# EDGAR Filing Document

**Accession Number:** 0001418144
**File Stem:** 0001145549-25-045667
**Filing Date:** 2025-7
**Character Count:** 1371352
**Document Hash:** 2f1806fe3c6ae1d831721444f9af3703
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045667.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001145549-25-045667

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001418144

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22148
- **FILM NUMBER:** 251103766

**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 Actively Managed Exchange-Traded Fund Trust
- **DATE OF NAME CHANGE:** 20071109

## Series and Classes Contracts Data

### Invesco Active U.S. Real Estate ETF (Series ID: S000023365)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000068414 | Invesco Active U.S. Real Estate ETF | PSR             |

### Invesco S&P 500 Downside Hedged ETF (Series ID: S000036643)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000112015 | Invesco S&P 500 Downside Hedged ETF | PHDG            |

### Invesco Variable Rate Investment Grade ETF (Series ID: S000051678)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000162616 | Invesco Variable Rate Investment Grade ETF | VRIG            |

### Invesco Ultra Short Duration ETF (Series ID: S000060783)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000197599 | Invesco Ultra Short Duration ETF | GSY             |

### Invesco Total Return Bond ETF (Series ID: S000060784)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000197600 | Invesco Total Return Bond ETF | GTO             |

### Invesco High Yield Bond Factor ETF (Series ID: S000068054)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218086 | Invesco High Yield Bond Factor ETF |  |

### Invesco Real Assets ESG ETF (Series ID: S000070085)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000222994 | Invesco Real Assets ESG ETF |  |

### Invesco AAA CLO Floating Rate Note ETF (Series ID: S000078941)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000239743 | Invesco AAA CLO Floating Rate Note ETF |  |

### Invesco High Yield Select ETF (Series ID: S000078942)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000239744 | Invesco High Yield Select ETF |  |

### Invesco Rochester High Yield Municipal ETF (Series ID: S000078943)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000239745 | Invesco Rochester High Yield Municipal ETF | IROC            |

### Invesco Short Duration Total Return Bond ETF (Series ID: S000078944)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000239746 | Invesco Short Duration Total Return Bond ETF | GTOS            |

### Invesco QQQ Income Advantage ETF (Series ID: S000085601)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000250918 | Invesco QQQ Income Advantage ETF |  |

### Invesco S&P 500 Equal Weight Income Advantage ETF (Series ID: S000085602)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000250919 | Invesco S&P 500 Equal Weight Income Advantage ETF |  |

### Invesco MSCI EAFE Income Advantage ETF (Series ID: S000085719)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000251085 | Invesco MSCI EAFE Income Advantage ETF |  |

### Invesco Top QQQ ETF (Series ID: S000088835)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000255210 | Invesco Top QQQ ETF |  |

### Invesco SteelPath MLP & Energy Infrastructure ETF (Series ID: S000090149)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000257059 | Invesco SteelPath MLP & Energy Infrastructure ETF |  |

### Invesco Managed Futures Strategy ETF (Series ID: S000090972)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258361 | Invesco Managed Futures Strategy ETF | IMF             |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-22148

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

------

3500 Lacey Road Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan, President

3500 Lacey Road

Downers Grove, IL 60515

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

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### April 30, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2527.jpg)

### Invesco AAA CLO Floating Rate Note ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco AAA CLO Floating Rate Note ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco AAA CLO Floating Rate Note ETF | $10 | 0.19% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$304432594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 11 Ltd., Series 2024-11A, Class A1, 5.72%, 07/18/2037 | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO Ltd., Series 2022-1A, Class A1R, 5.69%, 10/20/2037 | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoldenTree Loan Management US CLO 9 Ltd., Series 2021-9A, Class AR, 5.77%, 04/20/2037 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR, 5.69%, 07/20/2037 | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO III Ltd., Series 2019-3A, Class A1RR, 5.65%, 07/18/2037 | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR2, 5.79%, 04/15/2037 | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Ltd., Series 2023-2A, Class A, 6.02%, 01/21/2037 | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;TICP CLO VII Ltd., Series 2017-7A, Class ASR2, 5.56%, 04/15/2033 | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding XIV CLO Ltd., Series 2021-14A, Class AR, 5.64%, 10/15/2037 | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO 2023-1 Ltd., Series 2023-1A, Class AR, 5.52%, 01/20/2038 | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Duration allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332492.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-ICLO-SAR **Invesco AAA CLO Floating Rate Note ETF**

![TSR_logo](images_2527.jpg)

### Invesco Active U.S. Real Estate ETF

### PSR \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Active U.S. Real Estate ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Active U.S. Real Estate ETF | $17 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$58327144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;8.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;8.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;7.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;3.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332639.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-PSR-SAR **Invesco Active U.S. Real Estate ETF**

![TSR_logo](images_2527.jpg)

### Invesco High Yield Bond Factor ETF

### IHYF \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Bond Factor ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco High Yield Bond Factor ETF | $19 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$45298868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027 | &nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc., 5.63%, 04/15/2027 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc., 5.50%, 04/01/2027 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.13%, 06/01/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, 6.38%, 03/30/2062 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bombardier, Inc., 6.00%, 02/15/2028 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Atlantic (Fin) Co., 4.70%, 10/15/2051 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II LLC, 8.00%, 04/15/2030 | &nbsp;&nbsp;&nbsp;0.69% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332523.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-IHYF-SAR **Invesco High Yield Bond Factor ETF**

![TSR_logo](images_2527.jpg)

### Invesco High Yield Select ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Select ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco High Yield Select ETF | $220.44%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7755873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding S.A.S.U., 8.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Studio City Finance Ltd., 5.00%, 01/15/2029 | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eutelsat S.A., 9.75%, 04/13/2029 | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;VMED O2 UK Financing I PLC, 3.25%, 01/31/2031 | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc., 4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75%, 05/15/2031 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;GGAM Finance Ltd., 6.88%, 04/15/2029 | &nbsp;&nbsp;&nbsp;1.15% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332471.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-HIYS-SAR **Invesco High Yield Select ETF**

![TSR_logo](images_2527.jpg)

### Invesco Managed Futures Strategy ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Managed Futures Strategy ETF (the "Fund") for the period March 17, 2025 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Managed Futures Strategy ETF | $60.50%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305924514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;52 |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Futures exposure\***

**(% of total notional exposure)**

---

| | |
|:---|:---|
| Commodity Risk (Long) | 6.4% |
| Commodity Risk (Short) | 12.1% |
| Currency Risk (Long) | 17.4% |
| Currency Risk (Short) | 3.1% |
| Equity Risk (Long) | 13.9% |
| Equity Risk (Short) | 4.7% |
| Interest Rate Risk (Long) | 29.9% |
| Interest Rate Risk (Short) | 12.5% |
| \* Futures exposure is calculated on the notional value as a percentage of total notional exposure. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9367357.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-IMF-SAR **Invesco Managed Futures Strategy ETF**

![TSR_logo](images_2527.jpg)

### Invesco MSCI EAFE Income Advantage ETF

### EFAA \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI EAFE Income Advantage ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco MSCI EAFE Income Advantage ETF | $00.00%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$136592755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;0.78% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332408.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-EFAA-SAR **Invesco MSCI EAFE Income Advantage ETF**

![TSR_logo](images_2527.jpg)

### Invesco QQQ Income Advantage ETF

### QQA \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco QQQ Income Advantage ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco QQQ Income Advantage ETF | $00.00%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$209275038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332387.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-QQA-SAR **Invesco QQQ Income Advantage ETF**

![TSR_logo](images_2527.jpg)

### Invesco Real Assets ESG ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Real Assets ESG ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Real Assets ESG ETF | $30 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12228692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;3.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332512.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-IVRA-SAR **Invesco Real Assets ESG ETF**

![TSR_logo](images_2527.jpg)

### Invesco Rochester High Yield Municipal ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rochester High Yield Municipal ETF (the "Fund"), formerly Invesco Municipal Strategic Income ETF, for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Rochester High Yield Municipal ETF | $19 | 0.39% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$30056046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2023, RB, 6.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 B-3, RB, 5.38%, 09/01/2029 | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB, 5.75%, 09/01/2064 | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB, 5.25%, 07/01/2039 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. RB, 5.00%, 05/01/2033 | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges (The)), Series 2022, RB, 5.50%, 06/30/2038 | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB, 4.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2023, RB, 6.00%, 06/30/2054 | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, RB, 5.00%, 07/01/2038 | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332429.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-IROC-SAR **Invesco Rochester High Yield Municipal ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500<sup>®</sup> Downside Hedged ETF

### PHDG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Downside Hedged ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF | $150.33%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$99222128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;799% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;0.88% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332607.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-PHDG-SAR **Invesco S&P 500<sup>®</sup> Downside Hedged ETF**

![TSR_logo](images_2527.jpg)

### Invesco S&P 500 Equal Weight Income Advantage ETF

### RSPA \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500 Equal Weight Income Advantage ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco S&P 500 Equal Weight Income Advantage ETF | $00.00%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$296923663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase & Co. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank N.A. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) | &nbsp;&nbsp;&nbsp;0.26% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332366.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-RSPA-SAR **Invesco S&P 500 Equal Weight Income Advantage ETF**![TSR_logo](images_2527.jpg)

### Invesco Short Duration Total Return Bond ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Short Duration Total Return Bond ETF (the "Fund"), formerly Invesco Short Duration Bond ETF, for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Short Duration Total Return Bond ETF | $17 | 0.33% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9980509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;182% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank N.A., 5.88%, 10/30/2026 | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC, 7.47%, 11/10/2026 | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC, 7.33%, 11/02/2026 | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 7.32%, 03/06/2026 | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 5.80%, 09/11/2025 | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/15/2028 | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 01/15/2027 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.37%, 01/06/2026 | &nbsp;&nbsp;&nbsp;1.51% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332450.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-GTOS-SAR **Invesco Short Duration Total Return Bond ETF**

![TSR_logo](images_2527.jpg)

### Invesco SteelPath MLP & Energy Infrastructure ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco SteelPath MLP & Energy Infrastructure ETF (the "Fund") for the period February 18, 2025 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco SteelPath MLP & Energy Infrastructure ETF | $14 | 0.75% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$15249479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;6.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp;&nbsp;5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings L.P., Class A | &nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | &nbsp;&nbsp;&nbsp;4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;&nbsp;4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Bow Corp. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;4.71% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9367393.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-PIPE-SAR **Invesco SteelPath MLP & Energy Infrastructure ETF**

![TSR_logo](images_2527.jpg)

### Invesco Top QQQ ETF

### QBIG \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Top QQQ ETF (the "Fund") for the period December 2, 2024 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Top QQQ ETF | $90.23%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$22734617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;81% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9367429.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-QBIG-SAR **Invesco Top QQQ ETF**

![TSR_logo](images_2527.jpg)

### Invesco Total Return Bond ETF

### GTO \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Total Return Bond ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco Total Return Bond ETF | $130.25%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1887146731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;308% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 06/01/2055 | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;1.77% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332596.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-GTO-SAR **Invesco Total Return Bond ETF**

![TSR_logo](images_2527.jpg)

### Invesco Ultra Short Duration ETF

### GSY \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Ultra Short Duration ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Ultra Short Duration ETF | $11 | 0.22% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2770718250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;APA Corp., 5.05%, 05/01/2025 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 5.08%-5.13%, 05/05/2025 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Properties L.P., 4.69%, 06/02/2025 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.30%, 06/01/2025 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc., 4.94%, 05/01/2025 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc., 5.07%, 05/19/2025 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corp., 5.06%-5.11%, 05/01/2025 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy, 4.83%, 05/12/2025 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co., 5.24%, 05/28/2025 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc., 4.90%, 05/02/2025 | &nbsp;&nbsp;&nbsp;0.70% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332565.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-GSY-SAR **Invesco Ultra Short Duration ETF**

![TSR_logo](images_2527.jpg)

### Invesco Variable Rate Investment Grade ETF

### VRIG \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco Variable Rate Investment Grade ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Variable Rate Investment Grade ETF | $15 | 0.30% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1266364679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

### What Comprised The Fund's Holdings?
(as of April 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 4.34%, 01/31/2027 | &nbsp;&nbsp;&nbsp;14.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 4.45%, 10/31/2026 | &nbsp;&nbsp;&nbsp;7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac, Series 2024-HQA1, Class A1, STACR<sup>®</sup>, 5.60%, 03/25/2044 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs, 5.85%, 04/25/2055 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.44%, 03/25/2027 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank N.V., 5.37%, 12/03/2028 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 5.98%, 03/20/2029 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.40%, 04/13/2028 | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.41%, 02/26/2027 | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.30%, 04/22/2028 | &nbsp;&nbsp;&nbsp;0.59% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9332554.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

P-VRIG-SAR **Invesco Variable Rate Investment Grade ETF**

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(b) Not applicable.

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Item 2. Code of Ethics.

Not applicable for a semi-annual report.

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Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

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Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

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Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.

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Item 6. Investments.

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

(b) Not applicable.

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

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![](img37a22d711.jpg)

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**Invesco Semi-Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **ICLO** | Invesco AAA CLO Floating Rate Note ETF |
| **PSR** | Invesco Active U.S. Real Estate ETF |
| **IHYF** | Invesco High Yield Bond Factor ETF |
| **HIYS** | Invesco High Yield Select ETF |
| **EFAA** | Invesco MSCI EAFE Income Advantage ETF |
| **QQA** | Invesco QQQ Income Advantage ETF |
| **PHDG** | Invesco S&P 500<sup>®</sup> Downside Hedged ETF |
| **RSPA** | Invesco S&P 500 Equal Weight Income Advantage ETF |
| **GTOS** | Invesco Short Duration Total Return Bond ETF (formerly, Invesco Short Duration Bond ETF) |
| **PIPE** | Invesco SteelPath MLP & Energy Infrastructure ETF |
| **QBIG** | Invesco Top QQQ ETF |
| **GTO** | Invesco Total Return Bond ETF |
| **GSY** | Invesco Ultra Short Duration ETF |
| **VRIG** | Invesco Variable Rate Investment Grade ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco AAA CLO Floating Rate Note ETF (ICLO)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_1) | **3** |
| [Invesco Active U.S. Real Estate ETF (PSR)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_6) | **8** |
| [Invesco High Yield Bond Factor ETF (IHYF)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_8) | **10** |
| [Invesco High Yield Select ETF (HIYS)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_16) | **18** |
| [Invesco MSCI EAFE Income Advantage ETF (EFAA)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_21) | **23** |
| [Invesco QQQ Income Advantage ETF (QQA)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_30) | **32** |
| [Invesco S&P 500](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_33)<sup>®</sup>[Downside Hedged ETF (PHDG)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_33) | **35** |
| [Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_39) | **41** |
| [Invesco Short Duration Total Return Bond ETF (GTOS)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_48) | **50** |
| [Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_56) | **58** |
| [Invesco Top QQQ ETF (QBIG)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_57) | **59** |
| [Invesco Total Return Bond ETF (GTO)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_59) | **61** |
| [Invesco Ultra Short Duration ETF (GSY)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_84) | **86** |
| [Invesco Variable Rate Investment Grade ETF (VRIG)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_SOI-Continued-894_92) | **94** |
| [Statements of Assets and Liabilities](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_FS-Continued-894_2) | **106** |
| [Statements of Operations](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_FS-Continued-894_8) | **112** |
| [Statements of Changes in Net Assets](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_FS-Continued-894_12) | **116** |
| [Financial Highlights](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_FIHI-Continued-894_1) | **121** |
| [Notes to Financial Statements](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_NTF-Continued-894_1) | **135** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_BCRC-Continued_1) | **160** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_3b98e6a9-d313-409e-a48c-e87881868d2e_OIRSR-Continued-894_1) | **174** |

---

------

**2**

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**Invesco AAA CLO Floating Rate Note ETF (ICLO)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities-97.95%** | **Asset-Backed Securities-97.95%** | **Asset-Backed Securities-97.95%** |
| 522 Funding CLO Ltd. |  |  |
| Series 2019-5A, Class BR, 6.11% (3 mo. <br> Term SOFR + 1.85%), 04/15/2035<sup>(a)(b)</sup><br>| $500000 | &nbsp;&nbsp; $493460 |
| Series 2020-6A, Class A1R2, 5.48% (3 <br> mo. Term SOFR + 1.20%), <br> 10/23/2034<sup>(a)(b)</sup><br>| 130000 | &nbsp;&nbsp; 129304 |
| ABPCI Direct Lending Fund CLO V Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2019-5A, Class A1RR, 6.47% (3 <br> mo. Term SOFR + 2.20%), <br> 01/20/2036<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1307383 |
| Series 2019-5A, Class A1Z, 6.27% (3 mo. <br> Term SOFR + 2.00%), 01/20/2036<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1492218 |
| AGL CLO 13 Ltd. (Cayman Islands), <br> Series 2021-13A, Class A1, 5.69% (3 mo. <br> Term SOFR + 1.42%), 10/20/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1251065 |
| AGL CLO 14 Ltd. (Cayman Islands), <br> Series 2021-14A, Class AR, 5.40% (3 mo. <br> Term SOFR + 1.13%), 12/02/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 996093 |
| AGL CLO 20 Ltd. (Jersey), Series 2022-20A, <br> Class BR, 6.02% (3 mo. Term SOFR + <br> 1.75%), 10/20/2037<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 249996 |
| AGL Clo 28 Ltd. (Jersey), Series 2023-28A, <br> Class AL2, 5.97% (3 mo. Term SOFR + <br> 1.70%), 01/21/2037<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 300690 |
| AGL CLO 29 Ltd. (Jersey), Series 2024-29A, <br> Class A1, 5.84% (3 mo. Term SOFR + <br> 1.57%), 04/21/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4000036 |
| AGL Core CLO 27 Ltd. (Cayman Islands), <br> Series 2023-27A, Class A, 6.00% (3 mo. <br> Term SOFR + 1.73%), 10/21/2036<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 500907 |
| AGL Core CLO 31 Ltd. (Cayman Islands), <br> Series 2024-31A, Class A, 5.67% (3 mo. <br> Term SOFR + 1.40%), 07/20/2037<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2199952 |
| AGL Core CLO 4 Ltd. (Cayman Islands), <br> Series 2020-4A, Class AR2, 5.65% (3 mo. <br> Term SOFR + 1.38%), 10/20/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1251075 |
| AIMCO CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-10A, Class ARR, 5.68% (3 <br> mo. Term SOFR + 1.41%), <br> 07/22/2037<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 250500 |
| Series 2020-11A, Class A2R, 5.78% (3 <br> mo. Term SOFR + 1.50%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 4250000 | &nbsp;&nbsp; 4228962 |
| Series 2021-16A, Class AR, 5.68% (3 mo. <br> Term SOFR + 1.40%), 07/17/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1250459 |
| Antares CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-3A, Class A2R, 6.07% (3 mo. <br> Term SOFR + 1.80%), 07/20/2036<sup>(a)(b)</sup><br>| 1400000 | &nbsp;&nbsp; 1398642 |
| Series 2020-1A, Class A1R, 6.00% (3 mo. <br> Term SOFR + 1.72%), 10/23/2033<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4005000 |
| Series 2021-1A, Class A1, 6.07% (3 mo. <br> Term SOFR + 1.79%), 07/25/2033<sup>(a)(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1200886 |
| Apidos CLO XXVIII (Cayman Islands), <br> Series 2017-28A, Class A1B, 5.68% (3 <br> mo. Term SOFR + 1.41%), <br> 01/20/2031<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1995980 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Apidos CLO XXXIX Ltd. (Cayman Islands), <br> Series 2022-39A, Class A1, 5.57% (3 mo. <br> Term SOFR + 1.30%), 04/21/2035<sup>(a)(b)</sup><br>| $2600000 | &nbsp;&nbsp; $2594686 |
| Apidos Loan Fund Ltd. (Cayman Islands), <br> Series 2024-1A, Class A1, 5.55% (3 mo. <br> Term SOFR + 1.27%), 04/25/2035<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 299774 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), Series 2022-1A, Class A1, 5.59% <br> (3 mo. Term SOFR + 1.32%), <br> 04/18/2035<sup>(a)(b)</sup><br>| 2600000 | &nbsp;&nbsp; 2592187 |
| Ballyrock CLO 14 Ltd. (Cayman Islands), <br> Series 2020-14A, Class A1A, 5.65% (3 <br> mo. Term SOFR + 1.38%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1494731 |
| Barings CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-1A, Class AR, 5.65% (3 mo. <br> Term SOFR + 1.39%), 04/15/2035<sup>(a)(b)</sup><br>| 1850000 | &nbsp;&nbsp; 1850507 |
| Series 2022-3A, Class BR, 6.02% (3 mo. <br> Term SOFR + 1.75%), 10/20/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1500473 |
| Series 2023-1A, Class A, 6.02% (3 mo. <br> Term SOFR + 1.75%), 04/20/2036<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1502041 |
| Series 2023-3A, Class A, 5.96% (3 mo. <br> Term SOFR + 1.70%), 10/15/2036<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1502404 |
| BCRED BSL CLO Ltd. (Cayman Islands), <br> Series 2021-1A, Class B, 6.33% (3 mo. <br> Term SOFR + 2.06%), 07/20/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001426 |
| Benefit Street Partners CLO XXIX Ltd. <br> (Jersey), Series 2022-29A, Class AR, <br> 5.46% (3 mo. Term SOFR + 1.18%), <br> 01/25/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2493840 |
| Benefit Street Partners CLO XXVII Ltd. <br> (Jersey), Series 2022-27A, Class AR, <br> 5.64% (3 mo. Term SOFR + 1.37%), <br> 10/20/2037<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2191917 |
| Benefit Street Partners Clo XXXVII Ltd. <br> (Cayman Islands), Series 2024-37A, <br> Class A, 5.70% (3 mo. Term SOFR + <br> 1.35%), 01/25/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1996860 |
| Blueberry Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.62% (3 mo. <br> Term SOFR + 1.35%), 10/20/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 3985180 |
| Broad River Bsl Funding CLO Ltd. (Cayman <br> Islands), Series 2020-1A, Class AR, 5.70% <br> (3 mo. Term SOFR + 1.43%), <br> 07/20/2034<sup>(a)(b)</sup><br>| 1670000 | &nbsp;&nbsp; 1667956 |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2012-3A, Class A1B2, 5.90% (3 <br> mo. Term SOFR + 1.66%), <br> 01/14/2032<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 999451 |
| Series 2014-1A, Class A2R2, 5.67% (3 <br> mo. Term SOFR + 1.39%), <br> 04/17/2031<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1997784 |
| Series 2014-2RA, Class A2, 5.91% (3 mo. <br> Term SOFR + 1.59%), 05/15/2031<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 998649 |

---

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

------

**3**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Carlyle US CLO 2022-3 Ltd. (Cayman <br> Islands), Series 2022-3A, Class AR, 5.82% <br> (3 mo. Term SOFR + 1.55%), <br> 04/20/2037<sup>(a)(b)</sup><br>| $2500000 | &nbsp;&nbsp; $2496400 |
| Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-3A, Class A2RR, 6.32% (3 <br> mo. Term SOFR + 2.05%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 993990 |
| Series 2021-4A, Class A1, 5.64% (3 mo. <br> Term SOFR + 1.37%), 04/20/2034<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1301170 |
| Series 2021-4A, Class B1, 6.18% (3 mo. <br> Term SOFR + 1.91%), 04/20/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1000627 |
| Series 2021-6A, Class A1R, 5.55% (3 mo. <br> Term SOFR + 1.29%), 01/15/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1997754 |
| Series 2024-1A, Class A, 5.79% (3 mo. <br> Term SOFR + 1.53%), 04/15/2037<sup>(a)(b)</sup><br>| 450000 | &nbsp;&nbsp; 450206 |
| CBAMR Ltd. (Cayman Islands), Series 2019-<br> 9A, Class AR, 5.89% (3 mo. Term SOFR + <br> 1.63%), 07/15/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001045 |
| Cedar Funding II CLO Ltd. (Cayman Islands) |  |  |
| Series 2013-1A, Class ARR, 5.61% (3 mo. <br> Term SOFR + 1.34%), 04/20/2034<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2494775 |
| Series 2013-1A, Class BRR, 5.88% (3 mo. <br> Term SOFR + 1.61%), 04/20/2034<sup>(a)(b)</sup><br>| 1150000 | &nbsp;&nbsp; 1133710 |
| Cedar Funding IX CLO Ltd. (Cayman Islands), <br> Series 2018-9A, Class AR, 5.69% (3 mo. <br> Term SOFR + 1.42%), 07/20/2037<sup>(a)(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6004500 |
| Cedar Funding XI CLO Ltd. (Cayman Islands), <br> Series 2019-11A, Class A1R2, 5.38% (3 <br> mo. Term SOFR + 1.06%), <br> 05/29/2032<sup>(a)(b)</sup><br>| 919359 | &nbsp;&nbsp; 917485 |
| Cedar Funding XII CLO Ltd. (Cayman <br> Islands), Series 2020-12A, Class ARR, <br> 5.46% (3 mo. Term SOFR + 1.20%), <br> 01/25/2038<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1241759 |
| Cedar Funding XIV CLO Ltd. (Cayman <br> Islands), Series 2021-14A, Class AR, <br> 5.64% (3 mo. Term SOFR + 1.38%), <br> 10/15/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4991975 |
| Cerberus Loan Funding XL LLC, <br> Series 2023-1A, Class A, 6.66% (3 mo. <br> Term SOFR + 2.40%), 03/22/2035<sup>(a)(b)</sup><br>| 1550000 | &nbsp;&nbsp; 1550679 |
| Cerberus Loan Funding XLI LLC, <br> Series 2023-2A, Class A1, 6.81% (3 mo. <br> Term SOFR + 2.55%), 07/15/2035<sup>(a)(b)</sup><br>| 512000 | &nbsp;&nbsp; 520527 |
| CIFC Funding Ltd. (Cayman Islands) |  |  |
| Series 2013-2A, Class A2L2, 6.03% (3 <br> mo. Term SOFR + 1.76%), <br> 10/18/2030<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 500881 |
| Series 2014-4RA, Class A1A2, 5.27% (3 <br> mo. Term SOFR + 0.99%), <br> 01/17/2035<sup>(a)(b)</sup><br>| 740000 | &nbsp;&nbsp; 733155 |
| Series 2014-5A, Class A1R3, 5.66% (3 <br> mo. Term SOFR + 1.38%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1301036 |
| Series 2016-1A, Class AR3, 5.27% (3 mo. <br> Term SOFR + 1.00%), 10/21/2031<sup>(a)(b)</sup><br>| 570000 | &nbsp;&nbsp; 558476 |
| Series 2017-1A, Class ARR, 5.82% (3 mo. <br> Term SOFR + 1.55%), 04/21/2037<sup>(a)(b)</sup><br>| 3900000 | &nbsp;&nbsp; 3906025 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2017-5A, Class AR, 5.69% (3 mo. <br> Term SOFR + 1.41%), 07/17/2037<sup>(a)(b)</sup><br>| $1300000 | &nbsp;&nbsp; $1298625 |
| Series 2020-3A, Class A2R, 5.88% (3 mo. <br> Term SOFR + 1.61%), 10/20/2034<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1499000 |
| Series 2023-2A, Class A, 6.02% (3 mo. <br> Term SOFR + 1.75%), 01/21/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5011280 |
| Eaton Vance CLO Ltd. (Cayman Islands), <br> Series 2013-1A, Class A13R, 5.77% (3 <br> mo. Term SOFR + 1.51%), <br> 01/15/2034<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2198900 |
| Elmwood CLO 19 Ltd. (Cayman Islands), <br> Series 2022-6A, Class AR, 5.98% (3 mo. <br> Term SOFR + 1.70%), 10/17/2036<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2103740 |
| Elmwood CLO 21 Ltd. (Cayman Islands), <br> Series 2022-8A, Class AR, 5.92% (3 mo. <br> Term SOFR + 1.65%), 10/20/2036<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1302865 |
| Elmwood CLO 26 Ltd. (Cayman Islands), <br> Series 2024-1A, Class B, 6.27% (3 mo. <br> Term SOFR + 2.00%), 04/18/2037<sup>(a)(b)</sup><br>| 1100000 | &nbsp;&nbsp; 1102641 |
| Elmwood CLO 29 Ltd. (Cayman Islands), <br> Series 2024-5A, Class AR1, 5.79% (3 mo. <br> Term SOFR + 1.52%), 04/20/2037<sup>(a)(b)</sup><br>| 520000 | &nbsp;&nbsp; 520419 |
| Elmwood CLO III Ltd. (Cayman Islands) |  |  |
| Series 2019-3A, Class A1RR, 5.65% (3 <br> mo. Term SOFR + 1.38%), <br> 07/18/2037<sup>(a)(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6001500 |
| Series 2019-3A, Class A2RR, 5.87% (3 <br> mo. Term SOFR + 1.60%), <br> 07/18/2037<sup>(a)(b)</sup><br>| 325000 | &nbsp;&nbsp; 324549 |
| Elmwood CLO VI Ltd. (Cayman Islands), <br> Series 2020-3A, Class ARR, 5.65% (3 mo. <br> Term SOFR + 1.38%), 07/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1000250 |
| Elmwood CLO VIII Ltd. (Cayman Islands), <br> Series 2021-1A, Class AR, 5.82% (3 mo. <br> Term SOFR + 1.55%), 04/20/2037<sup>(a)(b)</sup><br>| 1800000 | &nbsp;&nbsp; 1800022 |
| Elmwood CLO X Ltd. (Cayman Islands), <br> Series 2021-3A, Class BR, 6.02% (3 mo. <br> Term SOFR + 1.75%), 04/20/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 995963 |
| Empower CLO 2025-1 Ltd. (Cayman Islands) |  |  |
| Series 2025-1A, Class A, (3 mo. Term <br> SOFR + 1.31%)07/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4987470 |
| Series 2025-1A, Class B, (3 mo. Term <br> SOFR + 1.80%)07/20/2038<sup>(a)(b)</sup><br>| 1750000 | &nbsp;&nbsp; 1740504 |
| Empower CLO Ltd. (Cayman Islands) |  |  |
| Series 2022-1A, Class A1R, 5.66% (3 mo. <br> Term SOFR + 1.39%), 10/20/2037<sup>(a)(b)</sup><br>| 3750000 | &nbsp;&nbsp; 3745984 |
| Series 2024-1A, Class A1, 5.88% (3 mo. <br> Term SOFR + 1.60%), 04/25/2037<sup>(a)(b)</sup><br>| 4800000 | &nbsp;&nbsp; 4804627 |
| Flatiron CLO 21 Ltd. (Cayman Islands), <br> Series 2021-1A, Class A1R, 5.63% (3 mo. <br> Term SOFR + 1.36%), 10/19/2037<sup>(a)(b)</sup><br>| 1945000 | &nbsp;&nbsp; 1946420 |
| Flatiron CLO 25 Ltd. (Cayman Islands), <br> Series 2024-2A, Class A, 5.63% (3 mo. <br> Term SOFR + 1.35%), 10/17/2037<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3485289 |
| Galaxy XXI CLO Ltd. (Cayman Islands), <br> Series 2015-21A, Class AR, 5.55% (3 mo. <br> Term SOFR + 1.28%), 04/20/2031<sup>(a)(b)</sup><br>| 69901 | &nbsp;&nbsp; 69867 |

---

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

------

**4**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Galaxy XXII CLO Ltd. (Cayman Islands), <br> Series 2016-22A, Class ARR, 5.50% (3 <br> mo. Term SOFR + 1.24%), <br> 04/16/2034<sup>(a)(b)</sup><br>| $1750000 | &nbsp;&nbsp; $1742907 |
| Galaxy XXIV CLO Ltd. (Cayman Islands), <br> Series 2017-24A, Class AR, 5.80% (3 mo. <br> Term SOFR + 1.54%), 04/15/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1250589 |
| GoldenTree Loan Management US CLO 12 <br> Ltd. (Cayman Islands), Series 2022-12A, <br> Class AJR, 5.80% (3 mo. Term SOFR + <br> 1.53%), 07/20/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1994942 |
| GoldenTree Loan Management US CLO 9 <br> Ltd., Series 2021-9A, Class AR, 5.77% (3 <br> mo. Term SOFR + 1.50%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 6300000 | &nbsp;&nbsp; 6308952 |
| Golub Capital Partners CLO 49(M) Ltd. <br> (Cayman Islands), Series 2020-49A, <br> Class AR, 6.06% (3 mo. Term SOFR + <br> 1.79%), 08/26/2033<sup>(a)(b)</sup><br>| 1400000 | &nbsp;&nbsp; 1399086 |
| Golub Capital Partners CLO 54(M) L.P. <br> (Cayman Islands), Series 2021-54A, <br> Class A, 6.05% (3 mo. Term SOFR + <br> 1.79%), 08/05/2033<sup>(a)(b)</sup><br>| 2400000 | &nbsp;&nbsp; 2400893 |
| Golub Capital Partners CLO 61(M), <br> Series 2022-61A, Class A1A, 5.51% (3 <br> mo. Term SOFR + 1.23%), <br> 07/25/2035<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4973410 |
| Golub Capital Partners CLO 68B Ltd. <br> (Jersey), Series 2023-68A, Class B, <br> 7.08% (3 mo. Term SOFR + 2.80%), <br> 07/25/2036<sup>(a)(b)</sup><br>| 1100000 | &nbsp;&nbsp; 1103111 |
| Golub Capital Partners CLO 71(M), <br> Series 2024-71A, Class A, 6.25% (3 mo. <br> Term SOFR + 1.95%), 02/09/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001865 |
| Golub Capital Partners Static Ltd. (Cayman <br> Islands), Series 2024-1A, Class A1, 5.50% <br> (3 mo. Term SOFR + 1.23%), <br> 04/20/2033<sup>(a)(b)</sup><br>| 791536 | &nbsp;&nbsp; 791820 |
| Ivy Hill Middle Market Credit Fund IX Ltd. <br> (Cayman Islands), Series 9A, Class A1, <br> 5.89% (3 mo. Term SOFR + 1.62%), <br> 04/23/2034<sup>(a)(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1196813 |
| Ivy Hill Middle Market Credit Fund VII Ltd. <br> (Cayman Islands), 5.86% (3 mo. Term <br> SOFR + 1.60%), 10/15/2036<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 497536 |
| Madison Park Funding LXII Ltd. (Cayman <br> Islands), Series 2022-62A, Class AR, <br> 6.13% (3 mo. Term SOFR + 1.85%), <br> 07/17/2036<sup>(a)(b)</sup><br>| 2050000 | &nbsp;&nbsp; 2053112 |
| Madison Park Funding XIX Ltd. (Cayman <br> Islands), Series 2015-19A, Class AR3, <br> 5.87% (3 mo. Term SOFR + 1.60%), <br> 01/22/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1001576 |
| Madison Park Funding XXXVII Ltd. (Cayman <br> Islands), Series 2019-37A, Class AR2, <br> 5.79% (3 mo. Term SOFR + 1.53%), <br> 04/15/2037<sup>(a)(b)</sup><br>| 5340000 | &nbsp;&nbsp; 5347481 |
| Magnetite XL Ltd. (Cayman Islands), <br> Series 2024-40A, Class A1, 5.71% (3 mo. <br> Term SOFR + 1.45%), 07/15/2037<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2498715 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Magnetite XVII Ltd. (Cayman Islands), <br> Series 2016-17A, Class AR2, 5.77% (3 <br> mo. Term SOFR + 1.50%), <br> 04/20/2037<sup>(a)(b)</sup><br>| $3100000 | &nbsp;&nbsp; $3104036 |
| Magnetite XXI Ltd. (Cayman Islands), <br> Series 2019-21A, Class AR, 5.55% (3 mo. <br> Term SOFR + 1.28%), 04/20/2034<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2500717 |
| Magnetite XXVII Ltd. (Cayman Islands) |  |  |
| Series 2020-27A, Class AR, 5.67% (3 mo. <br> Term SOFR + 1.40%), 10/20/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1250771 |
| Series 2020-27A, Class BR, 6.08% (3 mo. <br> Term SOFR + 1.81%), 10/20/2034<sup>(a)(b)</sup><br>| 930000 | &nbsp;&nbsp; 924403 |
| Magnetite XXXVII Ltd. (Cayman Islands), <br> Series 2023-37A, Class A, 5.92% (3 mo. <br> Term SOFR + 1.65%), 10/20/2036<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2503950 |
| Morgan Stanley Eaton Vance CLO Ltd. <br> (Cayman Islands), Series 2022-16A, <br> Class B, 6.21% (3 mo. Term SOFR + <br> 1.95%), 04/15/2035<sup>(a)(b)</sup><br>| 630000 | &nbsp;&nbsp; 626609 |
| Neuberger Berman Loan Advisers CLO 32 <br> Ltd. (Cayman Islands), Series 2019-32A, <br> Class BR, 5.93% (3 mo. Term SOFR + <br> 1.66%), 01/20/2032<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2497425 |
| Neuberger Berman Loan Advisers CLO 39 <br> Ltd. (Cayman Islands), Series 2020-39A, <br> Class A1R, 5.80% (3 mo. Term SOFR + <br> 1.53%), 04/20/2038<sup>(a)(b)</sup><br>| 3000000 | &nbsp;&nbsp; 2997132 |
| Neuberger Berman Loan Advisers CLO 40 <br> Ltd. (Cayman Islands), Series 2021-40A, <br> Class A, 5.58% (3 mo. Term SOFR + <br> 1.32%), 04/16/2033<sup>(a)(b)</sup><br>| 3743921 | &nbsp;&nbsp; 3747085 |
| Neuberger Berman Loan Advisers CLO 47 <br> Ltd. (Cayman Islands), Series 2022-47A, <br> Class A, 5.54% (3 mo. Term SOFR + <br> 1.30%), 04/14/2035<sup>(a)(b)</sup><br>| 3996643 | &nbsp;&nbsp; 3998805 |
| Neuberger Berman Loan Advisers NBLA CLO <br> 52 Ltd. (Jersey), Series 2022-52A, <br> Class AR, 5.63% (3 mo. Term SOFR + <br> 1.35%), 10/24/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2501432 |
| OCP CLO Ltd. (Cayman Islands) |  |  |
| Series 2015-9A, Class AR3, 5.36% (3 mo. <br> Term SOFR + 1.10%), 01/15/2037<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3467201 |
| Series 2016-12A, Class A1R3, 5.64% (3 <br> mo. Term SOFR + 1.37%), <br> 10/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 997879 |
| Series 2017-13A, Class AR2, 5.61% (3 <br> mo. Term SOFR + 1.34%), <br> 11/26/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1497000 |
| Series 2019-17A, Class AR2, 5.67% (3 <br> mo. Term SOFR + 1.40%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 3992000 |
| Series 2020-20A, Class A1R, 5.80% (3 <br> mo. Term SOFR + 1.53%), <br> 04/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1000941 |
| Series 2024-31A, Class A1, 5.90% (3 mo. <br> Term SOFR + 1.63%), 04/20/2037<sup>(a)(b)</sup><br>| 3250000 | &nbsp;&nbsp; 3255314 |
| OHA Credit Funding 17 Ltd. (Bermuda), <br> Series 2024-17A, Class A, 5.75% (3 mo. <br> Term SOFR + 1.48%), 04/20/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1999042 |

---

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

------

**5**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| OHA Credit Funding 4 Ltd. (Cayman Islands), <br> Series 2019-4A, Class AR2, 5.56% (3 mo. <br> Term SOFR + 1.29%), 01/22/2038<sup>(a)(b)</sup><br>| $2331000 | &nbsp;&nbsp; $2324657 |
| Palmer Square CLO 2023-1 Ltd. (Cayman <br> Islands), Series 2023-1A, Class AR, 5.52% <br> (3 mo. Term SOFR + 1.25%), <br> 01/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4988940 |
| Palmer Square CLO Ltd. (Cayman Islands), <br> Series 2015-1A, Class A1A5, 5.38% (3 <br> mo. Term SOFR + 1.05%), <br> 05/21/2034<sup>(a)(b)</sup><br>| 1795000 | &nbsp;&nbsp; 1787294 |
| Park Blue CLO Ltd. (Cayman Islands) |  |  |
| Series 2022-1A, Class A1R, 5.69% (3 mo. <br> Term SOFR + 1.42%), 10/20/2037<sup>(a)(b)</sup><br>| 6400000 | &nbsp;&nbsp; 6386669 |
| Series 2022-2A, Class A1R, 5.69% (3 mo. <br> Term SOFR + 1.42%), 07/20/2037<sup>(a)(b)</sup><br>| 1280000 | &nbsp;&nbsp; 1276783 |
| Peace Park CLO Ltd. (Cayman Islands), <br> Series 2021-1A, Class B1, 6.13% (3 mo. <br> Term SOFR + 1.86%), 10/20/2034<sup>(a)(b)</sup><br>| 795000 | &nbsp;&nbsp; 795425 |
| Peebles Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.77% (3 mo. <br> Term SOFR + 1.50%), 04/21/2037<sup>(a)(b)</sup><br>| 2400000 | &nbsp;&nbsp; 2401157 |
| Pikes Peak CLO 4 (Cayman Islands), <br> Series 2019-4A, Class ARR, 5.47% (3 mo. <br> Term SOFR + 1.21%), 07/15/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1244213 |
| Rad CLO 5 Ltd. (Cayman Islands), <br> Series 2019-5A, Class BR, 6.24% (3 mo. <br> Term SOFR + 1.96%), 07/24/2032<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2001562 |
| Regatta 30 Funding Ltd. (Cayman Islands), <br> Series 2024-4A, Class A2, 5.86% (3 mo. <br> Term SOFR + 1.55%), 01/25/2038<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1294324 |
| Regatta X Funding Ltd. (Cayman Islands), <br> Series 2017-3A, Class AR, 5.76% (3 mo. <br> Term SOFR + 1.48%), 07/17/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 1999990 |
| Regatta XVII Funding Ltd. (Cayman Islands), <br> Series 2020-1A, Class AR, 5.64% (3 mo. <br> Term SOFR + 1.38%), 10/15/2037<sup>(a)(b)</sup><br>| 4600000 | &nbsp;&nbsp; 4580744 |
| Regatta XX Funding Ltd. (Cayman Islands), <br> Series 2021-2A, Class AR, 5.44% (3 mo. <br> Term SOFR + 1.18%), 01/15/2038<sup>(a)(b)</sup><br>| 1350000 | &nbsp;&nbsp; 1343382 |
| Regatta XXII Funding Ltd. (Cayman Islands), <br> Series 2022-2A, Class AR, 5.52% (3 mo. <br> Term SOFR + 1.25%), 07/20/2035<sup>(a)(b)</sup><br>| 3000000 | &nbsp;&nbsp; 2991387 |
| RR 15 Ltd. (Cayman Islands), Series 2021-<br> 15A, Class A2, 5.97% (3 mo. Term SOFR <br> + 1.71%), 04/15/2036<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2065119 |
| RR 24 Ltd. (Bermuda), Series 2022-24A, <br> Class A1A2, 5.57% (3 mo. Term SOFR + <br> 1.31%), 01/15/2037<sup>(a)(b)</sup><br>| 900000 | &nbsp;&nbsp; 898028 |
| RR 29 Ltd. (Cayman Islands), Series 2024-<br> 29RA, Class A1R, 5.65% (3 mo. Term <br> SOFR + 1.39%), 07/15/2039<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1500708 |
| RR 38 Ltd. (Cayman Islands), Series 2025-<br> 38A, Class A1A, 5.47% (3 mo. Term SOFR <br> + 1.15%), 04/15/2040<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1296009 |
| RR 5 Ltd. (Cayman Islands), Series 2018-5A, <br> Class A1R, 5.76% (3 mo. Term SOFR + <br> 1.50%), 07/15/2039<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2206600 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Shackleton CLO Ltd. (Cayman Islands), <br> Series 2019-14A, Class A1R, 5.73% (3 <br> mo. Term SOFR + 1.46%), <br> 07/20/2034<sup>(a)(b)</sup><br>| $| 1250000 | &nbsp;&nbsp; $1248441 |
| Signal Peak CLO 11 Ltd. (Cayman Islands), <br> Series 2024-11A, Class A1, 5.72% (3 mo. <br> Term SOFR + 1.45%), 07/18/2037<sup>(a)(b)</sup><br>|  | 9700000 | &nbsp;&nbsp; 9714550 |
| Signal Peak CLO 14 Ltd. (Cayman Islands), <br> Series 2024-14A, Class A, 5.59% (3 mo. <br> Term SOFR + 1.30%), 01/22/2038<sup>(a)(b)</sup><br>|  | 2000000 | &nbsp;&nbsp; 1996000 |
| Signal Peak CLO 9 Ltd. (Cayman Islands), <br> Series 2021-9A, Class A1R, 5.63% (3 mo. <br> Term SOFR + 1.36%), 01/21/2038<sup>(a)(b)</sup><br>|  | 1300000 | &nbsp;&nbsp; 1297850 |
| Symphony CLO 40 Ltd. (Bermuda), <br> Series 2023-40A, Class AR, 5.55% (3 mo. <br> Term SOFR + 1.31%), 01/05/2038<sup>(a)(b)</sup><br>|  | 1500000 | &nbsp;&nbsp; 1496625 |
| Symphony CLO XIX Ltd. (Cayman Islands) |  |  |  |
| Series 2018-19A, Class A, 5.48% (3 mo. <br> Term SOFR + 1.22%), 04/16/2031<sup>(a)(b)</sup><br>|  | 1406121 | &nbsp;&nbsp; 1406110 |
| Series 2018-19A, Class B, 5.87% (3 mo. <br> Term SOFR + 1.61%), 04/16/2031<sup>(a)(b)</sup><br>|  | 900000 | &nbsp;&nbsp; 898943 |
| Symphony CLO XX Ltd. (Cayman Islands), <br> Series 2018-20A, Class AR2, 5.36% (3 <br> mo. Term SOFR + 1.10%), <br> 01/16/2032<sup>(a)(b)</sup><br>|  | 2533704 | &nbsp;&nbsp; 2531170 |
| Symphony CLO XXII Ltd. (Cayman Islands), <br> Series 2020-22A, Class BR, 5.95% (3 mo. <br> Term SOFR + 1.68%), 04/18/2033<sup>(a)(b)</sup><br>|  | 750000 | &nbsp;&nbsp; 743343 |
| Symphony CLO XXV Ltd. (Cayman Islands), <br> Series 2021-25A, Class B, 5.88% (3 mo. <br> Term SOFR + 1.61%), 04/19/2034<sup>(a)(b)</sup><br>|  | 3213000 | &nbsp;&nbsp; 3169435 |
| Symphony CLO XXXII Ltd. (Cayman Islands), <br> Series 2022-32A, Class B, 6.13% (3 mo. <br> Term SOFR + 1.85%), 04/23/2035<sup>(a)(b)</sup><br>|  | 500000 | &nbsp;&nbsp; 495759 |
| TCI-Flatiron CLO Ltd. (Cayman Islands), <br> Series 2018-1A, Class BR, 5.94% (3 mo. <br> Term SOFR + 1.66%), 01/29/2032<sup>(a)(b)</sup><br>|  | 2620000 | &nbsp;&nbsp; 2623529 |
| Texas Debt Capital CLO Ltd. (Cayman <br> Islands), Series 2023-1A, Class A, 6.07% <br> (3 mo. Term SOFR + 1.80%), <br> 04/20/2036<sup>(a)(b)</sup><br>|  | 3547000 | &nbsp;&nbsp; 3552494 |
| TICP CLO VII Ltd. (Cayman Islands), <br> Series 2017-7A, Class ASR2, 5.56% (3 <br> mo. Term SOFR + 1.30%), <br> 04/15/2033<sup>(a)(b)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5004050 |
| Total Asset-Backed Securities <br>(Cost $299,658,407) | Total Asset-Backed Securities <br>(Cost $299,658,407) | Total Asset-Backed Securities <br>(Cost $299,658,407) | &nbsp;&nbsp; 298194404 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-4.05%** | **Money Market Funds-4.05%** | **Money Market Funds-4.05%** | **Money Market Funds-4.05%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $12,314,165)<br>|  | 12314165 | &nbsp;&nbsp; 12314165 |
| TOTAL INVESTMENTS IN SECURITIES-102.00% <br>(Cost $311,972,572) | TOTAL INVESTMENTS IN SECURITIES-102.00% <br>(Cost $311,972,572) | TOTAL INVESTMENTS IN SECURITIES-102.00% <br>(Cost $311,972,572) | &nbsp;&nbsp; 310508569 |
| OTHER ASSETS LESS LIABILITIES-(2.00)% | OTHER ASSETS LESS LIABILITIES-(2.00)% | OTHER ASSETS LESS LIABILITIES-(2.00)% | &nbsp;&nbsp; (6075975)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $304432594 |

---

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

------

**6**

------

**Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)**

April 30, 2025

*(Unaudited)*

Investment Abbreviations: <br> BR -Bearer Shares <br> SOFR -Secured Overnight Financing Rate

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $298,194,404, which represented 97.95% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $2443229 | &nbsp;&nbsp; $26746415 | &nbsp;&nbsp; $(29189644)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $60908 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 20089771 | &nbsp;&nbsp; (7775606)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12314165 | &nbsp;&nbsp; 26724 |
| Total | &nbsp;&nbsp; $2443229 | &nbsp;&nbsp; $46836186 | &nbsp;&nbsp; $(36965250)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12314165 | &nbsp;&nbsp; $87632 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

------

**7**

------

**Invesco Active U.S. Real Estate ETF (PSR)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Apartments -9.04%** | **Apartments -9.04%** | **Apartments -9.04%** |
| AvalonBay Communities, Inc. | 9131 | &nbsp;&nbsp; $1917327 |
| Equity Residential | 27969 | &nbsp;&nbsp; 1965102 |
| UDR, Inc. | 33145 | &nbsp;&nbsp; 1388113 |
|  |  | &nbsp;&nbsp; 5270542 |
| **Data Centers -12.72%** | **Data Centers -12.72%** | **Data Centers -12.72%** |
| Digital Realty Trust, Inc. | 29299 | &nbsp;&nbsp; 4703662 |
| Equinix, Inc. | 3155 | &nbsp;&nbsp; 2715666 |
|  |  | &nbsp;&nbsp; 7419328 |
| **Free Standing -5.64%** | **Free Standing -5.64%** | **Free Standing -5.64%** |
| Agree Realty Corp. | 10323 | &nbsp;&nbsp; 801168 |
| Essential Properties Realty Trust, Inc. | 20367 | &nbsp;&nbsp; 655206 |
| Realty Income Corp. | 31654 | &nbsp;&nbsp; 1831501 |
|  |  | &nbsp;&nbsp; 3287875 |
| **Gaming REITs-3.29%** | **Gaming REITs-3.29%** | **Gaming REITs-3.29%** |
| Gaming and Leisure Properties, Inc. | 40154 | &nbsp;&nbsp; 1921770 |
| **Health Care-15.42%** | **Health Care-15.42%** | **Health Care-15.42%** |
| CareTrust REIT, Inc. | 29974 | &nbsp;&nbsp; 877339 |
| Healthpeak Properties, Inc. | 127142 | &nbsp;&nbsp; 2268213 |
| Ventas, Inc.<sup>(b)</sup> | 17388 | &nbsp;&nbsp; 1218551 |
| Welltower, Inc. | 30328 | &nbsp;&nbsp; 4627750 |
|  |  | &nbsp;&nbsp; 8991853 |
| **Industrial-11.04%** | **Industrial-11.04%** | **Industrial-11.04%** |
| EastGroup Properties, Inc.<sup>(b)</sup> | 12859 | &nbsp;&nbsp; 2101418 |
| First Industrial Realty Trust, Inc. | 19597 | &nbsp;&nbsp; 932425 |
| Prologis, Inc. | 14901 | &nbsp;&nbsp; 1522882 |
| Rexford Industrial Realty, Inc. | 56839 | &nbsp;&nbsp; 1881371 |
|  |  | &nbsp;&nbsp; 6438096 |
| **Infrastructure REITs-13.37%** | **Infrastructure REITs-13.37%** | **Infrastructure REITs-13.37%** |
| American Tower Corp. | 21656 | &nbsp;&nbsp; 4881479 |
| Crown Castle, Inc. | 14551 | &nbsp;&nbsp; 1538914 |
| SBA Communications Corp., Class A<sup>(b)</sup> | 5653 | &nbsp;&nbsp; 1375940 |
|  |  | &nbsp;&nbsp; 7796333 |
| **Lodging Resorts-2.95%** | **Lodging Resorts-2.95%** | **Lodging Resorts-2.95%** |
| Hilton Worldwide Holdings, Inc. | 2474 | &nbsp;&nbsp; 557838 |
| Host Hotels & Resorts, Inc. | 82385 | &nbsp;&nbsp; 1163276 |
|  |  | &nbsp;&nbsp; 1721114 |
| **Manufactured Homes-1.99%** | **Manufactured Homes-1.99%** | **Manufactured Homes-1.99%** |
| Equity LifeStyle Properties, Inc. | 17971 | &nbsp;&nbsp; 1164161 |
| **Office-2.28%** | **Office-2.28%** | **Office-2.28%** |
| Vornado Realty Trust | 37684 | &nbsp;&nbsp; 1329491 |
| **Regional Malls-3.53%** | **Regional Malls-3.53%** | **Regional Malls-3.53%** |
| Simon Property Group, Inc. | 13086 | &nbsp;&nbsp; 2059475 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Self Storage-6.21%** | **Self Storage-6.21%** | **Self Storage-6.21%** |
| CubeSmart | 53316 | &nbsp;&nbsp; $2168362 |
| Public Storage<sup>(b)</sup> | 4843 | &nbsp;&nbsp; 1454982 |
|  |  | &nbsp;&nbsp; 3623344 |
| **Shopping Centers-5.56%** | **Shopping Centers-5.56%** | **Shopping Centers-5.56%** |
| Brixmor Property Group, Inc. | 81120 | &nbsp;&nbsp; 2020699 |
| Kite Realty Group Trust | 27986 | &nbsp;&nbsp; 605897 |
| Phillips Edison & Co., Inc.<sup>(b)</sup> | 17750 | &nbsp;&nbsp; 615925 |
|  |  | &nbsp;&nbsp; 3242521 |
| **Single Family Homes-3.75%** | **Single Family Homes-3.75%** | **Single Family Homes-3.75%** |
| American Homes 4 Rent, Class A | 29418 | &nbsp;&nbsp; 1099939 |
| Invitation Homes, Inc. | 31779 | &nbsp;&nbsp; 1086524 |
|  |  | &nbsp;&nbsp; 2186463 |
| **Specialty-0.97%** | **Specialty-0.97%** | **Specialty-0.97%** |
| Outfront Media, Inc.<sup>(b)</sup> | 37558 | &nbsp;&nbsp; 568253 |
| **Timber REITs-2.17%** | **Timber REITs-2.17%** | **Timber REITs-2.17%** |
| Rayonier, Inc.<sup>(b)</sup> | 51756 | &nbsp;&nbsp; 1265952 |
| Total Common Stocks & Other Equity Interests <br>(Cost $57,003,018) | Total Common Stocks & Other Equity Interests <br>(Cost $57,003,018) | &nbsp;&nbsp; 58286571 |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $41,683)<br>| 41683 | &nbsp;&nbsp; 41683 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.00% <br>(Cost $57,044,701) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.00% <br>(Cost $57,044,701) | &nbsp;&nbsp; 58328254 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-6.27%** | **Money Market Funds-6.27%** | **Money Market Funds-6.27%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 1017395 | &nbsp;&nbsp; 1017395 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 2640708 | &nbsp;&nbsp; 2641236 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,658,631) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,658,631) | &nbsp;&nbsp; 3658631 |
| TOTAL INVESTMENTS IN SECURITIES-106.27% <br>(Cost $60,703,332) | TOTAL INVESTMENTS IN SECURITIES-106.27% <br>(Cost $60,703,332) | &nbsp;&nbsp; 61986885 |
| OTHER ASSETS LESS LIABILITIES-(6.27)% | OTHER ASSETS LESS LIABILITIES-(6.27)% | &nbsp;&nbsp; (3659741)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $58327144 |

---

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

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

------

**8**

------

**Invesco Active U.S. Real Estate ETF (PSR)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs <br> Index, which is exclusively owned by NAREIT.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $22927 | &nbsp;&nbsp; $1037036 | &nbsp;&nbsp; $(1018280)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $41683 | &nbsp;&nbsp; $1055 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2322376 | &nbsp;&nbsp; 10678077 | &nbsp;&nbsp; (11983058)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1017395 | &nbsp;&nbsp; 17,186<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5958527 | &nbsp;&nbsp; 26301162 | &nbsp;&nbsp; (29618073)<br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; (515)<br>| &nbsp;&nbsp; 2641236 | &nbsp;&nbsp; 45,178<br> \*<br>|
| Total | &nbsp;&nbsp; $8303830 | &nbsp;&nbsp; $38016275 | &nbsp;&nbsp; $(42619411)<br>| &nbsp;&nbsp; $135 | &nbsp;&nbsp; $(515)<br>| &nbsp;&nbsp; $3700314 | &nbsp;&nbsp; $63419 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

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

------

**9**

------

**Invesco High Yield Bond Factor ETF (IHYF)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.98%** | **U.S. Dollar Denominated Bonds & Notes-97.98%** | **U.S. Dollar Denominated Bonds & Notes-97.98%** |
| **Advertising-0.52%** | **Advertising-0.52%** | **Advertising-0.52%** |
| Advantage Sales & Marketing, Inc., 6.50%, <br> 11/15/2028<sup>(b)</sup><br>| $126000 | &nbsp;&nbsp; $101583 |
| Belo Corp., 7.25%, 09/15/2027 | 130000 | &nbsp;&nbsp; 133592 |
|  |  | &nbsp;&nbsp; 235175 |
| **Aerospace & Defense-0.72%** | **Aerospace & Defense-0.72%** | **Aerospace & Defense-0.72%** |
| Bombardier, Inc. (Canada), 6.00%, <br> 02/15/2028<sup>(b)(c)</sup><br>| 330000 | &nbsp;&nbsp; 326680 |
| **Agricultural & Farm Machinery-0.32%** | **Agricultural & Farm Machinery-0.32%** | **Agricultural & Farm Machinery-0.32%** |
| Titan International, Inc., 7.00%, 04/30/2028 | 150000 | &nbsp;&nbsp; 147002 |
| **Air Freight & Logistics-0.77%** | **Air Freight & Logistics-0.77%** | **Air Freight & Logistics-0.77%** |
| Clue Opco LLC, 9.50%, 10/15/2031<sup>(b)(c)</sup> | 86000 | &nbsp;&nbsp; 82273 |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(b)</sup> | 288000 | &nbsp;&nbsp; 268145 |
|  |  | &nbsp;&nbsp; 350418 |
| **Alternative Carriers-0.42%** | **Alternative Carriers-0.42%** | **Alternative Carriers-0.42%** |
| Intelsat Jackson Holdings S.A. (Luxembourg), <br> 6.50%, 03/15/2030<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 98612 |
| Zayo Group Holdings, Inc., 4.00%, <br> 03/01/2027, (Acquired 11/02/2022; <br> Cost $89,123)<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 92243 |
|  |  | &nbsp;&nbsp; 190855 |
| **Aluminum-0.16%** | **Aluminum-0.16%** | **Aluminum-0.16%** |
| Arsenal AIC Parent LLC, 11.50%, <br> 10/01/2031<sup>(b)</sup><br>| 65000 | &nbsp;&nbsp; 71451 |
| **Apparel Retail-1.13%** | **Apparel Retail-1.13%** | **Apparel Retail-1.13%** |
| Foot Locker, Inc., 4.00%, 10/01/2029<sup>(b)</sup> | 137000 | &nbsp;&nbsp; 111223 |
| Gap, Inc. (The), 3.88%, 10/01/2031<sup>(b)</sup> | 159000 | &nbsp;&nbsp; 137810 |
| Victoria's Secret & Co., 4.63%, <br> 07/15/2029<sup>(b)(c)</sup><br>| 300000 | &nbsp;&nbsp; 261991 |
|  |  | &nbsp;&nbsp; 511024 |
| **Apparel, Accessories & Luxury Goods-0.26%** | **Apparel, Accessories & Luxury Goods-0.26%** | **Apparel, Accessories & Luxury Goods-0.26%** |
| Under Armour, Inc., 3.25%, 06/15/2026 | 122000 | &nbsp;&nbsp; 118203 |
| **Application Software-0.99%** | **Application Software-0.99%** | **Application Software-0.99%** |
| Cloud Software Group, Inc., 9.00%, <br> 09/30/2029<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 100853 |
| Open Text Holdings, Inc. (Canada), 4.13%, <br> 02/15/2030<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 129561 |
| SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)(c)</sup><br>| 220000 | &nbsp;&nbsp; 219128 |
|  |  | &nbsp;&nbsp; 449542 |
| **Asset Management & Custody Banks-0.78%** | **Asset Management & Custody Banks-0.78%** | **Asset Management & Custody Banks-0.78%** |
| Acadian Asset Management, Inc., 4.80%, <br> 07/27/2026<br>| 58000 | &nbsp;&nbsp; 56795 |
| Prospect Capital Corp. |  |  |
| 3.36%, 11/15/2026 | 100000 | &nbsp;&nbsp; 93757 |
| 3.44%, 10/15/2028<sup>(c)</sup> | 230000 | &nbsp;&nbsp; 201379 |
|  |  | &nbsp;&nbsp; 351931 |
| **Automotive Parts & Equipment-2.03%** | **Automotive Parts & Equipment-2.03%** | **Automotive Parts & Equipment-2.03%** |
| American Axle & Manufacturing, Inc., 6.50%, <br> 04/01/2027<br>| 100000 | &nbsp;&nbsp; 97658 |
| ANGI Group LLC, 3.88%, 08/15/2028<sup>(b)</sup> | 123000 | &nbsp;&nbsp; 112221 |
| Dana, Inc., 5.38%, 11/15/2027 | 100000 | &nbsp;&nbsp; 99414 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment-(continued)** | **Automotive Parts & Equipment-(continued)** | **Automotive Parts & Equipment-(continued)** | **Automotive Parts & Equipment-(continued)** |
| Tenneco, Inc., 8.00%, 11/17/2028<sup>(b)</sup> | $| 100000 | &nbsp;&nbsp; $95630 |
| United Rentals (North America), Inc. |  |  |  |
| 3.88%, 11/15/2027 |  | 144000 | &nbsp;&nbsp; 139188 |
| 4.88%, 01/15/2028 |  | 97000 | &nbsp;&nbsp; 95706 |
| ZF North America Capital, Inc. (Germany) |  |  |  |
| 6.88%, 04/14/2028<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 143431 |
| 7.13%, 04/14/2030<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 138191 |
|  |  |  | &nbsp;&nbsp; 921439 |
| **Automotive Retail-0.28%** | **Automotive Retail-0.28%** | **Automotive Retail-0.28%** | **Automotive Retail-0.28%** |
| Advance Auto Parts, Inc., 3.50%, 03/15/2032 |  | 100000 | &nbsp;&nbsp; 83650 |
| Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(b)</sup> |  | 45000 | &nbsp;&nbsp; 42261 |
|  |  |  | &nbsp;&nbsp; 125911 |
| **Broadcasting-3.21%** | **Broadcasting-3.21%** | **Broadcasting-3.21%** | **Broadcasting-3.21%** |
| AMC Networks, Inc., 10.25%, 01/15/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 205867 |
| Gray Media, Inc. |  |  |  |
| 7.00%, 05/15/2027<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 97383 |
| 10.50%, 07/15/2029<sup>(b)(c)</sup> |  | 210000 | &nbsp;&nbsp; 215784 |
| iHeartCommunications, Inc., 5.25%, <br> 08/15/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 67750 |
| Liberty Interactive LLC, 8.25%, 02/01/2030 |  | 79000 | &nbsp;&nbsp; 29691 |
| Paramount Global, 6.38%, 03/30/2062<sup>(c)(e)</sup> |  | 380000 | &nbsp;&nbsp; 365815 |
| Sirius XM Radio LLC, 5.00%, 08/01/2027<sup>(b)</sup> |  | 250000 | &nbsp;&nbsp; 247219 |
| Univision Communications, Inc. |  |  |  |
| 6.63%, 06/01/2027<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 96859 |
| 8.50%, 07/31/2031<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 94507 |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(b)</sup> |  | 67000 | &nbsp;&nbsp; 32233 |
|  |  |  | &nbsp;&nbsp; 1453108 |
| **Broadline Retail-2.49%** | **Broadline Retail-2.49%** | **Broadline Retail-2.49%** | **Broadline Retail-2.49%** |
| GrubHub Holdings, Inc., 5.50%, 07/01/2027<sup>(b)</sup> |  | 90000 | &nbsp;&nbsp; 81430 |
| Macy's Retail Holdings LLC |  |  |  |
| 5.88%, 03/15/2030<sup>(b)</sup> |  | 180000 | &nbsp;&nbsp; 167838 |
| 6.70%, 07/15/2034<sup>(b)</sup> |  | 107000 | &nbsp;&nbsp; 89757 |
| Nordstrom, Inc. |  |  |  |
| 4.00%, 03/15/2027 |  | 99000 | &nbsp;&nbsp; 95046 |
| 6.95%, 03/15/2028 |  | 124000 | &nbsp;&nbsp; 125518 |
| 4.38%, 04/01/2030 |  | 79000 | &nbsp;&nbsp; 70762 |
| QVC, Inc., 4.38%, 09/01/2028 |  | 50000 | &nbsp;&nbsp; 40684 |
| Rakuten Group, Inc. (Japan) |  |  |  |
| 11.25%, 02/15/2027<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 214400 |
| 9.75%, 04/15/2029<sup>(b)</sup> |  | 230000 | &nbsp;&nbsp; 243253 |
|  |  |  | &nbsp;&nbsp; 1128688 |
| **Building Products-3.22%** | **Building Products-3.22%** | **Building Products-3.22%** | **Building Products-3.22%** |
| Adams Homes, Inc., 9.25%, 10/15/2028<sup>(b)</sup> |  | 66000 | &nbsp;&nbsp; 66390 |
| Builders FirstSource, Inc., 4.25%, <br> 02/01/2032<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 126215 |
| Griffon Corp., 5.75%, 03/01/2028 |  | 260000 | &nbsp;&nbsp; 256838 |
| JELD-WEN, Inc., 4.88%, 12/15/2027<sup>(b)(c)</sup> |  | 300000 | &nbsp;&nbsp; 277472 |
| MIWD Holdco II LLC/MIWD Finance Corp., <br> 5.50%, 02/01/2030<sup>(b)(c)</sup><br>|  | 230000 | &nbsp;&nbsp; 207844 |

---

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

------

**10**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** |
| Standard Industries, Inc. |  |  |  |
| 5.00%, 02/15/2027<sup>(b)</sup> | $| 89000 | &nbsp;&nbsp; $88409 |
| 4.75%, 01/15/2028<sup>(b)</sup> |  | 80000 | &nbsp;&nbsp; 78365 |
| 4.38%, 07/15/2030<sup>(b)</sup> |  | 108000 | &nbsp;&nbsp; 100831 |
| 3.38%, 01/15/2031<sup>(b)</sup> |  | 131000 | &nbsp;&nbsp; 115805 |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(b)</sup> |  | 140000 | &nbsp;&nbsp; 142347 |
|  |  |  | &nbsp;&nbsp; 1460516 |
| **Cable & Satellite-5.60%** | **Cable & Satellite-5.60%** | **Cable & Satellite-5.60%** | **Cable & Satellite-5.60%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.50%, 05/01/2026<sup>(b)</sup> |  | 195000 | &nbsp;&nbsp; 194905 |
| 5.13%, 05/01/2027<sup>(b)</sup> |  | 109000 | &nbsp;&nbsp; 107600 |
| 4.50%, 05/01/2032 |  | 395000 | &nbsp;&nbsp; 351208 |
| 4.25%, 01/15/2034<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 84304 |
| CSC Holdings LLC |  |  |  |
| 11.75%, 01/31/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 189209 |
| 4.63%, 12/01/2030<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 92704 |
| Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)(c)</sup><br>|  | 210000 | &nbsp;&nbsp; 200602 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 5.88%, 08/15/2027<sup>(b)(c)</sup><br>|  | 240000 | &nbsp;&nbsp; 232173 |
| DISH DBS Corp. |  |  |  |
| 7.75%, 07/01/2026 |  | 184000 | &nbsp;&nbsp; 160158 |
| 5.25%, 12/01/2026<sup>(b)</sup> |  | 159000 | &nbsp;&nbsp; 144987 |
| 5.75%, 12/01/2028<sup>(b)</sup> |  | 110000 | &nbsp;&nbsp; 92589 |
| DISH Network Corp., 11.75%, 11/15/2027<sup>(b)</sup> |  | 137000 | &nbsp;&nbsp; 144105 |
| Radiate Holdco LLC/Radiate Finance, Inc., <br> 6.50%, 09/15/2028<sup>(b)</sup><br>|  | 40000 | &nbsp;&nbsp; 27191 |
| Sirius XM Radio LLC |  |  |  |
| 3.13%, 09/01/2026<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 97399 |
| 4.00%, 07/15/2028<sup>(b)(c)</sup> |  | 260000 | &nbsp;&nbsp; 244814 |
| VZ Secured Financing B.V. (Netherlands), <br> 5.00%, 01/15/2032<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 174725 |
|  |  |  | &nbsp;&nbsp; 2538673 |
| **Casinos & Gaming-2.67%** | **Casinos & Gaming-2.67%** | **Casinos & Gaming-2.67%** | **Casinos & Gaming-2.67%** |
| Affinity Interactive, 6.88%, 12/15/2027<sup>(b)</sup> |  | 187000 | &nbsp;&nbsp; 134250 |
| Churchill Downs, Inc., 5.50%, 04/01/2027<sup>(b)(c)</sup> |  | 400000 | &nbsp;&nbsp; 396500 |
| International Game Technology PLC, 6.25%, <br> 01/15/2027<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 201083 |
| Melco Resorts Finance Ltd. (Hong Kong), <br> 5.38%, 12/04/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 181375 |
| MGM Resorts International, 4.63%, <br> 09/01/2026<br>|  | 200000 | &nbsp;&nbsp; 198490 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital <br> Corp., 5.25%, 05/15/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 99066 |
|  |  |  | &nbsp;&nbsp; 1210764 |
| **Commercial & Residential Mortgage Finance-0.10%** | **Commercial & Residential Mortgage Finance-0.10%** | **Commercial & Residential Mortgage Finance-0.10%** | **Commercial & Residential Mortgage Finance-0.10%** |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 2.88%, 10/15/2026<sup>(b)</sup><br>|  | 49000 | &nbsp;&nbsp; 47327 |
| **Commercial Printing-1.21%** | **Commercial Printing-1.21%** | **Commercial Printing-1.21%** | **Commercial Printing-1.21%** |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 300778 |
| R.R. Donnelley & Sons Co., 9.50%, <br> 08/01/2029<sup>(b)</sup><br>|  | 260000 | &nbsp;&nbsp; 247850 |
|  |  |  | &nbsp;&nbsp; 548628 |
| **Commodity Chemicals-0.48%** | **Commodity Chemicals-0.48%** | **Commodity Chemicals-0.48%** | **Commodity Chemicals-0.48%** |
| Methanex Corp. (Canada), 5.13%, <br> 10/15/2027<br>|  | 220000 | &nbsp;&nbsp; 216147 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Communications Equipment-1.11%** | **Communications Equipment-1.11%** | **Communications Equipment-1.11%** |
| Viasat, Inc., 5.63%, 04/15/2027<sup>(b)</sup> | $420000 | &nbsp;&nbsp; $411920 |
| Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(b)(c)</sup> | 100000 | &nbsp;&nbsp; 91734 |
|  |  | &nbsp;&nbsp; 503654 |
| **Construction & Engineering-0.60%** | **Construction & Engineering-0.60%** | **Construction & Engineering-0.60%** |
| Brand Industrial Services, Inc., 10.38%, <br> 08/01/2030<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 95118 |
| Brookfield Residential Properties, Inc./<br> Brookfield Residential U.S. LLC (Canada)<br>|  |  |
| 6.25%, 09/15/2027<sup>(b)</sup> | 88000 | &nbsp;&nbsp; 86367 |
| 5.00%, 06/15/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 89152 |
|  |  | &nbsp;&nbsp; 270637 |
| **Construction Materials-0.78%** | **Construction Materials-0.78%** | **Construction Materials-0.78%** |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/2028<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 146729 |
| 8.88%, 11/15/2031<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 205379 |
|  |  | &nbsp;&nbsp; 352108 |
| **Consumer Electronics-0.41%** | **Consumer Electronics-0.41%** | **Consumer Electronics-0.41%** |
| Sensata Technologies B.V., 4.00%, <br> 04/15/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 184272 |
| **Consumer Finance-2.08%** | **Consumer Finance-2.08%** | **Consumer Finance-2.08%** |
| Bread Financial Holdings, Inc., 9.75%, <br> 03/15/2029<sup>(b)</sup><br>| 220000 | &nbsp;&nbsp; 231630 |
| Global Aircraft Leasing Co. Ltd. (Cayman <br> Islands), 8.75%, 09/01/2027<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp; 129692 |
| LFS Topco LLC, 5.88%, 10/15/2026<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 124532 |
| Navient Corp. |  |  |
| 5.00%, 03/15/2027 | 116000 | &nbsp;&nbsp; 114938 |
| 11.50%, 03/15/2031 | 140000 | &nbsp;&nbsp; 156337 |
| 5.63%, 08/01/2033 | 62000 | &nbsp;&nbsp; 53215 |
| OneMain Finance Corp., 6.63%, 01/15/2028 | 130000 | &nbsp;&nbsp; 131025 |
|  |  | &nbsp;&nbsp; 941369 |
| **Diversified Banks-0.85%** | **Diversified Banks-0.85%** | **Diversified Banks-0.85%** |
| APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Investor 2 <br> LLC, 7.88%, 11/01/2029<sup>(b)(c)</sup><br>| 100000 | &nbsp;&nbsp; 97737 |
| Freedom Mortgage Corp. |  |  |
| 6.63%, 01/15/2027<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 49676 |
| 12.00%, 10/01/2028<sup>(b)</sup> | 220000 | &nbsp;&nbsp; 236055 |
|  |  | &nbsp;&nbsp; 383468 |
| **Diversified Chemicals-0.98%** | **Diversified Chemicals-0.98%** | **Diversified Chemicals-0.98%** |
| Chemours Co. (The) |  |  |
| 5.38%, 05/15/2027 | 68000 | &nbsp;&nbsp; 66291 |
| 5.75%, 11/15/2028<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 145151 |
| 4.63%, 11/15/2029<sup>(b)</sup> | 54000 | &nbsp;&nbsp; 45295 |
| INEOS Finance PLC (Luxembourg), 7.50%, <br> 04/15/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 188104 |
|  |  | &nbsp;&nbsp; 444841 |
| **Diversified Financial Services-3.45%** | **Diversified Financial Services-3.45%** | **Diversified Financial Services-3.45%** |
| Albion Financing 1 S.a.r.l./Aggreko Holdings, <br> Inc. (Luxembourg), 6.13%, 10/15/2026<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 199408 |
| eG Global Finance PLC (United Kingdom), <br> 12.00%, 11/30/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 220192 |
| Freedom Mortgage Holdings LLC, 9.25%, <br> 02/01/2029<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 152935 |

---

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

------

**11**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 5.00%, 08/15/2028<sup>(b)</sup><br>| $| 400000 | &nbsp;&nbsp; $372559 |
| Midcap Financial Issuer Trust, 6.50%, <br> 05/01/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 191185 |
| Resorts World Las Vegas LLC/RWLV Capital, <br> Inc.<br>|  |  |  |
| 4.63%, 04/16/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 172305 |
| 4.63%, 04/06/2031<sup>(b)(c)</sup> |  | 200000 | &nbsp;&nbsp; 160490 |
| United Wholesale Mortgage LLC, 5.75%, <br> 06/15/2027<sup>(b)</sup><br>|  | 97000 | &nbsp;&nbsp; 95782 |
|  |  |  | &nbsp;&nbsp; 1564856 |
| **Diversified Metals & Mining-1.51%** | **Diversified Metals & Mining-1.51%** | **Diversified Metals & Mining-1.51%** | **Diversified Metals & Mining-1.51%** |
| Algoma Steel, Inc. (Canada), 9.13%, <br> 04/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 168847 |
| Compass Minerals International, Inc., 6.75%, <br> 12/01/2027<sup>(b)</sup><br>|  | 99000 | &nbsp;&nbsp; 97936 |
| Mineral Resources Ltd. (Australia), 9.25%, <br> 10/01/2028<sup>(b)</sup><br>|  | 221000 | &nbsp;&nbsp; 209279 |
| Perenti Finance Pty Ltd. (Australia), 7.50%, <br> 04/26/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 207750 |
|  |  |  | &nbsp;&nbsp; 683812 |
| **Diversified Real Estate Activities-0.11%** | **Diversified Real Estate Activities-0.11%** | **Diversified Real Estate Activities-0.11%** | **Diversified Real Estate Activities-0.11%** |
| Five Point Operating Co. L.P./Five Point Capital <br> Corp., 7.88%, 11/15/2025<sup>(b)</sup><br>|  | 51000 | &nbsp;&nbsp; 51260 |
| **Diversified REITs-0.56%** | **Diversified REITs-0.56%** | **Diversified REITs-0.56%** | **Diversified REITs-0.56%** |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>|  | 76000 | &nbsp;&nbsp; 71091 |
| Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, 04/15/2028<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 182011 |
|  |  |  | &nbsp;&nbsp; 253102 |
| **Diversified Support Services-1.85%** | **Diversified Support Services-1.85%** | **Diversified Support Services-1.85%** | **Diversified Support Services-1.85%** |
| Crown Americas LLC/Crown Americas Capital <br> Corp. V, 4.25%, 09/30/2026<br>|  | 175000 | &nbsp;&nbsp; 172703 |
| Neptune Bidco US, Inc., 9.29%, <br> 04/15/2029<sup>(b)(c)</sup><br>|  | 307000 | &nbsp;&nbsp; 273606 |
| Prime Security Services Borrower LLC/Prime <br> Finance, Inc., 3.38%, 08/31/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 95486 |
| Sabre GLBL, Inc. |  |  |  |
| 8.63%, 06/01/2027<sup>(b)</sup> |  | 42000 | &nbsp;&nbsp; 40243 |
| 11.25%, 12/15/2027<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 151500 |
| 10.75%, 11/15/2029<sup>(b)</sup> |  | 18000 | &nbsp;&nbsp; 17213 |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 85072 |
|  |  |  | &nbsp;&nbsp; 835823 |
| **Drug Retail-0.64%** | **Drug Retail-0.64%** | **Drug Retail-0.64%** | **Drug Retail-0.64%** |
| Walgreens Boots Alliance, Inc. |  |  |  |
| 3.45%, 06/01/2026 |  | 85000 | &nbsp;&nbsp; 83139 |
| 8.13%, 08/15/2029 |  | 200000 | &nbsp;&nbsp; 208280 |
|  |  |  | &nbsp;&nbsp; 291419 |
| **Education Services-0.86%** | **Education Services-0.86%** | **Education Services-0.86%** | **Education Services-0.86%** |
| Adtalem Global Education, Inc., 5.50%, <br> 03/01/2028<sup>(b)</sup><br>|  | 275000 | &nbsp;&nbsp; 272088 |
| Grand Canyon University, 5.13%, 10/01/2028 |  | 125000 | &nbsp;&nbsp; 117962 |
|  |  |  | &nbsp;&nbsp; 390050 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-2.81%** | **Electric Utilities-2.81%** | **Electric Utilities-2.81%** |
| Edison International, 7.88%, 06/15/2054<sup>(e)</sup> | $200000 | &nbsp;&nbsp; $187761 |
| Mallinckrodt International Finance S.A., <br> 14.75%, 11/14/2028<sup>(b)</sup><br>| 125643 | &nbsp;&nbsp; 131590 |
| Pattern Energy Operations L.P./Pattern Energy <br> Operations, Inc., 4.50%, 08/15/2028<sup>(b)(c)</sup><br>| 250000 | &nbsp;&nbsp; 237769 |
| Vistra Operations Co. LLC |  |  |
| 5.63%, 02/15/2027<sup>(b)</sup> | 63000 | &nbsp;&nbsp; 63013 |
| 5.00%, 07/31/2027<sup>(b)(c)</sup> | 240000 | &nbsp;&nbsp; 238117 |
| XPLR Infrastructure Operating Partners L.P. |  |  |
| 4.50%, 09/15/2027<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 236604 |
| 7.25%, 01/15/2029<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 178344 |
|  |  | &nbsp;&nbsp; 1273198 |
| **Electrical Components & Equipment-1.34%** | **Electrical Components & Equipment-1.34%** | **Electrical Components & Equipment-1.34%** |
| Atkore, Inc., 4.25%, 06/01/2031<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 151022 |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 194146 |
| Nissan Motor Acceptance Co. LLC, 6.95%, <br> 09/15/2026<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 262462 |
|  |  | &nbsp;&nbsp; 607630 |
| **Electronic Components-0.46%** | **Electronic Components-0.46%** | **Electronic Components-0.46%** |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 120015 |
| 3.75%, 02/15/2031<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 87559 |
|  |  | &nbsp;&nbsp; 207574 |
| **Electronic Manufacturing Services-0.36%** | **Electronic Manufacturing Services-0.36%** | **Electronic Manufacturing Services-0.36%** |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc., <br> 6.63%, 12/15/2030<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp; 162457 |
| **Fertilizers & Agricultural Chemicals-0.69%** | **Fertilizers & Agricultural Chemicals-0.69%** | **Fertilizers & Agricultural Chemicals-0.69%** |
| Consolidated Energy Finance S.A. (Switzerland) |  |  |
| 5.63%, 10/15/2028<sup>(b)</sup> | 167000 | &nbsp;&nbsp; 130439 |
| 12.00%, 02/15/2031<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 180545 |
|  |  | &nbsp;&nbsp; 310984 |
| **Food Distributors-0.41%** | **Food Distributors-0.41%** | **Food Distributors-0.41%** |
| C&S Group Enterprises LLC, 5.00%, <br> 12/15/2028<sup>(b)(c)</sup><br>| 224000 | &nbsp;&nbsp; 187606 |
| **Food Retail-0.50%** | **Food Retail-0.50%** | **Food Retail-0.50%** |
| Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC<br>|  |  |
| 4.63%, 01/15/2027<sup>(b)</sup> | 128000 | &nbsp;&nbsp; 126683 |
| 6.50%, 02/15/2028<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 101690 |
|  |  | &nbsp;&nbsp; 228373 |
| **Gas Utilities-0.11%** | **Gas Utilities-0.11%** | **Gas Utilities-0.11%** |
| AmeriGas Partners L.P./AmeriGas Finance <br> Corp., 9.38%, 06/01/2028<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 49748 |
| **Health Care Equipment-0.28%** | **Health Care Equipment-0.28%** | **Health Care Equipment-0.28%** |
| Varex Imaging Corp., 7.88%, 10/15/2027<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 124906 |
| **Health Care Facilities-0.79%** | **Health Care Facilities-0.79%** | **Health Care Facilities-0.79%** |
| LifePoint Health, Inc. |  |  |
| 9.88%, 08/15/2030<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 117147 |
| 11.00%, 10/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 142466 |
| Tenet Healthcare Corp., 4.63%, 06/15/2028 | 100000 | &nbsp;&nbsp; 97461 |
|  |  | &nbsp;&nbsp; 357074 |

---

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

------

**12**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care REITs-0.90%** | **Health Care REITs-0.90%** | **Health Care REITs-0.90%** |
| MPT Operating Partnership L.P./MPT Finance <br> Corp.<br>|  |  |
| 5.00%, 10/15/2027 | $348000 | &nbsp;&nbsp; $307716 |
| 4.63%, 08/01/2029 | 131000 | &nbsp;&nbsp; 99936 |
|  |  | &nbsp;&nbsp; 407652 |
| **Health Care Services-2.84%** | **Health Care Services-2.84%** | **Health Care Services-2.84%** |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/2027<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 175689 |
| 6.00%, 01/15/2029<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 149234 |
| 5.25%, 05/15/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 170818 |
| CVS Health Corp., 7.00%, 03/10/2055<sup>(e)</sup> | 300000 | &nbsp;&nbsp; 304215 |
| DaVita, Inc., 4.63%, 06/01/2030<sup>(b)(c)</sup> | 320000 | &nbsp;&nbsp; 297870 |
| Global Medical Response, Inc., 6.50%, <br> 10/01/2025<sup>(b)</sup><br>| 10000 | &nbsp;&nbsp; 9139 |
| ModivCare, Inc., 5.00%, 10/01/2029<sup>(b)</sup> | 115000 | &nbsp;&nbsp; 5319 |
| MPH Acquisition Holdings LLC |  |  |
| 5.75%, 12/31/2030<sup>(b)</sup> | 100002 | &nbsp;&nbsp; 77609 |
| 5% PIK Rate, 6.5% Cash Rate, , <br> 12/31/2030<sup>(b)(f)</sup><br>| 107299 | &nbsp;&nbsp; 98837 |
|  |  | &nbsp;&nbsp; 1288730 |
| **Health Care Technology-0.52%** | **Health Care Technology-0.52%** | **Health Care Technology-0.52%** |
| athenahealth Group, Inc., 6.50%, <br> 02/15/2030<sup>(b)</sup><br>| 244000 | &nbsp;&nbsp; 233462 |
| **Home Furnishings-0.71%** | **Home Furnishings-0.71%** | **Home Furnishings-0.71%** |
| Somnigroup International, Inc. |  |  |
| 4.00%, 04/15/2029<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 232412 |
| 3.88%, 10/15/2031<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 87904 |
|  |  | &nbsp;&nbsp; 320316 |
| **Homebuilding-1.30%** | **Homebuilding-1.30%** | **Homebuilding-1.30%** |
| Beazer Homes USA, Inc., 5.88%, 10/15/2027 | 200000 | &nbsp;&nbsp; 195573 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/2028<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 101043 |
| 4.00%, 07/15/2029<sup>(b)</sup> | 202000 | &nbsp;&nbsp; 175983 |
| Tri Pointe Homes, Inc., 5.25%, 06/01/2027 | 118000 | &nbsp;&nbsp; 117611 |
|  |  | &nbsp;&nbsp; 590210 |
| **Hotel & Resort REITs-0.31%** | **Hotel & Resort REITs-0.31%** | **Hotel & Resort REITs-0.31%** |
| Service Properties Trust, 4.95%, 02/15/2027 | 149000 | &nbsp;&nbsp; 141793 |
| **Hotels, Resorts & Cruise Lines-1.43%** | **Hotels, Resorts & Cruise Lines-1.43%** | **Hotels, Resorts & Cruise Lines-1.43%** |
| Marriott Ownership Resorts, Inc., 4.75%, <br> 01/15/2028<sup>(c)</sup><br>| 256000 | &nbsp;&nbsp; 242882 |
| Royal Caribbean Cruises Ltd., 4.25%, <br> 07/01/2026<sup>(b)</sup><br>| 220000 | &nbsp;&nbsp; 217146 |
| Travel + Leisure Co., Series J, 6.00%, <br> 04/01/2027<br>| 188000 | &nbsp;&nbsp; 189227 |
|  |  | &nbsp;&nbsp; 649255 |
| **Housewares & Specialties-0.89%** | **Housewares & Specialties-0.89%** | **Housewares & Specialties-0.89%** |
| Newell Brands, Inc. |  |  |
| 6.38%, 09/15/2027 | 140000 | &nbsp;&nbsp; 136911 |
| 6.63%, 05/15/2032 | 100000 | &nbsp;&nbsp; 89898 |
| 6.88%, 04/01/2036 | 200000 | &nbsp;&nbsp; 174582 |
|  |  | &nbsp;&nbsp; 401391 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Human Resource & Employment Services-0.52%** | **Human Resource & Employment Services-0.52%** | **Human Resource & Employment Services-0.52%** |
| AMN Healthcare, Inc. |  |  |
| 4.63%, 10/01/2027<sup>(b)</sup> | $150000 | &nbsp;&nbsp; $143850 |
| 4.00%, 04/15/2029<sup>(b)(c)</sup> | 100000 | &nbsp;&nbsp; 89766 |
|  |  | &nbsp;&nbsp; 233616 |
| **Independent Power Producers & Energy Traders-0.59%** | **Independent Power Producers & Energy Traders-0.59%** | **Independent Power Producers & Energy Traders-0.59%** |
| AES Corp. (The), 6.95%, 07/15/2055<sup>(e)</sup> | 200000 | &nbsp;&nbsp; 187018 |
| Calpine Corp., 4.50%, 02/15/2028<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 78314 |
|  |  | &nbsp;&nbsp; 265332 |
| **Insurance Brokers-0.52%** | **Insurance Brokers-0.52%** | **Insurance Brokers-0.52%** |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, 01/15/2031<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 101590 |
| HUB International Ltd., 7.38%, 01/31/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 134012 |
|  |  | &nbsp;&nbsp; 235602 |
| **Integrated Telecommunication Services-0.73%** | **Integrated Telecommunication Services-0.73%** | **Integrated Telecommunication Services-0.73%** |
| Altice France S.A. (France) |  |  |
| 5.50%, 01/15/2028<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 165797 |
| 5.13%, 07/15/2029<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 163466 |
|  |  | &nbsp;&nbsp; 329263 |
| **Interactive Media & Services-0.28%** | **Interactive Media & Services-0.28%** | **Interactive Media & Services-0.28%** |
| Cumulus Media New Holdings, Inc., 6.75%, <br> 07/01/2026<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 28860 |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 99153 |
|  |  | &nbsp;&nbsp; 128013 |
| **Internet Services & Infrastructure-0.72%** | **Internet Services & Infrastructure-0.72%** | **Internet Services & Infrastructure-0.72%** |
| Arches Buyer, Inc., 4.25%, 06/01/2028<sup>(b)(c)</sup> | 300000 | &nbsp;&nbsp; 282407 |
| Cogent Communications Group, Inc., 3.50%, <br> 05/01/2026<sup>(b)</sup><br>| 43000 | &nbsp;&nbsp; 42221 |
|  |  | &nbsp;&nbsp; 324628 |
| **Investment Banking & Brokerage-1.51%** | **Investment Banking & Brokerage-1.51%** | **Investment Banking & Brokerage-1.51%** |
| Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 6.25%, 05/15/2026 | 95000 | &nbsp;&nbsp; 94737 |
| 5.25%, 05/15/2027 | 100000 | &nbsp;&nbsp; 94958 |
| 4.38%, 02/01/2029<sup>(c)</sup> | 330000 | &nbsp;&nbsp; 275518 |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(b)</sup> | 210000 | &nbsp;&nbsp; 218835 |
|  |  | &nbsp;&nbsp; 684048 |
| **IT Consulting & Other Services-1.02%** | **IT Consulting & Other Services-1.02%** | **IT Consulting & Other Services-1.02%** |
| Conduent Business Services LLC/Conduent <br> State & Local Solutions, Inc., 6.00%, <br> 11/01/2029<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 230132 |
| EquipmentShare.com, Inc., 9.00%, <br> 05/15/2028<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp; 183429 |
| Unisys Corp., 6.88%, 11/01/2027<sup>(b)</sup> | 49000 | &nbsp;&nbsp; 47230 |
|  |  | &nbsp;&nbsp; 460791 |
| **Leisure Facilities-0.65%** | **Leisure Facilities-0.65%** | **Leisure Facilities-0.65%** |
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum Management Corp., <br> 5.38%, 04/15/2027<br>| 100000 | &nbsp;&nbsp; 99594 |
| VOC Escrow Ltd., 5.00%, 02/15/2028<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 196320 |
|  |  | &nbsp;&nbsp; 295914 |
| **Life Sciences Tools & Services-0.19%** | **Life Sciences Tools & Services-0.19%** | **Life Sciences Tools & Services-0.19%** |
| Fortrea Holdings, Inc., 7.50%, 07/01/2030<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 86903 |

---

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

------

**13**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Marine Transportation-0.67%** | **Marine Transportation-0.67%** | **Marine Transportation-0.67%** |
| Seaspan Corp. (Hong Kong), 5.50%, <br> 08/01/2029<sup>(b)</sup><br>| $331000 | &nbsp;&nbsp; $302474 |
| **Metal, Glass & Plastic Containers-1.40%** | **Metal, Glass & Plastic Containers-1.40%** | **Metal, Glass & Plastic Containers-1.40%** |
| Ardagh Metal Packaging Finance USA LLC/<br> Ardagh Metal Packaging Finance PLC, 6.00%, <br> 06/15/2027<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 199488 |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA, Inc., 4.13%, 08/15/2026<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 176724 |
| Owens-Brockway Glass Container, Inc. |  |  |
| 7.25%, 05/15/2031<sup>(b)(c)</sup> | 160000 | &nbsp;&nbsp; 159087 |
| 7.38%, 06/01/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 97707 |
|  |  | &nbsp;&nbsp; 633006 |
| **Mortgage REITs-0.23%** | **Mortgage REITs-0.23%** | **Mortgage REITs-0.23%** |
| Blackstone Mortgage Trust, Inc., 7.75%, <br> 12/01/2029<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 103967 |
| **Movies & Entertainment-0.17%** | **Movies & Entertainment-0.17%** | **Movies & Entertainment-0.17%** |
| Live Nation Entertainment, Inc., 6.50%, <br> 05/15/2027<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75871 |
| **Multi-Utilities-0.69%** | **Multi-Utilities-0.69%** | **Multi-Utilities-0.69%** |
| Algonquin Power & Utilities Corp. (Canada), <br> 4.75%, 01/18/2082<sup>(e)</sup><br>| 334000 | &nbsp;&nbsp; 313796 |
| **Office REITs-1.19%** | **Office REITs-1.19%** | **Office REITs-1.19%** |
| Brandywine Operating Partnership L.P. |  |  |
| 3.95%, 11/15/2027 | 100000 | &nbsp;&nbsp; 94343 |
| 8.88%, 04/12/2029 | 230000 | &nbsp;&nbsp; 241463 |
| Hudson Pacific Properties L.P., 3.95%, <br> 11/01/2027<br>| 100000 | &nbsp;&nbsp; 86982 |
| Office Properties Income Trust, 9.00%, <br> 09/30/2029<sup>(b)</sup><br>| 157000 | &nbsp;&nbsp; 116573 |
|  |  | &nbsp;&nbsp; 539361 |
| **Office Services & Supplies-0.83%** | **Office Services & Supplies-0.83%** | **Office Services & Supplies-0.83%** |
| ACCO Brands Corp., 4.25%, 03/15/2029<sup>(b)</sup> | 171000 | &nbsp;&nbsp; 148846 |
| Pitney Bowes, Inc. |  |  |
| 6.88%, 03/15/2027<sup>(b)</sup> | 153000 | &nbsp;&nbsp; 152668 |
| 7.25%, 03/15/2029<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 74653 |
|  |  | &nbsp;&nbsp; 376167 |
| **Oil & Gas Drilling-3.39%** | **Oil & Gas Drilling-3.39%** | **Oil & Gas Drilling-3.39%** |
| Delek Logistics Partners L.P./Delek Logistics <br> Finance Corp., 8.63%, 03/15/2029<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 102755 |
| Harvest Midstream I L.P., 7.50%, <br> 09/01/2028<sup>(b)</sup><br>| 307000 | &nbsp;&nbsp; 311023 |
| Nabors Industries, Inc., 7.38%, 05/15/2027<sup>(b)</sup> | 257000 | &nbsp;&nbsp; 242542 |
| Noble Finance II LLC, 8.00%, 04/15/2030<sup>(b)(c)</sup> | 330000 | &nbsp;&nbsp; 314708 |
| Rockies Express Pipeline LLC, 6.88%, <br> 04/15/2040<sup>(b)</sup><br>| 214000 | &nbsp;&nbsp; 202224 |
| Seadrill Finance Ltd. (Norway), 8.38%, <br> 08/01/2030<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 187535 |
| Valaris Ltd., 8.38%, 04/30/2030<sup>(b)</sup> | 186000 | &nbsp;&nbsp; 174452 |
|  |  | &nbsp;&nbsp; 1535239 |
| **Oil & Gas Equipment & Services-1.14%** | **Oil & Gas Equipment & Services-1.14%** | **Oil & Gas Equipment & Services-1.14%** |
| Enerflex Ltd. (Canada), 9.00%, 10/15/2027<sup>(b)</sup> | 264000 | &nbsp;&nbsp; 270937 |
| Oceaneering International, Inc., 6.00%, <br> 02/01/2028<br>| 260000 | &nbsp;&nbsp; 247438 |
|  |  | &nbsp;&nbsp; 518375 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production-3.12%** | **Oil & Gas Exploration & Production-3.12%** | **Oil & Gas Exploration & Production-3.12%** |
| Baytex Energy Corp. (Canada), 8.50%, <br> 04/30/2030<sup>(b)(c)</sup><br>| $100000 | &nbsp;&nbsp; $93023 |
| Civitas Resources, Inc., 8.75%, <br> 07/01/2031<sup>(b)(c)</sup><br>| 208000 | &nbsp;&nbsp; 197970 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup><br>| 122000 | &nbsp;&nbsp; 116462 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 02/15/2028<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 161923 |
| 7.63%, 04/01/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 118271 |
| 7.38%, 01/15/2033<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 115178 |
| Hilcorp Energy I L.P./Hilcorp Finance Co. |  |  |
| 6.00%, 04/15/2030<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 68579 |
| 6.25%, 04/15/2032<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 130671 |
| 8.38%, 11/01/2033<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 190445 |
| Murphy Oil Corp., 5.88%, 12/01/2042 | 140000 | &nbsp;&nbsp; 102805 |
| Talos Production, Inc., 9.38%, 02/01/2031<sup>(b)</sup> | 125000 | &nbsp;&nbsp; 117681 |
|  |  | &nbsp;&nbsp; 1413008 |
| **Oil & Gas Refining & Marketing-0.71%** | **Oil & Gas Refining & Marketing-0.71%** | **Oil & Gas Refining & Marketing-0.71%** |
| NuStar Logistics L.P. |  |  |
| 6.00%, 06/01/2026 | 70000 | &nbsp;&nbsp; 70082 |
| 5.63%, 04/28/2027 | 145000 | &nbsp;&nbsp; 144666 |
| PBF Holding Co. LLC/PBF Finance Corp., <br> 6.00%, 02/15/2028<br>| 120000 | &nbsp;&nbsp; 106030 |
|  |  | &nbsp;&nbsp; 320778 |
| **Oil & Gas Storage & Transportation-2.61%** | **Oil & Gas Storage & Transportation-2.61%** | **Oil & Gas Storage & Transportation-2.61%** |
| Buckeye Partners L.P., 3.95%, 12/01/2026 | 71000 | &nbsp;&nbsp; 69288 |
| Hess Midstream Operations L.P., 5.88%, <br> 03/01/2028<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 100294 |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> | 92000 | &nbsp;&nbsp; 84125 |
| New Fortress Energy, Inc., 6.50%, <br> 09/30/2026<sup>(b)(c)</sup><br>| 300000 | &nbsp;&nbsp; 246055 |
| Tallgrass Energy Partners L.P./Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 6.00%, 03/01/2027<sup>(b)</sup> | 51000 | &nbsp;&nbsp; 50390 |
| 5.50%, 01/15/2028<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 53524 |
| 7.38%, 02/15/2029<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 84774 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/2028<sup>(b)(c)</sup> | 395000 | &nbsp;&nbsp; 392600 |
| 9.88%, 02/01/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 101599 |
|  |  | &nbsp;&nbsp; 1182649 |
| **Other Specialized REITs-0.13%** | **Other Specialized REITs-0.13%** | **Other Specialized REITs-0.13%** |
| Iron Mountain, Inc., 4.88%, 09/15/2027<sup>(b)</sup> | 58000 | &nbsp;&nbsp; 57231 |
| **Other Specialty Retail-0.98%** | **Other Specialty Retail-0.98%** | **Other Specialty Retail-0.98%** |
| Bath & Body Works, Inc., 6.69%, 01/15/2027 | 200000 | &nbsp;&nbsp; 203994 |
| PetSmart, Inc./PetSmart Finance Corp., 4.75%, <br> 02/15/2028<sup>(b)(c)</sup><br>| 250000 | &nbsp;&nbsp; 239220 |
|  |  | &nbsp;&nbsp; 443214 |
| **Packaged Foods & Meats-0.22%** | **Packaged Foods & Meats-0.22%** | **Packaged Foods & Meats-0.22%** |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 99339 |
| **Paper & Plastic Packaging Products & Materials-0.80%** | **Paper & Plastic Packaging Products & Materials-0.80%** | **Paper & Plastic Packaging Products & Materials-0.80%** |
| Mauser Packaging Solutions Holding Co., <br> 7.88%, 08/15/2026<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp; 108487 |

---

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

------

**14**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** |
| Sealed Air Corp. |  |  |
| 6.13%, 02/01/2028<sup>(b)</sup> | 45000 | &nbsp;&nbsp; $45372 |
| 6.88%, 07/15/2033<sup>(b)</sup> | 201000 | &nbsp;&nbsp; 208805 |
|  |  | &nbsp;&nbsp; 362664 |
| **Paper Products-0.21%** | **Paper Products-0.21%** | **Paper Products-0.21%** |
| Domtar Corp., 6.75%, 10/01/2028<sup>(b)</sup> | 116000 | &nbsp;&nbsp; 97318 |
| **Passenger Airlines-1.56%** | **Passenger Airlines-1.56%** | **Passenger Airlines-1.56%** |
| Air Canada (Canada), 3.88%, 08/15/2026<sup>(b)</sup> | 58000 | &nbsp;&nbsp; 56958 |
| Allegiant Travel Co., 7.25%, 08/15/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 184891 |
| American Airlines, Inc., 7.25%, 02/15/2028<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 128535 |
| American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.50%, 04/20/2026<sup>(b)</sup><br>| 33362 | &nbsp;&nbsp; 33168 |
| JetBlue Airways Corp./JetBlue Loyalty L.P., <br> 9.88%, 09/20/2031<sup>(b)(c)</sup><br>| 330000 | &nbsp;&nbsp; 304230 |
|  |  | &nbsp;&nbsp; 707782 |
| **Personal Care Products-0.25%** | **Personal Care Products-0.25%** | **Personal Care Products-0.25%** |
| Edgewell Personal Care Co., 4.13%, <br> 04/01/2029<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp; 112301 |
| **Pharmaceuticals-1.82%** | **Pharmaceuticals-1.82%** | **Pharmaceuticals-1.82%** |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/2029<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 134246 |
| 5.13%, 03/01/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 179003 |
| HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, 06/01/2029<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 107621 |
| Organon & Co./Organon Foreign Debt Co-Issuer <br> B.V.<br>|  |  |
| 4.13%, 04/30/2028<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 188784 |
| 6.75%, 05/15/2034<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 188838 |
| P&L Development LLC/PLD Finance Corp., <br> 3.50% PIK Rate, 9.00% Cash Rate, <br> 05/15/2029<sup>(b)(f)</sup><br>| 26325 | &nbsp;&nbsp; 26154 |
|  |  | &nbsp;&nbsp; 824646 |
| **Real Estate Development-0.32%** | **Real Estate Development-0.32%** | **Real Estate Development-0.32%** |
| Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)</sup><br>| 136000 | &nbsp;&nbsp; 145631 |
| **Real Estate Services-0.98%** | **Real Estate Services-0.98%** | **Real Estate Services-0.98%** |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/2030<sup>(b)(c)</sup><br>| 229000 | &nbsp;&nbsp; 203379 |
| Newmark Group, Inc., 7.50%, 01/12/2029 | 230000 | &nbsp;&nbsp; 240634 |
|  |  | &nbsp;&nbsp; 444013 |
| **Regional Banks-0.20%** | **Regional Banks-0.20%** | **Regional Banks-0.20%** |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(b)</sup> | 87000 | &nbsp;&nbsp; 90985 |
| **Reinsurance-1.16%** | **Reinsurance-1.16%** | **Reinsurance-1.16%** |
| Alliance Resource Operating Partners <br> L.P./Alliance Resource Finance Corp., 8.63%, <br> 06/15/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 206662 |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(e)</sup><br>| 335000 | &nbsp;&nbsp; 318492 |
|  |  | &nbsp;&nbsp; 525154 |
| **Research & Consulting Services-0.42%** | **Research & Consulting Services-0.42%** | **Research & Consulting Services-0.42%** |
| Clarivate Science Holdings Corp., 3.88%, <br> 07/01/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 188909 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Retail REITs-0.50%** | **Retail REITs-0.50%** | **Retail REITs-0.50%** |
| Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 5.75%, 05/15/2026<sup>(b)</sup><br>| $119000 | &nbsp;&nbsp; $118003 |
| Necessity Retail REIT, Inc. (The)/American <br> Finance Operating Partner L.P., 4.50%, <br> 09/30/2028<sup>(b)</sup><br>| 116000 | &nbsp;&nbsp; 109479 |
|  |  | &nbsp;&nbsp; 227482 |
| **Security & Alarm Services-0.63%** | **Security & Alarm Services-0.63%** | **Security & Alarm Services-0.63%** |
| Garda World Security Corp. (Canada), 4.63%, <br> 02/15/2027<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp; 127896 |
| GEO Group, Inc. (The), 8.63%, 04/15/2029 | 150000 | &nbsp;&nbsp; 157833 |
|  |  | &nbsp;&nbsp; 285729 |
| **Semiconductors-0.34%** | **Semiconductors-0.34%** | **Semiconductors-0.34%** |
| ams-OSRAM AG (Austria), 12.25%, <br> 03/30/2029<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 152180 |
| **Specialized Consumer Services-0.42%** | **Specialized Consumer Services-0.42%** | **Specialized Consumer Services-0.42%** |
| Sotheby's, 7.38%, 10/15/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 188712 |
| **Specialty Chemicals-0.79%** | **Specialty Chemicals-0.79%** | **Specialty Chemicals-0.79%** |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 183179 |
| WR Grace Holdings LLC |  |  |
| 4.88%, 06/15/2027<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 96934 |
| 5.63%, 08/15/2029<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 79877 |
|  |  | &nbsp;&nbsp; 359990 |
| **Steel-0.94%** | **Steel-0.94%** | **Steel-0.94%** |
| Cleveland-Cliffs, Inc. |  |  |
| 4.63%, 03/01/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 91641 |
| 6.88%, 11/01/2029<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 126059 |
| 6.75%, 04/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 125345 |
| 7.00%, 03/15/2032<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 84666 |
|  |  | &nbsp;&nbsp; 427711 |
| **Systems Software-0.36%** | **Systems Software-0.36%** | **Systems Software-0.36%** |
| Gen Digital, Inc., 6.75%, 09/30/2027<sup>(b)</sup> | 52000 | &nbsp;&nbsp; 52902 |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> | 129000 | &nbsp;&nbsp; 111562 |
|  |  | &nbsp;&nbsp; 164464 |
| **Technology Hardware, Storage & Peripherals-0.14%** | **Technology Hardware, Storage & Peripherals-0.14%** | **Technology Hardware, Storage & Peripherals-0.14%** |
| Seagate HDD Cayman, 4.88%, 06/01/2027 | 65000 | &nbsp;&nbsp; 64394 |
| **Tires & Rubber-0.94%** | **Tires & Rubber-0.94%** | **Tires & Rubber-0.94%** |
| Goodyear Tire & Rubber Co. (The), 4.88%, <br> 03/15/2027<sup>(c)</sup><br>| 430000 | &nbsp;&nbsp; 424122 |
| **Trading Companies & Distributors-0.44%** | **Trading Companies & Distributors-0.44%** | **Trading Companies & Distributors-0.44%** |
| Herc Holdings, Inc., 5.50%, 07/15/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 197947 |
| **Transaction & Payment Processing Services-0.48%** | **Transaction & Payment Processing Services-0.48%** | **Transaction & Payment Processing Services-0.48%** |
| Block, Inc., 2.75%, 06/01/2026 | 43000 | &nbsp;&nbsp; 42006 |
| NCR Atleos Corp., 9.50%, 04/01/2029<sup>(b)</sup> | 161000 | &nbsp;&nbsp; 173368 |
|  |  | &nbsp;&nbsp; 215374 |
| **Water Utilities-0.27%** | **Water Utilities-0.27%** | **Water Utilities-0.27%** |
| S&S Holdings LLC, 8.38%, 10/01/2031<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 122325 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $45,100,347) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $45,100,347) | &nbsp;&nbsp; 44384930 |

---

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

------

**15**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-0.26%** | **U.S. Treasury Securities-0.26%** | **U.S. Treasury Securities-0.26%** |
| **U.S. Treasury Bills-0.26%** | **U.S. Treasury Bills-0.26%** | **U.S. Treasury Bills-0.26%** |
| 4.23%–4.26%, 05/29/2025<sup>(g)(h)</sup> <br>(Cost $114,623)<br>| $115000 | &nbsp;&nbsp; $114623 |
|  | **Shares** |  |
| **Common Stocks & Other Equity Interests-0.00%** | **Common Stocks & Other Equity Interests-0.00%** | **Common Stocks & Other Equity Interests-0.00%** |
| **Oil & Gas Exploration & Production-0.00%** | **Oil & Gas Exploration & Production-0.00%** | **Oil & Gas Exploration & Production-0.00%** |
| Endo Guc Trust<sup>(i)(j)</sup> | 2630 | &nbsp;&nbsp; 0 |
| **Pharmaceuticals-0.00%** | **Pharmaceuticals-0.00%** | **Pharmaceuticals-0.00%** |
| Endo, Inc.<sup>(i)</sup> | 43 | &nbsp;&nbsp; 942 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,303) | Total Common Stocks & Other Equity Interests <br>(Cost $2,303) | &nbsp;&nbsp; 942 |
| **Money Market Funds-0.13%** | **Money Market Funds-0.13%** | **Money Market Funds-0.13%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(k)(l)</sup> <br>(Cost $59,680)<br>| 59680 | &nbsp;&nbsp; 59680 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.37% <br>(Cost $45,276,953) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.37% <br>(Cost $45,276,953) | &nbsp;&nbsp; 44560175 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-16.18%** | **Money Market Funds-16.18%** | **Money Market Funds-16.18%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(k)(l)(m)</sup><br>| 2033672 | &nbsp;&nbsp; $2033672 |
| Invesco Private Prime Fund, 4.46%<sup>(k)(l)(m)</sup> | 5294776 | &nbsp;&nbsp; 5295835 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,329,813) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $7,329,813) | &nbsp;&nbsp; 7329507 |
| TOTAL INVESTMENTS IN SECURITIES-114.55% <br>(Cost $52,606,766) | TOTAL INVESTMENTS IN SECURITIES-114.55% <br>(Cost $52,606,766) | &nbsp;&nbsp; 51889682 |
| OTHER ASSETS LESS LIABILITIES-(14.55)% | OTHER ASSETS LESS LIABILITIES-(14.55)% | &nbsp;&nbsp; (6590814)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $45298868 |

---

Investment Abbreviations: <br> PIK -Pay-in-Kind <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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $34,457,072, which represented 76.07% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(e)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(f)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(g)</sup> | $109,639 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S. |
| <sup>(h)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(i)</sup> | Non-income producing security. |
| <sup>(j)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(k)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $513041 | &nbsp;&nbsp; $3895029 | &nbsp;&nbsp; $(4348390)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $59680 | &nbsp;&nbsp; $6034 |

---

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

------

**16**

------

**Invesco High Yield Bond Factor ETF (IHYF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $3579801 | &nbsp;&nbsp; $10249784 | &nbsp;&nbsp; $(11795913)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2033672 | &nbsp;&nbsp; $58,759<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 8691255 | &nbsp;&nbsp; 20354714 | &nbsp;&nbsp; (23749532)<br>| &nbsp;&nbsp; 342 | &nbsp;&nbsp; (944)<br>| &nbsp;&nbsp; 5295835 | &nbsp;&nbsp; 158,225<br> \*<br>|
| Total | &nbsp;&nbsp; $12784097 | &nbsp;&nbsp; $34499527 | &nbsp;&nbsp; $(39893835)<br>| &nbsp;&nbsp; $342 | &nbsp;&nbsp; $(944)<br>| &nbsp;&nbsp; $7389187 | &nbsp;&nbsp; $223018 |

---

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

<sup>(l)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 22 | June-2025 | &nbsp;&nbsp; $2468813 | &nbsp;&nbsp; $51626 | &nbsp;&nbsp; $51626 |
| U.S. Treasury 10 Year Ultra | &nbsp;&nbsp; 3 | June-2025 | &nbsp;&nbsp; 344203 | &nbsp;&nbsp; 1541 | &nbsp;&nbsp; 1541 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 29 | June-2025 | &nbsp;&nbsp; 3166664 | &nbsp;&nbsp; 57738 | &nbsp;&nbsp; 57738 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; 1 | June-2025 | &nbsp;&nbsp; 121031 | &nbsp;&nbsp; (213)<br>| &nbsp;&nbsp; (213)<br>|
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; 110692 | &nbsp;&nbsp; 110692 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 37 | June-2025 | &nbsp;&nbsp; (7701492)<br>| &nbsp;&nbsp; (63007)<br>| &nbsp;&nbsp; (63007)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $47685 | &nbsp;&nbsp; $47685 |

---

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

------

**17**

------

**Invesco High Yield Select ETF (HIYS)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-90.54%** | **U.S. Dollar Denominated Bonds & Notes-90.54%** | **U.S. Dollar Denominated Bonds & Notes-90.54%** |
| **Advertising-0.61%** | **Advertising-0.61%** | **Advertising-0.61%** |
| Clear Channel Outdoor Holdings, Inc., 5.13%, <br> 08/15/2027<sup>(b)</sup><br>| $49000 | &nbsp;&nbsp; $47690 |
| **Aerospace & Defense-1.14%** | **Aerospace & Defense-1.14%** | **Aerospace & Defense-1.14%** |
| TransDigm, Inc., 6.38%, 03/01/2029<sup>(b)</sup> | 87000 | &nbsp;&nbsp; 88737 |
| **Alternative Carriers-0.62%** | **Alternative Carriers-0.62%** | **Alternative Carriers-0.62%** |
| Lumen Technologies, Inc., 10.00%, <br> 10/15/2032<sup>(b)</sup><br>| 8000 | &nbsp;&nbsp; 7990 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/2031<sup>(b)</sup><br>| 39000 | &nbsp;&nbsp; 39960 |
|  |  | &nbsp;&nbsp; 47950 |
| **Apparel Retail-0.27%** | **Apparel Retail-0.27%** | **Apparel Retail-0.27%** |
| Victoria's Secret & Co., 4.63%, <br> 07/15/2029<sup>(b)(c)</sup><br>| 24000 | &nbsp;&nbsp; 20959 |
| **Application Software-1.15%** | **Application Software-1.15%** | **Application Software-1.15%** |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/2029<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30039 |
| 8.25%, 06/30/2032<sup>(b)</sup> | 14000 | &nbsp;&nbsp; 14615 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> | 22000 | &nbsp;&nbsp; 21913 |
| 6.50%, 06/01/2032<sup>(b)</sup> | 22000 | &nbsp;&nbsp; 22327 |
|  |  | &nbsp;&nbsp; 88894 |
| **Automobile Manufacturers-1.04%** | **Automobile Manufacturers-1.04%** | **Automobile Manufacturers-1.04%** |
| Allison Transmission, Inc., 3.75%, <br> 01/30/2031<sup>(b)</sup><br>| 90000 | &nbsp;&nbsp; 80937 |
| **Automotive Parts & Equipment-2.78%** | **Automotive Parts & Equipment-2.78%** | **Automotive Parts & Equipment-2.78%** |
| Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 02/15/2030<sup>(b)</sup><br>| 41000 | &nbsp;&nbsp; 41750 |
| Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 45686 |
| Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup> | 32000 | &nbsp;&nbsp; 31899 |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(b)</sup> | 61000 | &nbsp;&nbsp; 55388 |
| PHINIA, Inc. |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> | 11000 | &nbsp;&nbsp; 11131 |
| 6.63%, 10/15/2032<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 29472 |
|  |  | &nbsp;&nbsp; 215326 |
| **Automotive Retail-3.53%** | **Automotive Retail-3.53%** | **Automotive Retail-3.53%** |
| Carvana Co., 14.00% PIK Rate, 9.00% Cash <br> Rate, 06/01/2031<sup>(b)(d)</sup><br>| 38000 | &nbsp;&nbsp; 42800 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/2028<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 41871 |
| 6.38%, 01/15/2030<sup>(b)</sup> | 41000 | &nbsp;&nbsp; 41496 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> | 22000 | &nbsp;&nbsp; 20823 |
| 8.25%, 08/01/2031<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 41876 |
| Lithia Motors, Inc. |  |  |
| 4.63%, 12/15/2027<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 19438 |
| 4.38%, 01/15/2031<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 40453 |
| Velocity Vehicle Group LLC, 8.00%, <br> 06/01/2029<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 25282 |
|  |  | &nbsp;&nbsp; 274039 |
| **Broadcasting-1.11%** | **Broadcasting-1.11%** | **Broadcasting-1.11%** |
| Gray Media, Inc., 10.50%, 07/15/2029<sup>(b)(c)</sup> | 10000 | &nbsp;&nbsp; 10275 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Broadcasting-(continued)** | **Broadcasting-(continued)** | **Broadcasting-(continued)** | **Broadcasting-(continued)** |
| Sirius XM Radio LLC, 5.00%, 08/01/2027<sup>(b)</sup> | $| 39000 | &nbsp;&nbsp; $38566 |
| Univision Communications, Inc. |  |  |  |
| 6.63%, 06/01/2027<sup>(b)</sup> |  | 31000 | &nbsp;&nbsp; 30027 |
| 7.38%, 06/30/2030<sup>(b)</sup> |  | 8000 | &nbsp;&nbsp; 7295 |
|  |  |  | &nbsp;&nbsp; 86163 |
| **Broadline Retail-0.71%** | **Broadline Retail-0.71%** | **Broadline Retail-0.71%** | **Broadline Retail-0.71%** |
| Kohl's Corp., 5.13%, 05/01/2031 |  | 27000 | &nbsp;&nbsp; 17179 |
| Macy's Retail Holdings LLC, 6.70%, <br> 07/15/2034<sup>(b)</sup><br>|  | 45000 | &nbsp;&nbsp; 37748 |
|  |  |  | &nbsp;&nbsp; 54927 |
| **Cable & Satellite-2.72%** | **Cable & Satellite-2.72%** | **Cable & Satellite-2.72%** | **Cable & Satellite-2.72%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.13%, 05/01/2027<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 49358 |
| 5.38%, 06/01/2029<sup>(b)</sup> |  | 6000 | &nbsp;&nbsp; 5876 |
| 4.75%, 02/01/2032<sup>(b)(c)</sup> |  | 50000 | &nbsp;&nbsp; 45293 |
| 4.50%, 05/01/2032 |  | 51000 | &nbsp;&nbsp; 45346 |
| 4.25%, 01/15/2034<sup>(b)(c)</sup> |  | 54000 | &nbsp;&nbsp; 45524 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.00%, 02/15/2031<sup>(b)</sup><br>|  | 21000 | &nbsp;&nbsp; 19903 |
|  |  |  | &nbsp;&nbsp; 211300 |
| **Casinos & Gaming-2.27%** | **Casinos & Gaming-2.27%** | **Casinos & Gaming-2.27%** | **Casinos & Gaming-2.27%** |
| Studio City Finance Ltd. (Macau), 5.00%, <br> 01/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 175838 |
| **Commercial & Residential Mortgage Finance-0.76%** | **Commercial & Residential Mortgage Finance-0.76%** | **Commercial & Residential Mortgage Finance-0.76%** | **Commercial & Residential Mortgage Finance-0.76%** |
| PennyMac Financial Services, Inc., 4.25%, <br> 02/15/2029<sup>(b)</sup><br>|  | 22000 | &nbsp;&nbsp; 20559 |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(b)</sup> |  | 38000 | &nbsp;&nbsp; 38689 |
|  |  |  | &nbsp;&nbsp; 59248 |
| **Construction Machinery & Heavy Transportation Equipment-0.53%** | **Construction Machinery & Heavy Transportation Equipment-0.53%** | **Construction Machinery & Heavy Transportation Equipment-0.53%** | **Construction Machinery & Heavy Transportation Equipment-0.53%** |
| Northriver Midstream Finance L.P. (Canada), <br> 6.75%, 07/15/2032<sup>(b)</sup><br>|  | 41000 | &nbsp;&nbsp; 40786 |
| **Consumer Finance-3.55%** | **Consumer Finance-3.55%** | **Consumer Finance-3.55%** | **Consumer Finance-3.55%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> |  | 74000 | &nbsp;&nbsp; 77655 |
| FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup> |  | 67000 | &nbsp;&nbsp; 68633 |
| Navient Corp. |  |  |  |
| 5.00%, 03/15/2027 |  | 31000 | &nbsp;&nbsp; 30716 |
| 9.38%, 07/25/2030 |  | 15000 | &nbsp;&nbsp; 15967 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/2029 |  | 20000 | &nbsp;&nbsp; 20083 |
| 4.00%, 09/15/2030<sup>(c)</sup> |  | 46000 | &nbsp;&nbsp; 40841 |
| 6.75%, 03/15/2032 |  | 22000 | &nbsp;&nbsp; 21606 |
|  |  |  | &nbsp;&nbsp; 275501 |
| **Diversified Capital Markets-0.50%** | **Diversified Capital Markets-0.50%** | **Diversified Capital Markets-0.50%** | **Diversified Capital Markets-0.50%** |
| Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp., 9.00%, 06/15/2030<br>|  | 41000 | &nbsp;&nbsp; 38781 |
| **Diversified Financial Services-5.00%** | **Diversified Financial Services-5.00%** | **Diversified Financial Services-5.00%** | **Diversified Financial Services-5.00%** |
| Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/2032<sup>(b)(c)</sup><br>|  | 20000 | &nbsp;&nbsp; 19581 |
| GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup><br>|  | 87000 | &nbsp;&nbsp; 89063 |

---

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

------

**18**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 4.50%, 11/15/2029<sup>(b)</sup> | 40000 | &nbsp;&nbsp; $38118 |
| 7.13%, 04/30/2031<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30964 |
| 6.13%, 11/01/2032<sup>(b)</sup> | 83000 | &nbsp;&nbsp; 81653 |
| 6.75%, 05/01/2033<sup>(b)</sup> | 18000 | &nbsp;&nbsp; 18098 |
| Nationstar Mortgage Holdings, Inc., 7.13%, <br> 02/01/2032<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 45689 |
| Provident Funding Associates L.P./PFG Finance <br> Corp., 9.75%, 09/15/2029<sup>(b)</sup><br>| 63000 | &nbsp;&nbsp; 64777 |
|  |  | &nbsp;&nbsp; 387943 |
| **Diversified REITs-1.17%** | **Diversified REITs-1.17%** | **Diversified REITs-1.17%** |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>| 54000 | &nbsp;&nbsp; 50512 |
| Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 10.50%, <br> 02/15/2028<sup>(b)</sup><br>| 38000 | &nbsp;&nbsp; 40378 |
|  |  | &nbsp;&nbsp; 90890 |
| **Diversified Support Services-1.94%** | **Diversified Support Services-1.94%** | **Diversified Support Services-1.94%** |
| RB Global Holdings, Inc. (Canada) |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 61251 |
| 7.75%, 03/15/2031<sup>(b)</sup> | 57000 | &nbsp;&nbsp; 59835 |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup><br>| 48000 | &nbsp;&nbsp; 29168 |
|  |  | &nbsp;&nbsp; 150254 |
| **Electric Utilities-1.98%** | **Electric Utilities-1.98%** | **Electric Utilities-1.98%** |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 49156 |
| Vistra Operations Co. LLC |  |  |
| 5.00%, 07/31/2027<sup>(b)</sup> | 48000 | &nbsp;&nbsp; 47623 |
| 7.75%, 10/15/2031<sup>(b)</sup> | 54000 | &nbsp;&nbsp; 57135 |
|  |  | &nbsp;&nbsp; 153914 |
| **Electrical Components & Equipment-0.80%** | **Electrical Components & Equipment-0.80%** | **Electrical Components & Equipment-0.80%** |
| EnerSys |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 37859 |
| 6.63%, 01/15/2032<sup>(b)</sup> | 24000 | &nbsp;&nbsp; 24533 |
|  |  | &nbsp;&nbsp; 62392 |
| **Electronic Components-0.55%** | **Electronic Components-0.55%** | **Electronic Components-0.55%** |
| Sensata Technologies, Inc., 3.75%, <br> 02/15/2031<sup>(b)</sup><br>| 49000 | &nbsp;&nbsp; 42904 |
| **Electronic Manufacturing Services-0.80%** | **Electronic Manufacturing Services-0.80%** | **Electronic Manufacturing Services-0.80%** |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc., <br> 6.63%, 12/15/2030<sup>(b)</sup><br>| 61000 | &nbsp;&nbsp; 61937 |
| **Environmental & Facilities Services-1.77%** | **Environmental & Facilities Services-1.77%** | **Environmental & Facilities Services-1.77%** |
| GFL Environmental, Inc. |  |  |
| 4.00%, 08/01/2028<sup>(b)</sup> | 97000 | &nbsp;&nbsp; 92491 |
| 3.50%, 09/01/2028<sup>(b)</sup> | 47000 | &nbsp;&nbsp; 44609 |
|  |  | &nbsp;&nbsp; 137100 |
| **Gold-1.10%** | **Gold-1.10%** | **Gold-1.10%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup><br>| 83000 | &nbsp;&nbsp; 84978 |
| **Health Care Facilities-2.04%** | **Health Care Facilities-2.04%** | **Health Care Facilities-2.04%** |
| Select Medical Corp., 6.25%, 12/01/2032<sup>(b)(c)</sup> | 44000 | &nbsp;&nbsp; 43719 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Facilities-(continued)**  | **Health Care Facilities-(continued)**  | **Health Care Facilities-(continued)**  |
| Tenet Healthcare Corp. |  |  |
| 6.13%, 10/01/2028 | 22000 | &nbsp;&nbsp; $21964 |
| 6.75%, 05/15/2031 | 90000 | &nbsp;&nbsp; 92323 |
|  |  | &nbsp;&nbsp; 158006 |
| **Health Care REITs-0.59%** | **Health Care REITs-0.59%** | **Health Care REITs-0.59%** |
| Diversified Healthcare Trust, 0.00%, <br> 01/15/2026<sup>(b)(e)</sup><br>| 48000 | &nbsp;&nbsp; 45439 |
| **Health Care Services-2.16%** | **Health Care Services-2.16%** | **Health Care Services-2.16%** |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/2027<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 19521 |
| 8.00%, 12/15/2027<sup>(b)</sup> | 18000 | &nbsp;&nbsp; 18020 |
| 5.25%, 05/15/2030<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 21352 |
| 4.75%, 02/15/2031<sup>(b)(c)</sup> | 29000 | &nbsp;&nbsp; 23974 |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/2054<sup>(f)</sup> | 20000 | &nbsp;&nbsp; 19915 |
| 7.00%, 03/10/2055<sup>(f)</sup> | 20000 | &nbsp;&nbsp; 20281 |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 44458 |
|  |  | &nbsp;&nbsp; 167521 |
| **Homebuilding-0.58%** | **Homebuilding-0.58%** | **Homebuilding-0.58%** |
| Taylor Morrison Communities, Inc., 5.13%, <br> 08/01/2030<sup>(b)</sup><br>| 46000 | &nbsp;&nbsp; 44612 |
| **Hotel & Resort REITs-2.12%** | **Hotel & Resort REITs-2.12%** | **Hotel & Resort REITs-2.12%** |
| RLJ Lodging Trust L.P., 4.00%, 09/15/2029<sup>(b)</sup> | 51000 | &nbsp;&nbsp; 46142 |
| Service Properties Trust |  |  |
| 5.50%, 12/15/2027 | 73000 | &nbsp;&nbsp; 69609 |
| 4.38%, 02/15/2030<sup>(c)</sup> | 35000 | &nbsp;&nbsp; 26129 |
| 8.63%, 11/15/2031<sup>(b)</sup> | 21000 | &nbsp;&nbsp; 22301 |
|  |  | &nbsp;&nbsp; 164181 |
| **Hotels, Resorts & Cruise Lines-2.52%** | **Hotels, Resorts & Cruise Lines-2.52%** | **Hotels, Resorts & Cruise Lines-2.52%** |
| Carnival Corp. |  |  |
| 7.63%, 03/01/2026<sup>(b)</sup> | 32000 | &nbsp;&nbsp; 32114 |
| 5.75%, 03/01/2027<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 24930 |
| 6.13%, 02/15/2033<sup>(b)(c)</sup> | 40000 | &nbsp;&nbsp; 39687 |
| Hilton Domestic Operating Co., Inc., 5.88%, <br> 03/15/2033<sup>(b)</sup><br>| 77000 | &nbsp;&nbsp; 77012 |
| Royal Caribbean Cruises Ltd., 6.00%, <br> 02/01/2033<sup>(b)</sup><br>| 22000 | &nbsp;&nbsp; 22076 |
|  |  | &nbsp;&nbsp; 195819 |
| **Household Products-0.53%** | **Household Products-0.53%** | **Household Products-0.53%** |
| Energizer Holdings, Inc., 4.38%, <br> 03/31/2029<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 41112 |
| **Housewares & Specialties-0.50%** | **Housewares & Specialties-0.50%** | **Housewares & Specialties-0.50%** |
| Newell Brands, Inc., 5.70%, 04/01/2026 | 39000 | &nbsp;&nbsp; 38526 |
| **Independent Power Producers & Energy Traders-2.10%** | **Independent Power Producers & Energy Traders-2.10%** | **Independent Power Producers & Energy Traders-2.10%** |
| Calpine Corp., 5.13%, 03/15/2028<sup>(b)</sup> | 59000 | &nbsp;&nbsp; 58492 |
| Vistra Corp. |  |  |
| 8.00%<sup>(b)(f)(g)</sup> | 24000 | &nbsp;&nbsp; 24551 |
| Series C, 8.88%<sup>(b)(f)(g)</sup> | 76000 | &nbsp;&nbsp; 80159 |
|  |  | &nbsp;&nbsp; 163202 |
| **Industrial Machinery & Supplies & Components-1.18%** | **Industrial Machinery & Supplies & Components-1.18%** | **Industrial Machinery & Supplies & Components-1.18%** |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 45715 |
| Roller Bearing Co. of America, Inc., 4.38%, <br> 10/15/2029<sup>(b)</sup><br>| 48000 | &nbsp;&nbsp; 45593 |
|  |  | &nbsp;&nbsp; 91308 |

---

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

------

**19**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Insurance Brokers-1.73%** | **Insurance Brokers-1.73%** | **Insurance Brokers-1.73%** |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, 01/15/2031<sup>(b)</sup><br>| $66000 | &nbsp;&nbsp; $67049 |
| HUB International Ltd., 7.25%, 06/15/2030<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 67465 |
|  |  | &nbsp;&nbsp; 134514 |
| **Integrated Telecommunication Services-4.53%** | **Integrated Telecommunication Services-4.53%** | **Integrated Telecommunication Services-4.53%** |
| Iliad Holding S.A.S.U. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 211175 |
| Level 3 Financing, Inc. |  |  |
| 10.50%, 04/15/2029<sup>(b)</sup> | 8000 | &nbsp;&nbsp; 8898 |
| 11.00%, 11/15/2029<sup>(b)</sup> | 17000 | &nbsp;&nbsp; 19019 |
| 10.50%, 05/15/2030<sup>(b)</sup> | 17000 | &nbsp;&nbsp; 18463 |
| Telecom Italia Capital S.A. (Italy) |  |  |
| 6.38%, 11/15/2033 | 48000 | &nbsp;&nbsp; 48039 |
| 7.72%, 06/04/2038 | 44000 | &nbsp;&nbsp; 45914 |
|  |  | &nbsp;&nbsp; 351508 |
| **Leisure Products-0.52%** | **Leisure Products-0.52%** | **Leisure Products-0.52%** |
| Amer Sports Co. (Finland), 6.75%, <br> 02/16/2031<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 40511 |
| **Metal, Glass & Plastic Containers-0.59%** | **Metal, Glass & Plastic Containers-0.59%** | **Metal, Glass & Plastic Containers-0.59%** |
| OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(b)(c)</sup><br>| 49000 | &nbsp;&nbsp; 45417 |
| **Movies & Entertainment-1.05%** | **Movies & Entertainment-1.05%** | **Movies & Entertainment-1.05%** |
| Lions Gate Capital Holdings 1, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup><br>| 49000 | &nbsp;&nbsp; 44345 |
| WMG Acquisition Corp., 3.75%, 12/01/2029<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 37022 |
|  |  | &nbsp;&nbsp; 81367 |
| **Multi-line Insurance-0.72%** | **Multi-line Insurance-0.72%** | **Multi-line Insurance-0.72%** |
| Acrisure LLC/Acrisure Finance, Inc., 7.50%, <br> 11/06/2030<sup>(b)</sup><br>| 55000 | &nbsp;&nbsp; 56076 |
| **Multi-Utilities-0.48%** | **Multi-Utilities-0.48%** | **Multi-Utilities-0.48%** |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(f)</sup><br>| 38000 | &nbsp;&nbsp; 37594 |
| **Office REITs-0.61%** | **Office REITs-0.61%** | **Office REITs-0.61%** |
| Office Properties Income Trust, 9.00%, <br> 03/31/2029<sup>(b)</sup><br>| 49000 | &nbsp;&nbsp; 47081 |
| **Oil & Gas Drilling-1.32%** | **Oil & Gas Drilling-1.32%** | **Oil & Gas Drilling-1.32%** |
| Delek Logistics Partners L.P./Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13%, 06/01/2028<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 37582 |
| 8.63%, 03/15/2029<sup>(b)</sup> | 14000 | &nbsp;&nbsp; 14386 |
| Summit Midstream Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)</sup><br>| 51000 | &nbsp;&nbsp; 50301 |
|  |  | &nbsp;&nbsp; 102269 |
| **Oil & Gas Exploration & Production-1.93%** | **Oil & Gas Exploration & Production-1.93%** | **Oil & Gas Exploration & Production-1.93%** |
| Aethon United BR L.P./Aethon United Finance <br> Corp., 7.50%, 10/01/2029<sup>(b)</sup><br>| 64000 | &nbsp;&nbsp; 64329 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 42957 |
| Kimmeridge Texas Gas LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 42302 |
|  |  | &nbsp;&nbsp; 149588 |
| **Oil & Gas Refining & Marketing-0.58%** | **Oil & Gas Refining & Marketing-0.58%** | **Oil & Gas Refining & Marketing-0.58%** |
| Sunoco L.P., 6.25%, 07/01/2033<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 44977 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-5.01%** | **Oil & Gas Storage & Transportation-5.01%** | **Oil & Gas Storage & Transportation-5.01%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup><br>| $44000 | &nbsp;&nbsp; $44503 |
| Excelerate Energy L.P., 8.00%, 05/15/2030<sup>(b)</sup> | 35000 | &nbsp;&nbsp; 35589 |
| Genesis Energy L.P./Genesis Energy Finance <br> Corp.<br>|  |  |
| 7.88%, 05/15/2032 | 21000 | &nbsp;&nbsp; 20463 |
| 8.00%, 05/15/2033 | 37000 | &nbsp;&nbsp; 35940 |
| Howard Midstream Energy Partners LLC, <br> 7.38%, 07/15/2032<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 40988 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp., 8.38%, 02/15/2032<sup>(b)</sup><br>| 16000 | &nbsp;&nbsp; 14605 |
| Prairie Acquiror L.P., 9.00%, 08/01/2029<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40364 |
| Tallgrass Energy Partners L.P./Tallgrass Energy <br> Finance Corp., 7.38%, 02/15/2029<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 43883 |
| Venture Global LNG, Inc. |  |  |
| 9.88%, 02/01/2032<sup>(b)</sup> | 54000 | &nbsp;&nbsp; 54863 |
| 9.00%<sup>(b)(f)(g)</sup> | 67000 | &nbsp;&nbsp; 57650 |
|  |  | &nbsp;&nbsp; 388848 |
| **Other Specialized REITs-0.59%** | **Other Specialized REITs-0.59%** | **Other Specialized REITs-0.59%** |
| Iron Mountain, Inc., 4.50%, 02/15/2031<sup>(b)</sup> | 49000 | &nbsp;&nbsp; 45443 |
| **Packaged Foods & Meats-0.63%** | **Packaged Foods & Meats-0.63%** | **Packaged Foods & Meats-0.63%** |
| Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/2032<sup>(b)</sup><br>| 53000 | &nbsp;&nbsp; 48608 |
| **Paper & Plastic Packaging Products & Materials-1.02%** | **Paper & Plastic Packaging Products & Materials-1.02%** | **Paper & Plastic Packaging Products & Materials-1.02%** |
| Clydesdale Acquisition Holdings, Inc., 6.75%, <br> 04/15/2032<sup>(b)</sup><br>| 77000 | &nbsp;&nbsp; 78795 |
| **Passenger Airlines-0.75%** | **Passenger Airlines-0.75%** | **Passenger Airlines-0.75%** |
| American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/2029<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp; 58261 |
| **Passenger Ground Transportation-0.05%** | **Passenger Ground Transportation-0.05%** | **Passenger Ground Transportation-0.05%** |
| Hertz Corp. (The), 12.63%, 07/15/2029<sup>(b)</sup> | 4000 | &nbsp;&nbsp; 3894 |
| **Pharmaceuticals-1.09%** | **Pharmaceuticals-1.09%** | **Pharmaceuticals-1.09%** |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 29395 |
| Bausch Health Cos., Inc., 11.00%, <br> 09/30/2028<sup>(b)</sup><br>| 12000 | &nbsp;&nbsp; 11294 |
| Endo Finance Holdings, Inc., 8.50%, <br> 04/15/2031<sup>(b)</sup><br>| 42000 | &nbsp;&nbsp; 43721 |
|  |  | &nbsp;&nbsp; 84410 |
| **Real Estate Development-1.12%** | **Real Estate Development-1.12%** | **Real Estate Development-1.12%** |
| Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)</sup><br>| 42000 | &nbsp;&nbsp; 44974 |
| Greystar Real Estate Partners LLC, 7.75%, <br> 09/01/2030<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 42041 |
|  |  | &nbsp;&nbsp; 87015 |
| **Reinsurance-0.59%** | **Reinsurance-0.59%** | **Reinsurance-0.59%** |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(f)</sup><br>| 48000 | &nbsp;&nbsp; 45635 |
| **Security & Alarm Services-0.61%** | **Security & Alarm Services-0.61%** | **Security & Alarm Services-0.61%** |
| Brink's Co. (The), 6.75%, 06/15/2032<sup>(b)</sup> | 46000 | &nbsp;&nbsp; 47135 |
| **Semiconductor Materials & Equipment-0.60%** | **Semiconductor Materials & Equipment-0.60%** | **Semiconductor Materials & Equipment-0.60%** |
| Entegris, Inc., 4.75%, 04/15/2029<sup>(b)</sup> | 48000 | &nbsp;&nbsp; 46776 |
| **Single-Family Residential REITs-1.17%** | **Single-Family Residential REITs-1.17%** | **Single-Family Residential REITs-1.17%** |
| Ashton Woods USA LLC/Ashton Woods Finance <br> Co., 6.63%, 01/15/2028<sup>(b)</sup><br>| 91000 | &nbsp;&nbsp; 90917 |

---

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

------

**20**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialized Consumer Services-0.81%** | **Specialized Consumer Services-0.81%** | **Specialized Consumer Services-0.81%** |
| Carriage Services, Inc., 4.25%, 05/15/2029<sup>(b)</sup> | $68000 | &nbsp;&nbsp; $62588 |
| **Specialized Finance-1.62%** | **Specialized Finance-1.62%** | **Specialized Finance-1.62%** |
| Jefferson Capital Holdings LLC |  |  |
| 9.50%, 02/15/2029<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 39869 |
| 8.25%, 05/15/2030<sup>(b)</sup> | 18000 | &nbsp;&nbsp; 18137 |
| TrueNoord Capital DAC (Ireland), 8.75%, <br> 03/01/2030<sup>(b)</sup><br>| 66000 | &nbsp;&nbsp; 67492 |
|  |  | &nbsp;&nbsp; 125498 |
| **Specialty Chemicals-0.83%** | **Specialty Chemicals-0.83%** | **Specialty Chemicals-0.83%** |
| Celanese US Holdings LLC, 6.95%, <br> 11/15/2033<br>| 64000 | &nbsp;&nbsp; 64170 |
| **Steel-0.77%** | **Steel-0.77%** | **Steel-0.77%** |
| Cleveland-Cliffs, Inc. |  |  |
| 5.88%, 06/01/2027 | 19000 | &nbsp;&nbsp; 18763 |
| 7.00%, 03/15/2032<sup>(b)(c)</sup> | 33000 | &nbsp;&nbsp; 31044 |
| 6.25%, 10/01/2040 | 13000 | &nbsp;&nbsp; 10277 |
|  |  | &nbsp;&nbsp; 60084 |
| **Systems Software-0.59%** | **Systems Software-0.59%** | **Systems Software-0.59%** |
| Camelot Finance S.A., 4.50%, 11/01/2026<sup>(b)</sup> | 46000 | &nbsp;&nbsp; 45367 |
| **Technology Hardware, Storage & Peripherals-0.04%** | **Technology Hardware, Storage & Peripherals-0.04%** | **Technology Hardware, Storage & Peripherals-0.04%** |
| Xerox Holdings Corp., 5.50%, 08/15/2028<sup>(b)</sup> | 5000 | &nbsp;&nbsp; 3216 |
| **Trading Companies & Distributors-4.15%** | **Trading Companies & Distributors-4.15%** | **Trading Companies & Distributors-4.15%** |
| Air Lease Corp., Series B, 4.65%<sup>(f)(g)</sup> | 87000 | &nbsp;&nbsp; 84475 |
| Aircastle Ltd., 5.25%<sup>(b)(f)(g)</sup> | 118000 | &nbsp;&nbsp; 114945 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(b)</sup> | 49000 | &nbsp;&nbsp; 46649 |
| H&E Equipment Services, Inc., 3.88%, <br> 12/15/2028<sup>(b)</sup><br>| 76000 | &nbsp;&nbsp; 75760 |
|  |  | &nbsp;&nbsp; 321829 |
| **Transaction & Payment Processing Services-0.56%** | **Transaction & Payment Processing Services-0.56%** | **Transaction & Payment Processing Services-0.56%** |
| WEX, Inc., 6.50%, 03/15/2033<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 43802 |
| **Wireless Telecommunication Services-1.16%** | **Wireless Telecommunication Services-1.16%** | **Wireless Telecommunication Services-1.16%** |
| Vodafone Group PLC (United Kingdom), 4.13%, <br> 06/04/2081<sup>(f)</sup><br>| 101000 | &nbsp;&nbsp; 89905 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $6,998,668) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $6,998,668) | &nbsp;&nbsp; 7022212 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes-2.85%**<sup>(h)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-2.85%**<sup>(h)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-2.85%**<sup>(h)</sup>  |
| **Integrated Telecommunication Services-1.49%** | **Integrated Telecommunication Services-1.49%** | **Integrated Telecommunication Services-1.49%** |
| Eutelsat S.A. (France), 9.75%, 04/13/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; $115520 |
| **Wireless Telecommunication Services-1.36%** | **Wireless Telecommunication Services-1.36%** | **Wireless Telecommunication Services-1.36%** |
| VMED O2 UK Financing I PLC (United Kingdom), <br> 3.25%, 01/31/2031<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 105856 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $200,820) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $200,820) | &nbsp;&nbsp; 221376 |
|  | **Shares** |  |
| **Money Market Funds-4.26%** | **Money Market Funds-4.26%** | **Money Market Funds-4.26%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(i)(j)</sup> <br>(Cost $330,262)<br>| 330262 | &nbsp;&nbsp; 330262 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-97.65% <br>(Cost $7,529,750) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-97.65% <br>(Cost $7,529,750) | &nbsp;&nbsp; 7573850 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-5.62%** | **Money Market Funds-5.62%** | **Money Market Funds-5.62%** |
| Invesco Private Government Fund, 4.32%<sup>(i)(j)(k)</sup> | 121028 | &nbsp;&nbsp; 121028 |
| Invesco Private Prime Fund, 4.46%<sup>(i)(j)(k)</sup> | 314732 | &nbsp;&nbsp; 314795 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $435,830) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $435,830) | &nbsp;&nbsp; 435823 |
| TOTAL INVESTMENTS IN SECURITIES-103.27% <br>(Cost $7,965,580) | TOTAL INVESTMENTS IN SECURITIES-103.27% <br>(Cost $7,965,580) | &nbsp;&nbsp; 8009673 |
| OTHER ASSETS LESS LIABILITIES-(3.27)% | OTHER ASSETS LESS LIABILITIES-(3.27)% | &nbsp;&nbsp; (253800)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $7755873 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | -Exchange-Traded Fund |
| EUR | -Euro |
| PIK | -Pay-in-Kind |
| REIT | -Real Estate Investment Trust |

---

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

------

**21**

------

**Invesco High Yield Select ETF (HIYS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $6,268,782, which represented 80.83% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(e)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(f)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(g)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(h)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(i)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Senior Loan ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $715640 | &nbsp;&nbsp; $(704100)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(11540)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $8063 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; 100914 | &nbsp;&nbsp; 2362109 | &nbsp;&nbsp; (2463023)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2458 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 2757778 | &nbsp;&nbsp; (2427516)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 330262 | &nbsp;&nbsp; 2795 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 619935 | &nbsp;&nbsp; 2009000 | &nbsp;&nbsp; (2507907)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 121028 | &nbsp;&nbsp; 6,013<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 1611942 | &nbsp;&nbsp; 4415416 | &nbsp;&nbsp; (5712512)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (61)<br>| &nbsp;&nbsp; 314795 | &nbsp;&nbsp; 16,404<br> \*<br>|
| Total | &nbsp;&nbsp; $2332791 | &nbsp;&nbsp; $12259943 | &nbsp;&nbsp; $(13815058)<br>| &nbsp;&nbsp; $10 | &nbsp;&nbsp; $(11601)<br>| &nbsp;&nbsp; $766085 | &nbsp;&nbsp; $35733 |

---

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

<sup>(j)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized** <br>**Appreciation** |
| **Settlement Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 7/31/2025 | Barclays Bank PLC | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 172000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 196674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

Abbreviations: <br> EUR -Euro <br> USD -U.S. Dollar

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

------

**22**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-76.25%** | **Common Stocks & Other Equity Interests-76.25%** | **Common Stocks & Other Equity Interests-76.25%** |
| **Australia-5.51%** | **Australia-5.51%** | **Australia-5.51%** |
| ANZ Group Holdings Ltd. | 17482 | &nbsp;&nbsp; $333930 |
| APA Group<sup>(a)</sup> | 7822 | &nbsp;&nbsp; 41114 |
| Aristocrat Leisure Ltd. | 3313 | &nbsp;&nbsp; 141340 |
| ASX Ltd. | 1138 | &nbsp;&nbsp; 51474 |
| BHP Group Ltd. | 29769 | &nbsp;&nbsp; 708729 |
| BlueScope Steel Ltd. | 2668 | &nbsp;&nbsp; 40820 |
| Brambles Ltd. | 8113 | &nbsp;&nbsp; 106502 |
| CAR Group Ltd. | 2206 | &nbsp;&nbsp; 47034 |
| Cochlear Ltd. | 384 | &nbsp;&nbsp; 67177 |
| Coles Group Ltd. | 7864 | &nbsp;&nbsp; 106675 |
| Commonwealth Bank of Australia | 9818 | &nbsp;&nbsp; 1045349 |
| Computershare Ltd. | 3093 | &nbsp;&nbsp; 80736 |
| CSL Ltd. | 2841 | &nbsp;&nbsp; 455519 |
| Fortescue Ltd. | 9936 | &nbsp;&nbsp; 102504 |
| Glencore PLC<sup>(b)</sup> | 60846 | &nbsp;&nbsp; 199947 |
| Goodman Group | 11916 | &nbsp;&nbsp; 227869 |
| GPT Group (The) | 11685 | &nbsp;&nbsp; 34601 |
| Insurance Australia Group Ltd. | 13877 | &nbsp;&nbsp; 72809 |
| James Hardie Industries PLC, CDI<sup>(a)(b)</sup> | 2522 | &nbsp;&nbsp; 59132 |
| Lottery Corp. Ltd. (The) | 13059 | &nbsp;&nbsp; 43472 |
| Macquarie Group Ltd. | 2124 | &nbsp;&nbsp; 262187 |
| Medibank Pvt. Ltd. | 16158 | &nbsp;&nbsp; 48013 |
| National Australia Bank Ltd.<sup>(a)</sup> | 18043 | &nbsp;&nbsp; 416170 |
| Northern Star Resources Ltd. | 8295 | &nbsp;&nbsp; 101782 |
| Origin Energy Ltd. | 10108 | &nbsp;&nbsp; 68821 |
| Pro Medicus Ltd. | 345 | &nbsp;&nbsp; 50532 |
| Qantas Airways Ltd. | 4350 | &nbsp;&nbsp; 24568 |
| QBE Insurance Group Ltd. | 8832 | &nbsp;&nbsp; 121924 |
| REA Group Ltd. | 310 | &nbsp;&nbsp; 49199 |
| Reece Ltd. | 1380 | &nbsp;&nbsp; 13901 |
| Rio Tinto Ltd.<sup>(a)</sup> | 2178 | &nbsp;&nbsp; 162774 |
| Rio Tinto PLC | 6616 | &nbsp;&nbsp; 395131 |
| Santos Ltd. | 19055 | &nbsp;&nbsp; 73174 |
| Scentre Group | 30519 | &nbsp;&nbsp; 70627 |
| SGH Ltd. | 1199 | &nbsp;&nbsp; 39170 |
| Sonic Healthcare Ltd. | 2761 | &nbsp;&nbsp; 46050 |
| South32 Ltd. | 26504 | &nbsp;&nbsp; 45624 |
| Stockland | 14006 | &nbsp;&nbsp; 49167 |
| Suncorp Group Ltd. | 6353 | &nbsp;&nbsp; 82525 |
| Telstra Group Ltd. | 23727 | &nbsp;&nbsp; 68403 |
| Transurban Group | 18212 | &nbsp;&nbsp; 163936 |
| Treasury Wine Estates Ltd.<sup>(a)</sup> | 4967 | &nbsp;&nbsp; 28360 |
| Vicinity Ltd. | 23556 | &nbsp;&nbsp; 35586 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(a)</sup> | 1383 | &nbsp;&nbsp; 32883 |
| Wesfarmers Ltd. | 6658 | &nbsp;&nbsp; 333176 |
| Westpac Banking Corp. | 20140 | &nbsp;&nbsp; 422180 |
| WiseTech Global Ltd. | 1079 | &nbsp;&nbsp; 61288 |
| Woodside Energy Group Ltd. | 11140 | &nbsp;&nbsp; 145053 |
| Woolworths Group Ltd. | 7167 | &nbsp;&nbsp; 144491 |
|  |  | &nbsp;&nbsp; 7523428 |
| **Austria-0.18%** | **Austria-0.18%** | **Austria-0.18%** |
| Erste Group Bank AG | 1806 | &nbsp;&nbsp; 122726 |
| Mondi PLC | 2667 | &nbsp;&nbsp; 40574 |
| OMV AG | 864 | &nbsp;&nbsp; 44826 |
| Verbund AG | 400 | &nbsp;&nbsp; 30846 |
|  |  | &nbsp;&nbsp; 238972 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Belgium-0.59%** | **Belgium-0.59%** | **Belgium-0.59%** |
| Ageas S.A./N.V. | 875 | &nbsp;&nbsp; $55066 |
| Anheuser-Busch InBev S.A./N.V. | 5272 | &nbsp;&nbsp; 348668 |
| D'Ieteren Group | 128 | &nbsp;&nbsp; 25650 |
| Groupe Bruxelles Lambert N.V. | 504 | &nbsp;&nbsp; 41720 |
| KBC Group N.V. | 1347 | &nbsp;&nbsp; 124633 |
| Lotus Bakeries N.V. | 2 | &nbsp;&nbsp; 19296 |
| Sofina S.A. | 94 | &nbsp;&nbsp; 26353 |
| Syensqo S.A. | 432 | &nbsp;&nbsp; 31009 |
| UCB S.A. | 742 | &nbsp;&nbsp; 136506 |
|  |  | &nbsp;&nbsp; 808901 |
| **Brazil-0.02%** | **Brazil-0.02%** | **Brazil-0.02%** |
| Yara International ASA | 1010 | &nbsp;&nbsp; 32884 |
| **Chile-0.04%** | **Chile-0.04%** | **Chile-0.04%** |
| Antofagasta PLC | 2314 | &nbsp;&nbsp; 50896 |
| **China-0.13%** | **China-0.13%** | **China-0.13%** |
| BOC Hong Kong (Holdings) Ltd. | 21943 | &nbsp;&nbsp; 91038 |
| SITC International Holdings Co. Ltd. | 6481 | &nbsp;&nbsp; 17948 |
| Wharf (Holdings) Ltd. (The) | 5173 | &nbsp;&nbsp; 12996 |
| Wilmar International Ltd. | 11688 | &nbsp;&nbsp; 27422 |
| Yangzijiang Shipbuilding Holdings Ltd. | 15735 | &nbsp;&nbsp; 26962 |
|  |  | &nbsp;&nbsp; 176366 |
| **Denmark-1.77%** | **Denmark-1.77%** | **Denmark-1.77%** |
| A.P. Moller - Maersk A/S, Class A | 15 | &nbsp;&nbsp; 25728 |
| A.P. Moller - Maersk A/S, Class B | 27 | &nbsp;&nbsp; 46658 |
| Carlsberg A/S, Class B | 560 | &nbsp;&nbsp; 76576 |
| Coloplast A/S, Class B | 740 | &nbsp;&nbsp; 84041 |
| Danske Bank A/S | 4047 | &nbsp;&nbsp; 142509 |
| Demant A/S<sup>(b)</sup> | 540 | &nbsp;&nbsp; 19736 |
| DSV A/S<sup>(a)</sup> | 1199 | &nbsp;&nbsp; 255051 |
| Genmab A/S<sup>(b)</sup> | 369 | &nbsp;&nbsp; 78523 |
| Novo Nordisk A/S, Class B | 18896 | &nbsp;&nbsp; 1267948 |
| Novonesis (Novozymes) B, Class B | 2067 | &nbsp;&nbsp; 134748 |
| Orsted A/S<sup>(a)(b)(c)</sup> | 987 | &nbsp;&nbsp; 39416 |
| Pandora A/S | 481 | &nbsp;&nbsp; 71860 |
| Rockwool A/S | 570 | &nbsp;&nbsp; 26114 |
| Tryg A/S | 1989 | &nbsp;&nbsp; 47608 |
| Vestas Wind Systems A/S | 5925 | &nbsp;&nbsp; 79277 |
| Zealand Pharma A/S<sup>(b)</sup> | 395 | &nbsp;&nbsp; 28037 |
|  |  | &nbsp;&nbsp; 2423830 |
| **Finland-0.79%** | **Finland-0.79%** | **Finland-0.79%** |
| Elisa OYJ | 831 | &nbsp;&nbsp; 44485 |
| Fortum OYJ | 2632 | &nbsp;&nbsp; 44281 |
| Kesko OYJ, Class B<sup>(a)</sup> | 1657 | &nbsp;&nbsp; 38174 |
| Kone OYJ, Class B | 1994 | &nbsp;&nbsp; 123917 |
| Metso OYJ<sup>(a)</sup> | 3771 | &nbsp;&nbsp; 41116 |
| Neste OYJ | 2578 | &nbsp;&nbsp; 26835 |
| Nokia OYJ | 30875 | &nbsp;&nbsp; 154881 |
| Nordea Bank Abp | 18495 | &nbsp;&nbsp; 257018 |
| Orion OYJ, Class B | 647 | &nbsp;&nbsp; 40649 |
| Sampo OYJ | 14206 | &nbsp;&nbsp; 142814 |
| Stora Enso OYJ, Class R<sup>(a)</sup> | 3514 | &nbsp;&nbsp; 32752 |
| UPM-Kymmene OYJ | 3131 | &nbsp;&nbsp; 83214 |
| Wartsila OYJ Abp | 2951 | &nbsp;&nbsp; 54711 |
|  |  | &nbsp;&nbsp; 1084847 |

---

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

------

**23**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-8.04%** | **France-8.04%** | **France-8.04%** |
| Accor S.A. | 1144 | &nbsp;&nbsp; $56562 |
| Aeroports de Paris S.A. | 184 | &nbsp;&nbsp; 23088 |
| Air Liquide S.A. | 3393 | &nbsp;&nbsp; 699588 |
| Airbus SE | 3486 | &nbsp;&nbsp; 593578 |
| Alstom S.A.<sup>(b)</sup> | 2031 | &nbsp;&nbsp; 49216 |
| Amundi S.A.<sup>(c)</sup> | 370 | &nbsp;&nbsp; 29327 |
| Arkema S.A. | 339 | &nbsp;&nbsp; 25861 |
| AXA S.A.<sup>(a)</sup> | 10396 | &nbsp;&nbsp; 493381 |
| bioMerieux | 239 | &nbsp;&nbsp; 32371 |
| BNP Paribas S.A. | 5971 | &nbsp;&nbsp; 507662 |
| Bollore SE | 4323 | &nbsp;&nbsp; 26832 |
| Bouygues S.A. | 1107 | &nbsp;&nbsp; 48826 |
| Bureau Veritas S.A. | 1864 | &nbsp;&nbsp; 59373 |
| Capgemini SE | 905 | &nbsp;&nbsp; 144983 |
| Carrefour S.A.<sup>(a)</sup> | 3182 | &nbsp;&nbsp; 49247 |
| Cie de Saint-Gobain S.A. | 2635 | &nbsp;&nbsp; 287458 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 3934 | &nbsp;&nbsp; 144345 |
| Covivio S.A. | 337 | &nbsp;&nbsp; 18962 |
| Credit Agricole S.A. | 6245 | &nbsp;&nbsp; 117538 |
| Danone S.A. | 3788 | &nbsp;&nbsp; 327066 |
| Dassault Aviation S.A. | 119 | &nbsp;&nbsp; 43055 |
| Dassault Systemes SE | 3926 | &nbsp;&nbsp; 147638 |
| Edenred SE | 1420 | &nbsp;&nbsp; 44438 |
| Eiffage S.A. | 402 | &nbsp;&nbsp; 54890 |
| ENGIE S.A. | 10716 | &nbsp;&nbsp; 222244 |
| EssilorLuxottica S.A. | 1745 | &nbsp;&nbsp; 504558 |
| Eurazeo SE | 258 | &nbsp;&nbsp; 18930 |
| FDJ United<sup>(c)</sup> | 598 | &nbsp;&nbsp; 21389 |
| Gecina S.A. | 276 | &nbsp;&nbsp; 28431 |
| Getlink SE | 1838 | &nbsp;&nbsp; 35020 |
| Hermes International S.C.A. | 186 | &nbsp;&nbsp; 513295 |
| Ipsen S.A. | 228 | &nbsp;&nbsp; 26608 |
| Kering S.A. | 437 | &nbsp;&nbsp; 89215 |
| Klepierre S.A. | 1288 | &nbsp;&nbsp; 47307 |
| Legrand S.A. | 1539 | &nbsp;&nbsp; 169718 |
| L'Oreal S.A. | 1411 | &nbsp;&nbsp; 625619 |
| LVMH Moet Hennessy Louis Vuitton SE | 1615 | &nbsp;&nbsp; 897676 |
| Orange S.A. | 10925 | &nbsp;&nbsp; 159046 |
| Pernod Ricard S.A. | 1184 | &nbsp;&nbsp; 128782 |
| Publicis Groupe S.A. | 1343 | &nbsp;&nbsp; 137117 |
| Renault S.A. | 1128 | &nbsp;&nbsp; 60116 |
| Rexel S.A. | 1312 | &nbsp;&nbsp; 36578 |
| Safran S.A. | 2113 | &nbsp;&nbsp; 564247 |
| Sartorius Stedim Biotech | 175 | &nbsp;&nbsp; 41441 |
| Schneider Electric SE | 3208 | &nbsp;&nbsp; 752116 |
| Societe Generale S.A. | 4226 | &nbsp;&nbsp; 221098 |
| Sodexo S.A. | 519 | &nbsp;&nbsp; 33058 |
| STMicroelectronics N.V. | 3972 | &nbsp;&nbsp; 90607 |
| Teleperformance SE | 316 | &nbsp;&nbsp; 34770 |
| Thales S.A. | 544 | &nbsp;&nbsp; 152911 |
| TotalEnergies SE | 12661 | &nbsp;&nbsp; 723592 |
| Unibail-Rodamco-Westfield | 718 | &nbsp;&nbsp; 60992 |
| Veolia Environnement S.A. | 4128 | &nbsp;&nbsp; 151290 |
| Vinci S.A. | 2902 | &nbsp;&nbsp; 409040 |
|  |  | &nbsp;&nbsp; 10982096 |
| **Germany-7.85%** | **Germany-7.85%** | **Germany-7.85%** |
| adidas AG | 1003 | &nbsp;&nbsp; 231577 |
| Allianz SE | 2266 | &nbsp;&nbsp; 940391 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| BASF SE | 5237 | &nbsp;&nbsp; $268372 |
| Bayer AG | 5764 | &nbsp;&nbsp; 151578 |
| Bayerische Motoren Werke AG | 1701 | &nbsp;&nbsp; 144771 |
| Bayerische Motoren Werke AG, Preference <br> Shares<br>| 338 | &nbsp;&nbsp; 27369 |
| Beiersdorf AG | 582 | &nbsp;&nbsp; 82285 |
| Brenntag SE | 720 | &nbsp;&nbsp; 48250 |
| Commerzbank AG | 5560 | &nbsp;&nbsp; 147666 |
| Continental AG | 648 | &nbsp;&nbsp; 50832 |
| Covestro AG<sup>(b)(c)</sup> | 1107 | &nbsp;&nbsp; 74038 |
| CTS Eventim AG & Co. KGaA | 371 | &nbsp;&nbsp; 44110 |
| Daimler Truck Holding AG | 2788 | &nbsp;&nbsp; 112398 |
| Deutsche Bank AG | 10859 | &nbsp;&nbsp; 285707 |
| Deutsche Boerse AG | 1105 | &nbsp;&nbsp; 357139 |
| Deutsche Lufthansa AG | 3680 | &nbsp;&nbsp; 26534 |
| Deutsche Post AG | 5632 | &nbsp;&nbsp; 241473 |
| Deutsche Telekom AG | 20479 | &nbsp;&nbsp; 738088 |
| Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(c)</sup><br>| 679 | &nbsp;&nbsp; 34252 |
| E.ON SE | 13172 | &nbsp;&nbsp; 231166 |
| Evonik Industries AG | 1562 | &nbsp;&nbsp; 35223 |
| Fresenius Medical Care AG | 1205 | &nbsp;&nbsp; 61516 |
| Fresenius SE & Co. KGaA<sup>(b)</sup> | 2478 | &nbsp;&nbsp; 118103 |
| GEA Group AG | 924 | &nbsp;&nbsp; 60489 |
| Hannover Rueck SE | 354 | &nbsp;&nbsp; 114025 |
| Heidelberg Materials AG | 801 | &nbsp;&nbsp; 160682 |
| Henkel AG & Co. KGaA | 610 | &nbsp;&nbsp; 43202 |
| Henkel AG & Co. KGaA, Preference Shares | 1011 | &nbsp;&nbsp; 78791 |
| Infineon Technologies AG | 7662 | &nbsp;&nbsp; 254662 |
| Knorr-Bremse AG | 440 | &nbsp;&nbsp; 43788 |
| LEG Immobilien SE | 437 | &nbsp;&nbsp; 37172 |
| Mercedes-Benz Group AG | 4237 | &nbsp;&nbsp; 254197 |
| Merck KGaA | 758 | &nbsp;&nbsp; 105892 |
| MTU Aero Engines AG | 316 | &nbsp;&nbsp; 109746 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 785 | &nbsp;&nbsp; 539269 |
| Nemetschek SE | 346 | &nbsp;&nbsp; 46136 |
| Porsche Automobil Holding SE, Preference <br> Shares<br>| 923 | &nbsp;&nbsp; 38187 |
| Puma SE | 646 | &nbsp;&nbsp; 16738 |
| Rational AG | 30 | &nbsp;&nbsp; 25830 |
| Rheinmetall AG | 256 | &nbsp;&nbsp; 437483 |
| RWE AG | 3710 | &nbsp;&nbsp; 144571 |
| SAP SE | 6127 | &nbsp;&nbsp; 1798863 |
| Sartorius AG, Preference Shares | 154 | &nbsp;&nbsp; 40115 |
| Scout24 SE<sup>(c)</sup> | 440 | &nbsp;&nbsp; 52618 |
| Siemens AG | 4459 | &nbsp;&nbsp; 1030270 |
| Siemens Energy AG, Class A<sup>(b)</sup> | 3752 | &nbsp;&nbsp; 290590 |
| Siemens Healthineers AG<sup>(c)</sup> | 1655 | &nbsp;&nbsp; 89524 |
| Symrise AG | 779 | &nbsp;&nbsp; 90153 |
| Talanx AG | 372 | &nbsp;&nbsp; 42841 |
| Volkswagen AG, Preference Shares | 1210 | &nbsp;&nbsp; 132114 |
| Vonovia SE | 4345 | &nbsp;&nbsp; 144620 |
| Zalando SE<sup>(b)(c)</sup> | 1316 | &nbsp;&nbsp; 48221 |
|  |  | &nbsp;&nbsp; 10723627 |
| **Hong Kong-1.39%** | **Hong Kong-1.39%** | **Hong Kong-1.39%** |
| AIA Group Ltd. | 63411 | &nbsp;&nbsp; 475189 |
| CK Asset Holdings Ltd. | 11279 | &nbsp;&nbsp; 46084 |
| CK Hutchison Holdings Ltd. | 15710 | &nbsp;&nbsp; 88600 |

---

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

------

**24**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| CK Infrastructure Holdings Ltd. | 3194 | &nbsp;&nbsp; $21529 |
| CLP Holdings Ltd. | 9421 | &nbsp;&nbsp; 80339 |
| Futu Holdings Ltd., ADR | 338 | &nbsp;&nbsp; 31201 |
| Hang Seng Bank Ltd. | 4508 | &nbsp;&nbsp; 62934 |
| Henderson Land Development Co. Ltd. | 6757 | &nbsp;&nbsp; 19165 |
| HKT Trust & HKT Ltd. | 22466 | &nbsp;&nbsp; 31972 |
| Hong Kong & China Gas Co. Ltd. (The) | 65406 | &nbsp;&nbsp; 58858 |
| Hong Kong Exchanges & Clearing Ltd. | 7047 | &nbsp;&nbsp; 307917 |
| Hongkong Land Holdings Ltd. | 6719 | &nbsp;&nbsp; 32883 |
| Jardine Matheson Holdings Ltd. | 925 | &nbsp;&nbsp; 41102 |
| Link REIT | 15235 | &nbsp;&nbsp; 71336 |
| MTR Corp. Ltd. | 9322 | &nbsp;&nbsp; 32186 |
| Power Assets Holdings Ltd. | 8179 | &nbsp;&nbsp; 54096 |
| Prudential PLC | 15545 | &nbsp;&nbsp; 165659 |
| Sino Land Co. Ltd. | 24635 | &nbsp;&nbsp; 25320 |
| Sun Hung Kai Properties Ltd. | 8704 | &nbsp;&nbsp; 82579 |
| Swire Pacific Ltd., Class A<sup>(a)</sup> | 1532 | &nbsp;&nbsp; 13250 |
| Techtronic Industries Co. Ltd. | 8163 | &nbsp;&nbsp; 82162 |
| WH Group Ltd. | 48955 | &nbsp;&nbsp; 43781 |
| Wharf Real Estate Investment Co. Ltd.<sup>(a)</sup> | 10008 | &nbsp;&nbsp; 23937 |
|  |  | &nbsp;&nbsp; 1892079 |
| **Ireland-0.33%** | **Ireland-0.33%** | **Ireland-0.33%** |
| AerCap Holdings N.V. | 1175 | &nbsp;&nbsp; 124550 |
| AIB Group PLC | 12295 | &nbsp;&nbsp; 82920 |
| Bank of Ireland Group PLC | 5887 | &nbsp;&nbsp; 69360 |
| Kerry Group PLC, Class A | 878 | &nbsp;&nbsp; 93266 |
| Kingspan Group PLC | 924 | &nbsp;&nbsp; 78240 |
|  |  | &nbsp;&nbsp; 448336 |
| **Israel-0.63%** | **Israel-0.63%** | **Israel-0.63%** |
| Azrieli Group Ltd. | 275 | &nbsp;&nbsp; 20021 |
| Bank Hapoalim B.M. | 7729 | &nbsp;&nbsp; 113374 |
| Bank Leumi le-Israel B.M. | 9147 | &nbsp;&nbsp; 129897 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | 537 | &nbsp;&nbsp; 117904 |
| Elbit Systems Ltd. | 163 | &nbsp;&nbsp; 62670 |
| Global-e Online Ltd.<sup>(b)</sup> | 608 | &nbsp;&nbsp; 21833 |
| ICL Group Ltd. | 4694 | &nbsp;&nbsp; 31334 |
| Israel Discount Bank Ltd., Class A | 7546 | &nbsp;&nbsp; 56365 |
| Mizrahi Tefahot Bank Ltd. | 924 | &nbsp;&nbsp; 46789 |
| Nice Ltd.<sup>(b)</sup> | 385 | &nbsp;&nbsp; 60146 |
| Nova Ltd.<sup>(b)</sup> | 176 | &nbsp;&nbsp; 33981 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)</sup> | 6807 | &nbsp;&nbsp; 105576 |
| Wix.com Ltd.<sup>(b)</sup> | 323 | &nbsp;&nbsp; 54778 |
|  |  | &nbsp;&nbsp; 854668 |
| **Italy-2.29%** | **Italy-2.29%** | **Italy-2.29%** |
| Amplifon S.p.A. | 735 | &nbsp;&nbsp; 14116 |
| Assicurazioni Generali S.p.A.<sup>(a)</sup> | 5525 | &nbsp;&nbsp; 202621 |
| Banco BPM S.p.A.<sup>(a)</sup> | 7556 | &nbsp;&nbsp; 84634 |
| BPER Banca S.p.A. | 5839 | &nbsp;&nbsp; 47588 |
| Coca-Cola HBC AG<sup>(b)</sup> | 1275 | &nbsp;&nbsp; 66543 |
| Davide Campari-Milano N.V.<sup>(a)</sup> | 3769 | &nbsp;&nbsp; 25378 |
| DiaSorin S.p.A. | 127 | &nbsp;&nbsp; 14563 |
| Enel S.p.A. | 47719 | &nbsp;&nbsp; 415099 |
| Eni S.p.A.<sup>(a)</sup> | 12526 | &nbsp;&nbsp; 180009 |
| Ferrari N.V. | 740 | &nbsp;&nbsp; 339924 |
| FinecoBank Banca Fineco S.p.A. | 3585 | &nbsp;&nbsp; 71986 |
| Infrastrutture Wireless Italiane S.p.A.<sup>(a)(c)</sup> | 2028 | &nbsp;&nbsp; 24302 |
| Intesa Sanpaolo S.p.A. | 88788 | &nbsp;&nbsp; 475608 |
| Leonardo S.p.A. | 2374 | &nbsp;&nbsp; 123845 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| Mediobanca Banca di Credito Finanziario <br> S.p.A.<br>| 2933 | &nbsp;&nbsp; $60198 |
| Moncler S.p.A. | 1370 | &nbsp;&nbsp; 84849 |
| Nexi S.p.A.<sup>(a)(b)(c)</sup> | 3109 | &nbsp;&nbsp; 18222 |
| Poste Italiane S.p.A.<sup>(c)</sup> | 2682 | &nbsp;&nbsp; 54625 |
| Prysmian S.p.A. | 1649 | &nbsp;&nbsp; 90895 |
| Recordati Industria Chimica e Farmaceutica <br> S.p.A.<br>| 675 | &nbsp;&nbsp; 39968 |
| Snam S.p.A. | 11831 | &nbsp;&nbsp; 68138 |
| Telecom Italia S.p.A.<sup>(a)(b)</sup> | 60721 | &nbsp;&nbsp; 24131 |
| Terna S.p.A. | 8255 | &nbsp;&nbsp; 82369 |
| UniCredit S.p.A. | 8192 | &nbsp;&nbsp; 478259 |
| Unipol Assicurazioni S.p.A. | 2105 | &nbsp;&nbsp; 37887 |
|  |  | &nbsp;&nbsp; 3125757 |
| **Japan-16.67%** | **Japan-16.67%** | **Japan-16.67%** |
| Advantest Corp. | 4450 | &nbsp;&nbsp; 186614 |
| AEON Co. Ltd. | 3860 | &nbsp;&nbsp; 114417 |
| AGC, Inc. | 1120 | &nbsp;&nbsp; 35052 |
| Aisin Corp.<sup>(a)</sup> | 3185 | &nbsp;&nbsp; 40550 |
| Ajinomoto Co., Inc. | 5321 | &nbsp;&nbsp; 109096 |
| ANA Holdings, Inc.<sup>(a)</sup> | 886 | &nbsp;&nbsp; 17060 |
| Asahi Group Holdings Ltd. | 8429 | &nbsp;&nbsp; 116786 |
| Asahi Kasei Corp. | 7335 | &nbsp;&nbsp; 51238 |
| ASICS Corp. | 3826 | &nbsp;&nbsp; 82432 |
| Astellas Pharma, Inc. | 10639 | &nbsp;&nbsp; 106794 |
| Bandai Namco Holdings, Inc. | 3480 | &nbsp;&nbsp; 121227 |
| Bridgestone Corp. | 3393 | &nbsp;&nbsp; 142217 |
| Canon, Inc.<sup>(a)</sup> | 5448 | &nbsp;&nbsp; 168525 |
| Capcom Co. Ltd. | 2014 | &nbsp;&nbsp; 58445 |
| Central Japan Railway Co. | 4493 | &nbsp;&nbsp; 94775 |
| Chiba Bank Ltd. (The) | 3219 | &nbsp;&nbsp; 28690 |
| Chubu Electric Power Co., Inc. | 3756 | &nbsp;&nbsp; 48889 |
| Chugai Pharmaceutical Co. Ltd. | 3966 | &nbsp;&nbsp; 229024 |
| Concordia Financial Group Ltd. | 6140 | &nbsp;&nbsp; 39808 |
| Dai Nippon Printing Co. Ltd. | 2335 | &nbsp;&nbsp; 32625 |
| Daifuku Co. Ltd. | 1872 | &nbsp;&nbsp; 49641 |
| Dai-ichi Life Holdings, Inc. | 21236 | &nbsp;&nbsp; 153699 |
| Daiichi Sankyo Co. Ltd. | 10326 | &nbsp;&nbsp; 264775 |
| Daikin Industries Ltd. | 1582 | &nbsp;&nbsp; 180656 |
| Daito Trust Construction Co. Ltd. | 369 | &nbsp;&nbsp; 41181 |
| Daiwa House Industry Co. Ltd. | 3307 | &nbsp;&nbsp; 119942 |
| Daiwa Securities Group, Inc. | 7800 | &nbsp;&nbsp; 51414 |
| Denso Corp. | 11133 | &nbsp;&nbsp; 144091 |
| Dentsu Group, Inc.<sup>(a)</sup> | 1123 | &nbsp;&nbsp; 23601 |
| Disco Corp. | 553 | &nbsp;&nbsp; 107249 |
| East Japan Railway Co. | 5321 | &nbsp;&nbsp; 115618 |
| Eisai Co. Ltd. | 1560 | &nbsp;&nbsp; 45198 |
| ENEOS Holdings, Inc.<sup>(a)</sup> | 15971 | &nbsp;&nbsp; 77071 |
| FANUC Corp. | 5597 | &nbsp;&nbsp; 142389 |
| Fast Retailing Co. Ltd. | 1162 | &nbsp;&nbsp; 383145 |
| Fuji Electric Co. Ltd. | 818 | &nbsp;&nbsp; 36461 |
| FUJIFILM Holdings Corp. | 6607 | &nbsp;&nbsp; 135650 |
| Fujikura Ltd. | 1497 | &nbsp;&nbsp; 55831 |
| Fujitsu Ltd. | 10333 | &nbsp;&nbsp; 230100 |
| Hankyu Hanshin Holdings, Inc. | 1303 | &nbsp;&nbsp; 37253 |
| Hikari Tsushin, Inc. | 95 | &nbsp;&nbsp; 26414 |
| Hitachi Ltd. | 27169 | &nbsp;&nbsp; 673096 |
| Honda Motor Co. Ltd. | 26371 | &nbsp;&nbsp; 268958 |
| Hoshizaki Corp.<sup>(a)</sup> | 647 | &nbsp;&nbsp; 27573 |

---

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

------

**25**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Hoya Corp. | 2016 | &nbsp;&nbsp; $237780 |
| Hulic Co. Ltd. | 2804 | &nbsp;&nbsp; 29391 |
| Idemitsu Kosan Co. Ltd. | 5520 | &nbsp;&nbsp; 34289 |
| Inpex Corp. | 5139 | &nbsp;&nbsp; 64440 |
| Isuzu Motors Ltd. | 3264 | &nbsp;&nbsp; 44000 |
| ITOCHU Corp. | 7022 | &nbsp;&nbsp; 359982 |
| Japan Airlines Co. Ltd. | 831 | &nbsp;&nbsp; 15091 |
| Japan Exchange Group, Inc. | 5870 | &nbsp;&nbsp; 65464 |
| Japan Post Bank Co. Ltd. | 10594 | &nbsp;&nbsp; 109187 |
| Japan Post Holdings Co. Ltd. | 11288 | &nbsp;&nbsp; 109984 |
| Japan Post Insurance Co. Ltd. | 1096 | &nbsp;&nbsp; 22086 |
| Japan Tobacco, Inc.<sup>(a)</sup> | 6995 | &nbsp;&nbsp; 216016 |
| JFE Holdings, Inc.<sup>(a)</sup> | 3495 | &nbsp;&nbsp; 40800 |
| Kajima Corp. | 2345 | &nbsp;&nbsp; 56127 |
| Kansai Electric Power Co., Inc. (The) | 5534 | &nbsp;&nbsp; 68344 |
| Kao Corp. | 2753 | &nbsp;&nbsp; 118169 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 2268 | &nbsp;&nbsp; 31178 |
| KDDI Corp. | 18012 | &nbsp;&nbsp; 319999 |
| Keyence Corp. | 1097 | &nbsp;&nbsp; 459740 |
| Kikkoman Corp. | 3940 | &nbsp;&nbsp; 38661 |
| Kirin Holdings Co. Ltd. | 4595 | &nbsp;&nbsp; 69673 |
| Kobe Bussan Co. Ltd. | 922 | &nbsp;&nbsp; 28244 |
| Komatsu Ltd. | 5283 | &nbsp;&nbsp; 153146 |
| Konami Group Corp. | 544 | &nbsp;&nbsp; 77877 |
| Kubota Corp. | 5752 | &nbsp;&nbsp; 67000 |
| Kyocera Corp. | 7522 | &nbsp;&nbsp; 89361 |
| Kyowa Kirin Co. Ltd. | 1431 | &nbsp;&nbsp; 22398 |
| Lasertec Corp. | 460 | &nbsp;&nbsp; 42868 |
| LY Corp. | 16782 | &nbsp;&nbsp; 63621 |
| M3, Inc.<sup>(b)</sup> | 2667 | &nbsp;&nbsp; 33504 |
| Makita Corp. | 1401 | &nbsp;&nbsp; 41069 |
| Marubeni Corp. | 8252 | &nbsp;&nbsp; 146646 |
| MatsukiyoCocokara & Co. | 1912 | &nbsp;&nbsp; 35182 |
| MEIJI Holdings Co. Ltd. | 1405 | &nbsp;&nbsp; 34627 |
| MINEBEA MITSUMI, Inc. | 2208 | &nbsp;&nbsp; 32438 |
| Mitsubishi Chemical Group Corp. | 8279 | &nbsp;&nbsp; 40345 |
| Mitsubishi Corp. | 20065 | &nbsp;&nbsp; 381874 |
| Mitsubishi Electric Corp. | 11166 | &nbsp;&nbsp; 216526 |
| Mitsubishi Estate Co. Ltd. | 6265 | &nbsp;&nbsp; 110313 |
| Mitsubishi HC Capital, Inc.<sup>(a)</sup> | 5393 | &nbsp;&nbsp; 38242 |
| Mitsubishi Heavy Industries Ltd. | 18804 | &nbsp;&nbsp; 371564 |
| Mitsubishi UFJ Financial Group, Inc. | 67307 | &nbsp;&nbsp; 850031 |
| Mitsui & Co. Ltd. | 14797 | &nbsp;&nbsp; 299925 |
| Mitsui Fudosan Co. Ltd. | 15483 | &nbsp;&nbsp; 153812 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 2013 | &nbsp;&nbsp; 67200 |
| Mizuho Financial Group, Inc. | 14121 | &nbsp;&nbsp; 353904 |
| MonotaRO Co. Ltd. | 1460 | &nbsp;&nbsp; 28147 |
| MS&AD Insurance Group Holdings, Inc. | 7523 | &nbsp;&nbsp; 171404 |
| Murata Manufacturing Co. Ltd. | 9765 | &nbsp;&nbsp; 139449 |
| NEC Corp. | 7196 | &nbsp;&nbsp; 175589 |
| Nexon Co. Ltd. | 1928 | &nbsp;&nbsp; 30322 |
| Nidec Corp. | 4946 | &nbsp;&nbsp; 88107 |
| Nintendo Co. Ltd. | 6524 | &nbsp;&nbsp; 542914 |
| Nippon Building Fund, Inc. | 45 | &nbsp;&nbsp; 41869 |
| Nippon Paint Holdings Co. Ltd. | 5795 | &nbsp;&nbsp; 44256 |
| Nippon Sanso Holdings Corp. | 1030 | &nbsp;&nbsp; 33042 |
| Nippon Steel Corp. | 5663 | &nbsp;&nbsp; 119477 |
| Nippon Telegraph & Telephone Corp. | 175358 | &nbsp;&nbsp; 183735 |
| Nippon Yusen K.K. | 2541 | &nbsp;&nbsp; 83220 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | 13517 | &nbsp;&nbsp; 32256 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Nissin Foods Holdings Co. Ltd. | 1122 | &nbsp;&nbsp; $24798 |
| Nitori Holdings Co. Ltd.<sup>(a)</sup> | 460 | &nbsp;&nbsp; 54863 |
| Nitto Denko Corp. | 4188 | &nbsp;&nbsp; 73787 |
| Nomura Holdings, Inc. | 17611 | &nbsp;&nbsp; 98390 |
| Nomura Research Institute Ltd. | 2202 | &nbsp;&nbsp; 83583 |
| NTT DATA Group Corp. | 3663 | &nbsp;&nbsp; 72922 |
| Obayashi Corp.<sup>(a)</sup> | 3858 | &nbsp;&nbsp; 60000 |
| OBIC Co. Ltd. | 1876 | &nbsp;&nbsp; 65838 |
| Olympus Corp. | 6597 | &nbsp;&nbsp; 86647 |
| Omron Corp. | 1002 | &nbsp;&nbsp; 29815 |
| Ono Pharmaceutical Co. Ltd. | 2301 | &nbsp;&nbsp; 26550 |
| Oriental Land Co. Ltd. | 6326 | &nbsp;&nbsp; 134301 |
| ORIX Corp. | 6819 | &nbsp;&nbsp; 137115 |
| Osaka Gas Co. Ltd. | 2111 | &nbsp;&nbsp; 53658 |
| Otsuka Corp. | 1303 | &nbsp;&nbsp; 28968 |
| Otsuka Holdings Co. Ltd. | 2598 | &nbsp;&nbsp; 126956 |
| Pan Pacific International Holdings Corp. | 2203 | &nbsp;&nbsp; 67986 |
| Panasonic Holdings Corp. | 13673 | &nbsp;&nbsp; 157148 |
| Rakuten Group, Inc.<sup>(b)</sup> | 8810 | &nbsp;&nbsp; 52070 |
| Recruit Holdings Co. Ltd. | 8217 | &nbsp;&nbsp; 456433 |
| Renesas Electronics Corp. | 9829 | &nbsp;&nbsp; 115621 |
| Resona Holdings, Inc. | 12276 | &nbsp;&nbsp; 98710 |
| Ricoh Co. Ltd. | 3114 | &nbsp;&nbsp; 32831 |
| SBI Holdings, Inc. | 1556 | &nbsp;&nbsp; 41012 |
| SCREEN Holdings Co. Ltd.<sup>(a)</sup> | 460 | &nbsp;&nbsp; 30662 |
| SCSK Corp. | 924 | &nbsp;&nbsp; 24225 |
| SECOM Co. Ltd. | 2476 | &nbsp;&nbsp; 91261 |
| Seiko Epson Corp. | 1751 | &nbsp;&nbsp; 24350 |
| Sekisui Chemical Co. Ltd. | 2204 | &nbsp;&nbsp; 38604 |
| Sekisui House Ltd. | 3491 | &nbsp;&nbsp; 80450 |
| Seven & i Holdings Co. Ltd. | 12987 | &nbsp;&nbsp; 191632 |
| SG Holdings Co. Ltd. | 1933 | &nbsp;&nbsp; 20402 |
| Shimadzu Corp. | 1372 | &nbsp;&nbsp; 35203 |
| Shimano, Inc. | 458 | &nbsp;&nbsp; 64679 |
| Shin-Etsu Chemical Co. Ltd. | 10448 | &nbsp;&nbsp; 318706 |
| Shionogi & Co. Ltd. | 4464 | &nbsp;&nbsp; 75176 |
| Shiseido Co. Ltd. | 2310 | &nbsp;&nbsp; 38070 |
| SMC Corp. | 348 | &nbsp;&nbsp; 112895 |
| SoftBank Corp. | 167880 | &nbsp;&nbsp; 254649 |
| SoftBank Group Corp. | 5589 | &nbsp;&nbsp; 283307 |
| Sompo Holdings, Inc. | 5218 | &nbsp;&nbsp; 171407 |
| Sony Group Corp. | 36120 | &nbsp;&nbsp; 955218 |
| Subaru Corp. | 3449 | &nbsp;&nbsp; 62603 |
| Sumitomo Corp. | 6424 | &nbsp;&nbsp; 157225 |
| Sumitomo Electric Industries Ltd. | 4224 | &nbsp;&nbsp; 68056 |
| Sumitomo Metal Mining Co. Ltd. | 1498 | &nbsp;&nbsp; 33315 |
| Sumitomo Mitsui Financial Group, Inc. | 21883 | &nbsp;&nbsp; 523312 |
| Sumitomo Mitsui Trust Group, Inc. | 3760 | &nbsp;&nbsp; 93239 |
| Sumitomo Realty & Development Co. Ltd.<sup>(a)</sup> | 1772 | &nbsp;&nbsp; 66158 |
| Suntory Beverage & Food Ltd. | 829 | &nbsp;&nbsp; 29035 |
| Suzuki Motor Corp. | 9267 | &nbsp;&nbsp; 111317 |
| Sysmex Corp. | 2938 | &nbsp;&nbsp; 54669 |
| T&D Holdings, Inc. | 2862 | &nbsp;&nbsp; 61045 |
| Taisei Corp. | 1010 | &nbsp;&nbsp; 54895 |
| Takeda Pharmaceutical Co. Ltd. | 9381 | &nbsp;&nbsp; 284439 |
| TDK Corp. | 11440 | &nbsp;&nbsp; 122372 |
| Terumo Corp. | 7863 | &nbsp;&nbsp; 150862 |
| TIS, Inc. | 1220 | &nbsp;&nbsp; 35297 |
| Toho Co. Ltd. | 648 | &nbsp;&nbsp; 37083 |
| Tokio Marine Holdings, Inc. | 10414 | &nbsp;&nbsp; 418413 |

---

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

------

**26**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Tokyo Electron Ltd. | 2643 | &nbsp;&nbsp; $394476 |
| Tokyo Gas Co. Ltd. | 2085 | &nbsp;&nbsp; 69435 |
| Tokyo Metro Co. Ltd. | 1752 | &nbsp;&nbsp; 22253 |
| Tokyu Corp. | 3075 | &nbsp;&nbsp; 37383 |
| TOPPAN Holdings, Inc. | 1403 | &nbsp;&nbsp; 39480 |
| Toray Industries, Inc. | 8161 | &nbsp;&nbsp; 52245 |
| Toyota Industries Corp. | 981 | &nbsp;&nbsp; 115321 |
| Toyota Motor Corp. | 55564 | &nbsp;&nbsp; 1063770 |
| Toyota Tsusho Corp. | 3765 | &nbsp;&nbsp; 74999 |
| Trend Micro, Inc. | 766 | &nbsp;&nbsp; 55092 |
| Unicharm Corp. | 6569 | &nbsp;&nbsp; 61139 |
| West Japan Railway Co. | 2600 | &nbsp;&nbsp; 54824 |
| Yakult Honsha Co. Ltd. | 1462 | &nbsp;&nbsp; 30104 |
| Yamaha Motor Co. Ltd.<sup>(a)</sup> | 5427 | &nbsp;&nbsp; 42724 |
| Yaskawa Electric Corp. | 1373 | &nbsp;&nbsp; 28997 |
| Yokogawa Electric Corp. | 1303 | &nbsp;&nbsp; 28264 |
| Zensho Holdings Co. Ltd. | 554 | &nbsp;&nbsp; 34315 |
| ZOZO, Inc. | 2366 | &nbsp;&nbsp; 24085 |
|  |  | &nbsp;&nbsp; 22774314 |
| **Jordan-0.02%** | **Jordan-0.02%** | **Jordan-0.02%** |
| Hikma Pharmaceuticals PLC | 1010 | &nbsp;&nbsp; 26825 |
| **Luxembourg-0.11%** | **Luxembourg-0.11%** | **Luxembourg-0.11%** |
| ArcelorMittal S.A. | 2752 | &nbsp;&nbsp; 81661 |
| CVC Capital Partners PLC<sup>(b)(c)</sup> | 1285 | &nbsp;&nbsp; 23007 |
| Eurofins Scientific SE | 793 | &nbsp;&nbsp; 50216 |
|  |  | &nbsp;&nbsp; 154884 |
| **Macau-0.05%** | **Macau-0.05%** | **Macau-0.05%** |
| Galaxy Entertainment Group Ltd.<sup>(a)</sup> | 12585 | &nbsp;&nbsp; 45457 |
| Sands China Ltd.<sup>(b)</sup> | 13685 | &nbsp;&nbsp; 24512 |
|  |  | &nbsp;&nbsp; 69969 |
| **Netherlands-3.31%** | **Netherlands-3.31%** | **Netherlands-3.31%** |
| ABN AMRO Bank N.V., CVA<sup>(c)</sup> | 2688 | &nbsp;&nbsp; 55895 |
| Adyen N.V.<sup>(b)(c)</sup> | 129 | &nbsp;&nbsp; 209468 |
| Aegon Ltd. | 7758 | &nbsp;&nbsp; 50071 |
| Akzo Nobel N.V.<sup>(a)</sup> | 1012 | &nbsp;&nbsp; 64112 |
| argenx SE<sup>(b)</sup> | 354 | &nbsp;&nbsp; 229631 |
| ASM International N.V. | 275 | &nbsp;&nbsp; 134879 |
| ASML Holding N.V. | 2311 | &nbsp;&nbsp; 1552407 |
| ASR Nederland N.V. | 930 | &nbsp;&nbsp; 58884 |
| BE Semiconductor Industries N.V. | 476 | &nbsp;&nbsp; 51730 |
| Euronext N.V.<sup>(c)</sup> | 460 | &nbsp;&nbsp; 77152 |
| EXOR N.V. | 583 | &nbsp;&nbsp; 55233 |
| Heineken Holding N.V. | 760 | &nbsp;&nbsp; 59629 |
| Heineken N.V. | 1690 | &nbsp;&nbsp; 151802 |
| IMCD N.V. | 345 | &nbsp;&nbsp; 46036 |
| ING Groep N.V. | 18466 | &nbsp;&nbsp; 359832 |
| JDE Peet's N.V. | 1046 | &nbsp;&nbsp; 25410 |
| Koninklijke Ahold Delhaize N.V. | 5401 | &nbsp;&nbsp; 222524 |
| Koninklijke KPN N.V. | 22817 | &nbsp;&nbsp; 106507 |
| Koninklijke Philips N.V.<sup>(b)</sup> | 4688 | &nbsp;&nbsp; 119390 |
| NN Group N.V. | 1578 | &nbsp;&nbsp; 97097 |
| Prosus N.V.<sup>(b)</sup> | 8026 | &nbsp;&nbsp; 377591 |
| Randstad N.V.<sup>(a)</sup> | 647 | &nbsp;&nbsp; 26060 |
| Universal Music Group N.V. | 4830 | &nbsp;&nbsp; 142517 |
| Wolters Kluwer N.V. | 1399 | &nbsp;&nbsp; 247857 |
|  |  | &nbsp;&nbsp; 4521714 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **New Zealand-0.21%** | **New Zealand-0.21%** | **New Zealand-0.21%** |
| Auckland International Airport Ltd. | 9867 | &nbsp;&nbsp; $44040 |
| Contact Energy Ltd. | 4896 | &nbsp;&nbsp; 25768 |
| Fisher & Paykel Healthcare Corp. Ltd. | 3439 | &nbsp;&nbsp; 69311 |
| Infratil Ltd. | 5569 | &nbsp;&nbsp; 34873 |
| Meridian Energy Ltd. | 7908 | &nbsp;&nbsp; 25718 |
| Xero Ltd.<sup>(b)</sup> | 853 | &nbsp;&nbsp; 89734 |
|  |  | &nbsp;&nbsp; 289444 |
| **Norway-0.45%** | **Norway-0.45%** | **Norway-0.45%** |
| Aker BP ASA | 1854 | &nbsp;&nbsp; 39929 |
| DNB Bank ASA | 5254 | &nbsp;&nbsp; 131764 |
| Equinor ASA | 4916 | &nbsp;&nbsp; 111636 |
| Gjensidige Forsikring ASA | 1200 | &nbsp;&nbsp; 28169 |
| Kongsberg Gruppen ASA | 516 | &nbsp;&nbsp; 83400 |
| Mowi ASA | 2731 | &nbsp;&nbsp; 50239 |
| Norsk Hydro ASA | 8517 | &nbsp;&nbsp; 45323 |
| Orkla ASA | 4237 | &nbsp;&nbsp; 47405 |
| SalMar ASA | 372 | &nbsp;&nbsp; 18442 |
| Telenor ASA | 3613 | &nbsp;&nbsp; 54442 |
|  |  | &nbsp;&nbsp; 610749 |
| **Poland-0.02%** | **Poland-0.02%** | **Poland-0.02%** |
| InPost S.A.<sup>(b)</sup> | 1367 | &nbsp;&nbsp; 23171 |
| **Portugal-0.11%** | **Portugal-0.11%** | **Portugal-0.11%** |
| EDP S.A. | 18411 | &nbsp;&nbsp; 72820 |
| Galp Energia SGPS S.A. | 2448 | &nbsp;&nbsp; 38059 |
| Jeronimo Martins SGPS S.A. | 1661 | &nbsp;&nbsp; 40339 |
|  |  | &nbsp;&nbsp; 151218 |
| **Singapore-1.24%** | **Singapore-1.24%** | **Singapore-1.24%** |
| CapitaLand Ascendas REIT | 21929 | &nbsp;&nbsp; 44698 |
| CapitaLand Integrated Commercial Trust | 34238 | &nbsp;&nbsp; 56363 |
| CapitaLand Investment Ltd. | 14366 | &nbsp;&nbsp; 30287 |
| DBS Group Holdings Ltd. | 11644 | &nbsp;&nbsp; 378420 |
| Genting Singapore Ltd. | 36888 | &nbsp;&nbsp; 20924 |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | 14114 | &nbsp;&nbsp; 68876 |
| Keppel Ltd. | 8835 | &nbsp;&nbsp; 44433 |
| Oversea-Chinese Banking Corp. Ltd. | 19841 | &nbsp;&nbsp; 245623 |
| Sea Ltd., ADR<sup>(b)</sup> | 2248 | &nbsp;&nbsp; 301345 |
| Sembcorp Industries Ltd. | 5427 | &nbsp;&nbsp; 27459 |
| Singapore Airlines Ltd. | 8706 | &nbsp;&nbsp; 44692 |
| Singapore Exchange Ltd. | 5043 | &nbsp;&nbsp; 55494 |
| Singapore Technologies Engineering Ltd. | 9181 | &nbsp;&nbsp; 52148 |
| Singapore Telecommunications Ltd. | 43562 | &nbsp;&nbsp; 126072 |
| United Overseas Bank Ltd. | 7427 | &nbsp;&nbsp; 197313 |
|  |  | &nbsp;&nbsp; 1694147 |
| **South Africa-0.15%** | **South Africa-0.15%** | **South Africa-0.15%** |
| Anglo American PLC | 7455 | &nbsp;&nbsp; 203968 |
| **South Korea-0.02%** | **South Korea-0.02%** | **South Korea-0.02%** |
| Delivery Hero SE<sup>(b)(c)</sup> | 1143 | &nbsp;&nbsp; 32415 |
| **Spain-2.35%** | **Spain-2.35%** | **Spain-2.35%** |
| Acciona S.A. | 152 | &nbsp;&nbsp; 22226 |
| ACS Actividades de Construccion y Servicios <br> S.A.<br>| 1046 | &nbsp;&nbsp; 65763 |
| Aena SME S.A.<sup>(c)</sup> | 440 | &nbsp;&nbsp; 110916 |
| Amadeus IT Group S.A. | 2643 | &nbsp;&nbsp; 208755 |
| Banco Bilbao Vizcaya Argentaria S.A. | 33814 | &nbsp;&nbsp; 465663 |
| Banco de Sabadell S.A. | 31918 | &nbsp;&nbsp; 93450 |
| Banco Santander S.A. | 88901 | &nbsp;&nbsp; 628094 |

---

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

------

**27**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| CaixaBank S.A. | 23153 | &nbsp;&nbsp; $178060 |
| Cellnex Telecom S.A.<sup>(c)</sup> | 3109 | &nbsp;&nbsp; 126252 |
| EDP Renovaveis S.A. | 1851 | &nbsp;&nbsp; 17394 |
| EDP Renovaveis S.A., Rts., expiring <br> 05/05/2025<sup>(a)(b)</sup><br>| 1790 | &nbsp;&nbsp; 183 |
| Endesa S.A. | 1864 | &nbsp;&nbsp; 56173 |
| Grifols S.A.<sup>(b)</sup> | 1837 | &nbsp;&nbsp; 17454 |
| Iberdrola S.A. | 34185 | &nbsp;&nbsp; 618336 |
| Industria de Diseno Textil S.A. | 6400 | &nbsp;&nbsp; 345345 |
| Redeia Corp. S.A. | 2381 | &nbsp;&nbsp; 50102 |
| Repsol S.A. | 6791 | &nbsp;&nbsp; 83297 |
| Telefonica S.A. | 23287 | &nbsp;&nbsp; 120043 |
|  |  | &nbsp;&nbsp; 3207506 |
| **Sweden-2.81%** | **Sweden-2.81%** | **Sweden-2.81%** |
| Addtech AB, Class B | 1525 | &nbsp;&nbsp; 51414 |
| Alfa Laval AB<sup>(a)</sup> | 1698 | &nbsp;&nbsp; 70576 |
| Assa Abloy AB, Class B | 5881 | &nbsp;&nbsp; 178893 |
| Atlas Copco AB, Class A | 15759 | &nbsp;&nbsp; 244450 |
| Atlas Copco AB, Class B | 9158 | &nbsp;&nbsp; 127437 |
| Beijer Ref AB<sup>(a)</sup> | 2207 | &nbsp;&nbsp; 33736 |
| Boliden AB<sup>(b)</sup> | 1605 | &nbsp;&nbsp; 49282 |
| Epiroc AB, Class A | 3867 | &nbsp;&nbsp; 83840 |
| Epiroc AB, Class B | 2288 | &nbsp;&nbsp; 44967 |
| EQT AB | 2185 | &nbsp;&nbsp; 63276 |
| Essity AB, Class B | 3580 | &nbsp;&nbsp; 103751 |
| Evolution AB<sup>(c)</sup> | 932 | &nbsp;&nbsp; 64702 |
| Fastighets AB Balder, Class B<sup>(a)(b)</sup> | 4045 | &nbsp;&nbsp; 29139 |
| H & M Hennes & Mauritz AB, Class B<sup>(a)</sup> | 3323 | &nbsp;&nbsp; 48255 |
| Hexagon AB, Class B | 12181 | &nbsp;&nbsp; 118806 |
| Holmen AB, Class B<sup>(a)</sup> | 458 | &nbsp;&nbsp; 18148 |
| Industrivarden AB, Class A | 735 | &nbsp;&nbsp; 25885 |
| Industrivarden AB, Class C<sup>(a)</sup> | 925 | &nbsp;&nbsp; 32552 |
| Indutrade AB | 1657 | &nbsp;&nbsp; 44924 |
| Investment AB Latour, Class B<sup>(a)</sup> | 921 | &nbsp;&nbsp; 24908 |
| Investor AB, Class B | 10155 | &nbsp;&nbsp; 301520 |
| L E Lundbergforetagen AB, Class B | 458 | &nbsp;&nbsp; 24218 |
| Lifco AB, Class B | 1383 | &nbsp;&nbsp; 53657 |
| NIBE Industrier AB, Class B<sup>(a)</sup> | 9204 | &nbsp;&nbsp; 39333 |
| Saab AB, Class B<sup>(a)</sup> | 1879 | &nbsp;&nbsp; 87682 |
| Sagax AB, Class B<sup>(a)</sup> | 1306 | &nbsp;&nbsp; 29748 |
| Sandvik AB<sup>(a)</sup> | 6256 | &nbsp;&nbsp; 129427 |
| Securitas AB, Class B<sup>(a)</sup> | 2962 | &nbsp;&nbsp; 47038 |
| Skandinaviska Enskilda Banken AB, <br> Class A<sup>(a)</sup><br>| 9310 | &nbsp;&nbsp; 148044 |
| Skanska AB, Class B | 2029 | &nbsp;&nbsp; 47248 |
| SKF AB, Class B | 2029 | &nbsp;&nbsp; 39856 |
| Spotify Technology S.A.<sup>(b)</sup> | 942 | &nbsp;&nbsp; 578369 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(a)</sup> | 3560 | &nbsp;&nbsp; 46131 |
| Svenska Handelsbanken AB, Class A | 8558 | &nbsp;&nbsp; 112262 |
| Swedbank AB, Class A | 4981 | &nbsp;&nbsp; 124611 |
| Swedish Orphan Biovitrum AB, Class B<sup>(b)</sup> | 1197 | &nbsp;&nbsp; 36484 |
| Tele2 AB, Class B | 3238 | &nbsp;&nbsp; 47876 |
| Telefonaktiebolaget LM Ericsson, Class B | 16298 | &nbsp;&nbsp; 137969 |
| Telia Co. AB | 13842 | &nbsp;&nbsp; 52108 |
| Trelleborg AB, Class B | 1288 | &nbsp;&nbsp; 44507 |
| Volvo AB, Class B | 9320 | &nbsp;&nbsp; 253892 |
|  |  | &nbsp;&nbsp; 3840921 |
| **Switzerland-5.99%** | **Switzerland-5.99%** | **Switzerland-5.99%** |
| ABB Ltd. | 9279 | &nbsp;&nbsp; 492178 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Avolta AG | 516 | &nbsp;&nbsp; $23616 |
| Baloise Holding AG | 242 | &nbsp;&nbsp; 54074 |
| Banque Cantonale Vaudoise<sup>(a)</sup> | 182 | &nbsp;&nbsp; 22498 |
| Barry Callebaut AG<sup>(a)</sup> | 18 | &nbsp;&nbsp; 16208 |
| BKW AG | 126 | &nbsp;&nbsp; 25372 |
| Chocoladefabriken Lindt & Spruengli AG, <br> PC<sup>(a)</sup><br>| 12 | &nbsp;&nbsp; 175654 |
| Cie Financiere Richemont S.A. | 3154 | &nbsp;&nbsp; 559770 |
| DSM-Firmenich AG | 1091 | &nbsp;&nbsp; 118927 |
| EMS-Chemie Holding AG | 41 | &nbsp;&nbsp; 30362 |
| Galderma Group AG, Class A | 503 | &nbsp;&nbsp; 58677 |
| Geberit AG | 196 | &nbsp;&nbsp; 136368 |
| Givaudan S.A. | 54 | &nbsp;&nbsp; 261657 |
| Helvetia Holding AG | 218 | &nbsp;&nbsp; 48301 |
| Julius Baer Group Ltd. | 1209 | &nbsp;&nbsp; 78745 |
| Kuehne + Nagel International AG, Class R | 283 | &nbsp;&nbsp; 65460 |
| Logitech International S.A., Class R | 892 | &nbsp;&nbsp; 68080 |
| Lonza Group AG | 424 | &nbsp;&nbsp; 305983 |
| Nestle S.A. | 15372 | &nbsp;&nbsp; 1643323 |
| Partners Group Holding AG | 133 | &nbsp;&nbsp; 175030 |
| Roche Holding AG | 4122 | &nbsp;&nbsp; 1353743 |
| Roche Holding AG, BR | 184 | &nbsp;&nbsp; 64290 |
| Sandoz Group AG<sup>(a)</sup> | 2452 | &nbsp;&nbsp; 106821 |
| Schindler Holding AG | 128 | &nbsp;&nbsp; 45580 |
| Schindler Holding AG, PC | 239 | &nbsp;&nbsp; 87796 |
| SGS S.A. | 889 | &nbsp;&nbsp; 87201 |
| SIG Group AG<sup>(b)</sup> | 1840 | &nbsp;&nbsp; 35649 |
| Sika AG | 894 | &nbsp;&nbsp; 224396 |
| Sonova Holding AG, Class A | 294 | &nbsp;&nbsp; 90776 |
| Straumann Holding AG | 655 | &nbsp;&nbsp; 80218 |
| Swatch Group AG (The), BR<sup>(a)</sup> | 173 | &nbsp;&nbsp; 30154 |
| Swiss Life Holding AG | 169 | &nbsp;&nbsp; 169479 |
| Swiss Prime Site AG<sup>(a)</sup> | 459 | &nbsp;&nbsp; 65005 |
| Swisscom AG | 152 | &nbsp;&nbsp; 101810 |
| Temenos AG | 340 | &nbsp;&nbsp; 24461 |
| UBS Group AG | 19297 | &nbsp;&nbsp; 588334 |
| VAT Group AG<sup>(c)</sup> | 158 | &nbsp;&nbsp; 57286 |
| Zurich Insurance Group AG | 859 | &nbsp;&nbsp; 611933 |
|  |  | &nbsp;&nbsp; 8185215 |
| **United Kingdom-9.72%** | **United Kingdom-9.72%** | **United Kingdom-9.72%** |
| 3i Group PLC | 5711 | &nbsp;&nbsp; 324491 |
| Admiral Group PLC | 1528 | &nbsp;&nbsp; 66606 |
| Ashtead Group PLC | 2559 | &nbsp;&nbsp; 137298 |
| Associated British Foods PLC | 1924 | &nbsp;&nbsp; 53155 |
| AstraZeneca PLC | 9097 | &nbsp;&nbsp; 1306231 |
| Auto Trader Group PLC<sup>(c)</sup> | 5212 | &nbsp;&nbsp; 58688 |
| Aviva PLC | 15710 | &nbsp;&nbsp; 117971 |
| BAE Systems PLC | 17659 | &nbsp;&nbsp; 410304 |
| Barclays PLC | 84601 | &nbsp;&nbsp; 337779 |
| Barratt Redrow PLC | 8088 | &nbsp;&nbsp; 50536 |
| British American Tobacco PLC | 11661 | &nbsp;&nbsp; 509077 |
| BT Group PLC | 37972 | &nbsp;&nbsp; 88330 |
| Bunzl PLC | 1940 | &nbsp;&nbsp; 61101 |
| Centrica PLC | 29791 | &nbsp;&nbsp; 63927 |
| Coca-Cola Europacific Partners PLC<sup>(a)</sup> | 1259 | &nbsp;&nbsp; 114242 |
| Compass Group PLC | 9959 | &nbsp;&nbsp; 336522 |
| Croda International PLC | 778 | &nbsp;&nbsp; 30780 |
| DCC PLC | 601 | &nbsp;&nbsp; 39368 |
| Diageo PLC | 13055 | &nbsp;&nbsp; 367415 |

---

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

------

**28**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Entain PLC | 3686 | &nbsp;&nbsp; $31582 |
| Haleon PLC | 53117 | &nbsp;&nbsp; 267879 |
| Halma PLC | 2227 | &nbsp;&nbsp; 82387 |
| HSBC Holdings PLC | 104864 | &nbsp;&nbsp; 1171590 |
| Imperial Brands PLC | 4652 | &nbsp;&nbsp; 191315 |
| Informa PLC | 7805 | &nbsp;&nbsp; 76418 |
| InterContinental Hotels Group PLC | 930 | &nbsp;&nbsp; 99464 |
| Intertek Group PLC | 947 | &nbsp;&nbsp; 58291 |
| J Sainsbury PLC | 10119 | &nbsp;&nbsp; 36045 |
| JD Sports Fashion PLC | 15824 | &nbsp;&nbsp; 16697 |
| Kingfisher PLC | 10638 | &nbsp;&nbsp; 40979 |
| Land Securities Group PLC | 4321 | &nbsp;&nbsp; 34318 |
| Legal & General Group PLC | 34576 | &nbsp;&nbsp; 109128 |
| Lloyds Banking Group PLC | 355647 | &nbsp;&nbsp; 350202 |
| London Stock Exchange Group PLC | 2806 | &nbsp;&nbsp; 437910 |
| M&G PLC | 13799 | &nbsp;&nbsp; 38377 |
| Marks & Spencer Group PLC | 12036 | &nbsp;&nbsp; 62686 |
| Melrose Industries PLC | 7543 | &nbsp;&nbsp; 43949 |
| National Grid PLC | 28703 | &nbsp;&nbsp; 415235 |
| NatWest Group PLC | 44893 | &nbsp;&nbsp; 289415 |
| Next PLC | 689 | &nbsp;&nbsp; 113925 |
| Pearson PLC | 3518 | &nbsp;&nbsp; 56525 |
| Phoenix Group Holdings PLC | 4237 | &nbsp;&nbsp; 33974 |
| Reckitt Benckiser Group PLC | 4025 | &nbsp;&nbsp; 260385 |
| RELX PLC | 10911 | &nbsp;&nbsp; 596810 |
| Rentokil Initial PLC | 14812 | &nbsp;&nbsp; 68011 |
| Rolls-Royce Holdings PLC | 49899 | &nbsp;&nbsp; 506238 |
| Sage Group PLC (The) | 5882 | &nbsp;&nbsp; 97735 |
| Schroders PLC | 4876 | &nbsp;&nbsp; 21533 |
| Segro PLC | 7541 | &nbsp;&nbsp; 68752 |
| Severn Trent PLC | 1585 | &nbsp;&nbsp; 59090 |
| Shell PLC | 35762 | &nbsp;&nbsp; 1156700 |
| Smith & Nephew PLC | 4874 | &nbsp;&nbsp; 68744 |
| Smiths Group PLC | 2011 | &nbsp;&nbsp; 50226 |
| Spirax Group PLC | 432 | &nbsp;&nbsp; 34125 |
| SSE PLC | 6474 | &nbsp;&nbsp; 146292 |
| Standard Chartered PLC | 12067 | &nbsp;&nbsp; 174195 |
| Tesco PLC | 39550 | &nbsp;&nbsp; 196174 |
| Unilever PLC | 14538 | &nbsp;&nbsp; 927717 |
| United Utilities Group PLC | 4001 | &nbsp;&nbsp; 60288 |
| Vodafone Group PLC | 119306 | &nbsp;&nbsp; 117506 |
| Whitbread PLC | 1035 | &nbsp;&nbsp; 36027 |
| Wise PLC, Class A<sup>(b)</sup> | 3909 | &nbsp;&nbsp; 51387 |
| WPP PLC | 6329 | &nbsp;&nbsp; 49176 |
|  |  | &nbsp;&nbsp; 13279223 |
| **United States-3.46%** | **United States-3.46%** | **United States-3.46%** |
| Alcon AG | 2932 | &nbsp;&nbsp; 286123 |
| BP PLC | 94587 | &nbsp;&nbsp; 437728 |
| CyberArk Software Ltd.<sup>(b)</sup> | 284 | &nbsp;&nbsp; 100013 |
| Experian PLC | 5396 | &nbsp;&nbsp; 269061 |
| Ferrovial SE | 2782 | &nbsp;&nbsp; 136180 |
| GSK PLC | 24320 | &nbsp;&nbsp; 482198 |
| Holcim AG<sup>(b)</sup> | 3058 | &nbsp;&nbsp; 343222 |
| Monday.com Ltd.<sup>(b)</sup> | 226 | &nbsp;&nbsp; 63504 |
| Novartis AG | 11564 | &nbsp;&nbsp; 1324737 |
| Oracle Corp. | 236 | &nbsp;&nbsp; 28440 |
| QIAGEN N.V.<sup>(b)</sup> | 1265 | &nbsp;&nbsp; 54475 |
| Sanofi S.A. | 6670 | &nbsp;&nbsp; 732156 |
| Stellantis N.V. | 11894 | &nbsp;&nbsp; 111060 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Swiss Re AG | 1770 | &nbsp;&nbsp; $319115 |
| Tenaris S.A. | 2471 | &nbsp;&nbsp; 41346 |
|  |  | &nbsp;&nbsp; 4729358 |
| Total Common Stocks & Other Equity Interests <br>(Cost $97,981,539) | Total Common Stocks & Other Equity Interests <br>(Cost $97,981,539) | &nbsp;&nbsp; 104161728 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-4.28%** |  |  |
| **Canada-1.20%** |  |  |
| Bank of Montreal (iShares MSCI EAFE ETF), <br> 154.29%, 05/08/2025<sup>(c)</sup><br>| 270000 | &nbsp;&nbsp; 196400 |
| Bank of Montreal (iShares MSCI EAFE ETF), <br> 147.27%, 05/21/2025<sup>(c)</sup><br>| 348000 | &nbsp;&nbsp; 343381 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 161.86%, 05/09/2025<sup>(c)</sup><br>| 527000 | &nbsp;&nbsp; 491291 |
| Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 129.38%, 05/16/2025<sup>(c)</sup><br>| 323000 | &nbsp;&nbsp; 301402 |
| Toronto-Dominion Bank (The) (iShares MSCI <br> EAFE ETF), 145.00%, 05/23/2025<sup>(c)</sup><br>| 309000 | &nbsp;&nbsp; 311339 |
|  |  | &nbsp;&nbsp; 1643813 |
| **United States-3.08%** |  |  |
| Citigroup Global Markets Holdings, Inc. <br> (iShares MSCI EAFE ETF), 130.45%, <br> 05/15/2025<sup>(c)</sup><br>| 333000 | &nbsp;&nbsp; 303635 |
| Citigroup Global Markets Holdings, Inc. <br> (iShares MSCI EAFE ETF), 119.95%, <br> 05/19/2025<sup>(c)</sup><br>| 323000 | &nbsp;&nbsp; 301662 |
| Citigroup Global Markets Holdings, Inc. <br> (iShares MSCI EAFE ETF), 176.00%, <br> 05/20/2025<sup>(c)</sup><br>| 487000 | &nbsp;&nbsp; 444815 |
| Citigroup Global Markets Holdings, Inc. <br> (iShares MSCI EAFE ETF), 129.31%, <br> 05/28/2025<sup>(c)</sup><br>| 481000 | &nbsp;&nbsp; 478679 |
| Goldman Sachs Group, Inc. (The) (iShares <br> MSCI EAFE ETF), 141.39%, <br> 05/12/2025<sup>(c)</sup><br>| 438000 | &nbsp;&nbsp; 388812 |
| Goldman Sachs Group, Inc. (The) (iShares <br> MSCI EAFE ETF), 140.23%, <br> 05/13/2025<sup>(c)</sup><br>| 438000 | &nbsp;&nbsp; 388578 |
| J.P. Morgan Chase & Co. (iShares MSCI EAFE <br> ETF), 135.52%, 05/07/2025<br>| 298000 | &nbsp;&nbsp; 289771 |
| J.P. Morgan Chase & Co. (iShares MSCI EAFE <br> ETF), 154.67%, 05/22/2025<br>| 222000 | &nbsp;&nbsp; 219630 |
| J.P. Morgan Structured Products B.V. <br> (iShares MSCI EAFE ETF), 114.22%, <br> 05/29/2025<sup>(c)</sup><br>| 522000 | &nbsp;&nbsp; 522000 |
| Wells Fargo Bank N.A. (iShares MSCI EAFE <br> ETF), 154.29%, 05/14/2025<sup>(c)</sup><br>| 418000 | &nbsp;&nbsp; 382977 |
| Wells Fargo Bank N.A. (iShares MSCI EAFE <br> ETF), 131.07%, 05/27/2025<sup>(c)</sup><br>| 481000 | &nbsp;&nbsp; 480498 |
|  |  | &nbsp;&nbsp; 4201057 |
| Total Equity Linked Notes <br>(Cost $6,218,000) | Total Equity Linked Notes <br>(Cost $6,218,000) | &nbsp;&nbsp; 5844870 |

---

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

------

**29**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-16.41%** | **Money Market Funds-16.41%** | **Money Market Funds-16.41%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $22,410,493)<br>| 22410493 | &nbsp;&nbsp; $22410493 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-96.94% <br>(Cost $126,610,032) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-96.94% <br>(Cost $126,610,032) | &nbsp;&nbsp; 132417091 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.53%** | **Money Market Funds-2.53%** | **Money Market Funds-2.53%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 956517 | &nbsp;&nbsp; 956517 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 2494815 | &nbsp;&nbsp; $2495314 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,452,008) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,452,008) | &nbsp;&nbsp; 3451831 |
| TOTAL INVESTMENTS IN SECURITIES-99.47% <br>(Cost $130,062,040) | TOTAL INVESTMENTS IN SECURITIES-99.47% <br>(Cost $130,062,040) | &nbsp;&nbsp; 135868922 |
| OTHER ASSETS LESS LIABILITIES-0.53% | OTHER ASSETS LESS LIABILITIES-0.53% | &nbsp;&nbsp; 723833 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $136592755 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| BR-Bearer Shares |
| CDI-CREST Depository Interest |
| CVA-Dutch Certificates |
| ETF-Exchange-Traded Fund |
| PC-Participation Certificate |
| REIT-Real Estate Investment Trust |
| Rts.-Rights |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $6,637,184, which represented 4.86% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $24563266 | &nbsp;&nbsp; $8771419 | &nbsp;&nbsp; $(33334685)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $384022 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 26123635 | &nbsp;&nbsp; (3713142)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22410493 | &nbsp;&nbsp; 74523 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 79384 | &nbsp;&nbsp; 2881958 | &nbsp;&nbsp; (2004825)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 956517 | &nbsp;&nbsp; 11,973<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 207437 | &nbsp;&nbsp; 7155447 | &nbsp;&nbsp; (4867317)<br>| &nbsp;&nbsp; (177)<br>| &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; 2495314 | &nbsp;&nbsp; 31,953<br> \*<br>|
| Total | &nbsp;&nbsp; $24850087 | &nbsp;&nbsp; $44932459 | &nbsp;&nbsp; $(43919969)<br>| &nbsp;&nbsp; $(177)<br>| &nbsp;&nbsp; $(76)<br>| &nbsp;&nbsp; $25862324 | &nbsp;&nbsp; $502471 |

---

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

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

------

**30**

------

**Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)**

April 30, 2025

*(Unaudited)*

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

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

------

**31**

------

**Invesco QQQ Income Advantage ETF (QQA)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-76.98%** | **Common Stocks & Other Equity Interests-76.98%** | **Common Stocks & Other Equity Interests-76.98%** |
| **Advertising-0.13%** | **Advertising-0.13%** | **Advertising-0.13%** |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 4946 | &nbsp;&nbsp; $265254 |
| **Aerospace & Defense-0.25%** | **Aerospace & Defense-0.25%** | **Aerospace & Defense-0.25%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 839 | &nbsp;&nbsp; 514559 |
| **Apparel Retail-0.24%** | **Apparel Retail-0.24%** | **Apparel Retail-0.24%** |
| Ross Stores, Inc. | 3655 | &nbsp;&nbsp; 508045 |
| **Apparel, Accessories & Luxury Goods-0.17%** | **Apparel, Accessories & Luxury Goods-0.17%** | **Apparel, Accessories & Luxury Goods-0.17%** |
| lululemon athletica, inc.<sup>(b)</sup> | 1279 | &nbsp;&nbsp; 346315 |
| **Application Software-6.32%** | **Application Software-6.32%** | **Application Software-6.32%** |
| Adobe, Inc.<sup>(b)</sup> | 4778 | &nbsp;&nbsp; 1791654 |
| ANSYS, Inc.<sup>(b)</sup> | 979 | &nbsp;&nbsp; 315120 |
| AppLovin Corp., Class A<sup>(b)</sup> | 3398 | &nbsp;&nbsp; 915115 |
| Atlassian Corp., Class A<sup>(b)</sup> | 1809 | &nbsp;&nbsp; 413013 |
| Autodesk, Inc.<sup>(b)</sup> | 2371 | &nbsp;&nbsp; 650247 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 3016 | &nbsp;&nbsp; 897984 |
| Datadog, Inc., Class A<sup>(b)</sup> | 3487 | &nbsp;&nbsp; 356232 |
| Intuit, Inc. | 3083 | &nbsp;&nbsp; 1934490 |
| MicroStrategy, Inc., Class A<sup>(b)</sup> | 2623 | &nbsp;&nbsp; 997029 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 24729 | &nbsp;&nbsp; 2928903 |
| Roper Technologies, Inc. | 1182 | &nbsp;&nbsp; 662015 |
| Synopsys, Inc.<sup>(b)</sup> | 1709 | &nbsp;&nbsp; 784448 |
| Workday, Inc., Class A<sup>(b)</sup> | 2357 | &nbsp;&nbsp; 577465 |
|  |  | &nbsp;&nbsp; 13223715 |
| **Automobile Manufacturers-2.19%** | **Automobile Manufacturers-2.19%** | **Automobile Manufacturers-2.19%** |
| Tesla, Inc.<sup>(b)</sup> | 16237 | &nbsp;&nbsp; 4581432 |
| **Automotive Retail-0.43%** | **Automotive Retail-0.43%** | **Automotive Retail-0.43%** |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 632 | &nbsp;&nbsp; 894406 |
| **Biotechnology-2.63%** | **Biotechnology-2.63%** | **Biotechnology-2.63%** |
| Amgen, Inc. | 5891 | &nbsp;&nbsp; 1713810 |
| Biogen, Inc.<sup>(b)</sup> | 1586 | &nbsp;&nbsp; 192033 |
| Gilead Sciences, Inc. | 13676 | &nbsp;&nbsp; 1457041 |
| Regeneron Pharmaceuticals, Inc. | 1188 | &nbsp;&nbsp; 711327 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 2827 | &nbsp;&nbsp; 1440356 |
|  |  | &nbsp;&nbsp; 5514567 |
| **Broadline Retail-5.16%** | **Broadline Retail-5.16%** | **Broadline Retail-5.16%** |
| Amazon.com, Inc.<sup>(b)</sup> | 47363 | &nbsp;&nbsp; 8734684 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 556 | &nbsp;&nbsp; 1295953 |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup> | 7332 | &nbsp;&nbsp; 774039 |
|  |  | &nbsp;&nbsp; 10804676 |
| **Cable & Satellite-0.97%** | **Cable & Satellite-0.97%** | **Cable & Satellite-0.97%** |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 1560 | &nbsp;&nbsp; 611302 |
| Comcast Corp., Class A | 41476 | &nbsp;&nbsp; 1418479 |
|  |  | &nbsp;&nbsp; 2029781 |
| **Cargo Ground Transportation-0.17%** | **Cargo Ground Transportation-0.17%** | **Cargo Ground Transportation-0.17%** |
| Old Dominion Freight Line, Inc. | 2361 | &nbsp;&nbsp; 361894 |
| **Communications Equipment-1.21%** | **Communications Equipment-1.21%** | **Communications Equipment-1.21%** |
| Cisco Systems, Inc. | 43769 | &nbsp;&nbsp; 2526784 |
| **Construction Machinery & Heavy Transportation Equipment-0.25%** | **Construction Machinery & Heavy Transportation Equipment-0.25%** | **Construction Machinery & Heavy Transportation Equipment-0.25%** |
| PACCAR, Inc. | 5763 | &nbsp;&nbsp; 519880 |
| **Consumer Staples Merchandise Retail-2.32%** | **Consumer Staples Merchandise Retail-2.32%** | **Consumer Staples Merchandise Retail-2.32%** |
| Costco Wholesale Corp. | 4875 | &nbsp;&nbsp; 4848188 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Support Services-0.76%** | **Diversified Support Services-0.76%** | **Diversified Support Services-0.76%** |
| Cintas Corp. | 4417 | &nbsp;&nbsp; $934991 |
| Copart, Inc.<sup>(b)</sup> | 10609 | &nbsp;&nbsp; 647467 |
|  |  | &nbsp;&nbsp; 1582458 |
| **Electric Utilities-1.13%** | **Electric Utilities-1.13%** | **Electric Utilities-1.13%** |
| American Electric Power Co., Inc.<sup>(c)</sup> | 5860 | &nbsp;&nbsp; 634872 |
| Constellation Energy Corp. | 3452 | &nbsp;&nbsp; 771315 |
| Exelon Corp. | 11065 | &nbsp;&nbsp; 518948 |
| Xcel Energy, Inc.<sup>(c)</sup> | 6318 | &nbsp;&nbsp; 446683 |
|  |  | &nbsp;&nbsp; 2371818 |
| **Health Care Equipment-1.47%** | **Health Care Equipment-1.47%** | **Health Care Equipment-1.47%** |
| DexCom, Inc.<sup>(b)</sup> | 4300 | &nbsp;&nbsp; 306934 |
| GE HealthCare Technologies, Inc. | 5030 | &nbsp;&nbsp; 353760 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 901 | &nbsp;&nbsp; 389818 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 3922 | &nbsp;&nbsp; 2022967 |
|  |  | &nbsp;&nbsp; 3073479 |
| **Hotels, Resorts & Cruise Lines-1.50%** | **Hotels, Resorts & Cruise Lines-1.50%** | **Hotels, Resorts & Cruise Lines-1.50%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 4762 | &nbsp;&nbsp; 580583 |
| Booking Holdings, Inc. | 362 | &nbsp;&nbsp; 1845939 |
| Marriott International, Inc., Class A | 3030 | &nbsp;&nbsp; 722898 |
|  |  | &nbsp;&nbsp; 3149420 |
| **Human Resource & Employment Services-0.92%** | **Human Resource & Employment Services-0.92%** | **Human Resource & Employment Services-0.92%** |
| Automatic Data Processing, Inc.<sup>(c)</sup> | 4480 | &nbsp;&nbsp; 1346688 |
| Paychex, Inc.<sup>(c)</sup> | 3951 | &nbsp;&nbsp; 581271 |
|  |  | &nbsp;&nbsp; 1927959 |
| **Industrial Conglomerates-0.72%** | **Industrial Conglomerates-0.72%** | **Industrial Conglomerates-0.72%** |
| Honeywell International, Inc. | 7145 | &nbsp;&nbsp; 1504023 |
| **Industrial Gases-1.13%** | **Industrial Gases-1.13%** | **Industrial Gases-1.13%** |
| Linde PLC | 5205 | &nbsp;&nbsp; 2359062 |
| **Interactive Home Entertainment-0.41%** | **Interactive Home Entertainment-0.41%** | **Interactive Home Entertainment-0.41%** |
| Electronic Arts, Inc. | 2868 | &nbsp;&nbsp; 416118 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 1929 | &nbsp;&nbsp; 450074 |
|  |  | &nbsp;&nbsp; 866192 |
| **Interactive Media & Services-6.43%** | **Interactive Media & Services-6.43%** | **Interactive Media & Services-6.43%** |
| Alphabet, Inc., Class A | 26077 | &nbsp;&nbsp; 4141028 |
| Alphabet, Inc., Class C | 24564 | &nbsp;&nbsp; 3952102 |
| Meta Platforms, Inc., Class A | 9790 | &nbsp;&nbsp; 5374710 |
|  |  | &nbsp;&nbsp; 13467840 |
| **Internet Services & Infrastructure-0.07%** | **Internet Services & Infrastructure-0.07%** | **Internet Services & Infrastructure-0.07%** |
| MongoDB, Inc.<sup>(b)</sup> | 817 | &nbsp;&nbsp; 140663 |
| **IT Consulting & Other Services-0.19%** | **IT Consulting & Other Services-0.19%** | **IT Consulting & Other Services-0.19%** |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 5470 | &nbsp;&nbsp; 402428 |
| **Movies & Entertainment-2.65%** | **Movies & Entertainment-2.65%** | **Movies & Entertainment-2.65%** |
| Netflix, Inc.<sup>(b)</sup> | 4696 | &nbsp;&nbsp; 5314557 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 26999 | &nbsp;&nbsp; 234082 |
|  |  | &nbsp;&nbsp; 5548639 |
| **Oil & Gas Equipment & Services-0.18%** | **Oil & Gas Equipment & Services-0.18%** | **Oil & Gas Equipment & Services-0.18%** |
| Baker Hughes Co., Class A<sup>(c)</sup> | 10891 | &nbsp;&nbsp; 385541 |
| **Oil & Gas Exploration & Production-0.20%** | **Oil & Gas Exploration & Production-0.20%** | **Oil & Gas Exploration & Production-0.20%** |
| Diamondback Energy, Inc. | 3188 | &nbsp;&nbsp; 420848 |

---

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

------

**32**

------

**Invesco QQQ Income Advantage ETF (QQA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Packaged Foods & Meats-0.64%** | **Packaged Foods & Meats-0.64%** | **Packaged Foods & Meats-0.64%** |
| Kraft Heinz Co. (The) | 13131 | &nbsp;&nbsp; $382112 |
| Mondelez International, Inc., Class A | 14218 | &nbsp;&nbsp; 968672 |
|  |  | &nbsp;&nbsp; 1350784 |
| **Pharmaceuticals-0.22%** | **Pharmaceuticals-0.22%** | **Pharmaceuticals-0.22%** |
| AstraZeneca PLC, ADR (United Kingdom) | 6408 | &nbsp;&nbsp; 460030 |
| **Rail Transportation-0.28%** | **Rail Transportation-0.28%** | **Rail Transportation-0.28%** |
| CSX Corp. | 20824 | &nbsp;&nbsp; 584530 |
| **Real Estate Services-0.16%** | **Real Estate Services-0.16%** | **Real Estate Services-0.16%** |
| CoStar Group, Inc.<sup>(b)(c)</sup> | 4502 | &nbsp;&nbsp; 333913 |
| **Research & Consulting Services-0.22%** | **Research & Consulting Services-0.22%** | **Research & Consulting Services-0.22%** |
| Verisk Analytics, Inc. | 1555 | &nbsp;&nbsp; 460949 |
| **Restaurants-0.88%** | **Restaurants-0.88%** | **Restaurants-0.88%** |
| DoorDash, Inc., Class A<sup>(b)</sup> | 4331 | &nbsp;&nbsp; 835406 |
| Starbucks Corp. | 12456 | &nbsp;&nbsp; 997103 |
|  |  | &nbsp;&nbsp; 1832509 |
| **Semiconductor Materials & Equipment-1.94%** | **Semiconductor Materials & Equipment-1.94%** | **Semiconductor Materials & Equipment-1.94%** |
| Applied Materials, Inc. | 8943 | &nbsp;&nbsp; 1347799 |
| ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 996 | &nbsp;&nbsp; 665408 |
| KLA Corp. | 1462 | &nbsp;&nbsp; 1027333 |
| Lam Research Corp. | 14123 | &nbsp;&nbsp; 1012195 |
|  |  | &nbsp;&nbsp; 4052735 |
| **Semiconductors-13.65%** | **Semiconductors-13.65%** | **Semiconductors-13.65%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 17841 | &nbsp;&nbsp; 1736821 |
| Analog Devices, Inc. | 5468 | &nbsp;&nbsp; 1065823 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 1445 | &nbsp;&nbsp; 164802 |
| Broadcom, Inc. | 34643 | &nbsp;&nbsp; 6667738 |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup> | 6067 | &nbsp;&nbsp; 212770 |
| Intel Corp. | 47615 | &nbsp;&nbsp; 957062 |
| Marvell Technology, Inc. | 9519 | &nbsp;&nbsp; 555624 |
| Microchip Technology, Inc. | 5891 | &nbsp;&nbsp; 271457 |
| Micron Technology, Inc.<sup>(c)</sup> | 12251 | &nbsp;&nbsp; 942715 |
| NVIDIA Corp. | 109060 | &nbsp;&nbsp; 11878815 |
| NXP Semiconductors N.V. (Netherlands) | 2775 | &nbsp;&nbsp; 511460 |
| ON Semiconductor Corp.<sup>(b)</sup> | 4679 | &nbsp;&nbsp; 185756 |
| QUALCOMM, Inc. | 12166 | &nbsp;&nbsp; 1806164 |
| Texas Instruments, Inc. | 10008 | &nbsp;&nbsp; 1601781 |
|  |  | &nbsp;&nbsp; 28558788 |
| **Soft Drinks & Non-alcoholic Beverages-1.75%** | **Soft Drinks & Non-alcoholic Beverages-1.75%** | **Soft Drinks & Non-alcoholic Beverages-1.75%** |
| Coca-Cola Europacific Partners PLC (United <br> Kingdom)<br>| 5054 | &nbsp;&nbsp; 458600 |
| Keurig Dr Pepper, Inc.<sup>(c)</sup> | 14925 | &nbsp;&nbsp; 516256 |
| Monster Beverage Corp.<sup>(b)</sup> | 10705 | &nbsp;&nbsp; 643584 |
| PepsiCo, Inc. | 15088 | &nbsp;&nbsp; 2045631 |
|  |  | &nbsp;&nbsp; 3664071 |
| **Systems Software-8.05%** | **Systems Software-8.05%** | **Systems Software-8.05%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 2567 | &nbsp;&nbsp; 1100909 |
| Fortinet, Inc.<sup>(b)</sup> | 8449 | &nbsp;&nbsp; 876668 |
| Microsoft Corp. | 33223 | &nbsp;&nbsp; 13131723 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 7271 | &nbsp;&nbsp; 1359168 |
| Zscaler, Inc.<sup>(b)(c)</sup> | 1673 | &nbsp;&nbsp; 378383 |
|  |  | &nbsp;&nbsp; 16846851 |
| **Technology Distributors-0.11%** | **Technology Distributors-0.11%** | **Technology Distributors-0.11%** |
| CDW Corp. | 1466 | &nbsp;&nbsp; 235381 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals-6.82%** | **Technology Hardware, Storage & Peripherals-6.82%** | **Technology Hardware, Storage & Peripherals-6.82%** |
| Apple, Inc. | 67139 | &nbsp;&nbsp; $14267038 |
| **Trading Companies & Distributors-0.24%** | **Trading Companies & Distributors-0.24%** | **Trading Companies & Distributors-0.24%** |
| Fastenal Co. | 6309 | &nbsp;&nbsp; 510840 |
| **Transaction & Payment Processing Services-0.34%** | **Transaction & Payment Processing Services-0.34%** | **Transaction & Payment Processing Services-0.34%** |
| PayPal Holdings, Inc.<sup>(b)</sup> | 10882 | &nbsp;&nbsp; 716471 |
| **Wireless Telecommunication Services-1.48%** | **Wireless Telecommunication Services-1.48%** | **Wireless Telecommunication Services-1.48%** |
| T-Mobile US, Inc. | 12553 | &nbsp;&nbsp; 3099963 |
| Total Common Stocks & Other Equity Interests <br>(Cost $161,626,561) | Total Common Stocks & Other Equity Interests <br>(Cost $161,626,561) | &nbsp;&nbsp; 161114719 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-5.58%** |  |  |
| **Diversified Banks-5.58%** |  |  |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 197.14%, 05/12/2025<br>| $1140000 | &nbsp;&nbsp; 1174458 |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 210.00%, 05/15/2025<br>| 672000 | &nbsp;&nbsp; 631637 |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 207.23%, 05/16/2025<br>| 672000 | &nbsp;&nbsp; 630802 |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 0.00%, 05/27/2025<sup>(d)</sup><br>| 866000 | &nbsp;&nbsp; 881499 |
| Bank of Montreal (NASDAQ 100 Stock <br> Index), 201.91%, 05/28/2025<sup>(e)</sup><br>| 691000 | &nbsp;&nbsp; 700257 |
| Barclays Bank PLC (NASDAQ 100 Stock <br> Index), 232.00%, 05/21/2025<sup>(e)</sup><br>| 386000 | &nbsp;&nbsp; 362004 |
| BNP Paribas Issuance B.V. (NASDAQ 100 <br> Stock Index), 253.87%, 05/09/2025<br>| 461000 | &nbsp;&nbsp; 453045 |
| BNP Paribas Issuance B.V. (NASDAQ 100 <br> Stock Index), 217.91%, 05/06/2025<sup>(e)</sup><br>| 832000 | &nbsp;&nbsp; 623970 |
| BNP Paribas Issuance B.V. (NASDAQ 100 <br> Stock Index), 257.11%, 05/08/2025<sup>(e)</sup><br>| 461000 | &nbsp;&nbsp; 452896 |
| Citigroup Global Markets Holdings, Inc. <br> (NASDAQ 100 Stock Index), 182.95%, <br> 05/07/2025<sup>(e)</sup><br>| 662000 | &nbsp;&nbsp; 681667 |
| Citigroup Global Markets Holdings, Inc. <br> (NASDAQ 100 Stock Index), 203.23%, <br> 05/29/2025<sup>(e)</sup><br>| 756000 | &nbsp;&nbsp; 752599 |
| J.P. Morgan Chase & Co. (NASDAQ 100 <br> Stock Index), 0.00%, 05/13/2025<sup>(d)</sup><br>| 1048000 | &nbsp;&nbsp; 1060890 |
| J.P. Morgan Chase & Co. (NASDAQ 100 <br> Stock Index), 0.00%, 05/20/2025<sup>(d)</sup><br>| 650000 | &nbsp;&nbsp; 578976 |
| J.P. Morgan Structured Products B.V. <br> (NASDAQ 100 Stock Index), 164.80%, <br> 05/19/2025<sup>(e)</sup><br>| 441000 | &nbsp;&nbsp; 408264 |
| Mizuho Markets Cayman L.P. (NASDAQ 100 <br> Stock Index), 209.70%, 05/23/2025<sup>(e)</sup><br>| 941000 | &nbsp;&nbsp; 963778 |
| Royal Bank of Canada (NASDAQ 100 Stock <br> Index), 171.19%, 05/14/2025<br>| 851000 | &nbsp;&nbsp; 844377 |
| Royal Bank of Canada (NASDAQ 100 Stock <br> Index), 216.95%, 05/22/2025<sup>(e)</sup><br>| 484000 | &nbsp;&nbsp; 474854 |
|  |  | &nbsp;&nbsp; 11675973 |
| Total Equity Linked Notes <br>(Cost $12,014,000) | Total Equity Linked Notes <br>(Cost $12,014,000) | &nbsp;&nbsp; 11675973 |

---

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

------

**33**

------

**Invesco QQQ Income Advantage ETF (QQA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-18.12%** | **Money Market Funds-18.12%** | **Money Market Funds-18.12%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(f)(g)</sup> <br>(Cost $37,921,414)<br>| 37921414 | &nbsp;&nbsp; $37921414 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.68% <br>(Cost $211,561,975) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.68% <br>(Cost $211,561,975) | &nbsp;&nbsp; 210712106 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-2.52%** | **Money Market Funds-2.52%** | **Money Market Funds-2.52%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(f)(g)(h)</sup><br>| 1461573 | &nbsp;&nbsp; 1461573 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup> | 3804714 | &nbsp;&nbsp; $3805475 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,267,048) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,267,048) | &nbsp;&nbsp; 5267048 |
| TOTAL INVESTMENTS IN SECURITIES-103.20% <br>(Cost $216,829,023) | TOTAL INVESTMENTS IN SECURITIES-103.20% <br>(Cost $216,829,023) | &nbsp;&nbsp; 215979154 |
| OTHER ASSETS LESS LIABILITIES-(3.20)% | OTHER ASSETS LESS LIABILITIES-(3.20)% | &nbsp;&nbsp; (6704116)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $209275038 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(e)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $5,420,289, which represented 2.59% of the Fund's Net Assets.<br>|
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $24679350 | &nbsp;&nbsp; $29744118 | &nbsp;&nbsp; $(54423468)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $537773 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 43261652 | &nbsp;&nbsp; (5340238)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 37921414 | &nbsp;&nbsp; 136471 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 89525 | &nbsp;&nbsp; 13379464 | &nbsp;&nbsp; (12007416)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1461573 | &nbsp;&nbsp; 17,311<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 504696 | &nbsp;&nbsp; 27610850 | &nbsp;&nbsp; (24309887)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; (186)<br>| &nbsp;&nbsp; 3805475 | &nbsp;&nbsp; 44,862<br> \*<br>|
| Total | &nbsp;&nbsp; $25273571 | &nbsp;&nbsp; $113996084 | &nbsp;&nbsp; $(96081009)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $(186)<br>| &nbsp;&nbsp; $43188462 | &nbsp;&nbsp; $736417 |

---

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

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

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

------

**34**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-54.54%** | **Common Stocks & Other Equity Interests-54.54%** | **Common Stocks & Other Equity Interests-54.54%** |
| **Communication Services-5.08%** | **Communication Services-5.08%** | **Communication Services-5.08%** |
| Alphabet, Inc., Class A | 6688 | &nbsp;&nbsp; $1062054 |
| Alphabet, Inc., Class C | 5421 | &nbsp;&nbsp; 872185 |
| AT&T, Inc. | 8231 | &nbsp;&nbsp; 227999 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 111 | &nbsp;&nbsp; 43496 |
| Comcast Corp., Class A | 4325 | &nbsp;&nbsp; 147915 |
| Electronic Arts, Inc. | 272 | &nbsp;&nbsp; 39464 |
| Fox Corp., Class A | 250 | &nbsp;&nbsp; 12448 |
| Fox Corp., Class B | 151 | &nbsp;&nbsp; 6982 |
| Interpublic Group of Cos., Inc. (The) | 427 | &nbsp;&nbsp; 10726 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 180 | &nbsp;&nbsp; 23841 |
| Match Group, Inc. | 288 | &nbsp;&nbsp; 8542 |
| Meta Platforms, Inc., Class A | 2511 | &nbsp;&nbsp; 1378539 |
| Netflix, Inc.<sup>(b)</sup> | 490 | &nbsp;&nbsp; 554543 |
| News Corp., Class A | 433 | &nbsp;&nbsp; 11743 |
| News Corp., Class B | 128 | &nbsp;&nbsp; 4022 |
| Omnicom Group, Inc. | 225 | &nbsp;&nbsp; 17136 |
| Paramount Global, Class B | 682 | &nbsp;&nbsp; 8007 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 188 | &nbsp;&nbsp; 43864 |
| TKO Group Holdings, Inc. | 76 | &nbsp;&nbsp; 12381 |
| T-Mobile US, Inc. | 550 | &nbsp;&nbsp; 135823 |
| Verizon Communications, Inc. | 4827 | &nbsp;&nbsp; 212678 |
| Walt Disney Co. (The) | 2073 | &nbsp;&nbsp; 188539 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 2560 | &nbsp;&nbsp; 22195 |
|  |  | &nbsp;&nbsp; 5045122 |
| **Consumer Discretionary-5.64%** | **Consumer Discretionary-5.64%** | **Consumer Discretionary-5.64%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 496 | &nbsp;&nbsp; 60472 |
| Amazon.com, Inc.<sup>(b)</sup> | 10815 | &nbsp;&nbsp; 1994502 |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 263 | &nbsp;&nbsp; 15007 |
| AutoZone, Inc.<sup>(b)</sup> | 19 | &nbsp;&nbsp; 71489 |
| Best Buy Co., Inc. | 223 | &nbsp;&nbsp; 14872 |
| Booking Holdings, Inc. | 38 | &nbsp;&nbsp; 193773 |
| Caesars Entertainment, Inc.<sup>(b)</sup> | 244 | &nbsp;&nbsp; 6603 |
| CarMax, Inc.<sup>(b)</sup> | 176 | &nbsp;&nbsp; 11382 |
| Carnival Corp.<sup>(b)</sup> | 1201 | &nbsp;&nbsp; 22026 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 1554 | &nbsp;&nbsp; 78508 |
| D.R. Horton, Inc. | 325 | &nbsp;&nbsp; 41061 |
| Darden Restaurants, Inc. | 134 | &nbsp;&nbsp; 26886 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 174 | &nbsp;&nbsp; 19284 |
| Domino's Pizza, Inc. | 40 | &nbsp;&nbsp; 19615 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 389 | &nbsp;&nbsp; 75034 |
| eBay, Inc. | 549 | &nbsp;&nbsp; 37420 |
| Expedia Group, Inc. | 141 | &nbsp;&nbsp; 22127 |
| Ford Motor Co. | 4463 | &nbsp;&nbsp; 44675 |
| Garmin Ltd. | 176 | &nbsp;&nbsp; 32889 |
| General Motors Co. | 1141 | &nbsp;&nbsp; 51619 |
| Genuine Parts Co. | 159 | &nbsp;&nbsp; 18690 |
| Hasbro, Inc. | 150 | &nbsp;&nbsp; 9285 |
| Hilton Worldwide Holdings, Inc. | 276 | &nbsp;&nbsp; 62233 |
| Home Depot, Inc. (The) | 1139 | &nbsp;&nbsp; 410598 |
| Las Vegas Sands Corp. | 394 | &nbsp;&nbsp; 14448 |
| Lennar Corp., Class A | 268 | &nbsp;&nbsp; 29107 |
| LKQ Corp. | 298 | &nbsp;&nbsp; 11387 |
| Lowe's Cos., Inc. | 647 | &nbsp;&nbsp; 144643 |
| lululemon athletica, inc.<sup>(b)</sup> | 128 | &nbsp;&nbsp; 34659 |
| Marriott International, Inc., Class A | 262 | &nbsp;&nbsp; 62508 |
| McDonald's Corp. | 822 | &nbsp;&nbsp; 262752 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| MGM Resorts International<sup>(b)</sup> | 257 | &nbsp;&nbsp; $8085 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 60 | &nbsp;&nbsp; 6381 |
| NIKE, Inc., Class B | 1354 | &nbsp;&nbsp; 76366 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 504 | &nbsp;&nbsp; 8079 |
| NVR, Inc.<sup>(b)</sup> | 3 | &nbsp;&nbsp; 21377 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 66 | &nbsp;&nbsp; 93403 |
| Pool Corp. | 44 | &nbsp;&nbsp; 12898 |
| PulteGroup, Inc. | 232 | &nbsp;&nbsp; 23799 |
| Ralph Lauren Corp. | 46 | &nbsp;&nbsp; 10348 |
| Ross Stores, Inc. | 378 | &nbsp;&nbsp; 52542 |
| Royal Caribbean Cruises Ltd. | 284 | &nbsp;&nbsp; 61034 |
| Starbucks Corp. | 1302 | &nbsp;&nbsp; 104225 |
| Tapestry, Inc. | 237 | &nbsp;&nbsp; 16744 |
| Tesla, Inc.<sup>(b)</sup> | 3209 | &nbsp;&nbsp; 905451 |
| TJX Cos., Inc. (The) | 1289 | &nbsp;&nbsp; 165869 |
| Tractor Supply Co. | 613 | &nbsp;&nbsp; 31030 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 53 | &nbsp;&nbsp; 20969 |
| Williams-Sonoma, Inc. | 141 | &nbsp;&nbsp; 21780 |
| Wynn Resorts Ltd. | 103 | &nbsp;&nbsp; 8272 |
| Yum! Brands, Inc. | 320 | &nbsp;&nbsp; 48141 |
|  |  | &nbsp;&nbsp; 5596347 |
| **Consumer Staples-3.36%** | **Consumer Staples-3.36%** | **Consumer Staples-3.36%** |
| Altria Group, Inc. | 1943 | &nbsp;&nbsp; 114928 |
| Archer-Daniels-Midland Co. | 549 | &nbsp;&nbsp; 26215 |
| Brown-Forman Corp., Class B | 209 | &nbsp;&nbsp; 7282 |
| Bunge Global S.A. | 153 | &nbsp;&nbsp; 12044 |
| Church & Dwight Co., Inc. | 282 | &nbsp;&nbsp; 28014 |
| Clorox Co. (The) | 141 | &nbsp;&nbsp; 20064 |
| Coca-Cola Co. (The) | 4439 | &nbsp;&nbsp; 322049 |
| Colgate-Palmolive Co. | 931 | &nbsp;&nbsp; 85829 |
| Conagra Brands, Inc. | 547 | &nbsp;&nbsp; 13516 |
| Constellation Brands, Inc., Class A | 178 | &nbsp;&nbsp; 33382 |
| Costco Wholesale Corp. | 509 | &nbsp;&nbsp; 506201 |
| Dollar General Corp. | 252 | &nbsp;&nbsp; 23610 |
| Dollar Tree, Inc.<sup>(b)</sup> | 232 | &nbsp;&nbsp; 18971 |
| Estee Lauder Cos., Inc. (The), Class A | 269 | &nbsp;&nbsp; 16129 |
| General Mills, Inc. | 632 | &nbsp;&nbsp; 35860 |
| Hershey Co. (The) | 169 | &nbsp;&nbsp; 28255 |
| Hormel Foods Corp. | 334 | &nbsp;&nbsp; 9987 |
| J.M. Smucker Co. (The) | 122 | &nbsp;&nbsp; 14185 |
| Kellanova | 308 | &nbsp;&nbsp; 25493 |
| Kenvue, Inc. | 2198 | &nbsp;&nbsp; 51873 |
| Keurig Dr Pepper, Inc. | 1369 | &nbsp;&nbsp; 47354 |
| Kimberly-Clark Corp. | 380 | &nbsp;&nbsp; 50076 |
| Kraft Heinz Co. (The) | 1000 | &nbsp;&nbsp; 29100 |
| Kroger Co. (The) | 763 | &nbsp;&nbsp; 55096 |
| Lamb Weston Holdings, Inc. | 164 | &nbsp;&nbsp; 8661 |
| McCormick & Co., Inc. | 290 | &nbsp;&nbsp; 22231 |
| Molson Coors Beverage Co., Class B | 197 | &nbsp;&nbsp; 11333 |
| Mondelez International, Inc., Class A | 1483 | &nbsp;&nbsp; 101037 |
| Monster Beverage Corp.<sup>(b)</sup> | 803 | &nbsp;&nbsp; 48276 |
| PepsiCo, Inc. | 1573 | &nbsp;&nbsp; 213267 |
| Philip Morris International, Inc. | 1783 | &nbsp;&nbsp; 305535 |
| Procter & Gamble Co. (The) | 2689 | &nbsp;&nbsp; 437151 |
| Sysco Corp. | 561 | &nbsp;&nbsp; 40055 |
| Target Corp. | 525 | &nbsp;&nbsp; 50768 |
| The Campbell's Company | 226 | &nbsp;&nbsp; 8240 |

---

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

------

**35**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Tyson Foods, Inc., Class A | 328 | &nbsp;&nbsp; $20087 |
| Walgreens Boots Alliance, Inc. | 822 | &nbsp;&nbsp; 9017 |
| Walmart, Inc. | 4974 | &nbsp;&nbsp; 483722 |
|  |  | &nbsp;&nbsp; 3334893 |
| **Energy-1.73%** | **Energy-1.73%** | **Energy-1.73%** |
| APA Corp. | 424 | &nbsp;&nbsp; 6589 |
| Baker Hughes Co., Class A | 1135 | &nbsp;&nbsp; 40179 |
| Chevron Corp. | 1916 | &nbsp;&nbsp; 260691 |
| ConocoPhillips | 1463 | &nbsp;&nbsp; 130382 |
| Coterra Energy, Inc. | 844 | &nbsp;&nbsp; 20729 |
| Devon Energy Corp. | 753 | &nbsp;&nbsp; 22899 |
| Diamondback Energy, Inc. | 214 | &nbsp;&nbsp; 28250 |
| EOG Resources, Inc. | 645 | &nbsp;&nbsp; 71163 |
| EQT Corp. | 684 | &nbsp;&nbsp; 33817 |
| Expand Energy Corp. | 241 | &nbsp;&nbsp; 25040 |
| Exxon Mobil Corp. | 4991 | &nbsp;&nbsp; 527199 |
| Halliburton Co. | 995 | &nbsp;&nbsp; 19721 |
| Hess Corp. | 317 | &nbsp;&nbsp; 40909 |
| Kinder Morgan, Inc. | 2217 | &nbsp;&nbsp; 58307 |
| Marathon Petroleum Corp. | 362 | &nbsp;&nbsp; 49742 |
| Occidental Petroleum Corp. | 775 | &nbsp;&nbsp; 30543 |
| ONEOK, Inc. | 711 | &nbsp;&nbsp; 58416 |
| Phillips 66 | 474 | &nbsp;&nbsp; 49324 |
| Schlumberger N.V. | 1606 | &nbsp;&nbsp; 53399 |
| Targa Resources Corp. | 250 | &nbsp;&nbsp; 42725 |
| Texas Pacific Land Corp. | 22 | &nbsp;&nbsp; 28355 |
| Valero Energy Corp. | 363 | &nbsp;&nbsp; 42141 |
| Williams Cos., Inc. (The) | 1398 | &nbsp;&nbsp; 81881 |
|  |  | &nbsp;&nbsp; 1722401 |
| **Financials-7.89%** | **Financials-7.89%** | **Financials-7.89%** |
| Aflac, Inc. | 568 | &nbsp;&nbsp; 61730 |
| Allstate Corp. (The) | 304 | &nbsp;&nbsp; 60311 |
| American Express Co. | 636 | &nbsp;&nbsp; 169437 |
| American International Group, Inc. | 680 | &nbsp;&nbsp; 55434 |
| Ameriprise Financial, Inc. | 110 | &nbsp;&nbsp; 51812 |
| Aon PLC, Class A | 248 | &nbsp;&nbsp; 87988 |
| Apollo Global Management, Inc. | 513 | &nbsp;&nbsp; 70014 |
| Arch Capital Group Ltd. | 430 | &nbsp;&nbsp; 38992 |
| Arthur J. Gallagher & Co. | 292 | &nbsp;&nbsp; 93641 |
| Assurant, Inc. | 59 | &nbsp;&nbsp; 11372 |
| Bank of America Corp. | 7592 | &nbsp;&nbsp; 302769 |
| Bank of New York Mellon Corp. (The) | 823 | &nbsp;&nbsp; 66177 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 2102 | &nbsp;&nbsp; 1120891 |
| BlackRock, Inc. | 167 | &nbsp;&nbsp; 152681 |
| Blackstone, Inc., Class A | 839 | &nbsp;&nbsp; 110505 |
| Brown & Brown, Inc. | 272 | &nbsp;&nbsp; 30083 |
| Capital One Financial Corp. | 437 | &nbsp;&nbsp; 78774 |
| Cboe Global Markets, Inc. | 120 | &nbsp;&nbsp; 26616 |
| Charles Schwab Corp. (The) | 1954 | &nbsp;&nbsp; 159056 |
| Chubb Ltd. | 427 | &nbsp;&nbsp; 122156 |
| Cincinnati Financial Corp. | 179 | &nbsp;&nbsp; 24919 |
| Citigroup, Inc. | 2152 | &nbsp;&nbsp; 147154 |
| Citizens Financial Group, Inc. | 501 | &nbsp;&nbsp; 18482 |
| CME Group, Inc., Class A | 413 | &nbsp;&nbsp; 114434 |
| Corpay, Inc.<sup>(b)</sup> | 80 | &nbsp;&nbsp; 26030 |
| Discover Financial Services | 288 | &nbsp;&nbsp; 52609 |
| Erie Indemnity Co., Class A | 29 | &nbsp;&nbsp; 10400 |
| Everest Group Ltd. | 49 | &nbsp;&nbsp; 17583 |
| FactSet Research Systems, Inc. | 44 | &nbsp;&nbsp; 19018 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Fidelity National Information Services, Inc. | 607 | &nbsp;&nbsp; $47880 |
| Fifth Third Bancorp | 768 | &nbsp;&nbsp; 27602 |
| Fiserv, Inc.<sup>(b)</sup> | 652 | &nbsp;&nbsp; 120340 |
| Franklin Resources, Inc. | 355 | &nbsp;&nbsp; 6660 |
| Global Payments, Inc. | 284 | &nbsp;&nbsp; 21672 |
| Globe Life, Inc. | 96 | &nbsp;&nbsp; 11841 |
| Goldman Sachs Group, Inc. (The) | 358 | &nbsp;&nbsp; 196023 |
| Hartford Insurance Group, Inc. (The) | 330 | &nbsp;&nbsp; 40481 |
| Huntington Bancshares, Inc. | 1667 | &nbsp;&nbsp; 24222 |
| Intercontinental Exchange, Inc. | 659 | &nbsp;&nbsp; 110692 |
| Invesco Ltd.<sup>(c)</sup> | 514 | &nbsp;&nbsp; 7160 |
| Jack Henry & Associates, Inc. | 84 | &nbsp;&nbsp; 14568 |
| JPMorgan Chase & Co. | 3206 | &nbsp;&nbsp; 784252 |
| KeyCorp | 1142 | &nbsp;&nbsp; 16947 |
| KKR & Co., Inc., Class A | 774 | &nbsp;&nbsp; 88445 |
| Loews Corp. | 203 | &nbsp;&nbsp; 17626 |
| M&T Bank Corp. | 190 | &nbsp;&nbsp; 32254 |
| MarketAxess Holdings, Inc. | 43 | &nbsp;&nbsp; 9528 |
| Marsh & McLennan Cos., Inc. | 563 | &nbsp;&nbsp; 126940 |
| Mastercard, Inc., Class A | 934 | &nbsp;&nbsp; 511888 |
| MetLife, Inc. | 664 | &nbsp;&nbsp; 50046 |
| Moody's Corp. | 177 | &nbsp;&nbsp; 80202 |
| Morgan Stanley | 1419 | &nbsp;&nbsp; 163781 |
| MSCI, Inc. | 89 | &nbsp;&nbsp; 48515 |
| Nasdaq, Inc. | 475 | &nbsp;&nbsp; 36200 |
| Northern Trust Corp. | 225 | &nbsp;&nbsp; 21145 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 1134 | &nbsp;&nbsp; 74663 |
| PNC Financial Services Group, Inc. (The) | 454 | &nbsp;&nbsp; 72953 |
| Principal Financial Group, Inc. | 241 | &nbsp;&nbsp; 17870 |
| Progressive Corp. (The) | 672 | &nbsp;&nbsp; 189329 |
| Prudential Financial, Inc. | 406 | &nbsp;&nbsp; 41700 |
| Raymond James Financial, Inc. | 211 | &nbsp;&nbsp; 28915 |
| Regions Financial Corp. | 1042 | &nbsp;&nbsp; 21267 |
| S&P Global, Inc. | 361 | &nbsp;&nbsp; 180518 |
| State Street Corp. | 331 | &nbsp;&nbsp; 29161 |
| Synchrony Financial | 446 | &nbsp;&nbsp; 23170 |
| T. Rowe Price Group, Inc. | 255 | &nbsp;&nbsp; 22580 |
| Travelers Cos., Inc. (The) | 260 | &nbsp;&nbsp; 68674 |
| Truist Financial Corp. | 1509 | &nbsp;&nbsp; 57855 |
| U.S. Bancorp | 1789 | &nbsp;&nbsp; 72168 |
| Visa, Inc., Class A | 1976 | &nbsp;&nbsp; 682708 |
| W.R. Berkley Corp. | 344 | &nbsp;&nbsp; 24661 |
| Wells Fargo & Co. | 3771 | &nbsp;&nbsp; 267779 |
| Willis Towers Watson PLC | 114 | &nbsp;&nbsp; 35089 |
|  |  | &nbsp;&nbsp; 7829038 |
| **Health Care-5.91%** | **Health Care-5.91%** | **Health Care-5.91%** |
| Abbott Laboratories | 1989 | &nbsp;&nbsp; 260062 |
| AbbVie, Inc. | 2024 | &nbsp;&nbsp; 394882 |
| Agilent Technologies, Inc. | 327 | &nbsp;&nbsp; 35185 |
| Align Technology, Inc.<sup>(b)</sup> | 80 | &nbsp;&nbsp; 13864 |
| Amgen, Inc. | 616 | &nbsp;&nbsp; 179207 |
| Baxter International, Inc. | 585 | &nbsp;&nbsp; 18235 |
| Becton, Dickinson and Co. | 329 | &nbsp;&nbsp; 68133 |
| Biogen, Inc.<sup>(b)</sup> | 168 | &nbsp;&nbsp; 20341 |
| Bio-Techne Corp. | 181 | &nbsp;&nbsp; 9113 |
| Boston Scientific Corp.<sup>(b)</sup> | 1690 | &nbsp;&nbsp; 173850 |
| Bristol-Myers Squibb Co. | 2327 | &nbsp;&nbsp; 116815 |
| Cardinal Health, Inc. | 277 | &nbsp;&nbsp; 39137 |
| Cencora, Inc. | 198 | &nbsp;&nbsp; 57949 |

---

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

------

**36**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Centene Corp.<sup>(b)</sup> | 569 | &nbsp;&nbsp; $34055 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 59 | &nbsp;&nbsp; 6999 |
| Cigna Group (The) | 314 | &nbsp;&nbsp; 106773 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 229 | &nbsp;&nbsp; 18702 |
| CVS Health Corp. | 1446 | &nbsp;&nbsp; 96463 |
| Danaher Corp. | 734 | &nbsp;&nbsp; 146308 |
| DaVita, Inc.<sup>(b)</sup> | 50 | &nbsp;&nbsp; 7078 |
| DexCom, Inc.<sup>(b)</sup> | 448 | &nbsp;&nbsp; 31978 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 676 | &nbsp;&nbsp; 51031 |
| Elevance Health, Inc. | 266 | &nbsp;&nbsp; 111874 |
| Eli Lilly and Co. | 903 | &nbsp;&nbsp; 811752 |
| GE HealthCare Technologies, Inc. | 524 | &nbsp;&nbsp; 36853 |
| Gilead Sciences, Inc. | 1429 | &nbsp;&nbsp; 152246 |
| HCA Healthcare, Inc. | 205 | &nbsp;&nbsp; 70741 |
| Henry Schein, Inc.<sup>(b)</sup> | 143 | &nbsp;&nbsp; 9291 |
| Hologic, Inc.<sup>(b)</sup> | 257 | &nbsp;&nbsp; 14957 |
| Humana, Inc. | 138 | &nbsp;&nbsp; 36189 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 94 | &nbsp;&nbsp; 40669 |
| Incyte Corp.<sup>(b)</sup> | 184 | &nbsp;&nbsp; 11529 |
| Insulet Corp.<sup>(b)</sup> | 80 | &nbsp;&nbsp; 20183 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 409 | &nbsp;&nbsp; 210962 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 192 | &nbsp;&nbsp; 29773 |
| Johnson & Johnson | 2761 | &nbsp;&nbsp; 431572 |
| Labcorp Holdings, Inc. | 96 | &nbsp;&nbsp; 23137 |
| McKesson Corp. | 144 | &nbsp;&nbsp; 102642 |
| Medtronic PLC | 1470 | &nbsp;&nbsp; 124597 |
| Merck & Co., Inc. | 2901 | &nbsp;&nbsp; 247165 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 24 | &nbsp;&nbsp; 25694 |
| Moderna, Inc.<sup>(b)</sup> | 388 | &nbsp;&nbsp; 11074 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 64 | &nbsp;&nbsp; 20929 |
| Pfizer, Inc. | 6498 | &nbsp;&nbsp; 158616 |
| Quest Diagnostics, Inc. | 127 | &nbsp;&nbsp; 22634 |
| Regeneron Pharmaceuticals, Inc. | 121 | &nbsp;&nbsp; 72450 |
| ResMed, Inc. | 168 | &nbsp;&nbsp; 39747 |
| Revvity, Inc. | 140 | &nbsp;&nbsp; 13080 |
| Solventum Corp.<sup>(b)</sup> | 158 | &nbsp;&nbsp; 10447 |
| STERIS PLC | 113 | &nbsp;&nbsp; 25396 |
| Stryker Corp. | 394 | &nbsp;&nbsp; 147325 |
| Thermo Fisher Scientific, Inc. | 439 | &nbsp;&nbsp; 188331 |
| UnitedHealth Group, Inc. | 1055 | &nbsp;&nbsp; 434069 |
| Universal Health Services, Inc., Class B | 67 | &nbsp;&nbsp; 11864 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 294 | &nbsp;&nbsp; 149793 |
| Viatris, Inc. | 1369 | &nbsp;&nbsp; 11527 |
| Waters Corp.<sup>(b)</sup> | 68 | &nbsp;&nbsp; 23646 |
| West Pharmaceutical Services, Inc. | 83 | &nbsp;&nbsp; 17537 |
| Zimmer Biomet Holdings, Inc. | 228 | &nbsp;&nbsp; 23495 |
| Zoetis, Inc. | 513 | &nbsp;&nbsp; 80233 |
|  |  | &nbsp;&nbsp; 5860179 |
| **Industrials-4.66%** | **Industrials-4.66%** | **Industrials-4.66%** |
| 3M Co. | 623 | &nbsp;&nbsp; 86541 |
| A.O. Smith Corp. | 135 | &nbsp;&nbsp; 9161 |
| Allegion PLC | 100 | &nbsp;&nbsp; 13920 |
| AMETEK, Inc. | 265 | &nbsp;&nbsp; 44939 |
| Automatic Data Processing, Inc. | 467 | &nbsp;&nbsp; 140380 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 83 | &nbsp;&nbsp; 50904 |
| Boeing Co. (The)<sup>(b)</sup> | 860 | &nbsp;&nbsp; 157586 |
| Broadridge Financial Solutions, Inc. | 134 | &nbsp;&nbsp; 32482 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 132 | &nbsp;&nbsp; 15791 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| C.H. Robinson Worldwide, Inc. | 136 | &nbsp;&nbsp; $12134 |
| Carrier Global Corp. | 926 | &nbsp;&nbsp; 57912 |
| Caterpillar, Inc. | 548 | &nbsp;&nbsp; 169480 |
| Cintas Corp. | 393 | &nbsp;&nbsp; 83190 |
| Copart, Inc.<sup>(b)</sup> | 1005 | &nbsp;&nbsp; 61335 |
| CSX Corp. | 2211 | &nbsp;&nbsp; 62063 |
| Cummins, Inc. | 158 | &nbsp;&nbsp; 46427 |
| Dayforce, Inc.<sup>(b)</sup> | 182 | &nbsp;&nbsp; 10532 |
| Deere & Co. | 290 | &nbsp;&nbsp; 134432 |
| Delta Air Lines, Inc. | 736 | &nbsp;&nbsp; 30640 |
| Dover Corp. | 157 | &nbsp;&nbsp; 26792 |
| Eaton Corp. PLC | 453 | &nbsp;&nbsp; 133350 |
| Emerson Electric Co. | 647 | &nbsp;&nbsp; 68006 |
| Equifax, Inc. | 142 | &nbsp;&nbsp; 36938 |
| Expeditors International of Washington, Inc. | 160 | &nbsp;&nbsp; 17586 |
| Fastenal Co. | 657 | &nbsp;&nbsp; 53197 |
| FedEx Corp. | 254 | &nbsp;&nbsp; 53424 |
| Fortive Corp. | 391 | &nbsp;&nbsp; 27249 |
| GE Vernova, Inc. | 316 | &nbsp;&nbsp; 117179 |
| Generac Holdings, Inc.<sup>(b)</sup> | 68 | &nbsp;&nbsp; 7778 |
| General Dynamics Corp. | 291 | &nbsp;&nbsp; 79187 |
| General Electric Co. | 1231 | &nbsp;&nbsp; 248096 |
| Honeywell International, Inc. | 746 | &nbsp;&nbsp; 157033 |
| Howmet Aerospace, Inc. | 464 | &nbsp;&nbsp; 64301 |
| Hubbell, Inc. | 62 | &nbsp;&nbsp; 22517 |
| Huntington Ingalls Industries, Inc. | 45 | &nbsp;&nbsp; 10365 |
| IDEX Corp. | 87 | &nbsp;&nbsp; 15135 |
| Illinois Tool Works, Inc. | 306 | &nbsp;&nbsp; 73412 |
| Ingersoll Rand, Inc. | 462 | &nbsp;&nbsp; 34849 |
| J.B. Hunt Transport Services, Inc. | 91 | &nbsp;&nbsp; 11883 |
| Jacobs Solutions, Inc. | 141 | &nbsp;&nbsp; 17456 |
| Johnson Controls International PLC | 757 | &nbsp;&nbsp; 63512 |
| L3Harris Technologies, Inc. | 216 | &nbsp;&nbsp; 47524 |
| Leidos Holdings, Inc. | 150 | &nbsp;&nbsp; 22077 |
| Lennox International, Inc. | 37 | &nbsp;&nbsp; 20230 |
| Lockheed Martin Corp. | 240 | &nbsp;&nbsp; 114660 |
| Masco Corp. | 243 | &nbsp;&nbsp; 14728 |
| Nordson Corp. | 62 | &nbsp;&nbsp; 11753 |
| Norfolk Southern Corp. | 260 | &nbsp;&nbsp; 58253 |
| Northrop Grumman Corp. | 156 | &nbsp;&nbsp; 75894 |
| Old Dominion Freight Line, Inc. | 215 | &nbsp;&nbsp; 32955 |
| Otis Worldwide Corp. | 455 | &nbsp;&nbsp; 43803 |
| PACCAR, Inc. | 601 | &nbsp;&nbsp; 54216 |
| Parker-Hannifin Corp. | 148 | &nbsp;&nbsp; 89549 |
| Paychex, Inc. | 367 | &nbsp;&nbsp; 53993 |
| Paycom Software, Inc. | 54 | &nbsp;&nbsp; 12225 |
| Pentair PLC | 189 | &nbsp;&nbsp; 17148 |
| Quanta Services, Inc. | 169 | &nbsp;&nbsp; 49465 |
| Republic Services, Inc. | 233 | &nbsp;&nbsp; 58425 |
| Rockwell Automation, Inc. | 130 | &nbsp;&nbsp; 32198 |
| Rollins, Inc. | 322 | &nbsp;&nbsp; 18396 |
| RTX Corp. | 1527 | &nbsp;&nbsp; 192600 |
| Snap-on, Inc. | 60 | &nbsp;&nbsp; 18829 |
| Southwest Airlines Co. | 680 | &nbsp;&nbsp; 19013 |
| Stanley Black & Decker, Inc. | 177 | &nbsp;&nbsp; 10624 |
| Textron, Inc. | 209 | &nbsp;&nbsp; 14707 |
| Trane Technologies PLC | 257 | &nbsp;&nbsp; 98511 |
| TransDigm Group, Inc. | 64 | &nbsp;&nbsp; 90436 |
| Uber Technologies, Inc.<sup>(b)</sup> | 2395 | &nbsp;&nbsp; 194019 |
| Union Pacific Corp. | 693 | &nbsp;&nbsp; 149452 |

---

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

------

**37**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 377 | &nbsp;&nbsp; $25945 |
| United Parcel Service, Inc., Class B | 839 | &nbsp;&nbsp; 79957 |
| United Rentals, Inc. | 75 | &nbsp;&nbsp; 47359 |
| Veralto Corp. | 284 | &nbsp;&nbsp; 27236 |
| Verisk Analytics, Inc. | 162 | &nbsp;&nbsp; 48022 |
| W.W. Grainger, Inc. | 51 | &nbsp;&nbsp; 52240 |
| Wabtec Corp. | 196 | &nbsp;&nbsp; 36209 |
| Waste Management, Inc. | 419 | &nbsp;&nbsp; 97778 |
| Xylem, Inc. | 279 | &nbsp;&nbsp; 33639 |
|  |  | &nbsp;&nbsp; 4623162 |
| **Information Technology-16.54%** | **Information Technology-16.54%** | **Information Technology-16.54%** |
| Accenture PLC, Class A (Ireland) | 717 | &nbsp;&nbsp; 214491 |
| Adobe, Inc.<sup>(b)</sup> | 499 | &nbsp;&nbsp; 187115 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1858 | &nbsp;&nbsp; 180876 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 172 | &nbsp;&nbsp; 13860 |
| Amphenol Corp., Class A | 1389 | &nbsp;&nbsp; 106884 |
| Analog Devices, Inc. | 569 | &nbsp;&nbsp; 110909 |
| ANSYS, Inc.<sup>(b)</sup> | 100 | &nbsp;&nbsp; 32188 |
| Apple, Inc. | 17225 | &nbsp;&nbsp; 3660312 |
| Applied Materials, Inc. | 932 | &nbsp;&nbsp; 140462 |
| Arista Networks, Inc.<sup>(b)</sup> | 1184 | &nbsp;&nbsp; 97408 |
| Autodesk, Inc.<sup>(b)</sup> | 247 | &nbsp;&nbsp; 67740 |
| Broadcom, Inc. | 5375 | &nbsp;&nbsp; 1034526 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 314 | &nbsp;&nbsp; 93490 |
| CDW Corp. | 153 | &nbsp;&nbsp; 24566 |
| Cisco Systems, Inc. | 4567 | &nbsp;&nbsp; 263653 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 567 | &nbsp;&nbsp; 41714 |
| Corning, Inc. | 884 | &nbsp;&nbsp; 39232 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 282 | &nbsp;&nbsp; 120941 |
| Dell Technologies, Inc., Class C | 358 | &nbsp;&nbsp; 32850 |
| Enphase Energy, Inc.<sup>(b)</sup> | 152 | &nbsp;&nbsp; 6778 |
| EPAM Systems, Inc.<sup>(b)</sup> | 65 | &nbsp;&nbsp; 10199 |
| F5, Inc.<sup>(b)</sup> | 66 | &nbsp;&nbsp; 17473 |
| Fair Isaac Corp.<sup>(b)</sup> | 28 | &nbsp;&nbsp; 55711 |
| First Solar, Inc.<sup>(b)</sup> | 123 | &nbsp;&nbsp; 15476 |
| Fortinet, Inc.<sup>(b)</sup> | 729 | &nbsp;&nbsp; 75641 |
| Gartner, Inc.<sup>(b)</sup> | 88 | &nbsp;&nbsp; 37055 |
| Gen Digital, Inc. | 622 | &nbsp;&nbsp; 16091 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 162 | &nbsp;&nbsp; 30509 |
| Hewlett Packard Enterprise Co. | 1506 | &nbsp;&nbsp; 24427 |
| HP, Inc. | 1075 | &nbsp;&nbsp; 27488 |
| Intel Corp. | 4965 | &nbsp;&nbsp; 99797 |
| International Business Machines Corp. | 1060 | &nbsp;&nbsp; 256329 |
| Intuit, Inc. | 321 | &nbsp;&nbsp; 201418 |
| Jabil, Inc. | 126 | &nbsp;&nbsp; 18467 |
| Juniper Networks, Inc. | 380 | &nbsp;&nbsp; 13802 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 198 | &nbsp;&nbsp; 28789 |
| KLA Corp. | 152 | &nbsp;&nbsp; 106809 |
| Lam Research Corp. | 1472 | &nbsp;&nbsp; 105498 |
| Microchip Technology, Inc. | 617 | &nbsp;&nbsp; 28431 |
| Micron Technology, Inc. | 1278 | &nbsp;&nbsp; 98342 |
| Microsoft Corp. | 8524 | &nbsp;&nbsp; 3369196 |
| Monolithic Power Systems, Inc. | 55 | &nbsp;&nbsp; 32621 |
| Motorola Solutions, Inc. | 192 | &nbsp;&nbsp; 84555 |
| NetApp, Inc. | 233 | &nbsp;&nbsp; 20912 |
| NVIDIA Corp. | 28081 | &nbsp;&nbsp; 3058583 |
| NXP Semiconductors N.V. (Netherlands) | 291 | &nbsp;&nbsp; 53634 |
| ON Semiconductor Corp.<sup>(b)</sup> | 483 | &nbsp;&nbsp; 19175 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Oracle Corp. | 1860 | &nbsp;&nbsp; $261739 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 2350 | &nbsp;&nbsp; 278334 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 759 | &nbsp;&nbsp; 141880 |
| PTC, Inc.<sup>(b)</sup> | 138 | &nbsp;&nbsp; 21386 |
| QUALCOMM, Inc. | 1268 | &nbsp;&nbsp; 188247 |
| Roper Technologies, Inc. | 123 | &nbsp;&nbsp; 68890 |
| Salesforce, Inc. | 1097 | &nbsp;&nbsp; 294775 |
| Seagate Technology Holdings PLC | 243 | &nbsp;&nbsp; 22120 |
| ServiceNow, Inc.<sup>(b)</sup> | 236 | &nbsp;&nbsp; 225382 |
| Skyworks Solutions, Inc. | 184 | &nbsp;&nbsp; 11828 |
| Super Micro Computer, Inc.<sup>(b)</sup> | 577 | &nbsp;&nbsp; 18383 |
| Synopsys, Inc.<sup>(b)</sup> | 177 | &nbsp;&nbsp; 81245 |
| TE Connectivity PLC (Switzerland) | 342 | &nbsp;&nbsp; 50062 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 53 | &nbsp;&nbsp; 24700 |
| Teradyne, Inc. | 187 | &nbsp;&nbsp; 13877 |
| Texas Instruments, Inc. | 1044 | &nbsp;&nbsp; 167092 |
| Trimble, Inc.<sup>(b)</sup> | 282 | &nbsp;&nbsp; 17523 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 49 | &nbsp;&nbsp; 26622 |
| VeriSign, Inc.<sup>(b)</sup> | 93 | &nbsp;&nbsp; 26237 |
| Western Digital Corp.<sup>(b)</sup> | 399 | &nbsp;&nbsp; 17500 |
| Workday, Inc., Class A<sup>(b)</sup> | 245 | &nbsp;&nbsp; 60025 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 59 | &nbsp;&nbsp; 14769 |
|  |  | &nbsp;&nbsp; 16409039 |
| **Materials-1.10%** | **Materials-1.10%** | **Materials-1.10%** |
| Air Products and Chemicals, Inc. | 255 | &nbsp;&nbsp; 69128 |
| Albemarle Corp. | 135 | &nbsp;&nbsp; 7904 |
| Amcor PLC | 2620 | &nbsp;&nbsp; 24104 |
| Avery Dennison Corp. | 92 | &nbsp;&nbsp; 15742 |
| Ball Corp. | 342 | &nbsp;&nbsp; 17764 |
| CF Industries Holdings, Inc. | 200 | &nbsp;&nbsp; 15674 |
| Corteva, Inc. | 786 | &nbsp;&nbsp; 48724 |
| Dow, Inc. | 807 | &nbsp;&nbsp; 24686 |
| DuPont de Nemours, Inc. | 479 | &nbsp;&nbsp; 31609 |
| Eastman Chemical Co. | 132 | &nbsp;&nbsp; 10164 |
| Ecolab, Inc. | 289 | &nbsp;&nbsp; 72663 |
| Freeport-McMoRan, Inc. | 1648 | &nbsp;&nbsp; 59377 |
| International Flavors & Fragrances, Inc. | 293 | &nbsp;&nbsp; 22989 |
| International Paper Co. | 605 | &nbsp;&nbsp; 27636 |
| Linde PLC | 546 | &nbsp;&nbsp; 247464 |
| LyondellBasell Industries N.V., Class A | 297 | &nbsp;&nbsp; 17288 |
| Martin Marietta Materials, Inc. | 70 | &nbsp;&nbsp; 36679 |
| Mosaic Co. (The) | 364 | &nbsp;&nbsp; 11066 |
| Newmont Corp. | 1305 | &nbsp;&nbsp; 68747 |
| Nucor Corp. | 269 | &nbsp;&nbsp; 32111 |
| Packaging Corp. of America | 102 | &nbsp;&nbsp; 18932 |
| PPG Industries, Inc. | 266 | &nbsp;&nbsp; 28957 |
| Sherwin-Williams Co. (The) | 266 | &nbsp;&nbsp; 93877 |
| Smurfit WestRock PLC | 567 | &nbsp;&nbsp; 23825 |
| Steel Dynamics, Inc. | 162 | &nbsp;&nbsp; 21013 |
| Vulcan Materials Co. | 151 | &nbsp;&nbsp; 39612 |
|  |  | &nbsp;&nbsp; 1087735 |
| **Real Estate-1.23%** | **Real Estate-1.23%** | **Real Estate-1.23%** |
| Alexandria Real Estate Equities, Inc. | 177 | &nbsp;&nbsp; 12861 |
| American Tower Corp. | 536 | &nbsp;&nbsp; 120820 |
| AvalonBay Communities, Inc. | 163 | &nbsp;&nbsp; 34227 |
| BXP, Inc. | 167 | &nbsp;&nbsp; 10643 |
| Camden Property Trust | 122 | &nbsp;&nbsp; 13884 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 339 | &nbsp;&nbsp; 41419 |
| CoStar Group, Inc.<sup>(b)</sup> | 483 | &nbsp;&nbsp; 35824 |

---

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

------

**38**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Crown Castle, Inc. | 498 | &nbsp;&nbsp; $52668 |
| Digital Realty Trust, Inc. | 363 | &nbsp;&nbsp; 58276 |
| Equinix, Inc. | 112 | &nbsp;&nbsp; 96404 |
| Equity Residential | 392 | &nbsp;&nbsp; 27542 |
| Essex Property Trust, Inc. | 74 | &nbsp;&nbsp; 20657 |
| Extra Space Storage, Inc. | 243 | &nbsp;&nbsp; 35604 |
| Federal Realty Investment Trust | 88 | &nbsp;&nbsp; 8274 |
| Healthpeak Properties, Inc. | 802 | &nbsp;&nbsp; 14308 |
| Host Hotels & Resorts, Inc. | 802 | &nbsp;&nbsp; 11324 |
| Invitation Homes, Inc. | 653 | &nbsp;&nbsp; 22326 |
| Iron Mountain, Inc. | 337 | &nbsp;&nbsp; 30219 |
| Kimco Realty Corp. | 779 | &nbsp;&nbsp; 15564 |
| Mid-America Apartment Communities, Inc. | 134 | &nbsp;&nbsp; 21393 |
| Prologis, Inc. | 1063 | &nbsp;&nbsp; 108639 |
| Public Storage | 181 | &nbsp;&nbsp; 54378 |
| Realty Income Corp. | 1004 | &nbsp;&nbsp; 58091 |
| Regency Centers Corp. | 187 | &nbsp;&nbsp; 13498 |
| SBA Communications Corp., Class A | 123 | &nbsp;&nbsp; 29938 |
| Simon Property Group, Inc. | 352 | &nbsp;&nbsp; 55398 |
| UDR, Inc. | 345 | &nbsp;&nbsp; 14449 |
| Ventas, Inc. | 501 | &nbsp;&nbsp; 35110 |
| VICI Properties, Inc. | 1209 | &nbsp;&nbsp; 38712 |
| Welltower, Inc. | 699 | &nbsp;&nbsp; 106660 |
| Weyerhaeuser Co. | 832 | &nbsp;&nbsp; 21557 |
|  |  | &nbsp;&nbsp; 1220667 |
| **Utilities-1.40%** | **Utilities-1.40%** | **Utilities-1.40%** |
| AES Corp. (The) | 815 | &nbsp;&nbsp; 8150 |
| Alliant Energy Corp. | 294 | &nbsp;&nbsp; 17946 |
| Ameren Corp. | 309 | &nbsp;&nbsp; 30665 |
| American Electric Power Co., Inc. | 611 | &nbsp;&nbsp; 66196 |
| American Water Works Co., Inc. | 223 | &nbsp;&nbsp; 32783 |
| Atmos Energy Corp. | 182 | &nbsp;&nbsp; 29235 |
| CenterPoint Energy, Inc. | 747 | &nbsp;&nbsp; 28969 |
| CMS Energy Corp. | 343 | &nbsp;&nbsp; 25262 |
| Consolidated Edison, Inc. | 397 | &nbsp;&nbsp; 44762 |
| Constellation Energy Corp. | 359 | &nbsp;&nbsp; 80215 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Dominion Energy, Inc. | 963 | &nbsp;&nbsp; $52368 |
| DTE Energy Co. | 238 | &nbsp;&nbsp; 32606 |
| Duke Energy Corp. | 890 | &nbsp;&nbsp; 108598 |
| Edison International | 444 | &nbsp;&nbsp; 23758 |
| Entergy Corp. | 492 | &nbsp;&nbsp; 40920 |
| Evergy, Inc. | 264 | &nbsp;&nbsp; 18242 |
| Eversource Energy | 421 | &nbsp;&nbsp; 25041 |
| Exelon Corp. | 1153 | &nbsp;&nbsp; 54076 |
| FirstEnergy Corp. | 588 | &nbsp;&nbsp; 25213 |
| NextEra Energy, Inc. | 2358 | &nbsp;&nbsp; 157703 |
| NiSource, Inc. | 539 | &nbsp;&nbsp; 21080 |
| NRG Energy, Inc. | 232 | &nbsp;&nbsp; 25422 |
| PG&E Corp. | 2515 | &nbsp;&nbsp; 41548 |
| Pinnacle West Capital Corp. | 130 | &nbsp;&nbsp; 12373 |
| PPL Corp. | 847 | &nbsp;&nbsp; 30915 |
| Public Service Enterprise Group, Inc. | 571 | &nbsp;&nbsp; 45640 |
| Sempra | 726 | &nbsp;&nbsp; 53920 |
| Southern Co. (The) | 1256 | &nbsp;&nbsp; 115414 |
| Vistra Corp. | 390 | &nbsp;&nbsp; 50556 |
| WEC Energy Group, Inc. | 364 | &nbsp;&nbsp; 39865 |
| Xcel Energy, Inc. | 658 | &nbsp;&nbsp; 46521 |
|  |  | &nbsp;&nbsp; 1385962 |
| Total Common Stocks & Other Equity Interests <br>(Cost $54,117,425) | Total Common Stocks & Other Equity Interests <br>(Cost $54,117,425) | &nbsp;&nbsp; 54114545 |
| **Money Market Funds-99.84%** | **Money Market Funds-99.84%** | **Money Market Funds-99.84%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $99,068,839)<br>| 99068839 | &nbsp;&nbsp; 99068839 |
| TOTAL INVESTMENTS IN SECURITIES-154.38% <br>(Cost $153,186,264) | TOTAL INVESTMENTS IN SECURITIES-154.38% <br>(Cost $153,186,264) | &nbsp;&nbsp; 153183384 |
| OTHER ASSETS LESS LIABILITIES-(54.38)% | OTHER ASSETS LESS LIABILITIES-(54.38)% | &nbsp;&nbsp; (53961256)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $99222128 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $13352 | &nbsp;&nbsp; $78175 | &nbsp;&nbsp; $(80117)<br>| &nbsp;&nbsp; $(1185)<br>| &nbsp;&nbsp; $(3065)<br>| &nbsp;&nbsp; $7160 | &nbsp;&nbsp; $293 |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; 23065238 | &nbsp;&nbsp; 587608583 | &nbsp;&nbsp; (511604982)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 99068839 | &nbsp;&nbsp; 785500 |

---

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

------

**39**

------

**Invesco S&P 500**<sup>®</sup> **Downside Hedged ETF (PHDG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $320258 | &nbsp;&nbsp; $10265110 | &nbsp;&nbsp; $(10585368)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10,527<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 845086 | &nbsp;&nbsp; 21225958 | &nbsp;&nbsp; (22063814)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (7230)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 28,282<br> \*<br>|
| Total | &nbsp;&nbsp; $24243934 | &nbsp;&nbsp; $619177826 | &nbsp;&nbsp; $(544334281)<br>| &nbsp;&nbsp; $(1185)<br>| &nbsp;&nbsp; $(10295)<br>| &nbsp;&nbsp; $99075999 | &nbsp;&nbsp; $824602 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |
| CBOE Volatility Index | &nbsp;&nbsp; 888 | May-2025 | &nbsp;&nbsp; $21321679 | &nbsp;&nbsp; $2203 | &nbsp;&nbsp; $2203 |
| CBOE Volatility Index | &nbsp;&nbsp; 695 | June-2025 | &nbsp;&nbsp; 16377814 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 466 |
| CBOE Volatility Index | &nbsp;&nbsp; 85 | July-2025 | &nbsp;&nbsp; 1985889 | &nbsp;&nbsp; (932)<br>| &nbsp;&nbsp; (932)<br>|
| E-Mini S&P 500 Index | &nbsp;&nbsp; 19 | June-2025 | &nbsp;&nbsp; 5307650 | &nbsp;&nbsp; 2098 | &nbsp;&nbsp; 2098 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $3835 | &nbsp;&nbsp; $3835 |

---

<sup>(a)</sup> Futures contracts collateralized by $3,980 cash held with Merrill Lynch International, the futures commission merchant.

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

------

**40**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-76.17%** | **Common Stocks & Other Equity Interests-76.17%** | **Common Stocks & Other Equity Interests-76.17%** |
| **Advertising-0.29%** | **Advertising-0.29%** | **Advertising-0.29%** |
| Interpublic Group of Cos., Inc. (The) | 17313 | &nbsp;&nbsp; $434903 |
| Omnicom Group, Inc.<sup>(b)</sup> | 5702 | &nbsp;&nbsp; 434264 |
|  |  | &nbsp;&nbsp; 869167 |
| **Aerospace & Defense-1.96%** | **Aerospace & Defense-1.96%** | **Aerospace & Defense-1.96%** |
| Axon Enterprise, Inc.<sup>(c)</sup> | 818 | &nbsp;&nbsp; 501679 |
| Boeing Co. (The)<sup>(c)</sup> | 2873 | &nbsp;&nbsp; 526449 |
| General Dynamics Corp. | 1755 | &nbsp;&nbsp; 477572 |
| General Electric Co. | 2339 | &nbsp;&nbsp; 471402 |
| Howmet Aerospace, Inc. | 3566 | &nbsp;&nbsp; 494176 |
| Huntington Ingalls Industries, Inc. | 2379 | &nbsp;&nbsp; 547979 |
| L3Harris Technologies, Inc. | 2183 | &nbsp;&nbsp; 480304 |
| Lockheed Martin Corp. | 988 | &nbsp;&nbsp; 472017 |
| Northrop Grumman Corp. | 960 | &nbsp;&nbsp; 467040 |
| RTX Corp. | 3565 | &nbsp;&nbsp; 449653 |
| Textron, Inc. | 6273 | &nbsp;&nbsp; 441431 |
| TransDigm Group, Inc. | 344 | &nbsp;&nbsp; 486096 |
|  |  | &nbsp;&nbsp; 5815798 |
| **Agricultural & Farm Machinery-0.15%** | **Agricultural & Farm Machinery-0.15%** | **Agricultural & Farm Machinery-0.15%** |
| Deere & Co. | 968 | &nbsp;&nbsp; 448726 |
| **Agricultural Products & Services-0.32%** | **Agricultural Products & Services-0.32%** | **Agricultural Products & Services-0.32%** |
| Archer-Daniels-Midland Co. | 9690 | &nbsp;&nbsp; 462698 |
| Bunge Global S.A. | 6238 | &nbsp;&nbsp; 491055 |
|  |  | &nbsp;&nbsp; 953753 |
| **Air Freight & Logistics-0.55%** | **Air Freight & Logistics-0.55%** | **Air Freight & Logistics-0.55%** |
| C.H. Robinson Worldwide, Inc. | 4743 | &nbsp;&nbsp; 423171 |
| Expeditors International of Washington, Inc. | 3896 | &nbsp;&nbsp; 428209 |
| FedEx Corp. | 1873 | &nbsp;&nbsp; 393948 |
| United Parcel Service, Inc., Class B | 3958 | &nbsp;&nbsp; 377197 |
|  |  | &nbsp;&nbsp; 1622525 |
| **Apparel Retail-0.34%** | **Apparel Retail-0.34%** | **Apparel Retail-0.34%** |
| Ross Stores, Inc. | 3606 | &nbsp;&nbsp; 501234 |
| TJX Cos., Inc. (The) | 3955 | &nbsp;&nbsp; 508929 |
|  |  | &nbsp;&nbsp; 1010163 |
| **Apparel, Accessories & Luxury Goods-0.44%** | **Apparel, Accessories & Luxury Goods-0.44%** | **Apparel, Accessories & Luxury Goods-0.44%** |
| lululemon athletica, inc.<sup>(b)(c)</sup> | 1441 | &nbsp;&nbsp; 390179 |
| Ralph Lauren Corp. | 2025 | &nbsp;&nbsp; 455524 |
| Tapestry, Inc. | 6363 | &nbsp;&nbsp; 449546 |
|  |  | &nbsp;&nbsp; 1295249 |
| **Application Software-2.11%** | **Application Software-2.11%** | **Application Software-2.11%** |
| Adobe, Inc.<sup>(c)</sup> | 1040 | &nbsp;&nbsp; 389979 |
| ANSYS, Inc.<sup>(c)</sup> | 1437 | &nbsp;&nbsp; 462542 |
| Autodesk, Inc.<sup>(c)</sup> | 1811 | &nbsp;&nbsp; 496667 |
| Cadence Design Systems, Inc.<sup>(c)</sup> | 1907 | &nbsp;&nbsp; 567790 |
| Fair Isaac Corp.<sup>(c)</sup> | 256 | &nbsp;&nbsp; 509358 |
| Intuit, Inc. | 772 | &nbsp;&nbsp; 484407 |
| Palantir Technologies, Inc., Class A<sup>(c)</sup> | 5454 | &nbsp;&nbsp; 645972 |
| PTC, Inc.<sup>(c)</sup> | 2906 | &nbsp;&nbsp; 450343 |
| Roper Technologies, Inc. | 805 | &nbsp;&nbsp; 450864 |
| Salesforce, Inc. | 1603 | &nbsp;&nbsp; 430742 |
| Synopsys, Inc.<sup>(c)</sup> | 1055 | &nbsp;&nbsp; 484255 |
| Tyler Technologies, Inc.<sup>(c)</sup> | 802 | &nbsp;&nbsp; 435727 |
| Workday, Inc., Class A<sup>(c)</sup> | 1888 | &nbsp;&nbsp; 462560 |
|  |  | &nbsp;&nbsp; 6271206 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Asset Management & Custody Banks-1.50%** | **Asset Management & Custody Banks-1.50%** | **Asset Management & Custody Banks-1.50%** |
| Ameriprise Financial, Inc. | 949 | &nbsp;&nbsp; $446998 |
| Bank of New York Mellon Corp. (The) | 5649 | &nbsp;&nbsp; 454236 |
| BlackRock, Inc. | 501 | &nbsp;&nbsp; 458044 |
| Blackstone, Inc., Class A | 3246 | &nbsp;&nbsp; 427531 |
| Franklin Resources, Inc.<sup>(b)</sup> | 23747 | &nbsp;&nbsp; 445494 |
| Invesco Ltd.<sup>(d)</sup> | 29914 | &nbsp;&nbsp; 416702 |
| KKR & Co., Inc., Class A | 3989 | &nbsp;&nbsp; 455823 |
| Northern Trust Corp.<sup>(b)</sup> | 4644 | &nbsp;&nbsp; 436443 |
| State Street Corp. | 5319 | &nbsp;&nbsp; 468604 |
| T. Rowe Price Group, Inc. | 4891 | &nbsp;&nbsp; 433098 |
|  |  | &nbsp;&nbsp; 4442973 |
| **Automobile Manufacturers-0.48%** | **Automobile Manufacturers-0.48%** | **Automobile Manufacturers-0.48%** |
| Ford Motor Co. | 47569 | &nbsp;&nbsp; 476166 |
| General Motors Co. | 9524 | &nbsp;&nbsp; 430866 |
| Tesla, Inc.<sup>(c)</sup> | 1839 | &nbsp;&nbsp; 518892 |
|  |  | &nbsp;&nbsp; 1425924 |
| **Automotive Parts & Equipment-0.14%** | **Automotive Parts & Equipment-0.14%** | **Automotive Parts & Equipment-0.14%** |
| Aptiv PLC (Jersey)<sup>(c)</sup> | 7155 | &nbsp;&nbsp; 408264 |
| **Automotive Retail-0.47%** | **Automotive Retail-0.47%** | **Automotive Retail-0.47%** |
| AutoZone, Inc.<sup>(c)</sup> | 129 | &nbsp;&nbsp; 485375 |
| CarMax, Inc.<sup>(b)(c)</sup> | 6289 | &nbsp;&nbsp; 406710 |
| O'Reilly Automotive, Inc.<sup>(c)</sup> | 348 | &nbsp;&nbsp; 492490 |
|  |  | &nbsp;&nbsp; 1384575 |
| **Biotechnology-1.12%** | **Biotechnology-1.12%** | **Biotechnology-1.12%** |
| AbbVie, Inc. | 2151 | &nbsp;&nbsp; 419660 |
| Amgen, Inc. | 1460 | &nbsp;&nbsp; 424743 |
| Biogen, Inc.<sup>(b)(c)</sup> | 3254 | &nbsp;&nbsp; 393995 |
| Gilead Sciences, Inc. | 4002 | &nbsp;&nbsp; 426373 |
| Incyte Corp.<sup>(c)</sup> | 6735 | &nbsp;&nbsp; 422015 |
| Moderna, Inc.<sup>(b)(c)</sup> | 13030 | &nbsp;&nbsp; 371876 |
| Regeneron Pharmaceuticals, Inc. | 662 | &nbsp;&nbsp; 396379 |
| Vertex Pharmaceuticals, Inc.<sup>(c)</sup> | 921 | &nbsp;&nbsp; 469250 |
|  |  | &nbsp;&nbsp; 3324291 |
| **Brewers-0.15%** | **Brewers-0.15%** | **Brewers-0.15%** |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 7683 | &nbsp;&nbsp; 442003 |
| **Broadcasting-0.30%** | **Broadcasting-0.30%** | **Broadcasting-0.30%** |
| Fox Corp., Class A | 5588 | &nbsp;&nbsp; 278227 |
| Fox Corp., Class B | 3384 | &nbsp;&nbsp; 156476 |
| Paramount Global, Class B<sup>(b)</sup> | 39395 | &nbsp;&nbsp; 462497 |
|  |  | &nbsp;&nbsp; 897200 |
| **Broadline Retail-0.30%** | **Broadline Retail-0.30%** | **Broadline Retail-0.30%** |
| Amazon.com, Inc.<sup>(c)</sup> | 2294 | &nbsp;&nbsp; 423059 |
| eBay, Inc. | 7004 | &nbsp;&nbsp; 477393 |
|  |  | &nbsp;&nbsp; 900452 |
| **Building Products-1.24%** | **Building Products-1.24%** | **Building Products-1.24%** |
| A.O. Smith Corp. | 6950 | &nbsp;&nbsp; 471627 |
| Allegion PLC | 3681 | &nbsp;&nbsp; 512395 |
| Builders FirstSource, Inc.<sup>(c)</sup> | 3524 | &nbsp;&nbsp; 421576 |
| Carrier Global Corp. | 6972 | &nbsp;&nbsp; 436029 |
| Johnson Controls International PLC | 5798 | &nbsp;&nbsp; 486452 |
| Lennox International, Inc. | 801 | &nbsp;&nbsp; 437947 |

---

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

------

**41**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** |
| Masco Corp. | 6413 | &nbsp;&nbsp; $388692 |
| Trane Technologies PLC | 1344 | &nbsp;&nbsp; 515169 |
|  |  | &nbsp;&nbsp; 3669887 |
| **Cable & Satellite-0.32%** | **Cable & Satellite-0.32%** | **Cable & Satellite-0.32%** |
| Charter Communications, Inc., Class A<sup>(c)</sup> | 1304 | &nbsp;&nbsp; 510985 |
| Comcast Corp., Class A | 12964 | &nbsp;&nbsp; 443369 |
|  |  | &nbsp;&nbsp; 954354 |
| **Cargo Ground Transportation-0.27%** | **Cargo Ground Transportation-0.27%** | **Cargo Ground Transportation-0.27%** |
| J.B. Hunt Transport Services, Inc. | 2954 | &nbsp;&nbsp; 385733 |
| Old Dominion Freight Line, Inc. | 2773 | &nbsp;&nbsp; 425046 |
|  |  | &nbsp;&nbsp; 810779 |
| **Casinos & Gaming-0.58%** | **Casinos & Gaming-0.58%** | **Casinos & Gaming-0.58%** |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 16698 | &nbsp;&nbsp; 451848 |
| Las Vegas Sands Corp. | 10661 | &nbsp;&nbsp; 390939 |
| MGM Resorts International<sup>(b)(c)</sup> | 14721 | &nbsp;&nbsp; 463122 |
| Wynn Resorts Ltd.<sup>(b)</sup> | 5325 | &nbsp;&nbsp; 427651 |
|  |  | &nbsp;&nbsp; 1733560 |
| **Commodity Chemicals-0.25%** | **Commodity Chemicals-0.25%** | **Commodity Chemicals-0.25%** |
| Dow, Inc. | 12761 | &nbsp;&nbsp; 390359 |
| LyondellBasell Industries N.V., Class A | 6319 | &nbsp;&nbsp; 367829 |
|  |  | &nbsp;&nbsp; 758188 |
| **Communications Equipment-0.78%** | **Communications Equipment-0.78%** | **Communications Equipment-0.78%** |
| Arista Networks, Inc.<sup>(c)</sup> | 5685 | &nbsp;&nbsp; 467705 |
| Cisco Systems, Inc. | 7545 | &nbsp;&nbsp; 435573 |
| F5, Inc.<sup>(c)</sup> | 1715 | &nbsp;&nbsp; 454029 |
| Juniper Networks, Inc. | 12811 | &nbsp;&nbsp; 465295 |
| Motorola Solutions, Inc. | 1105 | &nbsp;&nbsp; 486631 |
|  |  | &nbsp;&nbsp; 2309233 |
| **Computer & Electronics Retail-0.14%** | **Computer & Electronics Retail-0.14%** | **Computer & Electronics Retail-0.14%** |
| Best Buy Co., Inc. | 6280 | &nbsp;&nbsp; 418813 |
| **Construction & Engineering-0.18%** | **Construction & Engineering-0.18%** | **Construction & Engineering-0.18%** |
| Quanta Services, Inc. | 1831 | &nbsp;&nbsp; 535915 |
| **Construction Machinery & Heavy Transportation Equipment-0.57%** | **Construction Machinery & Heavy Transportation Equipment-0.57%** | **Construction Machinery & Heavy Transportation Equipment-0.57%** |
| Caterpillar, Inc. | 1349 | &nbsp;&nbsp; 417205 |
| Cummins, Inc. | 1379 | &nbsp;&nbsp; 405206 |
| PACCAR, Inc. | 4458 | &nbsp;&nbsp; 402156 |
| Wabtec Corp. | 2592 | &nbsp;&nbsp; 478846 |
|  |  | &nbsp;&nbsp; 1703413 |
| **Construction Materials-0.35%** | **Construction Materials-0.35%** | **Construction Materials-0.35%** |
| Martin Marietta Materials, Inc. | 982 | &nbsp;&nbsp; 514548 |
| Vulcan Materials Co. | 2008 | &nbsp;&nbsp; 526759 |
|  |  | &nbsp;&nbsp; 1041307 |
| **Consumer Electronics-0.13%** | **Consumer Electronics-0.13%** | **Consumer Electronics-0.13%** |
| Garmin Ltd. | 2116 | &nbsp;&nbsp; 395417 |
| **Consumer Finance-0.64%** | **Consumer Finance-0.64%** | **Consumer Finance-0.64%** |
| American Express Co. | 1750 | &nbsp;&nbsp; 466217 |
| Capital One Financial Corp. | 2676 | &nbsp;&nbsp; 482376 |
| Discover Financial Services | 2787 | &nbsp;&nbsp; 509101 |
| Synchrony Financial | 8509 | &nbsp;&nbsp; 442043 |
|  |  | &nbsp;&nbsp; 1899737 |
| **Consumer Staples Merchandise Retail-0.87%** | **Consumer Staples Merchandise Retail-0.87%** | **Consumer Staples Merchandise Retail-0.87%** |
| Costco Wholesale Corp. | 492 | &nbsp;&nbsp; 489294 |
| Dollar General Corp. | 6095 | &nbsp;&nbsp; 571041 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples Merchandise Retail-(continued)** | **Consumer Staples Merchandise Retail-(continued)** | **Consumer Staples Merchandise Retail-(continued)** |
| Dollar Tree, Inc.<sup>(c)</sup> | 7367 | &nbsp;&nbsp; $602400 |
| Target Corp. | 4252 | &nbsp;&nbsp; 411168 |
| Walmart, Inc. | 5354 | &nbsp;&nbsp; 520676 |
|  |  | &nbsp;&nbsp; 2594579 |
| **Copper-0.15%** | **Copper-0.15%** | **Copper-0.15%** |
| Freeport-McMoRan, Inc. | 12403 | &nbsp;&nbsp; 446880 |
| **Data Center REITs-0.32%** | **Data Center REITs-0.32%** | **Data Center REITs-0.32%** |
| Digital Realty Trust, Inc. | 3008 | &nbsp;&nbsp; 482904 |
| Equinix, Inc. | 534 | &nbsp;&nbsp; 459641 |
|  |  | &nbsp;&nbsp; 942545 |
| **Data Processing & Outsourced Services-0.17%** | **Data Processing & Outsourced Services-0.17%** | **Data Processing & Outsourced Services-0.17%** |
| Broadridge Financial Solutions, Inc. | 2027 | &nbsp;&nbsp; 491345 |
| **Distillers & Vintners-0.31%** | **Distillers & Vintners-0.31%** | **Distillers & Vintners-0.31%** |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 13339 | &nbsp;&nbsp; 464731 |
| Constellation Brands, Inc., Class A | 2481 | &nbsp;&nbsp; 465287 |
|  |  | &nbsp;&nbsp; 930018 |
| **Distributors-0.42%** | **Distributors-0.42%** | **Distributors-0.42%** |
| Genuine Parts Co. | 3760 | &nbsp;&nbsp; 441988 |
| LKQ Corp. | 10724 | &nbsp;&nbsp; 409764 |
| Pool Corp.<sup>(b)</sup> | 1369 | &nbsp;&nbsp; 401309 |
|  |  | &nbsp;&nbsp; 1253061 |
| **Diversified Banks-1.21%** | **Diversified Banks-1.21%** | **Diversified Banks-1.21%** |
| Bank of America Corp. | 11430 | &nbsp;&nbsp; 455829 |
| Citigroup, Inc. | 6714 | &nbsp;&nbsp; 459103 |
| Fifth Third Bancorp | 11840 | &nbsp;&nbsp; 425530 |
| JPMorgan Chase & Co. | 2002 | &nbsp;&nbsp; 489729 |
| KeyCorp | 29470 | &nbsp;&nbsp; 437335 |
| PNC Financial Services Group, Inc. (The) | 2668 | &nbsp;&nbsp; 428721 |
| U.S. Bancorp | 10945 | &nbsp;&nbsp; 441521 |
| Wells Fargo & Co. | 6618 | &nbsp;&nbsp; 469944 |
|  |  | &nbsp;&nbsp; 3607712 |
| **Diversified Financial Services-0.15%** | **Diversified Financial Services-0.15%** | **Diversified Financial Services-0.15%** |
| Apollo Global Management, Inc.<sup>(b)</sup> | 3381 | &nbsp;&nbsp; 461439 |
| **Diversified Support Services-0.35%** | **Diversified Support Services-0.35%** | **Diversified Support Services-0.35%** |
| Cintas Corp. | 2373 | &nbsp;&nbsp; 502317 |
| Copart, Inc.<sup>(c)</sup> | 8601 | &nbsp;&nbsp; 524919 |
|  |  | &nbsp;&nbsp; 1027236 |
| **Drug Retail-0.15%** | **Drug Retail-0.15%** | **Drug Retail-0.15%** |
| Walgreens Boots Alliance, Inc. | 40731 | &nbsp;&nbsp; 446819 |
| **Electric Utilities-2.71%** | **Electric Utilities-2.71%** | **Electric Utilities-2.71%** |
| Alliant Energy Corp. | 7337 | &nbsp;&nbsp; 447851 |
| American Electric Power Co., Inc. | 4431 | &nbsp;&nbsp; 480055 |
| Constellation Energy Corp. | 2118 | &nbsp;&nbsp; 473246 |
| Duke Energy Corp. | 3911 | &nbsp;&nbsp; 477220 |
| Edison International | 8223 | &nbsp;&nbsp; 440013 |
| Entergy Corp. | 5520 | &nbsp;&nbsp; 459098 |
| Evergy, Inc. | 6881 | &nbsp;&nbsp; 475477 |
| Eversource Energy | 7673 | &nbsp;&nbsp; 456390 |
| Exelon Corp. | 10706 | &nbsp;&nbsp; 502111 |
| FirstEnergy Corp. | 11939 | &nbsp;&nbsp; 511944 |
| NextEra Energy, Inc. | 6256 | &nbsp;&nbsp; 418401 |
| NRG Energy, Inc. | 4933 | &nbsp;&nbsp; 540558 |
| PG&E Corp. | 28125 | &nbsp;&nbsp; 464625 |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 5000 | &nbsp;&nbsp; 475900 |
| PPL Corp. | 13429 | &nbsp;&nbsp; 490159 |

---

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

------

**42**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Southern Co. (The) | 5144 | &nbsp;&nbsp; $472682 |
| Xcel Energy, Inc.<sup>(b)</sup> | 6626 | &nbsp;&nbsp; 468458 |
|  |  | &nbsp;&nbsp; 8054188 |
| **Electrical Components & Equipment-0.89%** | **Electrical Components & Equipment-0.89%** | **Electrical Components & Equipment-0.89%** |
| AMETEK, Inc. | 2574 | &nbsp;&nbsp; 436499 |
| Eaton Corp. PLC | 1562 | &nbsp;&nbsp; 459806 |
| Emerson Electric Co. | 4116 | &nbsp;&nbsp; 432633 |
| Generac Holdings, Inc.<sup>(c)</sup> | 3475 | &nbsp;&nbsp; 397470 |
| Hubbell, Inc. | 1363 | &nbsp;&nbsp; 495014 |
| Rockwell Automation, Inc. | 1741 | &nbsp;&nbsp; 431211 |
|  |  | &nbsp;&nbsp; 2652633 |
| **Electronic Components-0.34%** | **Electronic Components-0.34%** | **Electronic Components-0.34%** |
| Amphenol Corp., Class A | 7261 | &nbsp;&nbsp; 558734 |
| Corning, Inc. | 10048 | &nbsp;&nbsp; 445930 |
|  |  | &nbsp;&nbsp; 1004664 |
| **Electronic Equipment & Instruments-0.58%** | **Electronic Equipment & Instruments-0.58%** | **Electronic Equipment & Instruments-0.58%** |
| Keysight Technologies, Inc.<sup>(c)</sup> | 3042 | &nbsp;&nbsp; 442307 |
| Teledyne Technologies, Inc.<sup>(c)</sup> | 940 | &nbsp;&nbsp; 438068 |
| Trimble, Inc.<sup>(c)</sup> | 6772 | &nbsp;&nbsp; 420812 |
| Zebra Technologies Corp., Class A<sup>(c)</sup> | 1634 | &nbsp;&nbsp; 409023 |
|  |  | &nbsp;&nbsp; 1710210 |
| **Electronic Manufacturing Services-0.32%** | **Electronic Manufacturing Services-0.32%** | **Electronic Manufacturing Services-0.32%** |
| Jabil, Inc. | 3402 | &nbsp;&nbsp; 498597 |
| TE Connectivity PLC (Switzerland) | 3186 | &nbsp;&nbsp; 466367 |
|  |  | &nbsp;&nbsp; 964964 |
| **Environmental & Facilities Services-0.66%** | **Environmental & Facilities Services-0.66%** | **Environmental & Facilities Services-0.66%** |
| Republic Services, Inc. | 1978 | &nbsp;&nbsp; 495983 |
| Rollins, Inc. | 9023 | &nbsp;&nbsp; 515484 |
| Veralto Corp. | 4780 | &nbsp;&nbsp; 458402 |
| Waste Management, Inc. | 2047 | &nbsp;&nbsp; 477688 |
|  |  | &nbsp;&nbsp; 1947557 |
| **Fertilizers & Agricultural Chemicals-0.51%** | **Fertilizers & Agricultural Chemicals-0.51%** | **Fertilizers & Agricultural Chemicals-0.51%** |
| CF Industries Holdings, Inc. | 5870 | &nbsp;&nbsp; 460032 |
| Corteva, Inc. | 7732 | &nbsp;&nbsp; 479306 |
| Mosaic Co. (The) | 18477 | &nbsp;&nbsp; 561701 |
|  |  | &nbsp;&nbsp; 1501039 |
| **Financial Exchanges & Data-1.43%** | **Financial Exchanges & Data-1.43%** | **Financial Exchanges & Data-1.43%** |
| Cboe Global Markets, Inc. | 2188 | &nbsp;&nbsp; 485298 |
| CME Group, Inc., Class A | 1777 | &nbsp;&nbsp; 492371 |
| FactSet Research Systems, Inc.<sup>(b)</sup> | 1061 | &nbsp;&nbsp; 458586 |
| Intercontinental Exchange, Inc. | 2699 | &nbsp;&nbsp; 453351 |
| MarketAxess Holdings, Inc. | 2204 | &nbsp;&nbsp; 488384 |
| Moody's Corp. | 1032 | &nbsp;&nbsp; 467620 |
| MSCI, Inc. | 837 | &nbsp;&nbsp; 456257 |
| Nasdaq, Inc. | 6251 | &nbsp;&nbsp; 476389 |
| S&P Global, Inc. | 954 | &nbsp;&nbsp; 477048 |
|  |  | &nbsp;&nbsp; 4255304 |
| **Food Distributors-0.15%** | **Food Distributors-0.15%** | **Food Distributors-0.15%** |
| Sysco Corp. | 6195 | &nbsp;&nbsp; 442323 |
| **Food Retail-0.17%** | **Food Retail-0.17%** | **Food Retail-0.17%** |
| Kroger Co. (The) | 7019 | &nbsp;&nbsp; 506842 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Footwear-0.26%** | **Footwear-0.26%** | **Footwear-0.26%** |
| Deckers Outdoor Corp.<sup>(c)</sup> | 3752 | &nbsp;&nbsp; $415834 |
| NIKE, Inc., Class B | 6200 | &nbsp;&nbsp; 349680 |
|  |  | &nbsp;&nbsp; 765514 |
| **Gas Utilities-0.17%** | **Gas Utilities-0.17%** | **Gas Utilities-0.17%** |
| Atmos Energy Corp.<sup>(b)</sup> | 3100 | &nbsp;&nbsp; 497953 |
| **Gold-0.19%** | **Gold-0.19%** | **Gold-0.19%** |
| Newmont Corp. | 10456 | &nbsp;&nbsp; 550822 |
| **Health Care Distributors-0.66%** | **Health Care Distributors-0.66%** | **Health Care Distributors-0.66%** |
| Cardinal Health, Inc. | 3597 | &nbsp;&nbsp; 508220 |
| Cencora, Inc. | 1796 | &nbsp;&nbsp; 525635 |
| Henry Schein, Inc.<sup>(c)</sup> | 6523 | &nbsp;&nbsp; 423799 |
| McKesson Corp. | 712 | &nbsp;&nbsp; 507507 |
|  |  | &nbsp;&nbsp; 1965161 |
| **Health Care Equipment-2.45%** | **Health Care Equipment-2.45%** | **Health Care Equipment-2.45%** |
| Abbott Laboratories | 3502 | &nbsp;&nbsp; 457886 |
| Baxter International, Inc. | 13257 | &nbsp;&nbsp; 413221 |
| Becton, Dickinson and Co. | 2038 | &nbsp;&nbsp; 422049 |
| Boston Scientific Corp.<sup>(c)</sup> | 4731 | &nbsp;&nbsp; 486678 |
| DexCom, Inc.<sup>(c)</sup> | 6447 | &nbsp;&nbsp; 460187 |
| Edwards Lifesciences Corp.<sup>(c)</sup> | 6659 | &nbsp;&nbsp; 502688 |
| GE HealthCare Technologies, Inc. | 5444 | &nbsp;&nbsp; 382876 |
| Hologic, Inc.<sup>(c)</sup> | 7466 | &nbsp;&nbsp; 434521 |
| IDEXX Laboratories, Inc.<sup>(c)</sup> | 1106 | &nbsp;&nbsp; 478511 |
| Insulet Corp.<sup>(c)</sup> | 1837 | &nbsp;&nbsp; 463457 |
| Intuitive Surgical, Inc.<sup>(c)</sup> | 917 | &nbsp;&nbsp; 472989 |
| Medtronic PLC | 4985 | &nbsp;&nbsp; 422529 |
| ResMed, Inc. | 2072 | &nbsp;&nbsp; 490214 |
| STERIS PLC | 2032 | &nbsp;&nbsp; 456672 |
| Stryker Corp. | 1254 | &nbsp;&nbsp; 468896 |
| Zimmer Biomet Holdings, Inc. | 4385 | &nbsp;&nbsp; 451874 |
|  |  | &nbsp;&nbsp; 7265248 |
| **Health Care Facilities-0.33%** | **Health Care Facilities-0.33%** | **Health Care Facilities-0.33%** |
| HCA Healthcare, Inc. | 1458 | &nbsp;&nbsp; 503126 |
| Universal Health Services, Inc., Class B | 2738 | &nbsp;&nbsp; 484818 |
|  |  | &nbsp;&nbsp; 987944 |
| **Health Care REITs-0.57%** | **Health Care REITs-0.57%** | **Health Care REITs-0.57%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 4630 | &nbsp;&nbsp; 336416 |
| Healthpeak Properties, Inc. | 22584 | &nbsp;&nbsp; 402898 |
| Ventas, Inc. | 6875 | &nbsp;&nbsp; 481800 |
| Welltower, Inc. | 3095 | &nbsp;&nbsp; 472266 |
|  |  | &nbsp;&nbsp; 1693380 |
| **Health Care Services-0.80%** | **Health Care Services-0.80%** | **Health Care Services-0.80%** |
| Cigna Group (The) | 1467 | &nbsp;&nbsp; 498839 |
| CVS Health Corp. | 7036 | &nbsp;&nbsp; 469371 |
| DaVita, Inc.<sup>(b)(c)</sup> | 3198 | &nbsp;&nbsp; 452677 |
| Labcorp Holdings, Inc. | 1926 | &nbsp;&nbsp; 464185 |
| Quest Diagnostics, Inc.<sup>(b)</sup> | 2741 | &nbsp;&nbsp; 488501 |
|  |  | &nbsp;&nbsp; 2373573 |
| **Health Care Supplies-0.46%** | **Health Care Supplies-0.46%** | **Health Care Supplies-0.46%** |
| Align Technology, Inc.<sup>(c)</sup> | 2772 | &nbsp;&nbsp; 480388 |
| Cooper Cos., Inc. (The)<sup>(c)</sup> | 5769 | &nbsp;&nbsp; 471154 |
| Solventum Corp.<sup>(c)</sup> | 6164 | &nbsp;&nbsp; 407564 |
|  |  | &nbsp;&nbsp; 1359106 |
| **Heavy Electrical Equipment-0.19%** | **Heavy Electrical Equipment-0.19%** | **Heavy Electrical Equipment-0.19%** |
| GE Vernova, Inc. | 1527 | &nbsp;&nbsp; 566242 |

---

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

------

**43**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Home Furnishings-0.14%** | **Home Furnishings-0.14%** | **Home Furnishings-0.14%** |
| Mohawk Industries, Inc.<sup>(c)</sup> | 4022 | &nbsp;&nbsp; $427740 |
| **Home Improvement Retail-0.30%** | **Home Improvement Retail-0.30%** | **Home Improvement Retail-0.30%** |
| Home Depot, Inc. (The) | 1251 | &nbsp;&nbsp; 450973 |
| Lowe's Cos., Inc. | 1998 | &nbsp;&nbsp; 446673 |
|  |  | &nbsp;&nbsp; 897646 |
| **Homebuilding-0.59%** | **Homebuilding-0.59%** | **Homebuilding-0.59%** |
| D.R. Horton, Inc. | 3545 | &nbsp;&nbsp; 447875 |
| Lennar Corp., Class A | 3836 | &nbsp;&nbsp; 416628 |
| NVR, Inc.<sup>(c)</sup> | 62 | &nbsp;&nbsp; 441797 |
| PulteGroup, Inc. | 4406 | &nbsp;&nbsp; 451967 |
|  |  | &nbsp;&nbsp; 1758267 |
| **Homefurnishing Retail-0.14%** | **Homefurnishing Retail-0.14%** | **Homefurnishing Retail-0.14%** |
| Williams-Sonoma, Inc. | 2608 | &nbsp;&nbsp; 402858 |
| **Hotel & Resort REITs-0.14%** | **Hotel & Resort REITs-0.14%** | **Hotel & Resort REITs-0.14%** |
| Host Hotels & Resorts, Inc. | 30191 | &nbsp;&nbsp; 426297 |
| **Hotels, Resorts & Cruise Lines-1.21%** | **Hotels, Resorts & Cruise Lines-1.21%** | **Hotels, Resorts & Cruise Lines-1.21%** |
| Airbnb, Inc., Class A<sup>(c)</sup> | 3605 | &nbsp;&nbsp; 439522 |
| Booking Holdings, Inc. | 104 | &nbsp;&nbsp; 530325 |
| Carnival Corp.<sup>(c)</sup> | 23394 | &nbsp;&nbsp; 429046 |
| Expedia Group, Inc. | 2807 | &nbsp;&nbsp; 440502 |
| Hilton Worldwide Holdings, Inc. | 1997 | &nbsp;&nbsp; 450284 |
| Marriott International, Inc., Class A | 1871 | &nbsp;&nbsp; 446383 |
| Norwegian Cruise Line Holdings Ltd.<sup>(c)</sup> | 23997 | &nbsp;&nbsp; 384672 |
| Royal Caribbean Cruises Ltd. | 2200 | &nbsp;&nbsp; 472802 |
|  |  | &nbsp;&nbsp; 3593536 |
| **Household Products-0.74%** | **Household Products-0.74%** | **Household Products-0.74%** |
| Church & Dwight Co., Inc. | 4184 | &nbsp;&nbsp; 415639 |
| Clorox Co. (The) | 3093 | &nbsp;&nbsp; 440134 |
| Colgate-Palmolive Co. | 5023 | &nbsp;&nbsp; 463070 |
| Kimberly-Clark Corp. | 3259 | &nbsp;&nbsp; 429471 |
| Procter & Gamble Co. (The) | 2709 | &nbsp;&nbsp; 440402 |
|  |  | &nbsp;&nbsp; 2188716 |
| **Human Resource & Employment Services-0.65%** | **Human Resource & Employment Services-0.65%** | **Human Resource & Employment Services-0.65%** |
| Automatic Data Processing, Inc. | 1551 | &nbsp;&nbsp; 466231 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 8554 | &nbsp;&nbsp; 495020 |
| Paychex, Inc. | 3146 | &nbsp;&nbsp; 462840 |
| Paycom Software, Inc.<sup>(b)</sup> | 2209 | &nbsp;&nbsp; 500095 |
|  |  | &nbsp;&nbsp; 1924186 |
| **Independent Power Producers & Energy Traders-0.29%** | **Independent Power Producers & Energy Traders-0.29%** | **Independent Power Producers & Energy Traders-0.29%** |
| AES Corp. (The) | 38562 | &nbsp;&nbsp; 385620 |
| Vistra Corp. | 3742 | &nbsp;&nbsp; 485075 |
|  |  | &nbsp;&nbsp; 870695 |
| **Industrial Conglomerates-0.30%** | **Industrial Conglomerates-0.30%** | **Industrial Conglomerates-0.30%** |
| 3M Co. | 3036 | &nbsp;&nbsp; 421731 |
| Honeywell International, Inc. | 2211 | &nbsp;&nbsp; 465415 |
|  |  | &nbsp;&nbsp; 887146 |
| **Industrial Gases-0.30%** | **Industrial Gases-0.30%** | **Industrial Gases-0.30%** |
| Air Products and Chemicals, Inc. | 1548 | &nbsp;&nbsp; 419647 |
| Linde PLC | 1011 | &nbsp;&nbsp; 458216 |
|  |  | &nbsp;&nbsp; 877863 |
| **Industrial Machinery & Supplies & Components-1.74%** | **Industrial Machinery & Supplies & Components-1.74%** | **Industrial Machinery & Supplies & Components-1.74%** |
| Dover Corp. | 2510 | &nbsp;&nbsp; 428331 |
| Fortive Corp. | 6175 | &nbsp;&nbsp; 430336 |
| IDEX Corp.<sup>(b)</sup> | 2508 | &nbsp;&nbsp; 436317 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** |
| Illinois Tool Works, Inc. | 1815 | &nbsp;&nbsp; $435437 |
| Ingersoll Rand, Inc. | 5598 | &nbsp;&nbsp; 422257 |
| Nordson Corp. | 2228 | &nbsp;&nbsp; 422362 |
| Otis Worldwide Corp. | 4566 | &nbsp;&nbsp; 439569 |
| Parker-Hannifin Corp. | 744 | &nbsp;&nbsp; 450165 |
| Pentair PLC | 5333 | &nbsp;&nbsp; 483863 |
| Snap-on, Inc. | 1401 | &nbsp;&nbsp; 439648 |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 5621 | &nbsp;&nbsp; 337372 |
| Xylem, Inc. | 3713 | &nbsp;&nbsp; 447676 |
|  |  | &nbsp;&nbsp; 5173333 |
| **Industrial REITs-0.14%** | **Industrial REITs-0.14%** | **Industrial REITs-0.14%** |
| Prologis, Inc. | 3942 | &nbsp;&nbsp; 402872 |
| **Insurance Brokers-0.73%** | **Insurance Brokers-0.73%** | **Insurance Brokers-0.73%** |
| Aon PLC, Class A | 1145 | &nbsp;&nbsp; 406234 |
| Arthur J. Gallagher & Co. | 1403 | &nbsp;&nbsp; 449928 |
| Brown & Brown, Inc. | 3890 | &nbsp;&nbsp; 430234 |
| Marsh & McLennan Cos., Inc. | 1985 | &nbsp;&nbsp; 447558 |
| Willis Towers Watson PLC | 1421 | &nbsp;&nbsp; 437384 |
|  |  | &nbsp;&nbsp; 2171338 |
| **Integrated Oil & Gas-0.42%** | **Integrated Oil & Gas-0.42%** | **Integrated Oil & Gas-0.42%** |
| Chevron Corp. | 2988 | &nbsp;&nbsp; 406547 |
| Exxon Mobil Corp. | 4180 | &nbsp;&nbsp; 441534 |
| Occidental Petroleum Corp.<sup>(b)</sup> | 9896 | &nbsp;&nbsp; 390001 |
|  |  | &nbsp;&nbsp; 1238082 |
| **Integrated Telecommunication Services-0.32%** | **Integrated Telecommunication Services-0.32%** | **Integrated Telecommunication Services-0.32%** |
| AT&T, Inc. | 17737 | &nbsp;&nbsp; 491315 |
| Verizon Communications, Inc. | 10711 | &nbsp;&nbsp; 471927 |
|  |  | &nbsp;&nbsp; 963242 |
| **Interactive Home Entertainment-0.34%** | **Interactive Home Entertainment-0.34%** | **Interactive Home Entertainment-0.34%** |
| Electronic Arts, Inc. | 3351 | &nbsp;&nbsp; 486197 |
| Take-Two Interactive Software, Inc.<sup>(c)</sup> | 2222 | &nbsp;&nbsp; 518437 |
|  |  | &nbsp;&nbsp; 1004634 |
| **Interactive Media & Services-0.43%** | **Interactive Media & Services-0.43%** | **Interactive Media & Services-0.43%** |
| Alphabet, Inc., Class A | 1500 | &nbsp;&nbsp; 238200 |
| Alphabet, Inc., Class C | 1216 | &nbsp;&nbsp; 195642 |
| Match Group, Inc. | 14840 | &nbsp;&nbsp; 440155 |
| Meta Platforms, Inc., Class A | 736 | &nbsp;&nbsp; 404064 |
|  |  | &nbsp;&nbsp; 1278061 |
| **Internet Services & Infrastructure-0.50%** | **Internet Services & Infrastructure-0.50%** | **Internet Services & Infrastructure-0.50%** |
| Akamai Technologies, Inc.<sup>(c)</sup> | 5727 | &nbsp;&nbsp; 461482 |
| GoDaddy, Inc., Class A<sup>(c)</sup> | 2617 | &nbsp;&nbsp; 492860 |
| VeriSign, Inc.<sup>(c)</sup> | 1936 | &nbsp;&nbsp; 546184 |
|  |  | &nbsp;&nbsp; 1500526 |
| **Investment Banking & Brokerage-0.63%** | **Investment Banking & Brokerage-0.63%** | **Investment Banking & Brokerage-0.63%** |
| Charles Schwab Corp. (The) | 6146 | &nbsp;&nbsp; 500284 |
| Goldman Sachs Group, Inc. (The) | 852 | &nbsp;&nbsp; 466513 |
| Morgan Stanley | 4002 | &nbsp;&nbsp; 461911 |
| Raymond James Financial, Inc. | 3230 | &nbsp;&nbsp; 442639 |
|  |  | &nbsp;&nbsp; 1871347 |
| **IT Consulting & Other Services-0.70%** | **IT Consulting & Other Services-0.70%** | **IT Consulting & Other Services-0.70%** |
| Accenture PLC, Class A (Ireland) | 1407 | &nbsp;&nbsp; 420904 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 5739 | &nbsp;&nbsp; 422218 |
| EPAM Systems, Inc.<sup>(c)</sup> | 2411 | &nbsp;&nbsp; 378310 |

---

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

------

**44**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Consulting & Other Services-(continued)** | **IT Consulting & Other Services-(continued)** | **IT Consulting & Other Services-(continued)** |
| Gartner, Inc.<sup>(c)</sup> | 992 | &nbsp;&nbsp; $417712 |
| International Business Machines Corp. | 1827 | &nbsp;&nbsp; 441805 |
|  |  | &nbsp;&nbsp; 2080949 |
| **Leisure Products-0.15%** | **Leisure Products-0.15%** | **Leisure Products-0.15%** |
| Hasbro, Inc. | 7375 | &nbsp;&nbsp; 456513 |
| **Life & Health Insurance-0.75%** | **Life & Health Insurance-0.75%** | **Life & Health Insurance-0.75%** |
| Aflac, Inc. | 4358 | &nbsp;&nbsp; 473627 |
| Globe Life, Inc. | 3729 | &nbsp;&nbsp; 459935 |
| MetLife, Inc. | 5761 | &nbsp;&nbsp; 434207 |
| Principal Financial Group, Inc. | 5561 | &nbsp;&nbsp; 412348 |
| Prudential Financial, Inc. | 4300 | &nbsp;&nbsp; 441653 |
|  |  | &nbsp;&nbsp; 2221770 |
| **Life Sciences Tools & Services-1.33%** | **Life Sciences Tools & Services-1.33%** | **Life Sciences Tools & Services-1.33%** |
| Agilent Technologies, Inc. | 3806 | &nbsp;&nbsp; 409526 |
| Bio-Techne Corp. | 7573 | &nbsp;&nbsp; 381300 |
| Charles River Laboratories International, <br> Inc.<sup>(c)</sup><br>| 2674 | &nbsp;&nbsp; 317190 |
| Danaher Corp. | 2226 | &nbsp;&nbsp; 443708 |
| IQVIA Holdings, Inc.<sup>(c)</sup> | 2460 | &nbsp;&nbsp; 381472 |
| Mettler-Toledo International, Inc.<sup>(c)</sup> | 375 | &nbsp;&nbsp; 401464 |
| Revvity, Inc.<sup>(b)</sup> | 4091 | &nbsp;&nbsp; 382222 |
| Thermo Fisher Scientific, Inc. | 890 | &nbsp;&nbsp; 381810 |
| Waters Corp.<sup>(c)</sup> | 1223 | &nbsp;&nbsp; 425274 |
| West Pharmaceutical Services, Inc. | 2034 | &nbsp;&nbsp; 429764 |
|  |  | &nbsp;&nbsp; 3953730 |
| **Managed Health Care-0.77%** | **Managed Health Care-0.77%** | **Managed Health Care-0.77%** |
| Centene Corp.<sup>(c)</sup> | 7805 | &nbsp;&nbsp; 467129 |
| Elevance Health, Inc. | 1110 | &nbsp;&nbsp; 466844 |
| Humana, Inc. | 1831 | &nbsp;&nbsp; 480161 |
| Molina Healthcare, Inc.<sup>(c)</sup> | 1448 | &nbsp;&nbsp; 473511 |
| UnitedHealth Group, Inc.<sup>(b)</sup> | 948 | &nbsp;&nbsp; 390045 |
|  |  | &nbsp;&nbsp; 2277690 |
| **Metal, Glass & Plastic Containers-0.16%** | **Metal, Glass & Plastic Containers-0.16%** | **Metal, Glass & Plastic Containers-0.16%** |
| Ball Corp. | 8898 | &nbsp;&nbsp; 462162 |
| **Movies & Entertainment-0.79%** | **Movies & Entertainment-0.79%** | **Movies & Entertainment-0.79%** |
| Live Nation Entertainment, Inc.<sup>(c)</sup> | 3711 | &nbsp;&nbsp; 491522 |
| Netflix, Inc.<sup>(c)</sup> | 496 | &nbsp;&nbsp; 561333 |
| TKO Group Holdings, Inc. | 3098 | &nbsp;&nbsp; 504695 |
| Walt Disney Co. (The) | 4619 | &nbsp;&nbsp; 420098 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup> | 43780 | &nbsp;&nbsp; 379573 |
|  |  | &nbsp;&nbsp; 2357221 |
| **Multi-Family Residential REITs-0.91%** | **Multi-Family Residential REITs-0.91%** | **Multi-Family Residential REITs-0.91%** |
| AvalonBay Communities, Inc. | 2172 | &nbsp;&nbsp; 456076 |
| Camden Property Trust | 3853 | &nbsp;&nbsp; 438471 |
| Equity Residential | 6614 | &nbsp;&nbsp; 464700 |
| Essex Property Trust, Inc. | 1558 | &nbsp;&nbsp; 434916 |
| Mid-America Apartment Communities, Inc. | 2820 | &nbsp;&nbsp; 450213 |
| UDR, Inc. | 10616 | &nbsp;&nbsp; 444598 |
|  |  | &nbsp;&nbsp; 2688974 |
| **Multi-line Insurance-0.16%** | **Multi-line Insurance-0.16%** | **Multi-line Insurance-0.16%** |
| American International Group, Inc. | 5675 | &nbsp;&nbsp; 462626 |
| **Multi-Sector Holdings-0.16%** | **Multi-Sector Holdings-0.16%** | **Multi-Sector Holdings-0.16%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup> | 920 | &nbsp;&nbsp; 490590 |
| **Multi-Utilities-1.61%** | **Multi-Utilities-1.61%** | **Multi-Utilities-1.61%** |
| Ameren Corp. | 4681 | &nbsp;&nbsp; 464542 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 13204 | &nbsp;&nbsp; $512051 |
| CMS Energy Corp. | 6409 | &nbsp;&nbsp; 472023 |
| Consolidated Edison, Inc. | 4445 | &nbsp;&nbsp; 501174 |
| Dominion Energy, Inc. | 8492 | &nbsp;&nbsp; 461795 |
| DTE Energy Co. | 3473 | &nbsp;&nbsp; 475801 |
| NiSource, Inc. | 11685 | &nbsp;&nbsp; 457000 |
| Public Service Enterprise Group, Inc. | 5733 | &nbsp;&nbsp; 458239 |
| Sempra | 6616 | &nbsp;&nbsp; 491370 |
| WEC Energy Group, Inc. | 4355 | &nbsp;&nbsp; 476960 |
|  |  | &nbsp;&nbsp; 4770955 |
| **Office REITs-0.15%** | **Office REITs-0.15%** | **Office REITs-0.15%** |
| BXP, Inc.<sup>(b)</sup> | 6903 | &nbsp;&nbsp; 439928 |
| **Oil & Gas Equipment & Services-0.38%** | **Oil & Gas Equipment & Services-0.38%** | **Oil & Gas Equipment & Services-0.38%** |
| Baker Hughes Co., Class A | 10739 | &nbsp;&nbsp; 380161 |
| Halliburton Co.<sup>(b)</sup> | 18462 | &nbsp;&nbsp; 365917 |
| Schlumberger N.V. | 11390 | &nbsp;&nbsp; 378717 |
|  |  | &nbsp;&nbsp; 1124795 |
| **Oil & Gas Exploration & Production-1.41%** | **Oil & Gas Exploration & Production-1.41%** | **Oil & Gas Exploration & Production-1.41%** |
| APA Corp. | 23216 | &nbsp;&nbsp; 360777 |
| ConocoPhillips | 4667 | &nbsp;&nbsp; 415923 |
| Coterra Energy, Inc. | 16753 | &nbsp;&nbsp; 411454 |
| Devon Energy Corp. | 13128 | &nbsp;&nbsp; 399223 |
| Diamondback Energy, Inc. | 3113 | &nbsp;&nbsp; 410947 |
| EOG Resources, Inc. | 3671 | &nbsp;&nbsp; 405021 |
| EQT Corp. | 9319 | &nbsp;&nbsp; 460731 |
| Expand Energy Corp. | 4525 | &nbsp;&nbsp; 470148 |
| Hess Corp. | 3167 | &nbsp;&nbsp; 408701 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 338 | &nbsp;&nbsp; 435638 |
|  |  | &nbsp;&nbsp; 4178563 |
| **Oil & Gas Refining & Marketing-0.42%** | **Oil & Gas Refining & Marketing-0.42%** | **Oil & Gas Refining & Marketing-0.42%** |
| Marathon Petroleum Corp. | 3327 | &nbsp;&nbsp; 457163 |
| Phillips 66 | 3680 | &nbsp;&nbsp; 382941 |
| Valero Energy Corp. | 3644 | &nbsp;&nbsp; 423032 |
|  |  | &nbsp;&nbsp; 1263136 |
| **Oil & Gas Storage & Transportation-0.59%** | **Oil & Gas Storage & Transportation-0.59%** | **Oil & Gas Storage & Transportation-0.59%** |
| Kinder Morgan, Inc. | 17202 | &nbsp;&nbsp; 452413 |
| ONEOK, Inc. | 4907 | &nbsp;&nbsp; 403159 |
| Targa Resources Corp. | 2439 | &nbsp;&nbsp; 416825 |
| Williams Cos., Inc. (The) | 8103 | &nbsp;&nbsp; 474593 |
|  |  | &nbsp;&nbsp; 1746990 |
| **Other Specialized REITs-0.31%** | **Other Specialized REITs-0.31%** | **Other Specialized REITs-0.31%** |
| Iron Mountain, Inc. | 5277 | &nbsp;&nbsp; 473189 |
| VICI Properties, Inc.<sup>(b)</sup> | 14216 | &nbsp;&nbsp; 455196 |
|  |  | &nbsp;&nbsp; 928385 |
| **Other Specialty Retail-0.33%** | **Other Specialty Retail-0.33%** | **Other Specialty Retail-0.33%** |
| Tractor Supply Co.<sup>(b)</sup> | 8713 | &nbsp;&nbsp; 441052 |
| Ulta Beauty, Inc.<sup>(c)</sup> | 1386 | &nbsp;&nbsp; 548357 |
|  |  | &nbsp;&nbsp; 989409 |
| **Packaged Foods & Meats-1.83%** | **Packaged Foods & Meats-1.83%** | **Packaged Foods & Meats-1.83%** |
| Conagra Brands, Inc. | 17607 | &nbsp;&nbsp; 435069 |
| General Mills, Inc. | 7599 | &nbsp;&nbsp; 431167 |
| Hershey Co. (The)<sup>(b)</sup> | 2669 | &nbsp;&nbsp; 446230 |
| Hormel Foods Corp.<sup>(b)</sup> | 15612 | &nbsp;&nbsp; 466799 |
| J.M. Smucker Co. (The) | 4109 | &nbsp;&nbsp; 477753 |
| Kellanova | 5544 | &nbsp;&nbsp; 458877 |

---

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

------

**45**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** |
| Kraft Heinz Co. (The) | 15056 | &nbsp;&nbsp; $438130 |
| Lamb Weston Holdings, Inc. | 8891 | &nbsp;&nbsp; 469534 |
| McCormick & Co., Inc. | 5594 | &nbsp;&nbsp; 428836 |
| Mondelez International, Inc., Class A | 7020 | &nbsp;&nbsp; 478273 |
| The Campbell's Company<sup>(b)</sup> | 11825 | &nbsp;&nbsp; 431139 |
| Tyson Foods, Inc., Class A | 7585 | &nbsp;&nbsp; 464505 |
|  |  | &nbsp;&nbsp; 5426312 |
| **Paper & Plastic Packaging Products & Materials-0.72%** | **Paper & Plastic Packaging Products & Materials-0.72%** | **Paper & Plastic Packaging Products & Materials-0.72%** |
| Amcor PLC<sup>(b)</sup> | 45941 | &nbsp;&nbsp; 422657 |
| Avery Dennison Corp.<sup>(b)</sup> | 2576 | &nbsp;&nbsp; 440780 |
| International Paper Co. | 9010 | &nbsp;&nbsp; 411577 |
| Packaging Corp. of America | 2312 | &nbsp;&nbsp; 429130 |
| Smurfit WestRock PLC | 10309 | &nbsp;&nbsp; 433184 |
|  |  | &nbsp;&nbsp; 2137328 |
| **Passenger Airlines-0.43%** | **Passenger Airlines-0.43%** | **Passenger Airlines-0.43%** |
| Delta Air Lines, Inc. | 10070 | &nbsp;&nbsp; 419214 |
| Southwest Airlines Co.<sup>(b)</sup> | 15156 | &nbsp;&nbsp; 423762 |
| United Airlines Holdings, Inc.<sup>(c)</sup> | 6296 | &nbsp;&nbsp; 433291 |
|  |  | &nbsp;&nbsp; 1276267 |
| **Passenger Ground Transportation-0.17%** | **Passenger Ground Transportation-0.17%** | **Passenger Ground Transportation-0.17%** |
| Uber Technologies, Inc.<sup>(c)</sup> | 6407 | &nbsp;&nbsp; 519031 |
| **Personal Care Products-0.30%** | **Personal Care Products-0.30%** | **Personal Care Products-0.30%** |
| Estee Lauder Cos., Inc. (The), Class A | 6866 | &nbsp;&nbsp; 411685 |
| Kenvue, Inc. | 19774 | &nbsp;&nbsp; 466667 |
|  |  | &nbsp;&nbsp; 878352 |
| **Pharmaceuticals-1.02%** | **Pharmaceuticals-1.02%** | **Pharmaceuticals-1.02%** |
| Bristol-Myers Squibb Co. | 7627 | &nbsp;&nbsp; 382875 |
| Eli Lilly and Co. | 555 | &nbsp;&nbsp; 498917 |
| Johnson & Johnson | 2801 | &nbsp;&nbsp; 437824 |
| Merck & Co., Inc. | 4887 | &nbsp;&nbsp; 416373 |
| Pfizer, Inc. | 17744 | &nbsp;&nbsp; 433131 |
| Viatris, Inc. | 49371 | &nbsp;&nbsp; 415704 |
| Zoetis, Inc. | 2822 | &nbsp;&nbsp; 441361 |
|  |  | &nbsp;&nbsp; 3026185 |
| **Property & Casualty Insurance-1.71%** | **Property & Casualty Insurance-1.71%** | **Property & Casualty Insurance-1.71%** |
| Allstate Corp. (The) | 2301 | &nbsp;&nbsp; 456495 |
| Arch Capital Group Ltd. | 5117 | &nbsp;&nbsp; 464010 |
| Assurant, Inc. | 2263 | &nbsp;&nbsp; 436171 |
| Chubb Ltd. | 1606 | &nbsp;&nbsp; 459444 |
| Cincinnati Financial Corp. | 3259 | &nbsp;&nbsp; 453685 |
| Erie Indemnity Co., Class A<sup>(b)</sup> | 1089 | &nbsp;&nbsp; 390537 |
| Hartford Insurance Group, Inc. (The) | 3940 | &nbsp;&nbsp; 483320 |
| Loews Corp. | 5431 | &nbsp;&nbsp; 471574 |
| Progressive Corp. (The) | 1644 | &nbsp;&nbsp; 463181 |
| Travelers Cos., Inc. (The) | 1810 | &nbsp;&nbsp; 478075 |
| W.R. Berkley Corp. | 7412 | &nbsp;&nbsp; 531366 |
|  |  | &nbsp;&nbsp; 5087858 |
| **Publishing-0.16%** | **Publishing-0.16%** | **Publishing-0.16%** |
| News Corp., Class A | 12727 | &nbsp;&nbsp; 345156 |
| News Corp., Class B | 3761 | &nbsp;&nbsp; 118171 |
|  |  | &nbsp;&nbsp; 463327 |
| **Rail Transportation-0.43%** | **Rail Transportation-0.43%** | **Rail Transportation-0.43%** |
| CSX Corp. | 15438 | &nbsp;&nbsp; 433344 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Rail Transportation-(continued)** | **Rail Transportation-(continued)** | **Rail Transportation-(continued)** |
| Norfolk Southern Corp. | 1975 | &nbsp;&nbsp; $442499 |
| Union Pacific Corp. | 1921 | &nbsp;&nbsp; 414283 |
|  |  | &nbsp;&nbsp; 1290126 |
| **Real Estate Services-0.30%** | **Real Estate Services-0.30%** | **Real Estate Services-0.30%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 3585 | &nbsp;&nbsp; 438015 |
| CoStar Group, Inc.<sup>(b)(c)</sup> | 5935 | &nbsp;&nbsp; 440199 |
|  |  | &nbsp;&nbsp; 878214 |
| **Regional Banks-0.74%** | **Regional Banks-0.74%** | **Regional Banks-0.74%** |
| Citizens Financial Group, Inc. | 11272 | &nbsp;&nbsp; 415824 |
| Huntington Bancshares, Inc. | 31353 | &nbsp;&nbsp; 455559 |
| M&T Bank Corp. | 2651 | &nbsp;&nbsp; 450034 |
| Regions Financial Corp. | 21661 | &nbsp;&nbsp; 442101 |
| Truist Financial Corp. | 11451 | &nbsp;&nbsp; 439031 |
|  |  | &nbsp;&nbsp; 2202549 |
| **Reinsurance-0.16%** | **Reinsurance-0.16%** | **Reinsurance-0.16%** |
| Everest Group Ltd. | 1312 | &nbsp;&nbsp; 470785 |
| **Research & Consulting Services-0.65%** | **Research & Consulting Services-0.65%** | **Research & Consulting Services-0.65%** |
| Equifax, Inc. | 1906 | &nbsp;&nbsp; 495808 |
| Jacobs Solutions, Inc. | 3748 | &nbsp;&nbsp; 464002 |
| Leidos Holdings, Inc. | 3415 | &nbsp;&nbsp; 502620 |
| Verisk Analytics, Inc. | 1584 | &nbsp;&nbsp; 469545 |
|  |  | &nbsp;&nbsp; 1931975 |
| **Restaurants-1.09%** | **Restaurants-1.09%** | **Restaurants-1.09%** |
| Chipotle Mexican Grill, Inc.<sup>(b)(c)</sup> | 9115 | &nbsp;&nbsp; 460490 |
| Darden Restaurants, Inc.<sup>(b)</sup> | 2403 | &nbsp;&nbsp; 482138 |
| Domino's Pizza, Inc.<sup>(b)</sup> | 1040 | &nbsp;&nbsp; 509985 |
| DoorDash, Inc., Class A<sup>(c)</sup> | 2430 | &nbsp;&nbsp; 468723 |
| McDonald's Corp. | 1524 | &nbsp;&nbsp; 487146 |
| Starbucks Corp. | 4622 | &nbsp;&nbsp; 369991 |
| Yum! Brands, Inc. | 2955 | &nbsp;&nbsp; 444550 |
|  |  | &nbsp;&nbsp; 3223023 |
| **Retail REITs-0.75%** | **Retail REITs-0.75%** | **Retail REITs-0.75%** |
| Federal Realty Investment Trust | 4697 | &nbsp;&nbsp; 441612 |
| Kimco Realty Corp. | 21859 | &nbsp;&nbsp; 436743 |
| Realty Income Corp. | 8093 | &nbsp;&nbsp; 468261 |
| Regency Centers Corp. | 6336 | &nbsp;&nbsp; 457333 |
| Simon Property Group, Inc. | 2751 | &nbsp;&nbsp; 432952 |
|  |  | &nbsp;&nbsp; 2236901 |
| **Self-Storage REITs-0.30%** | **Self-Storage REITs-0.30%** | **Self-Storage REITs-0.30%** |
| Extra Space Storage, Inc. | 3057 | &nbsp;&nbsp; 447912 |
| Public Storage<sup>(b)</sup> | 1503 | &nbsp;&nbsp; 451546 |
|  |  | &nbsp;&nbsp; 899458 |
| **Semiconductor Materials & Equipment-0.71%** | **Semiconductor Materials & Equipment-0.71%** | **Semiconductor Materials & Equipment-0.71%** |
| Applied Materials, Inc. | 3060 | &nbsp;&nbsp; 461173 |
| Enphase Energy, Inc.<sup>(c)</sup> | 7801 | &nbsp;&nbsp; 347847 |
| KLA Corp. | 670 | &nbsp;&nbsp; 470802 |
| Lam Research Corp. | 5956 | &nbsp;&nbsp; 426866 |
| Teradyne, Inc. | 5259 | &nbsp;&nbsp; 390270 |
|  |  | &nbsp;&nbsp; 2096958 |
| **Semiconductors-2.01%** | **Semiconductors-2.01%** | **Semiconductors-2.01%** |
| Advanced Micro Devices, Inc.<sup>(c)</sup> | 4526 | &nbsp;&nbsp; 440606 |
| Analog Devices, Inc. | 2208 | &nbsp;&nbsp; 430383 |
| Broadcom, Inc. | 2349 | &nbsp;&nbsp; 452112 |
| First Solar, Inc.<sup>(b)(c)</sup> | 3353 | &nbsp;&nbsp; 421874 |
| Intel Corp. | 22059 | &nbsp;&nbsp; 443386 |

---

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

------

**46**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| Microchip Technology, Inc. | 8790 | &nbsp;&nbsp; $405043 |
| Micron Technology, Inc.<sup>(b)</sup> | 4770 | &nbsp;&nbsp; 367052 |
| Monolithic Power Systems, Inc.<sup>(b)</sup> | 782 | &nbsp;&nbsp; 463804 |
| NVIDIA Corp. | 3942 | &nbsp;&nbsp; 429363 |
| NXP Semiconductors N.V. (Netherlands) | 2231 | &nbsp;&nbsp; 411196 |
| ON Semiconductor Corp.<sup>(c)</sup> | 10646 | &nbsp;&nbsp; 422646 |
| QUALCOMM, Inc. | 2986 | &nbsp;&nbsp; 443302 |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 6723 | &nbsp;&nbsp; 432154 |
| Texas Instruments, Inc. | 2596 | &nbsp;&nbsp; 415490 |
|  |  | &nbsp;&nbsp; 5978411 |
| **Single-Family Residential REITs-0.16%** | **Single-Family Residential REITs-0.16%** | **Single-Family Residential REITs-0.16%** |
| Invitation Homes, Inc. | 13782 | &nbsp;&nbsp; 471207 |
| **Soft Drinks & Non-alcoholic Beverages-0.63%** | **Soft Drinks & Non-alcoholic Beverages-0.63%** | **Soft Drinks & Non-alcoholic Beverages-0.63%** |
| Coca-Cola Co. (The) | 6523 | &nbsp;&nbsp; 473244 |
| Keurig Dr Pepper, Inc. | 13904 | &nbsp;&nbsp; 480939 |
| Monster Beverage Corp.<sup>(c)</sup> | 8386 | &nbsp;&nbsp; 504166 |
| PepsiCo, Inc. | 3079 | &nbsp;&nbsp; 417451 |
|  |  | &nbsp;&nbsp; 1875800 |
| **Specialty Chemicals-0.99%** | **Specialty Chemicals-0.99%** | **Specialty Chemicals-0.99%** |
| Albemarle Corp.<sup>(b)</sup> | 6265 | &nbsp;&nbsp; 366816 |
| DuPont de Nemours, Inc. | 6042 | &nbsp;&nbsp; 398711 |
| Eastman Chemical Co. | 4937 | &nbsp;&nbsp; 380149 |
| Ecolab, Inc. | 1788 | &nbsp;&nbsp; 449557 |
| International Flavors & Fragrances, Inc. | 5735 | &nbsp;&nbsp; 449968 |
| PPG Industries, Inc. | 4111 | &nbsp;&nbsp; 447523 |
| Sherwin-Williams Co. (The) | 1304 | &nbsp;&nbsp; 460208 |
|  |  | &nbsp;&nbsp; 2952932 |
| **Steel-0.30%** | **Steel-0.30%** | **Steel-0.30%** |
| Nucor Corp. | 3486 | &nbsp;&nbsp; 416124 |
| Steel Dynamics, Inc. | 3693 | &nbsp;&nbsp; 479019 |
|  |  | &nbsp;&nbsp; 895143 |
| **Systems Software-1.14%** | **Systems Software-1.14%** | **Systems Software-1.14%** |
| CrowdStrike Holdings, Inc., Class A<sup>(c)</sup> | 1316 | &nbsp;&nbsp; 564393 |
| Fortinet, Inc.<sup>(c)</sup> | 4658 | &nbsp;&nbsp; 483314 |
| Gen Digital, Inc.<sup>(b)</sup> | 17086 | &nbsp;&nbsp; 442015 |
| Microsoft Corp. | 1190 | &nbsp;&nbsp; 470359 |
| Oracle Corp. | 3023 | &nbsp;&nbsp; 425397 |
| Palo Alto Networks, Inc.<sup>(c)</sup> | 2542 | &nbsp;&nbsp; 475176 |
| ServiceNow, Inc.<sup>(c)</sup> | 541 | &nbsp;&nbsp; 516660 |
|  |  | &nbsp;&nbsp; 3377314 |
| **Technology Distributors-0.15%** | **Technology Distributors-0.15%** | **Technology Distributors-0.15%** |
| CDW Corp. | 2737 | &nbsp;&nbsp; 439453 |
| **Technology Hardware, Storage & Peripherals-1.19%** | **Technology Hardware, Storage & Peripherals-1.19%** | **Technology Hardware, Storage & Peripherals-1.19%** |
| Apple, Inc. | 2102 | &nbsp;&nbsp; 446675 |
| Dell Technologies, Inc., Class C | 4823 | &nbsp;&nbsp; 442558 |
| Hewlett Packard Enterprise Co. | 30231 | &nbsp;&nbsp; 490347 |
| HP, Inc. | 16024 | &nbsp;&nbsp; 409734 |
| NetApp, Inc. | 4986 | &nbsp;&nbsp; 447494 |
| Seagate Technology Holdings PLC | 5260 | &nbsp;&nbsp; 478818 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 10741 | &nbsp;&nbsp; 342208 |
| Western Digital Corp.<sup>(b)(c)</sup> | 10619 | &nbsp;&nbsp; 465749 |
|  |  | &nbsp;&nbsp; 3523583 |
| **Telecom Tower REITs-0.51%** | **Telecom Tower REITs-0.51%** | **Telecom Tower REITs-0.51%** |
| American Tower Corp. | 2207 | &nbsp;&nbsp; 497480 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Telecom Tower REITs-(continued)** | **Telecom Tower REITs-(continued)** | **Telecom Tower REITs-(continued)** |
| Crown Castle, Inc. | 4787 | &nbsp;&nbsp; $506273 |
| SBA Communications Corp., Class A | 2107 | &nbsp;&nbsp; 512844 |
|  |  | &nbsp;&nbsp; 1516597 |
| **Timber REITs-0.14%** | **Timber REITs-0.14%** | **Timber REITs-0.14%** |
| Weyerhaeuser Co. | 15586 | &nbsp;&nbsp; 403833 |
| **Tobacco-0.33%** | **Tobacco-0.33%** | **Tobacco-0.33%** |
| Altria Group, Inc. | 7891 | &nbsp;&nbsp; 466753 |
| Philip Morris International, Inc. | 3015 | &nbsp;&nbsp; 516650 |
|  |  | &nbsp;&nbsp; 983403 |
| **Trading Companies & Distributors-0.49%** | **Trading Companies & Distributors-0.49%** | **Trading Companies & Distributors-0.49%** |
| Fastenal Co. | 6003 | &nbsp;&nbsp; 486063 |
| United Rentals, Inc. | 749 | &nbsp;&nbsp; 472956 |
| W.W. Grainger, Inc. | 471 | &nbsp;&nbsp; 482450 |
|  |  | &nbsp;&nbsp; 1441469 |
| **Transaction & Payment Processing Services-1.21%** | **Transaction & Payment Processing Services-1.21%** | **Transaction & Payment Processing Services-1.21%** |
| Corpay, Inc.<sup>(c)</sup> | 1366 | &nbsp;&nbsp; 444456 |
| Fidelity National Information Services, Inc. | 6697 | &nbsp;&nbsp; 528259 |
| Fiserv, Inc.<sup>(c)</sup> | 2159 | &nbsp;&nbsp; 398487 |
| Global Payments, Inc. | 4911 | &nbsp;&nbsp; 374758 |
| Jack Henry & Associates, Inc.<sup>(b)</sup> | 2635 | &nbsp;&nbsp; 456988 |
| Mastercard, Inc., Class A | 870 | &nbsp;&nbsp; 476812 |
| PayPal Holdings, Inc.<sup>(c)</sup> | 6648 | &nbsp;&nbsp; 437704 |
| Visa, Inc., Class A | 1371 | &nbsp;&nbsp; 473681 |
|  |  | &nbsp;&nbsp; 3591145 |
| **Water Utilities-0.16%** | **Water Utilities-0.16%** | **Water Utilities-0.16%** |
| American Water Works Co., Inc. | 3239 | &nbsp;&nbsp; 476165 |
| **Wireless Telecommunication Services-0.15%** | **Wireless Telecommunication Services-0.15%** | **Wireless Telecommunication Services-0.15%** |
| T-Mobile US, Inc. | 1785 | &nbsp;&nbsp; 440806 |
| Total Common Stocks & Other Equity Interests <br>(Cost $228,618,720) | Total Common Stocks & Other Equity Interests <br>(Cost $228,618,720) | &nbsp;&nbsp; 226173854 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-4.78%** |  |  |
| **Diversified Banks-4.27%** |  |  |
| BNP Paribas Issuance B.V. (Invesco S&P 500 <br> Equal Weight ETF), 177.68%, <br> 05/13/2025<sup>(e)</sup><br>| $1108000 | &nbsp;&nbsp; 1107914 |
| BNP Paribas Issuance B.V. (Invesco S&P 500 <br> Equal Weight ETF), 245.99%, <br> 05/20/2025<sup>(e)</sup><br>| 986000 | &nbsp;&nbsp; 929355 |
| Canadian Imperial Bank of Commerce <br> (Invesco S&P 500 Equal Weight ETF), <br> 177.75%, 05/15/2025<br>| 780000 | &nbsp;&nbsp; 760131 |
| Canadian Imperial Bank of Commerce <br> (Invesco S&P 500 Equal Weight ETF), <br> 173.00%, 05/19/2025<br>| 625000 | &nbsp;&nbsp; 607804 |
| Citigroup Global Markets Holdings, Inc. <br> (Invesco S&P 500 Equal Weight ETF), <br> 163.88%, 05/08/2025<sup>(e)</sup><br>| 762000 | &nbsp;&nbsp; 762384 |
| Citigroup Global Markets Holdings, Inc. <br> (Invesco S&P 500 Equal Weight ETF), <br> 160.89%, 05/09/2025<sup>(e)</sup><br>| 762000 | &nbsp;&nbsp; 760026 |
| J.P. Morgan Chase & Co. (Invesco S&P 500 <br> Equal Weight ETF), 0.00%, 05/14/2025<sup>(f)</sup><br>| 770000 | &nbsp;&nbsp; 750827 |
| J.P. Morgan Chase & Co. (Invesco S&P 500 <br> Equal Weight ETF), 0.00%, 05/23/2025<sup>(f)</sup><br>| 1025000 | &nbsp;&nbsp; 1056742 |

---

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

------

**47**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>| **Value** |
| **Diversified Banks-(continued)** |  |  |
| Mizuho Markets Cayman L.P. (Invesco <br> S&P 500 Equal Weight ETF), 194.40%, <br> 05/06/2025<sup>(e)</sup><br>| $1193000 | &nbsp;&nbsp; $1034775 |
| Mizuho Markets Cayman L.P. (Invesco <br> S&P 500 Equal Weight ETF), 137.70%, <br> 05/07/2025<sup>(e)</sup><br>| 1252000 | &nbsp;&nbsp; 1279639 |
| Royal Bank of Canada (Invesco S&P 500 <br> Equal Weight ETF), 209.76%, <br> 05/21/2025<sup>(e)</sup><br>| 470000 | &nbsp;&nbsp; 470031 |
| Societe Generale S.A. (Invesco S&P 500 <br> Equal Weight ETF), 206.30%, <br> 05/28/2025<sup>(e)</sup><br>| 562000 | &nbsp;&nbsp; 562717 |
| Toronto-Dominion Bank (The) (Invesco <br> S&P 500 Equal Weight ETF), 172.00%, <br> 05/27/2025<sup>(e)</sup><br>| 647000 | &nbsp;&nbsp; 638568 |
| Toronto-Dominion Bank (The) (Invesco <br> S&P 500 Equal Weight ETF), 170.00%, <br> 05/29/2025<sup>(e)</sup><br>| 412000 | &nbsp;&nbsp; 407634 |
| Wells Fargo Bank N.A. (Invesco S&P 500 <br> Equal Weight ETF), 242.80%, <br> 05/16/2025<sup>(e)</sup><br>| 975000 | &nbsp;&nbsp; 933678 |
| Wells Fargo Bank N.A. (Invesco S&P 500 <br> Equal Weight ETF), 209.44%, <br> 05/22/2025<sup>(e)</sup><br>| 603000 | &nbsp;&nbsp; 606724 |
|  |  | &nbsp;&nbsp; 12668949 |
| **Diversified Capital Markets-0.51%** |  |  |
| UBS AG (Invesco S&P 500 Equal Weight ETF), <br> 191.70%, 05/12/2025<sup>(e)</sup><br>| 1507000 | &nbsp;&nbsp; 1518911 |
| Total Equity Linked Notes <br>(Cost $14,439,000) | Total Equity Linked Notes <br>(Cost $14,439,000) | &nbsp;&nbsp; 14187860 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-19.23%** | **Money Market Funds-19.23%** | **Money Market Funds-19.23%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(d)(g)</sup> <br>(Cost $57,102,317)<br>| 57102317 | &nbsp;&nbsp; $57102317 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.18% <br>(Cost $300,160,037) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.18% <br>(Cost $300,160,037) | &nbsp;&nbsp; 297464031 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-6.78%** | **Money Market Funds-6.78%** | **Money Market Funds-6.78%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(g)(h)</sup><br>| 5893972 | &nbsp;&nbsp; 5893972 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(g)(h)</sup> | 14227591 | &nbsp;&nbsp; 14230437 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,124,796) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,124,796) | &nbsp;&nbsp; 20124409 |
| TOTAL INVESTMENTS IN SECURITIES-106.96% <br>(Cost $320,284,833) | TOTAL INVESTMENTS IN SECURITIES-106.96% <br>(Cost $320,284,833) | &nbsp;&nbsp; 317588440 |
| OTHER ASSETS LESS LIABILITIES-(6.96)% | OTHER ASSETS LESS LIABILITIES-(6.96)% | &nbsp;&nbsp; (20664777)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $296923663 |

---

Investment Abbreviations: <br> ETF -Exchange-Traded Fund <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 <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $439777 | &nbsp;&nbsp; $147680 | &nbsp;&nbsp; $(80011)<br>| &nbsp;&nbsp; $(88473)<br>| &nbsp;&nbsp; $(2271)<br>| &nbsp;&nbsp; $416702 | &nbsp;&nbsp; $10046 |

---

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

------

**48**

------

**Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $50749067 | &nbsp;&nbsp; $30838256 | &nbsp;&nbsp; $(81587323)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $899892 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 64010827 | &nbsp;&nbsp; (6908510)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 57102317 | &nbsp;&nbsp; 177432 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 1891489 | &nbsp;&nbsp; 34278023 | &nbsp;&nbsp; (30275540)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5893972 | &nbsp;&nbsp; 92,035<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 4915419 | &nbsp;&nbsp; 68872491 | &nbsp;&nbsp; (59556124)<br>| &nbsp;&nbsp; (204)<br>| &nbsp;&nbsp; (1145)<br>| &nbsp;&nbsp; 14230437 | &nbsp;&nbsp; 239,913<br> \*<br>|
| Total | &nbsp;&nbsp; $57995752 | &nbsp;&nbsp; $198147277 | &nbsp;&nbsp; $(178407508)<br>| &nbsp;&nbsp; $(88677)<br>| &nbsp;&nbsp; $(3416)<br>| &nbsp;&nbsp; $77643428 | &nbsp;&nbsp; $1419318 |

---

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

<sup>(e)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2025 was $11,012,356, which represented 3.71% of the Fund's Net Assets. 

<sup>(f)</sup> Denotes a zero coupon security issued at a substantial discount from its value at maturity.

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

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

------

**49**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-73.88%** | **U.S. Dollar Denominated Bonds & Notes-73.88%** | **U.S. Dollar Denominated Bonds & Notes-73.88%** |
| **Advertising-0.24%** | **Advertising-0.24%** | **Advertising-0.24%** |
| Lamar Media Corp., 4.88%, 01/15/2029 | $25000 | &nbsp;&nbsp; $24296 |
| **Aerospace & Defense-1.30%** | **Aerospace & Defense-1.30%** | **Aerospace & Defense-1.30%** |
| Boeing Co. (The) |  |  |
| 6.26%, 05/01/2027 | 9000 | &nbsp;&nbsp; 9274 |
| 6.30%, 05/01/2029 | 12000 | &nbsp;&nbsp; 12626 |
| L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 14000 | &nbsp;&nbsp; 14228 |
| RTX Corp. |  |  |
| 5.00%, 02/27/2026 | 9000 | &nbsp;&nbsp; 9037 |
| 5.75%, 11/08/2026 | 22000 | &nbsp;&nbsp; 22431 |
| TransDigm, Inc. |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> | 12000 | &nbsp;&nbsp; 12256 |
| 6.38%, 03/01/2029<sup>(b)</sup> | 49000 | &nbsp;&nbsp; 49978 |
|  |  | &nbsp;&nbsp; 129830 |
| **Agricultural & Farm Machinery-0.40%** | **Agricultural & Farm Machinery-0.40%** | **Agricultural & Farm Machinery-0.40%** |
| AGCO Corp., 5.45%, 03/21/2027 | 2000 | &nbsp;&nbsp; 2018 |
| CNH Industrial Capital LLC |  |  |
| 5.45%, 10/14/2025 | 28000 | &nbsp;&nbsp; 28116 |
| 4.75%, 03/21/2028 | 10000 | &nbsp;&nbsp; 10050 |
|  |  | &nbsp;&nbsp; 40184 |
| **Apparel Retail-0.06%** | **Apparel Retail-0.06%** | **Apparel Retail-0.06%** |
| Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 7000 | &nbsp;&nbsp; 6338 |
| **Application Software-0.84%** | **Application Software-0.84%** | **Application Software-0.84%** |
| Intuit, Inc. |  |  |
| 5.25%, 09/15/2026 | 11000 | &nbsp;&nbsp; 11162 |
| 5.13%, 09/15/2028 | 28000 | &nbsp;&nbsp; 28973 |
| Roper Technologies, Inc., 4.50%, 10/15/2029 | 16000 | &nbsp;&nbsp; 15937 |
| SS&C Technologies, Inc., 5.50%, 09/30/2027<sup>(b)</sup> | 15000 | &nbsp;&nbsp; 14940 |
| Synopsys, Inc., 4.85%, 04/01/2030 | 13000 | &nbsp;&nbsp; 13147 |
|  |  | &nbsp;&nbsp; 84159 |
| **Asset Management & Custody Banks-1.34%** | **Asset Management & Custody Banks-1.34%** | **Asset Management & Custody Banks-1.34%** |
| Bank of New York Mellon Corp. (The), 4.98%, <br> 03/14/2030<sup>(c)(d)</sup><br>| 4000 | &nbsp;&nbsp; 4091 |
| Blackstone Secured Lending Fund, 5.88%, <br> 11/15/2027<br>| 10000 | &nbsp;&nbsp; 10129 |
| New Mountain Finance Corp., 6.20%, <br> 10/15/2027<br>| 13000 | &nbsp;&nbsp; 12997 |
| State Street Corp. |  |  |
| 4.99%, 03/18/2027 | 13000 | &nbsp;&nbsp; 13202 |
| 4.54%, 02/28/2028 | 45000 | &nbsp;&nbsp; 45481 |
| 5.33% (SOFR + 0.95%), 04/24/2028<sup>(e)</sup> | 22000 | &nbsp;&nbsp; 22051 |
| 4.53%, 02/20/2029<sup>(d)</sup> | 13000 | &nbsp;&nbsp; 13074 |
| 5.68%, 11/21/2029<sup>(c)(d)</sup> | 12000 | &nbsp;&nbsp; 12499 |
|  |  | &nbsp;&nbsp; 133524 |
| **Automobile Manufacturers-4.78%** | **Automobile Manufacturers-4.78%** | **Automobile Manufacturers-4.78%** |
| Allison Transmission, Inc., 4.75%, <br> 10/01/2027<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 49122 |
| American Honda Finance Corp., 5.80%, <br> 10/03/2025<br>| 34000 | &nbsp;&nbsp; 34176 |
| Daimler Truck Finance North America LLC <br> (Germany), 4.95%, 01/13/2028<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp; 35280 |
| Ford Motor Credit Co. LLC |  |  |
| 7.32% (SOFR + 2.95%), 03/06/2026<sup>(e)</sup> | 200000 | &nbsp;&nbsp; 201097 |
| 5.85%, 05/17/2027 | 50000 | &nbsp;&nbsp; 49791 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| Hyundai Capital America |  |  |  |
| 5.80%, 06/26/2025<sup>(b)</sup> | $| 22000 | &nbsp;&nbsp; $22024 |
| 5.50%, 03/30/2026<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9053 |
| 5.65%, 06/26/2026<sup>(b)</sup> |  | 13000 | &nbsp;&nbsp; 13140 |
| 5.30%, 03/19/2027<sup>(b)</sup> |  | 11000 | &nbsp;&nbsp; 11105 |
| 5.00%, 01/07/2028<sup>(b)</sup> |  | 24000 | &nbsp;&nbsp; 24072 |
| 5.30%, 01/08/2030<sup>(b)</sup> |  | 10000 | &nbsp;&nbsp; 10096 |
| Toyota Motor Credit Corp. |  |  |  |
| 4.55%, 08/07/2026 |  | 10000 | &nbsp;&nbsp; 10043 |
| 4.55%, 08/09/2029 |  | 8000 | &nbsp;&nbsp; 8054 |
|  |  |  | &nbsp;&nbsp; 477053 |
| **Automotive Parts & Equipment-0.27%** | **Automotive Parts & Equipment-0.27%** | **Automotive Parts & Equipment-0.27%** | **Automotive Parts & Equipment-0.27%** |
| Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 02/15/2030<sup>(b)</sup><br>|  | 2000 | &nbsp;&nbsp; 2037 |
| PHINIA, Inc., 6.75%, 04/15/2029<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 25298 |
|  |  |  | &nbsp;&nbsp; 27335 |
| **Automotive Retail-1.14%** | **Automotive Retail-1.14%** | **Automotive Retail-1.14%** | **Automotive Retail-1.14%** |
| Advance Auto Parts, Inc., 5.90%, 03/09/2026 |  | 30000 | &nbsp;&nbsp; 29803 |
| Asbury Automotive Group, Inc., 4.50%, <br> 03/01/2028<br>|  | 50000 | &nbsp;&nbsp; 48447 |
| Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 23790 |
| O'Reilly Automotive, Inc., 5.75%, 11/20/2026 |  | 11000 | &nbsp;&nbsp; 11215 |
|  |  |  | &nbsp;&nbsp; 113255 |
| **Biotechnology-0.23%** | **Biotechnology-0.23%** | **Biotechnology-0.23%** | **Biotechnology-0.23%** |
| AbbVie, Inc. |  |  |  |
| 4.80%, 03/15/2027 |  | 13000 | &nbsp;&nbsp; 13172 |
| 4.80%, 03/15/2029 |  | 10000 | &nbsp;&nbsp; 10202 |
|  |  |  | &nbsp;&nbsp; 23374 |
| **Broadline Retail-0.24%** | **Broadline Retail-0.24%** | **Broadline Retail-0.24%** | **Broadline Retail-0.24%** |
| Macy's Retail Holdings LLC, 5.88%, <br> 04/01/2029<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 23743 |
| **Cable & Satellite-1.14%** | **Cable & Satellite-1.14%** | **Cable & Satellite-1.14%** | **Cable & Satellite-1.14%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> 5.50%, 05/01/2026<sup>(b)</sup><br>|  | 99000 | &nbsp;&nbsp; 98952 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> 6.15%, 11/10/2026<br>|  | 14000 | &nbsp;&nbsp; 14275 |
|  |  |  | &nbsp;&nbsp; 113227 |
| **Cargo Ground Transportation-0.63%** | **Cargo Ground Transportation-0.63%** | **Cargo Ground Transportation-0.63%** | **Cargo Ground Transportation-0.63%** |
| Penske Truck Leasing Co. L.P./PTL Finance Corp. |  |  |  |
| 5.75%, 05/24/2026<sup>(b)</sup> |  | 14000 | &nbsp;&nbsp; 14154 |
| 5.35%, 01/12/2027<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3035 |
| 4.40%, 07/01/2027<sup>(b)</sup> |  | 17000 | &nbsp;&nbsp; 16939 |
| 6.05%, 08/01/2028<sup>(b)</sup> |  | 10000 | &nbsp;&nbsp; 10405 |
| Ryder System, Inc. |  |  |  |
| 5.30%, 03/15/2027 |  | 11000 | &nbsp;&nbsp; 11162 |
| 4.90%, 12/01/2029 |  | 7000 | &nbsp;&nbsp; 7024 |
|  |  |  | &nbsp;&nbsp; 62719 |
| **Construction Machinery & Heavy Transportation Equipment-0.24%** | **Construction Machinery & Heavy Transportation Equipment-0.24%** | **Construction Machinery & Heavy Transportation Equipment-0.24%** | **Construction Machinery & Heavy Transportation Equipment-0.24%** |
| Caterpillar Financial Services Corp., 5.15%, <br> 08/11/2025<br>|  | 24000 | &nbsp;&nbsp; 24035 |

---

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

------

**50**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Consumer Finance-1.07%** | **Consumer Finance-1.07%** | **Consumer Finance-1.07%** |
| American Express Co. |  |  |
| 5.65%, 04/23/2027<sup>(d)</sup> | $14000 | &nbsp;&nbsp; $14150 |
| 4.73%, 04/25/2029<sup>(c)(d)</sup> | 35000 | &nbsp;&nbsp; 35330 |
| 5.64% (SOFR + 1.26%), 04/25/2029<sup>(e)</sup> | 29000 | &nbsp;&nbsp; 29153 |
| Capital One Financial Corp., 7.15%, <br> 10/29/2027<sup>(d)</sup><br>| 10000 | &nbsp;&nbsp; 10351 |
| General Motors Financial Co., Inc., 5.40%, <br> 04/06/2026<br>| 18000 | &nbsp;&nbsp; 18041 |
|  |  | &nbsp;&nbsp; 107025 |
| **Consumer Staples Merchandise Retail-0.24%** | **Consumer Staples Merchandise Retail-0.24%** | **Consumer Staples Merchandise Retail-0.24%** |
| Walmart, Inc., 4.81% (SOFR + 0.43%), <br> 04/28/2027<sup>(e)</sup><br>| 24000 | &nbsp;&nbsp; 24043 |
| **Distributors-0.12%** | **Distributors-0.12%** | **Distributors-0.12%** |
| Genuine Parts Co., 6.50%, 11/01/2028 | 11000 | &nbsp;&nbsp; 11649 |
| **Diversified Banks-18.73%** | **Diversified Banks-18.73%** | **Diversified Banks-18.73%** |
| Bank of America Corp., 5.82%, 09/15/2029<sup>(d)</sup> | 11000 | &nbsp;&nbsp; 11461 |
| Bank of America N.A. |  |  |
| 5.65%, 08/18/2025 | 68000 | &nbsp;&nbsp; 68171 |
| 5.53%, 08/18/2026 | 68000 | &nbsp;&nbsp; 69136 |
| Bank of Montreal (Canada), 5.92%, 09/25/2025 | 41000 | &nbsp;&nbsp; 41217 |
| Barclays PLC (United Kingdom), 7.33%, <br> 11/02/2026<sup>(d)</sup><br>| 200000 | &nbsp;&nbsp; 202269 |
| Citigroup, Inc. |  |  |
| 5.61%, 09/29/2026<sup>(d)</sup> | 66000 | &nbsp;&nbsp; 66232 |
| 4.79%, 03/04/2029<sup>(d)</sup> | 45000 | &nbsp;&nbsp; 45230 |
| 4.54%, 09/19/2030<sup>(d)</sup> | 17000 | &nbsp;&nbsp; 16832 |
| Fifth Third Bancorp, 6.34%, 07/27/2029<sup>(c)(d)</sup> | 4000 | &nbsp;&nbsp; 4196 |
| Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(d)</sup><br>| 44000 | &nbsp;&nbsp; 44302 |
| JPMorgan Chase & Co. |  |  |
| 6.07%, 10/22/2027<sup>(d)</sup> | 17000 | &nbsp;&nbsp; 17431 |
| 5.04%, 01/23/2028<sup>(d)</sup> | 11000 | &nbsp;&nbsp; 11109 |
| 5.57%, 04/22/2028<sup>(d)</sup> | 12000 | &nbsp;&nbsp; 12275 |
| 4.98%, 07/22/2028<sup>(d)</sup> | 42000 | &nbsp;&nbsp; 42496 |
| 4.51%, 10/22/2028<sup>(d)</sup> | 23000 | &nbsp;&nbsp; 23070 |
| 6.09%, 10/23/2029<sup>(d)</sup> | 11000 | &nbsp;&nbsp; 11565 |
| Series CC, 7.12% (3 mo. Term SOFR + <br> 2.84%)<sup>(c)(e)(f)</sup><br>| 66000 | &nbsp;&nbsp; 65975 |
| Macquarie Bank Ltd. (Australia), 5.39%, <br> 12/07/2026<sup>(b)</sup><br>| 13000 | &nbsp;&nbsp; 13234 |
| Manufacturers & Traders Trust Co., 4.65%, <br> 01/27/2026<br>| 100000 | &nbsp;&nbsp; 99961 |
| Morgan Stanley Bank N.A., 5.88%, 10/30/2026 | 250000 | &nbsp;&nbsp; 256075 |
| NatWest Group PLC (United Kingdom), 7.47%, <br> 11/10/2026<sup>(d)</sup><br>| 200000 | &nbsp;&nbsp; 202794 |
| PNC Financial Services Group, Inc. (The) |  |  |
| 5.81%, 06/12/2026<sup>(d)</sup> | 12000 | &nbsp;&nbsp; 12011 |
| 6.62%, 10/20/2027<sup>(d)</sup> | 11000 | &nbsp;&nbsp; 11332 |
| Royal Bank of Canada (Canada), 4.88%, <br> 01/19/2027<br>| 11000 | &nbsp;&nbsp; 11138 |
| Toronto-Dominion Bank (The) (Canada), 4.99% <br> (SOFR + 0.62%), 12/17/2026<sup>(e)</sup><br>| 60000 | &nbsp;&nbsp; 59883 |
| U.S. Bancorp, 6.79%, 10/26/2027<sup>(d)</sup> | 45000 | &nbsp;&nbsp; 46524 |
| UBS AG (Switzerland), 5.80%, 09/11/2025 | 200000 | &nbsp;&nbsp; 200787 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Wells Fargo & Co. |  |  |  |
| 5.71%, 04/22/2028<sup>(d)</sup> | $| 10000 | &nbsp;&nbsp; $10225 |
| 4.97%, 04/23/2029<sup>(d)</sup> |  | 22000 | &nbsp;&nbsp; 22281 |
| 5.75% (SOFR + 1.37%), 04/23/2029<sup>(e)</sup> |  | 13000 | &nbsp;&nbsp; 13091 |
| 5.57%, 07/25/2029<sup>(d)</sup> |  | 13000 | &nbsp;&nbsp; 13378 |
| 6.30%, 10/23/2029<sup>(d)</sup> |  | 13000 | &nbsp;&nbsp; 13723 |
| 7.63%<sup>(c)(d)(f)</sup> |  | 13000 | &nbsp;&nbsp; 13718 |
| Wells Fargo Bank N.A. |  |  |  |
| 5.55%, 08/01/2025 |  | 47000 | &nbsp;&nbsp; 47078 |
| 5.45%, 08/07/2026 |  | 28000 | &nbsp;&nbsp; 28407 |
| Westpac Banking Corp. (Australia), 4.84% (SOFR <br> + 0.46%), 10/20/2026<sup>(e)</sup><br>|  | 41000 | &nbsp;&nbsp; 41007 |
|  |  |  | &nbsp;&nbsp; 1869614 |
| **Diversified Financial Services-3.36%** | **Diversified Financial Services-3.36%** | **Diversified Financial Services-3.36%** | **Diversified Financial Services-3.36%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland)<br>|  |  |  |
| 6.50%, 07/15/2025 |  | 150000 | &nbsp;&nbsp; 150229 |
| 6.10%, 01/15/2027 |  | 150000 | &nbsp;&nbsp; 153259 |
| LPL Holdings, Inc. |  |  |  |
| 5.70%, 05/20/2027 |  | 9000 | &nbsp;&nbsp; 9177 |
| 6.75%, 11/17/2028<sup>(c)</sup> |  | 10000 | &nbsp;&nbsp; 10633 |
| Macquarie Airfinance Holdings Ltd. (United <br> Kingdom), 5.15%, 03/17/2030<sup>(b)</sup><br>|  | 12000 | &nbsp;&nbsp; 11788 |
|  |  |  | &nbsp;&nbsp; 335086 |
| **Diversified Metals & Mining-0.61%** | **Diversified Metals & Mining-0.61%** | **Diversified Metals & Mining-0.61%** | **Diversified Metals & Mining-0.61%** |
| BHP Billiton Finance (USA) Ltd. (Australia), <br> 5.25%, 09/08/2026<br>|  | 24000 | &nbsp;&nbsp; 24339 |
| Glencore Funding LLC (Australia) |  |  |  |
| 4.91%, 04/01/2028<sup>(b)</sup> |  | 4000 | &nbsp;&nbsp; 4041 |
| 5.37%, 04/04/2029<sup>(b)</sup> |  | 12000 | &nbsp;&nbsp; 12239 |
| Rio Tinto Finance (USA) PLC (Australia) |  |  |  |
| 4.38%, 03/12/2027<sup>(c)</sup> |  | 14000 | &nbsp;&nbsp; 14077 |
| 4.50%, 03/14/2028 |  | 6000 | &nbsp;&nbsp; 6053 |
|  |  |  | &nbsp;&nbsp; 60749 |
| **Diversified Support Services-0.84%** | **Diversified Support Services-0.84%** | **Diversified Support Services-0.84%** | **Diversified Support Services-0.84%** |
| Element Fleet Management Corp. (Canada), <br> 5.04%, 03/25/2030<sup>(b)</sup><br>|  | 55000 | &nbsp;&nbsp; 54768 |
| RB Global Holdings, Inc. (Canada), 6.75%, <br> 03/15/2028<sup>(b)</sup><br>|  | 28000 | &nbsp;&nbsp; 28584 |
|  |  |  | &nbsp;&nbsp; 83352 |
| **Electric Utilities-3.88%** | **Electric Utilities-3.88%** | **Electric Utilities-3.88%** | **Electric Utilities-3.88%** |
| Duke Energy Corp. |  |  |  |
| 5.00%, 12/08/2025<sup>(c)</sup> |  | 47000 | &nbsp;&nbsp; 47189 |
| 4.85%, 01/05/2027 |  | 13000 | &nbsp;&nbsp; 13129 |
| 4.85%, 01/05/2029 |  | 4000 | &nbsp;&nbsp; 4056 |
| Exelon Corp. |  |  |  |
| 5.15%, 03/15/2029 |  | 8000 | &nbsp;&nbsp; 8182 |
| 5.13%, 03/15/2031 |  | 15000 | &nbsp;&nbsp; 15276 |
| FirstEnergy Transmission LLC, 4.55%, <br> 01/15/2030<br>|  | 14000 | &nbsp;&nbsp; 13870 |
| Georgia Power Co., 5.11% (SOFR + 0.75%), <br> 05/08/2025<sup>(e)</sup><br>|  | 28000 | &nbsp;&nbsp; 28002 |

---

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

------

**51**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 5.60%, 11/13/2026 | 12000 | &nbsp;&nbsp; $12237 |
| 5.18% (SOFR + 0.80%), 02/05/2027<sup>(e)</sup> | 50000 | &nbsp;&nbsp; 50005 |
| 4.12%, 09/16/2027 | 22000 | &nbsp;&nbsp; 22017 |
| 4.85%, 02/07/2029 | 9000 | &nbsp;&nbsp; 9137 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.75%, 09/01/2025 | 42000 | &nbsp;&nbsp; 42134 |
| 4.95%, 01/29/2026 | 30000 | &nbsp;&nbsp; 30069 |
| Oncor Electric Delivery Co. LLC, 4.65%, <br> 11/01/2029<br>| 9000 | &nbsp;&nbsp; 9087 |
| PacifiCorp, 5.10%, 02/15/2029 | 10000 | &nbsp;&nbsp; 10204 |
| Vistra Operations Co. LLC |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> | 10000 | &nbsp;&nbsp; 10051 |
| 5.63%, 02/15/2027<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25005 |
| Wisconsin Public Service Corp., 5.35%, <br> 11/10/2025<br>| 34000 | &nbsp;&nbsp; 34155 |
| Xcel Energy, Inc., 4.75%, 03/21/2028 | 3000 | &nbsp;&nbsp; 3025 |
|  |  | &nbsp;&nbsp; 386830 |
| **Electrical Components & Equipment-1.11%** | **Electrical Components & Equipment-1.11%** | **Electrical Components & Equipment-1.11%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> | 9000 | &nbsp;&nbsp; 8737 |
| Regal Rexnord Corp., 6.05%, 02/15/2026 | 53000 | &nbsp;&nbsp; 53316 |
| Vertiv Group Corp., 4.13%, 11/15/2028<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 48347 |
|  |  | &nbsp;&nbsp; 110400 |
| **Electronic Equipment & Instruments-0.16%** | **Electronic Equipment & Instruments-0.16%** | **Electronic Equipment & Instruments-0.16%** |
| Keysight Technologies, Inc., 5.35%, 07/30/2030 | 15000 | &nbsp;&nbsp; 15404 |
| **Environmental & Facilities Services-0.53%** | **Environmental & Facilities Services-0.53%** | **Environmental & Facilities Services-0.53%** |
| Veralto Corp. |  |  |
| 5.50%, 09/18/2026 | 41000 | &nbsp;&nbsp; 41596 |
| 5.35%, 09/18/2028 | 11000 | &nbsp;&nbsp; 11356 |
|  |  | &nbsp;&nbsp; 52952 |
| **Financial Exchanges & Data-0.10%** | **Financial Exchanges & Data-0.10%** | **Financial Exchanges & Data-0.10%** |
| Nasdaq, Inc., 5.65%, 06/28/2025 | 10000 | &nbsp;&nbsp; 10013 |
| **Health Care Equipment-0.72%** | **Health Care Equipment-0.72%** | **Health Care Equipment-0.72%** |
| Smith & Nephew PLC (United Kingdom), 5.15%, <br> 03/20/2027<br>| 7000 | &nbsp;&nbsp; 7086 |
| Stryker Corp. |  |  |
| 4.55%, 02/10/2027 | 28000 | &nbsp;&nbsp; 28155 |
| 4.70%, 02/10/2028 | 36000 | &nbsp;&nbsp; 36431 |
|  |  | &nbsp;&nbsp; 71672 |
| **Health Care Facilities-0.20%** | **Health Care Facilities-0.20%** | **Health Care Facilities-0.20%** |
| HCA, Inc., 5.00%, 03/01/2028<sup>(c)</sup> | 20000 | &nbsp;&nbsp; 20234 |
| **Health Care Services-0.58%** | **Health Care Services-0.58%** | **Health Care Services-0.58%** |
| CVS Health Corp., 7.00%, 03/10/2055<sup>(d)</sup> | 57000 | &nbsp;&nbsp; 57801 |
| **Health Care Supplies-0.66%** | **Health Care Supplies-0.66%** | **Health Care Supplies-0.66%** |
| Solventum Corp. |  |  |
| 5.45%, 02/25/2027 | 10000 | &nbsp;&nbsp; 10151 |
| 5.40%, 03/01/2029 | 55000 | &nbsp;&nbsp; 56114 |
|  |  | &nbsp;&nbsp; 66265 |
| **Hotels, Resorts & Cruise Lines-1.26%** | **Hotels, Resorts & Cruise Lines-1.26%** | **Hotels, Resorts & Cruise Lines-1.26%** |
| Carnival Corp., 5.75%, 03/15/2030<sup>(b)(c)</sup> | 40000 | &nbsp;&nbsp; 39747 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.75%, 05/01/2028<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25036 |
| 5.88%, 04/01/2029<sup>(b)</sup> | 24000 | &nbsp;&nbsp; 24268 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| Marriott International, Inc. |  |  |
| 4.88%, 05/15/2029<sup>(c)</sup> | 4000 | &nbsp;&nbsp; $4036 |
| 4.80%, 03/15/2030 | 8000 | &nbsp;&nbsp; 8012 |
| Royal Caribbean Cruises Ltd., 5.50%, <br> 04/01/2028<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 24993 |
|  |  | &nbsp;&nbsp; 126092 |
| **Housewares & Specialties-0.07%** | **Housewares & Specialties-0.07%** | **Housewares & Specialties-0.07%** |
| Newell Brands, Inc., 6.38%, 05/15/2030 | 8000 | &nbsp;&nbsp; 7302 |
| **Independent Power Producers & Energy Traders-0.25%** | **Independent Power Producers & Energy Traders-0.25%** | **Independent Power Producers & Energy Traders-0.25%** |
| Clearway Energy Operating LLC, 4.75%, <br> 03/15/2028<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 24455 |
| **Industrial Machinery & Supplies & Components-0.44%** | **Industrial Machinery & Supplies & Components-0.44%** | **Industrial Machinery & Supplies & Components-0.44%** |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25397 |
| Ingersoll Rand, Inc., 5.20%, 06/15/2027 | 9000 | &nbsp;&nbsp; 9135 |
| Nordson Corp., 5.60%, 09/15/2028 | 9000 | &nbsp;&nbsp; 9290 |
|  |  | &nbsp;&nbsp; 43822 |
| **Industrial REITs-0.06%** | **Industrial REITs-0.06%** | **Industrial REITs-0.06%** |
| LXP Industrial Trust, 6.75%, 11/15/2028 | 6000 | &nbsp;&nbsp; 6381 |
| **Insurance Brokers-0.13%** | **Insurance Brokers-0.13%** | **Insurance Brokers-0.13%** |
| Arthur J. Gallagher & Co., 4.60%, 12/15/2027 | 13000 | &nbsp;&nbsp; 13105 |
| **Integrated Oil & Gas-1.64%** | **Integrated Oil & Gas-1.64%** | **Integrated Oil & Gas-1.64%** |
| Chevron USA, Inc. |  |  |
| 4.73% (SOFR + 0.36%), 02/26/2027<sup>(e)</sup> | 62000 | &nbsp;&nbsp; 61883 |
| 4.84% (SOFR + 0.47%), 02/26/2028<sup>(c)(e)</sup> | 37000 | &nbsp;&nbsp; 37037 |
| Occidental Petroleum Corp. |  |  |
| 5.00%, 08/01/2027 | 11000 | &nbsp;&nbsp; 11003 |
| 5.20%, 08/01/2029 | 3000 | &nbsp;&nbsp; 2959 |
| Petroleos Mexicanos (Mexico), 6.88%, <br> 10/16/2025<br>| 51000 | &nbsp;&nbsp; 50852 |
|  |  | &nbsp;&nbsp; 163734 |
| **Integrated Telecommunication Services-0.09%** | **Integrated Telecommunication Services-0.09%** | **Integrated Telecommunication Services-0.09%** |
| T-Mobile USA, Inc., 4.95%, 03/15/2028 | 9000 | &nbsp;&nbsp; 9147 |
| **Interactive Media & Services-0.34%** | **Interactive Media & Services-0.34%** | **Interactive Media & Services-0.34%** |
| Match Group Holdings II LLC, 5.00%, <br> 12/15/2027<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 24615 |
| Meta Platforms, Inc., 4.30%, 08/15/2029 | 9000 | &nbsp;&nbsp; 9087 |
|  |  | &nbsp;&nbsp; 33702 |
| **Investment Banking & Brokerage-1.34%** | **Investment Banking & Brokerage-1.34%** | **Investment Banking & Brokerage-1.34%** |
| Charles Schwab Corp. (The), 5.88%, <br> 08/24/2026<br>| 41000 | &nbsp;&nbsp; 41810 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 4.94%, 04/23/2028<sup>(d)</sup> | 36000 | &nbsp;&nbsp; 36338 |
| 5.67% (SOFR + 1.29%), 04/23/2028<sup>(e)</sup> | 37000 | &nbsp;&nbsp; 37142 |
| Morgan Stanley |  |  |
| 5.65%, 04/13/2028<sup>(d)</sup> | 10000 | &nbsp;&nbsp; 10214 |
| 5.45%, 07/20/2029<sup>(d)</sup> | 8000 | &nbsp;&nbsp; 8214 |
|  |  | &nbsp;&nbsp; 133718 |
| **Life & Health Insurance-3.46%** | **Life & Health Insurance-3.46%** | **Life & Health Insurance-3.46%** |
| Athene Global Funding |  |  |
| 5.62%, 05/08/2026<sup>(b)</sup> | 29000 | &nbsp;&nbsp; 29299 |
| 4.86%, 08/27/2026<sup>(b)</sup> | 33000 | &nbsp;&nbsp; 33142 |
| 5.52%, 03/25/2027<sup>(b)</sup> | 11000 | &nbsp;&nbsp; 11180 |

---

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

------

**52**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
| Corebridge Global Funding |  |  |  |
| 5.68% (SOFR + 1.30%), 09/25/2026<sup>(b)(e)</sup> | $| 13000 | &nbsp;&nbsp; $13097 |
| 4.65%, 08/20/2027<sup>(b)</sup> |  | 16000 | &nbsp;&nbsp; 16095 |
| 5.90%, 09/19/2028<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9401 |
| 5.20%, 06/24/2029<sup>(b)</sup> |  | 10000 | &nbsp;&nbsp; 10177 |
| Pacific Life Global Funding II |  |  |  |
| 5.43% (SOFR + 1.05%), 07/28/2026<sup>(b)(e)</sup> |  | 13000 | &nbsp;&nbsp; 13088 |
| 5.50%, 08/28/2026<sup>(b)</sup> |  | 26000 | &nbsp;&nbsp; 26443 |
| 4.50%, 08/28/2029<sup>(b)</sup> |  | 33000 | &nbsp;&nbsp; 33077 |
| Protective Life Global Funding, 5.37%, <br> 01/06/2026<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 150757 |
|  |  |  | &nbsp;&nbsp; 345756 |
| **Managed Health Care-0.36%** | **Managed Health Care-0.36%** | **Managed Health Care-0.36%** | **Managed Health Care-0.36%** |
| Elevance Health, Inc., 5.35%, 10/15/2025<sup>(c)</sup> |  | 33000 | &nbsp;&nbsp; 33080 |
| UnitedHealth Group, Inc., 4.75%, 07/15/2026 |  | 3000 | &nbsp;&nbsp; 3024 |
|  |  |  | &nbsp;&nbsp; 36104 |
| **Metal, Glass & Plastic Containers-0.26%** | **Metal, Glass & Plastic Containers-0.26%** | **Metal, Glass & Plastic Containers-0.26%** | **Metal, Glass & Plastic Containers-0.26%** |
| Ball Corp., 6.88%, 03/15/2028 |  | 25000 | &nbsp;&nbsp; 25628 |
| **Multi-Family Residential REITs-0.45%** | **Multi-Family Residential REITs-0.45%** | **Multi-Family Residential REITs-0.45%** | **Multi-Family Residential REITs-0.45%** |
| Camden Property Trust, 5.85%, 11/03/2026 |  | 44000 | &nbsp;&nbsp; 44925 |
| **Multi-Utilities-0.58%** | **Multi-Utilities-0.58%** | **Multi-Utilities-0.58%** | **Multi-Utilities-0.58%** |
| Algonquin Power & Utilities Corp. (Canada), <br> 5.37%, 06/15/2026<br>|  | 18000 | &nbsp;&nbsp; 18122 |
| DTE Energy Co., 4.95%, 07/01/2027 |  | 7000 | &nbsp;&nbsp; 7073 |
| Sempra, 6.63%, 04/01/2055<sup>(d)</sup> |  | 34000 | &nbsp;&nbsp; 32236 |
|  |  |  | &nbsp;&nbsp; 57431 |
| **Office REITs-0.15%** | **Office REITs-0.15%** | **Office REITs-0.15%** | **Office REITs-0.15%** |
| Brandywine Operating Partnership L.P., 8.88%, <br> 04/12/2029<br>|  | 14000 | &nbsp;&nbsp; 14698 |
| **Oil & Gas Exploration & Production-1.63%** | **Oil & Gas Exploration & Production-1.63%** | **Oil & Gas Exploration & Production-1.63%** | **Oil & Gas Exploration & Production-1.63%** |
| Diamondback Energy, Inc. |  |  |  |
| 5.20%, 04/18/2027 |  | 10000 | &nbsp;&nbsp; 10145 |
| 5.15%, 01/30/2030 |  | 26000 | &nbsp;&nbsp; 26394 |
| EQT Corp., 6.50%, 07/01/2027<sup>(b)</sup> |  | 47000 | &nbsp;&nbsp; 47809 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, <br> 02/01/2029<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 23432 |
| Pioneer Natural Resources Co., 5.10%, <br> 03/29/2026<br>|  | 10000 | &nbsp;&nbsp; 10063 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/2028<sup>(b)</sup><br>|  | 45238 | &nbsp;&nbsp; 44855 |
|  |  |  | &nbsp;&nbsp; 162698 |
| **Oil & Gas Storage & Transportation-2.78%** | **Oil & Gas Storage & Transportation-2.78%** | **Oil & Gas Storage & Transportation-2.78%** | **Oil & Gas Storage & Transportation-2.78%** |
| Columbia Pipelines Holding Co. LLC, 6.06%, <br> 08/15/2026<sup>(b)</sup><br>|  | 5000 | &nbsp;&nbsp; 5072 |
| Energy Transfer L.P., 6.05%, 12/01/2026 |  | 62000 | &nbsp;&nbsp; 63265 |
| Kinder Morgan, Inc., 5.10%, 08/01/2029 |  | 13000 | &nbsp;&nbsp; 13204 |
| ONEOK, Inc. |  |  |  |
| 5.85%, 01/15/2026 |  | 30000 | &nbsp;&nbsp; 30153 |
| 5.55%, 11/01/2026 |  | 6000 | &nbsp;&nbsp; 6075 |
| 4.25%, 09/24/2027 |  | 33000 | &nbsp;&nbsp; 32818 |
| Plains All American Pipeline L.P., Series B, 8.70% <br> (3 mo. Term SOFR + 4.37%)<sup>(e)(f)</sup><br>|  | 24000 | &nbsp;&nbsp; 23732 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| South Bow USA Infrastructure Holdings LLC <br> (Canada)<br>|  |  |  |
| 4.91%, 09/01/2027<sup>(b)</sup> | $| 24000 | &nbsp;&nbsp; $24129 |
| 5.03%, 10/01/2029<sup>(b)</sup> |  | 14000 | &nbsp;&nbsp; 13892 |
| Transcanada Trust (Canada), 5.63%, <br> 05/20/2075<sup>(d)</sup><br>|  | 16000 | &nbsp;&nbsp; 15972 |
| Venture Global LNG, Inc., 7.00%, 01/15/2030<sup>(b)</sup> |  | 30000 | &nbsp;&nbsp; 28284 |
| Williams Cos., Inc. (The), 4.80%, 11/15/2029 |  | 21000 | &nbsp;&nbsp; 21145 |
|  |  |  | &nbsp;&nbsp; 277741 |
| **Packaged Foods & Meats-1.24%** | **Packaged Foods & Meats-1.24%** | **Packaged Foods & Meats-1.24%** | **Packaged Foods & Meats-1.24%** |
| Lamb Weston Holdings, Inc., 4.13%, <br> 01/31/2030<sup>(b)</sup><br>|  | 15000 | &nbsp;&nbsp; 14089 |
| Mars, Inc. |  |  |  |
| 4.45%, 03/01/2027<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 40260 |
| 4.60%, 03/01/2028<sup>(b)</sup> |  | 44000 | &nbsp;&nbsp; 44486 |
| 4.80%, 03/01/2030<sup>(b)</sup> |  | 15000 | &nbsp;&nbsp; 15189 |
| The Campbell's Company, 5.30%, 03/20/2026 |  | 10000 | &nbsp;&nbsp; 10060 |
|  |  |  | &nbsp;&nbsp; 124084 |
| **Paper & Plastic Packaging Products & Materials-1.07%** | **Paper & Plastic Packaging Products & Materials-1.07%** | **Paper & Plastic Packaging Products & Materials-1.07%** | **Paper & Plastic Packaging Products & Materials-1.07%** |
| Cascades, Inc./Cascades USA, Inc. (Canada), <br> 5.13%, 01/15/2026<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 49774 |
| Sealed Air Corp. |  |  |  |
| 6.13%, 02/01/2028<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 25207 |
| 7.25%, 02/15/2031<sup>(b)</sup> |  | 30000 | &nbsp;&nbsp; 31278 |
|  |  |  | &nbsp;&nbsp; 106259 |
| **Passenger Airlines-0.07%** | **Passenger Airlines-0.07%** | **Passenger Airlines-0.07%** | **Passenger Airlines-0.07%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, <br> 10/20/2025<sup>(b)</sup><br>|  | 6730 | &nbsp;&nbsp; 6669 |
| **Personal Care Products-0.25%** | **Personal Care Products-0.25%** | **Personal Care Products-0.25%** | **Personal Care Products-0.25%** |
| Coty, Inc./HFC Prestige Products, Inc./HFC <br> Prestige International US LLC, 4.75%, <br> 01/15/2029<sup>(b)(c)</sup><br>|  | 19000 | &nbsp;&nbsp; 18297 |
| Kenvue, Inc., 5.35%, 03/22/2026 |  | 7000 | &nbsp;&nbsp; 7056 |
|  |  |  | &nbsp;&nbsp; 25353 |
| **Pharmaceuticals-1.01%** | **Pharmaceuticals-1.01%** | **Pharmaceuticals-1.01%** | **Pharmaceuticals-1.01%** |
| AstraZeneca Finance LLC (United Kingdom) |  |  |  |
| 4.80%, 02/26/2027 |  | 12000 | &nbsp;&nbsp; 12167 |
| 4.85%, 02/26/2029 |  | 28000 | &nbsp;&nbsp; 28629 |
| Bristol-Myers Squibb Co., 4.95%, 02/20/2026 |  | 12000 | &nbsp;&nbsp; 12068 |
| Johnson & Johnson, 4.70%, 03/01/2030 |  | 9000 | &nbsp;&nbsp; 9254 |
| Novartis Capital Corp., 3.80%, 09/18/2029 |  | 9000 | &nbsp;&nbsp; 8896 |
| Zoetis, Inc., 5.40%, 11/14/2025 |  | 30000 | &nbsp;&nbsp; 30112 |
|  |  |  | &nbsp;&nbsp; 101126 |
| **Real Estate Development-0.70%** | **Real Estate Development-0.70%** | **Real Estate Development-0.70%** | **Real Estate Development-0.70%** |
| Piedmont Operating Partnership L.P., 9.25%, <br> 07/20/2028<br>|  | 64000 | &nbsp;&nbsp; 69348 |
| **Regional Banks-0.33%** | **Regional Banks-0.33%** | **Regional Banks-0.33%** | **Regional Banks-0.33%** |
| Santander Holdings USA, Inc., 6.12%, <br> 05/31/2027<sup>(d)</sup><br>|  | 12000 | &nbsp;&nbsp; 12133 |
| Synovus Financial Corp., 5.20%, 08/11/2025 |  | 21000 | &nbsp;&nbsp; 20985 |
|  |  |  | &nbsp;&nbsp; 33118 |
| **Restaurants-0.88%** | **Restaurants-0.88%** | **Restaurants-0.88%** | **Restaurants-0.88%** |
| Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/2029<sup>(b)</sup><br>|  | 83000 | &nbsp;&nbsp; 88063 |

---

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

------

**53**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Retail REITs-0.12%** | **Retail REITs-0.12%** | **Retail REITs-0.12%** |
| Realty Income Corp., 5.05%, 01/13/2026 | $12000 | &nbsp;&nbsp; $11992 |
| **Self-Storage REITs-0.52%** | **Self-Storage REITs-0.52%** | **Self-Storage REITs-0.52%** |
| Public Storage Operating Co. |  |  |
| 5.08% (SOFR + 0.70%), 04/16/2027<sup>(e)</sup> | 42000 | &nbsp;&nbsp; 41773 |
| 5.13%, 01/15/2029<sup>(c)</sup> | 10000 | &nbsp;&nbsp; 10327 |
|  |  | &nbsp;&nbsp; 52100 |
| **Semiconductors-0.35%** | **Semiconductors-0.35%** | **Semiconductors-0.35%** |
| Broadcom, Inc. |  |  |
| 5.05%, 07/12/2027 | 13000 | &nbsp;&nbsp; 13208 |
| 4.15%, 02/15/2028 | 22000 | &nbsp;&nbsp; 21922 |
|  |  | &nbsp;&nbsp; 35130 |
| **Soft Drinks & Non-alcoholic Beverages-0.47%** | **Soft Drinks & Non-alcoholic Beverages-0.47%** | **Soft Drinks & Non-alcoholic Beverages-0.47%** |
| Keurig Dr Pepper, Inc., 4.97% (SOFR + 0.58%), <br> 11/15/2026<sup>(e)</sup><br>| 47000 | &nbsp;&nbsp; 47042 |
| **Sovereign Debt-1.75%** | **Sovereign Debt-1.75%** | **Sovereign Debt-1.75%** |
| Romanian Government International Bond <br> (Romania)<br>|  |  |
| 6.63%, 02/17/2028<sup>(b)</sup> | 128000 | &nbsp;&nbsp; 131133 |
| 5.88%, 01/30/2029<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 43626 |
|  |  | &nbsp;&nbsp; 174759 |
| **Specialty Chemicals-0.28%** | **Specialty Chemicals-0.28%** | **Specialty Chemicals-0.28%** |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 27477 |
| **Steel-0.49%** | **Steel-0.49%** | **Steel-0.49%** |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/2029<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 48484 |
| **Systems Software-1.24%** | **Systems Software-1.24%** | **Systems Software-1.24%** |
| CrowdStrike Holdings, Inc., 3.00%, 02/15/2029 | 25000 | &nbsp;&nbsp; 23214 |
| Oracle Corp., 5.80%, 11/10/2025 | 100000 | &nbsp;&nbsp; 100687 |
|  |  | &nbsp;&nbsp; 123901 |
| **Telecom Tower REITs-0.49%** | **Telecom Tower REITs-0.49%** | **Telecom Tower REITs-0.49%** |
| SBA Communications Corp., 3.88%, <br> 02/15/2027<br>| 50000 | &nbsp;&nbsp; 48956 |
| **Tobacco-0.19%** | **Tobacco-0.19%** | **Tobacco-0.19%** |
| Altria Group, Inc., 4.88%, 02/04/2028 | 11000 | &nbsp;&nbsp; 11131 |
| Philip Morris International, Inc. |  |  |
| 4.38%, 11/01/2027 | 5000 | &nbsp;&nbsp; 5024 |
| 5.25%, 09/07/2028 | 3000 | &nbsp;&nbsp; 3093 |
|  |  | &nbsp;&nbsp; 19248 |
| **Trading Companies & Distributors-0.19%** | **Trading Companies & Distributors-0.19%** | **Trading Companies & Distributors-0.19%** |
| Air Lease Corp. |  |  |
| 3.38%, 07/01/2025 | 15000 | &nbsp;&nbsp; 14963 |
| Series B, 4.65%<sup>(d)(f)</sup> | 4000 | &nbsp;&nbsp; 3884 |
|  |  | &nbsp;&nbsp; 18847 |
| **Transaction & Payment Processing Services-1.19%** | **Transaction & Payment Processing Services-1.19%** | **Transaction & Payment Processing Services-1.19%** |
| Block, Inc., 2.75%, 06/01/2026 | 50000 | &nbsp;&nbsp; 48844 |
| Fiserv, Inc., 5.15%, 03/15/2027 | 69000 | &nbsp;&nbsp; 69834 |
|  |  | &nbsp;&nbsp; 118678 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,312,517) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,312,517) | &nbsp;&nbsp; 7373234 |
| **Asset-Backed Securities-11.26%** | **Asset-Backed Securities-11.26%** | **Asset-Backed Securities-11.26%** |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-3A, Class A, 4.62%, <br> 02/20/2027<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 99914 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Series 2023-2A, Class A, 5.20%, <br> 10/20/2027<sup>(b)</sup><br>| $| 100000 | &nbsp;&nbsp; $100717 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 102342 |
| BX Trust |  |  |  |
| Series 2025-VLT6, Class A, 5.77% (1 mo. <br> Term SOFR + 1.44%), 03/15/2042<sup>(b)(e)</sup><br>|  | 40000 | &nbsp;&nbsp; 39671 |
| Series 2025-VLT6, Class B, 6.21% (1 mo. <br> Term SOFR + 1.89%), 03/15/2042<sup>(b)(e)</sup><br>|  | 15000 | &nbsp;&nbsp; 14856 |
| Extended Stay America Trust, Series 2021-ESH, <br> Class B, 5.82% (1 mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(b)(e)</sup><br>|  | 85948 | &nbsp;&nbsp; 85700 |
| Frontier Issuer LLC, Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 25411 |
| GCAT Trust, Series 2024-INV1, Class 2A2, <br> 6.50%, 01/25/2054<sup>(b)(g)</sup><br>|  | 68263 | &nbsp;&nbsp; 69322 |
| Morgan Stanley Residential Mortgage Loan Trust, <br> Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(b)(g)</sup><br>|  | 95727 | &nbsp;&nbsp; 96398 |
| OBX Trust, Series 2023-NQM1, Class A1, 6.12%, <br> 11/25/2062<sup>(b)(g)</sup><br>|  | 68468 | &nbsp;&nbsp; 68485 |
| PRKCM Trust, Series 2023-AFC4, Class A1, <br> 7.23%, 11/25/2058<sup>(b)</sup><br>|  | 76366 | &nbsp;&nbsp; 77776 |
| Qdoba Funding LLC, Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup><br>|  | 28928 | &nbsp;&nbsp; 30415 |
| Subway Funding LLC |  |  |  |
| Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup><br>|  | 36815 | &nbsp;&nbsp; 37313 |
| Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup><br>|  | 24875 | &nbsp;&nbsp; 24716 |
| Synchrony Card Funding LLC, Series 2024-A2, <br> Class A, 4.93%, 07/15/2030<br>|  | 10000 | &nbsp;&nbsp; 10174 |
| TierPoint Issuer LLC |  |  |  |
| Series 2023-1A, Class A2, 6.00%, <br> 06/25/2053<sup>(b)</sup><br>|  | 778 | &nbsp;&nbsp; 779 |
| Series 2025-1A, Class A2, 6.15%, <br> 04/26/2055<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 25185 |
| UBS Commercial Mortgage Trust, Series 2017-<br> C6, Class AS, 3.93%, 12/15/2050<sup>(g)</sup><br>|  | 50000 | &nbsp;&nbsp; 47633 |
| Verus Securitization Trust, Series 2021-R3, <br> Class A1, 1.02%, 04/25/2064<sup>(b)(g)</sup><br>|  | 62156 | &nbsp;&nbsp; 59015 |
| WEST Trust 2025-ROSE, Series 2025-ROSE, <br> Class A, 5.45%, 04/10/2030<sup>(b)(g)</sup><br>|  | 50000 | &nbsp;&nbsp; 50440 |
| Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, <br> 6.64%, 04/20/2054<sup>(b)</sup><br>|  | 56000 | &nbsp;&nbsp; 57440 |
| Total Asset-Backed Securities <br>(Cost $1,105,249) | Total Asset-Backed Securities <br>(Cost $1,105,249) | Total Asset-Backed Securities <br>(Cost $1,105,249) | &nbsp;&nbsp; 1123702 |
| **U.S. Treasury Securities-10.27%** | **U.S. Treasury Securities-10.27%** | **U.S. Treasury Securities-10.27%** | **U.S. Treasury Securities-10.27%** |
| **U.S. Treasury Bills-0.37%** | **U.S. Treasury Bills-0.37%** | **U.S. Treasury Bills-0.37%** | **U.S. Treasury Bills-0.37%** |
| 4.21%–4.27%, 05/29/2025<sup>(h)(i)</sup> |  | 37000 | &nbsp;&nbsp; 36879 |
| **U.S. Treasury Notes-9.90%** | **U.S. Treasury Notes-9.90%** | **U.S. Treasury Notes-9.90%** | **U.S. Treasury Notes-9.90%** |
| 3.75%, 04/30/2027 |  | 582400 | &nbsp;&nbsp; 584129 |
| 3.75%, 04/15/2028 |  | 166800 | &nbsp;&nbsp; 167575 |
| 3.88%, 04/30/2030 |  | 234800 | &nbsp;&nbsp; 236488 |
|  |  |  | &nbsp;&nbsp; 988192 |
| Total U.S. Treasury Securities <br>(Cost $1,022,628) | Total U.S. Treasury Securities <br>(Cost $1,022,628) | Total U.S. Treasury Securities <br>(Cost $1,022,628) | &nbsp;&nbsp; 1025071 |

---

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

------

**54**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Municipal Obligations-0.70%** | **Municipal Obligations-0.70%** | **Municipal Obligations-0.70%** |
| New Jersey (State of) Transportation Trust Fund <br> Authority, Series 2024 BB, Ref. RB, 5.09%, <br> 06/15/2025 <br>(Cost $70,000)<br>| $70000 | &nbsp;&nbsp; $70021 |
| **Agency Credit Risk Transfer Notes-0.54%** | **Agency Credit Risk Transfer Notes-0.54%** | **Agency Credit Risk Transfer Notes-0.54%** |
| Fannie Mae Connecticut Avenue Securities, <br> Series 2023-R02, Class 1M1, 6.65% (30 Day <br> Average SOFR + 2.30%), 01/25/2043<sup>(b)(e)(j)</sup><br>| 20588 | &nbsp;&nbsp; 20997 |
| Freddie Mac, Series 2023-DNA1, Class M1, <br> STACR®, 6.45% (30 Day Average SOFR + <br> 2.10%), 03/25/2043<sup>(b)(e)(k)</sup><br>| 31946 | &nbsp;&nbsp; 32490 |
| Total Agency Credit Risk Transfer Notes <br>(Cost $52,534) | Total Agency Credit Risk Transfer Notes <br>(Cost $52,534) | &nbsp;&nbsp; 53487 |
|  | **Shares** |  |
| **Preferred Stocks-0.29%** | **Preferred Stocks-0.29%** | **Preferred Stocks-0.29%** |
| **Diversified Financial Services-0.29%** | **Diversified Financial Services-0.29%** | **Diversified Financial Services-0.29%** |
| Apollo Global Management, Inc., Pfd., 7.63%, <br> 09/15/2053<sup>(d)</sup> <br>(Cost $27,500)<br>| 1100 | &nbsp;&nbsp; 29205 |
| **Money Market Funds-3.08%** | **Money Market Funds-3.08%** | **Money Market Funds-3.08%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(l)(m)</sup> <br>(Cost $307,132)<br>| 307132 | &nbsp;&nbsp; 307132 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.02% <br>(Cost $9,897,560) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.02% <br>(Cost $9,897,560) | &nbsp;&nbsp; 9981852 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-3.11%** | **Money Market Funds-3.11%** | **Money Market Funds-3.11%** |
| Invesco Private Government Fund, 4.32%<sup>(l)(m)(n)</sup> | 86416 | &nbsp;&nbsp; $86416 |
| Invesco Private Prime Fund, 4.46%<sup>(l)(m)(n)</sup> | 224526 | &nbsp;&nbsp; 224571 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $310,987) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $310,987) | &nbsp;&nbsp; 310987 |
| TOTAL INVESTMENTS IN SECURITIES-103.13% <br>(Cost $10,208,547) | TOTAL INVESTMENTS IN SECURITIES-103.13% <br>(Cost $10,208,547) | &nbsp;&nbsp; 10292839 |
| OTHER ASSETS LESS LIABILITIES-(3.13)% | OTHER ASSETS LESS LIABILITIES-(3.13)% | &nbsp;&nbsp; (312330)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $9980509 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Pfd. | -Preferred |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| STACR<sup>®</sup> | -Structured Agency Credit Risk |

---

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

------

**55**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $3,117,705, which represented 31.24% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(e)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025. |
| <sup>(f)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(g)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown <br> is the rate in effect on April 30, 2025.<br>|
| <sup>(h)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(i)</sup> | $33,888 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S. |
| <sup>(j)</sup> | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a <br> large and diverse reference pool.<br>|
| <sup>(k)</sup> | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from <br> the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.<br>|
| <sup>(l)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $339476 | &nbsp;&nbsp; $1228819 | &nbsp;&nbsp; $(1568295)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4367 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 2068574 | &nbsp;&nbsp; (1761442)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 307132 | &nbsp;&nbsp; 1513 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 173811 | &nbsp;&nbsp; 954885 | &nbsp;&nbsp; (1042280)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 86416 | &nbsp;&nbsp; 2,112<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 451470 | &nbsp;&nbsp; 1909462 | &nbsp;&nbsp; (2136342)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; 224571 | &nbsp;&nbsp; 5,587<br> \*<br>|
| Total | &nbsp;&nbsp; $964757 | &nbsp;&nbsp; $6161740 | &nbsp;&nbsp; $(6508359)<br>| &nbsp;&nbsp; $31 | &nbsp;&nbsp; $(50)<br>| &nbsp;&nbsp; $618119 | &nbsp;&nbsp; $13579 |

---

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

<sup>(m)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 25 | June-2025 | &nbsp;&nbsp; $5203711 | &nbsp;&nbsp; $24515 | &nbsp;&nbsp; $24515 |

---

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

------

**56**

------

**Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 9 | June-2025 | &nbsp;&nbsp; $(982758)<br>| &nbsp;&nbsp; $(15620)<br>| &nbsp;&nbsp; $(15620)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 2 | June-2025 | &nbsp;&nbsp; (224437)<br>| &nbsp;&nbsp; (4864)<br>| &nbsp;&nbsp; (4864)<br>|
| Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp; (20484)<br>| &nbsp;&nbsp; (20484)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $4031 | &nbsp;&nbsp; $4031 |

---

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

------

**57**

------

**Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-70.88%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-70.88%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-70.88%**<sup>(a)</sup>  |
| **Gas Utilities-1.95%** | **Gas Utilities-1.95%** | **Gas Utilities-1.95%** |
| AltaGas Ltd. (Canada) | 10067 | &nbsp;&nbsp; $297353 |
| **Oil & Gas Equipment & Services-4.93%** | **Oil & Gas Equipment & Services-4.93%** | **Oil & Gas Equipment & Services-4.93%** |
| Archrock, Inc. | 11631 | &nbsp;&nbsp; 273678 |
| Kodiak Gas Services, Inc. | 14051 | &nbsp;&nbsp; 477874 |
|  |  | &nbsp;&nbsp; 751552 |
| **Oil & Gas Storage & Transportation-64.00%** | **Oil & Gas Storage & Transportation-64.00%** | **Oil & Gas Storage & Transportation-64.00%** |
| Antero Midstream Corp. | 28785 | &nbsp;&nbsp; 476392 |
| Cheniere Energy, Inc. | 3430 | &nbsp;&nbsp; 792707 |
| DT Midstream, Inc. | 3189 | &nbsp;&nbsp; 309971 |
| Enbridge, Inc. (Canada) | 15914 | &nbsp;&nbsp; 743025 |
| Gibson Energy, Inc. (Canada) | 9796 | &nbsp;&nbsp; 153823 |
| Hess Midstream L.P., Class A | 7950 | &nbsp;&nbsp; 295502 |
| Keyera Corp. (Canada) | 22161 | &nbsp;&nbsp; 686505 |
| Kinder Morgan, Inc. | 27313 | &nbsp;&nbsp; 718332 |
| Kinetik Holdings, Inc., Class A | 10661 | &nbsp;&nbsp; 440726 |
| ONEOK, Inc. | 9887 | &nbsp;&nbsp; 812316 |
| Pembina Pipeline Corp. (Canada) | 19469 | &nbsp;&nbsp; 743716 |
| South Bow Corp. (Canada) | 29703 | &nbsp;&nbsp; 733367 |
| Targa Resources Corp. | 5766 | &nbsp;&nbsp; 985409 |
| TC Energy Corp. (Canada) | 17501 | &nbsp;&nbsp; 882225 |
| Williams Cos., Inc. (The) | 16846 | &nbsp;&nbsp; 986670 |
|  |  | &nbsp;&nbsp; 9760686 |
| Total Common Stocks & Other Equity Interests <br>(Cost $11,143,023) | Total Common Stocks & Other Equity Interests <br>(Cost $11,143,023) | &nbsp;&nbsp; 10809591 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Master Limited Partnerships &** <br> **Related Entities-28.18%**<br>|  |  |
| **Oil & Gas Storage & Transportation-25.00%** |  |  |
| Energy Transfer L.P. | 39993 | &nbsp;&nbsp; $661484 |
| Genesis Energy L.P. | 39083 | &nbsp;&nbsp; 537000 |
| MPLX L.P. | 13398 | &nbsp;&nbsp; 682360 |
| Enterprise Products Partners L.P. | 21723 | &nbsp;&nbsp; 649518 |
| Western Midstream Partners L.P. | 11748 | &nbsp;&nbsp; 441725 |
| Plains GP Holdings L.P., Class A<sup>(b)</sup> | 45039 | &nbsp;&nbsp; 839527 |
|  |  | &nbsp;&nbsp; 3811614 |
| **Oil & Gas Refining & Marketing-3.18%** |  |  |
| Sunoco L.P. | 8340 | &nbsp;&nbsp; 484971 |
| Total Master Limited Partnerships & Related Entities <br>(Cost $4,554,411) | Total Master Limited Partnerships & Related Entities <br>(Cost $4,554,411) | &nbsp;&nbsp; 4296585 |
| **Money Market Funds-0.34%** | **Money Market Funds-0.34%** | **Money Market Funds-0.34%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $51,175)<br>| 51175 | &nbsp;&nbsp; 51175 |
| TOTAL INVESTMENTS IN SECURITIES-99.40% <br>(Cost $15,748,609) | TOTAL INVESTMENTS IN SECURITIES-99.40% <br>(Cost $15,748,609) | &nbsp;&nbsp; 15157351 |
| OTHER ASSETS LESS LIABILITIES-0.60% | OTHER ASSETS LESS LIABILITIES-0.60% | &nbsp;&nbsp; 92128 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $15249479 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the period ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $208673 | &nbsp;&nbsp; $(157498)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $51175 | &nbsp;&nbsp; $446 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund ˂˂No Caption Available˃˃<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 1011086 | &nbsp;&nbsp; (1011086)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 577<br> \*<br>|
| Invesco Private Prime Fund <br> ˂˂No Caption Available˃˃<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 866789 | &nbsp;&nbsp; (866743)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 1,327<br> \*<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2086548 | &nbsp;&nbsp; $(2035327)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(46)<br>| &nbsp;&nbsp; $51175 | &nbsp;&nbsp; $2350 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

------

**58**

------

**Invesco Top QQQ ETF (QBIG)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-38.89%** | **Common Stocks & Other Equity Interests-38.89%** | **Common Stocks & Other Equity Interests-38.89%** |
| **Communication Services-7.20%** | **Communication Services-7.20%** | **Communication Services-7.20%** |
| Alphabet, Inc., Class A | 3168 | &nbsp;&nbsp; $503078 |
| Alphabet, Inc., Class C | 2986 | &nbsp;&nbsp; 480418 |
| Meta Platforms, Inc., Class A | 1190 | &nbsp;&nbsp; 653310 |
|  |  | &nbsp;&nbsp; 1636806 |
| **Consumer Discretionary-7.12%** | **Consumer Discretionary-7.12%** | **Consumer Discretionary-7.12%** |
| Amazon.com, Inc.<sup>(b)</sup> | 5757 | &nbsp;&nbsp; 1061706 |
| Tesla, Inc.<sup>(b)</sup> | 1974 | &nbsp;&nbsp; 556984 |
|  |  | &nbsp;&nbsp; 1618690 |
| **Information Technology-24.57%** | **Information Technology-24.57%** | **Information Technology-24.57%** |
| Apple, Inc. | 8160 | &nbsp;&nbsp; 1734000 |
| Broadcom, Inc. | 4212 | &nbsp;&nbsp; 810684 |
| Microsoft Corp. | 4039 | &nbsp;&nbsp; 1596455 |
| NVIDIA Corp. | 13256 | &nbsp;&nbsp; 1443843 |
|  |  | &nbsp;&nbsp; 5584982 |
| Total Common Stocks & Other Equity Interests <br>(Cost $10,101,444) | Total Common Stocks & Other Equity Interests <br>(Cost $10,101,444) | &nbsp;&nbsp; 8840478 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-59.15%** | **Money Market Funds-59.15%** | **Money Market Funds-59.15%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $13,448,593)<br>| 13448593 | &nbsp;&nbsp; $13448593 |
| TOTAL INVESTMENTS IN SECURITIES-98.04% <br>(Cost $23,550,037) | TOTAL INVESTMENTS IN SECURITIES-98.04% <br>(Cost $23,550,037) | &nbsp;&nbsp; 22289071 |
| OTHER ASSETS LESS LIABILITIES-1.96% | OTHER ASSETS LESS LIABILITIES-1.96% | &nbsp;&nbsp; 445546 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $22734617 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the period ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $20425166 | &nbsp;&nbsp; $(20425166)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $181505 |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 16242476 | &nbsp;&nbsp; (2793883)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13448593 | &nbsp;&nbsp; 46446 |
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $36667642 | &nbsp;&nbsp; $(23219049)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13448593 | &nbsp;&nbsp; $227951 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity** | **Rate** | **Payment** <br>**Frequency**<br>| **Maturity Date** | **Notional Value**<sup>(b)</sup>  | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |  |
| Bank of <br> America, N.A.<br>| Pay | Bank of America MLQBIGG5R <br> Index<br>| SOFR + 0.73<br> %<br>| Quarterly | March-2026 | $5094360 | $- | $(501333)<br>| $(501333)<br>|
| Goldman <br> Sachs <br> International<br>| Pay | Goldman Sachs GSQBIGG5R <br> Index<br>| SOFR + 0.82<br> %<br>| Quarterly | March-2026 | 5095312 | - | (501896)<br>| (501896)<br>|

---

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

------

**59**

------

**Invesco Top QQQ ETF (QBIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity** | **Rate** | **Payment**<br> **Frequency**<br>| **Maturity Date** | **Notional Value**<sup>(b)</sup> | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Morgan <br> Stanley <br> Capital <br> Services LLC<br>| Pay | Morgan Stanley MSQBIGG5R <br> Index<br>| SOFR<br> + <br>0.88<br> %<br>| Quarterly | March-2026 | $5096323 | $- | $(504449)<br>| $(504449)<br>|
| Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements | Total Over-The-Counter Total Return Swap Agreements |  |  | $— | $(1507678)<br>| $(1507678)<br>|

---

Abbreviations: <br> SOFR -Secured Overnight Financing Rate

<sup>(a)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. <br> <sup>(b)</sup> Notional Value is denominated in U.S. Dollars unless otherwise noted.

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

------

**60**

------

**Invesco Total Return Bond ETF (GTO)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-40.71%** | **U.S. Dollar Denominated Bonds & Notes-40.71%** | **U.S. Dollar Denominated Bonds & Notes-40.71%** |
| **Aerospace & Defense-0.57%** | **Aerospace & Defense-0.57%** | **Aerospace & Defense-0.57%** |
| BAE Systems PLC (United Kingdom) |  |  |
| 5.00%, 03/26/2027<sup>(b)</sup> | $913000 | &nbsp;&nbsp; $925272 |
| 5.13%, 03/26/2029<sup>(b)</sup> | 662000 | &nbsp;&nbsp; 676137 |
| 5.50%, 03/26/2054<sup>(b)(c)</sup> | 630000 | &nbsp;&nbsp; 612522 |
| Boeing Co. (The) |  |  |
| 6.26%, 05/01/2027 | 100000 | &nbsp;&nbsp; 103042 |
| 6.30%, 05/01/2029 | 169000 | &nbsp;&nbsp; 177822 |
| 6.39%, 05/01/2031 | 165000 | &nbsp;&nbsp; 176197 |
| 6.53%, 05/01/2034<sup>(c)</sup> | 817000 | &nbsp;&nbsp; 878178 |
| 5.81%, 05/01/2050 | 235000 | &nbsp;&nbsp; 220449 |
| General Dynamics Corp., 4.95%, <br> 08/15/2035<br>| 1294000 | &nbsp;&nbsp; 1298813 |
| Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>| 201000 | &nbsp;&nbsp; 202105 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/2030 | 260000 | &nbsp;&nbsp; 265131 |
| 5.75%, 01/15/2035<sup>(c)</sup> | 480000 | &nbsp;&nbsp; 489463 |
| L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>| 15000 | &nbsp;&nbsp; 15244 |
| Lockheed Martin Corp. |  |  |
| 5.10%, 11/15/2027 | 15000 | &nbsp;&nbsp; 15418 |
| 4.50%, 02/15/2029 | 142000 | &nbsp;&nbsp; 143336 |
| 4.80%, 08/15/2034<sup>(c)</sup> | 453000 | &nbsp;&nbsp; 449525 |
| 5.90%, 11/15/2063 | 9000 | &nbsp;&nbsp; 9168 |
| RTX Corp. |  |  |
| 5.75%, 01/15/2029 | 117000 | &nbsp;&nbsp; 122342 |
| 5.15%, 02/27/2033 | 42000 | &nbsp;&nbsp; 42472 |
| 6.40%, 03/15/2054 | 54000 | &nbsp;&nbsp; 58043 |
| TransDigm, Inc. |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> | 681000 | &nbsp;&nbsp; 695535 |
| 6.38%, 03/01/2029<sup>(b)</sup> | 3089000 | &nbsp;&nbsp; 3150663 |
|  |  | &nbsp;&nbsp; 10726877 |
| **Agricultural & Farm Machinery-0.12%** | **Agricultural & Farm Machinery-0.12%** | **Agricultural & Farm Machinery-0.12%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/2027 | 92000 | &nbsp;&nbsp; 92837 |
| 5.80%, 03/21/2034 | 234000 | &nbsp;&nbsp; 232598 |
| CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<sup>(c)</sup><br>| 693000 | &nbsp;&nbsp; 696461 |
| Deere & Co., 5.45%, 01/16/2035 | 624000 | &nbsp;&nbsp; 645487 |
| John Deere Capital Corp. |  |  |
| 4.70%, 06/10/2030 | 76000 | &nbsp;&nbsp; 77389 |
| 5.10%, 04/11/2034 | 442000 | &nbsp;&nbsp; 448176 |
|  |  | &nbsp;&nbsp; 2192948 |
| **Air Freight & Logistics-0.09%** | **Air Freight & Logistics-0.09%** | **Air Freight & Logistics-0.09%** |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/2029 | 314000 | &nbsp;&nbsp; 319542 |
| 6.50%, 05/06/2034<sup>(c)</sup> | 223000 | &nbsp;&nbsp; 223030 |
| United Parcel Service, Inc. |  |  |
| 5.15%, 05/22/2034<sup>(c)</sup> | 293000 | &nbsp;&nbsp; 297259 |
| 5.50%, 05/22/2054<sup>(c)</sup> | 411000 | &nbsp;&nbsp; 392155 |
| 5.60%, 05/22/2064 | 387000 | &nbsp;&nbsp; 367226 |
|  |  | &nbsp;&nbsp; 1599212 |
| **Apparel Retail-0.08%** | **Apparel Retail-0.08%** | **Apparel Retail-0.08%** |
| Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 1737000 | &nbsp;&nbsp; 1572789 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Application Software-0.16%** | **Application Software-0.16%** | **Application Software-0.16%** |
| Cadence Design Systems, Inc., 4.70%, <br> 09/10/2034<sup>(c)</sup><br>| $218000 | &nbsp;&nbsp; $213689 |
| Intuit, Inc., 5.20%, 09/15/2033 | 78000 | &nbsp;&nbsp; 80219 |
| Roper Technologies, Inc. |  |  |
| 4.50%, 10/15/2029 | 376000 | &nbsp;&nbsp; 374516 |
| 4.75%, 02/15/2032 | 428000 | &nbsp;&nbsp; 423864 |
| 4.90%, 10/15/2034 | 455000 | &nbsp;&nbsp; 442407 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> | 679000 | &nbsp;&nbsp; 676310 |
| 6.50%, 06/01/2032<sup>(b)</sup> | 140000 | &nbsp;&nbsp; 142081 |
| Synopsys, Inc., 5.70%, 04/01/2055 | 760000 | &nbsp;&nbsp; 735203 |
|  |  | &nbsp;&nbsp; 3088289 |
| **Asset Management & Custody Banks-0.91%** | **Asset Management & Custody Banks-0.91%** | **Asset Management & Custody Banks-0.91%** |
| Affiliated Managers Group, Inc., 5.50%, <br> 08/20/2034<br>| 1089000 | &nbsp;&nbsp; 1061410 |
| Ameriprise Financial, Inc. |  |  |
| 5.70%, 12/15/2028 | 122000 | &nbsp;&nbsp; 127802 |
| 5.15%, 05/15/2033 | 55000 | &nbsp;&nbsp; 55712 |
| 5.20%, 04/15/2035 | 2475000 | &nbsp;&nbsp; 2479975 |
| Bank of New York Mellon Corp. (The) |  |  |
| 4.89%, 07/21/2028<sup>(d)</sup> | 527000 | &nbsp;&nbsp; 533426 |
| 4.98%, 03/14/2030<sup>(d)</sup> | 58000 | &nbsp;&nbsp; 59324 |
| 5.06%, 07/22/2032<sup>(d)</sup> | 311000 | &nbsp;&nbsp; 315852 |
| 5.83%, 10/25/2033<sup>(d)</sup> | 14000 | &nbsp;&nbsp; 14764 |
| 5.19%, 03/14/2035<sup>(d)</sup> | 59000 | &nbsp;&nbsp; 59665 |
| Series I, 3.75%<sup>(d)(e)</sup> | 14000 | &nbsp;&nbsp; 13268 |
| Series J, 4.97%, 04/26/2034<sup>(d)</sup> | 31000 | &nbsp;&nbsp; 30813 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/2027<sup>(c)</sup> | 771000 | &nbsp;&nbsp; 729946 |
| 5.88%, 11/15/2027 | 267000 | &nbsp;&nbsp; 270432 |
| Brookfield Asset Management Ltd. <br> (Canada), 5.80%, 04/24/2035<br>| 2813000 | &nbsp;&nbsp; 2859588 |
| Citadel L.P. |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> | 218000 | &nbsp;&nbsp; 221978 |
| 6.38%, 01/23/2032<sup>(b)</sup> | 379000 | &nbsp;&nbsp; 390171 |
| Northern Trust Corp., 6.13%, <br> 11/02/2032<br>| 10000 | &nbsp;&nbsp; 10773 |
| State Street Corp. |  |  |
| 5.33% (SOFR + 0.95%), 04/24/2028<sup>(f)</sup> | 1157000 | &nbsp;&nbsp; 1159708 |
| 5.68%, 11/21/2029<sup>(d)</sup> | 150000 | &nbsp;&nbsp; 156243 |
| 4.73%, 02/28/2030 | 1939000 | &nbsp;&nbsp; 1962709 |
| 6.12%, 11/21/2034<sup>(d)</sup> | 94000 | &nbsp;&nbsp; 98414 |
| 5.15%, 02/28/2036<sup>(d)</sup> | 2242000 | &nbsp;&nbsp; 2252830 |
| 6.45%<sup>(d)(e)</sup> | 2432000 | &nbsp;&nbsp; 2389471 |
|  |  | &nbsp;&nbsp; 17254274 |
| **Automobile Manufacturers-1.33%** | **Automobile Manufacturers-1.33%** | **Automobile Manufacturers-1.33%** |
| American Honda Finance Corp. |  |  |
| 5.09% (SOFR + 0.71%), 01/09/2026<sup>(f)</sup> | 1141000 | &nbsp;&nbsp; 1141827 |
| 4.90%, 01/10/2034<sup>(c)</sup> | 294000 | &nbsp;&nbsp; 288786 |
| Daimler Truck Finance North America LLC <br> (Germany)<br>|  |  |
| 5.00%, 01/15/2027<sup>(b)(c)</sup> | 596000 | &nbsp;&nbsp; 600331 |
| 5.38%, 01/18/2034<sup>(b)</sup> | 556000 | &nbsp;&nbsp; 552058 |
| 5.63%, 01/13/2035<sup>(b)</sup> | 829000 | &nbsp;&nbsp; 829445 |

---

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

------

**61**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| Ford Motor Credit Co. LLC |  |  |  |
| 6.95%, 06/10/2026 | $| 792000 | &nbsp;&nbsp; $800516 |
| 2.70%, 08/10/2026 |  | 1239000 | &nbsp;&nbsp; 1191114 |
| 7.35%, 11/04/2027 |  | 889000 | &nbsp;&nbsp; 915522 |
| 5.92%, 03/20/2028<sup>(c)</sup> |  | 1296000 | &nbsp;&nbsp; 1288688 |
| 6.80%, 05/12/2028 |  | 896000 | &nbsp;&nbsp; 909781 |
| 6.80%, 11/07/2028 |  | 806000 | &nbsp;&nbsp; 822675 |
| 7.20%, 06/10/2030<sup>(c)</sup> |  | 879000 | &nbsp;&nbsp; 905663 |
| Hyundai Capital America |  |  |  |
| 5.65%, 06/26/2026<sup>(b)</sup> |  | 91000 | &nbsp;&nbsp; 91977 |
| 5.00%, 01/07/2028<sup>(b)</sup> |  | 2481000 | &nbsp;&nbsp; 2488422 |
| 5.60%, 03/30/2028<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 50859 |
| 5.35%, 03/19/2029<sup>(b)</sup> |  | 99000 | &nbsp;&nbsp; 99810 |
| 5.30%, 01/08/2030<sup>(b)(c)</sup> |  | 1062000 | &nbsp;&nbsp; 1072202 |
| 5.80%, 04/01/2030<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9234 |
| Hyundai Capital Services, Inc. (South <br> Korea), 5.25%, 01/22/2028<sup>(b)(c)</sup><br>|  | 2198000 | &nbsp;&nbsp; 2233434 |
| Mercedes-Benz Finance North America LLC <br> (Germany)<br>|  |  |  |
| 4.80%, 01/11/2027<sup>(b)(c)</sup> |  | 750000 | &nbsp;&nbsp; 752483 |
| 5.10%, 08/03/2028<sup>(b)</sup> |  | 625000 | &nbsp;&nbsp; 632961 |
| 4.85%, 01/11/2029<sup>(b)</sup> |  | 690000 | &nbsp;&nbsp; 692065 |
| 5.00%, 01/11/2034<sup>(b)</sup> |  | 337000 | &nbsp;&nbsp; 329024 |
| 5.13%, 08/01/2034<sup>(b)(c)</sup> |  | 1588000 | &nbsp;&nbsp; 1563195 |
| PACCAR Financial Corp., 4.00%, <br> 09/26/2029<br>|  | 813000 | &nbsp;&nbsp; 805455 |
| Toyota Motor Credit Corp. |  |  |  |
| 4.55%, 08/09/2029 |  | 288000 | &nbsp;&nbsp; 289937 |
| 5.10%, 03/21/2031 |  | 337000 | &nbsp;&nbsp; 345282 |
| Volkswagen Group of America Finance LLC <br> (Germany)<br>|  |  |  |
| 4.90%, 08/14/2026<sup>(b)</sup> |  | 1035000 | &nbsp;&nbsp; 1036518 |
| 5.25%, 03/22/2029<sup>(b)</sup> |  | 804000 | &nbsp;&nbsp; 807560 |
| 4.95%, 08/15/2029<sup>(b)(c)</sup> |  | 882000 | &nbsp;&nbsp; 875537 |
| 5.60%, 03/22/2034<sup>(b)(c)</sup> |  | 603000 | &nbsp;&nbsp; 595170 |
|  |  |  | &nbsp;&nbsp; 25017531 |
| **Automotive Parts & Equipment-0.49%** | **Automotive Parts & Equipment-0.49%** | **Automotive Parts & Equipment-0.49%** | **Automotive Parts & Equipment-0.49%** |
| Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 02/15/2030<sup>(b)(c)</sup><br>|  | 1350000 | &nbsp;&nbsp; 1374705 |
| ERAC USA Finance LLC |  |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> |  | 114000 | &nbsp;&nbsp; 116016 |
| 4.90%, 05/01/2033<sup>(b)</sup> |  | 55000 | &nbsp;&nbsp; 54335 |
| PHINIA, Inc., 6.75%, 04/15/2029<sup>(b)</sup> |  | 3000000 | &nbsp;&nbsp; 3035773 |
| ZF North America Capital, Inc. (Germany) |  |  |  |
| 6.88%, 04/14/2028<sup>(b)</sup> |  | 2787000 | &nbsp;&nbsp; 2664950 |
| 7.13%, 04/14/2030<sup>(b)</sup> |  | 853000 | &nbsp;&nbsp; 785848 |
| 6.75%, 04/23/2030<sup>(b)</sup> |  | 176000 | &nbsp;&nbsp; 160779 |
| 6.88%, 04/23/2032<sup>(b)</sup> |  | 1246000 | &nbsp;&nbsp; 1094886 |
|  |  |  | &nbsp;&nbsp; 9287292 |
| **Automotive Retail-0.03%** | **Automotive Retail-0.03%** | **Automotive Retail-0.03%** | **Automotive Retail-0.03%** |
| AutoZone, Inc., 5.20%, 08/01/2033 |  | 58000 | &nbsp;&nbsp; 57956 |
| O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 580000 | &nbsp;&nbsp; 567137 |
|  |  |  | &nbsp;&nbsp; 625093 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Biotechnology-0.08%** | **Biotechnology-0.08%** | **Biotechnology-0.08%** |
| AbbVie, Inc. |  |  |
| 4.80%, 03/15/2029 | $442000 | &nbsp;&nbsp; $450904 |
| 5.05%, 03/15/2034 | 347000 | &nbsp;&nbsp; 350042 |
| 5.40%, 03/15/2054<sup>(c)</sup> | 256000 | &nbsp;&nbsp; 245538 |
| 5.50%, 03/15/2064 | 206000 | &nbsp;&nbsp; 198181 |
| Amgen, Inc. |  |  |
| 5.15%, 03/02/2028 | 49000 | &nbsp;&nbsp; 50095 |
| 5.25%, 03/02/2030 | 17000 | &nbsp;&nbsp; 17489 |
| Gilead Sciences, Inc. |  |  |
| 5.25%, 10/15/2033 | 81000 | &nbsp;&nbsp; 82731 |
| 5.55%, 10/15/2053 | 72000 | &nbsp;&nbsp; 70246 |
|  |  | &nbsp;&nbsp; 1465226 |
| **Broadcasting-0.03%** | **Broadcasting-0.03%** | **Broadcasting-0.03%** |
| Paramount Global |  |  |
| 5.85%, 09/01/2043 | 375000 | &nbsp;&nbsp; 318147 |
| 4.95%, 05/19/2050<sup>(c)</sup> | 375000 | &nbsp;&nbsp; 276796 |
|  |  | &nbsp;&nbsp; 594943 |
| **Broadline Retail-0.07%** | **Broadline Retail-0.07%** | **Broadline Retail-0.07%** |
| El Puerto de Liverpool S.A.B. de C.V. <br> (Mexico), 6.66%, 01/22/2037<sup>(b)</sup><br>| 1246000 | &nbsp;&nbsp; 1257563 |
| **Building Products-0.37%** | **Building Products-0.37%** | **Building Products-0.37%** |
| Carrier Global Corp., 5.90%, 03/15/2034 | 35000 | &nbsp;&nbsp; 36870 |
| Holcim Finance US LLC (Switzerland) |  |  |
| 4.60%, 04/07/2027<sup>(b)</sup> | 1704000 | &nbsp;&nbsp; 1710413 |
| 4.70%, 04/07/2028<sup>(b)</sup> | 1462000 | &nbsp;&nbsp; 1473293 |
| 4.95%, 04/07/2030<sup>(b)</sup> | 794000 | &nbsp;&nbsp; 802525 |
| 5.40%, 04/07/2035<sup>(b)(c)</sup> | 2625000 | &nbsp;&nbsp; 2625162 |
| HP Communities LLC |  |  |
| 5.78%, 03/15/2046<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 138869 |
| 5.86%, 09/15/2053<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 87889 |
| Lennox International, Inc., 5.50%, <br> 09/15/2028<br>| 64000 | &nbsp;&nbsp; 65706 |
|  |  | &nbsp;&nbsp; 6940727 |
| **Cable & Satellite-0.04%** | **Cable & Satellite-0.04%** | **Cable & Satellite-0.04%** |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp.<br>|  |  |
| 6.38%, 09/01/2029<sup>(b)(c)</sup> | 472000 | &nbsp;&nbsp; 476660 |
| 7.38%, 03/01/2031<sup>(b)(c)</sup> | 67000 | &nbsp;&nbsp; 69048 |
| Charter Communications Operating LLC/<br> Charter Communications Operating <br> Capital Corp., 6.65%, 02/01/2034<br>| 139000 | &nbsp;&nbsp; 143953 |
| Comcast Corp., 5.50%, 11/15/2032 | 26000 | &nbsp;&nbsp; 27046 |
| Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup><br>| 22000 | &nbsp;&nbsp; 22143 |
|  |  | &nbsp;&nbsp; 738850 |
| **Cargo Ground Transportation-0.17%** | **Cargo Ground Transportation-0.17%** | **Cargo Ground Transportation-0.17%** |
| Penske Truck Leasing Co. L.P./PTL Finance <br> Corp.<br>|  |  |
| 5.75%, 05/24/2026<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20220 |
| 5.35%, 01/12/2027<sup>(b)</sup> | 58000 | &nbsp;&nbsp; 58683 |
| 5.70%, 02/01/2028<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25667 |
| 5.55%, 05/01/2028<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 39970 |
| 6.05%, 08/01/2028<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57229 |
| 5.25%, 02/01/2030<sup>(b)</sup> | 2070000 | &nbsp;&nbsp; 2105587 |

---

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

------

**62**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Cargo Ground Transportation-(continued)** | **Cargo Ground Transportation-(continued)** | **Cargo Ground Transportation-(continued)** | **Cargo Ground Transportation-(continued)** |
| Ryder System, Inc. |  |  |  |
| 4.90%, 12/01/2029 | $| 772000 | &nbsp;&nbsp; $774617 |
| 6.60%, 12/01/2033 |  | 130000 | &nbsp;&nbsp; 140601 |
|  |  |  | &nbsp;&nbsp; 3222574 |
| **Commercial & Residential Mortgage Finance-0.06%** | **Commercial & Residential Mortgage Finance-0.06%** | **Commercial & Residential Mortgage Finance-0.06%** | **Commercial & Residential Mortgage Finance-0.06%** |
| Aviation Capital Group LLC |  |  |  |
| 6.25%, 04/15/2028<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 41410 |
| 6.75%, 10/25/2028<sup>(b)</sup> |  | 112000 | &nbsp;&nbsp; 118580 |
| Nationwide Building Society (United <br> Kingdom), 6.56%, 10/18/2027<sup>(b)(d)</sup><br>|  | 834000 | &nbsp;&nbsp; 857273 |
| Radian Group, Inc., 6.20%, 05/15/2029 |  | 183000 | &nbsp;&nbsp; 189036 |
|  |  |  | &nbsp;&nbsp; 1206299 |
| **Computer & Electronics Retail-0.00%** | **Computer & Electronics Retail-0.00%** | **Computer & Electronics Retail-0.00%** | **Computer & Electronics Retail-0.00%** |
| Leidos, Inc., 5.75%, 03/15/2033 |  | 28000 | &nbsp;&nbsp; 28708 |
| **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup><br>|  | 195000 | &nbsp;&nbsp; 193981 |
| **Consumer Electronics-0.08%** | **Consumer Electronics-0.08%** | **Consumer Electronics-0.08%** | **Consumer Electronics-0.08%** |
| LG Electronics, Inc. (South Korea), 5.63%, <br> 04/24/2029<sup>(b)(c)</sup><br>|  | 1108000 | &nbsp;&nbsp; 1141788 |
| Sensata Technologies B.V., 4.00%, <br> 04/15/2029<sup>(b)(c)</sup><br>|  | 342000 | &nbsp;&nbsp; 315105 |
|  |  |  | &nbsp;&nbsp; 1456893 |
| **Consumer Finance-0.95%** | **Consumer Finance-0.95%** | **Consumer Finance-0.95%** | **Consumer Finance-0.95%** |
| American Express Co. |  |  |  |
| 5.65%, 04/23/2027<sup>(c)(d)</sup> |  | 409000 | &nbsp;&nbsp; 413376 |
| 4.73%, 04/25/2029<sup>(c)(d)</sup> |  | 1781000 | &nbsp;&nbsp; 1797808 |
| 5.64% (SOFR + 1.26%), <br> 04/25/2029<sup>(c)(f)</sup><br>|  | 5492000 | &nbsp;&nbsp; 5521061 |
| 5.53%, 04/25/2030<sup>(d)</sup> |  | 368000 | &nbsp;&nbsp; 380703 |
| 5.02%, 04/25/2031<sup>(c)(d)</sup> |  | 2930000 | &nbsp;&nbsp; 2978436 |
| 5.44%, 01/30/2036<sup>(d)</sup> |  | 817000 | &nbsp;&nbsp; 824944 |
| 5.67%, 04/25/2036<sup>(d)</sup> |  | 977000 | &nbsp;&nbsp; 1003249 |
| Capital One Financial Corp., 7.15%, <br> 10/29/2027<sup>(d)</sup><br>|  | 48000 | &nbsp;&nbsp; 49682 |
| FirstCash, Inc. |  |  |  |
| 4.63%, 09/01/2028<sup>(b)</sup> |  | 3000000 | &nbsp;&nbsp; 2911445 |
| 6.88%, 03/01/2032<sup>(b)</sup> |  | 2047000 | &nbsp;&nbsp; 2096889 |
| General Motors Financial Co., Inc., 5.40%, <br> 04/06/2026<br>|  | 7000 | &nbsp;&nbsp; 7016 |
|  |  |  | &nbsp;&nbsp; 17984609 |
| **Consumer Staples Merchandise Retail-0.26%** | **Consumer Staples Merchandise Retail-0.26%** | **Consumer Staples Merchandise Retail-0.26%** | **Consumer Staples Merchandise Retail-0.26%** |
| Dollar General Corp., 5.50%, 11/01/2052 |  | 15000 | &nbsp;&nbsp; 13453 |
| Target Corp., 5.00%, 04/15/2035 |  | 838000 | &nbsp;&nbsp; 829523 |
| Walmart, Inc., 4.90%, 04/28/2035 |  | 3950000 | &nbsp;&nbsp; 4002696 |
|  |  |  | &nbsp;&nbsp; 4845672 |
| **Distillers & Vintners-0.00%** | **Distillers & Vintners-0.00%** | **Distillers & Vintners-0.00%** | **Distillers & Vintners-0.00%** |
| Constellation Brands, Inc., 4.90%, <br> 05/01/2033<br>|  | 9000 | &nbsp;&nbsp; 8788 |
| **Distributors-0.08%** | **Distributors-0.08%** | **Distributors-0.08%** | **Distributors-0.08%** |
| Genuine Parts Co. |  |  |  |
| 6.50%, 11/01/2028 |  | 166000 | &nbsp;&nbsp; 175788 |
| 4.95%, 08/15/2029 |  | 1114000 | &nbsp;&nbsp; 1120218 |
| 6.88%, 11/01/2033 |  | 174000 | &nbsp;&nbsp; 191806 |
|  |  |  | &nbsp;&nbsp; 1487812 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-7.68%** | **Diversified Banks-7.68%** | **Diversified Banks-7.68%** |
| Africa Finance Corp. (Supranational) |  |  |
| 4.38%, 04/17/2026<sup>(b)</sup> | $280000 | &nbsp;&nbsp; $277306 |
| 7.50%<sup>(b)(d)(e)</sup> | 3560000 | &nbsp;&nbsp; 3482392 |
| Australia and New Zealand Banking Group <br> Ltd. (Australia)<br>|  |  |
| 6.74%, 12/08/2032<sup>(b)(c)</sup> | 817000 | &nbsp;&nbsp; 879159 |
| 5.20%, 09/30/2035<sup>(b)(d)</sup> | 2441000 | &nbsp;&nbsp; 2355296 |
| 6.75%<sup>(b)(d)(e)</sup> | 636000 | &nbsp;&nbsp; 643585 |
| Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 9.38%<sup>(d)(e)</sup><br>| 622000 | &nbsp;&nbsp; 671451 |
| Banco Santander S.A. (Spain) |  |  |
| 5.55%, 03/14/2028<sup>(d)</sup> | 800000 | &nbsp;&nbsp; 812541 |
| 9.63%<sup>(d)(e)</sup> | 1000000 | &nbsp;&nbsp; 1091853 |
| 9.63%<sup>(c)(d)(e)</sup> | 1200000 | &nbsp;&nbsp; 1358629 |
| Bank of America Corp. |  |  |
| 5.43% (SOFR + 1.05%), 02/04/2028<sup>(f)</sup> | 24000 | &nbsp;&nbsp; 24090 |
| 4.95%, 07/22/2028<sup>(d)</sup> | 7000 | &nbsp;&nbsp; 7076 |
| 4.98%, 01/24/2029<sup>(c)(d)</sup> | 4169000 | &nbsp;&nbsp; 4225205 |
| 5.21% (SOFR + 0.83%), <br> 01/24/2029<sup>(c)(f)</sup><br>| 1004000 | &nbsp;&nbsp; 996387 |
| 5.20%, 04/25/2029<sup>(d)</sup> | 87000 | &nbsp;&nbsp; 88889 |
| 5.16%, 01/24/2031<sup>(c)(d)</sup> | 466000 | &nbsp;&nbsp; 474830 |
| 5.39% (SOFR + 1.01%), 01/24/2031<sup>(f)</sup> | 892000 | &nbsp;&nbsp; 882398 |
| 5.43%, 08/15/2035<sup>(c)(d)</sup> | 746000 | &nbsp;&nbsp; 730440 |
| 5.51%, 01/24/2036<sup>(c)(d)</sup> | 3024000 | &nbsp;&nbsp; 3066294 |
| 6.63%<sup>(d)(e)</sup> | 2035000 | &nbsp;&nbsp; 2041025 |
| Bank of Montreal (Canada) |  |  |
| 5.30%, 06/05/2026 | 31000 | &nbsp;&nbsp; 31303 |
| 7.70%, 05/26/2084<sup>(c)(d)</sup> | 953000 | &nbsp;&nbsp; 972450 |
| 7.30%, 11/26/2084<sup>(d)</sup> | 1073000 | &nbsp;&nbsp; 1057148 |
| Bank of New York Mellon (The) |  |  |
| 4.59%, 04/20/2027<sup>(c)(d)</sup> | 1430000 | &nbsp;&nbsp; 1435504 |
| 5.09% (SOFR + 0.71%), 04/20/2027<sup>(f)</sup> | 1964000 | &nbsp;&nbsp; 1968492 |
| Bank of New Zealand (New Zealand), <br> 5.70%, 01/28/2035<sup>(b)(d)</sup><br>| 1010000 | &nbsp;&nbsp; 1025377 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| 8.63%, 10/27/2082<sup>(d)</sup> | 853000 | &nbsp;&nbsp; 883997 |
| 8.00%, 01/27/2084<sup>(c)(d)</sup> | 731000 | &nbsp;&nbsp; 749793 |
| Barclays PLC (United Kingdom) |  |  |
| 5.37%, 02/25/2031<sup>(d)</sup> | 891000 | &nbsp;&nbsp; 903232 |
| 6.69%, 09/13/2034<sup>(d)</sup> | 676000 | &nbsp;&nbsp; 722448 |
| BBVA Mexico, S.A., Institucion de Banca <br> Multiple, Grupo Financiero BBVA Mexico <br> (Mexico), 8.13%, 01/08/2039<sup>(b)(d)</sup><br>| 76000 | &nbsp;&nbsp; 77510 |
| BNP Paribas S.A. (France) |  |  |
| 4.79%, 05/09/2029<sup>(b)(d)</sup> | 1457000 | &nbsp;&nbsp; 1457000 |
| 5.84% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(f)</sup><br>| 4857000 | &nbsp;&nbsp; 4857000 |
| 5.09%, 05/09/2031<sup>(b)(d)</sup> | 4629000 | &nbsp;&nbsp; 4624557 |
| BPCE S.A. (France) |  |  |
| 6.29%, 01/14/2036<sup>(b)(d)</sup> | 1457000 | &nbsp;&nbsp; 1509970 |
| 6.92%, 01/14/2046<sup>(b)(c)(d)</sup> | 979000 | &nbsp;&nbsp; 996408 |
| Canadian Imperial Bank of Commerce <br> (Canada), 6.95%, 01/28/2085<sup>(d)</sup><br>| 914000 | &nbsp;&nbsp; 883572 |
| Citibank N.A., 4.93%, 08/06/2026 | 1373000 | &nbsp;&nbsp; 1383993 |

---

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

------

**63**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Citigroup, Inc. |  |  |
| 5.17%, 02/13/2030<sup>(d)</sup> | $100000 | &nbsp;&nbsp; $101496 |
| 4.54%, 09/19/2030<sup>(d)</sup> | 1085000 | &nbsp;&nbsp; 1074276 |
| 6.17%, 05/25/2034<sup>(d)</sup> | 72000 | &nbsp;&nbsp; 73720 |
| 5.83%, 02/13/2035<sup>(d)</sup> | 272000 | &nbsp;&nbsp; 270491 |
| 5.41%, 09/19/2039<sup>(d)</sup> | 975000 | &nbsp;&nbsp; 931001 |
| 5.61%, 03/04/2056<sup>(d)</sup> | 3258000 | &nbsp;&nbsp; 3115680 |
| Series AA, 7.63%<sup>(c)(d)(e)</sup> | 1931000 | &nbsp;&nbsp; 1987638 |
| Series BB, 7.20%<sup>(d)(e)</sup> | 1641000 | &nbsp;&nbsp; 1634079 |
| Series DD, 7.00%<sup>(c)(d)(e)</sup> | 2242000 | &nbsp;&nbsp; 2229991 |
| Series W, 4.00%<sup>(c)(d)(e)</sup> | 425000 | &nbsp;&nbsp; 416672 |
| Series Z, 7.38%<sup>(c)(d)(e)</sup> | 1892000 | &nbsp;&nbsp; 1920266 |
| Comerica, Inc., 5.98%, 01/30/2030<sup>(d)</sup> | 67000 | &nbsp;&nbsp; 67851 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), 3.65%, <br> 04/06/2028<sup>(b)(c)(d)</sup><br>| 652000 | &nbsp;&nbsp; 642108 |
| Corporacion Financiera de Desarrollo S.A. <br> (Peru), 5.95%, 04/30/2029<sup>(b)(c)</sup><br>| 915000 | &nbsp;&nbsp; 936960 |
| Federation des caisses Desjardins du <br> Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(b)</sup><br>| 774000 | &nbsp;&nbsp; 777963 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/2027<sup>(d)</sup> | 10000 | &nbsp;&nbsp; 9570 |
| 6.34%, 07/27/2029<sup>(d)</sup> | 8000 | &nbsp;&nbsp; 8391 |
| 4.77%, 07/28/2030<sup>(d)</sup> | 32000 | &nbsp;&nbsp; 31906 |
| 5.63%, 01/29/2032<sup>(d)</sup> | 108000 | &nbsp;&nbsp; 110674 |
| Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(d)</sup><br>| 440000 | &nbsp;&nbsp; 443017 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| 5.60%, 05/17/2028<sup>(d)</sup> | 842000 | &nbsp;&nbsp; 856614 |
| 5.21%, 08/11/2028<sup>(c)(d)</sup> | 656000 | &nbsp;&nbsp; 664255 |
| 5.29%, 11/19/2030<sup>(d)</sup> | 1122000 | &nbsp;&nbsp; 1139315 |
| 5.13%, 03/03/2031<sup>(d)</sup> | 1232000 | &nbsp;&nbsp; 1242188 |
| 7.40%, 11/13/2034<sup>(d)</sup> | 506000 | &nbsp;&nbsp; 556416 |
| 6.33%, 03/09/2044<sup>(d)</sup> | 664000 | &nbsp;&nbsp; 697355 |
| 6.88%<sup>(d)(e)</sup> | 823000 | &nbsp;&nbsp; 818240 |
| 6.95%<sup>(c)(d)(e)</sup> | 865000 | &nbsp;&nbsp; 845508 |
| ING Groep N.V. (Netherlands), 5.34%, <br> 03/19/2030<sup>(c)(d)</sup><br>| 790000 | &nbsp;&nbsp; 806925 |
| JPMorgan Chase & Co. |  |  |
| 5.57%, 04/22/2028<sup>(d)</sup> | 296000 | &nbsp;&nbsp; 302790 |
| 4.85%, 07/25/2028<sup>(d)</sup> | 9000 | &nbsp;&nbsp; 9099 |
| 4.92%, 01/24/2029<sup>(d)</sup> | 421000 | &nbsp;&nbsp; 427042 |
| 5.30%, 07/24/2029<sup>(d)</sup> | 54000 | &nbsp;&nbsp; 55350 |
| 6.09%, 10/23/2029<sup>(d)</sup> | 72000 | &nbsp;&nbsp; 75697 |
| 5.01%, 01/23/2030<sup>(d)</sup> | 54000 | &nbsp;&nbsp; 54918 |
| 5.58%, 04/22/2030<sup>(d)</sup> | 237000 | &nbsp;&nbsp; 245664 |
| 5.00%, 07/22/2030<sup>(d)</sup> | 527000 | &nbsp;&nbsp; 534807 |
| 4.60%, 10/22/2030<sup>(d)</sup> | 1114000 | &nbsp;&nbsp; 1113649 |
| 5.14%, 01/24/2031<sup>(d)</sup> | 975000 | &nbsp;&nbsp; 996026 |
| 5.10%, 04/22/2031<sup>(c)(d)</sup> | 2131000 | &nbsp;&nbsp; 2170140 |
| 5.72%, 09/14/2033<sup>(d)</sup> | 26000 | &nbsp;&nbsp; 26828 |
| 5.34%, 01/23/2035<sup>(d)</sup> | 57000 | &nbsp;&nbsp; 57498 |
| 5.50%, 01/24/2036<sup>(c)(d)</sup> | 1081000 | &nbsp;&nbsp; 1100293 |
| 5.53%, 11/29/2045<sup>(d)</sup> | 2378000 | &nbsp;&nbsp; 2343647 |
| Series NN, 6.88%<sup>(d)(e)</sup> | 185000 | &nbsp;&nbsp; 191030 |
| Series OO, 6.50%<sup>(d)(e)</sup> | 4336000 | &nbsp;&nbsp; 4343604 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| KeyBank N.A. |  |  |
| 3.30%, 06/01/2025 | $590000 | &nbsp;&nbsp; $589038 |
| 4.15%, 08/08/2025<sup>(c)</sup> | 330000 | &nbsp;&nbsp; 329380 |
| 5.85%, 11/15/2027<sup>(c)</sup> | 571000 | &nbsp;&nbsp; 586515 |
| KeyCorp, 2.55%, 10/01/2029 | 14000 | &nbsp;&nbsp; 12706 |
| Manufacturers & Traders Trust Co., 4.70%, <br> 01/27/2028<br>| 798000 | &nbsp;&nbsp; 802230 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |
| 5.02%, 07/20/2028<sup>(d)</sup> | 679000 | &nbsp;&nbsp; 686925 |
| 5.26%, 04/17/2030<sup>(d)</sup> | 953000 | &nbsp;&nbsp; 974162 |
| 5.16%, 04/24/2031<sup>(c)(d)</sup> | 859000 | &nbsp;&nbsp; 874991 |
| 5.86% (SOFR + 1.48%), <br> 04/24/2031<sup>(c)(f)</sup><br>| 1771000 | &nbsp;&nbsp; 1791477 |
| 5.41%, 04/19/2034<sup>(c)(d)</sup> | 542000 | &nbsp;&nbsp; 552136 |
| 5.43%, 04/17/2035<sup>(d)</sup> | 883000 | &nbsp;&nbsp; 890767 |
| 5.57%, 01/16/2036<sup>(d)</sup> | 1558000 | &nbsp;&nbsp; 1588638 |
| 5.62%, 04/24/2036<sup>(d)</sup> | 6186000 | &nbsp;&nbsp; 6323767 |
| 8.20%<sup>(c)(d)(e)</sup> | 1787000 | &nbsp;&nbsp; 1910155 |
| Mizuho Financial Group, Inc. (Japan) |  |  |
| 5.78%, 07/06/2029<sup>(d)</sup> | 570000 | &nbsp;&nbsp; 590424 |
| 5.38%, 07/10/2030<sup>(d)</sup> | 899000 | &nbsp;&nbsp; 919819 |
| 5.59%, 07/10/2035<sup>(d)</sup> | 1016000 | &nbsp;&nbsp; 1034112 |
| Morgan Stanley Bank N.A. |  |  |
| 4.75%, 04/21/2026 | 548000 | &nbsp;&nbsp; 550070 |
| 5.88%, 10/30/2026 | 896000 | &nbsp;&nbsp; 917773 |
| 5.02%, 01/12/2029<sup>(c)(d)</sup> | 980000 | &nbsp;&nbsp; 994946 |
| National Australia Bank Ltd. (Australia), <br> 5.90%, 01/14/2036<sup>(b)(c)(d)</sup><br>| 2067000 | &nbsp;&nbsp; 2089929 |
| National Securities Clearing Corp. |  |  |
| 5.10%, 11/21/2027<sup>(b)</sup> | 1096000 | &nbsp;&nbsp; 1123572 |
| 5.00%, 05/30/2028<sup>(b)(c)</sup> | 560000 | &nbsp;&nbsp; 572543 |
| Nordea Bank Abp (Finland), 6.30%<sup>(b)(d)(e)</sup> | 1028000 | &nbsp;&nbsp; 981871 |
| Norinchukin Bank (The) (Japan), 5.09%, <br> 10/16/2029<sup>(b)</sup><br>| 823000 | &nbsp;&nbsp; 830300 |
| PNC Financial Services Group, Inc. (The) |  |  |
| 6.62%, 10/20/2027<sup>(d)</sup> | 85000 | &nbsp;&nbsp; 87567 |
| 5.58%, 06/12/2029<sup>(d)</sup> | 58000 | &nbsp;&nbsp; 59812 |
| 6.04%, 10/28/2033<sup>(d)</sup> | 12000 | &nbsp;&nbsp; 12543 |
| 5.07%, 01/24/2034<sup>(d)</sup> | 22000 | &nbsp;&nbsp; 21764 |
| 6.88%, 10/20/2034<sup>(d)</sup> | 64000 | &nbsp;&nbsp; 70378 |
| Series V, 6.20%<sup>(d)(e)</sup> | 28000 | &nbsp;&nbsp; 28052 |
| Series W, 6.25%<sup>(d)(e)</sup> | 46000 | &nbsp;&nbsp; 45372 |
| Royal Bank of Canada (Canada) |  |  |
| 5.09% (SOFR + 0.71%), 01/21/2027<sup>(f)</sup> | 20000 | &nbsp;&nbsp; 20032 |
| 4.95%, 02/01/2029 | 46000 | &nbsp;&nbsp; 46966 |
| 5.00%, 02/01/2033 | 24000 | &nbsp;&nbsp; 24121 |
| 7.50%, 05/02/2084<sup>(c)(d)</sup> | 1056000 | &nbsp;&nbsp; 1087388 |
| Standard Chartered PLC (United Kingdom) |  |  |
| 6.19%, 07/06/2027<sup>(b)(d)</sup> | 523000 | &nbsp;&nbsp; 531419 |
| 6.75%, 02/08/2028<sup>(b)(c)(d)</sup> | 448000 | &nbsp;&nbsp; 463235 |
| 7.02%, 02/08/2030<sup>(b)(c)(d)</sup> | 525000 | &nbsp;&nbsp; 564032 |
| 5.01%, 10/15/2030<sup>(b)(c)(d)</sup> | 1217000 | &nbsp;&nbsp; 1223112 |
| 2.68%, 06/29/2032<sup>(b)(d)</sup> | 810000 | &nbsp;&nbsp; 702416 |
| 7.75%<sup>(b)(d)(e)</sup> | 1166000 | &nbsp;&nbsp; 1189178 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 6.60%<sup>(c)(d)(e)</sup><br>| 1866000 | &nbsp;&nbsp; 1824472 |

---

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

------

**64**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |  |
| 5.65%, 03/09/2026<sup>(b)</sup> | $| 555000 | &nbsp;&nbsp; $561225 |
| 5.65%, 09/14/2026<sup>(b)(c)</sup> |  | 558000 | &nbsp;&nbsp; 568266 |
| 5.55%, 09/14/2028<sup>(b)</sup> |  | 687000 | &nbsp;&nbsp; 711429 |
| 5.20%, 03/07/2029<sup>(b)</sup> |  | 969000 | &nbsp;&nbsp; 996745 |
| 5.35%, 03/07/2034<sup>(b)(c)</sup> |  | 928000 | &nbsp;&nbsp; 945576 |
| Synovus Bank, 5.63%, 02/15/2028 |  | 730000 | &nbsp;&nbsp; 732696 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| 4.78%, 12/17/2029<sup>(c)</sup> |  | 1195000 | &nbsp;&nbsp; 1206803 |
| 8.13%, 10/31/2082<sup>(d)</sup> |  | 701000 | &nbsp;&nbsp; 726296 |
| 7.25%, 07/31/2084<sup>(c)(d)</sup> |  | 1011000 | &nbsp;&nbsp; 1006863 |
| U.S. Bancorp |  |  |  |
| 5.78%, 06/12/2029<sup>(d)</sup> |  | 46000 | &nbsp;&nbsp; 47594 |
| 5.38%, 01/23/2030<sup>(d)</sup> |  | 110000 | &nbsp;&nbsp; 112675 |
| UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>|  | 674000 | &nbsp;&nbsp; 700784 |
| Wells Fargo & Co. |  |  |  |
| 5.71%, 04/22/2028<sup>(d)</sup> |  | 182000 | &nbsp;&nbsp; 186103 |
| 4.81%, 07/25/2028<sup>(d)</sup> |  | 10000 | &nbsp;&nbsp; 10064 |
| 5.75% (SOFR + 1.37%), 04/23/2029<sup>(f)</sup> |  | 2336000 | &nbsp;&nbsp; 2352384 |
| 5.57%, 07/25/2029<sup>(d)</sup> |  | 37000 | &nbsp;&nbsp; 38075 |
| 6.30%, 10/23/2029<sup>(d)</sup> |  | 51000 | &nbsp;&nbsp; 53836 |
| 5.20%, 01/23/2030<sup>(d)</sup> |  | 64000 | &nbsp;&nbsp; 65302 |
| 5.15%, 04/23/2031<sup>(d)</sup> |  | 2417000 | &nbsp;&nbsp; 2455047 |
| 4.90%, 07/25/2033<sup>(d)</sup> |  | 9000 | &nbsp;&nbsp; 8845 |
| 5.39%, 04/24/2034<sup>(d)</sup> |  | 27000 | &nbsp;&nbsp; 27119 |
| 5.56%, 07/25/2034<sup>(d)</sup> |  | 100000 | &nbsp;&nbsp; 101398 |
| 5.50%, 01/23/2035<sup>(d)</sup> |  | 92000 | &nbsp;&nbsp; 92740 |
| 5.61%, 04/23/2036<sup>(d)</sup> |  | 5116000 | &nbsp;&nbsp; 5196925 |
| 6.85%<sup>(d)(e)</sup> |  | 382000 | &nbsp;&nbsp; 387122 |
| 7.63%<sup>(d)(e)</sup> |  | 41000 | &nbsp;&nbsp; 43264 |
| Westpac Banking Corp. (Australia) |  |  |  |
| 6.82%, 11/17/2033 |  | 174000 | &nbsp;&nbsp; 189421 |
| 5.62%, 11/20/2035<sup>(d)</sup> |  | 797000 | &nbsp;&nbsp; 790420 |
|  |  |  | &nbsp;&nbsp; 144942370 |
| **Diversified Capital Markets-0.26%** | **Diversified Capital Markets-0.26%** | **Diversified Capital Markets-0.26%** | **Diversified Capital Markets-0.26%** |
| Ares Strategic Income Fund, 5.70%, <br> 03/15/2028<sup>(b)(c)</sup><br>|  | 1205000 | &nbsp;&nbsp; 1203168 |
| Credit Suisse Group AG (Switzerland) |  |  |  |
| 4.50%<sup>(b)(d)(e)(g)(h)</sup> |  | 332000 | &nbsp;&nbsp; 19920 |
| 5.25%<sup>(b)(d)(e)(g)(h)</sup> |  | 271000 | &nbsp;&nbsp; 16260 |
| UBS Group AG (Switzerland) |  |  |  |
| 5.71%, 01/12/2027<sup>(b)(c)(d)</sup> |  | 491000 | &nbsp;&nbsp; 494284 |
| 5.43%, 02/08/2030<sup>(b)(d)</sup> |  | 527000 | &nbsp;&nbsp; 539870 |
| 7.13%<sup>(b)(d)(e)</sup> |  | 967000 | &nbsp;&nbsp; 927239 |
| Series 28, 9.25%<sup>(b)(d)(e)</sup> |  | 784000 | &nbsp;&nbsp; 849066 |
| Series 33, 9.25%<sup>(b)(d)(e)</sup> |  | 721000 | &nbsp;&nbsp; 807729 |
|  |  |  | &nbsp;&nbsp; 4857536 |
| **Diversified Chemicals-0.05%** | **Diversified Chemicals-0.05%** | **Diversified Chemicals-0.05%** | **Diversified Chemicals-0.05%** |
| Sasol Financing USA LLC (South Africa), <br> 8.75%, 05/03/2029<sup>(b)</sup><br>|  | 951000 | &nbsp;&nbsp; 902396 |
| **Diversified Financial Services-1.40%** | **Diversified Financial Services-1.40%** | **Diversified Financial Services-1.40%** | **Diversified Financial Services-1.40%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland)<br>|  |  |  |
| 5.10%, 01/19/2029 |  | 429000 | &nbsp;&nbsp; 433829 |
| 6.50%, 01/31/2056<sup>(c)(d)</sup> |  | 1313000 | &nbsp;&nbsp; 1278328 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| AMC East Communities LLC, 6.01%, <br> 01/15/2053<sup>(b)</sup><br>| $| 180233 | &nbsp;&nbsp; $168591 |
| Apollo Global Management, Inc., 6.38%, <br> 11/15/2033<br>|  | 106000 | &nbsp;&nbsp; 114755 |
| Avolon Holdings Funding Ltd. (Ireland) |  |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> |  | 1152000 | &nbsp;&nbsp; 1146746 |
| 6.38%, 05/04/2028<sup>(b)</sup> |  | 109000 | &nbsp;&nbsp; 112436 |
| BlackRock Funding, Inc., 4.90%, <br> 01/08/2035<br>|  | 195000 | &nbsp;&nbsp; 195489 |
| Corebridge Financial, Inc. |  |  |  |
| 6.05%, 09/15/2033 |  | 80000 | &nbsp;&nbsp; 83329 |
| 5.75%, 01/15/2034 |  | 132000 | &nbsp;&nbsp; 134658 |
| Gabon Blue Bond Master Trust (Gabon), <br> Series 2, 6.10%, 08/01/2038<sup>(b)</sup><br>|  | 1270000 | &nbsp;&nbsp; 1279704 |
| Horizon Mutual Holdings, Inc., 6.20%, <br> 11/15/2034<sup>(b)</sup><br>|  | 8793000 | &nbsp;&nbsp; 8612486 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| 4.50%, 11/15/2029<sup>(b)</sup> |  | 2000000 | &nbsp;&nbsp; 1905913 |
| 7.13%, 04/30/2031<sup>(b)</sup> |  | 459000 | &nbsp;&nbsp; 473753 |
| 6.13%, 11/01/2032<sup>(b)</sup> |  | 1974000 | &nbsp;&nbsp; 1941961 |
| 6.75%, 05/01/2033<sup>(b)</sup> |  | 2021000 | &nbsp;&nbsp; 2032036 |
| LPL Holdings, Inc. |  |  |  |
| 5.70%, 05/20/2027 |  | 348000 | &nbsp;&nbsp; 354823 |
| 5.15%, 06/15/2030 |  | 1648000 | &nbsp;&nbsp; 1654032 |
| 5.65%, 03/15/2035 |  | 24000 | &nbsp;&nbsp; 23752 |
| Mid-Atlantic Military Family <br> Communities LLC, 5.30%, <br> 08/01/2050<sup>(b)</sup><br>|  | 210772 | &nbsp;&nbsp; 167479 |
| OPEC Fund for International Development <br> (The) (Supranational), 4.50%, <br> 01/26/2026<sup>(b)</sup><br>|  | 1730000 | &nbsp;&nbsp; 1732542 |
| Pacific Beacon LLC |  |  |  |
| 5.38%, 07/15/2026<sup>(b)</sup> |  | 22813 | &nbsp;&nbsp; 22990 |
| 5.51%, 07/15/2036<sup>(b)</sup> |  | 500000 | &nbsp;&nbsp; 497706 |
| Pershing Square Holdings Ltd., 3.25%, <br> 10/01/2031<sup>(b)</sup><br>|  | 2300000 | &nbsp;&nbsp; 1966688 |
|  |  |  | &nbsp;&nbsp; 26334026 |
| **Diversified Metals & Mining-0.92%** | **Diversified Metals & Mining-0.92%** | **Diversified Metals & Mining-0.92%** | **Diversified Metals & Mining-0.92%** |
| BHP Billiton Finance (USA) Ltd. (Australia) |  |  |  |
| 5.10%, 09/08/2028 |  | 99000 | &nbsp;&nbsp; 101590 |
| 5.25%, 09/08/2030 |  | 70000 | &nbsp;&nbsp; 72286 |
| 5.25%, 09/08/2033 |  | 126000 | &nbsp;&nbsp; 127476 |
| Corporacion Nacional del Cobre de Chile <br> (Chile), 5.13%, 02/02/2033<sup>(b)</sup><br>|  | 674000 | &nbsp;&nbsp; 653412 |
| Glencore Funding LLC (Australia) |  |  |  |
| 5.44% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(f)</sup><br>|  | 310000 | &nbsp;&nbsp; 311479 |
| 4.91%, 04/01/2028<sup>(b)(c)</sup> |  | 1685000 | &nbsp;&nbsp; 1702390 |
| 5.37%, 04/04/2029<sup>(b)</sup> |  | 208000 | &nbsp;&nbsp; 212139 |
| 5.19%, 04/01/2030<sup>(b)</sup> |  | 1303000 | &nbsp;&nbsp; 1319736 |
| 5.63%, 04/04/2034<sup>(b)</sup> |  | 135000 | &nbsp;&nbsp; 135081 |
| 5.67%, 04/01/2035<sup>(b)</sup> |  | 1915000 | &nbsp;&nbsp; 1911172 |
| 5.89%, 04/04/2054<sup>(b)</sup> |  | 128000 | &nbsp;&nbsp; 120863 |
| 6.14%, 04/01/2055<sup>(b)</sup> |  | 739000 | &nbsp;&nbsp; 716861 |
| Hudbay Minerals, Inc. (Canada), 6.13%, <br> 04/01/2029<sup>(b)</sup><br>|  | 3000000 | &nbsp;&nbsp; 2989929 |

---

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

------

**65**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining-(continued)** | **Diversified Metals & Mining-(continued)** | **Diversified Metals & Mining-(continued)** | **Diversified Metals & Mining-(continued)** |
| Rio Tinto Finance (USA) PLC (Australia) |  |  |  |
| 4.38%, 03/12/2027<sup>(c)</sup> | $| 1104000 | &nbsp;&nbsp; $1110081 |
| 4.50%, 03/14/2028<sup>(c)</sup> |  | 391000 | &nbsp;&nbsp; 394429 |
| 4.88%, 03/14/2030<sup>(c)</sup> |  | 1156000 | &nbsp;&nbsp; 1173980 |
| 5.00%, 03/14/2032 |  | 1265000 | &nbsp;&nbsp; 1274340 |
| 5.25%, 03/14/2035 |  | 1641000 | &nbsp;&nbsp; 1648072 |
| 5.75%, 03/14/2055 |  | 1117000 | &nbsp;&nbsp; 1103281 |
| 5.88%, 03/14/2065 |  | 344000 | &nbsp;&nbsp; 340129 |
|  |  |  | &nbsp;&nbsp; 17418726 |
| **Diversified REITs-0.02%** | **Diversified REITs-0.02%** | **Diversified REITs-0.02%** | **Diversified REITs-0.02%** |
| Fort Moore Family Communities LLC, <br> 5.81%, 01/15/2051<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 170774 |
| VICI Properties L.P. |  |  |  |
| 5.75%, 04/01/2034 |  | 103000 | &nbsp;&nbsp; 103648 |
| 6.13%, 04/01/2054 |  | 72000 | &nbsp;&nbsp; 69044 |
|  |  |  | &nbsp;&nbsp; 343466 |
| **Diversified Support Services-0.16%** | **Diversified Support Services-0.16%** | **Diversified Support Services-0.16%** | **Diversified Support Services-0.16%** |
| Element Fleet Management Corp. (Canada) |  |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> |  | 142000 | &nbsp;&nbsp; 149426 |
| 5.04%, 03/25/2030<sup>(b)</sup> |  | 2323000 | &nbsp;&nbsp; 2313216 |
| RB Global Holdings, Inc. (Canada) |  |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> |  | 197000 | &nbsp;&nbsp; 201109 |
| 7.75%, 03/15/2031<sup>(b)</sup> |  | 366000 | &nbsp;&nbsp; 384202 |
|  |  |  | &nbsp;&nbsp; 3047953 |
| **Drug Retail-0.04%** | **Drug Retail-0.04%** | **Drug Retail-0.04%** | **Drug Retail-0.04%** |
| CK Hutchison International (23) Ltd. <br> (United Kingdom), 4.88%, <br> 04/21/2033<sup>(b)</sup><br>|  | 760000 | &nbsp;&nbsp; 744456 |
| **Electric Utilities-2.68%** | **Electric Utilities-2.68%** | **Electric Utilities-2.68%** | **Electric Utilities-2.68%** |
| Alabama Power Co., 5.85%, 11/15/2033 |  | 69000 | &nbsp;&nbsp; 73413 |
| Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup><br>|  | 456000 | &nbsp;&nbsp; 484394 |
| American Electric Power Co., Inc. |  |  |  |
| 5.75%, 11/01/2027 |  | 13000 | &nbsp;&nbsp; 13414 |
| 5.20%, 01/15/2029 |  | 101000 | &nbsp;&nbsp; 103093 |
| CenterPoint Energy Houston Electric LLC |  |  |  |
| 5.20%, 10/01/2028 |  | 45000 | &nbsp;&nbsp; 46405 |
| 4.80%, 03/15/2030<sup>(c)</sup> |  | 727000 | &nbsp;&nbsp; 739473 |
| 5.05%, 03/01/2035<sup>(c)</sup> |  | 753000 | &nbsp;&nbsp; 747875 |
| Series AJ, 4.85%, 10/01/2052 |  | 32000 | &nbsp;&nbsp; 28305 |
| Chile Electricity Lux MPC II S.a.r.l. (Chile), <br> 5.58%, 10/20/2035<sup>(b)</sup><br>|  | 3352000 | &nbsp;&nbsp; 3259395 |
| Consolidated Edison Co. of New York, Inc. |  |  |  |
| 5.50%, 03/15/2034 |  | 51000 | &nbsp;&nbsp; 52860 |
| 5.90%, 11/15/2053 |  | 69000 | &nbsp;&nbsp; 69528 |
| Constellation Energy Generation LLC |  |  |  |
| 6.13%, 01/15/2034 |  | 62000 | &nbsp;&nbsp; 65201 |
| 6.50%, 10/01/2053 |  | 30000 | &nbsp;&nbsp; 31095 |
| 5.75%, 03/15/2054 |  | 145000 | &nbsp;&nbsp; 137137 |
| Duke Energy Carolinas LLC |  |  |  |
| 4.85%, 03/15/2030 |  | 227000 | &nbsp;&nbsp; 231681 |
| 5.25%, 03/15/2035 |  | 1176000 | &nbsp;&nbsp; 1193694 |
| 5.35%, 01/15/2053 |  | 23000 | &nbsp;&nbsp; 21638 |
| Duke Energy Corp. |  |  |  |
| 4.85%, 01/05/2029 |  | 163000 | &nbsp;&nbsp; 165272 |
| 5.00%, 08/15/2052 |  | 14000 | &nbsp;&nbsp; 11987 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Duke Energy Indiana LLC, 5.40%, <br> 04/01/2053<br>| $30000 | &nbsp;&nbsp; $28033 |
| Electricite de France S.A. (France) |  |  |
| 5.70%, 05/23/2028<sup>(b)</sup> | 336000 | &nbsp;&nbsp; 346810 |
| 6.38%, 01/13/2055<sup>(b)</sup> | 2395000 | &nbsp;&nbsp; 2371346 |
| 9.13%<sup>(b)(d)(e)</sup> | 685000 | &nbsp;&nbsp; 767868 |
| Enel Finance International N.V. (Italy), <br> 7.05%, 10/14/2025<sup>(b)</sup><br>| 672000 | &nbsp;&nbsp; 677081 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(d)</sup> | 174000 | &nbsp;&nbsp; 175381 |
| Entergy Louisiana LLC |  |  |
| 5.15%, 09/15/2034 | 245000 | &nbsp;&nbsp; 245845 |
| 5.80%, 03/15/2055 | 1049000 | &nbsp;&nbsp; 1036633 |
| Entergy Texas, Inc. |  |  |
| 5.25%, 04/15/2035 | 947000 | &nbsp;&nbsp; 948627 |
| 5.55%, 09/15/2054 | 254000 | &nbsp;&nbsp; 240448 |
| Evergy Metro, Inc., 4.95%, 04/15/2033 | 32000 | &nbsp;&nbsp; 31726 |
| Exelon Corp. |  |  |
| 5.15%, 03/15/2029 | 106000 | &nbsp;&nbsp; 108413 |
| 5.13%, 03/15/2031 | 1841000 | &nbsp;&nbsp; 1874895 |
| 5.45%, 03/15/2034 | 174000 | &nbsp;&nbsp; 176638 |
| 5.60%, 03/15/2053 | 189000 | &nbsp;&nbsp; 177487 |
| 5.88%, 03/15/2055 | 1482000 | &nbsp;&nbsp; 1443612 |
| FirstEnergy Pennsylvania Electric Co., <br> 5.20%, 04/01/2028<sup>(b)</sup><br>| 8000 | &nbsp;&nbsp; 8158 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/2030 | 562000 | &nbsp;&nbsp; 556767 |
| 5.00%, 01/15/2035 | 313000 | &nbsp;&nbsp; 308737 |
| Florida Power & Light Co., 4.80%, <br> 05/15/2033<br>| 17000 | &nbsp;&nbsp; 16932 |
| Georgia Power Co., 4.95%, 05/17/2033 | 28000 | &nbsp;&nbsp; 27947 |
| MidAmerican Energy Co. |  |  |
| 5.35%, 01/15/2034 | 29000 | &nbsp;&nbsp; 29839 |
| 5.85%, 09/15/2054 | 41000 | &nbsp;&nbsp; 41513 |
| 5.30%, 02/01/2055 | 195000 | &nbsp;&nbsp; 182059 |
| National Rural Utilities Cooperative Finance <br> Corp.<br>|  |  |
| 4.85%, 02/07/2029 | 455000 | &nbsp;&nbsp; 461940 |
| 5.00%, 02/07/2031 | 151000 | &nbsp;&nbsp; 154601 |
| 5.80%, 01/15/2033 | 11000 | &nbsp;&nbsp; 11535 |
| 5.00%, 08/15/2034 | 1121000 | &nbsp;&nbsp; 1116462 |
| 7.13%, 09/15/2053<sup>(d)</sup> | 607000 | &nbsp;&nbsp; 625189 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.90%, 03/15/2029 | 252000 | &nbsp;&nbsp; 255359 |
| 5.05%, 03/15/2030 | 990000 | &nbsp;&nbsp; 1006190 |
| 5.45%, 03/15/2035 | 2854000 | &nbsp;&nbsp; 2876658 |
| 6.75%, 06/15/2054<sup>(d)</sup> | 181000 | &nbsp;&nbsp; 183296 |
| 6.38%, 08/15/2055<sup>(d)</sup> | 662000 | &nbsp;&nbsp; 665050 |
| Niagara Mohawk Power Corp., 5.29%, <br> 01/17/2034<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 99478 |
| Northern States Power Co. |  |  |
| 5.05%, 05/15/2035 | 2065000 | &nbsp;&nbsp; 2072908 |
| 5.65%, 05/15/2055 | 1586000 | &nbsp;&nbsp; 1573787 |
| Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<sup>(b)</sup><br>| 126000 | &nbsp;&nbsp; 123316 |
| Ohio Power Co., 5.65%, 06/01/2034 | 197000 | &nbsp;&nbsp; 199847 |
| Oklahoma Gas and Electric Co., 5.60%, <br> 04/01/2053<sup>(c)</sup><br>| 848000 | &nbsp;&nbsp; 816946 |

---

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

------

**66**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Oncor Electric Delivery Co. LLC |  |  |  |
| 4.50%, 03/20/2027<sup>(b)</sup> | $| 1359000 | &nbsp;&nbsp; $1368595 |
| 4.65%, 11/01/2029 |  | 1462000 | &nbsp;&nbsp; 1476063 |
| 5.65%, 11/15/2033 |  | 105000 | &nbsp;&nbsp; 109176 |
| 5.80%, 04/01/2055<sup>(b)</sup> |  | 3340000 | &nbsp;&nbsp; 3303568 |
| Pacific Gas and Electric Co. |  |  |  |
| 5.90%, 10/01/2054 |  | 561000 | &nbsp;&nbsp; 514124 |
| 6.15%, 03/01/2055 |  | 1534000 | &nbsp;&nbsp; 1439722 |
| PacifiCorp |  |  |  |
| 5.10%, 02/15/2029 |  | 113000 | &nbsp;&nbsp; 115306 |
| 5.30%, 02/15/2031 |  | 153000 | &nbsp;&nbsp; 157222 |
| 5.45%, 02/15/2034 |  | 116000 | &nbsp;&nbsp; 116938 |
| 5.80%, 01/15/2055 |  | 106000 | &nbsp;&nbsp; 101225 |
| PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>|  | 153000 | &nbsp;&nbsp; 153070 |
| Public Service Co. of Colorado, 5.25%, <br> 04/01/2053<br>|  | 23000 | &nbsp;&nbsp; 20826 |
| Public Service Co. of New Hampshire, <br> 5.35%, 10/01/2033<br>|  | 41000 | &nbsp;&nbsp; 42047 |
| San Diego Gas & Electric Co. |  |  |  |
| 5.35%, 04/01/2053 |  | 46000 | &nbsp;&nbsp; 42448 |
| 5.55%, 04/15/2054 |  | 342000 | &nbsp;&nbsp; 324670 |
| Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 22000 | &nbsp;&nbsp; 21844 |
| Southern Co. (The) |  |  |  |
| 5.70%, 10/15/2032 |  | 10000 | &nbsp;&nbsp; 10401 |
| 4.85%, 03/15/2035 |  | 709000 | &nbsp;&nbsp; 687525 |
| Series B, 4.00%, 01/15/2051<sup>(d)</sup> |  | 321000 | &nbsp;&nbsp; 316736 |
| Southwestern Electric Power Co., 5.30%, <br> 04/01/2033<br>|  | 27000 | &nbsp;&nbsp; 26900 |
| Trans-Allegheny Interstate Line Co., <br> 5.00%, 01/15/2031<sup>(b)</sup><br>|  | 131000 | &nbsp;&nbsp; 133298 |
| Union Electric Co. |  |  |  |
| 5.20%, 04/01/2034 |  | 251000 | &nbsp;&nbsp; 253605 |
| 5.25%, 04/15/2035<sup>(c)</sup> |  | 789000 | &nbsp;&nbsp; 801145 |
| 5.13%, 03/15/2055 |  | 367000 | &nbsp;&nbsp; 331862 |
| Virginia Electric & Power Co., 5.00%, <br> 04/01/2033<br>|  | 28000 | &nbsp;&nbsp; 27818 |
| Vistra Operations Co. LLC |  |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> |  | 619000 | &nbsp;&nbsp; 622188 |
| 5.63%, 02/15/2027<sup>(b)</sup> |  | 3000000 | &nbsp;&nbsp; 3000640 |
| 7.75%, 10/15/2031<sup>(b)</sup> |  | 847000 | &nbsp;&nbsp; 896170 |
| 6.88%, 04/15/2032<sup>(b)</sup> |  | 455000 | &nbsp;&nbsp; 471650 |
| 6.95%, 10/15/2033<sup>(b)</sup> |  | 59000 | &nbsp;&nbsp; 63396 |
| 6.00%, 04/15/2034<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 151654 |
| 5.70%, 12/30/2034<sup>(b)(c)</sup> |  | 1407000 | &nbsp;&nbsp; 1401543 |
| Xcel Energy, Inc., 4.75%, 03/21/2028 |  | 476000 | &nbsp;&nbsp; 479953 |
|  |  |  | &nbsp;&nbsp; 50524545 |
| **Electrical Components & Equipment-0.28%** | **Electrical Components & Equipment-0.28%** | **Electrical Components & Equipment-0.28%** | **Electrical Components & Equipment-0.28%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> |  | 5311000 | &nbsp;&nbsp; 5155559 |
| Regal Rexnord Corp. |  |  |  |
| 6.30%, 02/15/2030 |  | 15000 | &nbsp;&nbsp; 15504 |
| 6.40%, 04/15/2033 |  | 57000 | &nbsp;&nbsp; 58124 |
|  |  |  | &nbsp;&nbsp; 5229187 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electronic Components-0.05%** | **Electronic Components-0.05%** | **Electronic Components-0.05%** |
| Amphenol Corp. |  |  |
| 5.00%, 01/15/2035<sup>(c)</sup> | $586000 | &nbsp;&nbsp; $587735 |
| 5.38%, 11/15/2054<sup>(c)</sup> | 306000 | &nbsp;&nbsp; 297555 |
|  |  | &nbsp;&nbsp; 885290 |
| **Electronic Equipment & Instruments-0.09%** | **Electronic Equipment & Instruments-0.09%** | **Electronic Equipment & Instruments-0.09%** |
| Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>| 1731000 | &nbsp;&nbsp; 1777600 |
| **Electronic Manufacturing Services-0.03%** | **Electronic Manufacturing Services-0.03%** | **Electronic Manufacturing Services-0.03%** |
| EMRLD Borrower L.P./Emerald Co-Issuer, <br> Inc., 6.63%, 12/15/2030<sup>(b)</sup><br>| 644000 | &nbsp;&nbsp; 653891 |
| **Environmental & Facilities Services-0.10%** | **Environmental & Facilities Services-0.10%** | **Environmental & Facilities Services-0.10%** |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/2029 | 142000 | &nbsp;&nbsp; 144589 |
| 5.00%, 12/15/2033 | 82000 | &nbsp;&nbsp; 82557 |
| 5.00%, 04/01/2034 | 13000 | &nbsp;&nbsp; 13079 |
| Veralto Corp. |  |  |
| 5.50%, 09/18/2026 | 254000 | &nbsp;&nbsp; 257689 |
| 5.35%, 09/18/2028 | 90000 | &nbsp;&nbsp; 92915 |
| Waste Management, Inc., 5.35%, <br> 10/15/2054<sup>(c)</sup><br>| 1405000 | &nbsp;&nbsp; 1350700 |
|  |  | &nbsp;&nbsp; 1941529 |
| **Financial Exchanges & Data-0.01%** | **Financial Exchanges & Data-0.01%** | **Financial Exchanges & Data-0.01%** |
| Intercontinental Exchange, Inc. |  |  |
| 4.95%, 06/15/2052 | 11000 | &nbsp;&nbsp; 9786 |
| 5.20%, 06/15/2062 | 27000 | &nbsp;&nbsp; 24359 |
| Nasdaq, Inc. |  |  |
| 5.35%, 06/28/2028 | 15000 | &nbsp;&nbsp; 15422 |
| 5.55%, 02/15/2034 | 36000 | &nbsp;&nbsp; 36981 |
| 5.95%, 08/15/2053 | 8000 | &nbsp;&nbsp; 8063 |
| 6.10%, 06/28/2063 | 35000 | &nbsp;&nbsp; 35235 |
|  |  | &nbsp;&nbsp; 129846 |
| **Food Distributors-0.03%** | **Food Distributors-0.03%** | **Food Distributors-0.03%** |
| Sysco Corp., 5.10%, 09/23/2030 | 641000 | &nbsp;&nbsp; 653108 |
| **Food Retail-0.09%** | **Food Retail-0.09%** | **Food Retail-0.09%** |
| Kroger Co. (The) |  |  |
| 5.00%, 09/15/2034 | 708000 | &nbsp;&nbsp; 694217 |
| 5.65%, 09/15/2064 | 1102000 | &nbsp;&nbsp; 1024462 |
|  |  | &nbsp;&nbsp; 1718679 |
| **Gas Utilities-0.20%** | **Gas Utilities-0.20%** | **Gas Utilities-0.20%** |
| Atmos Energy Corp. |  |  |
| 5.90%, 11/15/2033 | 43000 | &nbsp;&nbsp; 45764 |
| 6.20%, 11/15/2053 | 35000 | &nbsp;&nbsp; 37242 |
| 5.00%, 12/15/2054<sup>(c)</sup> | 333000 | &nbsp;&nbsp; 297402 |
| Piedmont Natural Gas Co., Inc., 5.40%, <br> 06/15/2033<br>| 45000 | &nbsp;&nbsp; 45611 |
| Southwest Gas Corp., 5.45%, 03/23/2028 | 18000 | &nbsp;&nbsp; 18420 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/2033<sup>(b)</sup> | 1190000 | &nbsp;&nbsp; 1221800 |
| 7.75%, 05/01/2035<sup>(b)</sup> | 2137000 | &nbsp;&nbsp; 2196223 |
|  |  | &nbsp;&nbsp; 3862462 |
| **Gold-0.03%** | **Gold-0.03%** | **Gold-0.03%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup><br>| 547000 | &nbsp;&nbsp; 560038 |
| **Health Care Distributors-0.04%** | **Health Care Distributors-0.04%** | **Health Care Distributors-0.04%** |
| Cardinal Health, Inc., 5.45%, 02/15/2034 | 108000 | &nbsp;&nbsp; 109172 |

---

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

------

**67**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Distributors-(continued)** | **Health Care Distributors-(continued)** | **Health Care Distributors-(continued)** | **Health Care Distributors-(continued)** |
| Cencora, Inc., 5.13%, 02/15/2034 | $| 108000 | &nbsp;&nbsp; $108295 |
| McKesson Corp., 4.25%, 09/15/2029<sup>(c)</sup> |  | 534000 | &nbsp;&nbsp; 533050 |
|  |  |  | &nbsp;&nbsp; 750517 |
| **Health Care Equipment-0.28%** | **Health Care Equipment-0.28%** | **Health Care Equipment-0.28%** | **Health Care Equipment-0.28%** |
| Smith & Nephew PLC (United Kingdom) |  |  |  |
| 5.15%, 03/20/2027 |  | 108000 | &nbsp;&nbsp; 109329 |
| 5.40%, 03/20/2034 |  | 309000 | &nbsp;&nbsp; 308574 |
| Stryker Corp. |  |  |  |
| 4.55%, 02/10/2027 |  | 370000 | &nbsp;&nbsp; 372052 |
| 4.25%, 09/11/2029 |  | 592000 | &nbsp;&nbsp; 588906 |
| 4.85%, 02/10/2030 |  | 1661000 | &nbsp;&nbsp; 1684631 |
| 5.20%, 02/10/2035 |  | 2192000 | &nbsp;&nbsp; 2210127 |
|  |  |  | &nbsp;&nbsp; 5273619 |
| **Health Care Facilities-0.24%** | **Health Care Facilities-0.24%** | **Health Care Facilities-0.24%** | **Health Care Facilities-0.24%** |
| Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 144000 | &nbsp;&nbsp; 143576 |
| HCA, Inc. |  |  |  |
| 5.00%, 03/01/2028<sup>(c)</sup> |  | 600000 | &nbsp;&nbsp; 607010 |
| 5.45%, 09/15/2034 |  | 303000 | &nbsp;&nbsp; 300799 |
| 5.75%, 03/01/2035 |  | 1104000 | &nbsp;&nbsp; 1114287 |
| 5.90%, 06/01/2053 |  | 42000 | &nbsp;&nbsp; 39826 |
| 6.20%, 03/01/2055 |  | 987000 | &nbsp;&nbsp; 968167 |
| Universal Health Services, Inc. |  |  |  |
| 4.63%, 10/15/2029 |  | 465000 | &nbsp;&nbsp; 453276 |
| 5.05%, 10/15/2034<sup>(c)</sup> |  | 826000 | &nbsp;&nbsp; 771912 |
| UPMC |  |  |  |
| 5.04%, 05/15/2033 |  | 141000 | &nbsp;&nbsp; 140192 |
| 5.38%, 05/15/2043 |  | 80000 | &nbsp;&nbsp; 76615 |
|  |  |  | &nbsp;&nbsp; 4615660 |
| **Health Care REITs-0.02%** | **Health Care REITs-0.02%** | **Health Care REITs-0.02%** | **Health Care REITs-0.02%** |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| 5.25%, 05/15/2036 |  | 62000 | &nbsp;&nbsp; 59682 |
| 5.63%, 05/15/2054 |  | 252000 | &nbsp;&nbsp; 230754 |
|  |  |  | &nbsp;&nbsp; 290436 |
| **Health Care Services-0.87%** | **Health Care Services-0.87%** | **Health Care Services-0.87%** | **Health Care Services-0.87%** |
| CommonSpirit Health |  |  |  |
| 5.32%, 12/01/2034 |  | 857000 | &nbsp;&nbsp; 849491 |
| 5.55%, 12/01/2054 |  | 545000 | &nbsp;&nbsp; 499848 |
| CVS Health Corp. |  |  |  |
| 5.00%, 01/30/2029 |  | 45000 | &nbsp;&nbsp; 45506 |
| 5.25%, 01/30/2031 |  | 7000 | &nbsp;&nbsp; 7105 |
| 6.75%, 12/10/2054<sup>(c)(d)</sup> |  | 2249000 | &nbsp;&nbsp; 2239479 |
| 7.00%, 03/10/2055<sup>(d)</sup> |  | 9185000 | &nbsp;&nbsp; 9314034 |
| 6.00%, 06/01/2063 |  | 17000 | &nbsp;&nbsp; 15820 |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(b)</sup> |  | 27000 | &nbsp;&nbsp; 27281 |
| Icon Investments Six DAC |  |  |  |
| 5.81%, 05/08/2027<sup>(c)</sup> |  | 831000 | &nbsp;&nbsp; 847835 |
| 5.85%, 05/08/2029 |  | 721000 | &nbsp;&nbsp; 738648 |
| 6.00%, 05/08/2034 |  | 640000 | &nbsp;&nbsp; 639509 |
| Laboratory Corp. of America Holdings, <br> 4.35%, 04/01/2030<br>|  | 903000 | &nbsp;&nbsp; 887958 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 278000 | &nbsp;&nbsp; 166427 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 64000 | &nbsp;&nbsp; 69497 |
|  |  |  | &nbsp;&nbsp; 16348438 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Supplies-0.05%** | **Health Care Supplies-0.05%** | **Health Care Supplies-0.05%** |
| Solventum Corp. |  |  |
| 5.45%, 02/25/2027 | $198000 | &nbsp;&nbsp; $200996 |
| 5.40%, 03/01/2029 | 379000 | &nbsp;&nbsp; 386674 |
| 5.60%, 03/23/2034<sup>(c)</sup> | 269000 | &nbsp;&nbsp; 272125 |
|  |  | &nbsp;&nbsp; 859795 |
| **Highways & Railtracks-0.02%** | **Highways & Railtracks-0.02%** | **Highways & Railtracks-0.02%** |
| TransJamaican Highway Ltd. (Jamaica), <br> 5.75%, 10/10/2036<sup>(b)</sup><br>| 336409 | &nbsp;&nbsp; 308655 |
| **Home Improvement Retail-0.05%** | **Home Improvement Retail-0.05%** | **Home Improvement Retail-0.05%** |
| Americold Realty Operating Partnership <br> L.P., 5.41%, 09/12/2034<sup>(c)</sup><br>| 770000 | &nbsp;&nbsp; 748031 |
| Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>| 148000 | &nbsp;&nbsp; 152041 |
| Lowe's Cos., Inc. |  |  |
| 5.80%, 09/15/2062 | 2000 | &nbsp;&nbsp; 1889 |
| 5.85%, 04/01/2063 | 3000 | &nbsp;&nbsp; 2850 |
|  |  | &nbsp;&nbsp; 904811 |
| **Homebuilding-0.02%** | **Homebuilding-0.02%** | **Homebuilding-0.02%** |
| D.R. Horton, Inc., 5.00%, 10/15/2034 | 410000 | &nbsp;&nbsp; 398223 |
| **Hotel & Resort REITs-0.03%** | **Hotel & Resort REITs-0.03%** | **Hotel & Resort REITs-0.03%** |
| Phillips Edison Grocery Center Operating <br> Partnership I L.P.<br>|  |  |
| 5.75%, 07/15/2034 | 112000 | &nbsp;&nbsp; 113380 |
| 4.95%, 01/15/2035 | 412000 | &nbsp;&nbsp; 391878 |
|  |  | &nbsp;&nbsp; 505258 |
| **Hotels, Resorts & Cruise Lines-0.31%** | **Hotels, Resorts & Cruise Lines-0.31%** | **Hotels, Resorts & Cruise Lines-0.31%** |
| Carnival Corp. |  |  |
| 7.88%, 06/01/2027 | 827000 | &nbsp;&nbsp; 867750 |
| 7.00%, 08/15/2029<sup>(b)</sup> | 117000 | &nbsp;&nbsp; 122142 |
| 5.75%, 03/15/2030<sup>(b)(c)</sup> | 1121000 | &nbsp;&nbsp; 1113908 |
| Expedia Group, Inc., 5.40%, 02/15/2035 | 1312000 | &nbsp;&nbsp; 1292309 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.88%, 04/01/2029<sup>(b)</sup> | 413000 | &nbsp;&nbsp; 417611 |
| 6.13%, 04/01/2032<sup>(b)</sup> | 192000 | &nbsp;&nbsp; 194734 |
| Marriott International, Inc. |  |  |
| 4.88%, 05/15/2029 | 66000 | &nbsp;&nbsp; 66594 |
| 4.80%, 03/15/2030 | 575000 | &nbsp;&nbsp; 575849 |
| 5.30%, 05/15/2034 | 79000 | &nbsp;&nbsp; 77898 |
| 5.35%, 03/15/2035<sup>(c)</sup> | 376000 | &nbsp;&nbsp; 369954 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.25%, 03/15/2032<sup>(b)</sup> | 350000 | &nbsp;&nbsp; 355543 |
| 6.00%, 02/01/2033<sup>(b)</sup> | 397000 | &nbsp;&nbsp; 398367 |
|  |  | &nbsp;&nbsp; 5852659 |
| **Human Resource & Employment Services-0.08%** | **Human Resource & Employment Services-0.08%** | **Human Resource & Employment Services-0.08%** |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/2030 | 1101000 | &nbsp;&nbsp; 1117853 |
| 5.60%, 04/15/2035 | 412000 | &nbsp;&nbsp; 419844 |
|  |  | &nbsp;&nbsp; 1537697 |
| **Independent Power Producers & Energy Traders-0.35%** | **Independent Power Producers & Energy Traders-0.35%** | **Independent Power Producers & Energy Traders-0.35%** |
| AES Corp. (The) |  |  |
| 5.80%, 03/15/2032 | 3660000 | &nbsp;&nbsp; 3653016 |
| 6.95%, 07/15/2055<sup>(d)</sup> | 868000 | &nbsp;&nbsp; 811658 |
| FIEMEX Energia - Banco Actinver S.A. <br> Institucion de Banca Multiple (Mexico), <br> 7.25%, 01/31/2041<sup>(b)</sup><br>| 639303 | &nbsp;&nbsp; 635307 |

---

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

------

**68**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** |
| Vistra Corp. |  |  |  |
| 7.00%<sup>(b)(d)(e)</sup> | $| 619000 | &nbsp;&nbsp; $625590 |
| Series C, 8.88%<sup>(b)(d)(e)</sup> |  | 888000 | &nbsp;&nbsp; 936597 |
|  |  |  | &nbsp;&nbsp; 6662168 |
| **Industrial Conglomerates-0.06%** | **Industrial Conglomerates-0.06%** | **Industrial Conglomerates-0.06%** | **Industrial Conglomerates-0.06%** |
| Honeywell International, Inc. |  |  |  |
| 4.88%, 09/01/2029 |  | 230000 | &nbsp;&nbsp; 235003 |
| 4.95%, 09/01/2031 |  | 279000 | &nbsp;&nbsp; 284672 |
| 5.00%, 03/01/2035 |  | 230000 | &nbsp;&nbsp; 229200 |
| 5.35%, 03/01/2064 |  | 349000 | &nbsp;&nbsp; 322408 |
|  |  |  | &nbsp;&nbsp; 1071283 |
| **Industrial Machinery & Supplies & Components-0.07%** | **Industrial Machinery & Supplies & Components-0.07%** | **Industrial Machinery & Supplies & Components-0.07%** | **Industrial Machinery & Supplies & Components-0.07%** |
| Ingersoll Rand, Inc. |  |  |  |
| 5.20%, 06/15/2027 |  | 229000 | &nbsp;&nbsp; 232439 |
| 5.40%, 08/14/2028 |  | 9000 | &nbsp;&nbsp; 9257 |
| Nordson Corp. |  |  |  |
| 5.60%, 09/15/2028 |  | 28000 | &nbsp;&nbsp; 28903 |
| 5.80%, 09/15/2033 |  | 46000 | &nbsp;&nbsp; 47206 |
| nVent Finance S.a.r.l. (United Kingdom), <br> 5.65%, 05/15/2033<br>|  | 57000 | &nbsp;&nbsp; 56490 |
| Weir Group, Inc. (United Kingdom), 5.35%, <br> 05/06/2030<sup>(b)</sup><br>|  | 919000 | &nbsp;&nbsp; 923622 |
|  |  |  | &nbsp;&nbsp; 1297917 |
| **Industrial REITs-0.00%** | **Industrial REITs-0.00%** | **Industrial REITs-0.00%** | **Industrial REITs-0.00%** |
| LXP Industrial Trust, 6.75%, 11/15/2028 |  | 50000 | &nbsp;&nbsp; 53177 |
| **Insurance Brokers-0.07%** | **Insurance Brokers-0.07%** | **Insurance Brokers-0.07%** | **Insurance Brokers-0.07%** |
| Arthur J. Gallagher & Co. |  |  |  |
| 4.85%, 12/15/2029 |  | 212000 | &nbsp;&nbsp; 214754 |
| 5.00%, 02/15/2032<sup>(c)</sup> |  | 247000 | &nbsp;&nbsp; 248207 |
| 5.15%, 02/15/2035 |  | 410000 | &nbsp;&nbsp; 407184 |
| 6.75%, 02/15/2054 |  | 55000 | &nbsp;&nbsp; 59856 |
| AssuredPartners, Inc., 7.50%, <br> 02/15/2032<sup>(b)</sup><br>|  | 256000 | &nbsp;&nbsp; 272366 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| 5.40%, 09/15/2033 |  | 64000 | &nbsp;&nbsp; 65905 |
| 5.45%, 03/15/2053 |  | 17000 | &nbsp;&nbsp; 16258 |
| 5.70%, 09/15/2053 |  | 57000 | &nbsp;&nbsp; 56603 |
|  |  |  | &nbsp;&nbsp; 1341133 |
| **Integrated Oil & Gas-0.57%** | **Integrated Oil & Gas-0.57%** | **Integrated Oil & Gas-0.57%** | **Integrated Oil & Gas-0.57%** |
| BP Capital Markets PLC, 6.13%<sup>(c)(d)(e)</sup> |  | 1697000 | &nbsp;&nbsp; 1642295 |
| Ecopetrol S.A. (Colombia) |  |  |  |
| 8.88%, 01/13/2033 |  | 1780000 | &nbsp;&nbsp; 1782916 |
| 8.38%, 01/19/2036 |  | 729000 | &nbsp;&nbsp; 682863 |
| Eni S.p.A. (Italy), 5.50%, 05/15/2034<sup>(b)(c)</sup> |  | 743000 | &nbsp;&nbsp; 736927 |
| Occidental Petroleum Corp. |  |  |  |
| 5.00%, 08/01/2027 |  | 261000 | &nbsp;&nbsp; 261058 |
| 5.20%, 08/01/2029 |  | 279000 | &nbsp;&nbsp; 275148 |
| 5.38%, 01/01/2032 |  | 377000 | &nbsp;&nbsp; 358966 |
| 5.55%, 10/01/2034<sup>(c)</sup> |  | 3189000 | &nbsp;&nbsp; 2979358 |
| 6.45%, 09/15/2036 |  | 113000 | &nbsp;&nbsp; 110196 |
| 4.63%, 06/15/2045 |  | 2738000 | &nbsp;&nbsp; 1971316 |
|  |  |  | &nbsp;&nbsp; 10801043 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services-0.49%** | **Integrated Telecommunication Services-0.49%** | **Integrated Telecommunication Services-0.49%** |
| AT&T, Inc. |  |  |
| 5.40%, 02/15/2034 | $49000 | &nbsp;&nbsp; $50054 |
| 3.55%, 09/15/2055 | 2000 | &nbsp;&nbsp; 1341 |
| British Telecommunications PLC (United <br> Kingdom), 4.25%, 11/23/2081<sup>(b)(c)(d)</sup><br>| 1460000 | &nbsp;&nbsp; 1418093 |
| Iliad Holding S.A.S.U. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup><br>| 184000 | &nbsp;&nbsp; 194281 |
| T-Mobile USA, Inc. |  |  |
| 5.65%, 01/15/2053 | 38000 | &nbsp;&nbsp; 36313 |
| 6.00%, 06/15/2054 | 5000 | &nbsp;&nbsp; 5000 |
| 5.88%, 11/15/2055 | 1299000 | &nbsp;&nbsp; 1281537 |
| Verizon Communications, Inc., 5.25%, <br> 04/02/2035<br>| 4749000 | &nbsp;&nbsp; 4775178 |
| Zegona Finance PLC (United Kingdom), <br> 8.63%, 07/15/2029<sup>(b)</sup><br>| 1333000 | &nbsp;&nbsp; 1421425 |
|  |  | &nbsp;&nbsp; 9183222 |
| **Interactive Media & Services-0.37%** | **Interactive Media & Services-0.37%** | **Interactive Media & Services-0.37%** |
| Alphabet, Inc. |  |  |
| 5.25%, 05/15/2055 | 1294000 | &nbsp;&nbsp; 1278153 |
| 5.30%, 05/15/2065 | 1372000 | &nbsp;&nbsp; 1356616 |
| Meta Platforms, Inc. |  |  |
| 4.30%, 08/15/2029<sup>(c)</sup> | 772000 | &nbsp;&nbsp; 779435 |
| 4.55%, 08/15/2031<sup>(c)</sup> | 483000 | &nbsp;&nbsp; 489837 |
| 4.75%, 08/15/2034<sup>(c)</sup> | 1191000 | &nbsp;&nbsp; 1186712 |
| 5.40%, 08/15/2054 | 1333000 | &nbsp;&nbsp; 1283737 |
| 5.75%, 05/15/2063 | 53000 | &nbsp;&nbsp; 53055 |
| 5.55%, 08/15/2064 | 655000 | &nbsp;&nbsp; 630823 |
|  |  | &nbsp;&nbsp; 7058368 |
| **Investment Banking & Brokerage-2.18%** | **Investment Banking & Brokerage-2.18%** | **Investment Banking & Brokerage-2.18%** |
| Brookfield Finance, Inc. (Canada), 5.97%, <br> 03/04/2054<br>| 114000 | &nbsp;&nbsp; 111216 |
| Charles Schwab Corp. (The) |  |  |
| Series G, 5.38%<sup>(d)(e)</sup> | 999000 | &nbsp;&nbsp; 998188 |
| Series I, 4.00%<sup>(d)(e)</sup> | 2158000 | &nbsp;&nbsp; 2092480 |
| Series K, 5.00%<sup>(d)(e)</sup> | 28000 | &nbsp;&nbsp; 27381 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 5.16% (SOFR + 0.79%), 12/09/2026<sup>(f)</sup> | 18000 | &nbsp;&nbsp; 18004 |
| 5.67% (SOFR + 1.29%), 04/23/2028<sup>(f)</sup> | 1873000 | &nbsp;&nbsp; 1880201 |
| 5.73%, 04/25/2030<sup>(c)(d)</sup> | 220000 | &nbsp;&nbsp; 228098 |
| 5.05%, 07/23/2030<sup>(d)</sup> | 437000 | &nbsp;&nbsp; 442327 |
| 4.69%, 10/23/2030<sup>(d)</sup> | 652000 | &nbsp;&nbsp; 650612 |
| 5.21%, 01/28/2031<sup>(d)</sup> | 947000 | &nbsp;&nbsp; 963414 |
| 5.22%, 04/23/2031<sup>(d)</sup> | 2449000 | &nbsp;&nbsp; 2494784 |
| 5.85%, 04/25/2035<sup>(d)</sup> | 259000 | &nbsp;&nbsp; 267146 |
| 5.33%, 07/23/2035<sup>(d)</sup> | 1224000 | &nbsp;&nbsp; 1216890 |
| 5.54%, 01/28/2036<sup>(c)(d)</sup> | 3383000 | &nbsp;&nbsp; 3417656 |
| 5.73%, 01/28/2056<sup>(d)</sup> | 2015000 | &nbsp;&nbsp; 1964192 |
| 6.85%<sup>(d)(e)</sup> | 2762000 | &nbsp;&nbsp; 2730968 |
| Series V, 4.13%<sup>(c)(d)(e)</sup> | 459000 | &nbsp;&nbsp; 438977 |
| Series W, 7.50%<sup>(c)(d)(e)</sup> | 2962000 | &nbsp;&nbsp; 3074355 |
| Series X, 7.50%<sup>(d)(e)</sup> | 2979000 | &nbsp;&nbsp; 3045322 |

---

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

------

**69**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** |
| Morgan Stanley |  |  |  |
| 5.12%, 02/01/2029<sup>(d)</sup> | $| 13000 | &nbsp;&nbsp; $13208 |
| 4.99%, 04/12/2029<sup>(d)</sup> |  | 1065000 | &nbsp;&nbsp; 1079711 |
| 5.16%, 04/20/2029<sup>(d)</sup> |  | 90000 | &nbsp;&nbsp; 91649 |
| 5.45%, 07/20/2029<sup>(d)</sup> |  | 28000 | &nbsp;&nbsp; 28750 |
| 6.41%, 11/01/2029<sup>(d)</sup> |  | 66000 | &nbsp;&nbsp; 69896 |
| 5.17%, 01/16/2030<sup>(d)</sup> |  | 63000 | &nbsp;&nbsp; 64181 |
| 5.04%, 07/19/2030<sup>(d)</sup> |  | 1177000 | &nbsp;&nbsp; 1191882 |
| 4.65%, 10/18/2030<sup>(d)</sup> |  | 967000 | &nbsp;&nbsp; 964246 |
| 5.23%, 01/15/2031<sup>(d)</sup> |  | 4379000 | &nbsp;&nbsp; 4466072 |
| 5.19%, 04/17/2031<sup>(d)</sup> |  | 3139000 | &nbsp;&nbsp; 3196712 |
| 5.25%, 04/21/2034<sup>(d)</sup> |  | 100000 | &nbsp;&nbsp; 100032 |
| 5.42%, 07/21/2034<sup>(d)</sup> |  | 41000 | &nbsp;&nbsp; 41446 |
| 5.47%, 01/18/2035<sup>(d)</sup> |  | 64000 | &nbsp;&nbsp; 64673 |
| 5.83%, 04/19/2035<sup>(d)</sup> |  | 218000 | &nbsp;&nbsp; 225172 |
| 5.32%, 07/19/2035<sup>(d)</sup> |  | 487000 | &nbsp;&nbsp; 484975 |
| 5.59%, 01/18/2036<sup>(d)</sup> |  | 2378000 | &nbsp;&nbsp; 2413203 |
| 5.66%, 04/17/2036<sup>(d)</sup> |  | 603000 | &nbsp;&nbsp; 615938 |
| 5.95%, 01/19/2038<sup>(d)</sup> |  | 13000 | &nbsp;&nbsp; 13110 |
|  |  |  | &nbsp;&nbsp; 41187067 |
| **IT Consulting & Other Services-0.70%** | **IT Consulting & Other Services-0.70%** | **IT Consulting & Other Services-0.70%** | **IT Consulting & Other Services-0.70%** |
| International Business Machines Corp. |  |  |  |
| 4.80%, 02/10/2030 |  | 5601000 | &nbsp;&nbsp; 5672405 |
| 5.20%, 02/10/2035<sup>(c)</sup> |  | 4033000 | &nbsp;&nbsp; 4039818 |
| 5.70%, 02/10/2055<sup>(c)</sup> |  | 3662000 | &nbsp;&nbsp; 3554019 |
|  |  |  | &nbsp;&nbsp; 13266242 |
| **Leisure Products-0.01%** | **Leisure Products-0.01%** | **Leisure Products-0.01%** | **Leisure Products-0.01%** |
| Brunswick Corp., 5.85%, 03/18/2029 |  | 126000 | &nbsp;&nbsp; 127723 |
| **Life & Health Insurance-1.55%** | **Life & Health Insurance-1.55%** | **Life & Health Insurance-1.55%** | **Life & Health Insurance-1.55%** |
| 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)(c)</sup><br>|  | 1592000 | &nbsp;&nbsp; 1555714 |
| AIA Group Ltd. (Hong Kong) |  |  |  |
| 5.38%, 04/05/2034<sup>(b)</sup> |  | 1045000 | &nbsp;&nbsp; 1055211 |
| 4.95%, 03/30/2035<sup>(b)(c)</sup> |  | 2160000 | &nbsp;&nbsp; 2113822 |
| 5.40%, 09/30/2054<sup>(b)(c)</sup> |  | 1241000 | &nbsp;&nbsp; 1129171 |
| Amazon Conservation DAC (Ecuador), <br> 6.03%, 01/16/2042<sup>(b)</sup><br>|  | 3415000 | &nbsp;&nbsp; 3415750 |
| American National Global Funding, 5.55%, <br> 01/28/2030<sup>(b)</sup><br>|  | 247000 | &nbsp;&nbsp; 252709 |
| Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup><br>|  | 409000 | &nbsp;&nbsp; 418712 |
| Athene Holding Ltd., 6.25%, 04/01/2054 |  | 159000 | &nbsp;&nbsp; 154306 |
| Corebridge Global Funding |  |  |  |
| 5.90%, 09/19/2028<sup>(b)</sup> |  | 69000 | &nbsp;&nbsp; 72077 |
| 5.20%, 01/12/2029<sup>(b)(c)</sup> |  | 483000 | &nbsp;&nbsp; 492987 |
| 5.20%, 06/24/2029<sup>(b)</sup> |  | 427000 | &nbsp;&nbsp; 434571 |
| Dai-ichi Life Insurance Co. Ltd. (The) <br> (Japan), 6.20%<sup>(b)(d)(e)</sup><br>|  | 1408000 | &nbsp;&nbsp; 1400077 |
| Delaware Life Global Funding, Series 21-1, <br> 2.66%, 06/29/2026<sup>(b)</sup><br>|  | 4125000 | &nbsp;&nbsp; 4020142 |
| F&G Annuities & Life, Inc., 7.40%, <br> 01/13/2028<br>|  | 35000 | &nbsp;&nbsp; 36576 |
| GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(b)</sup><br>|  | 658000 | &nbsp;&nbsp; 674888 |
| High Street Funding Trust III, 5.81%, <br> 02/15/2055<sup>(b)(c)</sup><br>|  | 1015000 | &nbsp;&nbsp; 987551 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(h)</sup><br>| $| 3179000 | &nbsp;&nbsp; $2867458 |
| MetLife, Inc. |  |  |  |
| 5.25%, 01/15/2054 |  | 42000 | &nbsp;&nbsp; 39245 |
| Series G, 6.35%, 03/15/2055<sup>(c)(d)</sup> |  | 954000 | &nbsp;&nbsp; 949278 |
| Series G, 3.85%<sup>(d)(e)</sup> |  | 5000 | &nbsp;&nbsp; 4950 |
| Nippon Life Insurance Co. (Japan) |  |  |  |
| 5.95%, 04/16/2054<sup>(b)(d)</sup> |  | 990000 | &nbsp;&nbsp; 987030 |
| 6.50%, 04/30/2055<sup>(b)(d)</sup> |  | 1503000 | &nbsp;&nbsp; 1525783 |
| Penn Mutual Life Insurance Co. (The), <br> 3.80%, 04/29/2061<sup>(b)</sup><br>|  | 4000 | &nbsp;&nbsp; 2602 |
| Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup><br>|  | 659000 | &nbsp;&nbsp; 659710 |
| Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 3295000 | &nbsp;&nbsp; 3305848 |
| Sumitomo Life Insurance Co. (Japan), <br> 5.88%<sup>(b)(d)(e)</sup><br>|  | 779000 | &nbsp;&nbsp; 762001 |
|  |  |  | &nbsp;&nbsp; 29318169 |
| **Managed Health Care-0.04%** | **Managed Health Care-0.04%** | **Managed Health Care-0.04%** | **Managed Health Care-0.04%** |
| Humana, Inc., 5.75%, 12/01/2028 |  | 49000 | &nbsp;&nbsp; 50838 |
| UnitedHealth Group, Inc. |  |  |  |
| 5.25%, 02/15/2028 |  | 22000 | &nbsp;&nbsp; 22655 |
| 5.30%, 02/15/2030 |  | 35000 | &nbsp;&nbsp; 36345 |
| 5.35%, 02/15/2033 |  | 29000 | &nbsp;&nbsp; 29727 |
| 5.05%, 04/15/2053 |  | 24000 | &nbsp;&nbsp; 21236 |
| 5.63%, 07/15/2054 |  | 193000 | &nbsp;&nbsp; 185748 |
| 5.75%, 07/15/2064 |  | 345000 | &nbsp;&nbsp; 333280 |
|  |  |  | &nbsp;&nbsp; 679829 |
| **Marine Transportation-0.09%** | **Marine Transportation-0.09%** | **Marine Transportation-0.09%** | **Marine Transportation-0.09%** |
| A.P. Moller - Maersk A/S (Denmark), <br> 5.88%, 09/14/2033<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 51147 |
| Stena International S.A. (Sweden), 7.63%, <br> 02/15/2031<sup>(b)</sup><br>|  | 1571000 | &nbsp;&nbsp; 1582500 |
|  |  |  | &nbsp;&nbsp; 1633647 |
| **Movies & Entertainment-0.05%** | **Movies & Entertainment-0.05%** | **Movies & Entertainment-0.05%** | **Movies & Entertainment-0.05%** |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 91000 | &nbsp;&nbsp; 88380 |
| WarnerMedia Holdings, Inc. |  |  |  |
| 4.28%, 03/15/2032<sup>(c)</sup> |  | 443000 | &nbsp;&nbsp; 379491 |
| 5.05%, 03/15/2042 |  | 19000 | &nbsp;&nbsp; 14332 |
| 5.14%, 03/15/2052 |  | 667000 | &nbsp;&nbsp; 456274 |
| 5.39%, 03/15/2062 |  | 21000 | &nbsp;&nbsp; 14296 |
|  |  |  | &nbsp;&nbsp; 952773 |
| **Multi-Family Residential REITs-0.07%** | **Multi-Family Residential REITs-0.07%** | **Multi-Family Residential REITs-0.07%** | **Multi-Family Residential REITs-0.07%** |
| AvalonBay Communities, Inc., 5.30%, <br> 12/07/2033<br>|  | 102000 | &nbsp;&nbsp; 103291 |
| Essex Portfolio L.P., 5.50%, 04/01/2034 |  | 101000 | &nbsp;&nbsp; 101611 |
| Invitation Homes Operating Partnership <br> L.P., 4.88%, 02/01/2035<br>|  | 441000 | &nbsp;&nbsp; 419521 |
| Mid-America Apartments L.P., 5.30%, <br> 02/15/2032<br>|  | 459000 | &nbsp;&nbsp; 470385 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 182000 | &nbsp;&nbsp; 177620 |
|  |  |  | &nbsp;&nbsp; 1272428 |

---

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

------

**70**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Multi-line Insurance-0.15%** | **Multi-line Insurance-0.15%** | **Multi-line Insurance-0.15%** |
| Allianz SE (Germany), 3.50%<sup>(b)(d)(e)</sup> | $2200000 | &nbsp;&nbsp; $2117961 |
| Metropolitan Life Global Funding I, 5.15%, <br> 03/28/2033<sup>(b)</sup><br>| 662000 | &nbsp;&nbsp; 668479 |
|  |  | &nbsp;&nbsp; 2786440 |
| **Multi-Utilities-0.48%** | **Multi-Utilities-0.48%** | **Multi-Utilities-0.48%** |
| Algonquin Power & Utilities Corp. (Canada), <br> 5.37%, 06/15/2026<br>| 156000 | &nbsp;&nbsp; 157053 |
| Ameren Illinois Co., 4.95%, 06/01/2033 | 37000 | &nbsp;&nbsp; 37015 |
| Black Hills Corp., 6.15%, 05/15/2034 | 118000 | &nbsp;&nbsp; 122472 |
| CMS Energy Corp., 6.50%, 06/01/2055<sup>(d)</sup> | 1039000 | &nbsp;&nbsp; 1015561 |
| Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>| 30000 | &nbsp;&nbsp; 30399 |
| DTE Energy Co. |  |  |
| 4.95%, 07/01/2027 | 455000 | &nbsp;&nbsp; 459769 |
| 5.85%, 06/01/2034 | 89000 | &nbsp;&nbsp; 91791 |
| ENGIE S.A. (France) |  |  |
| 5.25%, 04/10/2029<sup>(b)</sup> | 978000 | &nbsp;&nbsp; 1001445 |
| 5.63%, 04/10/2034<sup>(b)</sup> | 678000 | &nbsp;&nbsp; 686828 |
| 5.88%, 04/10/2054<sup>(b)(c)</sup> | 714000 | &nbsp;&nbsp; 694867 |
| NiSource, Inc. |  |  |
| 5.25%, 03/30/2028 | 7000 | &nbsp;&nbsp; 7155 |
| 5.35%, 04/01/2034 | 179000 | &nbsp;&nbsp; 180308 |
| 5.85%, 04/01/2055 | 1448000 | &nbsp;&nbsp; 1420651 |
| Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/2028<br>| 109000 | &nbsp;&nbsp; 113891 |
| Sempra |  |  |
| 6.88%, 10/01/2054<sup>(c)(d)</sup> | 217000 | &nbsp;&nbsp; 210078 |
| 6.55%, 04/01/2055<sup>(d)</sup> | 1483000 | &nbsp;&nbsp; 1354097 |
| 6.63%, 04/01/2055<sup>(d)</sup> | 1622000 | &nbsp;&nbsp; 1537859 |
| WEC Energy Group, Inc., 5.15%, <br> 10/01/2027<br>| 26000 | &nbsp;&nbsp; 26428 |
|  |  | &nbsp;&nbsp; 9147667 |
| **Office REITs-0.12%** | **Office REITs-0.12%** | **Office REITs-0.12%** |
| Brandywine Operating Partnership L.P. |  |  |
| 8.30%, 03/15/2028<sup>(c)</sup> | 351000 | &nbsp;&nbsp; 363139 |
| 8.88%, 04/12/2029 | 1037000 | &nbsp;&nbsp; 1088684 |
| Cousins Properties L.P. |  |  |
| 5.38%, 02/15/2032 | 373000 | &nbsp;&nbsp; 369973 |
| 5.88%, 10/01/2034 | 390000 | &nbsp;&nbsp; 390462 |
|  |  | &nbsp;&nbsp; 2212258 |
| **Oil & Gas Equipment & Services-0.00%** | **Oil & Gas Equipment & Services-0.00%** | **Oil & Gas Equipment & Services-0.00%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup><br>| 59000 | &nbsp;&nbsp; 55816 |
| **Oil & Gas Exploration & Production-0.18%** | **Oil & Gas Exploration & Production-0.18%** | **Oil & Gas Exploration & Production-0.18%** |
| Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, 10/01/2029<sup>(b)</sup><br>| 600000 | &nbsp;&nbsp; 603083 |
| ConocoPhillips Co., 5.70%, 09/15/2063 | 60000 | &nbsp;&nbsp; 56184 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/2027 | 201000 | &nbsp;&nbsp; 203900 |
| 5.15%, 01/30/2030 | 308000 | &nbsp;&nbsp; 312670 |
| 5.90%, 04/18/2064 | 123000 | &nbsp;&nbsp; 109202 |
| Expand Energy Corp., 5.38%, <br> 03/15/2030<br>| 159000 | &nbsp;&nbsp; 158011 |
| Hilcorp Energy I L.P./Hilcorp Finance Co. |  |  |
| 6.88%, 05/15/2034<sup>(b)</sup> | 301000 | &nbsp;&nbsp; 256174 |
| 7.25%, 02/15/2035<sup>(b)</sup> | 549000 | &nbsp;&nbsp; 479031 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/2028<sup>(b)</sup><br>| $| 19000 | &nbsp;&nbsp; $18839 |
| Uzbekneftegaz JSC (Uzbekistan), 4.75%, <br> 11/16/2028<sup>(b)</sup><br>|  | 1278000 | &nbsp;&nbsp; 1156909 |
|  |  |  | &nbsp;&nbsp; 3354003 |
| **Oil & Gas Refining & Marketing-0.17%** | **Oil & Gas Refining & Marketing-0.17%** | **Oil & Gas Refining & Marketing-0.17%** | **Oil & Gas Refining & Marketing-0.17%** |
| Empresa Nacional del Petroleo (Chile), <br> 5.95%, 07/30/2034<sup>(b)</sup><br>|  | 929000 | &nbsp;&nbsp; 939204 |
| Phillips 66 Co., 5.30%, 06/30/2033 |  | 41000 | &nbsp;&nbsp; 40613 |
| Raizen Fuels Finance S.A. (Brazil) |  |  |  |
| 5.70%, 01/17/2035<sup>(b)</sup> |  | 445000 | &nbsp;&nbsp; 415252 |
| 6.70%, 02/25/2037<sup>(b)(c)</sup> |  | 918000 | &nbsp;&nbsp; 898883 |
| 6.95%, 03/05/2054<sup>(b)(c)</sup> |  | 932000 | &nbsp;&nbsp; 881852 |
|  |  |  | &nbsp;&nbsp; 3175804 |
| **Oil & Gas Storage & Transportation-1.79%** | **Oil & Gas Storage & Transportation-1.79%** | **Oil & Gas Storage & Transportation-1.79%** | **Oil & Gas Storage & Transportation-1.79%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup><br>|  | 1125000 | &nbsp;&nbsp; 1137855 |
| Cheniere Energy Partners L.P., 5.95%, <br> 06/30/2033<br>|  | 41000 | &nbsp;&nbsp; 41873 |
| Columbia Pipelines Holding Co. LLC |  |  |  |
| 6.06%, 08/15/2026<sup>(b)</sup> |  | 29000 | &nbsp;&nbsp; 29418 |
| 5.10%, 10/01/2031<sup>(b)</sup> |  | 380000 | &nbsp;&nbsp; 375295 |
| Columbia Pipelines Operating Co. LLC, <br> 5.70%, 10/01/2054<sup>(b)</sup><br>|  | 983000 | &nbsp;&nbsp; 893333 |
| Eastern Energy Gas Holdings LLC, 5.65%, <br> 10/15/2054<sup>(c)</sup><br>|  | 559000 | &nbsp;&nbsp; 526792 |
| Enbridge, Inc. (Canada) |  |  |  |
| 5.70%, 03/08/2033 |  | 31000 | &nbsp;&nbsp; 31650 |
| 7.63%, 01/15/2083<sup>(d)</sup> |  | 28000 | &nbsp;&nbsp; 28629 |
| Energy Transfer L.P. |  |  |  |
| 6.05%, 12/01/2026 |  | 63000 | &nbsp;&nbsp; 64285 |
| 5.50%, 06/01/2027 |  | 5000 | &nbsp;&nbsp; 5079 |
| 6.10%, 12/01/2028 |  | 37000 | &nbsp;&nbsp; 38717 |
| 6.40%, 12/01/2030 |  | 28000 | &nbsp;&nbsp; 29790 |
| 5.55%, 05/15/2034 |  | 183000 | &nbsp;&nbsp; 180203 |
| 5.95%, 05/15/2054 |  | 135000 | &nbsp;&nbsp; 122882 |
| 8.00%, 05/15/2054<sup>(c)(d)</sup> |  | 940000 | &nbsp;&nbsp; 976707 |
| 6.05%, 09/01/2054 |  | 1121000 | &nbsp;&nbsp; 1025777 |
| 7.13%, 10/01/2054<sup>(c)(d)</sup> |  | 3561000 | &nbsp;&nbsp; 3539581 |
| GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia)<br>|  |  |  |
| 5.85%, 02/23/2036<sup>(b)</sup> |  | 4380000 | &nbsp;&nbsp; 4414186 |
| 6.13%, 02/23/2038<sup>(b)</sup> |  | 383000 | &nbsp;&nbsp; 391537 |
| 6.51%, 02/23/2042<sup>(b)</sup> |  | 970000 | &nbsp;&nbsp; 996169 |
| 6.10%, 08/23/2042<sup>(b)</sup> |  | 2330000 | &nbsp;&nbsp; 2313177 |
| Kinder Morgan, Inc. |  |  |  |
| 7.80%, 08/01/2031 |  | 11000 | &nbsp;&nbsp; 12480 |
| 4.80%, 02/01/2033 |  | 9000 | &nbsp;&nbsp; 8654 |
| 5.20%, 06/01/2033 |  | 39000 | &nbsp;&nbsp; 38398 |
| MPLX L.P., 4.95%, 03/14/2052 |  | 7000 | &nbsp;&nbsp; 5630 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.38%, 02/15/2032<sup>(b)</sup><br>|  | 555000 | &nbsp;&nbsp; 506609 |

---

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

------

**71**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| ONEOK, Inc. |  |  |  |
| 4.25%, 09/24/2027 | $| 718000 | &nbsp;&nbsp; $714035 |
| 5.65%, 11/01/2028 |  | 28000 | &nbsp;&nbsp; 28877 |
| 4.40%, 10/15/2029 |  | 578000 | &nbsp;&nbsp; 569253 |
| 5.80%, 11/01/2030 |  | 41000 | &nbsp;&nbsp; 42474 |
| 6.05%, 09/01/2033 |  | 78000 | &nbsp;&nbsp; 80065 |
| 6.63%, 09/01/2053 |  | 84000 | &nbsp;&nbsp; 83733 |
| Plains All American Pipeline L.P., 5.95%, <br> 06/15/2035<br>|  | 1625000 | &nbsp;&nbsp; 1626878 |
| South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada)<br>|  |  |  |
| 7.50%, 03/01/2055<sup>(b)(c)(d)</sup> |  | 946000 | &nbsp;&nbsp; 930841 |
| 7.63%, 03/01/2055<sup>(b)(d)</sup> |  | 1650000 | &nbsp;&nbsp; 1650201 |
| South Bow USA Infrastructure <br> Holdings LLC (Canada)<br>|  |  |  |
| 4.91%, 09/01/2027<sup>(b)(c)</sup> |  | 645000 | &nbsp;&nbsp; 648460 |
| 5.03%, 10/01/2029<sup>(b)(c)</sup> |  | 830000 | &nbsp;&nbsp; 823578 |
| 5.58%, 10/01/2034<sup>(b)</sup> |  | 607000 | &nbsp;&nbsp; 587321 |
| 6.18%, 10/01/2054<sup>(b)</sup> |  | 385000 | &nbsp;&nbsp; 356530 |
| Southern Co. Gas Capital Corp., 5.75%, <br> 09/15/2033<br>|  | 46000 | &nbsp;&nbsp; 47485 |
| Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup><br>|  | 1092000 | &nbsp;&nbsp; 1089099 |
| Targa Resources Corp. |  |  |  |
| 5.50%, 02/15/2035 |  | 172000 | &nbsp;&nbsp; 168079 |
| 6.25%, 07/01/2052 |  | 10000 | &nbsp;&nbsp; 9632 |
| Venture Global LNG, Inc. |  |  |  |
| 9.50%, 02/01/2029<sup>(b)</sup> |  | 1100000 | &nbsp;&nbsp; 1140544 |
| 7.00%, 01/15/2030<sup>(b)</sup> |  | 194000 | &nbsp;&nbsp; 182906 |
| 9.88%, 02/01/2032<sup>(b)</sup> |  | 729000 | &nbsp;&nbsp; 740656 |
| Western Midstream Operating L.P. |  |  |  |
| 6.15%, 04/01/2033 |  | 42000 | &nbsp;&nbsp; 42453 |
| 5.45%, 11/15/2034 |  | 570000 | &nbsp;&nbsp; 541985 |
| 5.30%, 03/01/2048 |  | 2000000 | &nbsp;&nbsp; 1608598 |
| Williams Cos., Inc. (The) |  |  |  |
| 5.30%, 08/15/2028 |  | 124000 | &nbsp;&nbsp; 126892 |
| 4.80%, 11/15/2029 |  | 539000 | &nbsp;&nbsp; 542710 |
| 5.65%, 03/15/2033 |  | 38000 | &nbsp;&nbsp; 38876 |
| 5.15%, 03/15/2034 |  | 174000 | &nbsp;&nbsp; 170708 |
| 5.80%, 11/15/2054 |  | 414000 | &nbsp;&nbsp; 392904 |
| 6.00%, 03/15/2055 |  | 1170000 | &nbsp;&nbsp; 1139702 |
|  |  |  | &nbsp;&nbsp; 33860181 |
| **Other Specialized REITs-0.07%** | **Other Specialized REITs-0.07%** | **Other Specialized REITs-0.07%** | **Other Specialized REITs-0.07%** |
| Simon Property Group L.P., 4.75%, <br> 09/26/2034<br>|  | 1353000 | &nbsp;&nbsp; 1294390 |
| **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** |
| Tractor Supply Co., 5.25%, 05/15/2033 |  | 15000 | &nbsp;&nbsp; 15072 |
| **Packaged Foods & Meats-0.91%** | **Packaged Foods & Meats-0.91%** | **Packaged Foods & Meats-0.91%** | **Packaged Foods & Meats-0.91%** |
| General Mills, Inc., 5.50%, 10/17/2028 |  | 81000 | &nbsp;&nbsp; 83814 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 43000 | &nbsp;&nbsp; 45894 |
| Lamb Weston Holdings, Inc., 4.13%, <br> 01/31/2030<sup>(b)(c)</sup><br>|  | 727000 | &nbsp;&nbsp; 682849 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** |
| Mars, Inc. |  |  |  |
| 4.60%, 03/01/2028<sup>(b)(c)</sup> | $| 3644000 | &nbsp;&nbsp; $3684289 |
| 4.80%, 03/01/2030<sup>(b)(c)</sup> |  | 1029000 | &nbsp;&nbsp; 1041941 |
| 5.00%, 03/01/2032<sup>(b)</sup> |  | 2570000 | &nbsp;&nbsp; 2591869 |
| 5.20%, 03/01/2035<sup>(b)</sup> |  | 2540000 | &nbsp;&nbsp; 2551044 |
| 5.65%, 05/01/2045<sup>(b)</sup> |  | 1471000 | &nbsp;&nbsp; 1461887 |
| 5.70%, 05/01/2055<sup>(b)</sup> |  | 1862000 | &nbsp;&nbsp; 1836724 |
| 5.80%, 05/01/2065<sup>(b)</sup> |  | 1260000 | &nbsp;&nbsp; 1242911 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<br>|  | 760000 | &nbsp;&nbsp; 728315 |
| Minerva (Luxembourg) S.A. (Brazil), <br> 8.88%, 09/13/2033<sup>(b)</sup><br>|  | 252000 | &nbsp;&nbsp; 268977 |
| Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)(c)</sup><br>|  | 303000 | &nbsp;&nbsp; 301242 |
| The Campbell's Company |  |  |  |
| 5.30%, 03/20/2026 |  | 91000 | &nbsp;&nbsp; 91549 |
| 5.20%, 03/21/2029 |  | 92000 | &nbsp;&nbsp; 94020 |
| 5.40%, 03/21/2034<sup>(c)</sup> |  | 120000 | &nbsp;&nbsp; 121046 |
| 5.25%, 10/13/2054<sup>(c)</sup> |  | 336000 | &nbsp;&nbsp; 301792 |
|  |  |  | &nbsp;&nbsp; 17130163 |
| **Paper & Plastic Packaging Products & Materials-0.28%** | **Paper & Plastic Packaging Products & Materials-0.28%** | **Paper & Plastic Packaging Products & Materials-0.28%** | **Paper & Plastic Packaging Products & Materials-0.28%** |
| Graphic Packaging International LLC, <br> 6.38%, 07/15/2032<sup>(b)</sup><br>|  | 832000 | &nbsp;&nbsp; 837134 |
| Sealed Air Corp., 7.25%, 02/15/2031<sup>(b)(c)</sup> |  | 3125000 | &nbsp;&nbsp; 3258125 |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland)<br>|  |  |  |
| 5.20%, 01/15/2030<sup>(b)(c)</sup> |  | 700000 | &nbsp;&nbsp; 710057 |
| 5.44%, 04/03/2034<sup>(b)</sup> |  | 558000 | &nbsp;&nbsp; 558688 |
|  |  |  | &nbsp;&nbsp; 5364004 |
| **Paper Products-0.02%** | **Paper Products-0.02%** | **Paper Products-0.02%** | **Paper Products-0.02%** |
| Magnera Corp., 7.25%, 11/15/2031<sup>(b)(c)</sup> |  | 303000 | &nbsp;&nbsp; 286823 |
| **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** |
| American Airlines Pass-Through Trust |  |  |  |
| Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 39833 | &nbsp;&nbsp; 34577 |
| Series 2021-1, Class B, 3.95%, <br> 07/11/2030<br>|  | 308450 | &nbsp;&nbsp; 289353 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(b)</sup><br>|  | 1668147 | &nbsp;&nbsp; 1658422 |
| AS Mileage Plan IP Ltd. |  |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> |  | 454000 | &nbsp;&nbsp; 440624 |
| 5.31%, 10/20/2031<sup>(b)</sup> |  | 433000 | &nbsp;&nbsp; 415082 |
| British Airways Pass-Through Trust (United <br> Kingdom), Series 2021-1, Class A, <br> 2.90%, 03/15/2035<sup>(b)</sup><br>|  | 144878 | &nbsp;&nbsp; 129651 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |  |
| 4.50%, 10/20/2025<sup>(b)</sup> |  | 7498 | &nbsp;&nbsp; 7430 |
| 4.75%, 10/20/2028<sup>(b)</sup> |  | 19498 | &nbsp;&nbsp; 19385 |
| United Airlines Pass-Through Trust |  |  |  |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 5541 | &nbsp;&nbsp; 5266 |
| Series 24-A, 5.88%, 02/15/2037 |  | 460953 | &nbsp;&nbsp; 458199 |
| Series AA, 5.45%, 02/15/2037 |  | 384623 | &nbsp;&nbsp; 383778 |
|  |  |  | &nbsp;&nbsp; 3841767 |

---

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

------

**72**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Passenger Ground Transportation-0.16%** | **Passenger Ground Transportation-0.16%** | **Passenger Ground Transportation-0.16%** |
| Uber Technologies, Inc. |  |  |
| 6.25%, 01/15/2028<sup>(b)(c)</sup> | $931000 | &nbsp;&nbsp; $936698 |
| 4.30%, 01/15/2030 | 1399000 | &nbsp;&nbsp; 1382836 |
| 5.35%, 09/15/2054 | 666000 | &nbsp;&nbsp; 610400 |
|  |  | &nbsp;&nbsp; 2929934 |
| **Personal Care Products-0.07%** | **Personal Care Products-0.07%** | **Personal Care Products-0.07%** |
| Coty, Inc., 5.00%, 04/15/2026<sup>(b)</sup> | 1158000 | &nbsp;&nbsp; 1151274 |
| Kenvue, Inc. |  |  |
| 5.05%, 03/22/2028 | 28000 | &nbsp;&nbsp; 28832 |
| 5.00%, 03/22/2030 | 105000 | &nbsp;&nbsp; 108328 |
| 4.90%, 03/22/2033 | 59000 | &nbsp;&nbsp; 59746 |
| 5.20%, 03/22/2063 | 28000 | &nbsp;&nbsp; 25967 |
|  |  | &nbsp;&nbsp; 1374147 |
| **Pharmaceuticals-0.38%** | **Pharmaceuticals-0.38%** | **Pharmaceuticals-0.38%** |
| AstraZeneca Finance LLC (United Kingdom) |  |  |
| 4.85%, 02/26/2029 | 280000 | &nbsp;&nbsp; 286289 |
| 4.90%, 02/26/2031 | 639000 | &nbsp;&nbsp; 656405 |
| Bristol-Myers Squibb Co. |  |  |
| 4.90%, 02/22/2029 | 102000 | &nbsp;&nbsp; 104535 |
| 5.75%, 02/01/2031 | 84000 | &nbsp;&nbsp; 89448 |
| 5.90%, 11/15/2033 | 55000 | &nbsp;&nbsp; 58735 |
| 6.25%, 11/15/2053 | 57000 | &nbsp;&nbsp; 59967 |
| 6.40%, 11/15/2063 | 90000 | &nbsp;&nbsp; 96106 |
| Eli Lilly and Co. |  |  |
| 4.70%, 02/09/2034 | 37000 | &nbsp;&nbsp; 36709 |
| 5.00%, 02/09/2054 | 221000 | &nbsp;&nbsp; 205444 |
| 5.10%, 02/09/2064 | 277000 | &nbsp;&nbsp; 254718 |
| 5.20%, 08/14/2064 | 190000 | &nbsp;&nbsp; 178428 |
| Johnson & Johnson, 4.70%, 03/01/2030 | 1285000 | &nbsp;&nbsp; 1321252 |
| Merck & Co., Inc. |  |  |
| 4.30%, 05/17/2030 | 110000 | &nbsp;&nbsp; 110532 |
| 4.90%, 05/17/2044 | 105000 | &nbsp;&nbsp; 97502 |
| 5.15%, 05/17/2063 | 15000 | &nbsp;&nbsp; 13684 |
| Novartis Capital Corp. |  |  |
| 3.80%, 09/18/2029 | 774000 | &nbsp;&nbsp; 765071 |
| 4.00%, 09/18/2031 | 587000 | &nbsp;&nbsp; 575460 |
| 4.20%, 09/18/2034<sup>(c)</sup> | 1346000 | &nbsp;&nbsp; 1287151 |
| 4.70%, 09/18/2054 | 1036000 | &nbsp;&nbsp; 918899 |
|  |  | &nbsp;&nbsp; 7116335 |
| **Property & Casualty Insurance-0.09%** | **Property & Casualty Insurance-0.09%** | **Property & Casualty Insurance-0.09%** |
| Fairfax Financial Holdings Ltd. (Canada), <br> 6.10%, 03/15/2055<br>| 564000 | &nbsp;&nbsp; 541545 |
| Markel Group, Inc., 6.00%<sup>(d)(e)</sup> | 1217000 | &nbsp;&nbsp; 1214477 |
| Travelers Cos., Inc. (The), 5.45%, <br> 05/25/2053<br>| 25000 | &nbsp;&nbsp; 24537 |
|  |  | &nbsp;&nbsp; 1780559 |
| **Rail Transportation-0.16%** | **Rail Transportation-0.16%** | **Rail Transportation-0.16%** |
| Canadian Pacific Railway Co. (Canada), <br> 5.20%, 03/30/2035<br>| 1128000 | &nbsp;&nbsp; 1132967 |
| Norfolk Southern Corp. |  |  |
| 5.05%, 08/01/2030 | 50000 | &nbsp;&nbsp; 51485 |
| 5.55%, 03/15/2034 | 54000 | &nbsp;&nbsp; 56208 |
| 5.10%, 05/01/2035 | 839000 | &nbsp;&nbsp; 842337 |
| 5.95%, 03/15/2064 | 57000 | &nbsp;&nbsp; 57828 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Rail Transportation-(continued)** | **Rail Transportation-(continued)** | **Rail Transportation-(continued)** | **Rail Transportation-(continued)** |
| TTX Co., 5.05%, 11/15/2034<sup>(b)</sup> | $| 847000 | &nbsp;&nbsp; $857105 |
| Union Pacific Corp., 5.15%, 01/20/2063 |  | 37000 | &nbsp;&nbsp; 33004 |
|  |  |  | &nbsp;&nbsp; 3030934 |
| **Real Estate Development-0.06%** | **Real Estate Development-0.06%** | **Real Estate Development-0.06%** | **Real Estate Development-0.06%** |
| Piedmont Operating Partnership L.P. |  |  |  |
| 9.25%, 07/20/2028 |  | 565000 | &nbsp;&nbsp; 612214 |
| 6.88%, 07/15/2029 |  | 418000 | &nbsp;&nbsp; 426377 |
|  |  |  | &nbsp;&nbsp; 1038591 |
| **Regional Banks-0.09%** | **Regional Banks-0.09%** | **Regional Banks-0.09%** | **Regional Banks-0.09%** |
| Citizens Financial Group, Inc., 5.64%, <br> 05/21/2037<sup>(d)</sup><br>|  | 15000 | &nbsp;&nbsp; 14545 |
| Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(c)(d)</sup><br>|  | 323000 | &nbsp;&nbsp; 330344 |
| Synovus Financial Corp., 6.17%, <br> 11/01/2030<sup>(d)</sup><br>|  | 371000 | &nbsp;&nbsp; 374526 |
| Truist Financial Corp., Series P, <br> 4.95%<sup>(c)(d)(e)</sup><br>|  | 276000 | &nbsp;&nbsp; 274653 |
| Zions Bancorporation N.A., 6.82%, <br> 11/19/2035<sup>(d)</sup><br>|  | 791000 | &nbsp;&nbsp; 780589 |
|  |  |  | &nbsp;&nbsp; 1774657 |
| **Reinsurance-0.23%** | **Reinsurance-0.23%** | **Reinsurance-0.23%** | **Reinsurance-0.23%** |
| Global Atlantic (Fin) Co. |  |  |  |
| 6.75%, 03/15/2054<sup>(b)</sup> |  | 376000 | &nbsp;&nbsp; 369082 |
| 7.95%, 10/15/2054<sup>(b)(d)</sup> |  | 923000 | &nbsp;&nbsp; 939632 |
| RenaissanceRe Holdings Ltd. (Bermuda), <br> 5.75%, 06/05/2033<br>|  | 2915000 | &nbsp;&nbsp; 2977172 |
|  |  |  | &nbsp;&nbsp; 4285886 |
| **Renewable Electricity-0.01%** | **Renewable Electricity-0.01%** | **Renewable Electricity-0.01%** | **Renewable Electricity-0.01%** |
| DTE Electric Co., 5.20%, 03/01/2034 |  | 88000 | &nbsp;&nbsp; 89117 |
| Idaho Power Co., 5.20%, 08/15/2034 |  | 152000 | &nbsp;&nbsp; 153421 |
|  |  |  | &nbsp;&nbsp; 242538 |
| **Restaurants-0.71%** | **Restaurants-0.71%** | **Restaurants-0.71%** | **Restaurants-0.71%** |
| 1011778 BC ULC/New Red Finance, Inc. <br> (Canada), 5.63%, 09/15/2029<sup>(b)</sup><br>|  | 770000 | &nbsp;&nbsp; 768414 |
| Arcos Dorados B.V. (Brazil), 6.38%, <br> 01/29/2032<sup>(b)</sup><br>|  | 2805000 | &nbsp;&nbsp; 2859754 |
| McDonald's Corp. |  |  |  |
| 4.80%, 08/14/2028 |  | 206000 | &nbsp;&nbsp; 209772 |
| 4.60%, 05/15/2030 |  | 1291000 | &nbsp;&nbsp; 1300651 |
| 4.95%, 08/14/2033 |  | 148000 | &nbsp;&nbsp; 149479 |
| 4.95%, 03/03/2035<sup>(c)</sup> |  | 888000 | &nbsp;&nbsp; 881412 |
| Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/2029<sup>(b)</sup><br>|  | 6885000 | &nbsp;&nbsp; 7305013 |
|  |  |  | &nbsp;&nbsp; 13474495 |
| **Retail REITs-0.12%** | **Retail REITs-0.12%** | **Retail REITs-0.12%** | **Retail REITs-0.12%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 145000 | &nbsp;&nbsp; 146479 |
| Brixmor Operating Partnership L.P., <br> 5.75%, 02/15/2035<br>|  | 125000 | &nbsp;&nbsp; 126579 |
| Kimco Realty OP LLC, 4.85%, <br> 03/01/2035<br>|  | 453000 | &nbsp;&nbsp; 434724 |
| Kite Realty Group L.P. |  |  |  |
| 4.95%, 12/15/2031 |  | 309000 | &nbsp;&nbsp; 306016 |
| 5.50%, 03/01/2034 |  | 45000 | &nbsp;&nbsp; 45093 |

---

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

------

**73**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** |
| NNN REIT, Inc. |  |  |  |
| 5.60%, 10/15/2033 | $| 37000 | &nbsp;&nbsp; $37495 |
| 5.50%, 06/15/2034 |  | 139000 | &nbsp;&nbsp; 139397 |
| Realty Income Corp. |  |  |  |
| 2.20%, 06/15/2028 |  | 4000 | &nbsp;&nbsp; 3750 |
| 5.63%, 10/13/2032 |  | 12000 | &nbsp;&nbsp; 12388 |
| 5.13%, 04/15/2035 |  | 591000 | &nbsp;&nbsp; 585966 |
| 5.38%, 09/01/2054 |  | 153000 | &nbsp;&nbsp; 144019 |
| Regency Centers L.P. |  |  |  |
| 5.25%, 01/15/2034 |  | 71000 | &nbsp;&nbsp; 71125 |
| 5.10%, 01/15/2035<sup>(c)</sup> |  | 193000 | &nbsp;&nbsp; 190572 |
|  |  |  | &nbsp;&nbsp; 2243603 |
| **Self-Storage REITs-0.10%** | **Self-Storage REITs-0.10%** | **Self-Storage REITs-0.10%** | **Self-Storage REITs-0.10%** |
| Extra Space Storage L.P. |  |  |  |
| 5.70%, 04/01/2028 |  | 14000 | &nbsp;&nbsp; 14449 |
| 5.40%, 02/01/2034 |  | 132000 | &nbsp;&nbsp; 130953 |
| Goodman US Finance Six LLC (Australia), <br> 5.13%, 10/07/2034<sup>(b)</sup><br>|  | 199000 | &nbsp;&nbsp; 195773 |
| Prologis L.P. |  |  |  |
| 4.88%, 06/15/2028 |  | 39000 | &nbsp;&nbsp; 39741 |
| 5.13%, 01/15/2034 |  | 34000 | &nbsp;&nbsp; 34033 |
| 5.00%, 03/15/2034 |  | 297000 | &nbsp;&nbsp; 294416 |
| 5.00%, 01/31/2035 |  | 459000 | &nbsp;&nbsp; 454032 |
| 5.25%, 03/15/2054 |  | 573000 | &nbsp;&nbsp; 530076 |
| Public Storage Operating Co. |  |  |  |
| 5.13%, 01/15/2029 |  | 9000 | &nbsp;&nbsp; 9294 |
| 5.10%, 08/01/2033 |  | 60000 | &nbsp;&nbsp; 60982 |
| 5.35%, 08/01/2053 |  | 156000 | &nbsp;&nbsp; 148034 |
|  |  |  | &nbsp;&nbsp; 1911783 |
| **Semiconductors-0.61%** | **Semiconductors-0.61%** | **Semiconductors-0.61%** | **Semiconductors-0.61%** |
| Broadcom, Inc. |  |  |  |
| 5.05%, 07/12/2027 |  | 625000 | &nbsp;&nbsp; 635013 |
| 5.05%, 07/12/2029 |  | 417000 | &nbsp;&nbsp; 425286 |
| 5.15%, 11/15/2031 |  | 1319000 | &nbsp;&nbsp; 1344985 |
| Foundry JV Holdco LLC |  |  |  |
| 5.90%, 01/25/2030<sup>(b)(c)</sup> |  | 644000 | &nbsp;&nbsp; 668947 |
| 5.50%, 01/25/2031<sup>(b)</sup> |  | 914000 | &nbsp;&nbsp; 926244 |
| 6.15%, 01/25/2032<sup>(b)</sup> |  | 711000 | &nbsp;&nbsp; 739207 |
| 5.90%, 01/25/2033<sup>(b)</sup> |  | 517000 | &nbsp;&nbsp; 527760 |
| 5.88%, 01/25/2034<sup>(b)</sup> |  | 754000 | &nbsp;&nbsp; 757932 |
| 6.25%, 01/25/2035<sup>(b)</sup> |  | 733000 | &nbsp;&nbsp; 758676 |
| 6.10%, 01/25/2036<sup>(b)</sup> |  | 879000 | &nbsp;&nbsp; 896606 |
| 6.20%, 01/25/2037<sup>(b)</sup> |  | 987000 | &nbsp;&nbsp; 1011878 |
| 6.40%, 01/25/2038<sup>(b)</sup> |  | 480000 | &nbsp;&nbsp; 504080 |
| 6.30%, 01/25/2039<sup>(b)</sup> |  | 1040000 | &nbsp;&nbsp; 1080825 |
| Micron Technology, Inc. |  |  |  |
| 5.30%, 01/15/2031 |  | 79000 | &nbsp;&nbsp; 79389 |
| 6.05%, 11/01/2035 |  | 1148000 | &nbsp;&nbsp; 1164510 |
|  |  |  | &nbsp;&nbsp; 11521338 |
| **Single-Family Residential REITs-0.05%** | **Single-Family Residential REITs-0.05%** | **Single-Family Residential REITs-0.05%** | **Single-Family Residential REITs-0.05%** |
| American Homes 4 Rent L.P. |  |  |  |
| 2.38%, 07/15/2031 |  | 4000 | &nbsp;&nbsp; 3445 |
| 5.50%, 07/15/2034 |  | 431000 | &nbsp;&nbsp; 428174 |
| 5.25%, 03/15/2035 |  | 443000 | &nbsp;&nbsp; 431878 |
|  |  |  | &nbsp;&nbsp; 863497 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages-0.43%** | **Soft Drinks & Non-alcoholic Beverages-0.43%** | **Soft Drinks & Non-alcoholic Beverages-0.43%** |
| Coca-Cola Co. (The), 5.40%, 05/13/2064 | $669000 | &nbsp;&nbsp; $649553 |
| Keurig Dr Pepper, Inc. |  |  |
| 4.60%, 05/15/2030 | 4307000 | &nbsp;&nbsp; 4308444 |
| 5.15%, 05/15/2035 | 992000 | &nbsp;&nbsp; 990416 |
| PepsiCo, Inc. |  |  |
| 4.60%, 02/07/2030<sup>(c)</sup> | 1975000 | &nbsp;&nbsp; 2011117 |
| 5.00%, 02/07/2035 | 236000 | &nbsp;&nbsp; 238463 |
|  |  | &nbsp;&nbsp; 8197993 |
| **Sovereign Debt-1.63%** | **Sovereign Debt-1.63%** | **Sovereign Debt-1.63%** |
| Brazilian Government International Bond <br> (Brazil), 6.13%, 03/15/2034<sup>(c)</sup><br>| 2001000 | &nbsp;&nbsp; 1965591 |
| Costa Rica Government International Bond <br> (Costa Rica), 7.30%, 11/13/2054<sup>(b)</sup><br>| 528000 | &nbsp;&nbsp; 538860 |
| Dominican Republic International Bond <br> (Dominican Republic)<br>|  |  |
| 6.95%, 03/15/2037<sup>(b)</sup> | 4739000 | &nbsp;&nbsp; 4711988 |
| 7.15%, 02/24/2055<sup>(b)</sup> | 2730000 | &nbsp;&nbsp; 2677038 |
| Guatemala Government Bond (Guatemala) |  |  |
| 6.05%, 08/06/2031<sup>(b)</sup> | 3287000 | &nbsp;&nbsp; 3272732 |
| 6.55%, 02/06/2037<sup>(b)</sup> | 1315000 | &nbsp;&nbsp; 1312459 |
| Peruvian Government International Bond <br> (Peru), 5.38%, 02/08/2035<br>| 1806000 | &nbsp;&nbsp; 1783084 |
| Republic of Kenya Government <br> International Bond (Kenya), 9.50%, <br> 03/05/2036<sup>(b)</sup><br>| 1772000 | &nbsp;&nbsp; 1558874 |
| Republic of Poland Government <br> International Bond (Poland), 5.38%, <br> 02/12/2035<br>| 3370000 | &nbsp;&nbsp; 3410496 |
| Romanian Government International Bond <br> (Romania)<br>|  |  |
| 6.63%, 02/17/2028<sup>(b)</sup> | 932000 | &nbsp;&nbsp; 954812 |
| 5.88%, 01/30/2029<sup>(b)</sup> | 3084000 | &nbsp;&nbsp; 3057763 |
| 7.13%, 01/17/2033<sup>(b)</sup> | 536000 | &nbsp;&nbsp; 541502 |
| 5.75%, 03/24/2035<sup>(b)</sup> | 3305000 | &nbsp;&nbsp; 2931601 |
| Trinidad & Tobago Government <br> International Bond (Trinidad), 6.40%, <br> 06/26/2034<sup>(b)</sup><br>| 2215000 | &nbsp;&nbsp; 2098065 |
|  |  | &nbsp;&nbsp; 30814865 |
| **Specialized Consumer Services-0.51%** | **Specialized Consumer Services-0.51%** | **Specialized Consumer Services-0.51%** |
| Rentokil Terminix Funding LLC |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> | 4222000 | &nbsp;&nbsp; 4215821 |
| 5.63%, 04/28/2035<sup>(b)(c)</sup> | 5353000 | &nbsp;&nbsp; 5373589 |
|  |  | &nbsp;&nbsp; 9589410 |
| **Specialized Finance-0.16%** | **Specialized Finance-0.16%** | **Specialized Finance-0.16%** |
| Blackstone Private Credit Fund, 4.95%, <br> 09/26/2027<sup>(b)</sup><br>| 393000 | &nbsp;&nbsp; 389408 |
| Jefferson Capital Holdings LLC |  |  |
| 9.50%, 02/15/2029<sup>(b)</sup> | 423000 | &nbsp;&nbsp; 443806 |
| 8.25%, 05/15/2030<sup>(b)</sup> | 2217000 | &nbsp;&nbsp; 2233863 |
|  |  | &nbsp;&nbsp; 3067077 |

---

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

------

**74**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialty Chemicals-0.18%** | **Specialty Chemicals-0.18%** | **Specialty Chemicals-0.18%** |
| OCP S.A. (Morocco) |  |  |
| 6.10%, 04/30/2030<sup>(b)</sup> | $1527000 | &nbsp;&nbsp; $1529530 |
| 6.70%, 03/01/2036<sup>(b)</sup> | 1698000 | &nbsp;&nbsp; 1684556 |
| Sociedad Quimica y Minera de Chile S.A. <br> (Chile), 6.50%, 11/07/2033<sup>(b)(c)</sup><br>| 185000 | &nbsp;&nbsp; 192978 |
|  |  | &nbsp;&nbsp; 3407064 |
| **Steel-0.38%** | **Steel-0.38%** | **Steel-0.38%** |
| Cleveland-Cliffs, Inc. |  |  |
| 5.88%, 06/01/2027<sup>(c)</sup> | 2446000 | &nbsp;&nbsp; 2415521 |
| 6.88%, 11/01/2029<sup>(b)</sup> | 1873000 | &nbsp;&nbsp; 1816217 |
| POSCO (South Korea), 5.63%, <br> 01/17/2026<sup>(b)</sup><br>| 774000 | &nbsp;&nbsp; 779875 |
| POSCO Holdings, Inc. (South Korea) |  |  |
| 5.13%, 05/07/2030<sup>(b)</sup> | 1381000 | &nbsp;&nbsp; 1381983 |
| 5.75%, 05/07/2035<sup>(b)</sup> | 860000 | &nbsp;&nbsp; 855970 |
|  |  | &nbsp;&nbsp; 7249566 |
| **Systems Software-0.25%** | **Systems Software-0.25%** | **Systems Software-0.25%** |
| Oracle Corp. |  |  |
| 6.25%, 11/09/2032 | 15000 | &nbsp;&nbsp; 16002 |
| 4.90%, 02/06/2033 | 32000 | &nbsp;&nbsp; 31470 |
| 4.70%, 09/27/2034 | 916000 | &nbsp;&nbsp; 872039 |
| 6.90%, 11/09/2052 | 20000 | &nbsp;&nbsp; 21535 |
| 5.38%, 09/27/2054 | 1065000 | &nbsp;&nbsp; 944736 |
| 6.00%, 08/03/2055 | 716000 | &nbsp;&nbsp; 697113 |
| 5.50%, 09/27/2064 | 803000 | &nbsp;&nbsp; 713285 |
| 6.13%, 08/03/2065 | 1372000 | &nbsp;&nbsp; 1339834 |
|  |  | &nbsp;&nbsp; 4636014 |
| **Technology Hardware, Storage & Peripherals-0.31%** | **Technology Hardware, Storage & Peripherals-0.31%** | **Technology Hardware, Storage & Peripherals-0.31%** |
| Dell International LLC/EMC Corp., 5.50%, <br> 04/01/2035<br>| 4383000 | &nbsp;&nbsp; 4305501 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 683000 | &nbsp;&nbsp; 659661 |
| 5.60%, 10/15/2054 | 975000 | &nbsp;&nbsp; 900169 |
|  |  | &nbsp;&nbsp; 5865331 |
| **Tobacco-0.56%** | **Tobacco-0.56%** | **Tobacco-0.56%** |
| B.A.T Capital Corp. (United Kingdom) |  |  |
| 5.83%, 02/20/2031 | 260000 | &nbsp;&nbsp; 270818 |
| 6.00%, 02/20/2034 | 110000 | &nbsp;&nbsp; 115035 |
| 7.08%, 08/02/2043 | 35000 | &nbsp;&nbsp; 37566 |
| 7.08%, 08/02/2053 | 18000 | &nbsp;&nbsp; 19581 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| Philip Morris International, Inc. |  |  |  |
| 4.75%, 02/12/2027 | $| 267000 | &nbsp;&nbsp; $269896 |
| 4.38%, 11/01/2027 |  | 956000 | &nbsp;&nbsp; 960514 |
| 4.88%, 02/15/2028 |  | 92000 | &nbsp;&nbsp; 93681 |
| 4.13%, 04/28/2028 |  | 311000 | &nbsp;&nbsp; 310726 |
| 5.25%, 09/07/2028 |  | 77000 | &nbsp;&nbsp; 79393 |
| 4.88%, 02/13/2029 |  | 327000 | &nbsp;&nbsp; 332386 |
| 4.63%, 11/01/2029 |  | 1238000 | &nbsp;&nbsp; 1249230 |
| 4.38%, 04/30/2030 |  | 1742000 | &nbsp;&nbsp; 1732072 |
| 5.13%, 02/13/2031 |  | 108000 | &nbsp;&nbsp; 110793 |
| 4.75%, 11/01/2031 |  | 965000 | &nbsp;&nbsp; 968915 |
| 5.75%, 11/17/2032 |  | 5000 | &nbsp;&nbsp; 5248 |
| 5.38%, 02/15/2033 |  | 114000 | &nbsp;&nbsp; 116782 |
| 5.63%, 09/07/2033 |  | 78000 | &nbsp;&nbsp; 80973 |
| 5.25%, 02/13/2034 |  | 354000 | &nbsp;&nbsp; 357736 |
| 4.90%, 11/01/2034<sup>(c)</sup> |  | 1697000 | &nbsp;&nbsp; 1673207 |
| 4.88%, 04/30/2035 |  | 1887000 | &nbsp;&nbsp; 1851073 |
|  |  |  | &nbsp;&nbsp; 10635625 |
| **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** |
| Air Lease Corp., Series B, 4.65%<sup>(d)(e)</sup> |  | 1242000 | &nbsp;&nbsp; 1205950 |
| Ferguson Enterprises, Inc., 5.00%, <br> 10/03/2034<br>|  | 415000 | &nbsp;&nbsp; 401846 |
| GATX Corp., 6.05%, 06/05/2054 |  | 1042000 | &nbsp;&nbsp; 1010806 |
| Mitsubishi Corp. (Japan) |  |  |  |
| 5.00%, 07/02/2029<sup>(b)(c)</sup> |  | 957000 | &nbsp;&nbsp; 979577 |
| 5.13%, 07/17/2034<sup>(b)(c)</sup> |  | 1069000 | &nbsp;&nbsp; 1087492 |
|  |  |  | &nbsp;&nbsp; 4685671 |
| **Transaction & Payment Processing Services-0.03%** | **Transaction & Payment Processing Services-0.03%** | **Transaction & Payment Processing Services-0.03%** | **Transaction & Payment Processing Services-0.03%** |
| Fiserv, Inc. |  |  |  |
| 5.38%, 08/21/2028 |  | 106000 | &nbsp;&nbsp; 108806 |
| 5.63%, 08/21/2033 |  | 68000 | &nbsp;&nbsp; 69304 |
| 5.45%, 03/15/2034 |  | 257000 | &nbsp;&nbsp; 258121 |
| Mastercard, Inc., 4.85%, 03/09/2033 |  | 55000 | &nbsp;&nbsp; 55596 |
|  |  |  | &nbsp;&nbsp; 491827 |
| **Wireless Telecommunication Services-0.03%** | **Wireless Telecommunication Services-0.03%** | **Wireless Telecommunication Services-0.03%** | **Wireless Telecommunication Services-0.03%** |
| Vodafone Group PLC (United Kingdom), <br> 5.13%, 06/04/2081<sup>(d)</sup><br>|  | 780000 | &nbsp;&nbsp; 581446 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $769,072,921) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $769,072,921) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $769,072,921) | &nbsp;&nbsp; 768210585 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-30.72%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-30.72%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-30.72%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-30.72%** |
| **Collateralized Mortgage Obligations-1.89%** | **Collateralized Mortgage Obligations-1.89%** | **Collateralized Mortgage Obligations-1.89%** | **Collateralized Mortgage Obligations-1.89%** |
| Freddie Mac Military Housing Bonds <br> Resecuritization Trust Ctfs., <br> Series 2015-R1, Class B1, 5.25%, <br> 11/25/2055<sup>(b)(i)</sup><br>|  | 882111 | &nbsp;&nbsp; 767451 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs.<br>|  |  |  |
| Series 2017-K066, Class AM, 3.20%, <br> 06/25/2027<br>|  | 250000 | &nbsp;&nbsp; 245367 |
| Series 2017-KGX1, Class AFX, 3.00%, <br> 10/25/2027<br>|  | 1000000 | &nbsp;&nbsp; 973869 |
| Series 2018-K074, Class AM, 3.60%, <br> 02/25/2028<br>|  | 1000000 | &nbsp;&nbsp; 986987 |
| Series 2018-K154, Class A3, 3.46%, <br> 11/25/2032<sup>(i)</sup><br>|  | 1000000 | &nbsp;&nbsp; 940965 |

---

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

------

**75**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** |
| Series K-161, Class A2, 4.90%, <br> 10/25/2033<sup>(i)</sup><br>| $| 10000000 | &nbsp;&nbsp; $10271079 |
| Series K-162, Class A2, 5.15%, <br> 12/25/2033<sup>(i)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10428213 |
| Series K-164, Class A2, 5.00%, <br> 05/25/2034<br>|  | 10000000 | &nbsp;&nbsp; 10321770 |
| Freddie Mac STRIPS, 0.00%, <br> 09/15/2030<sup>(j)</sup><br>|  | 350000 | &nbsp;&nbsp; 282757 |
| Seasoned Credit Risk Transfer Trust |  |  |  |
| Series 2017-3, Class HT, 3.25%, <br> 07/25/2056<br>|  | 241371 | &nbsp;&nbsp; 213848 |
| Series 2017-4, Class HT, 3.25%, <br> 06/25/2057<br>|  | 357074 | &nbsp;&nbsp; 322916 |
|  |  |  | &nbsp;&nbsp; 35755222 |
| **Federal Home Loan Mortgage Corp. (FHLMC)-1.36%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.36%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.36%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.36%** |
| 0.00%, 12/14/2029<sup>(j)</sup> |  | 150000 | &nbsp;&nbsp; 125560 |
| 3.55%, 10/01/2033 |  | 450797 | &nbsp;&nbsp; 420764 |
| 3.00%, 10/01/2034 |  | 178371 | &nbsp;&nbsp; 171483 |
| 4.00%, 11/01/2048 to 07/01/2049 |  | 223333 | &nbsp;&nbsp; 210649 |
| 3.50%, 08/01/2049 |  | 1463328 | &nbsp;&nbsp; 1337311 |
| 6.00%, 06/01/2053 to 08/01/2054 |  | 16852783 | &nbsp;&nbsp; 17238979 |
| 5.50%, 07/01/2053 |  | 6096512 | &nbsp;&nbsp; 6132467 |
|  |  |  | &nbsp;&nbsp; 25637213 |
| **Federal National Mortgage Association (FNMA)-0.77%** | **Federal National Mortgage Association (FNMA)-0.77%** | **Federal National Mortgage Association (FNMA)-0.77%** | **Federal National Mortgage Association (FNMA)-0.77%** |
| 2.82%, 10/01/2029 |  | 468676 | &nbsp;&nbsp; 445582 |
| 2.90%, 11/01/2029 |  | 478364 | &nbsp;&nbsp; 453989 |
| 3.08%, 10/01/2032 |  | 743702 | &nbsp;&nbsp; 688578 |
| 3.31%, 01/01/2033 |  | 961885 | &nbsp;&nbsp; 900944 |
| 2.50%, 10/01/2034 to 12/01/2034 |  | 1777154 | &nbsp;&nbsp; 1670321 |
| 3.50%, 05/01/2047 to 06/01/2047 |  | 1436230 | &nbsp;&nbsp; 1325040 |
| 4.00%, 11/01/2047 |  | 65896 | &nbsp;&nbsp; 62441 |
| 3.00%, 09/01/2049 to 10/01/2049 |  | 2620650 | &nbsp;&nbsp; 2316312 |
| 5.50%, 09/01/2053 |  | 6644535 | &nbsp;&nbsp; 6676496 |
|  |  |  | &nbsp;&nbsp; 14539703 |
| **Government National Mortgage Association (GNMA)-7.28%** | **Government National Mortgage Association (GNMA)-7.28%** | **Government National Mortgage Association (GNMA)-7.28%** | **Government National Mortgage Association (GNMA)-7.28%** |
| 4.00%, 07/20/2049 |  | 36749 | &nbsp;&nbsp; 34549 |
| TBA, 2.00%, 05/01/2055<sup>(k)</sup> |  | 4826634 | &nbsp;&nbsp; 3938940 |
| TBA, 2.50%, 05/01/2055<sup>(k)</sup> |  | 30422321 | &nbsp;&nbsp; 25932618 |
| TBA, 4.50%, 05/01/2055<sup>(k)</sup> |  | 22606070 | &nbsp;&nbsp; 21643522 |
| TBA, 5.00%, 05/01/2055<sup>(k)</sup> |  | 28938000 | &nbsp;&nbsp; 28392828 |
| TBA, 5.50%, 05/01/2055<sup>(k)</sup> |  | 28482317 | &nbsp;&nbsp; 28475974 |
| TBA, 6.00%, 05/01/2055<sup>(k)</sup> |  | 28542000 | &nbsp;&nbsp; 28875362 |
|  |  |  | &nbsp;&nbsp; 137293793 |
| **Uniform Mortgage-Backed Securities-19.42%** | **Uniform Mortgage-Backed Securities-19.42%** | **Uniform Mortgage-Backed Securities-19.42%** | **Uniform Mortgage-Backed Securities-19.42%** |
| TBA, 1.50%, 05/01/2040<sup>(k)</sup> |  | 8760000 | &nbsp;&nbsp; 7734338 |
| TBA, 2.00%, 05/01/2040<sup>(k)</sup> |  | 4687000 | &nbsp;&nbsp; 4259061 |
| TBA, 3.00%, 05/01/2055<sup>(k)</sup> |  | 58373007 | &nbsp;&nbsp; 50668628 |
| TBA, 3.50%, 05/01/2055<sup>(k)</sup> |  | 36982766 | &nbsp;&nbsp; 33381460 |
| TBA, 4.00%, 05/01/2055<sup>(k)</sup> |  | 30352117 | &nbsp;&nbsp; 28290550 |
| TBA, 4.50%, 05/01/2055<sup>(k)</sup> |  | 52156 | &nbsp;&nbsp; 49886 |
| TBA, 5.00%, 05/01/2055<sup>(k)</sup> |  | 50977512 | &nbsp;&nbsp; 49909564 |
| TBA, 5.50%, 05/01/2055<sup>(k)</sup> |  | 78829478 | &nbsp;&nbsp; 78671620 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Uniform Mortgage-Backed Securities-(continued)** | **Uniform Mortgage-Backed Securities-(continued)** | **Uniform Mortgage-Backed Securities-(continued)** | **Uniform Mortgage-Backed Securities-(continued)** |
| TBA, 6.00%, 05/01/2055<sup>(k)</sup> | $| 47680572 | &nbsp;&nbsp; $48375155 |
| TBA, 2.50%, 06/01/2055<sup>(k)</sup> |  | 78261929 | &nbsp;&nbsp; 65091828 |
|  |  |  | &nbsp;&nbsp; 366432090 |
| Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $580,007,108) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $580,007,108) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $580,007,108) | &nbsp;&nbsp; 579658021 |
| **Asset-Backed Securities-22.70%** | **Asset-Backed Securities-22.70%** | **Asset-Backed Securities-22.70%** | **Asset-Backed Securities-22.70%** |
| AGL CLO 17 Ltd. (Cayman Islands), <br> Series 2022-17A, Class AR, 5.22% (3 <br> mo. Term SOFR + 0.95%), <br> 01/21/2035<sup>(b)(f)</sup><br>|  | 4125000 | &nbsp;&nbsp; 4083791 |
| AGL CLO 29 Ltd. (Jersey), Series 2024-<br> 29A, Class A1, 5.84% (3 mo. Term <br> SOFR + 1.57%), 04/21/2037<sup>(b)(f)</sup><br>|  | 6019000 | &nbsp;&nbsp; 6019054 |
| AMSR Trust, Series 2021-SFR3, Class B, <br> 1.73%, 10/17/2038<sup>(b)</sup><br>|  | 4460000 | &nbsp;&nbsp; 4265144 |
| Angel Oak Mortgage Trust |  |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(b)(i)</sup><br>|  | 39086 | &nbsp;&nbsp; 37868 |
| Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(b)(i)</sup><br>|  | 157969 | &nbsp;&nbsp; 148949 |
| Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(b)(i)</sup><br>|  | 144964 | &nbsp;&nbsp; 139079 |
| Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(b)(i)</sup><br>|  | 928522 | &nbsp;&nbsp; 803238 |
| Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(b)</sup><br>|  | 2213583 | &nbsp;&nbsp; 2048306 |
| Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(b)</sup><br>|  | 656210 | &nbsp;&nbsp; 662295 |
| Series 2024-10, Class A1, 5.35%, <br> 10/25/2069<sup>(b)</sup><br>|  | 2933169 | &nbsp;&nbsp; 2962197 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)</sup><br>|  | 2988305 | &nbsp;&nbsp; 3007051 |
| Series 2024-8, Class A1, 5.34%, <br> 05/27/2069<sup>(b)</sup><br>|  | 8054700 | &nbsp;&nbsp; 8039646 |
| Series 2025-HB1, Class A1, 6.15% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(f)</sup><br>|  | 925000 | &nbsp;&nbsp; 925578 |
| Apidos CLO XII (Cayman Islands), <br> Series 2013-12A, Class ARR, 5.34% (3 <br> mo. Term SOFR + 1.08%), <br> 04/15/2031<sup>(b)(f)</sup><br>|  | 2366025 | &nbsp;&nbsp; 2364795 |
| Apidos CLO XXV (Cayman Islands), <br> Series 2016-25A, Class A1R3, 5.41% (3 <br> mo. Term SOFR + 1.14%), <br> 01/20/2037<sup>(b)(f)</sup><br>|  | 3677000 | &nbsp;&nbsp; 3651250 |
| Avis Budget Rental Car Funding (AESOP) <br> LLC<br>|  |  |  |
| Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(b)</sup><br>|  | 718000 | &nbsp;&nbsp; 730360 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup><br>|  | 2738000 | &nbsp;&nbsp; 2802126 |

---

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

------

**76**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2021-1A, Class AR, 5.21% (3 <br> mo. Term SOFR + 0.94%), <br> 04/18/2034<sup>(b)(f)</sup><br>| $2267000 | &nbsp;&nbsp; $2250066 |
| Series 2022-1A, Class A1, 5.59% (3 mo. <br> Term SOFR + 1.32%), 04/18/2035<sup>(b)(f)</sup><br>| 1692000 | &nbsp;&nbsp; 1686916 |
| Bank5, Series 2024-5YR10, Class A, <br> 5.64%, 10/15/2057<br>| 1020000 | &nbsp;&nbsp; 1033733 |
| Bayview MSR Opportunity Master Fund <br> Trust<br>|  |  |
| Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1538383 | &nbsp;&nbsp; 1309615 |
| Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1538383 | &nbsp;&nbsp; 1256302 |
| Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1364178 | &nbsp;&nbsp; 1214399 |
| Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 1694767 | &nbsp;&nbsp; 1444330 |
| Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 2067998 | &nbsp;&nbsp; 1688806 |
| Bear Stearns Asset Backed Securities I <br> Trust, Series 2006-HE9, Class 2A, <br> 4.72% (1 mo. Term SOFR + 0.39%), <br> 11/25/2036<sup>(f)</sup><br>| 79385 | &nbsp;&nbsp; 78326 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B3, Class C, 4.71%, <br> 04/10/2051<sup>(i)</sup><br>| 2500000 | &nbsp;&nbsp; 2129601 |
| Series 2019-B15, Class B, 3.56%, <br> 12/15/2072<br>| 2000000 | &nbsp;&nbsp; 1722782 |
| Benefit Street Partners CLO XXV Ltd. <br> (Cayman Islands), Series 2021-25A, <br> Class A1R, 5.26% (3 mo. Term SOFR + <br> 1.00%), 01/15/2035<sup>(b)(f)</sup><br>| 5715000 | &nbsp;&nbsp; 5671040 |
| BMO Mortgage Trust, Series 2024-5C5, <br> Class AS, 6.36%, 02/15/2057<sup>(i)</sup><br>| 3600000 | &nbsp;&nbsp; 3774576 |
| BRAVO Residential Funding Trust |  |  |
| Series 2021-NQM2, Class A1, 0.97%, <br> 03/25/2060<sup>(b)(i)</sup><br>| 200062 | &nbsp;&nbsp; 193254 |
| Series 2021-NQM2, Class A2, 1.28%, <br> 03/25/2060<sup>(b)(i)</sup><br>| 656990 | &nbsp;&nbsp; 634560 |
| Buckhorn Park CLO Ltd. (Cayman Islands), <br> Series 2019-1A, Class ARR, 5.34% (3 <br> mo. Term SOFR + 1.07%), <br> 07/18/2034<sup>(b)(f)</sup><br>| 3826000 | &nbsp;&nbsp; 3806931 |
| BX Commercial Mortgage Trust |  |  |
| Series 2021-VOLT, Class C, 5.54% (1 <br> mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(b)(f)</sup><br>| 3005000 | &nbsp;&nbsp; 2965851 |
| Series 2021-VOLT, Class D, 6.09% (1 <br> mo. Term SOFR + 1.76%), <br> 09/15/2036<sup>(b)(f)</sup><br>| 8799000 | &nbsp;&nbsp; 8675035 |
| Series 2024-VLT5, Class A, 5.59%, <br> 11/13/2046<sup>(b)(i)</sup><br>| 3115000 | &nbsp;&nbsp; 3103137 |
| Series 2024-VLT5, Class B, 6.00%, <br> 11/13/2046<sup>(b)(i)</sup><br>| 1995000 | &nbsp;&nbsp; 1989540 |
| BX Trust |  |  |
| Series 2021-LGCY, Class B, 5.29% (1 <br> mo. Term SOFR + 0.97%), <br> 10/15/2036<sup>(b)(f)</sup><br>| 10000000 | &nbsp;&nbsp; 9917991 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2022-LBA6, Class A, 5.32% (1 <br> mo. Term SOFR + 1.00%), <br> 01/15/2039<sup>(b)(f)</sup><br>| $2085000 | &nbsp;&nbsp; $2076147 |
| Series 2022-LBA6, Class B, 5.62% (1 <br> mo. Term SOFR + 1.30%), <br> 01/15/2039<sup>(b)(f)</sup><br>| 1285000 | &nbsp;&nbsp; 1278213 |
| Series 2022-LBA6, Class C, 5.92% (1 <br> mo. Term SOFR + 1.60%), <br> 01/15/2039<sup>(b)(f)</sup><br>| 690000 | &nbsp;&nbsp; 686060 |
| Series 2025-VLT6, Class A, 5.77% (1 <br> mo. Term SOFR + 1.44%), <br> 03/15/2042<sup>(b)(f)</sup><br>| 6020000 | &nbsp;&nbsp; 5970539 |
| Series 2025-VLT6, Class B, 6.21% (1 <br> mo. Term SOFR + 1.89%), <br> 03/15/2042<sup>(b)(f)</sup><br>| 4375000 | &nbsp;&nbsp; 4332967 |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2015-4A, Class A1RR, 5.49% (3 <br> mo. Term SOFR + 1.22%), <br> 07/20/2032<sup>(b)(f)</sup><br>| 1462811 | &nbsp;&nbsp; 1463624 |
| Series 2015-5A, Class A1R3, 5.37% (3 <br> mo. Term SOFR + 1.10%), <br> 01/20/2032<sup>(b)(f)</sup><br>| 917568 | &nbsp;&nbsp; 916868 |
| CarMax Auto Owner Trust, Series 2024-1, <br> Class A3, 4.92%, 10/16/2028<br>| 3710000 | &nbsp;&nbsp; 3735343 |
| Cedar Funding XI CLO Ltd. (Cayman <br> Islands), Series 2019-11A, Class A1R2, <br> 5.38% (3 mo. Term SOFR + 1.06%), <br> 05/29/2032<sup>(b)(f)</sup><br>| 6433320 | &nbsp;&nbsp; 6420209 |
| Chase Home Lending Mortgage Trust |  |  |
| Series 2019-ATR2, Class A3, 3.50%, <br> 07/25/2049<sup>(b)(i)</sup><br>| 69118 | &nbsp;&nbsp; 62819 |
| Series 2024-9, Class A4, 5.50%, <br> 09/25/2055<sup>(b)(i)</sup><br>| 5513783 | &nbsp;&nbsp; 5525576 |
| Series 2024-9, Class A6, 5.50%, <br> 09/25/2055<sup>(b)(i)</sup><br>| 835607 | &nbsp;&nbsp; 836273 |
| CIFC Funding Ltd. (Cayman Islands), <br> Series 2016-1A, Class AR3, 5.27% (3 <br> mo. Term SOFR + 1.00%), <br> 10/21/2031<sup>(b)(f)</sup><br>| 1599000 | &nbsp;&nbsp; 1566671 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2021-INV3, Class A3, 2.50%, <br> 05/25/2051<sup>(b)(i)</sup><br>| 1566011 | &nbsp;&nbsp; 1277887 |
| Series 2024-1, Class A3A, 6.00%, <br> 07/25/2054<sup>(b)(i)</sup><br>| 2600557 | &nbsp;&nbsp; 2617643 |
| Clover CLO LLC, Series 2021-3A, <br> Class AR, 5.35% (3 mo. Term SOFR + <br> 1.07%), 01/25/2035<sup>(b)(f)</sup><br>| 6000000 | &nbsp;&nbsp; 5953902 |
| COLT Mortgage Loan Trust |  |  |
| Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(b)(i)</sup><br>| 1212619 | &nbsp;&nbsp; 1092634 |
| Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(b)</sup><br>| 1289250 | &nbsp;&nbsp; 1214705 |
| Commercial Mortgage Trust, Series 2015-<br> CR25, Class B, 4.66%, 08/10/2048<sup>(i)</sup><br>| 2400000 | &nbsp;&nbsp; 2385679 |
| Credit Suisse Mortgage Capital Trust |  |  |
| Series 2021-NQM1, Class A1, 0.81%, <br> 05/25/2065<sup>(b)(i)</sup><br>| 335738 | &nbsp;&nbsp; 306952 |
| Series 2021-NQM2, Class A1, 1.18%, <br> 02/25/2066<sup>(b)(i)</sup><br>| 203622 | &nbsp;&nbsp; 184084 |

---

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

------

**77**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2022-ATH1, Class A1A, 2.87%, <br> 01/25/2067<sup>(b)(i)</sup><br>| $1557590 | &nbsp;&nbsp; $1504883 |
| Series 2022-ATH1, Class A1B, 3.35%, <br> 01/25/2067<sup>(b)(i)</sup><br>| 1160000 | &nbsp;&nbsp; 1051649 |
| Cross Mortgage Trust |  |  |
| Series 2024-H2, Class A1, 6.09%, <br> 04/25/2069<sup>(b)</sup><br>| 3055070 | &nbsp;&nbsp; 3075405 |
| Series 2024-H8, Class A1, 5.55%, <br> 12/25/2069<sup>(b)(i)</sup><br>| 4680282 | &nbsp;&nbsp; 4695748 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, 2.56%, <br> 03/15/2053<br>| 1459000 | &nbsp;&nbsp; 1312670 |
| DLLST LLC, Series 2024-1A, Class A3, <br> 5.05%, 08/20/2027<sup>(b)</sup><br>| 2050000 | &nbsp;&nbsp; 2060430 |
| Domino's Pizza Master Issuer LLC, <br> Series 2019-1A, Class A2, 3.67%, <br> 10/25/2049<sup>(b)</sup><br>| 1920000 | &nbsp;&nbsp; 1810741 |
| Ellington Financial Mortgage Trust |  |  |
| Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(b)(i)</sup><br>| 116010 | &nbsp;&nbsp; 110105 |
| Series 2020-1, Class A1, 2.01%, <br> 05/25/2065<sup>(b)(i)</sup><br>| 9114 | &nbsp;&nbsp; 9002 |
| Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(b)(i)</sup><br>| 218713 | &nbsp;&nbsp; 186050 |
| Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(b)(i)</sup><br>| 1188544 | &nbsp;&nbsp; 1037430 |
| Series 2024-INV2, Class A1, 5.04%, <br> 10/25/2069<sup>(b)</sup><br>| 1712293 | &nbsp;&nbsp; 1700956 |
| Empower CLO Ltd. (Cayman Islands), <br> Series 2024-1A, Class A1, 5.88% (3 mo. <br> Term SOFR + 1.60%), 04/25/2037<sup>(b)(f)</sup><br>| 2575000 | &nbsp;&nbsp; 2577482 |
| Enterprise Fleet Financing LLC |  |  |
| Series 2024-2, Class A2, 5.74%, <br> 12/20/2026<sup>(b)</sup><br>| 734226 | &nbsp;&nbsp; 738002 |
| Series 2024-2, Class A3, 5.61%, <br> 04/20/2028<sup>(b)</sup><br>| 440000 | &nbsp;&nbsp; 448827 |
| Series 2024-2, Class A4, 5.69%, <br> 12/20/2030<sup>(b)</sup><br>| 515000 | &nbsp;&nbsp; 532342 |
| Series 2024-4, Class A3, 4.56%, <br> 11/20/2028<sup>(b)</sup><br>| 1310000 | &nbsp;&nbsp; 1319996 |
| Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.82% (1 mo. <br> Term SOFR + 1.49%), 07/15/2038<sup>(b)(f)</sup><br>| 8156473 | &nbsp;&nbsp; 8132925 |
| Flagstar Mortgage Trust |  |  |
| Series 2021-11IN, Class A6, 3.70%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 2455100 | &nbsp;&nbsp; 2193554 |
| Series 2021-8INV, Class A6, 2.50%, <br> 09/25/2051<sup>(b)(i)</sup><br>| 863610 | &nbsp;&nbsp; 774374 |
| Fort Greene Park CLO LLC, Series 2025-<br> 2A, Class AR, 5.22% (3 mo. Term SOFR <br> + 0.95%), 04/22/2034<sup>(b)(f)</sup><br>| 6446000 | &nbsp;&nbsp; 6402238 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, 08/20/2053<sup>(b)</sup><br>| 2515295 | &nbsp;&nbsp; 2556634 |
| GCAT Trust |  |  |
| Series 2019-NQM3, Class A1, 3.69%, <br> 11/25/2059<sup>(b)(i)</sup><br>| 165653 | &nbsp;&nbsp; 161436 |
| Series 2024-INV1, Class 2A2, 6.50%, <br> 01/25/2054<sup>(b)(i)</sup><br>| 6826261 | &nbsp;&nbsp; 6932165 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Goldentree Loan Management US CLO 1 <br> Ltd. (Cayman Islands), Series 2017-1A, <br> Class A1R3, 5.24% (3 mo. Term SOFR + <br> 0.97%), 04/20/2034<sup>(b)(f)</sup><br>| $1539000 | &nbsp;&nbsp; $1529511 |
| GoldenTree Loan Management US CLO 5 <br> Ltd. (Cayman Islands), Series 2019-5A, <br> Class ARR, 5.34% (3 mo. Term SOFR + <br> 1.07%), 10/20/2032<sup>(b)(f)</sup><br>| 4125837 | &nbsp;&nbsp; 4123435 |
| GoldenTree Loan Management US CLO 8 <br> Ltd. (Cayman Islands), Series 2020-8A, <br> Class ARR, 5.42% (3 mo. Term SOFR + <br> 1.15%), 10/20/2034<sup>(b)(f)</sup><br>| 5223000 | &nbsp;&nbsp; 5197574 |
| Golub Capital Partners CLO 53(B) Ltd. <br> (Cayman Islands), Series 2021-53A, <br> Class AR, 5.29% (3 mo. Term SOFR + <br> 0.98%), 07/20/2034<sup>(b)(f)</sup><br>| 5796000 | &nbsp;&nbsp; 5745285 |
| GS Mortgage Securities Trust |  |  |
| Series 2020-GC45, Class A5, 2.91%, <br> 02/13/2053<br>| 1560000 | &nbsp;&nbsp; 1446704 |
| Series 2020-GC47, Class A5, 2.38%, <br> 05/12/2053<br>| 1530000 | &nbsp;&nbsp; 1374569 |
| GS Mortgage-Backed Securities Trust, <br> Series 2021-INV1, Class A6, 2.50%, <br> 12/25/2051<sup>(b)(i)</sup><br>| 3462252 | &nbsp;&nbsp; 3081682 |
| Hertz Vehicle Financing III L.P. |  |  |
| Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(b)</sup><br>| 539000 | &nbsp;&nbsp; 515503 |
| Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(b)</sup><br>| 286000 | &nbsp;&nbsp; 272356 |
| HPEFS Equipment Trust, Series 2023-2A, <br> Class A2, 6.04%, 01/21/2031<sup>(b)</sup><br>| 185905 | &nbsp;&nbsp; 186247 |
| Invitation Homes Trust, Series 2024-SFR1, <br> Class A, 4.00%, 09/17/2041<sup>(b)</sup><br>| 4182835 | &nbsp;&nbsp; 4053055 |
| JP Morgan Mortgage Trust |  |  |
| Series 2021-LTV2, Class A1, 2.52%, <br> 05/25/2052<sup>(b)(i)</sup><br>| 2000041 | &nbsp;&nbsp; 1723462 |
| Series 2024-8, Class A3, 5.50%, <br> 01/25/2055<sup>(b)(i)</sup><br>| 6788436 | &nbsp;&nbsp; 6751099 |
| Series 2024-VIS1, Class A1, 5.99%, <br> 07/25/2064<sup>(b)(i)</sup><br>| 2096421 | &nbsp;&nbsp; 2113222 |
| JPMDB Commercial Mortgage Securities <br> Trust, Series 2020-COR7, Class C, <br> 3.86%, 05/13/2053<sup>(i)</sup><br>| 2908000 | &nbsp;&nbsp; 1722960 |
| KKR CLO 15 Ltd. (Cayman Islands), <br> Series 15, Class A1R2, 5.37% (3 mo. <br> Term SOFR + 1.10%), 01/18/2032<sup>(b)(f)</sup><br>| 6350079 | &nbsp;&nbsp; 6345539 |
| KKR Financial CLO Ltd. (Cayman Islands), <br> Series 2013-1A, Class A1R2, 5.36% (3 <br> mo. Term SOFR + 1.10%), <br> 04/15/2029<sup>(b)(f)</sup><br>| 148093 | &nbsp;&nbsp; 148141 |
| Life Mortgage Trust, Series 2021-BMR, <br> Class C, 5.54% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(f)</sup><br>| 53400 | &nbsp;&nbsp; 52762 |
| Madison Park Funding XXXIII Ltd. (Cayman <br> Islands), Series 2019-33A, Class AR, <br> 5.55% (3 mo. Term SOFR + 1.29%), <br> 10/15/2032<sup>(b)(f)</sup><br>| 2321000 | &nbsp;&nbsp; 2320223 |

---

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

------

**78**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Mello Mortgage Capital Acceptance Trust |  |  |
| Series 2021-INV2, Class A4, 2.50%, <br> 08/25/2051<sup>(b)(i)</sup><br>| $888214 | &nbsp;&nbsp; $787743 |
| Series 2021-INV3, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 954201 | &nbsp;&nbsp; 851039 |
| MFA Trust, Series 2021-INV2, Class A1, <br> 1.91%, 11/25/2056<sup>(b)(i)</sup><br>| 3308567 | &nbsp;&nbsp; 2943955 |
| MHP Commercial Mortgage Trust, <br> Series 2021-STOR, Class B, 5.34% (1 <br> mo. Term SOFR + 1.01%), <br> 07/15/2038<sup>(b)(f)</sup><br>| 615000 | &nbsp;&nbsp; 611430 |
| Morgan Stanley Bank of America Merrill <br> Lynch Trust, Series 2015-C25, Class B, <br> 4.67%, 10/15/2048<sup>(i)</sup><br>| 1032000 | &nbsp;&nbsp; 1009161 |
| Morgan Stanley Capital I Trust, <br> Series 2019-L3, Class AS, 3.49%, <br> 11/15/2052<br>| 1580000 | &nbsp;&nbsp; 1453049 |
| Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |
| Series 2024-3, Class A1, 6.00%, <br> 07/25/2054<sup>(b)(i)</sup><br>| 5517048 | &nbsp;&nbsp; 5542950 |
| Series 2024-NQM5, Class A1, 5.65%, <br> 10/25/2069<sup>(b)(i)</sup><br>| 5897440 | &nbsp;&nbsp; 5926136 |
| Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(b)(i)</sup><br>| 7155626 | &nbsp;&nbsp; 7205779 |
| MSC Trust, Series 2021-ILP, Class A, <br> 5.21% (1 mo. Term SOFR + 0.89%), <br> 11/15/2036<sup>(b)(f)</sup><br>| 5354294 | &nbsp;&nbsp; 5331021 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup><br>| 2479000 | &nbsp;&nbsp; 2503474 |
| Neuberger Berman Loan Advisers CLO 40 <br> Ltd. (Cayman Islands), Series 2021-40A, <br> Class A, 5.58% (3 mo. Term SOFR + <br> 1.32%), 04/16/2033<sup>(b)(f)</sup><br>| 957508 | &nbsp;&nbsp; 958317 |
| Neuberger Berman Loan Advisers CLO 49 <br> Ltd. (Cayman Islands), Series 2022-49A, <br> Class AR, 5.43% (3 mo. Term SOFR + <br> 1.15%), 07/25/2035<sup>(b)(f)</sup><br>| 2628000 | &nbsp;&nbsp; 2622663 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2019-NQM4, Class A1, 2.49%, <br> 09/25/2059<sup>(b)(i)</sup><br>| 108388 | &nbsp;&nbsp; 102700 |
| Series 2020-NQM1, Class A1, 2.46%, <br> 01/26/2060<sup>(b)(i)</sup><br>| 403685 | &nbsp;&nbsp; 381330 |
| Series 2022-NQM2, Class A1, 3.08%, <br> 03/27/2062<sup>(b)(i)</sup><br>| 1245236 | &nbsp;&nbsp; 1172003 |
| Series 2024-NQM3, Class A1, 5.47%, <br> 11/25/2064<sup>(b)</sup><br>| 979689 | &nbsp;&nbsp; 982377 |
| Oaktree CLO Ltd. (Cayman Islands), <br> Series 2021-2A, Class AR, 5.23% (3 <br> mo. Term SOFR + 0.97%), <br> 01/15/2035<sup>(b)(f)</sup><br>| 6445000 | &nbsp;&nbsp; 6373512 |
| OBX Trust |  |  |
| Series 2021-NQM4, Class A1, 1.96%, <br> 10/25/2061<sup>(b)(i)</sup><br>| 1615220 | &nbsp;&nbsp; 1363920 |
| Series 2022-NQM1, Class A1, 2.31%, <br> 11/25/2061<sup>(b)(i)</sup><br>| 1448593 | &nbsp;&nbsp; 1289345 |
| Series 2022-NQM2, Class A1B, 3.38%, <br> 01/25/2062<sup>(b)</sup><br>| 1415000 | &nbsp;&nbsp; 1265553 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2024-NQM14, Class A1, 4.94%, <br> 09/25/2064<sup>(b)</sup><br>| $2030349 | &nbsp;&nbsp; $2018346 |
| Series 2024-NQM18, Class A1, 5.41%, <br> 10/25/2064<sup>(b)(i)</sup><br>| 1310583 | &nbsp;&nbsp; 1313118 |
| Oceanview Mortgage Trust, Series 2021-3, <br> Class A5, 2.50%, 07/25/2051<sup>(b)(i)</sup><br>| 995004 | &nbsp;&nbsp; 892245 |
| OCP CLO Ltd. (Cayman Islands), <br> Series 2020-8RA, Class AR, 5.53% (3 <br> mo. Term SOFR + 1.25%), <br> 10/17/2036<sup>(b)(f)</sup><br>| 6049000 | &nbsp;&nbsp; 6024804 |
| One Bryant Park Trust, Series 2019-OBP, <br> Class A, 2.52%, 09/15/2054<sup>(b)</sup><br>| 457000 | &nbsp;&nbsp; 408837 |
| Pikes Peak CLO 6 (Cayman Islands), <br> Series 2020-6A, Class ARR, 5.26% (3 <br> mo. Term SOFR + 0.94%), <br> 05/18/2034<sup>(b)(f)</sup><br>| 4742000 | &nbsp;&nbsp; 4702144 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(b)(i)</sup><br>| 1581933 | &nbsp;&nbsp; 1604610 |
| PPM CLO 3 Ltd., Series 2019-3A, <br> Class AR, 5.63% (3 mo. Term SOFR + <br> 1.35%), 04/17/2034<sup>(b)(f)</sup><br>| 250000 | &nbsp;&nbsp; 249448 |
| Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(b)</sup><br>| 6383003 | &nbsp;&nbsp; 6711172 |
| Rate Mortgage Trust |  |  |
| Series 2024-J4, Class A1, 6.00%, <br> 12/25/2054<sup>(b)(i)</sup><br>| 2315838 | &nbsp;&nbsp; 2332121 |
| Series 2025-J1, Class A4, 6.00%, <br> 03/25/2055<sup>(b)(i)</sup><br>| 2161726 | &nbsp;&nbsp; 2184824 |
| Regatta XIII Funding Ltd. (Cayman Islands), <br> Series 2018-2A, Class A1R, 5.36% (3 <br> mo. Term SOFR + 1.10%), <br> 07/15/2031<sup>(b)(f)</sup><br>| 1377506 | &nbsp;&nbsp; 1377091 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(b)(i)</sup><br>| 10208 | &nbsp;&nbsp; 10090 |
| SG Residential Mortgage Trust, <br> Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(b)(i)</sup><br>| 2304518 | &nbsp;&nbsp; 2128098 |
| Shackleton CLO Ltd. (Cayman Islands), <br> Series 2015-7RA, Class ARR, 5.36% (3 <br> mo. Term SOFR + 1.10%), <br> 07/15/2031<sup>(b)(f)</sup><br>| 975840 | &nbsp;&nbsp; 974048 |
| Signal Peak CLO 1 Ltd., Series 2014-1A, <br> Class AR4, 5.36% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(f)</sup><br>| 6080000 | &nbsp;&nbsp; 6043538 |
| Sonic Capital LLC |  |  |
| Series 2020-1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup><br>| 1552027 | &nbsp;&nbsp; 1517591 |
| Series 2021-1A, Class A2I, 2.19%, <br> 08/20/2051<sup>(b)</sup><br>| 1774067 | &nbsp;&nbsp; 1616922 |
| Series 2021-1A, Class A2II, 2.64%, <br> 08/20/2051<sup>(b)</sup><br>| 1812634 | &nbsp;&nbsp; 1529875 |
| STAR Trust, Series 2021-1, Class A1, <br> 1.22%, 05/25/2065<sup>(b)(i)</sup><br>| 602946 | &nbsp;&nbsp; 564082 |
| Starwood Mortgage Residential Trust |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(b)(i)</sup><br>| 10626 | &nbsp;&nbsp; 10155 |
| Series 2020-INV1, Class A1, 1.03%, <br> 11/25/2055<sup>(b)(i)</sup><br>| 310613 | &nbsp;&nbsp; 292529 |

---

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

------

**79**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(b)(i)</sup><br>| $1967449 | &nbsp;&nbsp; $1741912 |
| Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(b)(i)</sup><br>| 1513797 | &nbsp;&nbsp; 1344244 |
| Store Master Funding I-VII, Series 2016-<br> 1A, Class A2, 4.32%, 10/20/2046<sup>(b)</sup><br>| 418653 | &nbsp;&nbsp; 411388 |
| Subway Funding LLC |  |  |
| Series 2024-1A, Class A23, 6.51%, <br> 07/30/2054<sup>(b)</sup><br>| 2658640 | &nbsp;&nbsp; 2700906 |
| Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup><br>| 2039750 | &nbsp;&nbsp; 2067327 |
| Series 2024-1A, Class A2I, 6.27%, <br> 07/30/2054<sup>(b)</sup><br>| 2021840 | &nbsp;&nbsp; 2061764 |
| Series 2024-3A, Class A23, 5.91%, <br> 07/30/2054<sup>(b)</sup><br>| 3263600 | &nbsp;&nbsp; 3250266 |
| Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup><br>| 5049625 | &nbsp;&nbsp; 5017368 |
| Series 2024-3A, Class A2I, 5.57%, <br> 07/30/2054<sup>(b)</sup><br>| 3094450 | &nbsp;&nbsp; 3076327 |
| Symphony CLO XVI Ltd. (Cayman Islands), <br> Series 2015-16A, Class ARR, 5.46% (3 <br> mo. Term SOFR + 1.20%), <br> 10/15/2031<sup>(b)(f)</sup><br>| 1116670 | &nbsp;&nbsp; 1116276 |
| Symphony CLO XX Ltd. (Cayman Islands), <br> Series 2018-20A, Class AR2, 5.36% (3 <br> mo. Term SOFR + 1.10%), <br> 01/16/2032<sup>(b)(f)</sup><br>| 2142676 | &nbsp;&nbsp; 2140533 |
| Symphony CLO XXI Ltd. (Cayman Islands), <br> Series 2019-21A, Class AR2, 5.16% (3 <br> mo. Term SOFR + 0.90%), <br> 07/15/2032<sup>(b)(f)</sup><br>| 4137530 | &nbsp;&nbsp; 4125721 |
| Symphony CLO XXII Ltd. (Cayman Islands), <br> Series 2020-22A, Class A1AR, 5.45% (3 <br> mo. Term SOFR + 1.18%), <br> 04/18/2033<sup>(b)(f)</sup><br>| 3825000 | &nbsp;&nbsp; 3820605 |
| Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, 4.93%, <br> 07/15/2030<br>| 8085000 | &nbsp;&nbsp; 8225939 |
| Taco Bell Funding LLC, Series 2016-1A, <br> Class A23, 4.97%, 05/25/2046<sup>(b)</sup><br>| 140625 | &nbsp;&nbsp; 140673 |
| Textainer Marine Containers VII Ltd. <br> (China), Series 2021-2A, Class A, <br> 2.23%, 04/20/2046<sup>(b)</sup><br>| 1094800 | &nbsp;&nbsp; 1010238 |
| TierPoint Issuer LLC |  |  |
| Series 2023-1A, Class A2, 6.00%, <br> 06/25/2053<sup>(b)</sup><br>| 79583 | &nbsp;&nbsp; 478481 |
| Series 2025-1A, Class A2, 6.15%, <br> 04/26/2055<sup>(b)</sup><br>| 4120000 | &nbsp;&nbsp; 4150430 |
| Series 2025-2A, Class A2, 6.40%, <br> 04/26/2055<sup>(b)</sup><br>| 3221000 | &nbsp;&nbsp; 3212419 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, 1.48%, <br> 11/17/2039<sup>(b)</sup><br>| 912058 | &nbsp;&nbsp; 850357 |
| Tricon Residential Trust, Series 2025-<br> SFR1, Class A, 5.42% (1 mo. Term <br> SOFR + 1.10%), 03/17/2042<sup>(b)(f)</sup><br>| 4665000 | &nbsp;&nbsp; 4658550 |
| Verus Securitization Trust |  |  |
| Series 2021-1, Class A1B, 0.82%, <br> 01/25/2066<sup>(b)(i)</sup><br>| 655033 | &nbsp;&nbsp; 580637 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Series 2021-2, Class A1, 1.03%, <br> 02/25/2066<sup>(b)(i)</sup><br>| $| 895751 | &nbsp;&nbsp; $794907 |
| Series 2021-7, Class A1, 1.83%, <br> 10/25/2066<sup>(b)</sup><br>|  | 1564127 | &nbsp;&nbsp; 1406688 |
| Series 2021-R1, Class A1, 0.82%, <br> 10/25/2063<sup>(b)(i)</sup><br>|  | 389457 | &nbsp;&nbsp; 375192 |
| Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(b)</sup><br>|  | 1235881 | &nbsp;&nbsp; 1148765 |
| Series 2024-7, Class A1, 5.10%, <br> 09/25/2069<sup>(b)(i)</sup><br>|  | 2709106 | &nbsp;&nbsp; 2696396 |
| Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(b)</sup><br>|  | 106057 | &nbsp;&nbsp; 101517 |
| Wells Fargo Commercial Mortgage Trust, <br> Series 2016-NXS5, Class XA, IO, 1.51%, <br> 01/15/2059<sup>(l)</sup><br>|  | 1110010 | &nbsp;&nbsp; 5889 |
| Wendy's Funding LLC, Series 2019-1A, <br> Class A2II, 4.08%, 06/15/2049<sup>(b)</sup><br>|  | 443715 | &nbsp;&nbsp; 426991 |
| WEST Trust 2025-ROSE, Series 2025-<br> ROSE, Class A, 5.45%, 04/10/2030<sup>(b)(i)</sup><br>|  | 3098000 | &nbsp;&nbsp; 3125261 |
| WF Card Issuance Trust, Series 2024-A1, <br> Class A, 4.94%, 02/15/2029<br>|  | 9926000 | &nbsp;&nbsp; 10068218 |
| WFRBS Commercial Mortgage Trust, <br> Series 2014-C23, Class B, 4.43%, <br> 10/15/2057<sup>(i)</sup><br>|  | 307000 | &nbsp;&nbsp; 287922 |
| Zaxby's Funding LLC |  |  |  |
| Series 2021-1A, Class A2, 3.24%, <br> 07/30/2051<sup>(b)</sup><br>|  | 4138750 | &nbsp;&nbsp; 3803799 |
| Series 2024-1A, Class A2I, 6.59%, <br> 04/30/2054<sup>(b)</sup><br>|  | 1191000 | &nbsp;&nbsp; 1236517 |
| Ziply Fiber Issuer LLC, Series 2024-1A, <br> Class A2, 6.64%, 04/20/2054<sup>(b)</sup><br>|  | 2331000 | &nbsp;&nbsp; 2390943 |
| Total Asset-Backed Securities <br>(Cost $438,726,247) | Total Asset-Backed Securities <br>(Cost $438,726,247) | Total Asset-Backed Securities <br>(Cost $438,726,247) | &nbsp;&nbsp; 428405197 |
| **U.S. Treasury Securities-14.22%** | **U.S. Treasury Securities-14.22%** | **U.S. Treasury Securities-14.22%** | **U.S. Treasury Securities-14.22%** |
| **U.S. Treasury Bills-0.37%**<sup>(m)</sup> | **U.S. Treasury Bills-0.37%**<sup>(m)</sup> | **U.S. Treasury Bills-0.37%**<sup>(m)</sup> | **U.S. Treasury Bills-0.37%**<sup>(m)</sup> |
| 4.24%, 05/29/2025<sup>(n)</sup> |  | 6982000 | &nbsp;&nbsp; 6959112 |
| **U.S. Treasury Bonds-4.38%** | **U.S. Treasury Bonds-4.38%** | **U.S. Treasury Bonds-4.38%** | **U.S. Treasury Bonds-4.38%** |
| 4.75%, 02/15/2045 |  | 1868100 | &nbsp;&nbsp; 1881381 |
| 4.50%, 11/15/2054 |  | 83466100 | &nbsp;&nbsp; 80818660 |
|  |  |  | &nbsp;&nbsp; 82700041 |
| **U.S. Treasury Notes-9.47%** | **U.S. Treasury Notes-9.47%** | **U.S. Treasury Notes-9.47%** | **U.S. Treasury Notes-9.47%** |
| 3.75%, 04/30/2027 |  | 43810700 | &nbsp;&nbsp; 43940763 |
| 3.75%, 04/15/2028 |  | 5661100 | &nbsp;&nbsp; 5687415 |
| 3.88%, 04/30/2030 |  | 65464400 | &nbsp;&nbsp; 65934925 |
| 4.00%, 04/30/2032 |  | 10787800 | &nbsp;&nbsp; 10835839 |
| 4.63%, 02/15/2035 |  | 50441200 | &nbsp;&nbsp; 52336686 |
|  |  |  | &nbsp;&nbsp; 178735628 |
| Total U.S. Treasury Securities <br>(Cost $266,450,601) | Total U.S. Treasury Securities <br>(Cost $266,450,601) | Total U.S. Treasury Securities <br>(Cost $266,450,601) | &nbsp;&nbsp; 268394781 |
| **Municipal Obligations-1.09%** | **Municipal Obligations-1.09%** | **Municipal Obligations-1.09%** | **Municipal Obligations-1.09%** |
| Illinois (State of), Series 2010-1, GO <br> Bonds, (INS - AGM), 6.63%, <br> 02/01/2035<sup>(o)</sup><br>|  | 153846 | &nbsp;&nbsp; 163702 |
| Los Angeles (City of), CA Department of <br> Water & Power, Series 2010, RB, <br> 6.57%, 07/01/2045<br>|  | 255000 | &nbsp;&nbsp; 266286 |

---

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

------

**80**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| New Jersey (State of) Transportation <br> Trust Fund Authority, Series 2024 BB, <br> Ref. RB, 5.09%, 06/15/2025<br>| $8575000 | &nbsp;&nbsp; $8577538 |
| Virgin Islands Public Finance Authority, <br> Series 2024 B, RB, 9.00%, <br> 04/01/2053<sup>(b)(p)</sup><br>| 12000000 | &nbsp;&nbsp; 11587289 |
| Total Municipal Obligations<sup>(q)</sup> <br>(Cost $21,099,539) | Total Municipal Obligations<sup>(q)</sup> <br>(Cost $21,099,539) | &nbsp;&nbsp; 20594815 |
| **Variable Rate Senior Loan Interests-0.68%**<sup>(r)(s)</sup>  | **Variable Rate Senior Loan Interests-0.68%**<sup>(r)(s)</sup>  | **Variable Rate Senior Loan Interests-0.68%**<sup>(r)(s)</sup>  |
| **Restaurants-0.27%** | **Restaurants-0.27%** | **Restaurants-0.27%** |
| Raising Cane's Restaurants LLC, Term <br> Loan B, 6.32% (1 mo. SOFR + 2.00%), <br> 09/10/2031<br>| 4987469 | &nbsp;&nbsp; 4984376 |
| **Wireless Telecommunication Services-0.41%** | **Wireless Telecommunication Services-0.41%** | **Wireless Telecommunication Services-0.41%** |
| X Corp. |  |  |
| Term Loan B, 9.50% (3 mo. SOFR + <br> 6.50%), 10/27/2029<br>| 5000000 | &nbsp;&nbsp; 4884375 |
| Term Loan B, 10.95% (3 mo. SOFR + <br> 6.50%), 10/27/2029<br>| 2992347 | &nbsp;&nbsp; 2905195 |
|  |  | &nbsp;&nbsp; 7789570 |
| Total Variable Rate Senior Loan Interests <br>(Cost $12,992,258) | Total Variable Rate Senior Loan Interests <br>(Cost $12,992,258) | &nbsp;&nbsp; 12773946 |
|  | **Shares** |  |
| **Preferred Stocks-0.33%** | **Preferred Stocks-0.33%** | **Preferred Stocks-0.33%** |
| **Aerospace & Defense-0.04%** | **Aerospace & Defense-0.04%** | **Aerospace & Defense-0.04%** |
| Boeing Co. (The), Conv. Pfd., 6.00%, <br> 10/15/2027<br>| 12000 | &nbsp;&nbsp; 736560 |
| **Diversified Financial Services-0.16%** | **Diversified Financial Services-0.16%** | **Diversified Financial Services-0.16%** |
| Apollo Global Management, Inc., Pfd., <br> 7.63%, 09/15/2053<sup>(d)</sup><br>| 111250 | &nbsp;&nbsp; 2953688 |
| **Regional Banks-0.13%** | **Regional Banks-0.13%** | **Regional Banks-0.13%** |
| M&T Bank Corp., Series J, Pfd., 7.50% | 91792 | &nbsp;&nbsp; 2449928 |
| Total Preferred Stocks <br>(Cost $5,676,050) | Total Preferred Stocks <br>(Cost $5,676,050) | &nbsp;&nbsp; 6140176 |
|  | **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes-0.23%** | **Agency Credit Risk Transfer Notes-0.23%** | **Agency Credit Risk Transfer Notes-0.23%** |
| Fannie Mae Connecticut Avenue Securities |  |  |
| Series 2022-R03, Class 1M1, 6.45% <br> (30 Day Average SOFR + 2.10%), <br> 03/25/2042<sup>(b)(f)(t)</sup><br>| $1329168 | &nbsp;&nbsp; 1341190 |
| Series 2022-R04, Class 1M1, 6.35% <br> (30 Day Average SOFR + 2.00%), <br> 03/25/2042<sup>(b)(f)(t)</sup><br>| 642375 | &nbsp;&nbsp; 647374 |
| Series 2023-R02, Class 1M1, 6.65% <br> (30 Day Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(f)(t)</sup><br>| 494099 | &nbsp;&nbsp; 503944 |
| Freddie Mac |  |  |
| Series 2022-DNA3, Class M1A, STACR<sup>®</sup>, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 04/25/2042<sup>(b)(f)(u)</sup><br>| 829724 | &nbsp;&nbsp; 839930 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Series 2022-HQA3, Class M1, STACR®, <br> 6.65% (30 Day Average SOFR + <br> 2.30%), 08/25/2042<sup>(b)(f)(u)</sup><br>| $| 638559 | &nbsp;&nbsp; $648050 |
| Series 2023-DNA1, Class M1, STACR®, <br> 6.45% (30 Day Average SOFR + <br> 2.10%), 03/25/2043<sup>(b)(f)(u)</sup><br>|  | 392934 | &nbsp;&nbsp; 399623 |
| Total Agency Credit Risk Transfer Notes <br>(Cost $4,326,858) | Total Agency Credit Risk Transfer Notes <br>(Cost $4,326,858) | Total Agency Credit Risk Transfer Notes <br>(Cost $4,326,858) | &nbsp;&nbsp; 4380111 |
| **U.S. Government Sponsored Agency Securities-0.13%** | **U.S. Government Sponsored Agency Securities-0.13%** | **U.S. Government Sponsored Agency Securities-0.13%** | **U.S. Government Sponsored Agency Securities-0.13%** |
| Fannie Mae STRIPS |  |  |  |
| 0.00%, 05/15/2029<sup>(j)</sup> |  | 450000 | &nbsp;&nbsp; 385641 |
| 0.00%, 01/15/2030<sup>(j)</sup> |  | 1300000 | &nbsp;&nbsp; 1085842 |
| 0.00%, 05/15/2030<sup>(j)</sup> |  | 850000 | &nbsp;&nbsp; 699738 |
| Tennessee Valley Authority |  |  |  |
| 5.38%, 04/01/2056<sup>(c)</sup> |  | 100000 | &nbsp;&nbsp; 100317 |
| 4.25%, 09/15/2065<sup>(c)</sup> |  | 250000 | &nbsp;&nbsp; 201476 |
| Total U.S. Government Sponsored Agency Securities <br>(Cost $2,189,816) | Total U.S. Government Sponsored Agency Securities <br>(Cost $2,189,816) | Total U.S. Government Sponsored Agency Securities <br>(Cost $2,189,816) | &nbsp;&nbsp; 2473014 |
|  | **Shares** | **Shares** |  |
| **Exchange-Traded Funds-0.10%** | **Exchange-Traded Funds-0.10%** | **Exchange-Traded Funds-0.10%** | **Exchange-Traded Funds-0.10%** |
| Invesco High Yield Bond Factor ETF<sup>(v)</sup> |  | 65000 | &nbsp;&nbsp; 1425125 |
| Invesco High Yield Select ETF<sup>(c)(v)</sup> |  | 9000 | &nbsp;&nbsp; 224604 |
| Invesco Short Duration Total Return Bond <br> ETF<sup>(c)(v)</sup><br>|  | 12000 | &nbsp;&nbsp; 299578 |
| Total Exchange-Traded Funds <br>(Cost $1,993,358) | Total Exchange-Traded Funds <br>(Cost $1,993,358) | Total Exchange-Traded Funds <br>(Cost $1,993,358) | &nbsp;&nbsp; 1949307 |
| **Options Purchased-0.08%** | **Options Purchased-0.08%** | **Options Purchased-0.08%** | **Options Purchased-0.08%** |
| (Cost $1,377,698)<sup>†</sup> | (Cost $1,377,698)<sup>†</sup> | (Cost $1,377,698)<sup>†</sup> | &nbsp;&nbsp; 1528232 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-110.99% <br>(Cost $2,103,912,454) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-110.99% <br>(Cost $2,103,912,454) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-110.99% <br>(Cost $2,103,912,454) | &nbsp;&nbsp; 2094508185 |
| **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** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-7.17%** | **Money Market Funds-7.17%** | **Money Market Funds-7.17%** | **Money Market Funds-7.17%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(v)(w)(x)</sup><br>|  | 37534227 | &nbsp;&nbsp; 37534227 |
| Invesco Private Prime Fund, 4.46%<sup>(v)(w)(x)</sup> |  | 97721830 | &nbsp;&nbsp; 97741374 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $135,282,492) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $135,282,492) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $135,282,492) | &nbsp;&nbsp; 135275601 |
| TOTAL INVESTMENTS IN SECURITIES-118.16% <br>(Cost $2,239,194,946) | TOTAL INVESTMENTS IN SECURITIES-118.16% <br>(Cost $2,239,194,946) | TOTAL INVESTMENTS IN SECURITIES-118.16% <br>(Cost $2,239,194,946) | &nbsp;&nbsp; 2229783786 |
| OTHER ASSETS LESS LIABILITIES-(18.16)% | OTHER ASSETS LESS LIABILITIES-(18.16)% | OTHER ASSETS LESS LIABILITIES-(18.16)% | &nbsp;&nbsp; (342637055)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1887146731 |

---

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

------

**81**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| Conv. | -Convertible |
| Ctfs. | -Certificates |
| ETF | -Exchange-Traded Fund |
| GO | -General Obligation |
| INS | -Insurer |
| IO | -Interest Only |
| Pfd. | -Preferred |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| STACR<sup>®</sup> | -Structured Agency Credit Risk |
| STRIPS | -Separately Traded Registered Interest and Principal Security |
| TBA | -To Be Announced |

---

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

------

**82**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $725,982,873, which represented 38.47% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(e)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(f)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025. |
| <sup>(g)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, <br> 2025 was $36,180, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(h)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(i)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate <br> shown is the rate in effect on April 30, 2025.<br>|
| <sup>(j)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(k)</sup> | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 2K. |
| <sup>(l)</sup> | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined <br> periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on <br> April 30, 2025.<br>|
| <sup>(m)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(n)</sup> | $6,959,112 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S. |
| <sup>(o)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(p)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <sup>(q)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|
| <sup>(r)</sup> | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which <br> borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity <br> may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average <br> life of three to five years.<br>|
| <sup>(s)</sup> | Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal <br> restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured <br> Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above <br> a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.<br>|
| <sup>(t)</sup> | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a <br> large and diverse reference pool.<br>|
| <sup>(u)</sup> | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from <br> the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.<br>|
| <sup>(v)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco High Yield Bond <br> Factor ETF<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $1469690 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(44565)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $1425125 | &nbsp;&nbsp; $17192 |
| Invesco High Yield Select <br> ETF<br>| &nbsp;&nbsp; 256498 | &nbsp;&nbsp; - | &nbsp;&nbsp; (25349)<br>| &nbsp;&nbsp; (6979)<br>| &nbsp;&nbsp; 434 | &nbsp;&nbsp; 224604 | &nbsp;&nbsp; 8208 |
| Invesco Short Duration <br> Total Return Bond ETF<br>| &nbsp;&nbsp; 299460 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 118 | &nbsp;&nbsp; - | &nbsp;&nbsp; 299578 | &nbsp;&nbsp; 7912 |

---

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

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**83**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $48617053 | &nbsp;&nbsp; $181321585 | &nbsp;&nbsp; $(192404411)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $37534227 | &nbsp;&nbsp; $975,706<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 126919544 | &nbsp;&nbsp; 357327218 | &nbsp;&nbsp; (386495815)<br>| &nbsp;&nbsp; 907 | &nbsp;&nbsp; (10480)<br>| &nbsp;&nbsp; 97741374 | &nbsp;&nbsp; 2,627,753<br> \*<br>|
| Total | &nbsp;&nbsp; $176092555 | &nbsp;&nbsp; $540118493 | &nbsp;&nbsp; $(578925575)<br>| &nbsp;&nbsp; $(50519)<br>| &nbsp;&nbsp; $(10046)<br>| &nbsp;&nbsp; $137224908 | &nbsp;&nbsp; $3636771 |

---

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

---

| | |
|:---|:---|
| <sup>(w)</sup> | The rate shown is the 7-day SEC standardized yield as of April 30, 2025. |
| <sup>(x)</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 <br> of the securities loaned. See Note 2P.<br>|
| † | The table below details options purchased. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased\*** | **Open Exchange-Traded Index Options Purchased\*** | **Open Exchange-Traded Index Options Purchased\*** | **Open Exchange-Traded Index Options Purchased\*** | **Open Exchange-Traded Index Options Purchased\*** | **Open Exchange-Traded Index Options Purchased\*** |
| **Description** | **Expiration Date** | **Number of** <br>**Contracts**<br>| **Exercise Price** | **Notional** <br>**Value\*\*** | **Value** |
| **Equity Risk** | **Equity Risk** |  |  |  |  |
| S&P 500 Index<br> &nbsp;&nbsp; Call | 07/31/2025 | &nbsp;&nbsp; 21 | $5600 | $11760000 | &nbsp;&nbsp; $499065 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Written\*** | **Open Exchange-Traded Index Options Written\*** | **Open Exchange-Traded Index Options Written\*** | **Open Exchange-Traded Index Options Written\*** | **Open Exchange-Traded Index Options Written\*** | **Open Exchange-Traded Index Options Written\*** |
| **Description** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Notional** <br>**Value\*\*** | **Value** |
| **Equity Risk** | **Equity Risk** |  |  |  |  |
| S&P 500 Index<br> &nbsp;&nbsp; Call | 07/31/2025 | &nbsp;&nbsp; 14 | $5880 | $8232000 | &nbsp;&nbsp; $(133280)<br>|

---

\* Open Exchange-Traded Index Options Purchased collateralized by $1,773,857 cash held with Counterparties.

\*\* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** | **Open Over-The-Counter Foreign Currency Options Purchased** |
| **Description** | **Type of** <br>**Contract**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** |  |  |  |  |  |  |
| USD versus JPY | &nbsp;&nbsp; Put | Goldman Sachs International | 07/30/2025 | &nbsp;&nbsp; JPY | 142 | &nbsp;&nbsp; JPY | 39700000 | &nbsp;&nbsp; $1029167 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** | **Open Over-The-Counter Foreign Currency Options Written** |
| **Description** | **Type of** <br>**Contract**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** |  |  |  |  |  |  |
| USD versus JPY | &nbsp;&nbsp; Put | Goldman Sachs International | 07/30/2025 | &nbsp;&nbsp; JPY | 136 | &nbsp;&nbsp; JPY | 39700000 | &nbsp;&nbsp; $(445390)<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 1246 | June-2025 | &nbsp;&nbsp; $139824563 | &nbsp;&nbsp; $1381914 | &nbsp;&nbsp; $1381914 |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 1775 | June-2025 | &nbsp;&nbsp; 369463477 | &nbsp;&nbsp; 20324 | &nbsp;&nbsp; 20324 |

---

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

------

**84**

------

**Invesco Total Return Bond ETF (GTO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Long Futures Contracts—(continued)** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 453 | June-2025 | &nbsp;&nbsp; $52831125 | &nbsp;&nbsp; $329856 | &nbsp;&nbsp; $329856 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; 344 | June-2025 | &nbsp;&nbsp; 41634750 | &nbsp;&nbsp; 193100 | &nbsp;&nbsp; 193100 |
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; 1925194 | &nbsp;&nbsp; 1925194 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 337 | June-2025 | &nbsp;&nbsp; (36798820)<br>| &nbsp;&nbsp; (403243)<br>| &nbsp;&nbsp; (403243)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp; 1794 | June-2025 | &nbsp;&nbsp; (205833469)<br>| &nbsp;&nbsp; (3591893)<br>| &nbsp;&nbsp; (3591893)<br>|
| Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp; (3995136)<br>| &nbsp;&nbsp; (3995136)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $(2069942)<br>| &nbsp;&nbsp; $(2069942)<br>|

---

Abbreviations: <br> USD - U.S. Dollar <br> JPY - Japanese Yen

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

------

**85**

------

**Invesco Ultra Short Duration ETF (GSY)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-56.70%** | **U.S. Dollar Denominated Bonds & Notes-56.70%** | **U.S. Dollar Denominated Bonds & Notes-56.70%** |
| **Aerospace & Defense-0.41%** | **Aerospace & Defense-0.41%** | **Aerospace & Defense-0.41%** |
| L3Harris Technologies, Inc., 5.40%, <br> 01/15/2027<br>| $11141000 | &nbsp;&nbsp; $11322623 |
| **Agricultural & Farm Machinery-1.18%** | **Agricultural & Farm Machinery-1.18%** | **Agricultural & Farm Machinery-1.18%** |
| John Deere Capital Corp. |  |  |
| 4.88% (SOFR + 0.50%), 07/03/2025<sup>(b)</sup> | 8737000 | &nbsp;&nbsp; 8737536 |
| 4.81% (SOFR + 0.44%), 03/06/2026<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 12000570 |
| 4.87% (SOFR + 0.50%), 03/06/2028<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 11979616 |
|  |  | &nbsp;&nbsp; 32717722 |
| **Agricultural Products & Services-0.43%** | **Agricultural Products & Services-0.43%** | **Agricultural Products & Services-0.43%** |
| Cargill, Inc., 4.97% (SOFR + 0.61%), <br> 02/11/2028<sup>(b)(c)</sup><br>| 12000000 | &nbsp;&nbsp; 11967172 |
| **Application Software-0.11%** | **Application Software-0.11%** | **Application Software-0.11%** |
| Synopsys, Inc., 4.55%, 04/01/2027 | 3000000 | &nbsp;&nbsp; 3017237 |
| **Asset Management & Custody Banks-1.71%** | **Asset Management & Custody Banks-1.71%** | **Asset Management & Custody Banks-1.71%** |
| Ares Capital Corp. |  |  |
| 3.25%, 07/15/2025 | 10000000 | &nbsp;&nbsp; 9968250 |
| 3.88%, 01/15/2026 | 7700000 | &nbsp;&nbsp; 7640774 |
| 7.00%, 01/15/2027 | 4285000 | &nbsp;&nbsp; 4405074 |
| Blue Owl Capital Corp. |  |  |
| 3.75%, 07/22/2025 | 11714000 | &nbsp;&nbsp; 11683500 |
| 4.25%, 01/15/2026 | 12000000 | &nbsp;&nbsp; 11918631 |
| State Street Corp., 4.54%, 04/24/2028<sup>(d)</sup> | 1719000 | &nbsp;&nbsp; 1731642 |
|  |  | &nbsp;&nbsp; 47347871 |
| **Automobile Manufacturers-4.46%** | **Automobile Manufacturers-4.46%** | **Automobile Manufacturers-4.46%** |
| American Honda Finance Corp. |  |  |
| 4.88% (SOFR + 0.50%), <br> 01/12/2026<sup>(b)(e)</sup><br>| 10000000 | &nbsp;&nbsp; 9987531 |
| 5.10% (SOFR + 0.72%), 10/05/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10005016 |
| 5.19% (SOFR + 0.82%), 03/03/2028<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 11983910 |
| BMW US Capital LLC (Germany), 5.16% <br> (SOFR + 0.80%), 08/13/2026<sup>(b)(c)</sup><br>| 7207000 | &nbsp;&nbsp; 7217349 |
| Daimler Truck Finance North America LLC <br> (Germany), 5.13%, 09/25/2027<sup>(c)</sup><br>| 5905000 | &nbsp;&nbsp; 5973177 |
| Ford Motor Credit Co. LLC, 5.13%, <br> 06/16/2025<br>| 9500000 | &nbsp;&nbsp; 9493052 |
| Mercedes-Benz Finance North America LLC <br> (Germany), 5.16% (SOFR + 0.78%), <br> 04/01/2027<sup>(b)(c)(e)</sup><br>| 12000000 | &nbsp;&nbsp; 11953497 |
| Toyota Motor Credit Corp. |  |  |
| 5.03% (SOFR + 0.65%), 01/05/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10008010 |
| 4.83% (SOFR + 0.45%), 04/10/2026<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 11988710 |
| 5.13% (SOFR + 0.77%), 08/07/2026<sup>(b)</sup> | 5000000 | &nbsp;&nbsp; 5009963 |
| Volkswagen Group of America Finance LLC <br> (Germany)<br>|  |  |
| 5.80%, 09/12/2025<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10024076 |
| 5.20% (SOFR + 0.83%), <br> 03/20/2026<sup>(b)(c)</sup><br>| 15000000 | &nbsp;&nbsp; 14999418 |
| 5.42% (SOFR + 1.06%), <br> 08/14/2026<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5000904 |
|  |  | &nbsp;&nbsp; 123644613 |
| **Biotechnology-0.43%** | **Biotechnology-0.43%** | **Biotechnology-0.43%** |
| Amgen, Inc., 3.13%, 05/01/2025 | 12000000 | &nbsp;&nbsp; 12000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Broadline Retail-0.18%** | **Broadline Retail-0.18%** | **Broadline Retail-0.18%** |
| eBay, Inc., 1.40%, 05/10/2026 | $5250000 | &nbsp;&nbsp; $5086652 |
| **Commercial & Residential Mortgage Finance-0.10%** | **Commercial & Residential Mortgage Finance-0.10%** | **Commercial & Residential Mortgage Finance-0.10%** |
| Aviation Capital Group LLC, 4.75%, <br> 04/14/2027<sup>(c)</sup><br>| 2904000 | &nbsp;&nbsp; 2908219 |
| **Computer & Electronics Retail-0.32%** | **Computer & Electronics Retail-0.32%** | **Computer & Electronics Retail-0.32%** |
| Leidos, Inc., 3.63%, 05/15/2025 | 9000000 | &nbsp;&nbsp; 8993267 |
| **Consumer Finance-0.81%** | **Consumer Finance-0.81%** | **Consumer Finance-0.81%** |
| General Motors Financial Co., Inc., 5.55% <br> (SOFR + 1.17%), 04/04/2028<sup>(b)</sup><br>| 12000000 | &nbsp;&nbsp; 11800915 |
| Synchrony Financial, 4.50%, 07/23/2025 | 10686000 | &nbsp;&nbsp; 10669980 |
|  |  | &nbsp;&nbsp; 22470895 |
| **Diversified Banks-15.10%** | **Diversified Banks-15.10%** | **Diversified Banks-15.10%** |
| Bank of America N.A., 5.53%, <br> 08/18/2026<br>| 12000000 | &nbsp;&nbsp; 12200419 |
| Bank of Montreal (Canada) |  |  |
| 5.33% (SOFR + 0.95%), 09/25/2025<sup>(b)</sup> | 5000000 | &nbsp;&nbsp; 5008456 |
| 5.53% (SOFR + 1.16%), 12/11/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10075945 |
| Bank of New York Mellon (The), 5.09% <br> (SOFR + 0.71%), 04/20/2027<sup>(b)</sup><br>| 4961000 | &nbsp;&nbsp; 4972347 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| 5.46% (SOFR + 1.09%), 06/12/2025<sup>(b)</sup> | 15000000 | &nbsp;&nbsp; 15013846 |
| 1.35%, 06/24/2026 | 11500000 | &nbsp;&nbsp; 11125500 |
| Barclays Bank PLC (United Kingdom), <br> 4.95% (SOFR + 0.58%), 08/14/2026<sup>(b)</sup><br>| 10000000 | &nbsp;&nbsp; 9952681 |
| Barclays PLC (United Kingdom) |  |  |
| 5.83%, 05/09/2027<sup>(d)</sup> | 12000000 | &nbsp;&nbsp; 12126686 |
| 6.50%, 09/13/2027<sup>(d)</sup> | 12000000 | &nbsp;&nbsp; 12273464 |
| BPCE S.A. (France), 5.33% (SOFR + <br> 0.96%), 09/25/2025<sup>(b)(c)</sup><br>| 9500000 | &nbsp;&nbsp; 9504636 |
| Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |
| 5.60% (SOFR + 1.22%), 10/02/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10062524 |
| 5.30% (SOFR + 0.93%), 09/11/2027<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 9983169 |
| Citibank N.A. |  |  |
| 5.18% (SOFR + 0.81%), 09/29/2025<sup>(b)</sup> | 9524000 | &nbsp;&nbsp; 9535251 |
| 5.49%, 12/04/2026 | 9783000 | &nbsp;&nbsp; 9971859 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), 4.99% (SOFR + 0.62%), <br> 08/28/2026<sup>(b)</sup><br>| 6429000 | &nbsp;&nbsp; 6437777 |
| Credit Agricole S.A. (France), 5.58% <br> (SOFR + 1.21%), 09/11/2028<sup>(b)(c)(e)</sup><br>| 6000000 | &nbsp;&nbsp; 6000449 |
| Fifth Third Bank N.A. |  |  |
| 3.95%, 07/28/2025 | 11000000 | &nbsp;&nbsp; 10971466 |
| 5.19% (SOFR + 0.81%), 01/28/2028<sup>(b)</sup> | 6366000 | &nbsp;&nbsp; 6316993 |
| HSBC Holdings PLC (United Kingdom), <br> 2.10%, 06/04/2026<sup>(d)</sup><br>| 8986000 | &nbsp;&nbsp; 8962210 |
| Huntington National Bank (The), 5.10% <br> (SOFR + 0.72%), 04/12/2028<sup>(b)</sup><br>| 8276000 | &nbsp;&nbsp; 8243367 |
| ING Groep N.V. (Netherlands), 1.73%, <br> 04/01/2027<sup>(d)</sup><br>| 6750000 | &nbsp;&nbsp; 6575852 |
| JPMorgan Chase & Co. |  |  |
| 5.58% (SOFR + 1.20%), 01/23/2028<sup>(b)</sup> | 5556000 | &nbsp;&nbsp; 5585931 |
| 5.30% (SOFR + 0.92%), 04/22/2028<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10010124 |

---

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

------

**86**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Lloyds Banking Group PLC (United <br> Kingdom), 5.92% (SOFR + 1.56%), <br> 08/07/2027<sup>(b)</sup><br>| $| 9474000 | &nbsp;&nbsp; $9535256 |
| Macquarie Bank Ltd. (Australia), 5.57% <br> (SOFR + 1.20%), 12/07/2026<sup>(b)(c)</sup><br>|  | 6213000 | &nbsp;&nbsp; 6258568 |
| Mizuho Markets Cayman L.P. (Japan), <br> 5.21% (SOFR + 0.85%), 08/14/2026<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10039519 |
| Morgan Stanley Bank N.A. |  |  |  |
| 5.06% (SOFR + 0.69%), 10/15/2027<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 9965508 |
| 5.46% (SOFR + 1.08%), 01/14/2028<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 10025568 |
| National Bank of Canada (Canada) |  |  |  |
| 5.17% (SOFR + 0.80%), 08/20/2026<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 9979591 |
| 5.41% (SOFR + 1.03%), 07/02/2027<sup>(b)</sup> |  | 5797000 | &nbsp;&nbsp; 5798854 |
| 5.60%, 07/02/2027<sup>(d)</sup> |  | 7000000 | &nbsp;&nbsp; 7084421 |
| PNC Bank N.A., 4.78%, 01/15/2027<sup>(d)</sup> |  | 12000000 | &nbsp;&nbsp; 12008863 |
| PNC Financial Services Group, Inc. (The), <br> 5.81%, 06/12/2026<sup>(d)</sup><br>|  | 12405000 | &nbsp;&nbsp; 12416911 |
| Royal Bank of Canada (Canada) |  |  |  |
| 5.33% (SOFR + 0.95%), 01/19/2027<sup>(b)</sup> |  | 8333000 | &nbsp;&nbsp; 8360609 |
| 5.10% (SOFR + 0.72%), 10/18/2027<sup>(b)</sup> |  | 15000000 | &nbsp;&nbsp; 14984845 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan), <br> 5.20%, 03/07/2027<sup>(c)</sup><br>|  | 4372000 | &nbsp;&nbsp; 4444691 |
| Swedbank AB (Sweden) |  |  |  |
| 5.75% (SOFR + 1.38%), <br> 06/15/2026<sup>(b)(c)</sup><br>|  | 15000000 | &nbsp;&nbsp; 15119981 |
| 6.14%, 09/12/2026<sup>(c)</sup> |  | 4065000 | &nbsp;&nbsp; 4163931 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| 5.46% (SOFR + 1.08%), 07/17/2026<sup>(b)</sup> |  | 12500000 | &nbsp;&nbsp; 12567336 |
| 5.38% (SOFR + 1.00%), 10/20/2026<sup>(b)</sup> |  | 9800000 | &nbsp;&nbsp; 9795448 |
| 5.21% (SOFR + 0.82%), <br> 01/31/2028<sup>(b)(e)</sup><br>|  | 10550000 | &nbsp;&nbsp; 10519483 |
| Wells Fargo & Co. |  |  |  |
| 5.16% (SOFR + 0.78%), 01/24/2028<sup>(b)</sup> |  | 8953000 | &nbsp;&nbsp; 8911607 |
| 5.45% (SOFR + 1.07%), 04/22/2028<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 10034657 |
| Wells Fargo Bank N.A. |  |  |  |
| 5.19% (SOFR + 0.80%), 08/01/2025<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 10006950 |
| 5.09% (SOFR + 0.71%), 01/15/2026<sup>(b)</sup> |  | 5333000 | &nbsp;&nbsp; 5341710 |
|  |  |  | &nbsp;&nbsp; 418275259 |
| **Diversified Capital Markets-0.53%** | **Diversified Capital Markets-0.53%** | **Diversified Capital Markets-0.53%** | **Diversified Capital Markets-0.53%** |
| UBS Group AG (Switzerland), 1.36%, <br> 01/30/2027<sup>(c)(d)</sup><br>|  | 15000000 | &nbsp;&nbsp; 14638983 |
| **Diversified Financial Services-0.85%** | **Diversified Financial Services-0.85%** | **Diversified Financial Services-0.85%** | **Diversified Financial Services-0.85%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 4.45%, <br> 10/01/2025<br>|  | 13250000 | &nbsp;&nbsp; 13226450 |
| USAA Capital Corp., 5.25%, <br> 06/01/2027<sup>(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10235749 |
|  |  |  | &nbsp;&nbsp; 23462199 |
| **Diversified Metals & Mining-1.06%** | **Diversified Metals & Mining-1.06%** | **Diversified Metals & Mining-1.06%** | **Diversified Metals & Mining-1.06%** |
| BHP Billiton Finance (USA) Ltd. (Australia), <br> 5.25%, 09/08/2026<br>|  | 14815000 | &nbsp;&nbsp; 15024330 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining-(continued)** | **Diversified Metals & Mining-(continued)** | **Diversified Metals & Mining-(continued)** | **Diversified Metals & Mining-(continued)** |
| Glencore Funding LLC (Australia) |  |  |  |
| 5.13% (SOFR + 0.75%), <br> 10/01/2026<sup>(b)(c)</sup><br>| $| 6429000 | &nbsp;&nbsp; $6423696 |
| 5.44% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(c)</sup><br>|  | 5682000 | &nbsp;&nbsp; 5709111 |
| Rio Tinto Finance (USA) PLC (Australia), <br> 4.38%, 03/12/2027<sup>(e)</sup><br>|  | 2089000 | &nbsp;&nbsp; 2100507 |
|  |  |  | &nbsp;&nbsp; 29257644 |
| **Electric Utilities-2.32%** | **Electric Utilities-2.32%** | **Electric Utilities-2.32%** | **Electric Utilities-2.32%** |
| Georgia Power Co., 5.11% (SOFR + <br> 0.75%), 05/08/2025<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10000592 |
| National Rural Utilities Cooperative Finance <br> Corp., 5.19% (SOFR + 0.82%), <br> 09/16/2027<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 9992723 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 5.75%, 09/01/2025 |  | 5490000 | &nbsp;&nbsp; 5507585 |
| 5.14% (SOFR + 0.76%), <br> 01/29/2026<sup>(b)(e)</sup><br>|  | 11456000 | &nbsp;&nbsp; 11462941 |
| 5.18% (SOFR + 0.80%), 02/04/2028<sup>(b)</sup> |  | 8796000 | &nbsp;&nbsp; 8805559 |
| Pinnacle West Capital Corp., 5.19% (SOFR <br> + 0.82%), 06/10/2026<sup>(b)</sup><br>|  | 15294000 | &nbsp;&nbsp; 15291452 |
| State Street Bank and Trust Co., 4.83% <br> (SOFR + 0.46%), 11/25/2026<sup>(b)</sup><br>|  | 3161000 | &nbsp;&nbsp; 3158383 |
|  |  |  | &nbsp;&nbsp; 64219235 |
| **Fertilizers & Agricultural Chemicals-0.26%** | **Fertilizers & Agricultural Chemicals-0.26%** | **Fertilizers & Agricultural Chemicals-0.26%** | **Fertilizers & Agricultural Chemicals-0.26%** |
| Nutrien Ltd. (Canada), 4.50%, <br> 03/12/2027<br>|  | 7165000 | &nbsp;&nbsp; 7185420 |
| **Food Retail-0.14%** | **Food Retail-0.14%** | **Food Retail-0.14%** | **Food Retail-0.14%** |
| Whole Foods Market, Inc., 5.20%, <br> 12/03/2025<br>|  | 3985000 | &nbsp;&nbsp; 3985003 |
| **Home Improvement Retail-0.16%** | **Home Improvement Retail-0.16%** | **Home Improvement Retail-0.16%** | **Home Improvement Retail-0.16%** |
| Home Depot, Inc. (The), 5.15%, <br> 06/25/2026<br>|  | 4505000 | &nbsp;&nbsp; 4562886 |
| **Integrated Oil & Gas-0.28%** | **Integrated Oil & Gas-0.28%** | **Integrated Oil & Gas-0.28%** | **Integrated Oil & Gas-0.28%** |
| Chevron USA, Inc., 4.73% (SOFR + <br> 0.36%), 02/26/2027<sup>(b)</sup><br>|  | 7758000 | &nbsp;&nbsp; 7743387 |
| **Integrated Telecommunication Services-0.37%** | **Integrated Telecommunication Services-0.37%** | **Integrated Telecommunication Services-0.37%** | **Integrated Telecommunication Services-0.37%** |
| Verizon Communications, Inc., 5.16% <br> (SOFR + 0.79%), 03/20/2026<sup>(b)</sup><br>|  | 10134000 | &nbsp;&nbsp; 10136332 |
| **Interactive Home Entertainment-0.28%** | **Interactive Home Entertainment-0.28%** | **Interactive Home Entertainment-0.28%** | **Interactive Home Entertainment-0.28%** |
| Electronic Arts, Inc., 4.80%, 03/01/2026 |  | 7717000 | &nbsp;&nbsp; 7728315 |
| **Investment Banking & Brokerage-2.94%** | **Investment Banking & Brokerage-2.94%** | **Investment Banking & Brokerage-2.94%** | **Investment Banking & Brokerage-2.94%** |
| Charles Schwab Corp. (The), 4.88% (SOFR <br> + 0.52%), 05/13/2026<sup>(b)</sup><br>|  | 5251000 | &nbsp;&nbsp; 5247209 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 5.43% (SOFR + 1.07%), <br> 08/10/2026<sup>(b)(e)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10017021 |
| 1.43%, 03/09/2027<sup>(d)</sup> |  | 13000000 | &nbsp;&nbsp; 12654982 |
| 4.94%, 04/23/2028<sup>(d)</sup> |  | 6155000 | &nbsp;&nbsp; 6212828 |
| Jefferies Financial Group, Inc. |  |  |  |
| 5.00%, 02/10/2026 |  | 11413000 | &nbsp;&nbsp; 11429427 |
| 5.03%, 03/16/2026<sup>(e)</sup> |  | 13660000 | &nbsp;&nbsp; 13695500 |

---

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

------

**87**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** | **Investment Banking & Brokerage-(continued)** |
| Morgan Stanley |  |  |  |
| 5.40% (SOFR + 1.02%), 04/13/2028<sup>(b)</sup> | $| 10000000 | &nbsp;&nbsp; $10031463 |
| 5.76% (SOFR + 1.38%), 04/12/2029<sup>(b)</sup> |  | 12000000 | &nbsp;&nbsp; 12080398 |
|  |  |  | &nbsp;&nbsp; 81368828 |
| **Life & Health Insurance-8.42%** | **Life & Health Insurance-8.42%** | **Life & Health Insurance-8.42%** | **Life & Health Insurance-8.42%** |
| Athene Global Funding |  |  |  |
| 5.62%, 05/08/2026<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 12123580 |
| 5.40% (SOFR + 1.03%), <br> 08/27/2026<sup>(b)(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10018598 |
| 2.95%, 11/12/2026<sup>(c)</sup> |  | 5000000 | &nbsp;&nbsp; 4887709 |
| 5.21% (SOFR + 0.83%), <br> 01/07/2027<sup>(b)(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 9980084 |
| 5.52%, 03/25/2027<sup>(c)</sup> |  | 12711000 | &nbsp;&nbsp; 12919416 |
| Brighthouse Financial Global Funding, <br> 5.55%, 04/09/2027<sup>(c)</sup><br>|  | 8150000 | &nbsp;&nbsp; 8297639 |
| Corebridge Global Funding |  |  |  |
| 5.75%, 07/02/2026<sup>(c)</sup> |  | 6336000 | &nbsp;&nbsp; 6435639 |
| 5.68% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10074309 |
| 5.13% (SOFR + 0.75%), <br> 01/07/2028<sup>(b)(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 9943936 |
| GA Global Funding Trust, 4.40%, <br> 09/23/2027<sup>(c)</sup><br>|  | 5000000 | &nbsp;&nbsp; 4977293 |
| Jackson National Life Global Funding |  |  |  |
| 5.50%, 01/09/2026<sup>(c)</sup> |  | 16667000 | &nbsp;&nbsp; 16764381 |
| 5.55%, 07/02/2027<sup>(c)</sup> |  | 6719000 | &nbsp;&nbsp; 6861235 |
| MassMutual Global Funding II |  |  |  |
| 5.15% (SOFR + 0.77%), <br> 01/29/2027<sup>(b)(c)</sup><br>|  | 10700000 | &nbsp;&nbsp; 10719469 |
| 5.12% (SOFR + 0.74%), <br> 04/09/2027<sup>(b)(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 9986312 |
| Met Tower Global Funding, 5.40%, <br> 06/20/2026<sup>(c)</sup><br>|  | 12000000 | &nbsp;&nbsp; 12158525 |
| New York Life Global Funding |  |  |  |
| 5.01% (SOFR + 0.65%), <br> 05/02/2025<sup>(b)(c)</sup><br>|  | 7000000 | &nbsp;&nbsp; 7000096 |
| 5.05% (SOFR + 0.67%), <br> 04/02/2027<sup>(b)(c)(e)</sup><br>|  | 15000000 | &nbsp;&nbsp; 14982626 |
| 4.40%, 04/25/2028<sup>(c)</sup> |  | 4434000 | &nbsp;&nbsp; 4471689 |
| Pacific Life Global Funding II |  |  |  |
| 4.98% (SOFR + 0.60%), <br> 03/27/2026<sup>(b)(c)</sup><br>|  | 9750000 | &nbsp;&nbsp; 9765448 |
| 4.99% (SOFR + 0.62%), <br> 06/04/2026<sup>(b)(c)</sup><br>|  | 6420000 | &nbsp;&nbsp; 6430388 |
| 5.43% (SOFR + 1.05%), <br> 07/28/2026<sup>(b)(c)</sup><br>|  | 12500000 | &nbsp;&nbsp; 12584911 |
| 4.45%, 05/01/2028<sup>(c)</sup> |  | 11321000 | &nbsp;&nbsp; 11391136 |
| Principal Life Global Funding II, 5.00%, <br> 01/16/2027<sup>(c)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3037786 |
| Protective Life Global Funding, 5.37%, <br> 01/06/2026<sup>(c)</sup><br>|  | 10339000 | &nbsp;&nbsp; 10391194 |
| Reliance Standard Life Global Funding II, <br> 5.24%, 02/02/2026<sup>(c)</sup><br>|  | 7125000 | &nbsp;&nbsp; 7154189 |
|  |  |  | &nbsp;&nbsp; 233357588 |
| **Movies & Entertainment-0.43%** | **Movies & Entertainment-0.43%** | **Movies & Entertainment-0.43%** | **Movies & Entertainment-0.43%** |
| Netflix, Inc., 3.63%, 06/15/2025<sup>(c)</sup> |  | 11840000 | &nbsp;&nbsp; 11816552 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production-0.99%** | **Oil & Gas Exploration & Production-0.99%** | **Oil & Gas Exploration & Production-0.99%** |
| Canadian Natural Resources Ltd. (Canada), <br> 2.05%, 07/15/2025<br>| $10700000 | &nbsp;&nbsp; $10636978 |
| CNO Global Funding, 4.88%, <br> 12/10/2027<sup>(c)</sup><br>| 4918000 | &nbsp;&nbsp; 4959317 |
| Pioneer Natural Resources Co., 1.13%, <br> 01/15/2026<br>| 12000000 | &nbsp;&nbsp; 11728245 |
|  |  | &nbsp;&nbsp; 27324540 |
| **Oil & Gas Refining & Marketing-0.32%** | **Oil & Gas Refining & Marketing-0.32%** | **Oil & Gas Refining & Marketing-0.32%** |
| Phillips 66, 1.30%, 02/15/2026 | 8989000 | &nbsp;&nbsp; 8756261 |
| **Oil & Gas Storage & Transportation-3.11%** | **Oil & Gas Storage & Transportation-3.11%** | **Oil & Gas Storage & Transportation-3.11%** |
| Enbridge, Inc. (Canada), 5.25%, <br> 04/05/2027<br>| 4666000 | &nbsp;&nbsp; 4736609 |
| Energy Transfer L.P., 2.90%, 05/15/2025 | 6814000 | &nbsp;&nbsp; 6808670 |
| Kinder Morgan, Inc. |  |  |
| 4.30%, 06/01/2025 | 25679000 | &nbsp;&nbsp; 25661105 |
| 1.75%, 11/15/2026 | 12698000 | &nbsp;&nbsp; 12212225 |
| MPLX L.P., 1.75%, 03/01/2026 | 6165000 | &nbsp;&nbsp; 6007602 |
| Plains All American Pipeline L.P./PAA <br> Finance Corp.<br>|  |  |
| 4.65%, 10/15/2025 | 12000000 | &nbsp;&nbsp; 11982187 |
| 4.50%, 12/15/2026 | 10000000 | &nbsp;&nbsp; 10004116 |
| Williams Cos., Inc. (The), 5.40%, <br> 03/02/2026<br>| 8598000 | &nbsp;&nbsp; 8646469 |
|  |  | &nbsp;&nbsp; 86058983 |
| **Packaged Foods & Meats-0.65%** | **Packaged Foods & Meats-0.65%** | **Packaged Foods & Meats-0.65%** |
| Mars, Inc., 4.45%, 03/01/2027<sup>(c)</sup> | 7446000 | &nbsp;&nbsp; 7494309 |
| The Campbell's Company, 5.30%, <br> 03/20/2026<br>| 10352000 | &nbsp;&nbsp; 10414506 |
|  |  | &nbsp;&nbsp; 17908815 |
| **Pharmaceuticals-0.45%** | **Pharmaceuticals-0.45%** | **Pharmaceuticals-0.45%** |
| Bristol-Myers Squibb Co., 4.85% (SOFR + <br> 0.49%), 02/20/2026<sup>(b)</sup><br>| 4651000 | &nbsp;&nbsp; 4651177 |
| GlaxoSmithKline Capital PLC (United <br> Kingdom), 4.87% (SOFR + 0.50%), <br> 03/12/2027<sup>(b)(e)</sup><br>| 7912000 | &nbsp;&nbsp; 7904238 |
|  |  | &nbsp;&nbsp; 12555415 |
| **Regional Banks-0.86%** | **Regional Banks-0.86%** | **Regional Banks-0.86%** |
| Truist Financial Corp. |  |  |
| 4.26%, 07/28/2026<sup>(d)</sup> | 12072000 | &nbsp;&nbsp; 12047692 |
| 1.27%, 03/02/2027<sup>(d)</sup> | 12000000 | &nbsp;&nbsp; 11663438 |
|  |  | &nbsp;&nbsp; 23711130 |
| **Restaurants-0.43%** | **Restaurants-0.43%** | **Restaurants-0.43%** |
| Starbucks Corp., 4.75%, 02/15/2026 | 12000000 | &nbsp;&nbsp; 12011654 |
| **Retail REITs-0.13%** | **Retail REITs-0.13%** | **Retail REITs-0.13%** |
| Realty Income Corp., 5.05%, 01/13/2026 | 3687000 | &nbsp;&nbsp; 3684634 |
| **Self-Storage REITs-0.36%** | **Self-Storage REITs-0.36%** | **Self-Storage REITs-0.36%** |
| Public Storage Operating Co., 5.08% <br> (SOFR + 0.70%), 04/16/2027<sup>(b)</sup><br>| 10000000 | &nbsp;&nbsp; 9945937 |
| **Semiconductor Materials & Equipment-0.36%** | **Semiconductor Materials & Equipment-0.36%** | **Semiconductor Materials & Equipment-0.36%** |
| NXP B.V./NXP Funding LLC/NXP USA, Inc. <br> (Multinational), 2.70%, 05/01/2025<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| **Semiconductors-0.44%** | **Semiconductors-0.44%** | **Semiconductors-0.44%** |
| Advanced Micro Devices, Inc., 4.21%, <br> 09/24/2026<br>| 12000000 | &nbsp;&nbsp; 12054660 |

---

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

------

**88**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages-0.97%** | **Soft Drinks & Non-alcoholic Beverages-0.97%** | **Soft Drinks & Non-alcoholic Beverages-0.97%** |
| Keurig Dr Pepper, Inc. |  |  |
| 3.40%, 11/15/2025 | $10000000 | &nbsp;&nbsp; $9945923 |
| 4.97% (SOFR + 0.58%), 11/15/2026<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 12010820 |
| 5.25% (SOFR + 0.88%), <br> 03/15/2027<sup>(b)(e)</sup><br>| 5000000 | &nbsp;&nbsp; 5013907 |
|  |  | &nbsp;&nbsp; 26970650 |
| **Specialized Finance-0.22%** | **Specialized Finance-0.22%** | **Specialized Finance-0.22%** |
| Blackstone Private Credit Fund, 2.63%, <br> 12/15/2026<br>| 6490000 | &nbsp;&nbsp; 6228820 |
| **Specialty Chemicals-0.52%** | **Specialty Chemicals-0.52%** | **Specialty Chemicals-0.52%** |
| Sherwin-Williams Co. (The) |  |  |
| 3.45%, 08/01/2025 | 4500000 | &nbsp;&nbsp; 4483783 |
| 4.25%, 08/08/2025 | 10000000 | &nbsp;&nbsp; 9986564 |
|  |  | &nbsp;&nbsp; 14470347 |
| **Systems Software-1.63%** | **Systems Software-1.63%** | **Systems Software-1.63%** |
| Oracle Corp. |  |  |
| 2.95%, 05/15/2025 | 10000000 | &nbsp;&nbsp; 9992997 |
| 1.65%, 03/25/2026 | 15000000 | &nbsp;&nbsp; 14621517 |
| VMware LLC |  |  |
| 4.50%, 05/15/2025 | 10000000 | &nbsp;&nbsp; 9996240 |
| 1.40%, 08/15/2026 | 11000000 | &nbsp;&nbsp; 10561826 |
|  |  | &nbsp;&nbsp; 45172580 |
| **Telecom Tower REITs-1.16%** | **Telecom Tower REITs-1.16%** | **Telecom Tower REITs-1.16%** |
| American Tower Corp. |  |  |
| 1.60%, 04/15/2026 | 7000000 | &nbsp;&nbsp; 6801745 |
| 1.45%, 09/15/2026 | 13000000 | &nbsp;&nbsp; 12471217 |
| Crown Castle, Inc., 1.35%, 07/15/2025 | 13000000 | &nbsp;&nbsp; 12907132 |
|  |  | &nbsp;&nbsp; 32180094 |
| **Trading Companies & Distributors-0.75%** | **Trading Companies & Distributors-0.75%** | **Trading Companies & Distributors-0.75%** |
| Air Lease Corp. |  |  |
| 3.38%, 07/01/2025 | 11000000 | &nbsp;&nbsp; 10972789 |
| 1.88%, 08/15/2026 | 10300000 | &nbsp;&nbsp; 9941735 |
|  |  | &nbsp;&nbsp; 20914524 |
| **Transaction & Payment Processing Services-0.07%** | **Transaction & Payment Processing Services-0.07%** | **Transaction & Payment Processing Services-0.07%** |
| PayPal Holdings, Inc., 5.04% (SOFR + <br> 0.67%), 03/06/2028<sup>(b)(e)</sup><br>| 1851000 | &nbsp;&nbsp; 1851995 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,566,075,155) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,566,075,155) | &nbsp;&nbsp; 1571014941 |
| **Asset-Backed Securities-13.33%** | **Asset-Backed Securities-13.33%** | **Asset-Backed Securities-13.33%** |
| Amur Equipment Finance Receivables <br> XII LLC, Series 2023-1A, Class A2, <br> 6.09%, 12/20/2029<sup>(c)</sup><br>| 7709163 | &nbsp;&nbsp; 7800084 |
| Angel Oak Mortgage Trust |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(c)(f)</sup><br>| 652784 | &nbsp;&nbsp; 632439 |
| Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(c)(f)</sup><br>| 1088971 | &nbsp;&nbsp; 1044762 |
| Series 2024-8, Class A1, 5.34%, <br> 05/27/2069<sup>(c)</sup><br>| 8054700 | &nbsp;&nbsp; 8039646 |
| Series 2025-2, Class A1, 5.64%, <br> 02/25/2070<sup>(c)</sup><br>| 4447243 | &nbsp;&nbsp; 4463336 |
| AUF Funding LLC, Series 2022-1A, <br> Class A1LN, 6.77% (3 mo. Term SOFR + <br> 2.50%), 01/20/2031<sup>(b)(c)</sup><br>| 1614445 | &nbsp;&nbsp; 1616497 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Barclays Dryrock Issuance Trust, <br> Series 2023-2, Class A, 5.25% (30 Day <br> Average SOFR + 0.90%), <br> 08/15/2028<sup>(b)</sup><br>| $9260000 | &nbsp;&nbsp; $9276349 |
| Bear Stearns Asset Backed Securities I <br> Trust, Series 2006-HE9, Class 2A, <br> 4.72% (1 mo. Term SOFR + 0.39%), <br> 11/25/2036<sup>(b)</sup><br>| 476307 | &nbsp;&nbsp; 469954 |
| BINOM Securitization Trust, Series 2021-<br> INV1, Class A1, 2.03%, <br> 06/25/2056<sup>(c)(f)</sup><br>| 3042849 | &nbsp;&nbsp; 2749224 |
| BMW Vehicle Lease Trust, Series 2024-2, <br> Class A2B, 4.77% (30 Day Average <br> SOFR + 0.42%), 01/25/2027<sup>(b)</sup><br>| 3646535 | &nbsp;&nbsp; 3645479 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, 0.97%, <br> 03/25/2060<sup>(c)(f)</sup><br>| 1491502 | &nbsp;&nbsp; 1440755 |
| CarMax Auto Owner Trust, Series 2025-2, <br> Class A2A, 4.59%, 07/17/2028<br>| 4360000 | &nbsp;&nbsp; 4365334 |
| CBAM Ltd. (Cayman Islands), Series 2018-<br> 5A, Class A, 5.56% (3 mo. Term SOFR + <br> 1.28%), 04/17/2031<sup>(b)(c)</sup><br>| 2002218 | &nbsp;&nbsp; 2003185 |
| CCG Receivables Trust, Series 2025-1, <br> Class A2, 4.48%, 10/14/2032<sup>(c)</sup><br>| 5450000 | &nbsp;&nbsp; 5456939 |
| Chase Auto Owner Trust, Series 2024-3A, <br> Class A2, 5.53%, 09/27/2027<sup>(c)</sup><br>| 2956202 | &nbsp;&nbsp; 2965970 |
| Chesapeake Funding II LLC (Canada) |  |  |
| Series 2023-1A, Class A2, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 05/15/2035<sup>(b)(c)</sup><br>| 5894539 | &nbsp;&nbsp; 5920443 |
| Series 2023-2A, Class A2, 5.45% <br> (30 Day Average SOFR + 1.10%), <br> 10/15/2035<sup>(b)(c)</sup><br>| 6756706 | &nbsp;&nbsp; 6785144 |
| Series 2024-1A, Class A2, 5.12% <br> (30 Day Average SOFR + 0.77%), <br> 05/15/2036<sup>(b)(c)</sup><br>| 1964903 | &nbsp;&nbsp; 1966928 |
| Citizens Auto Receivables Trust |  |  |
| Series 2023-2, Class A2B, 5.08% <br> (30 Day Average SOFR + 0.73%), <br> 10/15/2026<sup>(b)(c)</sup><br>| 394799 | &nbsp;&nbsp; 394887 |
| Series 2024-2, Class A3, 5.33%, <br> 08/15/2028<sup>(c)</sup><br>| 7625000 | &nbsp;&nbsp; 7695261 |
| COLT Mortgage Loan Trust, Series 2020-<br> 2R, Class A1, 1.33%, 10/26/2065<sup>(c)(f)</sup><br>| 1337191 | &nbsp;&nbsp; 1246158 |
| Cross Mortgage Trust |  |  |
| Series 2023-H1, Class A1, 6.62%, <br> 03/25/2068<sup>(c)</sup><br>| 3798750 | &nbsp;&nbsp; 3831337 |
| Series 2024-H5, Class A1, 5.85%, <br> 08/26/2069<sup>(c)</sup><br>| 8788917 | &nbsp;&nbsp; 8845034 |
| CWABS, Inc. Asset-Backed Ctfs. Trust, <br> Series 2004-4, Class M1, 5.16% (1 mo. <br> Term SOFR + 0.83%), 07/25/2034<sup>(b)</sup><br>| 234059 | &nbsp;&nbsp; 239783 |
| Deephaven Residential Mortgage Trust, <br> Series 2021-2, Class A1, 0.90%, <br> 04/25/2066<sup>(c)(f)</sup><br>| 3842744 | &nbsp;&nbsp; 3423610 |
| Dell Equipment Finance Trust |  |  |
| Series 2024-1, Class A3, 5.39%, <br> 03/22/2030<sup>(c)</sup><br>| 2750000 | &nbsp;&nbsp; 2781994 |
| Series 2025-1, Class A3, 4.61%, <br> 02/24/2031<sup>(c)</sup><br>| 2970000 | &nbsp;&nbsp; 2975125 |

---

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

------

**89**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| DLLST LLC, Series 2024-1A, Class A3, <br> 5.05%, 08/20/2027<sup>(c)</sup><br>| $2730000 | &nbsp;&nbsp; $2743889 |
| Dryden 30 Senior Loan Fund (Cayman <br> Islands), Series 2013-30A, Class AR, <br> 5.41% (3 mo. Term SOFR + 1.08%), <br> 11/15/2028<sup>(b)(c)</sup><br>| 1124846 | &nbsp;&nbsp; 1125337 |
| Ellington Financial Mortgage Trust |  |  |
| Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(c)(f)</sup><br>| 835702 | &nbsp;&nbsp; 793163 |
| Series 2020-2, Class A1, 1.18%, <br> 10/25/2065<sup>(c)(f)</sup><br>| 222470 | &nbsp;&nbsp; 208623 |
| Enterprise Fleet Financing LLC |  |  |
| Series 2023-3, Class A2, 6.40%, <br> 03/20/2030<sup>(c)</sup><br>| 5148204 | &nbsp;&nbsp; 5233918 |
| Series 2024-1, Class A2, 5.23%, <br> 03/20/2030<sup>(c)</sup><br>| 2344099 | &nbsp;&nbsp; 2363111 |
| Series 2024-3, Class A2, 5.31%, <br> 04/20/2027<sup>(c)</sup><br>| 3521385 | &nbsp;&nbsp; 3533787 |
| Series 2024-4, Class A2, 4.69%, <br> 07/20/2027<sup>(c)</sup><br>| 4125000 | &nbsp;&nbsp; 4136542 |
| Series 2025-2, Class A2, 4.51%, <br> 02/22/2028<sup>(c)</sup><br>| 4500000 | &nbsp;&nbsp; 4502329 |
| First National Master Note Trust, <br> Series 2024-1, Class A, 5.34%, <br> 05/15/2030<br>| 3870000 | &nbsp;&nbsp; 3953910 |
| FS KKR MM CLO 1 LLC, Series 2019-1A, <br> Class A1R, 6.37% (3 mo. Term SOFR + <br> 2.11%), 01/15/2031<sup>(b)(c)</sup><br>| 2917359 | &nbsp;&nbsp; 2919465 |
| GMF Floorplan Owner Revolving Trust, <br> Series 2023-1, Class A2, 5.50% (30 Day <br> Average SOFR + 1.15%), <br> 06/15/2028<sup>(b)(c)</sup><br>| 15000000 | &nbsp;&nbsp; 15090663 |
| Golub Capital Partners CLO 36(M) Ltd. <br> (Cayman Islands), Series 2018-36A, <br> Class A, 5.82% (3 mo. Term SOFR + <br> 1.56%), 02/05/2031<sup>(b)(c)</sup><br>| 440120 | &nbsp;&nbsp; 440099 |
| GreatAmerica Leasing Receivables <br> Funding LLC<br>|  |  |
| Series 2024-2, Class A2, 5.28%, <br> 03/15/2027<sup>(c)</sup><br>| 2700000 | &nbsp;&nbsp; 2712314 |
| Series 2025-1, Class A2, 4.52%, <br> 10/15/2027<sup>(c)</sup><br>| 3150000 | &nbsp;&nbsp; 3155007 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2020-NQM1, Class A1, 1.38%, <br> 09/27/2060<sup>(c)(f)</sup><br>| 1189444 | &nbsp;&nbsp; 1124342 |
| Series 2025-PJ1, Class A7, 6.00%, <br> 06/25/2055<sup>(c)(f)</sup><br>| 9135058 | &nbsp;&nbsp; 9205845 |
| Harley-Davidson Motorcycle Trust, <br> Series 2024-B, Class A2, 4.62%, <br> 08/16/2027<br>| 3113895 | &nbsp;&nbsp; 3114160 |
| HPEFS Equipment Trust, Series 2024-2A, <br> Class A2, 5.50%, 10/20/2031<sup>(c)</sup><br>| 5151218 | &nbsp;&nbsp; 5165044 |
| HSI Asset Securitization Corp. Trust, <br> Series 2006-OPT2, Class M2, 5.03% (1 <br> mo. Term SOFR + 0.70%), <br> 01/25/2036<sup>(b)</sup><br>| 261280 | &nbsp;&nbsp; 258759 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Hyundai Auto Lease Securitization Trust |  |  |
| Series 2024-C, Class A2B, 4.85% <br> (30 Day Average SOFR + 0.50%), <br> 03/15/2027<sup>(b)(c)</sup><br>| $4625671 | &nbsp;&nbsp; $4624451 |
| Series 2025-B, Class A3, 4.53%, <br> 04/17/2028<sup>(c)</sup><br>| 3800000 | &nbsp;&nbsp; 3805047 |
| Hyundai Auto Receivables Trust, <br> Series 2025-A, Class A2B, 4.69% <br> (30 Day Average SOFR + 0.34%), <br> 12/15/2027<sup>(b)</sup><br>| 9318000 | &nbsp;&nbsp; 9307643 |
| J.P. Morgan Mortgage Trust, Series 2024-<br> INV1, Class A4, 6.00%, <br> 04/25/2055<sup>(c)(f)</sup><br>| 7558539 | &nbsp;&nbsp; 7659709 |
| John Deere Owner Trust, Series 2025-A, <br> Class A2B, 4.64% (30 Day Average <br> SOFR + 0.29%), 03/15/2028<sup>(b)</sup><br>| 5300000 | &nbsp;&nbsp; 5298923 |
| KKR CLO 21 Ltd. (Cayman Islands), <br> Series A, 5.52% (3 mo. Term SOFR + <br> 1.26%), 04/15/2031<sup>(b)(c)</sup><br>| 683040 | &nbsp;&nbsp; 682289 |
| Madison Park Funding XLII Ltd. (Cayman <br> Islands), Series 2024-13A, Class AR, <br> 5.43% (3 mo. Term SOFR + 1.15%), <br> 11/21/2030<sup>(b)(c)</sup><br>| 1603072 | &nbsp;&nbsp; 1602271 |
| Mercedes-Benz Auto Lease Trust, <br> Series 2024-A, Class A2A, 5.44%, <br> 02/16/2027<br>| 4281210 | &nbsp;&nbsp; 4293446 |
| Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |
| Series 2023-NQM1, Class A1, 7.28%, <br> 09/25/2068<sup>(c)</sup><br>| 5917721 | &nbsp;&nbsp; 6014813 |
| Series 2024-NQM3, Class A1, 5.04%, <br> 07/25/2069<sup>(c)(f)</sup><br>| 8793382 | &nbsp;&nbsp; 8747595 |
| Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(c)(f)</sup><br>| 9955654 | &nbsp;&nbsp; 10025431 |
| Navient Private Education Refi Loan Trust |  |  |
| Series 2020-FA, Class A, 1.22%, <br> 07/15/2069<sup>(c)</sup><br>| 1223614 | &nbsp;&nbsp; 1146642 |
| Series 2021-FA, Class A, 1.11%, <br> 02/18/2070<sup>(c)</sup><br>| 2774779 | &nbsp;&nbsp; 2473075 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2017-5A, Class A1, 5.94% (1 mo. <br> Term SOFR + 1.61%), 06/25/2057<sup>(b)(c)</sup><br>| 202415 | &nbsp;&nbsp; 204684 |
| Series 2019-NQM4, Class A1, 2.49%, <br> 09/25/2059<sup>(c)(f)</sup><br>| 1300650 | &nbsp;&nbsp; 1232402 |
| Series 2020-NQM1, Class A1, 2.46%, <br> 01/26/2060<sup>(c)(f)</sup><br>| 967161 | &nbsp;&nbsp; 913602 |
| OBX Trust |  |  |
| Series 2024-NQM12, Class A1, 5.48%, <br> 07/25/2064<sup>(c)</sup><br>| 5469689 | &nbsp;&nbsp; 5474312 |
| Series 2024-NQM18, Class A1, 5.41%, <br> 10/25/2064<sup>(c)(f)</sup><br>| 5256128 | &nbsp;&nbsp; 5266294 |
| Series 2024-NQM6, Class A1, 6.45%, <br> 02/25/2064<sup>(c)</sup><br>| 4180469 | &nbsp;&nbsp; 4227605 |
| Octagon Investment Partners XVII Ltd. <br> (Cayman Islands), Series 2013-1A, <br> Class A1R2, 5.54% (3 mo. Term SOFR + <br> 1.26%), 01/25/2031<sup>(b)(c)</sup><br>| 503251 | &nbsp;&nbsp; 503787 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(c)(f)</sup><br>| 3485120 | &nbsp;&nbsp; 3535080 |

---

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

------

**90**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Porsche Innovative Lease Owner Trust |  |  |
| Series 2024-1A, Class A2A, 4.84%, <br> 01/20/2027<sup>(c)</sup><br>| $6051159 | &nbsp;&nbsp; $6053704 |
| Series 2024-2A, Class A2B, 4.79% <br> (30 Day Average SOFR + 0.44%), <br> 12/21/2026<sup>(b)(c)</sup><br>| 3899117 | &nbsp;&nbsp; 3898087 |
| PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, 11/25/2058<sup>(c)</sup><br>| 5632022 | &nbsp;&nbsp; 5735955 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(c)(f)</sup><br>| 215984 | &nbsp;&nbsp; 213485 |
| SBNA Auto Lease Trust |  |  |
| Series 2023-A, Class A3, 6.51%, <br> 04/20/2027<sup>(c)</sup><br>| 12000000 | &nbsp;&nbsp; 12068414 |
| Series 2024-C, Class A3, 4.56%, <br> 02/22/2028<sup>(c)</sup><br>| 2000000 | &nbsp;&nbsp; 2003355 |
| Starwood Mortgage Residential Trust |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(c)(f)</sup><br>| 175610 | &nbsp;&nbsp; 167834 |
| Series 2020-INV1, Class A1, 1.03%, <br> 11/25/2055<sup>(c)(f)</sup><br>| 1554424 | &nbsp;&nbsp; 1463930 |
| Series 2021-2, Class A1, 0.94%, <br> 05/25/2065<sup>(c)(f)</sup><br>| 1740019 | &nbsp;&nbsp; 1629467 |
| Synchrony Card Funding LLC |  |  |
| Series 2023-A2, Class A, 5.74%, <br> 10/15/2029<br>| 8500000 | &nbsp;&nbsp; 8677257 |
| Series 2024-A1, Class A, 5.04%, <br> 03/15/2030<br>| 10000000 | &nbsp;&nbsp; 10168454 |
| Toyota Auto Receivables 2025-B Owner <br> Trust, Series 2025-B, Class A2A, 4.46%, <br> 03/15/2028<br>| 8300000 | &nbsp;&nbsp; 8310658 |
| Verus Securitization Trust |  |  |
| Series 2020-1, Class A1, 3.42%, <br> 01/25/2060<sup>(c)</sup><br>| 711963 | &nbsp;&nbsp; 698591 |
| Series 2020-5, Class A1, 2.22%, <br> 05/25/2065<sup>(c)</sup><br>| 1825130 | &nbsp;&nbsp; 1766490 |
| Series 2022-INV2, Class A1, 6.79%, <br> 10/25/2067<sup>(c)</sup><br>| 5967116 | &nbsp;&nbsp; 5977005 |
| Series 2023-7, Class A1, 7.07%, <br> 10/25/2068<sup>(c)</sup><br>| 6840618 | &nbsp;&nbsp; 6941994 |
| Series 2023-INV2, Class A1, 6.44%, <br> 08/25/2068<sup>(c)</sup><br>| 6731238 | &nbsp;&nbsp; 6789424 |
| Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(c)</sup><br>| 1318131 | &nbsp;&nbsp; 1261713 |
| Volvo Financial Equipment LLC, <br> Series 2025-1A, Class A2, 4.41%, <br> 11/15/2027<sup>(c)</sup><br>| 3780000 | &nbsp;&nbsp; 3780218 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2024-1A, Class A2, 5.15% (1 mo. <br> Term SOFR + 0.83%), 02/18/2039<sup>(b)(c)</sup><br>| 4093971 | &nbsp;&nbsp; 4098601 |
| Series 2024-2A, Class A2, 5.32% (1 mo. <br> Term SOFR + 1.00%), 06/21/2039<sup>(b)(c)</sup><br>| 6000000 | &nbsp;&nbsp; 6023864 |
| Series 2025-1A, Class A1, 4.57%, <br> 01/18/2040<sup>(c)</sup><br>| 8250000 | &nbsp;&nbsp; 8276621 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A2B, 4.74% (30 Day Average <br> SOFR + 0.39%), 12/15/2027<sup>(b)</sup><br>| $2320000 | &nbsp;&nbsp; $2317187 |
| Total Asset-Backed Securities <br>(Cost $369,139,157) | Total Asset-Backed Securities <br>(Cost $369,139,157) | &nbsp;&nbsp; 369217373 |
|  | **Shares** |  |
| **Exchange-Traded Funds-0.25%** | **Exchange-Traded Funds-0.25%** | **Exchange-Traded Funds-0.25%** |
| Invesco AAA CLO Floating Rate Note ETF<sup>(g)</sup> <br>(Cost $7,059,850)<br>| 274672 | &nbsp;&nbsp; 6984909 |
|  | **Principal**<br> **Amount** |  |
| **Commercial Paper-27.91%**<sup>(h)</sup>  | **Commercial Paper-27.91%**<sup>(h)</sup>  | **Commercial Paper-27.91%**<sup>(h)</sup>  |
| APA Corp., 5.05%, 05/01/2025<sup>(c)</sup> | $30800000 | &nbsp;&nbsp; 30795700 |
| Arrow Electronics, Inc. |  |  |
| 5.06%, 05/05/2025<sup>(c)</sup> | 16200000 | &nbsp;&nbsp; 16189162 |
| 5.00%, 05/12/2025<sup>(c)</sup> | 18000000 | &nbsp;&nbsp; 17970984 |
| BAT International Finance PLC |  |  |
| 4.69%, 08/25/2025<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 9849700 |
| 4.81%, 10/21/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14670630 |
| Boston Properties L.P. |  |  |
| 4.84%, 05/14/2025<sup>(c)</sup> | 13700000 | &nbsp;&nbsp; 13675299 |
| 4.69%–4.69%, 06/02/2025<sup>(c)</sup> | 25800000 | &nbsp;&nbsp; 25689189 |
| 4.83%, 06/16/2025<sup>(c)</sup> | 11000000 | &nbsp;&nbsp; 10932735 |
| Broadcom, Inc., 4.86%, 05/09/2025<sup>(c)</sup> | 1000000 | &nbsp;&nbsp; 998852 |
| Brookfield BRP Holdings Canada, Inc. |  |  |
| 5.05%, 05/22/2025 | 6000000 | &nbsp;&nbsp; 5982996 |
| 5.06%, 06/11/2025 | 3000000 | &nbsp;&nbsp; 2983671 |
| 5.04%, 06/13/2025 | 15000000 | &nbsp;&nbsp; 14914470 |
| Brookfield Infrastructure Holdings Canada, <br> Inc.<br>|  |  |
| 4.83%, 07/29/2025 | 15000000 | &nbsp;&nbsp; 14823930 |
| 4.93%, 11/18/2025 | 15000000 | &nbsp;&nbsp; 14618865 |
| Brunswick Corp., 5.06%–5.11%, <br> 05/01/2025<sup>(c)</sup><br>| 20700000 | &nbsp;&nbsp; 20697164 |
| Brunswick Corp./DE, 5.11%, <br> 05/06/2025<sup>(c)</sup><br>| 13000000 | &nbsp;&nbsp; 12989327 |
| Canadian Natural Resources Ltd. |  |  |
| 5.02%, 05/07/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14986215 |
| 5.17%, 05/13/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14974365 |
| Charles Schwab Corp. (The), 4.57%, <br> 08/26/2025<sup>(c)</sup><br>| 9600000 | &nbsp;&nbsp; 9463382 |
| Conagra Brands, Inc. |  |  |
| 5.06%, 05/06/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14988270 |
| 5.07%, 05/19/2025<sup>(c)</sup> | 25000000 | &nbsp;&nbsp; 24936650 |
| Constellation Brands, Inc. |  |  |
| 4.84%, 05/02/2025<sup>(c)</sup> | 11000000 | &nbsp;&nbsp; 10997074 |
| 4.82%, 05/16/2025<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 9978550 |
| Crown Castle, Inc., 4.94%, 05/01/2025<sup>(c)</sup> | 25000000 | &nbsp;&nbsp; 24996650 |
| Discovery Communications LLC, 5.26%, <br> 05/08/2025<sup>(c)</sup><br>| 15000000 | &nbsp;&nbsp; 14982660 |
| Eversource Energy, 4.83%, <br> 05/12/2025<sup>(c)</sup><br>| 20000000 | &nbsp;&nbsp; 19969120 |
| Genuine Parts Co., 4.88%, 05/21/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14959410 |
| Glencore Funding LLC |  |  |
| 4.63%, 06/04/2025<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 11947164 |
| 4.64%, 08/29/2025<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 11816340 |

---

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

------

**91**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Global Payments, Inc. |  |  |  |
| 4.96%, 05/02/2025 | $| 9000000 | &nbsp;&nbsp; $8997543 |
| 5.01%, 05/05/2025 |  | 14000000 | &nbsp;&nbsp; 13990466 |
| 5.01%, 05/06/2025 |  | 15000000 | &nbsp;&nbsp; 14987730 |
| 5.01%, 05/07/2025 |  | 10000000 | &nbsp;&nbsp; 9990460 |
| 5.01%, 05/14/2025 |  | 11700000 | &nbsp;&nbsp; 11677485 |
| Harley-Davidson Financial Services, Inc. |  |  |  |
| 4.94%, 05/01/2025<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14998050 |
| 5.10%, 05/09/2025<sup>(c)</sup> |  | 1000000 | &nbsp;&nbsp; 998825 |
| 5.12%, 05/12/2025<sup>(c)</sup> |  | 3000000 | &nbsp;&nbsp; 2995284 |
| 4.96%, 06/02/2025<sup>(c)</sup> |  | 10000000 | &nbsp;&nbsp; 9955820 |
| 5.16%, 06/20/2025<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14897342 |
| 5.21%, 07/01/2025<sup>(c)</sup> |  | 10000000 | &nbsp;&nbsp; 9916680 |
| HSBC USA, Inc. |  |  |  |
| 5.73%, 07/01/2025<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11906904 |
| 4.82%, 11/03/2025<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11725716 |
| Jabil, Inc., 5.08%–5.13%, 05/05/2025<sup>(c)</sup> |  | 30000000 | &nbsp;&nbsp; 29978640 |
| National Fuel Gas Co., 5.12%, <br> 05/13/2025<br>|  | 14500000 | &nbsp;&nbsp; 14474553 |
| Quanta Services, Inc., 4.90%, <br> 05/02/2025<sup>(c)</sup><br>|  | 19500000 | &nbsp;&nbsp; 19494813 |
| Sonoco Products Co. |  |  |  |
| 5.09%, 05/01/2025 |  | 1500000 | &nbsp;&nbsp; 1499790 |
| 5.22%, 05/07/2025 |  | 8000000 | &nbsp;&nbsp; 7991808 |
| 5.19%, 05/12/2025 |  | 13000000 | &nbsp;&nbsp; 12977822 |
| 5.24%, 05/28/2025 |  | 20000000 | &nbsp;&nbsp; 19919222 |
| Stanley Black & Decker, Inc. |  |  |  |
| 4.82%, 06/23/2025<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14895705 |
| 4.79%, 06/25/2025<sup>(c)</sup> |  | 2700000 | &nbsp;&nbsp; 2680533 |
| TELUS Corp. |  |  |  |
| 5.04%, 05/21/2025<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11967564 |
| 5.01%, 06/09/2025<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11937792 |
| 4.78%, 08/26/2025<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11818152 |
| WGL Holdings, Inc., 5.01%, 05/06/2025<sup>(c)</sup> |  | 5000000 | &nbsp;&nbsp; 4996295 |
| White Plains Capital Co. LLC |  |  |  |
| 4.97%, 05/02/2025<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14996235 |
| 4.92%, 06/10/2025<sup>(c)</sup> |  | 10000000 | &nbsp;&nbsp; 9946970 |
| WPP CP LLC |  |  |  |
| 4.79%, 05/07/2025<sup>(c)</sup> |  | 8000000 | &nbsp;&nbsp; 7992864 |
| 4.81%, 06/10/2025<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11936244 |
| Total Commercial Paper <br>(Cost $773,308,104) | Total Commercial Paper <br>(Cost $773,308,104) | Total Commercial Paper <br>(Cost $773,308,104) | &nbsp;&nbsp; 773321831 |
| **Certificates of Deposit-1.99%** | **Certificates of Deposit-1.99%** | **Certificates of Deposit-1.99%** | **Certificates of Deposit-1.99%** |
| **Diversified Banks-1.99%** | **Diversified Banks-1.99%** | **Diversified Banks-1.99%** | **Diversified Banks-1.99%** |
| Natixis S.A. (France), 4.96% (SOFR + <br> 0.60%), 08/04/2025<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10011117 |
| Bank of America N.A., 5.50%, <br> 05/08/2025<br>|  | 10000000 | &nbsp;&nbsp; 10002010 |
| Intesa Sanpaolo S.p.A. (Italy) |  |  |  |
| 5.71%07/16/2025 |  | 9500000 | &nbsp;&nbsp; 9518117 |
| 5.00%01/07/2026 |  | 10000000 | &nbsp;&nbsp; 10018840 |
| 5.33% (SOFR + 1.00%), 10/16/2026<sup>(b)</sup> |  | 15500000 | &nbsp;&nbsp; 15574950 |
|  |  |  | &nbsp;&nbsp; 55125034 |
| Total Certificates of Deposit <br>(Cost $55,000,000) | Total Certificates of Deposit <br>(Cost $55,000,000) | Total Certificates of Deposit <br>(Cost $55,000,000) | &nbsp;&nbsp; 55125034 |

---

---

| | | |
|:---|:---|:---|
|  | **Repurchase**<br> **Amount** | **Value** |
| **Repurchase Agreements-1.08%**<sup>(i)</sup>  | **Repurchase Agreements-1.08%**<sup>(i)</sup>  | **Repurchase Agreements-1.08%**<sup>(i)</sup>  |
| CF Secured LLC, joint open agreement <br> dated 02/07/2025 (collateralized by <br> agency mortgage-backed securities and <br> agency and non-agency asset-backed <br> securities valued at $26,652,392; <br> 1.12% - 11.00%; 05/25/2036 - <br> 03/26/2068), 5.11%, 05/01/2025<sup>(j)</sup><br>| $10042458 | &nbsp;&nbsp; $10000000 |
| Nomura Securities International, Inc., joint <br> term agreement dated 04/16/2025, <br> aggregate maturing value of <br> $30,004,233 (collateralized by <br> non-agency mortgage-backed securities <br> and non-agency asset-backed securities <br> valued at $33,000,001; 0.84% - <br> 10.03%; 09/25/2029 - 08/25/2069), <br> 5.08%, 05/01/2025<sup>(k)</sup><br>| 10001411 | &nbsp;&nbsp; 10000000 |
| Santander US Capital Markets LLC, joint <br> term agreement dated 04/07/2025, <br> aggregate maturing value of <br> $30,004,217 (collateralized by agency <br> and non-agency mortgage-backed <br> securities and agency and non-agency <br> asset-backed securities valued at <br> $33,421,444; 0.00% - 10.60%; <br> 12/25/2030 - 07/25/2067), 5.06%, <br> 05/01/2025<sup>(k)</sup><br>| 10001406 | &nbsp;&nbsp; 10000000 |
| Total Repurchase Agreements <br>(Cost $30,000,000) | Total Repurchase Agreements <br>(Cost $30,000,000) | &nbsp;&nbsp; 30000000 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-101.26% <br>(Cost $2,800,582,266) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-101.26% <br>(Cost $2,800,582,266) | &nbsp;&nbsp; 2805664088 |
|  | **Shares** |  |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.65%** | **Money Market Funds-0.65%** | **Money Market Funds-0.65%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(g)(l)(m)</sup><br>| 5002246 | &nbsp;&nbsp; 5002246 |
| Invesco Private Prime Fund, 4.46%<sup>(g)(l)(m)</sup> | 13015126 | &nbsp;&nbsp; 13017729 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,020,618) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,020,618) | &nbsp;&nbsp; 18019975 |
| TOTAL INVESTMENTS IN SECURITIES-101.91% <br>(Cost $2,818,602,884) | TOTAL INVESTMENTS IN SECURITIES-101.91% <br>(Cost $2,818,602,884) | &nbsp;&nbsp; 2823684063 |
| OTHER ASSETS LESS LIABILITIES-(1.91)% | OTHER ASSETS LESS LIABILITIES-(1.91)% | &nbsp;&nbsp; (52965813)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2770718250 |

---

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

------

**92**

------

**Invesco Ultra Short Duration ETF (GSY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CP | -Commercial Paper |
| Ctfs. | -Certificates |
| ETF | -Exchange-Traded Fund |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $1,309,182,470, which represented 47.25% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(e)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(f)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown <br> is the rate in effect on April 30, 2025.<br>|
| <sup>(g)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| Invesco AAA CLO Floating <br> Rate Note ETF<br>| &nbsp;&nbsp; $3053540 | &nbsp;&nbsp; $4000770 | &nbsp;&nbsp; $(3593)<br>| &nbsp;&nbsp; $(69401)<br>| &nbsp;&nbsp; $3593 | &nbsp;&nbsp; $6984909 | &nbsp;&nbsp; $172254 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3163640 | &nbsp;&nbsp; 47707080 | &nbsp;&nbsp; (45868474)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5002246 | &nbsp;&nbsp; 78,210<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 8238473 | &nbsp;&nbsp; 96864526 | &nbsp;&nbsp; (92083306)<br>| &nbsp;&nbsp; (643)<br>| &nbsp;&nbsp; (1321)<br>| &nbsp;&nbsp; 13017729 | &nbsp;&nbsp; 203,017<br> \*<br>|
| Total | &nbsp;&nbsp; $14455653 | &nbsp;&nbsp; $148572376 | &nbsp;&nbsp; $(137955373)<br>| &nbsp;&nbsp; $(70044)<br>| &nbsp;&nbsp; $2272 | &nbsp;&nbsp; $25004884 | &nbsp;&nbsp; $453481 |

---

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

<sup>(h)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(i)</sup> Principal amount equals value at period end. See Note 2L.

<sup>(j)</sup> Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 

<sup>(k)</sup> Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 

<sup>(l)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

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

------

**93**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-39.52%** | **U.S. Dollar Denominated Bonds & Notes-39.52%** | **U.S. Dollar Denominated Bonds & Notes-39.52%** |
| **Agricultural & Farm Machinery-0.03%** | **Agricultural & Farm Machinery-0.03%** | **Agricultural & Farm Machinery-0.03%** |
| John Deere Capital Corp. |  |  |
| 4.86% (SOFR + 0.48%), <br> 10/22/2025<sup>(b)</sup><br>| $300000 | &nbsp;&nbsp; $303459 |
| 4.98% (SOFR + 0.60%), <br> 04/19/2027<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75095 |
|  |  | &nbsp;&nbsp; 378554 |
| **Asset Management & Custody Banks-0.02%** | **Asset Management & Custody Banks-0.02%** | **Asset Management & Custody Banks-0.02%** |
| Bank of New York Mellon Corp. (The), <br> 5.21% (SOFR + 0.83%), <br> 07/21/2028<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 124771 |
| State Street Corp., 5.23% (SOFR + <br> 0.85%), 08/03/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75009 |
|  |  | &nbsp;&nbsp; 199780 |
| **Automobile Manufacturers-5.51%** | **Automobile Manufacturers-5.51%** | **Automobile Manufacturers-5.51%** |
| American Honda Finance Corp., 4.91% <br> (SOFR + 0.55%), 05/11/2026<sup>(b)(c)</sup><br>| 5500000 | &nbsp;&nbsp; 5494315 |
| BMW US Capital LLC (Germany) |  |  |
| 4.98% (SOFR + 0.62%), <br> 08/11/2025<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 100037 |
| 5.28% (SOFR + 0.92%), <br> 08/13/2027<sup>(b)(d)</sup><br>| 150000 | &nbsp;&nbsp; 150103 |
| Daimler Truck Finance North America LLC <br> (Germany)<br>|  |  |
| 5.33% (SOFR + 0.96%), <br> 09/25/2027<sup>(b)(d)</sup><br>| 4250000 | &nbsp;&nbsp; 4233141 |
| 5.22% (SOFR + 0.84%), <br> 01/13/2028<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 3980405 |
| Ford Motor Credit Co. LLC |  |  |
| 7.32% (SOFR + 2.95%), <br> 03/06/2026<sup>(b)(c)</sup><br>| 5025000 | &nbsp;&nbsp; 5052563 |
| 5.83% (SOFR + 1.45%), <br> 11/05/2026<sup>(b)</sup><br>| 7625000 | &nbsp;&nbsp; 7490296 |
| Hyundai Capital America |  |  |
| 5.70% (SOFR + 1.32%), <br> 11/03/2025<sup>(b)(d)</sup><br>| 600000 | &nbsp;&nbsp; 602156 |
| 5.88% (SOFR + 1.50%), <br> 01/08/2027<sup>(b)(d)</sup><br>| 4700000 | &nbsp;&nbsp; 4727967 |
| 5.41% (SOFR + 1.04%), <br> 03/19/2027<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 3993923 |
| 5.37% (SOFR + 0.99%), <br> 03/25/2027<sup>(b)(c)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 4973205 |
| 5.42% (SOFR + 1.04%), <br> 06/24/2027<sup>(b)(d)</sup><br>| 5225000 | &nbsp;&nbsp; 5197823 |
| 5.30% (SOFR + 0.92%), <br> 01/07/2028<sup>(b)(d)</sup><br>| 3000000 | &nbsp;&nbsp; 2965062 |
| Mercedes-Benz Finance North <br> America LLC (Germany)<br>|  |  |
| 4.95% (SOFR + 0.57%), <br> 08/01/2025<sup>(b)(d)</sup><br>| 1000000 | &nbsp;&nbsp; 1000246 |
| 5.05% (SOFR + 0.67%), <br> 01/09/2026<sup>(b)(d)</sup><br>| 500000 | &nbsp;&nbsp; 500131 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| Toyota Motor Credit Corp. |  |  |  |
| 5.02% (SOFR + 0.65%), <br> 09/11/2025<sup>(b)</sup><br>| $| 75000 | &nbsp;&nbsp; $75064 |
| 5.25% (SOFR + 0.89%), <br> 05/18/2026<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 250811 |
| 5.02% (SOFR + 0.65%), <br> 03/19/2027<sup>(b)</sup><br>|  | 75000 | &nbsp;&nbsp; 75021 |
| Volkswagen Group of America <br> Finance LLC (Germany)<br>|  |  |  |
| 5.30% (SOFR + 0.93%), <br> 09/12/2025<sup>(b)(d)</sup><br>|  | 250000 | &nbsp;&nbsp; 250307 |
| 5.20% (SOFR + 0.83%), <br> 03/20/2026<sup>(b)(d)</sup><br>|  | 4000000 | &nbsp;&nbsp; 3999845 |
| 5.42% (SOFR + 1.06%), <br> 08/14/2026<sup>(b)(d)</sup><br>|  | 6700000 | &nbsp;&nbsp; 6701211 |
| 5.44% (SOFR + 1.06%), <br> 03/25/2027<sup>(b)(d)</sup><br>|  | 8000000 | &nbsp;&nbsp; 7963121 |
|  |  |  | &nbsp;&nbsp; 69776753 |
| **Commercial & Residential Mortgage Finance-0.32%** | **Commercial & Residential Mortgage Finance-0.32%** | **Commercial & Residential Mortgage Finance-0.32%** | **Commercial & Residential Mortgage Finance-0.32%** |
| Nationwide Building Society (United <br> Kingdom), 5.65% (SOFR + 1.29%), <br> 02/16/2028<sup>(b)(d)</sup><br>|  | 4000000 | &nbsp;&nbsp; 4010677 |
| **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** |
| Caterpillar Financial Services Corp. |  |  |  |
| 4.83% (SOFR + 0.46%), <br> 02/27/2026<sup>(b)</sup><br>|  | 75000 | &nbsp;&nbsp; 75015 |
| 4.88% (SOFR + 0.52%), <br> 05/14/2027<sup>(b)</sup><br>|  | 75000 | &nbsp;&nbsp; 74905 |
|  |  |  | &nbsp;&nbsp; 149920 |
| **Consumer Finance-2.48%** | **Consumer Finance-2.48%** | **Consumer Finance-2.48%** | **Consumer Finance-2.48%** |
| American Express Co. |  |  |  |
| 5.12% (SOFR + 0.76%), <br> 02/13/2026<sup>(b)</sup><br>|  | 125000 | &nbsp;&nbsp; 125269 |
| 5.73% (SOFR + 1.35%), <br> 10/30/2026<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 100407 |
| 5.35% (SOFR + 0.97%), <br> 07/28/2027<sup>(b)</sup><br>|  | 4294000 | &nbsp;&nbsp; 4307521 |
| 5.31% (SOFR + 0.93%), <br> 07/26/2028<sup>(b)</sup><br>|  | 4075000 | &nbsp;&nbsp; 4091192 |
| General Motors Financial Co., Inc. |  |  |  |
| 5.41% (SOFR + 1.04%), <br> 02/26/2027<sup>(b)(c)</sup><br>|  | 7597000 | &nbsp;&nbsp; 7518374 |
| 5.71% (SOFR + 1.35%), <br> 05/08/2027<sup>(b)</sup><br>|  | 6500000 | &nbsp;&nbsp; 6443204 |
| 5.43% (SOFR + 1.05%), <br> 07/15/2027<sup>(b)</sup><br>|  | 4000000 | &nbsp;&nbsp; 3932328 |
| 5.55% (SOFR + 1.17%), <br> 04/04/2028<sup>(b)(c)</sup><br>|  | 5000000 | &nbsp;&nbsp; 4917048 |
|  |  |  | &nbsp;&nbsp; 31435343 |
| **Diversified Banks-19.13%** | **Diversified Banks-19.13%** | **Diversified Banks-19.13%** | **Diversified Banks-19.13%** |
| ABN AMRO Bank N.V. (Netherlands) |  |  |  |
| 6.15% (SOFR + 1.78%), <br> 09/18/2027<sup>(b)(d)</sup><br>|  | 7000000 | &nbsp;&nbsp; 7068297 |
| 5.37% (SOFR + 1.00%), <br> 12/03/2028<sup>(b)(d)</sup><br>|  | 7600000 | &nbsp;&nbsp; 7591452 |

---

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

------

**94**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Banco Santander S.A. (Spain) |  |  |
| 5.75% (SOFR + 1.38%), <br> 03/14/2028<sup>(b)(c)</sup><br>| $1200000 | &nbsp;&nbsp; $1203341 |
| 5.50% (SOFR + 1.12%), <br> 07/15/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4990530 |
| Bank of America Corp. |  |  |
| 5.32% (3 mo. Term SOFR + 1.02%), <br> 09/15/2026<sup>(b)</sup><br>| 2706000 | &nbsp;&nbsp; 2703631 |
| 5.35% (SOFR + 0.97%), <br> 07/22/2027<sup>(b)(c)</sup><br>| 7114000 | &nbsp;&nbsp; 7124326 |
| 5.43% (SOFR + 1.05%), <br> 02/04/2028<sup>(b)(c)</sup><br>| 1685000 | &nbsp;&nbsp; 1691349 |
| 5.21% (SOFR + 0.83%), <br> 01/24/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 198483 |
| Bank of America N.A., 5.14% (SOFR + <br> 0.78%), 08/18/2025<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75055 |
| Bank of Montreal (Canada) |  |  |
| 5.70% (SOFR + 1.33%), <br> 06/05/2026<sup>(b)</sup><br>| 275000 | &nbsp;&nbsp; 277052 |
| 5.53% (SOFR + 1.16%), <br> 12/11/2026<sup>(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3022784 |
| 5.24% (SOFR + 0.86%), <br> 01/27/2029<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 124315 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| 5.15% (SOFR + 0.78%), <br> 06/04/2027<sup>(b)</sup><br>| 450000 | &nbsp;&nbsp; 449594 |
| 5.25%, 06/12/2028<sup>(c)</sup> | 2500000 | &nbsp;&nbsp; 2571081 |
| 5.26% (SOFR + 0.89%), <br> 02/14/2029<sup>(b)(c)</sup><br>| 5625000 | &nbsp;&nbsp; 5583347 |
| Banque Federative du Credit Mutuel <br> (France), 5.51% (SOFR + 1.13%), <br> 01/23/2027<sup>(b)(d)</sup><br>| 75000 | &nbsp;&nbsp; 75271 |
| Banque Federative du Credit Mutuel S.A. <br> (France), 5.61% (SOFR + 1.23%), <br> 01/22/2030<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5003336 |
| Barclays PLC (United Kingdom) |  |  |
| 6.25% (SOFR + 1.88%), <br> 09/13/2027<sup>(b)</sup><br>| 2750000 | &nbsp;&nbsp; 2784524 |
| 5.86% (SOFR + 1.49%), <br> 03/12/2028<sup>(b)(c)</sup><br>| 6500000 | &nbsp;&nbsp; 6549326 |
| BNP Paribas S.A. (France), 5.84% (SOFR <br> + 1.43%), 05/09/2029<sup>(b)(d)</sup><br>| 6250000 | &nbsp;&nbsp; 6250000 |
| BPCE S.A. (France), 6.36% (SOFR + <br> 1.98%), 10/19/2027<sup>(b)(c)(d)</sup><br>| 6250000 | &nbsp;&nbsp; 6340864 |
| Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |
| 5.32% (SOFR + 0.94%), <br> 06/28/2027<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 250188 |
| 5.10% (SOFR + 0.72%), <br> 01/13/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4967819 |
| 5.41% (SOFR + 1.03%), <br> 03/30/2029<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 3985110 |
| Citibank N.A. |  |  |
| 5.18% (SOFR + 0.81%), <br> 09/29/2025<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75089 |
| 5.43% (SOFR + 1.06%), <br> 12/04/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75251 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Citigroup, Inc. |  |  |
| 5.81% (3 mo. Term SOFR + 1.51%), <br> 07/01/2026<sup>(b)</sup><br>| $1882000 | &nbsp;&nbsp; $1885652 |
| 5.14% (SOFR + 0.77%), <br> 06/09/2027<sup>(b)</sup><br>| 975000 | &nbsp;&nbsp; 974531 |
| 5.65% (SOFR + 1.28%), <br> 02/24/2028<sup>(b)</sup><br>| 6077000 | &nbsp;&nbsp; 6123281 |
| 5.24% (SOFR + 0.87%), <br> 03/04/2029<sup>(b)</sup><br>| 3274000 | &nbsp;&nbsp; 3242591 |
| Commonwealth Bank of Australia <br> (Australia), 4.78% (SOFR + 0.40%), <br> 07/07/2025<sup>(b)(d)</sup><br>| 150000 | &nbsp;&nbsp; 150037 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), 5.28% (SOFR + 0.90%), <br> 10/05/2026<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 175896 |
| Credit Agricole S.A. (France) |  |  |
| 5.67% (SOFR + 1.29%), <br> 07/05/2026<sup>(b)(d)</sup><br>| 175000 | &nbsp;&nbsp; 176027 |
| 5.58% (SOFR + 1.21%), <br> 09/11/2028<sup>(b)(d)</sup><br>| 75000 | &nbsp;&nbsp; 75006 |
| Fifth Third Bank N.A., 5.19% (SOFR + <br> 0.81%), 01/28/2028<sup>(b)(c)</sup><br>| 2634000 | &nbsp;&nbsp; 2613723 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| 5.94% (3 mo. Term SOFR + 1.64%), <br> 09/12/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75251 |
| 5.93% (SOFR + 1.57%), <br> 08/14/2027<sup>(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2522967 |
| 5.40% (SOFR + 1.03%), <br> 03/03/2029<sup>(b)</sup><br>| 3636000 | &nbsp;&nbsp; 3612547 |
| 5.65% (SOFR + 1.29%), <br> 11/19/2030<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4994389 |
| HSBC USA, Inc., 5.33% (SOFR + 0.96%), <br> 03/04/2027<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5022859 |
| Huntington National Bank (The), 5.10% <br> (SOFR + 0.72%), 04/12/2028<sup>(b)</sup><br>| 3103000 | &nbsp;&nbsp; 3090764 |
| ING Groep N.V. (Netherlands) |  |  |
| 5.93% (SOFR + 1.56%), <br> 09/11/2027<sup>(b)</sup><br>| 6575000 | &nbsp;&nbsp; 6626754 |
| 5.39% (SOFR + 1.01%), <br> 03/25/2029<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4966852 |
| JPMorgan Chase & Co. |  |  |
| 5.26% (SOFR + 0.89%), <br> 04/22/2027<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 250562 |
| 5.58% (SOFR + 1.20%), <br> 01/23/2028<sup>(b)</sup><br>| 1667000 | &nbsp;&nbsp; 1675980 |
| 5.55% (SOFR + 1.18%), <br> 02/24/2028<sup>(b)(c)</sup><br>| 3500000 | &nbsp;&nbsp; 3514157 |
| 5.30% (SOFR + 0.92%), <br> 04/22/2028<sup>(b)(c)</sup><br>| 7500000 | &nbsp;&nbsp; 7507593 |
| 5.31% (SOFR + 0.93%), <br> 07/22/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4999198 |
| 5.18% (SOFR + 0.80%), <br> 01/24/2029<sup>(b)(c)</sup><br>| 5200000 | &nbsp;&nbsp; 5197463 |

---

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

------

**95**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| 5.92% (SOFR + 1.56%), <br> 08/07/2027<sup>(b)</sup><br>| $3158000 | &nbsp;&nbsp; $3178419 |
| 5.96% (SOFR + 1.58%), <br> 01/05/2028<sup>(b)</sup><br>| 4575000 | &nbsp;&nbsp; 4615452 |
| 5.43% (SOFR + 1.06%), <br> 11/26/2028<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 124757 |
| Macquarie Bank Ltd. (Australia) |  |  |
| 5.57% (SOFR + 1.20%), <br> 12/07/2026<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4029337 |
| 5.30% (SOFR + 0.92%), <br> 07/02/2027<sup>(b)(c)(d)</sup><br>| 500000 | &nbsp;&nbsp; 502285 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 5.86% (SOFR + 1.48%), <br> 04/24/2031<sup>(b)(c)</sup><br>| 1246000 | &nbsp;&nbsp; 1260407 |
| Mizuho Financial Group, Inc. (Japan) |  |  |
| 5.32% (SOFR + 0.96%), <br> 05/22/2026<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 150064 |
| 5.44% (SOFR + 1.08%), <br> 05/13/2031<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 4993492 |
| Morgan Stanley Bank N.A. |  |  |
| 5.16% (SOFR + 0.78%), <br> 07/16/2025<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75030 |
| 5.55% (SOFR + 1.17%), <br> 10/30/2026<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 176079 |
| 5.46% (SOFR + 1.08%), <br> 01/14/2028<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 250639 |
| 5.23% (SOFR + 0.87%), <br> 05/26/2028<sup>(b)</sup><br>| 3200000 | &nbsp;&nbsp; 3195384 |
| 5.32% (SOFR + 0.94%), <br> 07/14/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5000708 |
| National Australia Bank Ltd. (Australia) |  |  |
| 5.12% (SOFR + 0.76%), <br> 05/13/2025<sup>(b)(d)</sup><br>| 650000 | &nbsp;&nbsp; 650112 |
| 5.02% (SOFR + 0.65%), <br> 12/10/2025<sup>(b)(d)</sup><br>| 150000 | &nbsp;&nbsp; 150245 |
| 4.99% (SOFR + 0.62%), <br> 06/11/2027<sup>(b)(c)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4002830 |
| NatWest Group PLC (United Kingdom), <br> 5.66% (SOFR + 1.30%), <br> 11/15/2028<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3507278 |
| Royal Bank of Canada (Canada) |  |  |
| 4.90% (SOFR + 0.53%), <br> 01/20/2026<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 150182 |
| 4.95% (SOFR + 0.57%), <br> 04/27/2026<sup>(b)</sup><br>| 275000 | &nbsp;&nbsp; 275430 |
| 5.46% (SOFR + 1.08%), <br> 07/20/2026<sup>(b)</sup><br>| 500000 | &nbsp;&nbsp; 503577 |
| 5.33% (SOFR + 0.95%), <br> 01/19/2027<sup>(b)</sup><br>| 2917000 | &nbsp;&nbsp; 2926665 |
| 5.24% (SOFR + 0.86%), <br> 10/18/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 199084 |
| Societe Generale S.A. (France) |  |  |
| 5.46% (SOFR + 1.10%), <br> 02/19/2027<sup>(b)(d)</sup><br>| 2000000 | &nbsp;&nbsp; 1993164 |
| 6.04% (SOFR + 1.66%), <br> 01/19/2028<sup>(b)(d)</sup><br>| 5575000 | &nbsp;&nbsp; 5606963 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Standard Chartered Bank (United <br> Kingdom), 5.03% (SOFR + 0.65%), <br> 10/08/2026<sup>(b)(c)</sup><br>| $3000000 | &nbsp;&nbsp; $2998207 |
| Standard Chartered PLC (United <br> Kingdom)<br>|  |  |
| 6.39% (SOFR + 2.03%), <br> 02/08/2028<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4057349 |
| 5.53% (SOFR + 1.17%), <br> 05/14/2028<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4005804 |
| 5.62% (SOFR + 1.24%), <br> 01/21/2029<sup>(b)(d)</sup><br>| 3500000 | &nbsp;&nbsp; 3501657 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 5.81% (SOFR + 1.43%), <br> 01/13/2026<sup>(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2013629 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan), <br> 5.35% (SOFR + 0.98%), <br> 09/10/2027<sup>(b)(d)</sup><br>| 125000 | &nbsp;&nbsp; 125238 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| 5.62% (SOFR + 1.25%), <br> 06/15/2026<sup>(b)(d)</sup><br>| 1350000 | &nbsp;&nbsp; 1358439 |
| 5.03% (SOFR + 0.66%), <br> 05/28/2027<sup>(b)(c)(d)</sup><br>| 5475000 | &nbsp;&nbsp; 5472380 |
| Swedbank AB (Sweden), 5.75% (SOFR + <br> 1.38%), 06/15/2026<sup>(b)(d)</sup><br>| 75000 | &nbsp;&nbsp; 75600 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| 5.39% (SOFR + 1.02%), <br> 06/06/2025<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 100075 |
| 5.46% (SOFR + 1.08%), <br> 07/17/2026<sup>(b)</sup><br>| 1914000 | &nbsp;&nbsp; 1924310 |
| UBS AG (Switzerland), 5.30% (SOFR + <br> 0.93%), 09/11/2025<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75086 |
| USB Realty Corp., 5.67% (3 mo. Term <br> SOFR + 1.41%)<sup>(b)(d)(e)</sup><br>| 1100000 | &nbsp;&nbsp; 864317 |
| Wells Fargo & Co. |  |  |
| 5.16% (SOFR + 0.78%), <br> 01/24/2028<sup>(b)</sup><br>| 5596000 | &nbsp;&nbsp; 5570127 |
| 5.45% (SOFR + 1.07%), <br> 04/22/2028<sup>(b)</sup><br>| 7075000 | &nbsp;&nbsp; 7099520 |
| 5.75% (SOFR + 1.37%), <br> 04/23/2029<sup>(b)(c)</sup><br>| 1250000 | &nbsp;&nbsp; 1258767 |
| Wells Fargo Bank N.A. |  |  |
| 5.19% (SOFR + 0.80%), <br> 08/01/2025<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75052 |
| 5.09% (SOFR + 0.71%), <br> 01/15/2026<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 150245 |
| 5.42% (SOFR + 1.06%), <br> 08/07/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75275 |
| 5.44% (SOFR + 1.07%), <br> 12/11/2026<sup>(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3017771 |

---

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

------

**96**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Westpac Banking Corp. (Australia) |  |  |  |
| 5.37% (SOFR + 1.00%), <br> 08/26/2025<sup>(b)</sup><br>| $| 75000 | &nbsp;&nbsp; $75194 |
| 5.08% (SOFR + 0.72%), <br> 11/17/2025<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 150272 |
| 4.89% (SOFR + 0.52%), <br> 06/03/2026<sup>(b)</sup><br>|  | 75000 | &nbsp;&nbsp; 75034 |
| 5.19% (SOFR + 0.81%), <br> 04/16/2029<sup>(b)</sup><br>|  | 125000 | &nbsp;&nbsp; 125444 |
|  |  |  | &nbsp;&nbsp; 242267870 |
| **Diversified Capital Markets-0.84%** | **Diversified Capital Markets-0.84%** | **Diversified Capital Markets-0.84%** | **Diversified Capital Markets-0.84%** |
| Deutsche Bank AG (Germany) |  |  |  |
| 5.58% (SOFR + 1.22%), <br> 11/16/2027<sup>(b)</sup><br>|  | 4050000 | &nbsp;&nbsp; 4029257 |
| 5.59% (SOFR + 1.21%), <br> 01/10/2029<sup>(b)</sup><br>|  | 6597000 | &nbsp;&nbsp; 6548580 |
| Macquarie Group Ltd. (Australia), 5.29% <br> (SOFR + 0.92%), 09/23/2027<sup>(b)(d)</sup><br>|  | 75000 | &nbsp;&nbsp; 75114 |
|  |  |  | &nbsp;&nbsp; 10652951 |
| **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** |
| LPL Holdings, Inc., 4.90%, <br> 04/03/2028<sup>(c)</sup><br>|  | 1629000 | &nbsp;&nbsp; 1636743 |
| **Diversified Metals & Mining-0.96%** | **Diversified Metals & Mining-0.96%** | **Diversified Metals & Mining-0.96%** | **Diversified Metals & Mining-0.96%** |
| Glencore Funding LLC (Australia) |  |  |  |
| 5.13% (SOFR + 0.75%), <br> 10/01/2026<sup>(b)(d)</sup><br>|  | 3214000 | &nbsp;&nbsp; 3211348 |
| 5.44% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(d)</sup><br>|  | 6223000 | &nbsp;&nbsp; 6252692 |
| Rio Tinto Finance (USA) PLC (Australia), <br> 5.21% (SOFR + 0.84%), <br> 03/14/2028<sup>(b)</sup><br>|  | 2716000 | &nbsp;&nbsp; 2719812 |
|  |  |  | &nbsp;&nbsp; 12183852 |
| **Electric Utilities-1.27%** | **Electric Utilities-1.27%** | **Electric Utilities-1.27%** | **Electric Utilities-1.27%** |
| Consolidated Edison Co. of New York, <br> Inc., 4.88% (SOFR + 0.52%), <br> 11/18/2027<sup>(b)</sup><br>|  | 1324000 | &nbsp;&nbsp; 1320638 |
| Georgia Power Co., 4.65% (SOFR + <br> 0.28%), 09/15/2026<sup>(b)</sup><br>|  | 3679000 | &nbsp;&nbsp; 3663986 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |  |
| 5.18% (SOFR + 0.80%), <br> 02/05/2027<sup>(b)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5000486 |
| 5.19% (SOFR + 0.82%), <br> 09/16/2027<sup>(b)</sup><br>|  | 4000000 | &nbsp;&nbsp; 3997089 |
| Pacific Gas and Electric Co., 5.32% (SOFR <br> + 0.95%), 09/04/2025<sup>(b)</sup><br>|  | 1900000 | &nbsp;&nbsp; 1898779 |
| Pinnacle West Capital Corp., 5.19% <br> (SOFR + 0.82%), 06/10/2026<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 199967 |
|  |  |  | &nbsp;&nbsp; 16080945 |
| **Insurance Brokers-0.02%** | **Insurance Brokers-0.02%** | **Insurance Brokers-0.02%** | **Insurance Brokers-0.02%** |
| Marsh & McLennan Cos., Inc., 5.06% <br> (SOFR + 0.70%), 11/08/2027<sup>(b)(c)</sup><br>|  | 250000 | &nbsp;&nbsp; 249732 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage-2.70%** | **Investment Banking & Brokerage-2.70%** | **Investment Banking & Brokerage-2.70%** |
| Charles Schwab Corp. (The) |  |  |
| 4.88% (SOFR + 0.52%), <br> 05/13/2026<sup>(b)</sup><br>| $6858000 | &nbsp;&nbsp; $6853050 |
| 5.42% (SOFR + 1.05%), <br> 03/03/2027<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4020262 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 5.43% (SOFR + 1.07%), <br> 08/10/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75128 |
| 5.18% (SOFR + 0.81%), <br> 03/09/2027<sup>(b)</sup><br>| 2460000 | &nbsp;&nbsp; 2461654 |
| 5.19% (SOFR + 0.82%), <br> 09/10/2027<sup>(b)(c)</sup><br>| 3500000 | &nbsp;&nbsp; 3500740 |
| 5.30% (SOFR + 0.92%), <br> 10/21/2027<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 124742 |
| 6.29% (3 mo. Term SOFR + 2.01%), <br> 10/28/2027<sup>(b)</sup><br>| 1220000 | &nbsp;&nbsp; 1240157 |
| 6.22% (SOFR + 1.85%), <br> 03/15/2028<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3548456 |
| 5.67% (SOFR + 1.29%), <br> 04/23/2028<sup>(b)(c)</sup><br>| 1308000 | &nbsp;&nbsp; 1313029 |
| Morgan Stanley |  |  |
| 5.40% (SOFR + 1.02%), <br> 04/13/2028<sup>(b)</sup><br>| 7500000 | &nbsp;&nbsp; 7523597 |
| 5.76% (SOFR + 1.38%), <br> 04/12/2029<sup>(b)(c)</sup><br>| 3500000 | &nbsp;&nbsp; 3523449 |
|  |  | &nbsp;&nbsp; 34184264 |
| **Life & Health Insurance-4.48%** | **Life & Health Insurance-4.48%** | **Life & Health Insurance-4.48%** |
| Athene Global Funding |  |  |
| 5.21% (SOFR + 0.85%), <br> 05/08/2026<sup>(b)(d)</sup><br>| 6775000 | &nbsp;&nbsp; 6774416 |
| 5.40% (SOFR + 1.03%), <br> 08/27/2026<sup>(b)(d)</sup><br>| 6000000 | &nbsp;&nbsp; 6011159 |
| 5.59% (SOFR + 1.21%), <br> 03/25/2027<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5027966 |
| 5.32% (SOFR + 0.95%), <br> 03/06/2028<sup>(b)(d)</sup><br>| 3000000 | &nbsp;&nbsp; 2985241 |
| Corebridge Global Funding |  |  |
| 5.68% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(d)</sup><br>| 4320000 | &nbsp;&nbsp; 4352101 |
| 5.13% (SOFR + 0.75%), <br> 01/07/2028<sup>(b)(d)</sup><br>| 7000000 | &nbsp;&nbsp; 6960755 |
| Jackson National Life Global Funding, <br> 5.35% (SOFR + 0.97%), <br> 01/14/2028<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 4993520 |
| MassMutual Global Funding II |  |  |
| 5.15% (SOFR + 0.77%), <br> 01/29/2027<sup>(b)(d)</sup><br>| 1000000 | &nbsp;&nbsp; 1001820 |
| 5.12% (SOFR + 0.74%), <br> 04/09/2027<sup>(b)(d)</sup><br>| 2500000 | &nbsp;&nbsp; 2496578 |
| New York Life Global Funding, 4.85% <br> (SOFR + 0.48%), 06/09/2026<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 100027 |

---

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

------

**97**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
| Pacific Life Global Funding II |  |  |
| 4.99% (SOFR + 0.62%), <br> 06/04/2026<sup>(b)(d)</sup><br>| 4222000 | &nbsp;&nbsp; $4228832 |
| 5.43% (SOFR + 1.05%), <br> 07/28/2026<sup>(b)(d)</sup><br>| 2265000 | &nbsp;&nbsp; 2280386 |
| 5.23% (SOFR + 0.85%), <br> 02/05/2027<sup>(b)(d)</sup><br>| 6500000 | &nbsp;&nbsp; 6506827 |
| Protective Life Global Funding, 5.08% <br> (SOFR + 0.70%), 04/10/2026<sup>(b)(d)</sup><br>| 3000000 | &nbsp;&nbsp; 3002158 |
|  |  | &nbsp;&nbsp; 56721786 |
| **Managed Health Care-0.01%** | **Managed Health Care-0.01%** | **Managed Health Care-0.01%** |
| UnitedHealth Group, Inc., 4.88% (SOFR + <br> 0.50%), 07/15/2026<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 99908 |
| **Pharmaceuticals-0.09%** | **Pharmaceuticals-0.09%** | **Pharmaceuticals-0.09%** |
| Bristol-Myers Squibb Co., 4.85% (SOFR + <br> 0.49%), 02/20/2026<sup>(b)</sup><br>| 1172000 | &nbsp;&nbsp; 1172045 |
| **Regional Banks-0.60%** | **Regional Banks-0.60%** | **Regional Banks-0.60%** |
| Santander Holdings USA, Inc., 5.98% <br> (SOFR + 1.61%), 03/20/2029<sup>(b)</sup><br>| 7500000 | &nbsp;&nbsp; 7525847 |
| **Soft Drinks & Non-alcoholic Beverages-0.88%** | **Soft Drinks & Non-alcoholic Beverages-0.88%** | **Soft Drinks & Non-alcoholic Beverages-0.88%** |
| Keurig Dr Pepper, Inc. |  |  |
| 4.97% (SOFR + 0.58%), <br> 11/15/2026<sup>(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6005410 |
| 5.25% (SOFR + 0.88%), <br> 03/15/2027<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5013908 |
| PepsiCo, Inc., 4.76% (SOFR + 0.40%), <br> 02/13/2026<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 175285 |
|  |  | &nbsp;&nbsp; 11194603 |
| **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** |
| PayPal Holdings, Inc., 5.04% (SOFR + <br> 0.67%), 03/06/2028<sup>(b)</sup><br>| 500000 | &nbsp;&nbsp; 500269 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $500,409,702) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $500,409,702) | &nbsp;&nbsp; 500421842 |
| **U.S. Treasury Securities-22.58%** | **U.S. Treasury Securities-22.58%** | **U.S. Treasury Securities-22.58%** |
| **U.S. Treasury Floating Rate Notes-22.58%** | **U.S. Treasury Floating Rate Notes-22.58%** | **U.S. Treasury Floating Rate Notes-22.58%** |
| 4.45% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.21%), <br> 10/31/2026<sup>(b)</sup><br>| 97125000 | &nbsp;&nbsp; 97219398 |
| 4.34% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.10%), <br> 01/31/2027<sup>(b)</sup><br>| 188750000 | &nbsp;&nbsp; 188662741 |
| Total U.S. Treasury Securities <br>(Cost $285,996,063) | Total U.S. Treasury Securities <br>(Cost $285,996,063) | &nbsp;&nbsp; 285882139 |
| **Asset-Backed Securities-15.60%** | **Asset-Backed Securities-15.60%** | **Asset-Backed Securities-15.60%** |
| Adjustable Rate Mortgage Trust, <br> Series 2004-2, Class 6A1, 0.71%, <br> 02/25/2035<sup>(f)</sup><br>| 13666 | &nbsp;&nbsp; 13564 |
| Amur Equipment Finance Receivables <br> XIII LLC, Series 2024-1A, Class A2, <br> 5.38%, 01/21/2031<sup>(d)</sup><br>| 2594075 | &nbsp;&nbsp; 2619598 |
| Angel Oak Mortgage Trust, Series 2025-<br> HB1, Class A1, 6.15% (30 Day <br> Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(d)</sup><br>| 1755000 | &nbsp;&nbsp; 1756097 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Avis Budget Rental Car Funding (AESOP) <br> LLC, Series 2020-2A, Class C, 4.25%, <br> 02/20/2027<sup>(d)</sup><br>| $1300000 | &nbsp;&nbsp; $1289449 |
| BAMLL Commercial Mortgage Securities <br> Trust, Series 2022-DKLX, Class A, <br> 5.47% (1 mo. Term SOFR + 1.15%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 906906 | &nbsp;&nbsp; 901245 |
| BBCMS Mortgage Trust, Series 2019-<br> BWAY, Class B, 5.75% (1 mo. Term <br> SOFR + 1.42%), 11/15/2034<sup>(b)(d)</sup><br>| 3250000 | &nbsp;&nbsp; 273341 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust<br>|  |  |
| Series 2003-7, Class 6A, 6.37%, <br> 10/25/2033<sup>(f)</sup><br>| 77484 | &nbsp;&nbsp; 73713 |
| Series 2003-8, Class 4A1, 6.95%, <br> 01/25/2034<sup>(f)</sup><br>| 101011 | &nbsp;&nbsp; 99985 |
| BIG Commercial Mortgage Trust, <br> Series 2022, Class A, 5.66% (1 mo. <br> Term SOFR + 1.34%), <br> 02/15/2039<sup>(b)(d)</sup><br>| 1460351 | &nbsp;&nbsp; 1453107 |
| BX Commercial Mortgage Trust |  |  |
| Series 2021-ACNT, Class B, 5.69% (1 <br> mo. Term SOFR + 1.36%), <br> 11/15/2038<sup>(b)(d)</sup><br>| 3429194 | &nbsp;&nbsp; 3412087 |
| Series 2021-VINO, Class B, 5.29% (1 <br> mo. Term SOFR + 0.97%), <br> 05/15/2038<sup>(b)(d)</sup><br>| 1645000 | &nbsp;&nbsp; 1635735 |
| Series 2021-VOLT, Class A, 5.14% (1 <br> mo. Term SOFR + 0.81%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 700000 | &nbsp;&nbsp; 693784 |
| Series 2021-VOLT, Class B, 5.39% (1 <br> mo. Term SOFR + 1.06%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 3252772 | &nbsp;&nbsp; 3220182 |
| Series 2021-VOLT, Class C, 5.54% (1 <br> mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 3947888 |
| Series 2021-VOLT, Class D, 6.09% (1 <br> mo. Term SOFR + 1.76%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 1250000 | &nbsp;&nbsp; 1232389 |
| BX Trust |  |  |
| Series 2021-LGCY, Class B, 5.29% (1 <br> mo. Term SOFR + 0.97%), <br> 10/15/2036<sup>(b)(d)</sup><br>| 3630000 | &nbsp;&nbsp; 3600231 |
| Series 2022-IND, Class C, 6.61% (1 <br> mo. Term SOFR + 2.29%), <br> 04/15/2037<sup>(b)(d)</sup><br>| 2450000 | &nbsp;&nbsp; 2453000 |
| Series 2022-LBA6, Class B, 5.62% (1 <br> mo. Term SOFR + 1.30%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 1000000 | &nbsp;&nbsp; 994718 |
| CarMax Auto Owner Trust, Series 2024-<br> 1, Class C, 5.47%, 08/15/2029<br>| 2000000 | &nbsp;&nbsp; 2029468 |
| Carmax Select Receivables Trust 2024-A, <br> Series 2024-A, Class C, 5.62%, <br> 01/15/2030<br>| 1400000 | &nbsp;&nbsp; 1410350 |
| CCG Receivables Trust, Series 2023-2, <br> Class A2, 6.28%, 04/14/2032<sup>(d)</sup><br>| 1914443 | &nbsp;&nbsp; 1942207 |
| Chase Home Lending Mortgage Trust |  |  |
| Series 2024-6, Class A11, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 05/25/2055<sup>(b)(d)</sup><br>| 3752945 | &nbsp;&nbsp; 3710865 |

---

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

------

**98**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2024-7, Class A11, 5.65% <br> (30 Day Average SOFR + 1.30%), <br> 06/25/2055<sup>(b)(d)</sup><br>| $4007573 | &nbsp;&nbsp; $3970894 |
| Series 2025-1, Class A11, 5.55% <br> (30 Day Average SOFR + 1.20%), <br> 11/25/2055<sup>(b)(d)</sup><br>| 4857704 | &nbsp;&nbsp; 4793844 |
| Citigroup Mortgage Loan Trust, <br> Series 2024-1, Class A11, 5.70% <br> (30 Day Average SOFR + 1.35%), <br> 07/25/2054<sup>(b)(d)</sup><br>| 3858393 | &nbsp;&nbsp; 3875613 |
| Commonbond Student Loan Trust |  |  |
| Series 2017-BGS, Class A2, 5.09% (1 <br> mo. Term SOFR + 0.76%), <br> 09/25/2042<sup>(b)(d)</sup><br>| 105856 | &nbsp;&nbsp; 104145 |
| Series 2018-AGS, Class A2, 4.94% (1 <br> mo. Term SOFR + 0.61%), <br> 02/25/2044<sup>(b)(d)</sup><br>| 209161 | &nbsp;&nbsp; 206577 |
| Series 2018-CGS, Class A2, 5.24% (1 <br> mo. Term SOFR + 0.91%), <br> 02/25/2046<sup>(b)(d)</sup><br>| 467487 | &nbsp;&nbsp; 462530 |
| CPS Auto Receivables Trust |  |  |
| Series 2023-D, Class C, 7.17%, <br> 01/15/2030<sup>(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4094887 |
| Series 2024-D, Class C, 4.76%, <br> 01/15/2031<sup>(d)</sup><br>| 1558000 | &nbsp;&nbsp; 1555842 |
| Edsouth Indenture No. 9 LLC, <br> Series 2015-1, Class A, 5.27% (30 Day <br> Average SOFR + 0.91%), <br> 10/25/2056<sup>(b)(d)</sup><br>| 227979 | &nbsp;&nbsp; 225178 |
| Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.82% (1 <br> mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(b)(d)</sup><br>| 4297404 | &nbsp;&nbsp; 4284997 |
| Ford Credit Auto Lease Trust, <br> Series 2024-B, Class B, 5.18%, <br> 02/15/2028<br>| 5000000 | &nbsp;&nbsp; 5050972 |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2023-1, Class A2, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 05/15/2028<sup>(b)(d)</sup><br>| 2500000 | &nbsp;&nbsp; 2511763 |
| GMF Floorplan Owner Revolving Trust, <br> Series 2023-1, Class A2, 5.50% <br> (30 Day Average SOFR + 1.15%), <br> 06/15/2028<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4024177 |
| GS Mortgage-Backed Securities Trust, <br> Series 2024-HE1, Class A1, 5.95% <br> (30 Day Average SOFR + 1.60%), <br> 08/25/2054<sup>(b)(d)</sup><br>| 1149330 | &nbsp;&nbsp; 1148931 |
| HPEFS Equipment Trust, Series 2023-2A, <br> Class D, 6.97%, 07/21/2031<sup>(d)</sup><br>| 1500000 | &nbsp;&nbsp; 1528780 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2024-11, Class A11, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 04/25/2055<sup>(b)(d)</sup><br>| 2770009 | &nbsp;&nbsp; 2738941 |
| Series 2024-9, Class A11, 5.70% <br> (30 Day Average SOFR + 1.35%), <br> 02/25/2055<sup>(b)(d)</sup><br>| 2477654 | &nbsp;&nbsp; 2464380 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2018-PHH, <br> Class B, 5.83% (1 mo. Term SOFR + <br> 1.51%), 06/15/2035<sup>(b)(d)</sup><br>| $2385000 | &nbsp;&nbsp; $1843904 |
| JP Morgan Mortgage Trust |  |  |
| Series 2019-6, Class A11, 5.34% (1 <br> mo. Term SOFR + 1.01%), <br> 12/25/2049<sup>(b)(d)</sup><br>| 43855 | &nbsp;&nbsp; 41913 |
| Series 2019-INV2, Class A1, 5.34% (1 <br> mo. Term SOFR + 1.01%), <br> 02/25/2050<sup>(b)(d)</sup><br>| 155716 | &nbsp;&nbsp; 148708 |
| Series 2019-INV3, Class A11, 5.44% <br> (1 mo. Term SOFR + 1.11%), <br> 05/25/2050<sup>(b)(d)</sup><br>| 70888 | &nbsp;&nbsp; 67780 |
| Series 2019-LTV3, Class A1, 5.29% (1 <br> mo. Term SOFR + 0.96%), <br> 03/25/2050<sup>(b)(d)</sup><br>| 11458 | &nbsp;&nbsp; 11399 |
| Series 2020-8, Class A11, 5.24% <br> (30 Day Average SOFR + 0.90%), <br> 03/25/2051<sup>(b)(d)</sup><br>| 177596 | &nbsp;&nbsp; 167634 |
| Series 2020-LTV1, Class A11, 5.44% <br> (1 mo. Term SOFR + 1.11%), <br> 06/25/2050<sup>(b)(d)</sup><br>| 5999 | &nbsp;&nbsp; 5962 |
| Series 2021-1, Class A11, 4.99% <br> (30 Day Average SOFR + 0.65%), <br> 06/25/2051<sup>(b)(d)</sup><br>| 566657 | &nbsp;&nbsp; 527191 |
| Series 2024-5, Class A11, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 11/25/2054<sup>(b)(d)</sup><br>| 4726886 | &nbsp;&nbsp; 4674660 |
| MED Commercial Mortgage Trust, <br> Series 2024-MOB, Class A, 5.91% (1 <br> mo. Term SOFR + 1.59%), <br> 05/15/2041<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 4981176 |
| Mello Mortgage Capital Acceptance Trust, <br> Series 2021-INV2, Class A1, 5.00% <br> (30 Day Average SOFR + 0.95%), <br> 08/25/2051<sup>(b)(d)</sup><br>| 2685219 | &nbsp;&nbsp; 2505046 |
| Merchants Fleet Funding LLC, <br> Series 2023-1A, Class A, 7.21%, <br> 05/20/2036<sup>(d)</sup><br>| 1415339 | &nbsp;&nbsp; 1425677 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-F, Class A1, 5.08% (1 mo. <br> Term SOFR + 0.75%), 10/25/2028<sup>(b)</sup><br>| 29242 | &nbsp;&nbsp; 27547 |
| Series 2005-A2, Class A5, 5.54%, <br> 02/25/2035<sup>(f)</sup><br>| 36148 | &nbsp;&nbsp; 33783 |
| MHC Commercial Mortgage Trust, <br> Series 2021-MHC, Class B, 5.54% (1 <br> mo. Term SOFR + 1.22%), <br> 04/15/2038<sup>(b)(d)</sup><br>| 2800000 | &nbsp;&nbsp; 2794024 |
| MHP, Series 2021-STOR, Class C, 5.49% <br> (1 mo. Term SOFR + 1.16%), <br> 07/15/2038<sup>(b)(d)</sup><br>| 4353000 | &nbsp;&nbsp; 4322606 |
| MHP Commercial Mortgage Trust, <br> Series 2021-STOR, Class B, 5.34% (1 <br> mo. Term SOFR + 1.01%), <br> 07/15/2038<sup>(b)(d)</sup><br>| 2500000 | &nbsp;&nbsp; 2485489 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2024-4, Class AF, <br> 5.70% (30 Day Average SOFR + <br> 1.35%), 09/25/2054<sup>(b)(d)</sup><br>| 4132777 | &nbsp;&nbsp; 4087310 |

---

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

------

**99**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| MSC Trust, Series 2021-ILP, Class A, <br> 5.21% (1 mo. Term SOFR + 0.89%), <br> 11/15/2036<sup>(b)(d)</sup><br>| $4983520 | &nbsp;&nbsp; $4961859 |
| Navient Student Loan Trust |  |  |
| Series 2021-1A, Class A1B, 5.07% <br> (30 Day Average SOFR + 0.71%), <br> 12/26/2069<sup>(b)(d)</sup><br>| 3918301 | &nbsp;&nbsp; 3829258 |
| Series 2021-2A, Class A1B, 5.02% <br> (30 Day Average SOFR + 0.66%), <br> 02/25/2070<sup>(b)(d)</sup><br>| 1041048 | &nbsp;&nbsp; 1021297 |
| Navistar Financial Dealer Note Master <br> Owner Trust<br>|  |  |
| Series 2024-1, Class B, 5.79%, <br> 04/25/2029<sup>(d)</sup><br>| 2080000 | &nbsp;&nbsp; 2099641 |
| Series 2024-1, Class C, 6.13%, <br> 04/25/2029<sup>(d)</sup><br>| 850000 | &nbsp;&nbsp; 857668 |
| Nelnet Student Loan Trust |  |  |
| Series 2006-2, Class A7, 5.21% <br> (90 Day Average SOFR + 0.84%), <br> 01/26/2037<sup>(b)(d)</sup><br>| 3857634 | &nbsp;&nbsp; 3790153 |
| Series 2014-3A, Class A, 5.05% <br> (30 Day Average SOFR + 0.69%), <br> 06/25/2041<sup>(b)(d)</sup><br>| 527544 | &nbsp;&nbsp; 521286 |
| Series 2020-5A, Class A, 5.32% (1 mo. <br> Term SOFR + 0.99%), <br> 10/25/2068<sup>(b)(d)</sup><br>| 3157556 | &nbsp;&nbsp; 3138748 |
| Series 2021-A, Class A2, 5.46% (1 mo. <br> Term SOFR + 1.14%), <br> 04/20/2062<sup>(b)(d)</sup><br>| 2680000 | &nbsp;&nbsp; 2655730 |
| Nelnet Student Loan Trust 2025-A, <br> Series 2025-AA, Class A1B, 0.00% <br> (30 Day Average SOFR + 1.10%), <br> 03/15/2057<sup>(b)(d)</sup><br>| 1530000 | &nbsp;&nbsp; 1517553 |
| NextGear Floorplan Master Owner Trust, <br> Series 2024-1A, Class A1, 5.25% <br> (30 Day Average SOFR + 0.90%), <br> 03/15/2029<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4009449 |
| OBX Trust |  |  |
| Series 2018-EXP2, Class 2A2, 5.39% <br> (1 mo. Term SOFR + 1.06%), <br> 07/25/2058<sup>(b)(d)</sup><br>| 8652 | &nbsp;&nbsp; 8658 |
| Series 2019-EXP1, Class 2A1B, 5.39% <br> (1 mo. Term SOFR + 1.06%), <br> 01/25/2059<sup>(b)(d)</sup><br>| 463524 | &nbsp;&nbsp; 462997 |
| Series 2019-EXP1, Class 2A2, 5.59% <br> (1 mo. Term SOFR + 1.26%), <br> 01/25/2059<sup>(b)(d)</sup><br>| 46353 | &nbsp;&nbsp; 46509 |
| Series 2019-EXP2, Class 2A2, 5.64% <br> (1 mo. Term SOFR + 1.31%), <br> 06/25/2059<sup>(b)(d)</sup><br>| 108653 | &nbsp;&nbsp; 107411 |
| Series 2019-INV2, Class A11, 5.39% <br> (1 mo. Term SOFR + 1.06%), <br> 05/27/2049<sup>(b)(d)</sup><br>| 2547267 | &nbsp;&nbsp; 2449730 |
| Series 2020-EXP1, Class 2A2, 5.39% <br> (1 mo. Term SOFR + 1.06%), <br> 02/25/2060<sup>(b)(d)</sup><br>| 204182 | &nbsp;&nbsp; 201817 |
| Series 2020-EXP3, Class 2A2, 5.64% <br> (1 mo. Term SOFR + 1.31%), <br> 01/25/2060<sup>(b)(d)</sup><br>| 224010 | &nbsp;&nbsp; 225054 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2020-INV1, Class A11, 5.34% <br> (1 mo. Term SOFR + 1.01%), <br> 12/25/2049<sup>(b)(d)</sup><br>| $168812 | &nbsp;&nbsp; $160419 |
| Series 2024-NQM5, Class A1, 5.99%, <br> 01/25/2064<sup>(d)</sup><br>| 713654 | &nbsp;&nbsp; 717855 |
| Series 2025-HE1, Class A1, 5.95% <br> (30 Day Average SOFR + 1.60%), <br> 02/25/2055<sup>(b)(d)</sup><br>| 2583701 | &nbsp;&nbsp; 2576276 |
| OneMain Financial Issuance Trust, <br> Series 2023-2A, Class A2, 5.84% <br> (30 Day Average SOFR + 1.50%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 4000000 | &nbsp;&nbsp; 4022350 |
| RLGH Trust, Series 2021-TROT, Class B, <br> 5.60% (1 mo. Term SOFR + 1.28%), <br> 04/15/2036<sup>(b)(d)</sup><br>| 3000000 | &nbsp;&nbsp; 2983437 |
| SMB Private Education Loan Trust |  |  |
| Series 2019-B, Class A2B, 5.44% (1 <br> mo. Term SOFR + 1.11%), <br> 06/15/2037<sup>(b)(d)</sup><br>| 1081987 | &nbsp;&nbsp; 1083000 |
| Series 2020-A, Class A2B, 5.27% (1 <br> mo. Term SOFR + 0.94%), <br> 09/15/2037<sup>(b)(d)</sup><br>| 717658 | &nbsp;&nbsp; 717331 |
| Series 2021-A, Class A2A2, 5.17% (1 <br> mo. Term SOFR + 0.84%), <br> 01/15/2053<sup>(b)(d)</sup><br>| 2399967 | &nbsp;&nbsp; 2382143 |
| Series 2022-B, Class A1B, 5.80% <br> (30 Day Average SOFR + 1.45%), <br> 02/16/2055<sup>(b)(d)</sup><br>| 1780968 | &nbsp;&nbsp; 1795250 |
| Series 2022-C, Class A1B, 6.20% <br> (30 Day Average SOFR + 1.85%), <br> 05/16/2050<sup>(b)(d)</sup><br>| 1738760 | &nbsp;&nbsp; 1756660 |
| Series 2023-C, Class A1B, 5.90% <br> (30 Day Average SOFR + 1.55%), <br> 11/15/2052<sup>(b)(d)</sup><br>| 1460753 | &nbsp;&nbsp; 1476683 |
| Series 2024-D, Class A1B, 5.45% <br> (30 Day Average SOFR + 1.10%), <br> 07/15/2053<sup>(b)(d)</sup><br>| 3627921 | &nbsp;&nbsp; 3595209 |
| Series 2024-F, Class A1B, 5.35% <br> (30 Day Average SOFR + 1.00%), <br> 03/16/2054<sup>(b)(d)</sup><br>| 6996501 | &nbsp;&nbsp; 6929497 |
| SMRT, Series 2022-MINI, Class B, 5.67% <br> (1 mo. Term SOFR + 1.35%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 4655000 | &nbsp;&nbsp; 4589344 |
| SREIT Trust, Series 2021-PALM, Class A, <br> 5.03% (1 mo. Term SOFR + 0.70%), <br> 10/15/2034<sup>(b)(d)</sup><br>| 3015000 | &nbsp;&nbsp; 2995517 |
| Tesla Auto Lease Trust, Series 2023-A, <br> Class B, 6.41%, 07/20/2027<sup>(d)</sup><br>| 3500000 | &nbsp;&nbsp; 3515875 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, Series 2004-AR3, Class A2, <br> 4.52%, 06/25/2034<sup>(f)</sup><br>| 37300 | &nbsp;&nbsp; 33998 |
| Wells Fargo Commercial Mortgage Trust, <br> Series 2016-NXS5, Class A6FL, 5.99% <br> (1 mo. Term SOFR + 1.66%), <br> 01/15/2059<sup>(b)(d)</sup><br>| 2500000 | &nbsp;&nbsp; 2490316 |
| Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class C, 6.64%, <br> 11/15/2028<sup>(d)</sup><br>| 3000000 | &nbsp;&nbsp; 3081800 |

---

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

------

**100**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Wheels Fleet Lease Funding 1 LLC, <br> Series 2025-1A, Class A1, 4.57%, <br> 01/18/2040<sup>(d)</sup><br>| $| 6750000 | &nbsp;&nbsp; $6771781 |
| Total Asset-Backed Securities <br>(Cost $200,799,847) | Total Asset-Backed Securities <br>(Cost $200,799,847) | Total Asset-Backed Securities <br>(Cost $200,799,847) | &nbsp;&nbsp; 197536822 |
| **Agency Credit Risk Transfer Notes-14.84%** | **Agency Credit Risk Transfer Notes-14.84%** | **Agency Credit Risk Transfer Notes-14.84%** | **Agency Credit Risk Transfer Notes-14.84%** |
| Fannie Mae Connecticut Avenue <br> Securities<br>|  |  |  |
| Series 2021-R03, Class 1M1, 5.20% <br> (30 Day Average SOFR + 0.85%), <br> 12/25/2041<sup>(b)(d)(g)</sup><br>|  | 988585 | &nbsp;&nbsp; 985991 |
| Series 2022-R01, Class 1M1, 5.35% <br> (30 Day Average SOFR + 1.00%), <br> 12/25/2041<sup>(b)(d)(g)</sup><br>|  | 1184720 | &nbsp;&nbsp; 1182749 |
| Series 2022-R01, Class 1M2, 6.25% <br> (30 Day Average SOFR + 1.90%), <br> 12/25/2041<sup>(b)(d)(g)</sup><br>|  | 4994000 | &nbsp;&nbsp; 5020051 |
| Series 2022-R02, Class 2M1, 5.55% <br> (30 Day Average SOFR + 1.20%), <br> 01/25/2042<sup>(b)(d)(g)</sup><br>|  | 736515 | &nbsp;&nbsp; 736161 |
| Series 2022-R02, Class 2M2, 7.35% <br> (30 Day Average SOFR + 3.00%), <br> 01/25/2042<sup>(b)(d)(g)</sup><br>|  | 4000000 | &nbsp;&nbsp; 4083339 |
| Series 2022-R03, Class 1M1, 6.45% <br> (30 Day Average SOFR + 2.10%), <br> 03/25/2042<sup>(b)(d)(g)</sup><br>|  | 964828 | &nbsp;&nbsp; 973554 |
| Series 2022-R04, Class 1M1, 6.35% <br> (30 Day Average SOFR + 2.00%), <br> 03/25/2042<sup>(b)(d)(g)</sup><br>|  | 3330296 | &nbsp;&nbsp; 3356212 |
| Series 2022-R04, Class 1M2, 7.45% <br> (30 Day Average SOFR + 3.10%), <br> 03/25/2042<sup>(b)(d)(g)</sup><br>|  | 4510000 | &nbsp;&nbsp; 4635758 |
| Series 2022-R05, Class 2M1, 6.25% <br> (30 Day Average SOFR + 1.90%), <br> 04/25/2042<sup>(b)(d)(g)</sup><br>|  | 1011756 | &nbsp;&nbsp; 1015070 |
| Series 2022-R05, Class 2M2, 7.35% <br> (30 Day Average SOFR + 3.00%), <br> 04/25/2042<sup>(b)(d)(g)</sup><br>|  | 1750000 | &nbsp;&nbsp; 1790851 |
| Series 2022-R06, Class 1M1, 7.10% <br> (30 Day Average SOFR + 2.75%), <br> 05/25/2042<sup>(b)(d)(g)</sup><br>|  | 822434 | &nbsp;&nbsp; 838159 |
| Series 2022-R07, Class 1M1, 7.30% <br> (30 Day Average SOFR + 2.95%), <br> 06/25/2042<sup>(b)(d)(g)</sup><br>|  | 2282234 | &nbsp;&nbsp; 2337901 |
| Series 2022-R08, Class 1M1, 6.90% <br> (30 Day Average SOFR + 2.55%), <br> 07/25/2042<sup>(b)(d)(g)</sup><br>|  | 4193253 | &nbsp;&nbsp; 4280392 |
| Series 2023-R01, Class 1M1, 6.75% <br> (30 Day Average SOFR + 2.40%), <br> 12/25/2042<sup>(b)(d)(g)</sup><br>|  | 4119070 | &nbsp;&nbsp; 4216988 |
| Series 2023-R01, Class 1M2, 8.10% <br> (30 Day Average SOFR + 3.75%), <br> 12/25/2042<sup>(b)(d)(g)</sup><br>|  | 1225000 | &nbsp;&nbsp; 1285647 |
| Series 2023-R02, Class 1M1, 6.65% <br> (30 Day Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(d)(g)</sup><br>|  | 2727839 | &nbsp;&nbsp; 2782192 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2023-R02, Class 1M2, 7.70% <br> (30 Day Average SOFR + 3.35%), <br> 01/25/2043<sup>(b)(d)(g)</sup><br>| $700000 | &nbsp;&nbsp; $728343 |
| Series 2023-R03, Class 2M1, 6.85% <br> (30 Day Average SOFR + 2.50%), <br> 04/25/2043<sup>(b)(d)(g)</sup><br>| 2723106 | &nbsp;&nbsp; 2757657 |
| Series 2023-R03, Class 2M2, 8.25% <br> (30 Day Average SOFR + 3.90%), <br> 04/25/2043<sup>(b)(d)(g)</sup><br>| 4046476 | &nbsp;&nbsp; 4269640 |
| Series 2023-R04, Class 1M1, 6.65% <br> (30 Day Average SOFR + 2.30%), <br> 05/25/2043<sup>(b)(d)(g)</sup><br>| 6516933 | &nbsp;&nbsp; 6640312 |
| Series 2023-R04, Class 1M2, 7.90% <br> (30 Day Average SOFR + 3.55%), <br> 05/25/2043<sup>(b)(d)(g)</sup><br>| 4000000 | &nbsp;&nbsp; 4202584 |
| Series 2023-R05, Class 1M1, 6.25% <br> (30 Day Average SOFR + 1.90%), <br> 06/25/2043<sup>(b)(d)(g)</sup><br>| 1151864 | &nbsp;&nbsp; 1161174 |
| Series 2023-R05, Class 1M2, 7.45% <br> (30 Day Average SOFR + 3.10%), <br> 06/25/2043<sup>(b)(d)(g)</sup><br>| 1100000 | &nbsp;&nbsp; 1144211 |
| Series 2023-R06, Class 1M1, 6.05% <br> (30 Day Average SOFR + 1.70%), <br> 07/25/2043<sup>(b)(d)(g)</sup><br>| 1224929 | &nbsp;&nbsp; 1230027 |
| Series 2023-R06, Class 1M2, 7.05% <br> (30 Day Average SOFR + 2.70%), <br> 07/25/2043<sup>(b)(d)(g)</sup><br>| 5180000 | &nbsp;&nbsp; 5344492 |
| Series 2023-R07, Class 2M2, 7.60% <br> (30 Day Average SOFR + 3.25%), <br> 09/25/2043<sup>(b)(d)(g)</sup><br>| 2500000 | &nbsp;&nbsp; 2590765 |
| Series 2023-R08, Class 1M1, 5.85% <br> (30 Day Average SOFR + 1.50%), <br> 10/25/2043<sup>(b)(d)(g)</sup><br>| 1108179 | &nbsp;&nbsp; 1110475 |
| Series 2023-R08, Class 1M2, 6.85% <br> (30 Day Average SOFR + 2.50%), <br> 10/25/2043<sup>(b)(d)(g)</sup><br>| 780000 | &nbsp;&nbsp; 800728 |
| Series 2024-R03, Class 2M2, 6.30% <br> (30 Day Average SOFR + 1.95%), <br> 03/25/2044<sup>(b)(d)(g)</sup><br>| 4500000 | &nbsp;&nbsp; 4508865 |
| Series 2024-R04, Class 1M1, 5.45% <br> (30 Day Average SOFR + 1.10%), <br> 05/25/2044<sup>(b)(d)(g)</sup><br>| 1327912 | &nbsp;&nbsp; 1327091 |
| Series 2025-R02, Class 1M1, 5.50% <br> (30 Day Average SOFR + 1.15%), <br> 02/25/2045<sup>(b)(d)(g)</sup><br>| 2804518 | &nbsp;&nbsp; 2808165 |
| Series 2025-R03, Class 2M2, 6.60% <br> (30 Day Average SOFR + 2.25%), <br> 03/25/2045<sup>(b)(d)(g)</sup><br>| 1000000 | &nbsp;&nbsp; 1008125 |
| Freddie Mac |  |  |
| Series 2021-DNA5, Class M2, STACR<sup>®</sup>, <br> 6.00% (30 Day Average SOFR + <br> 1.65%), 01/25/2034<sup>(b)(d)(h)</sup><br>| 1553278 | &nbsp;&nbsp; 1558416 |
| Series 2021-DNA6, Class M2, STACR<sup>®</sup>, <br> 5.85% (30 Day Average SOFR + <br> 1.50%), 10/25/2041<sup>(b)(d)(h)</sup><br>| 5350235 | &nbsp;&nbsp; 5345085 |
| Series 2021-HQA4, Class M1, STACR<sup>®</sup>, <br> 5.30% (30 Day Average SOFR + <br> 0.95%), 12/25/2041<sup>(b)(d)(h)</sup><br>| 6710423 | &nbsp;&nbsp; 6662142 |

---

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

------

**101**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Series 2022-DNA2, Class M1A, <br> STACR<sup>®</sup>, 5.65% (30 Day Average <br> SOFR + 1.30%), 02/25/2042<sup>(b)(d)(h)</sup><br>| $864430 | &nbsp;&nbsp; $864107 |
| Series 2022-DNA2, Class M1B, <br> STACR®, 6.75% (30 Day Average <br> SOFR + 2.40%), 02/25/2042<sup>(b)(d)(h)</sup><br>| 4250000 | &nbsp;&nbsp; 4341297 |
| Series 2022-DNA3, Class M1A, <br> STACR<sup>®</sup>, 6.35% (30 Day Average <br> SOFR + 2.00%), 04/25/2042<sup>(b)(d)(h)</sup><br>| 1745919 | &nbsp;&nbsp; 1767396 |
| Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 7.25% (30 Day Average <br> SOFR + 2.90%), 04/25/2042<sup>(b)(d)(h)</sup><br>| 4730000 | &nbsp;&nbsp; 4859585 |
| Series 2022-DNA4, Class M1, STACR<sup>®</sup>, <br> 7.70% (30 Day Average SOFR + <br> 3.35%), 05/25/2042<sup>(b)(d)(h)</sup><br>| 2500000 | &nbsp;&nbsp; 2593266 |
| Series 2022-DNA4, Class M1A, <br> STACR<sup>®</sup>, 6.55% (30 Day Average <br> SOFR + 2.20%), 05/25/2042<sup>(b)(d)(h)</sup><br>| 1300728 | &nbsp;&nbsp; 1321012 |
| Series 2022-DNA5, Class M1A, <br> STACR<sup>®</sup>, 7.30% (30 Day Average <br> SOFR + 2.95%), 06/25/2042<sup>(b)(d)(h)</sup><br>| 4520117 | &nbsp;&nbsp; 4611862 |
| Series 2022-DNA6, Class M1, STACR<sup>®</sup>, <br> 8.05% (30 Day Average SOFR + <br> 3.70%), 09/25/2042<sup>(b)(d)(h)</sup><br>| 2750000 | &nbsp;&nbsp; 2881404 |
| Series 2022-HQA1, Class M1A, <br> STACR<sup>®</sup>, 6.45% (30 Day Average <br> SOFR + 2.10%), 03/25/2042<sup>(b)(d)(h)</sup><br>| 1115082 | &nbsp;&nbsp; 1120480 |
| Series 2022-HQA2, Class M1A, <br> STACR<sup>®</sup>, 7.00% (30 Day Average <br> SOFR + 2.65%), 07/25/2042<sup>(b)(d)(h)</sup><br>| 998273 | &nbsp;&nbsp; 1019134 |
| Series 2022-HQA3, Class M1, <br> STACR®, 6.65% (30 Day Average <br> SOFR + 2.30%), 08/25/2042<sup>(b)(d)(h)</sup><br>| 3227057 | &nbsp;&nbsp; 3275024 |
| Series 2023-DNA1, Class M1, STACR<sup>®</sup>, <br> 7.45% (30 Day Average SOFR + <br> 3.10%), 03/25/2043<sup>(b)(d)(h)</sup><br>| 7125000 | &nbsp;&nbsp; 7395748 |
| Series 2023-DNA1, Class M1, STACR®, <br> 6.45% (30 Day Average SOFR + <br> 2.10%), 03/25/2043<sup>(b)(d)(h)</sup><br>| 2311603 | &nbsp;&nbsp; 2350953 |
| Series 2023-DNA2, Class M1, STACR<sup>®</sup>, <br> 6.45% (30 Day Average SOFR + <br> 2.10%), 04/25/2043<sup>(b)(d)(h)</sup><br>| 5154383 | &nbsp;&nbsp; 5222286 |
| Series 2023-DNA2, Class M1, STACR<sup>®</sup>, <br> 7.60% (30 Day Average SOFR + <br> 3.25%), 04/25/2043<sup>(b)(d)(h)</sup><br>| 2700000 | &nbsp;&nbsp; 2825418 |
| Series 2023-HQA1, Class M1, STACR<sup>®</sup>, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 05/25/2043<sup>(b)(d)(h)</sup><br>| 3902668 | &nbsp;&nbsp; 3930465 |
| Series 2023-HQA2, Class M1, STACR<sup>®</sup>, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 06/25/2043<sup>(b)(d)(h)</sup><br>| 869866 | &nbsp;&nbsp; 874684 |
| Series 2023-HQA2, Class M1, STACR<sup>®</sup>, <br> 7.70% (30 Day Average SOFR + <br> 3.35%), 06/25/2043<sup>(b)(d)(h)</sup><br>| 2500000 | &nbsp;&nbsp; 2602876 |
| Series 2023-HQA3, Class M2, STACR<sup>®</sup>, <br> 6.20% (30 Day Average SOFR + <br> 1.85%), 11/25/2043<sup>(b)(d)(h)</sup><br>| 1090455 | &nbsp;&nbsp; 1095956 |
| Series 2023-HQA3, Class M2, STACR®, <br> 7.70% (30 Day Average SOFR + <br> 3.35%), 11/25/2043<sup>(b)(d)(h)</sup><br>| 6000000 | &nbsp;&nbsp; 6275845 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Series 2024-DNA2, Class A1, STACR<sup>®</sup>, <br> 5.60% (30 Day Average SOFR + <br> 1.25%), 05/25/2044<sup>(b)(d)(h)</sup><br>| $| 2768626 | &nbsp;&nbsp; $2768529 |
| Series 2024-DNA2, Class M1, STACR<sup>®</sup>, <br> 5.55% (30 Day Average SOFR + <br> 1.20%), 05/25/2044<sup>(b)(d)(h)</sup><br>|  | 4500131 | &nbsp;&nbsp; 4499096 |
| Series 2024-DNA3, Class A1, STACR<sup>®</sup>, <br> 5.40% (30 Day Average SOFR + <br> 1.05%), 10/25/2044<sup>(b)(d)(h)</sup><br>|  | 921875 | &nbsp;&nbsp; 919318 |
| Series 2024-HQA1, Class A1, STACR<sup>®</sup>, <br> 5.60% (30 Day Average SOFR + <br> 1.25%), 03/25/2044<sup>(b)(d)(h)</sup><br>|  | 9954784 | &nbsp;&nbsp; 9950752 |
| Series 2024-HQA1, Class M2, STACR<sup>®</sup>, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 03/25/2044<sup>(b)(d)(h)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3009738 |
| Series 2024-HQA2, Class M1, STACR<sup>®</sup>, <br> 5.55% (30 Day Average SOFR + <br> 1.20%), 08/25/2044<sup>(b)(d)(h)</sup><br>|  | 1995384 | &nbsp;&nbsp; 1991318 |
| Series 2025-DNA1, Class A1, STACR<sup>®</sup>, <br> 5.30% (30 Day Average SOFR + <br> 0.95%), 01/25/2045<sup>(b)(d)(h)</sup><br>|  | 2125000 | &nbsp;&nbsp; 2115844 |
| Series 2025-HQA1, Class A1, STACR<sup>®</sup>, <br> 5.30% (30 Day Average SOFR + <br> 0.95%), 02/25/2045<sup>(b)(d)(h)</sup><br>|  | 2218750 | &nbsp;&nbsp; 2208513 |
| Series 2025-HQA1, Class M1, STACR<sup>®</sup>, <br> 5.50% (30 Day Average SOFR + <br> 1.15%), 02/25/2045<sup>(b)(d)(h)</sup><br>|  | 4587631 | &nbsp;&nbsp; 4578030 |
| Total Agency Credit Risk Transfer Notes <br>(Cost $186,416,055) | Total Agency Credit Risk Transfer Notes <br>(Cost $186,416,055) | Total Agency Credit Risk Transfer Notes <br>(Cost $186,416,055) | &nbsp;&nbsp; 187989248 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.51%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.51%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.51%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.51%** |
| **Collateralized Mortgage Obligations-6.42%** | **Collateralized Mortgage Obligations-6.42%** | **Collateralized Mortgage Obligations-6.42%** | **Collateralized Mortgage Obligations-6.42%** |
| Fannie Mae REMICs |  |  |  |
| 4.77% (30 Day Average SOFR + <br> 0.41%), 04/25/2035<sup>(b)</sup><br>|  | 147983 | &nbsp;&nbsp; 147918 |
| 4.79%, (30 Day Average SOFR + <br> 0.43%), 01/25/45 to 12/25/47<sup>(b)</sup><br>|  | 511513 | &nbsp;&nbsp; 500760 |
| 4.97% (30 Day Average SOFR + <br> 0.61%), 05/25/2046<sup>(b)</sup><br>|  | 182389 | &nbsp;&nbsp; 179404 |
| 4.77% (30 Day Average SOFR + <br> 0.41%), 09/25/2047<sup>(b)</sup><br>|  | 433306 | &nbsp;&nbsp; 427521 |
| 5.45%, (30 Day Average SOFR + <br> 1.10%), 07/25/54 to 02/25/55<sup>(b)</sup><br>|  | 9537093 | &nbsp;&nbsp; 9520296 |
| 5.55% (30 Day Average SOFR + <br> 1.20%), 07/25/2054<sup>(b)</sup><br>|  | 4848993 | &nbsp;&nbsp; 4845549 |
| 5.50%, (30 Day Average SOFR + <br> 1.15%), 10/25/54 to 01/25/55<sup>(b)</sup><br>|  | 12210451 | &nbsp;&nbsp; 12167791 |
| Freddie Mac Multifamily Structured Credit <br> Risk, Series 2021-MN2, Class M1, <br> 6.15% (30 Day Average SOFR + <br> 1.80%), 07/25/2041<sup>(b)(d)</sup><br>|  | 972421 | &nbsp;&nbsp; 955631 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs.<br>|  |  |  |
| Series KF151, Class AS, 4.84% <br> (30 Day Average SOFR + 0.51%), <br> 12/25/2032<sup>(b)</sup><br>|  | 803152 | &nbsp;&nbsp; 802909 |

---

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

------

**102**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** |
| Series KF158, Class AS, 5.05% (30 Day <br> Average SOFR + 0.72%), <br> 07/25/2033<sup>(b)</sup><br>| $| 4343433 | &nbsp;&nbsp; $4360108 |
| Series KF35, Class A, 4.84% (30 Day <br> Average SOFR + 0.50%), <br> 10/25/2025<sup>(b)</sup><br>|  | 650001 | &nbsp;&nbsp; 649591 |
| Series KF65, Class A, 4.97% (30 Day <br> Average SOFR + 0.63%), <br> 07/25/2029<sup>(b)</sup><br>|  | 1449708 | &nbsp;&nbsp; 1447748 |
| Series KF81, Class AS, 4.73% (30 Day <br> Average SOFR + 0.40%), <br> 06/25/2027<sup>(b)</sup><br>|  | 619391 | &nbsp;&nbsp; 617786 |
| Freddie Mac REMICs |  |  |  |
| 4.82% (30 Day Average SOFR + <br> 0.46%), 09/15/2038<sup>(b)</sup><br>|  | 383849 | &nbsp;&nbsp; 378994 |
| 4.92% (30 Day Average SOFR + <br> 0.56%), 09/15/2040<sup>(b)</sup><br>|  | 333649 | &nbsp;&nbsp; 325940 |
| 4.96% (30 Day Average SOFR + <br> 0.61%), 06/15/2041<sup>(b)</sup><br>|  | 122770 | &nbsp;&nbsp; 121407 |
| 4.79% (30 Day Average SOFR + <br> 0.43%), 08/15/2043<sup>(b)</sup><br>|  | 414459 | &nbsp;&nbsp; 410181 |
| 4.81% (30 Day Average SOFR + <br> 0.46%), 01/15/2048<sup>(b)</sup><br>|  | 2128459 | &nbsp;&nbsp; 2063600 |
| 5.45% (30 Day Average SOFR + <br> 1.10%), 07/25/2054<sup>(b)</sup><br>|  | 7500000 | &nbsp;&nbsp; 7467638 |
| 5.40% (30 Day Average SOFR + <br> 1.05%), 10/25/2054<sup>(b)</sup><br>|  | 7118957 | &nbsp;&nbsp; 7089370 |
| 5.50% (30 Day Average SOFR + <br> 1.15%), 11/25/2054<sup>(b)</sup><br>|  | 6835699 | &nbsp;&nbsp; 6789050 |
| 5.25% (30 Day Average SOFR + <br> 0.90%), 02/25/2055<sup>(b)</sup><br>|  | 4817487 | &nbsp;&nbsp; 4766174 |
| 5.55% (30 Day Average SOFR + <br> 1.20%), 04/25/2055<sup>(b)</sup><br>|  | 6899059 | &nbsp;&nbsp; 6860474 |
| 5.85% (30 Day Average SOFR + <br> 1.50%), 04/25/2055<sup>(b)</sup><br>|  | 8383544 | &nbsp;&nbsp; 8357692 |
|  |  |  | &nbsp;&nbsp; 81253532 |
| **Federal Home Loan Mortgage Corp. (FHLMC)-0.67%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.67%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.67%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.67%** |
| ARM, 6.59% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.57%), <br> 06/01/2037<sup>(b)</sup><br>|  | 177521 | &nbsp;&nbsp; 181468 |
| ARM, 7.22% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.73%), <br> 11/01/2038<sup>(b)</sup><br>|  | 199454 | &nbsp;&nbsp; 206036 |
| ARM, 6.99% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.72%), <br> 03/01/2043<sup>(b)</sup><br>|  | 161953 | &nbsp;&nbsp; 168683 |
| ARM, 7.04% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.76%), <br> 11/01/2047<sup>(b)</sup><br>|  | 2708112 | &nbsp;&nbsp; 2818376 |
| ARM, 5.10% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.16%), 11/01/2048<sup>(b)</sup><br>|  | 2447030 | &nbsp;&nbsp; 2507772 |
| ARM, 6.93% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.63%), <br> 01/01/2049<sup>(b)</sup><br>|  | 2588672 | &nbsp;&nbsp; 2677114 |
|  |  |  | &nbsp;&nbsp; 8559449 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)-0.21%** | **Federal National Mortgage Association (FNMA)-0.21%** | **Federal National Mortgage Association (FNMA)-0.21%** |
| ARM, 6.64% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.64%), <br> 02/01/2035<sup>(b)</sup><br>| $40605 | &nbsp;&nbsp; $41460 |
| ARM, 6.38% (6 mo. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.57%), <br> 07/01/2035<sup>(b)</sup><br>| 24171 | &nbsp;&nbsp; 24872 |
| ARM, 7.17% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.38%), 07/01/2035<sup>(b)</sup><br>| 410901 | &nbsp;&nbsp; 426873 |
| ARM, 7.16% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.66%), <br> 10/01/2036<sup>(b)</sup><br>| 79078 | &nbsp;&nbsp; 81027 |
| ARM, 6.75% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.75%), <br> 03/01/2037<sup>(b)</sup><br>| 128163 | &nbsp;&nbsp; 131476 |
| ARM, 6.72% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.54%), <br> 11/01/2037<sup>(b)</sup><br>| 45871 | &nbsp;&nbsp; 46569 |
| ARM, 6.80% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.58%), <br> 04/01/2045<sup>(b)</sup><br>| 1837846 | &nbsp;&nbsp; 1903005 |
|  |  | &nbsp;&nbsp; 2655282 |
| **Government National Mortgage Association (GNMA)-0.21%** | **Government National Mortgage Association (GNMA)-0.21%** | **Government National Mortgage Association (GNMA)-0.21%** |
| ARM, 5.00% (1 yr. U.S. Treasury Yield <br> Curve Rate + 1.50%), 08/20/2049<sup>(b)</sup><br>| 2643607 | &nbsp;&nbsp; 2671539 |
| Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $95,174,058) | Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $95,174,058) | &nbsp;&nbsp; 95139802 |
|  | **Shares** |  |
| **Money Market Funds-0.76%** | **Money Market Funds-0.76%** | **Money Market Funds-0.76%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(i)(j)</sup> <br>(Cost $9,597,268)<br>| 9597268 | &nbsp;&nbsp; 9597268 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.81% <br>(Cost $1,278,392,993) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.81% <br>(Cost $1,278,392,993) | &nbsp;&nbsp; 1276567121 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-2.46%** | **Money Market Funds-2.46%** | **Money Market Funds-2.46%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(i)(j)(k)</sup><br>| 8658232 | &nbsp;&nbsp; 8658232 |
| Invesco Private Prime Fund, 4.46%<sup>(i)(j)(k)</sup> | 22490719 | &nbsp;&nbsp; 22495217 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,154,169) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,154,169) | &nbsp;&nbsp; 31153449 |
| TOTAL INVESTMENTS IN SECURITIES-103.27% <br>(Cost $1,309,547,162) | TOTAL INVESTMENTS IN SECURITIES-103.27% <br>(Cost $1,309,547,162) | &nbsp;&nbsp; 1307720570 |
| OTHER ASSETS LESS LIABILITIES-(3.27)% | OTHER ASSETS LESS LIABILITIES-(3.27)% | &nbsp;&nbsp; (41355891)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1266364679 |

---

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

------

**103**

------

**Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ARM | -Adjustable Rate Mortgage |
| Ctfs. | -Certificates |
| IBOR | -Interbank Offered Rate |
| REMICs | -Real Estate Mortgage Investment Conduits |
| SOFR | -Secured Overnight Financing Rate |
| STACR<sup>®</sup> | -Structured Agency Credit Risk |
| USD | -U.S. Dollar |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $568,444,631, which represented 44.89% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(f)</sup> | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown <br> is the rate in effect on April 30, 2025.<br>|
| <sup>(g)</sup> | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a <br> large and diverse reference pool.<br>|
| <sup>(h)</sup> | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from <br> the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.<br>|
| <sup>(i)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $10381524 | &nbsp;&nbsp; $185738464 | &nbsp;&nbsp; $(186522720)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9597268 | &nbsp;&nbsp; $282010 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 12816702 | &nbsp;&nbsp; 60029864 | &nbsp;&nbsp; (64188334)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8658232 | &nbsp;&nbsp; 253,526<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 32769399 | &nbsp;&nbsp; 131633380 | &nbsp;&nbsp; (141904887)<br>| &nbsp;&nbsp; 1304 | &nbsp;&nbsp; (3979)<br>| &nbsp;&nbsp; 22495217 | &nbsp;&nbsp; 671,817<br> \*<br>|
| Total | &nbsp;&nbsp; $55967625 | &nbsp;&nbsp; $377401708 | &nbsp;&nbsp; $(392615941)<br>| &nbsp;&nbsp; $1304 | &nbsp;&nbsp; $(3979)<br>| &nbsp;&nbsp; $40750717 | &nbsp;&nbsp; $1207353 |

---

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

<sup>(j)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

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

------

**104**

------

**105**

------

**Statements of Assets and Liabilities**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**AAA CLO** <br>**Floating** <br>**Rate Note** <br>**ETF (ICLO)**<br>| **Invesco** <br>**Active** <br>**U.S. Real** <br>**Estate** <br>**ETF (PSR)**<br>| **Invesco High Yield** <br>**Bond Factor** <br>**ETF (IHYF)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $298194404 | &nbsp;&nbsp;&nbsp; $58286571 | &nbsp;&nbsp;&nbsp; $44500495 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 12314165 | &nbsp;&nbsp;&nbsp; 3700314 | &nbsp;&nbsp;&nbsp; 7389187 |
| Other investments: |  |  |  |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30 |
| Receivable for: |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 727132 | &nbsp;&nbsp;&nbsp; 15309 | &nbsp;&nbsp;&nbsp; 683992 |
| Securities lending | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 3724 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 67737 |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 311236477 | &nbsp;&nbsp;&nbsp; 62002323 | &nbsp;&nbsp;&nbsp; 52645165 |
| **Liabilities:** |  |  |  |
| Due to custodian | &nbsp;&nbsp; 4132 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 207 |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |
| Variation margin on futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 837 |
| Investments purchased | &nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3658631 | &nbsp;&nbsp;&nbsp; 7329813 |
| Accrued unitary management fees | &nbsp;&nbsp; 49751 | &nbsp;&nbsp;&nbsp; 16548 | &nbsp;&nbsp;&nbsp; 15440 |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 6803883 | &nbsp;&nbsp;&nbsp; 3675179 | &nbsp;&nbsp;&nbsp; 7346297 |
| **Net Assets** | &nbsp;&nbsp; $304432594 | &nbsp;&nbsp;&nbsp; $58327144 | &nbsp;&nbsp;&nbsp; $45298868 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $306335495 | &nbsp;&nbsp;&nbsp; $77686951 | &nbsp;&nbsp;&nbsp; $50846058 |
| Distributable earnings (loss) | &nbsp;&nbsp; (1902901)<br>| &nbsp;&nbsp;&nbsp; (19359807)<br>| &nbsp;&nbsp;&nbsp; (5547190)<br>|
| **Net Assets** | &nbsp;&nbsp; $304432594 | &nbsp;&nbsp;&nbsp; $58327144 | &nbsp;&nbsp;&nbsp; $45298868 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 11950001 | &nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 2060001 |
| Net asset value | &nbsp;&nbsp; $25.48 | &nbsp;&nbsp;&nbsp; $91.14 | &nbsp;&nbsp;&nbsp; $21.99 |
| Market price | &nbsp;&nbsp; $25.46 | &nbsp;&nbsp;&nbsp; $91.07 | &nbsp;&nbsp;&nbsp; $21.93 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $299658407 | &nbsp;&nbsp;&nbsp; $57003018 | &nbsp;&nbsp;&nbsp; $45217273 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $12314165 | &nbsp;&nbsp;&nbsp; $3700314 | &nbsp;&nbsp;&nbsp; $7389493 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $28 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3619742 | &nbsp;&nbsp;&nbsp; $7061614 |

---

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

------

**106**

------

---

| | | |
|:---|:---|:---|
| **Invesco** <br>**High Yield Select** <br>**ETF (HIYS)**<br>| **Invesco** <br>**MSCI EAFE Income** <br>**Advantage ETF (EFAA)**<br>| **Invesco** <br>**QQQ Income** <br>**Advantage** <br>**ETF (QQA)**<br>|
| $7243588 | &nbsp;&nbsp;&nbsp; $110006598 | &nbsp;&nbsp;&nbsp; $172790692 |
| 766085 | &nbsp;&nbsp;&nbsp; 25862324 | &nbsp;&nbsp;&nbsp; 43188462 |
| 8 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 842162 | &nbsp;&nbsp;&nbsp; - |
| 12565 | &nbsp;&nbsp;&nbsp; 5159 | &nbsp;&nbsp;&nbsp; - |
| 108850 | &nbsp;&nbsp;&nbsp; 566694 | &nbsp;&nbsp;&nbsp; 597732 |
| 177 | &nbsp;&nbsp;&nbsp; 1733 | &nbsp;&nbsp;&nbsp; 498 |
| 116766 | &nbsp;&nbsp;&nbsp; 4453004 | &nbsp;&nbsp;&nbsp; 1349481 |
| - | &nbsp;&nbsp;&nbsp; 950058 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 37450 | &nbsp;&nbsp;&nbsp; 44904 |
| - | &nbsp;&nbsp;&nbsp; 56993 | &nbsp;&nbsp;&nbsp; - |
| 8248039 | &nbsp;&nbsp;&nbsp; 142782175 | &nbsp;&nbsp;&nbsp; 217971769 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 26877 | &nbsp;&nbsp;&nbsp; 130779 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 53313 | &nbsp;&nbsp;&nbsp; 2672560 | &nbsp;&nbsp;&nbsp; 3254000 |
| 435830 | &nbsp;&nbsp;&nbsp; 3452008 | &nbsp;&nbsp;&nbsp; 5267048 |
| 3023 | &nbsp;&nbsp;&nbsp; 37440 | &nbsp;&nbsp;&nbsp; 44904 |
| - | &nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp; - |
| 492166 | &nbsp;&nbsp;&nbsp; 6189420 | &nbsp;&nbsp;&nbsp; 8696731 |
| $7755873 | &nbsp;&nbsp;&nbsp; $136592755 | &nbsp;&nbsp;&nbsp; $209275038 |
| $7720519 | &nbsp;&nbsp;&nbsp; $134396887 | &nbsp;&nbsp;&nbsp; $217188201 |
| 35354 | &nbsp;&nbsp;&nbsp; 2195868 | &nbsp;&nbsp;&nbsp; (7913163)<br>|
| $7755873 | &nbsp;&nbsp;&nbsp; $136592755 | &nbsp;&nbsp;&nbsp; $209275038 |
| 310001 | &nbsp;&nbsp;&nbsp; 2760001 | &nbsp;&nbsp;&nbsp; 4580001 |
| $25.02 | &nbsp;&nbsp;&nbsp; $49.49 | &nbsp;&nbsp;&nbsp; $45.69 |
| $24.94 | &nbsp;&nbsp;&nbsp; $49.71 | &nbsp;&nbsp;&nbsp; $45.70 |
| $7199488 | &nbsp;&nbsp;&nbsp; $104199539 | &nbsp;&nbsp;&nbsp; $173640561 |
| $766092 | &nbsp;&nbsp;&nbsp; $25862501 | &nbsp;&nbsp;&nbsp; $43188462 |
| $12201 | &nbsp;&nbsp;&nbsp; $5110 | &nbsp;&nbsp;&nbsp; $- |
| $418721 | &nbsp;&nbsp;&nbsp; $3216218 | &nbsp;&nbsp;&nbsp; $5180353 |

---

------

**107**

------

**Statements of Assets and Liabilities—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**S&P 500**<sup>®</sup> <br>**Downside Hedged** <br>**ETF (PHDG)**<br>| **Invesco** <br>**S&P 500 Equal Weight Income** <br>**Advantage** <br>**ETF (RSPA)**<br>| **Invesco** <br>**Short Duration** <br>**Total Return** <br>**Bond ETF (GTOS)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $54107385 | &nbsp;&nbsp;&nbsp; $239945012 | &nbsp;&nbsp;&nbsp; $9674720 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 99075999 | &nbsp;&nbsp;&nbsp; 77643428 | &nbsp;&nbsp;&nbsp; 618119 |
| Other investments: |  |  |  |
| Unrealized appreciation on futures contracts | &nbsp;&nbsp; 3835 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5094 | &nbsp;&nbsp;&nbsp; - |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 111747 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Deposits with brokers: |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash collateral-centrally cleared swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash collateral-TBAs | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash collateral-options | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 175908 | &nbsp;&nbsp;&nbsp; 867333 | &nbsp;&nbsp;&nbsp; 105229 |
| Variation margin on futures contracts | &nbsp;&nbsp; 3867 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2299 |
| Securities lending | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 162 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1119821 | &nbsp;&nbsp;&nbsp; 590691 |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Expenses absorbed | &nbsp;&nbsp; 6179 | &nbsp;&nbsp;&nbsp; 67109 | &nbsp;&nbsp;&nbsp; 56 |
| Investments matured, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 153377353 | &nbsp;&nbsp;&nbsp; 319761568 | &nbsp;&nbsp;&nbsp; 10991276 |
| **Liabilities:** |  |  |  |
| Other investments: |  |  |  |
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Open written options, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to custodian | &nbsp;&nbsp; 3867 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 188 |
| Due to foreign custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |
| Variation margin on futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments purchased | &nbsp;&nbsp; 54117411 | &nbsp;&nbsp;&nbsp; 2646000 | &nbsp;&nbsp;&nbsp; 697138 |
| Investments purchased - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20124796 | &nbsp;&nbsp;&nbsp; 310987 |
| Accrued unitary management fees | &nbsp;&nbsp; 33947 | &nbsp;&nbsp;&nbsp; 67109 | &nbsp;&nbsp;&nbsp; 2454 |
| Other payables | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 54155225 | &nbsp;&nbsp;&nbsp; 22837905 | &nbsp;&nbsp;&nbsp; 1010767 |
| **Net Assets** | &nbsp;&nbsp; $99222128 | &nbsp;&nbsp;&nbsp; $296923663 | &nbsp;&nbsp;&nbsp; $9980509 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $190734495 | &nbsp;&nbsp;&nbsp; $312686733 | &nbsp;&nbsp;&nbsp; $9998898 |
| Distributable earnings (loss) | &nbsp;&nbsp; (91512367)<br>| &nbsp;&nbsp;&nbsp; (15763070)<br>| &nbsp;&nbsp;&nbsp; (18389)<br>|
| **Net Assets** | &nbsp;&nbsp; $99222128 | &nbsp;&nbsp;&nbsp; $296923663 | &nbsp;&nbsp;&nbsp; $9980509 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; 6260001 | &nbsp;&nbsp;&nbsp; 400001 |
| Net asset value | &nbsp;&nbsp; $33.63 | &nbsp;&nbsp;&nbsp; $47.43 | &nbsp;&nbsp;&nbsp; $24.95 |
| Market price | &nbsp;&nbsp; $33.62 | &nbsp;&nbsp;&nbsp; $47.53 | &nbsp;&nbsp;&nbsp; $24.97 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $54110261 | &nbsp;&nbsp;&nbsp; $242574563 | &nbsp;&nbsp;&nbsp; $9590428 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $99076003 | &nbsp;&nbsp;&nbsp; $77710270 | &nbsp;&nbsp;&nbsp; $618119 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| Investments matured, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| Premium received on written options | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $19560248 | &nbsp;&nbsp;&nbsp; $301160 |

---

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

------

**108**

------

---

| | | |
|:---|:---|:---|
| **Invesco** <br>**SteelPath MLP & Energy** <br>**Infrastructure ETF (PIPE)**<br>| **Invesco Top QQQ ETF (QBIG)** | **Invesco Total Return** <br>**Bond ETF (GTO)**<br>|
| $15106176 | &nbsp;&nbsp;&nbsp; $8840478 | &nbsp;&nbsp;&nbsp; $2092558878 |
| 51175 | &nbsp;&nbsp;&nbsp; 13448593 | &nbsp;&nbsp;&nbsp; 137224908 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 290940990 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 756361 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2541000 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1773857 |
| 34991 | &nbsp;&nbsp;&nbsp; 46446 | &nbsp;&nbsp;&nbsp; 13262275 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 46 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18901 |
| 48548 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 200034468 |
| 16354 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; 1896 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14850 |
| 15257290 | &nbsp;&nbsp;&nbsp; 24247413 | &nbsp;&nbsp;&nbsp; 2739126488 |
| - | &nbsp;&nbsp;&nbsp; 1507678 | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 578670 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 15 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 185380 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 212283526 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 503263598 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 135282492 |
| 7796 | &nbsp;&nbsp;&nbsp; 5118 | &nbsp;&nbsp;&nbsp; 374977 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11114 |
| 7811 | &nbsp;&nbsp;&nbsp; 1512796 | &nbsp;&nbsp;&nbsp; 851979757 |
| $15249479 | &nbsp;&nbsp;&nbsp; $22734617 | &nbsp;&nbsp;&nbsp; $1887146731 |
| $15803126 | &nbsp;&nbsp;&nbsp; $28060974 | &nbsp;&nbsp;&nbsp; $2075639837 |
| (553647)<br>| &nbsp;&nbsp;&nbsp; (5326357)<br>| &nbsp;&nbsp;&nbsp; (188493106)<br>|
| $15249479 | &nbsp;&nbsp;&nbsp; $22734617 | &nbsp;&nbsp;&nbsp; $1887146731 |
| 650001 | &nbsp;&nbsp;&nbsp; 850001 | &nbsp;&nbsp;&nbsp; 40450000 |
| $23.46 | &nbsp;&nbsp;&nbsp; $26.75 | &nbsp;&nbsp;&nbsp; $46.65 |
| $23.48 | &nbsp;&nbsp;&nbsp; $26.69 | &nbsp;&nbsp;&nbsp; $46.65 |
| $15697434 | &nbsp;&nbsp;&nbsp; $10101444 | &nbsp;&nbsp;&nbsp; $2101919096 |
| $51175 | &nbsp;&nbsp;&nbsp; $13448593 | &nbsp;&nbsp;&nbsp; $137275850 |
| $(15)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $739791 |
| $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $201246 |
| $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $486521 |
| $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $130609389 |

---

------

**109**

------

**Statements of Assets and Liabilities—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Invesco Ultra Short** <br>**Duration ETF (GSY)**<br>| **Invesco** <br>**Variable Rate** <br>**Investment Grade** <br>**ETF (VRIG)**<br>|
| **Assets:** |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $2798679179 | &nbsp;&nbsp;&nbsp; $1266969853 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 25004884 | &nbsp;&nbsp;&nbsp; 40750717 |
| Cash | &nbsp;&nbsp; 717165 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |
| Dividends and interest | &nbsp;&nbsp; 14973156 | &nbsp;&nbsp;&nbsp; 4169167 |
| Securities lending | &nbsp;&nbsp; 5437 | &nbsp;&nbsp;&nbsp; 7362 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5757216 |
| Other assets | &nbsp;&nbsp; 7513 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 2839387485 | &nbsp;&nbsp;&nbsp; 1317654315 |
| **Liabilities:** |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 59666 |
| Payable for: |  |  |
| Investments purchased | &nbsp;&nbsp; 50041878 | &nbsp;&nbsp;&nbsp; 12250000 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 18020618 | &nbsp;&nbsp;&nbsp; 31154169 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7500543 |
| Accrued unitary management fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 325258 |
| Accrued advisory fees | &nbsp;&nbsp; 452698 | &nbsp;&nbsp;&nbsp; - |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; 45881 | &nbsp;&nbsp;&nbsp; - |
| Accrued expenses | &nbsp;&nbsp; 108160 | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 68669235 | &nbsp;&nbsp;&nbsp; 51289636 |
| **Net Assets** | &nbsp;&nbsp; $2770718250 | &nbsp;&nbsp;&nbsp; $1266364679 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2793262910 | &nbsp;&nbsp;&nbsp; $1274501159 |
| Distributable earnings (loss) | &nbsp;&nbsp; (22544660)<br>| &nbsp;&nbsp;&nbsp; (8136480)<br>|
| **Net Assets** | &nbsp;&nbsp; $2770718250 | &nbsp;&nbsp;&nbsp; $1266364679 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 55300000 | &nbsp;&nbsp;&nbsp; 50650001 |
| Net asset value | &nbsp;&nbsp; $50.10 | &nbsp;&nbsp;&nbsp; $25.00 |
| Market price | &nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $25.01 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $2793522416 | &nbsp;&nbsp;&nbsp; $1268795725 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $25080468 | &nbsp;&nbsp;&nbsp; $40751437 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $150 | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $17587041 | &nbsp;&nbsp;&nbsp; $30381056 |

---

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

------

**110**

------

**111**

------

**Statements of Operations**

For the six months ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**AAA CLO** <br>**Floating** <br>**Rate Note** <br>**ETF (ICLO)**<br>| **Invesco** <br>**Active** <br>**U.S. Real** <br>**Estate** <br>**ETF (PSR)**<br>| **Invesco High Yield** <br>**Bond Factor** <br>**ETF (IHYF)**<br>| **Invesco** <br>**High Yield Select** <br>**ETF (HIYS)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $8394940 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1988283 | &nbsp;&nbsp;&nbsp; $318100 |
| Unaffiliated dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1081264 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11 |
| Affiliated dividend income | &nbsp;&nbsp; 87632 | &nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp; 6034 | &nbsp;&nbsp;&nbsp; 13316 |
| Securities lending income, net | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp; 31264 | &nbsp;&nbsp;&nbsp; 2030 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 8482572 | &nbsp;&nbsp;&nbsp; 1083969 | &nbsp;&nbsp;&nbsp; 2025581 | &nbsp;&nbsp;&nbsp; 333457 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 272765 | &nbsp;&nbsp;&nbsp; 111238 | &nbsp;&nbsp;&nbsp; 102405 | &nbsp;&nbsp;&nbsp; 22736 |
| Tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total expenses | &nbsp;&nbsp; 272765 | &nbsp;&nbsp;&nbsp; 111238 | &nbsp;&nbsp;&nbsp; 102405 | &nbsp;&nbsp;&nbsp; 22736 |
| Less: Waivers | &nbsp;&nbsp; (2321)<br>| &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; (1821)<br>|
| Net expenses | &nbsp;&nbsp; 270444 | &nbsp;&nbsp;&nbsp; 111215 | &nbsp;&nbsp;&nbsp; 102279 | &nbsp;&nbsp;&nbsp; 20915 |
| Net investment income | &nbsp;&nbsp; 8212128 | &nbsp;&nbsp;&nbsp; 972754 | &nbsp;&nbsp;&nbsp; 1923302 | &nbsp;&nbsp;&nbsp; 312542 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (631550)<br>| &nbsp;&nbsp;&nbsp; (32525)<br>| &nbsp;&nbsp;&nbsp; (281246)<br>| &nbsp;&nbsp;&nbsp; 28870 |
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (515)<br>| &nbsp;&nbsp;&nbsp; (944)<br>| &nbsp;&nbsp;&nbsp; (11601)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 416414 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (335)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4200 |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (96416)<br>| &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; (631550)<br>| &nbsp;&nbsp;&nbsp; 383374 | &nbsp;&nbsp;&nbsp; (378606)<br>| &nbsp;&nbsp;&nbsp; 21134 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1922194)<br>| &nbsp;&nbsp;&nbsp; (3626060)<br>| &nbsp;&nbsp;&nbsp; (1460090)<br>| &nbsp;&nbsp;&nbsp; (181789)<br>|
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; 10 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 387 |
| Forward foreign currency contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3974)<br>|
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 135812 | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1922194)<br>| &nbsp;&nbsp;&nbsp; (3625925)<br>| &nbsp;&nbsp;&nbsp; (1323934)<br>| &nbsp;&nbsp;&nbsp; (185366)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (2553744)<br>| &nbsp;&nbsp;&nbsp; (3242551)<br>| &nbsp;&nbsp;&nbsp; (1702540)<br>| &nbsp;&nbsp;&nbsp; (164232)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $5658384 | &nbsp;&nbsp;&nbsp; $(2269797)<br>| &nbsp;&nbsp;&nbsp; $220762 | &nbsp;&nbsp;&nbsp; $148310 |

---

<sup>(a)</sup> For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.

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

------

**112**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**MSCI EAFE Income** <br>**Advantage ETF (EFAA)**<br>| **Invesco** <br>**QQQ Income** <br>**Advantage** <br>**ETF (QQA)**<br>| **Invesco** <br>**S&P 500**<sup>®</sup> <br>**Downside Hedged** <br>**ETF (PHDG)**<br>| **Invesco** <br>**S&P 500 Equal Weight Income** <br>**Advantage** <br>**ETF (RSPA)**<br>| **Invesco** <br>**Short Duration** <br>**Total Return** <br>**Bond ETF (GTOS)**<br>| **Invesco** <br>**SteelPath MLP & Energy** <br>**Infrastructure ETF (PIPE)**<sup>(a)</sup> <br>|
| $2522287 | &nbsp;&nbsp;&nbsp; $6813841 | &nbsp;&nbsp;&nbsp; $221481 | &nbsp;&nbsp;&nbsp; $8812515 | &nbsp;&nbsp;&nbsp; $266380 | &nbsp;&nbsp;&nbsp; $- |
| 1395217 | &nbsp;&nbsp;&nbsp; 458758 | &nbsp;&nbsp;&nbsp; 426135 | &nbsp;&nbsp;&nbsp; 1990260 | &nbsp;&nbsp;&nbsp; 1051 | &nbsp;&nbsp;&nbsp; 72571 |
| 458545 | &nbsp;&nbsp;&nbsp; 674244 | &nbsp;&nbsp;&nbsp; 785793 | &nbsp;&nbsp;&nbsp; 1087370 | &nbsp;&nbsp;&nbsp; 5880 | &nbsp;&nbsp;&nbsp; 446 |
| 4390 | &nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp; 9722 | &nbsp;&nbsp;&nbsp; 1662 | &nbsp;&nbsp;&nbsp; 46 |
| (152437)<br>| &nbsp;&nbsp;&nbsp; (1064)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; (1051)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5628)<br>|
| 4228002 | &nbsp;&nbsp;&nbsp; 7947549 | &nbsp;&nbsp;&nbsp; 1434442 | &nbsp;&nbsp;&nbsp; 11898816 | &nbsp;&nbsp;&nbsp; 274973 | &nbsp;&nbsp;&nbsp; 67435 |
| 208664 | &nbsp;&nbsp;&nbsp; 226574 | &nbsp;&nbsp;&nbsp; 219636 | &nbsp;&nbsp;&nbsp; 394792 | &nbsp;&nbsp;&nbsp; 16398 | &nbsp;&nbsp;&nbsp; 16738 |
| 535 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 209199 | &nbsp;&nbsp;&nbsp; 226574 | &nbsp;&nbsp;&nbsp; 219636 | &nbsp;&nbsp;&nbsp; 394792 | &nbsp;&nbsp;&nbsp; 16398 | &nbsp;&nbsp;&nbsp; 16738 |
| (208674)<br>| &nbsp;&nbsp;&nbsp; (226574)<br>| &nbsp;&nbsp;&nbsp; (32435)<br>| &nbsp;&nbsp;&nbsp; (394792)<br>| &nbsp;&nbsp;&nbsp; (151)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| 525 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 187201 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 16247 | &nbsp;&nbsp;&nbsp; 16729 |
| 4227477 | &nbsp;&nbsp;&nbsp; 7947549 | &nbsp;&nbsp;&nbsp; 1247241 | &nbsp;&nbsp;&nbsp; 11898816 | &nbsp;&nbsp;&nbsp; 258726 | &nbsp;&nbsp;&nbsp; 50706 |
| (3711230)<br>| &nbsp;&nbsp;&nbsp; (6432279)<br>| &nbsp;&nbsp;&nbsp; (11006183)<br>| &nbsp;&nbsp;&nbsp; (11046779)<br>| &nbsp;&nbsp;&nbsp; 15654 | &nbsp;&nbsp;&nbsp; (3126)<br>|
| (76)<br>| &nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp; (3075)<br>| &nbsp;&nbsp;&nbsp; (6514)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (46)<br>|
| 1111842 | &nbsp;&nbsp;&nbsp; 983475 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1490080 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 82636 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3098 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (13960)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 141 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (651972)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (11985)<br>| &nbsp;&nbsp;&nbsp; - |
| (2613424)<br>| &nbsp;&nbsp;&nbsp; (5448990)<br>| &nbsp;&nbsp;&nbsp; (11661230)<br>| &nbsp;&nbsp;&nbsp; (9560115)<br>| &nbsp;&nbsp;&nbsp; 3619 | &nbsp;&nbsp;&nbsp; 79605 |
| 6319586 | &nbsp;&nbsp;&nbsp; (4563674)<br>| &nbsp;&nbsp;&nbsp; (2150540)<br>| &nbsp;&nbsp;&nbsp; (9758704)<br>| &nbsp;&nbsp;&nbsp; (14898)<br>| &nbsp;&nbsp;&nbsp; (591258)<br>|
| (177)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (1185)<br>| &nbsp;&nbsp;&nbsp; (88677)<br>| &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; - |
| 20971 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 164556 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18021 | &nbsp;&nbsp;&nbsp; - |
| 6340380 | &nbsp;&nbsp;&nbsp; (4563672)<br>| &nbsp;&nbsp;&nbsp; (1987169)<br>| &nbsp;&nbsp;&nbsp; (9847381)<br>| &nbsp;&nbsp;&nbsp; 3154 | &nbsp;&nbsp;&nbsp; (591258)<br>|
| 3726956 | &nbsp;&nbsp;&nbsp; (10012662)<br>| &nbsp;&nbsp;&nbsp; (13648399)<br>| &nbsp;&nbsp;&nbsp; (19407496)<br>| &nbsp;&nbsp;&nbsp; 6773 | &nbsp;&nbsp;&nbsp; (511653)<br>|
| $7954433 | &nbsp;&nbsp;&nbsp; $(2065113)<br>| &nbsp;&nbsp;&nbsp; $(12401158)<br>| &nbsp;&nbsp;&nbsp; $(7508680)<br>| &nbsp;&nbsp;&nbsp; $265499 | &nbsp;&nbsp;&nbsp; $(460947)<br>|

---

------

**113**

------

**Statements of Operations—(continued)**

For the six months ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Top QQQ ETF (QBIG)**<sup>(b)</sup> <br>| **Invesco Total Return** <br>**Bond ETF (GTO)**<br>| **Invesco Ultra Short** <br>**Duration ETF (GSY)**<br>| **Invesco** <br>**Variable Rate** <br>**Investment Grade** <br>**ETF (VRIG)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $43279703 | &nbsp;&nbsp;&nbsp; $64363345 | &nbsp;&nbsp;&nbsp; $32355260 |
| Unaffiliated dividend income | &nbsp;&nbsp; 19649 | &nbsp;&nbsp;&nbsp; 208745 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Affiliated dividend income | &nbsp;&nbsp; 227951 | &nbsp;&nbsp;&nbsp; 33312 | &nbsp;&nbsp;&nbsp; 172254 | &nbsp;&nbsp;&nbsp; 282010 |
| Securities lending income, net | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 152665 | &nbsp;&nbsp;&nbsp; 38565 | &nbsp;&nbsp;&nbsp; 75602 |
| Total investment income | &nbsp;&nbsp; 247600 | &nbsp;&nbsp;&nbsp; 43674425 | &nbsp;&nbsp;&nbsp; 64574164 | &nbsp;&nbsp;&nbsp; 32712872 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 27795 | &nbsp;&nbsp;&nbsp; 3999995 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1797482 |
| Advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2486971 | &nbsp;&nbsp;&nbsp; - |
| Accounting & administration fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 84321 | &nbsp;&nbsp;&nbsp; - |
| Custodian & transfer agent fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4177 | &nbsp;&nbsp;&nbsp; - |
| Trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13981 | &nbsp;&nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 127654 | &nbsp;&nbsp;&nbsp; - |
| Total expenses | &nbsp;&nbsp; 27795 | &nbsp;&nbsp;&nbsp; 3999995 | &nbsp;&nbsp;&nbsp; 2717104 | &nbsp;&nbsp;&nbsp; 1797482 |
| Less: Waivers | &nbsp;&nbsp; (5730)<br>| &nbsp;&nbsp;&nbsp; (1731948)<br>| &nbsp;&nbsp;&nbsp; (5567)<br>| &nbsp;&nbsp;&nbsp; (5884)<br>|
| Net expenses | &nbsp;&nbsp; 22065 | &nbsp;&nbsp;&nbsp; 2268047 | &nbsp;&nbsp;&nbsp; 2711537 | &nbsp;&nbsp;&nbsp; 1791598 |
| Net investment income | &nbsp;&nbsp; 225535 | &nbsp;&nbsp;&nbsp; 41406378 | &nbsp;&nbsp;&nbsp; 61862627 | &nbsp;&nbsp;&nbsp; 30921274 |
| **Realized and unrealized gain (loss)** <br> **from:**<br>|  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2610441)<br>| &nbsp;&nbsp;&nbsp; (26610073)<br>| &nbsp;&nbsp;&nbsp; 1710086 | &nbsp;&nbsp;&nbsp; (555070)<br>|
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (10046)<br>| &nbsp;&nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp; (3979)<br>|
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 822 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3310180)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Swap agreements | &nbsp;&nbsp; (172807)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Written options | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 72495 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; (2783248)<br>| &nbsp;&nbsp;&nbsp; (29856982)<br>| &nbsp;&nbsp;&nbsp; 1712358 | &nbsp;&nbsp;&nbsp; (559049)<br>|
| Change in net unrealized appreciation <br> (depreciation) of:<br>|  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1260966)<br>| &nbsp;&nbsp;&nbsp; 19834803 | &nbsp;&nbsp;&nbsp; (2185621)<br>| &nbsp;&nbsp;&nbsp; (3972526)<br>|
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (50519)<br>| &nbsp;&nbsp;&nbsp; (70044)<br>| &nbsp;&nbsp;&nbsp; 1304 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11773 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1013764)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Swap agreements | &nbsp;&nbsp; (1507678)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Written options | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (92149)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp; (2768644)<br>| &nbsp;&nbsp;&nbsp; 18690144 | &nbsp;&nbsp;&nbsp; (2255655)<br>| &nbsp;&nbsp;&nbsp; (3971222)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (5551892)<br>| &nbsp;&nbsp;&nbsp; (11166838)<br>| &nbsp;&nbsp;&nbsp; (543297)<br>| &nbsp;&nbsp;&nbsp; (4530271)<br>|
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; $(5326357)<br>| &nbsp;&nbsp;&nbsp; $30239540 | &nbsp;&nbsp;&nbsp; $61319330 | &nbsp;&nbsp;&nbsp; $26391003 |

---

<sup>(b)</sup> For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.

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

------

**114**

------

**115**

------

**Statements of Changes in Net Assets**

For the six months ended April 30, 2025 and the year ended October 31, 2024

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco AAA** <br>**CLO Floating Rate** <br>**Note ETF (ICLO)** | **Invesco AAA** <br>**CLO Floating Rate** <br>**Note ETF (ICLO)** | **Invesco Active U.S. Real Estate** <br>**ETF (PSR)** | **Invesco Active U.S. Real Estate** <br>**ETF (PSR)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $8212128 | &nbsp;&nbsp;&nbsp; $6718330 | &nbsp;&nbsp;&nbsp; $972754 | &nbsp;&nbsp;&nbsp; $2120994 |
| Net realized gain (loss) | &nbsp;&nbsp; (631550)<br>| &nbsp;&nbsp;&nbsp; 170267 | &nbsp;&nbsp;&nbsp; 383374 | &nbsp;&nbsp;&nbsp; (7964407)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1922194)<br>| &nbsp;&nbsp;&nbsp; 85931 | &nbsp;&nbsp;&nbsp; (3625925)<br>| &nbsp;&nbsp;&nbsp; 25465020 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5658384 | &nbsp;&nbsp;&nbsp; 6974528 | &nbsp;&nbsp;&nbsp; (2269797)<br>| &nbsp;&nbsp;&nbsp; 19621607 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (8229615)<br>| &nbsp;&nbsp;&nbsp; (6900691)<br>| &nbsp;&nbsp;&nbsp; (870015)<br>| &nbsp;&nbsp;&nbsp; (2259259)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 187250798 | &nbsp;&nbsp;&nbsp; 146074337 | &nbsp;&nbsp;&nbsp; 2851717 | &nbsp;&nbsp;&nbsp; 17165074 |
| Value of shares repurchased | &nbsp;&nbsp; (57328147)<br>| &nbsp;&nbsp;&nbsp; (2570906)<br>| &nbsp;&nbsp;&nbsp; (8949210)<br>| &nbsp;&nbsp;&nbsp; (50523377)<br>|
| Transaction fees | &nbsp;&nbsp; 371873 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 130294524 | &nbsp;&nbsp;&nbsp; 143503431 | &nbsp;&nbsp;&nbsp; (6097493)<br>| &nbsp;&nbsp;&nbsp; (33358303)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 127723293 | &nbsp;&nbsp;&nbsp; 143577268 | &nbsp;&nbsp;&nbsp; (9237305)<br>| &nbsp;&nbsp;&nbsp; (15995955)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 176709301 | &nbsp;&nbsp;&nbsp; 33132033 | &nbsp;&nbsp;&nbsp; 67564449 | &nbsp;&nbsp;&nbsp; 83560404 |
| End of period | &nbsp;&nbsp; $304432594 | &nbsp;&nbsp;&nbsp; $176709301 | &nbsp;&nbsp;&nbsp; $58327144 | &nbsp;&nbsp;&nbsp; $67564449 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 200000 |
| Shares repurchased | &nbsp;&nbsp; (2250000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (580000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 6900001 | &nbsp;&nbsp;&nbsp; 1300001 | &nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; 1090000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 11950001 | &nbsp;&nbsp;&nbsp; 6900001 | &nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 710000 |

---

<sup>(a)</sup> For the period July 15, 2024 (commencement of investment operations) through October 31, 2024.

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

------

**116**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco High Yield** <br>**Bond Factor ETF (IHYF)** | **Invesco High Yield** <br>**Bond Factor ETF (IHYF)** | **Invesco High Yield Select** <br>**ETF (HIYS)** | **Invesco High Yield Select** <br>**ETF (HIYS)** | **Invesco MSCI EAFE Income** <br>**Advantage ETF (EFAA)** | **Invesco MSCI EAFE Income** <br>**Advantage ETF (EFAA)** | **Invesco QQQ** <br>**Income Advantage** <br>**ETF (QQA)** | **Invesco QQQ** <br>**Income Advantage** <br>**ETF (QQA)** |
| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Period Ended** <br>**October 31,** <br>**2024**<sup>(a)</sup> <br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Period Ended** <br>**October 31,** <br>**2024**<sup>(a)</sup> <br>|
| $1923302 | &nbsp;&nbsp; $3636156 | &nbsp;&nbsp; $312542 | &nbsp;&nbsp; $691466 | &nbsp;&nbsp; $4227477 | &nbsp;&nbsp; $2779249 | &nbsp;&nbsp; $7947549 | &nbsp;&nbsp; $3685705 |
| (378606)<br>| &nbsp;&nbsp; (174076)<br>| &nbsp;&nbsp; 21134 | &nbsp;&nbsp; 78802 | &nbsp;&nbsp; (2613424)<br>| &nbsp;&nbsp; (875049)<br>| &nbsp;&nbsp; (5448990)<br>| &nbsp;&nbsp; (1524195)<br>|
| (1323934)<br>| &nbsp;&nbsp; 3728315 | &nbsp;&nbsp; (185366)<br>| &nbsp;&nbsp; 527673 | &nbsp;&nbsp; 6340380 | &nbsp;&nbsp; (524543)<br>| &nbsp;&nbsp; (4563672)<br>| &nbsp;&nbsp; 3713803 |
| 220762 | &nbsp;&nbsp; 7190395 | &nbsp;&nbsp; 148310 | &nbsp;&nbsp; 1297941 | &nbsp;&nbsp; 7954433 | &nbsp;&nbsp; 1379657 | &nbsp;&nbsp; (2065113)<br>| &nbsp;&nbsp; 5875313 |
| (1901944)<br>| &nbsp;&nbsp; (3639460)<br>| &nbsp;&nbsp; (317029)<br>| &nbsp;&nbsp; (716226)<br>| &nbsp;&nbsp; (5022411)<br>| &nbsp;&nbsp; (1735949)<br>| &nbsp;&nbsp; (8351355)<br>| &nbsp;&nbsp; (3179903)<br>|
| 11053292 | &nbsp;&nbsp; 15871359 | &nbsp;&nbsp; 5702 | &nbsp;&nbsp; - | &nbsp;&nbsp; 40806566 | &nbsp;&nbsp; 125748255 | &nbsp;&nbsp; 97065434 | &nbsp;&nbsp; 131713690 |
| (16563967)<br>| &nbsp;&nbsp; (8656694)<br>| &nbsp;&nbsp; (2280851)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (26531208)<br>| &nbsp;&nbsp; (6006588)<br>| &nbsp;&nbsp; (9385495)<br>| &nbsp;&nbsp; (2397533)<br>|
| 69043 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| (5441632)<br>| &nbsp;&nbsp; 7214665 | &nbsp;&nbsp; (2275149)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 14275358 | &nbsp;&nbsp; 119741667 | &nbsp;&nbsp; 87679939 | &nbsp;&nbsp; 129316157 |
| (7122814)<br>| &nbsp;&nbsp; 10765600 | &nbsp;&nbsp; (2443868)<br>| &nbsp;&nbsp; 581715 | &nbsp;&nbsp; 17207380 | &nbsp;&nbsp; 119385375 | &nbsp;&nbsp; 77263471 | &nbsp;&nbsp; 132011567 |
| 52421682 | &nbsp;&nbsp; 41656082 | &nbsp;&nbsp; 10199741 | &nbsp;&nbsp; 9618026 | &nbsp;&nbsp; 119385375 | &nbsp;&nbsp; - | &nbsp;&nbsp; 132011567 | &nbsp;&nbsp; - |
| $45298868 | &nbsp;&nbsp; $52421682 | &nbsp;&nbsp; $7755873 | &nbsp;&nbsp; $10199741 | &nbsp;&nbsp; $136592755 | &nbsp;&nbsp; $119385375 | &nbsp;&nbsp; $209275038 | &nbsp;&nbsp; $132011567 |
| 490000 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 2580001 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 2780001 |
| (760000)<br>| &nbsp;&nbsp; (390000)<br>| &nbsp;&nbsp; (90000)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp; (120000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; (50000)<br>|
| 2330001 | &nbsp;&nbsp; 2000001 | &nbsp;&nbsp; 400001 | &nbsp;&nbsp; 400001 | &nbsp;&nbsp; 2460001 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2730001 | &nbsp;&nbsp; - |
| 2060001 | &nbsp;&nbsp; 2330001 | &nbsp;&nbsp; 310001 | &nbsp;&nbsp; 400001 | &nbsp;&nbsp; 2760001 | &nbsp;&nbsp; 2460001 | &nbsp;&nbsp; 4580001 | &nbsp;&nbsp; 2730001 |

---

------

**117**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended April 30, 2025 and the year ended October 31, 2024

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500**<sup>®</sup> **Downside** <br>**Hedged ETF (PHDG)** | **Invesco S&P 500**<sup>®</sup> **Downside** <br>**Hedged ETF (PHDG)** | **Invesco S&P 500** <br>**Equal Weight Income Advantage** <br>**ETF (RSPA)** | **Invesco S&P 500** <br>**Equal Weight Income Advantage** <br>**ETF (RSPA)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Period Ended** <br>**October 31,** <br>**2024**<sup>(a)</sup> <br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1247241 | &nbsp;&nbsp;&nbsp; $2394813 | &nbsp;&nbsp;&nbsp; $11898816 | &nbsp;&nbsp;&nbsp; $7074244 |
| Net realized gain (loss) | &nbsp;&nbsp; (11661230)<br>| &nbsp;&nbsp;&nbsp; 23457543 | &nbsp;&nbsp;&nbsp; (9560115)<br>| &nbsp;&nbsp;&nbsp; (1835840)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1987169)<br>| &nbsp;&nbsp;&nbsp; 1713470 | &nbsp;&nbsp;&nbsp; (9847381)<br>| &nbsp;&nbsp;&nbsp; 7150988 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (12401158)<br>| &nbsp;&nbsp;&nbsp; 27565826 | &nbsp;&nbsp;&nbsp; (7508680)<br>| &nbsp;&nbsp;&nbsp; 12389392 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (966866)<br>| &nbsp;&nbsp;&nbsp; (2621385)<br>| &nbsp;&nbsp;&nbsp; (12952508)<br>| &nbsp;&nbsp;&nbsp; (6179890)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 9307469 | &nbsp;&nbsp;&nbsp; 10801461 | &nbsp;&nbsp;&nbsp; 65261942 | &nbsp;&nbsp;&nbsp; 291736930 |
| Value of shares repurchased | &nbsp;&nbsp; (10560134)<br>| &nbsp;&nbsp;&nbsp; (55066469)<br>| &nbsp;&nbsp;&nbsp; (15591532)<br>| &nbsp;&nbsp;&nbsp; (30231991)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (1252665)<br>| &nbsp;&nbsp;&nbsp; (44265008)<br>| &nbsp;&nbsp;&nbsp; 49670410 | &nbsp;&nbsp;&nbsp; 261504939 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (14620689)<br>| &nbsp;&nbsp;&nbsp; (19320567)<br>| &nbsp;&nbsp;&nbsp; 29209222 | &nbsp;&nbsp;&nbsp; 267714441 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 113842817 | &nbsp;&nbsp;&nbsp; 133163384 | &nbsp;&nbsp;&nbsp; 267714441 | &nbsp;&nbsp;&nbsp; - |
| End of period | &nbsp;&nbsp; $99222128 | &nbsp;&nbsp;&nbsp; $113842817 | &nbsp;&nbsp;&nbsp; $296923663 | &nbsp;&nbsp;&nbsp; $267714441 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp; 5840001 |
| Shares repurchased | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (1550000)<br>| &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp; 5240001 | &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, end of period | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 6260001 | &nbsp;&nbsp;&nbsp; 5240001 |

---

<sup>(a)</sup> For the period July 15, 2024 (commencement of investment operations) through October 31, 2024.

<sup>(b)</sup> For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.

<sup>(c)</sup> For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.

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

------

**118**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Short Duration** <br>**Total Return Bond ETF (GTOS)** | **Invesco Short Duration** <br>**Total Return Bond ETF (GTOS)** | **Invesco** <br>**SteelPath MLP & Energy** <br>**Infrastructure ETF (PIPE)**<br>| **Invesco Top QQQ ETF (QBIG)** | **Invesco Total Return Bond ETF (GTO)** | **Invesco Total Return Bond ETF (GTO)** |
| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Period Ended** <br>**April 30,** <br>**2025**<sup>(b)</sup> <br>| **Period Ended** <br>**April 30,** <br>**2025**<sup>(c)</sup> <br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| $258726 | &nbsp;&nbsp;&nbsp; $549417 | &nbsp;&nbsp;&nbsp; $50706 | &nbsp;&nbsp;&nbsp; $225535 | &nbsp;&nbsp;&nbsp; $41406378 | &nbsp;&nbsp;&nbsp; $59442242 |
| 3619 | &nbsp;&nbsp;&nbsp; 37615 | &nbsp;&nbsp;&nbsp; 79605 | &nbsp;&nbsp;&nbsp; (2783248)<br>| &nbsp;&nbsp;&nbsp; (29856982)<br>| &nbsp;&nbsp;&nbsp; 28786639 |
| 3154 | &nbsp;&nbsp;&nbsp; 172563 | &nbsp;&nbsp;&nbsp; (591258)<br>| &nbsp;&nbsp;&nbsp; (2768644)<br>| &nbsp;&nbsp;&nbsp; 18690144 | &nbsp;&nbsp;&nbsp; 47423258 |
| 265499 | &nbsp;&nbsp;&nbsp; 759595 | &nbsp;&nbsp;&nbsp; (460947)<br>| &nbsp;&nbsp;&nbsp; (5326357)<br>| &nbsp;&nbsp;&nbsp; 30239540 | &nbsp;&nbsp;&nbsp; 135652139 |
| (263720)<br>| &nbsp;&nbsp;&nbsp; (552129)<br>| &nbsp;&nbsp;&nbsp; (92700)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (41219870)<br>| &nbsp;&nbsp;&nbsp; (59344297)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 23045417 | &nbsp;&nbsp;&nbsp; 33741830 | &nbsp;&nbsp;&nbsp; 250442069 | &nbsp;&nbsp;&nbsp; 733572709 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (7242291)<br>| &nbsp;&nbsp;&nbsp; (5680856)<br>| &nbsp;&nbsp;&nbsp; (76709965)<br>| &nbsp;&nbsp;&nbsp; (102369762)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 15803126 | &nbsp;&nbsp;&nbsp; 28060974 | &nbsp;&nbsp;&nbsp; 173732104 | &nbsp;&nbsp;&nbsp; 631202947 |
| 1779 | &nbsp;&nbsp;&nbsp; 207466 | &nbsp;&nbsp;&nbsp; 15249479 | &nbsp;&nbsp;&nbsp; 22734617 | &nbsp;&nbsp;&nbsp; 162751774 | &nbsp;&nbsp;&nbsp; 707510789 |
| 9978730 | &nbsp;&nbsp;&nbsp; 9771264 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1724394957 | &nbsp;&nbsp;&nbsp; 1016884168 |
| $9980509 | &nbsp;&nbsp;&nbsp; $9978730 | &nbsp;&nbsp;&nbsp; $15249479 | &nbsp;&nbsp;&nbsp; $22734617 | &nbsp;&nbsp;&nbsp; $1887146731 | &nbsp;&nbsp;&nbsp; $1724394957 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 950001 | &nbsp;&nbsp;&nbsp; 1050001 | &nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp; 15650000 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (1650000)<br>| &nbsp;&nbsp;&nbsp; (2200000)<br>|
| 400001 | &nbsp;&nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 36750000 | &nbsp;&nbsp;&nbsp; 23300000 |
| 400001 | &nbsp;&nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; 650001 | &nbsp;&nbsp;&nbsp; 850001 | &nbsp;&nbsp;&nbsp; 40450000 | &nbsp;&nbsp;&nbsp; 36750000 |

---

------

**119**

------

**Statements of Changes in Net Assets—(continued)**

For the six months ended April 30, 2025 and the year ended October 31, 2024

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Ultra Short Duration ETF (GSY)** | **Invesco Ultra Short Duration ETF (GSY)** | **Invesco Variable Rate Investment** <br>**Grade ETF (VRIG)** | **Invesco Variable Rate Investment** <br>**Grade ETF (VRIG)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $61862627 | &nbsp;&nbsp;&nbsp; $110175187 | &nbsp;&nbsp;&nbsp; $30921274 | &nbsp;&nbsp;&nbsp; $57258999 |
| Net realized gain (loss) | &nbsp;&nbsp; 1712358 | &nbsp;&nbsp;&nbsp; (4350750)<br>| &nbsp;&nbsp;&nbsp; (559049)<br>| &nbsp;&nbsp;&nbsp; 26757 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2255655)<br>| &nbsp;&nbsp;&nbsp; 26889127 | &nbsp;&nbsp;&nbsp; (3971222)<br>| &nbsp;&nbsp;&nbsp; 6657172 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 61319330 | &nbsp;&nbsp;&nbsp; 132713564 | &nbsp;&nbsp;&nbsp; 26391003 | &nbsp;&nbsp;&nbsp; 63942928 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (62979018)<br>| &nbsp;&nbsp;&nbsp; (116677202)<br>| &nbsp;&nbsp;&nbsp; (31991142)<br>| &nbsp;&nbsp;&nbsp; (57755653)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2120994803 | &nbsp;&nbsp;&nbsp; 3244731647 | &nbsp;&nbsp;&nbsp; 450585101 | &nbsp;&nbsp;&nbsp; 499001958 |
| Value of shares repurchased | &nbsp;&nbsp; (1583697167)<br>| &nbsp;&nbsp;&nbsp; (2913407745)<br>| &nbsp;&nbsp;&nbsp; (241344862)<br>| &nbsp;&nbsp;&nbsp; (208173379)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 537297636 | &nbsp;&nbsp;&nbsp; 331323902 | &nbsp;&nbsp;&nbsp; 209240239 | &nbsp;&nbsp;&nbsp; 290828579 |
| Net increase in net assets | &nbsp;&nbsp; 535637948 | &nbsp;&nbsp;&nbsp; 347360264 | &nbsp;&nbsp;&nbsp; 203640100 | &nbsp;&nbsp;&nbsp; 297015854 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 2235080302 | &nbsp;&nbsp;&nbsp; 1887720038 | &nbsp;&nbsp;&nbsp; 1062724579 | &nbsp;&nbsp;&nbsp; 765708725 |
| End of period | &nbsp;&nbsp; $2770718250 | &nbsp;&nbsp;&nbsp; $2235080302 | &nbsp;&nbsp;&nbsp; $1266364679 | &nbsp;&nbsp;&nbsp; $1062724579 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 42300000 | &nbsp;&nbsp;&nbsp; 64900000 | &nbsp;&nbsp;&nbsp; 17950000 | &nbsp;&nbsp;&nbsp; 19900000 |
| Shares repurchased | &nbsp;&nbsp; (31600000)<br>| &nbsp;&nbsp;&nbsp; (58300000)<br>| &nbsp;&nbsp;&nbsp; (9650000)<br>| &nbsp;&nbsp;&nbsp; (8300000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 44600000 | &nbsp;&nbsp;&nbsp; 38000000 | &nbsp;&nbsp;&nbsp; 42350001 | &nbsp;&nbsp;&nbsp; 30750001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 55300000 | &nbsp;&nbsp;&nbsp; 44600000 | &nbsp;&nbsp;&nbsp; 50650001 | &nbsp;&nbsp;&nbsp; 42350001 |

---

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

------

**120**

------

**Financial Highlights**

Invesco AAA CLO Floating Rate Note ETF (ICLO)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year ended October 31,** <br>**2024**<br>| **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023**<br>|
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $25.49 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>|
| Transaction fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.48 | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $25.49 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.46 | &nbsp;&nbsp;&nbsp; $25.64 | &nbsp;&nbsp;&nbsp; $25.50 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.60 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.63 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $304433 | &nbsp;&nbsp;&nbsp; $176709 | &nbsp;&nbsp;&nbsp; $33132 |
| Ratio to average net assets of: |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 88<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 7.51%. The market price total return from Fund Inception to October 31, 2023 was 7.25%.

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

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

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

------

**121**

------

**Financial Highlights—(continued)**

Invesco Active U.S. Real Estate ETF (PSR)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $95.16 | &nbsp;&nbsp;&nbsp; $76.66 | &nbsp;&nbsp;&nbsp; $87.42 | &nbsp;&nbsp;&nbsp; $110.25 | &nbsp;&nbsp;&nbsp; $78.27 | &nbsp;&nbsp;&nbsp; $97.24 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.69 | &nbsp;&nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp;&nbsp; (22.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.99 | &nbsp;&nbsp;&nbsp; (18.34)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp;&nbsp; (20.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.58 | &nbsp;&nbsp;&nbsp; (16.23)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp; (2.74)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $91.14 | &nbsp;&nbsp;&nbsp; $95.16 | &nbsp;&nbsp;&nbsp; $76.66 | &nbsp;&nbsp;&nbsp; $87.42 | &nbsp;&nbsp;&nbsp; $110.25 | &nbsp;&nbsp;&nbsp; $78.27 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $91.07 | &nbsp;&nbsp;&nbsp; $95.21 | &nbsp;&nbsp;&nbsp; $76.72 | &nbsp;&nbsp;&nbsp; $87.45 | &nbsp;&nbsp;&nbsp; $110.26 | &nbsp;&nbsp;&nbsp; $78.23 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (2.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.00<br> %<br>| &nbsp;&nbsp;&nbsp; (9.59)%<br>| &nbsp;&nbsp;&nbsp; (18.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.71<br> %<br>| &nbsp;&nbsp;&nbsp; (16.56)%<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (3.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.96<br> %<br>| &nbsp;&nbsp;&nbsp; (9.55)%<br>| &nbsp;&nbsp;&nbsp; (18.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.82<br> %<br>| &nbsp;&nbsp;&nbsp; (16.52)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $58327 | &nbsp;&nbsp;&nbsp; $67564 | &nbsp;&nbsp;&nbsp; $83560 | &nbsp;&nbsp;&nbsp; $112770 | &nbsp;&nbsp;&nbsp; $130094 | &nbsp;&nbsp;&nbsp; $78270 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 222<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>|

---

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

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

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

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

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

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

------

**122**

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**Financial Highlights—(continued)**

Invesco High Yield Bond Factor ETF (IHYF)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**November 30, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the Period** <br>**November 30, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $22.50 | &nbsp;&nbsp;&nbsp; $20.83 | &nbsp;&nbsp;&nbsp; $21.00 | &nbsp;&nbsp;&nbsp; $25.45 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; - |
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| Transaction fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $21.99 | &nbsp;&nbsp;&nbsp; $22.50 | &nbsp;&nbsp;&nbsp; $20.83 | &nbsp;&nbsp;&nbsp; $21.00 | &nbsp;&nbsp;&nbsp; $25.45 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $21.93 | &nbsp;&nbsp;&nbsp; $22.52 | &nbsp;&nbsp;&nbsp; $20.90 | &nbsp;&nbsp;&nbsp; $21.05 | &nbsp;&nbsp;&nbsp; $25.51 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.47<br> %<br>| &nbsp;&nbsp;&nbsp; (12.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.65 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br> %<br>| &nbsp;&nbsp;&nbsp; (12.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.88 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $45299 | &nbsp;&nbsp;&nbsp; $52422 | &nbsp;&nbsp;&nbsp; $41656 | &nbsp;&nbsp;&nbsp; $34020 | &nbsp;&nbsp;&nbsp; $41491 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.32 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 2, 2020, the first day of trading on the exchange) to October 31, 2021 was 5.39%. The market price total return from Fund Inception to October 31, 2021 was 5.30%.

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

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

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

------

**123**

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**Financial Highlights—(continued)**

Invesco High Yield Select ETF (HIYS)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year ended October 31,** <br>**2024**<br>| **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023**<br>|
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.50 | &nbsp;&nbsp;&nbsp; $24.05 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp; (0.96)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.02 | &nbsp;&nbsp;&nbsp; $25.50 | &nbsp;&nbsp;&nbsp; $24.05 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp; $25.64 | &nbsp;&nbsp;&nbsp; $24.18 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $7756 | &nbsp;&nbsp;&nbsp; $10200 | &nbsp;&nbsp;&nbsp; $9618 |
| Ratio to average net assets of: |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.60 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 103<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.45%. The market price total return from Fund Inception to October 31, 2023 was 2.61%.

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

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

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

------

**124**

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**Financial Highlights—(continued)**

Invesco MSCI EAFE Income Advantage ETF (EFAA)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **For the Period** <br>**July 15, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $48.53 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (2.06)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp; (0.76)<br>|
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $49.49 | &nbsp;&nbsp;&nbsp; $48.53 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $49.71 | &nbsp;&nbsp;&nbsp; $48.59 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.75<br> %<br>| &nbsp;&nbsp;&nbsp; (1.56 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.07<br> %<br>| &nbsp;&nbsp;&nbsp; (1.44 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $136593 | &nbsp;&nbsp;&nbsp; $119385 |
| Ratio to average net assets of: |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; - %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.90 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was (1.35)%. The market price total return from Fund Inception to October 31, 2024 was (1.26)%.

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

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

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

------

**125**

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**Financial Highlights—(continued)**

Invesco QQQ Income Advantage ETF (QQA)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **For the Period** <br>**July 15, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $48.36 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (4.33)<br>| &nbsp;&nbsp;&nbsp; (2.05 )<sup>(c)</sup><br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $45.69 | &nbsp;&nbsp;&nbsp; $48.36 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $45.70 | &nbsp;&nbsp;&nbsp; $48.50 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp; (0.76 )%<sup>(f)</sup><br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.72)%<br>| &nbsp;&nbsp;&nbsp; (0.47 )%<sup>(f)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $209275 | &nbsp;&nbsp;&nbsp; $132012 |
| Ratio to average net assets of: |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp; - %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; - %<sup>(g)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 10.17 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.82 %<sup>(g)</sup><br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|

---

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

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

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

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

<sup>(f)</sup> The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was 1.68%. The market price total return from Fund Inception to October 31, 2024 was 1.72%.

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

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

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

------

**126**

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**Financial Highlights—(continued)**

Invesco S&P 500<sup>®</sup> Downside Hedged ETF (PHDG)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $37.95 | &nbsp;&nbsp;&nbsp; $31.33 | &nbsp;&nbsp;&nbsp; $35.18 | &nbsp;&nbsp;&nbsp; $36.82 | &nbsp;&nbsp;&nbsp; $32.51 | &nbsp;&nbsp;&nbsp; $26.72 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.39 | &nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $33.63 | &nbsp;&nbsp;&nbsp; $37.95 | &nbsp;&nbsp;&nbsp; $31.33 | &nbsp;&nbsp;&nbsp; $35.18 | &nbsp;&nbsp;&nbsp; $36.82 | &nbsp;&nbsp;&nbsp; $32.51 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $33.62 | &nbsp;&nbsp;&nbsp; $37.91 | &nbsp;&nbsp;&nbsp; $31.35 | &nbsp;&nbsp;&nbsp; $35.24 | &nbsp;&nbsp;&nbsp; $36.78 | &nbsp;&nbsp;&nbsp; $32.58 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (10.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.72<br> %<br>| &nbsp;&nbsp;&nbsp; (9.09)%<br>| &nbsp;&nbsp;&nbsp; (3.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.19<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (10.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.51<br> %<br>| &nbsp;&nbsp;&nbsp; (9.19)%<br>| &nbsp;&nbsp;&nbsp; (3.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.78<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $99222 | &nbsp;&nbsp;&nbsp; $113843 | &nbsp;&nbsp;&nbsp; $133163 | &nbsp;&nbsp;&nbsp; $279696 | &nbsp;&nbsp;&nbsp; $250377 | &nbsp;&nbsp;&nbsp; $143042 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.33 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Expenses, prior to Waivers<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 799<br> %<br>| &nbsp;&nbsp;&nbsp; 683<br> %<br>| &nbsp;&nbsp;&nbsp; 1,213<br> %<br>| &nbsp;&nbsp;&nbsp; 1,189<br> %<br>| &nbsp;&nbsp;&nbsp; 597<br> %<br>| &nbsp;&nbsp;&nbsp; 1,172<br> %<br>|

---

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

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

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

<sup>(d)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies' expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies' expenses that the Fund bears indirectly is included in the Fund's total return. 

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

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

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

------

**127**

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**Financial Highlights—(continued)**

Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **For the Period** <br>**July 15, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $51.09 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $47.43 | &nbsp;&nbsp;&nbsp; $51.09 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $47.53 | &nbsp;&nbsp;&nbsp; $51.09 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (2.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (2.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $296924 | &nbsp;&nbsp;&nbsp; $267714 |
| Ratio to average net assets of: |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp; - %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; - %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 8.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.41 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was 3.62%. The market price total return from Fund Inception to October 31, 2024 was 3.49%.

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

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

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

------

**128**

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**Financial Highlights—(continued)**

Invesco Short Duration Total Return Bond ETF (GTOS)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year ended October 31,** <br>**2024**<br>| **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023**<br>|
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $24.95 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; (0.58)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $24.95 | &nbsp;&nbsp;&nbsp; $24.95 | &nbsp;&nbsp;&nbsp; $24.43 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp; $24.96 | &nbsp;&nbsp;&nbsp; $24.44 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $9981 | &nbsp;&nbsp;&nbsp; $9979 | &nbsp;&nbsp;&nbsp; $9771 |
| Ratio to average net assets of: |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.33 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 182<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 314<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.47%. The market price total return from Fund Inception to October 31, 2023 was 2.39%.

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

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

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

------

**129**

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**Financial Highlights—(continued)**

Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)

---

| | |
|:---|:---|
|  | **For the Period** <br>**February 18, 2025**<sup>(a)</sup> <br>**Through** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.69)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $23.46 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $23.48 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (5.46 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (5.38 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $15249 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.27 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (February 20, 2025, the first day of trading on the exchange) to April 30, 2025 was (5.19)%. The market price total return from Fund Inception to April 30, 2025 was (5.23)%.

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

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

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

------

**130**

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**Financial Highlights—(continued)**

Invesco Top QQQ ETF (QBIG)

---

| | |
|:---|:---|
|  | **For the Period** <br>**December 2, 2024**<sup>(a)</sup> <br>**Through** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $30.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (3.06)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (2.78)<br>|
| **Distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $26.75 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $26.69 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (10.87 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (11.03 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $22735 |
| Ratio to average net assets of: |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.35 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 81<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 4, 2024, the first day of trading on the exchange) to April 30, 2025 was (12.96)%. The market price total return from Fund Inception to April 30, 2025 was (13.17)%.

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

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

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

------

**131**

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**Financial Highlights—(continued)**

Invesco Total Return Bond ETF (GTO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $46.92 | &nbsp;&nbsp;&nbsp; $43.64 | &nbsp;&nbsp;&nbsp; $44.73 | &nbsp;&nbsp;&nbsp; $56.63 | &nbsp;&nbsp;&nbsp; $57.57 | &nbsp;&nbsp;&nbsp; $54.39 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (11.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (10.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $46.65 | &nbsp;&nbsp;&nbsp; $46.92 | &nbsp;&nbsp;&nbsp; $43.64 | &nbsp;&nbsp;&nbsp; $44.73 | &nbsp;&nbsp;&nbsp; $56.63 | &nbsp;&nbsp;&nbsp; $57.57 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $46.65 | &nbsp;&nbsp;&nbsp; $46.94 | &nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $44.67 | &nbsp;&nbsp;&nbsp; $56.67 | &nbsp;&nbsp;&nbsp; $57.57 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp; (18.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.85<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp; (18.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.77<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1887147 | &nbsp;&nbsp;&nbsp; $1724395 | &nbsp;&nbsp;&nbsp; $1016884 | &nbsp;&nbsp;&nbsp; $738113 | &nbsp;&nbsp;&nbsp; $996607 | &nbsp;&nbsp;&nbsp; $463457 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.56 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 308<br> %<br>| &nbsp;&nbsp;&nbsp; 549<br> %<br>| &nbsp;&nbsp;&nbsp; 496<br> %<br>| &nbsp;&nbsp;&nbsp; 361<br> %<br>| &nbsp;&nbsp;&nbsp; 475<br> %<br>| &nbsp;&nbsp;&nbsp; 434<br> %<br>|

---

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

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

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

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

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

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

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**132**

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**Financial Highlights—(continued)**

Invesco Ultra Short Duration ETF (GSY)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $49.68 | &nbsp;&nbsp;&nbsp; $49.25 | &nbsp;&nbsp;&nbsp; $50.38 | &nbsp;&nbsp;&nbsp; $50.53 | &nbsp;&nbsp;&nbsp; $50.42 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $50.10 | &nbsp;&nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $49.68 | &nbsp;&nbsp;&nbsp; $49.25 | &nbsp;&nbsp;&nbsp; $50.38 | &nbsp;&nbsp;&nbsp; $50.53 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $50.11 | &nbsp;&nbsp;&nbsp; $49.68 | &nbsp;&nbsp;&nbsp; $49.24 | &nbsp;&nbsp;&nbsp; $50.38 | &nbsp;&nbsp;&nbsp; $50.54 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp; (1.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br> %<br>| &nbsp;&nbsp;&nbsp; (1.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $2770718 | &nbsp;&nbsp;&nbsp; $2235080 | &nbsp;&nbsp;&nbsp; $1887720 | &nbsp;&nbsp;&nbsp; $2108024 | &nbsp;&nbsp;&nbsp; $2942228 | &nbsp;&nbsp;&nbsp; $3011607 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.97 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>|

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

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

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

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

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

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

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**Financial Highlights—(continued)**

Invesco Variable Rate Investment Grade ETF (VRIG)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.94 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp; $24.89 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $25.01 | &nbsp;&nbsp;&nbsp; $25.10 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $25.10 | &nbsp;&nbsp;&nbsp; $24.89 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.32<br> %<br>| &nbsp;&nbsp;&nbsp; (0.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.46<br> %<br>| &nbsp;&nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1266365 | &nbsp;&nbsp;&nbsp; $1062725 | &nbsp;&nbsp;&nbsp; $765709 | &nbsp;&nbsp;&nbsp; $571327 | &nbsp;&nbsp;&nbsp; $471652 | &nbsp;&nbsp;&nbsp; $453021 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 5.16 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

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

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

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

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

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

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

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**Notes to Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco AAA CLO Floating Rate Note ETF (ICLO) | "AAA CLO Floating Rate Note ETF" |
| Invesco Active U.S. Real Estate ETF (PSR) | "Active U.S. Real Estate ETF" |
| Invesco High Yield Bond Factor ETF (IHYF) | "High Yield Bond Factor ETF" |
| Invesco High Yield Select ETF (HIYS) | "High Yield Select ETF" |
| Invesco MSCI EAFE Income Advantage ETF (EFAA) | "MSCI EAFE Income Advantage ETF" |
| Invesco QQQ Income Advantage ETF (QQA) | "QQQ Income Advantage ETF" |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF (PHDG) | "S&P 500<sup>®</sup> Downside Hedged ETF" |
| Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) | "S&P 500 Equal Weight Income Advantage ETF" |
| Invesco Short Duration Total Return Bond ETF (GTOS)<sup>(a)</sup> <br>| "Short Duration Total Return Bond ETF" |
| Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) | "SteelPath MLP & Energy Infrastructure ETF" |
| Invesco Top QQQ ETF (QBIG) | "Top QQQ ETF" |
| Invesco Total Return Bond ETF (GTO) | "Total Return Bond ETF" |
| Invesco Ultra Short Duration ETF (GSY) | "Ultra Short Duration ETF" |
| Invesco Variable Rate Investment Grade ETF (VRIG) | "Variable Rate Investment Grade ETF" |

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<sup>(a)</sup> Effective February 24, 2025, the Fund's name changed from Invesco Short Duration Bond ETF to Invesco Short Duration Total Return Bond ETF.

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

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| | |
|:---|:---|
| **Fund** | **Exchange** |
| AAA CLO Floating Rate Note ETF | Cboe BZX Exchange, Inc. |
| Active U.S. Real Estate ETF | NYSE Arca, Inc. |
| High Yield Bond Factor ETF | The Nasdaq Stock Market LLC |
| High Yield Select ETF | Cboe BZX Exchange, Inc. |
| MSCI EAFE Income Advantage ETF | NYSE Arca, Inc. |
| QQQ Income Advantage ETF | The Nasdaq Stock Market LLC |
| S&P 500<sup>®</sup> Downside Hedged ETF | NYSE Arca, Inc. |
| S&P 500 Equal Weight Income Advantage ETF | NYSE Arca, Inc. |
| Short Duration Total Return Bond ETF | Cboe BZX Exchange, Inc. |
| SteelPath MLP & Energy Infrastructure ETF | Cboe BZX Exchange, Inc. |
| Top QQQ ETF | The Nasdaq Stock Market LLC |
| Total Return Bond ETF | NYSE Arca, Inc. |
| Ultra Short Duration ETF | NYSE Arca, Inc. |
| Variable Rate Investment Grade ETF | The Nasdaq Stock Market LLC |

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The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units of each Fund (except for Active U.S. Real Estate ETF, MSCI EAFE Income Advantage ETF, QQQ Income Advantage ETF, S&P 500<sup>®</sup> Downside Hedged ETF, S&P 500 Equal Weight Income Advantage ETF, SteelPath MLP & Energy Infrastructure ETF and Top QQQ ETF) are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for a basket of securities ("Deposit Securities"). Creation Units of Active U.S. Real Estate ETF and SteelPath MLP & Energy Infrastructure ETF are issued and redeemed principally in exchange for the deposit or delivery of Deposit Securities, though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Creation Units of MSCI EAFE Income Advantage

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ETF, QQQ Income Advantage ETF, S&P 500<sup>®</sup> Downside Hedged ETF, S&P 500 Equal Weight Income Advantage ETF and Top QQQ ETF are issued and redeemed partially in exchange for the deposit or delivery of cash and partially in exchange for Deposit Securities, though each Fund reserves the right to issue and redeem Creation Units principally in exchange for cash or for Deposit Securities. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is listed below.

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| AAA CLO Floating Rate Note ETF | To seek current income and capital preservation. |
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; To seek to achieve high total return through growth of capital and current <br> income.<br>|
| High Yield Bond Factor ETF | To seek total return. |
| High Yield Select ETF | To seek current income. |
| MSCI EAFE Income Advantage ETF | To seek total return through current income and long-term growth of capital. |
| QQQ Income Advantage ETF | To seek total return through current income and long-term growth of capital. |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp; To seek to achieve positive total returns in rising or falling markets that are <br> not directly correlated to broad equity or fixed income market returns.<br>|
| S&P 500 Equal Weight Income Advantage ETF | To seek total return through current income and long-term growth of capital. |
| Short Duration Total Return Bond ETF | To seek total return, comprised of income and capital appreciation. |
| SteelPath MLP & Energy Infrastructure ETF | To seek total return. |
| Top QQQ ETF | To seek total return through long-term growth of capital. |
| Total Return Bond ETF | To seek maximum total return, comprised of income and capital appreciation. |
| Ultra Short Duration ETF | &nbsp;&nbsp;&nbsp; To seek maximum current income, consistent with preservation of capital and <br> daily liquidity.<br>|
| Variable Rate Investment Grade ETF | &nbsp;&nbsp;&nbsp; To seek to generate current income while maintaining low portfolio duration as <br> a primary objective and capital appreciation as a secondary objective.<br>|

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**NOTE 2—Significant Accounting Policies**

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Equity-linked notes are valued using an independent pricing service provider whose calculations are based on various data points that are included in the trade terms.

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

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

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

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

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

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

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

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and

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accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

**D.** **Dividends and Distributions to Shareholders** - Each Fund (except Active U.S. Real Estate ETF, S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Active U.S. Real Estate ETF and S&P 500<sup>®</sup> Downside Hedged ETF each declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Top QQQ ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

**F.** **Expenses** - Each Fund (except for Ultra Short Duration ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers (as defined below) for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF), and for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary

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expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit.

Ultra Short Duration ETF is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Board members and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), expenses incurred in connection with the Board members' services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**J.** **Commercial Mortgage-Backed Securities** - Certain Funds may invest in both single and multi-issuer Commercial Mortgage-Backed Securities ("CMBS"). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds.

Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS. Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of income recognized on these securities, or the amortized cost of these securities. Each Fund amortizes premiums and/or accretes discounts based on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the

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Statements of Operations as *Net realized gain (loss) from investment securities* and *Change in net unrealized appreciation (depreciation) of investment securities*, respectively.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis -** The Funds may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

**L.** **Repurchase Agreements** - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund's pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates ("Joint repurchase agreements"). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

**M.** **Master Limited Partnerships ("MLPs")** - SteelPath MLP & Energy Infrastructure ETF invests in MLPs, which are generally publicly traded limited partnerships or limited liability companies. Investments in MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. Rather, each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could result in a reduction of the value of the Fund's investment, and consequently your investment in the Fund and lower income. Also, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund's adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund's tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.

In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to the Fund, which right would continue after the Fund sold its investment in the MLP.

**N.** **Return of Capital -** Distributions received from SteelPath MLP & Energy Infrastructure ETF's investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

**O.** **Equity-Linked Notes** - Certain Funds may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund or an index or basket of securities (underlying securities)) and one or more related equity derivatives, such as put or call options, or a combination thereof. Unlike a direct investment in equity securities, ELNs have a maturity date, potentially increasing a Fund's turnover rate, transaction costs and tax liability. Upon the maturity of an ELN, a Fund generally receives an interest coupon payment and the par value of the note plus or minus a return based on the performance of the underlying securities and the related equity derivatives. If the underlying securities have depreciated in value or if their price appreciates or depreciates outside of a preset range, depending on the type of ELN, a Fund may receive only the principal amount of the note or less than the principal amount of the note, or may even lose the entire principal invested in the ELN. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN

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issuer will default or become bankrupt. In such an event, a Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, a Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends.

ELNs utilized by a Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to such Fund and result in losses on the ELN that exceed the losses on the underlying securities. The economic leverage associated with investments in ELNs is distinguishable from indebtedness leverage in that it does not expose a Fund to losing more than the principal amount of the ELN. Should the prices of the underlying securities move in an unexpected manner, a Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include a Fund's entire principal investment. In addition, investments in ELNs allow for enhanced yield but are subject to limited upside appreciation potential based on movements of the underlying securities. Investing in ELNs may be more costly to a Fund than if the Fund had invested in the underlying securities directly.

**P.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund (except for AAA CLO Floating Rate Note ETF, High Yield Bond Factor ETF, High Yield Select ETF, Short Duration Total Return Bond ETF, Top QQQ ETF and Variable Rate Investment Grade ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each applicable Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| Active U.S. Real Estate ETF | $166  |
| MSCI EAFE Income Advantage ETF | 4 |
| QQQ Income Advantage ETF | 173 |
| S&P 500<sup>®</sup> Downside Hedged ETF | 126 |
| S&P 500 Equal Weight Income Advantage ETF | 1047 |
| SteelPath MLP & Energy Infrastructure ETF<sup>(a)</sup> <br>| 5 |
| Total Return Bond ETF | 1654 |
| Ultra Short Duration ETF | 304 |

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<sup>(a)</sup> For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.

**Q.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes

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withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**R.** **Forward Foreign Currency Contracts** - Certain Funds may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis at the rate prevailing in the currency exchange market at the time or through forward foreign currency contracts to manage or minimize currency or exchange rate risk.

A Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statements of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statements of Assets and Liabilities.

**S.** **Futures Contracts** - Certain Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity, interest rate, and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund

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would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. The contracts included in the VIX Index historically have traded in "contango" markets, resulting in a roll cost, which could adversely affect the value of Shares of the S&P 500<sup>®</sup> Downside Hedged ETF. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.

**T.** **Call Options Purchased and Written** - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**U.** **Put Options Purchased and Written** - Certain Funds may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying portfolio securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statements of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and option contracts written, respectively.

A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**V.** **Swap Agreements** - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund's

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NAV over specific periods of time. If each Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a "basket" of securities representing a particular index.

In a centrally cleared swap, the Fund's ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant ("FCM")) an amount referred to as "initial margin." Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a "variation margin" amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.

**W.** **Other Risks**

*ADR and GDR Risk*. Certain Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*Agency Debt Risk*. Certain Funds may invest in debt issued by government agencies, including the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Instruments issued by government agencies generally are backed only by the general creditworthiness and reputation of the government agency issuing the instrument and are not backed by the full faith and credit of the U.S. Government. As a result, there is uncertainty as to the current status of many obligations of Fannie Mae, Freddie Mac and other agencies that are placed under conservatorship of the federal government.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able

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to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Call Risk*. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund's net investment income could fall.

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind. To the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease a Fund's net asset value. These costs may also decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

*Collateralized Loan Obligations ("CLOs") and Collateralized Debt Obligations ("CDOs") Risk*. Certain Funds may invest in CLOs and CDOs. CLOs bear many of the same risks as other forms of asset-backed securities ("ABS"), including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or "tranches'' that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Each Fund's investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.

*Commercial Paper Risk*. Certain Funds may invest in commercial paper. The value of the Fund's investment in commercial paper, which is an unsecured promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer's financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates.

*Commodity Pool Risk*. S&P 500<sup>®</sup> Downside Hedged ETF's investments in futures contracts have caused it to be deemed a commodity pool, thereby subjecting it to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission ("CFTC") rules. The Adviser is registered as a commodity pool operator ("CPO") and as a commodity trading advisor ("CTA"), and will manage the Fund in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO or CTA subjects the Adviser to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program. Additionally, the Fund's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Investment Risk*. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments

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in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

*Environmental, Social and Governance ("ESG") Considerations Risk*. The ESG considerations that may be assessed as part of a credit research process to implement certain Funds' investment strategies in pursuit of their investment objectives may vary across types of eligible investments and issuers, and not every ESG factor may be identified or evaluated for every investment, and not every investment or issuer may be evaluated for ESG considerations. The incorporation of ESG factors as part of a credit analysis may affect a Fund's exposure to certain issuers or industries and may not work as intended. Information used to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers. There is no guarantee that the incorporation of ESG considerations will be additive to a Fund's performance.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*Foreign Fixed-Income Investment Risk*. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*High Yield Securities (Junk Bond) Risk*. Compared to higher quality debt securities, high yield debt securities (commonly referred to as "junk bonds") involve a greater risk of default or price changes due to changes in the credit quality of the issuer

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because they are generally unsecured and may be subordinated to other creditors' claims. They are considered speculative with respect to the issuer's capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. The values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.

*Industry Concentration Risk*. Certain Funds are concentrated to a significant degree in securities of issuers operating in a single industry or industry group. By concentrating their investments in an industry or industry group, such Funds may face more risks than if they were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which some Funds invest, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Interest Rate Risk*. Interest rate risk refers to the risk that fixed income securities' prices generally fall as interest rates rise; conversely, fixed income securities' prices generally rise as interest rates fall. Specific fixed income securities differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. "Duration risk" is related to interest rate risk; it refers to the risks associated with the sensitivity of a fixed income security's price to a one percent change in interest rates. Fixed income securities with longer durations (i.e., a greater length of time until they reach maturity) face greater duration risk, meaning that they tend to exhibit greater volatility and are more sensitive to changes in interest rates than fixed income securities with shorter durations.

*Leverage Risk*. Leverage occurs when a Fund's market exposure exceeds amounts invested. A Fund's exposure to derivatives and other investment techniques can create a leveraging effect on the portfolio. This leverage will vary over time and may at times be significant. Engaging in transactions using leverage or those having a leveraging effect subjects a Fund to certain risks. Leverage can magnify the effect of any gains or losses, causing a Fund to be more volatile than if it had not used leverage. A Fund may have a substantial cash position due to margin and collateral requirements related to a Fund's use of derivatives. Such margin and collateral requirements may limit a Fund's ability to take advantage of other investment opportunities, and a Fund also may have to sell or liquidate a portion of its assets at inopportune times to satisfy these requirements. This may negatively affect a Fund's ability to achieve its investment objective. In addition, a Fund's assets that are used as collateral to secure these transactions may decrease in value while the positions are outstanding, which may force a Fund to use its other assets to increase collateral. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount of a Fund's assets. There is no assurance that a leveraging strategy will be successful.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

*Management Risk*. The Funds are subject to management risk because they are actively managed portfolios. In managing a Fund's portfolio holdings, the Adviser or a sub-adviser (as applicable and as set forth below) applies investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these actions will produce the desired results.

*Market Risk*. Securities held by the Funds are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in a Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Mortgage-Backed and Asset-Backed Securities Risk*. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

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*Non-Diversified Fund Risk*. Because AAA CLO Floating Rate Note ETF, High Yield Select ETF, MSCI EAFE Income Advantage ETF, QQQ Income Advantage ETF, S&P 500 Equal Weight Income Advantage ETF, Short Duration Total Return Bond ETF, SteelPath MLP & Energy Infrastructure ETF and Top QQQ ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their respective portfolio securities, which may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Risk of Investing in Loans*. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. A Fund's investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. A Fund is also subject to the risk that the value of the collateral for the loan may be insufficient to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of a Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. Thus, to the extent a Fund effects redemptions in cash, the Fund is subject to the risk of selling other investments or taking other actions necessary to raise cash to meet its redemption obligations.

*Small- and Mid-Capitalization Company Risk*. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*To-be-Announced ("TBA") Transactions Risk*. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to the settlement date. TBA transactions involve counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose a Fund to potential loss and could affect the Fund's returns. In addition, TBA transactions may significantly increase a Fund's portfolio turnover rate.

*U.S. Government Obligations Risk*. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the "full faith and credit" of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio

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security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

*Valuation Time Risk*. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund's portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

**NOTE 3—Investment Advisory Agreements and Other Agreements**

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs, providing certain clerical, bookkeeping and other administrative services, and for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF), oversight of Invesco, Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers").

Pursuant to an Investment Advisory Agreement, each Fund (except Ultra Short Duration ETF) accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF), and for each Fund the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| High Yield Select ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| MSCI EAFE Income Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| QQQ Income Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| S&P 500 Equal Weight Income Advantage ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Short Duration Total Return Bond ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| SteelPath MLP & Energy Infrastructure ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Top QQQ ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Total Return Bond ETF<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Variable Rate Investment Grade ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|

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<sup>(a)</sup> The Adviser has agreed to waive 100% of its unitary management fee for the Fund through June 30, 2025.

<sup>(b)</sup> Effective February 24, 2025, the Fund's unitary management fee was reduced from 0.35% to 0.30%.

<sup>(c)</sup> Effective February 24, 2025, the Fund's unitary management fee was reduced from 0.50% to 0.35%. However, the Adviser has agreed to waive a portion of its unitary management fee for the Fund, resulting in a net unitary management fee of 0.25%, through August 31, 2025. The Adviser may not terminate the agreement prior to August 31, 2025. 

Pursuant to another Investment Advisory Agreement, Ultra Short Duration ETF accrues daily and pays monthly to the Adviser an annual management fee equal to 0.20% of the Fund's average daily net assets. Ultra Short Duration ETF is responsible for all of its own expenses, including its management fee, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, Acquired Fund Fees and Expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Independent Trustees and officers, expenses incurred in connection with the Board members' services, including travel expenses and legal fees of counsel for the Independent Trustees and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Advisers for each Fund (except S&P 500<sup>®</sup> Downside Hedged ETF and Top QQQ ETF). The sub-advisory fee for these Funds is paid by the Adviser to the Affiliated Sub-Advisers at 40% of the Adviser's compensation of the sub-advised assets of each Fund.

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**149**

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The Adviser has contractually agreed to waive fees and/or pay Fund expenses for Ultra Short Duration ETF to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding 0.27% of the Fund's average daily net assets per year (the "Expense Cap"), through at least August 31, 2027. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

Further, the Adviser has contractually agreed to waive the management fee payable by each Fund (except for Total Return Bond ETF and Ultra Short Duration ETF) in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser (collectively, "Underlying Affiliated Investments") or (ii) the management fee available to be waived. For Total Return Bond ETF and Ultra Short Duration ETF, the Adviser has contractually agreed to waive a portion of the management fee payable and/or reimburse Fund expenses in an amount equal to 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's Underlying Affiliated Investments. These waivers do not apply to a Fund's investment of cash collateral received for securities lending. These waivers (except for Total Return Bond ETF and Ultra Short Duration ETF) are in place through at least August 31, 2027, and there is no guarantee that the Adviser will extend them past that date. These waivers are not subject to recapture by the Adviser.

For the six months ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp;&nbsp; $2321 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; 23 |
| High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp; 126 |
| High Yield Select ETF | &nbsp;&nbsp;&nbsp; 1821 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp; 208674 |
| QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp; 226574 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp; 32435 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp; 394792 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 151 |
| SteelPath MLP & Energy Infrastructure ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 9 |
| Top QQQ ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 5730 |
| Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 1731948 |
| Ultra Short Duration ETF | &nbsp;&nbsp;&nbsp; 5567 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp;&nbsp; 5884 |

---

<sup>(a)</sup> For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.

<sup>(b)</sup> For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.

The fees waived and/or expenses borne by the Adviser for Ultra Short Duration ETF pursuant to the Expense Cap are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

There are no amounts available for potential recapture by the Adviser as of April 30, 2025.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended April 30, 2025, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| Active U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; $10750 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp;&nbsp; 587 |
| QQQ Income Advantage ETF | &nbsp;&nbsp;&nbsp; 190 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp;&nbsp; 48958 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp;&nbsp; 1622 |
| Top QQQ ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 25 |

---

<sup>(a)</sup> For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.

------

**150**

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Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025, for each Fund (except for SteelPath MLP & Energy Infrastructure ETF). As of April 30, 2025, all of the securities in SteelPath MLP & Energy Infrastructure ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| AAA CLO Floating Rate Note ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $- | &nbsp;&nbsp; $298194404 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $298194404 |
| Money Market Funds | &nbsp;&nbsp; 12314165 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12314165 |
| **Total Investments** | &nbsp;&nbsp; $12314165 | &nbsp;&nbsp; $298194404 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $310508569 |
| Active U.S. Real Estate ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $58286571 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $58286571 |
| Money Market Funds | &nbsp;&nbsp; 41683 | &nbsp;&nbsp; 3658631 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3700314 |
| **Total Investments** | &nbsp;&nbsp; $58328254 | &nbsp;&nbsp; $3658631 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $61986885 |
| High Yield Bond Factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $44384930 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $44384930 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 114623 | &nbsp;&nbsp; - | &nbsp;&nbsp; 114623 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; - | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 942 |
| Money Market Funds | &nbsp;&nbsp; 59680 | &nbsp;&nbsp; 7329507 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7389187 |
| **Total Investments in Securities** | &nbsp;&nbsp; 59680 | &nbsp;&nbsp; 51830002 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 51889682 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 110905 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 110905 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (63220)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (63220)<br>|
| **Total Other Investments** | &nbsp;&nbsp; 47685 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 47685 |
| **Total Investments** | &nbsp;&nbsp; $107365 | &nbsp;&nbsp; $51830002 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $51937367 |

---

------

**151**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| High Yield Select ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7022212 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7022212 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 221376 | &nbsp;&nbsp; - | &nbsp;&nbsp; 221376 |
| Money Market Funds | &nbsp;&nbsp; 330262 | &nbsp;&nbsp; 435823 | &nbsp;&nbsp; - | &nbsp;&nbsp; 766085 |
| **Total Investments in Securities** | &nbsp;&nbsp; 330262 | &nbsp;&nbsp; 7679411 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8009673 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; 8 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8 |
| **Total Investments** | &nbsp;&nbsp; $330262 | &nbsp;&nbsp; $7679419 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8009681 |
| MSCI EAFE Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1682374 | &nbsp;&nbsp; $102479354 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $104161728 |
| Equity Linked Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 5844870 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5844870 |
| Money Market Funds | &nbsp;&nbsp; 22410493 | &nbsp;&nbsp; 3451831 | &nbsp;&nbsp; - | &nbsp;&nbsp; 25862324 |
| **Total Investments** | &nbsp;&nbsp; $24092867 | &nbsp;&nbsp; $111776055 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $135868922 |
| QQQ Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $161114719 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $161114719 |
| Equity Linked Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 11675973 | &nbsp;&nbsp; - | &nbsp;&nbsp; 11675973 |
| Money Market Funds | &nbsp;&nbsp; 37921414 | &nbsp;&nbsp; 5267048 | &nbsp;&nbsp; - | &nbsp;&nbsp; 43188462 |
| **Total Investments** | &nbsp;&nbsp; $199036133 | &nbsp;&nbsp; $16943021 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $215979154 |
| S&P 500<sup>®</sup> Downside Hedged ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $54114545 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $54114545 |
| Money Market Funds | &nbsp;&nbsp; 99068839 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 99068839 |
| **Total Investments in Securities** | &nbsp;&nbsp; 153183384 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 153183384 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 4767 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4767 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (932)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (932)<br>|
| **Total Other Investments** | &nbsp;&nbsp; 3835 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3835 |
| **Total Investments** | &nbsp;&nbsp; $153187219 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $153187219 |
| S&P 500 Equal Weight Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $226173854 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $226173854 |
| Equity Linked Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 14187860 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14187860 |
| Money Market Funds | &nbsp;&nbsp; 57102317 | &nbsp;&nbsp; 20124409 | &nbsp;&nbsp; - | &nbsp;&nbsp; 77226726 |
| **Total Investments** | &nbsp;&nbsp; $283276171 | &nbsp;&nbsp; $34312269 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $317588440 |

---

------

**152**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short Duration Total Return Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7373234 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7373234 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 1123702 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1123702 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 1025071 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1025071 |
| Municipal Obligations | &nbsp;&nbsp; - | &nbsp;&nbsp; 70021 | &nbsp;&nbsp; - | &nbsp;&nbsp; 70021 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 53487 | &nbsp;&nbsp; - | &nbsp;&nbsp; 53487 |
| Preferred Stocks | &nbsp;&nbsp; 29205 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29205 |
| Money Market Funds | &nbsp;&nbsp; 307132 | &nbsp;&nbsp; 310987 | &nbsp;&nbsp; - | &nbsp;&nbsp; 618119 |
| **Total Investments in Securities** | &nbsp;&nbsp; 336337 | &nbsp;&nbsp; 9956502 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10292839 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 24515 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24515 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (20484)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (20484)<br>|
| **Total Other Investments** | &nbsp;&nbsp; 4031 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4031 |
| **Total Investments** | &nbsp;&nbsp; $340368 | &nbsp;&nbsp; $9956502 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10296870 |
| Top QQQ ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $8840478 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8840478 |
| Money Market Funds | &nbsp;&nbsp; 13448593 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13448593 |
| **Total Investments in Securities** | &nbsp;&nbsp; 22289071 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22289071 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Swap Agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; (1507678)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (1507678)<br>|
| **Total Investments** | &nbsp;&nbsp; $22289071 | &nbsp;&nbsp; $(1507678)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $20781393 |
| Total Return Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $765306947 | &nbsp;&nbsp; $2903638 | &nbsp;&nbsp; $768210585 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 579658021 | &nbsp;&nbsp; - | &nbsp;&nbsp; 579658021 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 428405197 | &nbsp;&nbsp; - | &nbsp;&nbsp; 428405197 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 268394781 | &nbsp;&nbsp; - | &nbsp;&nbsp; 268394781 |
| Municipal Obligations | &nbsp;&nbsp; - | &nbsp;&nbsp; 20594815 | &nbsp;&nbsp; - | &nbsp;&nbsp; 20594815 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp; - | &nbsp;&nbsp; 12773946 | &nbsp;&nbsp; - | &nbsp;&nbsp; 12773946 |
| Preferred Stocks | &nbsp;&nbsp; 6140176 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6140176 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 4380111 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4380111 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 2473014 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2473014 |
| Exchange-Traded Funds | &nbsp;&nbsp; 1949307 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1949307 |
| Options Purchased | &nbsp;&nbsp; 499065 | &nbsp;&nbsp; 1029167 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1528232 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 135275601 | &nbsp;&nbsp; - | &nbsp;&nbsp; 135275601 |
| **Total Investments in Securities** | &nbsp;&nbsp; 8588548 | &nbsp;&nbsp; 2218291600 | &nbsp;&nbsp; 2903638 | &nbsp;&nbsp; 2229783786 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 1925194 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1925194 |
| Investments Matured | &nbsp;&nbsp; - | &nbsp;&nbsp; 14850 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14850 |
|  | &nbsp;&nbsp; 1925194 | &nbsp;&nbsp; 14850 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1940044 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (3995136)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (3995136)<br>|
| Options Written | &nbsp;&nbsp; (133280)<br>| &nbsp;&nbsp; (445390)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (578670)<br>|
|  | &nbsp;&nbsp; (4128416)<br>| &nbsp;&nbsp; (445390)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (4573806)<br>|
| **Total Other Investments** | &nbsp;&nbsp; (2203222)<br>| &nbsp;&nbsp; (430540)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (2633762)<br>|
| **Total Investments** | &nbsp;&nbsp; $6385326 | &nbsp;&nbsp; $2217861060 | &nbsp;&nbsp; $2903638 | &nbsp;&nbsp; $2227150024 |

---

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**153**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Ultra Short Duration ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1571014941 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1571014941 |
| Commercial Paper | &nbsp;&nbsp; - | &nbsp;&nbsp; 773321831 | &nbsp;&nbsp; - | &nbsp;&nbsp; 773321831 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 369217373 | &nbsp;&nbsp; - | &nbsp;&nbsp; 369217373 |
| Certificates of Deposit | &nbsp;&nbsp; - | &nbsp;&nbsp; 55125034 | &nbsp;&nbsp; - | &nbsp;&nbsp; 55125034 |
| Repurchase Agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; - | &nbsp;&nbsp; 30000000 |
| Exchange-Traded Funds | &nbsp;&nbsp; 6984909 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6984909 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 18019975 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18019975 |
| **Total Investments** | &nbsp;&nbsp; $6984909 | &nbsp;&nbsp; $2816699154 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2823684063 |
| Variable Rate Investment Grade ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $500421842 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $500421842 |
| U.S. Treasury Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 285882139 | &nbsp;&nbsp; - | &nbsp;&nbsp; 285882139 |
| Asset-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 197536822 | &nbsp;&nbsp; - | &nbsp;&nbsp; 197536822 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 187989248 | &nbsp;&nbsp; - | &nbsp;&nbsp; 187989248 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp; - | &nbsp;&nbsp; 95139802 | &nbsp;&nbsp; - | &nbsp;&nbsp; 95139802 |
| Money Market Funds | &nbsp;&nbsp; 9597268 | &nbsp;&nbsp; 31153449 | &nbsp;&nbsp; - | &nbsp;&nbsp; 40750717 |
| **Total Investments** | &nbsp;&nbsp; $9597268 | &nbsp;&nbsp; $1298123302 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1307720570 |

---

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.

**NOTE 5—Derivative Investments**

The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** | **Value** |
|  | **High Yield** <br>**Bond Factor ETF**<br>| **High Yield** <br>**Select ETF**<br>| **S&P 500**<sup>®</sup> <br>**Downside** <br>**Hedged ETF**<br>| **Short Duration** <br>**Bond ETF**<br>| **Top QQQ ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** |
| **Derivative Assets** | **Interest Rate** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>|
| Unrealized appreciation on <br> forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Unrealized appreciation on <br> futures contracts—Exchange-<br> Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; 110905 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4767 | &nbsp;&nbsp; 24515 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1925194 |
| Purchased options, at value - <br> Exchange-Traded<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 499065 | &nbsp;&nbsp; - |
| Purchased options, at value — <br> OTC<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1029167 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total Derivative Assets | &nbsp;&nbsp; 110905 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4767 | &nbsp;&nbsp; 24515 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1029167 | &nbsp;&nbsp; 499065 | &nbsp;&nbsp; 1925194 |
| Derivatives not subject to <br> master netting agreements<br>| &nbsp;&nbsp; (110905)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (4767)<br>| &nbsp;&nbsp; (24515)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (499065)<br>| &nbsp;&nbsp; (1925194)<br>|
| Total Derivative Assets <br> subject to master netting <br> agreements<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1029167 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

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**154**

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Liabilities** | **Interest Rate** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>|
| Unrealized depreciation on <br> futures contracts—Exchange-<br> Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $(63220)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(932)<br>| &nbsp;&nbsp; $(20484)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3995136)<br>|
| Unrealized depreciation on <br> swap agreements—OTC<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1507678)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Options written, at value - <br> Exchange-Traded<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (133280)<br>| &nbsp;&nbsp; - |
| Options written, at value — <br> OTC<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (445390)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total Derivative Liabilities | &nbsp;&nbsp; (63220)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (932)<br>| &nbsp;&nbsp; (20484)<br>| &nbsp;&nbsp; (1507678)<br>| &nbsp;&nbsp; (445390)<br>| &nbsp;&nbsp; (133280)<br>| &nbsp;&nbsp; (3995136)<br>|
| Derivatives not subject to <br> master netting agreements<br>| &nbsp;&nbsp; 63220 | &nbsp;&nbsp; - | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 20484 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 133280 | &nbsp;&nbsp; 3995136 |
| Total Derivative Liabilities <br> subject to master netting <br> agreements<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1507678)<br>| &nbsp;&nbsp; $(445390)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Except for Total Return Bond ETF, values are disclosed on the Statements of Assets and Liabilities under the caption Unrealized appreciation on futures contracts and Unrealized depreciation on futures contracts. For Total Return Bond ETF, values include cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

**Offsetting Assets and Liabilities**

The table below reflects the Funds' exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2025:

High Yield Select ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward foreign** <br>**currency contracts**<br>| **Forward foreign** <br>**currency contracts**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| Barclays Bank PLC | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8 |

---

Top QQQ ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Swap Agreements** | **Swap Agreements** | **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| Bank of America, N.A. | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(501333)<br>| &nbsp;&nbsp; $(501333)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(501333)<br>|
| Goldman Sachs International | &nbsp;&nbsp; - | &nbsp;&nbsp; (501896)<br>| &nbsp;&nbsp; (501896)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (501896)<br>|
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; - | &nbsp;&nbsp; (504449)<br>| &nbsp;&nbsp; (504449)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (504449)<br>|
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1507678)<br>| &nbsp;&nbsp; $(1507678)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1507678)<br>|

---

Total Return Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative** <br>**Assets**<br>| **Financial Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **OTC Purchased options** | **OTC Written options** | **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net Amount** |
| Goldman Sachs International | &nbsp;&nbsp; $1029167 | &nbsp;&nbsp; $(445390)<br>| &nbsp;&nbsp; $583777 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1773857 | &nbsp;&nbsp; $2357634 |

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**Effect of Derivative Investments for the Six-Month Period Ended April 30, 2025**

The table below summarizes each Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** |
|  | **High Yield** <br>**Bond Factor ETF**<br>| **High Yield** <br>**Select ETF**<br>| **S&P 500**<sup>®</sup> <br>**Downside** <br>**Hedged ETF**<br>| **Short Duration** <br>**Bond ETF**<br>|
|  | **Interest** <br>**Rate Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>|
| Realized Gain (Loss): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4200 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Futures contracts | &nbsp;&nbsp; (96416)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (651972)<br>| &nbsp;&nbsp; (11985)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; (3974)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; 135812 | &nbsp;&nbsp; - | &nbsp;&nbsp; 164556 | &nbsp;&nbsp; 18021 |
| Total | &nbsp;&nbsp; $39396 | &nbsp;&nbsp; $226 | &nbsp;&nbsp; $(487416)<br>| &nbsp;&nbsp; $6036 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** | **Location of Gain (Loss) on Statements of Operations** |
|  | **Top QQQ ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** |
|  | **Equity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3310180)<br>| &nbsp;&nbsp; $(3310180)<br>|
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 72495 | &nbsp;&nbsp; - | &nbsp;&nbsp; 72495 |
| Swap agreements | &nbsp;&nbsp; (172807)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1013764)<br>| &nbsp;&nbsp; (1013764)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 512375 | &nbsp;&nbsp; - | &nbsp;&nbsp; 512375 |
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; (78165)<br>| &nbsp;&nbsp; (13984)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (92149)<br>|
| Swap agreements | &nbsp;&nbsp; (1507678)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total | &nbsp;&nbsp; $(1680485)<br>| &nbsp;&nbsp; $(78165)<br>| &nbsp;&nbsp; $570886 | &nbsp;&nbsp; $(4323944)<br>| &nbsp;&nbsp; $(3831223)<br>|

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** | **Average Notional Value** |
|  | **High Yield** <br>**Bond Factor ETF**<br>| **High Yield** <br>**Select ETF**<br>| **S&P 500**<sup>®</sup> <br>**Downside** <br>**Hedged ETF**<br>| **Short Duration** <br>**Bond ETF**<br>| **Top QQQ ETF** | **Total Return Bond ETF** |
| Forward foreign currency contracts | &nbsp;&nbsp; $- | &nbsp;&nbsp; $307367 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Futures contracts | &nbsp;&nbsp; 10421325 | &nbsp;&nbsp; - | &nbsp;&nbsp; 29810945 | &nbsp;&nbsp; 4042133 | &nbsp;&nbsp; - | &nbsp;&nbsp; 583216494 |
| Options purchased | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 21456214 |
| Options written | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1176000)<br>|
| Swap agreements | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11028849 | &nbsp;&nbsp; - |

---

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

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The Funds had capital loss carryforwards as of October 31, 2024, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; $6967757 | &nbsp;&nbsp; $12025486 | &nbsp;&nbsp; $18993243 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 817474 | &nbsp;&nbsp; 3745317 | &nbsp;&nbsp; 4562791 |
| High Yield Select ETF | &nbsp;&nbsp; 18431 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18431 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 1259537 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1259537 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 1703970 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1703970 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 78277350 | &nbsp;&nbsp; 78277350 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 3310238 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3310238 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 106118 | &nbsp;&nbsp; 15076 | &nbsp;&nbsp; 121194 |
| Total Return Bond ETF | &nbsp;&nbsp; 59074403 | &nbsp;&nbsp; 87950619 | &nbsp;&nbsp; 147025022 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 10190314 | &nbsp;&nbsp; 17993108 | &nbsp;&nbsp; 28183422 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 1089975 | &nbsp;&nbsp; 4288829 | &nbsp;&nbsp; 5378804 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 7—Investment Transactions**

For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $177488984 | &nbsp;&nbsp; $103190354 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 38766819 | &nbsp;&nbsp; 39423916 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 18407186 | &nbsp;&nbsp; 23540809 |
| High Yield Select ETF | &nbsp;&nbsp; 8054562 | &nbsp;&nbsp; 10916015 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 2387629 | &nbsp;&nbsp; 6438779 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 6614117 | &nbsp;&nbsp; 10865017 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; 529234591 | &nbsp;&nbsp; 544197052 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 25459777 | &nbsp;&nbsp; 34545809 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 6112118 | &nbsp;&nbsp; 6163981 |
| SteelPath MLP & Energy Infrastructure ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 9950468 | &nbsp;&nbsp; 96422 |
| Top QQQ ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; 19273619 | &nbsp;&nbsp; 8035764 |
| Total Return Bond ETF | &nbsp;&nbsp; 4907463234 | &nbsp;&nbsp; 4825981132 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 617487070 | &nbsp;&nbsp; 376698893 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 355108567 | &nbsp;&nbsp; 444022739 |

---

<sup>(a)</sup> For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.

<sup>(b)</sup> For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.

For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $52837027 | &nbsp;&nbsp; $- |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 1900656 | &nbsp;&nbsp; 7097845 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| High Yield Select ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 31160210 | &nbsp;&nbsp; 19834383 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 74021307 | &nbsp;&nbsp; 7139617 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 50965348 | &nbsp;&nbsp; 12060625 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| SteelPath MLP & Energy Infrastructure ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 12988452 | &nbsp;&nbsp; 7206458 |
| Top QQQ ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total Return Bond ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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| | | |
|:---|:---|:---|
|  | **In-kind**<br> **Purchases**<br>| **In-kind**<br> **Sales**<br>|
| Ultra Short Duration ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 17374359 | &nbsp;&nbsp; - |

---

<sup>(a)</sup> For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.

<sup>(b)</sup> For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| AAA CLO Floating Rate Note ETF | &nbsp;&nbsp; $118727 | &nbsp;&nbsp; $(1582730)<br>| &nbsp;&nbsp; $(1464003)<br>| &nbsp;&nbsp; $311972572 |
| Active U.S. Real Estate ETF | &nbsp;&nbsp; 4021045 | &nbsp;&nbsp; (4873722)<br>| &nbsp;&nbsp; (852677)<br>| &nbsp;&nbsp; 62839562 |
| High Yield Bond Factor ETF | &nbsp;&nbsp; 849177 | &nbsp;&nbsp; (1471336)<br>| &nbsp;&nbsp; (622159)<br>| &nbsp;&nbsp; 52559526 |
| High Yield Select ETF | &nbsp;&nbsp; 111435 | &nbsp;&nbsp; (74719)<br>| &nbsp;&nbsp; 36716 | &nbsp;&nbsp; 7972965 |
| MSCI EAFE Income Advantage ETF | &nbsp;&nbsp; 10419173 | &nbsp;&nbsp; (4689123)<br>| &nbsp;&nbsp; 5730050 | &nbsp;&nbsp; 130138872 |
| QQQ Income Advantage ETF | &nbsp;&nbsp; 8586555 | &nbsp;&nbsp; (9448754)<br>| &nbsp;&nbsp; (862199)<br>| &nbsp;&nbsp; 216841353 |
| S&P 500<sup>®</sup> Downside Hedged ETF | &nbsp;&nbsp; 4767 | &nbsp;&nbsp; (1991936)<br>| &nbsp;&nbsp; (1987169)<br>| &nbsp;&nbsp; 155174388 |
| S&P 500 Equal Weight Income Advantage ETF | &nbsp;&nbsp; 15073449 | &nbsp;&nbsp; (17806829)<br>| &nbsp;&nbsp; (2733380)<br>| &nbsp;&nbsp; 320321820 |
| Short Duration Total Return Bond ETF | &nbsp;&nbsp; 138852 | &nbsp;&nbsp; (39252)<br>| &nbsp;&nbsp; 99600 | &nbsp;&nbsp; 10197270 |
| SteelPath MLP & Energy Infrastructure ETF | &nbsp;&nbsp; 253998 | &nbsp;&nbsp; (845256)<br>| &nbsp;&nbsp; (591258)<br>| &nbsp;&nbsp; 15748609 |
| Top QQQ ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; (2768644)<br>| &nbsp;&nbsp; (2768644)<br>| &nbsp;&nbsp; 23550037 |
| Total Return Bond ETF | &nbsp;&nbsp; 17211269 | &nbsp;&nbsp; (29295312)<br>| &nbsp;&nbsp; (12084043)<br>| &nbsp;&nbsp; 2239234067 |
| Ultra Short Duration ETF | &nbsp;&nbsp; 8208003 | &nbsp;&nbsp; (3126824)<br>| &nbsp;&nbsp; 5081179 | &nbsp;&nbsp; 2818602884 |
| Variable Rate Investment Grade ETF | &nbsp;&nbsp; 4395635 | &nbsp;&nbsp; (6587616)<br>| &nbsp;&nbsp; (2191981)<br>| &nbsp;&nbsp; 1309912551 |

---

**NOTE 8—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund's unitary management fee (except for Ultra Short Duration ETF), pays for such compensation for each Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—Borrowing**

AAA CLO Floating Rate Note ETF is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 7, 2026. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $300,000,000, (2) 20% of the value of the Fund's net assets or (3) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the six months ended April 30, 2025, there were no borrowings from the line of credit.

**NOTE 10—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which

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**158**

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undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

**NOTE 11—Subsequent Event**

At a meeting held on March 13, 2025, the Board of Trustees of the Trust approved, and has recommended that shareholders approve, changing the Active U.S. Real Estate ETF's sub-classification under the 1940 Act from "diversified" to "non-diversified" and the elimination of related fundamental investment restrictions (the "Proposal"). The Proposal requires approval by the shareholders of the Fund and will be submitted to shareholders at a Special Meeting of Shareholders to be held on or about July 10, 2025. If approved, the Proposal is anticipated to become effective in July 2025.

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**159**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on September 19, 2024, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco Mega QQQ ETF (subsequently renamed Invesco Top QQQ ETF) (the "Fund").

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with the Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees noted that the portfolio managers of the Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of the Fund. The Trustees considered information regarding the Fund's investment objective, strategies and process. The Trustees also noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's portfolio transaction policies and procedures. Because the Fund had not yet commenced operations, the Trustees noted that no performance information for the Fund could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Fund's administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and to Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted the Fund's proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below*:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Passive** <br>**ETF Peer** <br>**Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Index Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Active Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Select** <br>**Peer Group** <br>**(Number of Peers)**<br>|
| Invesco Mega QQQ ETF | &nbsp;&nbsp; Lower than <br>median (18)<br>| &nbsp;&nbsp; Higher than <br>median (2)<br>| &nbsp;&nbsp; Lower than <br>median (35)<br>| &nbsp;&nbsp; Lower than <br>median (2)<br>|

---

Based on all of the information provided, the Board concluded that the Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fee, the Trustees also considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

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**Approval of Investment Advisory Contracts—(continued)**

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund. The Board considered whether the proposed unitary advisory fee rate for the Fund was reasonable in relation to the proposed services and product strategy of the Fund, and it concluded that the unitary advisory fee rate was reasonable and appropriate*.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund's securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as the Fund's distributor and will be paid a distribution fee by the Adviser. The Board concluded that the Fund's proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board's analysis.

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**161**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on December 13, 2024, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement (the "Advisory Agreement") between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco SteelPath MLP & Energy Infrastructure ETF (the "Fund") and the Investment Sub-Advisory Agreement for the Fund, between the Adviser and the following seven affiliated sub-advisers (the "Sub-Advisory Agreement"): Invesco Advisers, Inc. (as the initial sub-adviser for the Fund); Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

***Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with the Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identities of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees considered information regarding the Fund's investment objective, strategies and process. The Trustees noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's and Sub-Advisers' portfolio transaction policies and procedures. Because the Fund had not yet commenced operations, the Trustees noted that no performance information for the Fund could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Fund's administrator, custodian, transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on the Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable active ETFs, open-end (non-ETF) actively managed funds and to Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund, including the fees payable to the Sub-Advisers, except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees also noted the Fund's proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Active ETF** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Active Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Select** <br>**Peer Group** <br>**(Number of Peers)**<br>|
| Invesco SteelPath MLP & Energy Infrastructure ETF | Lower than <br>median (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Lower than <br>median (5)<br>|

---

Based on all of the information provided, the Board concluded that the Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fee, the Trustees also considered the sub-advisory fees to be paid by the Adviser for the Fund. The Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

had not yet commenced operations. However, the Trustees noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund. The Board considered whether the proposed unitary advisory fee rate for the Fund was reasonable in relation to the proposed services and product strategy of the Fund, and it concluded that the unitary advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund's securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as the Fund's distributor and will be paid a distribution fee by the Adviser. The Board concluded that the Fund's proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Advisory Agreement for the Fund. No single factor was determinative in the Board's analysis.

***Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the Sub-Advisory Agreement for the Fund at a meeting held on December 13, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services to be provided to the Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services to be provided by each Sub-Adviser, the investment approach of each Sub-Adviser whose investment personnel manage the Fund, and the investment personnel responsible for the day-to-day management of the Fund. The Board considered additional information it received regarding the Fund's investment strategy during presentations from the initial sub-adviser's portfolio managers for the Fund at the Board's September 19, 2024 meeting.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Advisers to the Fund under the Sub-Advisory Agreement were expected to be appropriate and reasonable.

*Fees and Expenses.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees to be charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for the Fund and noted that the Adviser will compensate the Sub-Advisers from its fee.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Advisory Agreement for the Fund, the Trustees considered the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for the Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the flat sub-advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. will receive management fees from affiliated money market funds into which the Fund's and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser

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**163**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

will waive its fees with respect to the Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Board concluded that the sub-advisory fee with respect to the Fund was reasonable, taking into account any ancillary benefits expected to be received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Sub-Advisory Agreement for the Fund. No single factor was determinative in the Board's analysis.

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**164**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco AAA CLO Floating Rate Note ETF

Invesco Active U.S. Real Estate ETF

Invesco High Yield Bond Factor ETF

Invesco High Yield Select ETF

Invesco Real Assets ESG ETF

Invesco Rochester High Yield Municipal ETF

Invesco S&P 500<sup>®</sup> Downside Hedged ETF

Invesco Short Duration Total Return Bond ETF

Invesco Total Return Bond ETF

Invesco Variable Rate Investment Grade ETF

Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers: Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"); with respect to each of the following Funds (the "Sub-Advisory Agreement"):

Invesco AAA CLO Floating Rate Note ETF

Invesco Active U.S. Real Estate ETF

Invesco High Yield Bond Factor ETF

Invesco High Yield Select ETF

Invesco Real Assets ESG ETF

Invesco Rochester High Yield Municipal ETF

Invesco Short Duration Total Return Bond ETF

Invesco Total Return Bond ETF

Invesco Variable Rate Investment Grade ETF

***Investment Advisory Agreement*** 

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees noted that, unlike most of the other exchange-traded funds ("ETFs") for which the Adviser serves as investment adviser, the Funds are not designed to track the performance of an index, and investment decisions are the primary responsibility of the Adviser or Sub-Advisers, as applicable.

The Trustees reviewed information on the performance of Invesco AAA CLO Floating Rate Note ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and JP Morgan CLOIE AAA Total Return Index) and the Fund's Lipper Inc. ("Lipper") peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, performed the same as the JP Morgan CLOIE AAA Total Return Index for the one-year period and outperformed the JP Morgan CLOIE AAA Total Return Index for the since-inception period. The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for each period. In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco AAA CLO Floating Rate Note ETF for the one-year period ended December 31, 2024. The Adviser explained the factors that detracted from the Fund's performance during the period.

The Trustees reviewed information on the performance of Invesco Active U.S. Real Estate ETF, its benchmark indexes (FTSE NAREIT All Equity REITs Index and S&P 500® Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (November 20, 2008) periods ended December 31, 2024. Based on the information

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**165**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

provided, the Trustees noted that the Fund underperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for the one-year, three-year and five-year periods, and the Fund ranked in the 3rd quartile of its Lipper peer group for the ten-year and since-inception periods. In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco Active U.S. Real Estate ETF for the one-year period ended December 31, 2024. The Adviser explained the factors that detracted from the Fund's performance during the period.

The Trustees reviewed information on the performance of Invesco High Yield Bond Factor ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) and the Fund's Lipper peer group rankings for the one-year, three-year and since-inception (December 2, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the three-year and since-inception periods. The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco High Yield Select ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the since-inception period. The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for the one-year period and in the 4th quartile of its Lipper peer group for the since-inception period.

The Trustees reviewed information on the performance of Invesco Rochester High Yield Municipal ETF, its benchmark indexes (S&P Municipal Bond 50% Investment Grade/50% High Yield Index, S&P Municipal Bond High Yield Index and S&P Municipal Bond Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the one-year period, underperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the since-inception period, underperformed the S&P Municipal Bond High Yield Index for each period and outperformed the S&P Municipal Bond Index for each period. The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco Real Assets ESG ETF, its benchmark indexes (S&P U.S., Canada & Mexico Real Assets Equity Index and S&P 500® Index) and the Fund's Lipper peer group rankings for the one-year, three-year and since-inception (December 22, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the one-year and three-year periods, underperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the since-inception period, underperformed the S&P 500® Index for the one-year and three-year periods and outperformed the S&P 500® Index for the since-inception period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco S&P 500® Downside Hedged ETF, its benchmark indexes (S&P 500® Dynamic VEQTOR Index, S&P 500® Index and U.S. 3-Month Treasury Bill Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (December 6, 2012) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund underperformed the S&P 500® Dynamic VEQTOR Index and the S&P 500® Index for each period, outperformed the U.S. 3-Month Treasury Bill Index for the one-year, five-year, ten-year and since-inception periods and underperformed the U.S. 3-Month Treasury Bill Index for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year, ten-year and since-inception periods and ranked in the 3rd quartile of its Lipper peer group for the three-year period.

The Trustees reviewed information on the performance of Invesco Short Duration Total Return Bond ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government and Credit 1-3 Year Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco Total Return Bond ETF, its benchmark index (Bloomberg U.S. Aggregate Bond Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year and since-inception (February 10, 2016) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed its benchmark for the one-year, five-year and since-inception periods and underperformed its benchmark for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year and since-inception periods, and in the 3rd quartile of its Lipper peer group for the three-year period. The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.

The Trustees reviewed information on the performance of Invesco Variable Rate Investment Grade ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg US Floating Rate Note Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year and since-inception (September 22, 2016) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian, transfer agent and, for all Funds except Invesco S&P 500® Downside Hedged ETF, the Sub-Advisers. The Trustees noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability*. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco AAA CLO Floating Rate Note ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco AAA CLO Floating Rate Note ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.30% of the Fund's average daily net assets for Invesco Short Duration Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for Invesco Active U.S. Real Estate ETF and Invesco Total Return Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco S&P 500® Downside Hedged ETF, Invesco High Yield Bond Factor ETF and Invesco Rochester High Yield Municipal ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.48% of the Fund's average daily net assets for Invesco High Yield Select ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.59% of the Fund's average daily net assets for Invesco Real Assets ESG ETF.

The Trustees considered that on March 13, 2025 the Adviser proposed and the Board of Trustees approved a permanent reduction in the annual unitary advisory fee rate for Invesco Real Assets ESG ETF from 0.59% to 0.58% of the Fund's average daily net assets, effective May 13, 2025.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF peers and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net

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expense ratios for all Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds.

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer** <br>**Median\***<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Equal to/** <br>**Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco AAA CLO Floating Rate Note ETF | X | N/A | X |
| Invesco Active U.S. Real Estate ETF | X |  | X |
| Invesco High Yield Bond Factor ETF | X | X | X |
| Invesco High Yield Select ETF | X | X | X |
| Invesco Real Assets ESG ETF | X | N/A | X |
| Invesco Rochester High Yield Municipal ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF | X | N/A | X |
| Invesco Short Duration Total Return Bond ETF |  |  | X |
| Invesco Total Return Bond ETF | X |  | X |
| Invesco Variable Rate Investment Grade ETF |  |  | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to those of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory was reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco

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**168**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco AAA CLO Floating Rate Note ETF, Invesco Active U.S. Real Estate ETF, Invesco High Yield Bond Factor ETF, Invesco High Yield Select ETF, Invesco Real Assets ESG ETF, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF, Invesco Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF (each such Fund, a "Sub-Advised Fund" and collectively, the "Sub-Advised Funds") at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to each Sub-Advised Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco AAA CLO Floating Rate Note ETF's, Invesco Active U.S. Real Estate ETF's, Invesco High Yield Bond Factor ETF's, Invesco High Yield Select ETF's, Invesco Real Assets ESG ETF's, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF's, Invesco Total Return Bond ETF's and Invesco Variable Rate Investment Grade ETF's assets and the experience and skills of the investment personnel responsible for the day-to-day management of such Sub-Advised Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to each Sub-Advised Fund under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fee relates to the overall advisory fee for each Sub-Advised Fund and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. in connection with the March 13 and April 24, 2025 Board Meetings, and Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to each Sub-Advised Fund.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Investment Advisory Agreement for each Sub-Advised Fund, the Trustees considered the extent to which economies of scale may be realized as each Sub-Advised Fund grows and whether fee levels reflect economies of scale for the benefit of the Sub-Advised Fund's shareholders. The Board considered whether the sub-advisory fee rate for each Sub-Advised Fund was reasonable in relation to the asset size (if any) of the Sub-Advised Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Sub-Advised Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Sub-Advised Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Sub-Advised Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees considered that Invesco Advisers, Inc. may participate in soft-dollar arrangements for Invesco Real Assets ESG ETF, but that the Sub-Advisers otherwise generally do not use or generate soft-dollars with respect to the Sub-Advised Funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Sub-Advised Funds. The Board concluded that the sub-advisory fee with respect to each Sub-Advised Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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**169**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for each Sub-Advised Fund. No single factor was determinative in the Board's analysis.

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**170**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco Ultra Short Duration ETF (the "Fund") and the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for the Fund (the "Sub-Advisory Agreement"): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

***Investment Advisory Agreement*** 

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Fund and the Adviser, (iii) the fees paid by the Fund and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Fund, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Fund. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Fund. The Trustees noted that, unlike most of the other exchange-traded funds ("ETFs") for which the Adviser serves as investment adviser, the Fund is not designed to track the performance of an index, and investment decisions are the primary responsibility of the Sub-Advisers.

The Trustees reviewed information on the performance of the Fund, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and ICE BofA US Treasury Bill Index) and the Fund's Lipper Inc. ("Lipper") peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year, three-year, five-year, ten-year and since-inception (February 12, 2008) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the one-year, three-year, five-year and ten-year periods, and underperformed the Bloomberg U.S. Aggregate Bond Index for the since-inception period. The Trustees also noted that the Fund outperformed the ICE BofA US Treasury Bill Index for each period. The Trustees further noted that the Fund ranked in the 2nd quartile of its Lipper peer group for the one-year, three-year and five-year periods, in the 1st quartile of its Lipper peer group for the ten-year period and ranked in the 3rd quartile of its Lipper peer group for the since-inception period. The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.

The Trustees considered the services provided by the Adviser in its oversight of the Fund's administrator, custodian and transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Fund under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on the Fund's contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to the Fund is 0.20% and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding 0.27% of the Fund's average daily net assets, until at least August 31, 2027.

The Trustees compared the Fund's contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper databases on the net advisory fees and net expense ratios of comparable ETFs, an open-end (non-ETF) index fund and

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**171**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

open-end (non-ETF) actively-managed funds. The Trustees noted that the Fund's contractual advisory fee was higher than the median net advisory fees of its ETF, open-end index and open-end actively managed peer funds. The Trustees also noted that the Fund's net expense ratio was higher than the median net expense ratios of its ETF peer funds and open-end index peer fund and lower than the median net expense ratio of its open-end actively-managed peer funds.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to that of the Fund. The Trustees considered the Adviser's explanation of the differences between the services provided to the Fund and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Fund requires substantially more labor and expense.

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of the Fund were reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Fund. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to the Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed the Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by the Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in the Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund and concluded that the flat advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Fund, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund's securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as the Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that the Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for the Fund at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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**172**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided or to be provided under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage the Fund's assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Fund.

Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by each Sub-Adviser to the Fund under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fee relates to the overall advisory fee for the Fund and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees reviewed the financial statements provided by Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by the firm. The Trustees noted that the Adviser compensates the Sub-Adviser from its fee and that the Adviser provided profitability information with respect to the Fund.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Investment Advisory Agreement for the Fund, the Trustees considered the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Fund's and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to the Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Fund and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Fund. The Board concluded that the sub-advisory fee with respect to the Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for the Fund. No single factor was determinative in the Board's analysis.

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-AM-NCSRS

invesco.com/ETFs

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![](img1759c8d61.jpg)

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**Invesco Semi-Annual Financial Statements and Other Information**

April 30, 2025

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| | |
|:---|:---|
| **IVRA** | Invesco Real Assets ESG ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_75689ea8-5f08-4019-9cad-61709b608c87_SOI-Continued-810_1) | **3** |
| [Statement of Assets and Liabilities](#xx_75689ea8-5f08-4019-9cad-61709b608c87_FS-Continued-810_1) | **5** |
| [Statement of Operations](#xx_75689ea8-5f08-4019-9cad-61709b608c87_FS-Continued-810_2) | **6** |
| [Statement of Changes in Net Assets](#xx_75689ea8-5f08-4019-9cad-61709b608c87_FS-Continued-810_3) | **7** |
| [Financial Highlights](#xx_75689ea8-5f08-4019-9cad-61709b608c87_FIHI-Continued-810_1) | **8** |
| [Notes to Financial Statements](#xx_75689ea8-5f08-4019-9cad-61709b608c87_NTF-Continued-810_1) | **9** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_75689ea8-5f08-4019-9cad-61709b608c87_BCRC-Continued_1) | **18** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_75689ea8-5f08-4019-9cad-61709b608c87_OIRSR-Continued-810_1) | **24** |

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**2**

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**Invesco Real Assets ESG ETF (IVRA)**

April 30, 2025

*(Unaudited)*

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

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.43%** | **Common Stocks & Other Equity Interests-99.43%** | **Common Stocks & Other Equity Interests-99.43%** |
| **Consumer Staples-0.49%** | **Consumer Staples-0.49%** | **Consumer Staples-0.49%** |
| Archer-Daniels-Midland Co. | 1257 | &nbsp;&nbsp; $60022 |
| **Energy-25.97%** | **Energy-25.97%** | **Energy-25.97%** |
| Cheniere Energy, Inc. | 2131 | &nbsp;&nbsp; 492496 |
| Enbridge, Inc. (Canada)<sup>(b)</sup> | 7650 | &nbsp;&nbsp; 357052 |
| Keyera Corp. (Canada) | 5046 | &nbsp;&nbsp; 156315 |
| Kinder Morgan, Inc. | 15763 | &nbsp;&nbsp; 414567 |
| ONEOK, Inc. | 5495 | &nbsp;&nbsp; 451469 |
| Pembina Pipeline Corp. (Canada) | 8214 | &nbsp;&nbsp; 313384 |
| Targa Resources Corp. | 2300 | &nbsp;&nbsp; 393070 |
| TC Energy Corp. (Canada) | 3479 | &nbsp;&nbsp; 175423 |
| Williams Cos., Inc. (The) | 7196 | &nbsp;&nbsp; 421469 |
|  |  | &nbsp;&nbsp; 3175245 |
| **Materials-10.70%** | **Materials-10.70%** | **Materials-10.70%** |
| Agnico Eagle Mines Ltd. (Canada) | 559 | &nbsp;&nbsp; 65572 |
| Corteva, Inc. | 4549 | &nbsp;&nbsp; 281992 |
| Freeport-McMoRan, Inc. | 2684 | &nbsp;&nbsp; 96705 |
| International Paper Co. | 1969 | &nbsp;&nbsp; 89944 |
| Lundin Mining Corp. (Chile)<sup>(b)</sup> | 8957 | &nbsp;&nbsp; 73145 |
| Newmont Corp. | 4195 | &nbsp;&nbsp; 220993 |
| Nutrien Ltd. (Canada)<sup>(b)</sup> | 3194 | &nbsp;&nbsp; 181979 |
| Smurfit WestRock PLC | 3749 | &nbsp;&nbsp; 157533 |
| West Fraser Timber Co. Ltd. (Canada) | 1899 | &nbsp;&nbsp; 140325 |
|  |  | &nbsp;&nbsp; 1308188 |
| **Real Estate-52.21%** | **Real Estate-52.21%** | **Real Estate-52.21%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 2122 | &nbsp;&nbsp; 154184 |
| American Homes 4 Rent, Class A | 2217 | &nbsp;&nbsp; 82894 |
| American Tower Corp. | 2632 | &nbsp;&nbsp; 593279 |
| AvalonBay Communities, Inc. | 841 | &nbsp;&nbsp; 176593 |
| Brixmor Property Group, Inc. | 8227 | &nbsp;&nbsp; 204935 |
| Crown Castle, Inc. | 2813 | &nbsp;&nbsp; 297503 |
| CubeSmart | 2871 | &nbsp;&nbsp; 116764 |
| Digital Realty Trust, Inc. | 1193 | &nbsp;&nbsp; 191524 |
| EastGroup Properties, Inc.<sup>(b)</sup> | 276 | &nbsp;&nbsp; 45104 |
| Equinix, Inc. | 588 | &nbsp;&nbsp; 506121 |
| Equity LifeStyle Properties, Inc. | 869 | &nbsp;&nbsp; 56294 |
| Equity Residential | 2911 | &nbsp;&nbsp; 204527 |
| Extra Space Storage, Inc. | 667 | &nbsp;&nbsp; 97729 |
| Federal Realty Investment Trust | 2959 | &nbsp;&nbsp; 278205 |
| Healthpeak Properties, Inc. | 12600 | &nbsp;&nbsp; 224784 |
| Host Hotels & Resorts, Inc. | 9038 | &nbsp;&nbsp; 127617 |
| Invitation Homes, Inc. | 4350 | &nbsp;&nbsp; 148726 |
| Kimco Realty Corp. | 4352 | &nbsp;&nbsp; 86953 |
| PotlatchDeltic Corp. | 544 | &nbsp;&nbsp; 20884 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Prologis, Inc. | 6364 | &nbsp;&nbsp; $650401 |
| Public Storage | 970 | &nbsp;&nbsp; 291417 |
| Realty Income Corp. | 5405 | &nbsp;&nbsp; 312733 |
| Rexford Industrial Realty, Inc. | 7763 | &nbsp;&nbsp; 256955 |
| SBA Communications Corp., Class A | 1384 | &nbsp;&nbsp; 336866 |
| Simon Property Group, Inc. | 1782 | &nbsp;&nbsp; 280451 |
| Welltower, Inc. | 2887 | &nbsp;&nbsp; 440527 |
| Weyerhaeuser Co.<sup>(b)</sup> | 7767 | &nbsp;&nbsp; 201243 |
|  |  | &nbsp;&nbsp; 6385213 |
| **Utilities-10.06%** | **Utilities-10.06%** | **Utilities-10.06%** |
| American Water Works Co., Inc. | 1248 | &nbsp;&nbsp; 183468 |
| CenterPoint Energy, Inc. | 1165 | &nbsp;&nbsp; 45179 |
| Consolidated Edison, Inc. | 2567 | &nbsp;&nbsp; 289429 |
| Essential Utilities, Inc. | 3986 | &nbsp;&nbsp; 163944 |
| Sempra | 7388 | &nbsp;&nbsp; 548707 |
|  |  | &nbsp;&nbsp; 1230727 |
| Total Common Stocks & Other Equity Interests <br>(Cost $11,445,878) | Total Common Stocks & Other Equity Interests <br>(Cost $11,445,878) | &nbsp;&nbsp; 12159395 |
| **Money Market Funds-0.46%** | **Money Market Funds-0.46%** | **Money Market Funds-0.46%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $56,814)<br>| 56814 | &nbsp;&nbsp; 56814 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.89% <br>(Cost $11,502,692) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.89% <br>(Cost $11,502,692) | &nbsp;&nbsp; 12216209 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-7.34%** | **Money Market Funds-7.34%** | **Money Market Funds-7.34%** |
| Invesco Private Government Fund, 4.32%<sup>(c)(d)(e)</sup> | 248538 | &nbsp;&nbsp; 248538 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 648312 | &nbsp;&nbsp; 648442 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $896,980) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $896,980) | &nbsp;&nbsp; 896980 |
| TOTAL INVESTMENTS IN SECURITIES-107.23% <br>(Cost $12,399,672) | TOTAL INVESTMENTS IN SECURITIES-107.23% <br>(Cost $12,399,672) | &nbsp;&nbsp; 13113189 |
| OTHER ASSETS LESS LIABILITIES-(7.23)% | OTHER ASSETS LESS LIABILITIES-(7.23)% | &nbsp;&nbsp; (884497)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $12228692 |

---

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

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**3**

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**Invesco Real Assets ESG ETF (IVRA)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $153643 | &nbsp;&nbsp; $633462 | &nbsp;&nbsp; $(730291)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56814 | &nbsp;&nbsp; $1525 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 291212 | &nbsp;&nbsp; 3276709 | &nbsp;&nbsp; (3319383)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 248538 | &nbsp;&nbsp; 5,156<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 841753 | &nbsp;&nbsp; 7224963 | &nbsp;&nbsp; (7418215)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (59)<br>| &nbsp;&nbsp; 648442 | &nbsp;&nbsp; 13,619<br> \*<br>|
| Total | &nbsp;&nbsp; $1286608 | &nbsp;&nbsp; $11135134 | &nbsp;&nbsp; $(11467889)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp; $953794 | &nbsp;&nbsp; $20300 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: |  |
| Canada | 11.37% |

---

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

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**4**

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**Statement of Assets and Liabilities**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco Real Assets** <br>**ESG ETF (IVRA)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $12159395 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 953794 |
| Cash | &nbsp;&nbsp; 351 |
| Receivable for: |  |
| Dividends and interest | &nbsp;&nbsp; 7244 |
| Securities lending | &nbsp;&nbsp; 106 |
| Investments sold | &nbsp;&nbsp; 128589 |
| Investments sold - affiliated broker | &nbsp;&nbsp; 67058 |
| **Total assets** | &nbsp;&nbsp; 13316537 |
| **Liabilities:** |  |
| Due to foreign custodian | &nbsp;&nbsp; 202 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 184718 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 896980 |
| Accrued unitary management fees | &nbsp;&nbsp; 5829 |
| Accrued tax expenses | &nbsp;&nbsp; 116 |
| **Total liabilities** | &nbsp;&nbsp; 1087845 |
| **Net Assets** | &nbsp;&nbsp; $12228692 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $11320644 |
| Distributable earnings | &nbsp;&nbsp; 908048 |
| **Net Assets** | &nbsp;&nbsp; $12228692 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 770001 |
| Net asset value | &nbsp;&nbsp; $15.88 |
| Market price | &nbsp;&nbsp; $15.92 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $11445878 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $953794 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $(202)<br>|
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $865286 |

---

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

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**5**

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**Statement of Operations**

For the six months ended April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco Real Assets** <br>**ESG ETF (IVRA)**<br>|
| **Investment income:** |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $197652 |
| Affiliated dividend income | &nbsp;&nbsp; 1525 |
| Securities lending income, net | &nbsp;&nbsp; 1550 |
| Foreign withholding tax | &nbsp;&nbsp; (4007)<br>|
| Total investment income | &nbsp;&nbsp; 196720 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 33430 |
| Less: Waivers | &nbsp;&nbsp; (22)<br>|
| Net expenses | &nbsp;&nbsp; 33408 |
| Net investment income | &nbsp;&nbsp; 163312 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 219379 |
| Affiliated investment securities | &nbsp;&nbsp; (59)<br>|
| In-kind redemptions | &nbsp;&nbsp; 27834 |
| Foreign currencies | &nbsp;&nbsp; (440)<br>|
| Net realized gain | &nbsp;&nbsp; 246714 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (120011)<br>|
| Foreign currencies | &nbsp;&nbsp; (3)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (120014)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 126700 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $290012 |

---

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

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**6**

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**Statement of Changes in Net Assets**

For the six months ended April 30, 2025 and the year ended October 31, 2024

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Invesco Real Assets** <br>**ESG ETF (IVRA)** | **Invesco Real Assets** <br>**ESG ETF (IVRA)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $163312 | &nbsp;&nbsp;&nbsp; $139808 |
| Net realized gain | &nbsp;&nbsp; 246714 | &nbsp;&nbsp;&nbsp; 172770 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (120014)<br>| &nbsp;&nbsp;&nbsp; 1139457 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 290012 | &nbsp;&nbsp;&nbsp; 1452035 |
| **Distributions to Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (287167)<br>| &nbsp;&nbsp;&nbsp; (146010)<br>|
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2345654 | &nbsp;&nbsp;&nbsp; 5967458 |
| Value of shares repurchased | &nbsp;&nbsp; (154705)<br>| &nbsp;&nbsp;&nbsp; - |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 2190949 | &nbsp;&nbsp;&nbsp; 5967458 |
| Net increase in net assets | &nbsp;&nbsp; 2193794 | &nbsp;&nbsp;&nbsp; 7273483 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 10034898 | &nbsp;&nbsp;&nbsp; 2761415 |
| End of period | &nbsp;&nbsp; $12228692 | &nbsp;&nbsp;&nbsp; $10034898 |
| **Changes in Shares Outstanding:** |  |  |
| Shares sold | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 400000 |
| Shares repurchased | &nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of period | &nbsp;&nbsp; 630001 | &nbsp;&nbsp;&nbsp; 230001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 770001 | &nbsp;&nbsp;&nbsp; 630001 |

---

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

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**7**

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**Financial Highlights**

Invesco Real Assets ESG ETF (IVRA)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**December 17, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the Period** <br>**December 17, 2020**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $15.93 | &nbsp;&nbsp;&nbsp; $12.01 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $14.88 | &nbsp;&nbsp;&nbsp; $12.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.12 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $15.88 | &nbsp;&nbsp;&nbsp; $15.93 | &nbsp;&nbsp;&nbsp; $12.01 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $14.88 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $15.92 | &nbsp;&nbsp;&nbsp; $15.95 | &nbsp;&nbsp;&nbsp; $12.03 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $14.96 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.28<br> %<br>| &nbsp;&nbsp;&nbsp; (5.80)%<br>| &nbsp;&nbsp;&nbsp; (8.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.65 %<sup>(f)</sup><br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.22<br> %<br>| &nbsp;&nbsp;&nbsp; (6.00)%<br>| &nbsp;&nbsp;&nbsp; (8.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.33 %<sup>(f)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $12229 | &nbsp;&nbsp;&nbsp; $10035 | &nbsp;&nbsp;&nbsp; $2761 | &nbsp;&nbsp;&nbsp; $3002 | &nbsp;&nbsp;&nbsp; $1934 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 %<sup>(g)</sup><br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

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

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

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

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

<sup>(f)</sup> The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 32.40%. The market price total return from Fund Inception to October 31, 2021 was 32.53%.

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

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

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

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**8**

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**Notes to Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes Invesco Real Assets ESG ETF (IVRA) (the "Fund").

The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund's Shares." The Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

The market price of a Share may differ to some degree from the Fund's net asset value ("NAV"). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in the Fund's prospectus. Creation Units are issued and redeemed principally in exchange for (1) select recently disclosed portfolio holdings ("Strategy Components"), (2) an amount of cash corresponding to the value of ETFs that convey information about the types of instruments in which the Fund invests ("Representative ETFs") and (3) cash and cash equivalents, which, together with the Strategy Components and Representative ETFs, constitute the "Tracking Basket." However, the Fund reserves the right to issue and redeem Creation Units in exchange solely for cash and/or cash equivalents. Except when aggregated in Creation Units by authorized participants ("APs"), Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek capital appreciation with a secondary objective of current income.

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a

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**9**

------

particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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

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

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

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of

------

**10**

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capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

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

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

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

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

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

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

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

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Securities Lending** - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities.

Invesco, an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon ("BNYM") also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid Invesco $39 in fees for securities lending agent services. Fees paid to Invesco for securities lending agent services are included in *Securities lending income, net* on the Statement of Operations.

**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of

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securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Other Risks**

*ADR Risk*. The Fund may invest in American depositary receipts ("ADRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened due to the fact that the Fund does not disclose its portfolio holdings daily, unlike certain other actively managed ETFs, and could be greater during market disruptions or periods of volatility. Also, this risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Emerging Markets Investment Risk*. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

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*Environmental, Social and Governance ("ESG") Risk*. Because the Affiliated Sub-Adviser evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under the Affiliated Sub-Adviser's ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by the Affiliated Sub-Adviser to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Affiliated Sub-Adviser's ability to apply its methodology, which in turn could negatively impact the Fund's performance. In addition, the assessment of an issuer, based on the issuer's level of involvement in a particular industry or the issuer's ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in the Fund's portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Fluctuation of Net Asset Value and Share Price Risk*. Shares may trade at a larger premium or discount to the NAV than shares of other ETFs. The NAV of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The Shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the Shares may result in the Shares trading significantly above (at a premium) or below (at a discount) NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Industry Concentration Risk*. The Fund concentrates in securities of companies principally engaged in the U.S. real estate and infrastructure industries. By concentrating its investments in an industry or industry group, the Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Management Risk*. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.

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*Market Risk*. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

*Portfolio Turnover Risk*. The Fund may engage in frequent trading of its respective portfolio securities, which may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund.

*Real Assets Companies Risk*. Investments in real assets companies may involve a higher degree of risk, including significant financial, operating, and competitive risks, and may expose the Fund to adverse macroeconomic conditions, such as changes and volatility in commodity prices, a rise in interest rates or a downturn in the economy in which the asset is located, elevating the risk of loss.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Small- and Mid-Capitalization Company Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund's investments, managing the Fund's business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.

Pursuant to the Investment Advisory Agreement, the Fund accrued daily and paid monthly to the Adviser an annual unitary management fee of 0.59% of the Fund's average daily net assets during the period ended April 30, 2025. Effective May 13, 2025, the Fund's annual unitary management fee was reduced to 0.58%. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser's fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser's compensation of the sub-advised assets of the Fund.

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended April 30, 2025, the Adviser waived fees of $22.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

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The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $12159395 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12159395 |
| Money Market Funds | &nbsp;&nbsp; 56814 | &nbsp;&nbsp; 896980 | &nbsp;&nbsp; - | &nbsp;&nbsp; 953794 |
| **Total Investments** | &nbsp;&nbsp; $12216209 | &nbsp;&nbsp; $896980 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13113189 |

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**NOTE 5—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2024, as follows:

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| | | |
|:---|:---|:---|
| **No expiration** | **No expiration** |  |
| **Short-Term** | **Long-Term** | **Total\*** |
| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

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\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 6—Investment Transactions**

For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $5,770,867 and $5,615,963, respectively.

For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were $2,090,051 and $120,377, respectively.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

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As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $1191818 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp; (525066)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $666752 |

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Cost of investments for tax purposes is $12,446,437.

**NOTE 7—Trustees' and Officer's Fees**

The Adviser, as a result of the Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

**NOTE 8—Capital**

Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.

To the extent that the Fund issues or redeems Creation Units in-kind, the Fund may issue Shares in advance of receipt of the underlying securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund's Shares are disclosed in detail in the Statement of Changes in Net Assets.

**NOTE 9—Subsequent Event**

The Fund previously operated as a "non-transparent" ETF, meaning it did not publicly disclose its portfolio holdings on a daily basis pursuant to an exemptive order from the U.S. Securities and Exchange Commission (the "Order"). At a meeting held on March 13, 2025, the Board of Trustees of the Trust approved a change to the Fund's structure from a "non-transparent" ETF to a "transparent" ETF that discloses its portfolio holdings daily and operates in reliance on Rule 6c-11 under the 1940 Act. This change in the Fund's structure became effective on May 13, 2025 (the "Effective Date").

In connection with this change to a fully "transparent" structure, the Fund changed as follows on the Effective Date:

The Fund no longer publishes on its website a "Tracking Basket" (comprised of Strategy Components, Representative ETFs, and cash and cash equivalents) and "Tracking Basket Weight Overlap", which is the percentage weight overlap between the holdings of the prior business day's Tracking Basket compared to the holdings of the Fund that formed the basis for the Fund's calculation of NAV per share at the end of the prior business day.

The Fund issues and redeems Creation Units generally in exchange for the deposit or delivery of a basket of securities. However, the Fund also continues to reserve the right to permit or require Creation Units to be issued or redeemed in exchange for cash.

The Fund no longer operates in reliance on the Order, which had restricted its investments to exchange-traded instruments, cash and cash equivalents and prohibited the Fund from investing in securities that were considered illiquid investments and penny stocks. These limitations required by the Order have been removed.

The Fund's investment objective and principal investment strategies did not change as a result of these changes.

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**17**

------

**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco AAA CLO Floating Rate Note ETF

Invesco Active U.S. Real Estate ETF

Invesco High Yield Bond Factor ETF

Invesco High Yield Select ETF

Invesco Real Assets ESG ETF

Invesco Rochester High Yield Municipal ETF

Invesco S&P 500<sup>®</sup> Downside Hedged ETF

Invesco Short Duration Total Return Bond ETF

Invesco Total Return Bond ETF

Invesco Variable Rate Investment Grade ETF

Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers: Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"); with respect to each of the following Funds (the "Sub-Advisory Agreement"):

Invesco AAA CLO Floating Rate Note ETF

Invesco Active U.S. Real Estate ETF

Invesco High Yield Bond Factor ETF

Invesco High Yield Select ETF

Invesco Real Assets ESG ETF

Invesco Rochester High Yield Municipal ETF

Invesco Short Duration Total Return Bond ETF

Invesco Total Return Bond ETF

Invesco Variable Rate Investment Grade ETF

***Investment Advisory Agreement*** 

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees noted that, unlike most of the other exchange-traded funds ("ETFs") for which the Adviser serves as investment adviser, the Funds are not designed to track the performance of an index, and investment decisions are the primary responsibility of the Adviser or Sub-Advisers, as applicable.

The Trustees reviewed information on the performance of Invesco AAA CLO Floating Rate Note ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and JP Morgan CLOIE AAA Total Return Index) and the Fund's Lipper Inc. ("Lipper") peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, performed the same as the JP Morgan CLOIE AAA Total Return Index for the one-year period and outperformed the JP Morgan CLOIE AAA Total Return Index for the since-inception period. The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for each period. In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco AAA CLO Floating Rate Note ETF for the one-year period ended December 31, 2024. The Adviser explained the factors that detracted from the Fund's performance during the period.

The Trustees reviewed information on the performance of Invesco Active U.S. Real Estate ETF, its benchmark indexes (FTSE NAREIT All Equity REITs Index and S&P 500® Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (November 20, 2008) periods ended December 31, 2024. Based on the information

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**18**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

provided, the Trustees noted that the Fund underperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for the one-year, three-year and five-year periods, and the Fund ranked in the 3rd quartile of its Lipper peer group for the ten-year and since-inception periods. In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco Active U.S. Real Estate ETF for the one-year period ended December 31, 2024. The Adviser explained the factors that detracted from the Fund's performance during the period.

The Trustees reviewed information on the performance of Invesco High Yield Bond Factor ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) and the Fund's Lipper peer group rankings for the one-year, three-year and since-inception (December 2, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the three-year and since-inception periods. The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco High Yield Select ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the since-inception period. The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for the one-year period and in the 4th quartile of its Lipper peer group for the since-inception period.

The Trustees reviewed information on the performance of Invesco Rochester High Yield Municipal ETF, its benchmark indexes (S&P Municipal Bond 50% Investment Grade/50% High Yield Index, S&P Municipal Bond High Yield Index and S&P Municipal Bond Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the one-year period, underperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the since-inception period, underperformed the S&P Municipal Bond High Yield Index for each period and outperformed the S&P Municipal Bond Index for each period. The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco Real Assets ESG ETF, its benchmark indexes (S&P U.S., Canada & Mexico Real Assets Equity Index and S&P 500® Index) and the Fund's Lipper peer group rankings for the one-year, three-year and since-inception (December 22, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the one-year and three-year periods, underperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the since-inception period, underperformed the S&P 500® Index for the one-year and three-year periods and outperformed the S&P 500® Index for the since-inception period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco S&P 500® Downside Hedged ETF, its benchmark indexes (S&P 500® Dynamic VEQTOR Index, S&P 500® Index and U.S. 3-Month Treasury Bill Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (December 6, 2012) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund underperformed the S&P 500® Dynamic VEQTOR Index and the S&P 500® Index for each period, outperformed the U.S. 3-Month Treasury Bill Index for the one-year, five-year, ten-year and since-inception periods and underperformed the U.S. 3-Month Treasury Bill Index for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year, ten-year and since-inception periods and ranked in the 3rd quartile of its Lipper peer group for the three-year period.

The Trustees reviewed information on the performance of Invesco Short Duration Total Return Bond ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government and Credit 1-3 Year Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the

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**19**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco Total Return Bond ETF, its benchmark index (Bloomberg U.S. Aggregate Bond Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year and since-inception (February 10, 2016) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed its benchmark for the one-year, five-year and since-inception periods and underperformed its benchmark for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year and since-inception periods, and in the 3rd quartile of its Lipper peer group for the three-year period. The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.

The Trustees reviewed information on the performance of Invesco Variable Rate Investment Grade ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg US Floating Rate Note Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year and since-inception (September 22, 2016) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian, transfer agent and, for all Funds except Invesco S&P 500® Downside Hedged ETF, the Sub-Advisers. The Trustees noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability*. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco AAA CLO Floating Rate Note ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco AAA CLO Floating Rate Note ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.30% of the Fund's average daily net assets for Invesco Short Duration Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for Invesco Active U.S. Real Estate ETF and Invesco Total Return Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco S&P 500® Downside Hedged ETF, Invesco High Yield Bond Factor ETF and Invesco Rochester High Yield Municipal ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.48% of the Fund's average daily net assets for Invesco High Yield Select ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.59% of the Fund's average daily net assets for Invesco Real Assets ESG ETF.

The Trustees considered that on March 13, 2025 the Adviser proposed and the Board of Trustees approved a permanent reduction in the annual unitary advisory fee rate for Invesco Real Assets ESG ETF from 0.59% to 0.58% of the Fund's average daily net assets, effective May 13, 2025.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF peers and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net

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**20**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

expense ratios for all Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer** <br>**Median\***<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Equal to/** <br>**Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco AAA CLO Floating Rate Note ETF | X | N/A | X |
| Invesco Active U.S. Real Estate ETF | X |  | X |
| Invesco High Yield Bond Factor ETF | X | X | X |
| Invesco High Yield Select ETF | X | X | X |
| Invesco Real Assets ESG ETF | X | N/A | X |
| Invesco Rochester High Yield Municipal ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF | X | N/A | X |
| Invesco Short Duration Total Return Bond ETF |  |  | X |
| Invesco Total Return Bond ETF | X |  | X |
| Invesco Variable Rate Investment Grade ETF |  |  | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to those of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory was reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco

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**21**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco AAA CLO Floating Rate Note ETF, Invesco Active U.S. Real Estate ETF, Invesco High Yield Bond Factor ETF, Invesco High Yield Select ETF, Invesco Real Assets ESG ETF, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF, Invesco Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF (each such Fund, a "Sub-Advised Fund" and collectively, the "Sub-Advised Funds") at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to each Sub-Advised Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco AAA CLO Floating Rate Note ETF's, Invesco Active U.S. Real Estate ETF's, Invesco High Yield Bond Factor ETF's, Invesco High Yield Select ETF's, Invesco Real Assets ESG ETF's, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF's, Invesco Total Return Bond ETF's and Invesco Variable Rate Investment Grade ETF's assets and the experience and skills of the investment personnel responsible for the day-to-day management of such Sub-Advised Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to each Sub-Advised Fund under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fee relates to the overall advisory fee for each Sub-Advised Fund and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. in connection with the March 13 and April 24, 2025 Board Meetings, and Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to each Sub-Advised Fund.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Investment Advisory Agreement for each Sub-Advised Fund, the Trustees considered the extent to which economies of scale may be realized as each Sub-Advised Fund grows and whether fee levels reflect economies of scale for the benefit of the Sub-Advised Fund's shareholders. The Board considered whether the sub-advisory fee rate for each Sub-Advised Fund was reasonable in relation to the asset size (if any) of the Sub-Advised Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Sub-Advised Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Sub-Advised Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Sub-Advised Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees considered that Invesco Advisers, Inc. may participate in soft-dollar arrangements for Invesco Real Assets ESG ETF, but that the Sub-Advisers otherwise generally do not use or generate soft-dollars with respect to the Sub-Advised Funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Sub-Advised Funds. The Board concluded that the sub-advisory fee with respect to each Sub-Advised Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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**22**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for each Sub-Advised Fund. No single factor was determinative in the Board's analysis.

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**23**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Fund's trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

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**24**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-AMNT-NCSRS

invesco.com/ETFs

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![](imgcb19a0571.jpg)

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**Invesco Semi-Annual Financial Statements and Other Information**

April 30, 2025

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| | |
|:---|:---|
| **IMF** | Invesco Managed Futures Strategy ETF |

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**Table of Contents**

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| | |
|:---|:---|
| [Consolidated Schedule of Investments](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_SOI-Continued-958_1) | **3** |
| [Consolidated Statement of Assets and Liabilities](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_FS-Continued-958_1) | **6** |
| [Consolidated Statement of Operations](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_FS-Continued-958_2) | **7** |
| [Consolidated Statement of Changes](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_FS-Continued-958_3) | **8** |
| [Consolidated Financial Highlights](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_FIHI-Continued-958_1) | **9** |
| [Notes to Consolidated Financial Statements](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_NTF-Continued-958_1) | **10** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_BCRC-Continued_1) | **19** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_f959eaa9-9e57-42f6-a5ba-ae99379fee23_OIRSR-Continued_1) | **22** |

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**2**

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**Invesco Managed Futures Strategy ETF (IMF)**

April 30, 2025

*(Unaudited)*

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

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-86.68%** | **Money Market Funds-86.68%** | **Money Market Funds-86.68%** |
| Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.26%<sup>(b)(c)</sup><br>| 205726250 | &nbsp;&nbsp; $205726251 |
| Invesco Liquidity Funds PLC, Invesco US <br> Dollar Liquidity Portfolio, Institutional <br> Class, 4.14%<sup>(b)(c)</sup><br>| 59453331 | &nbsp;&nbsp; 59453331 |
| TOTAL INVESTMENTS IN SECURITIES-86.68% <br>(Cost $265,179,582) | TOTAL INVESTMENTS IN SECURITIES-86.68% <br>(Cost $265,179,582) | &nbsp;&nbsp; 265179582 |
| OTHER ASSETS LESS LIABILITIES-13.32% | OTHER ASSETS LESS LIABILITIES-13.32% | &nbsp;&nbsp; 40744932 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $305924514 |

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| | |
|:---|:---|
| Notes to Consolidated Schedule of Investments: | Notes to Consolidated Schedule of Investments: |
| <sup>(a)</sup> | The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been <br> eliminated in consolidations.<br>|
| <sup>(b)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the period ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $315065440 | &nbsp;&nbsp; $(109339189)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $205726251 | &nbsp;&nbsp; $703787 |
| Invesco Liquidity Funds <br> PLC, Invesco US Dollar <br> Liquidity Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 71860584 | &nbsp;&nbsp; (12407253)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 59453331 | &nbsp;&nbsp; 203577 |
| Total | &nbsp;&nbsp; $- | &nbsp;&nbsp; $386926024 | &nbsp;&nbsp; $(121746442)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $265179582 | &nbsp;&nbsp; $907364 |

---

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Commodity Risk** |  |  |  |  |  |
| COMEX E-Micro Gold | &nbsp;&nbsp; 1011 | June-2025 | &nbsp;&nbsp; $33556101 | &nbsp;&nbsp; $753445 | &nbsp;&nbsp; $753445 |
| Natural Gas | &nbsp;&nbsp; 123 | December-2025 | &nbsp;&nbsp; 5704740 | &nbsp;&nbsp; (1843)<br>| &nbsp;&nbsp; (1843)<br>|
| Silver | &nbsp;&nbsp; 74 | July-2025 | &nbsp;&nbsp; 12146360 | &nbsp;&nbsp; (139251)<br>| &nbsp;&nbsp; (139251)<br>|
| Soybean Oil | &nbsp;&nbsp; 707 | July-2025 | &nbsp;&nbsp; 20773074 | &nbsp;&nbsp; 334802 | &nbsp;&nbsp; 334802 |
| Subtotal—Commodity Risk |  |  |  | &nbsp;&nbsp; 947153 | &nbsp;&nbsp; 947153 |
| **Currency Risk** |  |  |  |  |  |
| CME British Pound Currency | &nbsp;&nbsp; 639 | June-2025 | &nbsp;&nbsp; 53284613 | &nbsp;&nbsp; 607756 | &nbsp;&nbsp; 607756 |
| CME Euro Foreign Exchange Currency | &nbsp;&nbsp; 433 | June-2025 | &nbsp;&nbsp; 61594250 | &nbsp;&nbsp; (151843)<br>| &nbsp;&nbsp; (151843)<br>|
| CME Japanese Yen Currency | &nbsp;&nbsp; 224 | June-2025 | &nbsp;&nbsp; 19716200 | &nbsp;&nbsp; 15946 | &nbsp;&nbsp; 15946 |
| CME New Zealand Dollar Currency | &nbsp;&nbsp; 70 | June-2025 | &nbsp;&nbsp; 4162900 | &nbsp;&nbsp; (9035)<br>| &nbsp;&nbsp; (9035)<br>|
| CME Swiss Franc Currency | &nbsp;&nbsp; 378 | June-2025 | &nbsp;&nbsp; 57725325 | &nbsp;&nbsp; 49149 | &nbsp;&nbsp; 49149 |
| Subtotal—Currency Risk |  |  |  | &nbsp;&nbsp; 511973 | &nbsp;&nbsp; 511973 |

---

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

------

**3**

------

**Invesco Managed Futures Strategy ETF (IMF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** |
| **Long Futures Contracts—(continued)** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |
| Eurex DAX Index | &nbsp;&nbsp; 32 | June-2025 | &nbsp;&nbsp; $20556996 | &nbsp;&nbsp; $918020 | &nbsp;&nbsp; $918020 |
| EURO STOXX 50 | &nbsp;&nbsp; 323 | June-2025 | &nbsp;&nbsp; 18751393 | &nbsp;&nbsp; 1487 | &nbsp;&nbsp; 1487 |
| FTSE 100 Index | &nbsp;&nbsp; 182 | June-2025 | &nbsp;&nbsp; 20575767 | &nbsp;&nbsp; (27485)<br>| &nbsp;&nbsp; (27485)<br>|
| FTSE/MIB Index | &nbsp;&nbsp; 89 | June-2025 | &nbsp;&nbsp; 18747960 | &nbsp;&nbsp; 807911 | &nbsp;&nbsp; 807911 |
| HKG Hang Seng Index | &nbsp;&nbsp; 125 | May-2025 | &nbsp;&nbsp; 17800495 | &nbsp;&nbsp; 94424 | &nbsp;&nbsp; 94424 |
| MEFF Madrid IBEX 35 Index | &nbsp;&nbsp; 165 | May-2025 | &nbsp;&nbsp; 24846957 | &nbsp;&nbsp; 620012 | &nbsp;&nbsp; 620012 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 188 | June-2025 | &nbsp;&nbsp; 10434000 | &nbsp;&nbsp; (2823)<br>| &nbsp;&nbsp; (2823)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp; 94 | June-2025 | &nbsp;&nbsp; 20347499 | &nbsp;&nbsp; 265351 | &nbsp;&nbsp; 265351 |
| Tokyo Stock Price Index | &nbsp;&nbsp; 26 | June-2025 | &nbsp;&nbsp; 4856772 | &nbsp;&nbsp; (4630)<br>| &nbsp;&nbsp; (4630)<br>|
| Subtotal—Equity Risk |  |  |  | &nbsp;&nbsp; 2672267 | &nbsp;&nbsp; 2672267 |
| **Interest Rate Risk** |  |  |  |  |  |
| Australia 10 Year Bonds | &nbsp;&nbsp; 385 | June-2025 | &nbsp;&nbsp; 28322464 | &nbsp;&nbsp; 121422 | &nbsp;&nbsp; 121422 |
| Canada 10 Year Bonds | &nbsp;&nbsp; 155 | June-2025 | &nbsp;&nbsp; 13876276 | &nbsp;&nbsp; (349)<br>| &nbsp;&nbsp; (349)<br>|
| Euro-Bobl | &nbsp;&nbsp; 267 | June-2025 | &nbsp;&nbsp; 36309187 | &nbsp;&nbsp; 87291 | &nbsp;&nbsp; 87291 |
| EURO-BTP | &nbsp;&nbsp; 315 | June-2025 | &nbsp;&nbsp; 43073012 | &nbsp;&nbsp; 330356 | &nbsp;&nbsp; 330356 |
| Euro-Schatz | &nbsp;&nbsp; 371 | June-2025 | &nbsp;&nbsp; 45365974 | &nbsp;&nbsp; 13944 | &nbsp;&nbsp; 13944 |
| SFE 3 Year Australian Bonds | &nbsp;&nbsp; 1067 | June-2025 | &nbsp;&nbsp; 73496230 | &nbsp;&nbsp; 256480 | &nbsp;&nbsp; 256480 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 219 | June-2025 | &nbsp;&nbsp; 24575906 | &nbsp;&nbsp; (1892)<br>| &nbsp;&nbsp; (1892)<br>|
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 175 | June-2025 | &nbsp;&nbsp; 36425977 | &nbsp;&nbsp; 108678 | &nbsp;&nbsp; 108678 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; 333 | June-2025 | &nbsp;&nbsp; 36362039 | &nbsp;&nbsp; 134059 | &nbsp;&nbsp; 134059 |
| Subtotal—Interest Rate Risk |  |  |  | &nbsp;&nbsp; 1049989 | &nbsp;&nbsp; 1049989 |
| Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp; 5181382 | &nbsp;&nbsp; 5181382 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Commodity Risk** |  |  |  |  |  |
| Brent Crude Oil | &nbsp;&nbsp; 189 | August-2025 | &nbsp;&nbsp; (11466630)<br>| &nbsp;&nbsp; 638237 | &nbsp;&nbsp; 638237 |
| Corn | &nbsp;&nbsp; 308 | July-2025 | &nbsp;&nbsp; (7322700)<br>| &nbsp;&nbsp; (1274)<br>| &nbsp;&nbsp; (1274)<br>|
| Gasoline RBOB | &nbsp;&nbsp; 99 | June-2025 | &nbsp;&nbsp; (8389597)<br>| &nbsp;&nbsp; 60311 | &nbsp;&nbsp; 60311 |
| LME Copper | &nbsp;&nbsp; 19 | December-2025 | &nbsp;&nbsp; (4319099)<br>| &nbsp;&nbsp; (80115)<br>| &nbsp;&nbsp; (80115)<br>|
| LME Primary Aluminum | &nbsp;&nbsp; 356 | June-2025 | &nbsp;&nbsp; (21357063)<br>| &nbsp;&nbsp; 289042 | &nbsp;&nbsp; 289042 |
| Low Sulphur Gasoil | &nbsp;&nbsp; 222 | June-2025 | &nbsp;&nbsp; (13286700)<br>| &nbsp;&nbsp; 374610 | &nbsp;&nbsp; 374610 |
| New York Harbor Ultra-Low Sulfur Diesel | &nbsp;&nbsp; 150 | June-2025 | &nbsp;&nbsp; (12611340)<br>| &nbsp;&nbsp; 386999 | &nbsp;&nbsp; 386999 |
| Soybean | &nbsp;&nbsp; 302 | July-2025 | &nbsp;&nbsp; (15771950)<br>| &nbsp;&nbsp; 6148 | &nbsp;&nbsp; 6148 |
| Soybean Meal | &nbsp;&nbsp; 572 | July-2025 | &nbsp;&nbsp; (17045600)<br>| &nbsp;&nbsp; 295566 | &nbsp;&nbsp; 295566 |
| Wheat | &nbsp;&nbsp; 566 | July-2025 | &nbsp;&nbsp; (15020225)<br>| &nbsp;&nbsp; 769971 | &nbsp;&nbsp; 769971 |
| WTI Crude Oil | &nbsp;&nbsp; 189 | August-2025 | &nbsp;&nbsp; (10808910)<br>| &nbsp;&nbsp; 619340 | &nbsp;&nbsp; 619340 |
| Subtotal—Commodity Risk |  |  |  | &nbsp;&nbsp; 3358835 | &nbsp;&nbsp; 3358835 |
| **Interest Rate Risk** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp; 298 | June-2025 | &nbsp;&nbsp; (44640693)<br>| &nbsp;&nbsp; (38764)<br>| &nbsp;&nbsp; (38764)<br>|
| Euro-Buxl | &nbsp;&nbsp; 199 | June-2025 | &nbsp;&nbsp; (28073077)<br>| &nbsp;&nbsp; (372292)<br>| &nbsp;&nbsp; (372292)<br>|
| Euro-OAT | &nbsp;&nbsp; 51 | June-2025 | &nbsp;&nbsp; (7283888)<br>| &nbsp;&nbsp; (40211)<br>| &nbsp;&nbsp; (40211)<br>|
| Long Gilt | &nbsp;&nbsp; 260 | June-2025 | &nbsp;&nbsp; (32477819)<br>| &nbsp;&nbsp; (617227)<br>| &nbsp;&nbsp; (617227)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 250 | June-2025 | &nbsp;&nbsp; (29156250)<br>| &nbsp;&nbsp; (425867)<br>| &nbsp;&nbsp; (425867)<br>|
| Subtotal—Interest Rate Risk |  |  |  | &nbsp;&nbsp; (1494361)<br>| &nbsp;&nbsp; (1494361)<br>|

---

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

------

**4**

------

**Invesco Managed Futures Strategy ETF (IMF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** | **Open Futures Contracts**<sup>(a)</sup>**—(continued)** |
| **Short Futures Contracts—(continued)** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Currency Risk** |  |  |  |  |  |
| Canadian Dollar | &nbsp;&nbsp; 82 | June-2025 | &nbsp;&nbsp; $(5962630)<br>| &nbsp;&nbsp; $(27975)<br>| &nbsp;&nbsp; $(27975)<br>|
| CME Australian Dollar Currency | &nbsp;&nbsp; 456 | June-2025 | &nbsp;&nbsp; (29215920)<br>| &nbsp;&nbsp; (294690)<br>| &nbsp;&nbsp; (294690)<br>|
| Subtotal—Currency Risk |  |  |  | &nbsp;&nbsp; (322665)<br>| &nbsp;&nbsp; (322665)<br>|
| **Equity Risk** |  |  |  |  |  |
| E-Mini Russell 2000 Index | &nbsp;&nbsp; 151 | June-2025 | &nbsp;&nbsp; (14871990)<br>| &nbsp;&nbsp; (106142)<br>| &nbsp;&nbsp; (106142)<br>|
| E-Mini S&P 500 Index | &nbsp;&nbsp; 36 | June-2025 | &nbsp;&nbsp; (10056600)<br>| &nbsp;&nbsp; (55546)<br>| &nbsp;&nbsp; (55546)<br>|
| Euronext CAC 40 Index | &nbsp;&nbsp; 80 | May-2025 | &nbsp;&nbsp; (6849149)<br>| &nbsp;&nbsp; (196311)<br>| &nbsp;&nbsp; (196311)<br>|
| OML Stockholm OMXS30 Index | &nbsp;&nbsp; 745 | May-2025 | &nbsp;&nbsp; (18650297)<br>| &nbsp;&nbsp; (562624)<br>| &nbsp;&nbsp; (562624)<br>|
| SPI 200 Index | &nbsp;&nbsp; 23 | June-2025 | &nbsp;&nbsp; (2995554)<br>| &nbsp;&nbsp; (57068)<br>| &nbsp;&nbsp; (57068)<br>|
| Subtotal—Equity Risk |  |  |  | &nbsp;&nbsp; (977691)<br>| &nbsp;&nbsp; (977691)<br>|
| Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp; 564118 | &nbsp;&nbsp; 564118 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $5745500 | &nbsp;&nbsp; $5745500 |

---

<sup>(a)</sup> Futures contracts collateralized by $46,467,617 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

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

------

**5**

------

**Consolidated Statement of Assets and Liabilities**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco** <br>**Managed Futures** <br>**Strategy ETF (IMF)**<br>|
| **Assets:** |  |
| Affiliated investments in securities, at value | &nbsp;&nbsp; $265179582 |
| Other investments: |  |
| Unrealized appreciation on LME futures contracts | &nbsp;&nbsp; 208927 |
| Cash | &nbsp;&nbsp; 19804 |
| Deposits with brokers: |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 46467617 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 789054 |
| Expenses absorbed | &nbsp;&nbsp; 31521 |
| **Total assets** | &nbsp;&nbsp; 312696505 |
| **Liabilities:** |  |
| Payable for: |  |
| Variation margin on non-LME futures contracts | &nbsp;&nbsp; 5525406 |
| LME futures contracts | &nbsp;&nbsp; 1112892 |
| Accrued unitary management fees | &nbsp;&nbsp; 133693 |
| **Total liabilities** | &nbsp;&nbsp; 6771991 |
| **Net Assets** | &nbsp;&nbsp; $305924514 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $334333912 |
| Distributable earnings (loss) | &nbsp;&nbsp; (28409398)<br>|
| **Net Assets** | &nbsp;&nbsp; $305924514 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 7040001 |
| Net asset value | &nbsp;&nbsp; $43.46 |
| Market price | &nbsp;&nbsp; $43.49 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $265179582 |

---

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

------

**6**

------

**Consolidated Statement of Operations**

For the period ended April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco** <br>**Managed Futures** <br>**Strategy ETF (IMF)**<sup>(a)</sup> <br>|
| **Investment income:** |  |
| Unaffiliated interest income | &nbsp;&nbsp; $6321 |
| Affiliated dividend income | &nbsp;&nbsp; 907364 |
| Total investment income | &nbsp;&nbsp; 913685 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 150125 |
| Less: Waivers | &nbsp;&nbsp; (35419)<br>|
| Net expenses | &nbsp;&nbsp; 114706 |
| Net investment income | &nbsp;&nbsp; 798979 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1965 |
| Foreign currencies | &nbsp;&nbsp; (202313)<br>|
| Futures contracts | &nbsp;&nbsp; (34482823)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (34683171)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Foreign currencies | &nbsp;&nbsp; (270706)<br>|
| Futures contracts | &nbsp;&nbsp; 5745500 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 5474794 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (29208377)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(28409398)<br>|

---

<sup>(a)</sup> For the period March 17, 2025 (commencement of investment operations) through April 30, 2025.

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

------

**7**

------

**Consolidated Statement of Changes in Net Assets**

For the period ended April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco** <br>**Managed Futures** <br>**Strategy ETF (IMF)**<br>|
|  | **Period Ended** <br>**April 30,** <br>**2025**<sup>(a)</sup> <br>|
| **Operations:** |  |
| Net investment income | &nbsp;&nbsp; $798979 |
| Net realized gain (loss) | &nbsp;&nbsp; (34683171)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 5474794 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (28409398)<br>|
| **Shareholder Transactions:** |  |
| Proceeds from shares sold | &nbsp;&nbsp; 334333912 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 334333912 |
| Net increase in net assets | &nbsp;&nbsp; 305924514 |
| **Net assets:** |  |
| Beginning of period | &nbsp;&nbsp; - |
| End of period | &nbsp;&nbsp; $305924514 |
| **Changes in Shares Outstanding:** |  |
| Shares sold | &nbsp;&nbsp; 7040001 |
| Shares outstanding, beginning of period | &nbsp;&nbsp; - |
| Shares outstanding, end of period | &nbsp;&nbsp; 7040001 |

---

<sup>(a)</sup> For the period March 17, 2025 (commencement of investment operations) through April 30, 2025.

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

------

**8**

------

**Consolidated Financial Highlights**

Invesco Managed Futures Strategy ETF (IMF)

---

| | |
|:---|:---|
|  | **For the Period** <br>**March 17, 2025**<sup>(a)</sup> <br>**Through** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (6.72)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (6.54)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $43.46 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $43.49 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (13.08 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (13.02 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $305925 |
| Ratio to average net assets of: |  |
| Expenses, after Waivers<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(g)</sup><br>|
| Expenses, prior to Waivers<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 %<sup>(g)</sup><br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (March 19, 2025, the first day of trading on the exchange) to April 30, 2025 was (13.85)%. The market price total return from Fund Inception to April 30, 2025 was (13.61)%.

<sup>(f)</sup> In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying fund in which the Fund invests. Indirect expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying fund and are deducted from the value of the fund your Fund invests in. The effect of the underlying fund expenses that you bear indirectly is included in your Fund's total return. For the period ended April 30, 2025, indirect net expenses paid were 0.10%. 

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

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

------

**9**

------

**Notes to Consolidated Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes Invesco Managed Futures Strategy ETF (IMF) (the "Fund") and the Invesco Managed Futures Strategy Cayman Ltd. (the "Subsidiary"), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands.

The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund's Shares." The Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

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

The investment objective of the Fund is to seek long term capital appreciation. The Fund's investment in its Subsidiary is expected to provide the Fund with exposure to commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.

**NOTE 2—Significant Accounting Policies**

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Also, under the Subsidiary's organizational documents, the directors and officers of the Subsidiary are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee

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and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**K.** **Futures Contracts** - The Fund will enter into futures contracts to simulate full investment in securities or manage exposure to equity, interest rate, commodities, and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, index, commodity or financial instrument for a specified price at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on commodity futures contracts that do not trade on the London Metals Exchange (the "LME"), depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Consolidated Statement of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. For LME contracts, subsequent variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net

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realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations.

For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statement of Assets and Liabilities.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

**L.** **Other Risks**

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind. To the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease the Fund's net asset value. These costs may also decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

*Commodity-Linked Derivatives Risk*. Investments linked to the prices of commodities may be considered speculative. The Fund's significant investment exposure to commodities may subject the Fund to greater volatility than investments in traditional securities. Therefore, the value of such instruments may be volatile and fluctuate widely based on a variety of macroeconomic factors or commodity-specific factors. At times, price fluctuations may be quick and significant and may not correlate to price movements in other asset classes, such as stocks, bonds and cash.

*Commodity Pool Risk*. The Subsidiary's investments in futures contracts have caused it and the Fund to be deemed commodity pools, thereby subjecting the Subsidiary and the Fund to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission ("CFTC") rules. The Adviser is registered as a commodity pool operator ("CPO") and as a commodity trading advisor ("CTA"), and will manage both the Fund and the Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO or CTA subjects the Adviser to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund or the Subsidiary. Registration as a commodity pool may have negative effects on the ability of the Fund or the Subsidiary to engage in its planned investment program. Additionally, the Subsidiary's positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

*Futures Contracts Risk*. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying reference asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures

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contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash or must sell securities to meet those margin requirements; (vi) the possibility that a failure to close a position may result in the Fund receiving an illiquid asset; and (vii) unfavorable execution prices from rapid selling.

*Interest Rate Risk*. The Fund's investments in U.S. Government securities and commercial paper will change in value in response to interest rate changes and other factors, such as the perception of an issuer's creditworthiness. For example, the value of fixed-income securities generally decrease when interest rates rise, which may cause the Fund's value to decrease. Also, investments in fixed-income securities with longer maturities fluctuate more in response to interest rate changes.

*Leveraging Risk*. The Fund's use of futures contracts will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of the reference asset underlying an instrument, which means the Fund will have the potential for greater losses than if the Fund did not use instruments with a leveraging effect. Leveraging may cause the Fund's net asset value to experience heightened volatility.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price. There is no assurance that a liquid secondary market will exist for any particular futures contract at any particular time, which may make it difficult for the Fund to sell them at an acceptable price, purchase a sufficient quantity at an acceptable price, or to accurately value them.

*Management Risk*. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.

*Market Risk*. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

*Non-Diversified Fund Risk*. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

*Subsidiary Investment Risk*. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with its Subsidiary's investments. The Subsidiary is not registered under the 1940 Act; therefore the Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

*Tax Risk*. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company ("RIC") and be subject to federal income tax at the Fund level. As a RIC, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as qualifying income under the Internal Revenue Code. The IRS has issued a number of private letter rulings to other RICs (upon which only the Fund that received the private letter ruling can rely), which indicate that income from the Fund's investment in certain commodity-linked notes and a wholly owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. However, the portion of such rulings relating to the treatment of a corporation as a RIC that require a determination of whether a financial instrument or position is a security under section 2(a)(36) of the 1940 Act was revoked because of changes in the IRS's position. (A financial instrument or position that constitutes a security under section 2(a)(36) of the 1940 Act generates qualifying income for a corporation taxed as a RIC.) Accordingly, the Fund may invest in certain commodity-linked notes: (a) directly, relying on an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the IRS issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund's use of the Subsidiary (which guidance might be applied to the Fund retroactively), it could limit the Fund's ability to pursue its investment strategy and the Fund might not qualify as a RIC for one or more years. In this event, the Fund's Board may authorize a significant change in investment strategy or other action. In lieu of potential disqualification, the Fund is permitted to pay a tax for certain failures to satisfy the income requirement, which, in general, are limited to those due to

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reasonable cause and not willful neglect. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the IRS.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a loss because a security is sold at a discount to its established value.

*Valuation Time Risk*. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund's portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund's investments, managing the Fund's business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser's fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser's compensation of the sub-advised assets of the Fund.

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the period March 17, 2025 (commencement of investment operations) through April 30, 2025, the Adviser waived fees of $35,419.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

**NOTE 4—Additional Valuation Information**

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

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

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

------

**16**

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

As of April 30, 2025, all of the securities in the Fund were valued based on Level 1 inputs (see the Consolidated Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 5—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which the Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | **Commodity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $4528471 | &nbsp;&nbsp; $672851 | &nbsp;&nbsp; $2707205 | &nbsp;&nbsp; $1052230 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; (4528471)<br>| &nbsp;&nbsp; (672851)<br>| &nbsp;&nbsp; (2707205)<br>| &nbsp;&nbsp; (1052230)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | **Commodity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest Rate** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts—Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp; $(222483)<br>| &nbsp;&nbsp; $(483543)<br>| &nbsp;&nbsp; $(1012629)<br>| &nbsp;&nbsp; $(1496602)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 222483 | &nbsp;&nbsp; 483543 | &nbsp;&nbsp; 1012629 | &nbsp;&nbsp; 1496602 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on futures contracts. Only current day's variation margin receivable (payable) is reported within the Consolidated Statement of Assets and Liabilities for non-LME futures contracts.

**Effect of Derivative Investments for the period March 17, 2025 (commencement of investment operations) through April 30, 2025**

The table below summarizes the Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** | **Location of Gain** <br>**on Consolidated** <br>**Statement of Operations** |
|  | **Commodity** <br>**Risk**<br>| **Currency** <br>**Risk**<br>| **Equity** <br>**Risk**<br>| **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $(7981548)<br>| &nbsp;&nbsp; $(1993432)<br>| &nbsp;&nbsp; $(19560741)<br>| &nbsp;&nbsp; $(4947102)<br>| &nbsp;&nbsp; $(34482823)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; 4305988 | &nbsp;&nbsp; 189308 | &nbsp;&nbsp; 1694576 | &nbsp;&nbsp; (444372)<br>| &nbsp;&nbsp; 5745500 |
| Total | &nbsp;&nbsp; $(3675560)<br>| &nbsp;&nbsp; $(1804124)<br>| &nbsp;&nbsp; $(17866165)<br>| &nbsp;&nbsp; $(5391474)<br>| &nbsp;&nbsp; $(28737323)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Futures Contracts** |
| Average notional value | &nbsp;&nbsp; $840657071 |

---

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**17**

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**NOTE 6—Investment Transactions**

There were no securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) purchased or sold by the Fund during the period March 17, 2025 (commencement of investment operations) through April 30, 2025.

In the Fund's initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period. As of April 30, 2025, the cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation (depreciation) was $4,377,418 consisting of gross appreciation of $10,194,940 and gross depreciation of $(5,817,522).

**NOTE 7—Trustees' and Officer's Fees**

The Adviser, as a result of the Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

**NOTE 8—Capital**

Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund's Shares are disclosed in detail in the Consolidated Statement of Changes in Net Assets.

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**18**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on March 13, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement (the "Advisory Agreement") between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco Managed Futures Strategy ETF, Invesco International Growth Focus ETF, Invesco QQQ Hedged Advantage ETF and Invesco Comstock Contrarian Equity ETF (each, a "Fund" and collectively, the "Funds") and the Investment Sub-Advisory Agreement for each Fund, between the Adviser and the following seven affiliated sub-advisers (the "Sub-Advisory Agreement"): Invesco Advisers, Inc. (as the initial sub-adviser for each Fund); Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

***Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with each Fund.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees considered information regarding each Fund's investment objective, strategies and process. The Trustees noted other information the Board received and considered describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's and Sub-Advisers' portfolio transaction policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian, transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and to Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Advisers, except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Passive ETF** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Index Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Open-End** <br>**Active Fund** <br>**Peer Group** <br>**(Number of Peers)**<br>| **Select** <br>**Peer Group** <br>**(Number of Peers)**<br>|
| Invesco Managed Futures Strategy ETF | &nbsp;&nbsp; Lower than <br>median (12)<br>| N/A | &nbsp;&nbsp; Lower than <br>median (19)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco International Growth Focus ETF | &nbsp;&nbsp; Lower than <br>median (11)<br>| &nbsp;&nbsp; Higher than <br>median (2)<br>| &nbsp;&nbsp; Lower than <br>median (82)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|

---

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**19**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Passive ETF**<br> **Peer Group**<br> **(Number of Peers)**<br>| **Open-End**<br> **Index Fund**<br> **Peer Group**<br> **(Number of Peers)**<br>| **Open-End**<br> **Active Fund**<br> **Peer Group**<br> **(Number of Peers)**<br>| **Select**<br> **Peer Group**<br> **(Number of Peers)**<br>|
| Invesco QQQ Hedged Advantage ETF | &nbsp;&nbsp; Lower than <br>median (210)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>| &nbsp;&nbsp; Lower than <br>median (17)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|
| Invesco Comstock Contrarian Equity ETF | &nbsp;&nbsp; Lower than <br>median (24)<br>| &nbsp;&nbsp; Higher than <br>median (12)<br>| &nbsp;&nbsp; Lower than <br>median (161)<br>| &nbsp;&nbsp; Lower than <br>median (4)<br>|

---

Based on all of the information provided, the Board concluded that each Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fees, the Trustees also considered the sub-advisory fees to be paid by the Adviser for each Fund. The Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of each Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as each Fund's distributor and will be paid a distribution fee by the Adviser. The Board concluded that each Fund's proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the Sub-Advisory Agreement for each Fund at a meeting held on March 13, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services to be provided to each Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services to be provided by each Sub-Adviser, the investment approach of each Sub-Adviser whose investment personnel will manage the Funds, and the investment personnel who will be responsible for the day-to-day management of each Fund. The Board considered additional information it received regarding each Fund's investment strategy during presentations from certain of the initial sub-adviser's portfolio managers for the Funds at the Board's December 12, 2024 meeting.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Advisers to each Fund under the Sub-Advisory Agreement were expected to be appropriate and reasonable.

*Fees and Expenses.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees to be charged by the

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**20**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate the Sub-Advisers from its fee.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Advisory Agreement for each Fund, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the flat sub-advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. will receive management fees from affiliated money market funds into which the Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser will waive its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees considered that Invesco Advisers, Inc. may use or generate soft-dollars with respect to the Invesco International Growth Focus ETF and the Invesco Comstock Contrarian Equity ETF. The Trustees noted that the Sub-Advisers had not identified any further benefits that they would derive from their relationships with the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits expected to be received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Sub-Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

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**21**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Fund's trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

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**22**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-MF-NCSRS

invesco.com/ETFs

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![](img573dc14c1.jpg)

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**Invesco Semi-Annual Financial Statements and Other Information**

April 30, 2025

---

| | |
|:---|:---|
| **IROC** | Invesco Rochester High Yield Municipal ETF (formerly, Invesco Municipal Strategic Income <br> ETF)<br>|

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_SOI-Continued-900_1) | **3** |
| [Statement of Assets and Liabilities](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_FS-Continued-900_1) | **7** |
| [Statement of Operations](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_FS-Continued-900_2) | **8** |
| [Statement of Changes in Net Assets](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_FS-Continued-900_3) | **9** |
| [Financial Highlights](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_FIHI-Continued-900_1) | **10** |
| [Notes to Financial Statements](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_NTF-Continued-900_1) | **11** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_BCRC-Continued_1) | **19** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_ae8a9455-709f-4bb0-991f-07eb518f000e_OIRSR-Continued_1) | **25** |

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**2**

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**Invesco Rochester High Yield Municipal ETF (IROC)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.34%** |  |  |  |  |
| **Alabama-1.58%** |  |  |  |  |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC), Series 2024, RB<sup>(a)</sup> | 5.00% | 06/01/2054 | $500 | &nbsp;&nbsp; $475017 |
| **Arizona-1.60%** |  |  |  |  |
| Pima (County of), AZ Industrial Development Authority (American Leadership Academy) (The), <br> Series 2022, Ref. RB<sup>(b)</sup><br>| 4.00% | 06/15/2031 | 500 | &nbsp;&nbsp; 479488 |
| **Arkansas-1.69%** |  |  |  |  |
| Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds), Series 2023, <br> RB<sup>(a)</sup><br>| 5.70% | 05/01/2053 | 500 | &nbsp;&nbsp; 506898 |
| **California-6.70%** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds), Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup><br>| 9.50% | 01/01/2035 | 500 | &nbsp;&nbsp; 482898 |
| California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, <br> RB<sup>(a)(b)</sup><br>| 5.00% | 07/01/2038 | 500 | &nbsp;&nbsp; 516978 |
| California (State of) Public Finance Authority (California University of Science and Medicine), <br> Series 2019 A, RB<sup>(b)</sup><br>| 6.25% | 07/01/2054 | 500 | &nbsp;&nbsp; 515086 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center), Series 2014, RB<br>| 5.25% | 12/01/2034 | 500 | &nbsp;&nbsp; 500206 |
|  |  |  |  | &nbsp;&nbsp; 2015168 |
| **Colorado-1.59%** |  |  |  |  |
| Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB<sup>(b)</sup> | 5.00% | 12/01/2037 | 500 | &nbsp;&nbsp; 476641 |
| **District of Columbia-1.08%** |  |  |  |  |
| District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB | 5.00% | 10/01/2045 | 350 | &nbsp;&nbsp; 324719 |
| **Florida-7.28%** |  |  |  |  |
| Capital Projects Finance Authority (Millenia Orlando), Series 2025 A, RB<sup>(b)</sup> | 6.75% | 01/01/2045 | 500 | &nbsp;&nbsp; 492967 |
| Capital Trust Authority (St.Johns Classical Academy, Inc.), Series 2025, Ref. RB<sup>(b)</sup> | 5.13% | 06/15/2050 | 250 | &nbsp;&nbsp; 232654 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(a)(b)(c)</sup><br>| 12.00% | 07/15/2028 | 250 | &nbsp;&nbsp; 259520 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(a)</sup><br>| 5.50% | 07/01/2053 | 500 | &nbsp;&nbsp; 500325 |
| Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group), Series 2024 B-3, <br> RB<br>| 4.13% | 11/15/2029 | 200 | &nbsp;&nbsp; 198738 |
| Miami Beach (City of), FL, Series 2017, Ref. RB | 5.00% | 09/01/2047 | 500 | &nbsp;&nbsp; 504026 |
|  |  |  |  | &nbsp;&nbsp; 2188230 |
| **Illinois-5.63%** |  |  |  |  |
| Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds | 5.00% | 12/01/2033 | 500 | &nbsp;&nbsp; 500041 |
| Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds | 5.25% | 12/01/2035 | 500 | &nbsp;&nbsp; 499889 |
| Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB | 5.00% | 11/15/2038 | 445 | &nbsp;&nbsp; 444996 |
| Marion (City of), IL (Star Bond District Project Area No. 1), Series 2025, RB | 6.38% | 06/01/2045 | 250 | &nbsp;&nbsp; 245948 |
|  |  |  |  | &nbsp;&nbsp; 1690874 |
| **Indiana-2.49%** |  |  |  |  |
| Indiana (State of) Finance Authority (U.S. Steel Corp.), Series 2021 A, Ref. RB | 4.13% | 12/01/2026 | 500 | &nbsp;&nbsp; 498101 |
| Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB<sup>(a)(c)</sup> | 4.40% | 06/10/2031 | 250 | &nbsp;&nbsp; 250627 |
|  |  |  |  | &nbsp;&nbsp; 748728 |
| **Iowa-1.75%** |  |  |  |  |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB<sup>(c)(d)</sup> | 4.00% | 12/01/2032 | 500 | &nbsp;&nbsp; 524896 |
| **Kentucky-1.64%** |  |  |  |  |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway), Series 2015 A, RB<br>| 4.25% | 07/01/2035 | 500 | &nbsp;&nbsp; 493948 |
| **Louisiana-2.59%** |  |  |  |  |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB<sup>(a)</sup> | 5.75% | 09/01/2064 | 750 | &nbsp;&nbsp; 778609 |

---

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

------

**3**

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-3.30%** |  |  |  |  |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB<sup>(a)</sup> | 5.00% | 11/12/2028 | $500 | &nbsp;&nbsp; $503663 |
| Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB | 5.00% | 11/01/2037 | 500 | &nbsp;&nbsp; 489524 |
|  |  |  |  | &nbsp;&nbsp; 993187 |
| **Massachusetts-1.66%** |  |  |  |  |
| Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.), Series 2025, <br> RB<br>| 5.25% | 07/01/2055 | 500 | &nbsp;&nbsp; 500072 |
| **Michigan-1.65%** |  |  |  |  |
| Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB<sup>(a)(c)</sup> | 4.00% | 10/01/2026 | 500 | &nbsp;&nbsp; 497286 |
| **New Jersey-1.61%** |  |  |  |  |
| Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 500 | &nbsp;&nbsp; 485393 |
| **New York-9.43%** |  |  |  |  |
| Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB, <br> (LOC - Santander Bank N.A.)<sup>(a)(b)(e)</sup><br>| 5.25% | 12/31/2033 | 250 | &nbsp;&nbsp; 247082 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport), Series 2021, Ref. RB<sup>(a)</sup><br>| 3.00% | 08/01/2031 | 500 | &nbsp;&nbsp; 462916 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds), Series 2023, RB<sup>(a)</sup><br>| 6.00% | 06/30/2054 | 500 | &nbsp;&nbsp; 524396 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2023, RB<sup>(a)</sup><br>| 6.00% | 04/01/2035 | 1000 | &nbsp;&nbsp; 1091753 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), <br> Series 2024, Ref. RB<sup>(a)</sup><br>| 5.50% | 12/31/2060 | 500 | &nbsp;&nbsp; 507933 |
|  |  |  |  | &nbsp;&nbsp; 2834080 |
| **North Dakota-1.34%** |  |  |  |  |
| Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB | 5.00% | 06/01/2034 | 410 | &nbsp;&nbsp; 403710 |
| **Ohio-3.15%** |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 500 | &nbsp;&nbsp; 436967 |
| Ohio (State of) Housing Finance Agency (Haven's Edge Apartments), Series 2025, RB<sup>(b)</sup> | 5.70% | 08/01/2043 | 500 | &nbsp;&nbsp; 509728 |
|  |  |  |  | &nbsp;&nbsp; 946695 |
| **Oregon-2.49%** |  |  |  |  |
| Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB<sup>(a)</sup> | 5.25% | 07/01/2039 | 700 | &nbsp;&nbsp; 747242 |
| **Pennsylvania-4.93%** |  |  |  |  |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. <br> RB<br>| 5.00% | 05/01/2033 | 525 | &nbsp;&nbsp; 550081 |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation LLC), <br> Series 2023 B, Ref. RB<br>| 4.10% | 06/01/2029 | 400 | &nbsp;&nbsp; 399513 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges <br> (The)), Series 2022, RB<sup>(a)</sup><br>| 5.50% | 06/30/2038 | 500 | &nbsp;&nbsp; 530887 |
|  |  |  |  | &nbsp;&nbsp; 1480481 |
| **Puerto Rico-3.29%** |  |  |  |  |
| Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 500 | &nbsp;&nbsp; 477816 |
| Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB<sup>(b)</sup> | 5.00% | 07/01/2028 | 500 | &nbsp;&nbsp; 510262 |
|  |  |  |  | &nbsp;&nbsp; 988078 |
| **South Carolina-1.74%** |  |  |  |  |
| Patriots Energy Group Financing Agency, Series 2023 A-1, RB<sup>(c)</sup> | 5.25% | 08/01/2031 | 500 | &nbsp;&nbsp; 523345 |
| **Texas-8.52%** |  |  |  |  |
| Arlington Higher Education Finance Corp. (Newman International Academy), Series 2021, RB | 5.00% | 08/15/2051 | 150 | &nbsp;&nbsp; 106025 |
| Harris County Industrial Development Corp. (Energy Transfer L.P.), Series 2023, Ref. RB<sup>(c)</sup> | 4.05% | 06/01/2033 | 250 | &nbsp;&nbsp; 246939 |
| Houston (City of), TX, Series 2023 A, Ref. RB, (INS - AGM)<sup>(a)(f)</sup> | 5.25% | 07/01/2048 | 500 | &nbsp;&nbsp; 513840 |
| Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB<sup>(a)</sup> | 4.00% | 07/15/2041 | 500 | &nbsp;&nbsp; 449613 |
| Houston (City of), TX (United Airlines, Inc.), Series 2024 B, RB<sup>(a)</sup> | 5.50% | 07/15/2038 | 500 | &nbsp;&nbsp; 505972 |
| Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB<sup>(a)(b)</sup> | 4.63% | 10/01/2031 | 500 | &nbsp;&nbsp; 496294 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025 A, RB | 6.50% | 10/01/2060 | 250 | &nbsp;&nbsp; 243665 |
|  |  |  |  | &nbsp;&nbsp; 2562348 |

---

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

------

**4**

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah-1.55%** |  |  |  |  |  |
| Black Desert Public Infrastructure District, Series 2021 A, GO Bonds<sup>(b)</sup> | 3.25% | 03/01/2031 | $| 500 | &nbsp;&nbsp; $466217 |
| **Virgin Islands-0.84%** |  |  |  |  |  |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development), <br> Series 2024 A, RB<sup>(b)</sup><br>| 6.00% | 04/01/2053 |  | 250 | &nbsp;&nbsp; 251412 |
| **Virginia-5.00%** |  |  |  |  |  |
| Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - <br> Harbor's Edge), Series 2019 A, RB<br>| 5.00% | 01/01/2034 |  | 500 | &nbsp;&nbsp; 495828 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 <br> B-3, RB<br>| 5.38% | 09/01/2029 |  | 1000 | &nbsp;&nbsp; 1006729 |
|  |  |  |  |  | &nbsp;&nbsp; 1502557 |
| **Washington-4.95%** |  |  |  |  |  |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2043 |  | 500 | &nbsp;&nbsp; 501513 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2048 |  | 500 | &nbsp;&nbsp; 484073 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, <br> RB<br>| 5.00% | 10/01/2042 |  | 500 | &nbsp;&nbsp; 500903 |
|  |  |  |  |  | &nbsp;&nbsp; 1486489 |
| **West Virginia-0.82%** |  |  |  |  |  |
| West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.), <br> Series 2025, Ref. RB<sup>(a)(b)(c)</sup><br>| 5.45% | 03/27/2035 |  | 250 | &nbsp;&nbsp; 247842 |
| **Wisconsin-5.45%** |  |  |  |  |  |
| Public Finance Authority (KSU Bixby Real Estate Foundation LLC), Series 2025, RB | 5.25% | 06/15/2055 |  | 500 | &nbsp;&nbsp; 503986 |
| Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System), Series 2019, <br> Ref. RB<br>| 5.00% | 11/01/2046 |  | 500 | &nbsp;&nbsp; 450341 |
| Wisconsin (State of) Public Finance Authority, Series 2024, RB<sup>(c)(d)</sup> | 5.50% | 06/01/2025 |  | 500 | &nbsp;&nbsp; 500756 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB | 5.00% | 12/01/2027 |  | 180 | &nbsp;&nbsp; 182101 |
|  |  |  |  |  | &nbsp;&nbsp; 1637184 |
| Total Municipal Obligations <br>(Cost $29,046,571) | Total Municipal Obligations <br>(Cost $29,046,571) | Total Municipal Obligations <br>(Cost $29,046,571) | Total Municipal Obligations <br>(Cost $29,046,571) | Total Municipal Obligations <br>(Cost $29,046,571) | &nbsp;&nbsp; 29256834 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds-4.51%** |  |  |  |  |  |
| Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.26%<sup>(g)(h)</sup> <br>(Cost $1,354,973) | Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.26%<sup>(g)(h)</sup> <br>(Cost $1,354,973) | Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.26%<sup>(g)(h)</sup> <br>(Cost $1,354,973) |  | 1354973 | &nbsp;&nbsp; 1354973 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-101.85% <br>(Cost $30,401,544) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-101.85% <br>(Cost $30,401,544) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-101.85% <br>(Cost $30,401,544) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-101.85% <br>(Cost $30,401,544) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-101.85% <br>(Cost $30,401,544) | &nbsp;&nbsp; 30611807 |
| OTHER ASSETS LESS LIABILITIES-(1.85%) | OTHER ASSETS LESS LIABILITIES-(1.85%) | OTHER ASSETS LESS LIABILITIES-(1.85%) | OTHER ASSETS LESS LIABILITIES-(1.85%) | OTHER ASSETS LESS LIABILITIES-(1.85%) | &nbsp;&nbsp; (555761)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $30056046 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |

---

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

------

**5**

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security subject to the alternative minimum tax. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $6,185,069, which represented 20.58% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(e)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(f)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(g)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $4536459 | &nbsp;&nbsp; $(3181486)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1354973 | &nbsp;&nbsp; $4930 |

---

<sup>(h)</sup> The rate shown is the 7-day SEC standardized yield as of April 30, 2025.

<sup>(i)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's obligations but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each. 

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

------

**6**

------

**Statement of Assets and Liabilities**

April 30, 2025

*(Unaudited)* 

---

| | |
|:---|:---|
|  | **Invesco Rochester** <br>**High YieldMunicipal ETF (IROC)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value | &nbsp;&nbsp; $29256834 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 1354973 |
| Receivable for: |  |
| Dividends and interest | &nbsp;&nbsp; 428203 |
| Expenses absorbed | &nbsp;&nbsp; 113 |
| **Total assets** | &nbsp;&nbsp; 31040123 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 974415 |
| Accrued unitary management fees | &nbsp;&nbsp; 9623 |
| Accrued tax expenses | &nbsp;&nbsp; 39 |
| **Total liabilities** | &nbsp;&nbsp; 984077 |
| **Net Assets** | &nbsp;&nbsp; $30056046 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $30006669 |
| Distributable earnings | &nbsp;&nbsp; 49377 |
| **Net Assets** | &nbsp;&nbsp; $30056046 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 600001 |
| Net asset value | &nbsp;&nbsp; $50.09 |
| Market price | &nbsp;&nbsp; $50.32 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $29046571 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $1354973 |

---

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

------

**7**

------

**Statement of Operations**

For the six months ended April 30, 2025

*(Unaudited)* 

---

| | |
|:---|:---|
|  | **Invesco Rochester** <br>**High YieldMunicipal ETF (IROC)**<br>|
| **Investment income:** |  |
| Unaffiliated interest income | &nbsp;&nbsp; $690011 |
| Affiliated dividend income | &nbsp;&nbsp; 4930 |
| Total investment income | &nbsp;&nbsp; 694941 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 59137 |
| Less: Waivers | &nbsp;&nbsp; (204)<br>|
| Net expenses | &nbsp;&nbsp; 58933 |
| Net investment income | &nbsp;&nbsp; 636008 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investments | &nbsp;&nbsp; (82430)<br>|
| Change in net unrealized appreciation (depreciation) on unaffiliated investment securities | &nbsp;&nbsp; (580893)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (663323)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(27315)<br>|

---

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

------

**8**

------

**Statement of Changes in Net Assets**

For the six months ended April 30, 2025 and the year ended October 31, 2024

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Invesco Rochester High Yield Municipal ETF (IROC)** | **Invesco Rochester High Yield Municipal ETF (IROC)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $636008 | &nbsp;&nbsp;&nbsp; $1266784 |
| Net realized gain (loss) | &nbsp;&nbsp; (82430)<br>| &nbsp;&nbsp;&nbsp; (6245)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (580893)<br>| &nbsp;&nbsp;&nbsp; 2177246 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (27315)<br>| &nbsp;&nbsp;&nbsp; 3437785 |
| **Distributions to Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (638983)<br>| &nbsp;&nbsp;&nbsp; (1248578)<br>|
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1035084 |
| Value of shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1028426)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6658 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (666298)<br>| &nbsp;&nbsp;&nbsp; 2195865 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 30722344 | &nbsp;&nbsp;&nbsp; 28526479 |
| End of period | &nbsp;&nbsp; $30056046 | &nbsp;&nbsp;&nbsp; $30722344 |
| **Changes in Shares Outstanding:** |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (20000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 600001 | &nbsp;&nbsp;&nbsp; 600001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 600001 | &nbsp;&nbsp;&nbsp; 600001 |

---

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

------

**9**

------

**Financial Highlights**

Invesco Rochester High Yield Municipal ETF (IROC)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year ended October 31,** <br>**2024**<br>| **For the Period** <br>**December 7, 2022**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2023**<br>|
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $51.20 | &nbsp;&nbsp;&nbsp; $47.54 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp; (2.48)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp; (0.76)<br>|
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $50.09 | &nbsp;&nbsp;&nbsp; $51.20 | &nbsp;&nbsp;&nbsp; $47.54 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $50.32 | &nbsp;&nbsp;&nbsp; $51.21 | &nbsp;&nbsp;&nbsp; $47.53 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.18<br> %<br>| &nbsp;&nbsp;&nbsp; (1.61 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.23<br> %<br>| &nbsp;&nbsp;&nbsp; (1.63 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $30056 | &nbsp;&nbsp;&nbsp; $30722 | &nbsp;&nbsp;&nbsp; $28526 |
| Ratio to average net assets of: |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was (1.67)%. The market price total return from Fund Inception to October 31, 2023 was (2.08)%.

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

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

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

------

**10**

------

**Notes to Financial Statements**

Invesco Actively Managed Exchange-Traded Fund Trust

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes Invesco Rochester High Yield Municipal ETF (IROC) (the "Fund"). Prior to February 24, 2025, the Fund's name was Invesco Municipal Strategic Income ETF.

The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund's Shares." The Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

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

The investment objective of the Fund is to seek current income exempt from federal income tax.

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing

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price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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

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

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

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

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the

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Financial Highlights. Transaction costs are included in the calculation of the Fund's NAV and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.

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

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

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

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

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

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

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

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

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

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers

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that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis -** The Fund may purchase and sell interests in corporate and municipal fixed-income securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

**K.** **Other Risks**

*Alternative Minimum Tax Risk*. Although the interest received from municipal securities generally is exempt from federal income tax, the Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, investment in the Fund could cause shareholders to be subject to, or result in an increased liability under, the federal alternative minimum tax.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Call Risk*. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund's net investment income could fall.

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind. To the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease the Fund's net asset value. These costs may also decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

*Changing Fixed-Income Market Conditions Risk*. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and

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reduced liquidity in the fixed-income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*High Yield Securities (Junk Bond) Risk*. Compared to higher quality debt securities, high yield debt securities (commonly referred to as "junk bonds") involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors' claims. They are considered speculative with respect to the issuer's capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. The values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.

*Interest Rate Risk*. Interest rate risk refers to the risk that fixed income securities' prices generally fall as interest rates rise; conversely, fixed income securities' prices generally rise as interest rates fall. Specific fixed income securities differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. "Duration risk" is related to interest rate risk; it refers to the risks associated with the sensitivity of a fixed income security's price to a one percent change in interest rates. Fixed income securities with longer durations (i.e., a greater length of time until they reach maturity) face greater duration risk, meaning that they tend to exhibit greater volatility and are more sensitive to changes in interest rates than fixed income securities with shorter durations.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

*Management Risk*. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.

*Market Risk*. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund's portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

*Municipal Issuer Focus Risk*. The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

*Municipal Securities Risk*. The Fund invests in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market.

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If the Internal Revenue Service ("IRS") determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

*Non-Diversified Fund Risk*. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund's investments, managing the Fund's business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.39% of the Fund's average daily net assets. Effective July 1, 2025, the Adviser has agreed to waive 100% of its unitary management fee for the Fund through June 30, 2026. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser's fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser's compensation of the sub-advised assets of the Fund.

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended April 30, 2025, the Adviser waived fees of $204.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp; $- | &nbsp;&nbsp; $29256834 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $29256834 |
| Money Market Funds | &nbsp;&nbsp; 1354973 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1354973 |
| **Total Investments** | &nbsp;&nbsp; $1354973 | &nbsp;&nbsp; $29256834 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30611807 |

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**NOTE 5—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2024, as follows:

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| | | |
|:---|:---|:---|
| **No expiration** | **No expiration** |  |
| **Short-Term** | **Long-Term** | **Total** |
| &nbsp;&nbsp; $101685 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $101685 |

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**NOTE 6—Investment Transactions**

For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $14,403,146 and $13,606,836, respectively.

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $419788 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp; (209525)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $210263 |

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Cost of investments for tax purposes is $30,401,544.

**NOTE 7—Trustees' and Officer's Fees**

The Adviser, as a result of the Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

**NOTE 8—Capital**

Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

------

**17**

------

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund's Shares are disclosed in detail in the Statement of Changes in Net Assets.

------

**18**

------

**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco AAA CLO Floating Rate Note ETF

Invesco Active U.S. Real Estate ETF

Invesco High Yield Bond Factor ETF

Invesco High Yield Select ETF

Invesco Real Assets ESG ETF

Invesco Rochester High Yield Municipal ETF

Invesco S&P 500<sup>®</sup> Downside Hedged ETF

Invesco Short Duration Total Return Bond ETF

Invesco Total Return Bond ETF

Invesco Variable Rate Investment Grade ETF

Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers: Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"); with respect to each of the following Funds (the "Sub-Advisory Agreement"):

Invesco AAA CLO Floating Rate Note ETF

Invesco Active U.S. Real Estate ETF

Invesco High Yield Bond Factor ETF

Invesco High Yield Select ETF

Invesco Real Assets ESG ETF

Invesco Rochester High Yield Municipal ETF

Invesco Short Duration Total Return Bond ETF

Invesco Total Return Bond ETF

Invesco Variable Rate Investment Grade ETF

***Investment Advisory Agreement*** 

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees noted that, unlike most of the other exchange-traded funds ("ETFs") for which the Adviser serves as investment adviser, the Funds are not designed to track the performance of an index, and investment decisions are the primary responsibility of the Adviser or Sub-Advisers, as applicable.

The Trustees reviewed information on the performance of Invesco AAA CLO Floating Rate Note ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and JP Morgan CLOIE AAA Total Return Index) and the Fund's Lipper Inc. ("Lipper") peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, performed the same as the JP Morgan CLOIE AAA Total Return Index for the one-year period and outperformed the JP Morgan CLOIE AAA Total Return Index for the since-inception period. The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for each period. In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco AAA CLO Floating Rate Note ETF for the one-year period ended December 31, 2024. The Adviser explained the factors that detracted from the Fund's performance during the period.

The Trustees reviewed information on the performance of Invesco Active U.S. Real Estate ETF, its benchmark indexes (FTSE NAREIT All Equity REITs Index and S&P 500® Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (November 20, 2008) periods ended December 31, 2024. Based on the information

------

**19**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

provided, the Trustees noted that the Fund underperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for the one-year, three-year and five-year periods, and the Fund ranked in the 3rd quartile of its Lipper peer group for the ten-year and since-inception periods. In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco Active U.S. Real Estate ETF for the one-year period ended December 31, 2024. The Adviser explained the factors that detracted from the Fund's performance during the period.

The Trustees reviewed information on the performance of Invesco High Yield Bond Factor ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) and the Fund's Lipper peer group rankings for the one-year, three-year and since-inception (December 2, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the three-year and since-inception periods. The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco High Yield Select ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the since-inception period. The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for the one-year period and in the 4th quartile of its Lipper peer group for the since-inception period.

The Trustees reviewed information on the performance of Invesco Rochester High Yield Municipal ETF, its benchmark indexes (S&P Municipal Bond 50% Investment Grade/50% High Yield Index, S&P Municipal Bond High Yield Index and S&P Municipal Bond Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the one-year period, underperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the since-inception period, underperformed the S&P Municipal Bond High Yield Index for each period and outperformed the S&P Municipal Bond Index for each period. The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco Real Assets ESG ETF, its benchmark indexes (S&P U.S., Canada & Mexico Real Assets Equity Index and S&P 500® Index) and the Fund's Lipper peer group rankings for the one-year, three-year and since-inception (December 22, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the one-year and three-year periods, underperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the since-inception period, underperformed the S&P 500® Index for the one-year and three-year periods and outperformed the S&P 500® Index for the since-inception period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco S&P 500® Downside Hedged ETF, its benchmark indexes (S&P 500® Dynamic VEQTOR Index, S&P 500® Index and U.S. 3-Month Treasury Bill Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (December 6, 2012) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund underperformed the S&P 500® Dynamic VEQTOR Index and the S&P 500® Index for each period, outperformed the U.S. 3-Month Treasury Bill Index for the one-year, five-year, ten-year and since-inception periods and underperformed the U.S. 3-Month Treasury Bill Index for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year, ten-year and since-inception periods and ranked in the 3rd quartile of its Lipper peer group for the three-year period.

The Trustees reviewed information on the performance of Invesco Short Duration Total Return Bond ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government and Credit 1-3 Year Index) and the Fund's Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024. Based on the

------

**20**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.

The Trustees reviewed information on the performance of Invesco Total Return Bond ETF, its benchmark index (Bloomberg U.S. Aggregate Bond Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year and since-inception (February 10, 2016) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed its benchmark for the one-year, five-year and since-inception periods and underperformed its benchmark for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year and since-inception periods, and in the 3rd quartile of its Lipper peer group for the three-year period. The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.

The Trustees reviewed information on the performance of Invesco Variable Rate Investment Grade ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg US Floating Rate Note Index) and the Fund's Lipper peer group rankings for the one-year, three-year, five-year and since-inception (September 22, 2016) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian, transfer agent and, for all Funds except Invesco S&P 500® Downside Hedged ETF, the Sub-Advisers. The Trustees noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability*. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco AAA CLO Floating Rate Note ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco AAA CLO Floating Rate Note ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.30% of the Fund's average daily net assets for Invesco Short Duration Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for Invesco Active U.S. Real Estate ETF and Invesco Total Return Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco S&P 500® Downside Hedged ETF, Invesco High Yield Bond Factor ETF and Invesco Rochester High Yield Municipal ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.48% of the Fund's average daily net assets for Invesco High Yield Select ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.59% of the Fund's average daily net assets for Invesco Real Assets ESG ETF.

The Trustees considered that on March 13, 2025 the Adviser proposed and the Board of Trustees approved a permanent reduction in the annual unitary advisory fee rate for Invesco Real Assets ESG ETF from 0.59% to 0.58% of the Fund's average daily net assets, effective May 13, 2025.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF peers and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds.

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**21**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer** <br>**Median\***<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| **Equal to/** <br>**Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco AAA CLO Floating Rate Note ETF | X | N/A | X |
| Invesco Active U.S. Real Estate ETF | X |  | X |
| Invesco High Yield Bond Factor ETF | X | X | X |
| Invesco High Yield Select ETF | X | X | X |
| Invesco Real Assets ESG ETF | X | N/A | X |
| Invesco Rochester High Yield Municipal ETF | X | N/A | X |
| Invesco S&P 500<sup>®</sup> Downside Hedged ETF | X | N/A | X |
| Invesco Short Duration Total Return Bond ETF |  |  | X |
| Invesco Total Return Bond ETF | X |  | X |
| Invesco Variable Rate Investment Grade ETF |  |  | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to those of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory was reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.Based on all of the information considered and the conclusions reached, the Board, including the

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**22**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco AAA CLO Floating Rate Note ETF, Invesco Active U.S. Real Estate ETF, Invesco High Yield Bond Factor ETF, Invesco High Yield Select ETF, Invesco Real Assets ESG ETF, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF, Invesco Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF (each such Fund, a "Sub-Advised Fund" and collectively, the "Sub-Advised Funds") at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to each Sub-Advised Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco AAA CLO Floating Rate Note ETF's, Invesco Active U.S. Real Estate ETF's, Invesco High Yield Bond Factor ETF's, Invesco High Yield Select ETF's, Invesco Real Assets ESG ETF's, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF's, Invesco Total Return Bond ETF's and Invesco Variable Rate Investment Grade ETF's assets and the experience and skills of the investment personnel responsible for the day-to-day management of such Sub-Advised Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to each Sub-Advised Fund under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fee relates to the overall advisory fee for each Sub-Advised Fund and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. in connection with the March 13 and April 24, 2025 Board Meetings, and Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to each Sub-Advised Fund.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* As part of their review of the Investment Advisory Agreement for each Sub-Advised Fund, the Trustees considered the extent to which economies of scale may be realized as each Sub-Advised Fund grows and whether fee levels reflect economies of scale for the benefit of the Sub-Advised Fund's shareholders. The Board considered whether the sub-advisory fee rate for each Sub-Advised Fund was reasonable in relation to the asset size (if any) of the Sub-Advised Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Sub-Advised Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Sub-Advised Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Sub-Advised Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees considered that Invesco Advisers, Inc. may participate in soft-dollar arrangements for Invesco Real Assets ESG ETF, but that the Sub-Advisers otherwise generally do not use or generate soft-dollars with respect to the Sub-Advised Funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Sub-Advised Funds. The Board concluded that the sub-advisory fee with respect to each Sub-Advised Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

------

**23**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for each Sub-Advised Fund. No single factor was determinative in the Board's analysis.

------

**24**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Fund's trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

------

**25**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-MS-NCSRS

invesco.com/ETFs

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

------

Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT](Section_302_Certification.htm).

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Invesco Actively Managed Exchange-Traded Fund Trust</u>

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Brian Hartigan

Title:Principal Executive Officer

Date: July 3, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Brian Hartigan

Title:Principal Executive Officer

Date: July 3, 2025

By: <u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Kelli Gallegos

Title:Principal Financial Officer

Date:July 3, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian Hartigan, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Actively Managed Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>July 3, 2025</u><u>/s/ Brian Hartigan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Hartigan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

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#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Actively Managed Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>July 3, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Kelli Gallegos</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelli Gallegos

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

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## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Actively Managed Exchange-Traded Fund Trust (the "Registrant") on Form N-CSR for the period ended April 30, 2025 (the "Report"), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: July 3, 2025

<u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: July 3, 2025

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Kelli Gallegos

Title: Principal Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.

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