&nbsp; 845191 |
| Next PLC | 13901 | &nbsp;&nbsp; 2612162 |
| Reckitt Benckiser Group PLC | 57825 | &nbsp;&nbsp; 4423489 |
| RELX PLC | 210856 | &nbsp;&nbsp; 9320144 |
| Sage Group PLC (The) | 124404 | &nbsp;&nbsp; 1880629 |
| Smiths Group PLC | 30486 | &nbsp;&nbsp; 1009631 |
| SSE PLC | 81614 | &nbsp;&nbsp; 2056322 |
| Unilever PLC | 224573 | &nbsp;&nbsp; 13476908 |
| Wise PLC, Class A<sup>(a)</sup> | 93225 | &nbsp;&nbsp; 1185589 |
|  |  | &nbsp;&nbsp; 77608007 |

---

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

------

**71**

------

**Invesco S&P International Developed Quality ETF (IDHQ)—(continued)**

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-7.49%** | **United States-7.49%** | **United States-7.49%** |
| Experian PLC | 67373 | &nbsp;&nbsp; $3142987 |
| Ferrovial SE | 45808 | &nbsp;&nbsp; 2814760 |
| GFL Environmental, Inc. | 22599 | &nbsp;&nbsp; 989024 |
| GSK PLC | 350716 | &nbsp;&nbsp; 8212415 |
| Novartis AG | 165082 | &nbsp;&nbsp; 20481726 |
| Oracle Corp. | 3333 | &nbsp;&nbsp; 307378 |
| Swiss Re AG | 21134 | &nbsp;&nbsp; 3868725 |
|  |  | &nbsp;&nbsp; 39817015 |
| Total Common Stocks & Other Equity Interests <br>(Cost $451,816,516) | Total Common Stocks & Other Equity Interests <br>(Cost $451,816,516) | &nbsp;&nbsp; 529634256 |
| **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup> <br>(Cost $9,160)<br>| 9160 | &nbsp;&nbsp; 9160 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.66% <br>(Cost $451,825,676) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.66% <br>(Cost $451,825,676) | &nbsp;&nbsp; 529643416 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.98%** | **Money Market Funds-2.98%** | **Money Market Funds-2.98%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup><br>| 4387217 | &nbsp;&nbsp; $4387217 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup> | 11434223 | &nbsp;&nbsp; 11437653 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,824,988) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,824,988) | &nbsp;&nbsp; 15824870 |
| TOTAL INVESTMENTS IN SECURITIES-102.64% <br>(Cost $467,650,664) | TOTAL INVESTMENTS IN SECURITIES-102.64% <br>(Cost $467,650,664) | &nbsp;&nbsp; 545468286 |
| OTHER ASSETS LESS LIABILITIES-(2.64)% | OTHER ASSETS LESS LIABILITIES-(2.64)% | &nbsp;&nbsp; (14041217)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $531427069 |

---

Investment Abbreviations: <br> CDI-CREST Depository Interest <br> PC-Participation Certificate

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at October 31, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> October 31, 2025 was $9,973,396, which represented 1.88% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the fiscal year ended October 31, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $29590636 | &nbsp;&nbsp; $(29581476)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9160 | &nbsp;&nbsp; $15853 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 4100171 | &nbsp;&nbsp; 45129640 | &nbsp;&nbsp; (44842594)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4387217 | &nbsp;&nbsp; 173,039<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 10693032 | &nbsp;&nbsp; 102524962 | &nbsp;&nbsp; (101780325)<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; (213)<br>| &nbsp;&nbsp; 11437653 | &nbsp;&nbsp; 468,440<br> \*<br>|
| Total | &nbsp;&nbsp; $14793203 | &nbsp;&nbsp; $177245238 | &nbsp;&nbsp; $(176204395)<br>| &nbsp;&nbsp; $197 | &nbsp;&nbsp; $(213)<br>| &nbsp;&nbsp; $15834030 | &nbsp;&nbsp; $657332 |

---

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

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

------

**72**

------

**Invesco S&P International Developed Quality ETF (IDHQ)—(continued)**

October 31, 2025

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

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

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2K. 

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

------

**73**

------

**Statements of Assets and Liabilities**

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco China** <br>**Technology** <br>**ETF (CQQQ)**<br>| **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum** <br>**ETF (PIZ)**<br>| **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum** <br>**ETF (PIE)**<br>| **Invesco** <br>**Global Clean** <br>**Energy** <br>**ETF (PBD)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $3087382758 | &nbsp;&nbsp;&nbsp; $480495754 | &nbsp;&nbsp;&nbsp; $119220613 | &nbsp;&nbsp;&nbsp; $93835089 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 192708088 | &nbsp;&nbsp;&nbsp; 18637966 | &nbsp;&nbsp;&nbsp; 3159947 | &nbsp;&nbsp;&nbsp; 18673518 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; 8559 | &nbsp;&nbsp;&nbsp; 306393 | &nbsp;&nbsp;&nbsp; 38629 | &nbsp;&nbsp;&nbsp; 375717 |
| Deposits with brokers: |  |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash segregated as collateral | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 86010 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 459705 | &nbsp;&nbsp;&nbsp; 388007 | &nbsp;&nbsp;&nbsp; 94374 | &nbsp;&nbsp;&nbsp; 48227 |
| Securities lending | &nbsp;&nbsp; 83181 | &nbsp;&nbsp;&nbsp; 3313 | &nbsp;&nbsp;&nbsp; 18562 | &nbsp;&nbsp;&nbsp; 91490 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2502508 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 519772 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 42486 |
| **Total assets** | &nbsp;&nbsp; 3280642291 | &nbsp;&nbsp;&nbsp; 502939817 | &nbsp;&nbsp;&nbsp; 122533965 | &nbsp;&nbsp;&nbsp; 113066527 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 161824 | &nbsp;&nbsp;&nbsp; 20809 | &nbsp;&nbsp;&nbsp; 281278 |
| Due to foreign custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2483291 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments purchased - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 191767851 | &nbsp;&nbsp;&nbsp; 18637966 | &nbsp;&nbsp;&nbsp; 3159947 | &nbsp;&nbsp;&nbsp; 18673709 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 86010 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; 136496 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses recaptured | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 1593106 | &nbsp;&nbsp;&nbsp; 313869 | &nbsp;&nbsp;&nbsp; 90848 | &nbsp;&nbsp;&nbsp; 57946 |
| Accrued advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other payables | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 544 |
| **Total liabilities** | &nbsp;&nbsp; 193497453 | &nbsp;&nbsp;&nbsp; 21683819 | &nbsp;&nbsp;&nbsp; 3271604 | &nbsp;&nbsp;&nbsp; 19013477 |
| **Net Assets** | &nbsp;&nbsp; $3087144838 | &nbsp;&nbsp;&nbsp; $481255998 | &nbsp;&nbsp;&nbsp; $119262361 | &nbsp;&nbsp;&nbsp; $94053050 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3563514080 | &nbsp;&nbsp;&nbsp; $540981234 | &nbsp;&nbsp;&nbsp; $238326832 | &nbsp;&nbsp;&nbsp; $369300845 |
| Distributable earnings (loss) | &nbsp;&nbsp; (476369242)<br>| &nbsp;&nbsp;&nbsp; (59725236)<br>| &nbsp;&nbsp;&nbsp; (119064471)<br>| &nbsp;&nbsp;&nbsp; (275247795)<br>|
| **Net Assets** | &nbsp;&nbsp; $3087144838 | &nbsp;&nbsp;&nbsp; $481255998 | &nbsp;&nbsp;&nbsp; $119262361 | &nbsp;&nbsp;&nbsp; $94053050 |
| Shares outstanding (unlimited amount authorized, $0.01 par <br> value)<br>| &nbsp;&nbsp; 55150000 | &nbsp;&nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp; 5625000 |
| Net asset value | &nbsp;&nbsp; $55.98 | &nbsp;&nbsp;&nbsp; $48.37 | &nbsp;&nbsp;&nbsp; $24.09 | &nbsp;&nbsp;&nbsp; $16.72 |
| Market price | &nbsp;&nbsp; $56.07 | &nbsp;&nbsp;&nbsp; $48.31 | &nbsp;&nbsp;&nbsp; $24.34 | &nbsp;&nbsp;&nbsp; $16.66 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $2617532515 | &nbsp;&nbsp;&nbsp; $393820937 | &nbsp;&nbsp;&nbsp; $99985036 | &nbsp;&nbsp;&nbsp; $81339084 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $192708821 | &nbsp;&nbsp;&nbsp; $18637966 | &nbsp;&nbsp;&nbsp; $3159947 | &nbsp;&nbsp;&nbsp; $18673709 |
| Foreign currencies, at cost | &nbsp;&nbsp; $8563 | &nbsp;&nbsp;&nbsp; $305958 | &nbsp;&nbsp;&nbsp; $38781 | &nbsp;&nbsp;&nbsp; $379290 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $176923706 | &nbsp;&nbsp;&nbsp; $12828006 | &nbsp;&nbsp;&nbsp; $2955789 | &nbsp;&nbsp;&nbsp; $17293331 |

---

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

------

**74**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Global Water** <br>**ETF (PIO)**<br>| **Invesco** <br>**International** <br>**BuyBack Achievers**<sup>TM</sup> <br>**ETF (IPKW)**<br>| **Invesco** <br>**MSCI Global** <br>**Climate 500** <br>**ETF (KLMT)**<br>| **Invesco MSCI** <br>**Global Timber** <br>**ETF (CUT)**<br>| **Invesco MSCI** <br>**Green Building** <br>**ETF (GBLD)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**ETF (PXF)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**Small-Mid ETF (PDN)**<br>|
| $275702373 | &nbsp;&nbsp;&nbsp;&nbsp; $399957906 | &nbsp;&nbsp;&nbsp;&nbsp; $1400586145 | &nbsp;&nbsp;&nbsp;&nbsp; $40706537 | &nbsp;&nbsp;&nbsp;&nbsp; $5414691 | &nbsp;&nbsp;&nbsp;&nbsp; $2156646989 | &nbsp;&nbsp;&nbsp;&nbsp; $362921270 |
| 1097633 | &nbsp;&nbsp;&nbsp;&nbsp; 9510592 | &nbsp;&nbsp;&nbsp;&nbsp; 14676071 | &nbsp;&nbsp;&nbsp;&nbsp; 9593282 | &nbsp;&nbsp;&nbsp;&nbsp; 674869 | &nbsp;&nbsp;&nbsp;&nbsp; 154889145 | &nbsp;&nbsp;&nbsp;&nbsp; 52479350 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3416 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4232 |
| 29410 | &nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp; 1143819 | &nbsp;&nbsp;&nbsp;&nbsp; 7558 | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 237534 | &nbsp;&nbsp;&nbsp;&nbsp; 153338 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 231296 | &nbsp;&nbsp;&nbsp;&nbsp; 938248 | &nbsp;&nbsp;&nbsp;&nbsp; 1288890 | &nbsp;&nbsp;&nbsp;&nbsp; 147597 | &nbsp;&nbsp;&nbsp;&nbsp; 20387 | &nbsp;&nbsp;&nbsp;&nbsp; 6409206 | &nbsp;&nbsp;&nbsp;&nbsp; 1189692 |
| 218 | &nbsp;&nbsp;&nbsp;&nbsp; 6910 | &nbsp;&nbsp;&nbsp;&nbsp; 6544 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; 64005 | &nbsp;&nbsp;&nbsp;&nbsp; 31730 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 14527134 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 662461 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 441179 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 1823 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 176692 | &nbsp;&nbsp;&nbsp;&nbsp; 304138 | &nbsp;&nbsp;&nbsp;&nbsp; 264014 | &nbsp;&nbsp;&nbsp;&nbsp; 31025 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 2374334 | &nbsp;&nbsp;&nbsp;&nbsp; 334833 |
| 277237622 | &nbsp;&nbsp;&nbsp;&nbsp; 425688306 | &nbsp;&nbsp;&nbsp;&nbsp; 1417968941 | &nbsp;&nbsp;&nbsp;&nbsp; 50488943 | &nbsp;&nbsp;&nbsp;&nbsp; 6111606 | &nbsp;&nbsp;&nbsp;&nbsp; 2321283674 | &nbsp;&nbsp;&nbsp;&nbsp; 417114501 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 226774 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 211880 | &nbsp;&nbsp;&nbsp;&nbsp; 112494 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 160252 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 13449329 | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 257181 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 1435997 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 50576 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 1035978 | &nbsp;&nbsp;&nbsp;&nbsp; 9490255 | &nbsp;&nbsp;&nbsp;&nbsp; 14676180 | &nbsp;&nbsp;&nbsp;&nbsp; 9569933 | &nbsp;&nbsp;&nbsp;&nbsp; 670583 | &nbsp;&nbsp;&nbsp;&nbsp; 154890725 | &nbsp;&nbsp;&nbsp;&nbsp; 52479309 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 16115 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 177827 | &nbsp;&nbsp;&nbsp;&nbsp; 180374 | &nbsp;&nbsp;&nbsp;&nbsp; 118212 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1822 | &nbsp;&nbsp;&nbsp;&nbsp; 786382 | &nbsp;&nbsp;&nbsp;&nbsp; 145218 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 17801 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 15866 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 63767 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1822 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3773 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| 1213805 | &nbsp;&nbsp;&nbsp;&nbsp; 24555955 | &nbsp;&nbsp;&nbsp;&nbsp; 15023087 | &nbsp;&nbsp;&nbsp;&nbsp; 9683482 | &nbsp;&nbsp;&nbsp;&nbsp; 676178 | &nbsp;&nbsp;&nbsp;&nbsp; 156356996 | &nbsp;&nbsp;&nbsp;&nbsp; 52738066 |
| $276023817 | &nbsp;&nbsp;&nbsp;&nbsp; $401132351 | &nbsp;&nbsp;&nbsp;&nbsp; $1402945854 | &nbsp;&nbsp;&nbsp;&nbsp; $40805461 | &nbsp;&nbsp;&nbsp;&nbsp; $5435428 | &nbsp;&nbsp;&nbsp;&nbsp; $2164926678 | &nbsp;&nbsp;&nbsp;&nbsp; $364376435 |
| $281477926 | &nbsp;&nbsp;&nbsp;&nbsp; $418275610 | &nbsp;&nbsp;&nbsp;&nbsp; $1148854042 | &nbsp;&nbsp;&nbsp;&nbsp; $65881978 | &nbsp;&nbsp;&nbsp;&nbsp; $7451355 | &nbsp;&nbsp;&nbsp;&nbsp; $1666396615 | &nbsp;&nbsp;&nbsp;&nbsp; $384994670 |
| (5454109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17143259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 254091812 | &nbsp;&nbsp;&nbsp;&nbsp; (25076517)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2015927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 498530063 | &nbsp;&nbsp;&nbsp;&nbsp; (20618235)<br>|
| $276023817 | &nbsp;&nbsp;&nbsp;&nbsp; $401132351 | &nbsp;&nbsp;&nbsp;&nbsp; $1402945854 | &nbsp;&nbsp;&nbsp;&nbsp; $40805461 | &nbsp;&nbsp;&nbsp;&nbsp; $5435428 | &nbsp;&nbsp;&nbsp;&nbsp; $2164926678 | &nbsp;&nbsp;&nbsp;&nbsp; $364376435 |
| 6150000 | &nbsp;&nbsp;&nbsp;&nbsp; 7650000 | &nbsp;&nbsp;&nbsp;&nbsp; 45350001 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 300001 | &nbsp;&nbsp;&nbsp;&nbsp; 34600000 | &nbsp;&nbsp;&nbsp;&nbsp; 8850000 |
| $44.88 | &nbsp;&nbsp;&nbsp;&nbsp; $52.44 | &nbsp;&nbsp;&nbsp;&nbsp; $30.94 | &nbsp;&nbsp;&nbsp;&nbsp; $28.14 | &nbsp;&nbsp;&nbsp;&nbsp; $18.12 | &nbsp;&nbsp;&nbsp;&nbsp; $62.57 | &nbsp;&nbsp;&nbsp;&nbsp; $41.17 |
| $44.78 | &nbsp;&nbsp;&nbsp;&nbsp; $52.57 | &nbsp;&nbsp;&nbsp;&nbsp; $30.99 | &nbsp;&nbsp;&nbsp;&nbsp; $28.09 | &nbsp;&nbsp;&nbsp;&nbsp; $18.12 | &nbsp;&nbsp;&nbsp;&nbsp; $62.43 | &nbsp;&nbsp;&nbsp;&nbsp; $41.07 |
| $208679902 | &nbsp;&nbsp;&nbsp;&nbsp; $367844292 | &nbsp;&nbsp;&nbsp;&nbsp; $1140357345 | &nbsp;&nbsp;&nbsp;&nbsp; $45369975 | &nbsp;&nbsp;&nbsp;&nbsp; $5925914 | &nbsp;&nbsp;&nbsp;&nbsp; $1573721053 | &nbsp;&nbsp;&nbsp;&nbsp; $313506085 |
| $1097669 | &nbsp;&nbsp;&nbsp;&nbsp; $9510717 | &nbsp;&nbsp;&nbsp;&nbsp; $14676180 | &nbsp;&nbsp;&nbsp;&nbsp; $9593426 | &nbsp;&nbsp;&nbsp;&nbsp; $674875 | &nbsp;&nbsp;&nbsp;&nbsp; $154890725 | &nbsp;&nbsp;&nbsp;&nbsp; $52479309 |
| $30196 | &nbsp;&nbsp;&nbsp;&nbsp; $(5516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1094593 | &nbsp;&nbsp;&nbsp;&nbsp; $7491 | &nbsp;&nbsp;&nbsp;&nbsp; $147 | &nbsp;&nbsp;&nbsp;&nbsp; $237521 | &nbsp;&nbsp;&nbsp;&nbsp; $154678 |
| $995472 | &nbsp;&nbsp;&nbsp;&nbsp; $8960918 | &nbsp;&nbsp;&nbsp;&nbsp; $12541723 | &nbsp;&nbsp;&nbsp;&nbsp; $9147120 | &nbsp;&nbsp;&nbsp;&nbsp; $647338 | &nbsp;&nbsp;&nbsp;&nbsp; $145852770 | &nbsp;&nbsp;&nbsp;&nbsp; $49182508 |

---

------

**75**

------

**Statements of Assets and Liabilities—(continued)**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**RAFI Emerging** <br>**Markets** <br>**ETF (PXH)**<br>| **Invesco S&P** <br>**Global Water Index** <br>**ETF (CGW)**<br>| **Invesco S&P** <br>**International** <br>**Developed Quality** <br>**ETF (IDHQ)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $1686357529 | &nbsp;&nbsp;&nbsp; $983336130 | &nbsp;&nbsp;&nbsp; $529634256 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 58338316 | &nbsp;&nbsp;&nbsp; 31866476 | &nbsp;&nbsp;&nbsp; 15834030 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; 715042 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6098 |
| Deposits with brokers: |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 2458800 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash segregated as collateral | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 2572979 | &nbsp;&nbsp;&nbsp; 763088 | &nbsp;&nbsp;&nbsp; 895190 |
| Securities lending | &nbsp;&nbsp; 37895 | &nbsp;&nbsp;&nbsp; 10366 | &nbsp;&nbsp;&nbsp; 4729 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 740690 | &nbsp;&nbsp;&nbsp; 1008284 |
| **Total assets** | &nbsp;&nbsp; 1750480561 | &nbsp;&nbsp;&nbsp; 1016717477 | &nbsp;&nbsp;&nbsp; 547382587 |
| **Liabilities:** |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to foreign custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 12597 | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp; 3073913 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 145 |
| Investments purchased - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 44887490 | &nbsp;&nbsp;&nbsp; 31405618 | &nbsp;&nbsp;&nbsp; 15824988 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses recaptured | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 656919 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 130385 |
| Accrued advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 425769 | &nbsp;&nbsp;&nbsp; - |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 28350 | &nbsp;&nbsp;&nbsp; - |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 344059 | &nbsp;&nbsp;&nbsp; - |
| Accrued tax expenses | &nbsp;&nbsp; 8007736 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; - |
| Other payables | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 56626058 | &nbsp;&nbsp;&nbsp; 32216796 | &nbsp;&nbsp;&nbsp; 15955518 |
| **Net Assets** | &nbsp;&nbsp; $1693854503 | &nbsp;&nbsp;&nbsp; $984500681 | &nbsp;&nbsp;&nbsp; $531427069 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1566744498 | &nbsp;&nbsp;&nbsp; $756289461 | &nbsp;&nbsp;&nbsp; $474230577 |
| Distributable earnings | &nbsp;&nbsp; 127110005 | &nbsp;&nbsp;&nbsp; 228211220 | &nbsp;&nbsp;&nbsp; 57196492 |
| **Net Assets** | &nbsp;&nbsp; $1693854503 | &nbsp;&nbsp;&nbsp; $984500681 | &nbsp;&nbsp;&nbsp; $531427069 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 65600000 | &nbsp;&nbsp;&nbsp; 15480000 | &nbsp;&nbsp;&nbsp; 15400000 |
| Net asset value | &nbsp;&nbsp; $25.82 | &nbsp;&nbsp;&nbsp; $63.60 | &nbsp;&nbsp;&nbsp; $34.51 |
| Market price | &nbsp;&nbsp; $25.91 | &nbsp;&nbsp;&nbsp; $63.73 | &nbsp;&nbsp;&nbsp; $34.50 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1292875826 | &nbsp;&nbsp;&nbsp; $756689527 | &nbsp;&nbsp;&nbsp; $451816516 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $58338484 | &nbsp;&nbsp;&nbsp; $31866786 | &nbsp;&nbsp;&nbsp; $15834148 |
| Foreign currencies, at cost | &nbsp;&nbsp; $715965 | &nbsp;&nbsp;&nbsp; $(13784)<br>| &nbsp;&nbsp;&nbsp; $6172 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $42090326 | &nbsp;&nbsp;&nbsp; $30221753 | &nbsp;&nbsp;&nbsp; $14714496 |

---

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

------

**76**

------

**77**

------

**Statements of Operations**

For the year ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco China** <br>**Technology** <br>**ETF (CQQQ)**<br>| **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum** <br>**ETF (PIZ)**<br>| **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum** <br>**ETF (PIE)**<br>| **Invesco** <br>**Global Clean** <br>**Energy** <br>**ETF (PBD)**<br>| **Invesco** <br>**Global Water** <br>**ETF (PIO)**<br>|
| **Investment income:** |  |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $7166478 | &nbsp;&nbsp; $6721579 | &nbsp;&nbsp; $2778883 | &nbsp;&nbsp; $2225390 | &nbsp;&nbsp; $4949891 |
| Affiliated dividend income | &nbsp;&nbsp; 182061 | &nbsp;&nbsp; 12671 | &nbsp;&nbsp; 2243 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 6960 |
| Securities lending income, net | &nbsp;&nbsp; 726531 | &nbsp;&nbsp; 118168 | &nbsp;&nbsp; 107202 | &nbsp;&nbsp; 999893 | &nbsp;&nbsp; 248869 |
| Foreign withholding tax | &nbsp;&nbsp; (300399)<br>| &nbsp;&nbsp; (744348)<br>| &nbsp;&nbsp; (334409)<br>| &nbsp;&nbsp; (361526)<br>| &nbsp;&nbsp; (375849)<br>|
| Total investment income | &nbsp;&nbsp; 7774671 | &nbsp;&nbsp; 6108070 | &nbsp;&nbsp; 2553919 | &nbsp;&nbsp; 2864243 | &nbsp;&nbsp; 4829871 |
| **Expenses:** |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 7631990 | &nbsp;&nbsp; 2272090 | &nbsp;&nbsp; 946034 | &nbsp;&nbsp; 589333 | &nbsp;&nbsp; 1994396 |
| Advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Sub-licensing fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Accounting & administration fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Professional fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Custodian & transfer agent fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total expenses | &nbsp;&nbsp; 7631990 | &nbsp;&nbsp; 2272090 | &nbsp;&nbsp; 946034 | &nbsp;&nbsp; 589333 | &nbsp;&nbsp; 1994396 |
| Less: Waivers | &nbsp;&nbsp; (4573)<br>| &nbsp;&nbsp; (297)<br>| &nbsp;&nbsp; (53)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (157)<br>|
| Net expenses | &nbsp;&nbsp; 7627417 | &nbsp;&nbsp; 2271793 | &nbsp;&nbsp; 945981 | &nbsp;&nbsp; 589322 | &nbsp;&nbsp; 1994239 |
| Net investment income | &nbsp;&nbsp; 147254 | &nbsp;&nbsp; 3836277 | &nbsp;&nbsp; 1607938 | &nbsp;&nbsp; 2274921 | &nbsp;&nbsp; 2835632 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (79294071)<br>| &nbsp;&nbsp; 13895197 | &nbsp;&nbsp; 6885800 | &nbsp;&nbsp; (30320465)<br>| &nbsp;&nbsp; 581309 |
| Affiliated investment securities | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; (540)<br>| &nbsp;&nbsp; (2080)<br>|
| In-kind redemptions | &nbsp;&nbsp; 5760471 | &nbsp;&nbsp; 772021 | &nbsp;&nbsp; 719945 | &nbsp;&nbsp; 1390667 | &nbsp;&nbsp; 7540547 |
| Foreign currencies | &nbsp;&nbsp; (262300)<br>| &nbsp;&nbsp; 55919 | &nbsp;&nbsp; (133958)<br>| &nbsp;&nbsp; (5998)<br>| &nbsp;&nbsp; (65688)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; (73791145)<br>| &nbsp;&nbsp; 14723517 | &nbsp;&nbsp; 7472212 | &nbsp;&nbsp; (28936336)<br>| &nbsp;&nbsp; 8054088 |
| Change in net unrealized appreciation (depreciation) <br> of:<br>|  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 389315853 | &nbsp;&nbsp; 64288981 | &nbsp;&nbsp; 9484626 | &nbsp;&nbsp; 48617867 | &nbsp;&nbsp; 18514995 |
| Affiliated investment securities | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 344 | &nbsp;&nbsp; - | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 453 |
| Foreign currencies | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; 27414 | &nbsp;&nbsp; 8911 | &nbsp;&nbsp; (867)<br>| &nbsp;&nbsp; 9937 |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 389316786 | &nbsp;&nbsp; 64316739 | &nbsp;&nbsp; 9493537 | &nbsp;&nbsp; 48617711 | &nbsp;&nbsp; 18525385 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 315525641 | &nbsp;&nbsp; 79040256 | &nbsp;&nbsp; 16965749 | &nbsp;&nbsp; 19681375 | &nbsp;&nbsp; 26579473 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $315672895 | &nbsp;&nbsp; $82876533 | &nbsp;&nbsp; $18573687 | &nbsp;&nbsp; $21956296 | &nbsp;&nbsp; $29415105 |

---

<sup>(a)</sup> Net of foreign taxes of $779,520.

<sup>(b)</sup> Net of foreign taxes of $(1822).

<sup>(c)</sup> Net of foreign taxes of $(3774).

<sup>(d)</sup> Net of foreign taxes of $260,410.

<sup>(e)</sup> Net of foreign taxes of $(177).

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

------

**78**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**International** <br>**BuyBack Achievers**<sup>TM</sup> <br>**ETF (IPKW)**<br>| **Invesco** <br>**MSCI Global** <br>**Climate 500** <br>**ETF (KLMT)**<br>| **Invesco MSCI** <br>**Global Timber** <br>**ETF (CUT)**<br>| **Invesco MSCI** <br>**Green Building** <br>**ETF (GBLD)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**ETF (PXF)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**Small-Mid ETF (PDN)**<br>| **Invesco** <br>**RAFI Emerging** <br>**Markets** <br>**ETF (PXH)**<br>| **Invesco S&P** <br>**Global Water Index** <br>**ETF (CGW)**<br>|
| $8022020 | &nbsp;&nbsp; $26109608 | &nbsp;&nbsp; $1293630 | &nbsp;&nbsp; $262760 | &nbsp;&nbsp; $76092144 | &nbsp;&nbsp; $12733161 | &nbsp;&nbsp; $64277407 | &nbsp;&nbsp; $21840461 |
| 9963 | &nbsp;&nbsp; 27338 | &nbsp;&nbsp; 2389 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 45438 | &nbsp;&nbsp; 5255 | &nbsp;&nbsp; 425821 | &nbsp;&nbsp; 17799 |
| 41546 | &nbsp;&nbsp; 82227 | &nbsp;&nbsp; 34240 | &nbsp;&nbsp; 3007 | &nbsp;&nbsp; 752484 | &nbsp;&nbsp; 480031 | &nbsp;&nbsp; 292225 | &nbsp;&nbsp; 138981 |
| (621544)<br>| &nbsp;&nbsp; (1557610)<br>| &nbsp;&nbsp; (92967)<br>| &nbsp;&nbsp; (20003)<br>| &nbsp;&nbsp; (7601185)<br>| &nbsp;&nbsp; (1345659)<br>| &nbsp;&nbsp; (6995926)<br>| &nbsp;&nbsp; (1260251)<br>|
| 7451985 | &nbsp;&nbsp; 24661563 | &nbsp;&nbsp; 1237292 | &nbsp;&nbsp; 245979 | &nbsp;&nbsp; 69288881 | &nbsp;&nbsp; 11872788 | &nbsp;&nbsp; 57999527 | &nbsp;&nbsp; 20736990 |
| 1135152 | &nbsp;&nbsp; 1387427 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23468 | &nbsp;&nbsp; 8369166 | &nbsp;&nbsp; 1791914 | &nbsp;&nbsp; 6561981 | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 240894 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4748217 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 99657 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 402532 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15330 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 70274 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 48735 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 59823 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22045 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 158172 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11159 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17899 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 38366 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 58511 |
| 1135152 | &nbsp;&nbsp; 1387427 | &nbsp;&nbsp; 476186 | &nbsp;&nbsp; 23468 | &nbsp;&nbsp; 8369166 | &nbsp;&nbsp; 1791914 | &nbsp;&nbsp; 6561981 | &nbsp;&nbsp; 5515428 |
| (237)<br>| &nbsp;&nbsp; (598)<br>| &nbsp;&nbsp; (112004)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; (1047)<br>| &nbsp;&nbsp; (119)<br>| &nbsp;&nbsp; (9614)<br>| &nbsp;&nbsp; (400)<br>|
| 1134915 | &nbsp;&nbsp; 1386829 | &nbsp;&nbsp; 364182 | &nbsp;&nbsp; 23463 | &nbsp;&nbsp; 8368119 | &nbsp;&nbsp; 1791795 | &nbsp;&nbsp; 6552367 | &nbsp;&nbsp; 5515028 |
| 6317070 | &nbsp;&nbsp; 23274734 | &nbsp;&nbsp; 873110 | &nbsp;&nbsp; 222516 | &nbsp;&nbsp; 60920762 | &nbsp;&nbsp; 10080993 | &nbsp;&nbsp; 51447160 | &nbsp;&nbsp; 15221962 |
| 9690316 | &nbsp;&nbsp; (6796291)<br>| &nbsp;&nbsp; (669959)<br>| &nbsp;&nbsp; (569996)<br>| &nbsp;&nbsp; 91691455 | &nbsp;&nbsp; 13549214 | &nbsp;&nbsp; 62104777 <br><sup>(a)</sup><br>| &nbsp;&nbsp; (3464834)<br>|
| 1004 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; (367)<br>| &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; (7654)<br>| &nbsp;&nbsp; (3381)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; (1839)<br>|
| 3541051 | &nbsp;&nbsp; 48146660 | &nbsp;&nbsp; 977276 | &nbsp;&nbsp; 89464 | &nbsp;&nbsp; 53551879 | &nbsp;&nbsp; 19661137 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23620643 |
| (4233)<br>| &nbsp;&nbsp; (61495)<br>| &nbsp;&nbsp; (6161)<br>| &nbsp;&nbsp; (1112)<br>| &nbsp;&nbsp; 366433 | &nbsp;&nbsp; (72062)<br>| &nbsp;&nbsp; (866139)<br>| &nbsp;&nbsp; (220774)<br>|
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2708 | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1103749 | &nbsp;&nbsp; - |
| 13228138 | &nbsp;&nbsp; 41289139 | &nbsp;&nbsp; 300789 | &nbsp;&nbsp; (481653)<br>| &nbsp;&nbsp; 145602113 | &nbsp;&nbsp; 33134908 | &nbsp;&nbsp; 62345121 | &nbsp;&nbsp; 19933196 |
| 30106392 | &nbsp;&nbsp; 209260684 <br><sup>(b)</sup><br>| &nbsp;&nbsp; (9288960)<br>| &nbsp;&nbsp; 662820 <br><sup>(c)</sup><br>| &nbsp;&nbsp; 326377806 | &nbsp;&nbsp; 51266624 | &nbsp;&nbsp; 222190981 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 75525000 <br><sup>(e)</sup><br>|
| 48 | &nbsp;&nbsp; (109)<br>| &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4443 | &nbsp;&nbsp; 2340 | &nbsp;&nbsp; 2603 | &nbsp;&nbsp; 229 |
| 6697 | &nbsp;&nbsp; 95012 | &nbsp;&nbsp; 7926 | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 171344 | &nbsp;&nbsp; 69312 | &nbsp;&nbsp; 547952 | &nbsp;&nbsp; 3241 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 321091 | &nbsp;&nbsp; - |
| 30113137 | &nbsp;&nbsp; 209355587 | &nbsp;&nbsp; (9281079)<br>| &nbsp;&nbsp; 663383 | &nbsp;&nbsp; 326553593 | &nbsp;&nbsp; 51338276 | &nbsp;&nbsp; 223062627 | &nbsp;&nbsp; 75528470 |
| 43341275 | &nbsp;&nbsp; 250644726 | &nbsp;&nbsp; (8980290)<br>| &nbsp;&nbsp; 181730 | &nbsp;&nbsp; 472155706 | &nbsp;&nbsp; 84473184 | &nbsp;&nbsp; 285407748 | &nbsp;&nbsp; 95461666 |
| $49658345 | &nbsp;&nbsp; $273919460 | &nbsp;&nbsp; $(8107180)<br>| &nbsp;&nbsp; $404246 | &nbsp;&nbsp; $533076468 | &nbsp;&nbsp; $94554177 | &nbsp;&nbsp; $336854908 | &nbsp;&nbsp; $110683628 |

---

------

**79**

------

**Statements of Operations—(continued)**

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  | **Invesco S&P** <br>**International** <br>**Developed Quality** <br>**ETF (IDHQ)**<br>|
| **Investment income:** |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $11773302 |
| Affiliated dividend income | &nbsp;&nbsp; 15853 |
| Securities lending income, net | &nbsp;&nbsp; 49366 |
| Foreign withholding tax | &nbsp;&nbsp; (1214948)<br>|
| Total investment income | &nbsp;&nbsp; 10623573 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 1228057 |
| Less: Waivers | &nbsp;&nbsp; (367)<br>|
| Net expenses | &nbsp;&nbsp; 1227690 |
| Net investment income | &nbsp;&nbsp; 9395883 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 7268744 |
| Affiliated investment securities | &nbsp;&nbsp; (213)<br>|
| In-kind redemptions | &nbsp;&nbsp; 11458580 |
| Foreign currencies | &nbsp;&nbsp; (6947)<br>|
| Net realized gain | &nbsp;&nbsp; 18720164 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 46583575 |
| Affiliated investment securities | &nbsp;&nbsp; 197 |
| Foreign currencies | &nbsp;&nbsp; 39665 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 46623437 |
| Net realized and unrealized gain | &nbsp;&nbsp; 65343601 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $74739484 |

---

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

------

**80**

------

**81**

------

**Statements of Changes in Net Assets**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco China** <br>**Technology ETF (CQQQ)** | **Invesco China** <br>**Technology ETF (CQQQ)** | **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum ETF (PIZ)** | **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum ETF (PIZ)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $147254 | &nbsp;&nbsp;&nbsp; $516568 | &nbsp;&nbsp;&nbsp; $3836277 | &nbsp;&nbsp;&nbsp; $1251119 |
| Net realized gain (loss) | &nbsp;&nbsp; (73791145)<br>| &nbsp;&nbsp;&nbsp; (84897189)<br>| &nbsp;&nbsp;&nbsp; 14723517 | &nbsp;&nbsp;&nbsp; 14108036 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 389316786 | &nbsp;&nbsp;&nbsp; 211879751 | &nbsp;&nbsp;&nbsp; 64316739 | &nbsp;&nbsp;&nbsp; 23130399 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 315672895 | &nbsp;&nbsp;&nbsp; 127499130 | &nbsp;&nbsp;&nbsp; 82876533 | &nbsp;&nbsp;&nbsp; 38489554 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (1873992)<br>| &nbsp;&nbsp;&nbsp; (3679038)<br>| &nbsp;&nbsp;&nbsp; (5228708)<br>| &nbsp;&nbsp;&nbsp; (1704332)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2224383629 | &nbsp;&nbsp;&nbsp; 122467092 | &nbsp;&nbsp;&nbsp; 271224327 | &nbsp;&nbsp;&nbsp; 20522514 |
| Value of shares repurchased | &nbsp;&nbsp; (218383182)<br>| &nbsp;&nbsp;&nbsp; (164313312)<br>| &nbsp;&nbsp;&nbsp; (3826996)<br>| &nbsp;&nbsp;&nbsp; (29630154)<br>|
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 320572 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 2006000447 | &nbsp;&nbsp;&nbsp; (41525648)<br>| &nbsp;&nbsp;&nbsp; 267397331 | &nbsp;&nbsp;&nbsp; (9107640)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 2319799350 | &nbsp;&nbsp;&nbsp; 82294444 | &nbsp;&nbsp;&nbsp; 345045156 | &nbsp;&nbsp;&nbsp; 27677582 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 767345488 | &nbsp;&nbsp;&nbsp; 685051044 | &nbsp;&nbsp;&nbsp; 136210842 | &nbsp;&nbsp;&nbsp; 108533260 |
| End of year | &nbsp;&nbsp; $3087144838 | &nbsp;&nbsp;&nbsp; $767345488 | &nbsp;&nbsp;&nbsp; $481255998 | &nbsp;&nbsp;&nbsp; $136210842 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 41700000 | &nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp; 6350000 | &nbsp;&nbsp;&nbsp; 650000 |
| Shares repurchased | &nbsp;&nbsp; (5100000)<br>| &nbsp;&nbsp;&nbsp; (4850000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (900000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 18550000 | &nbsp;&nbsp;&nbsp; 19750000 | &nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 3950000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 55150000 | &nbsp;&nbsp;&nbsp; 18550000 | &nbsp;&nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp; 3700000 |

---

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

------

**82**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum ETF (PIE)** | **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum ETF (PIE)** | **Invesco Global** <br>**Clean Energy ETF (PBD)** | **Invesco Global** <br>**Clean Energy ETF (PBD)** | **Invesco Global** <br>**Water ETF (PIO)** | **Invesco Global** <br>**Water ETF (PIO)** | **Invesco International BuyBack** <br>**Achievers**<sup>TM</sup> **ETF (IPKW)** | **Invesco International BuyBack** <br>**Achievers**<sup>TM</sup> **ETF (IPKW)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1607938 | &nbsp;&nbsp;&nbsp; $2820709 | &nbsp;&nbsp;&nbsp; $2274921 | &nbsp;&nbsp;&nbsp; $1808201 | &nbsp;&nbsp;&nbsp; $2835632 | &nbsp;&nbsp;&nbsp; $1920509 | &nbsp;&nbsp;&nbsp; $6317070 | &nbsp;&nbsp;&nbsp; $2625218 |
| 7472212 | &nbsp;&nbsp;&nbsp; 9554544 | &nbsp;&nbsp;&nbsp; (28936336)<br>| &nbsp;&nbsp;&nbsp; (43891520)<br>| &nbsp;&nbsp;&nbsp; 8054088 | &nbsp;&nbsp;&nbsp; 24733643 | &nbsp;&nbsp;&nbsp; 13228138 | &nbsp;&nbsp;&nbsp; 9090185 |
| 9493537 | &nbsp;&nbsp;&nbsp; 7574088 | &nbsp;&nbsp;&nbsp; 48617711 | &nbsp;&nbsp;&nbsp; 42501238 | &nbsp;&nbsp;&nbsp; 18525385 | &nbsp;&nbsp;&nbsp; 37851894 | &nbsp;&nbsp;&nbsp; 30113137 | &nbsp;&nbsp;&nbsp; 7719988 |
| 18573687 | &nbsp;&nbsp;&nbsp; 19949341 | &nbsp;&nbsp;&nbsp; 21956296 | &nbsp;&nbsp;&nbsp; 417919 | &nbsp;&nbsp;&nbsp; 29415105 | &nbsp;&nbsp;&nbsp; 64506046 | &nbsp;&nbsp;&nbsp; 49658345 | &nbsp;&nbsp;&nbsp; 19435391 |
| (1650677)<br>| &nbsp;&nbsp;&nbsp; (2940169)<br>| &nbsp;&nbsp;&nbsp; (2362772)<br>| &nbsp;&nbsp;&nbsp; (3175547)<br>| &nbsp;&nbsp;&nbsp; (2903447)<br>| &nbsp;&nbsp;&nbsp; (2322822)<br>| &nbsp;&nbsp;&nbsp; (7366612)<br>| &nbsp;&nbsp;&nbsp; (2656429)<br>|
| 10326490 | &nbsp;&nbsp;&nbsp; 13756187 | &nbsp;&nbsp;&nbsp; 1819645 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2116814 | &nbsp;&nbsp;&nbsp; 22788517 | &nbsp;&nbsp;&nbsp; 310021884 | &nbsp;&nbsp;&nbsp; 46733396 |
| (31410974)<br>| &nbsp;&nbsp;&nbsp; (25579831)<br>| &nbsp;&nbsp;&nbsp; (24633528)<br>| &nbsp;&nbsp;&nbsp; (31679902)<br>| &nbsp;&nbsp;&nbsp; (22286159)<br>| &nbsp;&nbsp;&nbsp; (49897507)<br>| &nbsp;&nbsp;&nbsp; (42280977)<br>| &nbsp;&nbsp;&nbsp; (50763195)<br>|
| 154493 | &nbsp;&nbsp;&nbsp; 53720 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 17554 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2314 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3144 |
| (20929991)<br>| &nbsp;&nbsp;&nbsp; (11769924)<br>| &nbsp;&nbsp;&nbsp; (22813883)<br>| &nbsp;&nbsp;&nbsp; (31662348)<br>| &nbsp;&nbsp;&nbsp; (20169345)<br>| &nbsp;&nbsp;&nbsp; (27106676)<br>| &nbsp;&nbsp;&nbsp; 267740907 | &nbsp;&nbsp;&nbsp; (4026655)<br>|
| (4006981)<br>| &nbsp;&nbsp;&nbsp; 5239248 | &nbsp;&nbsp;&nbsp; (3220359)<br>| &nbsp;&nbsp;&nbsp; (34419976)<br>| &nbsp;&nbsp;&nbsp; 6342313 | &nbsp;&nbsp;&nbsp; 35076548 | &nbsp;&nbsp;&nbsp; 310032640 | &nbsp;&nbsp;&nbsp; 12752307 |
| 123269342 | &nbsp;&nbsp;&nbsp; 118030094 | &nbsp;&nbsp;&nbsp; 97273409 | &nbsp;&nbsp;&nbsp; 131693385 | &nbsp;&nbsp;&nbsp; 269681504 | &nbsp;&nbsp;&nbsp; 234604956 | &nbsp;&nbsp;&nbsp; 91099711 | &nbsp;&nbsp;&nbsp; 78347404 |
| $119262361 | &nbsp;&nbsp;&nbsp; $123269342 | &nbsp;&nbsp;&nbsp; $94053050 | &nbsp;&nbsp;&nbsp; $97273409 | &nbsp;&nbsp;&nbsp; $276023817 | &nbsp;&nbsp;&nbsp; $269681504 | &nbsp;&nbsp;&nbsp; $401132351 | &nbsp;&nbsp;&nbsp; $91099711 |
| 500000 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp; 1200000 |
| (1700000)<br>| &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (2100000)<br>| &nbsp;&nbsp;&nbsp; (2250000)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (1250000)<br>| &nbsp;&nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (1350000)<br>|
| 6150000 | &nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp; 7575000 | &nbsp;&nbsp;&nbsp; 9825000 | &nbsp;&nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp; 7350000 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2350000 |
| 4950000 | &nbsp;&nbsp;&nbsp; 6150000 | &nbsp;&nbsp;&nbsp; 5625000 | &nbsp;&nbsp;&nbsp; 7575000 | &nbsp;&nbsp;&nbsp; 6150000 | &nbsp;&nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp; 7650000 | &nbsp;&nbsp;&nbsp; 2200000 |

---

------

**83**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco MSCI Global** <br>**Climate 500 ETF (KLMT)** | **Invesco MSCI Global** <br>**Climate 500 ETF (KLMT)** | **Invesco MSCI Global** <br>**Timber ETF (CUT)** | **Invesco MSCI Global** <br>**Timber ETF (CUT)** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $23274734 | &nbsp;&nbsp;&nbsp; $9455580 | &nbsp;&nbsp;&nbsp; $873110 | &nbsp;&nbsp;&nbsp; $1398269 |
| Net realized gain (loss) | &nbsp;&nbsp; 41289139 | &nbsp;&nbsp;&nbsp; 920089 | &nbsp;&nbsp;&nbsp; 300789 | &nbsp;&nbsp;&nbsp; 2771775 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 209355587 | &nbsp;&nbsp;&nbsp; 50911413 | &nbsp;&nbsp;&nbsp; (9281079)<br>| &nbsp;&nbsp;&nbsp; 6017410 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 273919460 | &nbsp;&nbsp;&nbsp; 61287082 | &nbsp;&nbsp;&nbsp; (8107180)<br>| &nbsp;&nbsp;&nbsp; 10187454 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (26959571)<br>| &nbsp;&nbsp;&nbsp; (5411634)<br>| &nbsp;&nbsp;&nbsp; (1546928)<br>| &nbsp;&nbsp;&nbsp; (1329995)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 40990670 | &nbsp;&nbsp;&nbsp; 1630232338 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5107181 |
| Value of shares repurchased | &nbsp;&nbsp; (564622933)<br>| &nbsp;&nbsp;&nbsp; (6489558)<br>| &nbsp;&nbsp;&nbsp; (4611013)<br>| &nbsp;&nbsp;&nbsp; (11032906)<br>|
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1604 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (523632263)<br>| &nbsp;&nbsp;&nbsp; 1623742780 | &nbsp;&nbsp;&nbsp; (4611013)<br>| &nbsp;&nbsp;&nbsp; (5924121)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (276672374)<br>| &nbsp;&nbsp;&nbsp; 1679618228 | &nbsp;&nbsp;&nbsp; (14265121)<br>| &nbsp;&nbsp;&nbsp; 2933338 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 1679618228 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 55070582 | &nbsp;&nbsp;&nbsp; 52137244 |
| End of year | &nbsp;&nbsp; $1402945854 | &nbsp;&nbsp;&nbsp; $1679618228 | &nbsp;&nbsp;&nbsp; $40805461 | &nbsp;&nbsp;&nbsp; $55070582 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 65200001 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 150000 |
| Shares repurchased | &nbsp;&nbsp; (21100000)<br>| &nbsp;&nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>|
| Shares outstanding, beginning of year | &nbsp;&nbsp; 64950001 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1800000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 45350001 | &nbsp;&nbsp;&nbsp; 64950001 | &nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1600000 |

---

<sup>(a)</sup> For the period June 24, 2024 (commencement of investment operations) through October 31, 2024.

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

------

**84**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco MSCI Green** <br>**Building ETF (GBLD)** | **Invesco MSCI Green** <br>**Building ETF (GBLD)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. ETF (PXF)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. ETF (PXF)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. Small-Mid ETF (PDN)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. Small-Mid ETF (PDN)** | **Invesco RAFI Emerging Markets** <br>**ETF (PXH)** | **Invesco RAFI Emerging Markets** <br>**ETF (PXH)** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $222516 | &nbsp;&nbsp;&nbsp; $227295 | &nbsp;&nbsp;&nbsp; $60920762 | &nbsp;&nbsp;&nbsp; $53687409 | &nbsp;&nbsp;&nbsp; $10080993 | &nbsp;&nbsp;&nbsp; $13232868 | &nbsp;&nbsp;&nbsp; $51447160 | &nbsp;&nbsp;&nbsp; $50021938 |
| (481653)<br>| &nbsp;&nbsp;&nbsp; (281783)<br>| &nbsp;&nbsp;&nbsp; 145602113 | &nbsp;&nbsp;&nbsp; 44318202 | &nbsp;&nbsp;&nbsp; 33134908 | &nbsp;&nbsp;&nbsp; 24521947 | &nbsp;&nbsp;&nbsp; 62345121 | &nbsp;&nbsp;&nbsp; 12367196 |
| 663383 | &nbsp;&nbsp;&nbsp; 985860 | &nbsp;&nbsp;&nbsp; 326553593 | &nbsp;&nbsp;&nbsp; 237431172 | &nbsp;&nbsp;&nbsp; 51338276 | &nbsp;&nbsp;&nbsp; 52927390 | &nbsp;&nbsp;&nbsp; 223062627 | &nbsp;&nbsp;&nbsp; 239870629 |
| 404246 | &nbsp;&nbsp;&nbsp; 931372 | &nbsp;&nbsp;&nbsp; 533076468 | &nbsp;&nbsp;&nbsp; 335436783 | &nbsp;&nbsp;&nbsp; 94554177 | &nbsp;&nbsp;&nbsp; 90682205 | &nbsp;&nbsp;&nbsp; 336854908 | &nbsp;&nbsp;&nbsp; 302259763 |
| (252439)<br>| &nbsp;&nbsp;&nbsp; (383598)<br>| &nbsp;&nbsp;&nbsp; (67898564)<br>| &nbsp;&nbsp;&nbsp; (58436863)<br>| &nbsp;&nbsp;&nbsp; (13018557)<br>| &nbsp;&nbsp;&nbsp; (14880598)<br>| &nbsp;&nbsp;&nbsp; (53573668)<br>| &nbsp;&nbsp;&nbsp; (53025417)<br>|
| - | &nbsp;&nbsp;&nbsp; 5343301 | &nbsp;&nbsp;&nbsp; 146799401 | &nbsp;&nbsp;&nbsp; 43250393 | &nbsp;&nbsp;&nbsp; 10727900 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 175474447 | &nbsp;&nbsp;&nbsp; 7649553 |
| (3347649)<br>| &nbsp;&nbsp;&nbsp; (3197144)<br>| &nbsp;&nbsp;&nbsp; (144260339)<br>| &nbsp;&nbsp;&nbsp; (101528282)<br>| &nbsp;&nbsp;&nbsp; (128628052)<br>| &nbsp;&nbsp;&nbsp; (150555499)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (116508977)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11156 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 28612 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 154895 |
| (3347649)<br>| &nbsp;&nbsp;&nbsp; 2146157 | &nbsp;&nbsp;&nbsp; 2539062 | &nbsp;&nbsp;&nbsp; (58266733)<br>| &nbsp;&nbsp;&nbsp; (117900152)<br>| &nbsp;&nbsp;&nbsp; (150526887)<br>| &nbsp;&nbsp;&nbsp; 175474447 | &nbsp;&nbsp;&nbsp; (108704529)<br>|
| (3195842)<br>| &nbsp;&nbsp;&nbsp; 2693931 | &nbsp;&nbsp;&nbsp; 467716966 | &nbsp;&nbsp;&nbsp; 218733187 | &nbsp;&nbsp;&nbsp; (36364532)<br>| &nbsp;&nbsp;&nbsp; (74725280)<br>| &nbsp;&nbsp;&nbsp; 458755687 | &nbsp;&nbsp;&nbsp; 140529817 |
| 8631270 | &nbsp;&nbsp;&nbsp; 5937339 | &nbsp;&nbsp;&nbsp; 1697209712 | &nbsp;&nbsp;&nbsp; 1478476525 | &nbsp;&nbsp;&nbsp; 400740967 | &nbsp;&nbsp;&nbsp; 475466247 | &nbsp;&nbsp;&nbsp; 1235098816 | &nbsp;&nbsp;&nbsp; 1094568999 |
| $5435428 | &nbsp;&nbsp;&nbsp; $8631270 | &nbsp;&nbsp;&nbsp; $2164926678 | &nbsp;&nbsp;&nbsp; $1697209712 | &nbsp;&nbsp;&nbsp; $364376435 | &nbsp;&nbsp;&nbsp; $400740967 | &nbsp;&nbsp;&nbsp; $1693854503 | &nbsp;&nbsp;&nbsp; $1235098816 |
| - | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7650000 | &nbsp;&nbsp;&nbsp; 400000 |
| (200000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (2600000)<br>| &nbsp;&nbsp;&nbsp; (2050000)<br>| &nbsp;&nbsp;&nbsp; (3650000)<br>| &nbsp;&nbsp;&nbsp; (4650000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5850000)<br>|
| 500001 | &nbsp;&nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; 34200000 | &nbsp;&nbsp;&nbsp; 35350000 | &nbsp;&nbsp;&nbsp; 12200000 | &nbsp;&nbsp;&nbsp; 16850000 | &nbsp;&nbsp;&nbsp; 57950000 | &nbsp;&nbsp;&nbsp; 63400000 |
| 300001 | &nbsp;&nbsp;&nbsp; 500001 | &nbsp;&nbsp;&nbsp; 34600000 | &nbsp;&nbsp;&nbsp; 34200000 | &nbsp;&nbsp;&nbsp; 8850000 | &nbsp;&nbsp;&nbsp; 12200000 | &nbsp;&nbsp;&nbsp; 65600000 | &nbsp;&nbsp;&nbsp; 57950000 |

---

------

**85**

------

**Statements of Changes in Net Assets—(continued)**

For the years ended October 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P Global** <br>**Water Index ETF (CGW)** | **Invesco S&P Global** <br>**Water Index ETF (CGW)** | **Invesco S&P International** <br>**Developed Quality ETF (IDHQ)** | **Invesco S&P International** <br>**Developed Quality ETF (IDHQ)** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $15221962 | &nbsp;&nbsp;&nbsp; $12106655 | &nbsp;&nbsp;&nbsp; $9395883 | &nbsp;&nbsp;&nbsp; $5949643 |
| Net realized gain | &nbsp;&nbsp; 19933196 | &nbsp;&nbsp;&nbsp; 130252307 | &nbsp;&nbsp;&nbsp; 18720164 | &nbsp;&nbsp;&nbsp; 250713 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 75528470 | &nbsp;&nbsp;&nbsp; 98583941 | &nbsp;&nbsp;&nbsp; 46623437 | &nbsp;&nbsp;&nbsp; 32927861 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 110683628 | &nbsp;&nbsp;&nbsp; 240942903 | &nbsp;&nbsp;&nbsp; 74739484 | &nbsp;&nbsp;&nbsp; 39128217 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (20113638)<br>| &nbsp;&nbsp;&nbsp; (14833390)<br>| &nbsp;&nbsp;&nbsp; (10784898)<br>| &nbsp;&nbsp;&nbsp; (6125425)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 13818430 | &nbsp;&nbsp;&nbsp; 74009380 | &nbsp;&nbsp;&nbsp; 129849826 | &nbsp;&nbsp;&nbsp; 173125379 |
| Value of shares repurchased | &nbsp;&nbsp; (79696176)<br>| &nbsp;&nbsp;&nbsp; (180403329)<br>| &nbsp;&nbsp;&nbsp; (44631498)<br>| &nbsp;&nbsp;&nbsp; - |
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9911 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7072 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (65877746)<br>| &nbsp;&nbsp;&nbsp; (106384038)<br>| &nbsp;&nbsp;&nbsp; 85218328 | &nbsp;&nbsp;&nbsp; 173132451 |
| Net increase in net assets | &nbsp;&nbsp; 24692244 | &nbsp;&nbsp;&nbsp; 119725475 | &nbsp;&nbsp;&nbsp; 149172914 | &nbsp;&nbsp;&nbsp; 206135243 |
| **Net assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 959808437 | &nbsp;&nbsp;&nbsp; 840082962 | &nbsp;&nbsp;&nbsp; 382254155 | &nbsp;&nbsp;&nbsp; 176118912 |
| End of year | &nbsp;&nbsp; $984500681 | &nbsp;&nbsp;&nbsp; $959808437 | &nbsp;&nbsp;&nbsp; $531427069 | &nbsp;&nbsp;&nbsp; $382254155 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp; 5800000 |
| Shares repurchased | &nbsp;&nbsp; (1360000)<br>| &nbsp;&nbsp;&nbsp; (3280000)<br>| &nbsp;&nbsp;&nbsp; (1550000)<br>| &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of year | &nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 18520000 | &nbsp;&nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp; 7000000 |
| Shares outstanding, end of year | &nbsp;&nbsp; 15480000 | &nbsp;&nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 15400000 | &nbsp;&nbsp;&nbsp; 12800000 |

---

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

------

**86**

------

**Financial Highlights**

Invesco China Technology ETF (CQQQ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp; $32.16 | &nbsp;&nbsp;&nbsp; $68.90 | &nbsp;&nbsp;&nbsp; $73.98 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp; (36.71)<br>| &nbsp;&nbsp;&nbsp; (4.54)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;14.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp; (36.78)<br>| &nbsp;&nbsp;&nbsp; (4.69)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $55.98 | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp; $32.16 | &nbsp;&nbsp;&nbsp; $68.90 |
| Market price at end of year<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $56.07 | &nbsp;&nbsp;&nbsp; $41.32 | &nbsp;&nbsp;&nbsp; $34.67 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $68.25 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp; (53.32)%<br>| &nbsp;&nbsp;&nbsp; (6.41)%<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.56<br> %<br>| &nbsp;&nbsp;&nbsp; (53.17)%<br>| &nbsp;&nbsp;&nbsp; (7.75)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $3087145 | &nbsp;&nbsp;&nbsp; $767345 | &nbsp;&nbsp;&nbsp; $685051 | &nbsp;&nbsp;&nbsp; $702610 | &nbsp;&nbsp;&nbsp; $1519338 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp; (0.19)%<br>|
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $36.81 | &nbsp;&nbsp;&nbsp; $27.48 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $39.99 | &nbsp;&nbsp;&nbsp; $29.82 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp; (13.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.12 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.34 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $48.37 | &nbsp;&nbsp;&nbsp; $36.81 | &nbsp;&nbsp;&nbsp; $27.48 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $39.99 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $48.31 | &nbsp;&nbsp;&nbsp; $36.89 | &nbsp;&nbsp;&nbsp; $27.65 | &nbsp;&nbsp;&nbsp; $26.00 | &nbsp;&nbsp;&nbsp; $40.09 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.40<br> %<br>| &nbsp;&nbsp;&nbsp; (33.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.70<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18<br> %<br>| &nbsp;&nbsp;&nbsp; (33.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $481256 | &nbsp;&nbsp;&nbsp; $136211 | &nbsp;&nbsp;&nbsp; $108533 | &nbsp;&nbsp;&nbsp; $101514 | &nbsp;&nbsp;&nbsp; $251951 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 122<br> %<br>| &nbsp;&nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp;&nbsp; 161<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes income received from foreign withholding tax claims. Net investment income per share and the ratio of net investment income to average net assets excluding the foreign withholding tax claims are $0.16 and 0.44%, respectively. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**87**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $20.04 | &nbsp;&nbsp;&nbsp; $17.49 | &nbsp;&nbsp;&nbsp; $15.90 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $19.56 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (8.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (8.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.71 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $24.09 | &nbsp;&nbsp;&nbsp; $20.04 | &nbsp;&nbsp;&nbsp; $17.49 | &nbsp;&nbsp;&nbsp; $15.90 | &nbsp;&nbsp;&nbsp; $24.99 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $24.34 | &nbsp;&nbsp;&nbsp; $20.02 | &nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $24.81 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.98<br> %<br>| &nbsp;&nbsp;&nbsp; (34.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.35<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.16<br> %<br>| &nbsp;&nbsp;&nbsp; (33.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.17<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $119262 | &nbsp;&nbsp;&nbsp; $123269 | &nbsp;&nbsp;&nbsp; $118030 | &nbsp;&nbsp;&nbsp; $125593 | &nbsp;&nbsp;&nbsp; $214944 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 150<br> %<br>| &nbsp;&nbsp;&nbsp; 169<br> %<br>| &nbsp;&nbsp;&nbsp; 198<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.48 and 2.24%, respectively. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**88**

------

**Financial Highlights—(continued)**

Invesco Global Clean Energy ETF (PBD)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $18.97 | &nbsp;&nbsp;&nbsp; $31.28 | &nbsp;&nbsp;&nbsp; $22.89 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp; (12.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp;&nbsp; (12.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.53 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $16.72 | &nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $18.97 | &nbsp;&nbsp;&nbsp; $31.28 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $16.66 | &nbsp;&nbsp;&nbsp; $12.82 | &nbsp;&nbsp;&nbsp; $13.41 | &nbsp;&nbsp;&nbsp; $18.89 | &nbsp;&nbsp;&nbsp; $31.31 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34.31<br> %<br>| &nbsp;&nbsp;&nbsp; (1.80)%<br>| &nbsp;&nbsp;&nbsp; (27.24)%<br>| &nbsp;&nbsp;&nbsp; (38.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.31<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34.05<br> %<br>| &nbsp;&nbsp;&nbsp; (2.03)%<br>| &nbsp;&nbsp;&nbsp; (26.86)%<br>| &nbsp;&nbsp;&nbsp; (38.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.26<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $94053 | &nbsp;&nbsp;&nbsp; $97273 | &nbsp;&nbsp;&nbsp; $131693 | &nbsp;&nbsp;&nbsp; $216728 | &nbsp;&nbsp;&nbsp; $399619 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.90 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.17 and 1.37%, respectively. 

<sup>(c)</sup> Amount represents less than $0.005.

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**89**

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**Financial Highlights—(continued)**

Invesco Global Water ETF (PIO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $40.55 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $30.81 | &nbsp;&nbsp;&nbsp; $41.68 | &nbsp;&nbsp;&nbsp; $31.17 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; (10.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.93 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $44.88 | &nbsp;&nbsp;&nbsp; $40.55 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $30.81 | &nbsp;&nbsp;&nbsp; $41.68 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $44.78 | &nbsp;&nbsp;&nbsp; $40.49 | &nbsp;&nbsp;&nbsp; $31.94 | &nbsp;&nbsp;&nbsp; $30.89 | &nbsp;&nbsp;&nbsp; $41.72 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp; (25.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.17<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp;&nbsp; (25.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $276024 | &nbsp;&nbsp;&nbsp; $269682 | &nbsp;&nbsp;&nbsp; $234605 | &nbsp;&nbsp;&nbsp; $257285 | &nbsp;&nbsp;&nbsp; $323028 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.35 and 0.92%, respectively. 

<sup>(c)</sup> Amount represents less than $0.005.

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**90**

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**Financial Highlights—(continued)**

Invesco International BuyBack Achievers<sup>TM</sup> ETF (IPKW)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $41.41 | &nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $43.74 | &nbsp;&nbsp;&nbsp; $31.35 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;12.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $52.44 | &nbsp;&nbsp;&nbsp; $41.41 | &nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $43.74 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $52.57 | &nbsp;&nbsp;&nbsp; $41.55 | &nbsp;&nbsp;&nbsp; $33.48 | &nbsp;&nbsp;&nbsp; $30.48 | &nbsp;&nbsp;&nbsp; $43.78 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 31.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.35<br> %<br>| &nbsp;&nbsp;&nbsp; (23.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.90<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 31.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.85<br> %<br>| &nbsp;&nbsp;&nbsp; (23.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.72<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $401132 | &nbsp;&nbsp;&nbsp; $91100 | &nbsp;&nbsp;&nbsp; $78347 | &nbsp;&nbsp;&nbsp; $80785 | &nbsp;&nbsp;&nbsp; $124660 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 108<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 1.47%, respectively. 

<sup>(c)</sup> Amount represents less than $0.005.

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**91**

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**Financial Highlights—(continued)**

Invesco MSCI Global Climate 500 ETF (KLMT)

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31,** <br>**2025**<br>| **For the Period** <br>**June 24, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $30.94 | &nbsp;&nbsp;&nbsp; $25.86 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $30.99 | &nbsp;&nbsp;&nbsp; $25.93 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1402946 | &nbsp;&nbsp;&nbsp; $1679618 |
| Ratio to average net assets of: |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (June 6, 2024, the first day of trading on the exchange) to October 31, 2024 was 3.81%. The market price total return from Fund Inception to October 31, 2024 was 3.88%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**92**

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**Financial Highlights—(continued)**

Invesco MSCI Global Timber ETF (CUT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $34.42 | &nbsp;&nbsp;&nbsp; $28.97 | &nbsp;&nbsp;&nbsp; $29.59 | &nbsp;&nbsp;&nbsp; $36.09 | &nbsp;&nbsp;&nbsp; $27.82 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.27 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (5.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.82 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $28.14 | &nbsp;&nbsp;&nbsp; $34.42 | &nbsp;&nbsp;&nbsp; $28.97 | &nbsp;&nbsp;&nbsp; $29.59 | &nbsp;&nbsp;&nbsp; $36.09 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $28.09 | &nbsp;&nbsp;&nbsp; $34.46 | &nbsp;&nbsp;&nbsp; $29.03 | &nbsp;&nbsp;&nbsp; $29.53 | &nbsp;&nbsp;&nbsp; $36.09 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (15.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp; (16.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.90<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (15.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp; (16.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.95<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $40805 | &nbsp;&nbsp;&nbsp; $55071 | &nbsp;&nbsp;&nbsp; $52137 | &nbsp;&nbsp;&nbsp; $60656 | &nbsp;&nbsp;&nbsp; $92035 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**93**

------

**Financial Highlights—(continued)**

Invesco MSCI Green Building ETF (GBLD)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**April 20, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**April 20, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $14.84 | &nbsp;&nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (7.21)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (6.52)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $18.12 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $14.84 | &nbsp;&nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp; $23.82 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $18.12 | &nbsp;&nbsp;&nbsp; $17.32 | &nbsp;&nbsp;&nbsp; $14.93 | &nbsp;&nbsp;&nbsp; $16.44 | &nbsp;&nbsp;&nbsp; $23.89 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.99<br> %<br>| &nbsp;&nbsp;&nbsp; (5.79)%<br>| &nbsp;&nbsp;&nbsp; (28.05)%<br>| &nbsp;&nbsp;&nbsp; (3.13 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.68<br> %<br>| &nbsp;&nbsp;&nbsp; (5.28)%<br>| &nbsp;&nbsp;&nbsp; (28.22)%<br>| &nbsp;&nbsp;&nbsp; (2.84 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $5435 | &nbsp;&nbsp;&nbsp; $8631 | &nbsp;&nbsp;&nbsp; $5937 | &nbsp;&nbsp;&nbsp; $4928 | &nbsp;&nbsp;&nbsp; $4764 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market price total return from Fund Inception to October 31, 2021 was (2.30)%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**94**

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**Financial Highlights—(continued)**

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $49.63 | &nbsp;&nbsp;&nbsp; $41.82 | &nbsp;&nbsp;&nbsp; $37.62 | &nbsp;&nbsp;&nbsp; $48.20 | &nbsp;&nbsp;&nbsp; $34.17 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp; (9.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.72 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp; (8.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.14 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $62.57 | &nbsp;&nbsp;&nbsp; $49.63 | &nbsp;&nbsp;&nbsp; $41.82 | &nbsp;&nbsp;&nbsp; $37.62 | &nbsp;&nbsp;&nbsp; $48.20 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $62.43 | &nbsp;&nbsp;&nbsp; $49.65 | &nbsp;&nbsp;&nbsp; $42.17 | &nbsp;&nbsp;&nbsp; $37.71 | &nbsp;&nbsp;&nbsp; $48.22 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.00<br> %<br>| &nbsp;&nbsp;&nbsp; (17.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.49<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> %<br>| &nbsp;&nbsp;&nbsp; (17.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.22<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $2164927 | &nbsp;&nbsp;&nbsp; $1697210 | &nbsp;&nbsp;&nbsp; $1478477 | &nbsp;&nbsp;&nbsp; $1130538 | &nbsp;&nbsp;&nbsp; $1200189 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**95**

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**Financial Highlights—(continued)**

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $32.85 | &nbsp;&nbsp;&nbsp; $28.22 | &nbsp;&nbsp;&nbsp; $26.66 | &nbsp;&nbsp;&nbsp; $38.13 | &nbsp;&nbsp;&nbsp; $28.93 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (10.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.90 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $41.17 | &nbsp;&nbsp;&nbsp; $32.85 | &nbsp;&nbsp;&nbsp; $28.22 | &nbsp;&nbsp;&nbsp; $26.66 | &nbsp;&nbsp;&nbsp; $38.13 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $41.07 | &nbsp;&nbsp;&nbsp; $32.91 | &nbsp;&nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp; $26.68 | &nbsp;&nbsp;&nbsp; $38.41 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> %<br>| &nbsp;&nbsp;&nbsp; (27.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.34<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.58<br> %<br>| &nbsp;&nbsp;&nbsp; (28.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $364376 | &nbsp;&nbsp;&nbsp; $400741 | &nbsp;&nbsp;&nbsp; $475466 | &nbsp;&nbsp;&nbsp; $489162 | &nbsp;&nbsp;&nbsp; $434660 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**96**

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**Financial Highlights—(continued)**

Invesco RAFI Emerging Markets ETF (PXH)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $15.84 | &nbsp;&nbsp;&nbsp; $22.43 | &nbsp;&nbsp;&nbsp; $17.51 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; (6.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.55 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $25.82 | &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $15.84 | &nbsp;&nbsp;&nbsp; $22.43 |
| Market price at end of year<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $25.91 | &nbsp;&nbsp;&nbsp; $21.35 | &nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $22.34 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.21<br> %<br>| &nbsp;&nbsp;&nbsp; (24.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.79<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.09<br> %<br>| &nbsp;&nbsp;&nbsp; (24.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.28<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $1693855 | &nbsp;&nbsp;&nbsp; $1235099 | &nbsp;&nbsp;&nbsp; $1094569 | &nbsp;&nbsp;&nbsp; $1206241 | &nbsp;&nbsp;&nbsp; $1360503 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 3.19%, respectively. 

<sup>(c)</sup> Amount represents less than $0.005.

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(f)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies' expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies' expenses that the Fund bears indirectly is included in the Fund's total return. 

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**97**

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**Financial Highlights—(continued)**

Invesco S&P Global Water Index ETF (CGW)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $57.82 | &nbsp;&nbsp;&nbsp; $45.36 | &nbsp;&nbsp;&nbsp; $45.65 | &nbsp;&nbsp;&nbsp; $58.91 | &nbsp;&nbsp;&nbsp; $41.43 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp; (0.36 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (12.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.06 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (12.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.14 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $63.60 | &nbsp;&nbsp;&nbsp; $57.82 | &nbsp;&nbsp;&nbsp; $45.36 | &nbsp;&nbsp;&nbsp; $45.65 | &nbsp;&nbsp;&nbsp; $58.91 |
| Market price at end of year<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; $63.73 | &nbsp;&nbsp;&nbsp; $57.83 | &nbsp;&nbsp;&nbsp; $45.37 | &nbsp;&nbsp;&nbsp; $45.66 | &nbsp;&nbsp;&nbsp; $59.04 |
| **Net Asset Value Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp; (21.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.25<br> %<br>|
| **Market Price Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp; (21.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.18<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $984501 | &nbsp;&nbsp;&nbsp; $959808 | &nbsp;&nbsp;&nbsp; $840083 | &nbsp;&nbsp;&nbsp; $932994 | &nbsp;&nbsp;&nbsp; $1199341 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.62 and 1.18%, respectively. 

<sup>(c)</sup> Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(d)</sup> Amount represents less than $0.005.

<sup>(e)</sup> The mean between the last bid and ask prices.

<sup>(f)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**Financial Highlights—(continued)**

Invesco S&P International Developed Quality ETF (IDHQ)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of year | &nbsp;&nbsp;&nbsp; $29.86 | &nbsp;&nbsp;&nbsp; $25.16 | &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $31.38 | &nbsp;&nbsp;&nbsp; $25.01 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp; (8.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.02 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>|
| Net asset value at end of year | &nbsp;&nbsp;&nbsp; $34.51 | &nbsp;&nbsp;&nbsp; $29.86 | &nbsp;&nbsp;&nbsp; $25.16 | &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $31.38 |
| Market price at end of year<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $34.50 | &nbsp;&nbsp;&nbsp; $29.89 | &nbsp;&nbsp;&nbsp; $25.35 | &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $31.53 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.13<br> %<br>| &nbsp;&nbsp;&nbsp; (26.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.19<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.00<br> %<br>| &nbsp;&nbsp;&nbsp; (27.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.85<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of year (000's omitted) | &nbsp;&nbsp;&nbsp; $531427 | &nbsp;&nbsp;&nbsp; $382254 | &nbsp;&nbsp;&nbsp; $176119 | &nbsp;&nbsp;&nbsp; $92266 | &nbsp;&nbsp;&nbsp; $114522 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 61<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

October 31, 2025

**NOTE 1—Organization**

Invesco Exchange-Traded Fund Trust II (the "Trust") was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco China Technology ETF (CQQQ) | "China Technology ETF" |
| Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) | "Dorsey Wright Developed Markets Momentum ETF" |
| Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) | "Dorsey Wright Emerging Markets Momentum ETF" |
| Invesco Global Clean Energy ETF (PBD) | "Global Clean Energy ETF" |
| Invesco Global Water ETF (PIO) | "Global Water ETF" |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF (IPKW) | "International BuyBack Achievers<sup>TM</sup> ETF" |
| Invesco MSCI Global Climate 500 ETF (KLMT) | "MSCI Global Climate 500 ETF" |
| Invesco MSCI Global Timber ETF (CUT) | "MSCI Global Timber ETF" |
| Invesco MSCI Green Building ETF (GBLD) | "MSCI Green Building ETF" |
| Invesco RAFI Developed Markets ex-U.S. ETF (PXF)<sup>(a)</sup> <br>| "RAFI Developed Markets ex-U.S. ETF" |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)<sup>(b)</sup> <br>| "RAFI Developed Markets ex-U.S. Small-Mid ETF" |
| Invesco RAFI Emerging Markets ETF (PXH)<sup>(c)</sup> <br>| "RAFI Emerging Markets ETF" |
| Invesco S&P Global Water Index ETF (CGW) | "S&P Global Water Index ETF" |
| Invesco S&P International Developed Quality ETF (IDHQ) | "S&P International Developed Quality ETF" |

---

<sup>(a)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI Developed Markets ex-U.S. ETF to Invesco RAFI Developed Markets ex-U.S. ETF.

<sup>(b)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF to Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF. 

<sup>(c)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI Emerging Markets ETF to Invesco RAFI Emerging Markets ETF.

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

---

| | |
|:---|:---|
| **Fund** | **Exchange** |
| China Technology ETF | NYSE Arca, Inc. |
| Dorsey Wright Developed Markets Momentum ETF | The Nasdaq Stock Market LLC |
| Dorsey Wright Emerging Markets Momentum ETF | The Nasdaq Stock Market LLC |
| Global Clean Energy ETF | NYSE Arca, Inc. |
| Global Water ETF | The Nasdaq Stock Market LLC |
| International BuyBack Achievers<sup>TM</sup> ETF | The Nasdaq Stock Market LLC |
| MSCI Global Climate 500 ETF | NYSE Arca, Inc. |
| MSCI Global Timber ETF | NYSE Arca, Inc. |
| MSCI Green Building ETF | NYSE Arca, Inc. |
| RAFI Developed Markets ex-U.S. ETF | NYSE Arca, Inc. |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | NYSE Arca, Inc. |
| RAFI Emerging Markets ETF | NYSE Arca, Inc. |
| S&P Global Water Index ETF | NYSE Arca, Inc. |
| S&P International Developed Quality ETF | NYSE Arca, Inc. |

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The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| China Technology ETF | FTSE China Incl A 25% Technology Capped Index |
| Dorsey Wright Developed Markets Momentum ETF | Dorsey Wright Developed Markets Tech Leaders<sup>TM</sup> Index |
| Dorsey Wright Emerging Markets Momentum ETF | Dorsey Wright Emerging Markets Tech Leaders<sup>TM</sup> Index |
| Global Clean Energy ETF | WilderHill New Energy Global Innovation Index |
| Global Water ETF | Nasdaq OMX Global Water<sup>TM</sup> Index |
| International BuyBack Achievers<sup>TM</sup> ETF | Nasdaq International BuyBack Achievers<sup>TM</sup> Index |
| MSCI Global Climate 500 ETF | MSCI ACWI Select Climate 500 Index |
| MSCI Global Timber ETF | MSCI ACWI IMI Timber Select Capped Index |
| MSCI Green Building ETF | MSCI Global Green Building Index |
| RAFI Developed Markets ex-U.S. ETF | RAFI<sup>TM</sup> Fundamental Select Developed ex US 1000 Index |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | RAFI<sup>TM</sup> Fundamental Select Developed ex-US 1500 Index |
| RAFI Emerging Markets ETF | RAFI<sup>TM</sup> Fundamental Select Emerging 350 Index |
| S&P Global Water Index ETF | S&P Global Water Index |
| S&P International Developed Quality ETF | S&P Quality Developed ex-U.S. LargeMidCap Index |

---

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on

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a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the

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determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund's Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - Each Fund (except for China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Foreign Withholding Taxes** - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the fiscal year ended October 31, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and

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other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their own expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Board members and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), expenses incurred in connection with the Board members' services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund's unitary management fee (if applicable), are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**H.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement notes disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the

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borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2025, each Fund (except for Dorsey Wright Developed Markets Momentum ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each applicable Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| China Technology ETF | &nbsp;&nbsp; $1964 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 104 |
| Global Clean Energy ETF | &nbsp;&nbsp; 41283 |
| Global Water ETF | &nbsp;&nbsp; 396 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 56 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 1308 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 447 |
| MSCI Green Building ETF | &nbsp;&nbsp; 71 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 1742 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 1844 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 3486 |
| S&P Global Water Index ETF | &nbsp;&nbsp; 3655 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 52 |

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**L.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the

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investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Futures Contracts** - The Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments can be received or made depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Statements of Assets and Liabilities. Otherwise, the variation margin excess or deficit can be netted with cash held at the futures commission merchant broker and reflected as Cash collateral-futures contracts on the Statements of Assets and Liabilities. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.

**N.** **Other Risks**

*ADR and GDR Risk*. Certain Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*China Investment Risk.* Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese

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companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Investment Risk*. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Environmental, Social and Governance ("ESG") Investing Strategy Risk*. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, certain Funds may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example,

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an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Geographic Concentration Risk*. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund's investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected region.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying

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and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-Diversified Fund Risk*. Because China Technology ETF, Global Water ETF, International BuyBack Achievers<sup>TM</sup> ETF, MSCI Global Climate 500 ETF, MSCI Global Timber ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund's shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Risk of Green Building Investing*. Companies involved in "green building" face many of the risk factors associated generally with the building and construction industry, including that such companies may be significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or "green" building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

*Sampling Risk*. Certain Funds' use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*Small- and Mid-Capitalization Company Risk*. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*Thematic Investing Risk*. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund's performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates ESG factors as part of an Underlying Index's methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider's ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund's performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.

**NOTE 3—Investment Advisory Agreements and Other Agreements**

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

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**109**

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Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund listed below to the Adviser at the following annual rates:

---

| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| China Technology ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Global Clean Energy ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Global Water ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| MSCI Global Climate 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| MSCI Green Building ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| RAFI Developed Markets ex-U.S. ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| RAFI Developed Markets ex-U.S. Small-Mid ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| RAFI Emerging Markets ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| S&P International Developed Quality ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|

---

<sup>(a)</sup> Effective March 24, 2025, the Fund's unitary management fee was reduced from 0.45% to 0.43%.

<sup>(b)</sup> Effective March 24, 2025, the Fund's unitary management fee was reduced from 0.49% to 0.47%.

Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Management Fees** <br>**(as a % of average daily net assets)**<br>|
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

---

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the "Expense Agreement") with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding the percentage of the Fund's average daily net assets per year (the "Expense Cap") shown in the table below through at least August 31, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.

---

| | |
|:---|:---|
|  | **Expense Cap** |
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|

---

Further, through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This waiver is not subject to recapture by the Adviser.

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**110**

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For the fiscal year ended October 31, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| China Technology ETF | &nbsp;&nbsp;&nbsp; $4573 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 297 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 53 |
| Global Clean Energy ETF | &nbsp;&nbsp;&nbsp; 11 |
| Global Water ETF | &nbsp;&nbsp;&nbsp; 157 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 237 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp;&nbsp; 598 |
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp; 112004 |
| MSCI Green Building ETF | &nbsp;&nbsp;&nbsp; 5 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp;&nbsp; 1047 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp;&nbsp; 119 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 9614 |
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp; 400 |
| S&P International Developed Quality ETF | &nbsp;&nbsp;&nbsp; 367 |

---

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of October 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **10/31/26** | **10/31/27** | **10/31/28** |
| MSCI Global Timber ETF | &nbsp;&nbsp; $335109 | &nbsp;&nbsp; $79259 | &nbsp;&nbsp; $143901 | &nbsp;&nbsp; $111949 |

---

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| China Technology ETF | FTSE International Ltd. |
| Dorsey Wright Developed Markets Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Emerging Markets Momentum ETF | Dorsey Wright & Associates, LLC |
| Global Clean Energy ETF | WilderHill New Energy Finance, LLC |
| Global Water ETF | Nasdaq, Inc. |
| International BuyBack Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |
| MSCI Global Climate 500 ETF | MSCI, Inc. |
| MSCI Global Timber ETF | MSCI, Inc. |
| MSCI Green Building ETF | MSCI, Inc. |
| RAFI Developed Markets ex-U.S. ETF | FTSE International Ltd. |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE International Ltd. |
| RAFI Emerging Markets ETF | FTSE International Ltd. |
| S&P Global Water Index ETF | S&P Dow Jones Indices LLC |
| S&P International Developed Quality ETF | S&P Dow Jones Indices LLC |

---

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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**111**

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For the fiscal year ended October 31, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| China Technology ETF | &nbsp;&nbsp;&nbsp; $756 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 33543 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 1473 |
| Global Clean Energy ETF | &nbsp;&nbsp;&nbsp; 30655 |
| Global Water ETF | &nbsp;&nbsp;&nbsp; 10057 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 37007 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp;&nbsp; 11854 |
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp; 4231 |
| MSCI Green Building ETF | &nbsp;&nbsp;&nbsp; 228 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp;&nbsp; 23546 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp;&nbsp; 19199 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 15809 |
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp; 15027 |
| S&P International Developed Quality ETF | &nbsp;&nbsp;&nbsp; 12640 |

---

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2025. 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** |
| China Technology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $329861730 | &nbsp;&nbsp; $2757521028 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $3087382758 |
| Money Market Funds | &nbsp;&nbsp; 940970 | &nbsp;&nbsp; 191767118 | &nbsp;&nbsp; - | &nbsp;&nbsp; 192708088 |
| **Total Investments** | &nbsp;&nbsp; $330802700 | &nbsp;&nbsp; $2949288146 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $3280090846 |
| Dorsey Wright Developed Markets Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $63802034 | &nbsp;&nbsp; $416693720 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $480495754 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 18637966 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18637966 |
| **Total Investments** | &nbsp;&nbsp; $63802034 | &nbsp;&nbsp; $435331686 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $499133720 |

---

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**112**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Dorsey Wright Emerging Markets Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $14630874 | &nbsp;&nbsp; $104589739 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $119220613 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 3159947 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3159947 |
| **Total Investments** | &nbsp;&nbsp; $14630874 | &nbsp;&nbsp; $107749686 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $122380560 |
| Global Clean Energy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $31584310 | &nbsp;&nbsp; $62250779 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $93835089 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 18673518 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18673518 |
| **Total Investments** | &nbsp;&nbsp; $31584310 | &nbsp;&nbsp; $80924297 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $112508607 |
| Global Water ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $158205976 | &nbsp;&nbsp; $117496397 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $275702373 |
| Money Market Funds | &nbsp;&nbsp; 61691 | &nbsp;&nbsp; 1035942 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1097633 |
| **Total Investments** | &nbsp;&nbsp; $158267667 | &nbsp;&nbsp; $118532339 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $276800006 |
| International BuyBack Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $31389816 | &nbsp;&nbsp; $368568090 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $399957906 |
| Money Market Funds | &nbsp;&nbsp; 20462 | &nbsp;&nbsp; 9490130 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9510592 |
| **Total Investments** | &nbsp;&nbsp; $31410278 | &nbsp;&nbsp; $378058220 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $409468498 |
| MSCI Global Climate 500 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $986897896 | &nbsp;&nbsp; $413688249 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1400586145 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 14676071 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14676071 |
| **Total Investments** | &nbsp;&nbsp; $986897896 | &nbsp;&nbsp; $428364320 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1415262216 |
| MSCI Global Timber ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $24289234 | &nbsp;&nbsp; $16417303 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $40706537 |
| Money Market Funds | &nbsp;&nbsp; 23493 | &nbsp;&nbsp; 9569789 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9593282 |
| **Total Investments** | &nbsp;&nbsp; $24312727 | &nbsp;&nbsp; $25987092 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $50299819 |
| MSCI Green Building ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1358631 | &nbsp;&nbsp; $4056060 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5414691 |
| Money Market Funds | &nbsp;&nbsp; 4292 | &nbsp;&nbsp; 670577 | &nbsp;&nbsp; - | &nbsp;&nbsp; 674869 |
| **Total Investments** | &nbsp;&nbsp; $1362923 | &nbsp;&nbsp; $4726637 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6089560 |
| RAFI Developed Markets ex-U.S. ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $226460258 | &nbsp;&nbsp; $1930186731 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2156646989 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 154889145 | &nbsp;&nbsp; - | &nbsp;&nbsp; 154889145 |
| **Total Investments** | &nbsp;&nbsp; $226460258 | &nbsp;&nbsp; $2085075876 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2311536134 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $43335098 | &nbsp;&nbsp; $319197026 | &nbsp;&nbsp; $389146 | &nbsp;&nbsp; $362921270 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 52479350 | &nbsp;&nbsp; - | &nbsp;&nbsp; 52479350 |
| **Total Investments** | &nbsp;&nbsp; $43335098 | &nbsp;&nbsp; $371676376 | &nbsp;&nbsp; $389146 | &nbsp;&nbsp; $415400620 |
| RAFI Emerging Markets ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $292321911 | &nbsp;&nbsp; $1392773326 | &nbsp;&nbsp; $1262292 | &nbsp;&nbsp; $1686357529 |
| Money Market Funds | &nbsp;&nbsp; 13450994 | &nbsp;&nbsp; 44887322 | &nbsp;&nbsp; - | &nbsp;&nbsp; 58338316 |
| **Total Investments in Securities** | &nbsp;&nbsp; 305772905 | &nbsp;&nbsp; 1437660648 | &nbsp;&nbsp; 1262292 | &nbsp;&nbsp; 1744695845 |
| **Other Investments - Assets**<sup>(a)</sup> <br>|  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 321091 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 321091 |
| **Total Investments** | &nbsp;&nbsp; $306093996 | &nbsp;&nbsp; $1437660648 | &nbsp;&nbsp; $1262292 | &nbsp;&nbsp; $1745016936 |

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**113**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P Global Water Index ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $682741709 | &nbsp;&nbsp; $300594421 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $983336130 |
| Money Market Funds | &nbsp;&nbsp; 461168 | &nbsp;&nbsp; 31405308 | &nbsp;&nbsp; - | &nbsp;&nbsp; 31866476 |
| **Total Investments** | &nbsp;&nbsp; $683202877 | &nbsp;&nbsp; $331999729 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1015202606 |
| S&P International Developed Quality ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $13319738 | &nbsp;&nbsp; $516314518 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $529634256 |
| Money Market Funds | &nbsp;&nbsp; 9160 | &nbsp;&nbsp; 15824870 | &nbsp;&nbsp; - | &nbsp;&nbsp; 15834030 |
| **Total Investments** | &nbsp;&nbsp; $13328898 | &nbsp;&nbsp; $532139388 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $545468286 |

---

<sup>(a)</sup> Futures contracts is valued at unrealized appreciation (depreciation).

**NOTE 5—Derivative Investments**

The Funds may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
|  | **RAFI Emerging Markets ETF** |
| **Derivative Assets** | **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $321091 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; (321091)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin receivable (payable) is reported within the Statement of Assets and Liabilities for futures contracts, if any.

**Effect of Derivative Investments for the Fiscal Year Ended October 31, 2025**

The table below summarizes each Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** |
|  | **RAFI Emerging Markets ETF** |
|  | **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp; $1103749 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp; 321091 |
| Total | &nbsp;&nbsp; $1424840 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **RAFI Emerging Markets ETF** |
| Futures contracts | &nbsp;&nbsp; $5596599 |

---

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**114**

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**NOTE 6—Distributions to Shareholders and Tax Components of Net Assets**

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Ordinary** <br>**Income\***<br>| **Long-Term** <br>**Capital Gains**<br>| **Ordinary** <br>**Income\***<br>|
| China Technology ETF | &nbsp;&nbsp; $1873992 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3679038 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 5228708 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1704332 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 1650677 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2940169 |
| Global Clean Energy ETF | &nbsp;&nbsp; 2362772 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3175547 |
| Global Water ETF | &nbsp;&nbsp; 2903447 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2322822 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 7366612 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2656429 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 26959571 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5411634 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 1546928 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1329995 |
| MSCI Green Building ETF | &nbsp;&nbsp; 252439 | &nbsp;&nbsp; - | &nbsp;&nbsp; 383598 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 67898564 | &nbsp;&nbsp; - | &nbsp;&nbsp; 58436863 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 13018557 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14880598 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 53573668 | &nbsp;&nbsp; - | &nbsp;&nbsp; 53025417 |
| S&P Global Water Index ETF | &nbsp;&nbsp; 13355651 | &nbsp;&nbsp; 6757987 | &nbsp;&nbsp; 14833390 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 10784898 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6125425 |

---

\* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Temporary** <br>**Book/Tax** <br>**Differences**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation-** <br>**Other** <br>**Investments**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)-** <br>**Foreign** <br>**Currencies** <br>**and Foreign** <br>**Taxes**<br>| **Capital Loss** <br>**Carryforwards**<br>| **Shares of** <br>**Beneficial** <br>**Interest**<br>| **Total** <br>**Net Assets**<br>|
| China Technology ETF | $62026050 | $- | $258123210 | $- | $(9)<br>| $(796518493)<br>| $3563514080 | $3087144838 |
| Dorsey Wright <br> Developed Markets <br> Momentum ETF<br>| 1806832 | - | 83780580 | - | 28375 | (145341023)<br>| 540981234 | 481255998 |
| Dorsey Wright <br> Emerging Markets <br> Momentum ETF<br>| 1034500 | - | 18729937 | - | 2835 | (138831743)<br>| 238326832 | 119262361 |
| Global Clean Energy <br> ETF<br>| 713565 | - | 5365568 | - | (3077)<br>| (281323851)<br>| 369300845 | 94053050 |
| Global Water ETF | - | - | 64810447 | - | 9803 | (70274359)<br>| 281477926 | 276023817 |
| International BuyBack <br> Achievers<sup>TM</sup> ETF<br>| 4541715 | - | 28405943 | - | (3951)<br>| (50086966)<br>| 418275610 | 401132351 |
| MSCI Global Climate <br> 500 ETF<br>| 6291911 | - | 254333315 | - | 38309 | (6571723)<br>| 1148854042 | 1402945854 |
| MSCI Global Timber ETF | 823811 | (14183)<br>| (6466143)<br>| - | 448 | (19420450)<br>| 65881978 | 40805461 |
| MSCI Green Building <br> ETF<br>| 51015 | (4943)<br>| (603085)<br>| - | (4353)<br>| (1454561)<br>| 7451355 | 5435428 |
| RAFI Developed <br> Markets ex-U.S. ETF<br>| 21283287 | - | 512312573 | - | (39175)<br>| (35026622)<br>| 1666396615 | 2164926678 |
| RAFI Developed <br> Markets ex-U.S. Small-<br> Mid ETF<br>| 3390668 | (166123)<br>| 40150678 | - | (12817)<br>| (63980641)<br>| 384994670 | 364376435 |
| RAFI Emerging Markets <br> ETF<br>| 17862962 | - | 313806271 | 321091 | (7972207)<br>| (196908112)<br>| 1566744498 | 1693854503 |
| S&P Global Water Index <br> ETF<br>| 12471361 | (25611)<br>| 218002494 | - | 60235 | (2297259)<br>| 756289461 | 984500681 |
| S&P International <br> Developed Quality ETF<br>| 2744089 | - | 71810046 | - | 49409 | (17407052)<br>| 474230577 | 531427069 |

---

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Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of October 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| China Technology ETF | &nbsp;&nbsp; $275692727 | &nbsp;&nbsp; $520825766 | &nbsp;&nbsp; $796518493 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 145341023 | &nbsp;&nbsp; - | &nbsp;&nbsp; 145341023 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 138831743 | &nbsp;&nbsp; - | &nbsp;&nbsp; 138831743 |
| Global Clean Energy ETF | &nbsp;&nbsp; 81313331 | &nbsp;&nbsp; 200010520 | &nbsp;&nbsp; 281323851 |
| Global Water ETF | &nbsp;&nbsp; 52021194 | &nbsp;&nbsp; 18253165 | &nbsp;&nbsp; 70274359 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 42736920 | &nbsp;&nbsp; 7350046 | &nbsp;&nbsp; 50086966 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 6571723 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6571723 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 11904119 | &nbsp;&nbsp; 7516331 | &nbsp;&nbsp; 19420450 |
| MSCI Green Building ETF | &nbsp;&nbsp; 187443 | &nbsp;&nbsp; 1267118 | &nbsp;&nbsp; 1454561 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 35026622 | &nbsp;&nbsp; 35026622 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 4471292 | &nbsp;&nbsp; 59509349 | &nbsp;&nbsp; 63980641 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 10402265 | &nbsp;&nbsp; 186505847 | &nbsp;&nbsp; 196908112 |
| S&P Global Water Index ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 2297259 | &nbsp;&nbsp; 2297259 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 10708735 | &nbsp;&nbsp; 6698317 | &nbsp;&nbsp; 17407052 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 7—Investment Transactions**

For the fiscal year ended October 31, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| China Technology ETF | &nbsp;&nbsp; $2261195271 | &nbsp;&nbsp; $461753851 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 368535298 | &nbsp;&nbsp; 350573905 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 213208174 | &nbsp;&nbsp; 227713687 |
| Global Clean Energy ETF | &nbsp;&nbsp; 39135710 | &nbsp;&nbsp; 45250940 |
| Global Water ETF | &nbsp;&nbsp; 120643601 | &nbsp;&nbsp; 122023687 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 247502830 | &nbsp;&nbsp; 223838351 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 227656207 | &nbsp;&nbsp; 235777971 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 12674628 | &nbsp;&nbsp; 13335469 |
| MSCI Green Building ETF | &nbsp;&nbsp; 1529135 | &nbsp;&nbsp; 1680172 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 372776744 | &nbsp;&nbsp; 381903366 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 120982523 | &nbsp;&nbsp; 135899355 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 510633142 | &nbsp;&nbsp; 370465609 |
| S&P Global Water Index ETF | &nbsp;&nbsp; 183865829 | &nbsp;&nbsp; 190428057 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 177572839 | &nbsp;&nbsp; 172941033 |

---

For the fiscal year ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| China Technology ETF | &nbsp;&nbsp; $225141256 | &nbsp;&nbsp; $20336387 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 251149363 | &nbsp;&nbsp; 3602332 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 2539481 | &nbsp;&nbsp; 9074270 |
| Global Clean Energy ETF | &nbsp;&nbsp; 1436388 | &nbsp;&nbsp; 18267148 |
| Global Water ETF | &nbsp;&nbsp; 1964777 | &nbsp;&nbsp; 20649330 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 279666900 | &nbsp;&nbsp; 37546660 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 39905942 | &nbsp;&nbsp; 557609498 |
| MSCI Global Timber ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 4132942 |

---

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| | | |
|:---|:---|:---|
|  | **In-kind**<br> **Purchases**<br>| **In-kind**<br> **Sales**<br>|
| MSCI Green Building ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3221391 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 138491202 | &nbsp;&nbsp; 135049781 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 9450867 | &nbsp;&nbsp; 115663646 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 26757099 | &nbsp;&nbsp; - |
| S&P Global Water Index ETF | &nbsp;&nbsp; 8329719 | &nbsp;&nbsp; 72320107 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 123269654 | &nbsp;&nbsp; 44824447 |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| China Technology ETF | &nbsp;&nbsp; $495421550 | &nbsp;&nbsp; $(237298340)<br>| &nbsp;&nbsp; $258123210 | &nbsp;&nbsp; $3021967636 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 95801288 | &nbsp;&nbsp; (12020708)<br>| &nbsp;&nbsp; 83780580 | &nbsp;&nbsp; 415353140 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 23421872 | &nbsp;&nbsp; (4691935)<br>| &nbsp;&nbsp; 18729937 | &nbsp;&nbsp; 103650623 |
| Global Clean Energy ETF | &nbsp;&nbsp; 26136404 | &nbsp;&nbsp; (20770836)<br>| &nbsp;&nbsp; 5365568 | &nbsp;&nbsp; 107143039 |
| Global Water ETF | &nbsp;&nbsp; 70543259 | &nbsp;&nbsp; (5732812)<br>| &nbsp;&nbsp; 64810447 | &nbsp;&nbsp; 211989559 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 37518495 | &nbsp;&nbsp; (9112552)<br>| &nbsp;&nbsp; 28405943 | &nbsp;&nbsp; 381062555 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 305880425 | &nbsp;&nbsp; (51547110)<br>| &nbsp;&nbsp; 254333315 | &nbsp;&nbsp; 1160928901 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 4793127 | &nbsp;&nbsp; (11259270)<br>| &nbsp;&nbsp; (6466143)<br>| &nbsp;&nbsp; 56765962 |
| MSCI Green Building ETF | &nbsp;&nbsp; 340760 | &nbsp;&nbsp; (943845)<br>| &nbsp;&nbsp; (603085)<br>| &nbsp;&nbsp; 6692645 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 647139014 | &nbsp;&nbsp; (134826441)<br>| &nbsp;&nbsp; 512312573 | &nbsp;&nbsp; 1799223561 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 82401767 | &nbsp;&nbsp; (42251089)<br>| &nbsp;&nbsp; 40150678 | &nbsp;&nbsp; 375249942 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 550937634 | &nbsp;&nbsp; (236810272)<br>| &nbsp;&nbsp; 314127362 | &nbsp;&nbsp; 1430889574 |
| S&P Global Water Index ETF | &nbsp;&nbsp; 249720522 | &nbsp;&nbsp; (31718028)<br>| &nbsp;&nbsp; 218002494 | &nbsp;&nbsp; 797200112 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 88343594 | &nbsp;&nbsp; (16533548)<br>| &nbsp;&nbsp; 71810046 | &nbsp;&nbsp; 473658240 |

---

**NOTE 8—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of redemption in-kind, passive foreign investment companies, REITs, partnerships, foreign capital gains taxes and foreign currency transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2025, the reclassifications were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net** <br>**Investment Income (Loss)**<br>| **Undistributed Net** <br>**Realized Gain (Loss)**<br>| **Shares of** <br>**Beneficial Interest**<br>|
| China Technology ETF | &nbsp;&nbsp; $897019 | &nbsp;&nbsp; $(5557308)<br>| &nbsp;&nbsp; $4660289 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 222444 | &nbsp;&nbsp; (971222)<br>| &nbsp;&nbsp; 748778 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 476453 | &nbsp;&nbsp; (1176217)<br>| &nbsp;&nbsp; 699764 |
| Global Clean Energy ETF | &nbsp;&nbsp; 170567 | &nbsp;&nbsp; 396924 | &nbsp;&nbsp; (567491)<br>|
| Global Water ETF | &nbsp;&nbsp; 26161 | &nbsp;&nbsp; (7395880)<br>| &nbsp;&nbsp; 7369719 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 3420488 | &nbsp;&nbsp; (6513544)<br>| &nbsp;&nbsp; 3093056 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 333547 | &nbsp;&nbsp; (47827570)<br>| &nbsp;&nbsp; 47494023 |
| MSCI Global Timber ETF | &nbsp;&nbsp; (5694)<br>| &nbsp;&nbsp; (558178)<br>| &nbsp;&nbsp; 563872 |
| MSCI Green Building ETF | &nbsp;&nbsp; 5574 | &nbsp;&nbsp; (11877)<br>| &nbsp;&nbsp; 6303 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 5080816 | &nbsp;&nbsp; (53291786)<br>| &nbsp;&nbsp; 48210970 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 2474737 | &nbsp;&nbsp; (19062383)<br>| &nbsp;&nbsp; 16587646 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 7331462 | &nbsp;&nbsp; (7331462)<br>| &nbsp;&nbsp; - |
| S&P Global Water Index ETF | &nbsp;&nbsp; (292760)<br>| &nbsp;&nbsp; (22109363)<br>| &nbsp;&nbsp; 22402123 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 1809862 | &nbsp;&nbsp; (12194343)<br>| &nbsp;&nbsp; 10384481 |

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**NOTE 9—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 10—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

**NOTE 11—Subsequent Event**

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

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**118**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of each of the fourteen Funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (fourteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of October 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| **Fund Name** |
| Invesco China Technology ETF <sup>(1)</sup> <br>|
| Invesco Dorsey Wright Developed Markets Momentum ETF <sup>(1)</sup> <br>|
| Invesco Dorsey Wright Emerging Markets Momentum ETF <sup>(1)</sup> <br>|
| Invesco Global Clean Energy ETF <sup>(1)</sup> <br>|
| Invesco Global Water ETF <sup>(1)</sup> <br>|
| Invesco International BuyBack Achievers ETF <sup>(1)</sup> <br>|
| Invesco MSCI Global Climate 500 ETF <sup>(2)</sup> <br>|
| Invesco MSCI Global Timber ETF <sup>(1)</sup> <br>|
| Invesco MSCI Green Building ETF <sup>(1)</sup> <br>|
| Invesco RAFI Developed Markets ex-U.S. ETF <sup>(1)</sup> <br>|
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF <sup>(1)</sup>  |
| Invesco RAFI Emerging Markets ETF <sup>(1)</sup> <br>|
| Invesco S&P Global Water Index ETF <sup>(1)</sup> <br>|
| Invesco S&P International Developed Quality ETF <sup>(1)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the years ended October 31, 2025 and 2024

<sup>(2)</sup> Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and for the period June 24, 2024 (commencement of investment operations) through October 31, 2024

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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**119**

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**Report of Independent Registered Public Accounting Firm —(continued)**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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**120**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**Business** <br>**Income\***<br>| **Qualified** <br>**Dividend** <br>**Income\***<br>| **Corporate** <br>**Dividends** <br>**Received** <br>**Deduction\***<br>| **U.S.** <br>**Treasury** <br>**Obligations\***<br>| **Business** <br>**Interest** <br>**Income\***<br>| **Long Term** <br>**Capital Gains**<br>| **Qualified** <br>**Short** <br>**Term** <br>**Gains**<br>|
| Invesco China Technology ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Invesco Dorsey Wright Developed Markets <br> Momentum ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Dorsey Wright Emerging Markets Momentum <br> ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Global Clean Energy ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco Global Water ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco MSCI Global Climate 500 ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco MSCI Global Timber ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco MSCI Green Building ETF | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid <br> ETF<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco RAFI Emerging Markets ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Invesco S&P Global Water Index ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 6757987 | &nbsp;&nbsp; 1814557 |
| Invesco S&P International Developed Quality ETF | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

\* The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes** <br>**Per Share**<br>| **Foreign Source** <br>**Income Per Share**<br>|
| Invesco Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; $0.0571 | &nbsp;&nbsp; $0.6729 |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0583 | &nbsp;&nbsp;&nbsp;&nbsp;0.5471 |
| Invesco Global Clean Energy ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0602 | &nbsp;&nbsp;&nbsp;&nbsp;0.3907 |
| Invesco Global Water ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0362 | &nbsp;&nbsp;&nbsp;&nbsp;0.6385 |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0688 | &nbsp;&nbsp;&nbsp;&nbsp;1.0440 |
| Invesco MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0383 | &nbsp;&nbsp;&nbsp;&nbsp;0.7345 |
| Invesco MSCI Green Building ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0329 | &nbsp;&nbsp;&nbsp;&nbsp;0.7302 |
| Invesco RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.1521 | &nbsp;&nbsp;&nbsp;&nbsp;2.1986 |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.1102 | &nbsp;&nbsp;&nbsp;&nbsp;1.4389 |
| Invesco RAFI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.1087 | &nbsp;&nbsp;&nbsp;&nbsp;0.9511 |
| Invesco S&P International Developed Quality ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.0675 | &nbsp;&nbsp;&nbsp;&nbsp;0.7611 |

---

------

**121**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**122**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-INTL-NCSR

invesco.com/ETFs

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

------

Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's PEO and PFO have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Invesco Exchange-Traded Fund Trust II</u>

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Brian Hartigan

Title:Principal Executive Officer

Date: January 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Brian Hartigan

Title:Principal Executive Officer

Date: January 5, 2026

By: <u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Kelli Gallegos

Title:Principal Financial Officer

Date:January 5, 2026

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Exchange-Traded Fund Trust II (the "Registrant") on Form N-CSR for the period ended October 31, 2025 (the "Report"), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: January 5, 2026

<u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: January 5, 2026

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Kelli Gallegos

Title: Principal Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian Hartigan, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Brian Hartigan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Hartigan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>January 5, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Kelli Gallegos</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelli Gallegos

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)

### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").  |
| **Risk Addressed by Policy**  | Ethics Violations by Principals  |
| **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002.  |
| **Date of Last Review**  | July 2025  |
| **Policy Inception Date**  | August 2003  |

---

I.  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II.  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

• adhere to a high standard of business ethics; and

• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

III.  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.** 

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

• avoid conflicts of interest wherever possible;

• handle any actual or apparent conflict of interest ethically;

• not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

• not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• as described in more detail below, discuss any material transactions or relationship that could reasonably be expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

------

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

• service or significant business relationships as a trustee/director on the board of any public or private company;

• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

IV.  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of the Code;

------

• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Trust's Audit Committee;

• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.  **<u>AMENDMENTS</u>** 

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These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

VIII.  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX.  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

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#### EXHIBIT A
Persons Covered by this Code of Ethics:

• **Invesco Funds** 

• President and Principal Executive Officer - Glenn Brightman

• Treasurer and Principal Financial Officer - Adrian Deberghes

• **Invesco ETFs** 

• President and Principal Executive Officer — Brian Hartigan

• Treasurer and Principal Financial Officer — Kelli Gallegos

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant."<br>

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

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