# EDGAR Filing Document

**Accession Number:** 0001209466
**File Stem:** 0001752724-23-075836
**Filing Date:** 2023-3
**Character Count:** 160311
**Document Hash:** 7ed05fc5963cfdc1fbf295ea436eb13e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075836.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075836

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001209466
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21265
- **FILM NUMBER:** 23785592

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POWERSHARES EXCHANGE TRADED FUND TRUST
- **DATE OF NAME CHANGE:** 20021210

## Series and Classes Contracts Data

### Invesco DWA Consumer Cyclicals Momentum ETF (Series ID: S000013128)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000035344 | Invesco DWA Consumer Cyclicals Momentum ETF | PEZ             |

## Nport-Ex

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

### Invesco DWA Basic Materials Momentum ETF (PYZ)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-100.04%** | **Common Stocks & Other Equity Interests-100.04%** | **Common Stocks & Other Equity Interests-100.04%** |
| **Aluminum-1.82%** | **Aluminum-1.82%** | **Aluminum-1.82%** |
| Century Aluminum Co.<sup>(b)</sup><br>| 273735 | &nbsp;&nbsp;$3076781 |
| **Commodity Chemicals-17.77%** | **Commodity Chemicals-17.77%** | **Commodity Chemicals-17.77%** |
| AdvanSix, Inc.<br>| &nbsp;&nbsp;55467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398393 |
| Cabot Corp.<br>| &nbsp;&nbsp;48347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641980 |
| Dow, Inc.<br>| &nbsp;&nbsp;57604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418797 |
| LyondellBasell Industries N.V., Class A<br>| &nbsp;&nbsp;36252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505206 |
| Olin Corp.<br>| 110158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7115105 |
| Orion Engineered Carbons S.A. (Germany)<br>| 103453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174582 |
| Valvoline, Inc.<br>| &nbsp;&nbsp;99509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648000 |
| Westlake Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;33603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30026831 |
| **Construction Materials-2.21%** | **Construction Materials-2.21%** | **Construction Materials-2.21%** |
| Summit Materials, Inc., Class A<sup>(b)(c)</sup><br>| 113547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731154 |
| **Copper-2.04%** | **Copper-2.04%** | **Copper-2.04%** |
| Freeport-McMoRan, Inc.<br>| &nbsp;&nbsp;77308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449483 |
| **Diversified Chemicals-5.46%** | **Diversified Chemicals-5.46%** | **Diversified Chemicals-5.46%** |
| Chemours Co. (The)<br>| &nbsp;&nbsp;69959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545808 |
| Huntsman Corp.<br>| 103360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275478 |
| LSB Industries, Inc.<sup>(b)</sup><br>| 267836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225482 |
| **Diversified Metals & Mining-3.03%** | **Diversified Metals & Mining-3.03%** | **Diversified Metals & Mining-3.03%** |
| Materion Corp.<br>| &nbsp;&nbsp;21887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975302 |
| Piedmont Lithium, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;45832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5121210 |
| **Fertilizers & Agricultural Chemicals-8.08%** | **Fertilizers & Agricultural Chemicals-8.08%** | **Fertilizers & Agricultural Chemicals-8.08%** |
| CF Industries Holdings, Inc.<br>| &nbsp;&nbsp;50182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250415 |
| Corteva, Inc.<br>| &nbsp;&nbsp;94108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6065261 |
| FMC Corp.<br>| &nbsp;&nbsp;25057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13651514 |
| **Forest Products-2.65%** | **Forest Products-2.65%** | **Forest Products-2.65%** |
| Louisiana-Pacific Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;65861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484476 |
| **Gold-1.45%** | **Gold-1.45%** | **Gold-1.45%** |
| Royal Gold, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;19273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448249 |
| **Industrial Gases-3.32%** | **Industrial Gases-3.32%** | **Industrial Gases-3.32%** |
| Air Products and Chemicals, Inc.<br>| &nbsp;&nbsp;17512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612771 |
| **Metal & Glass Containers-2.15%** | **Metal & Glass Containers-2.15%** | **Metal & Glass Containers-2.15%** |
| O-I Glass, Inc.<sup>(b)</sup><br>| 188826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634901 |
| **Paper Packaging-3.18%** | **Paper Packaging-3.18%** | **Paper Packaging-3.18%** |
| Avery Dennison Corp.<br>| &nbsp;&nbsp;28391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378391 |
| **Paper Products-1.95%** | **Paper Products-1.95%** | **Paper Products-1.95%** |
| Sylvamo Corp.<br>| &nbsp;&nbsp;69156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286985 |
| **Silver-1.44%** | **Silver-1.44%** | **Silver-1.44%** |
| Hecla Mining Co.<sup>(c)</sup><br>| 395158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438125 |
| **Specialty Chemicals-19.01%** | **Specialty Chemicals-19.01%** | **Specialty Chemicals-19.01%** |
| Albemarle Corp.<br>| &nbsp;&nbsp;19692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5542314 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Specialty Chemicals-(continued)** | **Specialty Chemicals-(continued)** | **Specialty Chemicals-(continued)** |
| Ashland, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27879 | &nbsp;&nbsp;&nbsp;&nbsp;$3046338 |
| Avient Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907107 |
| Element Solutions, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;123668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532721 |
| H.B. Fuller Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110660 |
| Ingevity Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087463 |
| Innospec, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962705 |
| Livent Corp.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;198613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148049 |
| Quaker Chemical Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120881 |
| RPM International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32126365 |
| **Steel-24.48%** | **Steel-24.48%** | **Steel-24.48%** |
| ATI, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;124797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4541363 |
| Carpenter Technology Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037054 |
| Commercial Metals Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005669 |
| Nucor Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203541 |
| Reliance Steel & Aluminum Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314142 |
| Ryerson Holding Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580139 |
| Steel Dynamics, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152640 |
| SunCoke Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;269761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457523 |
| United States Steel Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;179326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108998 |
| Worthington Industries, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41359330 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $140,617,005) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $140,617,005) | &nbsp;&nbsp;169052048 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $109,503)<br>| &nbsp;&nbsp;&nbsp;&nbsp;109503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109503 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.10%<br>(Cost $140,726,508) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.10%<br>(Cost $140,726,508) | &nbsp;&nbsp;169161551 |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-10.92%** | **Money Market Funds-10.92%** | **Money Market Funds-10.92%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;5164264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164264 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 13278218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13282201 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $18,446,127) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $18,446,127) | &nbsp;&nbsp;&nbsp;&nbsp;18446465 |
| TOTAL INVESTMENTS IN SECURITIES-111.02%<br>(Cost $159,172,635) | TOTAL INVESTMENTS IN SECURITIES-111.02%<br>(Cost $159,172,635) | &nbsp;&nbsp;187608016 |
| OTHER ASSETS LESS LIABILITIES-(11.02)% | OTHER ASSETS LESS LIABILITIES-(11.02)% | &nbsp;&nbsp;&nbsp;(18616507) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $168991509 |

---

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

------

### Invesco DWA Basic Materials Momentum ETF (PYZ)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$273111 | &nbsp;&nbsp;&nbsp;&nbsp;$2992458 | &nbsp;&nbsp;&nbsp;&nbsp;$(3156066) | &nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$109503 | &nbsp;&nbsp;&nbsp;&nbsp;$3326 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57469357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62010816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164264 | &nbsp;&nbsp;&nbsp;&nbsp;110,237\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;22636353 | &nbsp;&nbsp;&nbsp;&nbsp;127612451 | &nbsp;&nbsp;&nbsp;&nbsp;(136970359) | &nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp;13282201 | &nbsp;&nbsp;&nbsp;&nbsp;305,653\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$32615187 | &nbsp;&nbsp;&nbsp;$188074266 | &nbsp;&nbsp;&nbsp;$(202137241) | &nbsp;&nbsp;&nbsp;$338 | &nbsp;&nbsp;&nbsp;$3418 | &nbsp;&nbsp;&nbsp;$18555968 | &nbsp;&nbsp;&nbsp;$419216 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-99.82%** | **Common Stocks & Other Equity Interests-99.82%** | **Common Stocks & Other Equity Interests-99.82%** |
| **Advertising-2.42%** | **Advertising-2.42%** | **Advertising-2.42%** |
| Interpublic Group of Cos., Inc. (The)<br>| 16576 | &nbsp;&nbsp;&nbsp;$604361 |
| **Apparel Retail-1.94%** | **Apparel Retail-1.94%** | **Apparel Retail-1.94%** |
| Buckle, Inc. (The)<sup>(b)</sup><br>| 10984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483296 |
| **Apparel, Accessories & Luxury Goods-5.12%** | **Apparel, Accessories & Luxury Goods-5.12%** | **Apparel, Accessories & Luxury Goods-5.12%** |
| Oxford Industries, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;3844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450593 |
| Tapestry, Inc.<sup>(b)</sup><br>| 18168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1278509 |
| **Auto Parts & Equipment-1.60%** | **Auto Parts & Equipment-1.60%** | **Auto Parts & Equipment-1.60%** |
| Modine Manufacturing Co.<sup>(c)</sup><br>| 16738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399871 |
| **Automotive Retail-20.56%** | **Automotive Retail-20.56%** | **Automotive Retail-20.56%** |
| AutoNation, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;6567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832170 |
| AutoZone, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619468 |
| Group 1 Automotive, Inc.<br>| &nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538902 |
| Murphy USA, Inc.<br>| &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652872 |
| O'Reilly Automotive, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;1608471 |
| Penske Automotive Group, Inc.<br>| &nbsp;&nbsp;6883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5131668 |
| **Broadcasting-2.92%** | **Broadcasting-2.92%** | **Broadcasting-2.92%** |
| Nexstar Media Group, Inc., Class A<br>| &nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729596 |
| **Casinos & Gaming-1.35%** | **Casinos & Gaming-1.35%** | **Casinos & Gaming-1.35%** |
| Golden Entertainment, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;8520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336540 |
| **Distributors-4.78%** | **Distributors-4.78%** | **Distributors-4.78%** |
| Genuine Parts Co.<br>| &nbsp;&nbsp;3196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536353 |
| LKQ Corp.<br>| 11147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1193580 |
| **Footwear-2.72%** | **Footwear-2.72%** | **Footwear-2.72%** |
| Deckers Outdoor Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679693 |
| **General Merchandise Stores-2.07%** | **General Merchandise Stores-2.07%** | **General Merchandise Stores-2.07%** |
| Dollar General Corp.<br>| &nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516022 |
| **Health Care Distributors-7.33%** | **Health Care Distributors-7.33%** | **Health Care Distributors-7.33%** |
| AmerisourceBergen Corp.<br>| &nbsp;&nbsp;3222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544389 |
| Cardinal Health, Inc.<br>| &nbsp;&nbsp;8020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619545 |
| McKesson Corp.<br>| &nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1830032 |
| **Home Furnishings-4.97%** | **Home Furnishings-4.97%** | **Home Furnishings-4.97%** |
| Ethan Allen Interiors, Inc.<br>| &nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256074 |
| Tempur Sealy International, Inc.<br>| 24131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1239412 |
| **Home Improvement Retail-6.01%** | **Home Improvement Retail-6.01%** | **Home Improvement Retail-6.01%** |
| Home Depot, Inc. (The)<br>| &nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811722 |
| Lowe's Cos., Inc.<br>| &nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1500821 |
| **Hotels, Resorts & Cruise Lines-4.23%** | **Hotels, Resorts & Cruise Lines-4.23%** | **Hotels, Resorts & Cruise Lines-4.23%** |
| Marriott Vacations Worldwide Corp.<br>| &nbsp;&nbsp;4121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659525 |
| Target Hospitality Corp.<sup>(c)</sup><br>| 25831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1056160 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Hypermarkets & Super Centers-2.97%** | **Hypermarkets & Super Centers-2.97%** | **Hypermarkets & Super Centers-2.97%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;10239 | &nbsp;&nbsp;&nbsp;&nbsp;$742020 |
| **Leisure Facilities-2.43%** | **Leisure Facilities-2.43%** | **Leisure Facilities-2.43%** |
| SeaWorld Entertainment, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604871 |
| **Restaurants-8.47%** | **Restaurants-8.47%** | **Restaurants-8.47%** |
| Bloomin' Brands, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;17437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422847 |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017463 |
| Darden Restaurants, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114017 |
| **Specialty Stores-16.33%** | **Specialty Stores-16.33%** | **Specialty Stores-16.33%** |
| Five Below, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876046 |
| Signet Jewelers Ltd.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;24046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846973 |
| Tractor Supply Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709961 |
| Ulta Beauty, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074402 |
| **Trading Companies & Distributors-1.60%** | **Trading Companies & Distributors-1.60%** | **Trading Companies & Distributors-1.60%** |
| Beacon Roofing Supply, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400208 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $21,991,130) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $21,991,130) | &nbsp;&nbsp;24915079 |
| **Money Market Funds-0.63%** | **Money Market Funds-0.63%** | **Money Market Funds-0.63%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $156,454)<br>| &nbsp;&nbsp;&nbsp;156454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156454 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.45%<br>(Cost $22,147,584) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.45%<br>(Cost $22,147,584) | &nbsp;&nbsp;25071533 |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-15.63%** | **Money Market Funds-15.63%** | **Money Market Funds-15.63%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| 1092113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092113 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 2807835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808678 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,900,887) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,900,887) | &nbsp;&nbsp;&nbsp;&nbsp;3900791 |
| TOTAL INVESTMENTS IN SECURITIES-116.08%<br>(Cost $26,048,471) | TOTAL INVESTMENTS IN SECURITIES-116.08%<br>(Cost $26,048,471) | &nbsp;&nbsp;28972324 |
| OTHER ASSETS LESS LIABILITIES-(16.08)% | OTHER ASSETS LESS LIABILITIES-(16.08)% | &nbsp;&nbsp;&nbsp;(4013477) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $24958847 |

---

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

------

### Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$140012 | &nbsp;&nbsp;&nbsp;&nbsp;$848949 | &nbsp;&nbsp;&nbsp;&nbsp;$(832507) | &nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$156454 | &nbsp;&nbsp;&nbsp;&nbsp;$2605 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;1359112 | &nbsp;&nbsp;&nbsp;&nbsp;19548342 | &nbsp;&nbsp;&nbsp;&nbsp;(19815341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1092113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,556\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;3168189 | &nbsp;&nbsp;&nbsp;&nbsp;41825034 | &nbsp;&nbsp;&nbsp;&nbsp;(42185372) | &nbsp;&nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;2808678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,824\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$4667313 | &nbsp;&nbsp;&nbsp;$62222325 | &nbsp;&nbsp;&nbsp;$(62833220) | &nbsp;&nbsp;&nbsp;$(96) | &nbsp;&nbsp;&nbsp;$923 | &nbsp;&nbsp;&nbsp;$4057245 | &nbsp;&nbsp;&nbsp;$101985 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Consumer Staples Momentum ETF (PSL)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
| **Agricultural Products-5.01%** | **Agricultural Products-5.01%** | **Agricultural Products-5.01%** |
| Archer-Daniels-Midland Co.<br>| &nbsp;&nbsp;44779 | &nbsp;&nbsp;$3709940 |
| Ingredion, Inc.<br>| &nbsp;&nbsp;23461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121731 |
| **Brewers-2.67%** | **Brewers-2.67%** | **Brewers-2.67%** |
| Molson Coors Beverage Co., Class B<br>| &nbsp;&nbsp;61976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258698 |
| **Distillers & Vintners-5.06%** | **Distillers & Vintners-5.06%** | **Distillers & Vintners-5.06%** |
| Constellation Brands, Inc., Class A<br>| &nbsp;&nbsp;14138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273230 |
| MGP Ingredients, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;29717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6171826 |
| **Education Services-3.84%** | **Education Services-3.84%** | **Education Services-3.84%** |
| Grand Canyon Education, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;22220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589963 |
| Perdoceo Education Corp.<sup>(c)</sup><br>| 140105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687335 |
| **Food Distributors-13.00%** | **Food Distributors-13.00%** | **Food Distributors-13.00%** |
| Andersons, Inc. (The)<br>| &nbsp;&nbsp;63163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323135 |
| Performance Food Group Co.<sup>(c)</sup><br>| &nbsp;&nbsp;64304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3943121 |
| SpartanNash Co.<br>| &nbsp;&nbsp;76344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418578 |
| Sysco Corp.<br>| &nbsp;&nbsp;49653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846121 |
| US Foods Holding Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;87505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15867521 |
| **Food Retail-9.86%** | **Food Retail-9.86%** | **Food Retail-9.86%** |
| Casey's General Stores, Inc.<br>| &nbsp;&nbsp;15766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719357 |
| Ingles Markets, Inc., Class A<br>| &nbsp;&nbsp;22713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157735 |
| Kroger Co. (The)<br>| &nbsp;&nbsp;81012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615566 |
| Sprouts Farmers Market, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;79492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12032427 |
| **Health Care Services-2.21%** | **Health Care Services-2.21%** | **Health Care Services-2.21%** |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup><br>| 325602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695985 |
| **Household Products-3.06%** | **Household Products-3.06%** | **Household Products-3.06%** |
| Procter & Gamble Co. (The)<br>| &nbsp;&nbsp;26214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732349 |
| **Hypermarkets & Super Centers-3.65%** | **Hypermarkets & Super Centers-3.65%** | **Hypermarkets & Super Centers-3.65%** |
| Costco Wholesale Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;8726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460208 |
| **Packaged Foods & Meats-16.91%** | **Packaged Foods & Meats-16.91%** | **Packaged Foods & Meats-16.91%** |
| General Mills, Inc.<br>| &nbsp;&nbsp;43276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391107 |
| Hershey Co. (The)<br>| &nbsp;&nbsp;15775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543065 |
| J&J Snack Foods Corp.<br>| &nbsp;&nbsp;12457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785088 |
| JM Smucker Co. (The)<br>| &nbsp;&nbsp;20096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070669 |
| Lamb Weston Holdings, Inc.<br>| &nbsp;&nbsp;40790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074513 |
| Simply Good Foods Co. (The)<sup>(c)</sup><br>| &nbsp;&nbsp;60530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197239 |
| TreeHouse Foods, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;53230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20639610 |
| **Personal Products-9.78%** | **Personal Products-9.78%** | **Personal Products-9.78%** |
| Edgewell Personal Care Co.<sup>(b)</sup><br>| &nbsp;&nbsp;57249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453692 |
| elf Beauty, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;56464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249503 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Personal Products-(continued)** | **Personal Products-(continued)** | **Personal Products-(continued)** |
| Estee Lauder Cos., Inc. (The), Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12617 | &nbsp;&nbsp;&nbsp;&nbsp;$3495918 |
| Inter Parfums, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11938271 |
| **Soft Drinks-13.49%** | **Soft Drinks-13.49%** | **Soft Drinks-13.49%** |
| Celsius Holdings, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548619 |
| Keurig Dr Pepper, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;114053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023790 |
| Monster Beverage Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341905 |
| National Beverage Corp.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976403 |
| PepsiCo, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16465377 |
| **Specialized Consumer Services-6.86%** | **Specialized Consumer Services-6.86%** | **Specialized Consumer Services-6.86%** |
| H&R Block, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744536 |
| Service Corp. International<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376612 |
| **Tobacco-4.59%** | **Tobacco-4.59%** | **Tobacco-4.59%** |
| Philip Morris International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240300 |
| Vector Group Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;182224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600101 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $108,494,908) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $108,494,908) | &nbsp;&nbsp;122048051 |
| **Money Market Funds-0.17%** | **Money Market Funds-0.17%** | **Money Market Funds-0.17%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $211,471)<br>| &nbsp;&nbsp;&nbsp;&nbsp;211471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211471 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.16%<br>(Cost $108,706,379) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.16%<br>(Cost $108,706,379) | &nbsp;&nbsp;122259522 |
| **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-12.95%** | **Money Market Funds-12.95%** | **Money Market Funds-12.95%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;4423176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423176 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 11372566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11375978 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,798,794) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,798,794) | &nbsp;&nbsp;&nbsp;&nbsp;15799154 |
| TOTAL INVESTMENTS IN SECURITIES-113.11%<br>(Cost $124,505,173) | TOTAL INVESTMENTS IN SECURITIES-113.11%<br>(Cost $124,505,173) | &nbsp;&nbsp;138058676 |
| OTHER ASSETS LESS LIABILITIES-(13.11)% | OTHER ASSETS LESS LIABILITIES-(13.11)% | &nbsp;&nbsp;&nbsp;(16002251) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $122056425 |

---

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

------

### Invesco DWA Consumer Staples Momentum ETF (PSL)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24532 | &nbsp;&nbsp;&nbsp;&nbsp;$5670508 | &nbsp;&nbsp;&nbsp;&nbsp;$(5483569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$211471 | &nbsp;&nbsp;&nbsp;&nbsp;$3603 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47103894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48064648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,344\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;12091655 | &nbsp;&nbsp;&nbsp;&nbsp;100462804 | &nbsp;&nbsp;&nbsp;&nbsp;(101183574) | &nbsp;&nbsp;&nbsp;&nbsp;(1123) | &nbsp;&nbsp;&nbsp;&nbsp;6216 | &nbsp;&nbsp;&nbsp;&nbsp;11375978 | &nbsp;&nbsp;&nbsp;&nbsp;253,085\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$17500117 | &nbsp;&nbsp;&nbsp;$153237206 | &nbsp;&nbsp;&nbsp;$(154731791) | &nbsp;&nbsp;&nbsp;$(1123) | &nbsp;&nbsp;&nbsp;$6216 | &nbsp;&nbsp;&nbsp;$16010625 | &nbsp;&nbsp;&nbsp;$348032 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Energy Momentum ETF (PXI)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Coal & Consumable Fuels-2.27%** | **Coal & Consumable Fuels-2.27%** | **Coal & Consumable Fuels-2.27%** |
| CONSOL Energy, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;86604 | &nbsp;&nbsp;$5008309 |
| **Integrated Oil & Gas-6.53%** | **Integrated Oil & Gas-6.53%** | **Integrated Oil & Gas-6.53%** |
| Exxon Mobil Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;59149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6861876 |
| Occidental Petroleum Corp.<br>| &nbsp;&nbsp;&nbsp;116867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7571813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14433689 |
| **Oil & Gas Drilling-12.78%** | **Oil & Gas Drilling-12.78%** | **Oil & Gas Drilling-12.78%** |
| Diamond Offshore Drilling, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;563409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456667 |
| Patterson-UTI Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;329416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534189 |
| Transocean Ltd.<sup>(b)(c)</sup><br>| 1454831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805561 |
| Valaris Ltd.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;88715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28240675 |
| **Oil & Gas Equipment & Services-18.94%** | **Oil & Gas Equipment & Services-18.94%** | **Oil & Gas Equipment & Services-18.94%** |
| ChampionX Corp.<br>| &nbsp;&nbsp;&nbsp;218468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7213813 |
| Helix Energy Solutions Group, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;794451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299996 |
| NexTier Oilfield Solutions, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;600678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658387 |
| ProFrac Holding Corp., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;217408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891680 |
| Tidewater, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;192023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333798 |
| Weatherford International PLC<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;166528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9472113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41869787 |
| **Oil & Gas Exploration & Production-55.80%** | **Oil & Gas Exploration & Production-55.80%** | **Oil & Gas Exploration & Production-55.80%** |
| APA Corp.<br>| &nbsp;&nbsp;&nbsp;156930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956707 |
| Chesapeake Energy Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;65150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649808 |
| Chord Energy Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;45901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578990 |
| ConocoPhillips<br>| &nbsp;&nbsp;&nbsp;&nbsp;72091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8785730 |
| Devon Energy Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;118921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520564 |
| EOG Resources, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;56637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490243 |
| Hess Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;54052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8116448 |
| Marathon Oil Corp.<br>| &nbsp;&nbsp;&nbsp;294486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8089531 |
| Matador Resources Co.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;191536 | &nbsp;&nbsp;&nbsp;&nbsp;12672022 |
| Murphy Oil Corp.<br>| &nbsp;&nbsp;&nbsp;180647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878016 |
| Northern Oil and Gas, Inc.<br>| &nbsp;&nbsp;&nbsp;209141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010406 |
| Ovintiv, Inc.<br>| &nbsp;&nbsp;&nbsp;198535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9773878 |
| Permian Resources Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;620188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6741444 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** |
| Pioneer Natural Resources Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28929 | &nbsp;&nbsp;&nbsp;&nbsp;$6663795 |
| Sitio Royalties Corp., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;177861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725767 |
| Texas Pacific Land Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8695919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;123349268 |
| **Oil & Gas Refining & Marketing-3.70%** | **Oil & Gas Refining & Marketing-3.70%** | **Oil & Gas Refining & Marketing-3.70%** |
| Marathon Petroleum Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8185053 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $183,750,068) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $183,750,068) | &nbsp;&nbsp;221086781 |
| **Money Market Funds-0.13%** | **Money Market Funds-0.13%** | **Money Market Funds-0.13%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $281,499)<br>| &nbsp;&nbsp;&nbsp;&nbsp;281499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281499 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $184,031,567) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $184,031,567) | &nbsp;&nbsp;221368280 |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-19.97%** | **Money Market Funds-19.97%** | **Money Market Funds-19.97%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| 12360644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12360644 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 31780155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31789689 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $44,151,356) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $44,151,356) | &nbsp;&nbsp;&nbsp;&nbsp;44150333 |
| TOTAL INVESTMENTS IN SECURITIES-120.12%<br>(Cost $228,182,923) | TOTAL INVESTMENTS IN SECURITIES-120.12%<br>(Cost $228,182,923) | &nbsp;&nbsp;265518613 |
| OTHER ASSETS LESS LIABILITIES-(20.12)% | OTHER ASSETS LESS LIABILITIES-(20.12)% | &nbsp;&nbsp;&nbsp;(44465624) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $221052989 |

---

---

| | |
|:---|:---|
| 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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$249928 | &nbsp;&nbsp;&nbsp;$12881401 | &nbsp;&nbsp;&nbsp;$(12849830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$281499 | &nbsp;&nbsp;&nbsp;&nbsp;$6058 |

---

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

------

### Invesco DWA Energy Momentum ETF (PXI)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;$13426783 | &nbsp;&nbsp;&nbsp;$124254449 | &nbsp;&nbsp;&nbsp;$(125320588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$12360644 | &nbsp;&nbsp;&nbsp;$210,671\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;31312864 | &nbsp;&nbsp;&nbsp;&nbsp;259491905 | &nbsp;&nbsp;&nbsp;&nbsp;(259016017) | &nbsp;&nbsp;&nbsp;&nbsp;(1428) | &nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp;31789689 | &nbsp;&nbsp;&nbsp;&nbsp;578,366\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$44989575 | &nbsp;&nbsp;&nbsp;$396627755 | &nbsp;&nbsp;&nbsp;$(397186435) | &nbsp;&nbsp;&nbsp;$(1428) | &nbsp;&nbsp;&nbsp;$2365 | &nbsp;&nbsp;&nbsp;$44431832 | &nbsp;&nbsp;&nbsp;$795095 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Financial Momentum ETF (PFI)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** |
| **Asset Management & Custody Banks-6.54%** | **Asset Management & Custody Banks-6.54%** | **Asset Management & Custody Banks-6.54%** |
| Ameriprise Financial, Inc.<br>| &nbsp;&nbsp;5432 | &nbsp;&nbsp;$1901852 |
| Victory Capital Holdings, Inc., Class A<sup>(b)</sup><br>| 15222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2353032 |
| **Consumer Finance-5.52%** | **Consumer Finance-5.52%** | **Consumer Finance-5.52%** |
| American Express Co.<br>| &nbsp;&nbsp;5316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929928 |
| Enova International, Inc.<sup>(b)(c)</sup><br>| 10003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456637 |
| OneMain Holdings, Inc.<sup>(b)</sup><br>| 13914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1986815 |
| **Data Processing & Outsourced Services-10.10%** | **Data Processing & Outsourced Services-10.10%** | **Data Processing & Outsourced Services-10.10%** |
| Mastercard, Inc., Class A<br>| &nbsp;&nbsp;6172 | &nbsp;&nbsp;&nbsp;&nbsp;2287343 |
| Visa, Inc., Class A<sup>(b)</sup><br>| &nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp;1344427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3631770 |
| **Financial Exchanges & Data-4.96%** | **Financial Exchanges & Data-4.96%** | **Financial Exchanges & Data-4.96%** |
| FactSet Research Systems, Inc.<br>| &nbsp;&nbsp;1712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724073 |
| Nasdaq, Inc.<br>| 17637 | &nbsp;&nbsp;&nbsp;&nbsp;1061571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1785644 |
| **Hotel & Resort REITs-3.40%** | **Hotel & Resort REITs-3.40%** | **Hotel & Resort REITs-3.40%** |
| Apple Hospitality REIT, Inc.<br>| 29242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518460 |
| Ryman Hospitality Properties, Inc.<br>| &nbsp;&nbsp;7593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1223774 |
| **Insurance Brokers-8.63%** | **Insurance Brokers-8.63%** | **Insurance Brokers-8.63%** |
| Aon PLC, Class A<br>| &nbsp;&nbsp;3016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961139 |
| Arthur J. Gallagher & Co.<sup>(b)</sup><br>| &nbsp;&nbsp;5952 | &nbsp;&nbsp;&nbsp;&nbsp;1164925 |
| Marsh & McLennan Cos., Inc.<br>| &nbsp;&nbsp;5599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3105385 |
| **Investment Banking & Brokerage-10.59%** | **Investment Banking & Brokerage-10.59%** | **Investment Banking & Brokerage-10.59%** |
| Houlihan Lokey, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611955 |
| Jefferies Financial Group, Inc.<br>| 13486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529730 |
| Morgan Stanley<br>| &nbsp;&nbsp;9683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942446 |
| Piper Sandler Cos.<br>| &nbsp;&nbsp;2904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412659 |
| Raymond James Financial, Inc.<br>| &nbsp;&nbsp;8706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981776 |
| StoneX Group, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;3776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3810401 |
| **Life & Health Insurance-12.68%** | **Life & Health Insurance-12.68%** | **Life & Health Insurance-12.68%** |
| Aflac, Inc.<br>| 10295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756682 |
| Globe Life, Inc.<br>| 12573 | &nbsp;&nbsp;&nbsp;&nbsp;1519447 |
| Primerica, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;4106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664146 |
| Principal Financial Group, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;8538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790192 |
| Unum Group<br>| 19724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4559467 |
| **Mortgage REITs-1.12%** | **Mortgage REITs-1.12%** | **Mortgage REITs-1.12%** |
| Ladder Capital Corp.<br>| 35898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402058 |
| **Multi-line Insurance-1.97%** | **Multi-line Insurance-1.97%** | **Multi-line Insurance-1.97%** |
| American International Group, Inc.<br>| 11178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706673 |
| **Oil & Gas Exploration & Production-0.07%** | **Oil & Gas Exploration & Production-0.07%** | **Oil & Gas Exploration & Production-0.07%** |
| Vitesse Energy, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25328 |
| **Other Diversified Financial Services-3.44%** | **Other Diversified Financial Services-3.44%** | **Other Diversified Financial Services-3.44%** |
| Apollo Global Management, Inc.<sup>(b)</sup><br>| 17468 | &nbsp;&nbsp;&nbsp;&nbsp;1236385 |
| **Property & Casualty Insurance-17.24%** | **Property & Casualty Insurance-17.24%** | **Property & Casualty Insurance-17.24%** |
| Ambac Financial Group, Inc.<sup>(c)</sup><br>| 23647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393959 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Property & Casualty Insurance-(continued)** | **Property & Casualty Insurance-(continued)** | **Property & Casualty Insurance-(continued)** |
| American Financial Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp;$664897 |
| Arch Capital Group Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;10788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694208 |
| Assured Guaranty Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543243 |
| Erie Indemnity Co., Class A<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416128 |
| Progressive Corp. (The)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167010 |
| RLI Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511125 |
| W.R. Berkley Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;11580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202791 |
| **Real Estate Operating Companies-1.08%** | **Real Estate Operating Companies-1.08%** | **Real Estate Operating Companies-1.08%** |
| Seritage Growth Properties, Class A, (Acquired 12/30/2022 - 12/30/2022; Cost $378,895)<sup>(b)(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;32004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388849 |
| **Regional Banks-6.62%** | **Regional Banks-6.62%** | **Regional Banks-6.62%** |
| Ameris Bancorp<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;12562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592424 |
| Hancock Whitney Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510682 |
| Lakeland Financial Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388551 |
| OFG Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;15522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439428 |
| Pacific Premier Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;13886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380158 |
| **Retail REITs-1.36%** | **Retail REITs-1.36%** | **Retail REITs-1.36%** |
| Kite Realty Group Trust<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;22586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490116 |
| **Specialized REITs-2.18%** | **Specialized REITs-2.18%** | **Specialized REITs-2.18%** |
| Gaming and Leisure Properties, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;14655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784922 |
| **Thrifts & Mortgage Finance-2.41%** | **Thrifts & Mortgage Finance-2.41%** | **Thrifts & Mortgage Finance-2.41%** |
| Mr. Cooper Group, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;18861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867417 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $33,067,367) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $33,067,367) | &nbsp;&nbsp;35940985 |
| **Money Market Funds-0.40%** | **Money Market Funds-0.40%** | **Money Market Funds-0.40%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(e)(f)</sup><br>(Cost $144,563)<br>| &nbsp;&nbsp;&nbsp;144563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144563 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.31%<br>(Cost $33,211,930) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.31%<br>(Cost $33,211,930) | &nbsp;&nbsp;36085548 |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-21.94%** | **Money Market Funds-21.94%** | **Money Market Funds-21.94%** |
| Invesco Private Government Fund, 4.36%<sup>(e)(f)(g)</sup><br>| 2209931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209931 |
| Invesco Private Prime Fund, 4.59%<sup>(e)(f)(g)</sup><br>| 5681963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683668 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,893,758) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,893,758) | &nbsp;&nbsp;&nbsp;&nbsp;7893599 |
| TOTAL INVESTMENTS IN SECURITIES-122.25%<br>(Cost $41,105,688) | TOTAL INVESTMENTS IN SECURITIES-122.25%<br>(Cost $41,105,688) | &nbsp;&nbsp;43979147 |
| OTHER ASSETS LESS LIABILITIES-(22.25)% | OTHER ASSETS LESS LIABILITIES-(22.25)% | &nbsp;&nbsp;&nbsp;(8002960) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $35976187 |

---

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

------

### Invesco DWA Financial Momentum ETF (PFI)—(continued)<br>
January 31, 2023

(Unaudited)

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

---

| | |
|:---|:---|
| 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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Restricted security. The value of this security at January 31, 2023 represented 1.08% of the Fund's Net Assets. |
| <sup>(e)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$196176 | &nbsp;&nbsp;&nbsp;$1843444 | &nbsp;&nbsp;&nbsp;$(1895057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$144563 | &nbsp;&nbsp;&nbsp;&nbsp;$2420 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949782 | &nbsp;&nbsp;&nbsp;&nbsp;17678821 | &nbsp;&nbsp;&nbsp;&nbsp;(16418672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;2209931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,683\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;2214095 | &nbsp;&nbsp;&nbsp;&nbsp;44788554 | &nbsp;&nbsp;&nbsp;&nbsp;(41320052) | &nbsp;&nbsp;&nbsp;&nbsp;(159) | &nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;5683668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,331\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$3360053 | &nbsp;&nbsp;&nbsp;$64310819 | &nbsp;&nbsp;&nbsp;$(59633781) | &nbsp;&nbsp;&nbsp;$(159) | &nbsp;&nbsp;&nbsp;$1230 | &nbsp;&nbsp;&nbsp;$8038162 | &nbsp;&nbsp;&nbsp;$124434 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Healthcare Momentum ETF (PTH)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Biotechnology-46.37%** | **Biotechnology-46.37%** | **Biotechnology-46.37%** |
| 4D Molecular Therapeutics, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;99971 | &nbsp;&nbsp;&nbsp;&nbsp;$2104390 |
| AbbVie, Inc.<br>| &nbsp;&nbsp;31262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618960 |
| Akero Therapeutics, Inc.<sup>(b)(c)</sup><br>| 107604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326398 |
| Allakos, Inc.<sup>(b)</sup><br>| 277056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058526 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;20239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4582110 |
| Altimmune, Inc.<sup>(b)</sup><br>| 291431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975119 |
| Bluebird Bio, Inc.<sup>(b)</sup><br>| 412345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618391 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup><br>| 231465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585393 |
| Celldex Therapeutics, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;59794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634524 |
| Chinook Therapeutics, Inc.<sup>(b)</sup><br>| 107816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724510 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup><br>| 113853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894170 |
| Icosavax, Inc.<sup>(b)(c)</sup><br>| 225790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382084 |
| Ideaya Biosciences, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;95101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619570 |
| ImmunityBio, Inc.<sup>(b)(c)</sup><br>| 291016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105861 |
| IVERIC bio, Inc.<sup>(b)(c)</sup><br>| 260765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023671 |
| Kiniksa Pharmaceuticals Ltd., Class A<sup>(b)</sup><br>| 105427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524474 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;15777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547720 |
| MannKind Corp.<sup>(b)(c)</sup><br>| 437030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390554 |
| Prometheus Biosciences, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;94774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10772013 |
| Replimune Group, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;58363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625410 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup><br>| 168523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4609104 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup><br>| 263010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182983 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;40118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013546 |
| United Therapeutics Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;22276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5862375 |
| Vaxcyte, Inc.<sup>(b)(c)</sup><br>| 138100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262835 |
| Viridian Therapeutics, Inc.<sup>(b)</sup><br>| 120815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;100456855 |
| **Health Care Equipment-7.28%** | **Health Care Equipment-7.28%** | **Health Care Equipment-7.28%** |
| IDEXX Laboratories, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;20335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770968 |
| Outset Medical, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;67592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900687 |
| TransMedics Group, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;65195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15780244 |
| **Health Care Facilities-6.47%** | **Health Care Facilities-6.47%** | **Health Care Facilities-6.47%** |
| Acadia Healthcare Co., Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;43479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653106 |
| Ensign Group, Inc. (The)<br>| &nbsp;&nbsp;49361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4602913 |
| HCA Healthcare, Inc.<br>| &nbsp;&nbsp;22606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5766112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14022131 |
| **Health Care Supplies-2.28%** | **Health Care Supplies-2.28%** | **Health Care Supplies-2.28%** |
| Merit Medical Systems, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;40684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902803 |
| UFP Technologies, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;17854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933339 |
| **Health Care Technology-2.30%** | **Health Care Technology-2.30%** | **Health Care Technology-2.30%** |
| Phreesia, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;53495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005527 |
| Veradigm, Inc.<sup>(b)</sup><br>| 165736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973859 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Life Sciences Tools & Services-12.37%** | **Life Sciences Tools & Services-12.37%** | **Life Sciences Tools & Services-12.37%** |
| Agilent Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37302 | &nbsp;&nbsp;&nbsp;&nbsp;$5672888 |
| Bruker Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617860 |
| Medpace Holdings, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11858195 |
| Mettler-Toledo International, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26792618 |
| **Managed Health Care-8.16%** | **Managed Health Care-8.16%** | **Managed Health Care-8.16%** |
| Elevance Health, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662367 |
| UnitedHealth Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11007639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17670006 |
| **Pharmaceuticals-14.77%** | **Pharmaceuticals-14.77%** | **Pharmaceuticals-14.77%** |
| Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;119947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700723 |
| Axsome Therapeutics, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7430700 |
| Cassava Sciences, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;157401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407228 |
| Eli Lilly and Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485607 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234847 |
| Provention Bio, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;344737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985422 |
| Reata Pharmaceuticals, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31993642 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $195,984,948) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $195,984,948) | &nbsp;&nbsp;216622694 |
| **Money Market Funds-0.15%** | **Money Market Funds-0.15%** | **Money Market Funds-0.15%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $316,627)<br>| &nbsp;&nbsp;&nbsp;&nbsp;316627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316627 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $196,301,575) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $196,301,575) | &nbsp;&nbsp;216939321 |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-15.46%** | **Money Market Funds-15.46%** | **Money Market Funds-15.46%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;9377293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377293 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 24111568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24118801 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $33,496,400) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $33,496,400) | &nbsp;&nbsp;&nbsp;&nbsp;33496094 |
| TOTAL INVESTMENTS IN SECURITIES-115.61%<br>(Cost $229,797,975) | TOTAL INVESTMENTS IN SECURITIES-115.61%<br>(Cost $229,797,975) | &nbsp;&nbsp;250435415 |
| OTHER ASSETS LESS LIABILITIES-(15.61)% | OTHER ASSETS LESS LIABILITIES-(15.61)% | &nbsp;&nbsp;&nbsp;(33811849) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $216623566 |

---

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

------

### Invesco DWA Healthcare Momentum ETF (PTH)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$481376 | &nbsp;&nbsp;&nbsp;$10732173 | &nbsp;&nbsp;&nbsp;$(10896922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$316627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9178 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;13055110 | &nbsp;&nbsp;&nbsp;&nbsp;130274548 | &nbsp;&nbsp;&nbsp;&nbsp;(133952365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303,636\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;30443565 | &nbsp;&nbsp;&nbsp;&nbsp;260918951 | &nbsp;&nbsp;&nbsp;&nbsp;(267253937) | &nbsp;&nbsp;&nbsp;&nbsp;(732) | &nbsp;&nbsp;&nbsp;&nbsp;10954 | &nbsp;&nbsp;&nbsp;&nbsp;24118801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831,996\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$43980051 | &nbsp;&nbsp;&nbsp;$401925672 | &nbsp;&nbsp;&nbsp;$(412103224) | &nbsp;&nbsp;&nbsp;$(732) | &nbsp;&nbsp;&nbsp;$10954 | &nbsp;&nbsp;&nbsp;$33812721 | &nbsp;&nbsp;&nbsp;$1144810 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Industrials Momentum ETF (PRN)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Aerospace & Defense-2.32%** | **Aerospace & Defense-2.32%** | **Aerospace & Defense-2.32%** |
| HEICO Corp.<br>| &nbsp;&nbsp;17460 | &nbsp;&nbsp;$2984787 |
| **Agricultural & Farm Machinery-5.71%** | **Agricultural & Farm Machinery-5.71%** | **Agricultural & Farm Machinery-5.71%** |
| Deere & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198785 |
| Toro Co. (The)<br>| &nbsp;&nbsp;37229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350563 |
| **Building Products-3.73%** | **Building Products-3.73%** | **Building Products-3.73%** |
| Trane Technologies PLC<br>| &nbsp;&nbsp;26833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806327 |
| **Construction & Engineering-10.05%** | **Construction & Engineering-10.05%** | **Construction & Engineering-10.05%** |
| Comfort Systems USA, Inc.<br>| &nbsp;&nbsp;13527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637308 |
| Fluor Corp.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;73285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693224 |
| MYR Group, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;13222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309771 |
| Quanta Services, Inc.<br>| &nbsp;&nbsp;24688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757267 |
| WillScot Mobile Mini Holdings Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;72898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12930207 |
| **Data Processing & Outsourced Services-4.31%** | **Data Processing & Outsourced Services-4.31%** | **Data Processing & Outsourced Services-4.31%** |
| Automatic Data Processing, Inc.<br>| &nbsp;&nbsp;12064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724172 |
| Fiserv, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;26442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545005 |
| **Diversified Support Services-7.25%** | **Diversified Support Services-7.25%** | **Diversified Support Services-7.25%** |
| Cintas Corp.<br>| &nbsp;&nbsp;11625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5158478 |
| Copart, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;62668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9332793 |
| **Electrical Components & Equipment-11.26%** | **Electrical Components & Equipment-11.26%** | **Electrical Components & Equipment-11.26%** |
| AMETEK, Inc.<br>| &nbsp;&nbsp;46365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719216 |
| Encore Wire Corp.<br>| &nbsp;&nbsp;11185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805594 |
| Fluence Energy, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;89624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163523 |
| Hubbell, Inc.<br>| &nbsp;&nbsp;16593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14486637 |
| **Electronic Manufacturing Services-2.13%** | **Electronic Manufacturing Services-2.13%** | **Electronic Manufacturing Services-2.13%** |
| Jabil, Inc.<br>| &nbsp;&nbsp;34903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744423 |
| **Environmental & Facilities Services-6.95%** | **Environmental & Facilities Services-6.95%** | **Environmental & Facilities Services-6.95%** |
| Rollins, Inc.<br>| 180350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564740 |
| Waste Management, Inc.<br>| &nbsp;&nbsp;15373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8943404 |
| **Human Resource & Employment Services-1.17%** | **Human Resource & Employment Services-1.17%** | **Human Resource & Employment Services-1.17%** |
| Insperity, Inc.<br>| &nbsp;&nbsp;13673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511550 |
| **Industrial Machinery-4.12%** | **Industrial Machinery-4.12%** | **Industrial Machinery-4.12%** |
| Evoqua Water Technologies Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;49032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378542 |
| IDEX Corp.<br>| &nbsp;&nbsp;12226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308870 |
| **Oil & Gas Storage & Transportation-2.34%** | **Oil & Gas Storage & Transportation-2.34%** | **Oil & Gas Storage & Transportation-2.34%** |
| Dorian LPG Ltd.<br>| &nbsp;&nbsp;59825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187526 |
| International Seaways, Inc.<br>| &nbsp;&nbsp;46909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009472 |
| **Paper Packaging-3.79%** | **Paper Packaging-3.79%** | **Paper Packaging-3.79%** |
| Graphic Packaging Holding Co.<br>| 202624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4881212 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Research & Consulting Services-5.56%** | **Research & Consulting Services-5.56%** | **Research & Consulting Services-5.56%** |
| Booz Allen Hamilton Holding Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23772 | &nbsp;&nbsp;&nbsp;&nbsp;$2249782 |
| CBIZ, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175711 |
| KBR, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691932 |
| NV5 Global, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156154 |
| **Semiconductor Equipment-2.14%** | **Semiconductor Equipment-2.14%** | **Semiconductor Equipment-2.14%** |
| Aehr Test Systems<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752925 |
| **Trading Companies & Distributors-22.77%** | **Trading Companies & Distributors-22.77%** | **Trading Companies & Distributors-22.77%** |
| H&E Equipment Services, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297084 |
| Herc Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089781 |
| McGrath RentCorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102107 |
| NOW, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174123 |
| Rush Enterprises, Inc., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139803 |
| Triton International Ltd. (Bermuda)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663057 |
| United Rentals, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477332 |
| W.W. Grainger, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715009 |
| Watsco, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963550 |
| WESCO International, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29310433 |
| **Trucking-4.42%** | **Trucking-4.42%** | **Trucking-4.42%** |
| Saia, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687463 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $113,149,993) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $113,149,993) | &nbsp;&nbsp;128742225 |
| **Money Market Funds-0.13%** | **Money Market Funds-0.13%** | **Money Market Funds-0.13%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $163,212)<br>| &nbsp;&nbsp;&nbsp;&nbsp;163212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163212 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $113,313,205) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $113,313,205) | &nbsp;&nbsp;128905437 |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-13.49%** | **Money Market Funds-13.49%** | **Money Market Funds-13.49%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;4862636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862636 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 12502947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12506698 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,369,437) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,369,437) | &nbsp;&nbsp;&nbsp;&nbsp;17369334 |
| TOTAL INVESTMENTS IN SECURITIES-113.64%<br>(Cost $130,682,642) | TOTAL INVESTMENTS IN SECURITIES-113.64%<br>(Cost $130,682,642) | &nbsp;&nbsp;146274771 |
| OTHER ASSETS LESS LIABILITIES-(13.64)% | OTHER ASSETS LESS LIABILITIES-(13.64)% | &nbsp;&nbsp;&nbsp;(17560157) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $128714614 |

---

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

------

### Invesco DWA Industrials Momentum ETF (PRN)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$253005 | &nbsp;&nbsp;&nbsp;&nbsp;$4934377 | &nbsp;&nbsp;&nbsp;&nbsp;$(5024170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$163212 | &nbsp;&nbsp;&nbsp;&nbsp;$3466 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;2482930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32455717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30076011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,608\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;5791524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72777721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66064048) | &nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp;12506698 | &nbsp;&nbsp;&nbsp;&nbsp;176,374\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$8527459 | &nbsp;&nbsp;&nbsp;$110167815 | &nbsp;&nbsp;&nbsp;$(101164229) | &nbsp;&nbsp;&nbsp;$(103) | &nbsp;&nbsp;&nbsp;$1604 | &nbsp;&nbsp;&nbsp;$17532546 | &nbsp;&nbsp;&nbsp;$244448 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Technology Momentum ETF (PTF)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
| **Alternative Carriers-3.13%** | **Alternative Carriers-3.13%** | **Alternative Carriers-3.13%** |
| Bandwidth, Inc., Class A<sup>(b)</sup><br>| 128501 | &nbsp;&nbsp;$3197105 |
| Iridium Communications, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;58280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684580 |
| **Application Software-18.32%** | **Application Software-18.32%** | **Application Software-18.32%** |
| Agilysys, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;32049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678014 |
| Box, Inc., Class A<sup>(b)</sup><br>| &nbsp;&nbsp;95953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069537 |
| Cadence Design Systems, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;59575 | &nbsp;&nbsp;&nbsp;&nbsp;10892097 |
| Clear Secure, Inc., Class A<sup>(c)</sup><br>| &nbsp;&nbsp;97752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068435 |
| Intuit, Inc.<br>| &nbsp;&nbsp;31695 | &nbsp;&nbsp;&nbsp;&nbsp;13396526 |
| PowerSchool Holdings, Inc., Class A<sup>(b)(c)</sup><br>| 105866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384102 |
| SPS Commerce, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;26886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39147358 |
| **Asset Management & Custody Banks-1.33%** | **Asset Management & Custody Banks-1.33%** | **Asset Management & Custody Banks-1.33%** |
| Avantax, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;97808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850125 |
| **Communications Equipment-9.67%** | **Communications Equipment-9.67%** | **Communications Equipment-9.67%** |
| Arista Networks, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;36586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610568 |
| Calix, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;45503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395278 |
| Digi International, Inc.<sup>(b)(c)</sup><br>| 103097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504267 |
| Extreme Networks, Inc.<sup>(b)</sup><br>| 241736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358500 |
| Harmonic, Inc.<sup>(b)(c)</sup><br>| 240924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172969 |
| NetScout Systems, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;81441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20655838 |
| **Data Processing & Outsourced Services-2.40%** | **Data Processing & Outsourced Services-2.40%** | **Data Processing & Outsourced Services-2.40%** |
| ExlService Holdings, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;30010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5119706 |
| **Electrical Components & Equipment-3.15%** | **Electrical Components & Equipment-3.15%** | **Electrical Components & Equipment-3.15%** |
| Array Technologies, Inc.<sup>(b)</sup><br>| 302924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734001 |
| **Electronic Components-1.57%** | **Electronic Components-1.57%** | **Electronic Components-1.57%** |
| Belden, Inc.<br>| &nbsp;&nbsp;41453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361424 |
| **Electronic Equipment & Instruments-1.90%** | **Electronic Equipment & Instruments-1.90%** | **Electronic Equipment & Instruments-1.90%** |
| Keysight Technologies, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;22606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054386 |
| **Health Care Technology-1.02%** | **Health Care Technology-1.02%** | **Health Care Technology-1.02%** |
| NextGen Healthcare, Inc.<sup>(b)</sup><br>| 114396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175812 |
| **IT Consulting & Other Services-2.39%** | **IT Consulting & Other Services-2.39%** | **IT Consulting & Other Services-2.39%** |
| Gartner, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;15095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104223 |
| **Research & Consulting Services-1.28%** | **Research & Consulting Services-1.28%** | **Research & Consulting Services-1.28%** |
| Science Applications International Corp.<br>| &nbsp;&nbsp;26466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746641 |
| **Semiconductor Equipment-11.68%** | **Semiconductor Equipment-11.68%** | **Semiconductor Equipment-11.68%** |
| Amkor Technology, Inc.<br>| 110127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222316 |
| Axcelis Technologies, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;48234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303328 |
| Enphase Energy, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;18575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112134 |
| KLA Corp.<br>| &nbsp;&nbsp;16605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517130 |
| Onto Innovation, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;43976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458712 |
| Photronics, Inc.<sup>(b)</sup><br>| 129182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24954398 |
| **Semiconductors-20.79%** | **Semiconductors-20.79%** | **Semiconductors-20.79%** |
| Broadcom, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746771 |
| First Solar, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;35147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242107 |
| Impinj, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;44094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5722520 |
| Lattice Semiconductor Corp.<sup>(b)</sup><br>| 151921 | &nbsp;&nbsp;&nbsp;&nbsp;11514093 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| MACOM Technology Solutions Holdings, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57105 | &nbsp;&nbsp;&nbsp;&nbsp;$3827177 |
| ON Semiconductor Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;118391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8695819 |
| Rambus, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44427493 |
| **Systems Software-3.15%** | **Systems Software-3.15%** | **Systems Software-3.15%** |
| A10 Networks, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;149888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320266 |
| Palo Alto Networks, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737280 |
| **Technology Distributors-4.04%** | **Technology Distributors-4.04%** | **Technology Distributors-4.04%** |
| CDW Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322803 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8628655 |
| **Technology Hardware, Storage & Peripherals-10.97%** | **Technology Hardware, Storage & Peripherals-10.97%** | **Technology Hardware, Storage & Peripherals-10.97%** |
| Apple, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13991801 |
| Pure Storage, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;145736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217600 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5226060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23435461 |
| **Wireless Telecommunication Services-3.15%** | **Wireless Telecommunication Services-3.15%** | **Wireless Telecommunication Services-3.15%** |
| Gogo, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;147315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470473 |
| T-Mobile US, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730735 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $182,150,197) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $182,150,197) | &nbsp;&nbsp;213548116 |
| **Money Market Funds-0.22%** | **Money Market Funds-0.22%** | **Money Market Funds-0.22%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $473,286)<br>| &nbsp;&nbsp;&nbsp;&nbsp;473286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473286 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.16%<br>(Cost $182,623,483) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.16%<br>(Cost $182,623,483) | &nbsp;&nbsp;214021402 |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-8.41%** | **Money Market Funds-8.41%** | **Money Market Funds-8.41%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;5032476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5032476 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 12939702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12943584 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,976,060) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,976,060) | &nbsp;&nbsp;&nbsp;&nbsp;17976060 |
| TOTAL INVESTMENTS IN SECURITIES-108.57%<br>(Cost $200,599,543) | TOTAL INVESTMENTS IN SECURITIES-108.57%<br>(Cost $200,599,543) | &nbsp;&nbsp;231997462 |
| OTHER ASSETS LESS LIABILITIES-(8.57)% | OTHER ASSETS LESS LIABILITIES-(8.57)% | &nbsp;&nbsp;&nbsp;(18316213) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $213681249 |

---

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

------

### Invesco DWA Technology Momentum ETF (PTF)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$357742 | &nbsp;&nbsp;&nbsp;&nbsp;$1484622 | &nbsp;&nbsp;&nbsp;&nbsp;$(1369078) | &nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$473286 | &nbsp;&nbsp;&nbsp;&nbsp;$5548 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9721813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83890110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88579447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5032476 | &nbsp;&nbsp;&nbsp;&nbsp;164,999\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;22682210 | &nbsp;&nbsp;&nbsp;&nbsp;176575679 | &nbsp;&nbsp;&nbsp;&nbsp;(186321569) | &nbsp;&nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;&nbsp;7353 | &nbsp;&nbsp;&nbsp;&nbsp;12943584 | &nbsp;&nbsp;&nbsp;&nbsp;449,709\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$32761765 | &nbsp;&nbsp;&nbsp;$261950411 | &nbsp;&nbsp;&nbsp;$(276270094) | &nbsp;&nbsp;&nbsp;$(89) | &nbsp;&nbsp;&nbsp;$7353 | &nbsp;&nbsp;&nbsp;$18449346 | &nbsp;&nbsp;&nbsp;$620256 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco DWA Utilities Momentum ETF (PUI)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
| **Construction & Engineering-1.76%** | **Construction & Engineering-1.76%** | **Construction & Engineering-1.76%** |
| MDU Resources Group, Inc.<br>| &nbsp;&nbsp;26323 | &nbsp;&nbsp;&nbsp;&nbsp;$813644 |
| **Electric Utilities-43.33%** | **Electric Utilities-43.33%** | **Electric Utilities-43.33%** |
| Alliant Energy Corp.<br>| &nbsp;&nbsp;31679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711616 |
| American Electric Power Co., Inc.<br>| &nbsp;&nbsp;10594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995412 |
| Constellation Energy Corp.<br>| &nbsp;&nbsp;16828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436438 |
| Duke Energy Corp.<br>| &nbsp;&nbsp;16948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736323 |
| Evergy, Inc.<br>| &nbsp;&nbsp;19606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228316 |
| Eversource Energy<br>| &nbsp;&nbsp;14008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153279 |
| Exelon Corp.<br>| &nbsp;&nbsp;34579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458888 |
| FirstEnergy Corp.<br>| &nbsp;&nbsp;24041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984479 |
| IDACORP, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846586 |
| NextEra Energy, Inc.<br>| &nbsp;&nbsp;21214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583201 |
| PG&E Corp.<sup>(b)</sup><br>| 101475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613452 |
| Pinnacle West Capital Corp.<br>| &nbsp;&nbsp;13618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015222 |
| Portland General Electric Co.<sup>(c)</sup><br>| &nbsp;&nbsp;19213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914154 |
| Southern Co. (The)<br>| &nbsp;&nbsp;25470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723810 |
| Xcel Energy, Inc.<br>| &nbsp;&nbsp;23613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20025042 |
| **Gas Utilities-14.28%** | **Gas Utilities-14.28%** | **Gas Utilities-14.28%** |
| Atmos Energy Corp.<br>| &nbsp;&nbsp;14554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710677 |
| Chesapeake Utilities Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;6489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818133 |
| National Fuel Gas Co.<sup>(c)</sup><br>| &nbsp;&nbsp;16517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958977 |
| New Jersey Resources Corp.<sup>(c)</sup><br>| &nbsp;&nbsp;21367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066641 |
| ONE Gas, Inc.<br>| &nbsp;&nbsp;12351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017228 |
| UGI Corp.<br>| &nbsp;&nbsp;25822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600146 |
| **Independent Power Producers & Energy Traders-3.23%** | **Independent Power Producers & Energy Traders-3.23%** | **Independent Power Producers & Energy Traders-3.23%** |
| AES Corp. (The)<br>| &nbsp;&nbsp;54451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492502 |
| **Multi-Utilities-21.85%** | **Multi-Utilities-21.85%** | **Multi-Utilities-21.85%** |
| Ameren Corp.<br>| &nbsp;&nbsp;11666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013425 |
| CenterPoint Energy, Inc.<br>| &nbsp;&nbsp;37257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122181 |
| CMS Energy Corp.<br>| &nbsp;&nbsp;21883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382787 |
| DTE Energy Co.<br>| &nbsp;&nbsp;12975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509901 |
| NiSource, Inc.<br>| &nbsp;&nbsp;58635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627121 |
| Sempra Energy<br>| &nbsp;&nbsp;10906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748559 |
| WEC Energy Group, Inc.<br>| &nbsp;&nbsp;18035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10099084 |
| **Oil & Gas Exploration & Production-2.41%** | **Oil & Gas Exploration & Production-2.41%** | **Oil & Gas Exploration & Production-2.41%** |
| EQT Corp.<br>| &nbsp;&nbsp;34145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115517 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Renewable Electricity-4.18%** | **Renewable Electricity-4.18%** | **Renewable Electricity-4.18%** |
| Clearway Energy, Inc., Class C<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;27686 | &nbsp;&nbsp;&nbsp;&nbsp;$935510 |
| Ormat Technologies, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;10776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932829 |
| **Water Utilities-8.86%** | **Water Utilities-8.86%** | **Water Utilities-8.86%** |
| American Water Works Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;11515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801982 |
| Essential Utilities, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;18220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851421 |
| Middlesex Water Co.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703250 |
| SJW Group<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094680 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $47,651,749) | &nbsp;&nbsp;&nbsp;Total Common Stocks & Other Equity Interests<br>(Cost $47,651,749) | &nbsp;&nbsp;46173444 |
| **Money Market Funds-0.39%** | **Money Market Funds-0.39%** | **Money Market Funds-0.39%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(d)(e)</sup><br>(Cost $178,777)<br>| &nbsp;&nbsp;&nbsp;178777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178777 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.29%<br>(Cost $47,830,526) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.29%<br>(Cost $47,830,526) | &nbsp;&nbsp;46352221 |
| **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-4.32%** | **Money Market Funds-4.32%** | **Money Market Funds-4.32%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp;558921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558921 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 1437521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437953 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,996,930) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,996,930) | &nbsp;&nbsp;&nbsp;&nbsp;1996874 |
| TOTAL INVESTMENTS IN SECURITIES-104.61%<br>(Cost $49,827,456) | TOTAL INVESTMENTS IN SECURITIES-104.61%<br>(Cost $49,827,456) | &nbsp;&nbsp;48349095 |
| OTHER ASSETS LESS LIABILITIES-(4.61)% | OTHER ASSETS LESS LIABILITIES-(4.61)% | &nbsp;&nbsp;&nbsp;(2129851) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $46219244 |

---

---

| | |
|:---|:---|
| 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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$141321 | &nbsp;&nbsp;&nbsp;$1976185 | &nbsp;&nbsp;&nbsp;$(1938730) | &nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;$178777 | &nbsp;&nbsp;&nbsp;$2382 |

---

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

------

### Invesco DWA Utilities Momentum ETF (PUI)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;$935498 | &nbsp;&nbsp;&nbsp;$17833980 | &nbsp;&nbsp;&nbsp;$(18210557) | &nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$558921 | &nbsp;&nbsp;&nbsp;$19,943\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;2182493 | &nbsp;&nbsp;&nbsp;&nbsp;40177830 | &nbsp;&nbsp;&nbsp;&nbsp;(40922587) | &nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;1437953 | &nbsp;&nbsp;&nbsp;&nbsp;54,868\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$3259312 | &nbsp;&nbsp;&nbsp;$59987995 | &nbsp;&nbsp;&nbsp;$(61071874) | &nbsp;&nbsp;&nbsp;$(56) | &nbsp;&nbsp;&nbsp;$274 | &nbsp;&nbsp;&nbsp;$2175651 | &nbsp;&nbsp;&nbsp;$77193 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

### Invesco NASDAQ Internet ETF (PNQI)
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks & Other Equity Interests-100.11%** | **Common Stocks & Other Equity Interests-100.11%** | **Common Stocks & Other Equity Interests-100.11%** |
| **Advertising-0.10%** | **Advertising-0.10%** | **Advertising-0.10%** |
| Criteo S.A., ADR (France)<sup>(b)</sup><br>| &nbsp;&nbsp;16096 | &nbsp;&nbsp;&nbsp;&nbsp;$486904 |
| **Application Software-12.18%** | **Application Software-12.18%** | **Application Software-12.18%** |
| Adobe, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;53274 | &nbsp;&nbsp;&nbsp;&nbsp;19729493 |
| Alarm.com Holdings, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;13239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709610 |
| Box, Inc., Class A<sup>(b)</sup><br>| &nbsp;&nbsp;37751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207655 |
| Coupa Software, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;20040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601597 |
| DocuSign, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;53258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229565 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;74381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727871 |
| eGain Corp.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82426 |
| Envestnet, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;14675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953875 |
| LivePerson, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;19981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257355 |
| New Relic, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;18127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106653 |
| Open Text Corp. (Canada)<sup>(c)</sup><br>| &nbsp;&nbsp;71682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404931 |
| Paylocity Holding Corp.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;14768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076027 |
| PROS Holdings, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;12022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302954 |
| salesforce.com, inc.<sup>(b)</sup><br>| 114670 | &nbsp;&nbsp;&nbsp;&nbsp;19261120 |
| SPS Commerce, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;9561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301061 |
| Zoom Video Communications, Inc., Class A<sup>(b)</sup><br>| &nbsp;&nbsp;65161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;61839268 |
| **Automotive Retail-0.06%** | **Automotive Retail-0.06%** | **Automotive Retail-0.06%** |
| Carvana Co.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;28103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285807 |
| **Casinos & Gaming-0.35%** | **Casinos & Gaming-0.35%** | **Casinos & Gaming-0.35%** |
| DraftKings, Inc., Class A<sup>(b)(c)</sup><br>| 119060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784709 |
| **Data Processing & Outsourced Services-3.90%** | **Data Processing & Outsourced Services-3.90%** | **Data Processing & Outsourced Services-3.90%** |
| Dlocal Ltd. (Uruguay)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;42954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712607 |
| PayPal Holdings, Inc.<sup>(b)</sup><br>| 234358 | &nbsp;&nbsp;&nbsp;&nbsp;19097833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19810440 |
| **Education Services-0.17%** | **Education Services-0.17%** | **Education Services-0.17%** |
| 2U, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;20744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179021 |
| Chegg, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;33283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869976 |
| **Financial Exchanges & Data-0.55%** | **Financial Exchanges & Data-0.55%** | **Financial Exchanges & Data-0.55%** |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;47441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774350 |
| **Health Care Technology-0.27%** | **Health Care Technology-0.27%** | **Health Care Technology-0.27%** |
| GoodRx Holdings, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;21872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122265 |
| Teladoc Health, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;42953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385083 |
| **Hotels, Resorts & Cruise Lines-8.42%** | **Hotels, Resorts & Cruise Lines-8.42%** | **Hotels, Resorts & Cruise Lines-8.42%** |
| Airbnb, Inc., Class A<sup>(b)</sup><br>| 105637 | &nbsp;&nbsp;&nbsp;&nbsp;11737327 |
| Booking Holdings, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;8837 | &nbsp;&nbsp;&nbsp;&nbsp;21510142 |
| Expedia Group, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;39939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565028 |
| MakeMyTrip Ltd. (India)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;17402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504310 |
| Trip.com Group Ltd., ADR (China)<sup>(b)</sup><br>| 119599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42713266 |
| **Interactive Home Entertainment-2.02%** | **Interactive Home Entertainment-2.02%** | **Interactive Home Entertainment-2.02%** |
| Bilibili, Inc., ADR (China)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;31852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796300 |
| NetEase, Inc., ADR (China)<sup>(c)</sup><br>| &nbsp;&nbsp;34608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066615 |
| Sea Ltd., ADR (Singapore)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;99356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6403494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10266409 |
| **Interactive Media & Services-19.25%** | **Interactive Media & Services-19.25%** | **Interactive Media & Services-19.25%** |
| Alphabet, Inc., Class C<sup>(b)</sup><br>| 362267 | &nbsp;&nbsp;&nbsp;&nbsp;36179605 |
| Autohome, Inc., ADR (China)<br>| &nbsp;&nbsp;17764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619253 |
| Baidu, Inc., ADR (China)<sup>(b)</sup><br>| &nbsp;&nbsp;42181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5680937 |
| Cars.com, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;17668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302123 |
| Eventbrite, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;21499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191126 |
| Hello Group, Inc., ADR (China)<sup>(c)</sup><br>| &nbsp;&nbsp;45852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469983 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Interactive Media & Services-(continued)** | **Interactive Media & Services-(continued)** | **Interactive Media & Services-(continued)** |
| JOYY, Inc., ADR (China)<br>| &nbsp;&nbsp;15382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$548830 |
| Meta Platforms, Inc., Class A<sup>(b)</sup><br>| 311194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46358570 |
| Shutterstock, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715065 |
| Snap, Inc., Class A<sup>(b)</sup><br>| 360440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4166687 |
| TripAdvisor, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;33897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789800 |
| Yelp, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;18489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582588 |
| Ziff Davis, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;12518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97724678 |
| **Internet & Direct Marketing Retail-19.64%** | **Internet & Direct Marketing Retail-19.64%** | **Internet & Direct Marketing Retail-19.64%** |
| 1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;9916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98863 |
| Alibaba Group Holding Ltd., ADR (China)<sup>(b)</sup><br>| 209867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23127343 |
| Amazon.com, Inc.<sup>(b)</sup><br>| 380693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39260869 |
| Chewy, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;29583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333010 |
| eBay, Inc.<br>| 143944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125228 |
| Global-e Online Ltd. (Israel)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;41504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243875 |
| JD.com, Inc., ADR (China)<br>| 128860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7671036 |
| Lands' End, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;8864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80042 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup><br>| &nbsp;&nbsp;13341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15764926 |
| Overstock.com, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;12133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293740 |
| PetMed Express, Inc.<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120073 |
| Stitch Fix, Inc., Class A<sup>(b)</sup><br>| &nbsp;&nbsp;22653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118022 |
| Vipshop Holdings Ltd., ADR (China)<sup>(b)</sup><br>| 138134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136933 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99680760 |
| **Internet Services & Infrastructure-6.60%** | **Internet Services & Infrastructure-6.60%** | **Internet Services & Infrastructure-6.60%** |
| Akamai Technologies, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;41710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710105 |
| Brightcove, Inc.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;11160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70754 |
| Fastly, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;32627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337690 |
| GoDaddy, Inc., Class A<sup>(b)</sup><br>| &nbsp;&nbsp;41132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378171 |
| Okta, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;40281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965084 |
| Shopify, Inc., Class A (Canada)<sup>(b)(c)</sup><br>| 315684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553751 |
| VeriSign, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;28122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132002 |
| Wix.com Ltd. (Israel)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;15594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33503923 |
| **Movies & Entertainment-13.72%** | **Movies & Entertainment-13.72%** | **Movies & Entertainment-13.72%** |
| Netflix, Inc.<sup>(b)</sup><br>| &nbsp;&nbsp;60144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21282556 |
| Roku, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;32320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858400 |
| Spotify Technology S.A.<sup>(b)</sup><br>| &nbsp;&nbsp;51104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760443 |
| Walt Disney Co. (The)<sup>(b)</sup><br>| 375519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40740056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69641455 |
| **Real Estate Services-0.44%** | **Real Estate Services-0.44%** | **Real Estate Services-0.44%** |
| Redfin Corp.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;28846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215768 |
| Zillow Group, Inc., Class C<sup>(b)(c)</sup><br>| &nbsp;&nbsp;45972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248190 |
| **Research & Consulting Services-1.66%** | **Research & Consulting Services-1.66%** | **Research & Consulting Services-1.66%** |
| CoStar Group, Inc.<sup>(b)</sup><br>| 107877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403618 |
| **Systems Software-7.26%** | **Systems Software-7.26%** | **Systems Software-7.26%** |
| Gitlab, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;23077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140235 |
| Microsoft Corp.<br>| 144047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35696287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36836522 |
| **Trucking-3.52%** | **Trucking-3.52%** | **Trucking-3.52%** |
| Lyft, Inc., Class A<sup>(b)(c)</sup><br>| &nbsp;&nbsp;93458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518692 |
| Uber Technologies, Inc.<sup>(b)</sup><br>| 529029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16362867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17881559 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.11%<br>(Cost $613,122,143) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.11%<br>(Cost $613,122,143) | &nbsp;&nbsp;508136917 |

---

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

------

### Invesco NASDAQ Internet ETF (PNQI)—(continued)<br>
January 31, 2023

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** | **Investments Purchased with Cash Collateral<br> from Securities on Loan** |
| **Money Market Funds-8.90%** | **Money Market Funds-8.90%** | **Money Market Funds-8.90%** |
| Invesco Private Government Fund, 4.36%<sup>(d)(e)(f)</sup><br>| 12643414 | &nbsp;&nbsp;$12643414 |
| Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup><br>| 32511150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32520903 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $45,164,566) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $45,164,566) | &nbsp;&nbsp;&nbsp;&nbsp;45164317 |
| TOTAL INVESTMENTS IN SECURITIES-109.01%<br>(Cost $658,286,709) | TOTAL INVESTMENTS IN SECURITIES-109.01%<br>(Cost $658,286,709) | &nbsp;&nbsp;553301234 |
| OTHER ASSETS LESS LIABILITIES-(9.01)% | OTHER ASSETS LESS LIABILITIES-(9.01)% | &nbsp;&nbsp;&nbsp;(45725089) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $507576145 |

---

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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at January 31, 2023. |
| <sup>(d)</sup> | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2023. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> April 30, 2022** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Dividend<br> Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;$376768 | &nbsp;&nbsp;&nbsp;&nbsp;$1191662 | &nbsp;&nbsp;&nbsp;&nbsp;$(1568430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$1400 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;14297896 | &nbsp;&nbsp;&nbsp;&nbsp;195896197 | &nbsp;&nbsp;&nbsp;&nbsp;(197550679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;12643414 | &nbsp;&nbsp;&nbsp;&nbsp;260,818\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;33326145 | &nbsp;&nbsp;&nbsp;&nbsp;385908597 | &nbsp;&nbsp;&nbsp;&nbsp;(386724538) | &nbsp;&nbsp;&nbsp;&nbsp;(1565) | &nbsp;&nbsp;&nbsp;&nbsp;12264 | &nbsp;&nbsp;&nbsp;&nbsp;32520903 | &nbsp;&nbsp;&nbsp;&nbsp;720,203\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$48000809 | &nbsp;&nbsp;&nbsp;$582996456 | &nbsp;&nbsp;&nbsp;$(585843647) | &nbsp;&nbsp;&nbsp;$(1565) | &nbsp;&nbsp;&nbsp;$12264 | &nbsp;&nbsp;&nbsp;$45164317 | &nbsp;&nbsp;&nbsp;$982421 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

### Notes to Quarterly Schedules of Portfolio Holdings
January 31, 2023

(Unaudited)

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

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

The following is a summary of the tiered valuation input levels, as of January 31, 2023. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Invesco DWA Basic Materials Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$169052048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$169052048 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109503 | &nbsp;&nbsp;&nbsp;&nbsp;18446465 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18555968 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$169161551 | &nbsp;&nbsp;&nbsp;$18446465 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$187608016 |
| &nbsp;&nbsp;Invesco DWA Consumer Cyclicals Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$24915079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$24915079 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900791 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057245 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$25071533 | &nbsp;&nbsp;&nbsp;$3900791 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$28972324 |
| &nbsp;&nbsp;Invesco DWA Consumer Staples Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$122048051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$122048051 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211471 | &nbsp;&nbsp;&nbsp;&nbsp;15799154 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16010625 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$122259522 | &nbsp;&nbsp;&nbsp;$15799154 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$138058676 |
| &nbsp;&nbsp;Invesco DWA Energy Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$221086781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$221086781 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281499 | &nbsp;&nbsp;&nbsp;&nbsp;44150333 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44431832 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$221368280 | &nbsp;&nbsp;&nbsp;$44150333 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$265518613 |
| &nbsp;&nbsp;Invesco DWA Financial Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$35940985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$35940985 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7893599 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8038162 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$36085548 | &nbsp;&nbsp;&nbsp;$7893599 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$43979147 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Invesco DWA Healthcare Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$216622694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$216622694 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316627 | &nbsp;&nbsp;&nbsp;&nbsp;33496094 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33812721 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$216939321 | &nbsp;&nbsp;&nbsp;$33496094 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$250435415 |
| &nbsp;&nbsp;Invesco DWA Industrials Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$128742225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$128742225 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163212 | &nbsp;&nbsp;&nbsp;&nbsp;17369334 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17532546 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$128905437 | &nbsp;&nbsp;&nbsp;$17369334 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$146274771 |
| &nbsp;&nbsp;Invesco DWA Technology Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$213548116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$213548116 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473286 | &nbsp;&nbsp;&nbsp;&nbsp;17976060 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18449346 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$214021402 | &nbsp;&nbsp;&nbsp;$17976060 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$231997462 |
| &nbsp;&nbsp;Invesco DWA Utilities Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$46173444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$46173444 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996874 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175651 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$46352221 | &nbsp;&nbsp;&nbsp;$1996874 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$48349095 |
| &nbsp;&nbsp;Invesco NASDAQ Internet ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;$508136917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$508136917 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;45164317 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45164317 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$508136917 | &nbsp;&nbsp;&nbsp;$45164317 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$553301234 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

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

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

- **a. Name of Series:** Invesco DWA Consumer Cyclicals Momentum ETF

- **b. EDGAR series identifier (if any):** S000013128

- **c. LEI of Series:** 549300SQSONTL7427N05

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $28990486.15

**Total Liabilities:** $4031638.93

**Net Assets:** $24958847.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000035344 | 4.68%                | -6.41%               | 8.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1144708.86                                |
| Month 2  | $77765.32                | $-1743746.37                               |
| Month 3  | $479297.20               | $1417299.41                                |

### Schedule of Portfolio Investments

| Name                                  | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Group 1 Automotive, Inc.              | Group 1 Automotive, Inc.                                   | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      2520 | NS      | $538902.00    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries, Inc.               | Oxford Industries, Inc.                                    | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      3844 | NS      | $450593.68    | 1.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Ethan Allen Interiors Inc.            | Ethan Allen Interiors Inc.                                 | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8910 | NS      | $256073.40    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Hospitality Corp.              | Target Hospitality Corp.                                   | CUSIP: 87615L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25831 | NS      | $396635.01    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands, Inc.                 | Bloomin' Brands, Inc.                                      | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     17437 | NS      | $422847.25    | 1.69%             |  |  |  | No            |                  1 | On Loan: —       |
| BJ's Wholesale Club Holdings, Inc.    | BJ's Wholesale Club Holdings, Inc.                         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     10239 | NS      | $742020.33    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                 | Deckers Outdoor Corp.                                      | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      1590 | NS      | $679693.20    | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Portfolio | Invesco Government & Agency Portfolio, Institutional Class | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    156454 | NS      | $156453.94    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp.                             | LKQ Corp.                                                  | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     11147 | NS      | $657227.12    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co.                     | Genuine Parts Co.                                          | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      3196 | NS      | $536352.72    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group, Inc.             | Nexstar Media Group, Inc.                                  | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      3563 | NS      | $729595.51    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                | Home Depot, Inc. (The)                                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2504 | NS      | $811721.68    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill, Inc.          | Chipotle Mexican Grill, Inc.                               | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       618 | NS      | $1017462.84   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp.                  | Dollar General Corp.                                       | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      2209 | NS      | $516022.40    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO PRIVATE GOVERNMENT FUND       | INVESCO PRIVATE GOVERNMENT FUND                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   1092113 | NS      | $1092113.25   | 4.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SeaWorld Entertainment, Inc.          | SeaWorld Entertainment, Inc.                               | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |      9695 | NS      | $604871.05    | 2.42%             |  |  |  | No            |                  1 | On Loan: —       |
| AutoZone, Inc.                        | AutoZone, Inc.                                             | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       254 | NS      | $619467.90    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The)                      | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     16576 | NS      | $604360.96    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.              | Darden Restaurants, Inc.                                   | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      4553 | NS      | $673707.41    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                        | McKesson Corp.                                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1759 | NS      | $666098.12    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below, Inc.                      | Five Below, Inc.                                           | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      4444 | NS      | $876045.72    | 3.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Signet Jewelers Ltd.                  | Signet Jewelers Ltd.                                       | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |     24046 | NS      | $1846973.26   | 7.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Marriott Vacations Worldwide Corp.    | Marriott Vacations Worldwide Corp.                         | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |      4121 | NS      | $659524.84    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                     | Ulta Beauty, Inc.                                          | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1248 | NS      | $641422.08    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                 | Cardinal Health, Inc.                                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      8020 | NS      | $619545.00    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO PRIVATE PRIME FUND            | INVESCO PRIVATE PRIME FUND                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   2807835 | NS      | $2808677.72   | 11.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                     | Lowe's Cos., Inc.                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      3309 | NS      | $689099.25    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Roofing Supply, Inc.           | Beacon Roofing Supply, Inc.                                | CUSIP: 073685109<br>LEI: 549300HDXQWWCBOYXP31 | Long             | EC               | CORP              | US        |      7036 | NS      | $400207.68    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempur Sealy International, Inc.      | Tempur Sealy International, Inc.                           | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     24131 | NS      | $983338.25    | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.         | Penske Automotive Group, Inc.                              | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      6883 | NS      | $879785.06    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation, Inc.                      | AutoNation, Inc.                                           | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6567 | NS      | $832170.24    | 3.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Modine Manufacturing Co.              | Modine Manufacturing Co.                                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     16738 | NS      | $399870.82    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc.                       | Murphy USA Inc.                                            | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      2400 | NS      | $652872.00    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry, Inc.                        | Tapestry, Inc.                                             | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     18168 | NS      | $827915.76    | 3.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Golden Entertainment, Inc.            | Golden Entertainment, Inc.                                 | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |      8520 | NS      | $336540.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                    | Tractor Supply Co.                                         | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      3114 | NS      | $709960.86    | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.             | O'Reilly Automotive, Inc.                                  | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      2030 | NS      | $1608470.50   | 6.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp.               | AmerisourceBergen Corp.                                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      3222 | NS      | $544389.12    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle, Inc. (The)                    | Buckle, Inc. (The)                                         | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     10984 | NS      | $483296.00    | 1.94%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2023-03-02

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

**Signature:** Sheri Morris

**Name of Signer:** Sheri Morris

**Title:** Vice President