# EDGAR Filing Document

**Accession Number:** 0001418144
**File Stem:** 0001418144-25-000020
**Filing Date:** 2025-9
**Character Count:** 1116982
**Document Hash:** d8d135daa984adba8b466fbca6e7acc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001418144-25-000020.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001418144-25-000020

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22148
- **FILM NUMBER:** 251346787

**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 Global Equity Net Zero ETF (Series ID: S000093577)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000261965 | Invesco Global Equity Net Zero ETF |  |

## Nport-Ex

Schedule of Investments

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities-99.20%** | **Asset-Backed Securities-99.20%** | **Asset-Backed Securities-99.20%** |
| 522 Funding CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-5A, Class BR, 6.17% (3 mo. <br> Term SOFR + 1.85%), 04/15/2035<sup>(a)(b)</sup><br>| $500000 | &nbsp;&nbsp; $500530 |
| &nbsp;&nbsp;&nbsp; Series 2020-6A, Class A1R2, 5.52% (3 <br> mo. Term SOFR + 1.20%), <br> 10/23/2034<sup>(a)(b)</sup><br>| 130000 | &nbsp;&nbsp; 129829 |
| &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO V Ltd. <br> (Cayman Islands)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1RR, 6.53% (3 <br> mo. Term SOFR + 2.20%), <br> 01/20/2036<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1306461 |
| &nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1Z, 6.33% (3 mo. <br> Term SOFR + 2.00%), 01/20/2036<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1505325 |
| AGL CLO 13 Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-13A, Class A1, 5.75% (3 mo. <br> Term SOFR + 1.42%), 10/20/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1251875 |
| &nbsp;&nbsp;&nbsp; Series 2021-13A, Class A1R, 5.37% (3 <br> mo. Term SOFR + 1.10%), <br> 10/20/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1250938 |
| &nbsp;&nbsp;&nbsp; AGL CLO 14 Ltd. (Cayman Islands), <br> Series 2021-14A, Class AR, 5.46% (3 mo. <br> Term SOFR + 1.13%), 12/02/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1002050 |
| &nbsp;&nbsp;&nbsp; AGL CLO 20 Ltd. (Jersey), Series 2022-20A, <br> Class BR, 6.08% (3 mo. Term SOFR + <br> 1.75%), 10/20/2037<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 251118 |
| &nbsp;&nbsp;&nbsp; AGL Clo 28 Ltd. (Jersey), Series 2023-28A, <br> Class AL2, 6.03% (3 mo. Term SOFR + <br> 1.70%), 01/21/2037<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 300895 |
| &nbsp;&nbsp;&nbsp; AGL CLO 29 Ltd. (Jersey), Series 2024-29A, <br> Class A1, 5.90% (3 mo. Term SOFR + <br> 1.57%), 04/21/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4020536 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 27 Ltd. (Cayman Islands), <br> Series 2023-27A, Class A, 6.06% (3 mo. <br> Term SOFR + 1.73%), 10/21/2036<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 501552 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 31 Ltd. (Cayman Islands), <br> Series 2024-31A, Class A, 5.73% (3 mo. <br> Term SOFR + 1.40%), 07/20/2037<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2206279 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 4 Ltd. (Cayman Islands), <br> Series 2020-4A, Class AR2, 5.71% (3 mo. <br> Term SOFR + 1.38%), 10/20/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1254964 |
| AIMCO CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-10A, Class ARR, 5.74% (3 <br> mo. Term SOFR + 1.41%), <br> 07/22/2037<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 250883 |
| &nbsp;&nbsp;&nbsp; Series 2020-11A, Class A2R, 5.82% (3 <br> mo. Term SOFR + 1.50%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 4250000 | &nbsp;&nbsp; 4252023 |
| &nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 5.72% (3 mo. <br> Term SOFR + 1.40%), 07/17/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1254676 |
| Antares CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class A2R, 6.13% (3 mo. <br> Term SOFR + 1.80%), 07/20/2036<sup>(a)(b)</sup><br>| 1400000 | &nbsp;&nbsp; 1402636 |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1R, 6.04% (3 mo. <br> Term SOFR + 1.72%), 10/23/2033<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4011432 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 6.11% (3 mo. <br> Term SOFR + 1.79%), 07/25/2033<sup>(a)(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1203732 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Apidos CLO XXVIII (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-28A, Class A1B, 5.74% (3 <br> mo. Term SOFR + 1.41%), <br> 01/20/2031<sup>(a)(b)</sup><br>| $2000000 | &nbsp;&nbsp; $2000100 |
| &nbsp;&nbsp;&nbsp; Series 2017-28A, Class A1BR, 4.19% (3 <br> mo. Term SOFR + 1.55%), <br> 10/20/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2001500 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXIX Ltd. (Cayman Islands), <br> Series 2022-39A, Class A1, 5.63% (3 mo. <br> Term SOFR + 1.30%), 04/21/2035<sup>(a)(b)</sup><br>| 2600000 | &nbsp;&nbsp; 2602449 |
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd. (Cayman Islands), <br> Series 2024-1A, Class A1, 5.59% (3 mo. <br> Term SOFR + 1.27%), 04/25/2035<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 300083 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman <br> Islands), Series 2022-1A, Class A1, 5.65% <br> (3 mo. Term SOFR + 1.32%), <br> 04/18/2035<sup>(a)(b)</sup><br>| 2600000 | &nbsp;&nbsp; 2603981 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 14 Ltd. (Cayman Islands), <br> Series 2020-14A, Class A1A, 5.71% (3 <br> mo. Term SOFR + 1.38%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1504819 |
| Barings CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class AR, 5.71% (3 mo. <br> Term SOFR + 1.39%), 04/15/2035<sup>(a)(b)</sup><br>| 1850000 | &nbsp;&nbsp; 1856283 |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class BR, 6.08% (3 mo. <br> Term SOFR + 1.75%), 10/20/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1506654 |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 6.02% (3 mo. <br> Term SOFR + 1.70%), 10/15/2036<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1502249 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XX Ltd. (Cayman <br> Islands), Series 2020-20A, Class AR, <br> 5.75% (3 mo. Term SOFR + 1.43%), <br> 07/15/2034<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5015000 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIX Ltd. <br> (Jersey), Series 2022-29A, Class AR, <br> 5.50% (3 mo. Term SOFR + 1.18%), <br> 01/25/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2501012 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVII Ltd. <br> (Jersey), Series 2022-27A, Class AR, <br> 5.70% (3 mo. Term SOFR + 1.37%), <br> 10/20/2037<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2207700 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners Clo XXXVII Ltd. <br> (Cayman Islands), Series 2024-37A, <br> Class A, 5.67% (3 mo. Term SOFR + <br> 1.35%), 01/25/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2004288 |
| &nbsp;&nbsp;&nbsp; Blueberry Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.68% (3 mo. <br> Term SOFR + 1.35%), 10/20/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4013572 |
| &nbsp;&nbsp;&nbsp; Broad River Bsl Funding CLO Ltd. (Cayman <br> Islands), Series 2020-1A, Class AR, 5.76% <br> (3 mo. Term SOFR + 1.43%), <br> 07/20/2034<sup>(a)(b)</sup><br>| 1670000 | &nbsp;&nbsp; 1670459 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-1A, Class A2R2, 5.71% (3 <br> mo. Term SOFR + 1.39%), <br> 04/17/2031<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2000860 |
| &nbsp;&nbsp;&nbsp; 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; 1000567 |
| Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class A2RR, 6.38% (3 <br> mo. Term SOFR + 2.05%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1004455 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1, 5.70% (3 mo. <br> Term SOFR + 1.37%), 04/20/2034<sup>(a)(b)</sup><br>| $1300000 | &nbsp;&nbsp; $1301596 |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class B1, 6.24% (3 mo. <br> Term SOFR + 1.91%), 04/20/2034<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003407 |
| &nbsp;&nbsp;&nbsp; Series 2021-6A, Class A1R, 5.61% (3 mo. <br> Term SOFR + 1.29%), 01/15/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2005734 |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class AR, 5.88% (3 mo. <br> Term SOFR + 1.55%), 04/20/2037<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2507747 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.85% (3 mo. <br> Term SOFR + 1.53%), 04/15/2037<sup>(a)(b)</sup><br>| 450000 | &nbsp;&nbsp; 451706 |
| &nbsp;&nbsp;&nbsp; CBAM 2021-14 Ltd. (Cayman Islands), <br> Series 2021-14A, Class A, 5.69% (3 mo. <br> Term SOFR + 1.36%), 04/20/2034<sup>(a)(b)</sup><br>| 1600000 | &nbsp;&nbsp; 1601427 |
| &nbsp;&nbsp;&nbsp; CBAMR Ltd. (Cayman Islands), Series 2019-<br> 9A, Class AR, 5.95% (3 mo. Term SOFR + <br> 1.63%), 07/15/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003410 |
| Cedar Funding II CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class ARR, 5.67% (3 mo. <br> Term SOFR + 1.34%), 04/20/2034<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2505077 |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class BRR, 5.94% (3 mo. <br> Term SOFR + 1.61%), 04/20/2034<sup>(a)(b)</sup><br>| 1150000 | &nbsp;&nbsp; 1151914 |
| &nbsp;&nbsp;&nbsp; Cedar Funding IX CLO Ltd. (Cayman Islands), <br> Series 2018-9A, Class AR, 5.75% (3 mo. <br> Term SOFR + 1.42%), 07/20/2037<sup>(a)(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6019986 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XI CLO Ltd. (Cayman Islands), <br> Series 2019-11A, Class A1R2, 5.39% (3 <br> mo. Term SOFR + 1.06%), <br> 05/29/2032<sup>(a)(b)</sup><br>| 887312 | &nbsp;&nbsp; 886292 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XII CLO Ltd. (Cayman <br> Islands), Series 2020-12A, Class ARR, <br> 5.52% (3 mo. Term SOFR + 1.20%), <br> 01/25/2038<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1252386 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XIV CLO Ltd. (Cayman <br> Islands), Series 2021-14A, Class AR, <br> 5.70% (3 mo. Term SOFR + 1.38%), <br> 10/15/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5020350 |
| &nbsp;&nbsp;&nbsp; Cerberus Loan Funding XL LLC, <br> Series 2023-1A, Class A, 6.72% (3 mo. <br> Term SOFR + 2.40%), 03/22/2035<sup>(a)(b)</sup><br>| 1550000 | &nbsp;&nbsp; 1552759 |
| &nbsp;&nbsp;&nbsp; Cerberus Loan Funding XLI LLC, <br> Series 2023-2A, Class A1, 6.87% (3 mo. <br> Term SOFR + 2.55%), 07/15/2035<sup>(a)(b)</sup><br>| 512000 | &nbsp;&nbsp; 517643 |
| CIFC Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-2A, Class A2L2, 6.09% (3 <br> mo. Term SOFR + 1.76%), <br> 10/18/2030<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 501125 |
| &nbsp;&nbsp;&nbsp; Series 2014-4RA, Class A1A2, 5.31% (3 <br> mo. Term SOFR + 0.99%), <br> 01/17/2035<sup>(a)(b)</sup><br>| 740000 | &nbsp;&nbsp; 741792 |
| &nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R3, 5.70% (3 <br> mo. Term SOFR + 1.38%), <br> 07/17/2037<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1304004 |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class AR3, 5.33% (3 mo. <br> Term SOFR + 1.00%), 10/21/2031<sup>(a)(b)</sup><br>| 540684 | &nbsp;&nbsp; 539944 |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class ARR, 5.88% (3 mo. <br> Term SOFR + 1.55%), 04/21/2037<sup>(a)(b)</sup><br>| 3900000 | &nbsp;&nbsp; 3912808 |
| &nbsp;&nbsp;&nbsp; Series 2017-5A, Class AR, 5.73% (3 mo. <br> Term SOFR + 1.41%), 07/17/2037<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1305611 |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class A2R, 5.94% (3 mo. <br> Term SOFR + 1.61%), 10/20/2034<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1503609 |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 6.08% (3 mo. <br> Term SOFR + 1.75%), 01/21/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5021880 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Eaton Vance CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class A13R, 5.83% (3 <br> mo. Term SOFR + 1.51%), <br> 01/15/2034<sup>(a)(b)</sup><br>| $2200000 | &nbsp;&nbsp; $2200110 |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class AR4, 5.62% (3 mo. <br> Term SOFR + 1.34%), 10/15/2038<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2201650 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 19 Ltd. (Cayman Islands), <br> Series 2022-6A, Class AR, 6.02% (3 mo. <br> Term SOFR + 1.70%), 10/17/2036<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2107659 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 21 Ltd. (Cayman Islands), <br> Series 2022-8A, Class AR, 5.98% (3 mo. <br> Term SOFR + 1.65%), 10/20/2036<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1303546 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 24 Ltd. (Cayman Islands), <br> Series 2023-3A, Class AR, 5.64% (3 mo. <br> Term SOFR + 1.32%), 01/17/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1002489 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 26 Ltd. (Cayman Islands), <br> Series 2024-1A, Class B, 6.33% (3 mo. <br> Term SOFR + 2.00%), 04/18/2037<sup>(a)(b)</sup><br>| 1100000 | &nbsp;&nbsp; 1104924 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 29 Ltd. (Cayman Islands), <br> Series 2024-5A, Class AR1, 5.85% (3 mo. <br> Term SOFR + 1.52%), 04/20/2037<sup>(a)(b)</sup><br>| 520000 | &nbsp;&nbsp; 521704 |
| Elmwood CLO III Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class A1RR, 5.71% (3 <br> mo. Term SOFR + 1.38%), <br> 07/18/2037<sup>(a)(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6028746 |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class A2RR, 5.93% (3 <br> mo. Term SOFR + 1.60%), <br> 07/18/2037<sup>(a)(b)</sup><br>| 325000 | &nbsp;&nbsp; 325505 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VI Ltd. (Cayman Islands), <br> Series 2020-3A, Class ARR, 5.71% (3 mo. <br> Term SOFR + 1.38%), 07/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1004909 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VIII Ltd. (Cayman Islands), <br> Series 2021-1A, Class AR, 5.88% (3 mo. <br> Term SOFR + 1.55%), 04/20/2037<sup>(a)(b)</sup><br>| 1808072 | &nbsp;&nbsp; 1815447 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO X Ltd. (Cayman Islands), <br> Series 2021-3A, Class BR2, 5.91% (3 mo. <br> Term SOFR + 1.65%), 07/20/2038<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003574 |
| Empower CLO 2025-1 Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.64% (3 mo. <br> Term SOFR + 1.31%), 07/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5003570 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.13% (3 mo. <br> Term SOFR + 1.80%), 07/20/2038<sup>(a)(b)</sup><br>| 1750000 | &nbsp;&nbsp; 1754245 |
| Empower CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1R, 5.72% (3 mo. <br> Term SOFR + 1.39%), 10/20/2037<sup>(a)(b)</sup><br>| 3750000 | &nbsp;&nbsp; 3757350 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 5.92% (3 mo. <br> Term SOFR + 1.60%), 04/25/2037<sup>(a)(b)</sup><br>| 4800000 | &nbsp;&nbsp; 4816886 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 21 Ltd. (Cayman Islands), <br> Series 2021-1A, Class A1R, 5.69% (3 mo. <br> Term SOFR + 1.36%), 10/19/2037<sup>(a)(b)</sup><br>| 1945000 | &nbsp;&nbsp; 1955441 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 25 Ltd. (Cayman Islands), <br> Series 2024-2A, Class A, 5.67% (3 mo. <br> Term SOFR + 1.35%), 10/17/2037<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3512243 |
| &nbsp;&nbsp;&nbsp; Galaxy XXI CLO Ltd. (Cayman Islands), <br> Series 2015-21A, Class AR, 5.61% (3 mo. <br> Term SOFR + 1.28%), 04/20/2031<sup>(a)(b)</sup><br>| 18728 | &nbsp;&nbsp; 18737 |
| &nbsp;&nbsp;&nbsp; Galaxy XXII CLO Ltd. (Cayman Islands), <br> Series 2016-22A, Class ARR, 5.56% (3 <br> mo. Term SOFR + 1.24%), <br> 04/16/2034<sup>(a)(b)</sup><br>| 1750000 | &nbsp;&nbsp; 1752399 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Galaxy XXIV CLO Ltd. (Cayman Islands), <br> Series 2017-24A, Class AR, 5.86% (3 mo. <br> Term SOFR + 1.54%), 04/15/2037<sup>(a)(b)</sup><br>| $1250000 | &nbsp;&nbsp; $1253443 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO 12 <br> Ltd. (Cayman Islands), Series 2022-12A, <br> Class AJR, 5.86% (3 mo. Term SOFR + <br> 1.53%), 07/20/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2004324 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO 9 <br> Ltd., Series 2021-9A, Class AR, 5.83% (3 <br> mo. Term SOFR + 1.50%), <br> 04/20/2037<sup>(a)(b)</sup><br>| 6300000 | &nbsp;&nbsp; 6333289 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 49(M), Ltd. <br> (Cayman Islands), Series 2020-49A, <br> Class A1R, 5.84% (3 mo. Term SOFR + <br> 1.52%), 07/20/2038<sup>(a)(b)</sup><br>| 1400000 | &nbsp;&nbsp; 1401201 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 54(M) L.P. <br> (Cayman Islands), Series 2021-54A, <br> Class A1R, 5.80% (3 mo. Term SOFR + <br> 1.47%), 08/05/2037<sup>(a)(b)</sup><br>| 2400000 | &nbsp;&nbsp; 2403475 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 61(M), <br> Series 2022-61A, Class A1A, 5.54% (3 <br> mo. Term SOFR + 1.23%), <br> 07/25/2035<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5000260 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 68(B) Ltd. <br> (Jersey), Series 2023-68A, Class B, <br> 7.12% (3 mo. Term SOFR + 2.80%), <br> 07/25/2036<sup>(a)(b)</sup><br>| 1100000 | &nbsp;&nbsp; 1100055 |
| &nbsp;&nbsp;&nbsp; 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; 1005724 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 78(M), <br> Series 2025-78A, Class A1, 5.71% (3 mo. <br> Term SOFR + 1.38%), 04/21/2039<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3496682 |
| &nbsp;&nbsp;&nbsp; Harmony-Peace Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.68% (3 mo. <br> Term SOFR + 1.35%), 10/20/2037<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5015820 |
| &nbsp;&nbsp;&nbsp; Ivy Hill Middle Market Credit Fund IX Ltd. <br> (Cayman Islands)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 9A, Class A1R3, 4.19% (3 mo. <br> Term SOFR + 1.52%), 07/23/2037<sup>(a)(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1200900 |
| &nbsp;&nbsp;&nbsp; Series 9A, Class A1TR, 5.94% (3 mo. <br> Term SOFR + 1.62%), 04/23/2034<sup>(a)(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1200060 |
| &nbsp;&nbsp;&nbsp; Ivy Hill Middle Market Credit Fund VII Ltd. <br> (Cayman Islands), Series 7A, Class AR3, <br> 5.92% (3 mo. Term SOFR + 1.60%), <br> 10/15/2036<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 500675 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XIX Ltd. (Cayman <br> Islands), Series 2015-19A, Class AR3, <br> 5.93% (3 mo. Term SOFR + 1.60%), <br> 01/22/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1002884 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVII Ltd. (Cayman <br> Islands), Series 2019-37A, Class AR2, <br> 5.85% (3 mo. Term SOFR + 1.53%), <br> 04/15/2037<sup>(a)(b)</sup><br>| 5340000 | &nbsp;&nbsp; 5366054 |
| &nbsp;&nbsp;&nbsp; Magnetite XL Ltd. (Cayman Islands), <br> Series 2024-40A, Class A1, 5.77% (3 mo. <br> Term SOFR + 1.45%), 07/15/2037<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2507812 |
| &nbsp;&nbsp;&nbsp; Magnetite Xlii Ltd., Series 2024-42A, <br> Class A1, 5.63% (3 mo. Term SOFR + <br> 1.31%), 01/25/2038<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1505535 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Magnetite XVII Ltd. (Cayman Islands), <br> Series 2016-17A, Class AR2, 5.83% (3 <br> mo. Term SOFR + 1.50%), <br> 04/20/2037<sup>(a)(b)</sup><br>| $3100000 | &nbsp;&nbsp; $3119046 |
| &nbsp;&nbsp;&nbsp; Magnetite XXI Ltd. (Cayman Islands), <br> Series 2019-21A, Class AR, 5.61% (3 mo. <br> Term SOFR + 1.28%), 04/20/2034<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2502365 |
| Magnetite XXVII Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class AR, 5.73% (3 mo. <br> Term SOFR + 1.40%), 10/20/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1253079 |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class BR, 6.14% (3 mo. <br> Term SOFR + 1.81%), 10/20/2034<sup>(a)(b)</sup><br>| 930000 | &nbsp;&nbsp; 932882 |
| &nbsp;&nbsp;&nbsp; Magnetite XXXVII Ltd. (Cayman Islands), <br> Series 2023-37A, Class A, 5.98% (3 mo. <br> Term SOFR + 1.65%), 10/20/2036<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2506640 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO Ltd. <br> (Cayman Islands), Series 2022-16A, <br> Class B, 6.27% (3 mo. Term SOFR + <br> 1.95%), 04/15/2035<sup>(a)(b)</sup><br>| 630000 | &nbsp;&nbsp; 630955 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XVI-S Ltd. (Cayman <br> Islands), Series 2017-16SA, Class A1R, <br> 5.50% (3 mo. Term SOFR + 1.18%), <br> 04/15/2039<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2500875 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 33 <br> Ltd. (Cayman Islands), Series 2019-33A, <br> Class AR2, 5.54% (3 mo. Term SOFR + <br> 1.22%), 04/16/2039<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1000718 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 39 <br> Ltd. (Cayman Islands), Series 2020-39A, <br> Class A1R, 5.86% (3 mo. Term SOFR + <br> 1.53%), 04/20/2038<sup>(a)(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3016134 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 40 <br> Ltd. (Cayman Islands), Series 2021-40A, <br> Class A, 5.64% (3 mo. Term SOFR + <br> 1.32%), 04/16/2033<sup>(a)(b)</sup><br>| 3612561 | &nbsp;&nbsp; 3618904 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 47 <br> Ltd. (Cayman Islands), Series 2022-47A, <br> Class A, 5.62% (3 mo. Term SOFR + <br> 1.30%), 04/14/2035<sup>(a)(b)</sup><br>| 3996643 | &nbsp;&nbsp; 4005180 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers NBLA CLO <br> 52 Ltd. (Jersey), Series 2022-52A, <br> Class AR, 5.67% (3 mo. Term SOFR + <br> 1.35%), 10/24/2038<sup>(a)(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2510372 |
| OCP CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-9A, Class AR3, 5.42% (3 mo. <br> Term SOFR + 1.10%), 01/15/2037<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3501025 |
| &nbsp;&nbsp;&nbsp; Series 2016-12A, Class A1R3, 5.70% (3 <br> mo. Term SOFR + 1.37%), <br> 10/18/2037<sup>(a)(b)</sup><br>| 1000000 | &nbsp;&nbsp; 1003918 |
| &nbsp;&nbsp;&nbsp; Series 2017-13A, Class AR2, 5.67% (3 <br> mo. Term SOFR + 1.34%), <br> 11/26/2037<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1506298 |
| &nbsp;&nbsp;&nbsp; Series 2019-17A, Class AR2, 5.73% (3 <br> mo. Term SOFR + 1.40%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4012848 |
| &nbsp;&nbsp;&nbsp; Series 2019-17A, Class BR2, 6.08% (3 <br> mo. Term SOFR + 1.75%), <br> 07/20/2037<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1255060 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2020-20A, Class A1R, 5.86% (3 <br> mo. Term SOFR + 1.53%), <br> 04/18/2037<sup>(a)(b)</sup><br>| $1000000 | &nbsp;&nbsp; $1004040 |
| &nbsp;&nbsp;&nbsp; Series 2024-31A, Class A1, 5.96% (3 mo. <br> Term SOFR + 1.63%), 04/20/2037<sup>(a)(b)</sup><br>| 3250000 | &nbsp;&nbsp; 3262236 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 15-R Ltd. (Cayman <br> Islands), Series 2023-15RA, Class A, <br> 5.61% (3 mo. Term SOFR + 1.29%), <br> 07/20/2038<sup>(a)(b)</sup><br>| 1275000 | &nbsp;&nbsp; 1278616 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 17 Ltd. (Bermuda), <br> Series 2024-17A, Class A, 5.81% (3 mo. <br> Term SOFR + 1.48%), 04/20/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2009254 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 4 Ltd. (Cayman Islands), <br> Series 2019-4A, Class AR2, 5.62% (3 mo. <br> Term SOFR + 1.29%), 01/22/2038<sup>(a)(b)</sup><br>| 2331000 | &nbsp;&nbsp; 2339604 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 8 Ltd. (Cayman Islands), <br> Series 2021-8A, Class B1R, 5.88% (3 mo. <br> Term SOFR + 1.55%), 01/20/2038<sup>(a)(b)</sup><br>| 2250000 | &nbsp;&nbsp; 2254311 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners VII Ltd. (Cayman <br> Islands), Series 2012-7A, Class AR4, <br> 5.46% (3 mo. Term SOFR + 1.14%), <br> 02/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4991980 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO 2023-1 Ltd. (Cayman <br> Islands), Series 2023-1A, Class AR, 5.58% <br> (3 mo. Term SOFR + 1.25%), <br> 01/20/2038<sup>(a)(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5009455 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands), <br> Series 2015-1A, Class A1A5, 5.37% (3 <br> mo. Term SOFR + 1.05%), <br> 05/21/2034<sup>(a)(b)</sup><br>| 1795000 | &nbsp;&nbsp; 1796919 |
| Park Blue CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1R, 5.75% (3 mo. <br> Term SOFR + 1.42%), 10/20/2037<sup>(a)(b)</sup><br>| 6400000 | &nbsp;&nbsp; 6414272 |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1R, 5.75% (3 mo. <br> Term SOFR + 1.42%), 07/20/2037<sup>(a)(b)</sup><br>| 1280000 | &nbsp;&nbsp; 1283008 |
| &nbsp;&nbsp;&nbsp; Series 2025-7A, Class A1, 5.47% (3 mo. <br> Term SOFR + 1.22%), 04/25/2038<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1250500 |
| &nbsp;&nbsp;&nbsp; Peace Park CLO Ltd. (Cayman Islands), <br> Series 2021-1A, Class B1, 6.19% (3 mo. <br> Term SOFR + 1.86%), 10/20/2034<sup>(a)(b)</sup><br>| 795000 | &nbsp;&nbsp; 798419 |
| &nbsp;&nbsp;&nbsp; Peebles Park CLO Ltd. (Jersey), <br> Series 2024-1A, Class A, 5.83% (3 mo. <br> Term SOFR + 1.50%), 04/21/2037<sup>(a)(b)</sup><br>| 2400000 | &nbsp;&nbsp; 2409264 |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO 4 (Cayman Islands), <br> Series 2019-4A, Class ARR, 5.53% (3 mo. <br> Term SOFR + 1.21%), 07/15/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1250320 |
| &nbsp;&nbsp;&nbsp; Rad CLO 5 Ltd. (Cayman Islands), <br> Series 2019-5A, Class BR, 6.28% (3 mo. <br> Term SOFR + 1.96%), 07/24/2032<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2004680 |
| &nbsp;&nbsp;&nbsp; Regatta 30 Funding Ltd. (Cayman Islands), <br> Series 2024-4A, Class A2, 5.87% (3 mo. <br> Term SOFR + 1.55%), 01/25/2038<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1301760 |
| &nbsp;&nbsp;&nbsp; Regatta X Funding Ltd. (Cayman Islands), <br> Series 2017-3A, Class AR, 5.80% (3 mo. <br> Term SOFR + 1.48%), 07/17/2037<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2009256 |
| &nbsp;&nbsp;&nbsp; Regatta XVII Funding Ltd. (Cayman Islands), <br> Series 2020-1A, Class AR, 5.70% (3 mo. <br> Term SOFR + 1.38%), 10/15/2037<sup>(a)(b)</sup><br>| 4600000 | &nbsp;&nbsp; 4619936 |
| &nbsp;&nbsp;&nbsp; Regatta XX Funding Ltd. (Cayman Islands), <br> Series 2021-2A, Class AR, 5.50% (3 mo. <br> Term SOFR + 1.18%), 01/15/2038<sup>(a)(b)</sup><br>| 1350000 | &nbsp;&nbsp; 1348538 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Regatta XXII Funding Ltd. (Cayman Islands), <br> Series 2022-2A, Class AR, 5.58% (3 mo. <br> Term SOFR + 1.25%), 07/20/2035<sup>(a)(b)</sup><br>| $3000000 | &nbsp;&nbsp; $3007692 |
| &nbsp;&nbsp;&nbsp; RR 15 Ltd. (Cayman Islands), Series 2021-<br> 15A, Class A2, 6.03% (3 mo. Term SOFR <br> + 1.71%), 04/15/2036<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2103780 |
| &nbsp;&nbsp;&nbsp; RR 24 Ltd. (Bermuda), Series 2022-24A, <br> Class A1A2, 5.63% (3 mo. Term SOFR + <br> 1.31%), 01/15/2037<sup>(a)(b)</sup><br>| 900000 | &nbsp;&nbsp; 901342 |
| &nbsp;&nbsp;&nbsp; RR 26 Ltd. (Cayman Islands), Series 2023-<br> 26A, Class A1R, 5.44% (3 mo. Term SOFR <br> + 1.12%), 04/15/2038<sup>(a)(b)</sup><br>| 2100000 | &nbsp;&nbsp; 2098293 |
| &nbsp;&nbsp;&nbsp; RR 29 Ltd. (Cayman Islands), Series 2024-<br> 29RA, Class A1R, 5.71% (3 mo. Term <br> SOFR + 1.39%), 07/15/2039<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1503282 |
| &nbsp;&nbsp;&nbsp; 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; 1299228 |
| &nbsp;&nbsp;&nbsp; RR 5 Ltd. (Cayman Islands), Series 2018-5A, <br> Class A1R, 5.82% (3 mo. Term SOFR + <br> 1.50%), 07/15/2039<sup>(a)(b)</sup><br>| 2200000 | &nbsp;&nbsp; 2210417 |
| &nbsp;&nbsp;&nbsp; Shackleton 2019-XIV CLO, Ltd. (Cayman <br> Islands), Series 2019-14A, Class A1R, <br> 5.53% (3 mo. Term SOFR + 1.20%), <br> 07/20/2034<sup>(a)(b)</sup><br>| 1250000 | &nbsp;&nbsp; 1251551 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 10 Ltd. (Cayman Islands), <br> Series 2021-10A, Class A1R, 5.51% (3 <br> mo. Term SOFR + 1.19%), <br> 01/24/2038<sup>(a)(b)</sup><br>| 4500000 | &nbsp;&nbsp; 4495603 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 11 Ltd. (Cayman Islands), <br> Series 2024-11A, Class A1, 5.78% (3 mo. <br> Term SOFR + 1.45%), 07/18/2037<sup>(a)(b)</sup><br>| 9700000 | &nbsp;&nbsp; 9743873 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 14 Ltd. (Cayman Islands), <br> Series 2024-14A, Class A, 5.63% (3 mo. <br> Term SOFR + 1.30%), 01/22/2038<sup>(a)(b)</sup><br>| 2000000 | &nbsp;&nbsp; 2005000 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 9 Ltd. (Cayman Islands), <br> Series 2021-9A, Class A1R, 5.69% (3 mo. <br> Term SOFR + 1.36%), 01/21/2038<sup>(a)(b)</sup><br>| 1300000 | &nbsp;&nbsp; 1306139 |
| &nbsp;&nbsp;&nbsp; Symphony CLO 40 Ltd. (Bermuda), <br> Series 2023-40A, Class AR, 5.63% (3 mo. <br> Term SOFR + 1.31%), 01/05/2038<sup>(a)(b)</sup><br>| 1500000 | &nbsp;&nbsp; 1504831 |
| Symphony CLO XIX Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 5.54% (3 mo. <br> Term SOFR + 1.22%), 04/16/2031<sup>(a)(b)</sup><br>| 1227800 | &nbsp;&nbsp; 1228771 |
| &nbsp;&nbsp;&nbsp; Series 2018-19A, Class B, 5.93% (3 mo. <br> Term SOFR + 1.61%), 04/16/2031<sup>(a)(b)</sup><br>| 900000 | &nbsp;&nbsp; 901657 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XX Ltd. (Cayman Islands), <br> Series 2018-20A, Class AR2, 5.42% (3 <br> mo. Term SOFR + 1.10%), <br> 01/16/2032<sup>(a)(b)</sup><br>| 2301406 | &nbsp;&nbsp; 2302474 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd. (Cayman Islands), <br> Series 2020-22A, Class BR, 6.01% (3 mo. <br> Term SOFR + 1.68%), 04/18/2033<sup>(a)(b)</sup><br>| 750000 | &nbsp;&nbsp; 750598 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXV Ltd. (Cayman Islands), <br> Series 2021-25A, Class B, 5.94% (3 mo. <br> Term SOFR + 1.61%), 04/19/2034<sup>(a)(b)</sup><br>| 3213000 | &nbsp;&nbsp; 3214713 |
| Symphony CLO XXXII Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-32A, Class B, 6.17% (3 mo. <br> Term SOFR + 1.85%), 04/23/2035<sup>(a)(b)</sup><br>| 500000 | &nbsp;&nbsp; 500025 |
| &nbsp;&nbsp;&nbsp; Series 2022-32A, Class BR, 5.92% (3 mo. <br> Term SOFR + 1.65%), 10/23/2035<sup>(a)(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3504844 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd. (Cayman <br> Islands), Series 2023-1A, Class A1R, <br> 5.62% (3 mo. Term SOFR + 1.30%), <br> 07/20/2038<sup>(a)(b)</sup><br>| $3550000 | &nbsp;&nbsp; $3561481 |
| &nbsp;&nbsp;&nbsp; TICP CLO VII Ltd. (Cayman Islands), <br> Series 2017-7A, Class ASR2, 5.62% (3 <br> mo. Term SOFR + 1.30%), <br> 04/15/2033<sup>(a)(b)</sup><br>| 4875760 | &nbsp;&nbsp; 4877306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $336,256,973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $336,256,973) | &nbsp;&nbsp; 336040866 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-3.85%** | **Money Market Funds-3.85%** | **Money Market Funds-3.85%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(c)(d)</sup> <br>(Cost $13,037,105)<br>| 13037105 | &nbsp;&nbsp; $13037105 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.05% <br>(Cost $349,294,078) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-103.05% <br>(Cost $349,294,078) | &nbsp;&nbsp; 349077971 |
| OTHER ASSETS LESS LIABILITIES-(3.05)% | OTHER ASSETS LESS LIABILITIES-(3.05)% | &nbsp;&nbsp; (10335786)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $338742185 |

---

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

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

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

---

| | |
|:---|:---|
| 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> July 31, 2025 was $336,040,866, which represented 99.20% 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 July 31, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $2443229 | &nbsp;&nbsp;&nbsp; $26746415 | &nbsp;&nbsp;&nbsp; $(29189644)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $61060 |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 40875596 | &nbsp;&nbsp;&nbsp; (27838491)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13037105 | &nbsp;&nbsp;&nbsp; 77697 |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $2443229 | &nbsp;&nbsp;&nbsp; $67622011 | &nbsp;&nbsp;&nbsp; $(57028135)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $13037105 | &nbsp;&nbsp;&nbsp; $138757 |

---

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

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

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Apartments -8.92%** | **Apartments -8.92%** | **Apartments -8.92%** |
| AvalonBay Communities, Inc. | 9178 | &nbsp;&nbsp; $1709678 |
| Equity Residential | 27690 | &nbsp;&nbsp; 1750008 |
| UDR, Inc. | 35007 | &nbsp;&nbsp; 1375425 |
|  |  | &nbsp;&nbsp; 4835111 |
| **Data Centers -10.94%** | **Data Centers -10.94%** | **Data Centers -10.94%** |
| Digital Realty Trust, Inc. | 23511 | &nbsp;&nbsp; 4148281 |
| Equinix, Inc., REIT | 2273 | &nbsp;&nbsp; 1784691 |
|  |  | &nbsp;&nbsp; 5932972 |
| **Free Standing -5.05%** | **Free Standing -5.05%** | **Free Standing -5.05%** |
| Agree Realty Corp. | 9829 | &nbsp;&nbsp; 704739 |
| Essential Properties Realty Trust, Inc. | 19466 | &nbsp;&nbsp; 593519 |
| Realty Income Corp., REIT | 25647 | &nbsp;&nbsp; 1439566 |
|  |  | &nbsp;&nbsp; 2737824 |
| **Gaming REITs-4.07%** | **Gaming REITs-4.07%** | **Gaming REITs-4.07%** |
| Gaming and Leisure Properties, Inc. | 48387 | &nbsp;&nbsp; 2205480 |
| **Health Care-16.41%** | **Health Care-16.41%** | **Health Care-16.41%** |
| American Healthcare REIT, Inc. | 18505 | &nbsp;&nbsp; 715033 |
| CareTrust REIT, Inc. | 29149 | &nbsp;&nbsp; 926938 |
| Healthpeak Properties, Inc. | 87748 | &nbsp;&nbsp; 1486451 |
| Ventas, Inc. | 16116 | &nbsp;&nbsp; 1082673 |
| Welltower, Inc., REIT | 28405 | &nbsp;&nbsp; 4688814 |
|  |  | &nbsp;&nbsp; 8899909 |
| **Industrial-10.85%** | **Industrial-10.85%** | **Industrial-10.85%** |
| EastGroup Properties, Inc. | 10393 | &nbsp;&nbsp; 1696553 |
| First Industrial Realty Trust, Inc. | 17719 | &nbsp;&nbsp; 863270 |
| Prologis, Inc., REIT | 13365 | &nbsp;&nbsp; 1427115 |
| Rexford Industrial Realty, Inc.<sup>(b)</sup> | 51935 | &nbsp;&nbsp; 1897185 |
|  |  | &nbsp;&nbsp; 5884123 |
| **Infrastructure REITs-13.98%** | **Infrastructure REITs-13.98%** | **Infrastructure REITs-13.98%** |
| American Tower Corp. | 21754 | &nbsp;&nbsp; 4533316 |
| Crown Castle, Inc. | 24877 | &nbsp;&nbsp; 2614324 |
| SBA Communications Corp., Class A | 1911 | &nbsp;&nbsp; 429440 |
|  |  | &nbsp;&nbsp; 7577080 |
| **Lodging Resorts-2.01%** | **Lodging Resorts-2.01%** | **Lodging Resorts-2.01%** |
| Host Hotels & Resorts, Inc. | 69450 | &nbsp;&nbsp; 1091754 |
| **Manufactured Homes-1.32%** | **Manufactured Homes-1.32%** | **Manufactured Homes-1.32%** |
| Equity LifeStyle Properties, Inc. | 11984 | &nbsp;&nbsp; 718081 |
| **Office-2.15%** | **Office-2.15%** | **Office-2.15%** |
| Vornado Realty Trust | 30280 | &nbsp;&nbsp; 1163358 |
| **Regional Malls-2.84%** | **Regional Malls-2.84%** | **Regional Malls-2.84%** |
| Simon Property Group, Inc. | 9404 | &nbsp;&nbsp; 1540281 |
| **Self Storage-6.49%** | **Self Storage-6.49%** | **Self Storage-6.49%** |
| CubeSmart | 45538 | &nbsp;&nbsp; 1771884 |
| Extra Space Storage, Inc. | 12982 | &nbsp;&nbsp; 1744261 |
|  |  | &nbsp;&nbsp; 3516145 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Shopping Centers-5.57%** | **Shopping Centers-5.57%** | **Shopping Centers-5.57%** |
| Brixmor Property Group, Inc. | 48856 | &nbsp;&nbsp; $1276607 |
| Kite Realty Group Trust<sup>(b)</sup> | 25808 | &nbsp;&nbsp; 567260 |
| Tanger, Inc. | 39115 | &nbsp;&nbsp; 1174232 |
|  |  | &nbsp;&nbsp; 3018099 |
| **Single Family Homes-4.29%** | **Single Family Homes-4.29%** | **Single Family Homes-4.29%** |
| American Homes 4 Rent, Class A | 33027 | &nbsp;&nbsp; 1145707 |
| Invitation Homes, Inc. | 38484 | &nbsp;&nbsp; 1179534 |
|  |  | &nbsp;&nbsp; 2325241 |
| **Specialty-3.28%** | **Specialty-3.28%** | **Specialty-3.28%** |
| Iron Mountain, Inc. | 12948 | &nbsp;&nbsp; 1260617 |
| Outfront Media, Inc.<sup>(b)</sup> | 29564 | &nbsp;&nbsp; 518257 |
|  |  | &nbsp;&nbsp; 1778874 |
| **Timber REITs-1.81%** | **Timber REITs-1.81%** | **Timber REITs-1.81%** |
| Rayonier, Inc.<sup>(b)</sup> | 42121 | &nbsp;&nbsp; 981841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $53,567,203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $53,567,203) | &nbsp;&nbsp; 54206173 |
| **Money Market Funds-0.24%** | **Money Market Funds-0.24%** | **Money Market Funds-0.24%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(c)(d)</sup> <br>(Cost $130,714)<br>| 130714 | &nbsp;&nbsp; 130714 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.22% <br>(Cost $53,697,917) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.22% <br>(Cost $53,697,917) | &nbsp;&nbsp; 54336887 |
| **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-6.51%** | **Money Market Funds-6.51%** | **Money Market Funds-6.51%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 979106 | &nbsp;&nbsp; 979106 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 2549906 | &nbsp;&nbsp; 2550416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,529,522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,529,522) | &nbsp;&nbsp; 3529522 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.73% <br>(Cost $57,227,439) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.73% <br>(Cost $57,227,439) | &nbsp;&nbsp; 57866409 |
| OTHER ASSETS LESS LIABILITIES-(6.73)% | OTHER ASSETS LESS LIABILITIES-(6.73)% | &nbsp;&nbsp; (3649002)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $54217407 |

---

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

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

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

---

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

---

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

------

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

July 31, 2025

*(Unaudited)*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $22927 | &nbsp;&nbsp;&nbsp; $1545556 | &nbsp;&nbsp;&nbsp; $(1437769)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $130714 | &nbsp;&nbsp;&nbsp; $1745 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 2322376 | &nbsp;&nbsp;&nbsp; 15208448 | &nbsp;&nbsp;&nbsp; (16551718)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 979106 | &nbsp;&nbsp;&nbsp; 23,260<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 5958527 | &nbsp;&nbsp;&nbsp; 37510991 | &nbsp;&nbsp;&nbsp; (40918701)<br>| &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; (536)<br>| &nbsp;&nbsp;&nbsp; 2550416 | &nbsp;&nbsp;&nbsp; 61,548<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $8303830 | &nbsp;&nbsp;&nbsp; $54264995 | &nbsp;&nbsp;&nbsp; $(58908188)<br>| &nbsp;&nbsp;&nbsp; $135 | &nbsp;&nbsp;&nbsp; $(536)<br>| &nbsp;&nbsp;&nbsp; $3660236 | &nbsp;&nbsp;&nbsp; $86553 |

---

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

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

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

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

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

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

------

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

**Invesco Comstock Contrarian Equity ETF (CSTK)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-93.76%** | **Common Stocks & Other Equity Interests-93.76%** | **Common Stocks & Other Equity Interests-93.76%** |
| **Aerospace & Defense-1.43%** | **Aerospace & Defense-1.43%** | **Aerospace & Defense-1.43%** |
| Textron, Inc. | 19758 | &nbsp;&nbsp; $1536580 |
| **Air Freight & Logistics-1.88%** | **Air Freight & Logistics-1.88%** | **Air Freight & Logistics-1.88%** |
| FedEx Corp. | 9026 | &nbsp;&nbsp; 2017221 |
| **Banks-13.48%** | **Banks-13.48%** | **Banks-13.48%** |
| Bank of America Corp. | 82740 | &nbsp;&nbsp; 3911120 |
| Citizens Financial Group, Inc. | 44089 | &nbsp;&nbsp; 2103927 |
| Fifth Third Bancorp | 41761 | &nbsp;&nbsp; 1736005 |
| Huntington Bancshares, Inc. | 130419 | &nbsp;&nbsp; 2142784 |
| M&T Bank Corp. | 5914 | &nbsp;&nbsp; 1115972 |
| Wells Fargo & Co. | 42546 | &nbsp;&nbsp; 3430484 |
|  |  | &nbsp;&nbsp; 14440292 |
| **Beverages-3.15%** | **Beverages-3.15%** | **Beverages-3.15%** |
| Coca-Cola Co. (The) | 22851 | &nbsp;&nbsp; 1551354 |
| Keurig Dr Pepper, Inc. | 55952 | &nbsp;&nbsp; 1826833 |
|  |  | &nbsp;&nbsp; 3378187 |
| **Broadline Retail-2.06%** | **Broadline Retail-2.06%** | **Broadline Retail-2.06%** |
| eBay, Inc. | 24089 | &nbsp;&nbsp; 2210166 |
| **Building Products-2.47%** | **Building Products-2.47%** | **Building Products-2.47%** |
| Johnson Controls International PLC | 25168 | &nbsp;&nbsp; 2642640 |
| **Capital Markets-2.57%** | **Capital Markets-2.57%** | **Capital Markets-2.57%** |
| State Street Corp. | 24644 | &nbsp;&nbsp; 2753967 |
| **Chemicals-1.20%** | **Chemicals-1.20%** | **Chemicals-1.20%** |
| International Flavors & Fragrances, Inc. | 18069 | &nbsp;&nbsp; 1283441 |
| **Communications Equipment-2.90%** | **Communications Equipment-2.90%** | **Communications Equipment-2.90%** |
| Cisco Systems, Inc. | 45702 | &nbsp;&nbsp; 3111392 |
| **Consumer Staples Distribution & Retail-2.28%** | **Consumer Staples Distribution & Retail-2.28%** | **Consumer Staples Distribution & Retail-2.28%** |
| Sysco Corp. | 30729 | &nbsp;&nbsp; 2446028 |
| **Containers & Packaging-1.36%** | **Containers & Packaging-1.36%** | **Containers & Packaging-1.36%** |
| International Paper Co. | 31126 | &nbsp;&nbsp; 1454829 |
| **Electrical Equipment-3.96%** | **Electrical Equipment-3.96%** | **Electrical Equipment-3.96%** |
| Eaton Corp. PLC | 5537 | &nbsp;&nbsp; 2130195 |
| Emerson Electric Co. | 14550 | &nbsp;&nbsp; 2117170 |
|  |  | &nbsp;&nbsp; 4247365 |
| **Entertainment-1.51%** | **Entertainment-1.51%** | **Entertainment-1.51%** |
| Walt Disney Co. (The) | 13551 | &nbsp;&nbsp; 1614060 |
| **Health Care Equipment & Supplies-3.31%** | **Health Care Equipment & Supplies-3.31%** | **Health Care Equipment & Supplies-3.31%** |
| Becton, Dickinson and Co. | 8670 | &nbsp;&nbsp; 1545428 |
| GE HealthCare Technologies, Inc. | 13001 | &nbsp;&nbsp; 927231 |
| Medtronic PLC | 11875 | &nbsp;&nbsp; 1071600 |
|  |  | &nbsp;&nbsp; 3544259 |
| **Health Care Providers & Services-5.37%** | **Health Care Providers & Services-5.37%** | **Health Care Providers & Services-5.37%** |
| CVS Health Corp. | 42305 | &nbsp;&nbsp; 2627140 |
| Elevance Health, Inc. | 5120 | &nbsp;&nbsp; 1449370 |
| Humana, Inc. | 3549 | &nbsp;&nbsp; 886789 |
| UnitedHealth Group, Inc. | 3150 | &nbsp;&nbsp; 786114 |
|  |  | &nbsp;&nbsp; 5749413 |
| **Hotels, Restaurants & Leisure-4.38%** | **Hotels, Restaurants & Leisure-4.38%** | **Hotels, Restaurants & Leisure-4.38%** |
| Domino's Pizza, Inc. | 2757 | &nbsp;&nbsp; 1277070 |
| Las Vegas Sands Corp. | 31076 | &nbsp;&nbsp; 1628382 |
| Starbucks Corp. | 20091 | &nbsp;&nbsp; 1791314 |
|  |  | &nbsp;&nbsp; 4696766 |
| **Household Products-1.69%** | **Household Products-1.69%** | **Household Products-1.69%** |
| Kimberly-Clark Corp. | 14574 | &nbsp;&nbsp; 1816212 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance-4.02%** | **Insurance-4.02%** | **Insurance-4.02%** |
| Allstate Corp. (The) | 5821 | &nbsp;&nbsp; $1183118 |
| American International Group, Inc. | 23637 | &nbsp;&nbsp; 1834941 |
| MetLife, Inc. | 16939 | &nbsp;&nbsp; 1286517 |
|  |  | &nbsp;&nbsp; 4304576 |
| **Interactive Media & Services-5.00%** | **Interactive Media & Services-5.00%** | **Interactive Media & Services-5.00%** |
| Alphabet, Inc., Class A | 14185 | &nbsp;&nbsp; 2722101 |
| Meta Platforms, Inc., Class A | 3409 | &nbsp;&nbsp; 2636657 |
|  |  | &nbsp;&nbsp; 5358758 |
| **IT Services-2.03%** | **IT Services-2.03%** | **IT Services-2.03%** |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 30279 | &nbsp;&nbsp; 2172821 |
| **Machinery-1.54%** | **Machinery-1.54%** | **Machinery-1.54%** |
| Caterpillar, Inc. | 3767 | &nbsp;&nbsp; 1650021 |
| **Media-1.09%** | **Media-1.09%** | **Media-1.09%** |
| Comcast Corp., Class A | 35068 | &nbsp;&nbsp; 1165310 |
| **Multi-Utilities-3.40%** | **Multi-Utilities-3.40%** | **Multi-Utilities-3.40%** |
| Dominion Energy, Inc. | 22067 | &nbsp;&nbsp; 1289816 |
| Sempra | 28767 | &nbsp;&nbsp; 2349689 |
|  |  | &nbsp;&nbsp; 3639505 |
| **Oil, Gas & Consumable Fuels-6.03%** | **Oil, Gas & Consumable Fuels-6.03%** | **Oil, Gas & Consumable Fuels-6.03%** |
| Chevron Corp. | 22259 | &nbsp;&nbsp; 3375354 |
| ConocoPhillips | 18523 | &nbsp;&nbsp; 1765983 |
| Exxon Mobil Corp. | 11825 | &nbsp;&nbsp; 1320143 |
|  |  | &nbsp;&nbsp; 6461480 |
| **Pharmaceuticals-5.34%** | **Pharmaceuticals-5.34%** | **Pharmaceuticals-5.34%** |
| Bristol-Myers Squibb Co. | 21357 | &nbsp;&nbsp; 924972 |
| Johnson & Johnson | 13401 | &nbsp;&nbsp; 2207681 |
| Merck & Co., Inc. | 33097 | &nbsp;&nbsp; 2585537 |
|  |  | &nbsp;&nbsp; 5718190 |
| **Semiconductors & Semiconductor Equipment-3.49%** | **Semiconductors & Semiconductor Equipment-3.49%** | **Semiconductors & Semiconductor Equipment-3.49%** |
| NXP Semiconductors N.V. (Netherlands) | 11818 | &nbsp;&nbsp; 2526334 |
| QUALCOMM, Inc. | 8273 | &nbsp;&nbsp; 1214145 |
|  |  | &nbsp;&nbsp; 3740479 |
| **Software-3.14%** | **Software-3.14%** | **Software-3.14%** |
| Microsoft Corp. | 6301 | &nbsp;&nbsp; 3361583 |
| **Textiles, Apparel & Luxury Goods-1.46%** | **Textiles, Apparel & Luxury Goods-1.46%** | **Textiles, Apparel & Luxury Goods-1.46%** |
| NIKE, Inc., Class B | 20885 | &nbsp;&nbsp; 1559901 |
| **Tobacco-2.22%** | **Tobacco-2.22%** | **Tobacco-2.22%** |
| Philip Morris International, Inc. | 14474 | &nbsp;&nbsp; 2374460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $95,098,738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $95,098,738) | &nbsp;&nbsp; 100449902 |
| **Money Market Funds-6.19%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(b)(c)</sup> <br>(Cost $6,633,179)<br>| 6633179 | &nbsp;&nbsp; 6633179 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.95% <br>(Cost $101,731,917) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.95% <br>(Cost $101,731,917) | &nbsp;&nbsp; 107083081 |
| OTHER ASSETS LESS LIABILITIES-0.05% | OTHER ASSETS LESS LIABILITIES-0.05% | &nbsp;&nbsp; 53615 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $107136696 |

---

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

------

**Invesco Comstock Contrarian Equity ETF (CSTK)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Premier U.S. Government <br> Money Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $6633179 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $6633179 | &nbsp;&nbsp;&nbsp; $33214 |

---

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

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

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

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

------

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

**Invesco Core Fixed Income ETF (GTOC)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-43.11%** | **U.S. Dollar Denominated Bonds & Notes-43.11%** | **U.S. Dollar Denominated Bonds & Notes-43.11%** |
| **Aerospace & Defense-0.60%** | **Aerospace & Defense-0.60%** | **Aerospace & Defense-0.60%** |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.15% 08/15/2028 | $24000 | &nbsp;&nbsp; $23944 |
| &nbsp;&nbsp;&nbsp; 4.40% 08/15/2030 | 10000 | &nbsp;&nbsp; 9970 |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/2035 | 56000 | &nbsp;&nbsp; 56023 |
|  |  | &nbsp;&nbsp; 89937 |
| **Agricultural & Farm Machinery-0.40%** | **Agricultural & Farm Machinery-0.40%** | **Agricultural & Farm Machinery-0.40%** |
| John Deere Capital Corp., 4.38%, 10/15/2030 | 60000 | &nbsp;&nbsp; 59795 |
| **Application Software-0.25%** | **Application Software-0.25%** | **Application Software-0.25%** |
| Autodesk, Inc., 5.30%, 06/15/2035 | 37000 | &nbsp;&nbsp; 37504 |
| **Asset Management & Custody Banks-1.20%** | **Asset Management & Custody Banks-1.20%** | **Asset Management & Custody Banks-1.20%** |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, 5.88%, <br> 08/30/2030<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 37057 |
| Ares Capital Corp., 5.50%, 09/01/2030 | 30000 | &nbsp;&nbsp; 29961 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, 5.45%, <br> 09/09/2028<sup>(b)</sup><br>| 29000 | &nbsp;&nbsp; 28963 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.03% (SOFR + 0.68%), 06/09/2028<sup>(c)</sup> | 17000 | &nbsp;&nbsp; 17084 |
| &nbsp;&nbsp;&nbsp; 5.32% 06/06/2036<sup>(d)</sup> | 29000 | &nbsp;&nbsp; 29565 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, 5.45%, <br> 08/15/2028<sup>(b)</sup><br>| 38000 | &nbsp;&nbsp; 37867 |
|  |  | &nbsp;&nbsp; 180497 |
| **Automobile Manufacturers-0.53%** | **Automobile Manufacturers-0.53%** | **Automobile Manufacturers-0.53%** |
| Honda Motor Co. Ltd. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 4.44% 07/08/2028 | 27000 | &nbsp;&nbsp; 26964 |
| &nbsp;&nbsp;&nbsp; 5.34% 07/08/2035 | 27000 | &nbsp;&nbsp; 27009 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, 4.88%, <br> 06/23/2027<sup>(b)</sup><br>| 26000 | &nbsp;&nbsp; 26092 |
|  |  | &nbsp;&nbsp; 80065 |
| **Broadcasting-0.22%** | **Broadcasting-0.22%** | **Broadcasting-0.22%** |
| Paramount Global, 5.85%, 09/01/2043 | 37000 | &nbsp;&nbsp; 32868 |
| **Commercial & Residential Mortgage Finance-0.18%** | **Commercial & Residential Mortgage Finance-0.18%** | **Commercial & Residential Mortgage Finance-0.18%** |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 4.80%, <br> 10/24/2030<sup>(b)</sup><br>| 27000 | &nbsp;&nbsp; 26742 |
| **Construction Machinery & Heavy Transportation Equipment-0.66%** | **Construction Machinery & Heavy Transportation Equipment-0.66%** | **Construction Machinery & Heavy Transportation Equipment-0.66%** |
| Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90% 05/29/2030 | 37000 | &nbsp;&nbsp; 37481 |
| &nbsp;&nbsp;&nbsp; 5.50% 05/29/2035 | 60000 | &nbsp;&nbsp; 61197 |
|  |  | &nbsp;&nbsp; 98678 |
| **Consumer Finance-2.32%** | **Consumer Finance-2.32%** | **Consumer Finance-2.32%** |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.73% 04/25/2029<sup>(d)</sup> | 65000 | &nbsp;&nbsp; 65581 |
| &nbsp;&nbsp;&nbsp; 4.35% 07/20/2029<sup>(d)</sup> | 84000 | &nbsp;&nbsp; 83846 |
| &nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.81%), 07/20/2029<sup>(c)</sup> | 151000 | &nbsp;&nbsp; 151240 |
| &nbsp;&nbsp;&nbsp; 4.92% 07/20/2033<sup>(d)</sup> | 41000 | &nbsp;&nbsp; 41144 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp; 5.02% 07/29/2029<sup>(d)</sup> | 3000 | &nbsp;&nbsp; 2999 |
| &nbsp;&nbsp;&nbsp; 6.00% 07/29/2036<sup>(d)</sup> | 4000 | &nbsp;&nbsp; 4014 |
|  |  | &nbsp;&nbsp; 348824 |
| **Distributors-0.55%** | **Distributors-0.55%** | **Distributors-0.55%** |
| Genuine Parts Co., 4.95%, 08/15/2029 | 82000 | &nbsp;&nbsp; 83046 |
| **Diversified Banks-8.15%** | **Diversified Banks-8.15%** | **Diversified Banks-8.15%** |
| Bank of America Corp., 6.25%<sup>(d)(e)</sup> | 55000 | &nbsp;&nbsp; 54948 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel (France), <br> 4.59%, 10/16/2028<sup>(b)</sup><br>| 38000 | &nbsp;&nbsp; 38109 |
| Citigroup, Inc., 4.95%, 05/07/2031<sup>(d)</sup> | 21000 | &nbsp;&nbsp; 21205 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10% 04/22/2031<sup>(d)</sup> | $| 65000 | &nbsp;&nbsp; $66490 |
| &nbsp;&nbsp;&nbsp; 5.72% 09/14/2033<sup>(d)</sup> |  | 40500 | &nbsp;&nbsp; 42217 |
| &nbsp;&nbsp;&nbsp; 5.58% 07/23/2036<sup>(d)</sup> |  | 37000 | &nbsp;&nbsp; 37572 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan), <br> 5.62%, 04/24/2036<sup>(d)</sup><br>|  | 96000 | &nbsp;&nbsp; 99203 |
| Mizuho Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.71% 07/08/2031<sup>(d)</sup> |  | 60000 | &nbsp;&nbsp; 59901 |
| &nbsp;&nbsp;&nbsp; 5.61% (SOFR + 1.25%), 07/08/2031<sup>(c)</sup> |  | 63000 | &nbsp;&nbsp; 63427 |
| &nbsp;&nbsp;&nbsp; 5.32% 07/08/2036<sup>(d)</sup> |  | 63000 | &nbsp;&nbsp; 63354 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank, N.A., 4.47%, <br> 07/06/2028<sup>(d)</sup><br>|  | 30000 | &nbsp;&nbsp; 29977 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), <br> 5.37%, 07/21/2036<sup>(d)</sup><br>|  | 37000 | &nbsp;&nbsp; 37398 |
| Truist Bank |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.42% 07/24/2028<sup>(d)</sup> |  | 250000 | &nbsp;&nbsp; 249679 |
| &nbsp;&nbsp;&nbsp; 5.12% (SOFR + 0.77%), 07/24/2028<sup>(c)</sup> |  | 250000 | &nbsp;&nbsp; 250529 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 04/23/2031<sup>(d)</sup> |  | 21000 | &nbsp;&nbsp; 21434 |
| &nbsp;&nbsp;&nbsp; 5.39% 04/24/2034<sup>(d)</sup> |  | 30000 | &nbsp;&nbsp; 30705 |
| &nbsp;&nbsp;&nbsp; 5.61% 04/23/2036<sup>(d)</sup> |  | 21000 | &nbsp;&nbsp; 21637 |
| &nbsp;&nbsp;&nbsp; Series BB, 3.90% <sup>(d)(e)</sup> |  | 7000 | &nbsp;&nbsp; 6939 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia), 5.18% <br> (SOFR + 0.82%), 07/01/2030<sup>(c)</sup><br>|  | 29000 | &nbsp;&nbsp; 29211 |
|  |  |  | &nbsp;&nbsp; 1223935 |
| **Diversified Financial Services-2.77%** | **Diversified Financial Services-2.77%** | **Diversified Financial Services-2.77%** | **Diversified Financial Services-2.77%** |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, 5.00%, <br> 09/15/2030<sup>(b)</sup><br>|  | 38000 | &nbsp;&nbsp; 37948 |
| &nbsp;&nbsp;&nbsp; Citadel Securities Global Holdings LLC, 6.20%, <br> 06/18/2035<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 255079 |
| &nbsp;&nbsp;&nbsp; Horizon Mutual Holdings, Inc., 6.20%, <br> 11/15/2034<sup>(b)</sup><br>|  | 61000 | &nbsp;&nbsp; 59295 |
| LPL Holdings, Inc., 5.15%, 06/15/2030 |  | 63000 | &nbsp;&nbsp; 63751 |
|  |  |  | &nbsp;&nbsp; 416073 |
| **Diversified Metals & Mining-0.61%** | **Diversified Metals & Mining-0.61%** | **Diversified Metals & Mining-0.61%** | **Diversified Metals & Mining-0.61%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia), 5.19%, <br> 04/01/2030<sup>(b)</sup><br>|  | 37000 | &nbsp;&nbsp; 37614 |
| Rio Tinto Finance (USA) PLC (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 03/14/2035 |  | 27000 | &nbsp;&nbsp; 27417 |
| &nbsp;&nbsp;&nbsp; 5.75% 03/14/2055 |  | 27000 | &nbsp;&nbsp; 27049 |
|  |  |  | &nbsp;&nbsp; 92080 |
| **Diversified REITs-0.14%** | **Diversified REITs-0.14%** | **Diversified REITs-0.14%** | **Diversified REITs-0.14%** |
| ERP Operating L.P., 4.95%, 06/15/2032 |  | 21000 | &nbsp;&nbsp; 21186 |
| **Electric Utilities-1.79%** | **Electric Utilities-1.79%** | **Electric Utilities-1.79%** | **Electric Utilities-1.79%** |
| Exelon Corp., 5.45%, 03/15/2034 |  | 36000 | &nbsp;&nbsp; 36912 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., 5.00%, 08/15/2034<br>|  | 81000 | &nbsp;&nbsp; 81187 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., 4.69%, <br> 09/01/2027<br>|  | 48000 | &nbsp;&nbsp; 48250 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp., 4.65%, <br> 10/03/2030<sup>(b)</sup><br>|  | 37000 | &nbsp;&nbsp; 36761 |
| PSEG Power LLC, 5.20%, 05/15/2030<sup>(b)</sup> |  | 37000 | &nbsp;&nbsp; 37823 |
| Union Electric Co., 5.25%, 04/15/2035 |  | 27000 | &nbsp;&nbsp; 27411 |
|  |  |  | &nbsp;&nbsp; 268344 |

---

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

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electrical Components & Equipment-0.36%** | **Electrical Components & Equipment-0.36%** | **Electrical Components & Equipment-0.36%** |
| Molex Electronic Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% 04/30/2028<sup>(b)</sup> | $27000 | &nbsp;&nbsp; $27033 |
| &nbsp;&nbsp;&nbsp; 5.25% 04/30/2032<sup>(b)</sup> | 27000 | &nbsp;&nbsp; 27097 |
|  |  | &nbsp;&nbsp; 54130 |
| **Financial Exchanges & Data-0.39%** | **Financial Exchanges & Data-0.39%** | **Financial Exchanges & Data-0.39%** |
| Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35% 06/28/2028 | 29000 | &nbsp;&nbsp; 29788 |
| &nbsp;&nbsp;&nbsp; 5.95% 08/15/2053 | 29000 | &nbsp;&nbsp; 29495 |
|  |  | &nbsp;&nbsp; 59283 |
| **Food Distributors-1.42%** | **Food Distributors-1.42%** | **Food Distributors-1.42%** |
| Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 08/04/2030 | 146000 | &nbsp;&nbsp; 145759 |
| &nbsp;&nbsp;&nbsp; 5.15% 08/04/2035 | 67000 | &nbsp;&nbsp; 66860 |
|  |  | &nbsp;&nbsp; 212619 |
| **Forest Products-0.49%** | **Forest Products-0.49%** | **Forest Products-0.49%** |
| Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.40% 06/30/2028<sup>(b)</sup> | 37000 | &nbsp;&nbsp; 37077 |
| &nbsp;&nbsp;&nbsp; 4.95% 06/30/2032<sup>(b)</sup> | 37000 | &nbsp;&nbsp; 37280 |
|  |  | &nbsp;&nbsp; 74357 |
| **Gas Utilities-0.39%** | **Gas Utilities-0.39%** | **Gas Utilities-0.39%** |
| Atmos Energy Corp., 5.20%, 08/15/2035 | 30000 | &nbsp;&nbsp; 30230 |
| &nbsp;&nbsp;&nbsp; Southern Natural Gas Co., L.L.C., 5.45%, <br> 08/01/2035<sup>(b)</sup><br>| 28000 | &nbsp;&nbsp; 28062 |
|  |  | &nbsp;&nbsp; 58292 |
| **Health Care Distributors-0.74%** | **Health Care Distributors-0.74%** | **Health Care Distributors-0.74%** |
| McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65% 05/30/2030 | 48000 | &nbsp;&nbsp; 48297 |
| &nbsp;&nbsp;&nbsp; 4.95% 05/30/2032 | 24000 | &nbsp;&nbsp; 24207 |
| &nbsp;&nbsp;&nbsp; 5.25% 05/30/2035 | 38000 | &nbsp;&nbsp; 38455 |
|  |  | &nbsp;&nbsp; 110959 |
| **Health Care Equipment-0.25%** | **Health Care Equipment-0.25%** | **Health Care Equipment-0.25%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 4.80%, <br> 01/15/2031<br>| 37000 | &nbsp;&nbsp; 37200 |
| **Health Care REITs-0.11%** | **Health Care REITs-0.11%** | **Health Care REITs-0.11%** |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 5.20%, <br> 07/01/2030<br>| 17000 | &nbsp;&nbsp; 17063 |
| **Health Care Services-0.25%** | **Health Care Services-0.25%** | **Health Care Services-0.25%** |
| HCA, Inc., 5.45%, 09/15/2034 | 37000 | &nbsp;&nbsp; 37169 |
| **Highways & Railtracks-0.15%** | **Highways & Railtracks-0.15%** | **Highways & Railtracks-0.15%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, 5.80%, <br> 03/15/2056<br>| 22000 | &nbsp;&nbsp; 22386 |
| **Homebuilding-0.25%** | **Homebuilding-0.25%** | **Homebuilding-0.25%** |
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<br>| 37000 | &nbsp;&nbsp; 37199 |
| **Hotel & Resort REITs-0.19%** | **Hotel & Resort REITs-0.19%** | **Hotel & Resort REITs-0.19%** |
| &nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center Operating <br> Partnership I L.P., 5.25%, 08/15/2032<br>| 29000 | &nbsp;&nbsp; 29179 |
| **Industrial Conglomerates-0.43%** | **Industrial Conglomerates-0.43%** | **Industrial Conglomerates-0.43%** |
| &nbsp;&nbsp;&nbsp; Siemens Funding B.V. (Germany), 4.90%, <br> 05/28/2032<sup>(b)</sup><br>| 63000 | &nbsp;&nbsp; 64154 |
| **Integrated Telecommunication Services-2.13%** | **Integrated Telecommunication Services-2.13%** | **Integrated Telecommunication Services-2.13%** |
| AT&T, Inc., 6.05%, 08/15/2056 | 35000 | &nbsp;&nbsp; 35509 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan), 5.50%, <br> 07/16/2035<sup>(b)</sup><br>| $| 200000 | &nbsp;&nbsp; $203176 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 5.25%, <br> 04/02/2035<br>|  | 81000 | &nbsp;&nbsp; 81356 |
|  |  |  | &nbsp;&nbsp; 320041 |
| **Interactive Media & Services-0.17%** | **Interactive Media & Services-0.17%** | **Interactive Media & Services-0.17%** | **Interactive Media & Services-0.17%** |
| Alphabet, Inc., 5.30%, 05/15/2065 |  | 26000 | &nbsp;&nbsp; 25268 |
| **Investment Banking & Brokerage-0.88%** | **Investment Banking & Brokerage-0.88%** | **Investment Banking & Brokerage-0.88%** | **Investment Banking & Brokerage-0.88%** |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.73% 04/25/2030<sup>(d)</sup> |  | 26000 | &nbsp;&nbsp; 27001 |
| &nbsp;&nbsp;&nbsp; 5.54% 01/28/2036<sup>(d)</sup> |  | 21000 | &nbsp;&nbsp; 21478 |
| Morgan Stanley, 5.66%, 04/17/2036<sup>(d)</sup> |  | 21000 | &nbsp;&nbsp; 21667 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan), 5.49%, <br> 06/29/2035<br>|  | 61500 | &nbsp;&nbsp; 62015 |
|  |  |  | &nbsp;&nbsp; 132161 |
| **Life & Health Insurance-1.23%** | **Life & Health Insurance-1.23%** | **Life & Health Insurance-1.23%** | **Life & Health Insurance-1.23%** |
| &nbsp;&nbsp;&nbsp; American National Group, Inc., 6.00%, <br> 07/15/2035<br>|  | 30000 | &nbsp;&nbsp; 30200 |
| Athene Holding Ltd., 6.88%, 06/28/2055<sup>(d)</sup> |  | 23000 | &nbsp;&nbsp; 22764 |
| &nbsp;&nbsp;&nbsp; Equitable America Global Funding, 4.65%, <br> 06/09/2028<sup>(b)</sup><br>|  | 28000 | &nbsp;&nbsp; 28089 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, 4.70%, <br> 06/05/2028<sup>(b)</sup><br>|  | 46500 | &nbsp;&nbsp; 46609 |
| &nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, 4.63%, <br> 05/28/2028<sup>(b)</sup><br>|  | 19000 | &nbsp;&nbsp; 19049 |
| &nbsp;&nbsp;&nbsp; Symetra Life Insurance Co., 6.55%, <br> 10/01/2055<sup>(b)</sup><br>|  | 37000 | &nbsp;&nbsp; 37814 |
|  |  |  | &nbsp;&nbsp; 184525 |
| **Multi-line Insurance-0.20%** | **Multi-line Insurance-0.20%** | **Multi-line Insurance-0.20%** | **Multi-line Insurance-0.20%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., 4.85%, <br> 05/07/2030<br>|  | 29000 | &nbsp;&nbsp; 29406 |
| **Multi-Utilities-0.75%** | **Multi-Utilities-0.75%** | **Multi-Utilities-0.75%** | **Multi-Utilities-0.75%** |
| NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 03/30/2028 |  | 37000 | &nbsp;&nbsp; 37762 |
| &nbsp;&nbsp;&nbsp; 5.35% 04/01/2034 |  | 36000 | &nbsp;&nbsp; 36585 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., 6.13%, <br> 10/15/2033<br>|  | 36000 | &nbsp;&nbsp; 38392 |
|  |  |  | &nbsp;&nbsp; 112739 |
| **Office REITs-0.42%** | **Office REITs-0.42%** | **Office REITs-0.42%** | **Office REITs-0.42%** |
| Cousins Properties L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 07/15/2030 |  | 33000 | &nbsp;&nbsp; 33544 |
| &nbsp;&nbsp;&nbsp; 5.38% 02/15/2032 |  | 29000 | &nbsp;&nbsp; 29287 |
|  |  |  | &nbsp;&nbsp; 62831 |
| **Oil & Gas Exploration & Production-0.76%** | **Oil & Gas Exploration & Production-0.76%** | **Oil & Gas Exploration & Production-0.76%** | **Oil & Gas Exploration & Production-0.76%** |
| EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.40% 07/15/2028 |  | 37000 | &nbsp;&nbsp; 37120 |
| &nbsp;&nbsp;&nbsp; 5.35% 01/15/2036 |  | 40000 | &nbsp;&nbsp; 40317 |
| &nbsp;&nbsp;&nbsp; 5.95% 07/15/2055 |  | 37000 | &nbsp;&nbsp; 37394 |
|  |  |  | &nbsp;&nbsp; 114831 |
| **Oil & Gas Storage & Transportation-2.03%** | **Oil & Gas Storage & Transportation-2.03%** | **Oil & Gas Storage & Transportation-2.03%** | **Oil & Gas Storage & Transportation-2.03%** |
| Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% 06/20/2028 |  | 37000 | &nbsp;&nbsp; 36975 |
| &nbsp;&nbsp;&nbsp; 5.20% 01/15/2036 |  | 37000 | &nbsp;&nbsp; 37083 |
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, 5.75%, <br> 07/15/2035<sup>(b)</sup><br>|  | 51000 | &nbsp;&nbsp; 52064 |
| &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System, L.L.C., 5.60%, <br> 07/23/2035<sup>(b)</sup><br>|  | 24000 | &nbsp;&nbsp; 24149 |

---

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

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| Kinder Morgan, Inc., 5.15%, 06/01/2030 | 37000 | &nbsp;&nbsp; $37769 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., 5.95%, <br> 06/15/2035<br>| 37000 | &nbsp;&nbsp; 37994 |
| Williams Cos., Inc. (The), 6.00%, 03/15/2055 | 79500 | &nbsp;&nbsp; 79438 |
|  |  | &nbsp;&nbsp; 305472 |
| **Packaged Foods & Meats-0.17%** | **Packaged Foods & Meats-0.17%** | **Packaged Foods & Meats-0.17%** |
| Mars, Inc., 5.70%, 05/01/2055<sup>(b)</sup> | 26000 | &nbsp;&nbsp; 25679 |
| **Passenger Airlines-0.49%** | **Passenger Airlines-0.49%** | **Passenger Airlines-0.49%** |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 07/10/2028 | 36000 | &nbsp;&nbsp; 36182 |
| &nbsp;&nbsp;&nbsp; 5.25% 07/10/2030 | 37000 | &nbsp;&nbsp; 37374 |
|  |  | &nbsp;&nbsp; 73556 |
| **Pharmaceuticals-0.82%** | **Pharmaceuticals-0.82%** | **Pharmaceuticals-0.82%** |
| Takeda U.S. Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 07/07/2035 | 61500 | &nbsp;&nbsp; 61293 |
| &nbsp;&nbsp;&nbsp; 5.90% 07/07/2055 | 61500 | &nbsp;&nbsp; 61467 |
|  |  | &nbsp;&nbsp; 122760 |
| **Property & Casualty Insurance-0.25%** | **Property & Casualty Insurance-0.25%** | **Property & Casualty Insurance-0.25%** |
| Travelers Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 07/24/2035 | 14000 | &nbsp;&nbsp; 14040 |
| &nbsp;&nbsp;&nbsp; 5.70% 07/24/2055 | 24000 | &nbsp;&nbsp; 24189 |
|  |  | &nbsp;&nbsp; 38229 |
| **Retail REITs-0.55%** | **Retail REITs-0.55%** | **Retail REITs-0.55%** |
| Kimco Realty OP LLC, 5.30%, 02/01/2036 | 23000 | &nbsp;&nbsp; 23055 |
| Kite Realty Group L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 12/15/2031 | 30000 | &nbsp;&nbsp; 30027 |
| &nbsp;&nbsp;&nbsp; 5.50% 03/01/2034 | 29000 | &nbsp;&nbsp; 29572 |
|  |  | &nbsp;&nbsp; 82654 |
| **Self-Storage REITs-0.19%** | **Self-Storage REITs-0.19%** | **Self-Storage REITs-0.19%** |
| &nbsp;&nbsp;&nbsp; Americold Realty Operating Partnership L.P., <br> 5.60%, 05/15/2032<br>| 29000 | &nbsp;&nbsp; 29046 |
| **Semiconductors-0.99%** | **Semiconductors-0.99%** | **Semiconductors-0.99%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 11/15/2031 | 82000 | &nbsp;&nbsp; 84054 |
| &nbsp;&nbsp;&nbsp; 5.20% 07/15/2035 | 36000 | &nbsp;&nbsp; 36184 |
| Micron Technology, Inc., 5.65%, 11/01/2032 | 27000 | &nbsp;&nbsp; 27922 |
|  |  | &nbsp;&nbsp; 148160 |
| **Soft Drinks & Non-alcoholic Beverages-3.62%** | **Soft Drinks & Non-alcoholic Beverages-3.62%** | **Soft Drinks & Non-alcoholic Beverages-3.62%** |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10% 01/15/2029 | 120000 | &nbsp;&nbsp; 119451 |
| &nbsp;&nbsp;&nbsp; 4.60% 02/07/2030 | 82000 | &nbsp;&nbsp; 83201 |
| &nbsp;&nbsp;&nbsp; 4.30% 07/23/2030 | 86000 | &nbsp;&nbsp; 85636 |
| &nbsp;&nbsp;&nbsp; 4.65% 07/23/2032 | 105000 | &nbsp;&nbsp; 104960 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/23/2035 | 150000 | &nbsp;&nbsp; 150378 |
|  |  | &nbsp;&nbsp; 543626 |
| **Specialty Chemicals-1.25%** | **Specialty Chemicals-1.25%** | **Specialty Chemicals-1.25%** |
| Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% 08/15/2028 | 116000 | &nbsp;&nbsp; 115818 |
| &nbsp;&nbsp;&nbsp; 4.50% 08/15/2030 | 33000 | &nbsp;&nbsp; 32896 |
| &nbsp;&nbsp;&nbsp; 5.15% 08/15/2035 | 39000 | &nbsp;&nbsp; 38932 |
|  |  | &nbsp;&nbsp; 187646 |
| **Systems Software-0.17%** | **Systems Software-0.17%** | **Systems Software-0.17%** |
| Oracle Corp., 5.38%, 09/27/2054 | 28000 | &nbsp;&nbsp; 25242 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Tobacco-0.25%** | **Tobacco-0.25%** | **Tobacco-0.25%** |
| &nbsp;&nbsp;&nbsp; B.A.T. Capital Corp. (United Kingdom), 7.08%, <br> 08/02/2053<br>| $33000 | &nbsp;&nbsp; $36817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $6,469,861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $6,469,861) | &nbsp;&nbsp; 6474253 |
| **U.S. Treasury Securities-35.90%** | **U.S. Treasury Securities-35.90%** | **U.S. Treasury Securities-35.90%** |
| **U.S. Treasury Bills-0.44%**<sup>(f)</sup> | **U.S. Treasury Bills-0.44%**<sup>(f)</sup> | **U.S. Treasury Bills-0.44%**<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; 4.10%–4.11%, 05/14/2026<sup>(g)</sup> | 68000 | &nbsp;&nbsp; 65840 |
| **U.S. Treasury Bonds-8.09%** | **U.S. Treasury Bonds-8.09%** | **U.S. Treasury Bonds-8.09%** |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 445700 | &nbsp;&nbsp; 452316 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 796200 | &nbsp;&nbsp; 762983 |
|  |  | &nbsp;&nbsp; 1215299 |
| **U.S. Treasury Notes-27.37%** | **U.S. Treasury Notes-27.37%** | **U.S. Treasury Notes-27.37%** |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027 | 1438400 | &nbsp;&nbsp; 1433118 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 727000 | &nbsp;&nbsp; 726801 |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 854600 | &nbsp;&nbsp; 851662 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 600900 | &nbsp;&nbsp; 596112 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 507800 | &nbsp;&nbsp; 503397 |
|  |  | &nbsp;&nbsp; 4111090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $5,385,855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $5,385,855) | &nbsp;&nbsp; 5392229 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-35.38%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-35.38%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-35.38%** |
| **Collateralized Mortgage Obligations-4.55%** | **Collateralized Mortgage Obligations-4.55%** | **Collateralized Mortgage Obligations-4.55%** |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass <br> Through Ctfs.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K519, Class AS, 4.80% (30 Day <br> Average SOFR + 0.48%), 03/25/2029<sup>(c)</sup><br>| 267196 | &nbsp;&nbsp; 266994 |
| &nbsp;&nbsp;&nbsp; Series K530, Class A2, 4.79%, <br> 09/25/2029<sup>(h)</sup><br>| 100000 | &nbsp;&nbsp; 101663 |
| &nbsp;&nbsp;&nbsp; Series KF153, Class AS, 5.00% (30 Day <br> Average SOFR + 0.68%), 02/25/2033<sup>(c)</sup><br>| 306298 | &nbsp;&nbsp; 306829 |
| &nbsp;&nbsp;&nbsp; Series KF81, Class AL, 4.79% (30 Day <br> Average SOFR + 0.47%), 06/25/2027<sup>(c)</sup><br>| 7433 | &nbsp;&nbsp; 7428 |
|  |  | &nbsp;&nbsp; 682914 |
| **Uniform Mortgage-Backed Securities-30.83%** | **Uniform Mortgage-Backed Securities-30.83%** | **Uniform Mortgage-Backed Securities-30.83%** |
| TBA, 2.00%, 08/01/2055<sup>(i)</sup> | 653445 | &nbsp;&nbsp; 511356 |
| TBA, 2.50%, 08/01/2055<sup>(i)</sup> | 1036458 | &nbsp;&nbsp; 849417 |
| TBA, 3.00%, 08/01/2055<sup>(i)</sup> | 761070 | &nbsp;&nbsp; 651449 |
| TBA, 3.50%, 08/01/2055<sup>(i)</sup> | 383316 | &nbsp;&nbsp; 342478 |
| TBA, 4.00%, 08/01/2055<sup>(i)</sup> | 313952 | &nbsp;&nbsp; 289602 |
| TBA, 4.50%, 08/01/2055<sup>(i)</sup> | 274027 | &nbsp;&nbsp; 259977 |
| TBA, 5.00%, 08/01/2055<sup>(i)</sup> | 557290 | &nbsp;&nbsp; 542484 |
| TBA, 5.50%, 08/01/2055<sup>(i)</sup> | 617384 | &nbsp;&nbsp; 614212 |
| TBA, 6.00%, 08/01/2055<sup>(i)</sup> | 560922 | &nbsp;&nbsp; 568763 |
|  |  | &nbsp;&nbsp; 4629738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $5,314,665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $5,314,665) | &nbsp;&nbsp; 5312652 |
| **Asset-Backed Securities-19.12%** | **Asset-Backed Securities-19.12%** | **Asset-Backed Securities-19.12%** |
| &nbsp;&nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class B, 6.18% <br> (1 mo. Term SOFR + 1.84%), <br> 06/15/2040<sup>(b)(c)</sup><br>| 100000 | &nbsp;&nbsp; 100741 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series 2024-2, <br> Class A1, 5.99%, 01/25/2069<sup>(b)</sup><br>| 114062 | &nbsp;&nbsp; 114446 |

---

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

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands), <br> Series 2021-3A, Class AR, 5.38% (3 mo. <br> Term SOFR + 1.06%), 07/24/2034<sup>(b)(c)</sup><br>| $250000 | &nbsp;&nbsp; $250451 |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, 5.37%, <br> 06/15/2044<sup>(b)(h)</sup><br>| 100000 | &nbsp;&nbsp; 101504 |
| &nbsp;&nbsp;&nbsp; COLT 2025-8 Mortgage Loan Trust, <br> Series 2025-8, Class A1, 5.48%, <br> 08/25/2070<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp; 130033 |
| &nbsp;&nbsp;&nbsp; GCAT 2025-NQM4 Trust, Series 2025-NQM4, <br> Class A1A, 5.53%, 06/25/2070<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 150227 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, <br> Series 2025-HE1, Class A1, 6.09% (30 Day <br> Average SOFR + 1.55%), 10/25/2055<sup>(b)(c)</sup><br>| 100000 | &nbsp;&nbsp; 100050 |
| &nbsp;&nbsp;&nbsp; IP Mortgage Trust, Series 2025-IP, Class A, <br> 5.25%, 06/10/2042<sup>(b)(h)</sup><br>| 100000 | &nbsp;&nbsp; 100840 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series 2025-<br> NQM3, Class A1, 5.50%, 11/25/2065<sup>(b)(h)</sup><br>| 150000 | &nbsp;&nbsp; 150285 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding, Series 2025-1A, <br> Class A2, 5.61%, 08/16/2055<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 151333 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC, Series 2024-1A, <br> Class A2, 5.64%, 02/15/2055<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75891 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan <br> Trust, Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(b)(h)</sup><br>| 136950 | &nbsp;&nbsp; 137360 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 38 Ltd. <br> (Cayman Islands), Series 2020-38A, <br> Class AR2, 5.29% (3 mo. Term SOFR + <br> 0.96%), 10/20/2036<sup>(b)(c)</sup><br>| 250000 | &nbsp;&nbsp; 250122 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, <br> Series 2025-NQM2, Class A1, 5.57%, <br> 04/25/2065<sup>(b)</sup><br>| 141675 | &nbsp;&nbsp; 142267 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Series 2025-CES6, <br> Class A1A, 5.47%, 06/25/2055<sup>(b)</sup><br>| $| 148316 | &nbsp;&nbsp; $148822 |
| &nbsp;&nbsp;&nbsp; Sonic Capital LLC, Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup><br>|  | 142625 | &nbsp;&nbsp; 139552 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXIV Ltd. (Cayman Islands), <br> Series 2020-24A, Class AR, 5.52% (3 mo. <br> Term SOFR + 1.20%), 01/23/2032<sup>(b)(c)</sup><br>|  | 172495 | &nbsp;&nbsp; 172562 |
| &nbsp;&nbsp;&nbsp; VDCM Commercial Mortgage Trust, <br> Series 2025-AZ, Class B, 5.48%, <br> 07/13/2044<sup>(b)(h)</sup><br>|  | 150000 | &nbsp;&nbsp; 149551 |
| &nbsp;&nbsp;&nbsp; WEST Trust 2025-ROSE, Series 2025-ROSE, <br> Class A, 5.28%, 04/10/2035<sup>(b)(h)</sup><br>|  | 150000 | &nbsp;&nbsp; 152200 |
| &nbsp;&nbsp;&nbsp; Zayo Issuer LLC, Series 2025-2A, Class A2, <br> 5.95%, 06/20/2055<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 153387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $2,872,486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $2,872,486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $2,872,486) | &nbsp;&nbsp; 2871624 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-4.15%** | **Money Market Funds-4.15%** | **Money Market Funds-4.15%** | **Money Market Funds-4.15%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(j)(k)</sup> <br>(Cost $622,893)<br>|  | 622893 | &nbsp;&nbsp; 622893 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-137.66% <br>(Cost $20,665,760) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-137.66% <br>(Cost $20,665,760) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-137.66% <br>(Cost $20,665,760) | &nbsp;&nbsp; 20673651 |
| OTHER ASSETS LESS LIABILITIES-(37.66)% | OTHER ASSETS LESS LIABILITIES-(37.66)% | OTHER ASSETS LESS LIABILITIES-(37.66)% | &nbsp;&nbsp; (5656217)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $15017434 |

---

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

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | -Collateralized Loan Obligation |
| Ctfs. | -Certificates |
| SOFR | -Secured Overnight Financing Rate |
| TBA | -To Be Announced |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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> July 31, 2025 was $4,188,306, which represented 27.89% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 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> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <sup>(g)</sup> | $65,840 was pledged as collateral to cover margin requirements for open futures contracts.  |
| <sup>(h)</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 July 31, 2025.<br>|
| <sup>(i)</sup> | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.  |
| <sup>(j)</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 July 31, 2025.<br>|

---

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

------

**Invesco Core Fixed Income ETF (GTOC)—(continued)**

July 31, 2025

*(Unaudited)*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3858210 | &nbsp;&nbsp;&nbsp; $(3235317)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $622893 | &nbsp;&nbsp;&nbsp; $2039 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 7 | September-2025 | &nbsp;&nbsp;&nbsp; $1448890 | &nbsp;&nbsp;&nbsp; $(3401)<br>| &nbsp;&nbsp;&nbsp; $(3401)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 8 | September-2025 | &nbsp;&nbsp;&nbsp; (865375)<br>| &nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp; U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 2 | September-2025 | &nbsp;&nbsp;&nbsp; (222125)<br>| &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp; U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 10 | September-2025 | &nbsp;&nbsp;&nbsp; (1130781)<br>| &nbsp;&nbsp;&nbsp; (2015)<br>| &nbsp;&nbsp;&nbsp; (2015)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; (46)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(3447)<br>| &nbsp;&nbsp;&nbsp; $(3447)<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

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

------

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

**Invesco Global Equity Net Zero ETF (IQSZ)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Aerospace & Defense-0.32%** | **Aerospace & Defense-0.32%** | **Aerospace & Defense-0.32%** |
| &nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A.S. <br> (Turkey)<br>| 22536 | &nbsp;&nbsp; $103654 |
| Howmet Aerospace, Inc. | 1072 | &nbsp;&nbsp; 192713 |
| Rheinmetall AG (Germany) | 50 | &nbsp;&nbsp; 99266 |
|  |  | &nbsp;&nbsp; 395633 |
| **Air Freight & Logistics-0.67%** | **Air Freight & Logistics-0.67%** | **Air Freight & Logistics-0.67%** |
| Deutsche Post AG (Germany) | 2138 | &nbsp;&nbsp; 96076 |
| DSV A/S (Denmark) | 608 | &nbsp;&nbsp; 136680 |
| FedEx Corp. | 741 | &nbsp;&nbsp; 165606 |
| InPost S.A. (Poland)<sup>(b)</sup> | 5682 | &nbsp;&nbsp; 81848 |
| Nippon Express Holdings, Inc., Class H (Japan) | 6663 | &nbsp;&nbsp; 146663 |
| United Parcel Service, Inc., Class B | 2299 | &nbsp;&nbsp; 198082 |
|  |  | &nbsp;&nbsp; 824955 |
| **Airport Services-0.31%** | **Airport Services-0.31%** | **Airport Services-0.31%** |
| Aena S.M.E. S.A. (Spain)<sup>(c)</sup> | 11117 | &nbsp;&nbsp; 300239 |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. de C.V., <br> ADR (Mexico)<br>| 276 | &nbsp;&nbsp; 83713 |
|  |  | &nbsp;&nbsp; 383952 |
| **Apparel Retail-0.42%** | **Apparel Retail-0.42%** | **Apparel Retail-0.42%** |
| Ross Stores, Inc. | 783 | &nbsp;&nbsp; 106911 |
| TJX Cos., Inc. (The) | 3261 | &nbsp;&nbsp; 406092 |
|  |  | &nbsp;&nbsp; 513003 |
| **Apparel, Accessories & Luxury Goods-0.77%** | **Apparel, Accessories & Luxury Goods-0.77%** | **Apparel, Accessories & Luxury Goods-0.77%** |
| adidas AG (Germany) | 522 | &nbsp;&nbsp; 100062 |
| ANTA Sports Products Ltd. (China) | 7504 | &nbsp;&nbsp; 86132 |
| Hermes International S.C.A. (France) | 32 | &nbsp;&nbsp; 78486 |
| lululemon athletica, inc.<sup>(b)</sup> | 549 | &nbsp;&nbsp; 110091 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE <br> (France)<br>| 177 | &nbsp;&nbsp; 95295 |
| Moncler S.p.A. (Italy) | 2466 | &nbsp;&nbsp; 131904 |
| Pandora A/S (Denmark) | 562 | &nbsp;&nbsp; 93081 |
| Ralph Lauren Corp. | 847 | &nbsp;&nbsp; 253041 |
|  |  | &nbsp;&nbsp; 948092 |
| **Application Software-2.68%** | **Application Software-2.68%** | **Application Software-2.68%** |
| Adobe, Inc.<sup>(b)</sup> | 1027 | &nbsp;&nbsp; 367348 |
| Atlassian Corp., Class A<sup>(b)</sup> | 560 | &nbsp;&nbsp; 107397 |
| Autodesk, Inc.<sup>(b)</sup> | 523 | &nbsp;&nbsp; 158526 |
| DocuSign, Inc.<sup>(b)</sup> | 2984 | &nbsp;&nbsp; 225710 |
| Guidewire Software, Inc.<sup>(b)</sup> | 648 | &nbsp;&nbsp; 146591 |
| HubSpot, Inc.<sup>(b)</sup> | 163 | &nbsp;&nbsp; 84703 |
| Intuit, Inc. | 730 | &nbsp;&nbsp; 573145 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 3267 | &nbsp;&nbsp; 517329 |
| Salesforce, Inc. | 2001 | &nbsp;&nbsp; 516918 |
| SAP SE (Germany) | 525 | &nbsp;&nbsp; 150567 |
| Synopsys, Inc.<sup>(b)</sup> | 146 | &nbsp;&nbsp; 92487 |
| Workday, Inc., Class A<sup>(b)</sup> | 1140 | &nbsp;&nbsp; 261493 |
| Xero Ltd. (New Zealand)<sup>(b)</sup> | 784 | &nbsp;&nbsp; 90455 |
|  |  | &nbsp;&nbsp; 3292669 |
| **Asset Management & Custody Banks-1.26%** | **Asset Management & Custody Banks-1.26%** | **Asset Management & Custody Banks-1.26%** |
| Ameriprise Financial, Inc. | 262 | &nbsp;&nbsp; 135766 |
| Bank of New York Mellon Corp. (The) | 5405 | &nbsp;&nbsp; 548337 |
| Brookfield Corp. (Canada) | 2956 | &nbsp;&nbsp; 198435 |
| Northern Trust Corp. | 1604 | &nbsp;&nbsp; 208520 |
| St. James's Place PLC (United Kingdom) | 5386 | &nbsp;&nbsp; 92887 |
| State Street Corp. | 3242 | &nbsp;&nbsp; 362294 |
|  |  | &nbsp;&nbsp; 1546239 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Automobile Manufacturers-1.85%** | **Automobile Manufacturers-1.85%** | **Automobile Manufacturers-1.85%** |
| BYD Co. Ltd., H Shares (China) | 7820 | &nbsp;&nbsp; $114179 |
| Geely Automobile Holdings Ltd. (China) | 71936 | &nbsp;&nbsp; 161354 |
| General Motors Co. | 4506 | &nbsp;&nbsp; 240350 |
| Kia Corp. (South Korea) | 1176 | &nbsp;&nbsp; 86049 |
| Mercedes-Benz Group AG (Germany) | 1343 | &nbsp;&nbsp; 76264 |
| Subaru Corp. (Japan) | 8396 | &nbsp;&nbsp; 154764 |
| Tesla, Inc.<sup>(b)</sup> | 4197 | &nbsp;&nbsp; 1293809 |
| Toyota Motor Corp. (Japan) | 5191 | &nbsp;&nbsp; 92523 |
| Volkswagen AG, Preference Shares (Germany) | 531 | &nbsp;&nbsp; 55687 |
|  |  | &nbsp;&nbsp; 2274979 |
| **Automotive Parts & Equipment-0.32%** | **Automotive Parts & Equipment-0.32%** | **Automotive Parts & Equipment-0.32%** |
| Aisin Corp. (Japan) | 6955 | &nbsp;&nbsp; 96313 |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 1470 | &nbsp;&nbsp; 100901 |
| Continental AG (Germany) | 1384 | &nbsp;&nbsp; 118555 |
| Hyundai Mobis Co. Ltd. (South Korea) | 392 | &nbsp;&nbsp; 82720 |
|  |  | &nbsp;&nbsp; 398489 |
| **Automotive Retail-0.21%** | **Automotive Retail-0.21%** | **Automotive Retail-0.21%** |
| AutoZone, Inc.<sup>(b)</sup> | 35 | &nbsp;&nbsp; 131893 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1260 | &nbsp;&nbsp; 123883 |
|  |  | &nbsp;&nbsp; 255776 |
| **Biotechnology-0.99%** | **Biotechnology-0.99%** | **Biotechnology-0.99%** |
| AbbVie, Inc. | 2576 | &nbsp;&nbsp; 486916 |
| Amgen, Inc. | 882 | &nbsp;&nbsp; 260278 |
| Gilead Sciences, Inc. | 3391 | &nbsp;&nbsp; 380775 |
| Incyte Corp.<sup>(b)</sup> | 1246 | &nbsp;&nbsp; 93313 |
|  |  | &nbsp;&nbsp; 1221282 |
| **Brewers-0.62%** | **Brewers-0.62%** | **Brewers-0.62%** |
| Ambev S.A., ADR (Brazil) | 35566 | &nbsp;&nbsp; 77534 |
| Anheuser-Busch InBev S.A./N.V. (Belgium) | 7349 | &nbsp;&nbsp; 423754 |
| Asahi Group Holdings Ltd. (Japan) | 6700 | &nbsp;&nbsp; 85169 |
| Heineken N.V. (Netherlands) | 1078 | &nbsp;&nbsp; 84862 |
| Molson Coors Beverage Co., Class B | 1862 | &nbsp;&nbsp; 90717 |
|  |  | &nbsp;&nbsp; 762036 |
| **Broadline Retail-3.59%** | **Broadline Retail-3.59%** | **Broadline Retail-3.59%** |
| Alibaba Group Holding Ltd. (China) | 22518 | &nbsp;&nbsp; 338553 |
| Amazon.com, Inc.<sup>(b)</sup> | 14339 | &nbsp;&nbsp; 3356904 |
| eBay, Inc. | 5092 | &nbsp;&nbsp; 467191 |
| Naspers Ltd. (South Africa) | 490 | &nbsp;&nbsp; 152373 |
| Prosus N.V. (Netherlands)<sup>(b)</sup> | 1810 | &nbsp;&nbsp; 103701 |
|  |  | &nbsp;&nbsp; 4418722 |
| **Building Products-1.04%** | **Building Products-1.04%** | **Building Products-1.04%** |
| Allegion PLC | 997 | &nbsp;&nbsp; 165422 |
| Carlisle Cos., Inc. | 214 | &nbsp;&nbsp; 75908 |
| Cie de Saint-Gobain S.A. (France) | 851 | &nbsp;&nbsp; 97911 |
| Johnson Controls International PLC | 4943 | &nbsp;&nbsp; 519015 |
| Trane Technologies PLC | 963 | &nbsp;&nbsp; 421871 |
|  |  | &nbsp;&nbsp; 1280127 |
| **Cable & Satellite-0.37%** | **Cable & Satellite-0.37%** | **Cable & Satellite-0.37%** |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 490 | &nbsp;&nbsp; 131987 |
| Comcast Corp., Class A | 9845 | &nbsp;&nbsp; 327149 |
|  |  | &nbsp;&nbsp; 459136 |
| **Casinos & Gaming-0.20%** | **Casinos & Gaming-0.20%** | **Casinos & Gaming-0.20%** |
| Flutter Entertainment PLC (Ireland)<sup>(b)</sup> | 499 | &nbsp;&nbsp; 150828 |
| Las Vegas Sands Corp. | 1878 | &nbsp;&nbsp; 98407 |
|  |  | &nbsp;&nbsp; 249235 |
| **Commodity Chemicals-0.07%** | **Commodity Chemicals-0.07%** | **Commodity Chemicals-0.07%** |
| Orica Ltd. (Australia) | 6661 | &nbsp;&nbsp; 91133 |

---

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

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communications Equipment-1.04%** | **Communications Equipment-1.04%** | **Communications Equipment-1.04%** |
| Accton Technology Corp. (Taiwan) | 5230 | &nbsp;&nbsp; $154464 |
| Cisco Systems, Inc. | 12270 | &nbsp;&nbsp; 835342 |
| Motorola Solutions, Inc. | 235 | &nbsp;&nbsp; 103160 |
| Nokia OYJ (Finland) | 46150 | &nbsp;&nbsp; 188629 |
|  |  | &nbsp;&nbsp; 1281595 |
| **Computer & Electronics Retail-0.09%** | **Computer & Electronics Retail-0.09%** | **Computer & Electronics Retail-0.09%** |
| Best Buy Co., Inc. | 1687 | &nbsp;&nbsp; 109756 |
| **Construction & Engineering-2.07%** | **Construction & Engineering-2.07%** | **Construction & Engineering-2.07%** |
| &nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios <br> S.A. (Spain)<br>| 3429 | &nbsp;&nbsp; 237347 |
| AECOM | 1522 | &nbsp;&nbsp; 171590 |
| Bouygues S.A. (France) | 6270 | &nbsp;&nbsp; 258935 |
| Eiffage S.A. (France) | 2219 | &nbsp;&nbsp; 298743 |
| EMCOR Group, Inc. | 353 | &nbsp;&nbsp; 221504 |
| Ferrovial SE | 1861 | &nbsp;&nbsp; 95681 |
| Gamuda Bhd. (Malaysia) | 74332 | &nbsp;&nbsp; 89718 |
| Kajima Corp. (Japan) | 3331 | &nbsp;&nbsp; 83613 |
| Shimizu Corp. (Japan) | 12838 | &nbsp;&nbsp; 142507 |
| Skanska AB, Class B (Sweden) | 3721 | &nbsp;&nbsp; 87060 |
| Stantec, Inc. (Canada) | 1521 | &nbsp;&nbsp; 166627 |
| United Integrated Services Co. Ltd. (Taiwan) | 4641 | &nbsp;&nbsp; 121846 |
| Vinci S.A. (France) | 2991 | &nbsp;&nbsp; 416696 |
| WSP Global, Inc. (Canada) | 715 | &nbsp;&nbsp; 147546 |
|  |  | &nbsp;&nbsp; 2539413 |
| **Construction Machinery & Heavy Transportation Equipment-0.41%** | **Construction Machinery & Heavy Transportation Equipment-0.41%** | **Construction Machinery & Heavy Transportation Equipment-0.41%** |
| Cummins, Inc. | 321 | &nbsp;&nbsp; 118006 |
| &nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd. (South Korea)<br>| 366 | &nbsp;&nbsp; 94055 |
| KION Group AG (Germany) | 1412 | &nbsp;&nbsp; 87057 |
| Komatsu Ltd. (Japan) | 3598 | &nbsp;&nbsp; 116155 |
| Weichai Power Co. Ltd., H Shares (China) | 43778 | &nbsp;&nbsp; 92804 |
|  |  | &nbsp;&nbsp; 508077 |
| **Consumer Electronics-0.35%** | **Consumer Electronics-0.35%** | **Consumer Electronics-0.35%** |
| Panasonic Holdings Corp. (Japan) | 18326 | &nbsp;&nbsp; 173703 |
| Sony Group Corp. (Japan) | 10707 | &nbsp;&nbsp; 258061 |
|  |  | &nbsp;&nbsp; 431764 |
| **Consumer Finance-0.25%** | **Consumer Finance-0.25%** | **Consumer Finance-0.25%** |
| American Express Co. | 1015 | &nbsp;&nbsp; 303800 |
| **Consumer Staples Merchandise Retail-0.80%** | **Consumer Staples Merchandise Retail-0.80%** | **Consumer Staples Merchandise Retail-0.80%** |
| AEON Co. Ltd. (Japan) | 2375 | &nbsp;&nbsp; 76018 |
| Dollar Tree, Inc.<sup>(b)</sup> | 1219 | &nbsp;&nbsp; 138417 |
| &nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V., Series V <br> (Mexico)<br>| 31161 | &nbsp;&nbsp; 92034 |
| Walmart, Inc. | 6903 | &nbsp;&nbsp; 676356 |
|  |  | &nbsp;&nbsp; 982825 |
| **Copper-0.18%** | **Copper-0.18%** | **Copper-0.18%** |
| Freeport-McMoRan, Inc. | 3630 | &nbsp;&nbsp; 146071 |
| Southern Copper Corp. (Mexico) | 828 | &nbsp;&nbsp; 77965 |
|  |  | &nbsp;&nbsp; 224036 |
| **Data Processing & Outsourced Services-0.28%** | **Data Processing & Outsourced Services-0.28%** | **Data Processing & Outsourced Services-0.28%** |
| Broadridge Financial Solutions, Inc. | 360 | &nbsp;&nbsp; 89104 |
| Computershare Ltd. (Australia) | 6563 | &nbsp;&nbsp; 177002 |
| Teleperformance SE (France) | 829 | &nbsp;&nbsp; 81057 |
|  |  | &nbsp;&nbsp; 347163 |
| **Diversified Banks-8.83%** | **Diversified Banks-8.83%** | **Diversified Banks-8.83%** |
| ABN AMRO Bank N.V., CVA (Netherlands)<sup>(c)</sup> | 5289 | &nbsp;&nbsp; 153346 |
| Absa Group Ltd. (South Africa) | 8885 | &nbsp;&nbsp; 88351 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Alpha Bank S.A. (Greece)<sup>(b)</sup> | 22437 | &nbsp;&nbsp; $84231 |
| Banco Bilbao Vizcaya Argentaria S.A. (Spain) | 9111 | &nbsp;&nbsp; 152402 |
| Banco Santander S.A. (Spain) | 35127 | &nbsp;&nbsp; 302655 |
| Bank of America Corp. | 17164 | &nbsp;&nbsp; 811342 |
| Bank of China Ltd., H Shares (China) | 143872 | &nbsp;&nbsp; 83045 |
| Bank Polska Kasa Opieki S.A. (Poland) | 1586 | &nbsp;&nbsp; 86438 |
| Barclays PLC (United Kingdom) | 25182 | &nbsp;&nbsp; 123342 |
| BNP Paribas S.A. (France) | 1411 | &nbsp;&nbsp; 129030 |
| BOC Hong Kong (Holdings) Ltd. (China) | 30223 | &nbsp;&nbsp; 135709 |
| CaixaBank S.A. (Spain) | 12245 | &nbsp;&nbsp; 115543 |
| Canadian Imperial Bank of Commerce (Canada) | 3686 | &nbsp;&nbsp; 264023 |
| Citigroup, Inc. | 6895 | &nbsp;&nbsp; 646061 |
| Commerzbank AG (Germany) | 2548 | &nbsp;&nbsp; 93188 |
| Commonwealth Bank of Australia (Australia) | 1596 | &nbsp;&nbsp; 181532 |
| Credicorp Ltd. (Peru) | 373 | &nbsp;&nbsp; 88401 |
| CTBC Financial Holding Co. Ltd. (Taiwan) | 56297 | &nbsp;&nbsp; 77358 |
| Danske Bank A/S (Denmark) | 4898 | &nbsp;&nbsp; 194934 |
| DNB Bank ASA (Norway) | 14696 | &nbsp;&nbsp; 373439 |
| E.Sun Financial Holding Co. Ltd. (Taiwan) | 90573 | &nbsp;&nbsp; 96867 |
| &nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC (United Arab <br> Emirates)<br>| 18714 | &nbsp;&nbsp; 91549 |
| First Financial Holding Co. Ltd. (Taiwan) | 138662 | &nbsp;&nbsp; 136975 |
| &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de C.V., <br> Class O (Mexico)<br>| 14013 | &nbsp;&nbsp; 125122 |
| Hana Financial Group, Inc. (South Korea) | 1273 | &nbsp;&nbsp; 77830 |
| HSBC Holdings PLC (United Kingdom) | 39048 | &nbsp;&nbsp; 476694 |
| ICICI Bank Ltd., ADR (India) | 24080 | &nbsp;&nbsp; 811496 |
| ING Groep N.V. (Netherlands) | 6454 | &nbsp;&nbsp; 150855 |
| Intesa Sanpaolo S.p.A. (Italy) | 36911 | &nbsp;&nbsp; 223051 |
| Itau Unibanco Holding S.A., ADR (Brazil) | 20086 | &nbsp;&nbsp; 125939 |
| JPMorgan Chase & Co. | 4420 | &nbsp;&nbsp; 1309381 |
| KB Financial Group, Inc. (South Korea) | 1224 | &nbsp;&nbsp; 97245 |
| Lloyds Banking Group PLC (United Kingdom) | 142091 | &nbsp;&nbsp; 146005 |
| Malayan Banking Bhd. (Malaysia) | 37529 | &nbsp;&nbsp; 82542 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | 12542 | &nbsp;&nbsp; 173214 |
| Mizuho Financial Group, Inc. (Japan) | 5977 | &nbsp;&nbsp; 175671 |
| National Australia Bank Ltd. (Australia) | 3550 | &nbsp;&nbsp; 88264 |
| NatWest Group PLC (United Kingdom) | 41484 | &nbsp;&nbsp; 288554 |
| Nordea Bank Abp (Finland) | 5781 | &nbsp;&nbsp; 84603 |
| OTP Bank Nyrt. (Hungary) | 1077 | &nbsp;&nbsp; 87711 |
| &nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski S.A. <br> (Poland)<br>| 4014 | &nbsp;&nbsp; 88211 |
| Raiffeisen Bank International AG (Austria) | 3026 | &nbsp;&nbsp; 87630 |
| Standard Chartered PLC (United Kingdom) | 4679 | &nbsp;&nbsp; 84052 |
| Sumitomo Mitsui Trust Group, Inc. (Japan) | 3918 | &nbsp;&nbsp; 102918 |
| Svenska Handelsbanken AB, Class A (Sweden) | 8327 | &nbsp;&nbsp; 101765 |
| Toronto-Dominion Bank (The) (Canada) | 4652 | &nbsp;&nbsp; 339575 |
| U.S. Bancorp | 6051 | &nbsp;&nbsp; 272053 |
| UniCredit S.p.A. (Italy) | 2155 | &nbsp;&nbsp; 159017 |
| Wells Fargo & Co. | 7257 | &nbsp;&nbsp; 585132 |
|  |  | &nbsp;&nbsp; 10854291 |
| **Diversified Capital Markets-0.40%** | **Diversified Capital Markets-0.40%** | **Diversified Capital Markets-0.40%** |
| Deutsche Bank AG (Germany) | 9713 | &nbsp;&nbsp; 320852 |
| Macquarie Group Ltd. (Australia) | 719 | &nbsp;&nbsp; 99757 |
| UBS Group AG (Switzerland) | 2072 | &nbsp;&nbsp; 77023 |
|  |  | &nbsp;&nbsp; 497632 |
| **Diversified Chemicals-0.14%** | **Diversified Chemicals-0.14%** | **Diversified Chemicals-0.14%** |
| BASF SE (Germany) | 1632 | &nbsp;&nbsp; 80218 |
| Mitsubishi Chemical Group Corp. (Japan) | 16366 | &nbsp;&nbsp; 89323 |
|  |  | &nbsp;&nbsp; 169541 |

---

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

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Metals & Mining-1.01%** | **Diversified Metals & Mining-1.01%** | **Diversified Metals & Mining-1.01%** |
| Anglo American PLC (South Africa) | 2842 | &nbsp;&nbsp; $80132 |
| BHP Group Ltd. (Australia) | 16497 | &nbsp;&nbsp; 417414 |
| Grupo Mexico S.A.B. de C.V., Class B (Mexico) | 26164 | &nbsp;&nbsp; 164097 |
| Hudbay Minerals, Inc. (Canada) | 7839 | &nbsp;&nbsp; 72916 |
| Rio Tinto Ltd. (Australia) | 1981 | &nbsp;&nbsp; 141148 |
| Rio Tinto PLC (Australia) | 3514 | &nbsp;&nbsp; 209720 |
| Saudi Arabian Mining Co. (Saudi Arabia)<sup>(b)</sup> | 5976 | &nbsp;&nbsp; 82621 |
| Teck Resources Ltd., Class B (Canada) | 2144 | &nbsp;&nbsp; 69675 |
|  |  | &nbsp;&nbsp; 1237723 |
| **Diversified Real Estate Activities-0.19%** | **Diversified Real Estate Activities-0.19%** | **Diversified Real Estate Activities-0.19%** |
| Daiwa House Industry Co. Ltd. (Japan) | 2645 | &nbsp;&nbsp; 87624 |
| Mitsubishi Estate Co. Ltd. (Japan) | 8003 | &nbsp;&nbsp; 150139 |
|  |  | &nbsp;&nbsp; 237763 |
| **Diversified REITs-0.08%** | **Diversified REITs-0.08%** | **Diversified REITs-0.08%** |
| KDX Realty Investment Corp. (Japan) | 89 | &nbsp;&nbsp; 95839 |
| **Diversified Support Services-0.15%** | **Diversified Support Services-0.15%** | **Diversified Support Services-0.15%** |
| Cintas Corp. | 447 | &nbsp;&nbsp; 99480 |
| ISS A/S (Denmark) | 2940 | &nbsp;&nbsp; 84785 |
|  |  | &nbsp;&nbsp; 184265 |
| **Drug Retail-0.07%** | **Drug Retail-0.07%** | **Drug Retail-0.07%** |
| Clicks Group Ltd. (South Africa) | 4210 | &nbsp;&nbsp; 88833 |
| **Electric Utilities-0.97%** | **Electric Utilities-0.97%** | **Electric Utilities-0.97%** |
| Edison International | 2548 | &nbsp;&nbsp; 132802 |
| Enel S.p.A. (Italy) | 20868 | &nbsp;&nbsp; 184560 |
| Exelon Corp. | 4288 | &nbsp;&nbsp; 192703 |
| Iberdrola S.A. (Spain) | 8488 | &nbsp;&nbsp; 149626 |
| NRG Energy, Inc. | 2686 | &nbsp;&nbsp; 449099 |
| Tenaga Nasional Bhd. (Malaysia) | 27200 | &nbsp;&nbsp; 82850 |
|  |  | &nbsp;&nbsp; 1191640 |
| **Electrical Components & Equipment-1.27%** | **Electrical Components & Equipment-1.27%** | **Electrical Components & Equipment-1.27%** |
| ABB Ltd. (Switzerland) | 2655 | &nbsp;&nbsp; 173409 |
| Acuity, Inc. | 344 | &nbsp;&nbsp; 107104 |
| AMETEK, Inc. | 1574 | &nbsp;&nbsp; 290954 |
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co., Ltd. <br> (China)<sup>(b)</sup><br>| 2833 | &nbsp;&nbsp; 146594 |
| Eaton Corp. PLC | 355 | &nbsp;&nbsp; 136576 |
| Emerson Electric Co. | 1862 | &nbsp;&nbsp; 270940 |
| NKT A/S (Denmark)<sup>(b)</sup> | 1077 | &nbsp;&nbsp; 95051 |
| Rockwell Automation, Inc. | 490 | &nbsp;&nbsp; 172338 |
| Schneider Electric SE (France) | 637 | &nbsp;&nbsp; 165335 |
|  |  | &nbsp;&nbsp; 1558301 |
| **Electronic Components-0.28%** | **Electronic Components-0.28%** | **Electronic Components-0.28%** |
| Delta Electronics, Inc. (Taiwan) | 8340 | &nbsp;&nbsp; 157110 |
| Tripod Technology Corp. (Taiwan) | 10419 | &nbsp;&nbsp; 96973 |
| Zhen Ding Technology Holding Ltd. (Taiwan) | 23000 | &nbsp;&nbsp; 95925 |
|  |  | &nbsp;&nbsp; 350008 |
| **Electronic Equipment & Instruments-0.34%** | **Electronic Equipment & Instruments-0.34%** | **Electronic Equipment & Instruments-0.34%** |
| Halma PLC (United Kingdom) | 3527 | &nbsp;&nbsp; 151224 |
| Hexagon AB, Class B (Sweden) | 8523 | &nbsp;&nbsp; 93934 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 1046 | &nbsp;&nbsp; 171450 |
|  |  | &nbsp;&nbsp; 416608 |
| **Electronic Manufacturing Services-0.43%** | **Electronic Manufacturing Services-0.43%** | **Electronic Manufacturing Services-0.43%** |
| Flex Ltd.<sup>(b)</sup> | 3527 | &nbsp;&nbsp; 175891 |
| Hon Hai Precision Industry Co. Ltd. (Taiwan) | 18779 | &nbsp;&nbsp; 110430 |
| Jabil, Inc. | 1078 | &nbsp;&nbsp; 240577 |
|  |  | &nbsp;&nbsp; 526898 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Fertilizers & Agricultural Chemicals-0.44%** | **Fertilizers & Agricultural Chemicals-0.44%** | **Fertilizers & Agricultural Chemicals-0.44%** |
| CF Industries Holdings, Inc. | 1862 | &nbsp;&nbsp; $172850 |
| Corteva, Inc. | 2687 | &nbsp;&nbsp; 193813 |
| Mosaic Co. (The) | 2238 | &nbsp;&nbsp; 80590 |
| Yara International ASA (Brazil) | 2351 | &nbsp;&nbsp; 87292 |
|  |  | &nbsp;&nbsp; 534545 |
| **Financial Exchanges & Data-0.89%** | **Financial Exchanges & Data-0.89%** | **Financial Exchanges & Data-0.89%** |
| Deutsche Boerse AG (Germany) | 209 | &nbsp;&nbsp; 60659 |
| Euronext N.V. (Netherlands) | 649 | &nbsp;&nbsp; 104919 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong <br> Kong)<br>| 1614 | &nbsp;&nbsp; 87348 |
| Moody's Corp. | 171 | &nbsp;&nbsp; 88190 |
| Nasdaq, Inc. | 3481 | &nbsp;&nbsp; 334942 |
| S&P Global, Inc. | 594 | &nbsp;&nbsp; 327353 |
| Singapore Exchange Ltd. (Singapore) | 7056 | &nbsp;&nbsp; 86588 |
|  |  | &nbsp;&nbsp; 1089999 |
| **Food Retail-0.71%** | **Food Retail-0.71%** | **Food Retail-0.71%** |
| Empire Co. Ltd., Class A (Canada) | 2352 | &nbsp;&nbsp; 93872 |
| George Weston Ltd. (Canada) | 431 | &nbsp;&nbsp; 82079 |
| J Sainsbury PLC (United Kingdom) | 39860 | &nbsp;&nbsp; 159710 |
| Jeronimo Martins SGPS S.A. (Portugal) | 3432 | &nbsp;&nbsp; 83910 |
| Koninklijke Ahold Delhaize N.V. (Netherlands) | 2055 | &nbsp;&nbsp; 81403 |
| Seven & i Holdings Co. Ltd. (Japan) | 6369 | &nbsp;&nbsp; 84134 |
| Tesco PLC (United Kingdom) | 35957 | &nbsp;&nbsp; 202435 |
| Woolworths Group Ltd. (Australia) | 4308 | &nbsp;&nbsp; 87133 |
|  |  | &nbsp;&nbsp; 874676 |
| **Footwear-0.23%** | **Footwear-0.23%** | **Footwear-0.23%** |
| ASICS Corp. (Japan) | 5832 | &nbsp;&nbsp; 137384 |
| NIKE, Inc., Class B | 2021 | &nbsp;&nbsp; 150949 |
|  |  | &nbsp;&nbsp; 288333 |
| **Gas Utilities-0.19%** | **Gas Utilities-0.19%** | **Gas Utilities-0.19%** |
| AltaGas Ltd. (Canada) | 3037 | &nbsp;&nbsp; 89866 |
| Tokyo Gas Co. Ltd. (Japan) | 4285 | &nbsp;&nbsp; 143789 |
|  |  | &nbsp;&nbsp; 233655 |
| **Gold-0.49%** | **Gold-0.49%** | **Gold-0.49%** |
| Agnico Eagle Mines Ltd. (Canada) | 1132 | &nbsp;&nbsp; 140838 |
| Franco-Nevada Corp. (Canada) | 540 | &nbsp;&nbsp; 86209 |
| Gold Fields Ltd., ADR (South Africa) | 3721 | &nbsp;&nbsp; 90644 |
| &nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd., ADR (South <br> Africa)<br>| 6170 | &nbsp;&nbsp; 83048 |
| Lundin Gold, Inc. (Canada) | 1862 | &nbsp;&nbsp; 86369 |
| Newmont Corp. | 1870 | &nbsp;&nbsp; 116127 |
|  |  | &nbsp;&nbsp; 603235 |
| **Health Care Distributors-0.34%** | **Health Care Distributors-0.34%** | **Health Care Distributors-0.34%** |
| Cardinal Health, Inc. | 2682 | &nbsp;&nbsp; 416300 |
| **Health Care Equipment-1.11%** | **Health Care Equipment-1.11%** | **Health Care Equipment-1.11%** |
| Boston Scientific Corp.<sup>(b)</sup> | 4316 | &nbsp;&nbsp; 452835 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 1108 | &nbsp;&nbsp; 87875 |
| Medtronic PLC | 2978 | &nbsp;&nbsp; 268735 |
| ResMed, Inc. | 465 | &nbsp;&nbsp; 126452 |
| Smith & Nephew PLC (United Kingdom) | 5779 | &nbsp;&nbsp; 88501 |
| Stryker Corp. | 657 | &nbsp;&nbsp; 258023 |
| Zimmer Biomet Holdings, Inc. | 915 | &nbsp;&nbsp; 83860 |
|  |  | &nbsp;&nbsp; 1366281 |
| **Health Care Facilities-0.13%** | **Health Care Facilities-0.13%** | **Health Care Facilities-0.13%** |
| Rede D'Or Sao Luiz S.A. (Brazil)<sup>(c)</sup> | 13448 | &nbsp;&nbsp; 78067 |
| Universal Health Services, Inc., Class B | 460 | &nbsp;&nbsp; 76567 |
|  |  | &nbsp;&nbsp; 154634 |

---

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

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care REITs-0.08%** | **Health Care REITs-0.08%** | **Health Care REITs-0.08%** |
| Ventas, Inc. | 1372 | &nbsp;&nbsp; $92171 |
| **Health Care Services-0.47%** | **Health Care Services-0.47%** | **Health Care Services-0.47%** |
| Cigna Group (The) | 459 | &nbsp;&nbsp; 122728 |
| CVS Health Corp. | 3543 | &nbsp;&nbsp; 220020 |
| Fresenius Medical Care AG (Germany) | 2947 | &nbsp;&nbsp; 149915 |
| Fresenius SE & Co. KGaA (Germany) | 1763 | &nbsp;&nbsp; 84396 |
|  |  | &nbsp;&nbsp; 577059 |
| **Heavy Electrical Equipment-0.40%** | **Heavy Electrical Equipment-0.40%** | **Heavy Electrical Equipment-0.40%** |
| GE Vernova, Inc. | 364 | &nbsp;&nbsp; 240346 |
| Mitsubishi Electric Corp. (Japan) | 4408 | &nbsp;&nbsp; 99347 |
| Siemens Energy AG, Class A (Germany)<sup>(b)</sup> | 1325 | &nbsp;&nbsp; 153857 |
|  |  | &nbsp;&nbsp; 493550 |
| **Home Improvement Retail-0.38%** | **Home Improvement Retail-0.38%** | **Home Improvement Retail-0.38%** |
| Kingfisher PLC (United Kingdom) | 22337 | &nbsp;&nbsp; 79588 |
| Lowe's Cos., Inc. | 1714 | &nbsp;&nbsp; 383199 |
|  |  | &nbsp;&nbsp; 462787 |
| **Homebuilding-0.14%** | **Homebuilding-0.14%** | **Homebuilding-0.14%** |
| &nbsp;&nbsp;&nbsp; Berkeley Group Holdings PLC (The) (United <br> Kingdom)<br>| 1763 | &nbsp;&nbsp; 84959 |
| Sekisui Chemical Co. Ltd. (Japan) | 4995 | &nbsp;&nbsp; 86815 |
|  |  | &nbsp;&nbsp; 171774 |
| **Homefurnishing Retail-0.16%** | **Homefurnishing Retail-0.16%** | **Homefurnishing Retail-0.16%** |
| Williams-Sonoma, Inc. | 1053 | &nbsp;&nbsp; 196964 |
| **Hotel & Resort REITs-0.07%** | **Hotel & Resort REITs-0.07%** | **Hotel & Resort REITs-0.07%** |
| Host Hotels & Resorts, Inc. | 5291 | &nbsp;&nbsp; 83175 |
| **Hotels, Resorts & Cruise Lines-1.36%** | **Hotels, Resorts & Cruise Lines-1.36%** | **Hotels, Resorts & Cruise Lines-1.36%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 882 | &nbsp;&nbsp; 116786 |
| Booking Holdings, Inc. | 124 | &nbsp;&nbsp; 682503 |
| Carnival Corp.<sup>(b)</sup> | 10483 | &nbsp;&nbsp; 312079 |
| Expedia Group, Inc. | 1789 | &nbsp;&nbsp; 322414 |
| Royal Caribbean Cruises Ltd. | 464 | &nbsp;&nbsp; 147492 |
| TUI AG (Germany)<sup>(b)</sup> | 9503 | &nbsp;&nbsp; 85988 |
|  |  | &nbsp;&nbsp; 1667262 |
| **Household Products-0.79%** | **Household Products-0.79%** | **Household Products-0.79%** |
| Colgate-Palmolive Co. | 2449 | &nbsp;&nbsp; 205349 |
| Essity AB, Class B (Sweden) | 3876 | &nbsp;&nbsp; 95861 |
| Procter & Gamble Co. (The) | 3490 | &nbsp;&nbsp; 525140 |
| Reckitt Benckiser Group PLC (United Kingdom) | 1877 | &nbsp;&nbsp; 140961 |
|  |  | &nbsp;&nbsp; 967311 |
| **Human Resource & Employment Services-0.39%** | **Human Resource & Employment Services-0.39%** | **Human Resource & Employment Services-0.39%** |
| Automatic Data Processing, Inc. | 1320 | &nbsp;&nbsp; 408540 |
| Paychex, Inc. | 509 | &nbsp;&nbsp; 73464 |
|  |  | &nbsp;&nbsp; 482004 |
| **Independent Power Producers & Energy Traders-0.18%** | **Independent Power Producers & Energy Traders-0.18%** | **Independent Power Producers & Energy Traders-0.18%** |
| Vistra Corp. | 1055 | &nbsp;&nbsp; 220010 |
| **Industrial Conglomerates-0.98%** | **Industrial Conglomerates-0.98%** | **Industrial Conglomerates-0.98%** |
| 3M Co. | 1495 | &nbsp;&nbsp; 223084 |
| Hitachi Ltd. (Japan) | 6506 | &nbsp;&nbsp; 199491 |
| Keppel Ltd. (Singapore) | 14305 | &nbsp;&nbsp; 93013 |
| KOC Holding A.S. (Turkey) | 22144 | &nbsp;&nbsp; 97557 |
| Samsung C&T Corp. (South Korea) | 797 | &nbsp;&nbsp; 96154 |
| Siemens AG (Germany) | 1368 | &nbsp;&nbsp; 349457 |
| Smiths Group PLC (United Kingdom) | 4866 | &nbsp;&nbsp; 151038 |
|  |  | &nbsp;&nbsp; 1209794 |
| **Industrial Gases-0.23%** | **Industrial Gases-0.23%** | **Industrial Gases-0.23%** |
| Linde PLC | 603 | &nbsp;&nbsp; 277537 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrial Machinery & Supplies & Components-1.35%** | **Industrial Machinery & Supplies & Components-1.35%** | **Industrial Machinery & Supplies & Components-1.35%** |
| Daifuku Co. Ltd. (Japan) | 3526 | &nbsp;&nbsp; $89446 |
| Dover Corp. | 789 | &nbsp;&nbsp; 142920 |
| FANUC Corp. (Japan) | 5727 | &nbsp;&nbsp; 159745 |
| GEA Group AG (Germany) | 1274 | &nbsp;&nbsp; 91780 |
| Konecranes OYJ (Finland) | 1078 | &nbsp;&nbsp; 90096 |
| Mitsubishi Heavy Industries Ltd. (Japan) | 6324 | &nbsp;&nbsp; 151300 |
| Parker-Hannifin Corp. | 537 | &nbsp;&nbsp; 393030 |
| Pentair PLC | 1519 | &nbsp;&nbsp; 155242 |
| Schindler Holding AG, PC (Switzerland) | 328 | &nbsp;&nbsp; 118646 |
| Stanley Black & Decker, Inc. | 1193 | &nbsp;&nbsp; 80706 |
| Weir Group PLC (The) (United Kingdom) | 2644 | &nbsp;&nbsp; 93076 |
| Xylem, Inc. | 646 | &nbsp;&nbsp; 93425 |
|  |  | &nbsp;&nbsp; 1659412 |
| **Insurance Brokers-0.48%** | **Insurance Brokers-0.48%** | **Insurance Brokers-0.48%** |
| Aon PLC, Class A | 168 | &nbsp;&nbsp; 59759 |
| Arthur J. Gallagher & Co. | 492 | &nbsp;&nbsp; 141327 |
| Marsh & McLennan Cos., Inc. | 1179 | &nbsp;&nbsp; 234857 |
| Willis Towers Watson PLC | 476 | &nbsp;&nbsp; 150326 |
|  |  | &nbsp;&nbsp; 586269 |
| **Integrated Oil & Gas-2.39%** | **Integrated Oil & Gas-2.39%** | **Integrated Oil & Gas-2.39%** |
| Chevron Corp. | 2748 | &nbsp;&nbsp; 416707 |
| Equinor ASA (Norway) | 11366 | &nbsp;&nbsp; 293248 |
| Exxon Mobil Corp. | 6594 | &nbsp;&nbsp; 736154 |
| Imperial Oil Ltd. (Canada) | 1106 | &nbsp;&nbsp; 92421 |
| Occidental Petroleum Corp. | 2648 | &nbsp;&nbsp; 116353 |
| OMV AG (Austria) | 2253 | &nbsp;&nbsp; 115079 |
| Petroleo Brasileiro S.A., ADR (Brazil) | 6563 | &nbsp;&nbsp; 83613 |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A., Preference Shares <br> (Brazil)<br>| 14386 | &nbsp;&nbsp; 83871 |
| Saudi Arabian Oil Co. (Saudi Arabia)<sup>(c)</sup> | 57502 | &nbsp;&nbsp; 372075 |
| Shell PLC (United Kingdom) | 9015 | &nbsp;&nbsp; 324600 |
| Suncor Energy, Inc. (Canada) | 7824 | &nbsp;&nbsp; 309270 |
|  |  | &nbsp;&nbsp; 2943391 |
| **Integrated Telecommunication Services-0.79%** | **Integrated Telecommunication Services-0.79%** | **Integrated Telecommunication Services-0.79%** |
| AT&T, Inc. | 16583 | &nbsp;&nbsp; 454540 |
| Deutsche Telekom AG (Germany) | 2825 | &nbsp;&nbsp; 101619 |
| T-Mobile US, Inc. | 866 | &nbsp;&nbsp; 206463 |
| Verizon Communications, Inc. | 4820 | &nbsp;&nbsp; 206103 |
|  |  | &nbsp;&nbsp; 968725 |
| **Interactive Home Entertainment-0.11%** | **Interactive Home Entertainment-0.11%** | **Interactive Home Entertainment-0.11%** |
| Electronic Arts, Inc. | 882 | &nbsp;&nbsp; 134496 |
| **Interactive Media & Services-5.19%** | **Interactive Media & Services-5.19%** | **Interactive Media & Services-5.19%** |
| Alphabet, Inc., Class A | 8171 | &nbsp;&nbsp; 1568015 |
| Alphabet, Inc., Class C | 7788 | &nbsp;&nbsp; 1501994 |
| LY Corp. (Japan) | 30574 | &nbsp;&nbsp; 111979 |
| Meta Platforms, Inc., Class A | 3321 | &nbsp;&nbsp; 2568594 |
| Tencent Holdings Ltd. (China) | 9035 | &nbsp;&nbsp; 632561 |
|  |  | &nbsp;&nbsp; 6383143 |
| **Internet Services & Infrastructure-0.23%** | **Internet Services & Infrastructure-0.23%** | **Internet Services & Infrastructure-0.23%** |
| Okta, Inc.<sup>(b)</sup> | 1118 | &nbsp;&nbsp; 109340 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 1371 | &nbsp;&nbsp; 167955 |
|  |  | &nbsp;&nbsp; 277295 |
| **Investment Banking & Brokerage-1.20%** | **Investment Banking & Brokerage-1.20%** | **Investment Banking & Brokerage-1.20%** |
| Goldman Sachs Group, Inc. (The) | 1030 | &nbsp;&nbsp; 745298 |
| Morgan Stanley | 4423 | &nbsp;&nbsp; 630100 |
| SBI Holdings, Inc. (Japan) | 2636 | &nbsp;&nbsp; 98120 |
|  |  | &nbsp;&nbsp; 1473518 |

---

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

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Consulting & Other Services-1.23%** | **IT Consulting & Other Services-1.23%** | **IT Consulting & Other Services-1.23%** |
| Accenture PLC, Class A (Ireland) | 1360 | &nbsp;&nbsp; $363256 |
| Amdocs Ltd. | 920 | &nbsp;&nbsp; 78531 |
| Cognizant Technology Solutions Corp., Class A | 1611 | &nbsp;&nbsp; 115605 |
| Infosys Ltd., ADR (India) | 34227 | &nbsp;&nbsp; 572276 |
| International Business Machines Corp. | 1502 | &nbsp;&nbsp; 380231 |
|  |  | &nbsp;&nbsp; 1509899 |
| **Leisure Products-0.07%** | **Leisure Products-0.07%** | **Leisure Products-0.07%** |
| Bandai Namco Holdings, Inc. (Japan) | 2744 | &nbsp;&nbsp; 88912 |
| **Life & Health Insurance-1.43%** | **Life & Health Insurance-1.43%** | **Life & Health Insurance-1.43%** |
| Aflac, Inc. | 828 | &nbsp;&nbsp; 82270 |
| Dai-ichi Life Holdings, Inc. (Japan) | 10903 | &nbsp;&nbsp; 86441 |
| Discovery Ltd. (South Africa) | 6954 | &nbsp;&nbsp; 83073 |
| Japan Post Holdings Co. Ltd. (Japan) | 16954 | &nbsp;&nbsp; 157324 |
| Japan Post Insurance Co. Ltd. (Japan) | 3744 | &nbsp;&nbsp; 96058 |
| Manulife Financial Corp. (Canada) | 2249 | &nbsp;&nbsp; 69737 |
| MetLife, Inc. | 4464 | &nbsp;&nbsp; 339041 |
| Phoenix Group Holdings PLC (United Kingdom) | 9991 | &nbsp;&nbsp; 87551 |
| &nbsp;&nbsp;&nbsp; Ping An Insurance (Group) Co. of China Ltd., H <br> Shares (China)<br>| 13544 | &nbsp;&nbsp; 92984 |
| Poste Italiane S.p.A. (Italy)<sup>(c)</sup> | 18028 | &nbsp;&nbsp; 390637 |
| Principal Financial Group, Inc. | 1027 | &nbsp;&nbsp; 79931 |
| Prudential PLC (Hong Kong) | 8329 | &nbsp;&nbsp; 105879 |
| Sun Life Financial, Inc. (Canada) | 1400 | &nbsp;&nbsp; 85546 |
|  |  | &nbsp;&nbsp; 1756472 |
| **Life Sciences Tools & Services-0.15%** | **Life Sciences Tools & Services-0.15%** | **Life Sciences Tools & Services-0.15%** |
| Illumina, Inc.<sup>(b)</sup> | 881 | &nbsp;&nbsp; 90488 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 520 | &nbsp;&nbsp; 96647 |
|  |  | &nbsp;&nbsp; 187135 |
| **Managed Health Care-0.26%** | **Managed Health Care-0.26%** | **Managed Health Care-0.26%** |
| Elevance Health, Inc. | 294 | &nbsp;&nbsp; 83225 |
| UnitedHealth Group, Inc. | 962 | &nbsp;&nbsp; 240077 |
|  |  | &nbsp;&nbsp; 323302 |
| **Marine Transportation-0.43%** | **Marine Transportation-0.43%** | **Marine Transportation-0.43%** |
| A.P. Moller - Maersk A/S, Class B (Denmark) | 59 | &nbsp;&nbsp; 116884 |
| Evergreen Marine Corp. Taiwan Ltd. (Taiwan) | 29253 | &nbsp;&nbsp; 193038 |
| Nippon Yusen K.K. (Japan) | 1926 | &nbsp;&nbsp; 67681 |
| Orient Overseas International Ltd. (Hong Kong) | 8710 | &nbsp;&nbsp; 156713 |
|  |  | &nbsp;&nbsp; 534316 |
| **Metal, Glass & Plastic Containers-0.35%** | **Metal, Glass & Plastic Containers-0.35%** | **Metal, Glass & Plastic Containers-0.35%** |
| CCL Industries, Inc., Class B (Canada) | 1469 | &nbsp;&nbsp; 82293 |
| Crown Holdings, Inc. | 3481 | &nbsp;&nbsp; 345872 |
|  |  | &nbsp;&nbsp; 428165 |
| **Movies & Entertainment-1.33%** | **Movies & Entertainment-1.33%** | **Movies & Entertainment-1.33%** |
| Netflix, Inc.<sup>(b)</sup> | 683 | &nbsp;&nbsp; 791870 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 323 | &nbsp;&nbsp; 202372 |
| Walt Disney Co. (The) | 5389 | &nbsp;&nbsp; 641884 |
|  |  | &nbsp;&nbsp; 1636126 |
| **Multi-line Insurance-0.76%** | **Multi-line Insurance-0.76%** | **Multi-line Insurance-0.76%** |
| Allianz SE (Germany) | 156 | &nbsp;&nbsp; 61829 |
| American International Group, Inc. | 4243 | &nbsp;&nbsp; 329384 |
| ASR Nederland N.V. (Netherlands) | 1291 | &nbsp;&nbsp; 86005 |
| Assicurazioni Generali S.p.A. (Italy) | 7337 | &nbsp;&nbsp; 274517 |
| AXA S.A. (France) | 3833 | &nbsp;&nbsp; 186712 |
|  |  | &nbsp;&nbsp; 938447 |
| **Multi-Utilities-0.54%** | **Multi-Utilities-0.54%** | **Multi-Utilities-0.54%** |
| DTE Energy Co. | 1095 | &nbsp;&nbsp; 151559 |
| E.ON SE (Germany) | 4724 | &nbsp;&nbsp; 86434 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| ENGIE S.A. (France) | 10190 | &nbsp;&nbsp; $229726 |
| National Grid PLC (United Kingdom) | 6127 | &nbsp;&nbsp; 86273 |
| NiSource, Inc. | 2547 | &nbsp;&nbsp; 108120 |
|  |  | &nbsp;&nbsp; 662112 |
| **Oil & Gas Equipment & Services-0.23%** | **Oil & Gas Equipment & Services-0.23%** | **Oil & Gas Equipment & Services-0.23%** |
| Baker Hughes Co., Class A | 2155 | &nbsp;&nbsp; 97083 |
| Schlumberger N.V. | 2841 | &nbsp;&nbsp; 96026 |
| Technip Energies N.V. (France) | 2105 | &nbsp;&nbsp; 91163 |
|  |  | &nbsp;&nbsp; 284272 |
| **Oil & Gas Exploration & Production-1.20%** | **Oil & Gas Exploration & Production-1.20%** | **Oil & Gas Exploration & Production-1.20%** |
| Aker BP ASA (Norway) | 4311 | &nbsp;&nbsp; 104164 |
| ConocoPhillips | 3135 | &nbsp;&nbsp; 298891 |
| Devon Energy Corp. | 5590 | &nbsp;&nbsp; 185700 |
| EOG Resources, Inc. | 3092 | &nbsp;&nbsp; 371102 |
| EQT Corp. | 3458 | &nbsp;&nbsp; 185867 |
| Inpex Corp. (Japan) | 6173 | &nbsp;&nbsp; 88074 |
| Ovintiv, Inc. | 2054 | &nbsp;&nbsp; 84584 |
| Var Energi ASA (Norway) | 47020 | &nbsp;&nbsp; 161768 |
|  |  | &nbsp;&nbsp; 1480150 |
| **Oil & Gas Refining & Marketing-0.22%** | **Oil & Gas Refining & Marketing-0.22%** | **Oil & Gas Refining & Marketing-0.22%** |
| ORLEN S.A. (Poland) | 5585 | &nbsp;&nbsp; 124821 |
| Valero Energy Corp. | 1043 | &nbsp;&nbsp; 143214 |
|  |  | &nbsp;&nbsp; 268035 |
| **Oil & Gas Storage & Transportation-0.32%** | **Oil & Gas Storage & Transportation-0.32%** | **Oil & Gas Storage & Transportation-0.32%** |
| Enbridge, Inc. (Canada) | 5977 | &nbsp;&nbsp; 271279 |
| Williams Cos., Inc. (The) | 1968 | &nbsp;&nbsp; 117982 |
|  |  | &nbsp;&nbsp; 389261 |
| **Packaged Foods & Meats-0.99%** | **Packaged Foods & Meats-0.99%** | **Packaged Foods & Meats-0.99%** |
| Ajinomoto Co., Inc. (Japan) | 3232 | &nbsp;&nbsp; 85681 |
| China Mengniu Dairy Co. Ltd. (China) | 42748 | &nbsp;&nbsp; 88959 |
| Danone S.A. (France) | 966 | &nbsp;&nbsp; 79287 |
| JDE Peet's N.V. (Netherlands) | 3772 | &nbsp;&nbsp; 112187 |
| Kraft Heinz Co. (The) | 3429 | &nbsp;&nbsp; 94160 |
| Mondelez International, Inc., Class A | 1469 | &nbsp;&nbsp; 95030 |
| Nestle S.A. (Switzerland) | 2970 | &nbsp;&nbsp; 259574 |
| Orkla ASA (Norway) | 9503 | &nbsp;&nbsp; 100373 |
| Tyson Foods, Inc., Class A | 4096 | &nbsp;&nbsp; 214221 |
| WH Group Ltd. (Hong Kong) | 89650 | &nbsp;&nbsp; 89752 |
|  |  | &nbsp;&nbsp; 1219224 |
| **Passenger Airlines-0.31%** | **Passenger Airlines-0.31%** | **Passenger Airlines-0.31%** |
| China Airlines Ltd. (Taiwan) | 114664 | &nbsp;&nbsp; 78572 |
| Turk Hava Yollari AO (Turkey) | 11341 | &nbsp;&nbsp; 80294 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 2548 | &nbsp;&nbsp; 225014 |
|  |  | &nbsp;&nbsp; 383880 |
| **Passenger Ground Transportation-0.47%** | **Passenger Ground Transportation-0.47%** | **Passenger Ground Transportation-0.47%** |
| Grab Holdings Ltd., Class A (Singapore)<sup>(b)</sup> | 18812 | &nbsp;&nbsp; 91991 |
| Uber Technologies, Inc.<sup>(b)</sup> | 5583 | &nbsp;&nbsp; 489908 |
|  |  | &nbsp;&nbsp; 581899 |
| **Personal Care Products-0.13%** | **Personal Care Products-0.13%** | **Personal Care Products-0.13%** |
| L'Oreal S.A. (France) | 361 | &nbsp;&nbsp; 160206 |
| **Pharmaceuticals-3.95%** | **Pharmaceuticals-3.95%** | **Pharmaceuticals-3.95%** |
| AstraZeneca PLC (United Kingdom) | 1389 | &nbsp;&nbsp; 203058 |
| Bayer AG (Germany) | 2617 | &nbsp;&nbsp; 81632 |
| Bristol-Myers Squibb Co. | 8524 | &nbsp;&nbsp; 369174 |
| Chugai Pharmaceutical Co. Ltd. (Japan) | 1861 | &nbsp;&nbsp; 89391 |
| Eli Lilly and Co. | 993 | &nbsp;&nbsp; 734890 |
| GSK PLC | 9110 | &nbsp;&nbsp; 167912 |

---

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

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Johnson & Johnson | 5104 | &nbsp;&nbsp; $840833 |
| Merck & Co., Inc. | 3634 | &nbsp;&nbsp; 283888 |
| Novartis AG | 5677 | &nbsp;&nbsp; 646696 |
| Pfizer, Inc. | 14866 | &nbsp;&nbsp; 346229 |
| Roche Holding AG (Switzerland) | 1545 | &nbsp;&nbsp; 482272 |
| Sanofi S.A. | 667 | &nbsp;&nbsp; 60053 |
| Shionogi & Co. Ltd. (Japan) | 6955 | &nbsp;&nbsp; 116553 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | 2801 | &nbsp;&nbsp; 77099 |
| UCB S.A. (Belgium) | 728 | &nbsp;&nbsp; 156874 |
| Zoetis, Inc. | 1372 | &nbsp;&nbsp; 200024 |
|  |  | &nbsp;&nbsp; 4856578 |
| **Property & Casualty Insurance-1.28%** | **Property & Casualty Insurance-1.28%** | **Property & Casualty Insurance-1.28%** |
| Allstate Corp. (The) | 1078 | &nbsp;&nbsp; 219103 |
| Hartford Insurance Group, Inc. (The) | 1176 | &nbsp;&nbsp; 146283 |
| MS&AD Insurance Group Holdings, Inc. (Japan) | 4603 | &nbsp;&nbsp; 98547 |
| Progressive Corp. (The) | 1270 | &nbsp;&nbsp; 307391 |
| QBE Insurance Group Ltd. (Australia) | 25286 | &nbsp;&nbsp; 375799 |
| Sompo Holdings, Inc. (Japan) | 5640 | &nbsp;&nbsp; 166644 |
| Travelers Cos., Inc. (The) | 1002 | &nbsp;&nbsp; 260760 |
|  |  | &nbsp;&nbsp; 1574527 |
| **Publishing-0.06%** | **Publishing-0.06%** | **Publishing-0.06%** |
| New York Times Co. (The), Class A | 1492 | &nbsp;&nbsp; 77420 |
| **Rail Transportation-0.72%** | **Rail Transportation-0.72%** | **Rail Transportation-0.72%** |
| Central Japan Railway Co. (Japan) | 10289 | &nbsp;&nbsp; 240345 |
| Tokyu Corp. (Japan) | 7447 | &nbsp;&nbsp; 83999 |
| Union Pacific Corp. | 1666 | &nbsp;&nbsp; 369802 |
| West Japan Railway Co. (Japan) | 8524 | &nbsp;&nbsp; 187005 |
|  |  | &nbsp;&nbsp; 881151 |
| **Real Estate Operating Companies-0.07%** | **Real Estate Operating Companies-0.07%** | **Real Estate Operating Companies-0.07%** |
| Hongkong Land Holdings Ltd. (Hong Kong) | 13914 | &nbsp;&nbsp; 84051 |
| **Real Estate Services-0.08%** | **Real Estate Services-0.08%** | **Real Estate Services-0.08%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 611 | &nbsp;&nbsp; 95157 |
| **Regional Banks-0.13%** | **Regional Banks-0.13%** | **Regional Banks-0.13%** |
| Citizens Financial Group, Inc. | 1774 | &nbsp;&nbsp; 84655 |
| Truist Financial Corp. | 1843 | &nbsp;&nbsp; 80558 |
|  |  | &nbsp;&nbsp; 165213 |
| **Reinsurance-0.19%** | **Reinsurance-0.19%** | **Reinsurance-0.19%** |
| SCOR SE (France) | 2472 | &nbsp;&nbsp; 80767 |
| Swiss Re AG | 828 | &nbsp;&nbsp; 148250 |
|  |  | &nbsp;&nbsp; 229017 |
| **Research & Consulting Services-0.34%** | **Research & Consulting Services-0.34%** | **Research & Consulting Services-0.34%** |
| Thomson Reuters Corp. (Canada) | 882 | &nbsp;&nbsp; 177402 |
| TransUnion | 922 | &nbsp;&nbsp; 87765 |
| Verisk Analytics, Inc. | 536 | &nbsp;&nbsp; 149388 |
|  |  | &nbsp;&nbsp; 414555 |
| **Restaurants-0.92%** | **Restaurants-0.92%** | **Restaurants-0.92%** |
| Aramark | 1963 | &nbsp;&nbsp; 83545 |
| Compass Group PLC (United Kingdom) | 4113 | &nbsp;&nbsp; 144824 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 798 | &nbsp;&nbsp; 199700 |
| McDonald's Corp. | 1343 | &nbsp;&nbsp; 402994 |
| Starbucks Corp. | 1563 | &nbsp;&nbsp; 139357 |
| Yum China Holdings, Inc. (China) | 1775 | &nbsp;&nbsp; 82857 |
| Yum! Brands, Inc. | 559 | &nbsp;&nbsp; 80580 |
|  |  | &nbsp;&nbsp; 1133857 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retail REITs-0.14%** | **Retail REITs-0.14%** | **Retail REITs-0.14%** |
| Klepierre S.A. (France) | 2254 | &nbsp;&nbsp; $86292 |
| Regency Centers Corp. | 1214 | &nbsp;&nbsp; 86680 |
|  |  | &nbsp;&nbsp; 172972 |
| **Semiconductor Materials & Equipment-1.87%** | **Semiconductor Materials & Equipment-1.87%** | **Semiconductor Materials & Equipment-1.87%** |
| Advantest Corp. (Japan) | 1392 | &nbsp;&nbsp; 92754 |
| Applied Materials, Inc. | 2196 | &nbsp;&nbsp; 395412 |
| ASML Holding N.V. (Netherlands) | 857 | &nbsp;&nbsp; 595708 |
| KLA Corp. | 490 | &nbsp;&nbsp; 430725 |
| Lam Research Corp. | 4554 | &nbsp;&nbsp; 431901 |
| SCREEN Holdings Co. Ltd. (Japan) | 1392 | &nbsp;&nbsp; 108810 |
| Teradyne, Inc. | 924 | &nbsp;&nbsp; 99265 |
| Tokyo Electron Ltd. (Japan) | 904 | &nbsp;&nbsp; 144008 |
|  |  | &nbsp;&nbsp; 2298583 |
| **Semiconductors-7.75%** | **Semiconductors-7.75%** | **Semiconductors-7.75%** |
| Analog Devices, Inc. | 1984 | &nbsp;&nbsp; 445666 |
| ASE Technology Holding Co. Ltd. (Taiwan) | 17719 | &nbsp;&nbsp; 85926 |
| Broadcom, Inc. | 1981 | &nbsp;&nbsp; 581820 |
| Infineon Technologies AG (Germany) | 4114 | &nbsp;&nbsp; 162085 |
| Intel Corp. | 4407 | &nbsp;&nbsp; 87259 |
| MediaTek, Inc. (Taiwan) | 3220 | &nbsp;&nbsp; 145816 |
| Micron Technology, Inc. | 3339 | &nbsp;&nbsp; 364418 |
| Novatek Microelectronics Corp. (Taiwan) | 4886 | &nbsp;&nbsp; 77217 |
| NVIDIA Corp. | 27596 | &nbsp;&nbsp; 4908501 |
| NXP Semiconductors N.V. (Netherlands) | 368 | &nbsp;&nbsp; 78667 |
| QUALCOMM, Inc. | 3679 | &nbsp;&nbsp; 539930 |
| Realtek Semiconductor Corp. (Taiwan) | 6840 | &nbsp;&nbsp; 130787 |
| Renesas Electronics Corp. (Japan) | 6662 | &nbsp;&nbsp; 81195 |
| SK hynix, Inc. (South Korea) | 1629 | &nbsp;&nbsp; 315726 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR (Taiwan)<br>| 6004 | &nbsp;&nbsp; 1450687 |
| United Microelectronics Corp. (Taiwan) | 57337 | &nbsp;&nbsp; 79450 |
|  |  | &nbsp;&nbsp; 9535150 |
| **Soft Drinks & Non-alcoholic Beverages-0.38%** | **Soft Drinks & Non-alcoholic Beverages-0.38%** | **Soft Drinks & Non-alcoholic Beverages-0.38%** |
| Coca-Cola Co. (The) | 2844 | &nbsp;&nbsp; 193079 |
| PepsiCo, Inc. | 1983 | &nbsp;&nbsp; 273496 |
|  |  | &nbsp;&nbsp; 466575 |
| **Specialized Finance-0.10%** | **Specialized Finance-0.10%** | **Specialized Finance-0.10%** |
| Mitsubishi HC Capital, Inc. (Japan) | 16363 | &nbsp;&nbsp; 121194 |
| **Specialty Chemicals-0.22%** | **Specialty Chemicals-0.22%** | **Specialty Chemicals-0.22%** |
| DuPont de Nemours, Inc. | 1175 | &nbsp;&nbsp; 84482 |
| Ecolab, Inc. | 413 | &nbsp;&nbsp; 108107 |
| Evonik Industries AG (Germany) | 4115 | &nbsp;&nbsp; 81956 |
|  |  | &nbsp;&nbsp; 274545 |
| **Steel-0.22%** | **Steel-0.22%** | **Steel-0.22%** |
| Fortescue Ltd. (Australia) | 9207 | &nbsp;&nbsp; 104365 |
| Nucor Corp. | 612 | &nbsp;&nbsp; 87559 |
| Steel Dynamics, Inc. | 629 | &nbsp;&nbsp; 80235 |
|  |  | &nbsp;&nbsp; 272159 |
| **Systems Software-5.43%** | **Systems Software-5.43%** | **Systems Software-5.43%** |
| Fortinet, Inc.<sup>(b)</sup> | 2093 | &nbsp;&nbsp; 209091 |
| Microsoft Corp. | 10213 | &nbsp;&nbsp; 5448635 |
| Oracle Corp. | 2215 | &nbsp;&nbsp; 562101 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 757 | &nbsp;&nbsp; 131415 |
| ServiceNow, Inc.<sup>(b)</sup> | 347 | &nbsp;&nbsp; 327263 |
|  |  | &nbsp;&nbsp; 6678505 |
| **Technology Distributors-0.07%** | **Technology Distributors-0.07%** | **Technology Distributors-0.07%** |
| TD SYNNEX Corp. | 606 | &nbsp;&nbsp; 87500 |

---

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

------

**Invesco Global Equity Net Zero ETF (IQSZ)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals-5.17%** | **Technology Hardware, Storage & Peripherals-5.17%** | **Technology Hardware, Storage & Peripherals-5.17%** |
| Apple, Inc. | 21788 | &nbsp;&nbsp; $4522535 |
| Canon, Inc. (Japan) | 3135 | &nbsp;&nbsp; 89223 |
| Catcher Technology Co. Ltd. (Taiwan) | 11941 | &nbsp;&nbsp; 84329 |
| Compal Electronics, Inc. (Taiwan) | 87565 | &nbsp;&nbsp; 85691 |
| Dell Technologies, Inc., Class C | 686 | &nbsp;&nbsp; 91025 |
| HP, Inc. | 3330 | &nbsp;&nbsp; 82584 |
| King Slide Works Co. Ltd. (Taiwan) | 1050 | &nbsp;&nbsp; 92452 |
| Lenovo Group Ltd. (China) | 68836 | &nbsp;&nbsp; 88265 |
| Lite-On Technology Corp. (Taiwan) | 21899 | &nbsp;&nbsp; 86578 |
| Pegatron Corp. (Taiwan) | 32318 | &nbsp;&nbsp; 86036 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 1472 | &nbsp;&nbsp; 87613 |
| Samsung Electronics Co. Ltd. (South Korea) | 6271 | &nbsp;&nbsp; 319595 |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd., Preference <br> Shares (South Korea)<br>| 2246 | &nbsp;&nbsp; 92478 |
| Seagate Technology Holdings PLC | 847 | &nbsp;&nbsp; 132988 |
| Western Digital Corp. | 2057 | &nbsp;&nbsp; 161865 |
| Xiaomi Corp., B Shares (China)<sup>(b)(c)</sup> | 37740 | &nbsp;&nbsp; 253913 |
|  |  | &nbsp;&nbsp; 6357170 |
| **Trading Companies & Distributors-0.63%** | **Trading Companies & Distributors-0.63%** | **Trading Companies & Distributors-0.63%** |
| Fastenal Co. | 2335 | &nbsp;&nbsp; 107714 |
| Marubeni Corp. (Japan) | 6760 | &nbsp;&nbsp; 138683 |
| Mitsubishi Corp. (Japan) | 9505 | &nbsp;&nbsp; 187851 |
| Sumitomo Corp. (Japan) | 8851 | &nbsp;&nbsp; 226688 |
| Toyota Tsusho Corp. (Japan) | 5193 | &nbsp;&nbsp; 119256 |
|  |  | &nbsp;&nbsp; 780192 |
| **Transaction & Payment Processing Services-2.17%** | **Transaction & Payment Processing Services-2.17%** | **Transaction & Payment Processing Services-2.17%** |
| Fidelity National Information Services, Inc. | 1810 | &nbsp;&nbsp; 143732 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Transaction & Payment Processing Services-(continued)** | **Transaction & Payment Processing Services-(continued)** | **Transaction & Payment Processing Services-(continued)** |
| Global Payments, Inc. | 1666 | &nbsp;&nbsp; $133197 |
| Mastercard, Inc., Class A | 1535 | &nbsp;&nbsp; 869531 |
| Nexi S.p.A. (Italy)<sup>(c)</sup> | 14108 | &nbsp;&nbsp; 80797 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 3946 | &nbsp;&nbsp; 271327 |
| Toast, Inc., Class A<sup>(b)</sup> | 3242 | &nbsp;&nbsp; 158339 |
| Visa, Inc., Class A | 2910 | &nbsp;&nbsp; 1005318 |
|  |  | &nbsp;&nbsp; 2662241 |
| **Water Utilities-0.07%** | **Water Utilities-0.07%** | **Water Utilities-0.07%** |
| United Utilities Group PLC (United Kingdom) | 5780 | &nbsp;&nbsp; 86459 |
| **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** |
| KDDI Corp. (Japan) | 13105 | &nbsp;&nbsp; 215510 |
| MTN Group Ltd. (South Africa) | 10775 | &nbsp;&nbsp; 91234 |
| SoftBank Corp. (Japan) | 147781 | &nbsp;&nbsp; 213952 |
|  |  | &nbsp;&nbsp; 520696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $122,032,754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $122,032,754) | &nbsp;&nbsp; 122999814 |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(d)(e)</sup> <br>(Cost $89,313)<br>| 89313 | &nbsp;&nbsp; 89313 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.09% <br>(Cost $122,122,067) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.09% <br>(Cost $122,122,067) | &nbsp;&nbsp; 123089127 |
| OTHER ASSETS LESS LIABILITIES-(0.09)% | OTHER ASSETS LESS LIABILITIES-(0.09)% | &nbsp;&nbsp; (113824)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $122975303 |

---

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

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| CVA | -Dutch Certificates |
| PC | -Participation Certificate |
| REIT | -Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | 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> July 31, 2025 was $1,629,074, which represented 1.32% 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 period ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1500649 | &nbsp;&nbsp;&nbsp; $(1411336)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $89313 | &nbsp;&nbsp;&nbsp; $266 |

---

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

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

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-96.95%** | **U.S. Dollar Denominated Bonds & Notes-96.95%** | **U.S. Dollar Denominated Bonds & Notes-96.95%** |
| **Advertising-0.84%** | **Advertising-0.84%** | **Advertising-0.84%** |
| &nbsp;&nbsp;&nbsp; Advantage Sales & Marketing, Inc., 6.50%, <br> 11/15/2028<sup>(b)</sup><br>| $126000 | &nbsp;&nbsp; $94613 |
| Belo Corp., 7.25%, 09/15/2027 | 480000 | &nbsp;&nbsp; 496151 |
| Stagwell Global LLC, 5.63%, 08/15/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 96331 |
|  |  | &nbsp;&nbsp; 687095 |
| **Agricultural & Farm Machinery-0.32%** | **Agricultural & Farm Machinery-0.32%** | **Agricultural & Farm Machinery-0.32%** |
| &nbsp;&nbsp;&nbsp; Titan International, Inc., 7.00%, <br> 04/30/2028<br>| 260000 | &nbsp;&nbsp; 260060 |
| **Air Freight & Logistics-0.94%** | **Air Freight & Logistics-0.94%** | **Air Freight & Logistics-0.94%** |
| Clue Opco LLC, 9.50%, 10/15/2031<sup>(b)(c)</sup> | 86000 | &nbsp;&nbsp; 91274 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc., 7.50%, <br> 04/15/2032<sup>(b)(c)</sup><br>| 240000 | &nbsp;&nbsp; 247519 |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(b)(c)</sup> | 288000 | &nbsp;&nbsp; 289894 |
| &nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, 7.63%, <br> 02/15/2030<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 138230 |
|  |  | &nbsp;&nbsp; 766917 |
| **Alternative Carriers-0.12%** | **Alternative Carriers-0.12%** | **Alternative Carriers-0.12%** |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., 4.00%, <br> 03/01/2027, (Acquired 11/02/2022; <br> Cost $90,486)<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 95214 |
| **Aluminum-0.15%** | **Aluminum-0.15%** | **Aluminum-0.15%** |
| &nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, 11.50%, <br> 10/01/2031<sup>(b)</sup><br>| 65000 | &nbsp;&nbsp; 72369 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp., 4.63%, <br> 03/01/2028<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp; 48918 |
|  |  | &nbsp;&nbsp; 121287 |
| **Apparel Retail-0.68%** | **Apparel Retail-0.68%** | **Apparel Retail-0.68%** |
| Foot Locker, Inc., 4.00%, 10/01/2029<sup>(b)</sup> | 137000 | &nbsp;&nbsp; 129180 |
| Gap, Inc. (The), 3.88%, 10/01/2031<sup>(b)</sup> | 159000 | &nbsp;&nbsp; 142092 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co., 4.63%, <br> 07/15/2029<sup>(b)(c)</sup><br>| 300000 | &nbsp;&nbsp; 279545 |
|  |  | &nbsp;&nbsp; 550817 |
| **Apparel, Accessories & Luxury Goods-0.33%** | **Apparel, Accessories & Luxury Goods-0.33%** | **Apparel, Accessories & Luxury Goods-0.33%** |
| VF Corp., 2.95%, 04/23/2030<sup>(c)</sup> | 320000 | &nbsp;&nbsp; 271586 |
| **Application Software-0.84%** | **Application Software-0.84%** | **Application Software-0.84%** |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 9.00%, <br> 09/30/2029<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 103559 |
| Fair Isaac Corp., 4.00%, 06/15/2028<sup>(b)(c)</sup> | 240000 | &nbsp;&nbsp; 232020 |
| &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc. (Canada), 4.13%, <br> 02/15/2030<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp; 131365 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)(c)</sup><br>| 220000 | &nbsp;&nbsp; 220228 |
|  |  | &nbsp;&nbsp; 687172 |
| **Asset Management & Custody Banks-0.60%** | **Asset Management & Custody Banks-0.60%** | **Asset Management & Custody Banks-0.60%** |
| Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.36% 11/15/2026 | 100000 | &nbsp;&nbsp; 95962 |
| &nbsp;&nbsp;&nbsp; 3.44% 10/15/2028<sup>(c)</sup> | 430000 | &nbsp;&nbsp; 388688 |
|  |  | &nbsp;&nbsp; 484650 |
| **Automobile Manufacturers-1.45%** | **Automobile Manufacturers-1.45%** | **Automobile Manufacturers-1.45%** |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Corp., 2.75%, <br> 03/09/2028<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp; 102046 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| Nissan Motor Co. Ltd. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35% 09/17/2027<sup>(b)</sup> | $| 200000 | &nbsp;&nbsp; $195234 |
| &nbsp;&nbsp;&nbsp; 4.81% 09/17/2030<sup>(b)</sup> |  | 400000 | &nbsp;&nbsp; 367945 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc., 6.25%, <br> 07/15/2028<sup>(b)</sup><br>|  | 520000 | &nbsp;&nbsp; 518130 |
|  |  |  | &nbsp;&nbsp; 1183355 |
| **Automotive Parts & Equipment-3.17%** | **Automotive Parts & Equipment-3.17%** | **Automotive Parts & Equipment-3.17%** | **Automotive Parts & Equipment-3.17%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., 7.00%, <br> 04/15/2028<sup>(b)</sup><br>|  | 440000 | &nbsp;&nbsp; 450703 |
| ANGI Group LLC, 3.88%, 08/15/2028<sup>(b)</sup> |  | 123000 | &nbsp;&nbsp; 114694 |
| Dana, Inc., 5.38%, 11/15/2027 |  | 100000 | &nbsp;&nbsp; 100432 |
| Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup> |  | 400000 | &nbsp;&nbsp; 417129 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany), 7.75%, <br> 11/15/2030<sup>(b)(e)</sup><br>|  | 400000 | &nbsp;&nbsp; 410902 |
| &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), <br> 8.25%, 06/30/2031<sup>(b)</sup><br>|  | 80000 | &nbsp;&nbsp; 69540 |
| Tenneco, Inc., 8.00%, 11/17/2028<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 198658 |
| United Rentals (North America), Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% 11/15/2027 |  | 144000 | &nbsp;&nbsp; 140381 |
| &nbsp;&nbsp;&nbsp; 4.88% 01/15/2028 |  | 97000 | &nbsp;&nbsp; 96479 |
| ZF North America Capital, Inc. (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88% 04/14/2028<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 149822 |
| &nbsp;&nbsp;&nbsp; 7.13% 04/14/2030<sup>(b)</sup> |  | 450000 | &nbsp;&nbsp; 436534 |
|  |  |  | &nbsp;&nbsp; 2585274 |
| **Automotive Retail-0.62%** | **Automotive Retail-0.62%** | **Automotive Retail-0.62%** | **Automotive Retail-0.62%** |
| Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95% 03/09/2028 |  | 120000 | &nbsp;&nbsp; 120644 |
| &nbsp;&nbsp;&nbsp; 3.50% 03/15/2032 |  | 100000 | &nbsp;&nbsp; 85507 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., 4.63%, <br> 11/15/2029<sup>(b)</sup><br>|  | 45000 | &nbsp;&nbsp; 43313 |
| &nbsp;&nbsp;&nbsp; Velocity Vehicle Group LLC, 8.00%, <br> 06/01/2029<sup>(b)(c)</sup><br>|  | 250000 | &nbsp;&nbsp; 253191 |
|  |  |  | &nbsp;&nbsp; 502655 |
| **Broadcasting-1.65%** | **Broadcasting-1.65%** | **Broadcasting-1.65%** | **Broadcasting-1.65%** |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc., 10.25%, <br> 01/15/2029<sup>(b)(c)</sup><br>|  | 400000 | &nbsp;&nbsp; 410898 |
| Gray Media, Inc., 10.50%, 07/15/2029<sup>(b)</sup> |  | 210000 | &nbsp;&nbsp; 227410 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 5.25%, <br> 08/15/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 79000 |
| Liberty Interactive LLC, 8.25%, 02/01/2030 |  | 79000 | &nbsp;&nbsp; 11069 |
| Paramount Global, 6.38%, 03/30/2062<sup>(c)(f)</sup> |  | 380000 | &nbsp;&nbsp; 374729 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 8.50%, <br> 07/31/2031<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 203299 |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(b)</sup> |  | 67000 | &nbsp;&nbsp; 39224 |
|  |  |  | &nbsp;&nbsp; 1345629 |
| **Broadline Retail-2.14%** | **Broadline Retail-2.14%** | **Broadline Retail-2.14%** | **Broadline Retail-2.14%** |
| &nbsp;&nbsp;&nbsp; GrubHub Holdings, Inc., 5.50%, <br> 07/01/2027<sup>(b)(c)</sup><br>|  | 190000 | &nbsp;&nbsp; 186224 |
| Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% 03/15/2030<sup>(b)</sup> |  | 58000 | &nbsp;&nbsp; 57349 |
| &nbsp;&nbsp;&nbsp; 6.13% 03/15/2032<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 143852 |
| &nbsp;&nbsp;&nbsp; 6.70% 07/15/2034<sup>(b)</sup> |  | 387000 | &nbsp;&nbsp; 334683 |
| Nordstrom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% 03/15/2027 |  | 99000 | &nbsp;&nbsp; 97346 |
| &nbsp;&nbsp;&nbsp; 6.95% 03/15/2028 |  | 124000 | &nbsp;&nbsp; 127860 |
| &nbsp;&nbsp;&nbsp; 4.38% 04/01/2030 |  | 79000 | &nbsp;&nbsp; 72026 |
| QVC, Inc., 4.38%, 09/01/2028 |  | 50000 | &nbsp;&nbsp; 30625 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Broadline Retail-(continued)** | **Broadline Retail-(continued)** | **Broadline Retail-(continued)** | **Broadline Retail-(continued)** |
| Rakuten Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 11.25% 02/15/2027<sup>(b)</sup> | $| 200000 | &nbsp;&nbsp; $217071 |
| &nbsp;&nbsp;&nbsp; 9.75% 04/15/2029<sup>(b)</sup> |  | 430000 | &nbsp;&nbsp; 473351 |
|  |  |  | &nbsp;&nbsp; 1740387 |
| **Building Products-2.78%** | **Building Products-2.78%** | **Building Products-2.78%** | **Building Products-2.78%** |
| Adams Homes, Inc., 9.25%, 10/15/2028<sup>(b)</sup> |  | 66000 | &nbsp;&nbsp; 68601 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., 4.25%, <br> 02/01/2032<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 129323 |
| &nbsp;&nbsp;&nbsp; James Hardie International Finance DAC, <br> 5.00%, 01/15/2028<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 397287 |
| JELD-WEN, Inc., 4.88%, 12/15/2027<sup>(b)(c)</sup> |  | 360000 | &nbsp;&nbsp; 341853 |
| MasterBrand, Inc., 7.00%, 07/15/2032<sup>(b)(c)</sup> |  | 420000 | &nbsp;&nbsp; 427373 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance Corp., <br> 5.50%, 02/01/2030<sup>(b)(c)</sup><br>|  | 230000 | &nbsp;&nbsp; 219499 |
| &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC/<br> SBP Finance Corp., 7.75%, <br> 10/15/2029<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 147160 |
| Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/2027<sup>(b)</sup> |  | 89000 | &nbsp;&nbsp; 89010 |
| &nbsp;&nbsp;&nbsp; 4.75% 01/15/2028<sup>(b)</sup> |  | 80000 | &nbsp;&nbsp; 78968 |
| &nbsp;&nbsp;&nbsp; 4.38% 07/15/2030<sup>(b)</sup> |  | 108000 | &nbsp;&nbsp; 102319 |
| &nbsp;&nbsp;&nbsp; 3.38% 01/15/2031<sup>(b)</sup> |  | 131000 | &nbsp;&nbsp; 117139 |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(b)</sup> |  | 140000 | &nbsp;&nbsp; 145818 |
|  |  |  | &nbsp;&nbsp; 2264350 |
| **Cable & Satellite-6.14%** | **Cable & Satellite-6.14%** | **Cable & Satellite-6.14%** | **Cable & Satellite-6.14%** |
| Cable One, Inc., 4.00%, 11/15/2030<sup>(b)</sup> |  | 180000 | &nbsp;&nbsp; 138793 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% 05/01/2027<sup>(b)(c)</sup> |  | 509000 | &nbsp;&nbsp; 505151 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/01/2028<sup>(b)</sup> |  | 140000 | &nbsp;&nbsp; 137473 |
| &nbsp;&nbsp;&nbsp; 4.50% 05/01/2032<sup>(c)</sup> |  | 395000 | &nbsp;&nbsp; 358701 |
| &nbsp;&nbsp;&nbsp; 4.25% 01/15/2034<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 86252 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 11.75% 01/31/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 187203 |
| &nbsp;&nbsp;&nbsp; 4.63% 12/01/2030<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 93745 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 8.88%, <br> 02/01/2030<sup>(b)(c)</sup><br>|  | 350000 | &nbsp;&nbsp; 341145 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 5.88%, 08/15/2027<sup>(b)(c)</sup><br>|  | 400000 | &nbsp;&nbsp; 398051 |
| DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 12/01/2026<sup>(b)</sup> |  | 159000 | &nbsp;&nbsp; 149812 |
| &nbsp;&nbsp;&nbsp; 5.75% 12/01/2028<sup>(b)</sup> |  | 160000 | &nbsp;&nbsp; 143129 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(b)</sup><br>|  | 207000 | &nbsp;&nbsp; 215761 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75% 11/30/2029 |  | 200000 | &nbsp;&nbsp; 210911 |
| &nbsp;&nbsp;&nbsp; 6.75% PIK Rate, 2.00% Cash Rate, <br> 11/30/2030<sup>(e)</sup><br>|  | 100000 | &nbsp;&nbsp; 94855 |
| &nbsp;&nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., <br> 9.25%, 03/25/2030<sup>(b)(e)</sup><br>|  | 33200 | &nbsp;&nbsp; 23277 |
| Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13% 09/01/2026<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 97836 |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/2027<sup>(b)(c)</sup> |  | 250000 | &nbsp;&nbsp; 247477 |
| &nbsp;&nbsp;&nbsp; 4.00% 07/15/2028<sup>(b)</sup> |  | 260000 | &nbsp;&nbsp; 247627 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes S.a.r.l. <br> (Belgium), 5.50%, 03/01/2028<sup>(b)</sup><br>|  | 600000 | &nbsp;&nbsp; 595404 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC (United Kingdom), <br> 5.00%, 07/15/2030<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 180491 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite-(continued)** | **Cable & Satellite-(continued)** | **Cable & Satellite-(continued)** | **Cable & Satellite-(continued)** |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC <br> (United Kingdom), 5.00%, 07/15/2028<sup>(b)</sup><br>| $| 200000 | &nbsp;&nbsp; $194138 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing B.V. (Netherlands), <br> 5.00%, 01/15/2032<sup>(b)(c)</sup><br>|  | 400000 | &nbsp;&nbsp; 352187 |
|  |  |  | &nbsp;&nbsp; 4999419 |
| **Casinos & Gaming-3.80%** | **Casinos & Gaming-3.80%** | **Casinos & Gaming-3.80%** | **Casinos & Gaming-3.80%** |
| Affinity Interactive, 6.88%, 12/15/2027<sup>(b)</sup> |  | 187000 | &nbsp;&nbsp; 103185 |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC, 6.25%, <br> 01/15/2027<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 404325 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc., 4.75%, <br> 01/15/2028<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 246734 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp. (Canada), <br> 8.75%, 11/15/2029<sup>(b)</sup><br>|  | 260000 | &nbsp;&nbsp; 254772 |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. (Hong Kong), <br> 5.38%, 12/04/2029<sup>(b)(c)</sup><br>|  | 600000 | &nbsp;&nbsp; 574842 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International, 4.63%, <br> 09/01/2026<sup>(c)</sup><br>|  | 500000 | &nbsp;&nbsp; 498409 |
| &nbsp;&nbsp;&nbsp; Studio City Finance Ltd. (Macau), 6.50%, <br> 01/15/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 198131 |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)(c)</sup><br>|  | 300000 | &nbsp;&nbsp; 317541 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp., 5.25%, 05/15/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 99881 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd. (Macau), 5.63%, <br> 08/26/2028<sup>(b)(c)</sup><br>|  | 400000 | &nbsp;&nbsp; 395886 |
|  |  |  | &nbsp;&nbsp; 3093706 |
| **Commercial & Residential Mortgage Finance-0.06%** | **Commercial & Residential Mortgage Finance-0.06%** | **Commercial & Residential Mortgage Finance-0.06%** | **Commercial & Residential Mortgage Finance-0.06%** |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc., 2.88%, 10/15/2026<sup>(b)</sup><br>|  | 49000 | &nbsp;&nbsp; 47818 |
| **Commercial Printing-0.90%** | **Commercial Printing-0.90%** | **Commercial Printing-0.90%** | **Commercial Printing-0.90%** |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(b)(c)</sup> |  | 450000 | &nbsp;&nbsp; 463831 |
| &nbsp;&nbsp;&nbsp; R.R. Donnelley & Sons Co., 9.50%, <br> 08/01/2029<sup>(b)</sup><br>|  | 260000 | &nbsp;&nbsp; 265910 |
|  |  |  | &nbsp;&nbsp; 729741 |
| **Commodity Chemicals-0.27%** | **Commodity Chemicals-0.27%** | **Commodity Chemicals-0.27%** | **Commodity Chemicals-0.27%** |
| &nbsp;&nbsp;&nbsp; Methanex Corp. (Canada), 5.13%, <br> 10/15/2027<br>|  | 220000 | &nbsp;&nbsp; 219067 |
| **Communications Equipment-0.69%** | **Communications Equipment-0.69%** | **Communications Equipment-0.69%** | **Communications Equipment-0.69%** |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC, 5.00%, <br> 03/15/2027<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 49008 |
| Viasat, Inc., 5.63%, 04/15/2027<sup>(b)(c)</sup> |  | 420000 | &nbsp;&nbsp; 418370 |
| Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 92582 |
|  |  |  | &nbsp;&nbsp; 559960 |
| **Construction & Engineering-0.33%** | **Construction & Engineering-0.33%** | **Construction & Engineering-0.33%** | **Construction & Engineering-0.33%** |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 10.38%, <br> 08/01/2030<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 90890 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC <br> (Canada)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 09/15/2027<sup>(b)</sup> |  | 88000 | &nbsp;&nbsp; 87898 |
| &nbsp;&nbsp;&nbsp; 5.00% 06/15/2029<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 93220 |
|  |  |  | &nbsp;&nbsp; 272008 |
| **Construction Machinery & Heavy Transportation Equipment-1.29%** | **Construction Machinery & Heavy Transportation Equipment-1.29%** | **Construction Machinery & Heavy Transportation Equipment-1.29%** | **Construction Machinery & Heavy Transportation Equipment-1.29%** |
| &nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc. (Canada), 9.25%, <br> 07/01/2030<sup>(b)</sup><br>|  | 280000 | &nbsp;&nbsp; 298161 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** |
| Terex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 05/15/2029<sup>(b)</sup> | $| 200000 | &nbsp;&nbsp; $195390 |
| &nbsp;&nbsp;&nbsp; 6.25% 10/15/2032<sup>(b)(c)</sup> |  | 220000 | &nbsp;&nbsp; 220555 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp., 4.50%, <br> 10/15/2028<sup>(b)(c)</sup><br>|  | 380000 | &nbsp;&nbsp; 340599 |
|  |  |  | &nbsp;&nbsp; 1054705 |
| **Construction Materials-0.63%** | **Construction Materials-0.63%** | **Construction Materials-0.63%** | **Construction Materials-0.63%** |
| Smyrna Ready Mix Concrete LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% 11/01/2028<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 199506 |
| &nbsp;&nbsp;&nbsp; 8.88% 11/15/2031<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 315995 |
|  |  |  | &nbsp;&nbsp; 515501 |
| **Consumer Electronics-0.23%** | **Consumer Electronics-0.23%** | **Consumer Electronics-0.23%** | **Consumer Electronics-0.23%** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies B.V., 4.00%, <br> 04/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 190269 |
| **Consumer Finance-3.04%** | **Consumer Finance-3.04%** | **Consumer Finance-3.04%** | **Consumer Finance-3.04%** |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd. (Cayman <br> Islands), 8.75%, 09/01/2027<sup>(b)</sup><br>|  | 330000 | &nbsp;&nbsp; 341183 |
| goeasy Ltd. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63% 07/01/2029<sup>(b)</sup> |  | 140000 | &nbsp;&nbsp; 144277 |
| &nbsp;&nbsp;&nbsp; 6.88% 05/15/2030<sup>(b)</sup> |  | 280000 | &nbsp;&nbsp; 280820 |
| &nbsp;&nbsp;&nbsp; 7.38% 10/01/2030<sup>(b)</sup> |  | 120000 | &nbsp;&nbsp; 122471 |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/2027 |  | 116000 | &nbsp;&nbsp; 114813 |
| &nbsp;&nbsp;&nbsp; 11.50% 03/15/2031 |  | 240000 | &nbsp;&nbsp; 270247 |
| &nbsp;&nbsp;&nbsp; 5.63% 08/01/2033 |  | 422000 | &nbsp;&nbsp; 380629 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., 6.63%, <br> 01/15/2028<sup>(c)</sup><br>|  | 280000 | &nbsp;&nbsp; 286887 |
| PRA Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38% 02/01/2028<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 307173 |
| &nbsp;&nbsp;&nbsp; 8.88% 01/31/2030<sup>(b)</sup> |  | 220000 | &nbsp;&nbsp; 228756 |
|  |  |  | &nbsp;&nbsp; 2477256 |
| **Diversified Banks-0.84%** | **Diversified Banks-0.84%** | **Diversified Banks-0.84%** | **Diversified Banks-0.84%** |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, 7.88%, 11/01/2029<sup>(b)</sup><br>|  | 330000 | &nbsp;&nbsp; 340306 |
| Freedom Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 12.00% 10/01/2028<sup>(b)</sup> |  | 220000 | &nbsp;&nbsp; 235469 |
| &nbsp;&nbsp;&nbsp; 12.25% 10/01/2030<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 110706 |
|  |  |  | &nbsp;&nbsp; 686481 |
| **Diversified Chemicals-1.92%** | **Diversified Chemicals-1.92%** | **Diversified Chemicals-1.92%** | **Diversified Chemicals-1.92%** |
| Chemours Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% 05/15/2027 |  | 308000 | &nbsp;&nbsp; 301988 |
| &nbsp;&nbsp;&nbsp; 5.75% 11/15/2028<sup>(b)</sup> |  | 160000 | &nbsp;&nbsp; 147072 |
| &nbsp;&nbsp;&nbsp; 4.63% 11/15/2029<sup>(b)</sup> |  | 54000 | &nbsp;&nbsp; 45786 |
| &nbsp;&nbsp;&nbsp; 8.00% 01/15/2033<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 93107 |
| INEOS Finance PLC (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 05/15/2028<sup>(b)</sup> |  | 400000 | &nbsp;&nbsp; 394298 |
| &nbsp;&nbsp;&nbsp; 7.50% 04/15/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 198776 |
| &nbsp;&nbsp;&nbsp; SNF Group SACA (France), 3.13%, <br> 03/15/2027<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 386669 |
|  |  |  | &nbsp;&nbsp; 1567696 |
| **Diversified Financial Services-3.52%** | **Diversified Financial Services-3.52%** | **Diversified Financial Services-3.52%** | **Diversified Financial Services-3.52%** |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, 6.25%, <br> 04/15/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 199623 |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, <br> 5.25%, 04/15/2029<sup>(b)(c)</sup><br>|  | 290000 | &nbsp;&nbsp; 269665 |
| &nbsp;&nbsp;&nbsp; eG Global Finance PLC (United Kingdom), <br> 12.00%, 11/30/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 221236 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 9.25%, <br> 02/01/2029<sup>(b)</sup><br>| $| 150000 | &nbsp;&nbsp; $156474 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 5.00%, 08/15/2028<sup>(b)(c)</sup><br>|  | 400000 | &nbsp;&nbsp; 386116 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, 6.50%, <br> 05/01/2028<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 396885 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates L.P./PFG <br> Finance Corp., 9.75%, 09/15/2029<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp; 125693 |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital, <br> Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% 04/16/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 178052 |
| &nbsp;&nbsp;&nbsp; 8.45% 07/27/2030<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 199311 |
| &nbsp;&nbsp;&nbsp; 4.63% 04/06/2031<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 165840 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, 5.75%, <br> 06/15/2027<sup>(b)</sup><br>|  | 197000 | &nbsp;&nbsp; 197148 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc. (Switzerland), <br> 9.50%, 06/01/2028<sup>(b)</sup><br>|  | 360000 | &nbsp;&nbsp; 369347 |
|  |  |  | &nbsp;&nbsp; 2865390 |
| **Diversified Metals & Mining-1.34%** | **Diversified Metals & Mining-1.34%** | **Diversified Metals & Mining-1.34%** | **Diversified Metals & Mining-1.34%** |
| &nbsp;&nbsp;&nbsp; Algoma Steel, Inc. (Canada), 9.13%, <br> 04/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 181577 |
| Mineral Resources Ltd. (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25% 10/01/2028<sup>(b)</sup> |  | 321000 | &nbsp;&nbsp; 335895 |
| &nbsp;&nbsp;&nbsp; 8.50% 05/01/2030<sup>(b)</sup> |  | 360000 | &nbsp;&nbsp; 368897 |
| &nbsp;&nbsp;&nbsp; Perenti Finance Pty Ltd. (Australia), 7.50%, <br> 04/26/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 206914 |
|  |  |  | &nbsp;&nbsp; 1093283 |
| **Diversified Real Estate Activities-0.06%** | **Diversified Real Estate Activities-0.06%** | **Diversified Real Estate Activities-0.06%** | **Diversified Real Estate Activities-0.06%** |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. L.P./Five Point <br> Capital Corp., 7.88%, 11/15/2025<sup>(b)</sup><br>|  | 51000 | &nbsp;&nbsp; 52217 |
| **Diversified REITs-0.58%** | **Diversified REITs-0.58%** | **Diversified REITs-0.58%** | **Diversified REITs-0.58%** |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc., 4.50%, <br> 09/30/2028<sup>(b)</sup><br>|  | 116000 | &nbsp;&nbsp; 111671 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>|  | 76000 | &nbsp;&nbsp; 72614 |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, <br> 04/15/2028<sup>(b)(c)</sup><br>|  | 300000 | &nbsp;&nbsp; 291302 |
|  |  |  | &nbsp;&nbsp; 475587 |
| **Diversified Support Services-1.38%** | **Diversified Support Services-1.38%** | **Diversified Support Services-1.38%** | **Diversified Support Services-1.38%** |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 156029 |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas <br> Capital Corp. V, 4.25%, 09/30/2026<br>|  | 295000 | &nbsp;&nbsp; 292221 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., 9.29%, <br> 04/15/2029<sup>(b)(c)</sup><br>|  | 307000 | &nbsp;&nbsp; 297406 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance, Inc., 3.38%, 08/31/2027<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 96521 |
| Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 11.25% 12/15/2027<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 158496 |
| &nbsp;&nbsp;&nbsp; 10.75% 11/15/2029<sup>(b)</sup> |  | 18000 | &nbsp;&nbsp; 18607 |
| &nbsp;&nbsp;&nbsp; 11.13% 07/15/2030<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 105550 |
|  |  |  | &nbsp;&nbsp; 1124830 |
| **Drug Retail-0.13%** | **Drug Retail-0.13%** | **Drug Retail-0.13%** | **Drug Retail-0.13%** |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc., 8.13%, <br> 08/15/2029<br>|  | 100000 | &nbsp;&nbsp; 107405 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Education Services-0.73%** | **Education Services-0.73%** | **Education Services-0.73%** |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., 5.50%, <br> 03/01/2028<sup>(b)</sup><br>| $475000 | &nbsp;&nbsp; $469759 |
| &nbsp;&nbsp;&nbsp; Grand Canyon University, 5.13%, <br> 10/01/2028<br>| 125000 | &nbsp;&nbsp; 120953 |
|  |  | &nbsp;&nbsp; 590712 |
| **Electric Utilities-3.09%** | **Electric Utilities-3.09%** | **Electric Utilities-3.09%** |
| Edison International, 7.88%, 06/15/2054<sup>(f)</sup> | 200000 | &nbsp;&nbsp; 192201 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt International Finance S.A., <br> 14.75%, 11/14/2028<sup>(b)</sup><br>| 125643 | &nbsp;&nbsp; 128394 |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc., 4.50%, <br> 08/15/2028<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 242570 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 07/01/2028 | 480000 | &nbsp;&nbsp; 468710 |
| &nbsp;&nbsp;&nbsp; 7.38% 03/15/2055<sup>(f)</sup> | 310000 | &nbsp;&nbsp; 299919 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% 02/15/2027<sup>(b)</sup> | 63000 | &nbsp;&nbsp; 62968 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/31/2027<sup>(b)(c)</sup> | 400000 | &nbsp;&nbsp; 398131 |
| XPLR Infrastructure Operating Partners L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% 09/15/2027<sup>(b)(c)</sup> | 390000 | &nbsp;&nbsp; 377977 |
| &nbsp;&nbsp;&nbsp; 7.25% 01/15/2029<sup>(b)</sup> | 340000 | &nbsp;&nbsp; 347022 |
|  |  | &nbsp;&nbsp; 2517892 |
| **Electrical Components & Equipment-0.76%** | **Electrical Components & Equipment-0.76%** | **Electrical Components & Equipment-0.76%** |
| Atkore, Inc., 4.25%, 06/01/2031<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 157084 |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 196694 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 6.95%, <br> 09/15/2026<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 264103 |
|  |  | &nbsp;&nbsp; 617881 |
| **Electronic Components-0.38%** | **Electronic Components-0.38%** | **Electronic Components-0.38%** |
| Imola Merger Corp., 4.75%, 05/15/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 97103 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% 02/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 124550 |
| &nbsp;&nbsp;&nbsp; 3.75% 02/15/2031<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 91336 |
|  |  | &nbsp;&nbsp; 312989 |
| **Fertilizers & Agricultural Chemicals-0.40%** | **Fertilizers & Agricultural Chemicals-0.40%** | **Fertilizers & Agricultural Chemicals-0.40%** |
| &nbsp;&nbsp;&nbsp; Consolidated Energy Finance S.A. <br> (Switzerland)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63% 10/15/2028<sup>(b)</sup> | 167000 | &nbsp;&nbsp; 140678 |
| &nbsp;&nbsp;&nbsp; 12.00% 02/15/2031<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 188183 |
|  |  | &nbsp;&nbsp; 328861 |
| **Food Retail-0.59%** | **Food Retail-0.59%** | **Food Retail-0.59%** |
| &nbsp;&nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New <br> Albertson's L.P./Albertson's LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63% 01/15/2027<sup>(b)</sup> | 228000 | &nbsp;&nbsp; 226410 |
| &nbsp;&nbsp;&nbsp; 5.88% 02/15/2028<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 250110 |
|  |  | &nbsp;&nbsp; 476520 |
| **Gas Utilities-0.13%** | **Gas Utilities-0.13%** | **Gas Utilities-0.13%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas Finance <br> Corp., 9.38%, 06/01/2028<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 103081 |
| **Health Care Distributors-0.31%** | **Health Care Distributors-0.31%** | **Health Care Distributors-0.31%** |
| Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% 03/31/2029<sup>(b)</sup> | 60000 | &nbsp;&nbsp; 51943 |
| &nbsp;&nbsp;&nbsp; 6.63% 04/01/2030<sup>(b)</sup> | 220000 | &nbsp;&nbsp; 198309 |
|  |  | &nbsp;&nbsp; 250252 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Equipment-0.43%** | **Health Care Equipment-0.43%** | **Health Care Equipment-0.43%** |
| &nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC, 9.75%, <br> 10/01/2031<sup>(b)</sup><br>| $100000 | &nbsp;&nbsp; $97001 |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp., 7.88%, <br> 10/15/2027<sup>(b)(c)</sup><br>| 250000 | &nbsp;&nbsp; 254734 |
|  |  | &nbsp;&nbsp; 351735 |
| **Health Care Facilities-0.32%** | **Health Care Facilities-0.32%** | **Health Care Facilities-0.32%** |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.88% 08/15/2030<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 118694 |
| &nbsp;&nbsp;&nbsp; 11.00% 10/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 143045 |
|  |  | &nbsp;&nbsp; 261739 |
| **Health Care REITs-0.29%** | **Health Care REITs-0.29%** | **Health Care REITs-0.29%** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT Finance <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 10/15/2027<sup>(c)</sup> | 148000 | &nbsp;&nbsp; 135911 |
| &nbsp;&nbsp;&nbsp; 4.63% 08/01/2029 | 131000 | &nbsp;&nbsp; 99704 |
|  |  | &nbsp;&nbsp; 235615 |
| **Health Care Services-2.21%** | **Health Care Services-2.21%** | **Health Care Services-2.21%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., 4.63%, <br> 07/15/2028<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 97837 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% 01/15/2029<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 152214 |
| &nbsp;&nbsp;&nbsp; 5.25% 05/15/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 175146 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 12/10/2054<sup>(f)</sup> | 300000 | &nbsp;&nbsp; 300998 |
| &nbsp;&nbsp;&nbsp; 7.00% 03/10/2055<sup>(c)(f)</sup> | 400000 | &nbsp;&nbsp; 412536 |
| DaVita, Inc., 4.63%, 06/01/2030<sup>(b)(c)</sup> | 320000 | &nbsp;&nbsp; 305390 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc., 6.50%, <br> 10/01/2025<sup>(b)</sup><br>| 10000 | &nbsp;&nbsp; 9112 |
| ModivCare, Inc., 5.00%, 10/01/2029<sup>(b)</sup> | 115000 | &nbsp;&nbsp; 5175 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, 5.75%, <br> 12/31/2030<sup>(b)</sup><br>| 100002 | &nbsp;&nbsp; 82495 |
| &nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., 9.38%, <br> 09/01/2029<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 258608 |
|  |  | &nbsp;&nbsp; 1799511 |
| **Health Care Technology-0.62%** | **Health Care Technology-0.62%** | **Health Care Technology-0.62%** |
| &nbsp;&nbsp;&nbsp; athenahealth Group, Inc., 6.50%, <br> 02/15/2030<sup>(b)</sup><br>| 244000 | &nbsp;&nbsp; 240060 |
| &nbsp;&nbsp;&nbsp; U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/2029<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp; 265972 |
|  |  | &nbsp;&nbsp; 506032 |
| **Home Furnishings-0.40%** | **Home Furnishings-0.40%** | **Home Furnishings-0.40%** |
| Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% 04/15/2029<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 237742 |
| &nbsp;&nbsp;&nbsp; 3.88% 10/15/2031<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 90443 |
|  |  | &nbsp;&nbsp; 328185 |
| **Homebuilding-1.10%** | **Homebuilding-1.10%** | **Homebuilding-1.10%** |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., 5.88%, <br> 10/15/2027<br>| 200000 | &nbsp;&nbsp; 199654 |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.75% 12/15/2028<sup>(b)</sup> | 380000 | &nbsp;&nbsp; 398790 |
| &nbsp;&nbsp;&nbsp; 4.00% 07/15/2029<sup>(b)</sup> | 202000 | &nbsp;&nbsp; 184339 |
| Tri Pointe Homes, Inc., 5.25%, 06/01/2027 | 118000 | &nbsp;&nbsp; 117081 |
|  |  | &nbsp;&nbsp; 899864 |
| **Hotel & Resort REITs-0.70%** | **Hotel & Resort REITs-0.70%** | **Hotel & Resort REITs-0.70%** |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 93415 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hotel & Resort REITs-(continued)** | **Hotel & Resort REITs-(continued)** | **Hotel & Resort REITs-(continued)** | **Hotel & Resort REITs-(continued)** |
| Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 02/15/2027<sup>(c)</sup> | $| 429000 | &nbsp;&nbsp; $418996 |
| &nbsp;&nbsp;&nbsp; 4.95% 10/01/2029 |  | 67000 | &nbsp;&nbsp; 58998 |
|  |  |  | &nbsp;&nbsp; 571409 |
| **Hotels, Resorts & Cruise Lines-0.79%** | **Hotels, Resorts & Cruise Lines-0.79%** | **Hotels, Resorts & Cruise Lines-0.79%** | **Hotels, Resorts & Cruise Lines-0.79%** |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., 4.75%, <br> 01/15/2028<sup>(c)</sup><br>|  | 256000 | &nbsp;&nbsp; 249983 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co., Series J, 6.00%, <br> 04/01/2027<br>|  | 388000 | &nbsp;&nbsp; 391208 |
|  |  |  | &nbsp;&nbsp; 641191 |
| **Housewares & Specialties-0.76%** | **Housewares & Specialties-0.76%** | **Housewares & Specialties-0.76%** | **Housewares & Specialties-0.76%** |
| Newell Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% 09/15/2027 |  | 140000 | &nbsp;&nbsp; 141533 |
| &nbsp;&nbsp;&nbsp; 6.63% 05/15/2032 |  | 100000 | &nbsp;&nbsp; 95883 |
| &nbsp;&nbsp;&nbsp; 6.88% 04/01/2036 |  | 400000 | &nbsp;&nbsp; 382621 |
|  |  |  | &nbsp;&nbsp; 620037 |
| **Human Resource & Employment Services-0.58%** | **Human Resource & Employment Services-0.58%** | **Human Resource & Employment Services-0.58%** | **Human Resource & Employment Services-0.58%** |
| AMN Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% 10/01/2027<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 146794 |
| &nbsp;&nbsp;&nbsp; 4.00% 04/15/2029<sup>(b)(c)</sup> |  | 350000 | &nbsp;&nbsp; 321762 |
|  |  |  | &nbsp;&nbsp; 468556 |
| **Independent Power Producers & Energy Traders-0.45%** | **Independent Power Producers & Energy Traders-0.45%** | **Independent Power Producers & Energy Traders-0.45%** | **Independent Power Producers & Energy Traders-0.45%** |
| AES Corp. (The), 6.95%, 07/15/2055<sup>(c)(f)</sup> |  | 300000 | &nbsp;&nbsp; 289807 |
| Calpine Corp., 4.50%, 02/15/2028<sup>(b)</sup> |  | 80000 | &nbsp;&nbsp; 79180 |
|  |  |  | &nbsp;&nbsp; 368987 |
| **Industrial Machinery & Supplies & Components-0.19%** | **Industrial Machinery & Supplies & Components-0.19%** | **Industrial Machinery & Supplies & Components-0.19%** | **Industrial Machinery & Supplies & Components-0.19%** |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC (Canada), 9.00%, <br> 02/15/2029<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 154978 |
| **Insurance Brokers-0.60%** | **Insurance Brokers-0.60%** | **Insurance Brokers-0.60%** | **Insurance Brokers-0.60%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 04/15/2028<sup>(b)</sup> |  | 250000 | &nbsp;&nbsp; 253581 |
| &nbsp;&nbsp;&nbsp; 7.00% 01/15/2031<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 102913 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 7.38%, <br> 01/31/2032<sup>(b)</sup><br>|  | 130000 | &nbsp;&nbsp; 135444 |
|  |  |  | &nbsp;&nbsp; 491938 |
| **Integrated Telecommunication Services-1.69%** | **Integrated Telecommunication Services-1.69%** | **Integrated Telecommunication Services-1.69%** | **Integrated Telecommunication Services-1.69%** |
| Altice France S.A. (France) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 01/15/2028<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 178750 |
| &nbsp;&nbsp;&nbsp; 5.13% 07/15/2029<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 173686 |
| &nbsp;&nbsp;&nbsp; FIBERCOP S.p.A. (Italy), 7.20%, <br> 07/18/2036<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp; 398080 |
| &nbsp;&nbsp;&nbsp; Frontier Florida LLC, Series E, 6.86%, <br> 02/01/2028<br>|  | 100000 | &nbsp;&nbsp; 104382 |
| &nbsp;&nbsp;&nbsp; Frontier North, Inc., Series G, 6.73%, <br> 02/15/2028<br>|  | 500000 | &nbsp;&nbsp; 517812 |
|  |  |  | &nbsp;&nbsp; 1372710 |
| **Interactive Media & Services-0.95%** | **Interactive Media & Services-0.95%** | **Interactive Media & Services-0.95%** | **Interactive Media & Services-0.95%** |
| &nbsp;&nbsp;&nbsp; Cumulus Media New Holdings, Inc., 6.75%, <br> 07/01/2026<sup>(b)</sup><br>|  | 37000 | &nbsp;&nbsp; 24096 |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 99868 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., 3.76%, <br> 03/15/2027<br>|  | 100000 | &nbsp;&nbsp; 96156 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services-(continued)** | **Interactive Media & Services-(continued)** | **Interactive Media & Services-(continued)** |
| WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.05% 03/15/2029<sup>(c)</sup> | 300000 | &nbsp;&nbsp; $281876 |
| &nbsp;&nbsp;&nbsp; 5.05% 03/15/2042 | 400000 | &nbsp;&nbsp; 267722 |
|  |  | &nbsp;&nbsp; 769718 |
| **Internet Services & Infrastructure-0.59%** | **Internet Services & Infrastructure-0.59%** | **Internet Services & Infrastructure-0.59%** |
| Arches Buyer, Inc., 4.25%, 06/01/2028<sup>(b)(c)</sup> | 300000 | &nbsp;&nbsp; 289224 |
| Getty Images, Inc., 9.75%, 03/01/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 194945 |
|  |  | &nbsp;&nbsp; 484169 |
| **Investment Banking & Brokerage-0.44%** | **Investment Banking & Brokerage-0.44%** | **Investment Banking & Brokerage-0.44%** |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp., 5.25%, 05/15/2027<br>| 140000 | &nbsp;&nbsp; 136514 |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(b)</sup> | 210000 | &nbsp;&nbsp; 220815 |
|  |  | &nbsp;&nbsp; 357329 |
| **IT Consulting & Other Services-0.53%** | **IT Consulting & Other Services-0.53%** | **IT Consulting & Other Services-0.53%** |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC/Conduent <br> State & Local Solutions, Inc., 6.00%, <br> 11/01/2029<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 237787 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., 9.00%, <br> 05/15/2028<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp; 189932 |
|  |  | &nbsp;&nbsp; 427719 |
| **Leisure Facilities-0.12%** | **Leisure Facilities-0.12%** | **Leisure Facilities-0.12%** |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum Management <br> Corp., 5.38%, 04/15/2027<br>| 100000 | &nbsp;&nbsp; 99932 |
| **Life & Health Insurance-0.51%** | **Life & Health Insurance-0.51%** | **Life & Health Insurance-0.51%** |
| &nbsp;&nbsp;&nbsp; Constellation Insurance, Inc., 6.80%, <br> 01/24/2030<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 197391 |
| &nbsp;&nbsp;&nbsp; Genworth Holdings, Inc., 6.50%, <br> 06/15/2034<br>| 220000 | &nbsp;&nbsp; 219102 |
|  |  | &nbsp;&nbsp; 416493 |
| **Life Sciences Tools & Services-0.55%** | **Life Sciences Tools & Services-0.55%** | **Life Sciences Tools & Services-0.55%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., <br> 4.25%, 05/01/2028<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 242532 |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., 7.50%, <br> 07/01/2030<sup>(b)(c)</sup><br>| 220000 | &nbsp;&nbsp; 201420 |
|  |  | &nbsp;&nbsp; 443952 |
| **Marine Transportation-0.55%** | **Marine Transportation-0.55%** | **Marine Transportation-0.55%** |
| &nbsp;&nbsp;&nbsp; Seaspan Corp. (Hong Kong), 5.50%, <br> 08/01/2029<sup>(b)</sup><br>| 471000 | &nbsp;&nbsp; 448906 |
| **Metal, Glass & Plastic Containers-0.79%** | **Metal, Glass & Plastic Containers-0.79%** | **Metal, Glass & Plastic Containers-0.79%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging Finance <br> PLC, 6.00%, 06/15/2027<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200340 |
| LABL, Inc., 5.88%, 11/01/2028<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 177799 |
| Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% 05/15/2031<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 161998 |
| &nbsp;&nbsp;&nbsp; 7.38% 06/01/2032<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 100881 |
|  |  | &nbsp;&nbsp; 641018 |
| **Movies & Entertainment-0.09%** | **Movies & Entertainment-0.09%** | **Movies & Entertainment-0.09%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., 6.50%, <br> 05/15/2027<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75911 |
| **Multi-line Insurance-0.25%** | **Multi-line Insurance-0.25%** | **Multi-line Insurance-0.25%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 7.50%, <br> 11/06/2030<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 206748 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities-0.40%** | **Multi-Utilities-0.40%** | **Multi-Utilities-0.40%** |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), <br> 4.75%, 01/18/2082<sup>(f)</sup><br>| $334000 | &nbsp;&nbsp; $324578 |
| **Office REITs-1.36%** | **Office REITs-1.36%** | **Office REITs-1.36%** |
| Brandywine Operating Partnership L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95% 11/15/2027 | 100000 | &nbsp;&nbsp; 96629 |
| &nbsp;&nbsp;&nbsp; 8.30% 03/15/2028 | 200000 | &nbsp;&nbsp; 212395 |
| &nbsp;&nbsp;&nbsp; 8.88% 04/12/2029 | 230000 | &nbsp;&nbsp; 246837 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties L.P., 3.95%, <br> 11/01/2027<br>| 260000 | &nbsp;&nbsp; 245957 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties, L.P., 5.95%, <br> 02/15/2028<br>| 200000 | &nbsp;&nbsp; 191778 |
| &nbsp;&nbsp;&nbsp; Office Properties Income Trust, 9.00%, <br> 09/30/2029<sup>(b)</sup><br>| 157000 | &nbsp;&nbsp; 116965 |
|  |  | &nbsp;&nbsp; 1110561 |
| **Office Services & Supplies-0.28%** | **Office Services & Supplies-0.28%** | **Office Services & Supplies-0.28%** |
| ACCO Brands Corp., 4.25%, 03/15/2029<sup>(b)</sup> | 171000 | &nbsp;&nbsp; 151753 |
| Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 75434 |
|  |  | &nbsp;&nbsp; 227187 |
| **Oil & Gas Drilling-2.03%** | **Oil & Gas Drilling-2.03%** | **Oil & Gas Drilling-2.03%** |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I L.P., 7.50%, <br> 09/01/2028<sup>(b)</sup><br>| 307000 | &nbsp;&nbsp; 311010 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc., 7.38%, <br> 05/15/2027<sup>(b)(c)</sup><br>| 257000 | &nbsp;&nbsp; 259611 |
| Noble Finance II LLC, 8.00%, 04/15/2030<sup>(b)</sup> | 330000 | &nbsp;&nbsp; 336878 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, 6.88%, <br> 04/15/2040<sup>(b)</sup><br>| 214000 | &nbsp;&nbsp; 215591 |
| &nbsp;&nbsp;&nbsp; Seadrill Finance Ltd. (Norway), 8.38%, <br> 08/01/2030<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 204490 |
| Transocean, Inc., 8.50%, 05/15/2031<sup>(b)</sup> | 145000 | &nbsp;&nbsp; 133358 |
| Valaris Ltd., 8.38%, 04/30/2030<sup>(b)</sup> | 186000 | &nbsp;&nbsp; 192287 |
|  |  | &nbsp;&nbsp; 1653225 |
| **Oil & Gas Equipment & Services-0.85%** | **Oil & Gas Equipment & Services-0.85%** | **Oil & Gas Equipment & Services-0.85%** |
| &nbsp;&nbsp;&nbsp; Enerflex Ltd. (Canada), 9.00%, <br> 10/15/2027<sup>(b)</sup><br>| 264000 | &nbsp;&nbsp; 272783 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc., 6.00%, <br> 02/01/2028<br>| 420000 | &nbsp;&nbsp; 422788 |
|  |  | &nbsp;&nbsp; 695571 |
| **Oil & Gas Exploration & Production-4.77%** | **Oil & Gas Exploration & Production-4.77%** | **Oil & Gas Exploration & Production-4.77%** |
| Baytex Energy Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 8.50% 04/30/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 203702 |
| &nbsp;&nbsp;&nbsp; 7.38% 03/15/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 125829 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38% 07/01/2028<sup>(b)(c)</sup> | 220000 | &nbsp;&nbsp; 226507 |
| &nbsp;&nbsp;&nbsp; 8.63% 11/01/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 132771 |
| &nbsp;&nbsp;&nbsp; 8.75% 07/01/2031<sup>(b)(c)</sup> | 358000 | &nbsp;&nbsp; 362865 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup><br>| 122000 | &nbsp;&nbsp; 120719 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.63% 04/01/2032<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 127147 |
| &nbsp;&nbsp;&nbsp; 7.38% 01/15/2033<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 124482 |
| &nbsp;&nbsp;&nbsp; 8.38% 01/15/2034<sup>(b)(c)</sup> | 510000 | &nbsp;&nbsp; 505178 |
| Hilcorp Energy I L.P./Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 02/01/2029<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 98314 |
| &nbsp;&nbsp;&nbsp; 6.00% 04/15/2030<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 73828 |
| &nbsp;&nbsp;&nbsp; 6.25% 04/15/2032<sup>(b)</sup> | 150000 | &nbsp;&nbsp; 144127 |
| &nbsp;&nbsp;&nbsp; 8.38% 11/01/2033<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 208895 |
| &nbsp;&nbsp;&nbsp; 6.88% 05/15/2034<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 96384 |
| &nbsp;&nbsp;&nbsp; 7.25% 02/15/2035<sup>(b)</sup> | 220000 | &nbsp;&nbsp; 214603 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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)** |
| &nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup><br>| $| 120000 | &nbsp;&nbsp; $123404 |
| &nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC, 7.63%, <br> 08/15/2029<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 137396 |
| &nbsp;&nbsp;&nbsp; Moss Creek Resources Holdings, Inc., 8.25%, <br> 09/01/2031<sup>(b)</sup><br>|  | 140000 | &nbsp;&nbsp; 136795 |
| Murphy Oil Corp., 5.88%, 12/01/2042 |  | 140000 | &nbsp;&nbsp; 114508 |
| &nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc. (Canada), 9.63%, <br> 06/15/2029<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 148670 |
| SM Energy Co., 7.00%, 08/01/2032<sup>(b)</sup> |  | 120000 | &nbsp;&nbsp; 118928 |
| &nbsp;&nbsp;&nbsp; Talos Production, Inc., 9.38%, <br> 02/01/2031<sup>(b)(c)</sup><br>|  | 245000 | &nbsp;&nbsp; 250063 |
| Vital Energy, Inc., 7.75%, 07/31/2029<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 91084 |
|  |  |  | &nbsp;&nbsp; 3886199 |
| **Oil & Gas Refining & Marketing-1.40%** | **Oil & Gas Refining & Marketing-1.40%** | **Oil & Gas Refining & Marketing-1.40%** | **Oil & Gas Refining & Marketing-1.40%** |
| CVR Energy, Inc., 8.50%, 01/15/2029<sup>(b)(c)</sup> |  | 260000 | &nbsp;&nbsp; 255695 |
| NuStar Logistics L.P., 5.63%, 04/28/2027 |  | 325000 | &nbsp;&nbsp; 326877 |
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., <br> 6.00%, 02/15/2028<sup>(c)</sup><br>|  | 580000 | &nbsp;&nbsp; 558667 |
|  |  |  | &nbsp;&nbsp; 1141239 |
| **Oil & Gas Storage & Transportation-2.28%** | **Oil & Gas Storage & Transportation-2.28%** | **Oil & Gas Storage & Transportation-2.28%** | **Oil & Gas Storage & Transportation-2.28%** |
| Buckeye Partners L.P., 3.95%, 12/01/2026 |  | 71000 | &nbsp;&nbsp; 69859 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek Logistics <br> Finance Corp., 8.63%, 03/15/2029<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp; 104158 |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> |  | 92000 | &nbsp;&nbsp; 87714 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.13%, 02/15/2029<sup>(b)(c)</sup><br>|  | 280000 | &nbsp;&nbsp; 277355 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% 03/01/2027<sup>(b)</sup> |  | 51000 | &nbsp;&nbsp; 50875 |
| &nbsp;&nbsp;&nbsp; 5.50% 01/15/2028<sup>(b)</sup> |  | 115000 | &nbsp;&nbsp; 114063 |
| &nbsp;&nbsp;&nbsp; 7.38% 02/15/2029<sup>(b)</sup> |  | 85000 | &nbsp;&nbsp; 87289 |
| Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13% 06/01/2028<sup>(b)(c)</sup> |  | 495000 | &nbsp;&nbsp; 512812 |
| &nbsp;&nbsp;&nbsp; 8.38% 06/01/2031<sup>(b)(c)</sup> |  | 220000 | &nbsp;&nbsp; 227708 |
| &nbsp;&nbsp;&nbsp; 9.88% 02/01/2032<sup>(b)(c)</sup> |  | 300000 | &nbsp;&nbsp; 323871 |
|  |  |  | &nbsp;&nbsp; 1855704 |
| **Other Specialized REITs-0.44%** | **Other Specialized REITs-0.44%** | **Other Specialized REITs-0.44%** | **Other Specialized REITs-0.44%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., 4.88%, <br> 09/15/2027<sup>(b)(c)</sup><br>|  | 358000 | &nbsp;&nbsp; 355506 |
| **Other Specialty Retail-0.55%** | **Other Specialty Retail-0.55%** | **Other Specialty Retail-0.55%** | **Other Specialty Retail-0.55%** |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., 6.69%, <br> 01/15/2027<br>|  | 200000 | &nbsp;&nbsp; 205263 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp., <br> 4.75%, 02/15/2028<sup>(b)(c)</sup><br>|  | 250000 | &nbsp;&nbsp; 245610 |
|  |  |  | &nbsp;&nbsp; 450873 |
| **Packaged Foods & Meats-0.83%** | **Packaged Foods & Meats-0.83%** | **Packaged Foods & Meats-0.83%** | **Packaged Foods & Meats-0.83%** |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 280876 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., 4.88%, <br> 05/15/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 198075 |
| &nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp., <br> 8.63%, 11/01/2031<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 196603 |
|  |  |  | &nbsp;&nbsp; 675554 |
| **Paper & Plastic Packaging Products & Materials-1.28%** | **Paper & Plastic Packaging Products & Materials-1.28%** | **Paper & Plastic Packaging Products & Materials-1.28%** | **Paper & Plastic Packaging Products & Materials-1.28%** |
| &nbsp;&nbsp;&nbsp; Cascades, Inc./Cascades USA, Inc. (Canada), <br> 5.38%, 01/15/2028<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 146807 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 6.88%, <br> 01/15/2030<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 153582 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** | **Paper & Plastic Packaging Products & Materials-(continued)** |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88% 08/15/2026<sup>(b)</sup> | $| 110000 | &nbsp;&nbsp; $109532 |
| &nbsp;&nbsp;&nbsp; 9.25% 04/15/2027<sup>(b)</sup> |  | 58000 | &nbsp;&nbsp; 57461 |
| Sealed Air Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% 02/01/2028<sup>(b)</sup> |  | 45000 | &nbsp;&nbsp; 45458 |
| &nbsp;&nbsp;&nbsp; 6.88% 07/15/2033<sup>(b)(c)</sup> |  | 351000 | &nbsp;&nbsp; 375503 |
| &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo US LLC (Canada), <br> 9.50%, 05/15/2030<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 153719 |
|  |  |  | &nbsp;&nbsp; 1042062 |
| **Paper Products-0.39%** | **Paper Products-0.39%** | **Paper Products-0.39%** | **Paper Products-0.39%** |
| Domtar Corp., 6.75%, 10/01/2028<sup>(b)</sup> |  | 366000 | &nbsp;&nbsp; 319174 |
| **Passenger Airlines-1.52%** | **Passenger Airlines-1.52%** | **Passenger Airlines-1.52%** | **Passenger Airlines-1.52%** |
| Air Canada (Canada), 3.88%, 08/15/2026<sup>(b)</sup> |  | 58000 | &nbsp;&nbsp; 57425 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co., 7.25%, <br> 08/15/2027<sup>(b)(c)</sup><br>|  | 530000 | &nbsp;&nbsp; 530190 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., 7.25%, <br> 02/15/2028<sup>(b)</sup><br>|  | 130000 | &nbsp;&nbsp; 132777 |
| &nbsp;&nbsp;&nbsp; Avianca Midco 2 PLC, 9.00%, <br> 12/01/2028<sup>(b)</sup><br>|  | 210000 | &nbsp;&nbsp; 200813 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty L.P., <br> 9.88%, 09/20/2031<sup>(b)(c)</sup><br>|  | 330000 | &nbsp;&nbsp; 319334 |
|  |  |  | &nbsp;&nbsp; 1240539 |
| **Personal Care Products-0.23%** | **Personal Care Products-0.23%** | **Personal Care Products-0.23%** | **Personal Care Products-0.23%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co., 4.13%, <br> 04/01/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 189403 |
| **Pharmaceuticals-2.32%** | **Pharmaceuticals-2.32%** | **Pharmaceuticals-2.32%** | **Pharmaceuticals-2.32%** |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 203743 |
| AdaptHealth LLC, 4.63%, 08/01/2029<sup>(b)</sup> |  | 150000 | &nbsp;&nbsp; 140682 |
| Bausch Health Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 06/01/2028<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 88603 |
| &nbsp;&nbsp;&nbsp; 11.00% 09/30/2028<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 102845 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., 6.65%, <br> 08/28/2028<sup>(c)</sup><br>|  | 350000 | &nbsp;&nbsp; 362846 |
| &nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, 06/01/2029<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 209592 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% 04/30/2028<sup>(b)(c)</sup> |  | 400000 | &nbsp;&nbsp; 378870 |
| &nbsp;&nbsp;&nbsp; 6.75% 05/15/2034<sup>(b)(c)</sup> |  | 400000 | &nbsp;&nbsp; 377691 |
| &nbsp;&nbsp;&nbsp; P&L Development LLC/PLD Finance Corp., <br> 3.50% PIK Rate, 9.00% Cash Rate, <br> 05/15/2029<sup>(b)(e)</sup><br>|  | 26829 | &nbsp;&nbsp; 27672 |
|  |  |  | &nbsp;&nbsp; 1892544 |
| **Property & Casualty Insurance-0.15%** | **Property & Casualty Insurance-0.15%** | **Property & Casualty Insurance-0.15%** | **Property & Casualty Insurance-0.15%** |
| MBIA, Inc., 5.70%, 12/01/2034 |  | 140000 | &nbsp;&nbsp; 122247 |
| **Real Estate Development-0.18%** | **Real Estate Development-0.18%** | **Real Estate Development-0.18%** | **Real Estate Development-0.18%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)</sup><br>|  | 136000 | &nbsp;&nbsp; 145885 |
| **Real Estate Services-0.70%** | **Real Estate Services-0.70%** | **Real Estate Services-0.70%** | **Real Estate Services-0.70%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/2030<sup>(b)(c)</sup><br>|  | 339000 | &nbsp;&nbsp; 324961 |
| Newmark Group, Inc., 7.50%, 01/12/2029 |  | 230000 | &nbsp;&nbsp; 244318 |
|  |  |  | &nbsp;&nbsp; 569279 |
| **Regional Banks-0.12%** | **Regional Banks-0.12%** | **Regional Banks-0.12%** | **Regional Banks-0.12%** |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., 10.50%, <br> 11/30/2030<sup>(b)</sup><br>|  | 87000 | &nbsp;&nbsp; 94406 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Reinsurance-0.66%** | **Reinsurance-0.66%** | **Reinsurance-0.66%** |
| &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners <br> L.P./Alliance Resource Finance Corp., <br> 8.63%, 06/15/2029<sup>(b)</sup><br>| $200000 | &nbsp;&nbsp; $212030 |
| &nbsp;&nbsp;&nbsp; Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(f)</sup><br>| 335000 | &nbsp;&nbsp; 327993 |
|  |  | &nbsp;&nbsp; 540023 |
| **Research & Consulting Services-0.24%** | **Research & Consulting Services-0.24%** | **Research & Consulting Services-0.24%** |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., 3.88%, <br> 07/01/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 191342 |
| **Security & Alarm Services-1.16%** | **Security & Alarm Services-1.16%** | **Security & Alarm Services-1.16%** |
| Brink's Co. (The), 4.63%, 10/15/2027<sup>(b)</sup> | 100000 | &nbsp;&nbsp; 98617 |
| CoreCivic, Inc., 4.75%, 10/15/2027 | 420000 | &nbsp;&nbsp; 411050 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada), <br> 4.63%, 02/15/2027<sup>(b)</sup><br>| 280000 | &nbsp;&nbsp; 277727 |
| GEO Group, Inc. (The), 8.63%, 04/15/2029 | 150000 | &nbsp;&nbsp; 159370 |
|  |  | &nbsp;&nbsp; 946764 |
| **Semiconductors-0.20%** | **Semiconductors-0.20%** | **Semiconductors-0.20%** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria), 12.25%, <br> 03/30/2029<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp; 161849 |
| **Specialized Consumer Services-0.46%** | **Specialized Consumer Services-0.46%** | **Specialized Consumer Services-0.46%** |
| Sotheby's, 7.38%, 10/15/2027<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 196969 |
| &nbsp;&nbsp;&nbsp; Sotheby's/Bidfair Holdings, Inc., 5.88%, <br> 06/01/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 180901 |
|  |  | &nbsp;&nbsp; 377870 |
| **Specialty Chemicals-1.32%** | **Specialty Chemicals-1.32%** | **Specialty Chemicals-1.32%** |
| &nbsp;&nbsp;&nbsp; Herens Holdco S.a.r.l. (Luxembourg), 4.75%, <br> 05/15/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 174557 |
| Tronox, Inc., 4.63%, 03/15/2029<sup>(b)(c)</sup> | 340000 | &nbsp;&nbsp; 264838 |
| Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% 10/31/2029<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 203997 |
| &nbsp;&nbsp;&nbsp; 7.75% 09/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 133561 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 06/15/2027<sup>(b)</sup> | 220000 | &nbsp;&nbsp; 219035 |
| &nbsp;&nbsp;&nbsp; 5.63% 08/15/2029<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 83046 |
|  |  | &nbsp;&nbsp; 1079034 |
| **Steel-0.96%** | **Steel-0.96%** | **Steel-0.96%** |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% 03/01/2029<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 235859 |
| &nbsp;&nbsp;&nbsp; 6.88% 11/01/2029<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 130179 |
| &nbsp;&nbsp;&nbsp; 6.75% 04/15/2030<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 129478 |
| &nbsp;&nbsp;&nbsp; 7.50% 09/15/2031<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 79932 |
| &nbsp;&nbsp;&nbsp; 7.00% 03/15/2032<sup>(b)</sup> | 90000 | &nbsp;&nbsp; 87918 |
| &nbsp;&nbsp;&nbsp; 7.38% 05/01/2033<sup>(b)</sup> | 120000 | &nbsp;&nbsp; 116935 |
|  |  | &nbsp;&nbsp; 780301 |
| **Systems Software-0.21%** | **Systems Software-0.21%** | **Systems Software-0.21%** |
| Gen Digital, Inc., 6.75%, 09/30/2027<sup>(b)</sup> | 52000 | &nbsp;&nbsp; 52903 |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> | 129000 | &nbsp;&nbsp; 119745 |
|  |  | &nbsp;&nbsp; 172648 |
| **Technology Hardware, Storage & Peripherals-0.68%** | **Technology Hardware, Storage & Peripherals-0.68%** | **Technology Hardware, Storage & Peripherals-0.68%** |
| Xerox Corp., 10.25%, 10/15/2030<sup>(b)</sup> | 540000 | &nbsp;&nbsp; 555805 |
| **Telecom Tower REITs-0.29%** | **Telecom Tower REITs-0.29%** | **Telecom Tower REITs-0.29%** |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., 3.13%, <br> 02/01/2029<sup>(c)</sup><br>| 250000 | &nbsp;&nbsp; 233227 |
| **Tires & Rubber-0.53%** | **Tires & Rubber-0.53%** | **Tires & Rubber-0.53%** |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 4.88%, <br> 03/15/2027<sup>(c)</sup><br>| 430000 | &nbsp;&nbsp; 428439 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Trading Companies & Distributors-1.02%** | **Trading Companies & Distributors-1.02%** | **Trading Companies & Distributors-1.02%** |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 07/15/2027<sup>(b)</sup> | $420000 | &nbsp;&nbsp; $418622 |
| &nbsp;&nbsp;&nbsp; 7.00% 06/15/2030<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 206832 |
| &nbsp;&nbsp;&nbsp; 7.25% 06/15/2033<sup>(b)</sup> | 200000 | &nbsp;&nbsp; 207250 |
|  |  | &nbsp;&nbsp; 832704 |
| **Transaction & Payment Processing Services-0.32%** | **Transaction & Payment Processing Services-0.32%** | **Transaction & Payment Processing Services-0.32%** |
| NCR Atleos Corp., 9.50%, 04/01/2029<sup>(b)</sup> | 241000 | &nbsp;&nbsp; 261303 |
| **Water Utilities-0.15%** | **Water Utilities-0.15%** | **Water Utilities-0.15%** |
| S&S Holdings LLC, 8.38%, 10/01/2031<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 124715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $78,367,830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $78,367,830) | &nbsp;&nbsp; 78999117 |
| **U.S. Treasury Securities-0.20%** | **U.S. Treasury Securities-0.20%** | **U.S. Treasury Securities-0.20%** |
| **U.S. Treasury Bills-0.20%** | **U.S. Treasury Bills-0.20%** | **U.S. Treasury Bills-0.20%** |
| &nbsp;&nbsp;&nbsp; 3.96%–4.15%, 05/14/2026<sup>(c)(g)(h)</sup> <br>(Cost $165,609)<br>| 171000 | &nbsp;&nbsp; 165567 |
|  | **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; 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $2,303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $2,303) | &nbsp;&nbsp; 920 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-1.00%** | **Money Market Funds-1.00%** | **Money Market Funds-1.00%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(k)(l)</sup> <br>(Cost $814,891)<br>| 814891 | &nbsp;&nbsp; $814891 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.15% <br>(Cost $79,350,633) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.15% <br>(Cost $79,350,633) | &nbsp;&nbsp; 79980495 |
| **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-23.68%** | **Money Market Funds-23.68%** | **Money Market Funds-23.68%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(k)(l)(m)</sup><br>| 5355783 | &nbsp;&nbsp; 5355783 |
| Invesco Private Prime Fund, 4.46%<sup>(k)(l)(m)</sup> | 13937180 | &nbsp;&nbsp; 13939967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,295,750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $19,295,750) | &nbsp;&nbsp; 19295750 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-121.83% <br>(Cost $98,646,383) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-121.83% <br>(Cost $98,646,383) | &nbsp;&nbsp; 99276245 |
| OTHER ASSETS LESS LIABILITIES-(21.83)% | OTHER ASSETS LESS LIABILITIES-(21.83)% | &nbsp;&nbsp; (17787165)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $81489080 |

---

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

Investment Abbreviations: <br> PIK -Pay-in-Kind <br> REIT -Real Estate Investment Trust

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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> July 31, 2025 was $62,015,614, which represented 76.10% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(d)</sup> | Restricted security. The value of this security at July 31, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(e)</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>(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> | $121,978 was pledged as collateral to cover margin requirements for open futures contracts.  |
| <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 1. |
| <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 nine months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $513041 | &nbsp;&nbsp;&nbsp; $7230639 | &nbsp;&nbsp;&nbsp; $(6928789)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $814891 | &nbsp;&nbsp;&nbsp; $9751 |

---

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

------

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

July 31, 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> **July 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; $3579801 | &nbsp;&nbsp;&nbsp; $18082406 | &nbsp;&nbsp;&nbsp; $(16306424)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $5355783 | &nbsp;&nbsp;&nbsp; $97,729<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 8691255 | &nbsp;&nbsp;&nbsp; 37486043 | &nbsp;&nbsp;&nbsp; (32236773)<br>| &nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp; (1206)<br>| &nbsp;&nbsp;&nbsp; 13939967 | &nbsp;&nbsp;&nbsp; 263,796<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $12784097 | &nbsp;&nbsp;&nbsp; $62799088 | &nbsp;&nbsp;&nbsp; $(55471986)<br>| &nbsp;&nbsp;&nbsp; $648 | &nbsp;&nbsp;&nbsp; $(1206)<br>| &nbsp;&nbsp;&nbsp; $20110641 | &nbsp;&nbsp;&nbsp; $371276 |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 33 | September-2025 | &nbsp;&nbsp;&nbsp; $3665062 | &nbsp;&nbsp;&nbsp; $23551 | &nbsp;&nbsp;&nbsp; $23551 |
| &nbsp;&nbsp; U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 52 | September-2025 | &nbsp;&nbsp;&nbsp; 5624937 | &nbsp;&nbsp;&nbsp; 3695 | &nbsp;&nbsp;&nbsp; 3695 |
| &nbsp;&nbsp; U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp; 1 | September-2025 | &nbsp;&nbsp;&nbsp; 114188 | &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp; U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 1 | September-2025 | &nbsp;&nbsp;&nbsp; 117313 | &nbsp;&nbsp;&nbsp; 3240 | &nbsp;&nbsp;&nbsp; 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp;&nbsp; 30641 | &nbsp;&nbsp;&nbsp; 30641 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 51 | September-2025 | &nbsp;&nbsp;&nbsp; (10556203)<br>| &nbsp;&nbsp;&nbsp; 15435 | &nbsp;&nbsp;&nbsp; 15435 |
| &nbsp;&nbsp; U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 1 | September-2025 | &nbsp;&nbsp;&nbsp; (113078)<br>| &nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp; (80)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp;&nbsp; 15355 | &nbsp;&nbsp;&nbsp; 15355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $45996 | &nbsp;&nbsp;&nbsp; $45996 |

---

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-92.60%** | **U.S. Dollar Denominated Bonds & Notes-92.60%** | **U.S. Dollar Denominated Bonds & Notes-92.60%** |
| **Advertising-1.12%** | **Advertising-1.12%** | **Advertising-1.12%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% 08/15/2027<sup>(b)</sup> | $49000 | &nbsp;&nbsp; $48964 |
| &nbsp;&nbsp;&nbsp; 7.13% 02/15/2031<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 19985 |
| &nbsp;&nbsp;&nbsp; 7.50% 03/15/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 19981 |
|  |  | &nbsp;&nbsp; 88930 |
| **Aerospace & Defense-1.47%** | **Aerospace & Defense-1.47%** | **Aerospace & Defense-1.47%** |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% 03/01/2029<sup>(b)</sup> | 87000 | &nbsp;&nbsp; 89149 |
| &nbsp;&nbsp;&nbsp; 6.00% 01/15/2033<sup>(b)</sup> | 27000 | &nbsp;&nbsp; 27157 |
|  |  | &nbsp;&nbsp; 116306 |
| **Alternative Carriers-0.62%** | **Alternative Carriers-0.62%** | **Alternative Carriers-0.62%** |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 10.00%, <br> 10/15/2032<sup>(b)</sup><br>| 8000 | &nbsp;&nbsp; 8100 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/2031<sup>(b)</sup><br>| 39000 | &nbsp;&nbsp; 40857 |
|  |  | &nbsp;&nbsp; 48957 |
| **Application Software-1.59%** | **Application Software-1.59%** | **Application Software-1.59%** |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., 4.88%, <br> 07/01/2029<sup>(b)</sup><br>| 43000 | &nbsp;&nbsp; 40306 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% 03/31/2029<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30317 |
| &nbsp;&nbsp;&nbsp; 8.25% 06/30/2032<sup>(b)</sup> | 12000 | &nbsp;&nbsp; 12787 |
| SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 09/30/2027<sup>(b)</sup> | 26000 | &nbsp;&nbsp; 26027 |
| &nbsp;&nbsp;&nbsp; 6.50% 06/01/2032<sup>(b)</sup> | 16000 | &nbsp;&nbsp; 16467 |
|  |  | &nbsp;&nbsp; 125904 |
| **Asset Management & Custody Banks-0.10%** | **Asset Management & Custody Banks-0.10%** | **Asset Management & Custody Banks-0.10%** |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 08/01/2032<sup>(b)</sup> | 4000 | &nbsp;&nbsp; 4051 |
| &nbsp;&nbsp;&nbsp; 8.00% 08/01/2033<sup>(b)</sup> | 4000 | &nbsp;&nbsp; 4068 |
|  |  | &nbsp;&nbsp; 8119 |
| **Automobile Manufacturers-1.04%** | **Automobile Manufacturers-1.04%** | **Automobile Manufacturers-1.04%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 3.75%, <br> 01/30/2031<sup>(b)</sup><br>| 90000 | &nbsp;&nbsp; 82311 |
| **Automotive Parts & Equipment-2.78%** | **Automotive Parts & Equipment-2.78%** | **Automotive Parts & Equipment-2.78%** |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 02/15/2030<sup>(b)</sup><br>| 56000 | &nbsp;&nbsp; 57773 |
| &nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 46593 |
| Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup> | 32000 | &nbsp;&nbsp; 33370 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)(c)</sup><br>| 41000 | &nbsp;&nbsp; 40007 |
| PHINIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 04/15/2029<sup>(b)</sup> | 11000 | &nbsp;&nbsp; 11334 |
| &nbsp;&nbsp;&nbsp; 6.63% 10/15/2032<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30588 |
|  |  | &nbsp;&nbsp; 219665 |
| **Automotive Retail-3.46%** | **Automotive Retail-3.46%** | **Automotive Retail-3.46%** |
| &nbsp;&nbsp;&nbsp; Carvana Co., 14.00% PIK Rate, 9.00% Cash <br> Rate, 06/01/2031<sup>(b)(d)</sup><br>| 38000 | &nbsp;&nbsp; 45217 |
| Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% 08/15/2028<sup>(b)(c)</sup> | 44000 | &nbsp;&nbsp; 42452 |
| &nbsp;&nbsp;&nbsp; 6.38% 01/15/2030<sup>(b)</sup> | 41000 | &nbsp;&nbsp; 41838 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 05/01/2029<sup>(b)</sup> | 22000 | &nbsp;&nbsp; 21397 |
| &nbsp;&nbsp;&nbsp; 8.25% 08/01/2031<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 42322 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** | **Automotive Retail-(continued)** |
| Lithia Motors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% 12/15/2027<sup>(b)</sup> | $| 39000 | &nbsp;&nbsp; $38490 |
| &nbsp;&nbsp;&nbsp; 4.38% 01/15/2031<sup>(b)(c)</sup> |  | 44000 | &nbsp;&nbsp; 41418 |
|  |  |  | &nbsp;&nbsp; 273134 |
| **Broadcasting-0.45%** | **Broadcasting-0.45%** | **Broadcasting-0.45%** | **Broadcasting-0.45%** |
| Gray Media, Inc., 9.63%, 07/15/2032<sup>(b)</sup> |  | 12000 | &nbsp;&nbsp; 12114 |
| Univision Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% 06/30/2030<sup>(b)</sup> |  | 8000 | &nbsp;&nbsp; 7964 |
| &nbsp;&nbsp;&nbsp; 9.38% 08/01/2032<sup>(b)</sup> |  | 15000 | &nbsp;&nbsp; 15574 |
|  |  |  | &nbsp;&nbsp; 35652 |
| **Broadline Retail-1.02%** | **Broadline Retail-1.02%** | **Broadline Retail-1.02%** | **Broadline Retail-1.02%** |
| Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% 08/01/2033<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 40203 |
| &nbsp;&nbsp;&nbsp; 6.70% 07/15/2034<sup>(b)</sup> |  | 47000 | &nbsp;&nbsp; 40646 |
|  |  |  | &nbsp;&nbsp; 80849 |
| **Building Products-0.49%** | **Building Products-0.49%** | **Building Products-0.49%** | **Building Products-0.49%** |
| &nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc., 5.25%, <br> 07/15/2028<sup>(b)</sup><br>|  | 39000 | &nbsp;&nbsp; 38754 |
| **Cable & Satellite-3.03%** | **Cable & Satellite-3.03%** | **Cable & Satellite-3.03%** | **Cable & Satellite-3.03%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% 06/01/2029<sup>(b)</sup> |  | 6000 | &nbsp;&nbsp; 5897 |
| &nbsp;&nbsp;&nbsp; 4.75% 02/01/2032<sup>(b)(c)</sup> |  | 50000 | &nbsp;&nbsp; 46266 |
| &nbsp;&nbsp;&nbsp; 4.50% 05/01/2032 |  | 51000 | &nbsp;&nbsp; 46314 |
| &nbsp;&nbsp;&nbsp; 4.50% 06/01/2033<sup>(b)</sup> |  | 52000 | &nbsp;&nbsp; 46223 |
| &nbsp;&nbsp;&nbsp; 4.25% 01/15/2034<sup>(b)</sup> |  | 54000 | &nbsp;&nbsp; 46576 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% 08/15/2027<sup>(b)</sup> |  | 20000 | &nbsp;&nbsp; 19903 |
| &nbsp;&nbsp;&nbsp; 10.00% 02/15/2031<sup>(b)</sup> |  | 21000 | &nbsp;&nbsp; 20268 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., 8.13%, <br> 02/15/2033<sup>(b)</sup><br>|  | 8000 | &nbsp;&nbsp; 8165 |
|  |  |  | &nbsp;&nbsp; 239612 |
| **Casinos & Gaming-2.43%** | **Casinos & Gaming-2.43%** | **Casinos & Gaming-2.43%** | **Casinos & Gaming-2.43%** |
| &nbsp;&nbsp;&nbsp; Studio City Finance Ltd. (Macau), 5.00%, <br> 01/15/2029<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 185055 |
| Voyager Parent LLC, 9.25%, 07/01/2032<sup>(b)</sup> |  | 7000 | &nbsp;&nbsp; 7409 |
|  |  |  | &nbsp;&nbsp; 192464 |
| **Commercial & Residential Mortgage Finance-2.23%** | **Commercial & Residential Mortgage Finance-2.23%** | **Commercial & Residential Mortgage Finance-2.23%** | **Commercial & Residential Mortgage Finance-2.23%** |
| Nationstar Mortgage Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% 08/01/2029<sup>(b)</sup> |  | 30000 | &nbsp;&nbsp; 30707 |
| &nbsp;&nbsp;&nbsp; 7.13% 02/01/2032<sup>(b)</sup> |  | 44000 | &nbsp;&nbsp; 45982 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., 4.25%, <br> 02/15/2029<sup>(b)</sup><br>|  | 22000 | &nbsp;&nbsp; 21090 |
| Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(b)</sup> |  | 39000 | &nbsp;&nbsp; 39568 |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(b)</sup> |  | 38000 | &nbsp;&nbsp; 38778 |
|  |  |  | &nbsp;&nbsp; 176125 |
| **Construction & Engineering-0.50%** | **Construction & Engineering-0.50%** | **Construction & Engineering-0.50%** | **Construction & Engineering-0.50%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> |  | 39000 | &nbsp;&nbsp; 39343 |
| **Consumer Finance-4.04%** | **Consumer Finance-4.04%** | **Consumer Finance-4.04%** | **Consumer Finance-4.04%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> |  | 74000 | &nbsp;&nbsp; 77253 |
| FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup> |  | 56000 | &nbsp;&nbsp; 57476 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd. (Cayman <br> Islands), 8.75%, 09/01/2027<sup>(b)</sup><br>|  | 56000 | &nbsp;&nbsp; 57898 |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/2027 |  | 31000 | &nbsp;&nbsp; 30683 |
| &nbsp;&nbsp;&nbsp; 9.38% 07/25/2030 |  | 15000 | &nbsp;&nbsp; 16406 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% 05/15/2029 | $| 10000 | &nbsp;&nbsp; $10225 |
| &nbsp;&nbsp;&nbsp; 4.00% 09/15/2030<sup>(c)</sup> |  | 23000 | &nbsp;&nbsp; 21132 |
| &nbsp;&nbsp;&nbsp; 6.75% 03/15/2032 |  | 22000 | &nbsp;&nbsp; 22351 |
| &nbsp;&nbsp;&nbsp; 7.13% 09/15/2032 |  | 25000 | &nbsp;&nbsp; 25797 |
|  |  |  | &nbsp;&nbsp; 319221 |
| **Diversified Financial Services-3.13%** | **Diversified Financial Services-3.13%** | **Diversified Financial Services-3.13%** | **Diversified Financial Services-3.13%** |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/2032<sup>(b)</sup><br>|  | 20000 | &nbsp;&nbsp; 20474 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup><br>|  | 87000 | &nbsp;&nbsp; 89846 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% 11/01/2032<sup>(b)</sup> |  | 24000 | &nbsp;&nbsp; 23830 |
| &nbsp;&nbsp;&nbsp; 6.75% 05/01/2033<sup>(b)</sup> |  | 53000 | &nbsp;&nbsp; 54275 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates L.P./PFG Finance <br> Corp., 9.75%, 09/15/2029<sup>(b)</sup><br>|  | 56000 | &nbsp;&nbsp; 58657 |
|  |  |  | &nbsp;&nbsp; 247082 |
| **Diversified Metals & Mining-0.24%** | **Diversified Metals & Mining-0.24%** | **Diversified Metals & Mining-0.24%** | **Diversified Metals & Mining-0.24%** |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), 6.13%, <br> 04/01/2029<sup>(b)</sup><br>|  | 19000 | &nbsp;&nbsp; 19132 |
| **Diversified REITs-1.16%** | **Diversified REITs-1.16%** | **Diversified REITs-1.16%** | **Diversified REITs-1.16%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>|  | 54000 | &nbsp;&nbsp; 51594 |
| &nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50% 02/15/2028<sup>(b)</sup> |  | 32000 | &nbsp;&nbsp; 33842 |
| &nbsp;&nbsp;&nbsp; 8.63% 06/15/2032<sup>(b)</sup> |  | 6000 | &nbsp;&nbsp; 6092 |
|  |  |  | &nbsp;&nbsp; 91528 |
| **Diversified Support Services-1.13%** | **Diversified Support Services-1.13%** | **Diversified Support Services-1.13%** | **Diversified Support Services-1.13%** |
| RB Global Holdings, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 03/15/2028<sup>(b)</sup> |  | 60000 | &nbsp;&nbsp; 61493 |
| &nbsp;&nbsp;&nbsp; 7.75% 03/15/2031<sup>(b)</sup> |  | 15000 | &nbsp;&nbsp; 15739 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 12250 |
|  |  |  | &nbsp;&nbsp; 89482 |
| **Drug Retail-0.10%** | **Drug Retail-0.10%** | **Drug Retail-0.10%** | **Drug Retail-0.10%** |
| Walgreens Boots Alliance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 11/18/2044 |  | 4000 | &nbsp;&nbsp; 3920 |
| &nbsp;&nbsp;&nbsp; 4.10% 04/15/2050 |  | 5000 | &nbsp;&nbsp; 4287 |
|  |  |  | &nbsp;&nbsp; 8207 |
| **Electric Utilities-2.71%** | **Electric Utilities-2.71%** | **Electric Utilities-2.71%** | **Electric Utilities-2.71%** |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Finance ULC (Canada), <br> 6.75%, 03/15/2055<sup>(e)</sup><br>|  | 58000 | &nbsp;&nbsp; 58583 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup><br>|  | 50000 | &nbsp;&nbsp; 50544 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 07/31/2027<sup>(b)</sup> |  | 48000 | &nbsp;&nbsp; 47776 |
| &nbsp;&nbsp;&nbsp; 7.75% 10/15/2031<sup>(b)</sup> |  | 54000 | &nbsp;&nbsp; 57195 |
|  |  |  | &nbsp;&nbsp; 214098 |
| **Electrical Components & Equipment-1.29%** | **Electrical Components & Equipment-1.29%** | **Electrical Components & Equipment-1.29%** | **Electrical Components & Equipment-1.29%** |
| EnerSys |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% 12/15/2027<sup>(b)</sup> |  | 39000 | &nbsp;&nbsp; 38355 |
| &nbsp;&nbsp;&nbsp; 6.63% 01/15/2032<sup>(b)</sup> |  | 24000 | &nbsp;&nbsp; 24694 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 7.05%, <br> 09/15/2028<sup>(b)</sup><br>|  | 38000 | &nbsp;&nbsp; 39179 |
|  |  |  | &nbsp;&nbsp; 102228 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electronic Components-0.57%** | **Electronic Components-0.57%** | **Electronic Components-0.57%** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., 3.75%, <br> 02/15/2031<sup>(b)</sup><br>| $49000 | &nbsp;&nbsp; $44755 |
| **Electronic Manufacturing Services-0.79%** | **Electronic Manufacturing Services-0.79%** | **Electronic Manufacturing Services-0.79%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald Co-Issuer, Inc., <br> 6.63%, 12/15/2030<sup>(b)</sup><br>| 61000 | &nbsp;&nbsp; 62272 |
| **Environmental & Facilities Services-1.76%** | **Environmental & Facilities Services-1.76%** | **Environmental & Facilities Services-1.76%** |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% 08/01/2028<sup>(b)</sup> | 97000 | &nbsp;&nbsp; 94092 |
| &nbsp;&nbsp;&nbsp; 3.50% 09/01/2028<sup>(b)</sup> | 47000 | &nbsp;&nbsp; 45343 |
|  |  | &nbsp;&nbsp; 139435 |
| **Gold-1.08%** | **Gold-1.08%** | **Gold-1.08%** |
| &nbsp;&nbsp;&nbsp; New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup><br>| 83000 | &nbsp;&nbsp; 85254 |
| **Health Care Facilities-1.80%** | **Health Care Facilities-1.80%** | **Health Care Facilities-1.80%** |
| Select Medical Corp., 6.25%, 12/01/2032<sup>(b)(c)</sup> | 44000 | &nbsp;&nbsp; 43940 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% 10/01/2028 | 22000 | &nbsp;&nbsp; 22015 |
| &nbsp;&nbsp;&nbsp; 6.75% 05/15/2031<sup>(c)</sup> | 74000 | &nbsp;&nbsp; 76199 |
|  |  | &nbsp;&nbsp; 142154 |
| **Health Care REITs-0.60%** | **Health Care REITs-0.60%** | **Health Care REITs-0.60%** |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, 0.00%, <br> 01/15/2026<sup>(b)(f)</sup><br>| 41000 | &nbsp;&nbsp; 39984 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P./MPT Finance <br> Corp., 8.50%, 02/15/2032<sup>(b)</sup><br>| 7000 | &nbsp;&nbsp; 7280 |
|  |  | &nbsp;&nbsp; 47264 |
| **Health Care Services-1.23%** | **Health Care Services-1.23%** | **Health Care Services-1.23%** |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% 03/15/2027<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20044 |
| &nbsp;&nbsp;&nbsp; 5.25% 05/15/2030<sup>(b)</sup> | 16000 | &nbsp;&nbsp; 14012 |
| &nbsp;&nbsp;&nbsp; 4.75% 02/15/2031<sup>(b)</sup> | 29000 | &nbsp;&nbsp; 24292 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88% 09/01/2032<sup>(b)</sup> | 18000 | &nbsp;&nbsp; 18519 |
| &nbsp;&nbsp;&nbsp; 6.75% 07/15/2033<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20643 |
|  |  | &nbsp;&nbsp; 97510 |
| **Health Care Supplies-0.74%** | **Health Care Supplies-0.74%** | **Health Care Supplies-0.74%** |
| Medline Borrower L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% 04/01/2029<sup>(b)</sup> | 21000 | &nbsp;&nbsp; 20040 |
| &nbsp;&nbsp;&nbsp; 5.25% 10/01/2029<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 38263 |
|  |  | &nbsp;&nbsp; 58303 |
| **Homebuilding-0.57%** | **Homebuilding-0.57%** | **Homebuilding-0.57%** |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., 5.13%, <br> 08/01/2030<sup>(b)</sup><br>| 46000 | &nbsp;&nbsp; 45458 |
| **Hotel & Resort REITs-1.16%** | **Hotel & Resort REITs-1.16%** | **Hotel & Resort REITs-1.16%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance Corp., <br> 6.50%, 06/15/2033<sup>(b)</sup><br>| 39000 | &nbsp;&nbsp; 39968 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(c)</sup><br>| 43000 | &nbsp;&nbsp; 40169 |
| Service Properties Trust, 8.88%, 06/15/2032 | 11000 | &nbsp;&nbsp; 11512 |
|  |  | &nbsp;&nbsp; 91649 |
| **Hotels, Resorts & Cruise Lines-2.71%** | **Hotels, Resorts & Cruise Lines-2.71%** | **Hotels, Resorts & Cruise Lines-2.71%** |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 03/01/2027<sup>(b)</sup> | 2000 | &nbsp;&nbsp; 2021 |
| &nbsp;&nbsp;&nbsp; 6.13% 02/15/2033<sup>(b)</sup> | 94000 | &nbsp;&nbsp; 95726 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 5.88%, <br> 03/15/2033<sup>(b)</sup><br>| 77000 | &nbsp;&nbsp; $77637 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., 6.00%, <br> 02/01/2033<sup>(b)</sup><br>| 38000 | &nbsp;&nbsp; 38651 |
|  |  | &nbsp;&nbsp; 214035 |
| **Household Appliances-0.49%** | **Household Appliances-0.49%** | **Household Appliances-0.49%** |
| Whirlpool Corp., 4.75%, 02/26/2029 | 40000 | &nbsp;&nbsp; 39103 |
| **Housewares & Specialties-0.76%** | **Housewares & Specialties-0.76%** | **Housewares & Specialties-0.76%** |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% 09/15/2029 | 19000 | &nbsp;&nbsp; 18951 |
| &nbsp;&nbsp;&nbsp; 6.38% 05/15/2030 | 42000 | &nbsp;&nbsp; 40805 |
|  |  | &nbsp;&nbsp; 59756 |
| **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; 58754 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00% <sup>(b)(e)(g)</sup> | 24000 | &nbsp;&nbsp; 24516 |
| &nbsp;&nbsp;&nbsp; Series C, 8.88% <sup>(b)(e)(g)</sup> | 76000 | &nbsp;&nbsp; 82557 |
|  |  | &nbsp;&nbsp; 165827 |
| **Industrial Machinery & Supplies & Components-2.32%** | **Industrial Machinery & Supplies & Components-2.32%** | **Industrial Machinery & Supplies & Components-2.32%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> | 78000 | &nbsp;&nbsp; 78887 |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 57000 | &nbsp;&nbsp; 58311 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., 4.38%, <br> 10/15/2029<sup>(b)</sup><br>| 48000 | &nbsp;&nbsp; 46219 |
|  |  | &nbsp;&nbsp; 183417 |
| **Insurance Brokers-1.58%** | **Insurance Brokers-1.58%** | **Insurance Brokers-1.58%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, 7.00%, 01/15/2031<sup>(b)</sup><br>| 66000 | &nbsp;&nbsp; 67923 |
| HUB International Ltd., 7.25%, 06/15/2030<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57368 |
|  |  | &nbsp;&nbsp; 125291 |
| **Integrated Telecommunication Services-4.67%** | **Integrated Telecommunication Services-4.67%** | **Integrated Telecommunication Services-4.67%** |
| &nbsp;&nbsp;&nbsp; Iliad Holding S.A.S.U. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 214690 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 11.00% 11/15/2029<sup>(b)</sup> | 15202 | &nbsp;&nbsp; 17255 |
| &nbsp;&nbsp;&nbsp; 6.88% 06/30/2033<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 39549 |
| Telecom Italia Capital S.A. (Italy) |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% 11/15/2033 | 48000 | &nbsp;&nbsp; 49736 |
| &nbsp;&nbsp;&nbsp; 7.72% 06/04/2038 | 44000 | &nbsp;&nbsp; 47497 |
|  |  | &nbsp;&nbsp; 368727 |
| **Interactive Media & Services-0.97%** | **Interactive Media & Services-0.97%** | **Interactive Media & Services-0.97%** |
| WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.05% 03/15/2029 | 20000 | &nbsp;&nbsp; 18792 |
| &nbsp;&nbsp;&nbsp; 4.28% 03/15/2032<sup>(c)</sup> | 38000 | &nbsp;&nbsp; 31934 |
| &nbsp;&nbsp;&nbsp; 5.05% 03/15/2042 | 28000 | &nbsp;&nbsp; 18740 |
| &nbsp;&nbsp;&nbsp; 5.14% 03/15/2052 | 12000 | &nbsp;&nbsp; 7427 |
|  |  | &nbsp;&nbsp; 76893 |
| **Internet Services & Infrastructure-0.20%** | **Internet Services & Infrastructure-0.20%** | **Internet Services & Infrastructure-0.20%** |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.25% 06/01/2030<sup>(b)</sup> | 8000 | &nbsp;&nbsp; 8046 |
| &nbsp;&nbsp;&nbsp; 9.00% 02/01/2031<sup>(b)</sup> | 8000 | &nbsp;&nbsp; 7976 |
|  |  | &nbsp;&nbsp; 16022 |
| **Leisure Facilities-0.51%** | **Leisure Facilities-0.51%** | **Leisure Facilities-0.51%** |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 40245 |
| **Marine Transportation-0.48%** | **Marine Transportation-0.48%** | **Marine Transportation-0.48%** |
| Viking Cruises Ltd., 7.00%, 02/15/2029<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 38316 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Metal, Glass & Plastic Containers-3.18%** | **Metal, Glass & Plastic Containers-3.18%** | **Metal, Glass & Plastic Containers-3.18%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/<br> Ardagh Metal Packaging Finance PLC, <br> 6.00%, 06/15/2027<sup>(b)</sup><br>| $200000 | &nbsp;&nbsp; $200340 |
| LABL, Inc., 8.63%, 10/01/2031<sup>(b)</sup> | 5000 | &nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp; OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(b)(c)</sup><br>| 49000 | &nbsp;&nbsp; 46480 |
|  |  | &nbsp;&nbsp; 250979 |
| **Movies & Entertainment-1.06%** | **Movies & Entertainment-1.06%** | **Movies & Entertainment-1.06%** |
| &nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup><br>| 49000 | &nbsp;&nbsp; 45815 |
| WMG Acquisition Corp., 3.75%, 12/01/2029<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 37591 |
|  |  | &nbsp;&nbsp; 83406 |
| **Multi-line Insurance-0.75%** | **Multi-line Insurance-0.75%** | **Multi-line Insurance-0.75%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 7.50%, <br> 11/06/2030<sup>(b)</sup><br>| 57000 | &nbsp;&nbsp; 58923 |
| **Multi-Utilities-0.49%** | **Multi-Utilities-0.49%** | **Multi-Utilities-0.49%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(c)(e)</sup><br>| 38000 | &nbsp;&nbsp; 38589 |
| **Oil & Gas Drilling-0.49%** | **Oil & Gas Drilling-0.49%** | **Oil & Gas Drilling-0.49%** |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)</sup><br>| 38000 | &nbsp;&nbsp; 38740 |
| **Oil & Gas Equipment & Services-0.52%** | **Oil & Gas Equipment & Services-0.52%** | **Oil & Gas Equipment & Services-0.52%** |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 40932 |
| **Oil & Gas Exploration & Production-2.61%** | **Oil & Gas Exploration & Production-2.61%** | **Oil & Gas Exploration & Production-2.61%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United Finance <br> Corp., 7.50%, 10/01/2029<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 38799 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.75% 07/01/2031<sup>(b)</sup> | 19000 | &nbsp;&nbsp; 19258 |
| &nbsp;&nbsp;&nbsp; 9.63% 06/15/2033<sup>(b)</sup> | 19000 | &nbsp;&nbsp; 19559 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 44527 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 8.38%, 11/01/2033<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 38646 |
| &nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 45248 |
|  |  | &nbsp;&nbsp; 206037 |
| **Oil & Gas Refining & Marketing-0.74%** | **Oil & Gas Refining & Marketing-0.74%** | **Oil & Gas Refining & Marketing-0.74%** |
| Sunoco L.P., 6.25%, 07/01/2033<sup>(b)</sup> | 58000 | &nbsp;&nbsp; 58785 |
| **Oil & Gas Storage & Transportation-6.42%** | **Oil & Gas Storage & Transportation-6.42%** | **Oil & Gas Storage & Transportation-6.42%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 45269 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners L.P./Delek Logistics <br> Finance Corp., 7.38%, 06/30/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 39566 |
| Excelerate Energy L.P., 8.00%, 05/15/2030<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 39805 |
| &nbsp;&nbsp;&nbsp; Genesis Energy L.P./Genesis Energy Finance <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88% 05/15/2032 | 20000 | &nbsp;&nbsp; 20702 |
| &nbsp;&nbsp;&nbsp; 8.00% 05/15/2033 | 37000 | &nbsp;&nbsp; 38396 |
| &nbsp;&nbsp;&nbsp; Global Partners L.P./GLP Finance Corp., 7.13%, <br> 07/01/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 40649 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P. (Canada), <br> 6.75%, 07/15/2032<sup>(b)</sup><br>| 41000 | &nbsp;&nbsp; 41778 |
| Prairie Acquiror L.P., 9.00%, 08/01/2029<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 39395 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass Energy <br> Finance Corp., 7.38%, 02/15/2029<sup>(b)</sup><br>| 44000 | &nbsp;&nbsp; 45185 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.88% 02/01/2032<sup>(b)</sup> | 54000 | &nbsp;&nbsp; $58297 |
| &nbsp;&nbsp;&nbsp; 9.00% <sup>(b)(e)(g)</sup> | 39000 | &nbsp;&nbsp; 39045 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% 01/15/2034<sup>(b)</sup> | 15000 | &nbsp;&nbsp; 15441 |
| &nbsp;&nbsp;&nbsp; 6.75% 01/15/2036<sup>(b)</sup> | 43000 | &nbsp;&nbsp; 44261 |
|  |  | &nbsp;&nbsp; 507789 |
| **Other Specialized REITs-1.08%** | **Other Specialized REITs-1.08%** | **Other Specialized REITs-1.08%** |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% 02/15/2031<sup>(b)</sup> | 49000 | &nbsp;&nbsp; 46387 |
| &nbsp;&nbsp;&nbsp; 6.25% 01/15/2033<sup>(b)</sup> | 38000 | &nbsp;&nbsp; 38675 |
|  |  | &nbsp;&nbsp; 85062 |
| **Other Specialty Retail-0.08%** | **Other Specialty Retail-0.08%** | **Other Specialty Retail-0.08%** |
| SGUS LLC, 11.00%, 12/15/2029<sup>(b)</sup> | 7000 | &nbsp;&nbsp; 6610 |
| **Packaged Foods & Meats-0.63%** | **Packaged Foods & Meats-0.63%** | **Packaged Foods & Meats-0.63%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/2032<sup>(b)(c)</sup><br>| 53000 | &nbsp;&nbsp; 49567 |
| **Paper & Plastic Packaging Products & Materials-0.99%** | **Paper & Plastic Packaging Products & Materials-0.99%** | **Paper & Plastic Packaging Products & Materials-0.99%** |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 6.75%, <br> 04/15/2032<sup>(b)</sup><br>| 38000 | &nbsp;&nbsp; 38949 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 04/15/2029<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 19744 |
| &nbsp;&nbsp;&nbsp; 6.88% 07/15/2033<sup>(b)</sup> | 18000 | &nbsp;&nbsp; 19257 |
|  |  | &nbsp;&nbsp; 77950 |
| **Passenger Airlines-0.73%** | **Passenger Airlines-0.73%** | **Passenger Airlines-0.73%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/2029<sup>(b)</sup><br>| 58000 | &nbsp;&nbsp; 58017 |
| **Pharmaceuticals-1.74%** | **Pharmaceuticals-1.74%** | **Pharmaceuticals-1.74%** |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30561 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 6.88%, <br> 08/01/2032<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 45730 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., 11.00%, <br> 09/30/2028<sup>(b)</sup><br>| 12000 | &nbsp;&nbsp; 12341 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 8.50%, <br> 04/15/2031<sup>(b)(c)</sup><br>| 42000 | &nbsp;&nbsp; 44734 |
| &nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, 06/01/2029<sup>(b)</sup><br>| 5000 | &nbsp;&nbsp; 4192 |
|  |  | &nbsp;&nbsp; 137558 |
| **Real Estate Development-1.11%** | **Real Estate Development-1.11%** | **Real Estate Development-1.11%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)</sup><br>| 42000 | &nbsp;&nbsp; 45053 |
| &nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, 7.75%, <br> 09/01/2030<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp; 42327 |
|  |  | &nbsp;&nbsp; 87380 |
| **Reinsurance-0.59%** | **Reinsurance-0.59%** | **Reinsurance-0.59%** |
| &nbsp;&nbsp;&nbsp; Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(e)</sup><br>| 48000 | &nbsp;&nbsp; 46996 |
| **Security & Alarm Services-0.60%** | **Security & Alarm Services-0.60%** | **Security & Alarm Services-0.60%** |
| Brink's Co. (The), 6.75%, 06/15/2032<sup>(b)</sup> | 46000 | &nbsp;&nbsp; 47428 |
| **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; 63702 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Specialized Finance-0.54%** | **Specialized Finance-0.54%** | **Specialized Finance-0.54%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio Systems Corp., <br> 9.50%, 10/15/2029<sup>(b)</sup><br>| $5000 | &nbsp;&nbsp; $4156 |
| &nbsp;&nbsp;&nbsp; TrueNoord Capital DAC (Ireland), 8.75%, <br> 03/01/2030<sup>(b)</sup><br>| 37000 | &nbsp;&nbsp; 38408 |
|  |  | &nbsp;&nbsp; 42564 |
| **Specialty Chemicals-0.49%** | **Specialty Chemicals-0.49%** | **Specialty Chemicals-0.49%** |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, 7.20%, <br> 11/15/2033<br>| 37000 | &nbsp;&nbsp; 38660 |
| **Steel-0.52%** | **Steel-0.52%** | **Steel-0.52%** |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% 06/01/2027 | 9000 | &nbsp;&nbsp; 9013 |
| &nbsp;&nbsp;&nbsp; 7.00% 03/15/2032<sup>(b)(c)</sup> | 33000 | &nbsp;&nbsp; 32237 |
|  |  | &nbsp;&nbsp; 41250 |
| **Technology Hardware, Storage & Peripherals-0.09%** | **Technology Hardware, Storage & Peripherals-0.09%** | **Technology Hardware, Storage & Peripherals-0.09%** |
| Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 08/15/2028<sup>(b)</sup> | 5000 | &nbsp;&nbsp; 3319 |
| &nbsp;&nbsp;&nbsp; 8.88% 11/30/2029<sup>(b)(c)</sup> | 6000 | &nbsp;&nbsp; 3937 |
|  |  | &nbsp;&nbsp; 7256 |
| **Telecom Tower REITs-0.50%** | **Telecom Tower REITs-0.50%** | **Telecom Tower REITs-0.50%** |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., 3.13%, <br> 02/01/2029<br>| 42000 | &nbsp;&nbsp; 39182 |
| **Trading Companies & Distributors-0.98%** | **Trading Companies & Distributors-0.98%** | **Trading Companies & Distributors-0.98%** |
| Aircastle Ltd., 5.25%<sup>(b)(e)(g)</sup> | 78000 | &nbsp;&nbsp; 77655 |
| **Transaction & Payment Processing Services-0.46%** | **Transaction & Payment Processing Services-0.46%** | **Transaction & Payment Processing Services-0.46%** |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance <br> Sub, Inc., 6.75%, 08/15/2032<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp; 36179 |
| **Wireless Telecommunication Services-1.18%** | **Wireless Telecommunication Services-1.18%** | **Wireless Telecommunication Services-1.18%** |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom), 4.13%, <br> 06/04/2081<sup>(e)</sup><br>| 101000 | &nbsp;&nbsp; 93172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,152,443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,152,443) | &nbsp;&nbsp; 7319157 |
| **Non-U.S. Dollar Denominated Bonds & Notes-5.80%**<sup>(h)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-5.80%**<sup>(h)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-5.80%**<sup>(h)</sup>  |
| **Cable & Satellite-1.47%** | **Cable & Satellite-1.47%** | **Cable & Satellite-1.47%** |
| &nbsp;&nbsp;&nbsp; Sunrise FinCo I B.V. (Netherlands), 4.63%, <br> 05/15/2032<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 116047 |
| **Metal, Glass & Plastic Containers-1.48%** | **Metal, Glass & Plastic Containers-1.48%** | **Metal, Glass & Plastic Containers-1.48%** |
| Ball Corp., 4.25%, 07/01/2032 | 100000 | &nbsp;&nbsp; 117157 |
| **Specialized Consumer Services-1.45%** | **Specialized Consumer Services-1.45%** | **Specialized Consumer Services-1.45%** |
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing (UK) PLC <br> (Czech Republic), 4.13%, 02/15/2031<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 114169 |
| **Wireless Telecommunication Services-1.40%** | **Wireless Telecommunication Services-1.40%** | **Wireless Telecommunication Services-1.40%** |
| &nbsp;&nbsp;&nbsp; VMED O2 UK Financing I PLC (United Kingdom), <br> 3.25%, 01/31/2031<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 110704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $436,025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $436,025) | &nbsp;&nbsp; 458077 |
|  | **Shares** |  |
| **Money Market Funds-2.33%** | **Money Market Funds-2.33%** | **Money Market Funds-2.33%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(i)(j)</sup> <br>(Cost $184,129)<br>| 184129 | &nbsp;&nbsp; 184129 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.73% <br>(Cost $7,772,597) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.73% <br>(Cost $7,772,597) | &nbsp;&nbsp; 7961363 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-7.86%** | **Money Market Funds-7.86%** | **Money Market Funds-7.86%** |
| Invesco Private Government Fund, 4.32%<sup>(i)(j)(k)</sup> | 172015 | &nbsp;&nbsp; $172015 |
| Invesco Private Prime Fund, 4.46%<sup>(i)(j)(k)</sup> | 449099 | &nbsp;&nbsp; 449189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $621,213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $621,213) | &nbsp;&nbsp; 621204 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-108.59% <br>(Cost $8,393,810) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-108.59% <br>(Cost $8,393,810) | &nbsp;&nbsp; 8582567 |
| OTHER ASSETS LESS LIABILITIES-(8.59)% | OTHER ASSETS LESS LIABILITIES-(8.59)% | &nbsp;&nbsp; (678997)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $7903570 |

---

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

---

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

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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> July 31, 2025 was $6,759,954, which represented 85.53% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at July 31, 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> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(f)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <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 nine months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| &nbsp;&nbsp; Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $715640 | &nbsp;&nbsp;&nbsp; $(704100)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(11540)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $8063 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; 100914 | &nbsp;&nbsp;&nbsp; 2362109 | &nbsp;&nbsp;&nbsp; (2463023)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2458 |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4036028 | &nbsp;&nbsp;&nbsp; (3851899)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 184129 | &nbsp;&nbsp;&nbsp; 4331 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 619935 | &nbsp;&nbsp;&nbsp; 2549252 | &nbsp;&nbsp;&nbsp; (2997172)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 172015 | &nbsp;&nbsp;&nbsp; 7,813<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 1611942 | &nbsp;&nbsp;&nbsp; 5584989 | &nbsp;&nbsp;&nbsp; (6747681)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; 449189 | &nbsp;&nbsp;&nbsp; 21,283<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $2332791 | &nbsp;&nbsp;&nbsp; $15248018 | &nbsp;&nbsp;&nbsp; $(16763875)<br>| &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp; $(11609)<br>| &nbsp;&nbsp;&nbsp; $805333 | &nbsp;&nbsp;&nbsp; $43948 |

---

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

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

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

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

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

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| &nbsp;&nbsp; 10/31/2025 | Citibank N.A. | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 279000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 328689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7377 |

---

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

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

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

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

------

Schedule of Investments

**Invesco International Growth Focus ETF (MTRA)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.78%** | **Common Stocks & Other Equity Interests-99.78%** | **Common Stocks & Other Equity Interests-99.78%** |
| **Canada-4.99%** | **Canada-4.99%** | **Canada-4.99%** |
| Dollarama, Inc. | 1092 | &nbsp;&nbsp; $149581 |
| Shopify, Inc., Class A<sup>(a)</sup> | 790 | &nbsp;&nbsp; 96546 |
|  |  | &nbsp;&nbsp; 246127 |
| **China-6.34%** | **China-6.34%** | **China-6.34%** |
| Alibaba Group Holding Ltd., ADR | 1142 | &nbsp;&nbsp; 137759 |
| Tencent Holdings Ltd. | 2500 | &nbsp;&nbsp; 175031 |
|  |  | &nbsp;&nbsp; 312790 |
| **France-16.13%** | **France-16.13%** | **France-16.13%** |
| Airbus SE | 463 | &nbsp;&nbsp; 93362 |
| Dassault Systemes SE | 2189 | &nbsp;&nbsp; 72123 |
| EssilorLuxottica S.A. | 178 | &nbsp;&nbsp; 53085 |
| Hermes International S.C.A. | 56 | &nbsp;&nbsp; 137349 |
| L'Oreal S.A. | 120 | &nbsp;&nbsp; 53254 |
| LVMH Moet Hennessy Louis Vuitton SE | 161 | &nbsp;&nbsp; 86680 |
| Sartorius Stedim Biotech | 565 | &nbsp;&nbsp; 113236 |
| Schneider Electric SE | 365 | &nbsp;&nbsp; 94737 |
| Societe Generale S.A. | 1435 | &nbsp;&nbsp; 91863 |
|  |  | &nbsp;&nbsp; 795689 |
| **Germany-5.96%** | **Germany-5.96%** | **Germany-5.96%** |
| SAP SE | 418 | &nbsp;&nbsp; 119881 |
| Siemens AG | 681 | &nbsp;&nbsp; 173962 |
|  |  | &nbsp;&nbsp; 293843 |
| **India-5.36%** | **India-5.36%** | **India-5.36%** |
| ICICI Bank Ltd., ADR | 3103 | &nbsp;&nbsp; 104571 |
| Reliance Industries Ltd., GDR<sup>(b)</sup> | 2540 | &nbsp;&nbsp; 159885 |
|  |  | &nbsp;&nbsp; 264456 |
| **Ireland-1.49%** | **Ireland-1.49%** | **Ireland-1.49%** |
| Accenture PLC, Class A | 275 | &nbsp;&nbsp; 73453 |
| **Italy-3.47%** | **Italy-3.47%** | **Italy-3.47%** |
| FinecoBank Banca Fineco S.p.A. | 3997 | &nbsp;&nbsp; 85362 |
| Ryanair Holdings PLC | 2916 | &nbsp;&nbsp; 85990 |
|  |  | &nbsp;&nbsp; 171352 |
| **Japan-5.49%** | **Japan-5.49%** | **Japan-5.49%** |
| Hitachi Ltd. | 3000 | &nbsp;&nbsp; 91988 |
| Keyence Corp. | 200 | &nbsp;&nbsp; 72493 |
| Mitsubishi UFJ Financial Group, Inc. | 7700 | &nbsp;&nbsp; 106342 |
|  |  | &nbsp;&nbsp; 270823 |
| **Netherlands-5.56%** | **Netherlands-5.56%** | **Netherlands-5.56%** |
| ASML Holding N.V. | 169 | &nbsp;&nbsp; 117473 |
| Universal Music Group N.V. | 5432 | &nbsp;&nbsp; 156721 |
|  |  | &nbsp;&nbsp; 274194 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-5.46%** | **Sweden-5.46%** | **Sweden-5.46%** |
| Atlas Copco AB, Class A | 6492 | &nbsp;&nbsp; $99161 |
| Epiroc AB, Class A | 4315 | &nbsp;&nbsp; 88089 |
| Svenska Handelsbanken AB, Class A | 6703 | &nbsp;&nbsp; 81918 |
|  |  | &nbsp;&nbsp; 269168 |
| **Switzerland-5.77%** | **Switzerland-5.77%** | **Switzerland-5.77%** |
| Lonza Group AG | 180 | &nbsp;&nbsp; 125485 |
| Sika AG | 378 | &nbsp;&nbsp; 89222 |
| Straumann Holding AG | 573 | &nbsp;&nbsp; 69832 |
|  |  | &nbsp;&nbsp; 284539 |
| **Taiwan-4.40%** | **Taiwan-4.40%** | **Taiwan-4.40%** |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 899 | &nbsp;&nbsp; 217215 |
| **United Kingdom-14.51%** | **United Kingdom-14.51%** | **United Kingdom-14.51%** |
| AstraZeneca PLC | 1137 | &nbsp;&nbsp; 166218 |
| BAE Systems PLC | 6485 | &nbsp;&nbsp; 155053 |
| Compass Group PLC | 3525 | &nbsp;&nbsp; 124120 |
| ConvaTec Group PLC<sup>(b)</sup> | 24200 | &nbsp;&nbsp; 74713 |
| RELX PLC | 1898 | &nbsp;&nbsp; 98824 |
| Rightmove PLC | 8967 | &nbsp;&nbsp; 96965 |
|  |  | &nbsp;&nbsp; 715893 |
| **United States-14.85%** | **United States-14.85%** | **United States-14.85%** |
| Booking Holdings, Inc. | 13 | &nbsp;&nbsp; 71553 |
| EPAM Systems, Inc.<sup>(a)</sup> | 675 | &nbsp;&nbsp; 106454 |
| Experian PLC | 2367 | &nbsp;&nbsp; 124974 |
| Ferguson Enterprises, Inc. | 657 | &nbsp;&nbsp; 146597 |
| Illumina, Inc.<sup>(a)</sup> | 973 | &nbsp;&nbsp; 99937 |
| ResMed, Inc. | 672 | &nbsp;&nbsp; 182744 |
|  |  | &nbsp;&nbsp; 732259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $4,982,652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $4,982,652) | &nbsp;&nbsp; 4921801 |
| **Money Market Funds-0.15%** | **Money Market Funds-0.15%** | **Money Market Funds-0.15%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money Portfolio, <br> Institutional Class, 4.24%<sup>(c)(d)</sup> <br>(Cost $7,039)<br>| 7039 | &nbsp;&nbsp; 7039 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.93% <br>(Cost $4,989,691) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.93% <br>(Cost $4,989,691) | &nbsp;&nbsp; 4928840 |
| OTHER ASSETS LESS LIABILITIES-0.07% | OTHER ASSETS LESS LIABILITIES-0.07% | &nbsp;&nbsp; 3685 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4932525 |

---

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

Investment Abbreviations: <br> ADR-American Depositary Receipt <br> GDR-Global Depositary Receipt

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $234,598, which represented 4.76% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the period ended July 31, 2025.<br>|

---

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

------

**Invesco International Growth Focus ETF (MTRA)—(continued)**

July 31, 2025

*(Unaudited)*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3908022 | &nbsp;&nbsp;&nbsp; $(3900983)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7039 | &nbsp;&nbsp;&nbsp; $521 |

---

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

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

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

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

------

Schedule of Investments

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-77.74%** | **Common Stocks & Other Equity Interests-77.74%** | **Common Stocks & Other Equity Interests-77.74%** |
| **Australia-5.85%** | **Australia-5.85%** | **Australia-5.85%** |
| ANZ Group Holdings Ltd. | 20248 | &nbsp;&nbsp; $398079 |
| APA Group<sup>(a)</sup> | 8891 | &nbsp;&nbsp; 47908 |
| Aristocrat Leisure Ltd. | 3853 | &nbsp;&nbsp; 172848 |
| ASX Ltd. | 1327 | &nbsp;&nbsp; 59593 |
| BHP Group Ltd. | 34624 | &nbsp;&nbsp; 876070 |
| BlueScope Steel Ltd. | 2990 | &nbsp;&nbsp; 45414 |
| Brambles Ltd. | 9355 | &nbsp;&nbsp; 143394 |
| CAR Group Ltd. | 2566 | &nbsp;&nbsp; 62572 |
| Cochlear Ltd. | 447 | &nbsp;&nbsp; 91427 |
| Coles Group Ltd. | 9146 | &nbsp;&nbsp; 121997 |
| Commonwealth Bank of Australia | 11404 | &nbsp;&nbsp; 1297109 |
| Computershare Ltd. | 3597 | &nbsp;&nbsp; 97010 |
| CSL Ltd. | 3302 | &nbsp;&nbsp; 572261 |
| Evolution Mining Ltd. | 13645 | &nbsp;&nbsp; 61869 |
| Fortescue Ltd. | 11556 | &nbsp;&nbsp; 130992 |
| Glencore PLC<sup>(b)</sup> | 69869 | &nbsp;&nbsp; 280980 |
| Goodman Group | 13860 | &nbsp;&nbsp; 310467 |
| Insurance Australia Group Ltd. | 16138 | &nbsp;&nbsp; 90759 |
| James Hardie Industries PLC, CDI<sup>(a)(b)</sup> | 3940 | &nbsp;&nbsp; 103608 |
| Lottery Corp. Ltd. (The) | 15192 | &nbsp;&nbsp; 52790 |
| Macquarie Group Ltd. | 2468 | &nbsp;&nbsp; 342420 |
| Medibank Pvt. Ltd. | 18795 | &nbsp;&nbsp; 61544 |
| National Australia Bank Ltd.<sup>(a)</sup> | 20869 | &nbsp;&nbsp; 518866 |
| Northern Star Resources Ltd. | 9253 | &nbsp;&nbsp; 92103 |
| Origin Energy Ltd. | 11755 | &nbsp;&nbsp; 88066 |
| Pro Medicus Ltd. | 391 | &nbsp;&nbsp; 80444 |
| Qantas Airways Ltd. | 5061 | &nbsp;&nbsp; 35165 |
| QBE Insurance Group Ltd. | 10272 | &nbsp;&nbsp; 152662 |
| REA Group Ltd. | 364 | &nbsp;&nbsp; 55552 |
| Reece Ltd. | 1605 | &nbsp;&nbsp; 13923 |
| Rio Tinto Ltd. | 2529 | &nbsp;&nbsp; 180193 |
| Rio Tinto PLC | 7696 | &nbsp;&nbsp; 459307 |
| Santos Ltd. | 22162 | &nbsp;&nbsp; 111725 |
| Scentre Group | 35498 | &nbsp;&nbsp; 85114 |
| SGH Ltd. | 1397 | &nbsp;&nbsp; 45777 |
| Sigma Healthcare Ltd. | 31464 | &nbsp;&nbsp; 58226 |
| Sonic Healthcare Ltd. | 3110 | &nbsp;&nbsp; 55022 |
| South32 Ltd. | 30826 | &nbsp;&nbsp; 57753 |
| Stockland | 16292 | &nbsp;&nbsp; 57868 |
| Suncorp Group Ltd. | 7388 | &nbsp;&nbsp; 99219 |
| Telstra Group Ltd. | 27599 | &nbsp;&nbsp; 88124 |
| Transurban Group | 21182 | &nbsp;&nbsp; 187807 |
| Vicinity Ltd. | 26428 | &nbsp;&nbsp; 41689 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(a)</sup> | 1608 | &nbsp;&nbsp; 41854 |
| Wesfarmers Ltd. | 7747 | &nbsp;&nbsp; 424549 |
| Westpac Banking Corp. | 23325 | &nbsp;&nbsp; 504530 |
| WiseTech Global Ltd. | 1367 | &nbsp;&nbsp; 103730 |
| Woodside Energy Group Ltd. | 12958 | &nbsp;&nbsp; 219690 |
| Woolworths Group Ltd. | 8337 | &nbsp;&nbsp; 168622 |
|  |  | &nbsp;&nbsp; 9448691 |
| **Austria-0.20%** | **Austria-0.20%** | **Austria-0.20%** |
| Erste Group Bank AG | 2103 | &nbsp;&nbsp; 192871 |
| Mondi PLC | 3008 | &nbsp;&nbsp; 40746 |
| OMV AG | 1008 | &nbsp;&nbsp; 51487 |
| Verbund AG | 463 | &nbsp;&nbsp; 34576 |
|  |  | &nbsp;&nbsp; 319680 |
| **Belgium-0.63%** | **Belgium-0.63%** | **Belgium-0.63%** |
| Ageas S.A./N.V. | 1019 | &nbsp;&nbsp; 69488 |
| Anheuser-Busch InBev S.A./N.V. | 6735 | &nbsp;&nbsp; 388350 |
| D'Ieteren Group | 146 | &nbsp;&nbsp; 28924 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Belgium-(continued)** | **Belgium-(continued)** | **Belgium-(continued)** |
| Elia Group S.A./N.V. | 334 | &nbsp;&nbsp; $38648 |
| Groupe Bruxelles Lambert N.V. | 567 | &nbsp;&nbsp; 47540 |
| KBC Group N.V. | 1563 | &nbsp;&nbsp; 163506 |
| Lotus Bakeries N.V. | 3 | &nbsp;&nbsp; 25438 |
| Sofina S.A. | 106 | &nbsp;&nbsp; 32555 |
| Syensqo S.A. | 504 | &nbsp;&nbsp; 40062 |
| UCB S.A. | 859 | &nbsp;&nbsp; 185102 |
|  |  | &nbsp;&nbsp; 1019613 |
| **Brazil-0.03%** | **Brazil-0.03%** | **Brazil-0.03%** |
| Yara International ASA | 1130 | &nbsp;&nbsp; 41957 |
| **Chile-0.04%** | **Chile-0.04%** | **Chile-0.04%** |
| Antofagasta PLC | 2692 | &nbsp;&nbsp; 66525 |
| **China-0.14%** | **China-0.14%** | **China-0.14%** |
| BOC Hong Kong (Holdings) Ltd. | 25443 | &nbsp;&nbsp; 114246 |
| SITC International Holdings Co. Ltd. | 8481 | &nbsp;&nbsp; 27421 |
| Wharf (Holdings) Ltd. (The)<sup>(a)</sup> | 7195 | &nbsp;&nbsp; 20463 |
| Wilmar International Ltd. | 13064 | &nbsp;&nbsp; 29592 |
| Yangzijiang Shipbuilding Holdings Ltd. | 17556 | &nbsp;&nbsp; 34463 |
|  |  | &nbsp;&nbsp; 226185 |
| **Denmark-1.49%** | **Denmark-1.49%** | **Denmark-1.49%** |
| A.P. Moller - Maersk A/S, Class A | 18 | &nbsp;&nbsp; 35432 |
| A.P. Moller - Maersk A/S, Class B | 27 | &nbsp;&nbsp; 53489 |
| Carlsberg A/S, Class B | 650 | &nbsp;&nbsp; 81294 |
| Coloplast A/S, Class B | 857 | &nbsp;&nbsp; 78522 |
| Danske Bank A/S | 4704 | &nbsp;&nbsp; 187213 |
| Demant A/S<sup>(b)</sup> | 630 | &nbsp;&nbsp; 23946 |
| DSV A/S | 1397 | &nbsp;&nbsp; 314050 |
| Genmab A/S<sup>(b)</sup> | 432 | &nbsp;&nbsp; 93307 |
| Novo Nordisk A/S, Class B | 21976 | &nbsp;&nbsp; 1025336 |
| Novonesis (Novozymes) B, Class B | 2400 | &nbsp;&nbsp; 155772 |
| Orsted A/S<sup>(a)(b)(c)</sup> | 1149 | &nbsp;&nbsp; 54328 |
| Pandora A/S | 562 | &nbsp;&nbsp; 93081 |
| Rockwool A/S | 660 | &nbsp;&nbsp; 29014 |
| Tryg A/S | 2313 | &nbsp;&nbsp; 55973 |
| Vestas Wind Systems A/S | 6888 | &nbsp;&nbsp; 126165 |
|  |  | &nbsp;&nbsp; 2406922 |
| **Finland-0.82%** | **Finland-0.82%** | **Finland-0.82%** |
| Elisa OYJ | 966 | &nbsp;&nbsp; 49849 |
| Fortum OYJ | 3064 | &nbsp;&nbsp; 56376 |
| Kesko OYJ, Class B<sup>(a)</sup> | 1861 | &nbsp;&nbsp; 40594 |
| Kone OYJ, Class B | 2318 | &nbsp;&nbsp; 142763 |
| Metso OYJ<sup>(a)</sup> | 4236 | &nbsp;&nbsp; 53357 |
| Neste OYJ | 2883 | &nbsp;&nbsp; 45635 |
| Nokia OYJ | 35910 | &nbsp;&nbsp; 146775 |
| Nordea Bank Abp | 21409 | &nbsp;&nbsp; 313313 |
| Orion OYJ, Class B | 755 | &nbsp;&nbsp; 60622 |
| Sampo OYJ | 16521 | &nbsp;&nbsp; 177852 |
| Stora Enso OYJ, Class R<sup>(a)</sup> | 3969 | &nbsp;&nbsp; 40959 |
| UPM-Kymmene OYJ | 3644 | &nbsp;&nbsp; 94722 |
| Wartsila OYJ Abp | 3430 | &nbsp;&nbsp; 95044 |
|  |  | &nbsp;&nbsp; 1317861 |
| **France-8.10%** | **France-8.10%** | **France-8.10%** |
| Accor S.A. | 1333 | &nbsp;&nbsp; 67760 |
| Aeroports de Paris S.A. | 211 | &nbsp;&nbsp; 25685 |
| Air Liquide S.A. | 3944 | &nbsp;&nbsp; 778207 |
| Airbus SE | 4053 | &nbsp;&nbsp; 817269 |
| Alstom S.A.<sup>(b)</sup> | 2364 | &nbsp;&nbsp; 55614 |
| Amundi S.A.<sup>(c)</sup> | 433 | &nbsp;&nbsp; 32093 |
| Arkema S.A. | 393 | &nbsp;&nbsp; 26803 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** |
| AXA S.A. | 12090 | &nbsp;&nbsp; $588926 |
| bioMerieux | 275 | &nbsp;&nbsp; 39464 |
| BNP Paribas S.A. | 6943 | &nbsp;&nbsp; 634909 |
| Bollore SE | 4822 | &nbsp;&nbsp; 27895 |
| Bouygues S.A. | 1287 | &nbsp;&nbsp; 53150 |
| Bureau Veritas S.A. | 2170 | &nbsp;&nbsp; 67024 |
| Capgemini SE | 1108 | &nbsp;&nbsp; 165439 |
| Carrefour S.A. | 3704 | &nbsp;&nbsp; 53238 |
| Cie de Saint-Gobain S.A. | 3067 | &nbsp;&nbsp; 352870 |
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 4573 | &nbsp;&nbsp; 163169 |
| Covivio S.A. | 391 | &nbsp;&nbsp; 25388 |
| Credit Agricole S.A. | 7262 | &nbsp;&nbsp; 134046 |
| Danone S.A. | 4409 | &nbsp;&nbsp; 361878 |
| Dassault Aviation S.A. | 133 | &nbsp;&nbsp; 41532 |
| Dassault Systemes SE | 4565 | &nbsp;&nbsp; 150406 |
| Edenred SE | 1654 | &nbsp;&nbsp; 47374 |
| Eiffage S.A. | 465 | &nbsp;&nbsp; 62603 |
| ENGIE S.A. | 12462 | &nbsp;&nbsp; 280946 |
| EssilorLuxottica S.A. | 2028 | &nbsp;&nbsp; 604805 |
| Eurazeo SE | 273 | &nbsp;&nbsp; 16067 |
| FDJ United | 697 | &nbsp;&nbsp; 21805 |
| Gecina S.A.<sup>(b)</sup> | 321 | &nbsp;&nbsp; 31638 |
| Getlink SE | 2061 | &nbsp;&nbsp; 37488 |
| Hermes International S.C.A. | 213 | &nbsp;&nbsp; 522419 |
| Ipsen S.A. | 264 | &nbsp;&nbsp; 31199 |
| Kering S.A. | 509 | &nbsp;&nbsp; 125350 |
| Klepierre S.A. | 1467 | &nbsp;&nbsp; 56163 |
| Legrand S.A. | 1791 | &nbsp;&nbsp; 265320 |
| L'Oreal S.A. | 1640 | &nbsp;&nbsp; 727803 |
| LVMH Moet Hennessy Louis Vuitton SE | 1874 | &nbsp;&nbsp; 1008939 |
| Orange S.A. | 12707 | &nbsp;&nbsp; 193855 |
| Pernod Ricard S.A. | 1373 | &nbsp;&nbsp; 141516 |
| Publicis Groupe S.A. | 1559 | &nbsp;&nbsp; 142882 |
| Renault S.A. | 1308 | &nbsp;&nbsp; 48539 |
| Rexel S.A. | 1528 | &nbsp;&nbsp; 46319 |
| Safran S.A. | 2455 | &nbsp;&nbsp; 811916 |
| Sartorius Stedim Biotech | 202 | &nbsp;&nbsp; 40484 |
| Schneider Electric SE | 3726 | &nbsp;&nbsp; 967095 |
| Societe Generale S.A. | 4919 | &nbsp;&nbsp; 314895 |
| Sodexo S.A. | 600 | &nbsp;&nbsp; 35789 |
| STMicroelectronics N.V. | 4620 | &nbsp;&nbsp; 117757 |
| Teleperformance SE | 370 | &nbsp;&nbsp; 36178 |
| Thales S.A. | 634 | &nbsp;&nbsp; 171043 |
| TotalEnergies SE | 13921 | &nbsp;&nbsp; 830250 |
| Unibail-Rodamco-Westfield | 835 | &nbsp;&nbsp; 81182 |
| Veolia Environnement S.A. | 4290 | &nbsp;&nbsp; 145811 |
| Vinci S.A. | 3379 | &nbsp;&nbsp; 470751 |
|  |  | &nbsp;&nbsp; 13098946 |
| **Germany-8.00%** | **Germany-8.00%** | **Germany-8.00%** |
| adidas AG | 1165 | &nbsp;&nbsp; 223319 |
| Allianz SE | 2631 | &nbsp;&nbsp; 1042766 |
| BASF SE | 6092 | &nbsp;&nbsp; 299442 |
| Bayer AG | 6702 | &nbsp;&nbsp; 209056 |
| Bayerische Motoren Werke AG | 1980 | &nbsp;&nbsp; 188953 |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG, Preference <br> Shares<br>| 392 | &nbsp;&nbsp; 34371 |
| Beiersdorf AG | 681 | &nbsp;&nbsp; 84871 |
| Brenntag SE | 837 | &nbsp;&nbsp; 52079 |
| Commerzbank AG | 6053 | &nbsp;&nbsp; 221376 |
| Continental AG | 756 | &nbsp;&nbsp; 64760 |
| Covestro AG<sup>(b)(c)</sup> | 1287 | &nbsp;&nbsp; 88923 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| CTS Eventim AG & Co. KGaA | 434 | &nbsp;&nbsp; $49153 |
| Daimler Truck Holding AG | 3247 | &nbsp;&nbsp; 158415 |
| Deutsche Bank AG | 12632 | &nbsp;&nbsp; 417276 |
| Deutsche Boerse AG | 1285 | &nbsp;&nbsp; 372955 |
| Deutsche Lufthansa AG | 4084 | &nbsp;&nbsp; 35122 |
| Deutsche Post AG | 6550 | &nbsp;&nbsp; 294339 |
| Deutsche Telekom AG | 23785 | &nbsp;&nbsp; 855575 |
| &nbsp;&nbsp;&nbsp; Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(a)(c)</sup><br>| 787 | &nbsp;&nbsp; 40023 |
| E.ON SE | 15323 | &nbsp;&nbsp; 280362 |
| Evonik Industries AG | 1746 | &nbsp;&nbsp; 34774 |
| Fresenius Medical Care AG | 1498 | &nbsp;&nbsp; 76204 |
| Fresenius SE & Co. KGaA | 2883 | &nbsp;&nbsp; 138012 |
| GEA Group AG | 1000 | &nbsp;&nbsp; 72041 |
| Hannover Rueck SE | 408 | &nbsp;&nbsp; 124128 |
| Heidelberg Materials AG | 911 | &nbsp;&nbsp; 210780 |
| Henkel AG & Co. KGaA | 709 | &nbsp;&nbsp; 50565 |
| Henkel AG & Co. KGaA, Preference Shares | 1153 | &nbsp;&nbsp; 89110 |
| Infineon Technologies AG | 8913 | &nbsp;&nbsp; 351159 |
| Knorr-Bremse AG | 495 | &nbsp;&nbsp; 49549 |
| LEG Immobilien SE | 509 | &nbsp;&nbsp; 40520 |
| Mercedes-Benz Group AG | 4930 | &nbsp;&nbsp; 279958 |
| Merck KGaA | 884 | &nbsp;&nbsp; 110811 |
| MTU Aero Engines AG | 370 | &nbsp;&nbsp; 160071 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 911 | &nbsp;&nbsp; 598156 |
| Nemetschek SE | 400 | &nbsp;&nbsp; 59772 |
| &nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE, Preference <br> Shares<br>| 1042 | &nbsp;&nbsp; 41943 |
| Rational AG | 37 | &nbsp;&nbsp; 28646 |
| Rheinmetall AG | 306 | &nbsp;&nbsp; 607505 |
| RWE AG | 4313 | &nbsp;&nbsp; 177461 |
| SAP SE | 7116 | &nbsp;&nbsp; 2040836 |
| Sartorius AG, Preference Shares | 181 | &nbsp;&nbsp; 38657 |
| Scout24 SE<sup>(c)</sup> | 512 | &nbsp;&nbsp; 68625 |
| Siemens AG | 5180 | &nbsp;&nbsp; 1323237 |
| Siemens Energy AG, Class A<sup>(b)</sup> | 4629 | &nbsp;&nbsp; 537513 |
| Siemens Healthineers AG<sup>(c)</sup> | 2306 | &nbsp;&nbsp; 124572 |
| Symrise AG | 905 | &nbsp;&nbsp; 82277 |
| Talanx AG | 435 | &nbsp;&nbsp; 57827 |
| Volkswagen AG, Preference Shares | 1408 | &nbsp;&nbsp; 147661 |
| Vonovia SE | 5056 | &nbsp;&nbsp; 157377 |
| Zalando SE<sup>(b)(c)</sup> | 1532 | &nbsp;&nbsp; 44801 |
|  |  | &nbsp;&nbsp; 12937684 |
| **Hong Kong-1.62%** | **Hong Kong-1.62%** | **Hong Kong-1.62%** |
| AIA Group Ltd. | 72811 | &nbsp;&nbsp; 678902 |
| CK Asset Holdings Ltd. | 13279 | &nbsp;&nbsp; 60847 |
| CK Hutchison Holdings Ltd. | 18210 | &nbsp;&nbsp; 118529 |
| CK Infrastructure Holdings Ltd.<sup>(a)</sup> | 4194 | &nbsp;&nbsp; 29538 |
| CLP Holdings Ltd. | 11421 | &nbsp;&nbsp; 99132 |
| Futu Holdings Ltd., ADR | 392 | &nbsp;&nbsp; 60243 |
| Hang Seng Bank Ltd. | 5208 | &nbsp;&nbsp; 75863 |
| Henderson Land Development Co. Ltd. | 9757 | &nbsp;&nbsp; 34142 |
| HKT Trust & HKT Ltd. | 26466 | &nbsp;&nbsp; 41673 |
| Hong Kong & China Gas Co. Ltd. (The) | 75406 | &nbsp;&nbsp; 67305 |
| Hong Kong Exchanges & Clearing Ltd. | 8247 | &nbsp;&nbsp; 446318 |
| Hongkong Land Holdings Ltd. | 7497 | &nbsp;&nbsp; 45287 |
| Jardine Matheson Holdings Ltd. | 1078 | &nbsp;&nbsp; 58537 |
| Link REIT | 17835 | &nbsp;&nbsp; 99372 |
| MTR Corp. Ltd. | 10822 | &nbsp;&nbsp; 38930 |
| Power Assets Holdings Ltd. | 9679 | &nbsp;&nbsp; 63728 |
| Prudential PLC | 17779 | &nbsp;&nbsp; 226009 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| Sino Land Co. Ltd. | 22635 | &nbsp;&nbsp; $26091 |
| Sun Hung Kai Properties Ltd. | 10204 | &nbsp;&nbsp; 121198 |
| Swire Pacific Ltd., Class A<sup>(a)</sup> | 2239 | &nbsp;&nbsp; 20239 |
| Techtronic Industries Co. Ltd. | 10163 | &nbsp;&nbsp; 121526 |
| WH Group Ltd. | 57455 | &nbsp;&nbsp; 57520 |
| Wharf Real Estate Investment Co. Ltd.<sup>(a)</sup> | 11008 | &nbsp;&nbsp; 34948 |
|  |  | &nbsp;&nbsp; 2625877 |
| **Ireland-0.33%** | **Ireland-0.33%** | **Ireland-0.33%** |
| AerCap Holdings N.V. | 1256 | &nbsp;&nbsp; 134706 |
| AIB Group PLC | 14302 | &nbsp;&nbsp; 113155 |
| Bank of Ireland Group PLC | 6714 | &nbsp;&nbsp; 90299 |
| Kerry Group PLC, Class A | 1127 | &nbsp;&nbsp; 104407 |
| Kingspan Group PLC | 1053 | &nbsp;&nbsp; 87647 |
|  |  | &nbsp;&nbsp; 530214 |
| **Israel-0.63%** | **Israel-0.63%** | **Israel-0.63%** |
| Azrieli Group Ltd. | 320 | &nbsp;&nbsp; 31484 |
| Bank Hapoalim B.M. | 8989 | &nbsp;&nbsp; 168810 |
| Bank Leumi le-Israel B.M. | 10641 | &nbsp;&nbsp; 197124 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | 590 | &nbsp;&nbsp; 109858 |
| Elbit Systems Ltd. | 190 | &nbsp;&nbsp; 87777 |
| ICL Group Ltd. | 5459 | &nbsp;&nbsp; 34057 |
| Israel Discount Bank Ltd., Class A | 8779 | &nbsp;&nbsp; 84077 |
| Mizrahi Tefahot Bank Ltd. | 1077 | &nbsp;&nbsp; 66625 |
| Nice Ltd.<sup>(b)</sup> | 448 | &nbsp;&nbsp; 70037 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)</sup> | 7816 | &nbsp;&nbsp; 120757 |
| Wix.com Ltd.<sup>(b)</sup> | 362 | &nbsp;&nbsp; 49243 |
|  |  | &nbsp;&nbsp; 1019849 |
| **Italy-2.57%** | **Italy-2.57%** | **Italy-2.57%** |
| Assicurazioni Generali S.p.A. | 5883 | &nbsp;&nbsp; 220115 |
| Banca Mediolanum S.p.A. | 1525 | &nbsp;&nbsp; 26978 |
| Banco BPM S.p.A. | 7744 | &nbsp;&nbsp; 99050 |
| BPER Banca S.p.A.<sup>(a)</sup> | 9959 | &nbsp;&nbsp; 98290 |
| Coca-Cola HBC AG<sup>(b)</sup> | 1482 | &nbsp;&nbsp; 77180 |
| Davide Campari-Milano N.V.<sup>(a)</sup> | 4193 | &nbsp;&nbsp; 28966 |
| DiaSorin S.p.A. | 145 | &nbsp;&nbsp; 14218 |
| Enel S.p.A. | 55501 | &nbsp;&nbsp; 490861 |
| Eni S.p.A.<sup>(a)</sup> | 15010 | &nbsp;&nbsp; 256933 |
| Ferrari N.V. | 857 | &nbsp;&nbsp; 376904 |
| FinecoBank Banca Fineco S.p.A. | 4170 | &nbsp;&nbsp; 89057 |
| Infrastrutture Wireless Italiane S.p.A.<sup>(a)(c)</sup> | 1906 | &nbsp;&nbsp; 22600 |
| Intesa Sanpaolo S.p.A. | 103268 | &nbsp;&nbsp; 624044 |
| Leonardo S.p.A. | 2761 | &nbsp;&nbsp; 149264 |
| &nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario <br> S.p.A.<br>| 3410 | &nbsp;&nbsp; 75296 |
| Moncler S.p.A. | 1595 | &nbsp;&nbsp; 85315 |
| Nexi S.p.A.<sup>(c)</sup> | 3352 | &nbsp;&nbsp; 19197 |
| Poste Italiane S.p.A.<sup>(c)</sup> | 3123 | &nbsp;&nbsp; 67670 |
| Prysmian S.p.A. | 1919 | &nbsp;&nbsp; 153708 |
| &nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica <br> S.p.A.<br>| 783 | &nbsp;&nbsp; 45040 |
| Ryanair Holdings PLC | 5792 | &nbsp;&nbsp; 170800 |
| Snam S.p.A. | 13759 | &nbsp;&nbsp; 79971 |
| Telecom Italia S.p.A.<sup>(b)</sup> | 70627 | &nbsp;&nbsp; 32551 |
| Terna S.p.A. | 9605 | &nbsp;&nbsp; 93210 |
| UniCredit S.p.A. | 9526 | &nbsp;&nbsp; 702922 |
| Unipol Assicurazioni S.p.A. | 2447 | &nbsp;&nbsp; 49225 |
|  |  | &nbsp;&nbsp; 4149365 |
| **Japan-16.80%** | **Japan-16.80%** | **Japan-16.80%** |
| Advantest Corp. | 5179 | &nbsp;&nbsp; 345097 |
| AEON Co. Ltd. | 5010 | &nbsp;&nbsp; 160358 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| AGC, Inc. | 1300 | &nbsp;&nbsp; $39202 |
| Aisin Corp.<sup>(a)</sup> | 3599 | &nbsp;&nbsp; 49839 |
| Ajinomoto Co., Inc. | 6187 | &nbsp;&nbsp; 164018 |
| ANA Holdings, Inc.<sup>(a)</sup> | 1030 | &nbsp;&nbsp; 19138 |
| Asahi Group Holdings Ltd. | 9806 | &nbsp;&nbsp; 124652 |
| Asahi Kasei Corp. | 8532 | &nbsp;&nbsp; 59484 |
| ASICS Corp. | 4447 | &nbsp;&nbsp; 104758 |
| Astellas Pharma, Inc. | 12376 | &nbsp;&nbsp; 128582 |
| Bandai Namco Holdings, Inc. | 4047 | &nbsp;&nbsp; 131133 |
| Bridgestone Corp. | 3838 | &nbsp;&nbsp; 155563 |
| Canon, Inc.<sup>(a)</sup> | 6339 | &nbsp;&nbsp; 180409 |
| Capcom Co. Ltd. | 2340 | &nbsp;&nbsp; 59687 |
| Central Japan Railway Co. | 5222 | &nbsp;&nbsp; 121983 |
| Chiba Bank Ltd. (The)<sup>(a)</sup> | 3741 | &nbsp;&nbsp; 34939 |
| Chubu Electric Power Co., Inc. | 4368 | &nbsp;&nbsp; 53532 |
| Chugai Pharmaceutical Co. Ltd. | 4614 | &nbsp;&nbsp; 221629 |
| Concordia Financial Group Ltd. | 7139 | &nbsp;&nbsp; 47436 |
| Dai Nippon Printing Co. Ltd. | 2713 | &nbsp;&nbsp; 41863 |
| Daifuku Co. Ltd. | 2178 | &nbsp;&nbsp; 55250 |
| Dai-ichi Life Holdings, Inc. | 23955 | &nbsp;&nbsp; 189920 |
| Daiichi Sankyo Co. Ltd. | 11689 | &nbsp;&nbsp; 287335 |
| Daikin Industries Ltd. | 1843 | &nbsp;&nbsp; 227067 |
| Daito Trust Construction Co. Ltd. | 432 | &nbsp;&nbsp; 44317 |
| Daiwa House Industry Co. Ltd. | 3847 | &nbsp;&nbsp; 127443 |
| Daiwa Securities Group, Inc. | 9071 | &nbsp;&nbsp; 63279 |
| Denso Corp. | 12843 | &nbsp;&nbsp; 174600 |
| Dentsu Group, Inc.<sup>(a)</sup> | 1303 | &nbsp;&nbsp; 25748 |
| Disco Corp. | 643 | &nbsp;&nbsp; 190409 |
| East Japan Railway Co. | 6187 | &nbsp;&nbsp; 132882 |
| Eisai Co. Ltd. | 1812 | &nbsp;&nbsp; 50921 |
| ENEOS Holdings, Inc. | 18574 | &nbsp;&nbsp; 97686 |
| FANUC Corp. | 6402 | &nbsp;&nbsp; 178573 |
| Fast Retailing Co. Ltd. | 1302 | &nbsp;&nbsp; 397954 |
| Fuji Electric Co. Ltd. | 953 | &nbsp;&nbsp; 47478 |
| FUJIFILM Holdings Corp. | 7579 | &nbsp;&nbsp; 157524 |
| Fujikura Ltd. | 1740 | &nbsp;&nbsp; 118355 |
| Fujitsu Ltd. | 12016 | &nbsp;&nbsp; 262286 |
| Hankyu Hanshin Holdings, Inc. | 1519 | &nbsp;&nbsp; 39668 |
| Hikari Tsushin, Inc. | 113 | &nbsp;&nbsp; 30443 |
| Hitachi Ltd. | 31173 | &nbsp;&nbsp; 955847 |
| Honda Motor Co. Ltd. | 28755 | &nbsp;&nbsp; 298301 |
| Hoshizaki Corp. | 755 | &nbsp;&nbsp; 25906 |
| Hoya Corp. | 2349 | &nbsp;&nbsp; 296957 |
| Hulic Co. Ltd. | 3155 | &nbsp;&nbsp; 30152 |
| Idemitsu Kosan Co. Ltd. | 5568 | &nbsp;&nbsp; 35867 |
| IHI Corp. | 960 | &nbsp;&nbsp; 107119 |
| Inpex Corp. | 5976 | &nbsp;&nbsp; 85263 |
| Isuzu Motors Ltd.<sup>(a)</sup> | 3691 | &nbsp;&nbsp; 47400 |
| ITOCHU Corp. | 8061 | &nbsp;&nbsp; 423677 |
| Japan Airlines Co. Ltd. | 966 | &nbsp;&nbsp; 19221 |
| Japan Exchange Group, Inc. | 6720 | &nbsp;&nbsp; 65804 |
| Japan Post Bank Co. Ltd. | 12322 | &nbsp;&nbsp; 137808 |
| Japan Post Holdings Co. Ltd. | 12168 | &nbsp;&nbsp; 112912 |
| Japan Post Insurance Co. Ltd.<sup>(a)</sup> | 1276 | &nbsp;&nbsp; 32738 |
| Japan Tobacco, Inc.<sup>(a)</sup> | 8138 | &nbsp;&nbsp; 232889 |
| JFE Holdings, Inc.<sup>(a)</sup> | 3958 | &nbsp;&nbsp; 45899 |
| Kajima Corp. | 2725 | &nbsp;&nbsp; 68401 |
| Kansai Electric Power Co., Inc. (The) | 6434 | &nbsp;&nbsp; 77406 |
| Kao Corp. | 3203 | &nbsp;&nbsp; 144416 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 2425 | &nbsp;&nbsp; 34327 |
| KDDI Corp. | 20948 | &nbsp;&nbsp; 344487 |
| Keyence Corp. | 1331 | &nbsp;&nbsp; 482440 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Kikkoman Corp. | 4579 | &nbsp;&nbsp; $40308 |
| Kirin Holdings Co. Ltd. | 5342 | &nbsp;&nbsp; 70538 |
| Kobe Bussan Co. Ltd. | 1075 | &nbsp;&nbsp; 28685 |
| Komatsu Ltd. | 6147 | &nbsp;&nbsp; 198445 |
| Konami Group Corp. | 678 | &nbsp;&nbsp; 92231 |
| Kubota Corp. | 6688 | &nbsp;&nbsp; 75153 |
| Kyocera Corp. | 8746 | &nbsp;&nbsp; 103450 |
| Kyowa Kirin Co. Ltd. | 1665 | &nbsp;&nbsp; 28479 |
| Lasertec Corp. | 532 | &nbsp;&nbsp; 53707 |
| LY Corp. | 19520 | &nbsp;&nbsp; 71493 |
| M3, Inc. | 2995 | &nbsp;&nbsp; 36910 |
| Makita Corp. | 1626 | &nbsp;&nbsp; 50440 |
| Marubeni Corp. | 9597 | &nbsp;&nbsp; 196885 |
| MatsukiyoCocokara & Co. | 2227 | &nbsp;&nbsp; 45823 |
| MEIJI Holdings Co. Ltd. | 1630 | &nbsp;&nbsp; 33027 |
| MINEBEA MITSUMI, Inc. | 2460 | &nbsp;&nbsp; 38795 |
| Mitsubishi Chemical Group Corp. | 9203 | &nbsp;&nbsp; 50228 |
| Mitsubishi Corp. | 23336 | &nbsp;&nbsp; 461198 |
| Mitsubishi Electric Corp. | 12986 | &nbsp;&nbsp; 292676 |
| Mitsubishi Estate Co. Ltd. | 7286 | &nbsp;&nbsp; 136688 |
| Mitsubishi HC Capital, Inc.<sup>(a)</sup> | 5955 | &nbsp;&nbsp; 44106 |
| Mitsubishi Heavy Industries Ltd. | 21873 | &nbsp;&nbsp; 523307 |
| Mitsubishi UFJ Financial Group, Inc. | 78072 | &nbsp;&nbsp; 1078229 |
| Mitsui & Co. Ltd. | 16785 | &nbsp;&nbsp; 342379 |
| Mitsui Fudosan Co. Ltd. | 18007 | &nbsp;&nbsp; 161278 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 2337 | &nbsp;&nbsp; 78711 |
| Mizuho Financial Group, Inc. | 16319 | &nbsp;&nbsp; 479633 |
| MonotaRO Co. Ltd. | 1694 | &nbsp;&nbsp; 30226 |
| MS&AD Insurance Group Holdings, Inc. | 8747 | &nbsp;&nbsp; 187268 |
| Murata Manufacturing Co. Ltd. | 11358 | &nbsp;&nbsp; 169396 |
| NEC Corp. | 8368 | &nbsp;&nbsp; 240782 |
| Nexon Co. Ltd. | 2243 | &nbsp;&nbsp; 41126 |
| Nidec Corp. | 5648 | &nbsp;&nbsp; 108584 |
| Nintendo Co. Ltd. | 7482 | &nbsp;&nbsp; 626605 |
| Nippon Building Fund, Inc. | 54 | &nbsp;&nbsp; 49636 |
| Nippon Paint Holdings Co. Ltd. | 6420 | &nbsp;&nbsp; 54536 |
| Nippon Sanso Holdings Corp. | 1201 | &nbsp;&nbsp; 42594 |
| Nippon Steel Corp. | 6590 | &nbsp;&nbsp; 127168 |
| Nippon Yusen K.K. | 2955 | &nbsp;&nbsp; 103841 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | 15190 | &nbsp;&nbsp; 32273 |
| Nissin Foods Holdings Co. Ltd. | 1302 | &nbsp;&nbsp; 24747 |
| Nitori Holdings Co. Ltd.<sup>(a)</sup> | 532 | &nbsp;&nbsp; 45145 |
| Nitto Denko Corp. | 4764 | &nbsp;&nbsp; 98786 |
| Nomura Holdings, Inc. | 20484 | &nbsp;&nbsp; 135598 |
| Nomura Research Institute Ltd. | 2562 | &nbsp;&nbsp; 101585 |
| NTT DATA Group Corp. | 1927 | &nbsp;&nbsp; 50354 |
| NTT, Inc. | 203963 | &nbsp;&nbsp; 206392 |
| Obayashi Corp. | 4380 | &nbsp;&nbsp; 64627 |
| OBIC Co. Ltd. | 2182 | &nbsp;&nbsp; 77842 |
| Olympus Corp. | 7677 | &nbsp;&nbsp; 91903 |
| Omron Corp. | 1164 | &nbsp;&nbsp; 30063 |
| Ono Pharmaceutical Co. Ltd. | 2571 | &nbsp;&nbsp; 28809 |
| Oriental Land Co. Ltd. | 7361 | &nbsp;&nbsp; 151874 |
| ORIX Corp. | 7935 | &nbsp;&nbsp; 178606 |
| Osaka Gas Co. Ltd. | 2453 | &nbsp;&nbsp; 62190 |
| Otsuka Corp. | 1519 | &nbsp;&nbsp; 28839 |
| Otsuka Holdings Co. Ltd. | 3021 | &nbsp;&nbsp; 144120 |
| Pan Pacific International Holdings Corp. | 2563 | &nbsp;&nbsp; 85922 |
| Panasonic Holdings Corp. | 15905 | &nbsp;&nbsp; 150755 |
| Rakuten Group, Inc.<sup>(b)</sup> | 10250 | &nbsp;&nbsp; 51967 |
| Recruit Holdings Co. Ltd. | 9558 | &nbsp;&nbsp; 568237 |
| Renesas Electronics Corp. | 11431 | &nbsp;&nbsp; 139318 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Resona Holdings, Inc. | 14276 | &nbsp;&nbsp; $130232 |
| Ricoh Co. Ltd. | 3618 | &nbsp;&nbsp; 31789 |
| Sanrio Co. Ltd. | 1172 | &nbsp;&nbsp; 48187 |
| SBI Holdings, Inc. | 1808 | &nbsp;&nbsp; 67299 |
| SCREEN Holdings Co. Ltd. | 532 | &nbsp;&nbsp; 41585 |
| SCSK Corp. | 1077 | &nbsp;&nbsp; 33579 |
| SECOM Co. Ltd. | 2881 | &nbsp;&nbsp; 103676 |
| Sekisui Chemical Co. Ltd. | 2564 | &nbsp;&nbsp; 44563 |
| Sekisui House Ltd.<sup>(a)</sup> | 4058 | &nbsp;&nbsp; 85297 |
| Seven & i Holdings Co. Ltd. | 15104 | &nbsp;&nbsp; 199523 |
| SG Holdings Co. Ltd.<sup>(a)</sup> | 2248 | &nbsp;&nbsp; 24991 |
| Shimadzu Corp. | 1597 | &nbsp;&nbsp; 35424 |
| Shimano, Inc. | 530 | &nbsp;&nbsp; 58097 |
| Shin-Etsu Chemical Co. Ltd. | 12151 | &nbsp;&nbsp; 350377 |
| Shionogi & Co. Ltd. | 5193 | &nbsp;&nbsp; 87025 |
| Shiseido Co. Ltd. | 2688 | &nbsp;&nbsp; 43783 |
| SMC Corp. | 402 | &nbsp;&nbsp; 140169 |
| SoftBank Corp. | 195263 | &nbsp;&nbsp; 282695 |
| SoftBank Group Corp. | 6498 | &nbsp;&nbsp; 497186 |
| Sompo Holdings, Inc. | 6073 | &nbsp;&nbsp; 179438 |
| Sony Group Corp. | 41904 | &nbsp;&nbsp; 1009973 |
| Subaru Corp. | 4009 | &nbsp;&nbsp; 73898 |
| Sumitomo Corp. | 7470 | &nbsp;&nbsp; 191319 |
| Sumitomo Electric Industries Ltd. | 4917 | &nbsp;&nbsp; 122261 |
| Sumitomo Metal Mining Co. Ltd.<sup>(a)</sup> | 1635 | &nbsp;&nbsp; 36035 |
| Sumitomo Mitsui Financial Group, Inc. | 25131 | &nbsp;&nbsp; 635255 |
| Sumitomo Mitsui Trust Group, Inc. | 4372 | &nbsp;&nbsp; 114843 |
| Sumitomo Realty & Development Co. Ltd. | 2060 | &nbsp;&nbsp; 75403 |
| Suntory Beverage & Food Ltd. | 964 | &nbsp;&nbsp; 29168 |
| Suzuki Motor Corp. | 10671 | &nbsp;&nbsp; 117486 |
| Sysmex Corp. | 3415 | &nbsp;&nbsp; 55592 |
| T&D Holdings, Inc. | 3330 | &nbsp;&nbsp; 81479 |
| Taisei Corp. | 1068 | &nbsp;&nbsp; 63989 |
| Takeda Pharmaceutical Co. Ltd. | 10805 | &nbsp;&nbsp; 297413 |
| TDK Corp. | 13199 | &nbsp;&nbsp; 161129 |
| Terumo Corp. | 9037 | &nbsp;&nbsp; 153553 |
| TIS, Inc. | 1418 | &nbsp;&nbsp; 45329 |
| Toho Co. Ltd. | 756 | &nbsp;&nbsp; 47795 |
| Tokio Marine Holdings, Inc. | 12541 | &nbsp;&nbsp; 504578 |
| Tokyo Electron Ltd. | 3075 | &nbsp;&nbsp; 489851 |
| Tokyo Gas Co. Ltd. | 2215 | &nbsp;&nbsp; 74328 |
| Tokyo Metro Co. Ltd. | 1932 | &nbsp;&nbsp; 20860 |
| Tokyu Corp. | 3363 | &nbsp;&nbsp; 37933 |
| TOPPAN Holdings, Inc. | 1628 | &nbsp;&nbsp; 43961 |
| Toray Industries, Inc. | 9493 | &nbsp;&nbsp; 65062 |
| Toyota Industries Corp. | 1143 | &nbsp;&nbsp; 122472 |
| Toyota Motor Corp. | 64629 | &nbsp;&nbsp; 1151925 |
| Toyota Tsusho Corp. | 4377 | &nbsp;&nbsp; 100517 |
| Trend Micro, Inc. | 892 | &nbsp;&nbsp; 54503 |
| Unicharm Corp. | 7640 | &nbsp;&nbsp; 52954 |
| West Japan Railway Co. | 3023 | &nbsp;&nbsp; 66320 |
| Yakult Honsha Co. Ltd. | 1696 | &nbsp;&nbsp; 27340 |
| Yamaha Motor Co. Ltd.<sup>(a)</sup> | 6309 | &nbsp;&nbsp; 45724 |
| Yokogawa Electric Corp. | 1519 | &nbsp;&nbsp; 40570 |
| Zensho Holdings Co. Ltd. | 644 | &nbsp;&nbsp; 33958 |
| ZOZO, Inc. | 2753 | &nbsp;&nbsp; 27308 |
|  |  | &nbsp;&nbsp; 27149192 |
| **Luxembourg-0.12%** | **Luxembourg-0.12%** | **Luxembourg-0.12%** |
| ArcelorMittal S.A. | 3202 | &nbsp;&nbsp; 100119 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Luxembourg-(continued)** | **Luxembourg-(continued)** | **Luxembourg-(continued)** |
| CVC Capital Partners PLC<sup>(c)</sup> | 1492 | &nbsp;&nbsp; $28694 |
| Eurofins Scientific SE | 809 | &nbsp;&nbsp; 62138 |
|  |  | &nbsp;&nbsp; 190951 |
| **Macau-0.06%** | **Macau-0.06%** | **Macau-0.06%** |
| Galaxy Entertainment Group Ltd.<sup>(a)</sup> | 13585 | &nbsp;&nbsp; 66249 |
| Sands China Ltd. | 15685 | &nbsp;&nbsp; 37970 |
|  |  | &nbsp;&nbsp; 104219 |
| **Netherlands-3.44%** | **Netherlands-3.44%** | **Netherlands-3.44%** |
| ABN AMRO Bank N.V., CVA<sup>(c)</sup> | 3129 | &nbsp;&nbsp; 90720 |
| Adyen N.V.<sup>(b)(c)</sup> | 173 | &nbsp;&nbsp; 297592 |
| Aegon Ltd. | 9027 | &nbsp;&nbsp; 64701 |
| Akzo Nobel N.V. | 1174 | &nbsp;&nbsp; 73945 |
| argenx SE<sup>(b)</sup> | 408 | &nbsp;&nbsp; 274830 |
| ASM International N.V. | 320 | &nbsp;&nbsp; 155353 |
| ASML Holding N.V.<sup>(a)</sup> | 2684 | &nbsp;&nbsp; 1865671 |
| ASR Nederland N.V. | 1009 | &nbsp;&nbsp; 67219 |
| BE Semiconductor Industries N.V.<sup>(a)</sup> | 557 | &nbsp;&nbsp; 75478 |
| Euronext N.V.<sup>(c)</sup> | 532 | &nbsp;&nbsp; 86004 |
| EXOR N.V. | 601 | &nbsp;&nbsp; 58092 |
| Heineken Holding N.V. | 886 | &nbsp;&nbsp; 59973 |
| Heineken N.V. | 1969 | &nbsp;&nbsp; 155004 |
| IMCD N.V. | 399 | &nbsp;&nbsp; 43863 |
| ING Groep N.V. | 21481 | &nbsp;&nbsp; 502094 |
| JDE Peet's N.V. | 1164 | &nbsp;&nbsp; 34620 |
| Koninklijke Ahold Delhaize N.V. | 6221 | &nbsp;&nbsp; 246429 |
| Koninklijke KPN N.V. | 26538 | &nbsp;&nbsp; 118907 |
| Koninklijke Philips N.V. | 5670 | &nbsp;&nbsp; 148509 |
| NN Group N.V. | 1839 | &nbsp;&nbsp; 124194 |
| Prosus N.V.<sup>(b)</sup> | 8916 | &nbsp;&nbsp; 510829 |
| Randstad N.V. | 755 | &nbsp;&nbsp; 35990 |
| Universal Music Group N.V. | 7497 | &nbsp;&nbsp; 216299 |
| Wolters Kluwer N.V. | 1624 | &nbsp;&nbsp; 253695 |
|  |  | &nbsp;&nbsp; 5560011 |
| **New Zealand-0.23%** | **New Zealand-0.23%** | **New Zealand-0.23%** |
| Auckland International Airport Ltd.<sup>(a)</sup> | 11478 | &nbsp;&nbsp; 51030 |
| Contact Energy Ltd. | 5469 | &nbsp;&nbsp; 29373 |
| Fisher & Paykel Healthcare Corp. Ltd. | 3997 | &nbsp;&nbsp; 86788 |
| Infratil Ltd. | 6268 | &nbsp;&nbsp; 42889 |
| Meridian Energy Ltd.<sup>(a)</sup> | 9195 | &nbsp;&nbsp; 30978 |
| Xero Ltd.<sup>(b)</sup> | 1114 | &nbsp;&nbsp; 128528 |
|  |  | &nbsp;&nbsp; 369586 |
| **Norway-0.45%** | **Norway-0.45%** | **Norway-0.45%** |
| Aker BP ASA | 2160 | &nbsp;&nbsp; 52191 |
| DNB Bank ASA | 6109 | &nbsp;&nbsp; 155236 |
| Equinor ASA | 5717 | &nbsp;&nbsp; 147501 |
| Gjensidige Forsikring ASA | 1398 | &nbsp;&nbsp; 36934 |
| Kongsberg Gruppen ASA | 2993 | &nbsp;&nbsp; 89833 |
| Mowi ASA | 3174 | &nbsp;&nbsp; 59384 |
| Norsk Hydro ASA | 9581 | &nbsp;&nbsp; 57036 |
| Orkla ASA | 4777 | &nbsp;&nbsp; 50456 |
| SalMar ASA | 435 | &nbsp;&nbsp; 17695 |
| Telenor ASA | 4200 | &nbsp;&nbsp; 64715 |
|  |  | &nbsp;&nbsp; 730981 |
| **Poland-0.01%** | **Poland-0.01%** | **Poland-0.01%** |
| InPost S.A.<sup>(b)</sup> | 1592 | &nbsp;&nbsp; 22933 |
| **Portugal-0.12%** | **Portugal-0.12%** | **Portugal-0.12%** |
| EDP S.A. | 21417 | &nbsp;&nbsp; 92844 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Portugal-(continued)** | **Portugal-(continued)** | **Portugal-(continued)** |
| Galp Energia SGPS S.A. | 2844 | &nbsp;&nbsp; $54466 |
| Jeronimo Martins SGPS S.A. | 1931 | &nbsp;&nbsp; 47212 |
|  |  | &nbsp;&nbsp; 194522 |
| **Singapore-1.35%** | **Singapore-1.35%** | **Singapore-1.35%** |
| CapitaLand Ascendas REIT | 25504 | &nbsp;&nbsp; 54652 |
| CapitaLand Integrated Commercial Trust | 39462 | &nbsp;&nbsp; 66684 |
| CapitaLand Investment Ltd.<sup>(a)</sup> | 15962 | &nbsp;&nbsp; 34023 |
| DBS Group Holdings Ltd. | 14503 | &nbsp;&nbsp; 532756 |
| Genting Singapore Ltd. | 42904 | &nbsp;&nbsp; 24221 |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | 16168 | &nbsp;&nbsp; 79062 |
| Keppel Ltd. | 9955 | &nbsp;&nbsp; 64728 |
| Oversea-Chinese Banking Corp. Ltd. | 23076 | &nbsp;&nbsp; 299288 |
| Sea Ltd., ADR<sup>(b)</sup> | 2608 | &nbsp;&nbsp; 408543 |
| Sembcorp Industries Ltd. | 6097 | &nbsp;&nbsp; 36283 |
| Singapore Airlines Ltd. | 10128 | &nbsp;&nbsp; 52943 |
| Singapore Exchange Ltd. | 5887 | &nbsp;&nbsp; 72243 |
| Singapore Technologies Engineering Ltd. | 10677 | &nbsp;&nbsp; 71885 |
| Singapore Telecommunications Ltd. | 50667 | &nbsp;&nbsp; 151117 |
| United Overseas Bank Ltd. | 8642 | &nbsp;&nbsp; 240293 |
|  |  | &nbsp;&nbsp; 2188721 |
| **South Africa-0.13%** | **South Africa-0.13%** | **South Africa-0.13%** |
| Anglo American PLC | 7636 | &nbsp;&nbsp; 215302 |
| **South Korea-0.03%** | **South Korea-0.03%** | **South Korea-0.03%** |
| Delivery Hero SE<sup>(b)(c)</sup> | 1332 | &nbsp;&nbsp; 39870 |
| **Spain-2.59%** | **Spain-2.59%** | **Spain-2.59%** |
| Acciona S.A.<sup>(a)</sup> | 170 | &nbsp;&nbsp; 32701 |
| &nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios <br> S.A.<br>| 1250 | &nbsp;&nbsp; 86494 |
| Aena S.M.E. S.A.<sup>(c)</sup> | 5120 | &nbsp;&nbsp; 138277 |
| Amadeus IT Group S.A. | 3075 | &nbsp;&nbsp; 247628 |
| Banco Bilbao Vizcaya Argentaria S.A. | 39333 | &nbsp;&nbsp; 657932 |
| Banco de Sabadell S.A. | 36713 | &nbsp;&nbsp; 135902 |
| Banco Santander S.A. | 103251 | &nbsp;&nbsp; 889612 |
| Bankinter S.A. | 4595 | &nbsp;&nbsp; 65783 |
| CaixaBank S.A. | 26928 | &nbsp;&nbsp; 254091 |
| Cellnex Telecom S.A.<sup>(c)</sup> | 3372 | &nbsp;&nbsp; 119346 |
| EDP Renovaveis S.A. | 2176 | &nbsp;&nbsp; 25623 |
| Endesa S.A. | 2170 | &nbsp;&nbsp; 63072 |
| Grifols S.A.<sup>(b)</sup> | 2034 | &nbsp;&nbsp; 30396 |
| Iberdrola S.A. | 44166 | &nbsp;&nbsp; 778559 |
| Industria de Diseno Textil S.A. | 7444 | &nbsp;&nbsp; 356622 |
| Redeia Corp. S.A. | 2768 | &nbsp;&nbsp; 53818 |
| Repsol S.A. | 7898 | &nbsp;&nbsp; 120099 |
| Telefonica S.A. | 25114 | &nbsp;&nbsp; 129989 |
|  |  | &nbsp;&nbsp; 4185944 |
| **Sweden-2.79%** | **Sweden-2.79%** | **Sweden-2.79%** |
| Addtech AB, Class B | 1777 | &nbsp;&nbsp; 59920 |
| Alfa Laval AB | 1977 | &nbsp;&nbsp; 86155 |
| Assa Abloy AB, Class B | 6844 | &nbsp;&nbsp; 227153 |
| Atlas Copco AB, Class A | 18328 | &nbsp;&nbsp; 279948 |
| Atlas Copco AB, Class B | 10652 | &nbsp;&nbsp; 144590 |
| Beijer Ref AB<sup>(a)</sup> | 2567 | &nbsp;&nbsp; 43222 |
| Boliden AB<sup>(b)</sup> | 1866 | &nbsp;&nbsp; 57289 |
| Epiroc AB, Class A | 4497 | &nbsp;&nbsp; 91804 |
| Epiroc AB, Class B | 2657 | &nbsp;&nbsp; 47773 |
| EQT AB | 2545 | &nbsp;&nbsp; 85321 |
| Essity AB, Class B | 4105 | &nbsp;&nbsp; 101525 |
| Evolution AB<sup>(c)</sup> | 1011 | &nbsp;&nbsp; 90211 |
| Fastighets AB Balder, Class B<sup>(a)(b)</sup> | 4702 | &nbsp;&nbsp; 31844 |
| H & M Hennes & Mauritz AB, Class B | 3863 | &nbsp;&nbsp; 52198 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-(continued)** | **Sweden-(continued)** | **Sweden-(continued)** |
| Hexagon AB, Class B | 14170 | &nbsp;&nbsp; $156171 |
| Holmen AB, Class B<sup>(a)</sup> | 530 | &nbsp;&nbsp; 19758 |
| Industrivarden AB, Class A | 814 | &nbsp;&nbsp; 30207 |
| Industrivarden AB, Class C | 1078 | &nbsp;&nbsp; 39930 |
| Indutrade AB | 1862 | &nbsp;&nbsp; 45354 |
| Investment AB Latour, Class B | 1010 | &nbsp;&nbsp; 25862 |
| Investor AB, Class B | 11811 | &nbsp;&nbsp; 343310 |
| L E Lundbergforetagen AB, Class B | 530 | &nbsp;&nbsp; 25930 |
| Lifco AB, Class B | 1608 | &nbsp;&nbsp; 57452 |
| NIBE Industrier AB, Class B<sup>(a)</sup> | 10327 | &nbsp;&nbsp; 47797 |
| Saab AB, Class B | 2185 | &nbsp;&nbsp; 119210 |
| Sagax AB, Class B | 1522 | &nbsp;&nbsp; 32311 |
| Sandvik AB | 7273 | &nbsp;&nbsp; 177994 |
| Securitas AB, Class B | 3350 | &nbsp;&nbsp; 49869 |
| Skandinaviska Enskilda Banken AB, Class A | 10831 | &nbsp;&nbsp; 190033 |
| Skanska AB, Class B | 2362 | &nbsp;&nbsp; 55263 |
| SKF AB, Class B | 2362 | &nbsp;&nbsp; 55183 |
| Spotify Technology S.A.<sup>(b)</sup> | 1045 | &nbsp;&nbsp; 654734 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(a)</sup> | 4138 | &nbsp;&nbsp; 52052 |
| Svenska Handelsbanken AB, Class A | 9953 | &nbsp;&nbsp; 121637 |
| Swedbank AB, Class A | 5791 | &nbsp;&nbsp; 154668 |
| Swedish Orphan Biovitrum AB, Class B<sup>(b)</sup> | 1335 | &nbsp;&nbsp; 36819 |
| Tele2 AB, Class B | 3769 | &nbsp;&nbsp; 58426 |
| Telefonaktiebolaget LM Ericsson, Class B | 18955 | &nbsp;&nbsp; 138097 |
| Telia Co. AB<sup>(a)</sup> | 16101 | &nbsp;&nbsp; 57036 |
| Trelleborg AB, Class B | 1381 | &nbsp;&nbsp; 50330 |
| Volvo AB, Class B | 10841 | &nbsp;&nbsp; 312291 |
|  |  | &nbsp;&nbsp; 4506677 |
| **Switzerland-5.78%** | **Switzerland-5.78%** | **Switzerland-5.78%** |
| ABB Ltd. | 10791 | &nbsp;&nbsp; 704806 |
| Avolta AG<sup>(b)</sup> | 597 | &nbsp;&nbsp; 31042 |
| Baloise Holding AG | 278 | &nbsp;&nbsp; 66643 |
| Banque Cantonale Vaudoise<sup>(a)</sup> | 209 | &nbsp;&nbsp; 24192 |
| Barry Callebaut AG<sup>(a)</sup> | 23 | &nbsp;&nbsp; 28016 |
| BKW AG | 144 | &nbsp;&nbsp; 32159 |
| Chocoladefabriken Lindt & Spruengli AG, PC | 13 | &nbsp;&nbsp; 191285 |
| Cie Financiere Richemont S.A. | 3667 | &nbsp;&nbsp; 598882 |
| DSM-Firmenich AG | 1271 | &nbsp;&nbsp; 122476 |
| EMS-Chemie Holding AG | 50 | &nbsp;&nbsp; 39349 |
| Galderma Group AG, Class A | 891 | &nbsp;&nbsp; 137353 |
| Geberit AG | 230 | &nbsp;&nbsp; 176246 |
| Givaudan S.A. | 63 | &nbsp;&nbsp; 263427 |
| Helvetia Holding AG | 254 | &nbsp;&nbsp; 61097 |
| Julius Baer Group Ltd. | 1407 | &nbsp;&nbsp; 95227 |
| Kuehne + Nagel International AG, Class R | 328 | &nbsp;&nbsp; 66889 |
| Logitech International S.A., Class R | 1036 | &nbsp;&nbsp; 96089 |
| Lonza Group AG | 493 | &nbsp;&nbsp; 343690 |
| Nestle S.A. | 17853 | &nbsp;&nbsp; 1560327 |
| Partners Group Holding AG | 151 | &nbsp;&nbsp; 203039 |
| Roche Holding AG | 4789 | &nbsp;&nbsp; 1494886 |
| Roche Holding AG, BR | 211 | &nbsp;&nbsp; 70140 |
| Sandoz Group AG | 2848 | &nbsp;&nbsp; 162914 |
| Schindler Holding AG | 146 | &nbsp;&nbsp; 51219 |
| Schindler Holding AG, PC | 275 | &nbsp;&nbsp; 99474 |
| SGS S.A. | 1097 | &nbsp;&nbsp; 111497 |
| SIG Group AG<sup>(a)(b)</sup> | 2084 | &nbsp;&nbsp; 33725 |
| Sika AG | 1038 | &nbsp;&nbsp; 245007 |
| Sonova Holding AG, Class A | 339 | &nbsp;&nbsp; 92301 |
| Straumann Holding AG | 763 | &nbsp;&nbsp; 92987 |
| Swatch Group AG (The), BR | 200 | &nbsp;&nbsp; 35380 |
| Swiss Life Holding AG | 196 | &nbsp;&nbsp; 203067 |
| Swiss Prime Site AG<sup>(a)</sup> | 531 | &nbsp;&nbsp; 73460 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Swisscom AG | 177 | &nbsp;&nbsp; $123016 |
| Temenos AG | 394 | &nbsp;&nbsp; 35250 |
| UBS Group AG | 22412 | &nbsp;&nbsp; 833125 |
| VAT Group AG<sup>(c)</sup> | 185 | &nbsp;&nbsp; 64801 |
| Zurich Insurance Group AG | 999 | &nbsp;&nbsp; 681593 |
|  |  | &nbsp;&nbsp; 9346076 |
| **United Kingdom-10.06%** | **United Kingdom-10.06%** | **United Kingdom-10.06%** |
| 3i Group PLC | 6640 | &nbsp;&nbsp; 363566 |
| Admiral Group PLC | 1780 | &nbsp;&nbsp; 80400 |
| Ashtead Group PLC | 2944 | &nbsp;&nbsp; 197095 |
| Associated British Foods PLC | 2239 | &nbsp;&nbsp; 64964 |
| AstraZeneca PLC | 10567 | &nbsp;&nbsp; 1544790 |
| Auto Trader Group PLC<sup>(c)</sup> | 6060 | &nbsp;&nbsp; 67038 |
| Aviva PLC | 20798 | &nbsp;&nbsp; 178062 |
| BAE Systems PLC | 20539 | &nbsp;&nbsp; 491076 |
| Barclays PLC | 97452 | &nbsp;&nbsp; 477321 |
| Barratt Redrow PLC | 9411 | &nbsp;&nbsp; 46439 |
| British American Tobacco PLC | 13499 | &nbsp;&nbsp; 724720 |
| BT Group PLC | 40707 | &nbsp;&nbsp; 111400 |
| Bunzl PLC | 2255 | &nbsp;&nbsp; 67060 |
| Centrica PLC | 34653 | &nbsp;&nbsp; 75481 |
| Coca-Cola Europacific Partners PLC | 1568 | &nbsp;&nbsp; 151971 |
| Compass Group PLC | 11581 | &nbsp;&nbsp; 407783 |
| Croda International PLC | 904 | &nbsp;&nbsp; 31177 |
| DCC PLC | 676 | &nbsp;&nbsp; 42425 |
| Diageo PLC | 15188 | &nbsp;&nbsp; 368873 |
| Entain PLC | 4142 | &nbsp;&nbsp; 55736 |
| Haleon PLC | 61493 | &nbsp;&nbsp; 289033 |
| Halma PLC | 2587 | &nbsp;&nbsp; 110920 |
| Hikma Pharmaceuticals PLC | 1135 | &nbsp;&nbsp; 29397 |
| HSBC Holdings PLC | 120427 | &nbsp;&nbsp; 1470159 |
| Imperial Brands PLC | 5330 | &nbsp;&nbsp; 208185 |
| Informa PLC | 9076 | &nbsp;&nbsp; 103997 |
| InterContinental Hotels Group PLC | 1011 | &nbsp;&nbsp; 116543 |
| &nbsp;&nbsp;&nbsp; International Consolidated Airlines Group <br> S.A.<br>| 8469 | &nbsp;&nbsp; 42582 |
| Intertek Group PLC | 1100 | &nbsp;&nbsp; 71668 |
| J Sainsbury PLC | 11768 | &nbsp;&nbsp; 47152 |
| JD Sports Fashion PLC | 18407 | &nbsp;&nbsp; 20704 |
| Kingfisher PLC | 12375 | &nbsp;&nbsp; 44093 |
| Land Securities Group PLC | 4822 | &nbsp;&nbsp; 36746 |
| Legal & General Group PLC | 40214 | &nbsp;&nbsp; 136325 |
| Lloyds Banking Group PLC | 409850 | &nbsp;&nbsp; 421139 |
| London Stock Exchange Group PLC | 3249 | &nbsp;&nbsp; 396847 |
| M&G PLC | 15566 | &nbsp;&nbsp; 53686 |
| Marks & Spencer Group PLC | 13998 | &nbsp;&nbsp; 64419 |
| Melrose Industries PLC | 8776 | &nbsp;&nbsp; 59374 |
| National Grid PLC | 33385 | &nbsp;&nbsp; 470088 |
| NatWest Group PLC | 55045 | &nbsp;&nbsp; 382881 |
| Next PLC | 797 | &nbsp;&nbsp; 129634 |
| Pearson PLC | 4094 | &nbsp;&nbsp; 58011 |
| Phoenix Group Holdings PLC | 4787 | &nbsp;&nbsp; 41948 |
| Reckitt Benckiser Group PLC | 4645 | &nbsp;&nbsp; 348835 |
| RELX PLC | 12587 | &nbsp;&nbsp; 655372 |
| Rentokil Initial PLC | 17226 | &nbsp;&nbsp; 86107 |
| Rolls-Royce Holdings PLC | 57768 | &nbsp;&nbsp; 821577 |
| Sage Group PLC (The) | 6691 | &nbsp;&nbsp; 107655 |
| Schroders PLC | 4939 | &nbsp;&nbsp; 25439 |
| Segro PLC | 8774 | &nbsp;&nbsp; 74931 |
| Severn Trent PLC | 1846 | &nbsp;&nbsp; 64867 |
| Shell PLC | 40789 | &nbsp;&nbsp; 1468674 |
| Smith & Nephew PLC | 5666 | &nbsp;&nbsp; 86770 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Smiths Group PLC | 2288 | &nbsp;&nbsp; $71018 |
| Spirax Group PLC | 504 | &nbsp;&nbsp; 42205 |
| SSE PLC | 7527 | &nbsp;&nbsp; 184881 |
| Standard Chartered PLC | 13756 | &nbsp;&nbsp; 247108 |
| Tesco PLC | 46000 | &nbsp;&nbsp; 258976 |
| Unilever PLC | 17047 | &nbsp;&nbsp; 991098 |
| United Utilities Group PLC | 4651 | &nbsp;&nbsp; 69571 |
| Vodafone Group PLC | 135915 | &nbsp;&nbsp; 147660 |
| Whitbread PLC | 1206 | &nbsp;&nbsp; 48545 |
| Wise PLC, Class A<sup>(b)</sup> | 4548 | &nbsp;&nbsp; 60881 |
| WPP PLC | 7364 | &nbsp;&nbsp; 39953 |
|  |  | &nbsp;&nbsp; 16255031 |
| **United States-3.33%** | **United States-3.33%** | **United States-3.33%** |
| Alcon AG | 3409 | &nbsp;&nbsp; 298934 |
| Amrize Ltd.<sup>(b)</sup> | 3553 | &nbsp;&nbsp; 179652 |
| BP PLC | 109144 | &nbsp;&nbsp; 586239 |
| CyberArk Software Ltd.<sup>(b)</sup> | 320 | &nbsp;&nbsp; 131670 |
| Experian PLC | 6278 | &nbsp;&nbsp; 331469 |
| Ferrovial SE | 3479 | &nbsp;&nbsp; 178867 |
| GSK PLC | 28049 | &nbsp;&nbsp; 516988 |
| Holcim AG<sup>(b)</sup> | 3553 | &nbsp;&nbsp; 283421 |
| Monday.com Ltd.<sup>(b)</sup> | 262 | &nbsp;&nbsp; 68720 |
| Novartis AG | 12955 | &nbsp;&nbsp; 1475771 |
| Oracle Corp. | 272 | &nbsp;&nbsp; 29475 |
| QIAGEN N.V. | 1472 | &nbsp;&nbsp; 73204 |
| Sanofi S.A. | 7565 | &nbsp;&nbsp; 681110 |
| Stellantis N.V. | 13833 | &nbsp;&nbsp; 122436 |
| Swiss Re AG | 2058 | &nbsp;&nbsp; 368476 |
| Tenaris S.A. | 2772 | &nbsp;&nbsp; 48556 |
|  |  | &nbsp;&nbsp; 5374988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $115,654,883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $115,654,883) | &nbsp;&nbsp; 125644373 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-4.52%** |  |  |
| **Canada-2.01%** |  |  |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (iShares MSCI EAFE ETF), <br> 125.14%, 08/07/2025<sup>(c)</sup><br>| 416000 | &nbsp;&nbsp; 392939 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (iShares MSCI EAFE ETF), <br> 111.43%, 08/20/2025<br>| 569000 | &nbsp;&nbsp; 568318 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (iShares MSCI EAFE ETF), <br> 107.14%, 08/21/2025<sup>(c)</sup><br>| 391000 | &nbsp;&nbsp; 356679 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (iShares MSCI EAFE ETF), <br> 113.48%, 08/28/2025<sup>(c)</sup><br>| 398000 | &nbsp;&nbsp; 396417 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (iShares MSCI EAFE ETF), <br> 102.27%, 08/29/2025<br>| 324000 | &nbsp;&nbsp; 324000 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 120.40%, 08/19/2025<sup>(c)</sup><br>| 480000 | &nbsp;&nbsp; 483054 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 113.33%, 08/22/2025<sup>(c)</sup><br>| 385000 | &nbsp;&nbsp; 359837 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (iShares MSCI EAFE <br> ETF), 108.69%, 08/25/2025<sup>(c)</sup><br>| 387000 | &nbsp;&nbsp; 362662 |
|  |  | &nbsp;&nbsp; 3243906 |
| **Japan-0.54%** |  |  |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (iShares MSCI <br> EAFE ETF), 123.00%, 08/06/2025<sup>(c)</sup><br>| 546000 | &nbsp;&nbsp; 532445 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (iShares MSCI <br> EAFE ETF), 116.20%, 08/14/2025<sup>(c)</sup><br>| 348000 | &nbsp;&nbsp; 351116 |
|  |  | &nbsp;&nbsp; 883561 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-4.52%** |  |  |
| **Netherlands-0.57%** |  |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (iShares MSCI EAFE <br> ETF), 117.89%, 08/12/2025<br>| 424000 | &nbsp;&nbsp; $419616 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (iShares MSCI EAFE <br> ETF), 111.74%, 08/13/2025<br>| 501000 | &nbsp;&nbsp; 505324 |
|  |  | &nbsp;&nbsp; 924940 |
| **Switzerland-0.31%** |  |  |
| &nbsp;&nbsp;&nbsp; UBS AG (iShares MSCI EAFE ETF), 115.65%, <br> 08/15/2025<sup>(c)</sup><br>| 498000 | &nbsp;&nbsp; 499660 |
| **United States-1.09%** |  |  |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. (iShares MSCI EAFE ETF), <br> 112.49%, 08/08/2025<sup>(c)</sup><br>| 245000 | &nbsp;&nbsp; 232881 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. (iShares MSCI EAFE ETF), <br> 101.08%, 08/27/2025<sup>(c)</sup><br>| 371000 | &nbsp;&nbsp; 367447 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (iShares MSCI EAFE <br> ETF), 112.00%, 08/11/2025<sup>(c)</sup><br>| 378000 | &nbsp;&nbsp; 371506 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (iShares MSCI EAFE <br> ETF), 102.00%, 08/26/2025<sup>(c)</sup><br>| 449000 | &nbsp;&nbsp; 426199 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (iShares MSCI EAFE ETF), <br> 100.05%, 08/18/2025<sup>(c)</sup><br>| 363000 | &nbsp;&nbsp; 363614 |
|  |  | &nbsp;&nbsp; 1761647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Linked Notes <br>(Cost $7,473,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Linked Notes <br>(Cost $7,473,000) | &nbsp;&nbsp; 7313714 |
|  | **Shares** |  |
| **Money Market Funds-17.94%** | **Money Market Funds-17.94%** | **Money Market Funds-17.94%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $28,995,056)<br>| 28995056 | &nbsp;&nbsp; 28995056 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.20% <br>(Cost $152,122,939) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.20% <br>(Cost $152,122,939) | &nbsp;&nbsp; 161953143 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-1.58%** | **Money Market Funds-1.58%** | **Money Market Funds-1.58%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 707239 | &nbsp;&nbsp; 707239 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 1843546 | &nbsp;&nbsp; 1843915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,551,158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,551,158) | &nbsp;&nbsp; 2551154 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.78% <br>(Cost $154,674,097) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.78% <br>(Cost $154,674,097) | &nbsp;&nbsp; 164504297 |
| OTHER ASSETS LESS LIABILITIES-(1.78)% | OTHER ASSETS LESS LIABILITIES-(1.78)% | &nbsp;&nbsp; (2874022)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $161630275 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| |
|:---|
| 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 |

---

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

---

| | |
|:---|:---|
| 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 July 31, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $7,081,841, which represented 4.38% 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 nine months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $24563266 | &nbsp;&nbsp;&nbsp; $8771419 | &nbsp;&nbsp;&nbsp; $(33334685)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $384022 |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 40388638 | &nbsp;&nbsp;&nbsp; (11393582)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 28995056 | &nbsp;&nbsp;&nbsp; 376215 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 79384 | &nbsp;&nbsp;&nbsp; 4795199 | &nbsp;&nbsp;&nbsp; (4167344)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 707239 | &nbsp;&nbsp;&nbsp; 24,081<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 207437 | &nbsp;&nbsp;&nbsp; 12011157 | &nbsp;&nbsp;&nbsp; (10374422)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (253)<br>| &nbsp;&nbsp;&nbsp; 1843915 | &nbsp;&nbsp;&nbsp; 64,391<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $24850087 | &nbsp;&nbsp;&nbsp; $65966413 | &nbsp;&nbsp;&nbsp; $(59270033)<br>| &nbsp;&nbsp;&nbsp; $(4)<br>| &nbsp;&nbsp;&nbsp; $(253)<br>| &nbsp;&nbsp;&nbsp; $31546210 | &nbsp;&nbsp;&nbsp; $848709 |

---

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

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

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

**Invesco QQQ Hedged Advantage ETF (QQHG)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-96.75%** | **Common Stocks & Other Equity Interests-96.75%** | **Common Stocks & Other Equity Interests-96.75%** |
| **Advertising-0.17%** | **Advertising-0.17%** | **Advertising-0.17%** |
| Interpublic Group of Cos., Inc. (The) | 432 | &nbsp;&nbsp; $10627 |
| Omnicom Group, Inc. | 119 | &nbsp;&nbsp; 8574 |
|  |  | &nbsp;&nbsp; 19201 |
| **Aerospace & Defense-0.54%** | **Aerospace & Defense-0.54%** | **Aerospace & Defense-0.54%** |
| Boeing Co. (The)<sup>(b)</sup> | 27 | &nbsp;&nbsp; 5990 |
| General Dynamics Corp. | 36 | &nbsp;&nbsp; 11218 |
| General Electric Co. | 57 | &nbsp;&nbsp; 15452 |
| Howmet Aerospace, Inc. | 60 | &nbsp;&nbsp; 10786 |
| RTX Corp. | 106 | &nbsp;&nbsp; 16702 |
|  |  | &nbsp;&nbsp; 60148 |
| **Agricultural Products & Services-0.18%** | **Agricultural Products & Services-0.18%** | **Agricultural Products & Services-0.18%** |
| Archer-Daniels-Midland Co. | 197 | &nbsp;&nbsp; 10674 |
| Ingredion, Inc. | 69 | &nbsp;&nbsp; 9076 |
|  |  | &nbsp;&nbsp; 19750 |
| **Air Freight & Logistics-0.07%** | **Air Freight & Logistics-0.07%** | **Air Freight & Logistics-0.07%** |
| United Parcel Service, Inc., Class B | 93 | &nbsp;&nbsp; 8013 |
| **Apparel Retail-0.46%** | **Apparel Retail-0.46%** | **Apparel Retail-0.46%** |
| TJX Cos., Inc. (The) | 411 | &nbsp;&nbsp; 51182 |
| **Application Software-7.20%** | **Application Software-7.20%** | **Application Software-7.20%** |
| AppFolio, Inc., Class A<sup>(b)</sup> | 23 | &nbsp;&nbsp; 6150 |
| AppLovin Corp., Class A<sup>(b)</sup> | 202 | &nbsp;&nbsp; 78921 |
| Bentley Systems, Inc., Class B | 199 | &nbsp;&nbsp; 11538 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(b)</sup> | 967 | &nbsp;&nbsp; 9351 |
| DocuSign, Inc.<sup>(b)</sup> | 105 | &nbsp;&nbsp; 7942 |
| Dynatrace, Inc.<sup>(b)</sup> | 356 | &nbsp;&nbsp; 18729 |
| Elastic N.V.<sup>(b)</sup> | 72 | &nbsp;&nbsp; 6026 |
| Guidewire Software, Inc.<sup>(b)</sup> | 52 | &nbsp;&nbsp; 11764 |
| HubSpot, Inc.<sup>(b)</sup> | 39 | &nbsp;&nbsp; 20266 |
| Informatica, Inc., Class A<sup>(b)</sup> | 425 | &nbsp;&nbsp; 10498 |
| Intuit, Inc. | 211 | &nbsp;&nbsp; 165662 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 50 | &nbsp;&nbsp; 10983 |
| MicroStrategy, Inc., Class A<sup>(b)</sup> | 166 | &nbsp;&nbsp; 66709 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 176 | &nbsp;&nbsp; 13230 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 1432 | &nbsp;&nbsp; 226757 |
| Pegasystems, Inc. | 196 | &nbsp;&nbsp; 11507 |
| Procore Technologies, Inc.<sup>(b)</sup> | 158 | &nbsp;&nbsp; 11318 |
| PTC, Inc.<sup>(b)</sup> | 103 | &nbsp;&nbsp; 22125 |
| Salesforce, Inc. | 175 | &nbsp;&nbsp; 45208 |
| Samsara, Inc., Class A<sup>(b)</sup> | 294 | &nbsp;&nbsp; 11181 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 44 | &nbsp;&nbsp; 25721 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 122 | &nbsp;&nbsp; 9034 |
|  |  | &nbsp;&nbsp; 800620 |
| **Automobile Manufacturers-2.53%** | **Automobile Manufacturers-2.53%** | **Automobile Manufacturers-2.53%** |
| Tesla, Inc.<sup>(b)</sup> | 914 | &nbsp;&nbsp; 281759 |
| **Automotive Retail-0.10%** | **Automotive Retail-0.10%** | **Automotive Retail-0.10%** |
| AutoZone, Inc.<sup>(b)</sup> | 3 | &nbsp;&nbsp; 11305 |
| **Biotechnology-2.19%** | **Biotechnology-2.19%** | **Biotechnology-2.19%** |
| AbbVie, Inc. | 116 | &nbsp;&nbsp; 21926 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 22 | &nbsp;&nbsp; 8629 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 166 | &nbsp;&nbsp; 9603 |
| Exelixis, Inc.<sup>(b)</sup> | 232 | &nbsp;&nbsp; 8403 |
| Gilead Sciences, Inc. | 989 | &nbsp;&nbsp; 111055 |
| Incyte Corp.<sup>(b)</sup> | 149 | &nbsp;&nbsp; 11159 |
| Insmed, Inc.<sup>(b)</sup> | 105 | &nbsp;&nbsp; 11265 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 206 | &nbsp;&nbsp; 8854 |
| Natera, Inc.<sup>(b)</sup> | 58 | &nbsp;&nbsp; 7752 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 87 | &nbsp;&nbsp; 11156 |
| Revolution Medicines, Inc.<sup>(b)</sup> | 279 | &nbsp;&nbsp; 10398 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Roivant Sciences Ltd.<sup>(b)</sup> | 732 | &nbsp;&nbsp; $8316 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 238 | &nbsp;&nbsp; 6502 |
| United Therapeutics Corp.<sup>(b)</sup> | 32 | &nbsp;&nbsp; 8790 |
|  |  | &nbsp;&nbsp; 243808 |
| **Broadcasting-0.09%** | **Broadcasting-0.09%** | **Broadcasting-0.09%** |
| Fox Corp., Class A | 182 | &nbsp;&nbsp; 10148 |
| **Broadline Retail-6.16%** | **Broadline Retail-6.16%** | **Broadline Retail-6.16%** |
| Amazon.com, Inc.<sup>(b)</sup> | 2846 | &nbsp;&nbsp; 666277 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 197 | &nbsp;&nbsp; 5797 |
| eBay, Inc. | 137 | &nbsp;&nbsp; 12570 |
|  |  | &nbsp;&nbsp; 684644 |
| **Building Products-0.23%** | **Building Products-0.23%** | **Building Products-0.23%** |
| Johnson Controls International PLC | 95 | &nbsp;&nbsp; 9975 |
| Trane Technologies PLC | 36 | &nbsp;&nbsp; 15771 |
|  |  | &nbsp;&nbsp; 25746 |
| **Casinos & Gaming-0.33%** | **Casinos & Gaming-0.33%** | **Casinos & Gaming-0.33%** |
| DraftKings, Inc., Class A<sup>(b)</sup> | 206 | &nbsp;&nbsp; 9278 |
| Flutter Entertainment PLC (Ireland)<sup>(b)</sup> | 66 | &nbsp;&nbsp; 19949 |
| Las Vegas Sands Corp. | 132 | &nbsp;&nbsp; 6917 |
|  |  | &nbsp;&nbsp; 36144 |
| **Communications Equipment-1.08%** | **Communications Equipment-1.08%** | **Communications Equipment-1.08%** |
| Arista Networks, Inc.<sup>(b)</sup> | 245 | &nbsp;&nbsp; 30189 |
| Ciena Corp.<sup>(b)</sup> | 72 | &nbsp;&nbsp; 6685 |
| F5, Inc.<sup>(b)</sup> | 105 | &nbsp;&nbsp; 32909 |
| Motorola Solutions, Inc. | 97 | &nbsp;&nbsp; 42581 |
| Ubiquiti, Inc. | 17 | &nbsp;&nbsp; 7403 |
|  |  | &nbsp;&nbsp; 119767 |
| **Construction & Engineering-0.09%** | **Construction & Engineering-0.09%** | **Construction & Engineering-0.09%** |
| Quanta Services, Inc. | 25 | &nbsp;&nbsp; 10153 |
| **Construction Machinery & Heavy Transportation Equipment-0.30%** | **Construction Machinery & Heavy Transportation Equipment-0.30%** | **Construction Machinery & Heavy Transportation Equipment-0.30%** |
| Caterpillar, Inc. | 41 | &nbsp;&nbsp; 17959 |
| Cummins, Inc. | 16 | &nbsp;&nbsp; 5882 |
| Wabtec Corp. | 49 | &nbsp;&nbsp; 9410 |
|  |  | &nbsp;&nbsp; 33251 |
| **Construction Materials-0.16%** | **Construction Materials-0.16%** | **Construction Materials-0.16%** |
| CRH PLC | 72 | &nbsp;&nbsp; 6873 |
| Vulcan Materials Co. | 39 | &nbsp;&nbsp; 10712 |
|  |  | &nbsp;&nbsp; 17585 |
| **Consumer Finance-0.20%** | **Consumer Finance-0.20%** | **Consumer Finance-0.20%** |
| American Express Co. | 75 | &nbsp;&nbsp; 22448 |
| **Consumer Staples Merchandise Retail-1.06%** | **Consumer Staples Merchandise Retail-1.06%** | **Consumer Staples Merchandise Retail-1.06%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 78 | &nbsp;&nbsp; 8260 |
| Dollar General Corp. | 91 | &nbsp;&nbsp; 9546 |
| Dollar Tree, Inc.<sup>(b)</sup> | 50 | &nbsp;&nbsp; 5677 |
| Target Corp. | 146 | &nbsp;&nbsp; 14673 |
| Walmart, Inc. | 816 | &nbsp;&nbsp; 79952 |
|  |  | &nbsp;&nbsp; 118108 |
| **Copper-0.13%** | **Copper-0.13%** | **Copper-0.13%** |
| Freeport-McMoRan, Inc. | 131 | &nbsp;&nbsp; 5272 |
| Southern Copper Corp. (Mexico) | 96 | &nbsp;&nbsp; 9039 |
|  |  | &nbsp;&nbsp; 14311 |
| **Data Center REITs-0.10%** | **Data Center REITs-0.10%** | **Data Center REITs-0.10%** |
| Equinix, Inc., REIT | 14 | &nbsp;&nbsp; 10992 |
| **Data Processing & Outsourced Services-0.23%** | **Data Processing & Outsourced Services-0.23%** | **Data Processing & Outsourced Services-0.23%** |
| Broadridge Financial Solutions, Inc. | 101 | &nbsp;&nbsp; 24998 |

---

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

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Distillers & Vintners-0.20%** | **Distillers & Vintners-0.20%** | **Distillers & Vintners-0.20%** |
| Brown-Forman Corp., Class A | 264 | &nbsp;&nbsp; $7561 |
| Constellation Brands, Inc., Class A | 87 | &nbsp;&nbsp; 14532 |
|  |  | &nbsp;&nbsp; 22093 |
| **Diversified Support Services-0.09%** | **Diversified Support Services-0.09%** | **Diversified Support Services-0.09%** |
| RB Global, Inc. (Canada) | 91 | &nbsp;&nbsp; 9852 |
| **Education Services-0.13%** | **Education Services-0.13%** | **Education Services-0.13%** |
| Duolingo, Inc.<sup>(b)</sup> | 16 | &nbsp;&nbsp; 5545 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 50 | &nbsp;&nbsp; 8431 |
|  |  | &nbsp;&nbsp; 13976 |
| **Electric Utilities-1.03%** | **Electric Utilities-1.03%** | **Electric Utilities-1.03%** |
| Constellation Energy Corp. | 207 | &nbsp;&nbsp; 72003 |
| Duke Energy Corp. | 91 | &nbsp;&nbsp; 11069 |
| NextEra Energy, Inc. | 120 | &nbsp;&nbsp; 8527 |
| Southern Co. (The) | 244 | &nbsp;&nbsp; 23053 |
|  |  | &nbsp;&nbsp; 114652 |
| **Electrical Components & Equipment-0.44%** | **Electrical Components & Equipment-0.44%** | **Electrical Components & Equipment-0.44%** |
| AMETEK, Inc. | 54 | &nbsp;&nbsp; 9982 |
| Eaton Corp. PLC | 66 | &nbsp;&nbsp; 25392 |
| Emerson Electric Co. | 42 | &nbsp;&nbsp; 6111 |
| Vertiv Holdings Co., Class A | 50 | &nbsp;&nbsp; 7280 |
|  |  | &nbsp;&nbsp; 48765 |
| **Electronic Components-0.45%** | **Electronic Components-0.45%** | **Electronic Components-0.45%** |
| Amphenol Corp., Class A | 226 | &nbsp;&nbsp; 24071 |
| Corning, Inc. | 403 | &nbsp;&nbsp; 25486 |
|  |  | &nbsp;&nbsp; 49557 |
| **Electronic Equipment & Instruments-0.51%** | **Electronic Equipment & Instruments-0.51%** | **Electronic Equipment & Instruments-0.51%** |
| Keysight Technologies, Inc.<sup>(b)</sup> | 103 | &nbsp;&nbsp; 16883 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 20 | &nbsp;&nbsp; 11020 |
| Trimble, Inc.<sup>(b)</sup> | 342 | &nbsp;&nbsp; 28690 |
|  |  | &nbsp;&nbsp; 56593 |
| **Environmental & Facilities Services-0.83%** | **Environmental & Facilities Services-0.83%** | **Environmental & Facilities Services-0.83%** |
| Republic Services, Inc. | 143 | &nbsp;&nbsp; 32983 |
| Rollins, Inc. | 376 | &nbsp;&nbsp; 21534 |
| Veralto Corp. | 139 | &nbsp;&nbsp; 14571 |
| Waste Management, Inc. | 102 | &nbsp;&nbsp; 23374 |
|  |  | &nbsp;&nbsp; 92462 |
| **Fertilizers & Agricultural Chemicals-0.10%** | **Fertilizers & Agricultural Chemicals-0.10%** | **Fertilizers & Agricultural Chemicals-0.10%** |
| Corteva, Inc. | 158 | &nbsp;&nbsp; 11397 |
| **Financial Exchanges & Data-0.27%** | **Financial Exchanges & Data-0.27%** | **Financial Exchanges & Data-0.27%** |
| CME Group, Inc., Class A | 20 | &nbsp;&nbsp; 5566 |
| Moody's Corp. | 13 | &nbsp;&nbsp; 6704 |
| S&P Global, Inc. | 32 | &nbsp;&nbsp; 17635 |
|  |  | &nbsp;&nbsp; 29905 |
| **Food Distributors-0.33%** | **Food Distributors-0.33%** | **Food Distributors-0.33%** |
| Performance Food Group Co.<sup>(b)</sup> | 85 | &nbsp;&nbsp; 8534 |
| Sysco Corp. | 125 | &nbsp;&nbsp; 9950 |
| US Foods Holding Corp.<sup>(b)</sup> | 214 | &nbsp;&nbsp; 17833 |
|  |  | &nbsp;&nbsp; 36317 |
| **Food Retail-0.40%** | **Food Retail-0.40%** | **Food Retail-0.40%** |
| Albertson's Cos., Inc., Class A | 477 | &nbsp;&nbsp; 9168 |
| Casey's General Stores, Inc. | 22 | &nbsp;&nbsp; 11443 |
| Kroger Co. (The) | 119 | &nbsp;&nbsp; 8342 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 99 | &nbsp;&nbsp; 15002 |
|  |  | &nbsp;&nbsp; 43955 |
| **Gas Utilities-0.14%** | **Gas Utilities-0.14%** | **Gas Utilities-0.14%** |
| Atmos Energy Corp. | 102 | &nbsp;&nbsp; 15904 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Gold-0.17%** | **Gold-0.17%** | **Gold-0.17%** |
| Newmont Corp. | 121 | &nbsp;&nbsp; $7514 |
| Royal Gold, Inc. | 74 | &nbsp;&nbsp; 11205 |
|  |  | &nbsp;&nbsp; 18719 |
| **Health Care Distributors-0.18%** | **Health Care Distributors-0.18%** | **Health Care Distributors-0.18%** |
| Cardinal Health, Inc. | 72 | &nbsp;&nbsp; 11176 |
| McKesson Corp. | 13 | &nbsp;&nbsp; 9016 |
|  |  | &nbsp;&nbsp; 20192 |
| **Health Care Equipment-1.44%** | **Health Care Equipment-1.44%** | **Health Care Equipment-1.44%** |
| Abbott Laboratories | 216 | &nbsp;&nbsp; 27257 |
| Becton, Dickinson and Co. | 71 | &nbsp;&nbsp; 12656 |
| Boston Scientific Corp.<sup>(b)</sup> | 323 | &nbsp;&nbsp; 33889 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 118 | &nbsp;&nbsp; 9358 |
| Medtronic PLC | 213 | &nbsp;&nbsp; 19221 |
| ResMed, Inc. | 38 | &nbsp;&nbsp; 10334 |
| STERIS PLC | 40 | &nbsp;&nbsp; 9060 |
| Stryker Corp. | 97 | &nbsp;&nbsp; 38095 |
|  |  | &nbsp;&nbsp; 159870 |
| **Health Care REITs-0.29%** | **Health Care REITs-0.29%** | **Health Care REITs-0.29%** |
| Welltower, Inc., REIT | 198 | &nbsp;&nbsp; 32684 |
| **Health Care Services-0.09%** | **Health Care Services-0.09%** | **Health Care Services-0.09%** |
| Cigna Group (The) | 36 | &nbsp;&nbsp; 9626 |
| **Health Care Technology-0.06%** | **Health Care Technology-0.06%** | **Health Care Technology-0.06%** |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 25 | &nbsp;&nbsp; 7105 |
| **Heavy Electrical Equipment-0.06%** | **Heavy Electrical Equipment-0.06%** | **Heavy Electrical Equipment-0.06%** |
| GE Vernova, Inc. | 10 | &nbsp;&nbsp; 6603 |
| **Home Improvement Retail-0.55%** | **Home Improvement Retail-0.55%** | **Home Improvement Retail-0.55%** |
| Home Depot, Inc. (The) | 96 | &nbsp;&nbsp; 35281 |
| Lowe's Cos., Inc. | 113 | &nbsp;&nbsp; 25263 |
|  |  | &nbsp;&nbsp; 60544 |
| **Homefurnishing Retail-0.06%** | **Homefurnishing Retail-0.06%** | **Homefurnishing Retail-0.06%** |
| Williams-Sonoma, Inc. | 35 | &nbsp;&nbsp; 6547 |
| **Hotels, Resorts & Cruise Lines-0.94%** | **Hotels, Resorts & Cruise Lines-0.94%** | **Hotels, Resorts & Cruise Lines-0.94%** |
| Carnival Corp.<sup>(b)</sup> | 309 | &nbsp;&nbsp; 9199 |
| Hilton Worldwide Holdings, Inc. | 210 | &nbsp;&nbsp; 56297 |
| Hyatt Hotels Corp., Class A | 59 | &nbsp;&nbsp; 8317 |
| Royal Caribbean Cruises Ltd. | 55 | &nbsp;&nbsp; 17483 |
| Viking Holdings Ltd.<sup>(b)</sup> | 233 | &nbsp;&nbsp; 13682 |
|  |  | &nbsp;&nbsp; 104978 |
| **Household Products-0.46%** | **Household Products-0.46%** | **Household Products-0.46%** |
| Procter & Gamble Co. (The) | 338 | &nbsp;&nbsp; 50859 |
| **Human Resource & Employment Services-0.09%** | **Human Resource & Employment Services-0.09%** | **Human Resource & Employment Services-0.09%** |
| Dayforce, Inc.<sup>(b)</sup> | 177 | &nbsp;&nbsp; 10208 |
| **Industrial Conglomerates-0.09%** | **Industrial Conglomerates-0.09%** | **Industrial Conglomerates-0.09%** |
| 3M Co. | 65 | &nbsp;&nbsp; 9699 |
| **Industrial Gases-0.14%** | **Industrial Gases-0.14%** | **Industrial Gases-0.14%** |
| Air Products and Chemicals, Inc. | 53 | &nbsp;&nbsp; 15258 |
| **Industrial Machinery & Supplies & Components-0.39%** | **Industrial Machinery & Supplies & Components-0.39%** | **Industrial Machinery & Supplies & Components-0.39%** |
| Illinois Tool Works, Inc. | 47 | &nbsp;&nbsp; 12031 |
| Parker-Hannifin Corp. | 28 | &nbsp;&nbsp; 20493 |
| Xylem, Inc. | 76 | &nbsp;&nbsp; 10991 |
|  |  | &nbsp;&nbsp; 43515 |
| **Industrial REITs-0.13%** | **Industrial REITs-0.13%** | **Industrial REITs-0.13%** |
| Prologis, Inc., REIT | 130 | &nbsp;&nbsp; 13881 |

---

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

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Integrated Oil & Gas-0.30%** | **Integrated Oil & Gas-0.30%** | **Integrated Oil & Gas-0.30%** |
| Chevron Corp. | 96 | &nbsp;&nbsp; $14557 |
| Exxon Mobil Corp. | 170 | &nbsp;&nbsp; 18979 |
|  |  | &nbsp;&nbsp; 33536 |
| **Integrated Telecommunication Services-0.79%** | **Integrated Telecommunication Services-0.79%** | **Integrated Telecommunication Services-0.79%** |
| AT&T, Inc. | 1641 | &nbsp;&nbsp; 44980 |
| Verizon Communications, Inc. | 1011 | &nbsp;&nbsp; 43230 |
|  |  | &nbsp;&nbsp; 88210 |
| **Interactive Home Entertainment-0.07%** | **Interactive Home Entertainment-0.07%** | **Interactive Home Entertainment-0.07%** |
| Roblox Corp., Class A<sup>(b)</sup> | 55 | &nbsp;&nbsp; 7578 |
| **Interactive Media & Services-9.18%** | **Interactive Media & Services-9.18%** | **Interactive Media & Services-9.18%** |
| Alphabet, Inc., Class C | 2867 | &nbsp;&nbsp; 552930 |
| Meta Platforms, Inc., Class A | 592 | &nbsp;&nbsp; 457876 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 265 | &nbsp;&nbsp; 10229 |
|  |  | &nbsp;&nbsp; 1021035 |
| **Internet Services & Infrastructure-0.75%** | **Internet Services & Infrastructure-0.75%** | **Internet Services & Infrastructure-0.75%** |
| Akamai Technologies, Inc.<sup>(b)</sup> | 76 | &nbsp;&nbsp; 5800 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 61 | &nbsp;&nbsp; 12668 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 83 | &nbsp;&nbsp; 13411 |
| MongoDB, Inc.<sup>(b)</sup> | 50 | &nbsp;&nbsp; 11895 |
| Okta, Inc.<sup>(b)</sup> | 82 | &nbsp;&nbsp; 8020 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 73 | &nbsp;&nbsp; 16315 |
| Twilio, Inc., Class A<sup>(b)</sup> | 55 | &nbsp;&nbsp; 7095 |
| VeriSign, Inc. | 32 | &nbsp;&nbsp; 8604 |
|  |  | &nbsp;&nbsp; 83808 |
| **IT Consulting & Other Services-0.71%** | **IT Consulting & Other Services-0.71%** | **IT Consulting & Other Services-0.71%** |
| Accenture PLC, Class A (Ireland) | 94 | &nbsp;&nbsp; 25107 |
| Amdocs Ltd. | 156 | &nbsp;&nbsp; 13316 |
| Gartner, Inc.<sup>(b)</sup> | 68 | &nbsp;&nbsp; 23028 |
| International Business Machines Corp. | 71 | &nbsp;&nbsp; 17974 |
|  |  | &nbsp;&nbsp; 79425 |
| **Life Sciences Tools & Services-0.27%** | **Life Sciences Tools & Services-0.27%** | **Life Sciences Tools & Services-0.27%** |
| Danaher Corp. | 70 | &nbsp;&nbsp; 13801 |
| Thermo Fisher Scientific, Inc. | 34 | &nbsp;&nbsp; 15901 |
|  |  | &nbsp;&nbsp; 29702 |
| **Movies & Entertainment-3.48%** | **Movies & Entertainment-3.48%** | **Movies & Entertainment-3.48%** |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 98 | &nbsp;&nbsp; 9835 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 76 | &nbsp;&nbsp; 11225 |
| Netflix, Inc.<sup>(b)</sup> | 283 | &nbsp;&nbsp; 328110 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 15 | &nbsp;&nbsp; 9398 |
| TKO Group Holdings, Inc. | 59 | &nbsp;&nbsp; 9913 |
| Walt Disney Co. (The) | 157 | &nbsp;&nbsp; 18700 |
|  |  | &nbsp;&nbsp; 387181 |
| **Multi-Sector Holdings-0.20%** | **Multi-Sector Holdings-0.20%** | **Multi-Sector Holdings-0.20%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 48 | &nbsp;&nbsp; 22650 |
| **Multi-Utilities-0.26%** | **Multi-Utilities-0.26%** | **Multi-Utilities-0.26%** |
| Dominion Energy, Inc. | 187 | &nbsp;&nbsp; 10930 |
| Public Service Enterprise Group, Inc. | 127 | &nbsp;&nbsp; 11404 |
| Sempra | 78 | &nbsp;&nbsp; 6371 |
|  |  | &nbsp;&nbsp; 28705 |
| **Other Specialty Retail-0.09%** | **Other Specialty Retail-0.09%** | **Other Specialty Retail-0.09%** |
| Tractor Supply Co. | 181 | &nbsp;&nbsp; 10308 |
| **Packaged Foods & Meats-0.64%** | **Packaged Foods & Meats-0.64%** | **Packaged Foods & Meats-0.64%** |
| General Mills, Inc. | 518 | &nbsp;&nbsp; 25372 |
| Hershey Co. (The) | 37 | &nbsp;&nbsp; 6887 |
| Hormel Foods Corp. | 305 | &nbsp;&nbsp; 8567 |
| Kellanova | 109 | &nbsp;&nbsp; 8701 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** |
| McCormick & Co., Inc. | 195 | &nbsp;&nbsp; $13773 |
| Tyson Foods, Inc., Class A | 149 | &nbsp;&nbsp; 7793 |
|  |  | &nbsp;&nbsp; 71093 |
| **Passenger Airlines-0.09%** | **Passenger Airlines-0.09%** | **Passenger Airlines-0.09%** |
| Delta Air Lines, Inc. | 180 | &nbsp;&nbsp; 9578 |
| **Passenger Ground Transportation-0.08%** | **Passenger Ground Transportation-0.08%** | **Passenger Ground Transportation-0.08%** |
| Uber Technologies, Inc.<sup>(b)</sup> | 104 | &nbsp;&nbsp; 9126 |
| **Pharmaceuticals-0.66%** | **Pharmaceuticals-0.66%** | **Pharmaceuticals-0.66%** |
| Eli Lilly and Co. | 12 | &nbsp;&nbsp; 8881 |
| Johnson & Johnson | 184 | &nbsp;&nbsp; 30312 |
| Merck & Co., Inc. | 159 | &nbsp;&nbsp; 12421 |
| Pfizer, Inc. | 542 | &nbsp;&nbsp; 12623 |
| Zoetis, Inc. | 63 | &nbsp;&nbsp; 9185 |
|  |  | &nbsp;&nbsp; 73422 |
| **Property & Casualty Insurance-0.08%** | **Property & Casualty Insurance-0.08%** | **Property & Casualty Insurance-0.08%** |
| Progressive Corp. (The) | 38 | &nbsp;&nbsp; 9198 |
| **Publishing-0.30%** | **Publishing-0.30%** | **Publishing-0.30%** |
| New York Times Co. (The), Class A | 175 | &nbsp;&nbsp; 9081 |
| News Corp., Class A | 824 | &nbsp;&nbsp; 24159 |
|  |  | &nbsp;&nbsp; 33240 |
| **Rail Transportation-0.34%** | **Rail Transportation-0.34%** | **Rail Transportation-0.34%** |
| Norfolk Southern Corp. | 40 | &nbsp;&nbsp; 11120 |
| Union Pacific Corp. | 120 | &nbsp;&nbsp; 26636 |
|  |  | &nbsp;&nbsp; 37756 |
| **Real Estate Services-0.07%** | **Real Estate Services-0.07%** | **Real Estate Services-0.07%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 51 | &nbsp;&nbsp; 7943 |
| **Research & Consulting Services-0.07%** | **Research & Consulting Services-0.07%** | **Research & Consulting Services-0.07%** |
| Equifax, Inc. | 32 | &nbsp;&nbsp; 7687 |
| **Restaurants-0.95%** | **Restaurants-0.95%** | **Restaurants-0.95%** |
| Aramark | 142 | &nbsp;&nbsp; 6044 |
| Cava Group, Inc.<sup>(b)</sup> | 96 | &nbsp;&nbsp; 8449 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 316 | &nbsp;&nbsp; 13550 |
| Darden Restaurants, Inc. | 48 | &nbsp;&nbsp; 9680 |
| Dutch Bros, Inc., Class A<sup>(b)</sup> | 157 | &nbsp;&nbsp; 9305 |
| McDonald's Corp. | 108 | &nbsp;&nbsp; 32408 |
| Texas Roadhouse, Inc. | 71 | &nbsp;&nbsp; 13144 |
| Yum! Brands, Inc. | 91 | &nbsp;&nbsp; 13118 |
|  |  | &nbsp;&nbsp; 105698 |
| **Retail REITs-0.09%** | **Retail REITs-0.09%** | **Retail REITs-0.09%** |
| Realty Income Corp., REIT | 182 | &nbsp;&nbsp; 10216 |
| **Semiconductor Materials & Equipment-1.94%** | **Semiconductor Materials & Equipment-1.94%** | **Semiconductor Materials & Equipment-1.94%** |
| Amkor Technology, Inc. | 768 | &nbsp;&nbsp; 17326 |
| Applied Materials, Inc. | 723 | &nbsp;&nbsp; 130183 |
| Entegris, Inc. | 159 | &nbsp;&nbsp; 12475 |
| MKS, Inc. | 117 | &nbsp;&nbsp; 11136 |
| Onto Innovation, Inc.<sup>(b)</sup> | 118 | &nbsp;&nbsp; 11181 |
| Teradyne, Inc. | 315 | &nbsp;&nbsp; 33841 |
|  |  | &nbsp;&nbsp; 216142 |
| **Semiconductors-21.22%** | **Semiconductors-21.22%** | **Semiconductors-21.22%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1201 | &nbsp;&nbsp; 211748 |
| Astera Labs, Inc.<sup>(b)</sup> | 68 | &nbsp;&nbsp; 9298 |
| Broadcom, Inc. | 2050 | &nbsp;&nbsp; 602085 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 164 | &nbsp;&nbsp; 16517 |
| First Solar, Inc.<sup>(b)</sup> | 34 | &nbsp;&nbsp; 5941 |
| Intel Corp. | 3036 | &nbsp;&nbsp; 60113 |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 199 | &nbsp;&nbsp; 9916 |
| MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> | 159 | &nbsp;&nbsp; 21805 |

---

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

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| Micron Technology, Inc. | 802 | &nbsp;&nbsp; $87530 |
| Monolithic Power Systems, Inc. | 34 | &nbsp;&nbsp; 24182 |
| NVIDIA Corp. | 6299 | &nbsp;&nbsp; 1120403 |
| Qorvo, Inc.<sup>(b)</sup> | 158 | &nbsp;&nbsp; 13209 |
| Skyworks Solutions, Inc. | 280 | &nbsp;&nbsp; 19191 |
| Texas Instruments, Inc. | 803 | &nbsp;&nbsp; 145391 |
| Universal Display Corp. | 79 | &nbsp;&nbsp; 11408 |
|  |  | &nbsp;&nbsp; 2358737 |
| **Soft Drinks & Non-alcoholic Beverages-0.68%** | **Soft Drinks & Non-alcoholic Beverages-0.68%** | **Soft Drinks & Non-alcoholic Beverages-0.68%** |
| Coca-Cola Co. (The) | 1109 | &nbsp;&nbsp; 75290 |
| **Specialty Chemicals-0.45%** | **Specialty Chemicals-0.45%** | **Specialty Chemicals-0.45%** |
| DuPont de Nemours, Inc. | 111 | &nbsp;&nbsp; 7981 |
| Ecolab, Inc. | 102 | &nbsp;&nbsp; 26700 |
| Sherwin-Williams Co. (The) | 46 | &nbsp;&nbsp; 15220 |
|  |  | &nbsp;&nbsp; 49901 |
| **Systems Software-10.95%** | **Systems Software-10.95%** | **Systems Software-10.95%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 182 | &nbsp;&nbsp; 82732 |
| Dolby Laboratories, Inc., Class A | 137 | &nbsp;&nbsp; 10321 |
| Gen Digital, Inc. | 350 | &nbsp;&nbsp; 10321 |
| GitLab, Inc., Class A<sup>(b)</sup> | 158 | &nbsp;&nbsp; 6922 |
| Microsoft Corp. | 1960 | &nbsp;&nbsp; 1045660 |
| Oracle Corp. | 49 | &nbsp;&nbsp; 12435 |
| SentinelOne, Inc., Class A<sup>(b)</sup> | 390 | &nbsp;&nbsp; 7153 |
| ServiceNow, Inc.<sup>(b)</sup> | 36 | &nbsp;&nbsp; 33952 |
| UiPath, Inc., Class A<sup>(b)</sup> | 632 | &nbsp;&nbsp; 7426 |
|  |  | &nbsp;&nbsp; 1216922 |
| **Technology Hardware, Storage & Peripherals-7.27%** | **Technology Hardware, Storage & Peripherals-7.27%** | **Technology Hardware, Storage & Peripherals-7.27%** |
| Apple, Inc. | 3845 | &nbsp;&nbsp; 798107 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 174 | &nbsp;&nbsp; 10356 |
|  |  | &nbsp;&nbsp; 808463 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Tobacco-0.42%** | **Tobacco-0.42%** | **Tobacco-0.42%** |
| Altria Group, Inc. | 350 | &nbsp;&nbsp; $21679 |
| Philip Morris International, Inc. | 152 | &nbsp;&nbsp; 24936 |
|  |  | &nbsp;&nbsp; 46615 |
| **Trading Companies & Distributors-0.08%** | **Trading Companies & Distributors-0.08%** | **Trading Companies & Distributors-0.08%** |
| W.W. Grainger, Inc. | 9 | &nbsp;&nbsp; 9356 |
| **Transaction & Payment Processing Services-0.52%** | **Transaction & Payment Processing Services-0.52%** | **Transaction & Payment Processing Services-0.52%** |
| Mastercard, Inc., Class A | 46 | &nbsp;&nbsp; 26057 |
| Visa, Inc., Class A | 91 | &nbsp;&nbsp; 31438 |
|  |  | &nbsp;&nbsp; 57495 |
| **Water Utilities-0.09%** | **Water Utilities-0.09%** | **Water Utilities-0.09%** |
| American Water Works Co., Inc. | 74 | &nbsp;&nbsp; 10378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $9,259,339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $9,259,339) | &nbsp;&nbsp; 10756191 |
| **Options Purchased-2.76%** | **Options Purchased-2.76%** | **Options Purchased-2.76%** |
| &nbsp;&nbsp;&nbsp; (Cost $526,540)<sup>†</sup> | &nbsp;&nbsp;&nbsp; (Cost $526,540)<sup>†</sup> | &nbsp;&nbsp; 306843 |
| **Money Market Funds-0.52%** | **Money Market Funds-0.52%** | **Money Market Funds-0.52%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(c)(d)</sup> <br>(Cost $57,376)<br>| 57376 | &nbsp;&nbsp; 57376 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.03% <br>(Cost $9,843,255) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.03% <br>(Cost $9,843,255) | &nbsp;&nbsp; 11120410 |
| OTHER ASSETS LESS LIABILITIES-(0.03)% | OTHER ASSETS LESS LIABILITIES-(0.03)% | &nbsp;&nbsp; (3336)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $11117074 |

---

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

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

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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 July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Premier U.S. Government <br> Money Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $870415 | &nbsp;&nbsp;&nbsp; $(813039)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $57376 | &nbsp;&nbsp;&nbsp; $713 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> † The table below details options purchased.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | **Type of** <br>**Contract**<br>| **Expiration Date** | **Number of** <br>**Contracts**<br>| **Exercise Price** | **Notional** <br>**Value\*** | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 39 | $215 | $838500 | &nbsp;&nbsp;&nbsp; $16380 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 09/19/2025 | &nbsp;&nbsp;&nbsp; 40 | 215 | 860000 | &nbsp;&nbsp;&nbsp; 6620 |

---

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

------

**Invesco QQQ Hedged Advantage ETF (QQHG)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Expiration Date** | **Number of**<br> **Contracts**<br>| **Exercise** <br> **Price** | **Notional**<br> **Value\*** | **Value** |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 10/17/2025 | &nbsp;&nbsp;&nbsp; 40 | $215 | $860000 | &nbsp;&nbsp;&nbsp; $10800 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 11/21/2025 | &nbsp;&nbsp;&nbsp; 40 | 215 | 860000 | &nbsp;&nbsp;&nbsp; 15800 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 08/15/2025 | &nbsp;&nbsp;&nbsp; 40 | 214 | 856000 | &nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 39 | 216 | 842400 | &nbsp;&nbsp;&nbsp; 22230 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 40 | 228 | 912000 | &nbsp;&nbsp;&nbsp; 51600 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 39 | 231 | 900900 | &nbsp;&nbsp;&nbsp; 40950 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 39 | 232 | 904800 | &nbsp;&nbsp;&nbsp; 45435 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 39 | 233 | 908700 | &nbsp;&nbsp;&nbsp; 50018 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 39 | 200 | 780000 | &nbsp;&nbsp;&nbsp; 21645 |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 06/18/2026 | &nbsp;&nbsp;&nbsp; 35 | 205 | 717500 | &nbsp;&nbsp;&nbsp; 24325 |
| &nbsp;&nbsp; Total Index Options Purchased | &nbsp;&nbsp; Total Index Options Purchased | &nbsp;&nbsp; Total Index Options Purchased |  |  |  | &nbsp;&nbsp;&nbsp; $306843 |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Open Exchange-Traded Index Options Written** |
| **Description** | **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Notional** <br>**Value\*** | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 07/17/2026 | &nbsp;&nbsp;&nbsp; 20 | $171 | $(342000)<br>| &nbsp;&nbsp;&nbsp; $(6100)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 12/19/2025 | &nbsp;&nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp;&nbsp; (1100)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 09/19/2025 | &nbsp;&nbsp;&nbsp; 20 | 146 | (292000)<br>| &nbsp;&nbsp;&nbsp; (110)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 08/15/2025 | &nbsp;&nbsp;&nbsp; 20 | 146 | (292000)<br>| &nbsp;&nbsp;&nbsp; (60)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 01/16/2026 | &nbsp;&nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp;&nbsp; (1370)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 10/17/2025 | &nbsp;&nbsp;&nbsp; 20 | 147 | (294000)<br>| &nbsp;&nbsp;&nbsp; (330)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 02/20/2026 | &nbsp;&nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp;&nbsp; (1770)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 11/21/2025 | &nbsp;&nbsp;&nbsp; 20 | 147 | (294000)<br>| &nbsp;&nbsp;&nbsp; (740)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 03/20/2026 | &nbsp;&nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp;&nbsp; (2220)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 04/17/2026 | &nbsp;&nbsp;&nbsp; 20 | 149 | (298000)<br>| &nbsp;&nbsp;&nbsp; (2620)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 05/15/2026 | &nbsp;&nbsp;&nbsp; 20 | 148 | (296000)<br>| &nbsp;&nbsp;&nbsp; (2780)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Put | 06/18/2026 | &nbsp;&nbsp;&nbsp; 17 | 155 | (263500)<br>| &nbsp;&nbsp;&nbsp; (3213)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Call | 08/01/2025 | &nbsp;&nbsp;&nbsp; 117 | 240 | (2808000)<br>| &nbsp;&nbsp;&nbsp; (410)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Call | 08/08/2025 | &nbsp;&nbsp;&nbsp; 115 | 244 | (2806000)<br>| &nbsp;&nbsp;&nbsp; (460)<br>|
| &nbsp;&nbsp; Nasdaq-100 Micro Index | &nbsp;&nbsp;&nbsp; Call | 08/15/2025 | &nbsp;&nbsp;&nbsp; 117 | 247 | (2889900)<br>| &nbsp;&nbsp;&nbsp; (585)<br>|
| &nbsp;&nbsp; Total Exchange-Traded Options Written | &nbsp;&nbsp; Total Exchange-Traded Options Written | &nbsp;&nbsp; Total Exchange-Traded Options Written |  |  |  | &nbsp;&nbsp;&nbsp; $(23868)<br>|

---

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

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

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-76.10%** | **Common Stocks & Other Equity Interests-76.10%** | **Common Stocks & Other Equity Interests-76.10%** |
| **Advertising-0.17%** | **Advertising-0.17%** | **Advertising-0.17%** |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 5942 | &nbsp;&nbsp; $516716 |
| **Aerospace & Defense-0.26%** | **Aerospace & Defense-0.26%** | **Aerospace & Defense-0.26%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 1035 | &nbsp;&nbsp; 781932 |
| **Apparel Retail-0.19%** | **Apparel Retail-0.19%** | **Apparel Retail-0.19%** |
| Ross Stores, Inc. | 4359 | &nbsp;&nbsp; 595178 |
| **Apparel, Accessories & Luxury Goods-0.10%** | **Apparel, Accessories & Luxury Goods-0.10%** | **Apparel, Accessories & Luxury Goods-0.10%** |
| lululemon athletica, inc.<sup>(b)</sup> | 1528 | &nbsp;&nbsp; 306410 |
| **Application Software-6.15%** | **Application Software-6.15%** | **Application Software-6.15%** |
| Adobe, Inc.<sup>(b)</sup> | 5652 | &nbsp;&nbsp; 2021664 |
| AppLovin Corp., Class A<sup>(b)</sup> | 4081 | &nbsp;&nbsp; 1594447 |
| Atlassian Corp., Class A<sup>(b)</sup> | 2190 | &nbsp;&nbsp; 419998 |
| Autodesk, Inc.<sup>(b)</sup> | 2836 | &nbsp;&nbsp; 859620 |
| Cadence Design Systems, Inc.<sup>(b)(c)</sup> | 3620 | &nbsp;&nbsp; 1319743 |
| Datadog, Inc., Class A<sup>(b)</sup> | 4235 | &nbsp;&nbsp; 592815 |
| Intuit, Inc. | 3701 | &nbsp;&nbsp; 2905766 |
| MicroStrategy, Inc., Class A<sup>(b)</sup> | 3365 | &nbsp;&nbsp; 1352259 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 30003 | &nbsp;&nbsp; 4750975 |
| Roper Technologies, Inc. | 1427 | &nbsp;&nbsp; 785421 |
| Synopsys, Inc.<sup>(b)</sup> | 2451 | &nbsp;&nbsp; 1552876 |
| Workday, Inc., Class A<sup>(b)</sup> | 2866 | &nbsp;&nbsp; 657403 |
|  |  | &nbsp;&nbsp; 18812987 |
| **Automobile Manufacturers-1.98%** | **Automobile Manufacturers-1.98%** | **Automobile Manufacturers-1.98%** |
| Tesla, Inc.<sup>(b)</sup> | 19615 | &nbsp;&nbsp; 6046716 |
| **Automotive Retail-0.36%** | **Automotive Retail-0.36%** | **Automotive Retail-0.36%** |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 11337 | &nbsp;&nbsp; 1114654 |
| **Biotechnology-2.13%** | **Biotechnology-2.13%** | **Biotechnology-2.13%** |
| Amgen, Inc. | 7129 | &nbsp;&nbsp; 2103768 |
| Biogen, Inc.<sup>(b)</sup> | 1942 | &nbsp;&nbsp; 248576 |
| Gilead Sciences, Inc. | 16497 | &nbsp;&nbsp; 1852448 |
| Regeneron Pharmaceuticals, Inc. | 1410 | &nbsp;&nbsp; 769098 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 3403 | &nbsp;&nbsp; 1554729 |
|  |  | &nbsp;&nbsp; 6528619 |
| **Broadline Retail-5.23%** | **Broadline Retail-5.23%** | **Broadline Retail-5.23%** |
| Amazon.com, Inc.<sup>(b)</sup> | 57218 | &nbsp;&nbsp; 13395306 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 675 | &nbsp;&nbsp; 1602375 |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup> | 8855 | &nbsp;&nbsp; 1004600 |
|  |  | &nbsp;&nbsp; 16002281 |
| **Cable & Satellite-0.70%** | **Cable & Satellite-0.70%** | **Cable & Satellite-0.70%** |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 1860 | &nbsp;&nbsp; 501010 |
| Comcast Corp., Class A | 49383 | &nbsp;&nbsp; 1640997 |
|  |  | &nbsp;&nbsp; 2142007 |
| **Cargo Ground Transportation-0.14%** | **Cargo Ground Transportation-0.14%** | **Cargo Ground Transportation-0.14%** |
| Old Dominion Freight Line, Inc. | 2800 | &nbsp;&nbsp; 417900 |
| **Communications Equipment-1.17%** | **Communications Equipment-1.17%** | **Communications Equipment-1.17%** |
| Cisco Systems, Inc. | 52509 | &nbsp;&nbsp; 3574813 |
| **Construction Machinery & Heavy Transportation Equipment-0.22%** | **Construction Machinery & Heavy Transportation Equipment-0.22%** | **Construction Machinery & Heavy Transportation Equipment-0.22%** |
| PACCAR, Inc. | 6962 | &nbsp;&nbsp; 687567 |
| **Consumer Staples Merchandise Retail-1.81%** | **Consumer Staples Merchandise Retail-1.81%** | **Consumer Staples Merchandise Retail-1.81%** |
| Costco Wholesale Corp. | 5884 | &nbsp;&nbsp; 5528842 |
| **Diversified Support Services-0.58%** | **Diversified Support Services-0.58%** | **Diversified Support Services-0.58%** |
| Cintas Corp. | 5353 | &nbsp;&nbsp; 1191310 |
| Copart, Inc.<sup>(b)</sup> | 12810 | &nbsp;&nbsp; 580677 |
|  |  | &nbsp;&nbsp; 1771987 |
| **Electric Utilities-1.11%** | **Electric Utilities-1.11%** | **Electric Utilities-1.11%** |
| American Electric Power Co., Inc. | 7085 | &nbsp;&nbsp; 801597 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Constellation Energy Corp. | 4154 | &nbsp;&nbsp; $1444927 |
| Exelon Corp. | 13388 | &nbsp;&nbsp; 601657 |
| Xcel Energy, Inc. | 7646 | &nbsp;&nbsp; 561522 |
|  |  | &nbsp;&nbsp; 3409703 |
| **Health Care Equipment-1.21%** | **Health Care Equipment-1.21%** | **Health Care Equipment-1.21%** |
| DexCom, Inc.<sup>(b)</sup> | 5198 | &nbsp;&nbsp; 419842 |
| GE HealthCare Technologies, Inc. | 6071 | &nbsp;&nbsp; 432984 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 1067 | &nbsp;&nbsp; 570109 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 4751 | &nbsp;&nbsp; 2285659 |
|  |  | &nbsp;&nbsp; 3708594 |
| **Hotels, Resorts & Cruise Lines-1.34%** | **Hotels, Resorts & Cruise Lines-1.34%** | **Hotels, Resorts & Cruise Lines-1.34%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 5721 | &nbsp;&nbsp; 757517 |
| Booking Holdings, Inc. | 434 | &nbsp;&nbsp; 2388762 |
| Marriott International, Inc., Class A | 3631 | &nbsp;&nbsp; 957967 |
|  |  | &nbsp;&nbsp; 4104246 |
| **Human Resource & Employment Services-0.77%** | **Human Resource & Employment Services-0.77%** | **Human Resource & Employment Services-0.77%** |
| Automatic Data Processing, Inc. | 5385 | &nbsp;&nbsp; 1666658 |
| Paychex, Inc.<sup>(c)</sup> | 4779 | &nbsp;&nbsp; 689753 |
|  |  | &nbsp;&nbsp; 2356411 |
| **Industrial Conglomerates-0.62%** | **Industrial Conglomerates-0.62%** | **Industrial Conglomerates-0.62%** |
| Honeywell International, Inc. | 8524 | &nbsp;&nbsp; 1895311 |
| **Industrial Gases-0.94%** | **Industrial Gases-0.94%** | **Industrial Gases-0.94%** |
| Linde PLC | 6243 | &nbsp;&nbsp; 2873403 |
| **Integrated Telecommunication Services-1.17%** | **Integrated Telecommunication Services-1.17%** | **Integrated Telecommunication Services-1.17%** |
| T-Mobile US, Inc. | 15058 | &nbsp;&nbsp; 3589978 |
| **Interactive Home Entertainment-0.34%** | **Interactive Home Entertainment-0.34%** | **Interactive Home Entertainment-0.34%** |
| Electronic Arts, Inc. | 3328 | &nbsp;&nbsp; 507487 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 2415 | &nbsp;&nbsp; 537893 |
|  |  | &nbsp;&nbsp; 1045380 |
| **Interactive Media & Services-6.78%** | **Interactive Media & Services-6.78%** | **Interactive Media & Services-6.78%** |
| Alphabet, Inc., Class A | 31369 | &nbsp;&nbsp; 6019711 |
| Alphabet, Inc., Class C | 29423 | &nbsp;&nbsp; 5674520 |
| Meta Platforms, Inc., Class A | 11703 | &nbsp;&nbsp; 9051568 |
|  |  | &nbsp;&nbsp; 20745799 |
| **Internet Services & Infrastructure-0.64%** | **Internet Services & Infrastructure-0.64%** | **Internet Services & Infrastructure-0.64%** |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 16154 | &nbsp;&nbsp; 1974180 |
| **IT Consulting & Other Services-0.15%** | **IT Consulting & Other Services-0.15%** | **IT Consulting & Other Services-0.15%** |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 6537 | &nbsp;&nbsp; 469095 |
| **Movies & Entertainment-2.28%** | **Movies & Entertainment-2.28%** | **Movies & Entertainment-2.28%** |
| Netflix, Inc.<sup>(b)</sup> | 5644 | &nbsp;&nbsp; 6543654 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 32808 | &nbsp;&nbsp; 432081 |
|  |  | &nbsp;&nbsp; 6975735 |
| **Oil & Gas Equipment & Services-0.19%** | **Oil & Gas Equipment & Services-0.19%** | **Oil & Gas Equipment & Services-0.19%** |
| Baker Hughes Co., Class A | 13139 | &nbsp;&nbsp; 591912 |
| **Oil & Gas Exploration & Production-0.19%** | **Oil & Gas Exploration & Production-0.19%** | **Oil & Gas Exploration & Production-0.19%** |
| Diamondback Energy, Inc. | 3873 | &nbsp;&nbsp; 575760 |
| **Packaged Foods & Meats-0.50%** | **Packaged Foods & Meats-0.50%** | **Packaged Foods & Meats-0.50%** |
| Kraft Heinz Co. (The) | 15694 | &nbsp;&nbsp; 430957 |
| Mondelez International, Inc., Class A<sup>(c)</sup> | 17168 | &nbsp;&nbsp; 1110598 |
|  |  | &nbsp;&nbsp; 1541555 |
| **Pharmaceuticals-0.19%** | **Pharmaceuticals-0.19%** | **Pharmaceuticals-0.19%** |
| AstraZeneca PLC, ADR (United Kingdom) | 7901 | &nbsp;&nbsp; 577484 |
| **Rail Transportation-0.29%** | **Rail Transportation-0.29%** | **Rail Transportation-0.29%** |
| CSX Corp. | 24908 | &nbsp;&nbsp; 885230 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Services-0.17%** | **Real Estate Services-0.17%** | **Real Estate Services-0.17%** |
| CoStar Group, Inc.<sup>(b)(c)</sup> | 5593 | &nbsp;&nbsp; $532398 |
| **Research & Consulting Services-0.55%** | **Research & Consulting Services-0.55%** | **Research & Consulting Services-0.55%** |
| Thomson Reuters Corp. (Canada) | 5866 | &nbsp;&nbsp; 1178538 |
| Verisk Analytics, Inc. | 1852 | &nbsp;&nbsp; 516171 |
|  |  | &nbsp;&nbsp; 1694709 |
| **Restaurants-0.87%** | **Restaurants-0.87%** | **Restaurants-0.87%** |
| DoorDash, Inc., Class A<sup>(b)</sup> | 5287 | &nbsp;&nbsp; 1323072 |
| Starbucks Corp.<sup>(c)</sup> | 15070 | &nbsp;&nbsp; 1343641 |
|  |  | &nbsp;&nbsp; 2666713 |
| **Semiconductor Materials & Equipment-1.92%** | **Semiconductor Materials & Equipment-1.92%** | **Semiconductor Materials & Equipment-1.92%** |
| Applied Materials, Inc. | 10641 | &nbsp;&nbsp; 1916018 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 1162 | &nbsp;&nbsp; 807253 |
| KLA Corp. | 1757 | &nbsp;&nbsp; 1544456 |
| Lam Research Corp. | 16958 | &nbsp;&nbsp; 1608297 |
|  |  | &nbsp;&nbsp; 5876024 |
| **Semiconductors-16.66%** | **Semiconductors-16.66%** | **Semiconductors-16.66%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 21499 | &nbsp;&nbsp; 3790489 |
| Analog Devices, Inc. | 6578 | &nbsp;&nbsp; 1477616 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 1776 | &nbsp;&nbsp; 251082 |
| Broadcom, Inc. | 41913 | &nbsp;&nbsp; 12309848 |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup> | 7333 | &nbsp;&nbsp; 274181 |
| Intel Corp. | 57838 | &nbsp;&nbsp; 1145192 |
| Marvell Technology, Inc. | 11433 | &nbsp;&nbsp; 918870 |
| Microchip Technology, Inc. | 7152 | &nbsp;&nbsp; 483404 |
| Micron Technology, Inc. | 14821 | &nbsp;&nbsp; 1617564 |
| NVIDIA Corp. | 131506 | &nbsp;&nbsp; 23390972 |
| NXP Semiconductors N.V. (Netherlands) | 3351 | &nbsp;&nbsp; 716343 |
| ON Semiconductor Corp.<sup>(b)(c)</sup> | 5541 | &nbsp;&nbsp; 312291 |
| QUALCOMM, Inc. | 14560 | &nbsp;&nbsp; 2136826 |
| Texas Instruments, Inc. | 12046 | &nbsp;&nbsp; 2181049 |
|  |  | &nbsp;&nbsp; 51005727 |
| **Soft Drinks & Non-alcoholic Beverages-1.45%** | **Soft Drinks & Non-alcoholic Beverages-1.45%** | **Soft Drinks & Non-alcoholic Beverages-1.45%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United <br> Kingdom)<br>| 6088 | &nbsp;&nbsp; 590049 |
| Keurig Dr Pepper, Inc. | 18008 | &nbsp;&nbsp; 587961 |
| Monster Beverage Corp.<sup>(b)</sup> | 12931 | &nbsp;&nbsp; 759696 |
| PepsiCo, Inc. | 18178 | &nbsp;&nbsp; 2507110 |
|  |  | &nbsp;&nbsp; 4444816 |
| **Systems Software-8.50%** | **Systems Software-8.50%** | **Systems Software-8.50%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 3302 | &nbsp;&nbsp; 1500990 |
| Fortinet, Inc.<sup>(b)</sup> | 10150 | &nbsp;&nbsp; 1013985 |
| Microsoft Corp. | 40059 | &nbsp;&nbsp; 21371476 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 8841 | &nbsp;&nbsp; 1534798 |
| Zscaler, Inc.<sup>(b)</sup> | 2064 | &nbsp;&nbsp; 589396 |
|  |  | &nbsp;&nbsp; 26010645 |
| **Technology Distributors-0.10%** | **Technology Distributors-0.10%** | **Technology Distributors-0.10%** |
| CDW Corp. | 1745 | &nbsp;&nbsp; 304293 |
| **Technology Hardware, Storage & Peripherals-5.46%** | **Technology Hardware, Storage & Peripherals-5.46%** | **Technology Hardware, Storage & Peripherals-5.46%** |
| Apple, Inc. | 80494 | &nbsp;&nbsp; 16708140 |
| **Trading Companies & Distributors-0.23%** | **Trading Companies & Distributors-0.23%** | **Trading Companies & Distributors-0.23%** |
| Fastenal Co. | 15212 | &nbsp;&nbsp; 701730 |
| **Transaction & Payment Processing Services-0.29%** | **Transaction & Payment Processing Services-0.29%** | **Transaction & Payment Processing Services-0.29%** |
| PayPal Holdings, Inc.<sup>(b)</sup> | 12897 | &nbsp;&nbsp; 886798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $201,312,132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $201,312,132) | &nbsp;&nbsp; 232980378 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>| **Value** |
| **Equity Linked Notes-4.44%** |  |  |
| **Diversified Banks-4.44%** |  |  |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (NASDAQ 100 Stock <br> Index), 252.86%, 08/06/2025<sup>(d)</sup><br>| $459000 | &nbsp;&nbsp; $441317 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (NASDAQ 100 Stock <br> Index), 208.80%, 08/26/2025<br>| 538000 | &nbsp;&nbsp; 543400 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (NASDAQ 100 Stock <br> Index), 196.62%, 08/27/2025<sup>(d)</sup><br>| 568000 | &nbsp;&nbsp; 571469 |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC (NASDAQ 100 Stock <br> Index), 214.00%, 08/29/2025<sup>(d)</sup><br>| 623000 | &nbsp;&nbsp; 619576 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (NASDAQ 100 Stock <br> Index), 219.51%, 08/11/2025<sup>(d)</sup><br>| 736000 | &nbsp;&nbsp; 719907 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (NASDAQ 100 Stock <br> Index), 250.28%, 08/14/2025<sup>(d)</sup><br>| 749000 | &nbsp;&nbsp; 747967 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (NASDAQ 100 Stock <br> Index), 245.45%, 08/15/2025<sup>(d)</sup><br>| 749000 | &nbsp;&nbsp; 745334 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. (NASDAQ 100 Stock Index), <br> 241.92%, 08/20/2025<sup>(d)</sup><br>| 414000 | &nbsp;&nbsp; 420439 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. (NASDAQ 100 Stock Index), <br> 213.19%, 08/28/2025<sup>(d)</sup><br>| 919000 | &nbsp;&nbsp; 921644 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (NASDAQ 100 <br> Stock Index), 232.45%, 08/07/2025<sup>(d)</sup><br>| 533000 | &nbsp;&nbsp; 523057 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (NASDAQ 100 <br> Stock Index), 205.00%, 08/19/2025<br>| 731000 | &nbsp;&nbsp; 735204 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (NASDAQ 100 <br> Stock Index), 218.32%, 09/03/2025<sup>(d)</sup><br>| 1255000 | &nbsp;&nbsp; 1255000 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (NASDAQ 100 <br> Stock Index), 208.00%, 08/25/2025<sup>(d)</sup><br>| 744000 | &nbsp;&nbsp; 752370 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (NASDAQ 100 <br> Stock Index), 206.00%, 09/02/2025<sup>(d)</sup><br>| 945000 | &nbsp;&nbsp; 942335 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (NASDAQ 100 Stock <br> Index), 241.97%, 08/08/2025<br>| 709000 | &nbsp;&nbsp; 690306 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (NASDAQ 100 Stock <br> Index), 236.84%, 08/12/2025<sup>(d)</sup><br>| 695000 | &nbsp;&nbsp; 690212 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (NASDAQ 100 Stock <br> Index), 245.31%, 08/13/2025<br>| 665000 | &nbsp;&nbsp; 660899 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (NASDAQ 100 <br> Stock Index), 204.00%, 08/18/2025<sup>(d)</sup><br>| 547000 | &nbsp;&nbsp; 551830 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (NASDAQ 100 <br> Stock Index), 245.00%, 08/21/2025<sup>(d)</sup><br>| 528000 | &nbsp;&nbsp; 538200 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (NASDAQ 100 <br> Stock Index), 245.00%, 08/22/2025<sup>(d)</sup><br>| 512000 | &nbsp;&nbsp; 521526 |
|  |  | &nbsp;&nbsp; 13591992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Linked Notes <br>(Cost $13,619,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Linked Notes <br>(Cost $13,619,000) | &nbsp;&nbsp; 13591992 |
|  | **Shares** |  |
| **Money Market Funds-19.06%** | **Money Market Funds-19.06%** | **Money Market Funds-19.06%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(e)(f)</sup> <br>(Cost $58,362,792)<br>| 58362792 | &nbsp;&nbsp; 58362792 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.60% <br>(Cost $273,293,924) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.60% <br>(Cost $273,293,924) | &nbsp;&nbsp; 304935162 |
| **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-1.58%** | **Money Market Funds-1.58%** | **Money Market Funds-1.58%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 1344822 | &nbsp;&nbsp; 1344822 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 3491937 | &nbsp;&nbsp; $3492635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,837,457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,837,457) | &nbsp;&nbsp; 4837457 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.18% <br>(Cost $278,131,381) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.18% <br>(Cost $278,131,381) | &nbsp;&nbsp; 309772619 |
| OTHER ASSETS LESS LIABILITIES-(1.18)% | OTHER ASSETS LESS LIABILITIES-(1.18)% | &nbsp;&nbsp; (3614604)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $306158015 |

---

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

Investment Abbreviations: <br> ADR -American Depositary Receipt

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(d)</sup> | 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> July 31, 2025 was $10,962,183, which represented 3.58% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $24679350 | &nbsp;&nbsp;&nbsp; $29744118 | &nbsp;&nbsp;&nbsp; $(54423468)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $537773 |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 78666680 | &nbsp;&nbsp;&nbsp; (20303888)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 58362792 | &nbsp;&nbsp;&nbsp; 643535 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 89525 | &nbsp;&nbsp;&nbsp; 21752255 | &nbsp;&nbsp;&nbsp; (20496958)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1344822 | &nbsp;&nbsp;&nbsp; 30,499<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 504696 | &nbsp;&nbsp;&nbsp; 45731926 | &nbsp;&nbsp;&nbsp; (42743764)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; 3492635 | &nbsp;&nbsp;&nbsp; 79,574<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $25273571 | &nbsp;&nbsp;&nbsp; $175894979 | &nbsp;&nbsp;&nbsp; $(137968078)<br>| &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $(225)<br>| &nbsp;&nbsp;&nbsp; $63200249 | &nbsp;&nbsp;&nbsp; $1291381 |

---

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

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

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> <sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-71.57%** | **Common Stocks & Other Equity Interests-71.57%** | **Common Stocks & Other Equity Interests-71.57%** |
| **Communication Services-7.06%** | **Communication Services-7.06%** | **Communication Services-7.06%** |
| Alphabet, Inc., Class A | 6688 | &nbsp;&nbsp; $1283427 |
| Alphabet, Inc., Class C | 5397 | &nbsp;&nbsp; 1040865 |
| AT&T, Inc. | 8231 | &nbsp;&nbsp; 225612 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 111 | &nbsp;&nbsp; 29899 |
| Comcast Corp., Class A | 4325 | &nbsp;&nbsp; 143720 |
| Electronic Arts, Inc. | 272 | &nbsp;&nbsp; 41477 |
| Fox Corp., Class A | 250 | &nbsp;&nbsp; 13940 |
| Fox Corp., Class B | 151 | &nbsp;&nbsp; 7722 |
| Interpublic Group of Cos., Inc. (The) | 427 | &nbsp;&nbsp; 10504 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 180 | &nbsp;&nbsp; 26586 |
| Match Group, Inc. | 288 | &nbsp;&nbsp; 9870 |
| Meta Platforms, Inc., Class A | 2490 | &nbsp;&nbsp; 1925866 |
| Netflix, Inc.<sup>(b)</sup> | 487 | &nbsp;&nbsp; 564628 |
| News Corp., Class A | 433 | &nbsp;&nbsp; 12696 |
| News Corp., Class B | 128 | &nbsp;&nbsp; 4278 |
| Omnicom Group, Inc. | 225 | &nbsp;&nbsp; 16211 |
| Paramount Global, Class B<sup>(c)</sup> | 682 | &nbsp;&nbsp; 8573 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 188 | &nbsp;&nbsp; 41873 |
| TKO Group Holdings, Inc. | 76 | &nbsp;&nbsp; 12769 |
| T-Mobile US, Inc. | 550 | &nbsp;&nbsp; 131125 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 515 | &nbsp;&nbsp; 44784 |
| Verizon Communications, Inc. | 4827 | &nbsp;&nbsp; 206403 |
| Walt Disney Co. (The) | 2073 | &nbsp;&nbsp; 246915 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 2560 | &nbsp;&nbsp; 33715 |
|  |  | &nbsp;&nbsp; 6083458 |
| **Consumer Discretionary-7.44%** | **Consumer Discretionary-7.44%** | **Consumer Discretionary-7.44%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 496 | &nbsp;&nbsp; 65675 |
| Amazon.com, Inc.<sup>(b)</sup> | 10839 | &nbsp;&nbsp; 2537518 |
| Aptiv PLC (Jersey)<sup>(b)</sup> | 263 | &nbsp;&nbsp; 18052 |
| AutoZone, Inc.<sup>(b)</sup> | 19 | &nbsp;&nbsp; 71599 |
| Best Buy Co., Inc. | 223 | &nbsp;&nbsp; 14508 |
| Booking Holdings, Inc. | 37 | &nbsp;&nbsp; 203650 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 244 | &nbsp;&nbsp; 6510 |
| CarMax, Inc.<sup>(b)</sup> | 176 | &nbsp;&nbsp; 9963 |
| Carnival Corp.<sup>(b)</sup> | 1201 | &nbsp;&nbsp; 35754 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 1554 | &nbsp;&nbsp; 66636 |
| D.R. Horton, Inc. | 325 | &nbsp;&nbsp; 46423 |
| Darden Restaurants, Inc. | 134 | &nbsp;&nbsp; 27024 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 174 | &nbsp;&nbsp; 18474 |
| Domino's Pizza, Inc. | 40 | &nbsp;&nbsp; 18528 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 389 | &nbsp;&nbsp; 97347 |
| eBay, Inc. | 549 | &nbsp;&nbsp; 50371 |
| Expedia Group, Inc. | 141 | &nbsp;&nbsp; 25411 |
| Ford Motor Co.<sup>(c)</sup> | 4463 | &nbsp;&nbsp; 49405 |
| Garmin Ltd. | 176 | &nbsp;&nbsp; 38502 |
| General Motors Co. | 1078 | &nbsp;&nbsp; 57501 |
| Genuine Parts Co. | 159 | &nbsp;&nbsp; 20492 |
| Hasbro, Inc. | 150 | &nbsp;&nbsp; 11274 |
| Hilton Worldwide Holdings, Inc. | 276 | &nbsp;&nbsp; 73990 |
| Home Depot, Inc. (The) | 1139 | &nbsp;&nbsp; 418594 |
| Las Vegas Sands Corp. | 394 | &nbsp;&nbsp; 20646 |
| Lennar Corp., Class A | 268 | &nbsp;&nbsp; 30064 |
| LKQ Corp. | 298 | &nbsp;&nbsp; 8782 |
| Lowe's Cos., Inc. | 647 | &nbsp;&nbsp; 144650 |
| lululemon athletica, inc.<sup>(b)</sup> | 128 | &nbsp;&nbsp; 25668 |
| Marriott International, Inc., Class A | 262 | &nbsp;&nbsp; 69123 |
| McDonald's Corp. | 822 | &nbsp;&nbsp; 246658 |
| MGM Resorts International<sup>(b)</sup> | 257 | &nbsp;&nbsp; 9368 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 60 | &nbsp;&nbsp; 6871 |
| NIKE, Inc., Class B | 1354 | &nbsp;&nbsp; 101130 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 504 | &nbsp;&nbsp; 12882 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| NVR, Inc.<sup>(b)</sup> | 3 | &nbsp;&nbsp; $22649 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 990 | &nbsp;&nbsp; 97337 |
| Pool Corp.<sup>(c)</sup> | 44 | &nbsp;&nbsp; 13558 |
| PulteGroup, Inc. | 232 | &nbsp;&nbsp; 26197 |
| Ralph Lauren Corp. | 46 | &nbsp;&nbsp; 13743 |
| Ross Stores, Inc. | 378 | &nbsp;&nbsp; 51612 |
| Royal Caribbean Cruises Ltd. | 284 | &nbsp;&nbsp; 90275 |
| Starbucks Corp. | 1302 | &nbsp;&nbsp; 116086 |
| Tapestry, Inc. | 237 | &nbsp;&nbsp; 25603 |
| Tesla, Inc.<sup>(b)</sup> | 3221 | &nbsp;&nbsp; 992938 |
| TJX Cos., Inc. (The) | 1289 | &nbsp;&nbsp; 160519 |
| Tractor Supply Co.<sup>(c)</sup> | 613 | &nbsp;&nbsp; 34910 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 53 | &nbsp;&nbsp; 27296 |
| Williams-Sonoma, Inc. | 141 | &nbsp;&nbsp; 26374 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 103 | &nbsp;&nbsp; 11230 |
| Yum! Brands, Inc. | 320 | &nbsp;&nbsp; 46128 |
|  |  | &nbsp;&nbsp; 6415498 |
| **Consumer Staples-3.75%** | **Consumer Staples-3.75%** | **Consumer Staples-3.75%** |
| Altria Group, Inc. | 1943 | &nbsp;&nbsp; 120349 |
| Archer-Daniels-Midland Co. | 549 | &nbsp;&nbsp; 29745 |
| Brown-Forman Corp., Class B<sup>(c)</sup> | 209 | &nbsp;&nbsp; 6030 |
| Bunge Global S.A. | 153 | &nbsp;&nbsp; 12203 |
| Campbell's Co. (The)<sup>(c)</sup> | 226 | &nbsp;&nbsp; 7214 |
| Church & Dwight Co., Inc. | 282 | &nbsp;&nbsp; 26443 |
| Clorox Co. (The) | 141 | &nbsp;&nbsp; 17704 |
| Coca-Cola Co. (The) | 4439 | &nbsp;&nbsp; 301364 |
| Colgate-Palmolive Co. | 931 | &nbsp;&nbsp; 78064 |
| Conagra Brands, Inc. | 547 | &nbsp;&nbsp; 9988 |
| Constellation Brands, Inc., Class A | 178 | &nbsp;&nbsp; 29733 |
| Costco Wholesale Corp. | 509 | &nbsp;&nbsp; 478277 |
| Dollar General Corp. | 252 | &nbsp;&nbsp; 26435 |
| Dollar Tree, Inc.<sup>(b)</sup> | 232 | &nbsp;&nbsp; 26344 |
| Estee Lauder Cos., Inc. (The), Class A | 269 | &nbsp;&nbsp; 25108 |
| General Mills, Inc.<sup>(c)</sup> | 632 | &nbsp;&nbsp; 30955 |
| Hershey Co. (The) | 169 | &nbsp;&nbsp; 31456 |
| Hormel Foods Corp. | 334 | &nbsp;&nbsp; 9382 |
| J.M. Smucker Co. (The) | 122 | &nbsp;&nbsp; 13095 |
| Kellanova | 308 | &nbsp;&nbsp; 24588 |
| Kenvue, Inc. | 2198 | &nbsp;&nbsp; 47125 |
| Keurig Dr Pepper, Inc. | 1563 | &nbsp;&nbsp; 51032 |
| Kimberly-Clark Corp. | 380 | &nbsp;&nbsp; 47356 |
| Kraft Heinz Co. (The) | 1000 | &nbsp;&nbsp; 27460 |
| Kroger Co. (The) | 701 | &nbsp;&nbsp; 49140 |
| Lamb Weston Holdings, Inc. | 164 | &nbsp;&nbsp; 9359 |
| McCormick & Co., Inc. | 290 | &nbsp;&nbsp; 20483 |
| Molson Coors Beverage Co., Class B<sup>(c)</sup> | 197 | &nbsp;&nbsp; 9598 |
| Mondelez International, Inc., Class A | 1483 | &nbsp;&nbsp; 95935 |
| Monster Beverage Corp.<sup>(b)</sup> | 803 | &nbsp;&nbsp; 47176 |
| PepsiCo, Inc. | 1573 | &nbsp;&nbsp; 216948 |
| Philip Morris International, Inc. | 1783 | &nbsp;&nbsp; 292501 |
| Procter & Gamble Co. (The) | 2689 | &nbsp;&nbsp; 404614 |
| Sysco Corp. | 561 | &nbsp;&nbsp; 44656 |
| Target Corp. | 525 | &nbsp;&nbsp; 52763 |
| Tyson Foods, Inc., Class A | 328 | &nbsp;&nbsp; 17154 |
| Walgreens Boots Alliance, Inc.<sup>(c)</sup> | 822 | &nbsp;&nbsp; 9568 |
| Walmart, Inc. | 4974 | &nbsp;&nbsp; 487353 |
|  |  | &nbsp;&nbsp; 3234698 |
| **Energy-2.15%** | **Energy-2.15%** | **Energy-2.15%** |
| APA Corp.<sup>(c)</sup> | 424 | &nbsp;&nbsp; 8179 |
| Baker Hughes Co., Class A | 1135 | &nbsp;&nbsp; 51132 |
| Chevron Corp. | 2193 | &nbsp;&nbsp; 332547 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| ConocoPhillips | 1463 | &nbsp;&nbsp; $139482 |
| Coterra Energy, Inc. | 844 | &nbsp;&nbsp; 20585 |
| Devon Energy Corp. | 753 | &nbsp;&nbsp; 25015 |
| Diamondback Energy, Inc. | 214 | &nbsp;&nbsp; 31813 |
| EOG Resources, Inc. | 613 | &nbsp;&nbsp; 73572 |
| EQT Corp. | 684 | &nbsp;&nbsp; 36765 |
| Expand Energy Corp. | 241 | &nbsp;&nbsp; 25252 |
| Exxon Mobil Corp. | 4955 | &nbsp;&nbsp; 553176 |
| Halliburton Co. | 995 | &nbsp;&nbsp; 22288 |
| Kinder Morgan, Inc. | 2217 | &nbsp;&nbsp; 62209 |
| Marathon Petroleum Corp. | 362 | &nbsp;&nbsp; 61609 |
| Occidental Petroleum Corp. | 775 | &nbsp;&nbsp; 34053 |
| ONEOK, Inc. | 711 | &nbsp;&nbsp; 58380 |
| Phillips 66 | 474 | &nbsp;&nbsp; 58577 |
| Schlumberger N.V. | 1727 | &nbsp;&nbsp; 58373 |
| Targa Resources Corp. | 250 | &nbsp;&nbsp; 41602 |
| Texas Pacific Land Corp. | 22 | &nbsp;&nbsp; 21299 |
| Valero Energy Corp. | 363 | &nbsp;&nbsp; 49844 |
| Williams Cos., Inc. (The) | 1398 | &nbsp;&nbsp; 83810 |
|  |  | &nbsp;&nbsp; 1849562 |
| **Financials-9.87%** | **Financials-9.87%** | **Financials-9.87%** |
| Aflac, Inc. | 568 | &nbsp;&nbsp; 56436 |
| Allstate Corp. (The) | 304 | &nbsp;&nbsp; 61788 |
| American Express Co. | 636 | &nbsp;&nbsp; 190361 |
| American International Group, Inc. | 680 | &nbsp;&nbsp; 52788 |
| Ameriprise Financial, Inc. | 110 | &nbsp;&nbsp; 57001 |
| Aon PLC, Class A | 248 | &nbsp;&nbsp; 88216 |
| Apollo Global Management, Inc. | 513 | &nbsp;&nbsp; 74549 |
| Arch Capital Group Ltd. | 430 | &nbsp;&nbsp; 37006 |
| Arthur J. Gallagher & Co. | 292 | &nbsp;&nbsp; 83877 |
| Assurant, Inc. | 59 | &nbsp;&nbsp; 11051 |
| Bank of America Corp. | 7508 | &nbsp;&nbsp; 354903 |
| Bank of New York Mellon Corp. (The) | 823 | &nbsp;&nbsp; 83493 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 2108 | &nbsp;&nbsp; 994723 |
| BlackRock, Inc. | 167 | &nbsp;&nbsp; 184704 |
| Blackstone, Inc., Class A | 839 | &nbsp;&nbsp; 145113 |
| Block, Inc., Class A<sup>(b)(c)</sup> | 639 | &nbsp;&nbsp; 49369 |
| Brown & Brown, Inc. | 310 | &nbsp;&nbsp; 28325 |
| Capital One Financial Corp. | 730 | &nbsp;&nbsp; 156950 |
| Cboe Global Markets, Inc. | 120 | &nbsp;&nbsp; 28925 |
| Charles Schwab Corp. (The) | 1954 | &nbsp;&nbsp; 190964 |
| Chubb Ltd. | 427 | &nbsp;&nbsp; 113599 |
| Cincinnati Financial Corp. | 179 | &nbsp;&nbsp; 26404 |
| Citigroup, Inc. | 2152 | &nbsp;&nbsp; 201642 |
| Citizens Financial Group, Inc. | 501 | &nbsp;&nbsp; 23908 |
| CME Group, Inc., Class A | 413 | &nbsp;&nbsp; 114930 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 241 | &nbsp;&nbsp; 91040 |
| Corpay, Inc.<sup>(b)</sup> | 80 | &nbsp;&nbsp; 25844 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 29 | &nbsp;&nbsp; 10331 |
| Everest Group Ltd. | 49 | &nbsp;&nbsp; 16454 |
| FactSet Research Systems, Inc.<sup>(c)</sup> | 44 | &nbsp;&nbsp; 17728 |
| Fidelity National Information Services, Inc. | 607 | &nbsp;&nbsp; 48202 |
| Fifth Third Bancorp | 768 | &nbsp;&nbsp; 31926 |
| Fiserv, Inc.<sup>(b)</sup> | 629 | &nbsp;&nbsp; 87393 |
| Franklin Resources, Inc. | 355 | &nbsp;&nbsp; 8520 |
| Global Payments, Inc. | 284 | &nbsp;&nbsp; 22706 |
| Globe Life, Inc. | 96 | &nbsp;&nbsp; 13485 |
| Goldman Sachs Group, Inc. (The) | 353 | &nbsp;&nbsp; 255427 |
| Hartford Insurance Group, Inc. (The) | 330 | &nbsp;&nbsp; 41049 |
| Huntington Bancshares, Inc. | 1667 | &nbsp;&nbsp; 27389 |
| Intercontinental Exchange, Inc. | 659 | &nbsp;&nbsp; 121803 |
| Invesco Ltd.<sup>(d)</sup> | 514 | &nbsp;&nbsp; 10799 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Jack Henry & Associates, Inc. | 84 | &nbsp;&nbsp; $14264 |
| JPMorgan Chase & Co. | 3190 | &nbsp;&nbsp; 945006 |
| KeyCorp | 1142 | &nbsp;&nbsp; 20465 |
| KKR & Co., Inc., Class A | 774 | &nbsp;&nbsp; 113453 |
| Loews Corp. | 203 | &nbsp;&nbsp; 18380 |
| M&T Bank Corp. | 190 | &nbsp;&nbsp; 35853 |
| MarketAxess Holdings, Inc. | 43 | &nbsp;&nbsp; 8837 |
| Marsh & McLennan Cos., Inc. | 563 | &nbsp;&nbsp; 112150 |
| Mastercard, Inc., Class A | 934 | &nbsp;&nbsp; 529083 |
| MetLife, Inc. | 664 | &nbsp;&nbsp; 50431 |
| Moody's Corp. | 177 | &nbsp;&nbsp; 91284 |
| Morgan Stanley | 1419 | &nbsp;&nbsp; 202151 |
| MSCI, Inc. | 89 | &nbsp;&nbsp; 49961 |
| Nasdaq, Inc. | 475 | &nbsp;&nbsp; 45705 |
| Northern Trust Corp. | 225 | &nbsp;&nbsp; 29250 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 1134 | &nbsp;&nbsp; 77974 |
| PNC Financial Services Group, Inc. (The) | 454 | &nbsp;&nbsp; 86383 |
| Principal Financial Group, Inc. | 241 | &nbsp;&nbsp; 18757 |
| Progressive Corp. (The) | 672 | &nbsp;&nbsp; 162651 |
| Prudential Financial, Inc. | 406 | &nbsp;&nbsp; 42053 |
| Raymond James Financial, Inc. | 211 | &nbsp;&nbsp; 35264 |
| Regions Financial Corp. | 1042 | &nbsp;&nbsp; 26394 |
| S&P Global, Inc. | 361 | &nbsp;&nbsp; 198947 |
| State Street Corp. | 331 | &nbsp;&nbsp; 36989 |
| Synchrony Financial | 446 | &nbsp;&nbsp; 31073 |
| T. Rowe Price Group, Inc. | 255 | &nbsp;&nbsp; 25870 |
| Travelers Cos., Inc. (The) | 260 | &nbsp;&nbsp; 67662 |
| Truist Financial Corp. | 1509 | &nbsp;&nbsp; 65958 |
| U.S. Bancorp | 1789 | &nbsp;&nbsp; 80433 |
| Visa, Inc., Class A | 1967 | &nbsp;&nbsp; 679540 |
| W.R. Berkley Corp. | 344 | &nbsp;&nbsp; 23671 |
| Wells Fargo & Co. | 3723 | &nbsp;&nbsp; 300185 |
| Willis Towers Watson PLC | 114 | &nbsp;&nbsp; 36002 |
|  |  | &nbsp;&nbsp; 8503200 |
| **Health Care-6.29%** | **Health Care-6.29%** | **Health Care-6.29%** |
| Abbott Laboratories | 1989 | &nbsp;&nbsp; 250992 |
| AbbVie, Inc. | 2024 | &nbsp;&nbsp; 382576 |
| Agilent Technologies, Inc. | 327 | &nbsp;&nbsp; 37543 |
| Align Technology, Inc.<sup>(b)</sup> | 80 | &nbsp;&nbsp; 10321 |
| Amgen, Inc. | 616 | &nbsp;&nbsp; 181782 |
| Baxter International, Inc. | 585 | &nbsp;&nbsp; 12730 |
| Becton, Dickinson and Co. | 329 | &nbsp;&nbsp; 58644 |
| Biogen, Inc.<sup>(b)</sup> | 168 | &nbsp;&nbsp; 21504 |
| Bio-Techne Corp. | 181 | &nbsp;&nbsp; 9906 |
| Boston Scientific Corp.<sup>(b)</sup> | 1690 | &nbsp;&nbsp; 177315 |
| Bristol-Myers Squibb Co. | 2327 | &nbsp;&nbsp; 100782 |
| Cardinal Health, Inc. | 277 | &nbsp;&nbsp; 42996 |
| Cencora, Inc. | 198 | &nbsp;&nbsp; 56644 |
| Centene Corp.<sup>(b)</sup> | 569 | &nbsp;&nbsp; 14834 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 59 | &nbsp;&nbsp; 10009 |
| Cigna Group (The) | 302 | &nbsp;&nbsp; 80749 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 229 | &nbsp;&nbsp; 16188 |
| CVS Health Corp. | 1446 | &nbsp;&nbsp; 89797 |
| Danaher Corp. | 734 | &nbsp;&nbsp; 144715 |
| DaVita, Inc.<sup>(b)(c)</sup> | 50 | &nbsp;&nbsp; 7018 |
| DexCom, Inc.<sup>(b)</sup> | 448 | &nbsp;&nbsp; 36185 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 676 | &nbsp;&nbsp; 53613 |
| Elevance Health, Inc. | 255 | &nbsp;&nbsp; 72185 |
| Eli Lilly and Co. | 903 | &nbsp;&nbsp; 668283 |
| GE HealthCare Technologies, Inc. | 524 | &nbsp;&nbsp; 37372 |
| Gilead Sciences, Inc. | 1429 | &nbsp;&nbsp; 160462 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| HCA Healthcare, Inc. | 195 | &nbsp;&nbsp; $69028 |
| Henry Schein, Inc.<sup>(b)(c)</sup> | 143 | &nbsp;&nbsp; 9674 |
| Hologic, Inc.<sup>(b)</sup> | 257 | &nbsp;&nbsp; 17173 |
| Humana, Inc. | 138 | &nbsp;&nbsp; 34482 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 94 | &nbsp;&nbsp; 50225 |
| Incyte Corp.<sup>(b)</sup> | 184 | &nbsp;&nbsp; 13780 |
| Insulet Corp.<sup>(b)</sup> | 80 | &nbsp;&nbsp; 23072 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 409 | &nbsp;&nbsp; 196766 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 192 | &nbsp;&nbsp; 35685 |
| Johnson & Johnson | 2761 | &nbsp;&nbsp; 454847 |
| Labcorp Holdings, Inc. | 96 | &nbsp;&nbsp; 24968 |
| McKesson Corp. | 144 | &nbsp;&nbsp; 99870 |
| Medtronic PLC | 1470 | &nbsp;&nbsp; 132653 |
| Merck & Co., Inc. | 2901 | &nbsp;&nbsp; 226626 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 24 | &nbsp;&nbsp; 29608 |
| Moderna, Inc.<sup>(b)(c)</sup> | 388 | &nbsp;&nbsp; 11469 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 64 | &nbsp;&nbsp; 10104 |
| Pfizer, Inc. | 6498 | &nbsp;&nbsp; 151338 |
| Quest Diagnostics, Inc. | 127 | &nbsp;&nbsp; 21261 |
| Regeneron Pharmaceuticals, Inc. | 121 | &nbsp;&nbsp; 66001 |
| ResMed, Inc. | 168 | &nbsp;&nbsp; 45686 |
| Revvity, Inc.<sup>(c)</sup> | 140 | &nbsp;&nbsp; 12306 |
| Solventum Corp.<sup>(b)</sup> | 158 | &nbsp;&nbsp; 11275 |
| STERIS PLC | 113 | &nbsp;&nbsp; 25593 |
| Stryker Corp. | 394 | &nbsp;&nbsp; 154736 |
| Thermo Fisher Scientific, Inc. | 430 | &nbsp;&nbsp; 201102 |
| UnitedHealth Group, Inc. | 1043 | &nbsp;&nbsp; 260291 |
| Universal Health Services, Inc., Class B | 67 | &nbsp;&nbsp; 11152 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 294 | &nbsp;&nbsp; 134320 |
| Viatris, Inc. | 1369 | &nbsp;&nbsp; 11965 |
| Waters Corp.<sup>(b)</sup> | 68 | &nbsp;&nbsp; 19636 |
| West Pharmaceutical Services, Inc. | 83 | &nbsp;&nbsp; 19859 |
| Zimmer Biomet Holdings, Inc. | 228 | &nbsp;&nbsp; 20896 |
| Zoetis, Inc. | 513 | &nbsp;&nbsp; 74790 |
|  |  | &nbsp;&nbsp; 5417382 |
| **Industrials-6.19%** | **Industrials-6.19%** | **Industrials-6.19%** |
| 3M Co. | 623 | &nbsp;&nbsp; 92964 |
| A.O. Smith Corp. | 135 | &nbsp;&nbsp; 9557 |
| Allegion PLC | 100 | &nbsp;&nbsp; 16592 |
| AMETEK, Inc. | 265 | &nbsp;&nbsp; 48985 |
| Automatic Data Processing, Inc. | 467 | &nbsp;&nbsp; 144536 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 83 | &nbsp;&nbsp; 62706 |
| Boeing Co. (The)<sup>(b)</sup> | 860 | &nbsp;&nbsp; 190782 |
| Broadridge Financial Solutions, Inc. | 134 | &nbsp;&nbsp; 33166 |
| Builders FirstSource, Inc.<sup>(b)(c)</sup> | 132 | &nbsp;&nbsp; 16781 |
| C.H. Robinson Worldwide, Inc. | 136 | &nbsp;&nbsp; 15684 |
| Carrier Global Corp. | 926 | &nbsp;&nbsp; 63542 |
| Caterpillar, Inc. | 538 | &nbsp;&nbsp; 235655 |
| Cintas Corp. | 393 | &nbsp;&nbsp; 87462 |
| Copart, Inc.<sup>(b)</sup> | 1005 | &nbsp;&nbsp; 45557 |
| CSX Corp. | 2122 | &nbsp;&nbsp; 75416 |
| Cummins, Inc. | 158 | &nbsp;&nbsp; 58084 |
| Dayforce, Inc.<sup>(b)</sup> | 182 | &nbsp;&nbsp; 10496 |
| Deere & Co. | 290 | &nbsp;&nbsp; 152067 |
| Delta Air Lines, Inc. | 736 | &nbsp;&nbsp; 39163 |
| Dover Corp. | 157 | &nbsp;&nbsp; 28439 |
| Eaton Corp. PLC | 453 | &nbsp;&nbsp; 174278 |
| Emerson Electric Co. | 647 | &nbsp;&nbsp; 94145 |
| Equifax, Inc. | 142 | &nbsp;&nbsp; 34113 |
| Expeditors International of Washington, Inc.<sup>(c)</sup> | 160 | &nbsp;&nbsp; 18598 |
| Fastenal Co. | 1314 | &nbsp;&nbsp; 60615 |
| FedEx Corp. | 254 | &nbsp;&nbsp; 56766 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Fortive Corp. | 391 | &nbsp;&nbsp; $18741 |
| GE Vernova, Inc. | 316 | &nbsp;&nbsp; 208652 |
| Generac Holdings, Inc.<sup>(b)</sup> | 68 | &nbsp;&nbsp; 13239 |
| General Dynamics Corp. | 291 | &nbsp;&nbsp; 90679 |
| General Electric Co. | 1231 | &nbsp;&nbsp; 333699 |
| Honeywell International, Inc. | 733 | &nbsp;&nbsp; 162983 |
| Howmet Aerospace, Inc. | 464 | &nbsp;&nbsp; 83413 |
| Hubbell, Inc. | 62 | &nbsp;&nbsp; 27124 |
| Huntington Ingalls Industries, Inc. | 45 | &nbsp;&nbsp; 12549 |
| IDEX Corp.<sup>(c)</sup> | 87 | &nbsp;&nbsp; 14225 |
| Illinois Tool Works, Inc. | 306 | &nbsp;&nbsp; 78327 |
| Ingersoll Rand, Inc. | 462 | &nbsp;&nbsp; 39099 |
| J.B. Hunt Transport Services, Inc. | 91 | &nbsp;&nbsp; 13109 |
| Jacobs Solutions, Inc. | 141 | &nbsp;&nbsp; 20004 |
| Johnson Controls International PLC | 757 | &nbsp;&nbsp; 79485 |
| L3Harris Technologies, Inc. | 216 | &nbsp;&nbsp; 59361 |
| Leidos Holdings, Inc. | 150 | &nbsp;&nbsp; 23948 |
| Lennox International, Inc. | 37 | &nbsp;&nbsp; 22533 |
| Lockheed Martin Corp. | 240 | &nbsp;&nbsp; 101035 |
| Masco Corp. | 243 | &nbsp;&nbsp; 16556 |
| Nordson Corp.<sup>(c)</sup> | 62 | &nbsp;&nbsp; 13281 |
| Norfolk Southern Corp. | 260 | &nbsp;&nbsp; 72280 |
| Northrop Grumman Corp. | 156 | &nbsp;&nbsp; 89951 |
| Old Dominion Freight Line, Inc. | 215 | &nbsp;&nbsp; 32089 |
| Otis Worldwide Corp. | 455 | &nbsp;&nbsp; 38989 |
| PACCAR, Inc. | 601 | &nbsp;&nbsp; 59355 |
| Parker-Hannifin Corp. | 148 | &nbsp;&nbsp; 108321 |
| Paychex, Inc.<sup>(c)</sup> | 367 | &nbsp;&nbsp; 52969 |
| Paycom Software, Inc. | 54 | &nbsp;&nbsp; 12503 |
| Pentair PLC | 189 | &nbsp;&nbsp; 19316 |
| Quanta Services, Inc. | 169 | &nbsp;&nbsp; 68636 |
| Republic Services, Inc. | 233 | &nbsp;&nbsp; 53741 |
| Rockwell Automation, Inc. | 130 | &nbsp;&nbsp; 45722 |
| Rollins, Inc. | 322 | &nbsp;&nbsp; 18441 |
| RTX Corp. | 1527 | &nbsp;&nbsp; 240609 |
| Snap-on, Inc. | 60 | &nbsp;&nbsp; 19271 |
| Southwest Airlines Co. | 680 | &nbsp;&nbsp; 21032 |
| Stanley Black & Decker, Inc. | 177 | &nbsp;&nbsp; 11974 |
| Textron, Inc. | 209 | &nbsp;&nbsp; 16254 |
| Trane Technologies PLC | 257 | &nbsp;&nbsp; 112587 |
| TransDigm Group, Inc. | 64 | &nbsp;&nbsp; 102941 |
| Uber Technologies, Inc.<sup>(b)</sup> | 2395 | &nbsp;&nbsp; 210161 |
| Union Pacific Corp. | 693 | &nbsp;&nbsp; 153825 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 377 | &nbsp;&nbsp; 33293 |
| United Parcel Service, Inc., Class B | 839 | &nbsp;&nbsp; 72288 |
| United Rentals, Inc. | 75 | &nbsp;&nbsp; 66220 |
| Veralto Corp. | 284 | &nbsp;&nbsp; 29772 |
| Verisk Analytics, Inc. | 162 | &nbsp;&nbsp; 45151 |
| W.W. Grainger, Inc. | 51 | &nbsp;&nbsp; 53017 |
| Wabtec Corp. | 196 | &nbsp;&nbsp; 37642 |
| Waste Management, Inc. | 419 | &nbsp;&nbsp; 96018 |
| Xylem, Inc. | 279 | &nbsp;&nbsp; 40349 |
|  |  | &nbsp;&nbsp; 5332908 |
| **Information Technology-24.34%** | **Information Technology-24.34%** | **Information Technology-24.34%** |
| Accenture PLC, Class A (Ireland) | 717 | &nbsp;&nbsp; 191511 |
| Adobe, Inc.<sup>(b)</sup> | 489 | &nbsp;&nbsp; 174910 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1858 | &nbsp;&nbsp; 327584 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 172 | &nbsp;&nbsp; 13125 |
| Amphenol Corp., Class A | 1389 | &nbsp;&nbsp; 147942 |
| Analog Devices, Inc. | 569 | &nbsp;&nbsp; 127815 |
| Apple, Inc. | 17137 | &nbsp;&nbsp; 3557127 |
| Applied Materials, Inc. | 932 | &nbsp;&nbsp; 167816 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Arista Networks, Inc.<sup>(b)</sup> | 1184 | &nbsp;&nbsp; $145893 |
| Autodesk, Inc.<sup>(b)</sup> | 247 | &nbsp;&nbsp; 74868 |
| Broadcom, Inc. | 5392 | &nbsp;&nbsp; 1583630 |
| Cadence Design Systems, Inc.<sup>(b)(c)</sup> | 314 | &nbsp;&nbsp; 114475 |
| CDW Corp. | 153 | &nbsp;&nbsp; 26680 |
| Cisco Systems, Inc. | 4567 | &nbsp;&nbsp; 310921 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 567 | &nbsp;&nbsp; 40688 |
| Corning, Inc. | 884 | &nbsp;&nbsp; 55904 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 282 | &nbsp;&nbsp; 128189 |
| Datadog, Inc., Class A<sup>(b)</sup> | 366 | &nbsp;&nbsp; 51233 |
| Dell Technologies, Inc., Class C | 358 | &nbsp;&nbsp; 47503 |
| Enphase Energy, Inc.<sup>(b)</sup> | 152 | &nbsp;&nbsp; 4919 |
| EPAM Systems, Inc.<sup>(b)</sup> | 65 | &nbsp;&nbsp; 10251 |
| F5, Inc.<sup>(b)</sup> | 66 | &nbsp;&nbsp; 20686 |
| Fair Isaac Corp.<sup>(b)</sup> | 28 | &nbsp;&nbsp; 40228 |
| First Solar, Inc.<sup>(b)</sup> | 123 | &nbsp;&nbsp; 21492 |
| Fortinet, Inc.<sup>(b)</sup> | 729 | &nbsp;&nbsp; 72827 |
| Gartner, Inc.<sup>(b)</sup> | 88 | &nbsp;&nbsp; 29801 |
| Gen Digital, Inc. | 622 | &nbsp;&nbsp; 18343 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 162 | &nbsp;&nbsp; 26176 |
| Hewlett Packard Enterprise Co. | 1506 | &nbsp;&nbsp; 31159 |
| HP, Inc. | 1075 | &nbsp;&nbsp; 26660 |
| Intel Corp. | 4965 | &nbsp;&nbsp; 98307 |
| International Business Machines Corp. | 1060 | &nbsp;&nbsp; 268339 |
| Intuit, Inc. | 321 | &nbsp;&nbsp; 252027 |
| Jabil, Inc. | 126 | &nbsp;&nbsp; 28119 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 198 | &nbsp;&nbsp; 32454 |
| KLA Corp. | 152 | &nbsp;&nbsp; 133613 |
| Lam Research Corp. | 1472 | &nbsp;&nbsp; 139605 |
| Microchip Technology, Inc. | 617 | &nbsp;&nbsp; 41703 |
| Micron Technology, Inc. | 1278 | &nbsp;&nbsp; 139481 |
| Microsoft Corp. | 8529 | &nbsp;&nbsp; 4550222 |
| Monolithic Power Systems, Inc. | 55 | &nbsp;&nbsp; 39118 |
| Motorola Solutions, Inc. | 192 | &nbsp;&nbsp; 84284 |
| NetApp, Inc. | 233 | &nbsp;&nbsp; 24262 |
| NVIDIA Corp. | 27984 | &nbsp;&nbsp; 4977514 |
| NXP Semiconductors N.V. (Netherlands) | 291 | &nbsp;&nbsp; 62207 |
| ON Semiconductor Corp.<sup>(b)(c)</sup> | 483 | &nbsp;&nbsp; 27222 |
| Oracle Corp. | 1860 | &nbsp;&nbsp; 472012 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 2444 | &nbsp;&nbsp; 387007 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 759 | &nbsp;&nbsp; 131762 |
| PTC, Inc.<sup>(b)(c)</sup> | 138 | &nbsp;&nbsp; 29644 |
| QUALCOMM, Inc. | 1268 | &nbsp;&nbsp; 186092 |
| Roper Technologies, Inc. | 123 | &nbsp;&nbsp; 67699 |
| Salesforce, Inc. | 1097 | &nbsp;&nbsp; 283388 |
| Seagate Technology Holdings PLC | 243 | &nbsp;&nbsp; 38153 |
| ServiceNow, Inc.<sup>(b)</sup> | 236 | &nbsp;&nbsp; 222576 |
| Skyworks Solutions, Inc. | 184 | &nbsp;&nbsp; 12611 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 577 | &nbsp;&nbsp; 34026 |
| Synopsys, Inc.<sup>(b)</sup> | 210 | &nbsp;&nbsp; 133029 |
| TE Connectivity PLC (Switzerland) | 342 | &nbsp;&nbsp; 70367 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 53 | &nbsp;&nbsp; 29204 |
| Teradyne, Inc. | 187 | &nbsp;&nbsp; 20089 |
| Texas Instruments, Inc. | 1044 | &nbsp;&nbsp; 189027 |
| Trimble, Inc.<sup>(b)</sup> | 282 | &nbsp;&nbsp; 23657 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 49 | &nbsp;&nbsp; 28644 |
| VeriSign, Inc. | 93 | &nbsp;&nbsp; 25005 |
| Western Digital Corp.<sup>(c)</sup> | 399 | &nbsp;&nbsp; 31397 |
| Workday, Inc., Class A<sup>(b)</sup> | 245 | &nbsp;&nbsp; 56198 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 59 | &nbsp;&nbsp; 20002 |
|  |  | &nbsp;&nbsp; 20980422 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-1.31%** | **Materials-1.31%** | **Materials-1.31%** |
| Air Products and Chemicals, Inc. | 255 | &nbsp;&nbsp; $73409 |
| Albemarle Corp. | 135 | &nbsp;&nbsp; 9160 |
| Amcor PLC | 2620 | &nbsp;&nbsp; 24497 |
| Avery Dennison Corp. | 92 | &nbsp;&nbsp; 15435 |
| Ball Corp. | 342 | &nbsp;&nbsp; 19583 |
| CF Industries Holdings, Inc. | 200 | &nbsp;&nbsp; 18566 |
| Corteva, Inc. | 786 | &nbsp;&nbsp; 56694 |
| Dow, Inc. | 807 | &nbsp;&nbsp; 18795 |
| DuPont de Nemours, Inc. | 479 | &nbsp;&nbsp; 34440 |
| Eastman Chemical Co. | 132 | &nbsp;&nbsp; 9585 |
| Ecolab, Inc. | 289 | &nbsp;&nbsp; 75649 |
| Freeport-McMoRan, Inc. | 1648 | &nbsp;&nbsp; 66315 |
| International Flavors & Fragrances, Inc. | 293 | &nbsp;&nbsp; 20812 |
| International Paper Co. | 605 | &nbsp;&nbsp; 28278 |
| Linde PLC | 538 | &nbsp;&nbsp; 247620 |
| LyondellBasell Industries N.V., Class A | 297 | &nbsp;&nbsp; 17205 |
| Martin Marietta Materials, Inc. | 70 | &nbsp;&nbsp; 40242 |
| Mosaic Co. (The) | 364 | &nbsp;&nbsp; 13108 |
| Newmont Corp. | 1305 | &nbsp;&nbsp; 81040 |
| Nucor Corp. | 269 | &nbsp;&nbsp; 38486 |
| Packaging Corp. of America | 102 | &nbsp;&nbsp; 19762 |
| PPG Industries, Inc. | 266 | &nbsp;&nbsp; 28063 |
| Sherwin-Williams Co. (The) | 266 | &nbsp;&nbsp; 88014 |
| Smurfit WestRock PLC | 567 | &nbsp;&nbsp; 25163 |
| Steel Dynamics, Inc. | 162 | &nbsp;&nbsp; 20665 |
| Vulcan Materials Co. | 151 | &nbsp;&nbsp; 41475 |
|  |  | &nbsp;&nbsp; 1132061 |
| **Real Estate-1.42%** | **Real Estate-1.42%** | **Real Estate-1.42%** |
| Alexandria Real Estate Equities, Inc.<sup>(c)</sup> | 177 | &nbsp;&nbsp; 13528 |
| American Tower Corp. | 536 | &nbsp;&nbsp; 111697 |
| AvalonBay Communities, Inc. | 163 | &nbsp;&nbsp; 30364 |
| BXP, Inc.<sup>(c)</sup> | 167 | &nbsp;&nbsp; 10927 |
| Camden Property Trust | 122 | &nbsp;&nbsp; 13322 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 339 | &nbsp;&nbsp; 52796 |
| CoStar Group, Inc.<sup>(b)</sup> | 483 | &nbsp;&nbsp; 45977 |
| Crown Castle, Inc. | 498 | &nbsp;&nbsp; 52335 |
| Digital Realty Trust, Inc. | 363 | &nbsp;&nbsp; 64048 |
| Equinix, Inc., REIT | 112 | &nbsp;&nbsp; 87939 |
| Equity Residential<sup>(c)</sup> | 392 | &nbsp;&nbsp; 24774 |
| Essex Property Trust, Inc.<sup>(c)</sup> | 74 | &nbsp;&nbsp; 19253 |
| Extra Space Storage, Inc. | 243 | &nbsp;&nbsp; 32650 |
| Federal Realty Investment Trust | 88 | &nbsp;&nbsp; 8110 |
| Healthpeak Properties, Inc.<sup>(c)</sup> | 802 | &nbsp;&nbsp; 13586 |
| Host Hotels & Resorts, Inc. | 802 | &nbsp;&nbsp; 12607 |
| Invitation Homes, Inc. | 653 | &nbsp;&nbsp; 20014 |
| Iron Mountain, Inc. | 337 | &nbsp;&nbsp; 32810 |
| Kimco Realty Corp. | 779 | &nbsp;&nbsp; 16538 |
| Mid-America Apartment Communities, Inc. | 134 | &nbsp;&nbsp; 19086 |
| Prologis, Inc., REIT | 1063 | &nbsp;&nbsp; 113507 |
| Public Storage | 181 | &nbsp;&nbsp; 49221 |
| Realty Income Corp., REIT | 1004 | &nbsp;&nbsp; 56355 |
| Regency Centers Corp. | 187 | &nbsp;&nbsp; 13352 |
| SBA Communications Corp., Class A | 123 | &nbsp;&nbsp; 27641 |
| Simon Property Group, Inc. | 352 | &nbsp;&nbsp; 57654 |
| UDR, Inc. | 345 | &nbsp;&nbsp; 13555 |
| Ventas, Inc. | 501 | &nbsp;&nbsp; 33657 |
| VICI Properties, Inc. | 1209 | &nbsp;&nbsp; 39413 |
| Welltower, Inc., REIT | 699 | &nbsp;&nbsp; 115384 |
| Weyerhaeuser Co. | 832 | &nbsp;&nbsp; 20842 |
|  |  | &nbsp;&nbsp; 1222942 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-1.75%** | **Utilities-1.75%** | **Utilities-1.75%** |
| AES Corp. (The) | 815 | &nbsp;&nbsp; $10717 |
| Alliant Energy Corp. | 294 | &nbsp;&nbsp; 19113 |
| Ameren Corp. | 309 | &nbsp;&nbsp; 31249 |
| American Electric Power Co., Inc. | 611 | &nbsp;&nbsp; 69129 |
| American Water Works Co., Inc. | 223 | &nbsp;&nbsp; 31274 |
| Atmos Energy Corp. | 182 | &nbsp;&nbsp; 28377 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 747 | &nbsp;&nbsp; 28999 |
| CMS Energy Corp. | 343 | &nbsp;&nbsp; 25313 |
| Consolidated Edison, Inc. | 397 | &nbsp;&nbsp; 41089 |
| Constellation Energy Corp. | 359 | &nbsp;&nbsp; 124875 |
| Dominion Energy, Inc.<sup>(c)</sup> | 963 | &nbsp;&nbsp; 56287 |
| DTE Energy Co. | 238 | &nbsp;&nbsp; 32942 |
| Duke Energy Corp. | 890 | &nbsp;&nbsp; 108260 |
| Edison International | 444 | &nbsp;&nbsp; 23141 |
| Entergy Corp. | 492 | &nbsp;&nbsp; 44492 |
| Evergy, Inc. | 264 | &nbsp;&nbsp; 18691 |
| Eversource Energy | 421 | &nbsp;&nbsp; 27828 |
| Exelon Corp. | 1153 | &nbsp;&nbsp; 51816 |
| FirstEnergy Corp. | 588 | &nbsp;&nbsp; 25113 |
| NextEra Energy, Inc. | 2358 | &nbsp;&nbsp; 167559 |
| NiSource, Inc. | 539 | &nbsp;&nbsp; 22881 |
| NRG Energy, Inc. | 232 | &nbsp;&nbsp; 38790 |
| PG&E Corp. | 2515 | &nbsp;&nbsp; 35260 |
| Pinnacle West Capital Corp. | 130 | &nbsp;&nbsp; 11781 |
| PPL Corp. | 847 | &nbsp;&nbsp; 30229 |
| Public Service Enterprise Group, Inc. | 571 | &nbsp;&nbsp; 51270 |
| Sempra | 726 | &nbsp;&nbsp; 59300 |
| Southern Co. (The) | 1256 | &nbsp;&nbsp; 118667 |
| Vistra Corp. | 390 | &nbsp;&nbsp; 81331 |
| WEC Energy Group, Inc.<sup>(c)</sup> | 364 | &nbsp;&nbsp; 39705 |
| Xcel Energy, Inc. | 658 | &nbsp;&nbsp; 48324 |
|  |  | &nbsp;&nbsp; 1503802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $54,214,762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $54,214,762) | &nbsp;&nbsp; 61675933 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-25.84%** | **Money Market Funds-25.84%** | **Money Market Funds-25.84%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $22,269,919)<br>| 22269919 | &nbsp;&nbsp; $22269919 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-97.41% <br>(Cost $76,484,681) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-97.41% <br>(Cost $76,484,681) | &nbsp;&nbsp; 83945852 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-1.22%** | **Money Market Funds-1.22%** | **Money Market Funds-1.22%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 276536 | &nbsp;&nbsp; 276536 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 776697 | &nbsp;&nbsp; 776852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,053,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,053,388) | &nbsp;&nbsp; 1053388 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-98.63% <br>(Cost $77,538,069) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-98.63% <br>(Cost $77,538,069) | &nbsp;&nbsp; 84999240 |
| OTHER ASSETS LESS LIABILITIES-1.37% | OTHER ASSETS LESS LIABILITIES-1.37% | &nbsp;&nbsp; 1184800 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $86184040 |

---

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

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

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

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| &nbsp;&nbsp; Invesco Ltd. | &nbsp;&nbsp;&nbsp; $13352 | &nbsp;&nbsp;&nbsp; $78175 | &nbsp;&nbsp;&nbsp; $(80117)<br>| &nbsp;&nbsp;&nbsp; $2454 | &nbsp;&nbsp;&nbsp; $(3065)<br>| &nbsp;&nbsp;&nbsp; $10799 | &nbsp;&nbsp;&nbsp; $401 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; 23065238 | &nbsp;&nbsp;&nbsp; 607680259 | &nbsp;&nbsp;&nbsp; (608475578)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 22269919 | &nbsp;&nbsp;&nbsp; 1087738 |

---

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

------

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

July 31, 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> **July 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; $320258 | &nbsp;&nbsp;&nbsp; $14663154 | &nbsp;&nbsp;&nbsp; $(14706876)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $276536 | &nbsp;&nbsp;&nbsp; $14,700<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 845086 | &nbsp;&nbsp;&nbsp; 30678233 | &nbsp;&nbsp;&nbsp; (30746536)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 776852 | &nbsp;&nbsp;&nbsp; 39,745<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $24243934 | &nbsp;&nbsp;&nbsp; $653099821 | &nbsp;&nbsp;&nbsp; $(654009107)<br>| &nbsp;&nbsp;&nbsp; $2454 | &nbsp;&nbsp;&nbsp; $(2996)<br>| &nbsp;&nbsp;&nbsp; $23334106 | &nbsp;&nbsp;&nbsp; $1142584 |

---

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

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

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> <sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| &nbsp;&nbsp; CBOE Volatility Index | &nbsp;&nbsp;&nbsp; 60 | August-2025 | &nbsp;&nbsp;&nbsp; $1077396 | &nbsp;&nbsp;&nbsp; $(75777)<br>| &nbsp;&nbsp;&nbsp; $(75777)<br>|
| &nbsp;&nbsp; CBOE Volatility Index | &nbsp;&nbsp;&nbsp; 55 | September-2025 | &nbsp;&nbsp;&nbsp; 1092894 | &nbsp;&nbsp;&nbsp; (18964)<br>| &nbsp;&nbsp;&nbsp; (18964)<br>|
| &nbsp;&nbsp; E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 70 | September-2025 | &nbsp;&nbsp;&nbsp; 22309875 | &nbsp;&nbsp;&nbsp; 651196 | &nbsp;&nbsp;&nbsp; 651196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $556455 | &nbsp;&nbsp;&nbsp; $556455 |

---

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

<sup>(a)</sup> Futures contracts collateralized by $1,592,402 cash held with Merrill Lynch International, the futures commission merchant.

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-75.81%** | **Common Stocks & Other Equity Interests-75.81%** | **Common Stocks & Other Equity Interests-75.81%** |
| **Advertising-0.48%** | **Advertising-0.48%** | **Advertising-0.48%** |
| Interpublic Group of Cos., Inc. (The) | 25662 | &nbsp;&nbsp; $631285 |
| Omnicom Group, Inc.<sup>(b)</sup> | 8327 | &nbsp;&nbsp; 599961 |
| Trade Desk, Inc. (The), Class A<sup>(c)</sup> | 8568 | &nbsp;&nbsp; 745073 |
|  |  | &nbsp;&nbsp; 1976319 |
| **Aerospace & Defense-1.92%** | **Aerospace & Defense-1.92%** | **Aerospace & Defense-1.92%** |
| Axon Enterprise, Inc.<sup>(c)</sup> | 786 | &nbsp;&nbsp; 593815 |
| Boeing Co. (The)<sup>(c)</sup> | 2841 | &nbsp;&nbsp; 630248 |
| General Dynamics Corp. | 2218 | &nbsp;&nbsp; 691151 |
| General Electric Co. | 2491 | &nbsp;&nbsp; 675260 |
| Howmet Aerospace, Inc. | 3575 | &nbsp;&nbsp; 642678 |
| Huntington Ingalls Industries, Inc. | 2690 | &nbsp;&nbsp; 750133 |
| L3Harris Technologies, Inc. | 2480 | &nbsp;&nbsp; 681554 |
| Lockheed Martin Corp. | 1335 | &nbsp;&nbsp; 562008 |
| Northrop Grumman Corp. | 1240 | &nbsp;&nbsp; 714996 |
| RTX Corp. | 4292 | &nbsp;&nbsp; 676291 |
| Textron, Inc. | 7992 | &nbsp;&nbsp; 621538 |
| TransDigm Group, Inc. | 422 | &nbsp;&nbsp; 678770 |
|  |  | &nbsp;&nbsp; 7918442 |
| **Agricultural & Farm Machinery-0.15%** | **Agricultural & Farm Machinery-0.15%** | **Agricultural & Farm Machinery-0.15%** |
| Deere & Co. | 1176 | &nbsp;&nbsp; 616659 |
| **Agricultural Products & Services-0.32%** | **Agricultural Products & Services-0.32%** | **Agricultural Products & Services-0.32%** |
| Archer-Daniels-Midland Co. | 12526 | &nbsp;&nbsp; 678659 |
| Bunge Global S.A. | 8083 | &nbsp;&nbsp; 644700 |
|  |  | &nbsp;&nbsp; 1323359 |
| **Air Freight & Logistics-0.60%** | **Air Freight & Logistics-0.60%** | **Air Freight & Logistics-0.60%** |
| C.H. Robinson Worldwide, Inc. | 6458 | &nbsp;&nbsp; 744737 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<sup>(b)</sup><br>| 5326 | &nbsp;&nbsp; 619094 |
| FedEx Corp. | 2731 | &nbsp;&nbsp; 610351 |
| United Parcel Service, Inc., Class B | 6021 | &nbsp;&nbsp; 518769 |
|  |  | &nbsp;&nbsp; 2492951 |
| **Apparel Retail-0.30%** | **Apparel Retail-0.30%** | **Apparel Retail-0.30%** |
| Ross Stores, Inc. | 4478 | &nbsp;&nbsp; 611426 |
| TJX Cos., Inc. (The) | 4899 | &nbsp;&nbsp; 610073 |
|  |  | &nbsp;&nbsp; 1221499 |
| **Apparel, Accessories & Luxury Goods-0.48%** | **Apparel, Accessories & Luxury Goods-0.48%** | **Apparel, Accessories & Luxury Goods-0.48%** |
| lululemon athletica, inc.<sup>(c)</sup> | 2413 | &nbsp;&nbsp; 483879 |
| Ralph Lauren Corp. | 2274 | &nbsp;&nbsp; 679357 |
| Tapestry, Inc. | 7456 | &nbsp;&nbsp; 805472 |
|  |  | &nbsp;&nbsp; 1968708 |
| **Application Software-1.99%** | **Application Software-1.99%** | **Application Software-1.99%** |
| Adobe, Inc.<sup>(c)</sup> | 1475 | &nbsp;&nbsp; 527593 |
| Autodesk, Inc.<sup>(c)</sup> | 2045 | &nbsp;&nbsp; 619860 |
| Cadence Design Systems, Inc.<sup>(b)(c)</sup> | 1985 | &nbsp;&nbsp; 723671 |
| Datadog, Inc., Class A<sup>(c)</sup> | 4643 | &nbsp;&nbsp; 649927 |
| Fair Isaac Corp.<sup>(c)</sup> | 340 | &nbsp;&nbsp; 488485 |
| Intuit, Inc. | 797 | &nbsp;&nbsp; 625749 |
| Palantir Technologies, Inc., Class A<sup>(c)</sup> | 4478 | &nbsp;&nbsp; 709091 |
| PTC, Inc.<sup>(b)(c)</sup> | 3570 | &nbsp;&nbsp; 766872 |
| Roper Technologies, Inc. | 1070 | &nbsp;&nbsp; 588928 |
| Salesforce, Inc. | 2288 | &nbsp;&nbsp; 591059 |
| Synopsys, Inc.<sup>(c)</sup> | 1221 | &nbsp;&nbsp; 773695 |
| Tyler Technologies, Inc.<sup>(c)</sup> | 1048 | &nbsp;&nbsp; 612619 |
| Workday, Inc., Class A<sup>(c)</sup> | 2403 | &nbsp;&nbsp; 551200 |
|  |  | &nbsp;&nbsp; 8228749 |
| **Asset Management & Custody Banks-1.70%** | **Asset Management & Custody Banks-1.70%** | **Asset Management & Custody Banks-1.70%** |
| Ameriprise Financial, Inc. | 1185 | &nbsp;&nbsp; 614055 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** |
| Bank of New York Mellon Corp. (The) | 6804 | &nbsp;&nbsp; $690266 |
| BlackRock, Inc. | 621 | &nbsp;&nbsp; 686832 |
| Blackstone, Inc., Class A | 4306 | &nbsp;&nbsp; 744766 |
| Franklin Resources, Inc.<sup>(b)</sup> | 27062 | &nbsp;&nbsp; 649488 |
| Invesco Ltd.<sup>(d)</sup> | 40466 | &nbsp;&nbsp; 850191 |
| KKR & Co., Inc., Class A | 4832 | &nbsp;&nbsp; 708274 |
| Northern Trust Corp. | 5617 | &nbsp;&nbsp; 730210 |
| State Street Corp. | 6263 | &nbsp;&nbsp; 699890 |
| T. Rowe Price Group, Inc. | 6407 | &nbsp;&nbsp; 649990 |
|  |  | &nbsp;&nbsp; 7023962 |
| **Automobile Manufacturers-0.45%** | **Automobile Manufacturers-0.45%** | **Automobile Manufacturers-0.45%** |
| Ford Motor Co. | 57206 | &nbsp;&nbsp; 633271 |
| General Motors Co. | 12133 | &nbsp;&nbsp; 647174 |
| Tesla, Inc.<sup>(c)</sup> | 1867 | &nbsp;&nbsp; 575540 |
|  |  | &nbsp;&nbsp; 1855985 |
| **Automotive Parts & Equipment-0.14%** | **Automotive Parts & Equipment-0.14%** | **Automotive Parts & Equipment-0.14%** |
| Aptiv PLC (Jersey)<sup>(c)</sup> | 8682 | &nbsp;&nbsp; 595932 |
| **Automotive Retail-0.44%** | **Automotive Retail-0.44%** | **Automotive Retail-0.44%** |
| AutoZone, Inc.<sup>(c)</sup> | 167 | &nbsp;&nbsp; 629320 |
| CarMax, Inc.<sup>(c)</sup> | 8997 | &nbsp;&nbsp; 509320 |
| O'Reilly Automotive, Inc.<sup>(c)</sup> | 6775 | &nbsp;&nbsp; 666118 |
|  |  | &nbsp;&nbsp; 1804758 |
| **Biotechnology-1.21%** | **Biotechnology-1.21%** | **Biotechnology-1.21%** |
| AbbVie, Inc. | 3185 | &nbsp;&nbsp; 602029 |
| Amgen, Inc. | 2095 | &nbsp;&nbsp; 618234 |
| Biogen, Inc.<sup>(c)</sup> | 4591 | &nbsp;&nbsp; 587648 |
| Gilead Sciences, Inc. | 5578 | &nbsp;&nbsp; 626354 |
| Incyte Corp.<sup>(c)</sup> | 8864 | &nbsp;&nbsp; 663825 |
| Moderna, Inc.<sup>(b)(c)</sup> | 21977 | &nbsp;&nbsp; 649640 |
| Regeneron Pharmaceuticals, Inc. | 1180 | &nbsp;&nbsp; 643643 |
| Vertex Pharmaceuticals, Inc.<sup>(c)</sup> | 1346 | &nbsp;&nbsp; 614947 |
|  |  | &nbsp;&nbsp; 5006320 |
| **Brewers-0.14%** | **Brewers-0.14%** | **Brewers-0.14%** |
| Molson Coors Beverage Co., Class B<sup>(b)</sup> | 11788 | &nbsp;&nbsp; 574311 |
| **Broadcasting-0.30%** | **Broadcasting-0.30%** | **Broadcasting-0.30%** |
| Fox Corp., Class A | 7138 | &nbsp;&nbsp; 398015 |
| Fox Corp., Class B | 4302 | &nbsp;&nbsp; 220004 |
| Paramount Global, Class B<sup>(b)</sup> | 49631 | &nbsp;&nbsp; 623862 |
|  |  | &nbsp;&nbsp; 1241881 |
| **Broadline Retail-0.34%** | **Broadline Retail-0.34%** | **Broadline Retail-0.34%** |
| Amazon.com, Inc.<sup>(c)</sup> | 2871 | &nbsp;&nbsp; 672130 |
| eBay, Inc. | 7831 | &nbsp;&nbsp; 718494 |
|  |  | &nbsp;&nbsp; 1390624 |
| **Building Products-1.27%** | **Building Products-1.27%** | **Building Products-1.27%** |
| A.O. Smith Corp. | 9317 | &nbsp;&nbsp; 659550 |
| Allegion PLC | 4414 | &nbsp;&nbsp; 732371 |
| Builders FirstSource, Inc.<sup>(b)(c)</sup> | 5329 | &nbsp;&nbsp; 677476 |
| Carrier Global Corp. | 8407 | &nbsp;&nbsp; 576888 |
| Johnson Controls International PLC | 5919 | &nbsp;&nbsp; 621495 |
| Lennox International, Inc. | 1101 | &nbsp;&nbsp; 670509 |
| Masco Corp. | 9552 | &nbsp;&nbsp; 650778 |
| Trane Technologies PLC | 1445 | &nbsp;&nbsp; 633026 |
|  |  | &nbsp;&nbsp; 5222093 |
| **Cable & Satellite-0.24%** | **Cable & Satellite-0.24%** | **Cable & Satellite-0.24%** |
| Charter Communications, Inc., Class A<sup>(c)</sup> | 1517 | &nbsp;&nbsp; 408619 |
| Comcast Corp., Class A | 17336 | &nbsp;&nbsp; 576075 |
|  |  | &nbsp;&nbsp; 984694 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Cargo Ground Transportation-0.29%** | **Cargo Ground Transportation-0.29%** | **Cargo Ground Transportation-0.29%** |
| J.B. Hunt Transport Services, Inc. | 4337 | &nbsp;&nbsp; $624745 |
| Old Dominion Freight Line, Inc. | 3756 | &nbsp;&nbsp; 560583 |
|  |  | &nbsp;&nbsp; 1185328 |
| **Casinos & Gaming-0.67%** | **Casinos & Gaming-0.67%** | **Casinos & Gaming-0.67%** |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 21858 | &nbsp;&nbsp; 583171 |
| Las Vegas Sands Corp. | 14580 | &nbsp;&nbsp; 763992 |
| MGM Resorts International<sup>(c)</sup> | 18348 | &nbsp;&nbsp; 668785 |
| Wynn Resorts Ltd.<sup>(b)</sup> | 6960 | &nbsp;&nbsp; 758849 |
|  |  | &nbsp;&nbsp; 2774797 |
| **Commodity Chemicals-0.25%** | **Commodity Chemicals-0.25%** | **Commodity Chemicals-0.25%** |
| Dow, Inc. | 19884 | &nbsp;&nbsp; 463098 |
| LyondellBasell Industries N.V., Class A | 9976 | &nbsp;&nbsp; 577910 |
|  |  | &nbsp;&nbsp; 1041008 |
| **Communications Equipment-0.67%** | **Communications Equipment-0.67%** | **Communications Equipment-0.67%** |
| Arista Networks, Inc.<sup>(c)</sup> | 6479 | &nbsp;&nbsp; 798342 |
| Cisco Systems, Inc. | 9509 | &nbsp;&nbsp; 647373 |
| F5, Inc.<sup>(c)</sup> | 2088 | &nbsp;&nbsp; 654421 |
| Motorola Solutions, Inc. | 1486 | &nbsp;&nbsp; 652324 |
|  |  | &nbsp;&nbsp; 2752460 |
| **Computer & Electronics Retail-0.13%** | **Computer & Electronics Retail-0.13%** | **Computer & Electronics Retail-0.13%** |
| Best Buy Co., Inc. | 8390 | &nbsp;&nbsp; 545853 |
| **Construction & Engineering-0.17%** | **Construction & Engineering-0.17%** | **Construction & Engineering-0.17%** |
| Quanta Services, Inc. | 1715 | &nbsp;&nbsp; 696513 |
| **Construction Machinery & Heavy Transportation Equipment-0.64%** | **Construction Machinery & Heavy Transportation Equipment-0.64%** | **Construction Machinery & Heavy Transportation Equipment-0.64%** |
| Caterpillar, Inc. | 1686 | &nbsp;&nbsp; 738502 |
| Cummins, Inc. | 1881 | &nbsp;&nbsp; 691493 |
| PACCAR, Inc. | 6498 | &nbsp;&nbsp; 641742 |
| Wabtec Corp. | 2997 | &nbsp;&nbsp; 575574 |
|  |  | &nbsp;&nbsp; 2647311 |
| **Construction Materials-0.31%** | **Construction Materials-0.31%** | **Construction Materials-0.31%** |
| Martin Marietta Materials, Inc. | 1109 | &nbsp;&nbsp; 637542 |
| Vulcan Materials Co. | 2344 | &nbsp;&nbsp; 643826 |
|  |  | &nbsp;&nbsp; 1281368 |
| **Consumer Electronics-0.15%** | **Consumer Electronics-0.15%** | **Consumer Electronics-0.15%** |
| Garmin Ltd. | 2917 | &nbsp;&nbsp; 638123 |
| **Consumer Finance-0.47%** | **Consumer Finance-0.47%** | **Consumer Finance-0.47%** |
| American Express Co. | 2032 | &nbsp;&nbsp; 608198 |
| Capital One Financial Corp. | 3044 | &nbsp;&nbsp; 654460 |
| Synchrony Financial | 9863 | &nbsp;&nbsp; 687155 |
|  |  | &nbsp;&nbsp; 1949813 |
| **Consumer Staples Merchandise Retail-0.76%** | **Consumer Staples Merchandise Retail-0.76%** | **Consumer Staples Merchandise Retail-0.76%** |
| Costco Wholesale Corp. | 619 | &nbsp;&nbsp; 581637 |
| Dollar General Corp. | 5468 | &nbsp;&nbsp; 573593 |
| Dollar Tree, Inc.<sup>(b)(c)</sup> | 6479 | &nbsp;&nbsp; 735690 |
| Target Corp. | 6220 | &nbsp;&nbsp; 625110 |
| Walmart, Inc. | 6367 | &nbsp;&nbsp; 623839 |
|  |  | &nbsp;&nbsp; 3139869 |
| **Copper-0.14%** | **Copper-0.14%** | **Copper-0.14%** |
| Freeport-McMoRan, Inc. | 14872 | &nbsp;&nbsp; 598449 |
| **Data Center REITs-0.28%** | **Data Center REITs-0.28%** | **Data Center REITs-0.28%** |
| Digital Realty Trust, Inc.<sup>(b)</sup> | 3466 | &nbsp;&nbsp; 611541 |
| Equinix, Inc., REIT | 677 | &nbsp;&nbsp; 531560 |
|  |  | &nbsp;&nbsp; 1143101 |
| **Data Processing & Outsourced Services-0.15%** | **Data Processing & Outsourced Services-0.15%** | **Data Processing & Outsourced Services-0.15%** |
| Broadridge Financial Solutions, Inc. | 2527 | &nbsp;&nbsp; 625458 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Distillers & Vintners-0.30%** | **Distillers & Vintners-0.30%** | **Distillers & Vintners-0.30%** |
| Brown-Forman Corp., Class B<sup>(b)</sup> | 22175 | &nbsp;&nbsp; $639749 |
| Constellation Brands, Inc., Class A<sup>(b)</sup> | 3604 | &nbsp;&nbsp; 602012 |
|  |  | &nbsp;&nbsp; 1241761 |
| **Distributors-0.42%** | **Distributors-0.42%** | **Distributors-0.42%** |
| Genuine Parts Co. | 4941 | &nbsp;&nbsp; 636796 |
| LKQ Corp. | 15494 | &nbsp;&nbsp; 456608 |
| Pool Corp.<sup>(b)</sup> | 2027 | &nbsp;&nbsp; 624600 |
|  |  | &nbsp;&nbsp; 1718004 |
| **Diversified Banks-1.28%** | **Diversified Banks-1.28%** | **Diversified Banks-1.28%** |
| Bank of America Corp. | 13642 | &nbsp;&nbsp; 644857 |
| Citigroup, Inc. | 7789 | &nbsp;&nbsp; 729829 |
| Fifth Third Bancorp | 15577 | &nbsp;&nbsp; 647536 |
| JPMorgan Chase & Co. | 2271 | &nbsp;&nbsp; 672761 |
| KeyCorp | 37570 | &nbsp;&nbsp; 673255 |
| PNC Financial Services Group, Inc. (The) | 3415 | &nbsp;&nbsp; 649772 |
| U.S. Bancorp | 13799 | &nbsp;&nbsp; 620403 |
| Wells Fargo & Co. | 8132 | &nbsp;&nbsp; 655683 |
|  |  | &nbsp;&nbsp; 5294096 |
| **Diversified Financial Services-0.16%** | **Diversified Financial Services-0.16%** | **Diversified Financial Services-0.16%** |
| Apollo Global Management, Inc. | 4413 | &nbsp;&nbsp; 641297 |
| **Diversified Support Services-0.28%** | **Diversified Support Services-0.28%** | **Diversified Support Services-0.28%** |
| Cintas Corp. | 2757 | &nbsp;&nbsp; 613570 |
| Copart, Inc.<sup>(c)</sup> | 12077 | &nbsp;&nbsp; 547451 |
|  |  | &nbsp;&nbsp; 1161021 |
| **Drug Retail-0.15%** | **Drug Retail-0.15%** | **Drug Retail-0.15%** |
| Walgreens Boots Alliance, Inc. | 53781 | &nbsp;&nbsp; 626011 |
| **Electric Utilities-2.66%** | **Electric Utilities-2.66%** | **Electric Utilities-2.66%** |
| Alliant Energy Corp. | 9974 | &nbsp;&nbsp; 648410 |
| American Electric Power Co., Inc. | 5981 | &nbsp;&nbsp; 676690 |
| Constellation Energy Corp. | 2093 | &nbsp;&nbsp; 728029 |
| Duke Energy Corp. | 5233 | &nbsp;&nbsp; 636542 |
| Edison International | 12303 | &nbsp;&nbsp; 641232 |
| Entergy Corp. | 7425 | &nbsp;&nbsp; 671443 |
| Evergy, Inc. | 9033 | &nbsp;&nbsp; 639537 |
| Eversource Energy | 9302 | &nbsp;&nbsp; 614862 |
| Exelon Corp. | 14221 | &nbsp;&nbsp; 639092 |
| FirstEnergy Corp. | 15226 | &nbsp;&nbsp; 650303 |
| NextEra Energy, Inc. | 8356 | &nbsp;&nbsp; 593777 |
| NRG Energy, Inc. | 4096 | &nbsp;&nbsp; 684851 |
| PG&E Corp. | 42379 | &nbsp;&nbsp; 594154 |
| Pinnacle West Capital Corp. | 6828 | &nbsp;&nbsp; 618753 |
| PPL Corp. | 18055 | &nbsp;&nbsp; 644383 |
| Southern Co. (The) | 6804 | &nbsp;&nbsp; 642842 |
| Xcel Energy, Inc. | 8930 | &nbsp;&nbsp; 655819 |
|  |  | &nbsp;&nbsp; 10980719 |
| **Electrical Components & Equipment-1.04%** | **Electrical Components & Equipment-1.04%** | **Electrical Components & Equipment-1.04%** |
| AMETEK, Inc. | 3363 | &nbsp;&nbsp; 621651 |
| Eaton Corp. PLC | 1870 | &nbsp;&nbsp; 719426 |
| Emerson Electric Co. | 4815 | &nbsp;&nbsp; 700631 |
| Generac Holdings, Inc.<sup>(c)</sup> | 4691 | &nbsp;&nbsp; 913291 |
| Hubbell, Inc. | 1571 | &nbsp;&nbsp; 687281 |
| Rockwell Automation, Inc. | 1874 | &nbsp;&nbsp; 659104 |
|  |  | &nbsp;&nbsp; 4301384 |
| **Electronic Components-0.35%** | **Electronic Components-0.35%** | **Electronic Components-0.35%** |
| Amphenol Corp., Class A | 6545 | &nbsp;&nbsp; 697108 |
| Corning, Inc. | 12087 | &nbsp;&nbsp; 764382 |
|  |  | &nbsp;&nbsp; 1461490 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronic Equipment & Instruments-0.65%** | **Electronic Equipment & Instruments-0.65%** | **Electronic Equipment & Instruments-0.65%** |
| Keysight Technologies, Inc.<sup>(c)</sup> | 3748 | &nbsp;&nbsp; $614335 |
| Teledyne Technologies, Inc.<sup>(b)(c)</sup> | 1220 | &nbsp;&nbsp; 672244 |
| Trimble, Inc.<sup>(c)</sup> | 8401 | &nbsp;&nbsp; 704760 |
| Zebra Technologies Corp., Class A<sup>(c)</sup> | 2093 | &nbsp;&nbsp; 709569 |
|  |  | &nbsp;&nbsp; 2700908 |
| **Electronic Manufacturing Services-0.37%** | **Electronic Manufacturing Services-0.37%** | **Electronic Manufacturing Services-0.37%** |
| Jabil, Inc. | 3424 | &nbsp;&nbsp; 764134 |
| TE Connectivity PLC (Switzerland) | 3686 | &nbsp;&nbsp; 758395 |
|  |  | &nbsp;&nbsp; 1522529 |
| **Environmental & Facilities Services-0.59%** | **Environmental & Facilities Services-0.59%** | **Environmental & Facilities Services-0.59%** |
| Republic Services, Inc. | 2466 | &nbsp;&nbsp; 568783 |
| Rollins, Inc. | 10709 | &nbsp;&nbsp; 613304 |
| Veralto Corp. | 6215 | &nbsp;&nbsp; 651519 |
| Waste Management, Inc. | 2621 | &nbsp;&nbsp; 600628 |
|  |  | &nbsp;&nbsp; 2434234 |
| **Fertilizers & Agricultural Chemicals-0.45%** | **Fertilizers & Agricultural Chemicals-0.45%** | **Fertilizers & Agricultural Chemicals-0.45%** |
| CF Industries Holdings, Inc. | 6399 | &nbsp;&nbsp; 594019 |
| Corteva, Inc. | 8467 | &nbsp;&nbsp; 610725 |
| Mosaic Co. (The) | 17601 | &nbsp;&nbsp; 633812 |
|  |  | &nbsp;&nbsp; 1838556 |
| **Financial Exchanges & Data-1.59%** | **Financial Exchanges & Data-1.59%** | **Financial Exchanges & Data-1.59%** |
| Cboe Global Markets, Inc. | 2744 | &nbsp;&nbsp; 661414 |
| CME Group, Inc., Class A | 2263 | &nbsp;&nbsp; 629748 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 2426 | &nbsp;&nbsp; 916446 |
| FactSet Research Systems, Inc. | 1444 | &nbsp;&nbsp; 581788 |
| Intercontinental Exchange, Inc. | 3445 | &nbsp;&nbsp; 636739 |
| MarketAxess Holdings, Inc. | 2702 | &nbsp;&nbsp; 555261 |
| Moody's Corp. | 1252 | &nbsp;&nbsp; 645694 |
| MSCI, Inc. | 1095 | &nbsp;&nbsp; 614689 |
| Nasdaq, Inc. | 7029 | &nbsp;&nbsp; 676330 |
| S&P Global, Inc. | 1189 | &nbsp;&nbsp; 655258 |
|  |  | &nbsp;&nbsp; 6573367 |
| **Food Distributors-0.16%** | **Food Distributors-0.16%** | **Food Distributors-0.16%** |
| Sysco Corp. | 8152 | &nbsp;&nbsp; 648899 |
| **Food Retail-0.16%** | **Food Retail-0.16%** | **Food Retail-0.16%** |
| Kroger Co. (The) | 9436 | &nbsp;&nbsp; 661464 |
| **Footwear-0.32%** | **Footwear-0.32%** | **Footwear-0.32%** |
| Deckers Outdoor Corp.<sup>(c)</sup> | 5660 | &nbsp;&nbsp; 600922 |
| NIKE, Inc., Class B | 9669 | &nbsp;&nbsp; 722178 |
|  |  | &nbsp;&nbsp; 1323100 |
| **Gas Utilities-0.15%** | **Gas Utilities-0.15%** | **Gas Utilities-0.15%** |
| Atmos Energy Corp. | 3998 | &nbsp;&nbsp; 623368 |
| **Gold-0.17%** | **Gold-0.17%** | **Gold-0.17%** |
| Newmont Corp. | 11437 | &nbsp;&nbsp; 710238 |
| **Health Care Distributors-0.58%** | **Health Care Distributors-0.58%** | **Health Care Distributors-0.58%** |
| Cardinal Health, Inc. | 3975 | &nbsp;&nbsp; 617000 |
| Cencora, Inc. | 2127 | &nbsp;&nbsp; 608492 |
| Henry Schein, Inc.<sup>(b)(c)</sup> | 8582 | &nbsp;&nbsp; 580572 |
| McKesson Corp. | 842 | &nbsp;&nbsp; 583961 |
|  |  | &nbsp;&nbsp; 2390025 |
| **Health Care Equipment-2.32%** | **Health Care Equipment-2.32%** | **Health Care Equipment-2.32%** |
| Abbott Laboratories | 4477 | &nbsp;&nbsp; 564953 |
| Baxter International, Inc. | 19418 | &nbsp;&nbsp; 422536 |
| Becton, Dickinson and Co. | 3540 | &nbsp;&nbsp; 631005 |
| Boston Scientific Corp.<sup>(c)</sup> | 6131 | &nbsp;&nbsp; 643264 |
| DexCom, Inc.<sup>(c)</sup> | 7341 | &nbsp;&nbsp; 592933 |
| Edwards Lifesciences Corp.<sup>(c)</sup> | 8083 | &nbsp;&nbsp; 641063 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Equipment-(continued)** | **Health Care Equipment-(continued)** | **Health Care Equipment-(continued)** |
| GE HealthCare Technologies, Inc. | 8317 | &nbsp;&nbsp; $593168 |
| Hologic, Inc.<sup>(c)</sup> | 9412 | &nbsp;&nbsp; 628910 |
| IDEXX Laboratories, Inc.<sup>(c)</sup> | 1169 | &nbsp;&nbsp; 624608 |
| Insulet Corp.<sup>(c)</sup> | 2013 | &nbsp;&nbsp; 580549 |
| Intuitive Surgical, Inc.<sup>(c)</sup> | 1177 | &nbsp;&nbsp; 566243 |
| Medtronic PLC | 6922 | &nbsp;&nbsp; 624641 |
| ResMed, Inc. | 2420 | &nbsp;&nbsp; 658095 |
| STERIS PLC | 2531 | &nbsp;&nbsp; 573246 |
| Stryker Corp. | 1598 | &nbsp;&nbsp; 627582 |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup> | 6478 | &nbsp;&nbsp; 593709 |
|  |  | &nbsp;&nbsp; 9566505 |
| **Health Care Facilities-0.28%** | **Health Care Facilities-0.28%** | **Health Care Facilities-0.28%** |
| HCA Healthcare, Inc. | 1650 | &nbsp;&nbsp; 584083 |
| Universal Health Services, Inc., Class B | 3548 | &nbsp;&nbsp; 590565 |
|  |  | &nbsp;&nbsp; 1174648 |
| **Health Care REITs-0.62%** | **Health Care REITs-0.62%** | **Health Care REITs-0.62%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 8337 | &nbsp;&nbsp; 637197 |
| Healthpeak Properties, Inc.<sup>(b)</sup> | 34824 | &nbsp;&nbsp; 589918 |
| Ventas, Inc.<sup>(b)</sup> | 9611 | &nbsp;&nbsp; 645667 |
| Welltower, Inc., REIT | 4068 | &nbsp;&nbsp; 671505 |
|  |  | &nbsp;&nbsp; 2544287 |
| **Health Care Services-0.71%** | **Health Care Services-0.71%** | **Health Care Services-0.71%** |
| Cigna Group (The) | 1969 | &nbsp;&nbsp; 526471 |
| CVS Health Corp. | 9282 | &nbsp;&nbsp; 576412 |
| DaVita, Inc.<sup>(b)(c)</sup> | 4409 | &nbsp;&nbsp; 618892 |
| Labcorp Holdings, Inc. | 2353 | &nbsp;&nbsp; 611968 |
| Quest Diagnostics, Inc. | 3448 | &nbsp;&nbsp; 577230 |
|  |  | &nbsp;&nbsp; 2910973 |
| **Health Care Supplies-0.39%** | **Health Care Supplies-0.39%** | **Health Care Supplies-0.39%** |
| Align Technology, Inc.<sup>(c)</sup> | 3294 | &nbsp;&nbsp; 424959 |
| Cooper Cos., Inc. (The)<sup>(c)</sup> | 8533 | &nbsp;&nbsp; 603198 |
| Solventum Corp.<sup>(c)</sup> | 8202 | &nbsp;&nbsp; 585294 |
|  |  | &nbsp;&nbsp; 1613451 |
| **Heavy Electrical Equipment-0.20%** | **Heavy Electrical Equipment-0.20%** | **Heavy Electrical Equipment-0.20%** |
| GE Vernova, Inc. | 1271 | &nbsp;&nbsp; 839229 |
| **Home Furnishings-0.16%** | **Home Furnishings-0.16%** | **Home Furnishings-0.16%** |
| Mohawk Industries, Inc.<sup>(c)</sup> | 5828 | &nbsp;&nbsp; 667364 |
| **Home Improvement Retail-0.30%** | **Home Improvement Retail-0.30%** | **Home Improvement Retail-0.30%** |
| Home Depot, Inc. (The) | 1697 | &nbsp;&nbsp; 623664 |
| Lowe's Cos., Inc. | 2758 | &nbsp;&nbsp; 616606 |
|  |  | &nbsp;&nbsp; 1240270 |
| **Homebuilding-0.63%** | **Homebuilding-0.63%** | **Homebuilding-0.63%** |
| D.R. Horton, Inc. | 4890 | &nbsp;&nbsp; 698488 |
| Lennar Corp., Class A | 5466 | &nbsp;&nbsp; 613176 |
| NVR, Inc.<sup>(c)</sup> | 84 | &nbsp;&nbsp; 634157 |
| PulteGroup, Inc. | 5888 | &nbsp;&nbsp; 664873 |
|  |  | &nbsp;&nbsp; 2610694 |
| **Homefurnishing Retail-0.18%** | **Homefurnishing Retail-0.18%** | **Homefurnishing Retail-0.18%** |
| Williams-Sonoma, Inc. | 3928 | &nbsp;&nbsp; 734732 |
| **Hotel & Resort REITs-0.15%** | **Hotel & Resort REITs-0.15%** | **Hotel & Resort REITs-0.15%** |
| Host Hotels & Resorts, Inc. | 38492 | &nbsp;&nbsp; 605094 |
| **Hotels, Resorts & Cruise Lines-1.30%** | **Hotels, Resorts & Cruise Lines-1.30%** | **Hotels, Resorts & Cruise Lines-1.30%** |
| Airbnb, Inc., Class A<sup>(c)</sup> | 4412 | &nbsp;&nbsp; 584193 |
| Booking Holdings, Inc. | 112 | &nbsp;&nbsp; 616455 |
| Carnival Corp.<sup>(c)</sup> | 25542 | &nbsp;&nbsp; 760385 |
| Expedia Group, Inc. | 3529 | &nbsp;&nbsp; 635996 |
| Hilton Worldwide Holdings, Inc. | 2402 | &nbsp;&nbsp; 643928 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| Marriott International, Inc., Class A | 2287 | &nbsp;&nbsp; $603379 |
| Norwegian Cruise Line Holdings Ltd.<sup>(c)</sup> | 31961 | &nbsp;&nbsp; 816923 |
| Royal Caribbean Cruises Ltd. | 2272 | &nbsp;&nbsp; 722201 |
|  |  | &nbsp;&nbsp; 5383460 |
| **Household Products-0.70%** | **Household Products-0.70%** | **Household Products-0.70%** |
| Church & Dwight Co., Inc.<sup>(b)</sup> | 6146 | &nbsp;&nbsp; 576311 |
| Clorox Co. (The) | 4822 | &nbsp;&nbsp; 605450 |
| Colgate-Palmolive Co. | 6624 | &nbsp;&nbsp; 555423 |
| Kimberly-Clark Corp. | 4599 | &nbsp;&nbsp; 573127 |
| Procter & Gamble Co. (The) | 3756 | &nbsp;&nbsp; 565165 |
|  |  | &nbsp;&nbsp; 2875476 |
| **Human Resource & Employment Services-0.56%** | **Human Resource & Employment Services-0.56%** | **Human Resource & Employment Services-0.56%** |
| Automatic Data Processing, Inc. | 1959 | &nbsp;&nbsp; 606310 |
| Dayforce, Inc.<sup>(b)(c)</sup> | 10062 | &nbsp;&nbsp; 580275 |
| Paychex, Inc.<sup>(b)</sup> | 3963 | &nbsp;&nbsp; 571980 |
| Paycom Software, Inc. | 2416 | &nbsp;&nbsp; 559401 |
|  |  | &nbsp;&nbsp; 2317966 |
| **Independent Power Producers & Energy Traders-0.35%** | **Independent Power Producers & Energy Traders-0.35%** | **Independent Power Producers & Energy Traders-0.35%** |
| AES Corp. (The) | 53123 | &nbsp;&nbsp; 698568 |
| Vistra Corp. | 3667 | &nbsp;&nbsp; 764716 |
|  |  | &nbsp;&nbsp; 1463284 |
| **Industrial Conglomerates-0.29%** | **Industrial Conglomerates-0.29%** | **Industrial Conglomerates-0.29%** |
| 3M Co. | 4139 | &nbsp;&nbsp; 617622 |
| Honeywell International, Inc. | 2693 | &nbsp;&nbsp; 598788 |
|  |  | &nbsp;&nbsp; 1216410 |
| **Industrial Gases-0.30%** | **Industrial Gases-0.30%** | **Industrial Gases-0.30%** |
| Air Products and Chemicals, Inc. | 2156 | &nbsp;&nbsp; 620669 |
| Linde PLC | 1299 | &nbsp;&nbsp; 597878 |
|  |  | &nbsp;&nbsp; 1218547 |
| **Industrial Machinery & Supplies & Components-1.77%** | **Industrial Machinery & Supplies & Components-1.77%** | **Industrial Machinery & Supplies & Components-1.77%** |
| Dover Corp. | 3413 | &nbsp;&nbsp; 618231 |
| Fortive Corp. | 11287 | &nbsp;&nbsp; 540986 |
| IDEX Corp.<sup>(b)</sup> | 3328 | &nbsp;&nbsp; 544161 |
| Illinois Tool Works, Inc. | 2481 | &nbsp;&nbsp; 635062 |
| Ingersoll Rand, Inc. | 7325 | &nbsp;&nbsp; 619915 |
| Nordson Corp.<sup>(b)</sup> | 2782 | &nbsp;&nbsp; 595932 |
| Otis Worldwide Corp. | 6389 | &nbsp;&nbsp; 547473 |
| Parker-Hannifin Corp. | 912 | &nbsp;&nbsp; 667493 |
| Pentair PLC | 6140 | &nbsp;&nbsp; 627508 |
| Snap-on, Inc. | 1895 | &nbsp;&nbsp; 608655 |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 8945 | &nbsp;&nbsp; 605129 |
| Xylem, Inc. | 4798 | &nbsp;&nbsp; 693887 |
|  |  | &nbsp;&nbsp; 7304432 |
| **Industrial REITs-0.15%** | **Industrial REITs-0.15%** | **Industrial REITs-0.15%** |
| Prologis, Inc., REIT | 5614 | &nbsp;&nbsp; 599463 |
| **Insurance Brokers-0.71%** | **Insurance Brokers-0.71%** | **Insurance Brokers-0.71%** |
| Aon PLC, Class A | 1742 | &nbsp;&nbsp; 619647 |
| Arthur J. Gallagher & Co. | 1956 | &nbsp;&nbsp; 561861 |
| Brown & Brown, Inc. | 5838 | &nbsp;&nbsp; 533418 |
| Marsh & McLennan Cos., Inc. | 2803 | &nbsp;&nbsp; 558358 |
| Willis Towers Watson PLC | 2071 | &nbsp;&nbsp; 654042 |
|  |  | &nbsp;&nbsp; 2927326 |
| **Integrated Oil & Gas-0.45%** | **Integrated Oil & Gas-0.45%** | **Integrated Oil & Gas-0.45%** |
| Chevron Corp. | 4205 | &nbsp;&nbsp; 637707 |
| Exxon Mobil Corp. | 5578 | &nbsp;&nbsp; 622728 |
| Occidental Petroleum Corp. | 13593 | &nbsp;&nbsp; 597276 |
|  |  | &nbsp;&nbsp; 1857711 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Integrated Telecommunication Services-0.44%** | **Integrated Telecommunication Services-0.44%** | **Integrated Telecommunication Services-0.44%** |
| AT&T, Inc. | 21518 | &nbsp;&nbsp; $589808 |
| T-Mobile US, Inc. | 2643 | &nbsp;&nbsp; 630118 |
| Verizon Communications, Inc. | 13943 | &nbsp;&nbsp; 596203 |
|  |  | &nbsp;&nbsp; 1816129 |
| **Interactive Home Entertainment-0.29%** | **Interactive Home Entertainment-0.29%** | **Interactive Home Entertainment-0.29%** |
| Electronic Arts, Inc. | 4128 | &nbsp;&nbsp; 629479 |
| Take-Two Interactive Software, Inc.<sup>(c)</sup> | 2607 | &nbsp;&nbsp; 580657 |
|  |  | &nbsp;&nbsp; 1210136 |
| **Interactive Media & Services-0.49%** | **Interactive Media & Services-0.49%** | **Interactive Media & Services-0.49%** |
| Alphabet, Inc., Class A | 1900 | &nbsp;&nbsp; 364610 |
| Alphabet, Inc., Class C | 1560 | &nbsp;&nbsp; 300862 |
| Match Group, Inc. | 19335 | &nbsp;&nbsp; 662610 |
| Meta Platforms, Inc., Class A | 887 | &nbsp;&nbsp; 686041 |
|  |  | &nbsp;&nbsp; 2014123 |
| **Internet Services & Infrastructure-0.42%** | **Internet Services & Infrastructure-0.42%** | **Internet Services & Infrastructure-0.42%** |
| Akamai Technologies, Inc.<sup>(c)</sup> | 7804 | &nbsp;&nbsp; 595523 |
| GoDaddy, Inc., Class A<sup>(c)</sup> | 3449 | &nbsp;&nbsp; 557290 |
| VeriSign, Inc. | 2170 | &nbsp;&nbsp; 583448 |
|  |  | &nbsp;&nbsp; 1736261 |
| **Investment Banking & Brokerage-0.66%** | **Investment Banking & Brokerage-0.66%** | **Investment Banking & Brokerage-0.66%** |
| Charles Schwab Corp. (The) | 6900 | &nbsp;&nbsp; 674337 |
| Goldman Sachs Group, Inc. (The) | 970 | &nbsp;&nbsp; 701882 |
| Morgan Stanley | 4629 | &nbsp;&nbsp; 659447 |
| Raymond James Financial, Inc. | 4119 | &nbsp;&nbsp; 688409 |
|  |  | &nbsp;&nbsp; 2724075 |
| **IT Consulting & Other Services-0.64%** | **IT Consulting & Other Services-0.64%** | **IT Consulting & Other Services-0.64%** |
| Accenture PLC, Class A (Ireland) | 1902 | &nbsp;&nbsp; 508024 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 7563 | &nbsp;&nbsp; 542721 |
| EPAM Systems, Inc.<sup>(c)</sup> | 3453 | &nbsp;&nbsp; 544573 |
| Gartner, Inc.<sup>(c)</sup> | 1473 | &nbsp;&nbsp; 498831 |
| International Business Machines Corp. | 2160 | &nbsp;&nbsp; 546804 |
|  |  | &nbsp;&nbsp; 2640953 |
| **Leisure Products-0.16%** | **Leisure Products-0.16%** | **Leisure Products-0.16%** |
| Hasbro, Inc. | 8835 | &nbsp;&nbsp; 664039 |
| **Life & Health Insurance-0.76%** | **Life & Health Insurance-0.76%** | **Life & Health Insurance-0.76%** |
| Aflac, Inc. | 6010 | &nbsp;&nbsp; 597154 |
| Globe Life, Inc. | 5084 | &nbsp;&nbsp; 714149 |
| MetLife, Inc. | 7724 | &nbsp;&nbsp; 586638 |
| Principal Financial Group, Inc. | 7972 | &nbsp;&nbsp; 620461 |
| Prudential Financial, Inc. | 5831 | &nbsp;&nbsp; 603975 |
|  |  | &nbsp;&nbsp; 3122377 |
| **Life Sciences Tools & Services-1.52%** | **Life Sciences Tools & Services-1.52%** | **Life Sciences Tools & Services-1.52%** |
| Agilent Technologies, Inc. | 5086 | &nbsp;&nbsp; 583924 |
| Bio-Techne Corp. | 11831 | &nbsp;&nbsp; 647511 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, <br> Inc.<sup>(c)</sup><br>| 4028 | &nbsp;&nbsp; 683310 |
| Danaher Corp. | 2970 | &nbsp;&nbsp; 585565 |
| IQVIA Holdings, Inc.<sup>(c)</sup> | 3842 | &nbsp;&nbsp; 714074 |
| Mettler-Toledo International, Inc.<sup>(c)</sup> | 515 | &nbsp;&nbsp; 635345 |
| Revvity, Inc.<sup>(b)</sup> | 6353 | &nbsp;&nbsp; 558429 |
| Thermo Fisher Scientific, Inc. | 1468 | &nbsp;&nbsp; 686554 |
| Waters Corp.<sup>(c)</sup> | 1757 | &nbsp;&nbsp; 507351 |
| West Pharmaceutical Services, Inc. | 2731 | &nbsp;&nbsp; 653419 |
|  |  | &nbsp;&nbsp; 6255482 |
| **Managed Health Care-0.54%** | **Managed Health Care-0.54%** | **Managed Health Care-0.54%** |
| Centene Corp.<sup>(c)</sup> | 11032 | &nbsp;&nbsp; 287604 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Managed Health Care-(continued)** | **Managed Health Care-(continued)** | **Managed Health Care-(continued)** |
| Elevance Health, Inc. | 1600 | &nbsp;&nbsp; $452928 |
| Humana, Inc. | 2636 | &nbsp;&nbsp; 658657 |
| Molina Healthcare, Inc.<sup>(c)</sup> | 2079 | &nbsp;&nbsp; 328212 |
| UnitedHealth Group, Inc. | 1968 | &nbsp;&nbsp; 491134 |
|  |  | &nbsp;&nbsp; 2218535 |
| **Metal, Glass & Plastic Containers-0.15%** | **Metal, Glass & Plastic Containers-0.15%** | **Metal, Glass & Plastic Containers-0.15%** |
| Ball Corp. | 11111 | &nbsp;&nbsp; 636216 |
| **Movies & Entertainment-0.78%** | **Movies & Entertainment-0.78%** | **Movies & Entertainment-0.78%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 4248 | &nbsp;&nbsp; 627430 |
| Netflix, Inc.<sup>(c)</sup> | 505 | &nbsp;&nbsp; 585497 |
| TKO Group Holdings, Inc. | 3702 | &nbsp;&nbsp; 621973 |
| Walt Disney Co. (The) | 5094 | &nbsp;&nbsp; 606746 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup> | 58028 | &nbsp;&nbsp; 764229 |
|  |  | &nbsp;&nbsp; 3205875 |
| **Multi-Family Residential REITs-0.82%** | **Multi-Family Residential REITs-0.82%** | **Multi-Family Residential REITs-0.82%** |
| AvalonBay Communities, Inc. | 2947 | &nbsp;&nbsp; 548967 |
| Camden Property Trust | 5192 | &nbsp;&nbsp; 566966 |
| Equity Residential<sup>(b)</sup> | 8798 | &nbsp;&nbsp; 556034 |
| Essex Property Trust, Inc.<sup>(b)</sup> | 2129 | &nbsp;&nbsp; 553923 |
| Mid-America Apartment Communities, Inc. | 4065 | &nbsp;&nbsp; 578978 |
| UDR, Inc. | 14673 | &nbsp;&nbsp; 576502 |
|  |  | &nbsp;&nbsp; 3381370 |
| **Multi-line Insurance-0.14%** | **Multi-line Insurance-0.14%** | **Multi-line Insurance-0.14%** |
| American International Group, Inc. | 7223 | &nbsp;&nbsp; 560721 |
| **Multi-Sector Holdings-0.14%** | **Multi-Sector Holdings-0.14%** | **Multi-Sector Holdings-0.14%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup> | 1241 | &nbsp;&nbsp; 585603 |
| **Multi-Utilities-1.56%** | **Multi-Utilities-1.56%** | **Multi-Utilities-1.56%** |
| Ameren Corp. | 6364 | &nbsp;&nbsp; 643591 |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 16845 | &nbsp;&nbsp; 653923 |
| CMS Energy Corp. | 8720 | &nbsp;&nbsp; 643536 |
| Consolidated Edison, Inc. | 5952 | &nbsp;&nbsp; 616032 |
| Dominion Energy, Inc. | 10982 | &nbsp;&nbsp; 641898 |
| DTE Energy Co. | 4517 | &nbsp;&nbsp; 625198 |
| NiSource, Inc. | 15449 | &nbsp;&nbsp; 655810 |
| Public Service Enterprise Group, Inc. | 7550 | &nbsp;&nbsp; 677915 |
| Sempra | 8019 | &nbsp;&nbsp; 654992 |
| WEC Energy Group, Inc.<sup>(b)</sup> | 5779 | &nbsp;&nbsp; 630373 |
|  |  | &nbsp;&nbsp; 6443268 |
| **Office REITs-0.13%** | **Office REITs-0.13%** | **Office REITs-0.13%** |
| BXP, Inc.<sup>(b)</sup> | 8358 | &nbsp;&nbsp; 546864 |
| **Oil & Gas Equipment & Services-0.46%** | **Oil & Gas Equipment & Services-0.46%** | **Oil & Gas Equipment & Services-0.46%** |
| Baker Hughes Co., Class A | 15633 | &nbsp;&nbsp; 704267 |
| Halliburton Co. | 27484 | &nbsp;&nbsp; 615641 |
| Schlumberger N.V. | 17046 | &nbsp;&nbsp; 576155 |
|  |  | &nbsp;&nbsp; 1896063 |
| **Oil & Gas Exploration & Production-1.29%** | **Oil & Gas Exploration & Production-1.29%** | **Oil & Gas Exploration & Production-1.29%** |
| APA Corp.<sup>(b)</sup> | 31095 | &nbsp;&nbsp; 599823 |
| ConocoPhillips | 6529 | &nbsp;&nbsp; 622475 |
| Coterra Energy, Inc. | 23652 | &nbsp;&nbsp; 576872 |
| Devon Energy Corp. | 17688 | &nbsp;&nbsp; 587595 |
| Diamondback Energy, Inc. | 4099 | &nbsp;&nbsp; 609357 |
| EOG Resources, Inc. | 5079 | &nbsp;&nbsp; 609582 |
| EQT Corp. | 11298 | &nbsp;&nbsp; 607267 |
| Expand Energy Corp. | 5435 | &nbsp;&nbsp; 569479 |
| Texas Pacific Land Corp.<sup>(b)</sup> | 551 | &nbsp;&nbsp; 533440 |
|  |  | &nbsp;&nbsp; 5315890 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing-0.46%** | **Oil & Gas Refining & Marketing-0.46%** | **Oil & Gas Refining & Marketing-0.46%** |
| Marathon Petroleum Corp. | 3706 | &nbsp;&nbsp; $630724 |
| Phillips 66 | 5043 | &nbsp;&nbsp; 623214 |
| Valero Energy Corp. | 4543 | &nbsp;&nbsp; 623799 |
|  |  | &nbsp;&nbsp; 1877737 |
| **Oil & Gas Storage & Transportation-0.59%** | **Oil & Gas Storage & Transportation-0.59%** | **Oil & Gas Storage & Transportation-0.59%** |
| Kinder Morgan, Inc. | 21931 | &nbsp;&nbsp; 615384 |
| ONEOK, Inc. | 7347 | &nbsp;&nbsp; 603262 |
| Targa Resources Corp. | 3591 | &nbsp;&nbsp; 597578 |
| Williams Cos., Inc. (The) | 10339 | &nbsp;&nbsp; 619823 |
|  |  | &nbsp;&nbsp; 2436047 |
| **Other Specialized REITs-0.29%** | **Other Specialized REITs-0.29%** | **Other Specialized REITs-0.29%** |
| Iron Mountain, Inc. | 6032 | &nbsp;&nbsp; 587275 |
| VICI Properties, Inc. | 18771 | &nbsp;&nbsp; 611935 |
|  |  | &nbsp;&nbsp; 1199210 |
| **Other Specialty Retail-0.33%** | **Other Specialty Retail-0.33%** | **Other Specialty Retail-0.33%** |
| Tractor Supply Co.<sup>(b)</sup> | 11888 | &nbsp;&nbsp; 677022 |
| Ulta Beauty, Inc.<sup>(c)</sup> | 1334 | &nbsp;&nbsp; 687023 |
|  |  | &nbsp;&nbsp; 1364045 |
| **Packaged Foods & Meats-1.73%** | **Packaged Foods & Meats-1.73%** | **Packaged Foods & Meats-1.73%** |
| Campbell's Co. (The)<sup>(b)</sup> | 18261 | &nbsp;&nbsp; 582891 |
| Conagra Brands, Inc. | 27257 | &nbsp;&nbsp; 497713 |
| General Mills, Inc.<sup>(b)</sup> | 11252 | &nbsp;&nbsp; 551123 |
| Hershey Co. (The) | 3622 | &nbsp;&nbsp; 674163 |
| Hormel Foods Corp. | 19720 | &nbsp;&nbsp; 553935 |
| J.M. Smucker Co. (The) | 6363 | &nbsp;&nbsp; 683004 |
| Kellanova | 7467 | &nbsp;&nbsp; 596091 |
| Kraft Heinz Co. (The) | 23086 | &nbsp;&nbsp; 633942 |
| Lamb Weston Holdings, Inc. | 10928 | &nbsp;&nbsp; 623661 |
| McCormick & Co., Inc.<sup>(b)</sup> | 8069 | &nbsp;&nbsp; 569913 |
| Mondelez International, Inc., Class A | 9117 | &nbsp;&nbsp; 589779 |
| Tyson Foods, Inc., Class A | 11015 | &nbsp;&nbsp; 576084 |
|  |  | &nbsp;&nbsp; 7132299 |
| **Paper & Plastic Packaging Products & Materials-0.74%** | **Paper & Plastic Packaging Products & Materials-0.74%** | **Paper & Plastic Packaging Products & Materials-0.74%** |
| Amcor PLC | 66581 | &nbsp;&nbsp; 622532 |
| Avery Dennison Corp. | 3441 | &nbsp;&nbsp; 577297 |
| International Paper Co. | 12956 | &nbsp;&nbsp; 605563 |
| Packaging Corp. of America | 3162 | &nbsp;&nbsp; 612638 |
| Smurfit WestRock PLC | 14059 | &nbsp;&nbsp; 623938 |
|  |  | &nbsp;&nbsp; 3041968 |
| **Passenger Airlines-0.46%** | **Passenger Airlines-0.46%** | **Passenger Airlines-0.46%** |
| Delta Air Lines, Inc. | 12397 | &nbsp;&nbsp; 659644 |
| Southwest Airlines Co. | 18208 | &nbsp;&nbsp; 563174 |
| United Airlines Holdings, Inc.<sup>(c)</sup> | 7749 | &nbsp;&nbsp; 684314 |
|  |  | &nbsp;&nbsp; 1907132 |
| **Passenger Ground Transportation-0.15%** | **Passenger Ground Transportation-0.15%** | **Passenger Ground Transportation-0.15%** |
| Uber Technologies, Inc.<sup>(c)</sup> | 7044 | &nbsp;&nbsp; 618111 |
| **Personal Care Products-0.34%** | **Personal Care Products-0.34%** | **Personal Care Products-0.34%** |
| Estee Lauder Cos., Inc. (The), Class A | 8758 | &nbsp;&nbsp; 817472 |
| Kenvue, Inc. | 27907 | &nbsp;&nbsp; 598326 |
|  |  | &nbsp;&nbsp; 1415798 |
| **Pharmaceuticals-0.98%** | **Pharmaceuticals-0.98%** | **Pharmaceuticals-0.98%** |
| Bristol-Myers Squibb Co. | 12159 | &nbsp;&nbsp; 526606 |
| Eli Lilly and Co. | 762 | &nbsp;&nbsp; 563933 |
| Johnson & Johnson | 3936 | &nbsp;&nbsp; 648417 |
| Merck & Co., Inc. | 7589 | &nbsp;&nbsp; 592853 |
| Pfizer, Inc. | 24911 | &nbsp;&nbsp; 580177 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Viatris, Inc. | 67914 | &nbsp;&nbsp; $593568 |
| Zoetis, Inc. | 3676 | &nbsp;&nbsp; 535924 |
|  |  | &nbsp;&nbsp; 4041478 |
| **Property & Casualty Insurance-1.59%** | **Property & Casualty Insurance-1.59%** | **Property & Casualty Insurance-1.59%** |
| Allstate Corp. (The) | 3099 | &nbsp;&nbsp; 629872 |
| Arch Capital Group Ltd. | 6815 | &nbsp;&nbsp; 586499 |
| Assurant, Inc. | 3095 | &nbsp;&nbsp; 579693 |
| Chubb Ltd. | 2133 | &nbsp;&nbsp; 567463 |
| Cincinnati Financial Corp. | 4147 | &nbsp;&nbsp; 611724 |
| Erie Indemnity Co., Class A<sup>(b)</sup> | 1711 | &nbsp;&nbsp; 609527 |
| Hartford Insurance Group, Inc. (The) | 4904 | &nbsp;&nbsp; 610009 |
| Loews Corp. | 6921 | &nbsp;&nbsp; 626627 |
| Progressive Corp. (The) | 2308 | &nbsp;&nbsp; 558628 |
| Travelers Cos., Inc. (The) | 2343 | &nbsp;&nbsp; 609742 |
| W.R. Berkley Corp. | 8417 | &nbsp;&nbsp; 579174 |
|  |  | &nbsp;&nbsp; 6568958 |
| **Publishing-0.15%** | **Publishing-0.15%** | **Publishing-0.15%** |
| News Corp., Class A | 16222 | &nbsp;&nbsp; 475629 |
| News Corp., Class B | 4792 | &nbsp;&nbsp; 160149 |
|  |  | &nbsp;&nbsp; 635778 |
| **Rail Transportation-0.47%** | **Rail Transportation-0.47%** | **Rail Transportation-0.47%** |
| CSX Corp. | 18867 | &nbsp;&nbsp; 670533 |
| Norfolk Southern Corp. | 2421 | &nbsp;&nbsp; 673038 |
| Union Pacific Corp. | 2693 | &nbsp;&nbsp; 597765 |
|  |  | &nbsp;&nbsp; 1941336 |
| **Real Estate Services-0.34%** | **Real Estate Services-0.34%** | **Real Estate Services-0.34%** |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 4558 | &nbsp;&nbsp; 709863 |
| CoStar Group, Inc.<sup>(c)</sup> | 7453 | &nbsp;&nbsp; 709451 |
|  |  | &nbsp;&nbsp; 1419314 |
| **Regional Banks-0.80%** | **Regional Banks-0.80%** | **Regional Banks-0.80%** |
| Citizens Financial Group, Inc. | 14732 | &nbsp;&nbsp; 703011 |
| Huntington Bancshares, Inc. | 37905 | &nbsp;&nbsp; 622779 |
| M&T Bank Corp. | 3307 | &nbsp;&nbsp; 624031 |
| Regions Financial Corp. | 27338 | &nbsp;&nbsp; 692472 |
| Truist Financial Corp. | 15147 | &nbsp;&nbsp; 662075 |
|  |  | &nbsp;&nbsp; 3304368 |
| **Reinsurance-0.15%** | **Reinsurance-0.15%** | **Reinsurance-0.15%** |
| Everest Group Ltd. | 1825 | &nbsp;&nbsp; 612835 |
| **Research & Consulting Services-0.59%** | **Research & Consulting Services-0.59%** | **Research & Consulting Services-0.59%** |
| Equifax, Inc. | 2247 | &nbsp;&nbsp; 539797 |
| Jacobs Solutions, Inc. | 4817 | &nbsp;&nbsp; 683388 |
| Leidos Holdings, Inc. | 4171 | &nbsp;&nbsp; 665900 |
| Verisk Analytics, Inc. | 1962 | &nbsp;&nbsp; 546829 |
|  |  | &nbsp;&nbsp; 2435914 |
| **Restaurants-1.01%** | **Restaurants-1.01%** | **Restaurants-1.01%** |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup> | 11782 | &nbsp;&nbsp; 505212 |
| Darden Restaurants, Inc. | 2799 | &nbsp;&nbsp; 564474 |
| Domino's Pizza, Inc. | 1359 | &nbsp;&nbsp; 629502 |
| DoorDash, Inc., Class A<sup>(c)</sup> | 2798 | &nbsp;&nbsp; 700200 |
| McDonald's Corp. | 2016 | &nbsp;&nbsp; 604941 |
| Starbucks Corp. | 6390 | &nbsp;&nbsp; 569733 |
| Yum! Brands, Inc. | 4253 | &nbsp;&nbsp; 613070 |
|  |  | &nbsp;&nbsp; 4187132 |
| **Retail REITs-0.74%** | **Retail REITs-0.74%** | **Retail REITs-0.74%** |
| Federal Realty Investment Trust | 6331 | &nbsp;&nbsp; 583465 |
| Kimco Realty Corp. | 29058 | &nbsp;&nbsp; 616901 |
| Realty Income Corp., REIT | 10559 | &nbsp;&nbsp; 592677 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** |
| Regency Centers Corp. | 8595 | &nbsp;&nbsp; $613683 |
| Simon Property Group, Inc. | 3825 | &nbsp;&nbsp; 626497 |
|  |  | &nbsp;&nbsp; 3033223 |
| **Self-Storage REITs-0.27%** | **Self-Storage REITs-0.27%** | **Self-Storage REITs-0.27%** |
| Extra Space Storage, Inc. | 4068 | &nbsp;&nbsp; 546577 |
| Public Storage | 2026 | &nbsp;&nbsp; 550950 |
|  |  | &nbsp;&nbsp; 1097527 |
| **Semiconductor Materials & Equipment-0.74%** | **Semiconductor Materials & Equipment-0.74%** | **Semiconductor Materials & Equipment-0.74%** |
| Applied Materials, Inc. | 3539 | &nbsp;&nbsp; 637232 |
| Enphase Energy, Inc.<sup>(c)</sup> | 13461 | &nbsp;&nbsp; 435598 |
| KLA Corp. | 694 | &nbsp;&nbsp; 610047 |
| Lam Research Corp. | 6708 | &nbsp;&nbsp; 636187 |
| Teradyne, Inc. | 7029 | &nbsp;&nbsp; 755125 |
|  |  | &nbsp;&nbsp; 3074189 |
| **Semiconductors-2.15%** | **Semiconductors-2.15%** | **Semiconductors-2.15%** |
| Advanced Micro Devices, Inc.<sup>(c)</sup> | 5036 | &nbsp;&nbsp; 887897 |
| Analog Devices, Inc. | 2628 | &nbsp;&nbsp; 590328 |
| Broadcom, Inc. | 2408 | &nbsp;&nbsp; 707230 |
| First Solar, Inc.<sup>(b)(c)</sup> | 3626 | &nbsp;&nbsp; 633571 |
| Intel Corp. | 29487 | &nbsp;&nbsp; 583843 |
| Microchip Technology, Inc. | 8762 | &nbsp;&nbsp; 592224 |
| Micron Technology, Inc. | 5265 | &nbsp;&nbsp; 574622 |
| Monolithic Power Systems, Inc. | 839 | &nbsp;&nbsp; 596730 |
| NVIDIA Corp. | 4267 | &nbsp;&nbsp; 758971 |
| NXP Semiconductors N.V. (Netherlands) | 2802 | &nbsp;&nbsp; 598984 |
| ON Semiconductor Corp.<sup>(b)(c)</sup> | 11784 | &nbsp;&nbsp; 664146 |
| QUALCOMM, Inc. | 3819 | &nbsp;&nbsp; 560476 |
| Skyworks Solutions, Inc. | 8374 | &nbsp;&nbsp; 573954 |
| Texas Instruments, Inc. | 3054 | &nbsp;&nbsp; 552957 |
|  |  | &nbsp;&nbsp; 8875933 |
| **Single-Family Residential REITs-0.14%** | **Single-Family Residential REITs-0.14%** | **Single-Family Residential REITs-0.14%** |
| Invitation Homes, Inc. | 18306 | &nbsp;&nbsp; 561079 |
| **Soft Drinks & Non-alcoholic Beverages-0.58%** | **Soft Drinks & Non-alcoholic Beverages-0.58%** | **Soft Drinks & Non-alcoholic Beverages-0.58%** |
| Coca-Cola Co. (The) | 8467 | &nbsp;&nbsp; 574825 |
| Keurig Dr Pepper, Inc. | 18565 | &nbsp;&nbsp; 606147 |
| Monster Beverage Corp.<sup>(c)</sup> | 9738 | &nbsp;&nbsp; 572107 |
| PepsiCo, Inc. | 4687 | &nbsp;&nbsp; 646431 |
|  |  | &nbsp;&nbsp; 2399510 |
| **Specialty Chemicals-0.99%** | **Specialty Chemicals-0.99%** | **Specialty Chemicals-0.99%** |
| Albemarle Corp.<sup>(b)</sup> | 9380 | &nbsp;&nbsp; 636433 |
| DuPont de Nemours, Inc. | 8785 | &nbsp;&nbsp; 631641 |
| Eastman Chemical Co. | 7611 | &nbsp;&nbsp; 552635 |
| Ecolab, Inc. | 2274 | &nbsp;&nbsp; 595242 |
| International Flavors & Fragrances, Inc. | 7793 | &nbsp;&nbsp; 553537 |
| PPG Industries, Inc. | 5404 | &nbsp;&nbsp; 570122 |
| Sherwin-Williams Co. (The) | 1710 | &nbsp;&nbsp; 565805 |
|  |  | &nbsp;&nbsp; 4105415 |
| **Steel-0.33%** | **Steel-0.33%** | **Steel-0.33%** |
| Nucor Corp. | 5202 | &nbsp;&nbsp; 744250 |
| Steel Dynamics, Inc. | 4694 | &nbsp;&nbsp; 598767 |
|  |  | &nbsp;&nbsp; 1343017 |
| **Systems Software-1.09%** | **Systems Software-1.09%** | **Systems Software-1.09%** |
| CrowdStrike Holdings, Inc., Class A<sup>(c)</sup> | 1287 | &nbsp;&nbsp; 585032 |
| Fortinet, Inc.<sup>(c)</sup> | 5949 | &nbsp;&nbsp; 594305 |
| Gen Digital, Inc. | 20715 | &nbsp;&nbsp; 610885 |
| Microsoft Corp. | 1297 | &nbsp;&nbsp; 691949 |
| Oracle Corp. | 3457 | &nbsp;&nbsp; 877283 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Systems Software-(continued)** | **Systems Software-(continued)** | **Systems Software-(continued)** |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup> | 3146 | &nbsp;&nbsp; $546146 |
| ServiceNow, Inc.<sup>(c)</sup> | 616 | &nbsp;&nbsp; 580962 |
|  |  | &nbsp;&nbsp; 4486562 |
| **Technology Distributors-0.15%** | **Technology Distributors-0.15%** | **Technology Distributors-0.15%** |
| CDW Corp. | 3481 | &nbsp;&nbsp; 607017 |
| **Technology Hardware, Storage & Peripherals-1.39%** | **Technology Hardware, Storage & Peripherals-1.39%** | **Technology Hardware, Storage & Peripherals-1.39%** |
| Apple, Inc. | 3066 | &nbsp;&nbsp; 636410 |
| Dell Technologies, Inc., Class C | 5476 | &nbsp;&nbsp; 726611 |
| Hewlett Packard Enterprise Co. | 33471 | &nbsp;&nbsp; 692515 |
| HP, Inc. | 24570 | &nbsp;&nbsp; 609336 |
| NetApp, Inc. | 5948 | &nbsp;&nbsp; 619365 |
| Seagate Technology Holdings PLC | 4815 | &nbsp;&nbsp; 756003 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 14107 | &nbsp;&nbsp; 831890 |
| Western Digital Corp.<sup>(b)</sup> | 10957 | &nbsp;&nbsp; 862206 |
|  |  | &nbsp;&nbsp; 5734336 |
| **Telecom Tower REITs-0.45%** | **Telecom Tower REITs-0.45%** | **Telecom Tower REITs-0.45%** |
| American Tower Corp. | 2837 | &nbsp;&nbsp; 591202 |
| Crown Castle, Inc. | 6106 | &nbsp;&nbsp; 641680 |
| SBA Communications Corp., Class A | 2705 | &nbsp;&nbsp; 607868 |
|  |  | &nbsp;&nbsp; 1840750 |
| **Timber REITs-0.14%** | **Timber REITs-0.14%** | **Timber REITs-0.14%** |
| Weyerhaeuser Co.<sup>(b)</sup> | 22291 | &nbsp;&nbsp; 558390 |
| **Tobacco-0.29%** | **Tobacco-0.29%** | **Tobacco-0.29%** |
| Altria Group, Inc. | 10187 | &nbsp;&nbsp; 630983 |
| Philip Morris International, Inc. | 3325 | &nbsp;&nbsp; 545466 |
|  |  | &nbsp;&nbsp; 1176449 |
| **Trading Companies & Distributors-0.48%** | **Trading Companies & Distributors-0.48%** | **Trading Companies & Distributors-0.48%** |
| Fastenal Co. | 14305 | &nbsp;&nbsp; 659890 |
| United Rentals, Inc. | 839 | &nbsp;&nbsp; 740787 |
| W.W. Grainger, Inc. | 560 | &nbsp;&nbsp; 582142 |
|  |  | &nbsp;&nbsp; 1982819 |
| **Transaction & Payment Processing Services-1.27%** | **Transaction & Payment Processing Services-1.27%** | **Transaction & Payment Processing Services-1.27%** |
| Block, Inc., Class A<sup>(b)(c)</sup> | 8505 | &nbsp;&nbsp; 657096 |
| Corpay, Inc.<sup>(c)</sup> | 1738 | &nbsp;&nbsp; 561461 |
| Fidelity National Information Services, Inc. | 7530 | &nbsp;&nbsp; 597957 |
| Fiserv, Inc.<sup>(c)</sup> | 3622 | &nbsp;&nbsp; 503241 |
| Global Payments, Inc. | 7665 | &nbsp;&nbsp; 612817 |
| Jack Henry & Associates, Inc.<sup>(b)</sup> | 3402 | &nbsp;&nbsp; 577710 |
| Mastercard, Inc., Class A | 1038 | &nbsp;&nbsp; 587996 |
| PayPal Holdings, Inc.<sup>(c)</sup> | 8183 | &nbsp;&nbsp; 562663 |
| Visa, Inc., Class A | 1627 | &nbsp;&nbsp; 562080 |
|  |  | &nbsp;&nbsp; 5223021 |
| **Water Utilities-0.15%** | **Water Utilities-0.15%** | **Water Utilities-0.15%** |
| American Water Works Co., Inc. | 4344 | &nbsp;&nbsp; 609203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $294,688,936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $294,688,936) | &nbsp;&nbsp; 312812370 |
|  | **Principal** <br> **Amount**<br>|  |
| **Equity Linked Notes-5.12%** |  |  |
| **Diversified Banks-3.93%** |  |  |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Invesco S&P 500 Equal <br> Weight ETF), 174.00%, 08/06/2025<sup>(e)</sup><br>| $1053000 | &nbsp;&nbsp; 1057922 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (Invesco S&P 500 Equal <br> Weight ETF), 156.89%, 08/22/2025<sup>(e)</sup><br>| 1083000 | &nbsp;&nbsp; 1092649 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (Invesco S&P 500 Equal <br> Weight ETF), 132.85%, 08/27/2025<sup>(e)</sup><br>| 1082000 | &nbsp;&nbsp; 1063699 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount**<br>| **Value** |
| **Diversified Banks-(continued)** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (Invesco S&P 500 Equal <br> Weight ETF), 141.44%, 09/03/2025<br>| $1051000 | &nbsp;&nbsp; $1051000 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Invesco S&P 500 Equal Weight ETF), <br> 172.25%, 08/08/2025<sup>(e)</sup><br>| 1396000 | &nbsp;&nbsp; 1357599 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Invesco S&P 500 Equal Weight ETF), <br> 173.00%, 08/12/2025<sup>(e)</sup><br>| 907000 | &nbsp;&nbsp; 911426 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase & Co. (Invesco S&P 500 <br> Equal Weight ETF), 167.62%, <br> 08/13/2025<sup>(e)</sup><br>| 977000 | &nbsp;&nbsp; 974699 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Invesco <br> S&P 500 Equal Weight ETF), 178.00%, <br> 08/15/2025<sup>(e)</sup><br>| 1082000 | &nbsp;&nbsp; 1090656 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Invesco <br> S&P 500 Equal Weight ETF), 160.20%, <br> 08/18/2025<sup>(e)</sup><br>| 1082000 | &nbsp;&nbsp; 1092788 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Invesco S&P 500 <br> Equal Weight ETF), 159.78%, <br> 08/11/2025<sup>(e)</sup><br>| 922000 | &nbsp;&nbsp; 919077 |
| &nbsp;&nbsp;&nbsp; Societe Generale (Invesco S&P 500 Equal <br> Weight ETF), 161.11%, 08/07/2025<sup>(e)</sup><br>| 1056000 | &nbsp;&nbsp; 1044646 |
| &nbsp;&nbsp;&nbsp; Societe Generale (Invesco S&P 500 Equal <br> Weight ETF), 153.57%, 08/19/2025<sup>(e)</sup><br>| 938000 | &nbsp;&nbsp; 947464 |
| &nbsp;&nbsp;&nbsp; Societe Generale (Invesco S&P 500 Equal <br> Weight ETF), 152.00%, 08/20/2025<sup>(e)</sup><br>| 938000 | &nbsp;&nbsp; 947210 |
| &nbsp;&nbsp;&nbsp; Societe Generale (Invesco S&P 500 Equal <br> Weight ETF), 135.25%, 08/26/2025<sup>(e)</sup><br>| 1298000 | &nbsp;&nbsp; 1289002 |
| &nbsp;&nbsp;&nbsp; UBS AG (Invesco S&P 500 Equal Weight ETF), <br> 162.75%, 08/29/2025<br>| 1393000 | &nbsp;&nbsp; 1384464 |
|  |  | &nbsp;&nbsp; 16224301 |
| **Investment Banking & Brokerage-1.19%** |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) (Invesco <br> S&P 500 Equal Weight ETF), 178.85%, <br> 08/14/2025<sup>(e)</sup><br>| 653000 | &nbsp;&nbsp; 659183 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) (Invesco <br> S&P 500 Equal Weight ETF), 155.05%, <br> 08/21/2025<sup>(e)</sup><br>| 730000 | &nbsp;&nbsp; 734933 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) (Invesco <br> S&P 500 Equal Weight ETF), 136.10%, <br> 08/28/2025<sup>(e)</sup><br>| 1458000 | &nbsp;&nbsp; 1438251 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Invesco S&P 500 <br> Equal Weight ETF), 143.70%, <br> 08/25/2025<sup>(e)</sup><br>| 979000 | &nbsp;&nbsp; 972125 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Invesco S&P 500 <br> Equal Weight ETF), 141.00%, <br> 09/02/2025<sup>(e)</sup><br>| 1104000 | &nbsp;&nbsp; 1092608 |
|  |  | &nbsp;&nbsp; 4897100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Linked Notes <br>(Cost $21,182,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Linked Notes <br>(Cost $21,182,000) | &nbsp;&nbsp; 21121401 |
|  | **Shares** |  |
| **Money Market Funds-19.51%** | **Money Market Funds-19.51%** | **Money Market Funds-19.51%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(d)(f)</sup> <br>(Cost $80,490,291)<br>| 80490291 | &nbsp;&nbsp; 80490291 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.44% <br>(Cost $396,361,227) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.44% <br>(Cost $396,361,227) | &nbsp;&nbsp; 414424062 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-6.08%** | **Money Market Funds-6.08%** | **Money Market Funds-6.08%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(d)(f)(g)</sup><br>| 6964668 | &nbsp;&nbsp; $6964668 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(f)(g)</sup> | 18129595 | &nbsp;&nbsp; 18133221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $25,097,969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $25,097,969) | &nbsp;&nbsp; 25097889 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.52% <br>(Cost $421,459,196) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.52% <br>(Cost $421,459,196) | &nbsp;&nbsp; 439521951 |
| OTHER ASSETS LESS LIABILITIES-(6.52)% | OTHER ASSETS LESS LIABILITIES-(6.52)% | &nbsp;&nbsp; (26885740)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $412636211 |

---

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

Investment Abbreviations: <br> ETF -Exchange-Traded Fund <br> REIT -Real Estate Investment Trust

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

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| &nbsp;&nbsp; Invesco Ltd. | &nbsp;&nbsp;&nbsp; $439777 | &nbsp;&nbsp;&nbsp; $351472 | &nbsp;&nbsp;&nbsp; $(112624)<br>| &nbsp;&nbsp;&nbsp; $173395 | &nbsp;&nbsp;&nbsp; $(1829)<br>| &nbsp;&nbsp;&nbsp; $850191 | &nbsp;&nbsp;&nbsp; $16569 |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; 50749067 | &nbsp;&nbsp;&nbsp; 30838256 | &nbsp;&nbsp;&nbsp; (81587323)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 899892 |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 108176245 | &nbsp;&nbsp;&nbsp; (27685954)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 80490291 | &nbsp;&nbsp;&nbsp; 844733 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 1891489 | &nbsp;&nbsp;&nbsp; 51177515 | &nbsp;&nbsp;&nbsp; (46104336)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6964668 | &nbsp;&nbsp;&nbsp; 153,168<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 4915419 | &nbsp;&nbsp;&nbsp; 107291472 | &nbsp;&nbsp;&nbsp; (94072241)<br>| &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; (1532)<br>| &nbsp;&nbsp;&nbsp; 18133221 | &nbsp;&nbsp;&nbsp; 403,382<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $57995752 | &nbsp;&nbsp;&nbsp; $297834960 | &nbsp;&nbsp;&nbsp; $(249562478)<br>| &nbsp;&nbsp;&nbsp; $173498 | &nbsp;&nbsp;&nbsp; $(3361)<br>| &nbsp;&nbsp;&nbsp; $106438371 | &nbsp;&nbsp;&nbsp; $2317744 |

---

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

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

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

<sup>(e)</sup> 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 July 31, 2025 was $18,685,937, which represented 4.53% of the Fund's Net Assets. 

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

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

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-72.88%** | **U.S. Dollar Denominated Bonds & Notes-72.88%** | **U.S. Dollar Denominated Bonds & Notes-72.88%** |
| **Advertising-0.14%** | **Advertising-0.14%** | **Advertising-0.14%** |
| Lamar Media Corp., 4.88%, 01/15/2029 | $14000 | &nbsp;&nbsp; $13761 |
| **Aerospace & Defense-1.14%** | **Aerospace & Defense-1.14%** | **Aerospace & Defense-1.14%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.26% 05/01/2027 | 9000 | &nbsp;&nbsp; 9234 |
| &nbsp;&nbsp;&nbsp; 6.30% 05/01/2029 | 10000 | &nbsp;&nbsp; 10562 |
| L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 12000 | &nbsp;&nbsp; 12151 |
| Lockheed Martin Corp., 4.15%, 08/15/2028 | 12000 | &nbsp;&nbsp; 11972 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 02/27/2026 | 9000 | &nbsp;&nbsp; 9018 |
| &nbsp;&nbsp;&nbsp; 5.75% 11/08/2026 | 18000 | &nbsp;&nbsp; 18270 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 08/15/2028<sup>(b)</sup> | 12000 | &nbsp;&nbsp; 12259 |
| &nbsp;&nbsp;&nbsp; 6.38% 03/01/2029<sup>(b)</sup> | 29000 | &nbsp;&nbsp; 29716 |
|  |  | &nbsp;&nbsp; 113182 |
| **Agricultural & Farm Machinery-0.63%** | **Agricultural & Farm Machinery-0.63%** | **Agricultural & Farm Machinery-0.63%** |
| AGCO Corp., 5.45%, 03/21/2027 | 2000 | &nbsp;&nbsp; 2016 |
| CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.45% 10/14/2025 | 24000 | &nbsp;&nbsp; 24038 |
| &nbsp;&nbsp;&nbsp; 4.75% 03/21/2028 | 8000 | &nbsp;&nbsp; 8042 |
| John Deere Capital Corp., 4.38%, 10/15/2030 | 29000 | &nbsp;&nbsp; 28901 |
|  |  | &nbsp;&nbsp; 62997 |
| **Apparel Retail-0.04%** | **Apparel Retail-0.04%** | **Apparel Retail-0.04%** |
| Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 4000 | &nbsp;&nbsp; 3696 |
| **Application Software-0.66%** | **Application Software-0.66%** | **Application Software-0.66%** |
| Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 09/15/2026 | 9000 | &nbsp;&nbsp; 9086 |
| &nbsp;&nbsp;&nbsp; 5.13% 09/15/2028 | 24000 | &nbsp;&nbsp; 24639 |
| Roper Technologies, Inc., 4.50%, 10/15/2029 | 12000 | &nbsp;&nbsp; 11969 |
| SS&C Technologies, Inc., 5.50%, 09/30/2027<sup>(b)</sup> | 9000 | &nbsp;&nbsp; 9009 |
| Synopsys, Inc., 4.85%, 04/01/2030 | 11000 | &nbsp;&nbsp; 11128 |
|  |  | &nbsp;&nbsp; 65831 |
| **Asset Management & Custody Banks-0.58%** | **Asset Management & Custody Banks-0.58%** | **Asset Management & Custody Banks-0.58%** |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.44% 06/09/2028<sup>(c)</sup> | 10000 | &nbsp;&nbsp; 10022 |
| &nbsp;&nbsp;&nbsp; 5.03% (SOFR + 0.68%), 06/09/2028<sup>(d)</sup> | 20000 | &nbsp;&nbsp; 20099 |
| &nbsp;&nbsp;&nbsp; 4.98% 03/14/2030<sup>(c)(e)</sup> | 4000 | &nbsp;&nbsp; 4085 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, 5.88%, <br> 11/15/2027<br>| 8000 | &nbsp;&nbsp; 8141 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, 5.45%, <br> 08/15/2028<sup>(b)</sup><br>| 4000 | &nbsp;&nbsp; 3986 |
| &nbsp;&nbsp;&nbsp; New Mountain Finance Corp., 6.20%, <br> 10/15/2027<br>| 11000 | &nbsp;&nbsp; 11138 |
|  |  | &nbsp;&nbsp; 57471 |
| **Automobile Manufacturers-5.68%** | **Automobile Manufacturers-5.68%** | **Automobile Manufacturers-5.68%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 4.75%, <br> 10/01/2027<sup>(b)</sup><br>| 31000 | &nbsp;&nbsp; 30708 |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., 5.80%, <br> 10/03/2025<sup>(e)</sup><br>| 29000 | &nbsp;&nbsp; 29053 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC <br> (Germany), 4.95%, 01/13/2028<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp; 35296 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (SOFR + 2.95%), 03/06/2026<sup>(d)(e)</sup> | 200000 | &nbsp;&nbsp; 202066 |
| &nbsp;&nbsp;&nbsp; 5.85% 05/17/2027 | 50000 | &nbsp;&nbsp; 50362 |
| Honda Motor Co. Ltd. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 4.44% 07/08/2028 | 50000 | &nbsp;&nbsp; 49932 |
| &nbsp;&nbsp;&nbsp; 4.69% 07/08/2030 | 64000 | &nbsp;&nbsp; 64063 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 03/30/2026<sup>(b)</sup> | $| 9000 | &nbsp;&nbsp; $9052 |
| &nbsp;&nbsp;&nbsp; 5.65% 06/26/2026<sup>(b)(e)</sup> |  | 11000 | &nbsp;&nbsp; 11100 |
| &nbsp;&nbsp;&nbsp; 5.30% 03/19/2027<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9089 |
| &nbsp;&nbsp;&nbsp; 4.88% 06/23/2027<sup>(b)</sup> |  | 31000 | &nbsp;&nbsp; 31110 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/07/2028<sup>(b)</sup> |  | 20000 | &nbsp;&nbsp; 20135 |
| &nbsp;&nbsp;&nbsp; 5.30% 01/08/2030<sup>(b)</sup> |  | 8000 | &nbsp;&nbsp; 8169 |
| Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 08/07/2026 |  | 8000 | &nbsp;&nbsp; 8012 |
| &nbsp;&nbsp;&nbsp; 4.55% 08/09/2029 |  | 8000 | &nbsp;&nbsp; 8055 |
|  |  |  | &nbsp;&nbsp; 566202 |
| **Automotive Parts & Equipment-0.13%** | **Automotive Parts & Equipment-0.13%** | **Automotive Parts & Equipment-0.13%** | **Automotive Parts & Equipment-0.13%** |
| PHINIA, Inc., 6.75%, 04/15/2029<sup>(b)</sup> |  | 13000 | &nbsp;&nbsp; 13394 |
| **Automotive Retail-0.82%** | **Automotive Retail-0.82%** | **Automotive Retail-0.82%** | **Automotive Retail-0.82%** |
| Advance Auto Parts, Inc., 5.90%, 03/09/2026 |  | 30000 | &nbsp;&nbsp; 30174 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., 4.50%, <br> 03/01/2028<br>|  | 31000 | &nbsp;&nbsp; 30537 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., 4.00%, <br> 08/15/2028<sup>(b)(e)</sup><br>|  | 12000 | &nbsp;&nbsp; 11578 |
| O'Reilly Automotive, Inc., 5.75%, 11/20/2026 |  | 9000 | &nbsp;&nbsp; 9134 |
|  |  |  | &nbsp;&nbsp; 81423 |
| **Biotechnology-0.19%** | **Biotechnology-0.19%** | **Biotechnology-0.19%** | **Biotechnology-0.19%** |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 03/15/2027 |  | 11000 | &nbsp;&nbsp; 11075 |
| &nbsp;&nbsp;&nbsp; 4.80% 03/15/2029 |  | 8000 | &nbsp;&nbsp; 8129 |
|  |  |  | &nbsp;&nbsp; 19204 |
| **Cable & Satellite-0.92%** | **Cable & Satellite-0.92%** | **Cable & Satellite-0.92%** | **Cable & Satellite-0.92%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., <br> 5.50%, 05/01/2026<sup>(b)</sup><br>|  | 80000 | &nbsp;&nbsp; 79917 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> 6.15%, 11/10/2026<br>|  | 12000 | &nbsp;&nbsp; 12176 |
|  |  |  | &nbsp;&nbsp; 92093 |
| **Cargo Ground Transportation-0.53%** | **Cargo Ground Transportation-0.53%** | **Cargo Ground Transportation-0.53%** | **Cargo Ground Transportation-0.53%** |
| Penske Truck Leasing Co. L.P./PTL Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 05/24/2026<sup>(b)</sup> |  | 12000 | &nbsp;&nbsp; 12087 |
| &nbsp;&nbsp;&nbsp; 5.35% 01/12/2027<sup>(b)</sup> |  | 3000 | &nbsp;&nbsp; 3026 |
| &nbsp;&nbsp;&nbsp; 4.40% 07/01/2027<sup>(b)</sup> |  | 13000 | &nbsp;&nbsp; 12951 |
| &nbsp;&nbsp;&nbsp; 6.05% 08/01/2028<sup>(b)</sup> |  | 8000 | &nbsp;&nbsp; 8312 |
| Ryder System, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30% 03/15/2027 |  | 9000 | &nbsp;&nbsp; 9104 |
| &nbsp;&nbsp;&nbsp; 4.90% 12/01/2029 |  | 7000 | &nbsp;&nbsp; 7086 |
|  |  |  | &nbsp;&nbsp; 52566 |
| **Commercial & Residential Mortgage Finance-0.04%** | **Commercial & Residential Mortgage Finance-0.04%** | **Commercial & Residential Mortgage Finance-0.04%** | **Commercial & Residential Mortgage Finance-0.04%** |
| Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(b)</sup> |  | 4000 | &nbsp;&nbsp; 4058 |
| **Construction Machinery & Heavy Transportation Equipment-0.48%** | **Construction Machinery & Heavy Transportation Equipment-0.48%** | **Construction Machinery & Heavy Transportation Equipment-0.48%** | **Construction Machinery & Heavy Transportation Equipment-0.48%** |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., 5.15%, <br> 08/11/2025<br>|  | 22000 | &nbsp;&nbsp; 22005 |
| Cummins, Inc., 4.25%, 05/09/2028 |  | 10000 | &nbsp;&nbsp; 10015 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., <br> 4.90%, 05/29/2030<br>|  | 16000 | &nbsp;&nbsp; 16208 |
|  |  |  | &nbsp;&nbsp; 48228 |
| **Construction Materials-0.25%** | **Construction Materials-0.25%** | **Construction Materials-0.25%** | **Construction Materials-0.25%** |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc., 5.88%, <br> 01/31/2031<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 25101 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Consumer Finance-1.38%** | **Consumer Finance-1.38%** | **Consumer Finance-1.38%** |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% 04/23/2027<sup>(c)</sup> | $12000 | &nbsp;&nbsp; $12089 |
| &nbsp;&nbsp;&nbsp; 4.73% 04/25/2029<sup>(c)</sup> | 30000 | &nbsp;&nbsp; 30268 |
| &nbsp;&nbsp;&nbsp; 5.62% (SOFR + 1.26%), 04/25/2029<sup>(d)(e)</sup> | 25000 | &nbsp;&nbsp; 25375 |
| &nbsp;&nbsp;&nbsp; 4.35% 07/20/2029<sup>(c)</sup> | 18000 | &nbsp;&nbsp; 17967 |
| &nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.81%), 07/20/2029<sup>(d)</sup> | 27000 | &nbsp;&nbsp; 27043 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 7.15%, <br> 10/29/2027<sup>(c)</sup><br>| 8000 | &nbsp;&nbsp; 8242 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., 5.40%, <br> 04/06/2026<br>| 14000 | &nbsp;&nbsp; 14067 |
| Synchrony Financial, 5.02%, 07/29/2029<sup>(c)</sup> | 2000 | &nbsp;&nbsp; 1999 |
|  |  | &nbsp;&nbsp; 137050 |
| **Consumer Staples Merchandise Retail-0.20%** | **Consumer Staples Merchandise Retail-0.20%** | **Consumer Staples Merchandise Retail-0.20%** |
| &nbsp;&nbsp;&nbsp; Walmart, Inc., 4.79% (SOFR + 0.43%), <br> 04/28/2027<sup>(d)</sup><br>| 20000 | &nbsp;&nbsp; 20087 |
| **Distributors-0.10%** | **Distributors-0.10%** | **Distributors-0.10%** |
| Genuine Parts Co., 6.50%, 11/01/2028 | 9000 | &nbsp;&nbsp; 9523 |
| **Diversified Banks-18.00%** | **Diversified Banks-18.00%** | **Diversified Banks-18.00%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.62% 05/09/2029<sup>(c)</sup> | 10000 | &nbsp;&nbsp; 10044 |
| &nbsp;&nbsp;&nbsp; 5.45% (SOFR + 1.11%), 05/09/2029<sup>(d)</sup> | 30000 | &nbsp;&nbsp; 30242 |
| &nbsp;&nbsp;&nbsp; 5.82% 09/15/2029<sup>(c)</sup> | 9000 | &nbsp;&nbsp; 9352 |
| Bank of America N.A., 5.53%, 08/18/2026 | 68000 | &nbsp;&nbsp; 68729 |
| Bank of Montreal (Canada), 5.92%, 09/25/2025 | 36000 | &nbsp;&nbsp; 36072 |
| &nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom), 7.33%, <br> 11/02/2026<sup>(c)</sup><br>| 200000 | &nbsp;&nbsp; 201202 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.61% 09/29/2026<sup>(c)</sup> | 60000 | &nbsp;&nbsp; 60075 |
| &nbsp;&nbsp;&nbsp; 4.64% 05/07/2028<sup>(c)</sup> | 39000 | &nbsp;&nbsp; 39048 |
| &nbsp;&nbsp;&nbsp; 5.49% (SOFR + 1.14%), 05/07/2028<sup>(d)</sup> | 20000 | &nbsp;&nbsp; 20149 |
| &nbsp;&nbsp;&nbsp; 4.79% 03/04/2029<sup>(c)</sup> | 40000 | &nbsp;&nbsp; 40217 |
| &nbsp;&nbsp;&nbsp; 4.54% 09/19/2030<sup>(c)</sup> | 15000 | &nbsp;&nbsp; 14943 |
| &nbsp;&nbsp;&nbsp; 5.81% (SOFR + 1.46%), 05/07/2031<sup>(d)</sup> | 22000 | &nbsp;&nbsp; 22247 |
| Fifth Third Bancorp, 6.34%, 07/27/2029<sup>(c)</sup> | 4000 | &nbsp;&nbsp; 4205 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(c)</sup><br>| 40000 | &nbsp;&nbsp; 40150 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.07% 10/22/2027<sup>(c)</sup> | 13000 | &nbsp;&nbsp; 13238 |
| &nbsp;&nbsp;&nbsp; 5.04% 01/23/2028<sup>(c)</sup> | 9000 | &nbsp;&nbsp; 9073 |
| &nbsp;&nbsp;&nbsp; 5.57% 04/22/2028<sup>(c)</sup> | 10000 | &nbsp;&nbsp; 10179 |
| &nbsp;&nbsp;&nbsp; 4.98% 07/22/2028<sup>(c)</sup> | 37000 | &nbsp;&nbsp; 37366 |
| &nbsp;&nbsp;&nbsp; 4.51% 10/22/2028<sup>(c)</sup> | 19000 | &nbsp;&nbsp; 19025 |
| &nbsp;&nbsp;&nbsp; 6.09% 10/23/2029<sup>(c)</sup> | 9000 | &nbsp;&nbsp; 9429 |
| &nbsp;&nbsp;&nbsp; Series CC, 7.14% (3 mo. Term SOFR + <br> 2.84%)<sup>(d)(e)(f)</sup><br>| 60000 | &nbsp;&nbsp; 60844 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia), 5.39%, <br> 12/07/2026<sup>(b)</sup><br>| 11000 | &nbsp;&nbsp; 11166 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., 4.65%, <br> 01/27/2026<br>| 100000 | &nbsp;&nbsp; 100007 |
| Morgan Stanley Bank N.A., 5.88%, 10/30/2026 | 250000 | &nbsp;&nbsp; 254602 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom), 7.47%, <br> 11/10/2026<sup>(c)</sup><br>| 200000 | &nbsp;&nbsp; 201434 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), 6.62%, <br> 10/20/2027<sup>(c)</sup><br>| 9000 | &nbsp;&nbsp; 9214 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada), 4.88%, <br> 01/19/2027<br>| 9000 | &nbsp;&nbsp; 9074 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), 4.98% <br> (SOFR + 0.62%), 12/17/2026<sup>(d)</sup><br>| 54000 | &nbsp;&nbsp; 54188 |
| U.S. Bancorp, 6.79%, 10/26/2027<sup>(c)</sup> | 40000 | &nbsp;&nbsp; 41059 |
| UBS AG (Switzerland), 5.80%, 09/11/2025 | 200000 | &nbsp;&nbsp; 200239 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.71% 04/22/2028<sup>(c)</sup> | $| 9000 | &nbsp;&nbsp; $9178 |
| &nbsp;&nbsp;&nbsp; 4.97% 04/23/2029<sup>(c)</sup> |  | 20000 | &nbsp;&nbsp; 20238 |
| &nbsp;&nbsp;&nbsp; 5.72% (SOFR + 1.37%), 04/23/2029<sup>(d)(e)</sup> |  | 12000 | &nbsp;&nbsp; 12175 |
| &nbsp;&nbsp;&nbsp; 5.57% 07/25/2029<sup>(c)</sup> |  | 12000 | &nbsp;&nbsp; 12358 |
| &nbsp;&nbsp;&nbsp; 6.30% 10/23/2029<sup>(c)</sup> |  | 12000 | &nbsp;&nbsp; 12630 |
| &nbsp;&nbsp;&nbsp; 7.63% <sup>(c)(e)(f)</sup> |  | 12000 | &nbsp;&nbsp; 12803 |
| Wells Fargo Bank N.A., 5.45%, 08/07/2026 |  | 28000 | &nbsp;&nbsp; 28266 |
| Westpac Banking Corp. (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.81% (SOFR + 0.46%), 10/20/2026<sup>(d)</sup> |  | 36000 | &nbsp;&nbsp; 36058 |
| &nbsp;&nbsp;&nbsp; 5.18% (SOFR + 0.82%), 07/01/2030<sup>(d)(e)</sup> |  | 13000 | &nbsp;&nbsp; 13095 |
|  |  |  | &nbsp;&nbsp; 1793613 |
| **Diversified Financial Services-4.34%** | **Diversified Financial Services-4.34%** | **Diversified Financial Services-4.34%** | **Diversified Financial Services-4.34%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 6.10%, 01/15/2027<br>|  | 150000 | &nbsp;&nbsp; 152890 |
| &nbsp;&nbsp;&nbsp; Eagle Funding LuxCo S.a.r.l. (Mexico), 5.50%, <br> 08/17/2030<sup>(b)</sup><br>|  | 250000 | &nbsp;&nbsp; 251438 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 05/20/2027 |  | 9000 | &nbsp;&nbsp; 9151 |
| &nbsp;&nbsp;&nbsp; 6.75% 11/17/2028 |  | 8000 | &nbsp;&nbsp; 8497 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United <br> Kingdom), 5.15%, 03/17/2030<sup>(b)</sup><br>|  | 10000 | &nbsp;&nbsp; 10002 |
|  |  |  | &nbsp;&nbsp; 431978 |
| **Diversified Metals & Mining-0.53%** | **Diversified Metals & Mining-0.53%** | **Diversified Metals & Mining-0.53%** | **Diversified Metals & Mining-0.53%** |
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance (USA) Ltd. (Australia), <br> 5.25%, 09/08/2026<br>|  | 20000 | &nbsp;&nbsp; 20193 |
| Glencore Funding LLC (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.91% 04/01/2028<sup>(b)</sup> |  | 4000 | &nbsp;&nbsp; 4039 |
| &nbsp;&nbsp;&nbsp; 5.37% 04/04/2029<sup>(b)</sup> |  | 10000 | &nbsp;&nbsp; 10244 |
| Rio Tinto Finance (USA) PLC (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% 03/12/2027 |  | 12000 | &nbsp;&nbsp; 12038 |
| &nbsp;&nbsp;&nbsp; 4.50% 03/14/2028 |  | 6000 | &nbsp;&nbsp; 6030 |
|  |  |  | &nbsp;&nbsp; 52544 |
| **Diversified Support Services-0.62%** | **Diversified Support Services-0.62%** | **Diversified Support Services-0.62%** | **Diversified Support Services-0.62%** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada), <br> 5.04%, 03/25/2030<sup>(b)</sup><br>|  | 49000 | &nbsp;&nbsp; 49444 |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada), 6.75%, <br> 03/15/2028<sup>(b)</sup><br>|  | 12000 | &nbsp;&nbsp; 12299 |
|  |  |  | &nbsp;&nbsp; 61743 |
| **Electric Utilities-4.09%** | **Electric Utilities-4.09%** | **Electric Utilities-4.09%** | **Electric Utilities-4.09%** |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 12/08/2025 |  | 42000 | &nbsp;&nbsp; 42059 |
| &nbsp;&nbsp;&nbsp; 4.85% 01/05/2027 |  | 11000 | &nbsp;&nbsp; 11077 |
| &nbsp;&nbsp;&nbsp; 4.85% 01/05/2029 |  | 4000 | &nbsp;&nbsp; 4048 |
| Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 03/15/2029 |  | 8000 | &nbsp;&nbsp; 8184 |
| &nbsp;&nbsp;&nbsp; 5.13% 03/15/2031 |  | 11000 | &nbsp;&nbsp; 11230 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, 4.55%, <br> 01/15/2030<br>|  | 12000 | &nbsp;&nbsp; 11983 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60% 11/13/2026 |  | 10000 | &nbsp;&nbsp; 10135 |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.80%), 02/05/2027<sup>(d)</sup> |  | 45000 | &nbsp;&nbsp; 45182 |
| &nbsp;&nbsp;&nbsp; 4.12% 09/16/2027 |  | 18000 | &nbsp;&nbsp; 17945 |
| &nbsp;&nbsp;&nbsp; 4.85% 02/07/2029 |  | 9000 | &nbsp;&nbsp; 9147 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 09/01/2025 |  | 38000 | &nbsp;&nbsp; 38024 |
| &nbsp;&nbsp;&nbsp; 4.95% 01/29/2026 |  | 26000 | &nbsp;&nbsp; 26042 |
| &nbsp;&nbsp;&nbsp; 4.69% 09/01/2027 |  | 24000 | &nbsp;&nbsp; 24125 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp., 4.65%, <br> 10/03/2030<sup>(b)</sup><br>| 46000 | &nbsp;&nbsp; $45703 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, 4.65%, <br> 11/01/2029<br>| 9000 | &nbsp;&nbsp; 9085 |
| PacifiCorp, 5.10%, 02/15/2029 | 8000 | &nbsp;&nbsp; 8138 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of New Hampshire, 4.40%, <br> 07/01/2028<br>| 19000 | &nbsp;&nbsp; 19053 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 12/30/2026<sup>(b)</sup> | 8000 | &nbsp;&nbsp; 8020 |
| &nbsp;&nbsp;&nbsp; 5.63% 02/15/2027<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 24987 |
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., 5.35%, <br> 11/10/2025<br>| 30000 | &nbsp;&nbsp; 30030 |
| Xcel Energy, Inc., 4.75%, 03/21/2028 | 3000 | &nbsp;&nbsp; 3019 |
|  |  | &nbsp;&nbsp; 407216 |
| **Electrical Components & Equipment-0.82%** | **Electrical Components & Equipment-0.82%** | **Electrical Components & Equipment-0.82%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> | 5000 | &nbsp;&nbsp; 4917 |
| Regal Rexnord Corp., 6.05%, 02/15/2026 | 47000 | &nbsp;&nbsp; 46979 |
| Vertiv Group Corp., 4.13%, 11/15/2028<sup>(b)</sup> | 31000 | &nbsp;&nbsp; 30177 |
|  |  | &nbsp;&nbsp; 82073 |
| **Electronic Equipment & Instruments-0.11%** | **Electronic Equipment & Instruments-0.11%** | **Electronic Equipment & Instruments-0.11%** |
| Keysight Technologies, Inc., 5.35%, 07/30/2030 | 11000 | &nbsp;&nbsp; 11317 |
| **Environmental & Facilities Services-0.46%** | **Environmental & Facilities Services-0.46%** | **Environmental & Facilities Services-0.46%** |
| Veralto Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 09/18/2026 | 36000 | &nbsp;&nbsp; 36325 |
| &nbsp;&nbsp;&nbsp; 5.35% 09/18/2028 | 9000 | &nbsp;&nbsp; 9234 |
|  |  | &nbsp;&nbsp; 45559 |
| **Food Distributors-0.98%** | **Food Distributors-0.98%** | **Food Distributors-0.98%** |
| Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | 98000 | &nbsp;&nbsp; 97838 |
| **Health Care Distributors-0.44%** | **Health Care Distributors-0.44%** | **Health Care Distributors-0.44%** |
| McKesson Corp., 4.65%, 05/30/2030<sup>(e)</sup> | 44000 | &nbsp;&nbsp; 44272 |
| **Health Care Equipment-0.70%** | **Health Care Equipment-0.70%** | **Health Care Equipment-0.70%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 4.80%, <br> 01/15/2031<br>| 7000 | &nbsp;&nbsp; 7038 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom), 5.15%, <br> 03/20/2027<br>| 7000 | &nbsp;&nbsp; 7074 |
| Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 02/10/2027 | 24000 | &nbsp;&nbsp; 24082 |
| &nbsp;&nbsp;&nbsp; 4.70% 02/10/2028 | 31000 | &nbsp;&nbsp; 31295 |
|  |  | &nbsp;&nbsp; 69489 |
| **Health Care REITs-0.12%** | **Health Care REITs-0.12%** | **Health Care REITs-0.12%** |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 5.20%, <br> 07/01/2030<br>| 12000 | &nbsp;&nbsp; 12044 |
| **Health Care Services-0.75%** | **Health Care Services-0.75%** | **Health Care Services-0.75%** |
| CVS Health Corp., 7.00%, 03/10/2055<sup>(c)</sup> | 57000 | &nbsp;&nbsp; 58786 |
| HCA, Inc., 5.00%, 03/01/2028 | 16000 | &nbsp;&nbsp; 16180 |
|  |  | &nbsp;&nbsp; 74966 |
| **Health Care Supplies-0.59%** | **Health Care Supplies-0.59%** | **Health Care Supplies-0.59%** |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45% 02/25/2027 | 8000 | &nbsp;&nbsp; 8126 |
| &nbsp;&nbsp;&nbsp; 5.40% 03/01/2029 | 49000 | &nbsp;&nbsp; 50424 |
|  |  | &nbsp;&nbsp; 58550 |
| **Hotels, Resorts & Cruise Lines-0.87%** | **Hotels, Resorts & Cruise Lines-0.87%** | **Hotels, Resorts & Cruise Lines-0.87%** |
| Carnival Corp., 5.75%, 03/15/2030<sup>(b)</sup> | 22000 | &nbsp;&nbsp; 22329 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 05/01/2028<sup>(b)</sup> | 16000 | &nbsp;&nbsp; 16006 |
| &nbsp;&nbsp;&nbsp; 5.88% 04/01/2029<sup>(b)</sup> | 15000 | &nbsp;&nbsp; 15264 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** | **Hotels, Resorts & Cruise Lines-(continued)** |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 05/15/2029 | 4000 | &nbsp;&nbsp; $4049 |
| &nbsp;&nbsp;&nbsp; 4.80% 03/15/2030 | 8000 | &nbsp;&nbsp; 8055 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., 5.50%, <br> 04/01/2028<sup>(b)</sup><br>| 21000 | &nbsp;&nbsp; 21249 |
|  |  | &nbsp;&nbsp; 86952 |
| **Housewares & Specialties-0.05%** | **Housewares & Specialties-0.05%** | **Housewares & Specialties-0.05%** |
| Newell Brands, Inc., 6.38%, 05/15/2030 | 5000 | &nbsp;&nbsp; 4858 |
| **Independent Power Producers & Energy Traders-0.11%** | **Independent Power Producers & Energy Traders-0.11%** | **Independent Power Producers & Energy Traders-0.11%** |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, 4.75%, <br> 03/15/2028<sup>(b)</sup><br>| 11000 | &nbsp;&nbsp; 10823 |
| **Industrial Machinery & Supplies & Components-0.33%** | **Industrial Machinery & Supplies & Components-0.33%** | **Industrial Machinery & Supplies & Components-0.33%** |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> | 14000 | &nbsp;&nbsp; 14322 |
| Ingersoll Rand, Inc., 5.20%, 06/15/2027 | 9000 | &nbsp;&nbsp; 9115 |
| Nordson Corp., 5.60%, 09/15/2028 | 9000 | &nbsp;&nbsp; 9254 |
|  |  | &nbsp;&nbsp; 32691 |
| **Industrial REITs-0.06%** | **Industrial REITs-0.06%** | **Industrial REITs-0.06%** |
| LXP Industrial Trust, 6.75%, 11/15/2028 | 6000 | &nbsp;&nbsp; 6335 |
| **Insurance Brokers-0.11%** | **Insurance Brokers-0.11%** | **Insurance Brokers-0.11%** |
| Arthur J. Gallagher & Co., 4.60%, 12/15/2027 | 11000 | &nbsp;&nbsp; 11042 |
| **Integrated Oil & Gas-1.20%** | **Integrated Oil & Gas-1.20%** | **Integrated Oil & Gas-1.20%** |
| &nbsp;&nbsp;&nbsp; Chevron USA, Inc., 4.71% (SOFR + 0.36%), <br> 02/26/2027<sup>(d)(e)</sup><br>| 56000 | &nbsp;&nbsp; 56106 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/2027 | 9000 | &nbsp;&nbsp; 9072 |
| &nbsp;&nbsp;&nbsp; 5.20% 08/01/2029 | 3000 | &nbsp;&nbsp; 3010 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico), 6.88%, <br> 10/16/2025<sup>(e)</sup><br>| 51000 | &nbsp;&nbsp; 51084 |
|  |  | &nbsp;&nbsp; 119272 |
| **Integrated Telecommunication Services-0.31%** | **Integrated Telecommunication Services-0.31%** | **Integrated Telecommunication Services-0.31%** |
| TELUS Corp. (Canada), 6.63%, 10/15/2055<sup>(c)</sup> | 21000 | &nbsp;&nbsp; 21275 |
| T-Mobile USA, Inc., 4.95%, 03/15/2028 | 9000 | &nbsp;&nbsp; 9113 |
|  |  | &nbsp;&nbsp; 30388 |
| **Interactive Media & Services-0.35%** | **Interactive Media & Services-0.35%** | **Interactive Media & Services-0.35%** |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, 5.00%, <br> 12/15/2027<sup>(b)</sup><br>| 13000 | &nbsp;&nbsp; 12911 |
| WarnerMedia Holdings, Inc., 4.05%, 03/15/2029 | 23000 | &nbsp;&nbsp; 21611 |
|  |  | &nbsp;&nbsp; 34522 |
| **Investment Banking & Brokerage-1.20%** | **Investment Banking & Brokerage-1.20%** | **Investment Banking & Brokerage-1.20%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), 5.88%, <br> 08/24/2026<br>| 36000 | &nbsp;&nbsp; 36495 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.94% 04/23/2028<sup>(c)</sup> | 32000 | &nbsp;&nbsp; 32201 |
| &nbsp;&nbsp;&nbsp; 5.64% (SOFR + 1.29%), 04/23/2028<sup>(d)</sup> | 33000 | &nbsp;&nbsp; 33300 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% 04/13/2028<sup>(c)</sup> | 9000 | &nbsp;&nbsp; 9171 |
| &nbsp;&nbsp;&nbsp; 5.45% 07/20/2029<sup>(c)(e)</sup> | 8000 | &nbsp;&nbsp; 8213 |
|  |  | &nbsp;&nbsp; 119380 |
| **Leisure Facilities-0.16%** | **Leisure Facilities-0.16%** | **Leisure Facilities-0.16%** |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup> | 16000 | &nbsp;&nbsp; 16098 |
| **Life & Health Insurance-4.49%** | **Life & Health Insurance-4.49%** | **Life & Health Insurance-4.49%** |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp; 5.62% 05/08/2026<sup>(b)</sup> | 25000 | &nbsp;&nbsp; 25211 |
| &nbsp;&nbsp;&nbsp; 4.86% 08/27/2026<sup>(b)</sup> | 28000 | &nbsp;&nbsp; 28105 |
| &nbsp;&nbsp;&nbsp; 5.52% 03/25/2027<sup>(b)</sup> | 9000 | &nbsp;&nbsp; 9129 |

---

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

------

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

July 31, 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 |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.66% (SOFR + 1.30%), 09/25/2026<sup>(b)(d)</sup> | $| 11000 | &nbsp;&nbsp; $11078 |
| &nbsp;&nbsp;&nbsp; 4.65% 08/20/2027<sup>(b)</sup> |  | 12000 | &nbsp;&nbsp; 12057 |
| &nbsp;&nbsp;&nbsp; 5.90% 09/19/2028<sup>(b)</sup> |  | 9000 | &nbsp;&nbsp; 9346 |
| &nbsp;&nbsp;&nbsp; 5.20% 06/24/2029<sup>(b)</sup> |  | 8000 | &nbsp;&nbsp; 8159 |
| &nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, 4.63%, <br> 05/28/2028<sup>(b)</sup><br>|  | 34000 | &nbsp;&nbsp; 34088 |
| New York Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.15% 07/25/2028<sup>(b)</sup> |  | 49000 | &nbsp;&nbsp; 48879 |
| &nbsp;&nbsp;&nbsp; 5.02% (SOFR + 0.66%), 07/25/2028<sup>(b)(d)</sup> |  | 49000 | &nbsp;&nbsp; 49119 |
| Pacific Life Global Funding II |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.05%), 07/28/2026<sup>(b)(d)</sup> |  | 11000 | &nbsp;&nbsp; 11078 |
| &nbsp;&nbsp;&nbsp; 5.50% 08/28/2026<sup>(b)</sup> |  | 22000 | &nbsp;&nbsp; 22248 |
| &nbsp;&nbsp;&nbsp; 4.50% 08/28/2029<sup>(b)</sup> |  | 28000 | &nbsp;&nbsp; 28074 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, 5.37%, <br> 01/06/2026<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp; 150474 |
|  |  |  | &nbsp;&nbsp; 447045 |
| **Managed Health Care-0.32%** | **Managed Health Care-0.32%** | **Managed Health Care-0.32%** | **Managed Health Care-0.32%** |
| Elevance Health, Inc., 5.35%, 10/15/2025 |  | 29000 | &nbsp;&nbsp; 29021 |
| UnitedHealth Group, Inc., 4.75%, 07/15/2026 |  | 3000 | &nbsp;&nbsp; 3010 |
|  |  |  | &nbsp;&nbsp; 32031 |
| **Metal, Glass & Plastic Containers-0.09%** | **Metal, Glass & Plastic Containers-0.09%** | **Metal, Glass & Plastic Containers-0.09%** | **Metal, Glass & Plastic Containers-0.09%** |
| Ball Corp., 6.88%, 03/15/2028 |  | 9000 | &nbsp;&nbsp; 9194 |
| **Multi-Family Residential REITs-0.40%** | **Multi-Family Residential REITs-0.40%** | **Multi-Family Residential REITs-0.40%** | **Multi-Family Residential REITs-0.40%** |
| Camden Property Trust, 5.85%, 11/03/2026 |  | 39000 | &nbsp;&nbsp; 39590 |
| **Multi-Utilities-0.52%** | **Multi-Utilities-0.52%** | **Multi-Utilities-0.52%** | **Multi-Utilities-0.52%** |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), <br> 5.37%, 06/15/2026<br>|  | 16000 | &nbsp;&nbsp; 16087 |
| DTE Energy Co., 4.95%, 07/01/2027 |  | 7000 | &nbsp;&nbsp; 7065 |
| Sempra, 6.63%, 04/01/2055<sup>(c)</sup> |  | 29000 | &nbsp;&nbsp; 28546 |
|  |  |  | &nbsp;&nbsp; 51698 |
| **Office REITs-0.06%** | **Office REITs-0.06%** | **Office REITs-0.06%** | **Office REITs-0.06%** |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership L.P., 8.88%, <br> 04/12/2029<br>|  | 6000 | &nbsp;&nbsp; 6439 |
| **Oil & Gas Exploration & Production-1.59%** | **Oil & Gas Exploration & Production-1.59%** | **Oil & Gas Exploration & Production-1.59%** | **Oil & Gas Exploration & Production-1.59%** |
| Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 04/18/2027 |  | 8000 | &nbsp;&nbsp; 8080 |
| &nbsp;&nbsp;&nbsp; 5.15% 01/30/2030 |  | 22000 | &nbsp;&nbsp; 22409 |
| EOG Resources, Inc., 4.40%, 07/15/2028 |  | 12000 | &nbsp;&nbsp; 12039 |
| EQT Corp., 6.50%, 07/01/2027<sup>(b)</sup> |  | 47000 | &nbsp;&nbsp; 47979 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, <br> 02/01/2029<sup>(b)</sup><br>|  | 14000 | &nbsp;&nbsp; 13764 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 5.10%, <br> 03/29/2026<br>|  | 8000 | &nbsp;&nbsp; 8031 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., 8.38%, <br> 02/01/2028<sup>(b)</sup><br>|  | 45238 | &nbsp;&nbsp; 46404 |
|  |  |  | &nbsp;&nbsp; 158706 |
| **Oil & Gas Storage & Transportation-2.10%** | **Oil & Gas Storage & Transportation-2.10%** | **Oil & Gas Storage & Transportation-2.10%** | **Oil & Gas Storage & Transportation-2.10%** |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, 6.06%, <br> 08/15/2026<sup>(b)</sup><br>|  | 5000 | &nbsp;&nbsp; 5054 |
| Energy Transfer L.P., 6.05%, 12/01/2026 |  | 56000 | &nbsp;&nbsp; 56984 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 4.30%, <br> 06/20/2028<br>|  | 31000 | &nbsp;&nbsp; 30979 |
| Kinder Morgan, Inc., 5.10%, 08/01/2029 |  | 11000 | &nbsp;&nbsp; 11202 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85% 01/15/2026 |  | 26000 | &nbsp;&nbsp; 26135 |
| &nbsp;&nbsp;&nbsp; 5.55% 11/01/2026 |  | 6000 | &nbsp;&nbsp; 6065 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., Series B, 8.70% <br> (3 mo. Term SOFR + 4.37%)<sup>(d)(f)</sup><br>| 24000 | &nbsp;&nbsp; $24073 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC <br> (Canada)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.91% 09/01/2027<sup>(b)</sup> | 20000 | &nbsp;&nbsp; 20073 |
| &nbsp;&nbsp;&nbsp; 5.03% 10/01/2029<sup>(b)</sup> | 12000 | &nbsp;&nbsp; 11994 |
| Williams Cos., Inc. (The), 4.80%, 11/15/2029 | 17000 | &nbsp;&nbsp; 17139 |
|  |  | &nbsp;&nbsp; 209698 |
| **Packaged Foods & Meats-0.94%** | **Packaged Foods & Meats-0.94%** | **Packaged Foods & Meats-0.94%** |
| Campbell's Co. (The), 5.30%, 03/20/2026 | 8000 | &nbsp;&nbsp; 8033 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.45% 03/01/2027<sup>(b)</sup> | 35000 | &nbsp;&nbsp; 35061 |
| &nbsp;&nbsp;&nbsp; 4.60% 03/01/2028<sup>(b)</sup> | 39000 | &nbsp;&nbsp; 39226 |
| &nbsp;&nbsp;&nbsp; 4.80% 03/01/2030<sup>(b)</sup> | 11000 | &nbsp;&nbsp; 11113 |
|  |  | &nbsp;&nbsp; 93433 |
| **Paper & Plastic Packaging Products & Materials-0.36%** | **Paper & Plastic Packaging Products & Materials-0.36%** | **Paper & Plastic Packaging Products & Materials-0.36%** |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% 02/01/2028<sup>(b)</sup> | 16000 | &nbsp;&nbsp; 16163 |
| &nbsp;&nbsp;&nbsp; 7.25% 02/15/2031<sup>(b)</sup> | 19000 | &nbsp;&nbsp; 19772 |
|  |  | &nbsp;&nbsp; 35935 |
| **Passenger Airlines-0.87%** | **Passenger Airlines-0.87%** | **Passenger Airlines-0.87%** |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 07/10/2028<sup>(e)</sup> | 50000 | &nbsp;&nbsp; 50253 |
| &nbsp;&nbsp;&nbsp; 5.25% 07/10/2030 | 33000 | &nbsp;&nbsp; 33333 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, <br> 10/20/2025<sup>(b)</sup><br>| 3115 | &nbsp;&nbsp; 3108 |
|  |  | &nbsp;&nbsp; 86694 |
| **Personal Care Products-0.22%** | **Personal Care Products-0.22%** | **Personal Care Products-0.22%** |
| &nbsp;&nbsp;&nbsp; Coty, Inc./HFC Prestige Products, Inc./HFC <br> Prestige International US LLC, 4.75%, <br> 01/15/2029<sup>(b)</sup><br>| 15000 | &nbsp;&nbsp; 14729 |
| Kenvue, Inc., 5.35%, 03/22/2026 | 7000 | &nbsp;&nbsp; 7032 |
|  |  | &nbsp;&nbsp; 21761 |
| **Pharmaceuticals-0.89%** | **Pharmaceuticals-0.89%** | **Pharmaceuticals-0.89%** |
| AstraZeneca Finance LLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 02/26/2027 | 10000 | &nbsp;&nbsp; 10091 |
| &nbsp;&nbsp;&nbsp; 4.85% 02/26/2029 | 24000 | &nbsp;&nbsp; 24439 |
| Bristol-Myers Squibb Co., 4.95%, 02/20/2026 | 10000 | &nbsp;&nbsp; 10033 |
| Johnson & Johnson, 4.70%, 03/01/2030 | 9000 | &nbsp;&nbsp; 9181 |
| Novartis Capital Corp., 3.80%, 09/18/2029 | 9000 | &nbsp;&nbsp; 8885 |
| Zoetis, Inc., 5.40%, 11/14/2025 | 26000 | &nbsp;&nbsp; 26039 |
|  |  | &nbsp;&nbsp; 88668 |
| **Regional Banks-0.27%** | **Regional Banks-0.27%** | **Regional Banks-0.27%** |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., 6.12%, <br> 05/31/2027<sup>(c)</sup><br>| 10000 | &nbsp;&nbsp; 10104 |
| Synovus Financial Corp., 5.20%, 08/11/2025 | 17000 | &nbsp;&nbsp; 16997 |
|  |  | &nbsp;&nbsp; 27101 |
| **Restaurants-0.88%** | **Restaurants-0.88%** | **Restaurants-0.88%** |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/2029<sup>(b)</sup><br>| 83000 | &nbsp;&nbsp; 87678 |
| **Retail REITs-0.10%** | **Retail REITs-0.10%** | **Retail REITs-0.10%** |
| Realty Income Corp., 5.05%, 01/13/2026 | 10000 | &nbsp;&nbsp; 9996 |
| **Self-Storage REITs-0.37%** | **Self-Storage REITs-0.37%** | **Self-Storage REITs-0.37%** |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., 5.05% (SOFR + <br> 0.70%), 04/16/2027<sup>(d)</sup><br>| 37000 | &nbsp;&nbsp; 37079 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Semiconductors-0.68%** | **Semiconductors-0.68%** | **Semiconductors-0.68%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 07/12/2027 | $11000 | &nbsp;&nbsp; $11134 |
| &nbsp;&nbsp;&nbsp; 4.15% 02/15/2028 | 18000 | &nbsp;&nbsp; 17911 |
| &nbsp;&nbsp;&nbsp; 4.60% 07/15/2030 | 39000 | &nbsp;&nbsp; 39024 |
|  |  | &nbsp;&nbsp; 68069 |
| **Soft Drinks & Non-alcoholic Beverages-0.96%** | **Soft Drinks & Non-alcoholic Beverages-0.96%** | **Soft Drinks & Non-alcoholic Beverages-0.96%** |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 4.93% (SOFR + 0.58%), <br> 11/15/2026<sup>(d)</sup><br>| 42000 | &nbsp;&nbsp; 42107 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10% 01/15/2029 | 17000 | &nbsp;&nbsp; 16922 |
| &nbsp;&nbsp;&nbsp; 4.30% 07/23/2030 | 37000 | &nbsp;&nbsp; 36844 |
|  |  | &nbsp;&nbsp; 95873 |
| **Sovereign Debt-1.78%** | **Sovereign Debt-1.78%** | **Sovereign Debt-1.78%** |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond <br> (Romania)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63% 02/17/2028<sup>(b)</sup> | 128000 | &nbsp;&nbsp; 132718 |
| &nbsp;&nbsp;&nbsp; 5.88% 01/30/2029<sup>(b)</sup> | 44000 | &nbsp;&nbsp; 44731 |
|  |  | &nbsp;&nbsp; 177449 |
| **Specialty Chemicals-0.94%** | **Specialty Chemicals-0.94%** | **Specialty Chemicals-0.94%** |
| Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% 08/15/2028 | 62000 | &nbsp;&nbsp; 61903 |
| &nbsp;&nbsp;&nbsp; 4.50% 08/15/2030<sup>(e)</sup> | 18000 | &nbsp;&nbsp; 17943 |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> | 14000 | &nbsp;&nbsp; 14280 |
|  |  | &nbsp;&nbsp; 94126 |
| **Steel-0.31%** | **Steel-0.31%** | **Steel-0.31%** |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/2029<sup>(b)</sup> | 31000 | &nbsp;&nbsp; 31043 |
| **Systems Software-1.07%** | **Systems Software-1.07%** | **Systems Software-1.07%** |
| CrowdStrike Holdings, Inc., 3.00%, 02/15/2029 | 14000 | &nbsp;&nbsp; 13116 |
| Oracle Corp., 5.80%, 11/10/2025 | 93000 | &nbsp;&nbsp; 93305 |
|  |  | &nbsp;&nbsp; 106421 |
| **Telecom Tower REITs-0.31%** | **Telecom Tower REITs-0.31%** | **Telecom Tower REITs-0.31%** |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., 3.88%, <br> 02/15/2027<br>| 31000 | &nbsp;&nbsp; 30485 |
| **Tobacco-0.17%** | **Tobacco-0.17%** | **Tobacco-0.17%** |
| Altria Group, Inc., 4.88%, 02/04/2028 | 9000 | &nbsp;&nbsp; 9086 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% 11/01/2027 | 5000 | &nbsp;&nbsp; 5005 |
| &nbsp;&nbsp;&nbsp; 5.25% 09/07/2028 | 3000 | &nbsp;&nbsp; 3074 |
|  |  | &nbsp;&nbsp; 17165 |
| **Trading Companies & Distributors-0.04%** | **Trading Companies & Distributors-0.04%** | **Trading Companies & Distributors-0.04%** |
| Air Lease Corp., Series B, 4.65%<sup>(c)(f)</sup> | 4000 | &nbsp;&nbsp; 3961 |
| **Transaction & Payment Processing Services-0.94%** | **Transaction & Payment Processing Services-0.94%** | **Transaction & Payment Processing Services-0.94%** |
| Block, Inc., 2.75%, 06/01/2026 | 31000 | &nbsp;&nbsp; 30420 |
| Fiserv, Inc., 5.15%, 03/15/2027 | 63000 | &nbsp;&nbsp; 63637 |
|  |  | &nbsp;&nbsp; 94057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,200,009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $7,200,009) | &nbsp;&nbsp; 7262825 |
| **Asset-Backed Securities-23.13%** | **Asset-Backed Securities-23.13%** | **Asset-Backed Securities-23.13%** |
| &nbsp;&nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class B, 6.18% (1 <br> mo. Term SOFR + 1.84%), 06/15/2040<sup>(b)(d)</sup><br>| 50000 | &nbsp;&nbsp; 50371 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series 2024-2, <br> Class A1, 5.99%, 01/25/2069<sup>(b)</sup><br>| 38021 | &nbsp;&nbsp; 38149 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 4.62%, <br> 02/20/2027<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 99983 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 5.20%, <br> 10/20/2027<sup>(b)</sup><br>| $100000 | &nbsp;&nbsp; $100554 |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 102391 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.79% (1 mo. <br> Term SOFR + 1.44%), 03/15/2042<sup>(b)(d)</sup><br>| 40000 | &nbsp;&nbsp; 40035 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class B, 6.24% (1 mo. <br> Term SOFR + 1.89%), 03/15/2042<sup>(b)(d)</sup><br>| 15000 | &nbsp;&nbsp; 15020 |
| &nbsp;&nbsp;&nbsp; COLT 2025-8 Mortgage Loan Trust, Series 2025-<br> 8, Class A1, 5.48%, 08/25/2070<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 100025 |
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, Series 2024-H8, Class A1, <br> 5.55%, 12/25/2069<sup>(b)(g)</sup><br>| 93020 | &nbsp;&nbsp; 93179 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2021-ESH, <br> Class B, 5.84% (1 mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(b)(d)</sup><br>| 85773 | &nbsp;&nbsp; 85912 |
| &nbsp;&nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 25328 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV1, Class 2A2, 6.50%, <br> 01/25/2054<sup>(b)(g)</sup><br>| 61739 | &nbsp;&nbsp; 62882 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.60%, <br> 04/25/2070<sup>(b)</sup><br>| 101986 | &nbsp;&nbsp; 102265 |
| &nbsp;&nbsp;&nbsp; IP Mortgage Trust, Series 2025-IP, Class A, <br> 5.25%, 06/10/2042<sup>(b)(g)</sup><br>| 50000 | &nbsp;&nbsp; 50420 |
| MILE Trust 2025-STNE |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class B, 6.04% (1 mo. <br> Term SOFR + 1.70%), 07/15/2042<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 100214 |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class C, 6.44% (1 mo. <br> Term SOFR + 2.10%), 07/15/2042<sup>(b)(d)</sup><br>| 100000 | &nbsp;&nbsp; 100254 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, <br> Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(b)(g)</sup><br>| 91300 | &nbsp;&nbsp; 91574 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, <br> Series 2025-NQM2, Class A1, 5.57%, <br> 04/25/2065<sup>(b)</sup><br>| 94450 | &nbsp;&nbsp; 94844 |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2023-NQM1, Class A1, 6.12%, <br> 11/25/2062<sup>(b)(g)</sup><br>| 66540 | &nbsp;&nbsp; 66502 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2023-AFC4, Class A1, <br> 7.23%, 11/25/2058<sup>(b)</sup><br>| 69913 | &nbsp;&nbsp; 70842 |
| &nbsp;&nbsp;&nbsp; Qdoba Funding LLC, Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup><br>| 28928 | &nbsp;&nbsp; 30092 |
| &nbsp;&nbsp;&nbsp; Sonic Capital LLC, Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup><br>| 23771 | &nbsp;&nbsp; 23259 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup><br>| 36723 | &nbsp;&nbsp; 37256 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup><br>| 24813 | &nbsp;&nbsp; 24483 |
| &nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series 2024-A2, <br> Class A, 4.93%, 07/15/2030<br>| 10000 | &nbsp;&nbsp; 10116 |
| TierPoint Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.00%, <br> 06/25/2053<sup>(b)</sup><br>| 4667 | &nbsp;&nbsp; 4666 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 6.15%, <br> 04/26/2055<sup>(b)</sup><br>| 25000 | &nbsp;&nbsp; 25200 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, Series 2017-<br> C6, Class AS, 3.93%, 12/15/2050<sup>(g)</sup><br>| 50000 | &nbsp;&nbsp; 47516 |
| VDCM Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class A, 5.23%, <br> 07/13/2044<sup>(b)(g)</sup><br>| 110000 | &nbsp;&nbsp; 109870 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class B, 5.48%, <br> 07/13/2044<sup>(b)(g)</sup><br>| $| 105000 | &nbsp;&nbsp; $104686 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class D, 6.43%, <br> 07/13/2044<sup>(b)(g)</sup><br>|  | 235000 | &nbsp;&nbsp; 235479 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2021-R3, <br> Class A1, 1.02%, 04/25/2064<sup>(b)(g)</sup><br>|  | 56697 | &nbsp;&nbsp; 53696 |
| &nbsp;&nbsp;&nbsp; WEST Trust 2025-ROSE, Series 2025-ROSE, <br> Class A, 5.28%, 04/10/2035<sup>(b)(g)</sup><br>|  | 50000 | &nbsp;&nbsp; 50733 |
| &nbsp;&nbsp;&nbsp; Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, <br> 6.64%, 04/20/2054<sup>(b)</sup><br>|  | 56000 | &nbsp;&nbsp; 57312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $2,285,643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $2,285,643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $2,285,643) | &nbsp;&nbsp; 2305108 |
| **U.S. Treasury Securities-3.56%** | **U.S. Treasury Securities-3.56%** | **U.S. Treasury Securities-3.56%** | **U.S. Treasury Securities-3.56%** |
| **U.S. Treasury Bills-0.34%**<sup>(h)</sup> | **U.S. Treasury Bills-0.34%**<sup>(h)</sup> | **U.S. Treasury Bills-0.34%**<sup>(h)</sup> | **U.S. Treasury Bills-0.34%**<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; 4.11%, 05/14/2026<sup>(i)</sup> |  | 35000 | &nbsp;&nbsp; 33888 |
| **U.S. Treasury Notes-3.22%** | **U.S. Treasury Notes-3.22%** | **U.S. Treasury Notes-3.22%** | **U.S. Treasury Notes-3.22%** |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027 |  | 156700 | &nbsp;&nbsp; 156124 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 |  | 81500 | &nbsp;&nbsp; 81478 |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 |  | 83800 | &nbsp;&nbsp; 83512 |
|  |  |  | &nbsp;&nbsp; 321114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $355,301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $355,301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $355,301) | &nbsp;&nbsp; 355002 |
| **Agency Credit Risk Transfer Notes-0.69%** | **Agency Credit Risk Transfer Notes-0.69%** | **Agency Credit Risk Transfer Notes-0.69%** | **Agency Credit Risk Transfer Notes-0.69%** |
| Fannie Mae Connecticut Avenue Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 6.65% (30 Day <br> Average SOFR + 2.30%), 01/25/2043<sup>(b)(d)(j)</sup><br>|  | 19359 | &nbsp;&nbsp; 19811 |
| &nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 5.35% (30 Day <br> Average SOFR + 1.00%), 05/25/2045<sup>(b)(d)(j)</sup><br>|  | 18898 | &nbsp;&nbsp; 18908 |
| &nbsp;&nbsp;&nbsp; Freddie Mac, Series 2023-DNA1, Class M1, <br> STACR®, 6.45% (30 Day Average SOFR + <br> 2.10%), 03/25/2043<sup>(b)(d)(k)</sup><br>|  | 29192 | &nbsp;&nbsp; 29671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $67,449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $67,449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $67,449) | &nbsp;&nbsp; 68390 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **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%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., Pfd., 7.63%, <br> 09/15/2053<sup>(c)</sup> <br>(Cost $27,500)<br>| 1100 | &nbsp;&nbsp; $29293 |
| **Money Market Funds-0.94%** | **Money Market Funds-0.94%** | **Money Market Funds-0.94%** |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(l)(m)</sup> <br>(Cost $93,360)<br>| 93360 | &nbsp;&nbsp; 93360 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-101.49% <br>(Cost $10,029,262) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-101.49% <br>(Cost $10,029,262) | &nbsp;&nbsp; 10113978 |
| **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-6.00%** | **Money Market Funds-6.00%** | **Money Market Funds-6.00%** |
| Invesco Private Government Fund, 4.32%<sup>(l)(m)(n)</sup> | 145307 | &nbsp;&nbsp; 145307 |
| Invesco Private Prime Fund, 4.46%<sup>(l)(m)(n)</sup> | 452513 | &nbsp;&nbsp; 452604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $597,911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $597,911) | &nbsp;&nbsp; 597911 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.49% <br>(Cost $10,627,173) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.49% <br>(Cost $10,627,173) | &nbsp;&nbsp; 10711889 |
| OTHER ASSETS LESS LIABILITIES-(7.49)% | OTHER ASSETS LESS LIABILITIES-(7.49)% | &nbsp;&nbsp; (746318)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $9965571 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

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

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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> July 31, 2025 was $4,332,988, which represented 43.48% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(d)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025. |
| <sup>(e)</sup> | All or a portion of this security was out on loan at July 31, 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 July 31, 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. |
| <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 nine months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $339476 | &nbsp;&nbsp;&nbsp; $1228819 | &nbsp;&nbsp;&nbsp; $(1568295)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4367 |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3579336 | &nbsp;&nbsp;&nbsp; (3485976)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 93360 | &nbsp;&nbsp;&nbsp; 3352 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 173811 | &nbsp;&nbsp;&nbsp; 1420269 | &nbsp;&nbsp;&nbsp; (1448773)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 145307 | &nbsp;&nbsp;&nbsp; 2,856<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 451470 | &nbsp;&nbsp;&nbsp; 3105783 | &nbsp;&nbsp;&nbsp; (3104629)<br>| &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; 452604 | &nbsp;&nbsp;&nbsp; 7,612<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $964757 | &nbsp;&nbsp;&nbsp; $9334207 | &nbsp;&nbsp;&nbsp; $(9607673)<br>| &nbsp;&nbsp;&nbsp; $31 | &nbsp;&nbsp;&nbsp; $(51)<br>| &nbsp;&nbsp;&nbsp; $691271 | &nbsp;&nbsp;&nbsp; $18187 |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 27 | September-2025 | &nbsp;&nbsp;&nbsp; $5588578 | &nbsp;&nbsp;&nbsp; $(9656)<br>| &nbsp;&nbsp;&nbsp; $(9656)<br>|

---

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

------

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

July 31, 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** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 16 | September-2025 | &nbsp;&nbsp;&nbsp; $(1730750)<br>| &nbsp;&nbsp;&nbsp; $355 | &nbsp;&nbsp;&nbsp; $355 |
| &nbsp;&nbsp; U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 3 | September-2025 | &nbsp;&nbsp;&nbsp; (333187)<br>| &nbsp;&nbsp;&nbsp; (348)<br>| &nbsp;&nbsp;&nbsp; (348)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(9649)<br>| &nbsp;&nbsp;&nbsp; $(9649)<br>|

---

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-68.66%** | **Common Stocks & Other Equity Interests-68.66%** | **Common Stocks & Other Equity Interests-68.66%** |
| **Gas Utilities-1.90%** | **Gas Utilities-1.90%** | **Gas Utilities-1.90%** |
| AltaGas Ltd. (Canada) | 22622 | &nbsp;&nbsp; $669391 |
| **Oil & Gas Equipment & Services-4.61%** | **Oil & Gas Equipment & Services-4.61%** | **Oil & Gas Equipment & Services-4.61%** |
| Archrock, Inc. | 26130 | &nbsp;&nbsp; 610397 |
| Kodiak Gas Services, Inc. | 31547 | &nbsp;&nbsp; 1019914 |
|  |  | &nbsp;&nbsp; 1630311 |
| **Oil & Gas Storage & Transportation-62.15%** | **Oil & Gas Storage & Transportation-62.15%** | **Oil & Gas Storage & Transportation-62.15%** |
| Antero Midstream Corp. | 64668 | &nbsp;&nbsp; 1186658 |
| Cheniere Energy, Inc. | 7723 | &nbsp;&nbsp; 1821701 |
| DT Midstream, Inc. | 7158 | &nbsp;&nbsp; 735341 |
| Enbridge, Inc. (Canada) | 35759 | &nbsp;&nbsp; 1619525 |
| Gibson Energy, Inc. (Canada)<sup>(a)</sup> | 22027 | &nbsp;&nbsp; 397985 |
| Hess Midstream L.P., Class A | 17832 | &nbsp;&nbsp; 776227 |
| Keyera Corp. (Canada) | 49782 | &nbsp;&nbsp; 1566321 |
| Kinder Morgan, Inc. | 61333 | &nbsp;&nbsp; 1721004 |
| Kinetik Holdings, Inc., Class A | 23945 | &nbsp;&nbsp; 1038734 |
| ONEOK, Inc. | 22199 | &nbsp;&nbsp; 1822760 |
| Pembina Pipeline Corp. (Canada) | 43769 | &nbsp;&nbsp; 1627769 |
| South Bow Corp. (Canada) | 51365 | &nbsp;&nbsp; 1348845 |
| Targa Resources Corp. | 12975 | &nbsp;&nbsp; 2159170 |
| TC Energy Corp. (Canada) | 39290 | &nbsp;&nbsp; 1881205 |
| Williams Cos., Inc. (The) | 37825 | &nbsp;&nbsp; 2267609 |
|  |  | &nbsp;&nbsp; 21970854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $24,359,856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $24,359,856) | &nbsp;&nbsp; 24270556 |
| **Master Limited Partnerships &** <br> **Related Entities-29.61%**<br>|  |  |
| **Oil & Gas Refining & Marketing-2.93%** |  |  |
| Sunoco L.P. | 18708 | &nbsp;&nbsp; 1034739 |
| **Oil & Gas Storage & Transportation-26.68%** |  |  |
| Energy Transfer L.P. | 97511 | &nbsp;&nbsp; 1759099 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** |  |  |
| Enterprise Products Partners L.P. | 48777 | &nbsp;&nbsp; $1511599 |
| Genesis Energy L.P. | 87764 | &nbsp;&nbsp; 1523583 |
| MPLX L.P. | 30084 | &nbsp;&nbsp; 1579410 |
| Plains GP Holdings L.P., Class A | 101172 | &nbsp;&nbsp; 1982971 |
| Western Midstream Partners L.P. | 26409 | &nbsp;&nbsp; 1075639 |
|  |  | &nbsp;&nbsp; 9432301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Master Limited Partnerships & Related Entities <br>(Cost $10,169,436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Master Limited Partnerships & Related Entities <br>(Cost $10,169,436) | &nbsp;&nbsp; 10467040 |
| **Money Market Funds-1.32%** | **Money Market Funds-1.32%** | **Money Market Funds-1.32%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(b)(c)</sup> <br>(Cost $468,097)<br>| 468097 | &nbsp;&nbsp; 468097 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.59% <br>(Cost $34,997,389) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.59% <br>(Cost $34,997,389) | &nbsp;&nbsp; 35205693 |
| **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-1.08%** | **Money Market Funds-1.08%** | **Money Market Funds-1.08%** |
| Invesco Private Government Fund, 4.32%<sup>(b)(c)(d)</sup> | 105798 | &nbsp;&nbsp; 105798 |
| Invesco Private Prime Fund, 4.46%<sup>(b)(c)(d)</sup> | 275477 | &nbsp;&nbsp; 275532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $381,330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $381,330) | &nbsp;&nbsp; 381330 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.67% <br>(Cost $35,378,719) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-100.67% <br>(Cost $35,378,719) | &nbsp;&nbsp; 35587023 |
| OTHER ASSETS LESS LIABILITIES-(0.67)% | OTHER ASSETS LESS LIABILITIES-(0.67)% | &nbsp;&nbsp; (237749)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $35349274 |

---

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

---

| | |
|:---|:---|
| 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 July 31, 2025. |
| <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 July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $898594 | &nbsp;&nbsp;&nbsp; $(430497)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $468097 | &nbsp;&nbsp;&nbsp; $4227 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2542169 | &nbsp;&nbsp;&nbsp; (2436371)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 105798 | &nbsp;&nbsp;&nbsp; 1,241<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3614908 | &nbsp;&nbsp;&nbsp; (3339330)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; 275532 | &nbsp;&nbsp;&nbsp; 2,963<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7055671 | &nbsp;&nbsp;&nbsp; $(6206198)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(46)<br>| &nbsp;&nbsp;&nbsp; $849427 | &nbsp;&nbsp;&nbsp; $8431 |

---

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

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

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

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> <sup>(d)</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 accompanying notes which are an integral part of this schedule.

------

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

July 31, 2025

*(Unaudited)*

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

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

------

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

**Invesco Top QQQ ETF (QBIG)**

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-45.21%** | **Common Stocks & Other Equity Interests-45.21%** | **Common Stocks & Other Equity Interests-45.21%** |
| **Automobiles-2.40%** | **Automobiles-2.40%** | **Automobiles-2.40%** |
| Tesla, Inc.<sup>(b)</sup> | 2573 | &nbsp;&nbsp; $793179 |
| **Broadline Retail-5.31%** | **Broadline Retail-5.31%** | **Broadline Retail-5.31%** |
| Amazon.com, Inc.<sup>(b)</sup> | 7501 | &nbsp;&nbsp; 1756059 |
| **Interactive Media & Services-8.23%** | **Interactive Media & Services-8.23%** | **Interactive Media & Services-8.23%** |
| Alphabet, Inc., Class A | 4111 | &nbsp;&nbsp; 788901 |
| Alphabet, Inc., Class C | 3856 | &nbsp;&nbsp; 743668 |
| Meta Platforms, Inc., Class A | 1534 | &nbsp;&nbsp; 1186457 |
|  |  | &nbsp;&nbsp; 2719026 |
| **Semiconductors & Semiconductor Equipment-14.16%** | **Semiconductors & Semiconductor Equipment-14.16%** | **Semiconductors & Semiconductor Equipment-14.16%** |
| Broadcom, Inc. | 5494 | &nbsp;&nbsp; 1613588 |
| NVIDIA Corp. | 17242 | &nbsp;&nbsp; 3066834 |
|  |  | &nbsp;&nbsp; 4680422 |
| **Software-8.48%** | **Software-8.48%** | **Software-8.48%** |
| Microsoft Corp. | 5251 | &nbsp;&nbsp; 2801408 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals-6.63%** | **Technology Hardware, Storage & Peripherals-6.63%** | **Technology Hardware, Storage & Peripherals-6.63%** |
| Apple, Inc. | 10552 | &nbsp;&nbsp; $2190279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $13,491,053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $13,491,053) | &nbsp;&nbsp; 14940373 |
| **Money Market Funds-47.09%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Premier U.S. Government Money <br> Portfolio, Institutional Class, 4.24%<sup>(c)(d)</sup> <br>(Cost $15,561,296)<br>| 15561296 | &nbsp;&nbsp; 15561296 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-92.30% <br>(Cost $29,052,349) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-92.30% <br>(Cost $29,052,349) | &nbsp;&nbsp; 30501669 |
| OTHER ASSETS LESS LIABILITIES-7.70% | OTHER ASSETS LESS LIABILITIES-7.70% | &nbsp;&nbsp; 2543356 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $33045025 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | 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 July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $20425166 | &nbsp;&nbsp;&nbsp; $(20425166)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $184162 |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18358998 | &nbsp;&nbsp;&nbsp; (2797702)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 15561296 | &nbsp;&nbsp;&nbsp; 207876 |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $38784164 | &nbsp;&nbsp;&nbsp; $(23222868)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $15561296 | &nbsp;&nbsp;&nbsp; $392038 |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Bank of <br> America, N.A.<br>| Pay | Bank of America MLQBIGG5R <br> Index<br>| SOFR + 0.73<br> %<br>| Quarterly | April-2026 | $5094361 | $- | $834837 | $834837 |
| &nbsp;&nbsp; Goldman <br> Sachs <br> International<br>| Pay | Goldman Sachs GSQBIGG5R <br> Index<br>| SOFR + 0.82<br> %<br>| Quarterly | April-2026 | 5095312 | - | 833728 | 833728 |
| &nbsp;&nbsp; Morgan <br> Stanley Capital <br> Services LLC<br>| Pay | Morgan Stanley MSQBIGG5R <br> Index<br>| SOFR + 0.88<br> %<br>| Quarterly | April-2026 | 5096323 | - | 830497 | 830497 |
| &nbsp;&nbsp; Total Over-The-Counter Total Return Swap Agreements | &nbsp;&nbsp; Total Over-The-Counter Total Return Swap Agreements | &nbsp;&nbsp; Total Over-The-Counter Total Return Swap Agreements | &nbsp;&nbsp; Total Over-The-Counter Total Return Swap Agreements | &nbsp;&nbsp; Total Over-The-Counter Total Return Swap Agreements |  |  | $— | $2499062 | $2499062 |

---

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

Abbreviations: <br> SOFR -Secured Overnight Financing Rate

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

<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 which are an integral part of this schedule.

------

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

July 31, 2025

*(Unaudited)*

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-52.33%** | **U.S. Dollar Denominated Bonds & Notes-52.33%** | **U.S. Dollar Denominated Bonds & Notes-52.33%** |
| **Aerospace & Defense-0.96%** | **Aerospace & Defense-0.96%** | **Aerospace & Defense-0.96%** |
| BAE Systems PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 03/26/2027<sup>(b)</sup> | $913000 | &nbsp;&nbsp; $920982 |
| &nbsp;&nbsp;&nbsp; 5.13% 03/26/2029<sup>(b)</sup> | 662000 | &nbsp;&nbsp; 677428 |
| &nbsp;&nbsp;&nbsp; 5.50% 03/26/2054<sup>(b)(c)</sup> | 630000 | &nbsp;&nbsp; 619821 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 6.26% 05/01/2027 | 53000 | &nbsp;&nbsp; 54376 |
| &nbsp;&nbsp;&nbsp; 6.30% 05/01/2029 | 96000 | &nbsp;&nbsp; 101394 |
| &nbsp;&nbsp;&nbsp; 6.39% 05/01/2031 | 95000 | &nbsp;&nbsp; 102253 |
| &nbsp;&nbsp;&nbsp; 6.53% 05/01/2034 | 459000 | &nbsp;&nbsp; 499765 |
| &nbsp;&nbsp;&nbsp; 5.81% 05/01/2050 | 130000 | &nbsp;&nbsp; 125593 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., 4.95%, <br> 08/15/2035<br>| 815000 | &nbsp;&nbsp; 817221 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>| 113000 | &nbsp;&nbsp; 114423 |
| Huntington Ingalls Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35% 01/15/2030 | 145000 | &nbsp;&nbsp; 148273 |
| &nbsp;&nbsp;&nbsp; 5.75% 01/15/2035<sup>(c)</sup> | 282000 | &nbsp;&nbsp; 290029 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>| 9000 | &nbsp;&nbsp; 9241 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.15% 08/15/2028 | 380000 | &nbsp;&nbsp; 379118 |
| &nbsp;&nbsp;&nbsp; 4.50% 02/15/2029 | 78000 | &nbsp;&nbsp; 78529 |
| &nbsp;&nbsp;&nbsp; 4.40% 08/15/2030<sup>(c)</sup> | 1772000 | &nbsp;&nbsp; 1766756 |
| &nbsp;&nbsp;&nbsp; 4.80% 08/15/2034<sup>(c)</sup> | 255000 | &nbsp;&nbsp; 253579 |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/2035 | 2932000 | &nbsp;&nbsp; 2933178 |
| &nbsp;&nbsp;&nbsp; 5.90% 11/15/2063 | 5000 | &nbsp;&nbsp; 5112 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 01/15/2029 | 64000 | &nbsp;&nbsp; 66762 |
| &nbsp;&nbsp;&nbsp; 5.15% 02/27/2033 | 19000 | &nbsp;&nbsp; 19406 |
| &nbsp;&nbsp;&nbsp; 6.40% 03/15/2054 | 27000 | &nbsp;&nbsp; 29426 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 08/15/2028<sup>(b)</sup> | 620000 | &nbsp;&nbsp; 633400 |
| &nbsp;&nbsp;&nbsp; 6.38% 03/01/2029<sup>(b)</sup> | 2810000 | &nbsp;&nbsp; 2879410 |
| &nbsp;&nbsp;&nbsp; 6.38% 05/31/2033<sup>(b)</sup> | 4788000 | &nbsp;&nbsp; 4830383 |
|  |  | &nbsp;&nbsp; 18355858 |
| **Agricultural & Farm Machinery-0.29%** | **Agricultural & Farm Machinery-0.29%** | **Agricultural & Farm Machinery-0.29%** |
| AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45% 03/21/2027 | 50000 | &nbsp;&nbsp; 50407 |
| &nbsp;&nbsp;&nbsp; 5.80% 03/21/2034 | 130000 | &nbsp;&nbsp; 132558 |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>| 388000 | &nbsp;&nbsp; 390041 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC (United <br> Kingdom), 6.38%, 07/01/2055<sup>(b)</sup><br>| 1786000 | &nbsp;&nbsp; 1803525 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70% 06/10/2030 | 42000 | &nbsp;&nbsp; 42570 |
| &nbsp;&nbsp;&nbsp; 4.38% 10/15/2030<sup>(c)</sup> | 2923000 | &nbsp;&nbsp; 2913003 |
| &nbsp;&nbsp;&nbsp; 5.10% 04/11/2034 | 249000 | &nbsp;&nbsp; 253290 |
|  |  | &nbsp;&nbsp; 5585394 |
| **Air Freight & Logistics-0.32%** | **Air Freight & Logistics-0.32%** | **Air Freight & Logistics-0.32%** |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 05/06/2029 | 176000 | &nbsp;&nbsp; 183127 |
| &nbsp;&nbsp;&nbsp; 6.50% 05/06/2034 | 130000 | &nbsp;&nbsp; 136494 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Air Freight & Logistics-(continued)** | **Air Freight & Logistics-(continued)** | **Air Freight & Logistics-(continued)** | **Air Freight & Logistics-(continued)** |
| United Parcel Service, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65% 10/15/2030 | $| 904000 | &nbsp;&nbsp; $911868 |
| &nbsp;&nbsp;&nbsp; 5.15% 05/22/2034<sup>(c)</sup> |  | 162000 | &nbsp;&nbsp; 165364 |
| &nbsp;&nbsp;&nbsp; 5.25% 05/14/2035<sup>(c)</sup> |  | 1280000 | &nbsp;&nbsp; 1301582 |
| &nbsp;&nbsp;&nbsp; 5.50% 05/22/2054<sup>(c)</sup> |  | 230000 | &nbsp;&nbsp; 220894 |
| &nbsp;&nbsp;&nbsp; 5.95% 05/14/2055 |  | 1156000 | &nbsp;&nbsp; 1177124 |
| &nbsp;&nbsp;&nbsp; 5.60% 05/22/2064 |  | 216000 | &nbsp;&nbsp; 205761 |
| &nbsp;&nbsp;&nbsp; 6.05% 05/14/2065 |  | 1733000 | &nbsp;&nbsp; 1766014 |
|  |  |  | &nbsp;&nbsp; 6068228 |
| **Apparel Retail-0.08%** | **Apparel Retail-0.08%** | **Apparel Retail-0.08%** | **Apparel Retail-0.08%** |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The), 3.63%, <br> 10/01/2029<sup>(b)</sup><br>|  | 1580000 | &nbsp;&nbsp; 1459964 |
| **Application Software-0.21%** | **Application Software-0.21%** | **Application Software-0.21%** | **Application Software-0.21%** |
| Autodesk, Inc., 5.30%, 06/15/2035 |  | 801000 | &nbsp;&nbsp; 811923 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc., 4.70%, <br> 09/10/2034<br>|  | 123000 | &nbsp;&nbsp; 121170 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp., 6.00%, <br> 05/15/2033<sup>(b)</sup><br>|  | 1115000 | &nbsp;&nbsp; 1123023 |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 41000 | &nbsp;&nbsp; 42293 |
| Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% 10/15/2029 |  | 212000 | &nbsp;&nbsp; 211443 |
| &nbsp;&nbsp;&nbsp; 4.75% 02/15/2032 |  | 240000 | &nbsp;&nbsp; 239076 |
| &nbsp;&nbsp;&nbsp; 4.90% 10/15/2034 |  | 256000 | &nbsp;&nbsp; 251494 |
| SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 09/30/2027<sup>(b)</sup> |  | 618000 | &nbsp;&nbsp; 618641 |
| &nbsp;&nbsp;&nbsp; 6.50% 06/01/2032<sup>(b)</sup> |  | 127000 | &nbsp;&nbsp; 130708 |
| Synopsys, Inc., 5.70%, 04/01/2055 |  | 427000 | &nbsp;&nbsp; 421391 |
|  |  |  | &nbsp;&nbsp; 3971162 |
| **Asset Management & Custody Banks-0.74%** | **Asset Management & Custody Banks-0.74%** | **Asset Management & Custody Banks-0.74%** | **Asset Management & Custody Banks-0.74%** |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 527000 | &nbsp;&nbsp; 531457 |
| Ameriprise Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 12/15/2028 |  | 56000 | &nbsp;&nbsp; 58300 |
| &nbsp;&nbsp;&nbsp; 5.15% 05/15/2033 |  | 24000 | &nbsp;&nbsp; 24512 |
| &nbsp;&nbsp;&nbsp; 5.20% 04/15/2035 |  | 1200000 | &nbsp;&nbsp; 1203423 |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, 5.88%, <br> 08/30/2030<sup>(b)</sup><br>|  | 1475000 | &nbsp;&nbsp; 1477266 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., 5.50%, <br> 09/01/2030<br>|  | 1160000 | &nbsp;&nbsp; 1158504 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, 5.70%, <br> 03/15/2028<br>|  | 603000 | &nbsp;&nbsp; 606394 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.03% (SOFR + 0.68%), <br> 06/09/2028<sup>(d)</sup><br>|  | 2675000 | &nbsp;&nbsp; 2688227 |
| &nbsp;&nbsp;&nbsp; 4.89% 07/21/2028<sup>(c)(e)</sup> |  | 254000 | &nbsp;&nbsp; 256890 |
| &nbsp;&nbsp;&nbsp; 4.98% 03/14/2030<sup>(e)</sup> |  | 26000 | &nbsp;&nbsp; 26552 |
| &nbsp;&nbsp;&nbsp; 5.06% 07/22/2032<sup>(e)</sup> |  | 149000 | &nbsp;&nbsp; 151978 |
| &nbsp;&nbsp;&nbsp; 5.83% 10/25/2033<sup>(e)</sup> |  | 9000 | &nbsp;&nbsp; 9541 |
| &nbsp;&nbsp;&nbsp; 5.19% 03/14/2035<sup>(e)</sup> |  | 26000 | &nbsp;&nbsp; 26345 |
| &nbsp;&nbsp;&nbsp; 5.32% 06/06/2036<sup>(e)</sup> |  | 997000 | &nbsp;&nbsp; 1016443 |
| &nbsp;&nbsp;&nbsp; Series I, 3.75% <sup>(e)(f)</sup> |  | 9000 | &nbsp;&nbsp; 8711 |
| &nbsp;&nbsp;&nbsp; Series J, 4.97% 04/26/2034<sup>(e)</sup> |  | 17000 | &nbsp;&nbsp; 17071 |
| Blackstone Secured Lending Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13% 02/15/2027 |  | 771000 | &nbsp;&nbsp; 737816 |
| &nbsp;&nbsp;&nbsp; 5.88% 11/15/2027 |  | 127000 | &nbsp;&nbsp; 129236 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br> (Canada), 5.80%, 04/24/2035<br>|  | 1530000 | &nbsp;&nbsp; 1565735 |
| Citadel L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% 01/23/2030<sup>(b)</sup> |  | 118000 | &nbsp;&nbsp; 121677 |
| &nbsp;&nbsp;&nbsp; 6.38% 01/23/2032<sup>(b)</sup> |  | 182000 | &nbsp;&nbsp; 188974 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** | **Asset Management & Custody Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, <br> 5.45%, 08/15/2028<sup>(b)(c)</sup><br>| $| 892000 | &nbsp;&nbsp; $888869 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 4000 | &nbsp;&nbsp; 4315 |
| State Street Corp., 6.45%<sup>(e)(f)</sup> |  | 1178000 | &nbsp;&nbsp; 1199891 |
|  |  |  | &nbsp;&nbsp; 14098127 |
| **Automobile Manufacturers-1.88%** | **Automobile Manufacturers-1.88%** | **Automobile Manufacturers-1.88%** | **Automobile Manufacturers-1.88%** |
| American Honda Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.06% (SOFR + 0.71%), <br> 01/09/2026<sup>(d)</sup><br>|  | 747000 | &nbsp;&nbsp; 748377 |
| &nbsp;&nbsp;&nbsp; 4.90% 01/10/2034 |  | 163000 | &nbsp;&nbsp; 161131 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North <br> America LLC (Germany)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 01/15/2027<sup>(b)(c)</sup> |  | 596000 | &nbsp;&nbsp; 600430 |
| &nbsp;&nbsp;&nbsp; 5.38% 01/18/2034<sup>(b)</sup> |  | 556000 | &nbsp;&nbsp; 559079 |
| &nbsp;&nbsp;&nbsp; 5.63% 01/13/2035<sup>(b)</sup> |  | 829000 | &nbsp;&nbsp; 844740 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95% 06/10/2026<sup>(c)</sup> |  | 792000 | &nbsp;&nbsp; 801086 |
| &nbsp;&nbsp;&nbsp; 2.70% 08/10/2026 |  | 1014000 | &nbsp;&nbsp; 989130 |
| &nbsp;&nbsp;&nbsp; 7.35% 11/04/2027 |  | 889000 | &nbsp;&nbsp; 921199 |
| &nbsp;&nbsp;&nbsp; 5.92% 03/20/2028<sup>(c)</sup> |  | 1070000 | &nbsp;&nbsp; 1078880 |
| &nbsp;&nbsp;&nbsp; 6.80% 05/12/2028 |  | 896000 | &nbsp;&nbsp; 925183 |
| &nbsp;&nbsp;&nbsp; 6.80% 11/07/2028 |  | 806000 | &nbsp;&nbsp; 834424 |
| &nbsp;&nbsp;&nbsp; 7.20% 06/10/2030<sup>(c)</sup> |  | 879000 | &nbsp;&nbsp; 925299 |
| Honda Motor Co. Ltd. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.44% 07/08/2028 |  | 3295000 | &nbsp;&nbsp; 3290530 |
| &nbsp;&nbsp;&nbsp; 4.69% 07/08/2030 |  | 2424000 | &nbsp;&nbsp; 2426390 |
| &nbsp;&nbsp;&nbsp; 5.34% 07/08/2035 |  | 5101000 | &nbsp;&nbsp; 5102734 |
| Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% 06/26/2026<sup>(b)</sup> |  | 49000 | &nbsp;&nbsp; 49443 |
| &nbsp;&nbsp;&nbsp; 4.88% 06/23/2027<sup>(b)</sup> |  | 3350000 | &nbsp;&nbsp; 3361901 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/07/2028<sup>(b)</sup> |  | 1397000 | &nbsp;&nbsp; 1406417 |
| &nbsp;&nbsp;&nbsp; 5.60% 03/30/2028<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 25613 |
| &nbsp;&nbsp;&nbsp; 5.35% 03/19/2029<sup>(b)</sup> |  | 52000 | &nbsp;&nbsp; 52967 |
| &nbsp;&nbsp;&nbsp; 5.30% 01/08/2030<sup>(b)</sup> |  | 596000 | &nbsp;&nbsp; 608603 |
| &nbsp;&nbsp;&nbsp; 5.80% 04/01/2030<sup>(b)</sup> |  | 5000 | &nbsp;&nbsp; 5199 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital Services, Inc. (South <br> Korea), 5.25%, 01/22/2028<sup>(b)(c)</sup><br>|  | 2198000 | &nbsp;&nbsp; 2226326 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC (Germany)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 01/11/2027<sup>(b)</sup> |  | 750000 | &nbsp;&nbsp; 753420 |
| &nbsp;&nbsp;&nbsp; 5.10% 08/03/2028<sup>(b)(c)</sup> |  | 625000 | &nbsp;&nbsp; 637070 |
| &nbsp;&nbsp;&nbsp; 4.85% 01/11/2029<sup>(b)(c)</sup> |  | 690000 | &nbsp;&nbsp; 696593 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/11/2034<sup>(b)(c)</sup> |  | 337000 | &nbsp;&nbsp; 335049 |
| &nbsp;&nbsp;&nbsp; 5.13% 08/01/2034<sup>(b)(c)</sup> |  | 1235000 | &nbsp;&nbsp; 1230465 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corp., 4.00%, <br> 09/26/2029<br>|  | 457000 | &nbsp;&nbsp; 453392 |
| Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 08/09/2029 |  | 160000 | &nbsp;&nbsp; 161103 |
| &nbsp;&nbsp;&nbsp; 5.10% 03/21/2031 |  | 189000 | &nbsp;&nbsp; 193755 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC (Germany)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90% 08/14/2026<sup>(b)</sup> |  | 1035000 | &nbsp;&nbsp; 1035465 |
| &nbsp;&nbsp;&nbsp; 5.25% 03/22/2029<sup>(b)(c)</sup> |  | 804000 | &nbsp;&nbsp; 812965 |
| &nbsp;&nbsp;&nbsp; 4.95% 08/15/2029<sup>(b)</sup> |  | 882000 | &nbsp;&nbsp; 883672 |
| &nbsp;&nbsp;&nbsp; 5.60% 03/22/2034<sup>(b)(c)</sup> |  | 603000 | &nbsp;&nbsp; 605433 |
|  |  |  | &nbsp;&nbsp; 35743463 |
| **Automotive Parts & Equipment-0.45%** | **Automotive Parts & Equipment-0.45%** | **Automotive Parts & Equipment-0.45%** | **Automotive Parts & Equipment-0.45%** |
| &nbsp;&nbsp;&nbsp; Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 02/15/2030<sup>(b)</sup><br>|  | 1228000 | &nbsp;&nbsp; 1266872 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment-(continued)** | **Automotive Parts & Equipment-(continued)** | **Automotive Parts & Equipment-(continued)** | **Automotive Parts & Equipment-(continued)** |
| ERAC USA Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/2029<sup>(b)</sup> | $| 62000 | &nbsp;&nbsp; $63171 |
| &nbsp;&nbsp;&nbsp; 4.90% 05/01/2033<sup>(b)</sup> |  | 28000 | &nbsp;&nbsp; 27957 |
| PHINIA, Inc., 6.75%, 04/15/2029<sup>(b)</sup> |  | 2729000 | &nbsp;&nbsp; 2811795 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. <br> (Germany)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88% 04/14/2028<sup>(b)(c)</sup> |  | 2535000 | &nbsp;&nbsp; 2531998 |
| &nbsp;&nbsp;&nbsp; 7.13% 04/14/2030<sup>(b)</sup> |  | 703000 | &nbsp;&nbsp; 681963 |
| &nbsp;&nbsp;&nbsp; 6.75% 04/23/2030<sup>(b)</sup> |  | 176000 | &nbsp;&nbsp; 167607 |
| &nbsp;&nbsp;&nbsp; 6.88% 04/23/2032<sup>(b)(c)</sup> |  | 1096000 | &nbsp;&nbsp; 1023646 |
|  |  |  | &nbsp;&nbsp; 8575009 |
| **Automotive Retail-0.14%** | **Automotive Retail-0.14%** | **Automotive Retail-0.14%** | **Automotive Retail-0.14%** |
| Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% 08/01/2030<sup>(b)</sup> |  | 1085000 | &nbsp;&nbsp; 1091200 |
| &nbsp;&nbsp;&nbsp; 7.38% 08/01/2033<sup>(b)</sup> |  | 1167000 | &nbsp;&nbsp; 1173985 |
| AutoZone, Inc., 5.20%, 08/01/2033 |  | 30000 | &nbsp;&nbsp; 30345 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 327000 | &nbsp;&nbsp; 324208 |
|  |  |  | &nbsp;&nbsp; 2619738 |
| **Biotechnology-0.04%** | **Biotechnology-0.04%** | **Biotechnology-0.04%** | **Biotechnology-0.04%** |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 03/15/2029 |  | 248000 | &nbsp;&nbsp; 252000 |
| &nbsp;&nbsp;&nbsp; 5.05% 03/15/2034 |  | 193000 | &nbsp;&nbsp; 195519 |
| &nbsp;&nbsp;&nbsp; 5.40% 03/15/2054 |  | 144000 | &nbsp;&nbsp; 138872 |
| &nbsp;&nbsp;&nbsp; 5.50% 03/15/2064 |  | 114000 | &nbsp;&nbsp; 109837 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 03/02/2028 |  | 24000 | &nbsp;&nbsp; 24445 |
| &nbsp;&nbsp;&nbsp; 5.25% 03/02/2030 |  | 9000 | &nbsp;&nbsp; 9249 |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 10/15/2033 |  | 42000 | &nbsp;&nbsp; 43297 |
| &nbsp;&nbsp;&nbsp; 5.55% 10/15/2053 |  | 39000 | &nbsp;&nbsp; 38327 |
|  |  |  | &nbsp;&nbsp; 811546 |
| **Broadcasting-0.03%** | **Broadcasting-0.03%** | **Broadcasting-0.03%** | **Broadcasting-0.03%** |
| Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85% 09/01/2043 |  | 212000 | &nbsp;&nbsp; 188322 |
| &nbsp;&nbsp;&nbsp; 4.95% 05/19/2050 |  | 212000 | &nbsp;&nbsp; 163745 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc., <br> 9.38%, 08/01/2032<sup>(b)</sup><br>|  | 255000 | &nbsp;&nbsp; 264758 |
|  |  |  | &nbsp;&nbsp; 616825 |
| **Broadline Retail-0.13%** | **Broadline Retail-0.13%** | **Broadline Retail-0.13%** | **Broadline Retail-0.13%** |
| &nbsp;&nbsp;&nbsp; El Puerto de Liverpool S.A.B. de C.V. <br> (Mexico), 6.66%, 01/22/2037<sup>(b)(c)</sup><br>|  | 1246000 | &nbsp;&nbsp; 1297472 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, 7.38%, <br> 08/01/2033<sup>(b)</sup><br>|  | 1119000 | &nbsp;&nbsp; 1124661 |
|  |  |  | &nbsp;&nbsp; 2422133 |
| **Building Products-0.21%** | **Building Products-0.21%** | **Building Products-0.21%** | **Building Products-0.21%** |
| Amrize Finance US LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60% 04/07/2027<sup>(b)</sup> |  | 957000 | &nbsp;&nbsp; 957648 |
| &nbsp;&nbsp;&nbsp; 4.70% 04/07/2028<sup>(b)</sup> |  | 820000 | &nbsp;&nbsp; 824376 |
| &nbsp;&nbsp;&nbsp; 4.95% 04/07/2030<sup>(b)</sup> |  | 447000 | &nbsp;&nbsp; 451643 |
| &nbsp;&nbsp;&nbsp; 5.40% 04/07/2035<sup>(b)(c)</sup> |  | 1477000 | &nbsp;&nbsp; 1491063 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 19000 | &nbsp;&nbsp; 20128 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** | **Building Products-(continued)** |
| HP Communities LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.78% 03/15/2046<sup>(b)</sup> | $| 150000 | &nbsp;&nbsp; $144728 |
| &nbsp;&nbsp;&nbsp; 5.86% 09/15/2053<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 87462 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 34000 | &nbsp;&nbsp; 34933 |
|  |  |  | &nbsp;&nbsp; 4011981 |
| **Cable & Satellite-0.12%** | **Cable & Satellite-0.12%** | **Cable & Satellite-0.12%** | **Cable & Satellite-0.12%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% 09/01/2029<sup>(b)(c)</sup> |  | 429000 | &nbsp;&nbsp; 433233 |
| &nbsp;&nbsp;&nbsp; 7.38% 03/01/2031<sup>(b)</sup> |  | 61000 | &nbsp;&nbsp; 62749 |
| &nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., 6.65%, 02/01/2034<br>|  | 77000 | &nbsp;&nbsp; 81657 |
| Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 11/15/2032 |  | 13000 | &nbsp;&nbsp; 13570 |
| &nbsp;&nbsp;&nbsp; 6.05% 05/15/2055<sup>(c)</sup> |  | 1733000 | &nbsp;&nbsp; 1755927 |
| &nbsp;&nbsp;&nbsp; Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup><br>|  | 12000 | &nbsp;&nbsp; 12085 |
|  |  |  | &nbsp;&nbsp; 2359221 |
| **Cargo Ground Transportation-0.09%** | **Cargo Ground Transportation-0.09%** | **Cargo Ground Transportation-0.09%** | **Cargo Ground Transportation-0.09%** |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. L.P./PTL <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 05/24/2026<sup>(b)</sup> |  | 10000 | &nbsp;&nbsp; 10072 |
| &nbsp;&nbsp;&nbsp; 5.35% 01/12/2027<sup>(b)</sup> |  | 32000 | &nbsp;&nbsp; 32278 |
| &nbsp;&nbsp;&nbsp; 5.70% 02/01/2028<sup>(b)</sup> |  | 13000 | &nbsp;&nbsp; 13323 |
| &nbsp;&nbsp;&nbsp; 5.55% 05/01/2028<sup>(b)</sup> |  | 20000 | &nbsp;&nbsp; 20479 |
| &nbsp;&nbsp;&nbsp; 6.05% 08/01/2028<sup>(b)</sup> |  | 28000 | &nbsp;&nbsp; 29092 |
| &nbsp;&nbsp;&nbsp; 5.25% 02/01/2030<sup>(b)</sup> |  | 1163000 | &nbsp;&nbsp; 1186930 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 434000 | &nbsp;&nbsp; 439350 |
|  |  |  | &nbsp;&nbsp; 1731524 |
| **Commercial & Residential Mortgage Finance-0.39%** | **Commercial & Residential Mortgage Finance-0.39%** | **Commercial & Residential Mortgage Finance-0.39%** | **Commercial & Residential Mortgage Finance-0.39%** |
| Aviation Capital Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 04/15/2028<sup>(b)</sup> |  | 17000 | &nbsp;&nbsp; 17641 |
| &nbsp;&nbsp;&nbsp; 6.75% 10/25/2028<sup>(b)</sup> |  | 55000 | &nbsp;&nbsp; 58286 |
| &nbsp;&nbsp;&nbsp; 4.80% 10/24/2030<sup>(b)</sup> |  | 3564000 | &nbsp;&nbsp; 3529995 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(e)</sup><br>|  | 634000 | &nbsp;&nbsp; 647701 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 89000 | &nbsp;&nbsp; 92477 |
| Rocket Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% 08/01/2030<sup>(b)</sup> |  | 776000 | &nbsp;&nbsp; 787312 |
| &nbsp;&nbsp;&nbsp; 6.38% 08/01/2033<sup>(b)(c)</sup> |  | 2305000 | &nbsp;&nbsp; 2353943 |
|  |  |  | &nbsp;&nbsp; 7487355 |
| **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 |  | 13000 | &nbsp;&nbsp; 13496 |
| **Construction & Engineering-0.20%** | **Construction & Engineering-0.20%** | **Construction & Engineering-0.20%** | **Construction & Engineering-0.20%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> |  | 3747000 | &nbsp;&nbsp; 3779992 |
| **Construction Machinery & Heavy Transportation Equipment-0.79%** | **Construction Machinery & Heavy Transportation Equipment-0.79%** | **Construction Machinery & Heavy Transportation Equipment-0.79%** | **Construction Machinery & Heavy Transportation Equipment-0.79%** |
| Caterpillar, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 05/15/2035 |  | 2048000 | &nbsp;&nbsp; 2089037 |
| &nbsp;&nbsp;&nbsp; 5.50% 05/15/2055 |  | 484000 | &nbsp;&nbsp; 478424 |
| Cummins, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70% 02/15/2031 |  | 2943000 | &nbsp;&nbsp; 2957315 |
| &nbsp;&nbsp;&nbsp; 5.30% 05/09/2035 |  | 2477000 | &nbsp;&nbsp; 2508967 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** | **Construction Machinery & Heavy Transportation Equipment-(continued)** |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90% 05/29/2030<sup>(c)</sup> | $| 1823000 | &nbsp;&nbsp; $1846693 |
| &nbsp;&nbsp;&nbsp; 5.50% 05/29/2035 |  | 5007000 | &nbsp;&nbsp; 5106917 |
|  |  |  | &nbsp;&nbsp; 14987353 |
| **Construction Materials-0.11%** | **Construction Materials-0.11%** | **Construction Materials-0.11%** | **Construction Materials-0.11%** |
| JH North America Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% 01/31/2031<sup>(b)</sup> |  | 1266000 | &nbsp;&nbsp; 1271126 |
| &nbsp;&nbsp;&nbsp; 6.13% 07/31/2032<sup>(b)</sup> |  | 722000 | &nbsp;&nbsp; 730032 |
|  |  |  | &nbsp;&nbsp; 2001158 |
| **Consumer Electronics-0.05%** | **Consumer Electronics-0.05%** | **Consumer Electronics-0.05%** | **Consumer Electronics-0.05%** |
| &nbsp;&nbsp;&nbsp; LG Electronics, Inc. (South Korea), <br> 5.63%, 04/24/2029<sup>(b)(c)</sup><br>|  | 554000 | &nbsp;&nbsp; 573074 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies B.V., 4.00%, <br> 04/15/2029<sup>(b)</sup><br>|  | 342000 | &nbsp;&nbsp; 325360 |
|  |  |  | &nbsp;&nbsp; 898434 |
| **Consumer Finance-1.35%** | **Consumer Finance-1.35%** | **Consumer Finance-1.35%** | **Consumer Finance-1.35%** |
| American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% 04/23/2027<sup>(e)</sup> |  | 198000 | &nbsp;&nbsp; 199472 |
| &nbsp;&nbsp;&nbsp; 4.73% 04/25/2029<sup>(e)</sup> |  | 967000 | &nbsp;&nbsp; 975648 |
| &nbsp;&nbsp;&nbsp; 5.62% (SOFR + 1.26%), <br> 04/25/2029<sup>(d)</sup><br>|  | 2984000 | &nbsp;&nbsp; 3028757 |
| &nbsp;&nbsp;&nbsp; 4.35% 07/20/2029<sup>(c)(e)</sup> |  | 3614000 | &nbsp;&nbsp; 3607384 |
| &nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.81%), <br> 07/20/2029<sup>(d)</sup><br>|  | 5386000 | &nbsp;&nbsp; 5394557 |
| &nbsp;&nbsp;&nbsp; 5.53% 04/25/2030<sup>(e)</sup> |  | 177000 | &nbsp;&nbsp; 183620 |
| &nbsp;&nbsp;&nbsp; 5.02% 04/25/2031<sup>(e)</sup> |  | 1592000 | &nbsp;&nbsp; 1620852 |
| &nbsp;&nbsp;&nbsp; 4.92% 07/20/2033<sup>(e)</sup> |  | 2461000 | &nbsp;&nbsp; 2469652 |
| &nbsp;&nbsp;&nbsp; 5.44% 01/30/2036<sup>(e)</sup> |  | 395000 | &nbsp;&nbsp; 402935 |
| &nbsp;&nbsp;&nbsp; 5.67% 04/25/2036<sup>(e)</sup> |  | 530000 | &nbsp;&nbsp; 550112 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 7.15%, <br> 10/29/2027<sup>(e)</sup><br>|  | 20000 | &nbsp;&nbsp; 20603 |
| FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% 09/01/2028<sup>(b)(c)</sup> |  | 2729000 | &nbsp;&nbsp; 2670490 |
| &nbsp;&nbsp;&nbsp; 6.88% 03/01/2032<sup>(b)</sup> |  | 1862000 | &nbsp;&nbsp; 1911073 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 5000 | &nbsp;&nbsp; 5024 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., 7.13%, <br> 09/15/2032<br>|  | 1559000 | &nbsp;&nbsp; 1608723 |
| Synchrony Financial |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.02% 07/29/2029<sup>(e)</sup> |  | 394000 | &nbsp;&nbsp; 393840 |
| &nbsp;&nbsp;&nbsp; 6.00% 07/29/2036<sup>(e)</sup> |  | 576000 | &nbsp;&nbsp; 577988 |
|  |  |  | &nbsp;&nbsp; 25620730 |
| **Consumer Staples Merchandise Retail-0.13%** | **Consumer Staples Merchandise Retail-0.13%** | **Consumer Staples Merchandise Retail-0.13%** | **Consumer Staples Merchandise Retail-0.13%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 9000 | &nbsp;&nbsp; 8321 |
| Walmart, Inc., 4.90%, 04/28/2035 |  | 2490000 | &nbsp;&nbsp; 2508054 |
|  |  |  | &nbsp;&nbsp; 2516375 |
| **Distillers & Vintners-0.00%** | **Distillers & Vintners-0.00%** | **Distillers & Vintners-0.00%** | **Distillers & Vintners-0.00%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 4.90%, <br> 05/01/2033<br>|  | 5000 | &nbsp;&nbsp; 4958 |
| **Distributors-0.04%** | **Distributors-0.04%** | **Distributors-0.04%** | **Distributors-0.04%** |
| Genuine Parts Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% 11/01/2028 |  | 95000 | &nbsp;&nbsp; 100525 |
| &nbsp;&nbsp;&nbsp; 4.95% 08/15/2029 |  | 627000 | &nbsp;&nbsp; 634996 |
| &nbsp;&nbsp;&nbsp; 6.88% 11/01/2033 |  | 99000 | &nbsp;&nbsp; 110207 |
|  |  |  | &nbsp;&nbsp; 845728 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-9.41%** | **Diversified Banks-9.41%** | **Diversified Banks-9.41%** |
| Africa Finance Corp. (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% 04/17/2026<sup>(b)</sup> | $280000 | &nbsp;&nbsp; $279256 |
| &nbsp;&nbsp;&nbsp; 7.50% <sup>(b)(e)(f)</sup> | 3560000 | &nbsp;&nbsp; 3496166 |
| &nbsp;&nbsp;&nbsp; Australia and New Zealand Banking <br> Group Ltd. (Australia)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.74% 12/08/2032<sup>(b)</sup> | 617000 | &nbsp;&nbsp; 672701 |
| &nbsp;&nbsp;&nbsp; 5.20% 09/30/2035<sup>(b)(e)</sup> | 1480000 | &nbsp;&nbsp; 1454942 |
| &nbsp;&nbsp;&nbsp; 6.75% <sup>(b)(e)(f)</sup> | 636000 | &nbsp;&nbsp; 645618 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 9.38%<sup>(c)(e)(f)</sup><br>| 622000 | &nbsp;&nbsp; 691639 |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp; 5.55% 03/14/2028<sup>(c)(e)</sup> | 600000 | &nbsp;&nbsp; 608783 |
| &nbsp;&nbsp;&nbsp; 9.63% <sup>(e)(f)</sup> | 1000000 | &nbsp;&nbsp; 1118869 |
| &nbsp;&nbsp;&nbsp; 9.63% <sup>(c)(e)(f)</sup> | 1000000 | &nbsp;&nbsp; 1183572 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.05%), <br> 02/04/2028<sup>(d)</sup><br>| 12000 | &nbsp;&nbsp; 12117 |
| &nbsp;&nbsp;&nbsp; 4.95% 07/22/2028<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3027 |
| &nbsp;&nbsp;&nbsp; 4.98% 01/24/2029<sup>(e)</sup> | 2018000 | &nbsp;&nbsp; 2043363 |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.83%), <br> 01/24/2029<sup>(d)</sup><br>| 487000 | &nbsp;&nbsp; 487880 |
| &nbsp;&nbsp;&nbsp; 5.20% 04/25/2029<sup>(e)</sup> | 39000 | &nbsp;&nbsp; 39733 |
| &nbsp;&nbsp;&nbsp; 4.62% 05/09/2029<sup>(c)(e)</sup> | 1209000 | &nbsp;&nbsp; 1214325 |
| &nbsp;&nbsp;&nbsp; 5.16% 01/24/2031<sup>(c)(e)</sup> | 226000 | &nbsp;&nbsp; 231269 |
| &nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.01%), <br> 01/24/2031<sup>(d)</sup><br>| 430000 | &nbsp;&nbsp; 430034 |
| &nbsp;&nbsp;&nbsp; 5.43% 08/15/2035<sup>(e)</sup> | 361000 | &nbsp;&nbsp; 361805 |
| &nbsp;&nbsp;&nbsp; 5.51% 01/24/2036<sup>(e)</sup> | 1464000 | &nbsp;&nbsp; 1500746 |
| &nbsp;&nbsp;&nbsp; 5.46% 05/09/2036<sup>(e)</sup> | 1861000 | &nbsp;&nbsp; 1905032 |
| &nbsp;&nbsp;&nbsp; 6.25% <sup>(e)(f)</sup> | 4317000 | &nbsp;&nbsp; 4312942 |
| &nbsp;&nbsp;&nbsp; 6.63% <sup>(e)(f)</sup> | 1105000 | &nbsp;&nbsp; 1134341 |
| Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.30% 06/05/2026 | 13000 | &nbsp;&nbsp; 13089 |
| &nbsp;&nbsp;&nbsp; 7.70% 05/26/2084<sup>(e)</sup> | 753000 | &nbsp;&nbsp; 789636 |
| &nbsp;&nbsp;&nbsp; 7.30% 11/26/2084<sup>(e)</sup> | 873000 | &nbsp;&nbsp; 907689 |
| Bank of New York Mellon (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.59% 04/20/2027<sup>(e)</sup> | 1180000 | &nbsp;&nbsp; 1181607 |
| &nbsp;&nbsp;&nbsp; 5.06% (SOFR + 0.71%), <br> 04/20/2027<sup>(d)</sup><br>| 1433000 | &nbsp;&nbsp; 1436582 |
| &nbsp;&nbsp;&nbsp; Bank of New Zealand (New Zealand), <br> 5.70%, 01/28/2035<sup>(b)(c)(e)</sup><br>| 760000 | &nbsp;&nbsp; 775613 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 8.63% 10/27/2082<sup>(c)(e)</sup> | 653000 | &nbsp;&nbsp; 695198 |
| &nbsp;&nbsp;&nbsp; 8.00% 01/27/2084<sup>(e)</sup> | 531000 | &nbsp;&nbsp; 567381 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel <br> (France), 4.59%, 10/16/2028<sup>(b)(c)</sup><br>| 4760000 | &nbsp;&nbsp; 4773600 |
| Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 5.37% 02/25/2031<sup>(e)</sup> | 691000 | &nbsp;&nbsp; 706145 |
| &nbsp;&nbsp;&nbsp; 6.69% 09/13/2034<sup>(e)</sup> | 476000 | &nbsp;&nbsp; 519562 |
| BNP Paribas S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp; 4.79% 05/09/2029<sup>(b)(e)</sup> | 1034000 | &nbsp;&nbsp; 1038062 |
| &nbsp;&nbsp;&nbsp; 5.80% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(d)</sup><br>| 2760000 | &nbsp;&nbsp; 2792220 |
| &nbsp;&nbsp;&nbsp; 5.09% 05/09/2031<sup>(b)(e)</sup> | 2595000 | &nbsp;&nbsp; 2621202 |
| &nbsp;&nbsp;&nbsp; 7.45% <sup>(b)(e)(f)</sup> | 1651000 | &nbsp;&nbsp; 1686084 |
| BPCE S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp; 6.29% 01/14/2036<sup>(b)(e)</sup> | 928000 | &nbsp;&nbsp; 976329 |
| &nbsp;&nbsp;&nbsp; 6.92% 01/14/2046<sup>(b)(c)(e)</sup> | 729000 | &nbsp;&nbsp; 762947 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada), 6.95%, 01/28/2085<sup>(e)</sup><br>| 714000 | &nbsp;&nbsp; 719624 |
| Citibank N.A., 4.93%, 08/06/2026 | 1123000 | &nbsp;&nbsp; 1128472 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.49% (SOFR + 1.14%), <br> 05/07/2028<sup>(d)</sup><br>| $2283000 | &nbsp;&nbsp; $2300031 |
| &nbsp;&nbsp;&nbsp; 5.17% 02/13/2030<sup>(e)</sup> | 48000 | &nbsp;&nbsp; 48883 |
| &nbsp;&nbsp;&nbsp; 4.54% 09/19/2030<sup>(e)</sup> | 526000 | &nbsp;&nbsp; 523996 |
| &nbsp;&nbsp;&nbsp; 4.95% 05/07/2031<sup>(c)(e)</sup> | 2504000 | &nbsp;&nbsp; 2528505 |
| &nbsp;&nbsp;&nbsp; 5.81% (SOFR + 1.46%), <br> 05/07/2031<sup>(d)</sup><br>| 2445000 | &nbsp;&nbsp; 2472479 |
| &nbsp;&nbsp;&nbsp; 6.17% 05/25/2034<sup>(e)</sup> | 36000 | &nbsp;&nbsp; 37660 |
| &nbsp;&nbsp;&nbsp; 5.83% 02/13/2035<sup>(e)</sup> | 132000 | &nbsp;&nbsp; 134286 |
| &nbsp;&nbsp;&nbsp; 5.41% 09/19/2039<sup>(e)</sup> | 472000 | &nbsp;&nbsp; 462320 |
| &nbsp;&nbsp;&nbsp; 5.61% 03/04/2056<sup>(e)</sup> | 1577000 | &nbsp;&nbsp; 1539822 |
| &nbsp;&nbsp;&nbsp; Series AA, 7.63% <sup>(e)(f)</sup> | 1931000 | &nbsp;&nbsp; 2019231 |
| &nbsp;&nbsp;&nbsp; Series BB, 7.20% <sup>(e)(f)</sup> | 1641000 | &nbsp;&nbsp; 1692168 |
| &nbsp;&nbsp;&nbsp; Series DD, 7.00% <sup>(c)(e)(f)</sup> | 2242000 | &nbsp;&nbsp; 2334960 |
| &nbsp;&nbsp;&nbsp; Series GG, 6.88% <sup>(e)(f)</sup> | 5665000 | &nbsp;&nbsp; 5727315 |
| &nbsp;&nbsp;&nbsp; Series W, 4.00% <sup>(c)(e)(f)</sup> | 1647000 | &nbsp;&nbsp; 1640122 |
| &nbsp;&nbsp;&nbsp; Series Z, 7.38% <sup>(c)(e)(f)</sup> | 1892000 | &nbsp;&nbsp; 1970255 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(e)</sup><br>| 32000 | &nbsp;&nbsp; 32911 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A. <br> (Netherlands), 3.65%, <br> 04/06/2028<sup>(b)(c)(e)</sup><br>| 652000 | &nbsp;&nbsp; 642623 |
| &nbsp;&nbsp;&nbsp; Corporacion Financiera de Desarrollo <br> S.A. (Peru), 5.95%, 04/30/2029<sup>(b)</sup><br>| 915000 | &nbsp;&nbsp; 941183 |
| &nbsp;&nbsp;&nbsp; Credit Agricole S.A. (France), 5.22%, <br> 05/27/2031<sup>(b)(c)(e)</sup><br>| 2433000 | &nbsp;&nbsp; 2474010 |
| &nbsp;&nbsp;&nbsp; Federation des caisses Desjardins du <br> Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(b)(c)</sup><br>| 574000 | &nbsp;&nbsp; 575252 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 1.71% 11/01/2027<sup>(e)</sup> | 4000 | &nbsp;&nbsp; 3862 |
| &nbsp;&nbsp;&nbsp; 6.34% 07/27/2029<sup>(e)</sup> | 4000 | &nbsp;&nbsp; 4205 |
| &nbsp;&nbsp;&nbsp; 4.77% 07/28/2030<sup>(e)</sup> | 17000 | &nbsp;&nbsp; 17074 |
| &nbsp;&nbsp;&nbsp; 5.63% 01/29/2032<sup>(e)</sup> | 50000 | &nbsp;&nbsp; 51808 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(e)</sup><br>| 213000 | &nbsp;&nbsp; 213796 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 5.60% 05/17/2028<sup>(c)(e)</sup> | 642000 | &nbsp;&nbsp; 652947 |
| &nbsp;&nbsp;&nbsp; 5.21% 08/11/2028<sup>(c)(e)</sup> | 656000 | &nbsp;&nbsp; 663969 |
| &nbsp;&nbsp;&nbsp; 5.29% 11/19/2030<sup>(e)</sup> | 700000 | &nbsp;&nbsp; 714905 |
| &nbsp;&nbsp;&nbsp; 5.13% 03/03/2031<sup>(c)(e)</sup> | 808000 | &nbsp;&nbsp; 819490 |
| &nbsp;&nbsp;&nbsp; 5.24% 05/13/2031<sup>(c)(e)</sup> | 1878000 | &nbsp;&nbsp; 1912868 |
| &nbsp;&nbsp;&nbsp; 5.91% (SOFR + 1.57%), <br> 05/13/2031<sup>(c)(d)</sup><br>| 3064000 | &nbsp;&nbsp; 3112104 |
| &nbsp;&nbsp;&nbsp; 7.40% 11/13/2034<sup>(e)</sup> | 506000 | &nbsp;&nbsp; 565765 |
| &nbsp;&nbsp;&nbsp; 5.79% 05/13/2036<sup>(c)(e)</sup> | 2018000 | &nbsp;&nbsp; 2081429 |
| &nbsp;&nbsp;&nbsp; 6.33% 03/09/2044<sup>(e)</sup> | 664000 | &nbsp;&nbsp; 709348 |
| &nbsp;&nbsp;&nbsp; 6.88% <sup>(e)(f)</sup> | 623000 | &nbsp;&nbsp; 643653 |
| &nbsp;&nbsp;&nbsp; 6.95% <sup>(c)(e)(f)</sup> | 665000 | &nbsp;&nbsp; 683913 |
| &nbsp;&nbsp;&nbsp; 7.05% <sup>(e)(f)</sup> | 3011000 | &nbsp;&nbsp; 3075350 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V. (Netherlands), 5.34%, <br> 03/19/2030<sup>(c)(e)</sup><br>| 590000 | &nbsp;&nbsp; 604761 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.57% 04/22/2028<sup>(e)</sup> | $141000 | &nbsp;&nbsp; $143530 |
| &nbsp;&nbsp;&nbsp; 4.85% 07/25/2028<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 3025 |
| &nbsp;&nbsp;&nbsp; 4.92% 01/24/2029<sup>(e)</sup> | 203000 | &nbsp;&nbsp; 205241 |
| &nbsp;&nbsp;&nbsp; 5.30% 07/24/2029<sup>(e)</sup> | 23000 | &nbsp;&nbsp; 23555 |
| &nbsp;&nbsp;&nbsp; 6.09% 10/23/2029<sup>(e)</sup> | 33000 | &nbsp;&nbsp; 34574 |
| &nbsp;&nbsp;&nbsp; 5.01% 01/23/2030<sup>(e)</sup> | 23000 | &nbsp;&nbsp; 23393 |
| &nbsp;&nbsp;&nbsp; 5.58% 04/22/2030<sup>(e)</sup> | 113000 | &nbsp;&nbsp; 117163 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/22/2030<sup>(e)</sup> | 254000 | &nbsp;&nbsp; 258360 |
| &nbsp;&nbsp;&nbsp; 4.60% 10/22/2030<sup>(e)</sup> | 540000 | &nbsp;&nbsp; 541339 |
| &nbsp;&nbsp;&nbsp; 5.14% 01/24/2031<sup>(e)</sup> | 472000 | &nbsp;&nbsp; 482492 |
| &nbsp;&nbsp;&nbsp; 5.10% 04/22/2031<sup>(c)(e)</sup> | 1157000 | &nbsp;&nbsp; 1183514 |
| &nbsp;&nbsp;&nbsp; 5.72% 09/14/2033<sup>(e)</sup> | 11000 | &nbsp;&nbsp; 11466 |
| &nbsp;&nbsp;&nbsp; 5.34% 01/23/2035<sup>(e)</sup> | 25000 | &nbsp;&nbsp; 25569 |
| &nbsp;&nbsp;&nbsp; 5.50% 01/24/2036<sup>(e)</sup> | 523000 | &nbsp;&nbsp; 536774 |
| &nbsp;&nbsp;&nbsp; 5.58% 07/23/2036<sup>(e)</sup> | 1927000 | &nbsp;&nbsp; 1956782 |
| &nbsp;&nbsp;&nbsp; 5.53% 11/29/2045<sup>(e)</sup> | 1152000 | &nbsp;&nbsp; 1153139 |
| &nbsp;&nbsp;&nbsp; Series NN, 6.88% <sup>(e)(f)</sup> | 91000 | &nbsp;&nbsp; 95338 |
| &nbsp;&nbsp;&nbsp; Series OO, 6.50% <sup>(e)(f)</sup> | 2099000 | &nbsp;&nbsp; 2156899 |
| KeyBank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.15% 08/08/2025 | 330000 | &nbsp;&nbsp; 329924 |
| &nbsp;&nbsp;&nbsp; 5.85% 11/15/2027<sup>(c)</sup> | 571000 | &nbsp;&nbsp; 586981 |
| KeyCorp, 2.55%, 10/01/2029 | 9000 | &nbsp;&nbsp; 8315 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<br>| 798000 | &nbsp;&nbsp; 802969 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.02% 07/20/2028<sup>(e)</sup> | 479000 | &nbsp;&nbsp; 483645 |
| &nbsp;&nbsp;&nbsp; 5.26% 04/17/2030<sup>(e)</sup> | 753000 | &nbsp;&nbsp; 770909 |
| &nbsp;&nbsp;&nbsp; 5.16% 04/24/2031<sup>(e)</sup> | 659000 | &nbsp;&nbsp; 673166 |
| &nbsp;&nbsp;&nbsp; 5.83% (SOFR + 1.48%), <br> 04/24/2031<sup>(d)</sup><br>| 1329000 | &nbsp;&nbsp; 1351460 |
| &nbsp;&nbsp;&nbsp; 5.41% 04/19/2034<sup>(c)(e)</sup> | 542000 | &nbsp;&nbsp; 559188 |
| &nbsp;&nbsp;&nbsp; 5.43% 04/17/2035<sup>(e)</sup> | 683000 | &nbsp;&nbsp; 697078 |
| &nbsp;&nbsp;&nbsp; 5.57% 01/16/2036<sup>(e)</sup> | 906000 | &nbsp;&nbsp; 932927 |
| &nbsp;&nbsp;&nbsp; 5.62% 04/24/2036<sup>(e)</sup> | 3442000 | &nbsp;&nbsp; 3556827 |
| &nbsp;&nbsp;&nbsp; 8.20% <sup>(e)(f)</sup> | 1787000 | &nbsp;&nbsp; 1944277 |
| Mizuho Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp; 5.78% 07/06/2029<sup>(e)</sup> | 570000 | &nbsp;&nbsp; 589496 |
| &nbsp;&nbsp;&nbsp; 5.38% 07/10/2030<sup>(e)</sup> | 699000 | &nbsp;&nbsp; 717895 |
| &nbsp;&nbsp;&nbsp; 4.71% 07/08/2031<sup>(e)</sup> | 2389000 | &nbsp;&nbsp; 2385044 |
| &nbsp;&nbsp;&nbsp; 5.61% (SOFR + 1.25%), <br> 07/08/2031<sup>(d)</sup><br>| 2445000 | &nbsp;&nbsp; 2461591 |
| &nbsp;&nbsp;&nbsp; 5.59% 07/10/2035<sup>(e)</sup> | 816000 | &nbsp;&nbsp; 840694 |
| &nbsp;&nbsp;&nbsp; 5.32% 07/08/2036<sup>(c)(e)</sup> | 3879000 | &nbsp;&nbsp; 3900788 |
| Morgan Stanley Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% 04/21/2026 | 548000 | &nbsp;&nbsp; 549202 |
| &nbsp;&nbsp;&nbsp; 5.88% 10/30/2026 | 646000 | &nbsp;&nbsp; 657891 |
| &nbsp;&nbsp;&nbsp; 5.02% 01/12/2029<sup>(e)</sup> | 730000 | &nbsp;&nbsp; 739181 |
| Morgan Stanley Private Bank, N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.47% 07/06/2028<sup>(e)</sup> | 2109000 | &nbsp;&nbsp; 2107413 |
| &nbsp;&nbsp;&nbsp; 4.73% 07/18/2031<sup>(e)</sup> | 1878000 | &nbsp;&nbsp; 1886896 |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. <br> (Australia), 5.90%, <br> 01/14/2036<sup>(b)(c)(e)</sup><br>| 1248000 | &nbsp;&nbsp; 1280010 |
| National Securities Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.10% 11/21/2027<sup>(b)</sup> | 846000 | &nbsp;&nbsp; 861049 |
| &nbsp;&nbsp;&nbsp; 5.00% 05/30/2028<sup>(b)</sup> | 560000 | &nbsp;&nbsp; 570161 |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland), <br> 6.30%<sup>(b)(e)(f)</sup><br>| 828000 | &nbsp;&nbsp; 823201 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)</sup><br>| $623000 | &nbsp;&nbsp; $630392 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br> (The)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.62% 10/20/2027<sup>(e)</sup> | 38000 | &nbsp;&nbsp; 38905 |
| &nbsp;&nbsp;&nbsp; 5.58% 06/12/2029<sup>(e)</sup> | 26000 | &nbsp;&nbsp; 26813 |
| &nbsp;&nbsp;&nbsp; 4.90% 05/13/2031<sup>(e)</sup> | 2316000 | &nbsp;&nbsp; 2342268 |
| &nbsp;&nbsp;&nbsp; 6.04% 10/28/2033<sup>(e)</sup> | 6000 | &nbsp;&nbsp; 6381 |
| &nbsp;&nbsp;&nbsp; 5.07% 01/24/2034<sup>(e)</sup> | 10000 | &nbsp;&nbsp; 10034 |
| &nbsp;&nbsp;&nbsp; 6.88% 10/20/2034<sup>(e)</sup> | 29000 | &nbsp;&nbsp; 32405 |
| &nbsp;&nbsp;&nbsp; 5.37% 07/21/2036<sup>(e)</sup> | 1837000 | &nbsp;&nbsp; 1856747 |
| &nbsp;&nbsp;&nbsp; Series V, 6.20% <sup>(e)(f)</sup> | 15000 | &nbsp;&nbsp; 15200 |
| &nbsp;&nbsp;&nbsp; Series W, 6.25% <sup>(e)(f)</sup> | 22000 | &nbsp;&nbsp; 22305 |
| Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.06% (SOFR + 0.71%), <br> 01/21/2027<sup>(d)</sup><br>| 8000 | &nbsp;&nbsp; 8025 |
| &nbsp;&nbsp;&nbsp; 4.95% 02/01/2029 | 18000 | &nbsp;&nbsp; 18389 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/01/2033 | 10000 | &nbsp;&nbsp; 10170 |
| &nbsp;&nbsp;&nbsp; 7.50% 05/02/2084<sup>(e)</sup> | 856000 | &nbsp;&nbsp; 892291 |
| &nbsp;&nbsp;&nbsp; 6.75% 08/24/2085<sup>(e)</sup> | 3461000 | &nbsp;&nbsp; 3507723 |
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.19% 07/06/2027<sup>(b)(c)(e)</sup> | 523000 | &nbsp;&nbsp; 529991 |
| &nbsp;&nbsp;&nbsp; 6.75% 02/08/2028<sup>(b)(e)</sup> | 448000 | &nbsp;&nbsp; 461201 |
| &nbsp;&nbsp;&nbsp; 7.02% 02/08/2030<sup>(b)(e)</sup> | 525000 | &nbsp;&nbsp; 565102 |
| &nbsp;&nbsp;&nbsp; 5.01% 10/15/2030<sup>(b)(e)</sup> | 793000 | &nbsp;&nbsp; 802227 |
| &nbsp;&nbsp;&nbsp; 5.24% 05/13/2031<sup>(b)(c)(e)</sup> | 1627000 | &nbsp;&nbsp; 1652895 |
| &nbsp;&nbsp;&nbsp; 6.02% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(d)</sup><br>| 1515000 | &nbsp;&nbsp; 1540480 |
| &nbsp;&nbsp;&nbsp; 2.68% 06/29/2032<sup>(b)(e)</sup> | 810000 | &nbsp;&nbsp; 713034 |
| &nbsp;&nbsp;&nbsp; 7.75% <sup>(b)(e)(f)</sup> | 966000 | &nbsp;&nbsp; 1007263 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 6.60%<sup>(c)(e)(f)</sup><br>| 1666000 | &nbsp;&nbsp; 1697168 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. <br> (Japan)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65% 03/09/2026<sup>(b)</sup> | 555000 | &nbsp;&nbsp; 558711 |
| &nbsp;&nbsp;&nbsp; 5.65% 09/14/2026<sup>(b)(c)</sup> | 558000 | &nbsp;&nbsp; 565009 |
| &nbsp;&nbsp;&nbsp; 5.55% 09/14/2028<sup>(b)</sup> | 687000 | &nbsp;&nbsp; 710460 |
| &nbsp;&nbsp;&nbsp; 5.20% 03/07/2029<sup>(b)</sup> | 969000 | &nbsp;&nbsp; 992280 |
| &nbsp;&nbsp;&nbsp; 5.35% 03/07/2034<sup>(b)(c)</sup> | 928000 | &nbsp;&nbsp; 948829 |
| Synovus Bank, 5.63%, 02/15/2028<sup>(c)</sup> | 730000 | &nbsp;&nbsp; 740479 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) <br> (Canada)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.78% 12/17/2029 | 605000 | &nbsp;&nbsp; 611290 |
| &nbsp;&nbsp;&nbsp; 8.13% 10/31/2082<sup>(e)</sup> | 501000 | &nbsp;&nbsp; 529351 |
| &nbsp;&nbsp;&nbsp; 7.25% 07/31/2084<sup>(c)(e)</sup> | 811000 | &nbsp;&nbsp; 842881 |
| Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp; 4.42% 07/24/2028<sup>(e)</sup> | 4068000 | &nbsp;&nbsp; 4062776 |
| &nbsp;&nbsp;&nbsp; 5.12% (SOFR + 0.77%), <br> 07/24/2028<sup>(d)</sup><br>| 5245000 | &nbsp;&nbsp; 5256098 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 5.78% 06/12/2029<sup>(e)</sup> | 23000 | &nbsp;&nbsp; 23817 |
| &nbsp;&nbsp;&nbsp; 5.38% 01/23/2030<sup>(e)</sup> | 52000 | &nbsp;&nbsp; 53430 |
| &nbsp;&nbsp;&nbsp; UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>| 674000 | &nbsp;&nbsp; 699907 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.71% 04/22/2028<sup>(e)</sup> | $| 89000 | &nbsp;&nbsp; $90758 |
| &nbsp;&nbsp;&nbsp; 4.81% 07/25/2028<sup>(e)</sup> |  | 7000 | &nbsp;&nbsp; 7040 |
| &nbsp;&nbsp;&nbsp; 5.72% (SOFR + 1.37%), <br> 04/23/2029<sup>(d)</sup><br>|  | 1270000 | &nbsp;&nbsp; 1288487 |
| &nbsp;&nbsp;&nbsp; 5.57% 07/25/2029<sup>(e)</sup> |  | 19000 | &nbsp;&nbsp; 19567 |
| &nbsp;&nbsp;&nbsp; 6.30% 10/23/2029<sup>(e)</sup> |  | 26000 | &nbsp;&nbsp; 27365 |
| &nbsp;&nbsp;&nbsp; 5.20% 01/23/2030<sup>(e)</sup> |  | 33000 | &nbsp;&nbsp; 33709 |
| &nbsp;&nbsp;&nbsp; 5.15% 04/23/2031<sup>(c)(e)</sup> |  | 1313000 | &nbsp;&nbsp; 1340161 |
| &nbsp;&nbsp;&nbsp; 4.90% 07/25/2033<sup>(e)</sup> |  | 6000 | &nbsp;&nbsp; 5997 |
| &nbsp;&nbsp;&nbsp; 5.39% 04/24/2034<sup>(e)</sup> |  | 14000 | &nbsp;&nbsp; 14329 |
| &nbsp;&nbsp;&nbsp; 5.56% 07/25/2034<sup>(e)</sup> |  | 48000 | &nbsp;&nbsp; 49551 |
| &nbsp;&nbsp;&nbsp; 5.50% 01/23/2035<sup>(e)</sup> |  | 44000 | &nbsp;&nbsp; 45108 |
| &nbsp;&nbsp;&nbsp; 5.61% 04/23/2036<sup>(e)</sup> |  | 2777000 | &nbsp;&nbsp; 2861250 |
| &nbsp;&nbsp;&nbsp; 6.85% <sup>(c)(e)(f)</sup> |  | 184000 | &nbsp;&nbsp; 191051 |
| &nbsp;&nbsp;&nbsp; 7.63% <sup>(e)(f)</sup> |  | 20000 | &nbsp;&nbsp; 21339 |
| &nbsp;&nbsp;&nbsp; Series BB, 3.90% <sup>(e)(f)</sup> |  | 1035000 | &nbsp;&nbsp; 1025991 |
| Westpac Banking Corp. (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.82% 11/17/2033 |  | 85000 | &nbsp;&nbsp; 93577 |
| &nbsp;&nbsp;&nbsp; 5.62% 11/20/2035<sup>(e)</sup> |  | 419000 | &nbsp;&nbsp; 422767 |
|  |  |  | &nbsp;&nbsp; 179089566 |
| **Diversified Capital Markets-0.38%** | **Diversified Capital Markets-0.38%** | **Diversified Capital Markets-0.38%** | **Diversified Capital Markets-0.38%** |
| Credit Suisse Group AG (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% <sup>(b)(e)(f)(g)(h)</sup> |  | 332000 | &nbsp;&nbsp; 19920 |
| &nbsp;&nbsp;&nbsp; 5.25% <sup>(b)(e)(f)(g)(h)</sup> |  | 271000 | &nbsp;&nbsp; 16260 |
| UBS Group AG (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.71% 01/12/2027<sup>(b)(e)</sup> |  | 491000 | &nbsp;&nbsp; 493086 |
| &nbsp;&nbsp;&nbsp; 5.43% 02/08/2030<sup>(b)(e)</sup> |  | 527000 | &nbsp;&nbsp; 540438 |
| &nbsp;&nbsp;&nbsp; 6.60% <sup>(b)(e)(f)</sup> |  | 2356000 | &nbsp;&nbsp; 2356000 |
| &nbsp;&nbsp;&nbsp; 7.00% <sup>(b)(e)(f)</sup> |  | 1809000 | &nbsp;&nbsp; 1809000 |
| &nbsp;&nbsp;&nbsp; 7.13% <sup>(b)(e)(f)</sup> |  | 767000 | &nbsp;&nbsp; 778760 |
| &nbsp;&nbsp;&nbsp; 9.25% <sup>(b)(c)(e)(f)</sup> |  | 521000 | &nbsp;&nbsp; 612020 |
| &nbsp;&nbsp;&nbsp; 9.25% <sup>(b)(e)(f)</sup> |  | 584000 | &nbsp;&nbsp; 642418 |
|  |  |  | &nbsp;&nbsp; 7267902 |
| **Diversified Financial Services-1.99%** | **Diversified Financial Services-1.99%** | **Diversified Financial Services-1.99%** | **Diversified Financial Services-1.99%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10% 01/19/2029 |  | 429000 | &nbsp;&nbsp; 435820 |
| &nbsp;&nbsp;&nbsp; 6.50% 01/31/2056<sup>(c)(e)</sup> |  | 984000 | &nbsp;&nbsp; 998479 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, <br> 5.00%, 09/15/2030<sup>(b)</sup><br>|  | 1391000 | &nbsp;&nbsp; 1389099 |
| &nbsp;&nbsp;&nbsp; AMC East Communities LLC, 6.01%, <br> 01/15/2053<sup>(b)</sup><br>|  | 178941 | &nbsp;&nbsp; 164193 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., <br> 6.38%, 11/15/2033<br>|  | 49000 | &nbsp;&nbsp; 53427 |
| Avolon Holdings Funding Ltd. (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 01/15/2028<sup>(b)</sup> |  | 557000 | &nbsp;&nbsp; 559714 |
| &nbsp;&nbsp;&nbsp; 6.38% 05/04/2028<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 52067 |
| &nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., 4.90%, <br> 01/08/2035<br>|  | 95000 | &nbsp;&nbsp; 95688 |
| Citadel Securities Global Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 06/18/2030<sup>(b)(c)</sup> |  | 750000 | &nbsp;&nbsp; 756931 |
| &nbsp;&nbsp;&nbsp; 6.20% 06/18/2035<sup>(b)</sup> |  | 586000 | &nbsp;&nbsp; 597905 |
| Corebridge Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.05% 09/15/2033 |  | 35000 | &nbsp;&nbsp; 36835 |
| &nbsp;&nbsp;&nbsp; 5.75% 01/15/2034 |  | 61000 | &nbsp;&nbsp; 63342 |
| &nbsp;&nbsp;&nbsp; Eagle Funding LuxCo S.a.r.l. (Mexico), <br> 5.50%, 08/17/2030<sup>(b)</sup><br>|  | 15315000 | &nbsp;&nbsp; 15403061 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** | **Diversified Financial Services-(continued)** |
| &nbsp;&nbsp;&nbsp; Gabon Blue Bond Master Trust <br> (Gabon), Series 2, 6.10%, <br> 08/01/2038<sup>(b)</sup><br>| $| 1270000 | &nbsp;&nbsp; $1272564 |
| &nbsp;&nbsp;&nbsp; Horizon Mutual Holdings, Inc., 6.20%, <br> 11/15/2034<sup>(b)</sup><br>|  | 4772000 | &nbsp;&nbsp; 4638662 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% 11/15/2029<sup>(b)(c)</sup> |  | 1819000 | &nbsp;&nbsp; 1743615 |
| &nbsp;&nbsp;&nbsp; 7.13% 04/30/2031<sup>(b)</sup> |  | 417000 | &nbsp;&nbsp; 431045 |
| &nbsp;&nbsp;&nbsp; 6.13% 11/01/2032<sup>(b)(c)</sup> |  | 1796000 | &nbsp;&nbsp; 1783274 |
| &nbsp;&nbsp;&nbsp; 6.75% 05/01/2033<sup>(b)</sup> |  | 1838000 | &nbsp;&nbsp; 1882224 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 05/20/2027 |  | 166000 | &nbsp;&nbsp; 168784 |
| &nbsp;&nbsp;&nbsp; 5.15% 06/15/2030 |  | 796000 | &nbsp;&nbsp; 805488 |
| &nbsp;&nbsp;&nbsp; 5.65% 03/15/2035 |  | 10000 | &nbsp;&nbsp; 10040 |
| &nbsp;&nbsp;&nbsp; Mid-Atlantic Military Family <br> Communities LLC, 5.30%, <br> 08/01/2050<sup>(b)</sup><br>|  | 210772 | &nbsp;&nbsp; 166213 |
| &nbsp;&nbsp;&nbsp; OPEC Fund for International <br> Development (The) (Supranational), <br> 4.50%, 01/26/2026<sup>(b)</sup><br>|  | 1730000 | &nbsp;&nbsp; 1728978 |
| Pacific Beacon LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% 07/15/2026<sup>(b)</sup> |  | 14367 | &nbsp;&nbsp; 14451 |
| &nbsp;&nbsp;&nbsp; 5.51% 07/15/2036<sup>(b)</sup> |  | 500000 | &nbsp;&nbsp; 493279 |
| &nbsp;&nbsp;&nbsp; Pershing Square Holdings Ltd., <br> 3.25%, 10/01/2031<sup>(b)</sup><br>|  | 2300000 | &nbsp;&nbsp; 2038294 |
|  |  |  | &nbsp;&nbsp; 37783472 |
| **Diversified Metals & Mining-0.68%** | **Diversified Metals & Mining-0.68%** | **Diversified Metals & Mining-0.68%** | **Diversified Metals & Mining-0.68%** |
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance (USA) Ltd. <br> (Australia)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10% 09/08/2028 |  | 52000 | &nbsp;&nbsp; 53189 |
| &nbsp;&nbsp;&nbsp; 5.25% 09/08/2030 |  | 38000 | &nbsp;&nbsp; 39291 |
| &nbsp;&nbsp;&nbsp; 5.25% 09/08/2033 |  | 73000 | &nbsp;&nbsp; 74814 |
| &nbsp;&nbsp;&nbsp; Corporacion Nacional del Cobre de <br> Chile (Chile), 5.13%, <br> 02/02/2033<sup>(b)</sup><br>|  | 674000 | &nbsp;&nbsp; 660249 |
| Glencore Funding LLC (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(d)</sup><br>|  | 202000 | &nbsp;&nbsp; 202987 |
| &nbsp;&nbsp;&nbsp; 4.91% 04/01/2028<sup>(b)(c)</sup> |  | 947000 | &nbsp;&nbsp; 956178 |
| &nbsp;&nbsp;&nbsp; 5.37% 04/04/2029<sup>(b)</sup> |  | 115000 | &nbsp;&nbsp; 117812 |
| &nbsp;&nbsp;&nbsp; 5.19% 04/01/2030<sup>(b)</sup> |  | 731000 | &nbsp;&nbsp; 743125 |
| &nbsp;&nbsp;&nbsp; 5.63% 04/04/2034<sup>(b)</sup> |  | 74000 | &nbsp;&nbsp; 75497 |
| &nbsp;&nbsp;&nbsp; 5.67% 04/01/2035<sup>(b)</sup> |  | 1077000 | &nbsp;&nbsp; 1096332 |
| &nbsp;&nbsp;&nbsp; 5.89% 04/04/2054<sup>(b)</sup> |  | 70000 | &nbsp;&nbsp; 68833 |
| &nbsp;&nbsp;&nbsp; 6.14% 04/01/2055<sup>(b)(c)</sup> |  | 414000 | &nbsp;&nbsp; 420035 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), <br> 6.13%, 04/01/2029<sup>(b)</sup><br>|  | 2729000 | &nbsp;&nbsp; 2748024 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance (USA) PLC <br> (Australia)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% 03/12/2027<sup>(c)</sup> |  | 621000 | &nbsp;&nbsp; 622966 |
| &nbsp;&nbsp;&nbsp; 4.50% 03/14/2028 |  | 218000 | &nbsp;&nbsp; 219101 |
| &nbsp;&nbsp;&nbsp; 4.88% 03/14/2030 |  | 649000 | &nbsp;&nbsp; 659082 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/14/2032<sup>(c)</sup> |  | 713000 | &nbsp;&nbsp; 724546 |
| &nbsp;&nbsp;&nbsp; 5.25% 03/14/2035<sup>(c)</sup> |  | 922000 | &nbsp;&nbsp; 936246 |
| &nbsp;&nbsp;&nbsp; 5.75% 03/14/2055 |  | 629000 | &nbsp;&nbsp; 630136 |
| &nbsp;&nbsp;&nbsp; 5.88% 03/14/2065 |  | 191000 | &nbsp;&nbsp; 192319 |
| &nbsp;&nbsp;&nbsp; Windfall Mining Group, Inc./Groupe <br> Minier Windfall, Inc. (South Africa), <br> 5.85%, 05/13/2032<sup>(b)</sup><br>|  | 1666000 | &nbsp;&nbsp; 1705949 |
|  |  |  | &nbsp;&nbsp; 12946711 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified REITs-0.05%** | **Diversified REITs-0.05%** | **Diversified REITs-0.05%** |
| &nbsp;&nbsp;&nbsp; ERP Operating L.P., 4.95%, <br> 06/15/2032<br>| $629000 | &nbsp;&nbsp; $634560 |
| &nbsp;&nbsp;&nbsp; Fort Moore Family Communities LLC, <br> 5.81%, 01/15/2051<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 166729 |
| VICI Properties L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 04/01/2034 | 56000 | &nbsp;&nbsp; 57331 |
| &nbsp;&nbsp;&nbsp; 6.13% 04/01/2054 | 39000 | &nbsp;&nbsp; 38254 |
|  |  | &nbsp;&nbsp; 896874 |
| **Diversified Support Services-0.10%** | **Diversified Support Services-0.10%** | **Diversified Support Services-0.10%** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. <br> (Canada)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% 12/04/2028<sup>(b)</sup> | 78000 | &nbsp;&nbsp; 81959 |
| &nbsp;&nbsp;&nbsp; 5.04% 03/25/2030<sup>(b)</sup> | 1305000 | &nbsp;&nbsp; 1316842 |
| RB Global Holdings, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 03/15/2028<sup>(b)</sup> | 179000 | &nbsp;&nbsp; 183456 |
| &nbsp;&nbsp;&nbsp; 7.75% 03/15/2031<sup>(b)</sup> | 333000 | &nbsp;&nbsp; 349398 |
|  |  | &nbsp;&nbsp; 1931655 |
| **Drug Retail-0.04%** | **Drug Retail-0.04%** | **Drug Retail-0.04%** |
| &nbsp;&nbsp;&nbsp; CK Hutchison International (23) Ltd. <br> (United Kingdom), 4.88%, <br> 04/21/2033<sup>(b)</sup><br>| 760000 | &nbsp;&nbsp; 757820 |
| **Electric Utilities-2.51%** | **Electric Utilities-2.51%** | **Electric Utilities-2.51%** |
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, 5.38%, <br> 06/15/2035<br>| 436000 | &nbsp;&nbsp; 443417 |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., 5.85%, <br> 11/15/2033<br>| 37000 | &nbsp;&nbsp; 39280 |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup><br>| 456000 | &nbsp;&nbsp; 484631 |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 11/01/2027 | 9000 | &nbsp;&nbsp; 9237 |
| &nbsp;&nbsp;&nbsp; 5.20% 01/15/2029 | 54000 | &nbsp;&nbsp; 55197 |
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., <br> 5.45%, 06/01/2035<sup>(c)</sup><br>| 1045000 | &nbsp;&nbsp; 1072161 |
| &nbsp;&nbsp;&nbsp; Capital Power (US Holdings), Inc. <br> (Canada)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.26% 06/01/2028<sup>(b)</sup> | 415000 | &nbsp;&nbsp; 419519 |
| &nbsp;&nbsp;&nbsp; 6.19% 06/01/2035<sup>(b)(c)</sup> | 1430000 | &nbsp;&nbsp; 1472145 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 03/15/2030 | 409000 | &nbsp;&nbsp; 414321 |
| &nbsp;&nbsp;&nbsp; 5.05% 03/01/2035 | 422000 | &nbsp;&nbsp; 420018 |
| &nbsp;&nbsp;&nbsp; Series AJ, 4.85% 10/01/2052 | 16000 | &nbsp;&nbsp; 14306 |
| &nbsp;&nbsp;&nbsp; Chile Electricity Lux MPC II S.a.r.l. <br> (Chile), 5.58%, 10/20/2035<sup>(b)</sup><br>| 3276597 | &nbsp;&nbsp; 3314278 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 03/15/2034 | 25000 | &nbsp;&nbsp; 25984 |
| &nbsp;&nbsp;&nbsp; 5.90% 11/15/2053 | 37000 | &nbsp;&nbsp; 37720 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% 01/15/2034 | 32000 | &nbsp;&nbsp; 34435 |
| &nbsp;&nbsp;&nbsp; 6.50% 10/01/2053 | 14000 | &nbsp;&nbsp; 15155 |
| &nbsp;&nbsp;&nbsp; 5.75% 03/15/2054 | 80000 | &nbsp;&nbsp; 78586 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 03/01/2034 | 46000 | &nbsp;&nbsp; 47027 |
| &nbsp;&nbsp;&nbsp; 5.85% 05/15/2055 | 421000 | &nbsp;&nbsp; 440460 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.85% 03/15/2030 | 127000 | &nbsp;&nbsp; 129321 |
| &nbsp;&nbsp;&nbsp; 5.25% 03/15/2035<sup>(c)</sup> | 660000 | &nbsp;&nbsp; 674138 |
| &nbsp;&nbsp;&nbsp; 5.35% 01/15/2053 | 11000 | &nbsp;&nbsp; 10489 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.85% 01/05/2029 | $94000 | &nbsp;&nbsp; $95121 |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/2052 | 8000 | &nbsp;&nbsp; 6986 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, 5.40%, <br> 04/01/2053<br>| 14000 | &nbsp;&nbsp; 13320 |
| Electricite de France S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 05/23/2028<sup>(b)</sup> | 336000 | &nbsp;&nbsp; 345507 |
| &nbsp;&nbsp;&nbsp; 6.38% 01/13/2055<sup>(b)</sup> | 2395000 | &nbsp;&nbsp; 2424869 |
| &nbsp;&nbsp;&nbsp; 9.13% <sup>(b)(e)(f)</sup> | 685000 | &nbsp;&nbsp; 786637 |
| &nbsp;&nbsp;&nbsp; Enel Finance International N.V. (Italy), <br> 7.05%, 10/14/2025<sup>(b)</sup><br>| 672000 | &nbsp;&nbsp; 674664 |
| &nbsp;&nbsp;&nbsp; Entergy Corp., 7.13%, <br> 12/01/2054<sup>(e)</sup><br>| 99000 | &nbsp;&nbsp; 102740 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 09/15/2034 | 138000 | &nbsp;&nbsp; 138937 |
| &nbsp;&nbsp;&nbsp; 5.80% 03/15/2055 | 589000 | &nbsp;&nbsp; 588066 |
| Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 04/15/2035 | 531000 | &nbsp;&nbsp; 536545 |
| &nbsp;&nbsp;&nbsp; 5.55% 09/15/2054 | 150000 | &nbsp;&nbsp; 143251 |
| &nbsp;&nbsp;&nbsp; Evergy Metro, Inc., 4.95%, <br> 04/15/2033<br>| 16000 | &nbsp;&nbsp; 16058 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 03/15/2029 | 58000 | &nbsp;&nbsp; 59337 |
| &nbsp;&nbsp;&nbsp; 5.13% 03/15/2031 | 1034000 | &nbsp;&nbsp; 1055624 |
| &nbsp;&nbsp;&nbsp; 5.45% 03/15/2034 | 99000 | &nbsp;&nbsp; 101509 |
| &nbsp;&nbsp;&nbsp; 5.60% 03/15/2053 | 106000 | &nbsp;&nbsp; 101216 |
| &nbsp;&nbsp;&nbsp; 5.88% 03/15/2055 | 833000 | &nbsp;&nbsp; 828067 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., <br> 5.20%, 04/01/2028<sup>(b)</sup><br>| 6000 | &nbsp;&nbsp; 6112 |
| FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 01/15/2030 | 314000 | &nbsp;&nbsp; 313556 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/15/2035 | 175000 | &nbsp;&nbsp; 173135 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., 4.80%, <br> 05/15/2033<br>| 9000 | &nbsp;&nbsp; 8993 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., 4.95%, <br> 05/17/2033<br>| 13000 | &nbsp;&nbsp; 13067 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35% 01/15/2034 | 13000 | &nbsp;&nbsp; 13418 |
| &nbsp;&nbsp;&nbsp; 5.85% 09/15/2054 | 20000 | &nbsp;&nbsp; 20452 |
| &nbsp;&nbsp;&nbsp; 5.30% 02/01/2055 | 110000 | &nbsp;&nbsp; 104264 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85% 02/07/2029 | 256000 | &nbsp;&nbsp; 260187 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/07/2031 | 85000 | &nbsp;&nbsp; 86895 |
| &nbsp;&nbsp;&nbsp; 5.80% 01/15/2033 | 7000 | &nbsp;&nbsp; 7420 |
| &nbsp;&nbsp;&nbsp; 5.00% 08/15/2034 | 630000 | &nbsp;&nbsp; 631452 |
| &nbsp;&nbsp;&nbsp; 7.13% 09/15/2053<sup>(e)</sup> | 342000 | &nbsp;&nbsp; 358649 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90% 03/15/2029 | 142000 | &nbsp;&nbsp; 144034 |
| &nbsp;&nbsp;&nbsp; 5.05% 03/15/2030<sup>(c)</sup> | 556000 | &nbsp;&nbsp; 566522 |
| &nbsp;&nbsp;&nbsp; 5.45% 03/15/2035<sup>(c)</sup> | 1603000 | &nbsp;&nbsp; 1632095 |
| &nbsp;&nbsp;&nbsp; 6.75% 06/15/2054<sup>(e)</sup> | 102000 | &nbsp;&nbsp; 106679 |
| &nbsp;&nbsp;&nbsp; 6.38% 08/15/2055<sup>(e)</sup> | 372000 | &nbsp;&nbsp; 382591 |
| Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65% 10/03/2030<sup>(b)</sup> | 4791000 | &nbsp;&nbsp; 4760071 |
| &nbsp;&nbsp;&nbsp; 5.29% 01/17/2034<sup>(b)</sup> | 53000 | &nbsp;&nbsp; 53201 |
| &nbsp;&nbsp;&nbsp; 6.00% 07/03/2055<sup>(b)</sup> | 3701000 | &nbsp;&nbsp; 3704585 |
| Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 05/15/2035 | 1301000 | &nbsp;&nbsp; 1308986 |
| &nbsp;&nbsp;&nbsp; 5.65% 05/15/2055 | 1002000 | &nbsp;&nbsp; 1004327 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<br>| $| 71000 | &nbsp;&nbsp; $69962 |
| Ohio Power Co., 5.65%, 06/01/2034 |  | 110000 | &nbsp;&nbsp; 113299 |
| &nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 477000 | &nbsp;&nbsp; 463962 |
| Oncor Electric Delivery Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% 03/20/2027<sup>(b)</sup> |  | 766000 | &nbsp;&nbsp; 768288 |
| &nbsp;&nbsp;&nbsp; 4.65% 11/01/2029 |  | 820000 | &nbsp;&nbsp; 827763 |
| &nbsp;&nbsp;&nbsp; 5.65% 11/15/2033 |  | 57000 | &nbsp;&nbsp; 59938 |
| &nbsp;&nbsp;&nbsp; 5.80% 04/01/2055<sup>(b)</sup> |  | 1877000 | &nbsp;&nbsp; 1888725 |
| PacifiCorp |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10% 02/15/2029 |  | 61000 | &nbsp;&nbsp; 62050 |
| &nbsp;&nbsp;&nbsp; 5.30% 02/15/2031 |  | 86000 | &nbsp;&nbsp; 88319 |
| &nbsp;&nbsp;&nbsp; 5.45% 02/15/2034 |  | 63000 | &nbsp;&nbsp; 63552 |
| &nbsp;&nbsp;&nbsp; 5.80% 01/15/2055 |  | 58000 | &nbsp;&nbsp; 55214 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>|  | 86000 | &nbsp;&nbsp; 86769 |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup><br>|  | 90000 | &nbsp;&nbsp; 92003 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 11000 | &nbsp;&nbsp; 10106 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of New Hampshire, <br> 5.35%, 10/01/2033<br>|  | 20000 | &nbsp;&nbsp; 20644 |
| San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35% 04/01/2053 |  | 26000 | &nbsp;&nbsp; 24216 |
| &nbsp;&nbsp;&nbsp; 5.55% 04/15/2054 |  | 191000 | &nbsp;&nbsp; 183501 |
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 12000 | &nbsp;&nbsp; 11983 |
| Southern Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 10/15/2032 |  | 6000 | &nbsp;&nbsp; 6297 |
| &nbsp;&nbsp;&nbsp; 4.85% 03/15/2035 |  | 397000 | &nbsp;&nbsp; 386640 |
| &nbsp;&nbsp;&nbsp; Conv., 3.25% 06/15/2028<sup>(b)</sup> |  | 2077000 | &nbsp;&nbsp; 2099847 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00% 01/15/2051<sup>(e)</sup> |  | 179000 | &nbsp;&nbsp; 178319 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 12000 | &nbsp;&nbsp; 12108 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co., <br> 5.00%, 01/15/2031<sup>(b)</sup><br>|  | 71000 | &nbsp;&nbsp; 71979 |
| Union Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 04/01/2034 |  | 141000 | &nbsp;&nbsp; 142932 |
| &nbsp;&nbsp;&nbsp; 5.25% 04/15/2035 |  | 445000 | &nbsp;&nbsp; 451777 |
| &nbsp;&nbsp;&nbsp; 5.13% 03/15/2055 |  | 207000 | &nbsp;&nbsp; 189375 |
| &nbsp;&nbsp;&nbsp; Virginia Electric & Power Co., 5.00%, <br> 04/01/2033<br>|  | 13000 | &nbsp;&nbsp; 13104 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 12/30/2026<sup>(b)</sup> |  | 359000 | &nbsp;&nbsp; 359887 |
| &nbsp;&nbsp;&nbsp; 5.63% 02/15/2027<sup>(b)</sup> |  | 3000000 | &nbsp;&nbsp; 2998486 |
| &nbsp;&nbsp;&nbsp; 7.75% 10/15/2031<sup>(b)</sup> |  | 847000 | &nbsp;&nbsp; 897119 |
| &nbsp;&nbsp;&nbsp; 6.88% 04/15/2032<sup>(b)</sup> |  | 455000 | &nbsp;&nbsp; 473051 |
| &nbsp;&nbsp;&nbsp; 6.95% 10/15/2033<sup>(b)</sup> |  | 31000 | &nbsp;&nbsp; 34106 |
| &nbsp;&nbsp;&nbsp; 6.00% 04/15/2034<sup>(b)</sup> |  | 84000 | &nbsp;&nbsp; 87258 |
| &nbsp;&nbsp;&nbsp; 5.70% 12/30/2034<sup>(b)(c)</sup> |  | 791000 | &nbsp;&nbsp; 805963 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 267000 | &nbsp;&nbsp; 268711 |
|  |  |  | &nbsp;&nbsp; 47698223 |
| **Electrical Components & Equipment-0.25%** | **Electrical Components & Equipment-0.25%** | **Electrical Components & Equipment-0.25%** | **Electrical Components & Equipment-0.25%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> |  | 4833000 | &nbsp;&nbsp; 4753112 |
| Regal Rexnord Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.30% 02/15/2030 |  | 9000 | &nbsp;&nbsp; 9428 |
| &nbsp;&nbsp;&nbsp; 6.40% 04/15/2033 |  | 29000 | &nbsp;&nbsp; 30669 |
|  |  |  | &nbsp;&nbsp; 4793209 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Electronic Components-0.03%** | **Electronic Components-0.03%** | **Electronic Components-0.03%** |
| Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 01/15/2035 | $330000 | &nbsp;&nbsp; $331637 |
| &nbsp;&nbsp;&nbsp; 5.38% 11/15/2054 | 171000 | &nbsp;&nbsp; 166241 |
|  |  | &nbsp;&nbsp; 497878 |
| **Electronic Equipment & Instruments-0.05%** | **Electronic Equipment & Instruments-0.05%** | **Electronic Equipment & Instruments-0.05%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>| 973000 | &nbsp;&nbsp; 1001053 |
| **Electronic Manufacturing Services-0.03%** | **Electronic Manufacturing Services-0.03%** | **Electronic Manufacturing Services-0.03%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup><br>| 586000 | &nbsp;&nbsp; 598223 |
| **Environmental & Facilities Services-0.06%** | **Environmental & Facilities Services-0.06%** | **Environmental & Facilities Services-0.06%** |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 04/01/2029 | 78000 | &nbsp;&nbsp; 79516 |
| &nbsp;&nbsp;&nbsp; 5.00% 12/15/2033 | 43000 | &nbsp;&nbsp; 43690 |
| &nbsp;&nbsp;&nbsp; 5.00% 04/01/2034 | 9000 | &nbsp;&nbsp; 9095 |
| Veralto Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 09/18/2026 | 143000 | &nbsp;&nbsp; 144291 |
| &nbsp;&nbsp;&nbsp; 5.35% 09/18/2028 | 48000 | &nbsp;&nbsp; 49245 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc., 5.35%, <br> 10/15/2054<sup>(c)</sup><br>| 790000 | &nbsp;&nbsp; 764527 |
|  |  | &nbsp;&nbsp; 1090364 |
| **Financial Exchanges & Data-0.00%** | **Financial Exchanges & Data-0.00%** | **Financial Exchanges & Data-0.00%** |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 06/15/2052 | 5000 | &nbsp;&nbsp; 4485 |
| &nbsp;&nbsp;&nbsp; 5.20% 06/15/2062 | 10000 | &nbsp;&nbsp; 9324 |
| Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35% 06/28/2028 | 7000 | &nbsp;&nbsp; 7190 |
| &nbsp;&nbsp;&nbsp; 5.55% 02/15/2034 | 17000 | &nbsp;&nbsp; 17644 |
| &nbsp;&nbsp;&nbsp; 5.95% 08/15/2053 | 4000 | &nbsp;&nbsp; 4068 |
| &nbsp;&nbsp;&nbsp; 6.10% 06/28/2063 | 16000 | &nbsp;&nbsp; 16344 |
|  |  | &nbsp;&nbsp; 59055 |
| **Food Distributors-1.60%** | **Food Distributors-1.60%** | **Food Distributors-1.60%** |
| Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 08/04/2030 | 9561000 | &nbsp;&nbsp; 9545208 |
| &nbsp;&nbsp;&nbsp; 5.15% 08/04/2035 | 5006000 | &nbsp;&nbsp; 4995565 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux S.a.r.l./JBS USA <br> Foods Group Holdings, Inc./JBS <br> USA Food Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 01/15/2036<sup>(b)(c)</sup> | 7435000 | &nbsp;&nbsp; 7409386 |
| &nbsp;&nbsp;&nbsp; 6.25% 03/01/2056<sup>(b)</sup> | 6149000 | &nbsp;&nbsp; 6104481 |
| &nbsp;&nbsp;&nbsp; 6.38% 04/15/2066<sup>(b)</sup> | 1969000 | &nbsp;&nbsp; 1943127 |
| Sysco Corp., 5.10%, 09/23/2030 | 360000 | &nbsp;&nbsp; 367767 |
|  |  | &nbsp;&nbsp; 30365534 |
| **Food Retail-0.05%** | **Food Retail-0.05%** | **Food Retail-0.05%** |
| Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 09/15/2034 | 396000 | &nbsp;&nbsp; 391925 |
| &nbsp;&nbsp;&nbsp; 5.65% 09/15/2064 | 619000 | &nbsp;&nbsp; 584361 |
|  |  | &nbsp;&nbsp; 976286 |
| **Forest Products-0.06%** | **Forest Products-0.06%** | **Forest Products-0.06%** |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, 4.95%, <br> 06/30/2032<sup>(b)</sup><br>| 1061000 | &nbsp;&nbsp; 1069024 |
| **Gas Utilities-0.57%** | **Gas Utilities-0.57%** | **Gas Utilities-0.57%** |
| Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.90% 11/15/2033 | 20000 | &nbsp;&nbsp; 21403 |
| &nbsp;&nbsp;&nbsp; 5.20% 08/15/2035 | 4527000 | &nbsp;&nbsp; 4561673 |
| &nbsp;&nbsp;&nbsp; 6.20% 11/15/2053 | 19000 | &nbsp;&nbsp; 20405 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Gas Utilities-(continued)** | **Gas Utilities-(continued)** | **Gas Utilities-(continued)** | **Gas Utilities-(continued)** |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>| $| 20000 | &nbsp;&nbsp; $20467 |
| Snam S.p.A. (Italy) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 05/28/2035<sup>(b)(c)</sup> |  | 2604000 | &nbsp;&nbsp; 2671186 |
| &nbsp;&nbsp;&nbsp; 6.50% 05/28/2055<sup>(b)</sup> |  | 2030000 | &nbsp;&nbsp; 2110345 |
| &nbsp;&nbsp;&nbsp; Southern Natural Gas Co., L.L.C., <br> 5.45%, 08/01/2035<sup>(b)</sup><br>|  | 1362000 | &nbsp;&nbsp; 1365036 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 8000 | &nbsp;&nbsp; 8180 |
|  |  |  | &nbsp;&nbsp; 10778695 |
| **Gold-0.19%** | **Gold-0.19%** | **Gold-0.19%** | **Gold-0.19%** |
| &nbsp;&nbsp;&nbsp; Boroo Investments Pte. Ltd. <br> (Singapore), 9.50%, 08/07/2032<sup>(b)</sup><br>|  | 3154000 | &nbsp;&nbsp; 3114669 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup><br>|  | 498000 | &nbsp;&nbsp; 511523 |
|  |  |  | &nbsp;&nbsp; 3626192 |
| **Health Care Distributors-0.20%** | **Health Care Distributors-0.20%** | **Health Care Distributors-0.20%** | **Health Care Distributors-0.20%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc., 5.45%, <br> 02/15/2034<br>|  | 59000 | &nbsp;&nbsp; 60401 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 59000 | &nbsp;&nbsp; 59292 |
| McKesson Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% 09/15/2029 |  | 299000 | &nbsp;&nbsp; 297900 |
| &nbsp;&nbsp;&nbsp; 4.95% 05/30/2032 |  | 3348000 | &nbsp;&nbsp; 3376966 |
|  |  |  | &nbsp;&nbsp; 3794559 |
| **Health Care Equipment-0.25%** | **Health Care Equipment-0.25%** | **Health Care Equipment-0.25%** | **Health Care Equipment-0.25%** |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 1828000 | &nbsp;&nbsp; 1837860 |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United <br> Kingdom)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 03/20/2027 |  | 59000 | &nbsp;&nbsp; 59626 |
| &nbsp;&nbsp;&nbsp; 5.40% 03/20/2034 |  | 173000 | &nbsp;&nbsp; 175635 |
| Stryker Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 02/10/2027 |  | 209000 | &nbsp;&nbsp; 209713 |
| &nbsp;&nbsp;&nbsp; 4.25% 09/11/2029 |  | 334000 | &nbsp;&nbsp; 332336 |
| &nbsp;&nbsp;&nbsp; 4.85% 02/10/2030 |  | 932000 | &nbsp;&nbsp; 947901 |
| &nbsp;&nbsp;&nbsp; 5.20% 02/10/2035 |  | 1232000 | &nbsp;&nbsp; 1251797 |
|  |  |  | &nbsp;&nbsp; 4814868 |
| **Health Care Facilities-0.05%** | **Health Care Facilities-0.05%** | **Health Care Facilities-0.05%** | **Health Care Facilities-0.05%** |
| &nbsp;&nbsp;&nbsp; Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 80000 | &nbsp;&nbsp; 80023 |
| Universal Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% 10/15/2029 |  | 274000 | &nbsp;&nbsp; 270243 |
| &nbsp;&nbsp;&nbsp; 5.05% 10/15/2034<sup>(c)</sup> |  | 487000 | &nbsp;&nbsp; 463142 |
| UPMC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.04% 05/15/2033 |  | 85000 | &nbsp;&nbsp; 85154 |
| &nbsp;&nbsp;&nbsp; 5.38% 05/15/2043 |  | 62000 | &nbsp;&nbsp; 59167 |
|  |  |  | &nbsp;&nbsp; 957729 |
| **Health Care REITs-0.10%** | **Health Care REITs-0.10%** | **Health Care REITs-0.10%** | **Health Care REITs-0.10%** |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 05/15/2036 |  | 27000 | &nbsp;&nbsp; 26604 |
| &nbsp;&nbsp;&nbsp; 5.63% 05/15/2054 |  | 136000 | &nbsp;&nbsp; 127748 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<sup>(c)</sup><br>|  | 1661000 | &nbsp;&nbsp; 1667120 |
|  |  |  | &nbsp;&nbsp; 1821472 |
| **Health Care Services-0.90%** | **Health Care Services-0.90%** | **Health Care Services-0.90%** | **Health Care Services-0.90%** |
| CommonSpirit Health |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.32% 12/01/2034 |  | 480000 | &nbsp;&nbsp; 482739 |
| &nbsp;&nbsp;&nbsp; 5.55% 12/01/2054 |  | 307000 | &nbsp;&nbsp; 289517 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Services-(continued)** | **Health Care Services-(continued)** | **Health Care Services-(continued)** | **Health Care Services-(continued)** |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 01/30/2029 | $| 22000 | &nbsp;&nbsp; $22299 |
| &nbsp;&nbsp;&nbsp; 5.25% 01/30/2031 |  | 5000 | &nbsp;&nbsp; 5091 |
| &nbsp;&nbsp;&nbsp; 6.75% 12/10/2054<sup>(e)</sup> |  | 2249000 | &nbsp;&nbsp; 2256485 |
| &nbsp;&nbsp;&nbsp; 7.00% 03/10/2055<sup>(c)(e)</sup> |  | 9185000 | &nbsp;&nbsp; 9472858 |
| &nbsp;&nbsp;&nbsp; 6.00% 06/01/2063 |  | 9000 | &nbsp;&nbsp; 8602 |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(b)</sup> |  | 25000 | &nbsp;&nbsp; 25721 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/2028<sup>(c)</sup> |  | 337000 | &nbsp;&nbsp; 340787 |
| &nbsp;&nbsp;&nbsp; 5.45% 09/15/2034 |  | 168000 | &nbsp;&nbsp; 168766 |
| &nbsp;&nbsp;&nbsp; 5.75% 03/01/2035 |  | 621000 | &nbsp;&nbsp; 636320 |
| &nbsp;&nbsp;&nbsp; 5.90% 06/01/2053 |  | 19000 | &nbsp;&nbsp; 18234 |
| &nbsp;&nbsp;&nbsp; 6.20% 03/01/2055 |  | 554000 | &nbsp;&nbsp; 553219 |
| Icon Investments Six DAC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.81% 05/08/2027 |  | 831000 | &nbsp;&nbsp; 845045 |
| &nbsp;&nbsp;&nbsp; 5.85% 05/08/2029 |  | 721000 | &nbsp;&nbsp; 747913 |
| &nbsp;&nbsp;&nbsp; 6.00% 05/08/2034 |  | 640000 | &nbsp;&nbsp; 655284 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br> 4.35%, 04/01/2030<br>|  | 508000 | &nbsp;&nbsp; 502891 |
| &nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 156000 | &nbsp;&nbsp; 96777 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 34000 | &nbsp;&nbsp; 37205 |
|  |  |  | &nbsp;&nbsp; 17165753 |
| **Health Care Supplies-0.34%** | **Health Care Supplies-0.34%** | **Health Care Supplies-0.34%** | **Health Care Supplies-0.34%** |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(e)</sup><br>|  | 5895000 | &nbsp;&nbsp; 5958088 |
| Solventum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45% 02/25/2027 |  | 111000 | &nbsp;&nbsp; 112755 |
| &nbsp;&nbsp;&nbsp; 5.40% 03/01/2029 |  | 212000 | &nbsp;&nbsp; 218161 |
| &nbsp;&nbsp;&nbsp; 5.60% 03/23/2034 |  | 150000 | &nbsp;&nbsp; 153913 |
|  |  |  | &nbsp;&nbsp; 6442917 |
| **Highways & Railtracks-0.14%** | **Highways & Railtracks-0.14%** | **Highways & Railtracks-0.14%** | **Highways & Railtracks-0.14%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<br>|  | 2344000 | &nbsp;&nbsp; 2385165 |
| &nbsp;&nbsp;&nbsp; TransJamaican Highway Ltd. <br> (Jamaica), 5.75%, 10/10/2036<sup>(b)</sup><br>|  | 332934 | &nbsp;&nbsp; 309628 |
|  |  |  | &nbsp;&nbsp; 2694793 |
| **Home Improvement Retail-0.01%** | **Home Improvement Retail-0.01%** | **Home Improvement Retail-0.01%** | **Home Improvement Retail-0.01%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>|  | 83000 | &nbsp;&nbsp; 84919 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80% 09/15/2062 |  | 2000 | &nbsp;&nbsp; 1928 |
| &nbsp;&nbsp;&nbsp; 5.85% 04/01/2063 |  | 3000 | &nbsp;&nbsp; 2900 |
|  |  |  | &nbsp;&nbsp; 89747 |
| **Homebuilding-0.13%** | **Homebuilding-0.13%** | **Homebuilding-0.13%** | **Homebuilding-0.13%** |
| &nbsp;&nbsp;&nbsp; D.R. Horton, Inc., 5.00%, <br> 10/15/2034<sup>(c)</sup><br>|  | 230000 | &nbsp;&nbsp; 227454 |
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<br>|  | 2317000 | &nbsp;&nbsp; 2329439 |
|  |  |  | &nbsp;&nbsp; 2556893 |
| **Hotel & Resort REITs-0.09%** | **Hotel & Resort REITs-0.09%** | **Hotel & Resort REITs-0.09%** | **Hotel & Resort REITs-0.09%** |
| &nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I L.P.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 08/15/2032 |  | 1524000 | &nbsp;&nbsp; 1533434 |
| &nbsp;&nbsp;&nbsp; 5.75% 07/15/2034 |  | 52000 | &nbsp;&nbsp; 53451 |
| &nbsp;&nbsp;&nbsp; 4.95% 01/15/2035 |  | 207000 | &nbsp;&nbsp; 200855 |
|  |  |  | &nbsp;&nbsp; 1787740 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines-0.83%** | **Hotels, Resorts & Cruise Lines-0.83%** | **Hotels, Resorts & Cruise Lines-0.83%** |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88% 06/01/2027 | $481000 | &nbsp;&nbsp; $506231 |
| &nbsp;&nbsp;&nbsp; 7.00% 08/15/2029<sup>(b)</sup> | 64000 | &nbsp;&nbsp; 67295 |
| &nbsp;&nbsp;&nbsp; 5.75% 03/15/2030<sup>(b)(c)</sup> | 1020000 | &nbsp;&nbsp; 1035261 |
| &nbsp;&nbsp;&nbsp; 5.88% 06/15/2031<sup>(b)(c)</sup> | 5388000 | &nbsp;&nbsp; 5472188 |
| &nbsp;&nbsp;&nbsp; 5.75% 08/01/2032<sup>(b)</sup> | 4104000 | &nbsp;&nbsp; 4136914 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>| 736000 | &nbsp;&nbsp; 741735 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% 04/01/2029<sup>(b)</sup> | 375000 | &nbsp;&nbsp; 381585 |
| &nbsp;&nbsp;&nbsp; 6.13% 04/01/2032<sup>(b)</sup> | 174000 | &nbsp;&nbsp; 177585 |
| &nbsp;&nbsp;&nbsp; 5.75% 09/15/2033<sup>(b)</sup> | 2143000 | &nbsp;&nbsp; 2146375 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 05/15/2029 | 36000 | &nbsp;&nbsp; 36441 |
| &nbsp;&nbsp;&nbsp; 4.80% 03/15/2030 | 324000 | &nbsp;&nbsp; 326225 |
| &nbsp;&nbsp;&nbsp; 5.30% 05/15/2034 | 41000 | &nbsp;&nbsp; 41360 |
| &nbsp;&nbsp;&nbsp; 5.35% 03/15/2035<sup>(c)</sup> | 212000 | &nbsp;&nbsp; 212913 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 03/15/2032<sup>(b)</sup> | 219000 | &nbsp;&nbsp; 224914 |
| &nbsp;&nbsp;&nbsp; 6.00% 02/01/2033<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 254282 |
|  |  | &nbsp;&nbsp; 15761304 |
| **Household Appliances-0.05%** | **Household Appliances-0.05%** | **Household Appliances-0.05%** |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% 06/15/2030<sup>(c)</sup> | 334000 | &nbsp;&nbsp; 333446 |
| &nbsp;&nbsp;&nbsp; 6.50% 06/15/2033<sup>(c)</sup> | 670000 | &nbsp;&nbsp; 660716 |
|  |  | &nbsp;&nbsp; 994162 |
| **Independent Power Producers & Energy Traders-0.27%** | **Independent Power Producers & Energy Traders-0.27%** | **Independent Power Producers & Energy Traders-0.27%** |
| AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.80% 03/15/2032<sup>(c)</sup> | 2057000 | &nbsp;&nbsp; 2089794 |
| &nbsp;&nbsp;&nbsp; 6.95% 07/15/2055<sup>(e)</sup> | 868000 | &nbsp;&nbsp; 838507 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver S.A. <br> Institucion de Banca Multiple <br> (Mexico), 7.25%, 01/31/2041<sup>(b)(c)</sup><br>| 639303 | &nbsp;&nbsp; 655062 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% <sup>(b)(e)(f)</sup> | 619000 | &nbsp;&nbsp; 625588 |
| &nbsp;&nbsp;&nbsp; Series C, 8.88% <sup>(b)(e)(f)</sup> | 888000 | &nbsp;&nbsp; 964615 |
|  |  | &nbsp;&nbsp; 5173566 |
| **Industrial Conglomerates-0.37%** | **Industrial Conglomerates-0.37%** | **Industrial Conglomerates-0.37%** |
| Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 09/01/2029 | 129000 | &nbsp;&nbsp; 131814 |
| &nbsp;&nbsp;&nbsp; 4.95% 09/01/2031 | 156000 | &nbsp;&nbsp; 159287 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/2035 | 129000 | &nbsp;&nbsp; 129004 |
| &nbsp;&nbsp;&nbsp; 5.35% 03/01/2064 | 194000 | &nbsp;&nbsp; 182814 |
| Siemens Funding B.V. (Germany) |  |  |
| &nbsp;&nbsp;&nbsp; 4.35% 05/26/2028<sup>(b)</sup> | 2618000 | &nbsp;&nbsp; 2628159 |
| &nbsp;&nbsp;&nbsp; 4.60% 05/28/2030<sup>(b)</sup> | 1798000 | &nbsp;&nbsp; 1816708 |
| &nbsp;&nbsp;&nbsp; 5.20% 05/28/2035<sup>(b)</sup> | 1236000 | &nbsp;&nbsp; 1266267 |
| &nbsp;&nbsp;&nbsp; 5.90% 05/28/2065<sup>(b)</sup> | 776000 | &nbsp;&nbsp; 811412 |
|  |  | &nbsp;&nbsp; 7125465 |
| **Industrial Machinery & Supplies & Components-0.17%** | **Industrial Machinery & Supplies & Components-0.17%** | **Industrial Machinery & Supplies & Components-0.17%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> | 2031000 | &nbsp;&nbsp; 2054105 |
| Ingersoll Rand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 06/15/2027 | 128000 | &nbsp;&nbsp; 129642 |
| &nbsp;&nbsp;&nbsp; 5.40% 08/14/2028 | 5000 | &nbsp;&nbsp; 5129 |
| Nordson Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.60% 09/15/2028 | 13000 | &nbsp;&nbsp; 13366 |
| &nbsp;&nbsp;&nbsp; 5.80% 09/15/2033 | 21000 | &nbsp;&nbsp; 22205 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** | **Industrial Machinery & Supplies & Components-(continued)** |
| &nbsp;&nbsp;&nbsp; nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>| $| 29000 | &nbsp;&nbsp; $29651 |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc. (United Kingdom), <br> 5.35%, 05/06/2030<sup>(b)</sup><br>|  | 919000 | &nbsp;&nbsp; 931466 |
|  |  |  | &nbsp;&nbsp; 3185564 |
| **Industrial REITs-0.00%** | **Industrial REITs-0.00%** | **Industrial REITs-0.00%** | **Industrial REITs-0.00%** |
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 23000 | &nbsp;&nbsp; 24282 |
| **Insurance Brokers-0.04%** | **Insurance Brokers-0.04%** | **Insurance Brokers-0.04%** | **Insurance Brokers-0.04%** |
| Arthur J. Gallagher & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85% 12/15/2029 |  | 101000 | &nbsp;&nbsp; 101950 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/15/2032 |  | 119000 | &nbsp;&nbsp; 120050 |
| &nbsp;&nbsp;&nbsp; 5.15% 02/15/2035 |  | 198000 | &nbsp;&nbsp; 196958 |
| &nbsp;&nbsp;&nbsp; 6.75% 02/15/2054 |  | 24000 | &nbsp;&nbsp; 26237 |
| &nbsp;&nbsp;&nbsp; AssuredPartners, Inc., 7.50%, <br> 02/15/2032<sup>(b)</sup><br>|  | 233000 | &nbsp;&nbsp; 248975 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40% 09/15/2033 |  | 29000 | &nbsp;&nbsp; 29985 |
| &nbsp;&nbsp;&nbsp; 5.45% 03/15/2053 |  | 9000 | &nbsp;&nbsp; 8676 |
| &nbsp;&nbsp;&nbsp; 5.70% 09/15/2053 |  | 25000 | &nbsp;&nbsp; 24976 |
|  |  |  | &nbsp;&nbsp; 757807 |
| **Integrated Oil & Gas-1.20%** | **Integrated Oil & Gas-1.20%** | **Integrated Oil & Gas-1.20%** | **Integrated Oil & Gas-1.20%** |
| BP Capital Markets PLC, 6.13%<sup>(e)(f)</sup> |  | 955000 | &nbsp;&nbsp; 960166 |
| Ecopetrol S.A. (Colombia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.88% 01/13/2033 |  | 1780000 | &nbsp;&nbsp; 1868054 |
| &nbsp;&nbsp;&nbsp; 8.38% 01/19/2036 |  | 244000 | &nbsp;&nbsp; 241111 |
| &nbsp;&nbsp;&nbsp; Eni S.p.A. (Italy), 5.50%, <br> 05/15/2034<sup>(b)</sup><br>|  | 743000 | &nbsp;&nbsp; 749992 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 08/01/2027 |  | 146000 | &nbsp;&nbsp; 147168 |
| &nbsp;&nbsp;&nbsp; 5.20% 08/01/2029 |  | 156000 | &nbsp;&nbsp; 156502 |
| &nbsp;&nbsp;&nbsp; 5.38% 01/01/2032 |  | 212000 | &nbsp;&nbsp; 210369 |
| &nbsp;&nbsp;&nbsp; 5.55% 10/01/2034<sup>(c)</sup> |  | 669000 | &nbsp;&nbsp; 656672 |
| &nbsp;&nbsp;&nbsp; 6.45% 09/15/2036 |  | 61000 | &nbsp;&nbsp; 62130 |
| &nbsp;&nbsp;&nbsp; 4.63% 06/15/2045 |  | 1538000 | &nbsp;&nbsp; 1168854 |
| Petroleos Mexicanos (Mexico) |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75% 06/02/2029 |  | 2253000 | &nbsp;&nbsp; 2375748 |
| &nbsp;&nbsp;&nbsp; 6.63% 06/15/2035 |  | 3738000 | &nbsp;&nbsp; 3334400 |
| Saudi Arabian Oil Co. (Saudi Arabia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% 06/02/2030<sup>(b)</sup> |  | 2955000 | &nbsp;&nbsp; 2977210 |
| &nbsp;&nbsp;&nbsp; 5.38% 06/02/2035<sup>(b)</sup> |  | 3590000 | &nbsp;&nbsp; 3642098 |
| &nbsp;&nbsp;&nbsp; 6.38% 06/02/2055<sup>(b)</sup> |  | 4185000 | &nbsp;&nbsp; 4249612 |
|  |  |  | &nbsp;&nbsp; 22800086 |
| **Integrated Telecommunication Services-0.73%** | **Integrated Telecommunication Services-0.73%** | **Integrated Telecommunication Services-0.73%** | **Integrated Telecommunication Services-0.73%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40% 02/15/2034 |  | 24000 | &nbsp;&nbsp; 24534 |
| &nbsp;&nbsp;&nbsp; 3.55% 09/15/2055 |  | 2000 | &nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp; 6.05% 08/15/2056 |  | 1260000 | &nbsp;&nbsp; 1278330 |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC <br> (United Kingdom), 4.25%, <br> 11/23/2081<sup>(b)(c)(e)</sup><br>|  | 1460000 | &nbsp;&nbsp; 1438827 |
| &nbsp;&nbsp;&nbsp; Iliad Holding S.A.S.U. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup><br>|  | 184000 | &nbsp;&nbsp; 197515 |
| NTT Finance Corp. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 07/16/2030<sup>(b)</sup> |  | 806000 | &nbsp;&nbsp; 810832 |
| &nbsp;&nbsp;&nbsp; 5.50% 07/16/2035<sup>(b)</sup> |  | 1309000 | &nbsp;&nbsp; 1329783 |
| TELUS Corp. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% 10/15/2055<sup>(e)</sup> |  | 2007000 | &nbsp;&nbsp; 2033252 |
| &nbsp;&nbsp;&nbsp; 7.00% 10/15/2055<sup>(e)</sup> |  | 1979000 | &nbsp;&nbsp; 2008521 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** | **Integrated Telecommunication Services-(continued)** |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% 01/15/2053 | $| 20000 | &nbsp;&nbsp; $19272 |
| &nbsp;&nbsp;&nbsp; 6.00% 06/15/2054 |  | 5000 | &nbsp;&nbsp; 5058 |
| &nbsp;&nbsp;&nbsp; 5.88% 11/15/2055<sup>(c)</sup> |  | 729000 | &nbsp;&nbsp; 727442 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 5.25%, <br> 04/02/2035<sup>(c)</sup><br>|  | 2668000 | &nbsp;&nbsp; 2679725 |
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC (United <br> Kingdom), 8.63%, 07/15/2029<sup>(b)</sup><br>|  | 1333000 | &nbsp;&nbsp; 1420978 |
|  |  |  | &nbsp;&nbsp; 13975411 |
| **Interactive Media & Services-0.77%** | **Interactive Media & Services-0.77%** | **Interactive Media & Services-0.77%** | **Interactive Media & Services-0.77%** |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 05/15/2055 |  | 815000 | &nbsp;&nbsp; 800304 |
| &nbsp;&nbsp;&nbsp; 5.30% 05/15/2065 |  | 865000 | &nbsp;&nbsp; 840663 |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC (Ireland), <br> 5.88%, 06/04/2031<sup>(b)(c)</sup><br>|  | 4351000 | &nbsp;&nbsp; 4382414 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% 08/15/2031 |  | 271000 | &nbsp;&nbsp; 273600 |
| &nbsp;&nbsp;&nbsp; 4.75% 08/15/2034<sup>(c)</sup> |  | 669000 | &nbsp;&nbsp; 666724 |
| &nbsp;&nbsp;&nbsp; 5.40% 08/15/2054<sup>(c)</sup> |  | 750000 | &nbsp;&nbsp; 725273 |
| &nbsp;&nbsp;&nbsp; 5.75% 05/15/2063 |  | 27000 | &nbsp;&nbsp; 27157 |
| &nbsp;&nbsp;&nbsp; 5.55% 08/15/2064 |  | 369000 | &nbsp;&nbsp; 358275 |
| WarnerMedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.28% 03/15/2032 |  | 192000 | &nbsp;&nbsp; 161350 |
| &nbsp;&nbsp;&nbsp; 5.05% 03/15/2042 |  | 9667000 | &nbsp;&nbsp; 6470171 |
|  |  |  | &nbsp;&nbsp; 14705931 |
| **Internet Services & Infrastructure-0.15%** | **Internet Services & Infrastructure-0.15%** | **Internet Services & Infrastructure-0.15%** | **Internet Services & Infrastructure-0.15%** |
| CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25% 06/01/2030<sup>(b)</sup> |  | 1492000 | &nbsp;&nbsp; 1500655 |
| &nbsp;&nbsp;&nbsp; 9.00% 02/01/2031<sup>(b)</sup> |  | 1376000 | &nbsp;&nbsp; 1371853 |
|  |  |  | &nbsp;&nbsp; 2872508 |
| **Investment Banking & Brokerage-1.31%** | **Investment Banking & Brokerage-1.31%** | **Investment Banking & Brokerage-1.31%** | **Investment Banking & Brokerage-1.31%** |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; Series I, 4.00% <sup>(e)(f)</sup> |  | 1043000 | &nbsp;&nbsp; 1029448 |
| &nbsp;&nbsp;&nbsp; Series K, 5.00% <sup>(e)(f)</sup> |  | 15000 | &nbsp;&nbsp; 14931 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.14% (SOFR + 0.79%), <br> 12/09/2026<sup>(d)</sup><br>|  | 13000 | &nbsp;&nbsp; 13021 |
| &nbsp;&nbsp;&nbsp; 5.64% (SOFR + 1.29%), <br> 04/23/2028<sup>(d)</sup><br>|  | 1017000 | &nbsp;&nbsp; 1026240 |
| &nbsp;&nbsp;&nbsp; 5.73% 04/25/2030<sup>(e)</sup> |  | 108000 | &nbsp;&nbsp; 112159 |
| &nbsp;&nbsp;&nbsp; 5.05% 07/23/2030<sup>(e)</sup> |  | 211000 | &nbsp;&nbsp; 214440 |
| &nbsp;&nbsp;&nbsp; 4.69% 10/23/2030<sup>(e)</sup> |  | 316000 | &nbsp;&nbsp; 315843 |
| &nbsp;&nbsp;&nbsp; 5.21% 01/28/2031<sup>(e)</sup> |  | 457000 | &nbsp;&nbsp; 466806 |
| &nbsp;&nbsp;&nbsp; 5.22% 04/23/2031<sup>(c)(e)</sup> |  | 1329000 | &nbsp;&nbsp; 1359243 |
| &nbsp;&nbsp;&nbsp; 5.85% 04/25/2035<sup>(e)</sup> |  | 125000 | &nbsp;&nbsp; 131022 |
| &nbsp;&nbsp;&nbsp; 5.33% 07/23/2035<sup>(e)</sup> |  | 593000 | &nbsp;&nbsp; 599269 |
| &nbsp;&nbsp;&nbsp; 5.54% 01/28/2036<sup>(c)(e)</sup> |  | 1638000 | &nbsp;&nbsp; 1675253 |
| &nbsp;&nbsp;&nbsp; 5.73% 01/28/2056<sup>(e)</sup> |  | 974000 | &nbsp;&nbsp; 978788 |
| &nbsp;&nbsp;&nbsp; 6.85% <sup>(e)(f)</sup> |  | 2762000 | &nbsp;&nbsp; 2827624 |
| &nbsp;&nbsp;&nbsp; Series V, 4.13% <sup>(e)(f)</sup> |  | 459000 | &nbsp;&nbsp; 449839 |
| &nbsp;&nbsp;&nbsp; Series W, 7.50% <sup>(c)(e)(f)</sup> |  | 2962000 | &nbsp;&nbsp; 3136029 |
| &nbsp;&nbsp;&nbsp; Series X, 7.50% <sup>(e)(f)</sup> |  | 2979000 | &nbsp;&nbsp; 3119996 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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 |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.12% 02/01/2029<sup>(e)</sup> | $| 8000 | &nbsp;&nbsp; $8119 |
| &nbsp;&nbsp;&nbsp; 4.99% 04/12/2029<sup>(e)</sup> |  | 515000 | &nbsp;&nbsp; 521451 |
| &nbsp;&nbsp;&nbsp; 5.16% 04/20/2029<sup>(e)</sup> |  | 43000 | &nbsp;&nbsp; 43700 |
| &nbsp;&nbsp;&nbsp; 5.45% 07/20/2029<sup>(e)</sup> |  | 15000 | &nbsp;&nbsp; 15400 |
| &nbsp;&nbsp;&nbsp; 6.41% 11/01/2029<sup>(e)</sup> |  | 33000 | &nbsp;&nbsp; 34836 |
| &nbsp;&nbsp;&nbsp; 5.17% 01/16/2030<sup>(e)</sup> |  | 32000 | &nbsp;&nbsp; 32651 |
| &nbsp;&nbsp;&nbsp; 5.04% 07/19/2030<sup>(e)</sup> |  | 569000 | &nbsp;&nbsp; 578975 |
| &nbsp;&nbsp;&nbsp; 4.65% 10/18/2030<sup>(e)</sup> |  | 468000 | &nbsp;&nbsp; 469041 |
| &nbsp;&nbsp;&nbsp; 5.23% 01/15/2031<sup>(e)</sup> |  | 2118000 | &nbsp;&nbsp; 2170238 |
| &nbsp;&nbsp;&nbsp; 5.19% 04/17/2031<sup>(e)</sup> |  | 1520000 | &nbsp;&nbsp; 1553061 |
| &nbsp;&nbsp;&nbsp; 5.25% 04/21/2034<sup>(e)</sup> |  | 48000 | &nbsp;&nbsp; 48793 |
| &nbsp;&nbsp;&nbsp; 5.42% 07/21/2034<sup>(e)</sup> |  | 20000 | &nbsp;&nbsp; 20490 |
| &nbsp;&nbsp;&nbsp; 5.47% 01/18/2035<sup>(e)</sup> |  | 33000 | &nbsp;&nbsp; 33818 |
| &nbsp;&nbsp;&nbsp; 5.83% 04/19/2035<sup>(e)</sup> |  | 107000 | &nbsp;&nbsp; 112202 |
| &nbsp;&nbsp;&nbsp; 5.32% 07/19/2035<sup>(e)</sup> |  | 236000 | &nbsp;&nbsp; 239062 |
| &nbsp;&nbsp;&nbsp; 5.59% 01/18/2036<sup>(e)</sup> |  | 1152000 | &nbsp;&nbsp; 1182794 |
| &nbsp;&nbsp;&nbsp; 5.66% 04/17/2036<sup>(e)</sup> |  | 292000 | &nbsp;&nbsp; 301276 |
| &nbsp;&nbsp;&nbsp; 5.95% 01/19/2038<sup>(e)</sup> |  | 8000 | &nbsp;&nbsp; 8256 |
|  |  |  | &nbsp;&nbsp; 24844114 |
| **IT Consulting & Other Services-0.39%** | **IT Consulting & Other Services-0.39%** | **IT Consulting & Other Services-0.39%** | **IT Consulting & Other Services-0.39%** |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 02/10/2030<sup>(c)</sup> |  | 3121000 | &nbsp;&nbsp; 3165577 |
| &nbsp;&nbsp;&nbsp; 5.20% 02/10/2035<sup>(c)</sup> |  | 2148000 | &nbsp;&nbsp; 2170681 |
| &nbsp;&nbsp;&nbsp; 5.70% 02/10/2055<sup>(c)</sup> |  | 2033000 | &nbsp;&nbsp; 2005238 |
|  |  |  | &nbsp;&nbsp; 7341496 |
| **Leisure Facilities-0.10%** | **Leisure Facilities-0.10%** | **Leisure Facilities-0.10%** | **Leisure Facilities-0.10%** |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup><br>|  | 1813000 | &nbsp;&nbsp; 1824105 |
| **Leisure Products-0.00%** | **Leisure Products-0.00%** | **Leisure Products-0.00%** | **Leisure Products-0.00%** |
| &nbsp;&nbsp;&nbsp; Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 69000 | &nbsp;&nbsp; 70945 |
| **Life & Health Insurance-1.78%** | **Life & Health Insurance-1.78%** | **Life & Health Insurance-1.78%** | **Life & Health Insurance-1.78%** |
| &nbsp;&nbsp;&nbsp; 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)</sup><br>|  | 819000 | &nbsp;&nbsp; 806395 |
| AIA Group Ltd. (Hong Kong) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% 04/05/2034<sup>(b)(c)</sup> |  | 1045000 | &nbsp;&nbsp; 1066242 |
| &nbsp;&nbsp;&nbsp; 4.95% 03/30/2035<sup>(b)(c)</sup> |  | 2160000 | &nbsp;&nbsp; 2144035 |
| &nbsp;&nbsp;&nbsp; 5.40% 09/30/2054<sup>(b)(c)</sup> |  | 1241000 | &nbsp;&nbsp; 1168400 |
| &nbsp;&nbsp;&nbsp; Amazon Conservation DAC (Ecuador), <br> 6.03%, 01/16/2042<sup>(b)</sup><br>|  | 3415000 | &nbsp;&nbsp; 3436088 |
| &nbsp;&nbsp;&nbsp; American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup><br>|  | 119000 | &nbsp;&nbsp; 121170 |
| &nbsp;&nbsp;&nbsp; American National Group, Inc., <br> 6.00%, 07/15/2035<br>|  | 2844000 | &nbsp;&nbsp; 2862933 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup><br>|  | 198000 | &nbsp;&nbsp; 203592 |
| Athene Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 04/01/2054 |  | 78000 | &nbsp;&nbsp; 77078 |
| &nbsp;&nbsp;&nbsp; 6.63% 05/19/2055<sup>(c)</sup> |  | 419000 | &nbsp;&nbsp; 431386 |
| &nbsp;&nbsp;&nbsp; Belrose Funding Trust II, 6.79%, <br> 05/15/2055<sup>(b)</sup><br>|  | 2062000 | &nbsp;&nbsp; 2112021 |
| Corebridge Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.90% 09/19/2028<sup>(b)</sup> |  | 35000 | &nbsp;&nbsp; 36347 |
| &nbsp;&nbsp;&nbsp; 5.20% 01/12/2029<sup>(b)</sup> |  | 233000 | &nbsp;&nbsp; 237286 |
| &nbsp;&nbsp;&nbsp; 5.20% 06/24/2029<sup>(b)</sup> |  | 207000 | &nbsp;&nbsp; 211115 |
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd. (The) <br> (Japan), 6.20%<sup>(b)(e)(f)</sup><br>|  | 980000 | &nbsp;&nbsp; 999489 |

---

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

------

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

July 31, 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)** |
| &nbsp;&nbsp;&nbsp; Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(b)</sup><br>| $| 4125000 | &nbsp;&nbsp; $4033169 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc., 7.40%, <br> 01/13/2028<br>|  | 16000 | &nbsp;&nbsp; 16751 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(b)</sup><br>|  | 658000 | &nbsp;&nbsp; 673693 |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III, 5.81%, <br> 02/15/2055<sup>(b)</sup><br>|  | 672000 | &nbsp;&nbsp; 651611 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, <br> 4.70%, 06/05/2028<sup>(b)</sup><br>|  | 1993000 | &nbsp;&nbsp; 1997663 |
| &nbsp;&nbsp;&nbsp; MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(h)</sup><br>|  | 3179000 | &nbsp;&nbsp; 2870637 |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup><br>|  | 1696000 | &nbsp;&nbsp; 1697996 |
| MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 01/15/2054 |  | 16000 | &nbsp;&nbsp; 15014 |
| &nbsp;&nbsp;&nbsp; Series G, 6.35% 03/15/2055<sup>(c)(e)</sup> |  | 1189000 | &nbsp;&nbsp; 1222509 |
| &nbsp;&nbsp;&nbsp; Series G, 3.85% <sup>(e)(f)</sup> |  | 4000 | &nbsp;&nbsp; 3996 |
| Nippon Life Insurance Co. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95% 04/16/2054<sup>(b)(e)</sup> |  | 790000 | &nbsp;&nbsp; 806066 |
| &nbsp;&nbsp;&nbsp; 6.50% 04/30/2055<sup>(b)(e)</sup> |  | 1079000 | &nbsp;&nbsp; 1130203 |
| &nbsp;&nbsp;&nbsp; Penn Mutual Life Insurance Co. (The), <br> 3.80%, 04/29/2061<sup>(b)</sup><br>|  | 2000 | &nbsp;&nbsp; 1287 |
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup><br>|  | 509000 | &nbsp;&nbsp; 508203 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 1594000 | &nbsp;&nbsp; 1606559 |
| &nbsp;&nbsp;&nbsp; Symetra Life Insurance Co., 6.55%, <br> 10/01/2055<sup>(b)</sup><br>|  | 780000 | &nbsp;&nbsp; 797158 |
|  |  |  | &nbsp;&nbsp; 33946092 |
| **Managed Health Care-0.02%** | **Managed Health Care-0.02%** | **Managed Health Care-0.02%** | **Managed Health Care-0.02%** |
| Humana, Inc., 5.75%, 12/01/2028 |  | 20000 | &nbsp;&nbsp; 20712 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 02/15/2028 |  | 10000 | &nbsp;&nbsp; 10223 |
| &nbsp;&nbsp;&nbsp; 5.30% 02/15/2030 |  | 16000 | &nbsp;&nbsp; 16466 |
| &nbsp;&nbsp;&nbsp; 5.35% 02/15/2033 |  | 11000 | &nbsp;&nbsp; 11264 |
| &nbsp;&nbsp;&nbsp; 5.05% 04/15/2053 |  | 10000 | &nbsp;&nbsp; 8786 |
| &nbsp;&nbsp;&nbsp; 5.63% 07/15/2054 |  | 94000 | &nbsp;&nbsp; 89606 |
| &nbsp;&nbsp;&nbsp; 5.75% 07/15/2064 |  | 164000 | &nbsp;&nbsp; 156209 |
|  |  |  | &nbsp;&nbsp; 313266 |
| **Marine Transportation-0.08%** | **Marine Transportation-0.08%** | **Marine Transportation-0.08%** | **Marine Transportation-0.08%** |
| &nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S (Denmark), <br> 5.88%, 09/14/2033<sup>(b)</sup><br>|  | 25000 | &nbsp;&nbsp; 26486 |
| &nbsp;&nbsp;&nbsp; Stena International S.A. (Sweden), <br> 7.63%, 02/15/2031<sup>(b)</sup><br>|  | 1371000 | &nbsp;&nbsp; 1410460 |
|  |  |  | &nbsp;&nbsp; 1436946 |
| **Metal, Glass & Plastic Containers-0.21%** | **Metal, Glass & Plastic Containers-0.21%** | **Metal, Glass & Plastic Containers-0.21%** | **Metal, Glass & Plastic Containers-0.21%** |
| &nbsp;&nbsp;&nbsp; CROWN Americas LLC, 5.88%, <br> 06/01/2033<sup>(b)</sup><br>|  | 2729000 | &nbsp;&nbsp; 2736581 |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury Unlimited Co. <br> (Ireland)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 01/15/2030 |  | 700000 | &nbsp;&nbsp; 717591 |
| &nbsp;&nbsp;&nbsp; 5.44% 04/03/2034 |  | 558000 | &nbsp;&nbsp; 569732 |
|  |  |  | &nbsp;&nbsp; 4023904 |
| **Movies & Entertainment-0.00%** | **Movies & Entertainment-0.00%** | **Movies & Entertainment-0.00%** | **Movies & Entertainment-0.00%** |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 49000 | &nbsp;&nbsp; 48023 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Multi-Family Residential REITs-0.03%** | **Multi-Family Residential REITs-0.03%** | **Multi-Family Residential REITs-0.03%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., 5.30%, <br> 12/07/2033<br>| $47000 | &nbsp;&nbsp; $48221 |
| &nbsp;&nbsp;&nbsp; Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>| 46000 | &nbsp;&nbsp; 47077 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>| 213000 | &nbsp;&nbsp; 205412 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments L.P., 5.30%, <br> 02/15/2032<br>| 223000 | &nbsp;&nbsp; 229555 |
| UDR, Inc., 5.13%, 09/01/2034 | 89000 | &nbsp;&nbsp; 88548 |
|  |  | &nbsp;&nbsp; 618813 |
| **Multi-line Insurance-0.13%** | **Multi-line Insurance-0.13%** | **Multi-line Insurance-0.13%** |
| Allianz SE (Germany), 3.50%<sup>(b)(e)(f)</sup> | 1600000 | &nbsp;&nbsp; 1582045 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., <br> 4.85%, 05/07/2030<br>| 441000 | &nbsp;&nbsp; 447169 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup><br>| 512000 | &nbsp;&nbsp; 521296 |
|  |  | &nbsp;&nbsp; 2550510 |
| **Multi-Utilities-0.60%** | **Multi-Utilities-0.60%** | **Multi-Utilities-0.60%** |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>| 89000 | &nbsp;&nbsp; 89485 |
| &nbsp;&nbsp;&nbsp; Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>| 20000 | &nbsp;&nbsp; 20187 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp., 6.15%, <br> 05/15/2034<br>| 65000 | &nbsp;&nbsp; 68560 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., Conv., <br> 3.00%, 08/01/2028<sup>(b)</sup><br>| 3272000 | &nbsp;&nbsp; 3314536 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(e)</sup><br>| 583000 | &nbsp;&nbsp; 589304 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>| 14000 | &nbsp;&nbsp; 14354 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 07/01/2027 | 256000 | &nbsp;&nbsp; 258387 |
| &nbsp;&nbsp;&nbsp; 5.85% 06/01/2034 | 47000 | &nbsp;&nbsp; 49210 |
| ENGIE S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 04/10/2029<sup>(b)(c)</sup> | 978000 | &nbsp;&nbsp; 999952 |
| &nbsp;&nbsp;&nbsp; 5.63% 04/10/2034<sup>(b)</sup> | 678000 | &nbsp;&nbsp; 699364 |
| &nbsp;&nbsp;&nbsp; 5.88% 04/10/2054<sup>(b)(c)</sup> | 714000 | &nbsp;&nbsp; 716389 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 03/30/2028 | 5000 | &nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp; 5.35% 04/01/2034 | 101000 | &nbsp;&nbsp; 102640 |
| &nbsp;&nbsp;&nbsp; 5.85% 04/01/2055 | 813000 | &nbsp;&nbsp; 803210 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/2028<br>| 59000 | &nbsp;&nbsp; 61414 |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp; 6.88% 10/01/2054<sup>(e)</sup> | 122000 | &nbsp;&nbsp; 123449 |
| &nbsp;&nbsp;&nbsp; 6.55% 04/01/2055<sup>(c)(e)</sup> | 833000 | &nbsp;&nbsp; 805835 |
| &nbsp;&nbsp;&nbsp; 6.63% 04/01/2055<sup>(e)</sup> | 911000 | &nbsp;&nbsp; 896733 |
| WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% 10/01/2027 | 16000 | &nbsp;&nbsp; 16235 |
| &nbsp;&nbsp;&nbsp; Conv., 3.38% 06/01/2028<sup>(b)</sup> | 1792000 | &nbsp;&nbsp; 1816640 |
|  |  | &nbsp;&nbsp; 11450987 |
| **Office REITs-0.16%** | **Office REITs-0.16%** | **Office REITs-0.16%** |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership <br> L.P.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.30% 03/15/2028<sup>(c)</sup> | 319000 | &nbsp;&nbsp; 338770 |
| &nbsp;&nbsp;&nbsp; 8.88% 04/12/2029 | 943000 | &nbsp;&nbsp; 1012029 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Office REITs-(continued)** | **Office REITs-(continued)** | **Office REITs-(continued)** | **Office REITs-(continued)** |
| Cousins Properties L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 07/15/2030 | $| 1265000 | &nbsp;&nbsp; $1285836 |
| &nbsp;&nbsp;&nbsp; 5.38% 02/15/2032 |  | 180000 | &nbsp;&nbsp; 181782 |
| &nbsp;&nbsp;&nbsp; 5.88% 10/01/2034 |  | 211000 | &nbsp;&nbsp; 217214 |
|  |  |  | &nbsp;&nbsp; 3035631 |
| **Oil & Gas Equipment & Services-0.00%** | **Oil & Gas Equipment & Services-0.00%** | **Oil & Gas Equipment & Services-0.00%** | **Oil & Gas Equipment & Services-0.00%** |
| &nbsp;&nbsp;&nbsp; Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup><br>|  | 31000 | &nbsp;&nbsp; 29625 |
| **Oil & Gas Exploration & Production-0.62%** | **Oil & Gas Exploration & Production-0.62%** | **Oil & Gas Exploration & Production-0.62%** | **Oil & Gas Exploration & Production-0.62%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup><br>|  | 546000 | &nbsp;&nbsp; 572544 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 33000 | &nbsp;&nbsp; 31587 |
| Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 04/18/2027 |  | 113000 | &nbsp;&nbsp; 114136 |
| &nbsp;&nbsp;&nbsp; 5.15% 01/30/2030 |  | 172000 | &nbsp;&nbsp; 175196 |
| &nbsp;&nbsp;&nbsp; 5.90% 04/18/2064 |  | 67000 | &nbsp;&nbsp; 61927 |
| EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.40% 07/15/2028 |  | 711000 | &nbsp;&nbsp; 713295 |
| &nbsp;&nbsp;&nbsp; 5.35% 01/15/2036 |  | 1410000 | &nbsp;&nbsp; 1421181 |
| &nbsp;&nbsp;&nbsp; 5.95% 07/15/2055 |  | 2404000 | &nbsp;&nbsp; 2429619 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 90000 | &nbsp;&nbsp; 90164 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88% 05/15/2034<sup>(b)</sup> |  | 273000 | &nbsp;&nbsp; 263127 |
| &nbsp;&nbsp;&nbsp; 7.25% 02/15/2035<sup>(b)</sup> |  | 500000 | &nbsp;&nbsp; 487733 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup><br>|  | 17190 | &nbsp;&nbsp; 17634 |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC (Uzbekistan), <br> 4.75%, 11/16/2028<sup>(b)</sup><br>|  | 1278000 | &nbsp;&nbsp; 1199001 |
| Var Energi ASA (Norway) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% 05/22/2030<sup>(b)</sup> |  | 1600000 | &nbsp;&nbsp; 1648251 |
| &nbsp;&nbsp;&nbsp; 6.50% 05/22/2035<sup>(b)</sup> |  | 1750000 | &nbsp;&nbsp; 1814992 |
| &nbsp;&nbsp;&nbsp; Woodside Finance Ltd. (Australia), <br> 5.70%, 05/19/2032<br>|  | 813000 | &nbsp;&nbsp; 829154 |
|  |  |  | &nbsp;&nbsp; 11869541 |
| **Oil & Gas Refining & Marketing-0.14%** | **Oil & Gas Refining & Marketing-0.14%** | **Oil & Gas Refining & Marketing-0.14%** | **Oil & Gas Refining & Marketing-0.14%** |
| &nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo (Chile), <br> 5.95%, 07/30/2034<sup>(b)</sup><br>|  | 929000 | &nbsp;&nbsp; 949392 |
| Phillips 66 Co., 5.30%, 06/30/2033 |  | 20000 | &nbsp;&nbsp; 20225 |
| Raizen Fuels Finance S.A. (Brazil) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.70% 02/25/2037<sup>(b)</sup> |  | 918000 | &nbsp;&nbsp; 895817 |
| &nbsp;&nbsp;&nbsp; 6.95% 03/05/2054<sup>(b)</sup> |  | 932000 | &nbsp;&nbsp; 871184 |
|  |  |  | &nbsp;&nbsp; 2736618 |
| **Oil & Gas Storage & Transportation-2.29%** | **Oil & Gas Storage & Transportation-2.29%** | **Oil & Gas Storage & Transportation-2.29%** | **Oil & Gas Storage & Transportation-2.29%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., 6.63%, 02/01/2032<sup>(b)</sup><br>|  | 1023000 | &nbsp;&nbsp; 1052509 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 20000 | &nbsp;&nbsp; 20888 |
| Columbia Pipelines Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.06% 08/15/2026<sup>(b)</sup> |  | 17000 | &nbsp;&nbsp; 17184 |
| &nbsp;&nbsp;&nbsp; 5.10% 10/01/2031<sup>(b)</sup> |  | 212000 | &nbsp;&nbsp; 213000 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, <br> 5.70%, 10/01/2054<sup>(b)</sup><br>|  | 553000 | &nbsp;&nbsp; 508339 |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>|  | 312000 | &nbsp;&nbsp; 298981 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 03/08/2033 | $15000 | &nbsp;&nbsp; $15544 |
| &nbsp;&nbsp;&nbsp; 7.63% 01/15/2083<sup>(e)</sup> | 13000 | &nbsp;&nbsp; 13831 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 6.05% 12/01/2026 | 33000 | &nbsp;&nbsp; 33580 |
| &nbsp;&nbsp;&nbsp; 5.50% 06/01/2027 | 5000 | &nbsp;&nbsp; 5073 |
| &nbsp;&nbsp;&nbsp; 6.10% 12/01/2028 | 20000 | &nbsp;&nbsp; 20944 |
| &nbsp;&nbsp;&nbsp; 6.40% 12/01/2030 | 13000 | &nbsp;&nbsp; 13956 |
| &nbsp;&nbsp;&nbsp; 5.55% 05/15/2034 | 103000 | &nbsp;&nbsp; 103947 |
| &nbsp;&nbsp;&nbsp; 5.95% 05/15/2054 | 74000 | &nbsp;&nbsp; 69994 |
| &nbsp;&nbsp;&nbsp; 8.00% 05/15/2054<sup>(c)(e)</sup> | 940000 | &nbsp;&nbsp; 1002313 |
| &nbsp;&nbsp;&nbsp; 6.05% 09/01/2054 | 630000 | &nbsp;&nbsp; 604913 |
| &nbsp;&nbsp;&nbsp; 7.13% 10/01/2054<sup>(c)(e)</sup> | 3561000 | &nbsp;&nbsp; 3655491 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% 06/20/2028 | 2251000 | &nbsp;&nbsp; 2249469 |
| &nbsp;&nbsp;&nbsp; 5.20% 01/15/2036 | 2962000 | &nbsp;&nbsp; 2968656 |
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, <br> 5.75%, 07/15/2035<sup>(b)(c)</sup><br>| 4262000 | &nbsp;&nbsp; 4350955 |
| &nbsp;&nbsp;&nbsp; GreenSaif Pipelines Bidco S.a.r.l. <br> (Saudi Arabia)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85% 02/23/2036<sup>(b)</sup> | 4380000 | &nbsp;&nbsp; 4493818 |
| &nbsp;&nbsp;&nbsp; 6.13% 02/23/2038<sup>(b)</sup> | 383000 | &nbsp;&nbsp; 398734 |
| &nbsp;&nbsp;&nbsp; 6.51% 02/23/2042<sup>(b)</sup> | 970000 | &nbsp;&nbsp; 1017516 |
| &nbsp;&nbsp;&nbsp; 6.10% 08/23/2042<sup>(b)</sup> | 2330000 | &nbsp;&nbsp; 2373177 |
| &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System, <br> L.L.C., 5.60%, 07/23/2035<sup>(b)</sup><br>| 2764000 | &nbsp;&nbsp; 2781111 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% 08/01/2031 | 9000 | &nbsp;&nbsp; 10350 |
| &nbsp;&nbsp;&nbsp; 4.80% 02/01/2033 | 5000 | &nbsp;&nbsp; 4919 |
| &nbsp;&nbsp;&nbsp; 5.20% 06/01/2033 | 20000 | &nbsp;&nbsp; 20090 |
| MPLX L.P., 4.95%, 03/14/2052 | 5000 | &nbsp;&nbsp; 4132 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp., 8.38%, <br> 02/15/2032<sup>(b)</sup><br>| 505000 | &nbsp;&nbsp; 494419 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup><br>| 177000 | &nbsp;&nbsp; 180357 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P., <br> 5.95%, 06/15/2035<br>| 913000 | &nbsp;&nbsp; 937540 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50% 03/01/2055<sup>(b)(c)(e)</sup> | 946000 | &nbsp;&nbsp; 983696 |
| &nbsp;&nbsp;&nbsp; 7.63% 03/01/2055<sup>(b)(e)</sup> | 1650000 | &nbsp;&nbsp; 1705565 |
| &nbsp;&nbsp;&nbsp; South Bow USA Infrastructure <br> Holdings LLC (Canada)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.91% 09/01/2027<sup>(b)</sup> | 363000 | &nbsp;&nbsp; 364321 |
| &nbsp;&nbsp;&nbsp; 5.03% 10/01/2029<sup>(b)</sup> | 467000 | &nbsp;&nbsp; 466755 |
| &nbsp;&nbsp;&nbsp; 5.58% 10/01/2034<sup>(b)</sup> | 342000 | &nbsp;&nbsp; 337804 |
| &nbsp;&nbsp;&nbsp; 6.18% 10/01/2054<sup>(b)</sup> | 216000 | &nbsp;&nbsp; 205118 |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., <br> 5.75%, 09/15/2033<br>| 21000 | &nbsp;&nbsp; 21977 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup><br>| 993000 | &nbsp;&nbsp; 1019739 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.50% 02/01/2029<sup>(b)</sup> | 712000 | &nbsp;&nbsp; 776937 |
| &nbsp;&nbsp;&nbsp; 9.88% 02/01/2032<sup>(b)(c)</sup> | 229000 | &nbsp;&nbsp; 247221 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% 05/01/2033<sup>(b)(c)</sup> | 1082000 | &nbsp;&nbsp; 1169175 |
| &nbsp;&nbsp;&nbsp; 6.50% 01/15/2034<sup>(b)</sup> | 958000 | &nbsp;&nbsp; 986142 |
| &nbsp;&nbsp;&nbsp; 7.75% 05/01/2035<sup>(b)</sup> | 1944000 | &nbsp;&nbsp; 2132747 |
| &nbsp;&nbsp;&nbsp; 6.75% 01/15/2036<sup>(b)</sup> | 574000 | &nbsp;&nbsp; 590836 |

---

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

------

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

July 31, 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)** |
| Western Midstream Operating L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15% 04/01/2033 | $| 19000 | &nbsp;&nbsp; $19827 |
| &nbsp;&nbsp;&nbsp; 5.45% 11/15/2034 |  | 319000 | &nbsp;&nbsp; 312921 |
| &nbsp;&nbsp;&nbsp; 5.30% 03/01/2048 |  | 1123000 | &nbsp;&nbsp; 944756 |
| Williams Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30% 08/15/2028 |  | 67000 | &nbsp;&nbsp; 68624 |
| &nbsp;&nbsp;&nbsp; 4.80% 11/15/2029 |  | 301000 | &nbsp;&nbsp; 303457 |
| &nbsp;&nbsp;&nbsp; 5.65% 03/15/2033 |  | 20000 | &nbsp;&nbsp; 20719 |
| &nbsp;&nbsp;&nbsp; 5.15% 03/15/2034 |  | 99000 | &nbsp;&nbsp; 98648 |
| &nbsp;&nbsp;&nbsp; 5.80% 11/15/2054 |  | 232000 | &nbsp;&nbsp; 225622 |
| &nbsp;&nbsp;&nbsp; 6.00% 03/15/2055 |  | 656000 | &nbsp;&nbsp; 655488 |
|  |  |  | &nbsp;&nbsp; 43593825 |
| **Other Specialized REITs-0.03%** | **Other Specialized REITs-0.03%** | **Other Specialized REITs-0.03%** | **Other Specialized REITs-0.03%** |
| &nbsp;&nbsp;&nbsp; Simon Property Group L.P., 4.75%, <br> 09/26/2034<br>|  | 655000 | &nbsp;&nbsp; 638106 |
| **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** | **Other Specialty Retail-0.00%** |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 9000 | &nbsp;&nbsp; 9156 |
| **Packaged Foods & Meats-0.48%** | **Packaged Foods & Meats-0.48%** | **Packaged Foods & Meats-0.48%** | **Packaged Foods & Meats-0.48%** |
| Campbell's Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30% 03/20/2026 |  | 49000 | &nbsp;&nbsp; 49205 |
| &nbsp;&nbsp;&nbsp; 5.20% 03/21/2029 |  | 50000 | &nbsp;&nbsp; 51032 |
| &nbsp;&nbsp;&nbsp; 5.40% 03/21/2034 |  | 66000 | &nbsp;&nbsp; 66690 |
| &nbsp;&nbsp;&nbsp; 5.25% 10/13/2054<sup>(c)</sup> |  | 188000 | &nbsp;&nbsp; 169851 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc., 5.50%, <br> 10/17/2028<br>|  | 42000 | &nbsp;&nbsp; 43334 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 20000 | &nbsp;&nbsp; 21396 |
| Mars, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60% 03/01/2028<sup>(b)(c)</sup> |  | 2048000 | &nbsp;&nbsp; 2059840 |
| &nbsp;&nbsp;&nbsp; 4.80% 03/01/2030<sup>(b)</sup> |  | 578000 | &nbsp;&nbsp; 583924 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/01/2032<sup>(b)</sup> |  | 1443000 | &nbsp;&nbsp; 1457047 |
| &nbsp;&nbsp;&nbsp; 5.20% 03/01/2035<sup>(b)</sup> |  | 1427000 | &nbsp;&nbsp; 1434630 |
| &nbsp;&nbsp;&nbsp; 5.65% 05/01/2045<sup>(b)</sup> |  | 826000 | &nbsp;&nbsp; 820959 |
| &nbsp;&nbsp;&nbsp; 5.70% 05/01/2055<sup>(b)</sup> |  | 1044000 | &nbsp;&nbsp; 1031095 |
| &nbsp;&nbsp;&nbsp; 5.80% 05/01/2065<sup>(b)</sup> |  | 710000 | &nbsp;&nbsp; 703674 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., 4.70%, <br> 10/15/2034<sup>(c)</sup><br>|  | 427000 | &nbsp;&nbsp; 411420 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)(c)</sup><br>|  | 275000 | &nbsp;&nbsp; 276032 |
|  |  |  | &nbsp;&nbsp; 9180129 |
| **Paper & Plastic Packaging Products & Materials-0.25%** | **Paper & Plastic Packaging Products & Materials-0.25%** | **Paper & Plastic Packaging Products & Materials-0.25%** | **Paper & Plastic Packaging Products & Materials-0.25%** |
| &nbsp;&nbsp;&nbsp; Cascades, Inc./Cascades USA, Inc. <br> (Canada), 6.75%, 07/15/2030<sup>(b)</sup><br>|  | 1048000 | &nbsp;&nbsp; 1046501 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, <br> 6.38%, 07/15/2032<sup>(b)(c)</sup><br>|  | 757000 | &nbsp;&nbsp; 767077 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., 7.25%, <br> 02/15/2031<sup>(b)(c)</sup><br>|  | 2842000 | &nbsp;&nbsp; 2957542 |
|  |  |  | &nbsp;&nbsp; 4771120 |
| **Paper Products-0.01%** | **Paper Products-0.01%** | **Paper Products-0.01%** | **Paper Products-0.01%** |
| &nbsp;&nbsp;&nbsp; Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)(c)</sup><br>|  | 275000 | &nbsp;&nbsp; 259130 |
| **Passenger Airlines-0.35%** | **Passenger Airlines-0.35%** | **Passenger Airlines-0.35%** | **Passenger Airlines-0.35%** |
| American Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.88% <br> 07/11/2034<br>|  | 20978 | &nbsp;&nbsp; 18556 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95% <br> 07/11/2030<br>|  | 226300 | &nbsp;&nbsp; 214955 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines-(continued)** | **Passenger Airlines-(continued)** | **Passenger Airlines-(continued)** | **Passenger Airlines-(continued)** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, <br> 04/20/2026<sup>(b)</sup><br>| $| 1137441 | &nbsp;&nbsp; $1137115 |
| AS Mileage Plan IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.02% 10/20/2029<sup>(b)</sup> |  | 273000 | &nbsp;&nbsp; 271009 |
| &nbsp;&nbsp;&nbsp; 5.31% 10/20/2031<sup>(b)</sup> |  | 258000 | &nbsp;&nbsp; 256110 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(b)</sup><br>|  | 89771 | &nbsp;&nbsp; 81385 |
| Delta Air Lines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 07/10/2028 |  | 1943000 | &nbsp;&nbsp; 1952833 |
| &nbsp;&nbsp;&nbsp; 5.25% 07/10/2030<sup>(c)</sup> |  | 2206000 | &nbsp;&nbsp; 2228278 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% 10/20/2025<sup>(b)</sup> |  | 3169 | &nbsp;&nbsp; 3161 |
| &nbsp;&nbsp;&nbsp; 4.75% 10/20/2028<sup>(b)</sup> |  | 14815 | &nbsp;&nbsp; 14829 |
| United Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88% <br> 10/15/2027<br>|  | 3688 | &nbsp;&nbsp; 3761 |
| &nbsp;&nbsp;&nbsp; Series 24-A, 5.88% 02/15/2037 |  | 277563 | &nbsp;&nbsp; 279062 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.45% 02/15/2037 |  | 229981 | &nbsp;&nbsp; 233630 |
|  |  |  | &nbsp;&nbsp; 6694684 |
| **Passenger Ground Transportation-0.09%** | **Passenger Ground Transportation-0.09%** | **Passenger Ground Transportation-0.09%** | **Passenger Ground Transportation-0.09%** |
| Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 01/15/2028<sup>(b)(c)</sup> |  | 524000 | &nbsp;&nbsp; 525639 |
| &nbsp;&nbsp;&nbsp; 4.30% 01/15/2030 |  | 788000 | &nbsp;&nbsp; 781793 |
| &nbsp;&nbsp;&nbsp; 5.35% 09/15/2054 |  | 374000 | &nbsp;&nbsp; 349611 |
|  |  |  | &nbsp;&nbsp; 1657043 |
| **Personal Care Products-0.04%** | **Personal Care Products-0.04%** | **Personal Care Products-0.04%** | **Personal Care Products-0.04%** |
| Coty, Inc., 5.00%, 04/15/2026<sup>(b)</sup> |  | 650000 | &nbsp;&nbsp; 649767 |
| Kenvue, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 03/22/2028 |  | 13000 | &nbsp;&nbsp; 13280 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/22/2030 |  | 57000 | &nbsp;&nbsp; 58422 |
| &nbsp;&nbsp;&nbsp; 4.90% 03/22/2033 |  | 31000 | &nbsp;&nbsp; 31369 |
| &nbsp;&nbsp;&nbsp; 5.20% 03/22/2063 |  | 13000 | &nbsp;&nbsp; 11878 |
|  |  |  | &nbsp;&nbsp; 764716 |
| **Pharmaceuticals-0.73%** | **Pharmaceuticals-0.73%** | **Pharmaceuticals-0.73%** | **Pharmaceuticals-0.73%** |
| &nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC (United <br> Kingdom)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85% 02/26/2029 |  | 156000 | &nbsp;&nbsp; 158855 |
| &nbsp;&nbsp;&nbsp; 4.90% 02/26/2031 |  | 359000 | &nbsp;&nbsp; 368104 |
| Bristol-Myers Squibb Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90% 02/22/2029 |  | 55000 | &nbsp;&nbsp; 56075 |
| &nbsp;&nbsp;&nbsp; 5.75% 02/01/2031 |  | 44000 | &nbsp;&nbsp; 46693 |
| &nbsp;&nbsp;&nbsp; 5.90% 11/15/2033 |  | 28000 | &nbsp;&nbsp; 29942 |
| &nbsp;&nbsp;&nbsp; 6.25% 11/15/2053 |  | 29000 | &nbsp;&nbsp; 30888 |
| &nbsp;&nbsp;&nbsp; 6.40% 11/15/2063 |  | 48000 | &nbsp;&nbsp; 51466 |
| Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70% 02/09/2034 |  | 20000 | &nbsp;&nbsp; 19931 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/09/2054 |  | 124000 | &nbsp;&nbsp; 114548 |
| &nbsp;&nbsp;&nbsp; 5.10% 02/09/2064 |  | 156000 | &nbsp;&nbsp; 143402 |
| &nbsp;&nbsp;&nbsp; 5.20% 08/14/2064 |  | 106000 | &nbsp;&nbsp; 99096 |
| Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% 05/17/2030 |  | 60000 | &nbsp;&nbsp; 60062 |
| &nbsp;&nbsp;&nbsp; 4.90% 05/17/2044 |  | 57000 | &nbsp;&nbsp; 52878 |
| &nbsp;&nbsp;&nbsp; 5.15% 05/17/2063 |  | 9000 | &nbsp;&nbsp; 8201 |
| Novartis Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% 09/18/2031 |  | 330000 | &nbsp;&nbsp; 323313 |
| &nbsp;&nbsp;&nbsp; 4.20% 09/18/2034<sup>(c)</sup> |  | 758000 | &nbsp;&nbsp; 727732 |
| &nbsp;&nbsp;&nbsp; 4.70% 09/18/2054 |  | 583000 | &nbsp;&nbsp; 517013 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Takeda U.S. Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% 07/07/2035<sup>(c)</sup> | $| 4133000 | &nbsp;&nbsp; $4119076 |
| &nbsp;&nbsp;&nbsp; 5.90% 07/07/2055<sup>(c)</sup> |  | 2937000 | &nbsp;&nbsp; 2935443 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), 5.75%, <br> 12/01/2030<sup>(c)</sup><br>|  | 2952000 | &nbsp;&nbsp; 2997172 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceuticals Finance <br> Netherlands B.V. (Israel), 6.00%, <br> 12/01/2032<sup>(c)</sup><br>|  | 1046000 | &nbsp;&nbsp; 1066401 |
|  |  |  | &nbsp;&nbsp; 13926291 |
| **Property & Casualty Insurance-0.10%** | **Property & Casualty Insurance-0.10%** | **Property & Casualty Insurance-0.10%** | **Property & Casualty Insurance-0.10%** |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, 03/15/2055<br>|  | 318000 | &nbsp;&nbsp; 309216 |
| Travelers Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 07/24/2035 |  | 552000 | &nbsp;&nbsp; 553588 |
| &nbsp;&nbsp;&nbsp; 5.45% 05/25/2053 |  | 11000 | &nbsp;&nbsp; 10699 |
| &nbsp;&nbsp;&nbsp; 5.70% 07/24/2055 |  | 919000 | &nbsp;&nbsp; 926211 |
|  |  |  | &nbsp;&nbsp; 1799714 |
| **Rail Transportation-0.08%** | **Rail Transportation-0.08%** | **Rail Transportation-0.08%** | **Rail Transportation-0.08%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. <br> (Canada), 5.20%, 03/30/2035<sup>(c)</sup><br>|  | 633000 | &nbsp;&nbsp; 641082 |
| TTX Co., 5.05%, 11/15/2034<sup>(b)</sup> |  | 847000 | &nbsp;&nbsp; 857118 |
|  |  |  | &nbsp;&nbsp; 1498200 |
| **Real Estate Development-0.01%** | **Real Estate Development-0.01%** | **Real Estate Development-0.01%** | **Real Estate Development-0.01%** |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership L.P., <br> 6.88%, 07/15/2029<br>|  | 202000 | &nbsp;&nbsp; 211411 |
| **Regional Banks-0.07%** | **Regional Banks-0.07%** | **Regional Banks-0.07%** | **Regional Banks-0.07%** |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., 5.64%, <br> 05/21/2037<sup>(e)</sup><br>|  | 7000 | &nbsp;&nbsp; 6929 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(e)</sup><br>|  | 155000 | &nbsp;&nbsp; 160225 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp., 6.17%, <br> 11/01/2030<sup>(e)</sup><br>|  | 201000 | &nbsp;&nbsp; 206770 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Series P, <br> 4.95%<sup>(e)(f)</sup><br>|  | 134000 | &nbsp;&nbsp; 134071 |
| &nbsp;&nbsp;&nbsp; Zions Bancorporation N.A., 6.82%, <br> 11/19/2035<sup>(c)(e)</sup><br>|  | 791000 | &nbsp;&nbsp; 826125 |
|  |  |  | &nbsp;&nbsp; 1334120 |
| **Reinsurance-0.22%** | **Reinsurance-0.22%** | **Reinsurance-0.22%** | **Reinsurance-0.22%** |
| Global Atlantic (Fin) Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% 03/15/2054<sup>(b)</sup> |  | 182000 | &nbsp;&nbsp; 187646 |
| &nbsp;&nbsp;&nbsp; 7.95% 10/15/2054<sup>(b)(e)</sup> |  | 923000 | &nbsp;&nbsp; 966847 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. <br> (Bermuda), 5.75%, 06/05/2033<br>|  | 2915000 | &nbsp;&nbsp; 3003826 |
|  |  |  | &nbsp;&nbsp; 4158319 |
| **Renewable Electricity-0.01%** | **Renewable Electricity-0.01%** | **Renewable Electricity-0.01%** | **Renewable Electricity-0.01%** |
| &nbsp;&nbsp;&nbsp; Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 86000 | &nbsp;&nbsp; 87461 |
| **Research & Consulting Services-0.02%** | **Research & Consulting Services-0.02%** | **Research & Consulting Services-0.02%** | **Research & Consulting Services-0.02%** |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., 6.38%, <br> 06/15/2033<sup>(b)</sup><br>|  | 379000 | &nbsp;&nbsp; 388017 |
| **Restaurants-0.67%** | **Restaurants-0.67%** | **Restaurants-0.67%** | **Restaurants-0.67%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance, <br> Inc. (Canada), 5.63%, <br> 09/15/2029<sup>(b)</sup><br>|  | 701000 | &nbsp;&nbsp; 706060 |
| &nbsp;&nbsp;&nbsp; Arcos Dorados B.V. (Brazil), 6.38%, <br> 01/29/2032<sup>(b)</sup><br>|  | 2805000 | &nbsp;&nbsp; 2894760 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Restaurants-(continued)** | **Restaurants-(continued)** | **Restaurants-(continued)** | **Restaurants-(continued)** |
| McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.80% 08/14/2028 | $| 115000 | &nbsp;&nbsp; $116692 |
| &nbsp;&nbsp;&nbsp; 4.60% 05/15/2030 |  | 724000 | &nbsp;&nbsp; 728792 |
| &nbsp;&nbsp;&nbsp; 4.95% 08/14/2033 |  | 84000 | &nbsp;&nbsp; 85286 |
| &nbsp;&nbsp;&nbsp; 4.95% 03/03/2035<sup>(c)</sup> |  | 497000 | &nbsp;&nbsp; 495613 |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, <br> 9.38%, 05/01/2029<sup>(b)</sup><br>|  | 7290000 | &nbsp;&nbsp; 7700908 |
|  |  |  | &nbsp;&nbsp; 12728111 |
| **Retail REITs-0.25%** | **Retail REITs-0.25%** | **Retail REITs-0.25%** | **Retail REITs-0.25%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 69000 | &nbsp;&nbsp; 70545 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership L.P., <br> 5.75%, 02/15/2035<br>|  | 58000 | &nbsp;&nbsp; 59565 |
| Kimco Realty OP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85% 03/01/2035 |  | 219000 | &nbsp;&nbsp; 214132 |
| &nbsp;&nbsp;&nbsp; 5.30% 02/01/2036 |  | 3039000 | &nbsp;&nbsp; 3046233 |
| Kite Realty Group L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95% 12/15/2031 |  | 148000 | &nbsp;&nbsp; 148132 |
| &nbsp;&nbsp;&nbsp; 5.50% 03/01/2034 |  | 17000 | &nbsp;&nbsp; 17335 |
| NNN REIT, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60% 10/15/2033 |  | 17000 | &nbsp;&nbsp; 17554 |
| &nbsp;&nbsp;&nbsp; 5.50% 06/15/2034 |  | 67000 | &nbsp;&nbsp; 68348 |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20% 06/15/2028 |  | 2000 | &nbsp;&nbsp; 1886 |
| &nbsp;&nbsp;&nbsp; 5.63% 10/13/2032 |  | 6000 | &nbsp;&nbsp; 6268 |
| &nbsp;&nbsp;&nbsp; 5.13% 04/15/2035<sup>(c)</sup> |  | 287000 | &nbsp;&nbsp; 287472 |
| &nbsp;&nbsp;&nbsp; 5.38% 09/01/2054 |  | 74000 | &nbsp;&nbsp; 70542 |
| Regency Centers L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 07/15/2032 |  | 621000 | &nbsp;&nbsp; 627760 |
| &nbsp;&nbsp;&nbsp; 5.25% 01/15/2034 |  | 34000 | &nbsp;&nbsp; 34533 |
| &nbsp;&nbsp;&nbsp; 5.10% 01/15/2035 |  | 94000 | &nbsp;&nbsp; 94014 |
|  |  |  | &nbsp;&nbsp; 4764319 |
| **Self-Storage REITs-0.27%** | **Self-Storage REITs-0.27%** | **Self-Storage REITs-0.27%** | **Self-Storage REITs-0.27%** |
| &nbsp;&nbsp;&nbsp; Americold Realty Operating <br> Partnership L.P.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60% 05/15/2032 |  | 1009000 | &nbsp;&nbsp; 1010586 |
| &nbsp;&nbsp;&nbsp; 5.41% 09/12/2034 |  | 374000 | &nbsp;&nbsp; 363888 |
| Extra Space Storage L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 04/01/2028 |  | 6000 | &nbsp;&nbsp; 6169 |
| &nbsp;&nbsp;&nbsp; 5.40% 02/01/2034 |  | 61000 | &nbsp;&nbsp; 61817 |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Six LLC <br> (Australia), 5.13%, 10/07/2034<sup>(b)</sup><br>|  | 96000 | &nbsp;&nbsp; 95298 |
| Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% 06/15/2028 |  | 17000 | &nbsp;&nbsp; 17271 |
| &nbsp;&nbsp;&nbsp; 4.75% 01/15/2031 |  | 1685000 | &nbsp;&nbsp; 1700001 |
| &nbsp;&nbsp;&nbsp; 5.13% 01/15/2034 |  | 15000 | &nbsp;&nbsp; 15171 |
| &nbsp;&nbsp;&nbsp; 5.00% 03/15/2034 |  | 148000 | &nbsp;&nbsp; 147994 |
| &nbsp;&nbsp;&nbsp; 5.00% 01/31/2035<sup>(c)</sup> |  | 223000 | &nbsp;&nbsp; 222592 |
| &nbsp;&nbsp;&nbsp; 5.25% 05/15/2035 |  | 1226000 | &nbsp;&nbsp; 1241652 |
| &nbsp;&nbsp;&nbsp; 5.25% 03/15/2054 |  | 278000 | &nbsp;&nbsp; 259878 |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., 5.35%, <br> 08/01/2053<br>|  | 76000 | &nbsp;&nbsp; 72286 |
|  |  |  | &nbsp;&nbsp; 5214603 |
| **Semiconductors-0.73%** | **Semiconductors-0.73%** | **Semiconductors-0.73%** | **Semiconductors-0.73%** |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05% 07/12/2027 |  | 351000 | &nbsp;&nbsp; 355277 |
| &nbsp;&nbsp;&nbsp; 5.05% 07/12/2029 |  | 234000 | &nbsp;&nbsp; 238884 |
| &nbsp;&nbsp;&nbsp; 5.15% 11/15/2031 |  | 740000 | &nbsp;&nbsp; 758531 |
| &nbsp;&nbsp;&nbsp; 5.20% 07/15/2035 |  | 2326000 | &nbsp;&nbsp; 2337890 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
| Foundry JV Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.90% 01/25/2030<sup>(b)(c)</sup> | $| 644000 | &nbsp;&nbsp; $672089 |
| &nbsp;&nbsp;&nbsp; 5.50% 01/25/2031<sup>(b)</sup> |  | 914000 | &nbsp;&nbsp; 933490 |
| &nbsp;&nbsp;&nbsp; 6.15% 01/25/2032<sup>(b)</sup> |  | 711000 | &nbsp;&nbsp; 744413 |
| &nbsp;&nbsp;&nbsp; 5.90% 01/25/2033<sup>(b)(c)</sup> |  | 517000 | &nbsp;&nbsp; 531753 |
| &nbsp;&nbsp;&nbsp; 5.88% 01/25/2034<sup>(b)</sup> |  | 754000 | &nbsp;&nbsp; 762073 |
| &nbsp;&nbsp;&nbsp; 6.25% 01/25/2035<sup>(b)</sup> |  | 733000 | &nbsp;&nbsp; 764345 |
| &nbsp;&nbsp;&nbsp; 6.10% 01/25/2036<sup>(b)</sup> |  | 879000 | &nbsp;&nbsp; 899314 |
| &nbsp;&nbsp;&nbsp; 6.20% 01/25/2037<sup>(b)</sup> |  | 987000 | &nbsp;&nbsp; 1015614 |
| &nbsp;&nbsp;&nbsp; 6.40% 01/25/2038<sup>(b)</sup> |  | 480000 | &nbsp;&nbsp; 499802 |
| &nbsp;&nbsp;&nbsp; 6.30% 01/25/2039<sup>(b)</sup> |  | 1040000 | &nbsp;&nbsp; 1071872 |
| Kioxia Holdings Corp. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 07/24/2030<sup>(b)</sup> |  | 750000 | &nbsp;&nbsp; 747795 |
| &nbsp;&nbsp;&nbsp; 6.63% 07/24/2033<sup>(b)</sup> |  | 733000 | &nbsp;&nbsp; 726039 |
| Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30% 01/15/2031 |  | 41000 | &nbsp;&nbsp; 41855 |
| &nbsp;&nbsp;&nbsp; 6.05% 11/01/2035 |  | 722000 | &nbsp;&nbsp; 751829 |
|  |  |  | &nbsp;&nbsp; 13852865 |
| **Single-Family Residential REITs-0.02%** | **Single-Family Residential REITs-0.02%** | **Single-Family Residential REITs-0.02%** | **Single-Family Residential REITs-0.02%** |
| American Homes 4 Rent L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38% 07/15/2031 |  | 2000 | &nbsp;&nbsp; 1741 |
| &nbsp;&nbsp;&nbsp; 5.50% 07/15/2034<sup>(c)</sup> |  | 207000 | &nbsp;&nbsp; 209899 |
| &nbsp;&nbsp;&nbsp; 5.25% 03/15/2035<sup>(c)</sup> |  | 214000 | &nbsp;&nbsp; 212535 |
|  |  |  | &nbsp;&nbsp; 424175 |
| **Soft Drinks & Non-alcoholic Beverages-1.25%** | **Soft Drinks & Non-alcoholic Beverages-1.25%** | **Soft Drinks & Non-alcoholic Beverages-1.25%** | **Soft Drinks & Non-alcoholic Beverages-1.25%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The), 5.40%, <br> 05/13/2064<br>|  | 375000 | &nbsp;&nbsp; 362754 |
| &nbsp;&nbsp;&nbsp; Coca-Cola FEMSA S.A.B. de C.V. <br> (Mexico), 5.10%, 05/06/2035<br>|  | 3486000 | &nbsp;&nbsp; 3470592 |
| Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60% 05/15/2030 |  | 2716000 | &nbsp;&nbsp; 2716676 |
| &nbsp;&nbsp;&nbsp; 5.15% 05/15/2035 |  | 626000 | &nbsp;&nbsp; 623013 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10% 01/15/2029 |  | 3298000 | &nbsp;&nbsp; 3282911 |
| &nbsp;&nbsp;&nbsp; 4.60% 02/07/2030<sup>(c)</sup> |  | 1110000 | &nbsp;&nbsp; 1126251 |
| &nbsp;&nbsp;&nbsp; 4.30% 07/23/2030 |  | 2693000 | &nbsp;&nbsp; 2681616 |
| &nbsp;&nbsp;&nbsp; 4.65% 07/23/2032<sup>(c)</sup> |  | 1783000 | &nbsp;&nbsp; 1782326 |
| &nbsp;&nbsp;&nbsp; 5.00% 02/07/2035 |  | 130000 | &nbsp;&nbsp; 131302 |
| &nbsp;&nbsp;&nbsp; 5.00% 07/23/2035 |  | 7660000 | &nbsp;&nbsp; 7679318 |
|  |  |  | &nbsp;&nbsp; 23856759 |
| **Sovereign Debt-2.82%** | **Sovereign Debt-2.82%** | **Sovereign Debt-2.82%** | **Sovereign Debt-2.82%** |
| &nbsp;&nbsp;&nbsp; Bahamas Government International <br> Bond (Bahamas), 8.25%, <br> 06/24/2036<sup>(b)</sup><br>|  | 2070000 | &nbsp;&nbsp; 2106225 |
| &nbsp;&nbsp;&nbsp; Barbados Government International <br> Bond (Barbados), 8.00%, <br> 06/26/2035<sup>(b)(c)</sup><br>|  | 1603000 | &nbsp;&nbsp; 1601405 |
| &nbsp;&nbsp;&nbsp; Brazilian Government International <br> Bond (Brazil), 6.13%, 03/15/2034<br>|  | 2001000 | &nbsp;&nbsp; 1984692 |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International <br> Bond (Costa Rica), 7.30%, <br> 11/13/2054<sup>(b)</sup><br>|  | 528000 | &nbsp;&nbsp; 550110 |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond <br> (Dominican Republic)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95% 03/15/2037<sup>(b)</sup> |  | 4739000 | &nbsp;&nbsp; 4862214 |
| &nbsp;&nbsp;&nbsp; 7.15% 02/24/2055<sup>(b)</sup> |  | 2730000 | &nbsp;&nbsp; 2781870 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Sovereign Debt-(continued)** | **Sovereign Debt-(continued)** | **Sovereign Debt-(continued)** | **Sovereign Debt-(continued)** |
| &nbsp;&nbsp;&nbsp; Guatemala Government Bond <br> (Guatemala)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.05% 08/06/2031<sup>(b)</sup> | $| 3287000 | &nbsp;&nbsp; $3355008 |
| &nbsp;&nbsp;&nbsp; 6.25% 08/15/2036<sup>(b)</sup> |  | 2388000 | &nbsp;&nbsp; 2406053 |
| &nbsp;&nbsp;&nbsp; 6.55% 02/06/2037<sup>(b)</sup> |  | 1315000 | &nbsp;&nbsp; 1344693 |
| &nbsp;&nbsp;&nbsp; 6.88% 08/15/2055<sup>(b)</sup> |  | 1856000 | &nbsp;&nbsp; 1848595 |
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond (Mexico)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85% 07/02/2032 |  | 3510000 | &nbsp;&nbsp; 3535447 |
| &nbsp;&nbsp;&nbsp; 6.63% 01/29/2038 |  | 2773000 | &nbsp;&nbsp; 2794491 |
| &nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond (Peru), 5.38%, 02/08/2035<br>|  | 1806000 | &nbsp;&nbsp; 1802514 |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond (Poland), 5.38%, <br> 02/12/2035<br>|  | 3370000 | &nbsp;&nbsp; 3443707 |
| &nbsp;&nbsp;&nbsp; Romanian Government International <br> Bond (Romania)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% 02/17/2028<sup>(b)</sup> |  | 932000 | &nbsp;&nbsp; 966350 |
| &nbsp;&nbsp;&nbsp; 5.88% 01/30/2029<sup>(b)</sup> |  | 3084000 | &nbsp;&nbsp; 3135266 |
| &nbsp;&nbsp;&nbsp; 5.75% 09/16/2030<sup>(b)</sup> |  | 4624000 | &nbsp;&nbsp; 4649733 |
| &nbsp;&nbsp;&nbsp; 7.13% 01/17/2033<sup>(b)</sup> |  | 536000 | &nbsp;&nbsp; 569506 |
| &nbsp;&nbsp;&nbsp; 5.75% 03/24/2035<sup>(b)</sup> |  | 3305000 | &nbsp;&nbsp; 3139558 |
| &nbsp;&nbsp;&nbsp; 6.63% 05/16/2036<sup>(b)</sup> |  | 4624000 | &nbsp;&nbsp; 4630474 |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup><br>|  | 2215000 | &nbsp;&nbsp; 2158872 |
|  |  |  | &nbsp;&nbsp; 53666783 |
| **Specialized Consumer Services-0.34%** | **Specialized Consumer Services-0.34%** | **Specialized Consumer Services-0.34%** | **Specialized Consumer Services-0.34%** |
| Rentokil Terminix Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 04/28/2030<sup>(b)</sup> |  | 2882000 | &nbsp;&nbsp; 2895984 |
| &nbsp;&nbsp;&nbsp; 5.63% 04/28/2035<sup>(b)</sup> |  | 3606000 | &nbsp;&nbsp; 3653432 |
|  |  |  | &nbsp;&nbsp; 6549416 |
| **Specialized Finance-0.14%** | **Specialized Finance-0.14%** | **Specialized Finance-0.14%** | **Specialized Finance-0.14%** |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, <br> 4.95%, 09/26/2027<br>|  | 191000 | &nbsp;&nbsp; 190351 |
| Jefferson Capital Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50% 02/15/2029<sup>(b)</sup> |  | 384000 | &nbsp;&nbsp; 405592 |
| &nbsp;&nbsp;&nbsp; 8.25% 05/15/2030<sup>(b)</sup> |  | 2016000 | &nbsp;&nbsp; 2105134 |
|  |  |  | &nbsp;&nbsp; 2701077 |
| **Specialty Chemicals-0.66%** | **Specialty Chemicals-0.66%** | **Specialty Chemicals-0.66%** | **Specialty Chemicals-0.66%** |
| OCP S.A. (Morocco) |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.10% 04/30/2030<sup>(b)</sup> |  | 1527000 | &nbsp;&nbsp; 1555345 |
| &nbsp;&nbsp;&nbsp; 6.70% 03/01/2036<sup>(b)</sup> |  | 1698000 | &nbsp;&nbsp; 1721372 |
| Sherwin-Williams Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% 08/15/2028 |  | 5020000 | &nbsp;&nbsp; 5012111 |
| &nbsp;&nbsp;&nbsp; 4.50% 08/15/2030<sup>(c)</sup> |  | 1679000 | &nbsp;&nbsp; 1673729 |
| &nbsp;&nbsp;&nbsp; 5.15% 08/15/2035 |  | 2308000 | &nbsp;&nbsp; 2303956 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile <br> S.A. (Chile), 6.50%, 11/07/2033<sup>(b)</sup><br>|  | 185000 | &nbsp;&nbsp; 195256 |
|  |  |  | &nbsp;&nbsp; 12461769 |
| **Steel-0.37%** | **Steel-0.37%** | **Steel-0.37%** | **Steel-0.37%** |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% 06/01/2027<sup>(c)</sup> |  | 2225000 | &nbsp;&nbsp; 2228275 |
| &nbsp;&nbsp;&nbsp; 6.88% 11/01/2029<sup>(b)</sup> |  | 1704000 | &nbsp;&nbsp; 1706347 |
| &nbsp;&nbsp;&nbsp; POSCO (South Korea), 5.63%, <br> 01/17/2026<sup>(b)</sup><br>|  | 774000 | &nbsp;&nbsp; 777076 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Steel-(continued)** | **Steel-(continued)** | **Steel-(continued)** | **Steel-(continued)** |
| POSCO Holdings, Inc. (South Korea) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% 05/07/2030<sup>(b)</sup> | $| 1381000 | &nbsp;&nbsp; $1401725 |
| &nbsp;&nbsp;&nbsp; 5.75% 05/07/2035<sup>(b)</sup> |  | 860000 | &nbsp;&nbsp; 890029 |
|  |  |  | &nbsp;&nbsp; 7003452 |
| **Systems Software-0.14%** | **Systems Software-0.14%** | **Systems Software-0.14%** | **Systems Software-0.14%** |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% 11/09/2032 |  | 9000 | &nbsp;&nbsp; 9691 |
| &nbsp;&nbsp;&nbsp; 4.90% 02/06/2033 |  | 16000 | &nbsp;&nbsp; 15952 |
| &nbsp;&nbsp;&nbsp; 4.70% 09/27/2034 |  | 514000 | &nbsp;&nbsp; 494070 |
| &nbsp;&nbsp;&nbsp; 6.90% 11/09/2052 |  | 10000 | &nbsp;&nbsp; 10977 |
| &nbsp;&nbsp;&nbsp; 5.38% 09/27/2054 |  | 598000 | &nbsp;&nbsp; 539099 |
| &nbsp;&nbsp;&nbsp; 6.00% 08/03/2055 |  | 403000 | &nbsp;&nbsp; 395067 |
| &nbsp;&nbsp;&nbsp; 5.50% 09/27/2064 |  | 472000 | &nbsp;&nbsp; 422031 |
| &nbsp;&nbsp;&nbsp; 6.13% 08/03/2065 |  | 772000 | &nbsp;&nbsp; 759016 |
|  |  |  | &nbsp;&nbsp; 2645903 |
| **Technology Hardware, Storage & Peripherals-0.18%** | **Technology Hardware, Storage & Peripherals-0.18%** | **Technology Hardware, Storage & Peripherals-0.18%** | **Technology Hardware, Storage & Peripherals-0.18%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., <br> 5.50%, 04/01/2035<br>|  | 2462000 | &nbsp;&nbsp; 2490275 |
| Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 10/15/2034 |  | 383000 | &nbsp;&nbsp; 371682 |
| &nbsp;&nbsp;&nbsp; 5.60% 10/15/2054 |  | 548000 | &nbsp;&nbsp; 504079 |
|  |  |  | &nbsp;&nbsp; 3366036 |
| **Tobacco-0.33%** | **Tobacco-0.33%** | **Tobacco-0.33%** | **Tobacco-0.33%** |
| B.A.T. Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.83% 02/20/2031 |  | 145000 | &nbsp;&nbsp; 151902 |
| &nbsp;&nbsp;&nbsp; 6.00% 02/20/2034 |  | 60000 | &nbsp;&nbsp; 63222 |
| &nbsp;&nbsp;&nbsp; 7.08% 08/02/2043 |  | 19000 | &nbsp;&nbsp; 20927 |
| &nbsp;&nbsp;&nbsp; 7.08% 08/02/2053 |  | 8000 | &nbsp;&nbsp; 8926 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% 02/12/2027 |  | 148000 | &nbsp;&nbsp; 148864 |
| &nbsp;&nbsp;&nbsp; 4.38% 11/01/2027 |  | 537000 | &nbsp;&nbsp; 537541 |
| &nbsp;&nbsp;&nbsp; 4.88% 02/15/2028 |  | 50000 | &nbsp;&nbsp; 50634 |
| &nbsp;&nbsp;&nbsp; 4.13% 04/28/2028 |  | 194000 | &nbsp;&nbsp; 192814 |
| &nbsp;&nbsp;&nbsp; 5.25% 09/07/2028 |  | 40000 | &nbsp;&nbsp; 40979 |
| &nbsp;&nbsp;&nbsp; 4.88% 02/13/2029 |  | 183000 | &nbsp;&nbsp; 185512 |
| &nbsp;&nbsp;&nbsp; 4.63% 11/01/2029 |  | 697000 | &nbsp;&nbsp; 701060 |
| &nbsp;&nbsp;&nbsp; 4.38% 04/30/2030 |  | 1100000 | &nbsp;&nbsp; 1092942 |
| &nbsp;&nbsp;&nbsp; 5.13% 02/13/2031 |  | 59000 | &nbsp;&nbsp; 60270 |
| &nbsp;&nbsp;&nbsp; 4.75% 11/01/2031 |  | 541000 | &nbsp;&nbsp; 541808 |
| &nbsp;&nbsp;&nbsp; 5.75% 11/17/2032 |  | 5000 | &nbsp;&nbsp; 5250 |
| &nbsp;&nbsp;&nbsp; 5.38% 02/15/2033 |  | 62000 | &nbsp;&nbsp; 63664 |
| &nbsp;&nbsp;&nbsp; 5.63% 09/07/2033 |  | 42000 | &nbsp;&nbsp; 43703 |
| &nbsp;&nbsp;&nbsp; 5.25% 02/13/2034 |  | 207000 | &nbsp;&nbsp; 209670 |
| &nbsp;&nbsp;&nbsp; 4.90% 11/01/2034<sup>(c)</sup> |  | 955000 | &nbsp;&nbsp; 942993 |
| &nbsp;&nbsp;&nbsp; 4.88% 04/30/2035 |  | 1192000 | &nbsp;&nbsp; 1168195 |
|  |  |  | &nbsp;&nbsp; 6230876 |
| **Trading Companies & Distributors-0.18%** | **Trading Companies & Distributors-0.18%** | **Trading Companies & Distributors-0.18%** | **Trading Companies & Distributors-0.18%** |
| Air Lease Corp., Series B, 4.65%<sup>(e)(f)</sup> |  | 1129000 | &nbsp;&nbsp; 1118069 |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., 5.00%, <br> 10/03/2034<br>|  | 233000 | &nbsp;&nbsp; 230134 |
| Mitsubishi Corp. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 07/02/2029<sup>(b)(c)</sup> |  | 957000 | &nbsp;&nbsp; 976807 |
| &nbsp;&nbsp;&nbsp; 5.13% 07/17/2034<sup>(b)(c)</sup> |  | 1069000 | &nbsp;&nbsp; 1086878 |
|  |  |  | &nbsp;&nbsp; 3411888 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Transaction & Payment Processing Services-0.01%** | **Transaction & Payment Processing Services-0.01%** | **Transaction & Payment Processing Services-0.01%** |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% 08/21/2028 | $58000 | &nbsp;&nbsp; $59437 |
| &nbsp;&nbsp;&nbsp; 5.63% 08/21/2033 | 37000 | &nbsp;&nbsp; 38140 |
| &nbsp;&nbsp;&nbsp; 5.45% 03/15/2034 | 144000 | &nbsp;&nbsp; 146248 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.85%, <br> 03/09/2033<br>| 28000 | &nbsp;&nbsp; 28407 |
|  |  | &nbsp;&nbsp; 272232 |
| **Wireless Telecommunication Services-0.03%** | **Wireless Telecommunication Services-0.03%** | **Wireless Telecommunication Services-0.03%** |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC (United <br> Kingdom), 5.13%, 06/04/2081<sup>(e)</sup><br>| 780000 | &nbsp;&nbsp; 602920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $985,803,979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $985,803,979) | &nbsp;&nbsp; 996181287 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-34.64%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-34.64%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-34.64%** |
| **Collateralized Mortgage Obligations-1.86%** | **Collateralized Mortgage Obligations-1.86%** | **Collateralized Mortgage Obligations-1.86%** |
| &nbsp;&nbsp;&nbsp; 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>| 877152 | &nbsp;&nbsp; 770106 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-K066, Class AM, <br> 3.20%, 06/25/2027<br>| 250000 | &nbsp;&nbsp; 244715 |
| &nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class AFX, <br> 3.00%, 10/25/2027<br>| 1000000 | &nbsp;&nbsp; 971783 |
| &nbsp;&nbsp;&nbsp; Series 2018-K074, Class AM, <br> 3.60%, 02/25/2028<br>| 1000000 | &nbsp;&nbsp; 982743 |
| &nbsp;&nbsp;&nbsp; Series 2018-K154, Class A3, <br> 3.46%, 11/25/2032<sup>(i)</sup><br>| 1000000 | &nbsp;&nbsp; 930725 |
| &nbsp;&nbsp;&nbsp; Series K-161, Class A2, 4.90%, <br> 10/25/2033<sup>(i)</sup><br>| 10000000 | &nbsp;&nbsp; 10192864 |
| &nbsp;&nbsp;&nbsp; Series K-162, Class A2, 5.15%, <br> 12/25/2033<sup>(i)</sup><br>| 10000000 | &nbsp;&nbsp; 10358522 |
| &nbsp;&nbsp;&nbsp; Series K-164, Class A2, 5.00%, <br> 05/25/2034<br>| 10000000 | &nbsp;&nbsp; 10247258 |
| &nbsp;&nbsp;&nbsp; Freddie Mac STRIPS, 0.00%, <br> 09/15/2030<sup>(j)</sup><br>| 350000 | &nbsp;&nbsp; 283830 |
| Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-3, Class HT, 3.25%, <br> 07/25/2056<br>| 237526 | &nbsp;&nbsp; 208594 |
| &nbsp;&nbsp;&nbsp; Series 2017-4, Class HT, 3.25%, <br> 06/25/2057<br>| 351460 | &nbsp;&nbsp; 315492 |
|  |  | &nbsp;&nbsp; 35506632 |
| **Federal Home Loan Mortgage Corp. (FHLMC)-1.91%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.91%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.91%** |
| 0.00%, 12/14/2029<sup>(j)</sup> | 150000 | &nbsp;&nbsp; 125830 |
| 3.55%, 10/01/2033 | 448829 | &nbsp;&nbsp; 417534 |
| 3.00%, 10/01/2034 to 11/01/2052 | 13275579 | &nbsp;&nbsp; 11401687 |
| 4.00%, 11/01/2048 to 07/01/2049 | 215402 | &nbsp;&nbsp; 201847 |
| 3.50%, 08/01/2049 | 1424563 | &nbsp;&nbsp; 1295418 |
| 6.00%, 06/01/2053 to 08/01/2054 | 16544804 | &nbsp;&nbsp; 16930269 |
| 5.50%, 07/01/2053 | 5951496 | &nbsp;&nbsp; 5965689 |
|  |  | &nbsp;&nbsp; 36338274 |
| **Federal National Mortgage Association (FNMA)-0.74%** | **Federal National Mortgage Association (FNMA)-0.74%** | **Federal National Mortgage Association (FNMA)-0.74%** |
| 2.82%, 10/01/2029 | 466249 | &nbsp;&nbsp; 440820 |
| 2.90%, 11/01/2029 | 475994 | &nbsp;&nbsp; 449238 |
| 3.08%, 10/01/2032 | 740504 | &nbsp;&nbsp; 675234 |
| 3.31%, 01/01/2033 | 957396 | &nbsp;&nbsp; 887763 |
| 2.50%, 10/01/2034 to 12/01/2034 | 1723536 | &nbsp;&nbsp; 1618311 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)-(continued)** | **Federal National Mortgage Association (FNMA)-(continued)** | **Federal National Mortgage Association (FNMA)-(continued)** | **Federal National Mortgage Association (FNMA)-(continued)** |
| 3.50%, 05/01/2047 to 06/01/2047 | $| 1404001 | &nbsp;&nbsp; $1288062 |
| 4.00%, 11/01/2047 |  | 64616 | &nbsp;&nbsp; 60960 |
| 3.00%, 09/01/2049 to 10/01/2049 |  | 2545677 | &nbsp;&nbsp; 2231021 |
| 5.50%, 09/01/2053 |  | 6427306 | &nbsp;&nbsp; 6435635 |
|  |  |  | &nbsp;&nbsp; 14087044 |
| **Government National Mortgage Association (GNMA)-7.65%** | **Government National Mortgage Association (GNMA)-7.65%** | **Government National Mortgage Association (GNMA)-7.65%** | **Government National Mortgage Association (GNMA)-7.65%** |
| 4.00%, 07/20/2049 |  | 35629 | &nbsp;&nbsp; 33230 |
| TBA, 2.00%, 08/01/2055<sup>(k)</sup> |  | 4826634 | &nbsp;&nbsp; 3897768 |
| TBA, 2.50%, 08/01/2055<sup>(k)</sup> |  | 30422321 | &nbsp;&nbsp; 25588241 |
| TBA, 4.50%, 08/01/2055<sup>(k)</sup> |  | 22606070 | &nbsp;&nbsp; 21457548 |
| TBA, 5.00%, 08/01/2055<sup>(k)</sup> |  | 32243000 | &nbsp;&nbsp; 31474274 |
| TBA, 5.50%, 08/01/2055<sup>(k)</sup> |  | 31757317 | &nbsp;&nbsp; 31681529 |
| TBA, 6.00%, 08/01/2055<sup>(k)</sup> |  | 31082000 | &nbsp;&nbsp; 31508149 |
|  |  |  | &nbsp;&nbsp; 145640739 |
| **Uniform Mortgage-Backed Securities-22.48%** | **Uniform Mortgage-Backed Securities-22.48%** | **Uniform Mortgage-Backed Securities-22.48%** | **Uniform Mortgage-Backed Securities-22.48%** |
| TBA, 1.50%, 08/01/2040<sup>(k)</sup> |  | 8760000 | &nbsp;&nbsp; 7738736 |
| &nbsp;&nbsp;&nbsp; TBA, 2.00%, 08/01/2040 to <br> 08/01/2055<sup>(k)</sup><br>|  | 85485914 | &nbsp;&nbsp; 67486175 |
| TBA, 2.50%, 08/01/2055<sup>(k)</sup> |  | 104729860 | &nbsp;&nbsp; 85830141 |
| TBA, 3.00%, 08/01/2055<sup>(k)</sup> |  | 84137549 | &nbsp;&nbsp; 72018748 |
| TBA, 3.50%, 08/01/2055<sup>(k)</sup> |  | 47340382 | &nbsp;&nbsp; 42296862 |
| TBA, 4.00%, 08/01/2055<sup>(k)</sup> |  | 40806694 | &nbsp;&nbsp; 37641709 |
| TBA, 4.50%, 08/01/2055<sup>(k)</sup> |  | 13357014 | &nbsp;&nbsp; 12672175 |
| TBA, 5.00%, 08/01/2055<sup>(k)</sup> |  | 40682860 | &nbsp;&nbsp; 39602000 |
| TBA, 5.50%, 08/01/2055<sup>(k)</sup> |  | 36732376 | &nbsp;&nbsp; 36543645 |
| TBA, 6.00%, 08/01/2055<sup>(k)</sup> |  | 25711340 | &nbsp;&nbsp; 26070735 |
|  |  |  | &nbsp;&nbsp; 427900926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $662,009,758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $662,009,758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $662,009,758) | &nbsp;&nbsp; 659473615 |
| **Asset-Backed Securities-27.82%** | **Asset-Backed Securities-27.82%** | **Asset-Backed Securities-27.82%** | **Asset-Backed Securities-27.82%** |
| &nbsp;&nbsp;&nbsp; AGL CLO 17 Ltd. (Cayman Islands), <br> Series 2022-17A, Class AR, 5.28% <br> (3 mo. Term SOFR + 0.95%), <br> 01/21/2035<sup>(b)(d)</sup><br>|  | 4125000 | &nbsp;&nbsp; 4127669 |
| &nbsp;&nbsp;&nbsp; AGL CLO 29 Ltd. (Jersey), <br> Series 2024-29A, Class A1, 5.90% <br> (3 mo. Term SOFR + 1.57%), <br> 04/21/2037<sup>(b)(d)</sup><br>|  | 6019000 | &nbsp;&nbsp; 6049902 |
| &nbsp;&nbsp;&nbsp; ALA Trust, Series 2025-OANA, <br> Class B, 6.18% (1 mo. Term SOFR <br> + 1.84%), 06/15/2040<sup>(b)(d)</sup><br>|  | 4039000 | &nbsp;&nbsp; 4068934 |
| &nbsp;&nbsp;&nbsp; AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup><br>|  | 4460000 | &nbsp;&nbsp; 4275041 |
| Angel Oak Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(b)(i)</sup><br>|  | 34310 | &nbsp;&nbsp; 33356 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(b)(i)</sup><br>|  | 148373 | &nbsp;&nbsp; 140142 |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(b)(i)</sup><br>|  | 131688 | &nbsp;&nbsp; 125874 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(b)(i)</sup><br>|  | 894648 | &nbsp;&nbsp; 759717 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(b)</sup><br>|  | 2165360 | &nbsp;&nbsp; 2004449 |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(b)</sup><br>|  | 620690 | &nbsp;&nbsp; 624443 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, <br> 10/25/2069<sup>(b)</sup><br>| $2839736 | &nbsp;&nbsp; $2826152 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)</sup><br>| 2850797 | &nbsp;&nbsp; 2860395 |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1, 5.34%, <br> 05/27/2069<sup>(b)</sup><br>| 7526761 | &nbsp;&nbsp; 7489347 |
| &nbsp;&nbsp;&nbsp; Series 2025-HB1, Class A1, 6.15% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(d)</sup><br>| 828958 | &nbsp;&nbsp; 836049 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XII (Cayman Islands), <br> Series 2013-12A, Class ARR, <br> 5.40% (3 mo. Term SOFR + <br> 1.08%), 04/15/2031<sup>(b)(d)</sup><br>| 2173128 | &nbsp;&nbsp; 2175115 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXV (Cayman Islands), <br> Series 2016-25A, Class A1R3, <br> 5.47% (3 mo. Term SOFR + <br> 1.14%), 01/20/2037<sup>(b)(d)</sup><br>| 3677000 | &nbsp;&nbsp; 3668940 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding <br> (AESOP) LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(b)</sup><br>| 718000 | &nbsp;&nbsp; 730458 |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup><br>| 2738000 | &nbsp;&nbsp; 2803480 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman <br> Islands)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class AR, 5.27% <br> (3 mo. Term SOFR + 0.94%), <br> 04/18/2034<sup>(b)(d)</sup><br>| 2267000 | &nbsp;&nbsp; 2267728 |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.65% <br> (3 mo. Term SOFR + 1.32%), <br> 04/18/2035<sup>(b)(d)</sup><br>| 1692000 | &nbsp;&nbsp; 1694590 |
| &nbsp;&nbsp;&nbsp; Bank5, Series 2024-5YR10, Class A, <br> 5.64%, 10/15/2057<br>| 1020000 | &nbsp;&nbsp; 1038622 |
| &nbsp;&nbsp;&nbsp; Bayview MSR Opportunity Master <br> Fund Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1510341 | &nbsp;&nbsp; 1269262 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1510341 | &nbsp;&nbsp; 1216814 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(b)(i)</sup><br>| 1326788 | &nbsp;&nbsp; 1179047 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 1664600 | &nbsp;&nbsp; 1403883 |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(b)(i)</sup><br>| 2031187 | &nbsp;&nbsp; 1639655 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset Backed Securities I <br> Trust, Series 2006-HE9, Class 2A, <br> 4.75% (1 mo. Term SOFR + <br> 0.39%), 11/25/2036<sup>(d)</sup><br>| 77996 | &nbsp;&nbsp; 77312 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B3, Class C, 4.55%, <br> 04/10/2051<sup>(i)</sup><br>| 2500000 | &nbsp;&nbsp; 2125927 |
| &nbsp;&nbsp;&nbsp; Series 2019-B15, Class B, 3.56%, <br> 12/15/2072<br>| 2000000 | &nbsp;&nbsp; 1730056 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIII Ltd. <br> (Cayman Islands), Series 2021-23A, <br> Class A1R, 5.42% (3 mo. Term <br> SOFR + 1.10%), 04/25/2034<sup>(b)(d)</sup><br>| 5795000 | &nbsp;&nbsp; 5799178 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXV Ltd. <br> (Cayman Islands), Series 2021-25A, <br> Class A1R, 5.32% (3 mo. Term <br> SOFR + 1.00%), 01/15/2035<sup>(b)(d)</sup><br>| 5715000 | &nbsp;&nbsp; 5716429 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2024-<br> 5C5, Class AS, 6.36%, <br> 02/15/2057<sup>(i)</sup><br>| $3600000 | &nbsp;&nbsp; $3746596 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(i)</sup><br>| 154603 | &nbsp;&nbsp; 150154 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A2, <br> 1.28%, 03/25/2060<sup>(b)(i)</sup><br>| 507707 | &nbsp;&nbsp; 493017 |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, 5.37%, <br> 06/15/2044<sup>(b)(i)</sup><br>| 823000 | &nbsp;&nbsp; 835378 |
| &nbsp;&nbsp;&nbsp; Buckhorn Park CLO Ltd. (Cayman <br> Islands), Series 2019-1A, <br> Class ARR, 5.40% (3 mo. Term <br> SOFR + 1.07%), 07/18/2034<sup>(b)(d)</sup><br>| 3847208 | &nbsp;&nbsp; 3843049 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, 5.56% <br> (1 mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 4125270 | &nbsp;&nbsp; 4110269 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 6.11% <br> (1 mo. Term SOFR + 1.76%), <br> 09/15/2036<sup>(b)(d)</sup><br>| 8524719 | &nbsp;&nbsp; 8503109 |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class A, 5.41%, <br> 11/13/2046<sup>(b)(i)</sup><br>| 3115000 | &nbsp;&nbsp; 3125401 |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class B, 5.80%, <br> 11/13/2046<sup>(b)(i)</sup><br>| 1995000 | &nbsp;&nbsp; 2024085 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class B, 5.31% <br> (1 mo. Term SOFR + 0.97%), <br> 10/15/2036<sup>(b)(d)</sup><br>| 10000000 | &nbsp;&nbsp; 9978421 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 5.34% <br> (1 mo. Term SOFR + 1.00%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 2085000 | &nbsp;&nbsp; 2088112 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, 5.64% <br> (1 mo. Term SOFR + 1.30%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 1285000 | &nbsp;&nbsp; 1285959 |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 5.94% <br> (1 mo. Term SOFR + 1.60%), <br> 01/15/2039<sup>(b)(d)</sup><br>| 690000 | &nbsp;&nbsp; 690209 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.79% <br> (1 mo. Term SOFR + 1.44%), <br> 03/15/2042<sup>(b)(d)</sup><br>| 6020000 | &nbsp;&nbsp; 6025209 |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class B, 6.24% <br> (1 mo. Term SOFR + 1.89%), <br> 03/15/2042<sup>(b)(d)</sup><br>| 4375000 | &nbsp;&nbsp; 4380698 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-4A, Class A1RR, <br> 5.55% (3 mo. Term SOFR + <br> 1.22%), 07/20/2032<sup>(b)(d)</sup><br>| 1256169 | &nbsp;&nbsp; 1256570 |
| &nbsp;&nbsp;&nbsp; Series 2015-5A, Class A1R3, <br> 5.43% (3 mo. Term SOFR + <br> 1.10%), 01/20/2032<sup>(b)(d)</sup><br>| 831702 | &nbsp;&nbsp; 833822 |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R3, <br> 5.42% (3 mo. Term SOFR + <br> 1.09%), 04/20/2034<sup>(b)(d)</sup><br>| 2500000 | &nbsp;&nbsp; 2503535 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, <br> Series 2024-1, Class A3, 4.92%, <br> 10/16/2028<br>| 3710000 | &nbsp;&nbsp; 3729174 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Cedar Funding XI CLO Ltd. (Cayman <br> Islands), Series 2019-11A, <br> Class A1R2, 5.39% (3 mo. Term <br> SOFR + 1.06%), 05/29/2032<sup>(b)(d)</sup><br>| $6209068 | &nbsp;&nbsp; $6201928 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR2, Class A3, <br> 3.50%, 07/25/2049<sup>(b)(i)</sup><br>| 68093 | &nbsp;&nbsp; 61502 |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class A4, 5.50%, <br> 09/25/2055<sup>(b)(i)</sup><br>| 4805191 | &nbsp;&nbsp; 4802979 |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class A6, 5.50%, <br> 09/25/2055<sup>(b)(i)</sup><br>| 689666 | &nbsp;&nbsp; 688252 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), <br> Series 2016-1A, Class AR3, 5.33% <br> (3 mo. Term SOFR + 1.00%), <br> 10/21/2031<sup>(b)(d)</sup><br>| 1516761 | &nbsp;&nbsp; 1514684 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(i)</sup><br>| 1530370 | &nbsp;&nbsp; 1234936 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3A, 6.00%, <br> 07/25/2054<sup>(b)(i)</sup><br>| 2390318 | &nbsp;&nbsp; 2409103 |
| &nbsp;&nbsp;&nbsp; CLI Funding IX LLC, Series 2025-1A, <br> Class A, 5.35%, 06/20/2050<sup>(b)</sup><br>| 2127223 | &nbsp;&nbsp; 2136134 |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, Series 2021-3A, <br> Class AR, 5.39% (3 mo. Term SOFR <br> + 1.07%), 01/25/2035<sup>(b)(d)</sup><br>| 6000000 | &nbsp;&nbsp; 6004206 |
| &nbsp;&nbsp;&nbsp; COLT 2025-8 Mortgage Loan Trust, <br> Series 2025-8, Class A1, 5.48%, <br> 08/25/2070<sup>(b)</sup><br>| 2550000 | &nbsp;&nbsp; 2550650 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(b)(i)</sup><br>| 1164131 | &nbsp;&nbsp; 1044537 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(b)</sup><br>| 1271372 | &nbsp;&nbsp; 1202367 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, <br> Series 2015-CR25, Class B, 4.49%, <br> 08/10/2048<sup>(i)</sup><br>| 2400000 | &nbsp;&nbsp; 2390716 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(i)</sup><br>| 317458 | &nbsp;&nbsp; 286399 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(i)</sup><br>| 197773 | &nbsp;&nbsp; 176707 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(i)</sup><br>| 1501164 | &nbsp;&nbsp; 1446187 |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(b)(i)</sup><br>| 1160000 | &nbsp;&nbsp; 1054745 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-H2, Class A1, 6.09%, <br> 04/25/2069<sup>(b)</sup><br>| 2803263 | &nbsp;&nbsp; 2821122 |
| &nbsp;&nbsp;&nbsp; Series 2024-H8, Class A1, 5.55%, <br> 12/25/2069<sup>(b)(i)</sup><br>| 7400641 | &nbsp;&nbsp; 7413299 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, 2.56%, <br> 03/15/2053<br>| 1459000 | &nbsp;&nbsp; 1307050 |
| &nbsp;&nbsp;&nbsp; DLLST LLC, Series 2024-1A, <br> Class A3, 5.05%, 08/20/2027<sup>(b)</sup><br>| 2050000 | &nbsp;&nbsp; 2056180 |
| &nbsp;&nbsp;&nbsp; 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; 1824023 |
| &nbsp;&nbsp;&nbsp; EFMT 2025-NQM2, Series 2025-<br> NQM2, Class A1, 5.60%, <br> 06/25/2070<sup>(b)</sup><br>| 8656148 | &nbsp;&nbsp; 8665382 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(b)(i)</sup><br>| $104464 | &nbsp;&nbsp; $98947 |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.01%, <br> 05/25/2065<sup>(b)(i)</sup><br>| 3833 | &nbsp;&nbsp; 3808 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(b)(i)</sup><br>| 213851 | &nbsp;&nbsp; 182836 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(b)(i)</sup><br>| 1166028 | &nbsp;&nbsp; 1012851 |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)</sup><br>| 1654507 | &nbsp;&nbsp; 1640664 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 15 Ltd., Series 2022-<br> 2A, Class A1R, 5.41% (3 mo. Term <br> SOFR + 1.15%), 04/22/2035<sup>(b)(d)</sup><br>| 2280000 | &nbsp;&nbsp; 2281051 |
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd. (Cayman Islands), <br> Series 2024-1A, Class A1, 5.92% <br> (3 mo. Term SOFR + 1.60%), <br> 04/25/2037<sup>(b)(d)</sup><br>| 2575000 | &nbsp;&nbsp; 2584059 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 5.74%, <br> 12/20/2026<sup>(b)</sup><br>| 571817 | &nbsp;&nbsp; 574170 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 5.61%, <br> 04/20/2028<sup>(b)</sup><br>| 440000 | &nbsp;&nbsp; 446989 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, 5.69%, <br> 12/20/2030<sup>(b)</sup><br>| 515000 | &nbsp;&nbsp; 530278 |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.84% <br> (1 mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(b)(d)</sup><br>| 8139836 | &nbsp;&nbsp; 8153063 |
| Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(i)</sup><br>| 2358315 | &nbsp;&nbsp; 2100426 |
| &nbsp;&nbsp;&nbsp; Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(i)</sup><br>| 839206 | &nbsp;&nbsp; 746665 |
| &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, 5.28% <br> (3 mo. Term SOFR + 0.95%), <br> 04/22/2034<sup>(b)(d)</sup><br>| 8896000 | &nbsp;&nbsp; 8883323 |
| &nbsp;&nbsp;&nbsp; Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, 08/20/2053<sup>(b)</sup><br>| 2515295 | &nbsp;&nbsp; 2548282 |
| &nbsp;&nbsp;&nbsp; GCAT 2025-NQM4 Trust, <br> Series 2025-NQM4, Class A1A, <br> 5.53%, 06/25/2070<sup>(b)</sup><br>| 4025000 | &nbsp;&nbsp; 4031085 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM3, Class A1, <br> 3.69%, 11/25/2059<sup>(b)(i)</sup><br>| 158044 | &nbsp;&nbsp; 153072 |
| &nbsp;&nbsp;&nbsp; Series 2024-INV1, Class 2A2, <br> 6.50%, 01/25/2054<sup>(b)(i)</sup><br>| 6173909 | &nbsp;&nbsp; 6288234 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(b)</sup><br>| 3554931 | &nbsp;&nbsp; 3564658 |
| &nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO <br> 1 Ltd. (Cayman Islands), <br> Series 2017-1A, Class A1R3, <br> 5.30% (3 mo. Term SOFR + <br> 0.97%), 04/20/2034<sup>(b)(d)</sup><br>| 1539000 | &nbsp;&nbsp; 1538026 |
| &nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO <br> 11 Ltd. (Cayman Islands), <br> Series 2021-11A, Class AR, 5.41% <br> (3 mo. Term SOFR + 1.08%), <br> 10/20/2034<sup>(b)(d)</sup><br>| 3090000 | &nbsp;&nbsp; 3090139 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US <br> CLO 5 Ltd. (Cayman Islands), <br> Series 2019-5A, Class ARR, 5.40% <br> (3 mo. Term SOFR + 1.07%), <br> 10/20/2032<sup>(b)(d)</sup><br>| $3694357 | &nbsp;&nbsp; $3697962 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US <br> CLO 8 Ltd. (Cayman Islands), <br> Series 2020-8A, Class ARR, 5.48% <br> (3 mo. Term SOFR + 1.15%), <br> 10/20/2034<sup>(b)(d)</sup><br>| 5223000 | &nbsp;&nbsp; 5232689 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 53(B) Ltd. <br> (Cayman Islands), Series 2021-53A, <br> Class AR, 5.31% (3 mo. Term SOFR <br> + 0.98%), 07/20/2034<sup>(b)(d)</sup><br>| 5796000 | &nbsp;&nbsp; 5797466 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A5, <br> 2.91%, 02/13/2053<br>| 1560000 | &nbsp;&nbsp; 1445457 |
| &nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>| 1530000 | &nbsp;&nbsp; 1375948 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(i)</sup><br>| 3361395 | &nbsp;&nbsp; 2983374 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 6.09% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(d)</sup><br>| 1845000 | &nbsp;&nbsp; 1845923 |
| Hertz Vehicle Financing III L.P. |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(b)</sup><br>| 2694000 | &nbsp;&nbsp; 2599173 |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(b)</sup><br>| 286000 | &nbsp;&nbsp; 274995 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, 4.88%, <br> 05/27/2042<sup>(b)</sup><br>| 1603000 | &nbsp;&nbsp; 1610936 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust, Series 2023-<br> 2A, Class A2, 6.04%, <br> 01/21/2031<sup>(b)</sup><br>| 780 | &nbsp;&nbsp; 781 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Trust, Series 2024-<br> SFR1, Class A, 4.00%, <br> 09/17/2041<sup>(b)</sup><br>| 4182835 | &nbsp;&nbsp; 4056779 |
| &nbsp;&nbsp;&nbsp; IP Mortgage Trust, Series 2025-IP, <br> Class A, 5.25%, 06/10/2042<sup>(b)(i)</sup><br>| 5716000 | &nbsp;&nbsp; 5764029 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust, <br> Series 2025-NQM3, Class A1, <br> 5.50%, 11/25/2065<sup>(b)(i)</sup><br>| 3954000 | &nbsp;&nbsp; 3961499 |
| &nbsp;&nbsp;&nbsp; Jersey Mike's Funding, Series 2025-<br> 1A, Class A2, 5.61%, <br> 08/16/2055<sup>(b)</sup><br>| 2800000 | &nbsp;&nbsp; 2824885 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(i)</sup><br>| 1972353 | &nbsp;&nbsp; 1640616 |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A3, 5.50%, <br> 01/25/2055<sup>(b)(i)</sup><br>| 6103375 | &nbsp;&nbsp; 6046687 |
| &nbsp;&nbsp;&nbsp; Series 2024-VIS1, Class A1, 5.99%, <br> 07/25/2064<sup>(b)(i)</sup><br>| 1987138 | &nbsp;&nbsp; 1997070 |
| &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage <br> Securities Trust, Series 2020-COR7, <br> Class C, 3.73%, 05/13/2053<sup>(i)</sup><br>| 2908000 | &nbsp;&nbsp; 1773022 |
| &nbsp;&nbsp;&nbsp; KKR CLO 15 Ltd. (Cayman Islands), <br> Series 15, Class A1R2, 5.43% (3 <br> mo. Term SOFR + 1.10%), <br> 01/18/2032<sup>(b)(d)</sup><br>| 5850848 | &nbsp;&nbsp; 5853633 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-<br> BMR, Class C, 5.56% (1 mo. Term <br> SOFR + 1.21%), 03/15/2038<sup>(b)(d)</sup><br>| $53400 | &nbsp;&nbsp; $53182 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd. <br> (Cayman Islands), Series 2019-33A, <br> Class AR, 5.61% (3 mo. Term SOFR <br> + 1.29%), 10/15/2032<sup>(b)(d)</sup><br>| 2306020 | &nbsp;&nbsp; 2309322 |
| &nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(b)(i)</sup><br>| 863020 | &nbsp;&nbsp; 765605 |
| &nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(i)</sup><br>| 929793 | &nbsp;&nbsp; 826115 |
| &nbsp;&nbsp;&nbsp; Metronet Infrastructure Issuer LLC, <br> 6.01%, 07/20/2055<sup>(h)</sup><br>| 2750000 | &nbsp;&nbsp; 2725322 |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, 11/25/2056<sup>(b)(i)</sup><br>| 3173326 | &nbsp;&nbsp; 2827220 |
| &nbsp;&nbsp;&nbsp; MHP Commercial Mortgage Trust, <br> Series 2021-STOR, Class B, 5.36% <br> (1 mo. Term SOFR + 1.01%), <br> 07/15/2038<sup>(b)(d)</sup><br>| 615000 | &nbsp;&nbsp; 615157 |
| MILE Trust 2025-STNE |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class A, 5.84% <br> (1 mo. Term SOFR + 1.50%), <br> 07/15/2042<sup>(b)(d)</sup><br>| 4695000 | &nbsp;&nbsp; 4709805 |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class B, 6.04% <br> (1 mo. Term SOFR + 1.70%), <br> 07/15/2042<sup>(b)(d)</sup><br>| 1425000 | &nbsp;&nbsp; 1428051 |
| &nbsp;&nbsp;&nbsp; Series 2025-STNE, Class C, 6.44% <br> (1 mo. Term SOFR + 2.10%), <br> 07/15/2042<sup>(b)(d)</sup><br>| 1200000 | &nbsp;&nbsp; 1203050 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2015-<br> C25, Class B, 4.50%, <br> 10/15/2048<sup>(i)</sup><br>| 1032000 | &nbsp;&nbsp; 1016685 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, <br> Series 2019-L3, Class AS, 3.49%, <br> 11/15/2052<br>| 1580000 | &nbsp;&nbsp; 1471761 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A1, 6.00%, <br> 07/25/2054<sup>(b)(i)</sup><br>| 4912835 | &nbsp;&nbsp; 4941988 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(i)</sup><br>| 5692928 | &nbsp;&nbsp; 5717373 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(i)</sup><br>| 8106525 | &nbsp;&nbsp; 8130811 |
| &nbsp;&nbsp;&nbsp; Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup><br>| 6971079 | &nbsp;&nbsp; 7019588 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers <br> CLO 40 Ltd. (Cayman Islands), <br> Series 2021-40A, Class A, 5.64% <br> (3 mo. Term SOFR + 1.32%), <br> 04/16/2033<sup>(b)(d)</sup><br>| 923912 | &nbsp;&nbsp; 925535 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers <br> CLO 49 Ltd. (Cayman Islands), <br> Series 2022-49A, Class AR, 5.47% <br> (3 mo. Term SOFR + 1.15%), <br> 07/25/2035<sup>(b)(d)</sup><br>| 2628000 | &nbsp;&nbsp; 2630452 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, <br> 2.49%, 09/25/2059<sup>(b)(i)</sup><br>| 98560 | &nbsp;&nbsp; 93965 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, <br> 2.46%, 01/26/2060<sup>(b)(i)</sup><br>| $381439 | &nbsp;&nbsp; $358993 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, <br> 3.08%, 03/27/2062<sup>(b)(i)</sup><br>| 1224662 | &nbsp;&nbsp; 1148414 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)</sup><br>| 920578 | &nbsp;&nbsp; 920716 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, <br> 5.57%, 04/25/2065<sup>(b)</sup><br>| 9284458 | &nbsp;&nbsp; 9323200 |
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd. (Cayman Islands), <br> Series 2021-2A, Class AR, 5.29% <br> (3 mo. Term SOFR + 0.97%), <br> 01/15/2035<sup>(b)(d)</sup><br>| 6445000 | &nbsp;&nbsp; 6448055 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(i)</sup><br>| 1579506 | &nbsp;&nbsp; 1332907 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(i)</sup><br>| 1422129 | &nbsp;&nbsp; 1264612 |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(b)</sup><br>| 1415000 | &nbsp;&nbsp; 1266444 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)</sup><br>| 1861007 | &nbsp;&nbsp; 1847138 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(i)</sup><br>| 1217500 | &nbsp;&nbsp; 1214089 |
| &nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(b)(i)</sup><br>| 972161 | &nbsp;&nbsp; 868262 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands), <br> Series 2020-8RA, Class AR, 5.57% <br> (3 mo. Term SOFR + 1.25%), <br> 10/17/2036<sup>(b)(d)</sup><br>| 6049000 | &nbsp;&nbsp; 6045982 |
| &nbsp;&nbsp;&nbsp; One Bryant Park Trust, Series 2019-<br> OBP, Class A, 2.52%, <br> 09/15/2054<sup>(b)</sup><br>| 457000 | &nbsp;&nbsp; 414396 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. <br> (Cayman Islands), Series 2025-2A, <br> Class A1, 5.23% (3 mo. Term SOFR <br> + 0.94%), 07/15/2033<sup>(b)(d)</sup><br>| 5140000 | &nbsp;&nbsp; 5144410 |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO 6 (Cayman Islands), <br> Series 2020-6A, Class ARR, 5.26% <br> (3 mo. Term SOFR + 0.94%), <br> 05/18/2034<sup>(b)(d)</sup><br>| 4742000 | &nbsp;&nbsp; 4743190 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(b)(i)</sup><br>| 1531701 | &nbsp;&nbsp; 1546077 |
| &nbsp;&nbsp;&nbsp; PPM CLO 3 Ltd., Series 2019-3A, <br> Class AR, 5.67% (3 mo. Term SOFR <br> + 1.35%), 04/17/2034<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 250454 |
| &nbsp;&nbsp;&nbsp; Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(b)</sup><br>| 6383003 | &nbsp;&nbsp; 6640058 |
| Rate Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-J4, Class A1, 6.00%, <br> 12/25/2054<sup>(b)(i)</sup><br>| 2230875 | &nbsp;&nbsp; 2246560 |
| &nbsp;&nbsp;&nbsp; Series 2025-J1, Class A4, 6.00%, <br> 03/25/2055<sup>(b)(i)</sup><br>| 2027323 | &nbsp;&nbsp; 2040990 |
| &nbsp;&nbsp;&nbsp; Series 2025-J2, Class A5, 5.50%, <br> 07/25/2055<sup>(b)(i)</sup><br>| 7049000 | &nbsp;&nbsp; 7053069 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup><br>| 3297565 | &nbsp;&nbsp; 3308812 |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class A1A, <br> 5.38%, 07/25/2055<sup>(b)</sup><br>| 1550000 | &nbsp;&nbsp; 1553953 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Regatta XIII Funding Ltd. (Cayman <br> Islands), Series 2018-2A, <br> Class A1R, 5.42% (3 mo. Term <br> SOFR + 1.10%), 07/15/2031<sup>(b)(d)</sup><br>| $1173270 | &nbsp;&nbsp; $1173680 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(b)(i)</sup><br>| 7634 | &nbsp;&nbsp; 7562 |
| &nbsp;&nbsp;&nbsp; SG Residential Mortgage Trust, <br> Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(b)(i)</sup><br>| 2251743 | &nbsp;&nbsp; 2086884 |
| &nbsp;&nbsp;&nbsp; Shackleton CLO Ltd. (Cayman <br> Islands), Series 2015-7RA, <br> Class ARR, 5.42% (3 mo. Term <br> SOFR + 1.10%), 07/15/2031<sup>(b)(d)</sup><br>| 680628 | &nbsp;&nbsp; 680424 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 1 Ltd., Series 2014-<br> 1A, Class AR4, 5.40% (3 mo. Term <br> SOFR + 1.08%), 04/17/2034<sup>(b)(d)</sup><br>| 6080000 | &nbsp;&nbsp; 6087582 |
| Sonic Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2I, 3.85%, <br> 01/20/2050<sup>(b)</sup><br>| 3449624 | &nbsp;&nbsp; 3375301 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.19%, <br> 08/20/2051<sup>(b)</sup><br>| 1769467 | &nbsp;&nbsp; 1615846 |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, 2.64%, <br> 08/20/2051<sup>(b)</sup><br>| 1807934 | &nbsp;&nbsp; 1532208 |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, Class A1, <br> 1.22%, 05/25/2065<sup>(b)(i)</sup><br>| 543542 | &nbsp;&nbsp; 507429 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(b)(i)</sup><br>| 10162 | &nbsp;&nbsp; 9669 |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(i)</sup><br>| 265179 | &nbsp;&nbsp; 250464 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(b)(i)</sup><br>| 1917011 | &nbsp;&nbsp; 1684774 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(b)(i)</sup><br>| 1472799 | &nbsp;&nbsp; 1328052 |
| &nbsp;&nbsp;&nbsp; Store Master Funding I-VII, <br> Series 2016-1A, Class A2, 4.32%, <br> 10/20/2046<sup>(b)</sup><br>| 415668 | &nbsp;&nbsp; 407154 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A23, 6.51%, <br> 07/30/2054<sup>(b)</sup><br>| 3545210 | &nbsp;&nbsp; 3613713 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.03%, <br> 07/30/2054<sup>(b)</sup><br>| 2034625 | &nbsp;&nbsp; 2064175 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.27%, <br> 07/30/2054<sup>(b)</sup><br>| 6810535 | &nbsp;&nbsp; 6948414 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A23, 5.91%, <br> 07/30/2054<sup>(b)</sup><br>| 3984888 | &nbsp;&nbsp; 3906896 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I, 5.25%, <br> 07/30/2054<sup>(b)</sup><br>| 5036938 | &nbsp;&nbsp; 4970096 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2I, 5.57%, <br> 07/30/2054<sup>(b)</sup><br>| 3086675 | &nbsp;&nbsp; 3046429 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XVI Ltd. (Cayman <br> Islands), Series 2015-16A, <br> Class ARR, 5.52% (3 mo. Term <br> SOFR + 1.20%), 10/15/2031<sup>(b)(d)</sup><br>| 980240 | &nbsp;&nbsp; 982211 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XX Ltd. (Cayman <br> Islands), Series 2018-20A, <br> Class AR2, 5.42% (3 mo. Term <br> SOFR + 1.10%), 01/16/2032<sup>(b)(d)</sup><br>| 1946228 | &nbsp;&nbsp; 1947132 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXI Ltd. (Cayman <br> Islands), Series 2019-21A, <br> Class AR2, 5.22% (3 mo. Term <br> SOFR + 0.90%), 07/15/2032<sup>(b)(d)</sup><br>| $3974470 | &nbsp;&nbsp; $3976099 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd. (Cayman <br> Islands), Series 2020-22A, <br> Class A1AR, 5.51% (3 mo. Term <br> SOFR + 1.18%), 04/18/2033<sup>(b)(d)</sup><br>| 3607776 | &nbsp;&nbsp; 3608909 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXIII Ltd. (Cayman <br> Islands), Series 2020-23A, <br> Class AR2, 5.22% (3 mo. Term <br> SOFR + 0.90%), 01/15/2034<sup>(b)(d)</sup><br>| 3508338 | &nbsp;&nbsp; 3506230 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC, Series 2016-<br> 1A, Class A23, 4.97%, <br> 05/25/2046<sup>(b)</sup><br>| 140625 | &nbsp;&nbsp; 140501 |
| &nbsp;&nbsp;&nbsp; Textainer Marine Containers VII Ltd. <br> (China), Series 2021-2A, Class A, <br> 2.23%, 04/20/2046<sup>(b)</sup><br>| 1062600 | &nbsp;&nbsp; 988255 |
| TierPoint Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.00%, <br> 06/25/2053<sup>(b)</sup><br>| 477500 | &nbsp;&nbsp; 477430 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 6.15%, <br> 04/26/2055<sup>(b)</sup><br>| 4120000 | &nbsp;&nbsp; 4153026 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 6.40%, <br> 04/26/2055<sup>(b)</sup><br>| 3221000 | &nbsp;&nbsp; 3216766 |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, 1.48%, <br> 11/17/2039<sup>(b)</sup><br>| 905573 | &nbsp;&nbsp; 847860 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust, Series 2025-<br> SFR1, Class A, 5.44% (1 mo. Term <br> SOFR + 1.10%), 03/17/2042<sup>(b)(d)</sup><br>| 4656991 | &nbsp;&nbsp; 4659841 |
| VDCM Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class A, 5.23%, <br> 07/13/2044<sup>(b)(i)</sup><br>| 4760000 | &nbsp;&nbsp; 4754360 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class C, 6.03%, <br> 07/13/2044<sup>(b)(i)</sup><br>| 800000 | &nbsp;&nbsp; 806279 |
| &nbsp;&nbsp;&nbsp; Series 2025-AZ, Class D, 6.43%, <br> 07/13/2044<sup>(b)(i)</sup><br>| 4657000 | &nbsp;&nbsp; 4666485 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1B, 0.82%, <br> 01/25/2066<sup>(b)(i)</sup><br>| 624387 | &nbsp;&nbsp; 555594 |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 1.03%, <br> 02/25/2066<sup>(b)(i)</sup><br>| 865698 | &nbsp;&nbsp; 765994 |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.83%, <br> 10/25/2066<sup>(b)</sup><br>| 1509366 | &nbsp;&nbsp; 1357767 |
| &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 0.82%, <br> 10/25/2063<sup>(b)(i)</sup><br>| 331879 | &nbsp;&nbsp; 320428 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(b)</sup><br>| 1191831 | &nbsp;&nbsp; 1109437 |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, <br> 09/25/2069<sup>(b)(i)</sup><br>| 2546589 | &nbsp;&nbsp; 2529451 |
| &nbsp;&nbsp;&nbsp; Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(b)</sup><br>| 93485 | &nbsp;&nbsp; 89514 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-NXS5, Class XA, <br> IO, 1.34%, 01/15/2059<sup>(l)</sup><br>| 1101093 | &nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp; Wendy's Funding LLC, Series 2019-<br> 1A, Class A2II, 4.08%, <br> 06/15/2049<sup>(b)</sup><br>| 442459 | &nbsp;&nbsp; 425762 |
| &nbsp;&nbsp;&nbsp; WEST Trust 2025-ROSE, <br> Series 2025-ROSE, Class A, 5.28%, <br> 04/10/2035<sup>(b)(i)</sup><br>| 3098000 | &nbsp;&nbsp; 3143443 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, <br> Series 2014-C23, Class B, 4.28%, <br> 10/15/2057<sup>(i)</sup><br>| $| 307000 | &nbsp;&nbsp; $288012 |
| Zaxby's Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, 3.24%, <br> 07/30/2051<sup>(b)</sup><br>|  | 4128000 | &nbsp;&nbsp; 3848683 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2I, 6.59%, <br> 04/30/2054<sup>(b)</sup><br>|  | 1188000 | &nbsp;&nbsp; 1207603 |
| &nbsp;&nbsp;&nbsp; Zayo Issuer LLC, Series 2025-2A, <br> Class A2, 5.95%, 06/20/2055<sup>(b)</sup><br>|  | 7989000 | &nbsp;&nbsp; 8169401 |
| &nbsp;&nbsp;&nbsp; Ziply Fiber Issuer LLC, Series 2024-<br> 1A, Class A2, 6.64%, <br> 04/20/2054<sup>(b)</sup><br>|  | 2331000 | &nbsp;&nbsp; 2385611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $538,842,195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $538,842,195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $538,842,195) | &nbsp;&nbsp; 529507956 |
| **U.S. Treasury Securities-12.56%** | **U.S. Treasury Securities-12.56%** | **U.S. Treasury Securities-12.56%** | **U.S. Treasury Securities-12.56%** |
| **U.S. Treasury Bills-0.43%**<sup>(m)</sup> | **U.S. Treasury Bills-0.43%**<sup>(m)</sup> | **U.S. Treasury Bills-0.43%**<sup>(m)</sup> | **U.S. Treasury Bills-0.43%**<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp; 4.04%–4.15%, 05/14/2026<sup>(n)</sup> |  | 8418000 | &nbsp;&nbsp; 8150538 |
| **U.S. Treasury Bonds-4.17%** | **U.S. Treasury Bonds-4.17%** | **U.S. Treasury Bonds-4.17%** | **U.S. Treasury Bonds-4.17%** |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 |  | 6328800 | &nbsp;&nbsp; 6422743 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 |  | 76128400 | &nbsp;&nbsp; 72952418 |
|  |  |  | &nbsp;&nbsp; 79375161 |
| **U.S. Treasury Notes-7.96%** | **U.S. Treasury Notes-7.96%** | **U.S. Treasury Notes-7.96%** | **U.S. Treasury Notes-7.96%** |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027 |  | 46551900 | &nbsp;&nbsp; 46380967 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 |  | 1626200 | &nbsp;&nbsp; 1625755 |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 |  | 73081400 | &nbsp;&nbsp; 72830183 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 |  | 4529800 | &nbsp;&nbsp; 4493703 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 |  | 26376900 | &nbsp;&nbsp; 26148163 |
|  |  |  | &nbsp;&nbsp; 151478771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $238,996,338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $238,996,338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $238,996,338) | &nbsp;&nbsp; 239004470 |
| **Variable Rate Senior Loan Interests-1.07%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests-1.07%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests-1.07%**<sup>(o)(p)</sup>  | **Variable Rate Senior Loan Interests-1.07%**<sup>(o)(p)</sup>  |
| **Passenger Airlines-0.24%** | **Passenger Airlines-0.24%** | **Passenger Airlines-0.24%** | **Passenger Airlines-0.24%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyality IP Ltd. <br> (American Airlines, Inc.), Term Loan <br> B, 7.58% (3 mo. Term SOFR + <br> 3.25%), 05/07/2032<br>|  | 4484062 | &nbsp;&nbsp; 4520495 |
| **Restaurants-0.42%** | **Restaurants-0.42%** | **Restaurants-0.42%** | **Restaurants-0.42%** |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, Term <br> Loan B, 6.36% (1 mo. SOFR + <br> 2.00%), 09/10/2031<br>|  | 7967400 | &nbsp;&nbsp; 7984848 |
| **Wireless Telecommunication Services-0.41%** | **Wireless Telecommunication Services-0.41%** | **Wireless Telecommunication Services-0.41%** | **Wireless Telecommunication Services-0.41%** |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B, 9.50% (6 mo. <br> USD LIBOR + 9.50%), 10/27/2029<br>|  | 8000000 | &nbsp;&nbsp; 7772800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br>(Cost $20,426,505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br>(Cost $20,426,505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Variable Rate Senior Loan Interests <br>(Cost $20,426,505) | &nbsp;&nbsp; 20278143 |
| **Municipal Obligations-0.62%** | **Municipal Obligations-0.62%** | **Municipal Obligations-0.62%** | **Municipal Obligations-0.62%** |
| &nbsp;&nbsp;&nbsp; Illinois (State of), Series 2010-1, GO <br> Bonds, (INS - AGM), 6.63%, <br> 02/01/2035<sup>(q)</sup><br>|  | 153846 | &nbsp;&nbsp; 162474 |
| &nbsp;&nbsp;&nbsp; Los Angeles (City of), CA Department <br> of Water & Power, Series 2010, RB, <br> 6.57%, 07/01/2045<br>|  | 255000 | &nbsp;&nbsp; 266488 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Virgin Islands Public Finance <br> Authority, Series 2024 B, RB, <br> 9.00%, 04/01/2053<sup>(b)</sup><br>| $12000000 | &nbsp;&nbsp; $11307921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations<sup>(r)</sup> <br>(Cost $12,523,334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations<sup>(r)</sup> <br>(Cost $12,523,334) | &nbsp;&nbsp; 11736883 |
|  | **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%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The), Conv. Pfd., 6.00%, <br> 10/15/2027<br>| 12000 | &nbsp;&nbsp; 848400 |
| **Diversified Financial Services-0.16%** | **Diversified Financial Services-0.16%** | **Diversified Financial Services-0.16%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., Pfd., <br> 7.63%, 09/15/2053<sup>(e)</sup><br>| 111250 | &nbsp;&nbsp; 2962587 |
| **Regional Banks-0.13%** | **Regional Banks-0.13%** | **Regional Banks-0.13%** |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp., Series J, Pfd., <br> 7.50%<br>| 91792 | &nbsp;&nbsp; 2481138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $5,676,050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $5,676,050) | &nbsp;&nbsp; 6292125 |
|  | **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes-0.20%** | **Agency Credit Risk Transfer Notes-0.20%** | **Agency Credit Risk Transfer Notes-0.20%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, <br> 6.65% (30 Day Average SOFR + <br> 2.30%), 01/25/2043<sup>(b)(d)(s)</sup><br>| $464618 | &nbsp;&nbsp; 475453 |
| &nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, <br> 5.35% (30 Day Average SOFR + <br> 1.00%), 05/25/2045<sup>(b)(d)(s)</sup><br>| 2371649 | &nbsp;&nbsp; 2372942 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, <br> STACR®, 6.65% (30 Day Average <br> SOFR + 2.30%), <br> 08/25/2042<sup>(b)(d)(t)</sup><br>| 593272 | &nbsp;&nbsp; 604478 |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1, <br> STACR®, 6.45% (30 Day Average <br> SOFR + 2.10%), <br> 03/25/2043<sup>(b)(d)(t)</sup><br>| 359062 | &nbsp;&nbsp; 364953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $3,788,601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $3,788,601) | &nbsp;&nbsp; 3817826 |
| **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 |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2029<sup>(j)</sup> | 450000 | &nbsp;&nbsp; 386461 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2030<sup>(j)</sup> | 1300000 | &nbsp;&nbsp; 1085602 |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2030<sup>(j)</sup> | 850000 | &nbsp;&nbsp; 698691 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/2056<sup>(c)</sup> | 100000 | &nbsp;&nbsp; 99060 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2065<sup>(c)</sup> | 250000 | &nbsp;&nbsp; 199810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Securities <br>(Cost $2,189,554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Securities <br>(Cost $2,189,554) | &nbsp;&nbsp; 2469624 |
|  | **Shares** |  |
| **Exchange-Traded Funds-0.12%** | **Exchange-Traded Funds-0.12%** | **Exchange-Traded Funds-0.12%** |
| Invesco High Yield Bond Factor ETF<sup>(u)</sup> | 82000 | &nbsp;&nbsp; 1846295 |
| Invesco High Yield Select ETF<sup>(c)(u)</sup> | 9000 | &nbsp;&nbsp; 229386 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Invesco Short Duration Total Return <br> Bond ETF<sup>(c)(u)</sup><br>|  | 12000 | &nbsp;&nbsp; $299100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $2,376,878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $2,376,878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $2,376,878) | &nbsp;&nbsp; 2374781 |
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** |  |
| **Non-U.S. Dollar Denominated Bonds & Notes-0.06%**<sup>(v)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-0.06%**<sup>(v)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-0.06%**<sup>(v)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-0.06%**<sup>(v)</sup>  |
| **Drug Retail-0.06%** | **Drug Retail-0.06%** | **Drug Retail-0.06%** | **Drug Retail-0.06%** |
| &nbsp;&nbsp;&nbsp; Boots Group Finco L.P. (United <br> Kingdom)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% , 08/31/2032<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 468483 |
| &nbsp;&nbsp;&nbsp; 7.38% , 08/31/2032<sup>(b)</sup> | GBP | 550000 | &nbsp;&nbsp; 742855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,205,239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,205,239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,205,239) | &nbsp;&nbsp; 1211338 |
|  | **Shares** | **Shares** |  |
| **Options Purchased-0.04%** | **Options Purchased-0.04%** | **Options Purchased-0.04%** | **Options Purchased-0.04%** |
| &nbsp;&nbsp;&nbsp; (Cost $954,926)<sup>†</sup> | &nbsp;&nbsp;&nbsp; (Cost $954,926)<sup>†</sup> | &nbsp;&nbsp;&nbsp; (Cost $954,926)<sup>†</sup> | &nbsp;&nbsp; 822240 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-129.92% <br>(Cost $2,474,793,357) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-129.92% <br>(Cost $2,474,793,357) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-129.92% <br>(Cost $2,474,793,357) | &nbsp;&nbsp; 2473170288 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-8.17%** | **Money Market Funds-8.17%** | **Money Market Funds-8.17%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(u)(w)(x)</sup><br>| 42821474 | &nbsp;&nbsp; $42821474 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.46%<sup>(u)(w)(x)</sup><br>| 112667117 | &nbsp;&nbsp; 112689650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $155,511,284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $155,511,284) | &nbsp;&nbsp; 155511124 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-138.09% <br>(Cost $2,630,304,641) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-138.09% <br>(Cost $2,630,304,641) | &nbsp;&nbsp; 2628681412 |
| OTHER ASSETS LESS LIABILITIES-(38.09)% | OTHER ASSETS LESS LIABILITIES-(38.09)% | &nbsp;&nbsp; (725037871)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1903643541 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| Conv. | -Convertible |
| Ctfs. | -Certificates |
| ETF | -Exchange-Traded Fund |
| EUR | -Euro |
| GBP | -British Pound Sterling |
| GO | -General Obligation |
| INS | -Insurer |
| IO | -Interest Only |
| LIBOR | -London Interbank Offered Rate |
| Pfd. | -Preferred |
| RB | -Revenue Bonds |
| 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 |
| USD | -U.S. Dollar |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | 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> July 31, 2025 was $980,203,237, which represented 51.49% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(d)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025. |
| <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> | Perpetual bond with no specified maturity date. |
| <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 July 31, <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 1. |
| <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 July 31, 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.  |
| <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> July 31, 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> | $8,150,538 was pledged as collateral to cover margin requirements for open futures contracts.  |
| <sup>(o)</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>(p)</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>(q)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(r)</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>(s)</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>(t)</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>(u)</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 nine months ended July 31, 2025.<br>|

---

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

------

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

July 31, 2025

*(Unaudited)*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| &nbsp;&nbsp; Invesco High Yield Bond <br> Factor ETF<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1853210 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(6915)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1846295 | &nbsp;&nbsp;&nbsp; $43530 |
| &nbsp;&nbsp; Invesco High Yield Select <br> ETF<br>| &nbsp;&nbsp;&nbsp; 256498 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (25349)<br>| &nbsp;&nbsp;&nbsp; (2197)<br>| &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; 229386 | &nbsp;&nbsp;&nbsp; 11796 |
| &nbsp;&nbsp; Invesco Short Duration <br> Total Return Bond ETF<br>| &nbsp;&nbsp;&nbsp; 299460 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (360)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 299100 | &nbsp;&nbsp;&nbsp; 11758 |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 180853150 | &nbsp;&nbsp;&nbsp; (180853150)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 153312 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 48617053 | &nbsp;&nbsp;&nbsp; 250692996 | &nbsp;&nbsp;&nbsp; (256488575)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 42821474 | &nbsp;&nbsp;&nbsp; 1,396,029<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 126919544 | &nbsp;&nbsp;&nbsp; 533395604 | &nbsp;&nbsp;&nbsp; (547615765)<br>| &nbsp;&nbsp;&nbsp; 7638 | &nbsp;&nbsp;&nbsp; (17371)<br>| &nbsp;&nbsp;&nbsp; 112689650 | &nbsp;&nbsp;&nbsp; 3,754,767<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $176092555 | &nbsp;&nbsp;&nbsp; $966794960 | &nbsp;&nbsp;&nbsp; $(984982839)<br>| &nbsp;&nbsp;&nbsp; $(1834)<br>| &nbsp;&nbsp;&nbsp; $(16937)<br>| &nbsp;&nbsp;&nbsp; $157885905 | &nbsp;&nbsp;&nbsp; $5371192 |

---

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

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

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

---

| | |
|:---|:---|
| <sup>(v)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(w)</sup> | The rate shown is the 7-day SEC standardized yield as of July 31, 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. <br>|
| † | The table below details options purchased. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |
| &nbsp;&nbsp; S&P 500 Index<br> &nbsp;&nbsp;&nbsp; Call | 11/21/2025 | &nbsp;&nbsp;&nbsp; 48 | $6460 | $31008000 | &nbsp;&nbsp;&nbsp; $822240 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 242 | September-2025 | &nbsp;&nbsp;&nbsp; $26877125 | &nbsp;&nbsp;&nbsp; $(118963)<br>| &nbsp;&nbsp;&nbsp; $(118963)<br>|
| &nbsp;&nbsp; U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 1451 | September-2025 | &nbsp;&nbsp;&nbsp; 300334329 | &nbsp;&nbsp;&nbsp; (553310)<br>| &nbsp;&nbsp;&nbsp; (553310)<br>|
| &nbsp;&nbsp; U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 354 | September-2025 | &nbsp;&nbsp;&nbsp; 41528625 | &nbsp;&nbsp;&nbsp; 255072 | &nbsp;&nbsp;&nbsp; 255072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Long Futures Contracts |  |  |  | &nbsp;&nbsp;&nbsp; (417201)<br>| &nbsp;&nbsp;&nbsp; (417201)<br>|
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 1471 | September-2025 | &nbsp;&nbsp;&nbsp; (159120828)<br>| &nbsp;&nbsp;&nbsp; 132966 | &nbsp;&nbsp;&nbsp; 132966 |

---

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

------

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

July 31, 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—(continued)** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| &nbsp;&nbsp; U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 1592 | September-2025 | &nbsp;&nbsp;&nbsp; $(180020375)<br>| &nbsp;&nbsp;&nbsp; $(2154345)<br>| &nbsp;&nbsp;&nbsp; $(2154345)<br>|
| &nbsp;&nbsp; U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 6 | September-2025 | &nbsp;&nbsp;&nbsp; (685125)<br>| &nbsp;&nbsp;&nbsp; (759)<br>| &nbsp;&nbsp;&nbsp; (759)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal—Short Futures Contracts |  |  |  | &nbsp;&nbsp;&nbsp; (2022138)<br>| &nbsp;&nbsp;&nbsp; (2022138)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(2439339)<br>| &nbsp;&nbsp;&nbsp; $(2439339)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** <br>**(Depreciation)** |
| **Settlement Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| &nbsp;&nbsp; 10/31/2025 | Citibank N.A. | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 132250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(202)<br>|
| &nbsp;&nbsp; 10/31/2025 | State Street Bank & Trust | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 459691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (971)<br>|
| &nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1173)<br>|

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** | **Open Centrally Cleared Interest Rate Swap Agreements** |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| &nbsp;&nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp;&nbsp; **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | &nbsp;&nbsp; **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Pay | SONIA | Annually | &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| Annually | 06/12/2027 | GBP | &nbsp;&nbsp;&nbsp; 74000000 | &nbsp;&nbsp;&nbsp; $1346 | &nbsp;&nbsp;&nbsp; $7140 | &nbsp;&nbsp;&nbsp; $5794 |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| SONIA | —Sterling Overnight Index Average |
| USD | —U.S. Dollar |

---

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-60.85%** | **U.S. Dollar Denominated Bonds & Notes-60.85%** | **U.S. Dollar Denominated Bonds & Notes-60.85%** |
| **Aerospace & Defense-0.41%** | **Aerospace & Defense-0.41%** | **Aerospace & Defense-0.41%** |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, <br> 01/15/2027<br>| $11141000 | &nbsp;&nbsp; $11281339 |
| **Agricultural & Farm Machinery-1.31%** | **Agricultural & Farm Machinery-1.31%** | **Agricultural & Farm Machinery-1.31%** |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.79% (SOFR + 0.44%), 03/06/2026<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 12014986 |
| &nbsp;&nbsp;&nbsp; 4.76% (SOFR + 0.40%), 01/05/2027<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 12013270 |
| &nbsp;&nbsp;&nbsp; 4.85% (SOFR + 0.50%), 03/06/2028<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 12031077 |
|  |  | &nbsp;&nbsp; 36059333 |
| **Agricultural Products & Services-0.44%** | **Agricultural Products & Services-0.44%** | **Agricultural Products & Services-0.44%** |
| &nbsp;&nbsp;&nbsp; Cargill, Inc., 4.95% (SOFR + 0.61%), <br> 02/11/2028<sup>(b)(c)</sup><br>| 12000000 | &nbsp;&nbsp; 12007310 |
| **Application Software-0.11%** | **Application Software-0.11%** | **Application Software-0.11%** |
| Synopsys, Inc., 4.55%, 04/01/2027 | 3000000 | &nbsp;&nbsp; 3005755 |
| **Asset Management & Custody Banks-2.52%** | **Asset Management & Custody Banks-2.52%** | **Asset Management & Custody Banks-2.52%** |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% 01/15/2026 | 8090000 | &nbsp;&nbsp; 8057009 |
| &nbsp;&nbsp;&nbsp; 7.00% 01/15/2027 | 4285000 | &nbsp;&nbsp; 4412540 |
| Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% 03/15/2028 | 12000000 | &nbsp;&nbsp; 12067541 |
| &nbsp;&nbsp;&nbsp; 5.45% 09/09/2028<sup>(c)</sup> | 2937000 | &nbsp;&nbsp; 2933226 |
| Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% 01/15/2026 | 12000000 | &nbsp;&nbsp; 11970964 |
| &nbsp;&nbsp;&nbsp; 3.40% 07/15/2026 | 6000000 | &nbsp;&nbsp; 5915182 |
| &nbsp;&nbsp;&nbsp; 2.63% 01/15/2027 | 9500000 | &nbsp;&nbsp; 9158941 |
| &nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc., 2.05%, <br> 02/15/2027<br>| 11000000 | &nbsp;&nbsp; 10493703 |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, 5.45%, <br> 08/15/2028<sup>(c)</sup><br>| 2453000 | &nbsp;&nbsp; 2444390 |
| State Street Corp., 4.54%, 04/24/2028<sup>(d)</sup> | 1719000 | &nbsp;&nbsp; 1724588 |
|  |  | &nbsp;&nbsp; 69178084 |
| **Automobile Manufacturers-4.75%** | **Automobile Manufacturers-4.75%** | **Automobile Manufacturers-4.75%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.85% (SOFR + 0.50%), 01/12/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10009544 |
| &nbsp;&nbsp;&nbsp; 5.08% (SOFR + 0.72%), 10/05/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10020517 |
| &nbsp;&nbsp;&nbsp; 5.22% (SOFR + 0.87%), 07/09/2027<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 12043423 |
| &nbsp;&nbsp;&nbsp; 5.17% (SOFR + 0.82%), <br> 03/03/2028<sup>(b)(e)</sup><br>| 12000000 | &nbsp;&nbsp; 12024892 |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany), 5.14% <br> (SOFR + 0.80%), 08/13/2026<sup>(b)(c)</sup><br>| 7207000 | &nbsp;&nbsp; 7226416 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC <br> (Germany), 5.13%, 09/25/2027<sup>(c)</sup><br>| 5905000 | &nbsp;&nbsp; 5966992 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC <br> (Germany)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65% 04/01/2027<sup>(c)</sup> | 4000000 | &nbsp;&nbsp; 4010980 |
| &nbsp;&nbsp;&nbsp; 5.14% (SOFR + 0.78%), <br> 04/01/2027<sup>(b)(c)(e)</sup><br>| 12000000 | &nbsp;&nbsp; 12008846 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.01% (SOFR + 0.65%), 01/05/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10015941 |
| &nbsp;&nbsp;&nbsp; 4.80% (SOFR + 0.45%), <br> 04/10/2026<sup>(b)(e)</sup><br>| 12000000 | &nbsp;&nbsp; 12013118 |
| &nbsp;&nbsp;&nbsp; 5.11% (SOFR + 0.77%), 08/07/2026<sup>(b)</sup> | 5000000 | &nbsp;&nbsp; 5024250 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** | **Automobile Manufacturers-(continued)** |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC <br> (Germany)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80% 09/12/2025<sup>(c)</sup> | $| 10000000 | &nbsp;&nbsp; $10010424 |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.83%), <br> 03/20/2026<sup>(b)(c)</sup><br>|  | 15000000 | &nbsp;&nbsp; 15014494 |
| &nbsp;&nbsp;&nbsp; 5.40% (SOFR + 1.06%), <br> 08/14/2026<sup>(b)(c)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5015979 |
|  |  |  | &nbsp;&nbsp; 130405816 |
| **Broadline Retail-0.19%** | **Broadline Retail-0.19%** | **Broadline Retail-0.19%** | **Broadline Retail-0.19%** |
| eBay, Inc., 1.40%, 05/10/2026 |  | 5250000 | &nbsp;&nbsp; 5128245 |
| **Commercial & Residential Mortgage Finance-0.54%** | **Commercial & Residential Mortgage Finance-0.54%** | **Commercial & Residential Mortgage Finance-0.54%** | **Commercial & Residential Mortgage Finance-0.54%** |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 4.75%, <br> 04/14/2027<sup>(c)</sup><br>|  | 2904000 | &nbsp;&nbsp; 2906722 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United <br> Kingdom), 5.42% (SOFR + 1.07%), <br> 07/14/2029<sup>(b)(c)</sup><br>|  | 12000000 | &nbsp;&nbsp; 12028325 |
|  |  |  | &nbsp;&nbsp; 14935047 |
| **Computer & Electronics Retail-0.51%** | **Computer & Electronics Retail-0.51%** | **Computer & Electronics Retail-0.51%** | **Computer & Electronics Retail-0.51%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., 6.02%, <br> 06/15/2026<br>|  | 14000000 | &nbsp;&nbsp; 14122762 |
| **Construction Machinery & Heavy Transportation Equipment-0.51%** | **Construction Machinery & Heavy Transportation Equipment-0.51%** | **Construction Machinery & Heavy Transportation Equipment-0.51%** | **Construction Machinery & Heavy Transportation Equipment-0.51%** |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., 4.89% <br> (SOFR + 0.53%), 07/07/2027<sup>(b)</sup><br>|  | 14000000 | &nbsp;&nbsp; 14009659 |
| **Consumer Finance-0.84%** | **Consumer Finance-0.84%** | **Consumer Finance-0.84%** | **Consumer Finance-0.84%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 4.93%, <br> 05/10/2028<sup>(d)</sup><br>|  | 7000000 | &nbsp;&nbsp; 7040632 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 07/15/2027 |  | 4000000 | &nbsp;&nbsp; 4022731 |
| &nbsp;&nbsp;&nbsp; 5.53% (SOFR + 1.17%), 04/04/2028<sup>(b)</sup> |  | 12000000 | &nbsp;&nbsp; 11965697 |
|  |  |  | &nbsp;&nbsp; 23029060 |
| **Diversified Banks-18.32%** | **Diversified Banks-18.32%** | **Diversified Banks-18.32%** | **Diversified Banks-18.32%** |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.71% 04/24/2028<sup>(d)</sup> |  | 11250000 | &nbsp;&nbsp; 11103365 |
| &nbsp;&nbsp;&nbsp; 4.62% 05/09/2029<sup>(d)</sup> |  | 4033000 | &nbsp;&nbsp; 4050765 |
| &nbsp;&nbsp;&nbsp; Bank of America N.A., 5.53%, <br> 08/18/2026<br>|  | 12000000 | &nbsp;&nbsp; 12128613 |
| Bank of Montreal (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.31% (SOFR + 0.95%), 09/25/2025<sup>(b)</sup> |  | 5000000 | &nbsp;&nbsp; 5006165 |
| &nbsp;&nbsp;&nbsp; 5.51% (SOFR + 1.16%), 12/11/2026<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 10096353 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), <br> 1.35%, 06/24/2026<br>|  | 11500000 | &nbsp;&nbsp; 11196033 |
| Barclays PLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.83% 05/09/2027<sup>(d)</sup> |  | 12000000 | &nbsp;&nbsp; 12098448 |
| &nbsp;&nbsp;&nbsp; 6.50% 09/13/2027<sup>(d)</sup> |  | 12000000 | &nbsp;&nbsp; 12238143 |
| &nbsp;&nbsp;&nbsp; 4.34% 01/10/2028 |  | 5200000 | &nbsp;&nbsp; 5170912 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. (France), 5.32% (SOFR + <br> 0.96%), 09/25/2025<sup>(b)(c)</sup><br>|  | 9500000 | &nbsp;&nbsp; 9511133 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.58% (SOFR + 1.22%), 10/02/2026<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 10093693 |
| &nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.93%), <br> 09/11/2027<sup>(b)(e)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10050074 |
| Citibank N.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.17% (SOFR + 0.81%), 09/29/2025<sup>(b)</sup> |  | 9524000 | &nbsp;&nbsp; 9528992 |
| &nbsp;&nbsp;&nbsp; 5.49% 12/04/2026 |  | 9783000 | &nbsp;&nbsp; 9913409 |
| Citigroup, Inc., 4.64%, 05/07/2028<sup>(d)</sup> |  | 12000000 | &nbsp;&nbsp; 12014828 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank U.A. <br> (Netherlands), 4.94% (SOFR + 0.59%), <br> 05/27/2027<sup>(b)</sup><br>| $10715000 | &nbsp;&nbsp; $10744159 |
| Credit Agricole S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp; 5.56% (SOFR + 1.21%), <br> 09/11/2028<sup>(b)(c)</sup><br>| 6000000 | &nbsp;&nbsp; 6043928 |
| &nbsp;&nbsp;&nbsp; 5.48% (SOFR + 1.13%), <br> 01/09/2029<sup>(b)(c)</sup><br>| 7000000 | &nbsp;&nbsp; 7028455 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank N.A., 5.17% (SOFR + <br> 0.81%), 01/28/2028<sup>(b)</sup><br>| 6366000 | &nbsp;&nbsp; 6369896 |
| &nbsp;&nbsp;&nbsp; HSBC USA, Inc., 5.32% (SOFR + 0.97%), <br> 06/03/2028<sup>(b)</sup><br>| 7826000 | &nbsp;&nbsp; 7887652 |
| &nbsp;&nbsp;&nbsp; Huntington National Bank (The), 5.07% <br> (SOFR + 0.72%), 04/12/2028<sup>(b)</sup><br>| 8276000 | &nbsp;&nbsp; 8276943 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V. (Netherlands), 1.73%, <br> 04/01/2027<sup>(d)</sup><br>| 6750000 | &nbsp;&nbsp; 6618892 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.55% (SOFR + 1.20%), 01/23/2028<sup>(b)</sup> | 5556000 | &nbsp;&nbsp; 5606926 |
| &nbsp;&nbsp;&nbsp; 2.95% 02/24/2028<sup>(d)</sup> | 6000000 | &nbsp;&nbsp; 5860852 |
| &nbsp;&nbsp;&nbsp; 5.27% (SOFR + 0.92%), 04/22/2028<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10049105 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United <br> Kingdom), 5.90% (SOFR + 1.56%), <br> 08/07/2027<sup>(b)</sup><br>| 9474000 | &nbsp;&nbsp; 9564326 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia), 5.55% <br> (SOFR + 1.20%), 12/07/2026<sup>(b)(c)</sup><br>| 6213000 | &nbsp;&nbsp; 6269297 |
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman L.P. (Japan), <br> 5.19% (SOFR + 0.85%), 08/14/2026<sup>(b)</sup><br>| 10000000 | &nbsp;&nbsp; 10050497 |
| Morgan Stanley Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.04% (SOFR + 0.69%), 10/15/2027<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10033554 |
| &nbsp;&nbsp;&nbsp; 5.43% (SOFR + 1.08%), 01/14/2028<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10072020 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank, N.A., 5.12% <br> (SOFR + 0.77%), 07/06/2028<sup>(b)</sup><br>| 8363000 | &nbsp;&nbsp; 8379152 |
| National Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.80%), 08/20/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 9993540 |
| &nbsp;&nbsp;&nbsp; 5.39% (SOFR + 1.03%), 07/02/2027<sup>(b)</sup> | 5797000 | &nbsp;&nbsp; 5820460 |
| &nbsp;&nbsp;&nbsp; 5.60% 07/02/2027<sup>(d)</sup> | 7000000 | &nbsp;&nbsp; 7059686 |
| PNC Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.78% 01/15/2027<sup>(d)</sup> | 12000000 | &nbsp;&nbsp; 12006007 |
| &nbsp;&nbsp;&nbsp; 4.54% 05/13/2027<sup>(d)</sup> | 8371000 | &nbsp;&nbsp; 8361862 |
| &nbsp;&nbsp;&nbsp; 5.08% (SOFR + 0.73%), 07/21/2028<sup>(b)</sup> | 3159000 | &nbsp;&nbsp; 3168270 |
| Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.30% (SOFR + 0.95%), 01/19/2027<sup>(b)</sup> | 8333000 | &nbsp;&nbsp; 8393492 |
| &nbsp;&nbsp;&nbsp; 5.07% (SOFR + 0.72%), 10/18/2027<sup>(b)</sup> | 15000000 | &nbsp;&nbsp; 15048097 |
| &nbsp;&nbsp;&nbsp; 4.50% 08/06/2029<sup>(d)</sup> | 9600000 | &nbsp;&nbsp; 9609133 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC (United <br> Kingdom), 6.53%, 01/10/2029<sup>(d)</sup><br>| 12500000 | &nbsp;&nbsp; 13018818 |
| &nbsp;&nbsp;&nbsp; Societe Generale (France), 5.76% (SOFR + <br> 1.41%), 04/13/2029<sup>(b)(c)</sup><br>| 12000000 | &nbsp;&nbsp; 12047218 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan), <br> 5.20%, 03/07/2027<sup>(c)</sup><br>| 4372000 | &nbsp;&nbsp; 4426209 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden), <br> 5.09% (SOFR + 0.74%), <br> 05/23/2028<sup>(b)(c)</sup><br>| 7826000 | &nbsp;&nbsp; 7878914 |
| Swedbank AB (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp; 5.73% (SOFR + 1.38%), <br> 06/15/2026<sup>(b)(c)</sup><br>| 15000000 | &nbsp;&nbsp; 15145727 |
| &nbsp;&nbsp;&nbsp; 6.14% 09/12/2026<sup>(c)</sup> | 4065000 | &nbsp;&nbsp; 4137540 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.43% (SOFR + 1.08%), 07/17/2026<sup>(b)</sup> | $| 12500000 | &nbsp;&nbsp; $12587602 |
| &nbsp;&nbsp;&nbsp; 5.35% (SOFR + 1.00%), 10/20/2026<sup>(b)</sup> |  | 9800000 | &nbsp;&nbsp; 9799742 |
| &nbsp;&nbsp;&nbsp; 5.18% (SOFR + 0.82%), 01/31/2028<sup>(b)</sup> |  | 10550000 | &nbsp;&nbsp; 10584322 |
| &nbsp;&nbsp;&nbsp; 5.26% (SOFR + 0.91%), 06/02/2028<sup>(b)</sup> |  | 12000000 | &nbsp;&nbsp; 12046582 |
| &nbsp;&nbsp;&nbsp; Truist Bank, 5.12% (SOFR + 0.77%), <br> 07/24/2028<sup>(b)</sup><br>|  | 11709000 | &nbsp;&nbsp; 11733775 |
| &nbsp;&nbsp;&nbsp; U.S. Bank N.A., 5.25% (SOFR + 0.91%), <br> 05/15/2028<sup>(b)</sup><br>|  | 12000000 | &nbsp;&nbsp; 12067200 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% (SOFR + 0.78%), 01/24/2028<sup>(b)</sup> |  | 8953000 | &nbsp;&nbsp; 8969374 |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.07%), 04/22/2028<sup>(b)</sup> |  | 10000000 | &nbsp;&nbsp; 10068475 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A., 5.06% (SOFR + <br> 0.71%), 01/15/2026<sup>(b)</sup><br>|  | 5333000 | &nbsp;&nbsp; 5343195 |
|  |  |  | &nbsp;&nbsp; 502371820 |
| **Diversified Capital Markets-0.54%** | **Diversified Capital Markets-0.54%** | **Diversified Capital Markets-0.54%** | **Diversified Capital Markets-0.54%** |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland), 1.36%, <br> 01/30/2027<sup>(c)(d)</sup><br>|  | 15000000 | &nbsp;&nbsp; 14755055 |
| **Diversified Financial Services-0.85%** | **Diversified Financial Services-0.85%** | **Diversified Financial Services-0.85%** | **Diversified Financial Services-0.85%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 4.45%, <br> 10/01/2025<br>|  | 13250000 | &nbsp;&nbsp; 13243388 |
| &nbsp;&nbsp;&nbsp; USAA Capital Corp., 5.25%, <br> 06/01/2027<sup>(c)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10186220 |
|  |  |  | &nbsp;&nbsp; 23429608 |
| **Diversified Metals & Mining-1.06%** | **Diversified Metals & Mining-1.06%** | **Diversified Metals & Mining-1.06%** | **Diversified Metals & Mining-1.06%** |
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance (USA) Ltd. (Australia), <br> 5.25%, 09/08/2026<br>|  | 14815000 | &nbsp;&nbsp; 14957726 |
| Glencore Funding LLC (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.11% (SOFR + 0.75%), <br> 10/01/2026<sup>(b)(c)</sup><br>|  | 6429000 | &nbsp;&nbsp; 6436818 |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(c)</sup><br>|  | 5682000 | &nbsp;&nbsp; 5709750 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance (USA) PLC (Australia), <br> 4.38%, 03/12/2027<sup>(e)</sup><br>|  | 2089000 | &nbsp;&nbsp; 2095615 |
|  |  |  | &nbsp;&nbsp; 29199909 |
| **Diversified Support Services-0.31%** | **Diversified Support Services-0.31%** | **Diversified Support Services-0.31%** | **Diversified Support Services-0.31%** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. <br> (Canada), 6.27%, 06/26/2026<sup>(c)(e)</sup><br>|  | 8433000 | &nbsp;&nbsp; 8542036 |
| **Electric Utilities-1.90%** | **Electric Utilities-1.90%** | **Electric Utilities-1.90%** | **Electric Utilities-1.90%** |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., 5.17% (SOFR + 0.82%), <br> 09/16/2027<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10040750 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 09/01/2025 |  | 5490000 | &nbsp;&nbsp; 5493517 |
| &nbsp;&nbsp;&nbsp; 5.12% (SOFR + 0.76%), 01/29/2026<sup>(b)</sup> |  | 11456000 | &nbsp;&nbsp; 11483487 |
| &nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.80%), 02/04/2028<sup>(b)</sup> |  | 8796000 | &nbsp;&nbsp; 8871993 |
| Pinnacle West Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.17% (SOFR + 0.82%), 06/10/2026<sup>(b)</sup> |  | 15294000 | &nbsp;&nbsp; 15341423 |
| &nbsp;&nbsp;&nbsp; 4.90% 05/15/2028 |  | 779000 | &nbsp;&nbsp; 786281 |
|  |  |  | &nbsp;&nbsp; 52017451 |
| **Fertilizers & Agricultural Chemicals-0.26%** | **Fertilizers & Agricultural Chemicals-0.26%** | **Fertilizers & Agricultural Chemicals-0.26%** | **Fertilizers & Agricultural Chemicals-0.26%** |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada), 4.50%, <br> 03/12/2027<br>|  | 7165000 | &nbsp;&nbsp; 7159584 |
| **Food Retail-0.15%** | **Food Retail-0.15%** | **Food Retail-0.15%** | **Food Retail-0.15%** |
| &nbsp;&nbsp;&nbsp; Whole Foods Market, Inc., 5.20%, <br> 12/03/2025<br>|  | 3985000 | &nbsp;&nbsp; 3979476 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Home Improvement Retail-0.17%** | **Home Improvement Retail-0.17%** | **Home Improvement Retail-0.17%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The), 5.15%, <br> 06/25/2026<br>| $4505000 | &nbsp;&nbsp; $4537391 |
| **Integrated Oil & Gas-0.28%** | **Integrated Oil & Gas-0.28%** | **Integrated Oil & Gas-0.28%** |
| &nbsp;&nbsp;&nbsp; Chevron USA, Inc., 4.71% (SOFR + <br> 0.36%), 02/26/2027<sup>(b)(e)</sup><br>| 7758000 | &nbsp;&nbsp; 7772729 |
| **Integrated Telecommunication Services-0.37%** | **Integrated Telecommunication Services-0.37%** | **Integrated Telecommunication Services-0.37%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 5.15% <br> (SOFR + 0.79%), 03/20/2026<sup>(b)</sup><br>| 10134000 | &nbsp;&nbsp; 10166893 |
| **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; 7721181 |
| **Investment Banking & Brokerage-3.33%** | **Investment Banking & Brokerage-3.33%** | **Investment Banking & Brokerage-3.33%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), 4.86% (SOFR <br> + 0.52%), 05/13/2026<sup>(b)</sup><br>| 5251000 | &nbsp;&nbsp; 5253944 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.07%), 08/10/2026<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10007923 |
| &nbsp;&nbsp;&nbsp; 1.43% 03/09/2027<sup>(d)</sup> | 13000000 | &nbsp;&nbsp; 12747749 |
| &nbsp;&nbsp;&nbsp; 4.94% 04/23/2028<sup>(d)</sup> | 15925000 | &nbsp;&nbsp; 16025043 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% 02/10/2026 | 11413000 | &nbsp;&nbsp; 11408658 |
| &nbsp;&nbsp;&nbsp; 5.03% 03/16/2026 | 13660000 | &nbsp;&nbsp; 13672441 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.02%), 04/13/2028<sup>(b)</sup> | 10000000 | &nbsp;&nbsp; 10054649 |
| &nbsp;&nbsp;&nbsp; 5.73% (SOFR + 1.38%), <br> 04/12/2029<sup>(b)(e)</sup><br>| 12000000 | &nbsp;&nbsp; 12175690 |
|  |  | &nbsp;&nbsp; 91346097 |
| **Life & Health Insurance-9.03%** | **Life & Health Insurance-9.03%** | **Life & Health Insurance-9.03%** |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp; 5.62% 05/08/2026<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 12101169 |
| &nbsp;&nbsp;&nbsp; 5.38% (SOFR + 1.03%), <br> 08/27/2026<sup>(b)(c)</sup><br>| 10000000 | &nbsp;&nbsp; 10057386 |
| &nbsp;&nbsp;&nbsp; 2.95% 11/12/2026<sup>(c)</sup> | 5000000 | &nbsp;&nbsp; 4896912 |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.83%), <br> 01/07/2027<sup>(b)(c)(e)</sup><br>| 10000000 | &nbsp;&nbsp; 10024648 |
| &nbsp;&nbsp;&nbsp; 5.52% 03/25/2027<sup>(c)</sup> | 12711000 | &nbsp;&nbsp; 12892645 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding, <br> 5.55%, 04/09/2027<sup>(c)</sup><br>| 8150000 | &nbsp;&nbsp; 8245710 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% 07/02/2026<sup>(c)</sup> | 6336000 | &nbsp;&nbsp; 6413882 |
| &nbsp;&nbsp;&nbsp; 5.66% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(c)</sup><br>| 10000000 | &nbsp;&nbsp; 10070507 |
| &nbsp;&nbsp;&nbsp; 5.11% (SOFR + 0.75%), <br> 01/07/2028<sup>(b)(c)</sup><br>| 10000000 | &nbsp;&nbsp; 9985344 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding, 5.88%, <br> 06/10/2027<sup>(c)</sup><br>| 7514000 | &nbsp;&nbsp; 7677959 |
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust, 4.40%, <br> 09/23/2027<sup>(c)</sup><br>| 14500000 | &nbsp;&nbsp; 14453103 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% 01/09/2026<sup>(c)</sup> | 16667000 | &nbsp;&nbsp; 16723119 |
| &nbsp;&nbsp;&nbsp; 5.55% 07/02/2027<sup>(c)</sup> | 6719000 | &nbsp;&nbsp; 6838911 |
| &nbsp;&nbsp;&nbsp; 5.32% (SOFR + 0.97%), <br> 01/14/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4017999 |
| MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% (SOFR + 0.77%), <br> 01/29/2027<sup>(b)(c)</sup><br>| 10700000 | &nbsp;&nbsp; 10760550 |
| &nbsp;&nbsp;&nbsp; 5.09% (SOFR + 0.74%), <br> 04/09/2027<sup>(b)(c)</sup><br>| 10000000 | &nbsp;&nbsp; 10051906 |
| &nbsp;&nbsp;&nbsp; Met Tower Global Funding, 5.40%, <br> 06/20/2026<sup>(c)</sup><br>| 12000000 | &nbsp;&nbsp; 12101646 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
| New York Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.03% (SOFR + 0.67%), <br> 04/02/2027<sup>(b)(c)</sup><br>| $| 15000000 | &nbsp;&nbsp; $15064599 |
| &nbsp;&nbsp;&nbsp; 4.40% 04/25/2028<sup>(c)</sup> |  | 4434000 | &nbsp;&nbsp; 4454819 |
| Pacific Life Global Funding II |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.96% (SOFR + 0.60%), <br> 03/27/2026<sup>(b)(c)</sup><br>|  | 9750000 | &nbsp;&nbsp; 9771626 |
| &nbsp;&nbsp;&nbsp; 4.97% (SOFR + 0.62%), <br> 06/04/2026<sup>(b)(c)</sup><br>|  | 6420000 | &nbsp;&nbsp; 6439895 |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.05%), <br> 07/28/2026<sup>(b)(c)</sup><br>|  | 12500000 | &nbsp;&nbsp; 12589251 |
| &nbsp;&nbsp;&nbsp; 4.45% 05/01/2028<sup>(c)</sup> |  | 11321000 | &nbsp;&nbsp; 11390612 |
| &nbsp;&nbsp;&nbsp; Principal Life Global Funding II, 5.00%, <br> 01/16/2027<sup>(c)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3024578 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, 5.37%, <br> 01/06/2026<sup>(c)</sup><br>|  | 10339000 | &nbsp;&nbsp; 10371699 |
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II, <br> 5.24%, 02/02/2026<sup>(c)</sup><br>|  | 7125000 | &nbsp;&nbsp; 7139902 |
|  |  |  | &nbsp;&nbsp; 247560377 |
| **Oil & Gas Exploration & Production-0.61%** | **Oil & Gas Exploration & Production-0.61%** | **Oil & Gas Exploration & Production-0.61%** | **Oil & Gas Exploration & Production-0.61%** |
| &nbsp;&nbsp;&nbsp; CNO Global Funding, 4.88%, <br> 12/10/2027<sup>(c)</sup><br>|  | 4918000 | &nbsp;&nbsp; 4948990 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 1.13%, <br> 01/15/2026<br>|  | 12000000 | &nbsp;&nbsp; 11813801 |
|  |  |  | &nbsp;&nbsp; 16762791 |
| **Oil & Gas Refining & Marketing-0.32%** | **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; 8827629 |
| **Oil & Gas Storage & Transportation-2.31%** | **Oil & Gas Storage & Transportation-2.31%** | **Oil & Gas Storage & Transportation-2.31%** | **Oil & Gas Storage & Transportation-2.31%** |
| Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 04/05/2027 |  | 4666000 | &nbsp;&nbsp; 4721347 |
| &nbsp;&nbsp;&nbsp; 4.60% 06/20/2028 |  | 3485000 | &nbsp;&nbsp; 3500752 |
| Kinder Morgan, Inc., 1.75%, 11/15/2026 |  | 12698000 | &nbsp;&nbsp; 12267321 |
| MPLX L.P., 1.75%, 03/01/2026 |  | 12336000 | &nbsp;&nbsp; 12129858 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65% 10/15/2025 |  | 12000000 | &nbsp;&nbsp; 11996931 |
| &nbsp;&nbsp;&nbsp; 4.50% 12/15/2026 |  | 10000000 | &nbsp;&nbsp; 9995620 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), 5.40%, <br> 03/02/2026<br>|  | 8598000 | &nbsp;&nbsp; 8638387 |
|  |  |  | &nbsp;&nbsp; 63250216 |
| **Packaged Foods & Meats-0.65%** | **Packaged Foods & Meats-0.65%** | **Packaged Foods & Meats-0.65%** | **Packaged Foods & Meats-0.65%** |
| Campbell's Co. (The), 5.30%, 03/20/2026 |  | 10352000 | &nbsp;&nbsp; 10395270 |
| Mars, Inc., 4.45%, 03/01/2027<sup>(c)</sup> |  | 7446000 | &nbsp;&nbsp; 7458936 |
|  |  |  | &nbsp;&nbsp; 17854206 |
| **Passenger Airlines-0.13%** | **Passenger Airlines-0.13%** | **Passenger Airlines-0.13%** | **Passenger Airlines-0.13%** |
| Delta Air Lines, Inc., 4.95%, 07/10/2028 |  | 3614000 | &nbsp;&nbsp; 3632291 |
| **Pharmaceuticals-0.46%** | **Pharmaceuticals-0.46%** | **Pharmaceuticals-0.46%** | **Pharmaceuticals-0.46%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 4.84% (SOFR + <br> 0.49%), 02/20/2026<sup>(b)</sup><br>|  | 4651000 | &nbsp;&nbsp; 4657431 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital PLC (United <br> Kingdom), 4.85% (SOFR + 0.50%), <br> 03/12/2027<sup>(b)(e)</sup><br>|  | 7912000 | &nbsp;&nbsp; 7942474 |
|  |  |  | &nbsp;&nbsp; 12599905 |
| **Regional Banks-0.43%** | **Regional Banks-0.43%** | **Regional Banks-0.43%** | **Regional Banks-0.43%** |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 1.27%, <br> 03/02/2027<sup>(d)</sup><br>|  | 12000000 | &nbsp;&nbsp; 11752419 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Restaurants-0.44%** | **Restaurants-0.44%** | **Restaurants-0.44%** |
| Starbucks Corp., 4.75%, 02/15/2026<sup>(e)</sup> | $12000000 | &nbsp;&nbsp; $12001613 |
| **Retail REITs-0.13%** | **Retail REITs-0.13%** | **Retail REITs-0.13%** |
| Realty Income Corp., 5.05%, 01/13/2026 | 3687000 | &nbsp;&nbsp; 3685493 |
| **Self-Storage REITs-0.37%** | **Self-Storage REITs-0.37%** | **Self-Storage REITs-0.37%** |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., 5.05% <br> (SOFR + 0.70%), 04/16/2027<sup>(b)</sup><br>| 10000000 | &nbsp;&nbsp; 10021250 |
| **Semiconductors-0.87%** | **Semiconductors-0.87%** | **Semiconductors-0.87%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., 4.21%, <br> 09/24/2026<br>| 12000000 | &nbsp;&nbsp; 12003433 |
| &nbsp;&nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA, Inc. <br> (Netherlands), 3.88%, 06/18/2026<br>| 12000000 | &nbsp;&nbsp; 11929626 |
|  |  | &nbsp;&nbsp; 23933059 |
| **Soft Drinks & Non-alcoholic Beverages-0.99%** | **Soft Drinks & Non-alcoholic Beverages-0.99%** | **Soft Drinks & Non-alcoholic Beverages-0.99%** |
| Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.40% 11/15/2025 | 10000000 | &nbsp;&nbsp; 9962127 |
| &nbsp;&nbsp;&nbsp; 4.93% (SOFR + 0.58%), 11/15/2026<sup>(b)</sup> | 12000000 | &nbsp;&nbsp; 12030679 |
| &nbsp;&nbsp;&nbsp; 5.23% (SOFR + 0.88%), <br> 03/15/2027<sup>(b)(e)</sup><br>| 5000000 | &nbsp;&nbsp; 5030460 |
|  |  | &nbsp;&nbsp; 27023266 |
| **Specialized Finance-0.58%** | **Specialized Finance-0.58%** | **Specialized Finance-0.58%** |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 2.63%, <br> 12/15/2026<br>| 16490000 | &nbsp;&nbsp; 15944028 |
| **Specialty Chemicals-0.53%** | **Specialty Chemicals-0.53%** | **Specialty Chemicals-0.53%** |
| Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.45% 08/01/2025<sup>(e)</sup> | 4500000 | &nbsp;&nbsp; 4500000 |
| &nbsp;&nbsp;&nbsp; 4.25% 08/08/2025 | 10000000 | &nbsp;&nbsp; 9999035 |
|  |  | &nbsp;&nbsp; 14499035 |
| **Systems Software-1.25%** | **Systems Software-1.25%** | **Systems Software-1.25%** |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65% 03/25/2026 | 15000000 | &nbsp;&nbsp; 14707526 |
| &nbsp;&nbsp;&nbsp; 2.65% 07/15/2026 | 9000000 | &nbsp;&nbsp; 8840529 |
| VMware LLC, 1.40%, 08/15/2026 | 11000000 | &nbsp;&nbsp; 10658875 |
|  |  | &nbsp;&nbsp; 34206930 |
| **Technology Hardware, Storage & Peripherals-0.43%** | **Technology Hardware, Storage & Peripherals-0.43%** | **Technology Hardware, Storage & Peripherals-0.43%** |
| HP, Inc., 1.45%, 06/17/2026 | 12000000 | &nbsp;&nbsp; 11680665 |
| **Telecom Tower REITs-0.93%** | **Telecom Tower REITs-0.93%** | **Telecom Tower REITs-0.93%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.60% 04/15/2026 | 13250000 | &nbsp;&nbsp; 12970722 |
| &nbsp;&nbsp;&nbsp; 1.45% 09/15/2026 | 13000000 | &nbsp;&nbsp; 12559184 |
|  |  | &nbsp;&nbsp; 25529906 |
| **Trading Companies & Distributors-0.37%** | **Trading Companies & Distributors-0.37%** | **Trading Companies & Distributors-0.37%** |
| Air Lease Corp., 1.88%, 08/15/2026 | 10300000 | &nbsp;&nbsp; 10015173 |
| **Transaction & Payment Processing Services-0.07%** | **Transaction & Payment Processing Services-0.07%** | **Transaction & Payment Processing Services-0.07%** |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 5.02% (SOFR + <br> 0.67%), 03/06/2028<sup>(b)</sup><br>| 1851000 | &nbsp;&nbsp; 1859682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,662,385,250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,662,385,250) | &nbsp;&nbsp; 1668801574 |
| **Asset-Backed Securities-14.46%** | **Asset-Backed Securities-14.46%** | **Asset-Backed Securities-14.46%** |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables <br> XII LLC, Series 2023-1A, Class A2, <br> 6.09%, 12/20/2029<sup>(c)</sup><br>| 6275238 | &nbsp;&nbsp; 6329848 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(c)(f)</sup><br>| 573015 | &nbsp;&nbsp; 557089 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(c)(f)</sup><br>| $989241 | &nbsp;&nbsp; $945569 |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1, 5.34%, <br> 05/27/2069<sup>(c)</sup><br>| 7526761 | &nbsp;&nbsp; 7489347 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.64%, <br> 02/25/2070<sup>(c)</sup><br>| 4347637 | &nbsp;&nbsp; 4346540 |
| &nbsp;&nbsp;&nbsp; AutoNation Finance Trust, Series 2025-1A, <br> Class A2, 4.72%, 04/10/2028<sup>(c)</sup><br>| 6930000 | &nbsp;&nbsp; 6937818 |
| &nbsp;&nbsp;&nbsp; Barclays Dryrock Issuance Trust, <br> Series 2023-2, Class A, 5.24% (30 Day <br> Average SOFR + 0.90%), <br> 08/15/2028<sup>(b)</sup><br>| 9260000 | &nbsp;&nbsp; 9271855 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset Backed Securities I <br> Trust, Series 2006-HE9, Class 2A, <br> 4.75% (1 mo. Term SOFR + 0.39%), <br> 11/25/2036<sup>(b)</sup><br>| 467978 | &nbsp;&nbsp; 463873 |
| &nbsp;&nbsp;&nbsp; BINOM Securitization Trust, Series 2021-<br> INV1, Class A1, 2.03%, <br> 06/25/2056<sup>(c)(f)</sup><br>| 2891370 | &nbsp;&nbsp; 2601543 |
| &nbsp;&nbsp;&nbsp; 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>| 2741025 | &nbsp;&nbsp; 2742725 |
| &nbsp;&nbsp;&nbsp; BofA Auto Trust, Series 2025-1A, <br> Class A2A, 4.52%, 11/22/2027<sup>(c)</sup><br>| 2450000 | &nbsp;&nbsp; 2449594 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, 0.97%, <br> 03/25/2060<sup>(c)(f)</sup><br>| 1152598 | &nbsp;&nbsp; 1119432 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series 2025-2, <br> Class A2A, 4.59%, 07/17/2028<br>| 4360000 | &nbsp;&nbsp; 4370042 |
| &nbsp;&nbsp;&nbsp; CBAM Ltd. (Cayman Islands), Series 2018-<br> 5A, Class A, 5.60% (3 mo. Term SOFR + <br> 1.28%), 04/17/2031<sup>(b)(c)</sup><br>| 1635117 | &nbsp;&nbsp; 1637226 |
| &nbsp;&nbsp;&nbsp; CCG Receivables Trust, Series 2025-1, <br> Class A2, 4.48%, 10/14/2032<sup>(c)</sup><br>| 5450000 | &nbsp;&nbsp; 5460793 |
| &nbsp;&nbsp;&nbsp; Chase Auto Owner Trust, Series 2024-3A, <br> Class A2, 5.53%, 09/27/2027<sup>(c)</sup><br>| 1837414 | &nbsp;&nbsp; 1841680 |
| Chesapeake Funding II LLC (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 5.59% <br> (30 Day Average SOFR + 1.25%), <br> 05/15/2035<sup>(b)(c)</sup><br>| 4859945 | &nbsp;&nbsp; 4881834 |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2, 5.44% <br> (30 Day Average SOFR + 1.10%), <br> 10/15/2035<sup>(b)(c)</sup><br>| 5766650 | &nbsp;&nbsp; 5793960 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.11% <br> (30 Day Average SOFR + 0.77%), <br> 05/15/2036<sup>(b)(c)</sup><br>| 1746142 | &nbsp;&nbsp; 1745628 |
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, <br> Series 2024-2, Class A3, 5.33%, <br> 08/15/2028<sup>(c)</sup><br>| 7625000 | &nbsp;&nbsp; 7677738 |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, Series 2020-<br> 2R, Class A1, 1.33%, 10/26/2065<sup>(c)(f)</sup><br>| 1149852 | &nbsp;&nbsp; 1073504 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-H1, Class A1, 6.62%, <br> 03/25/2068<sup>(c)</sup><br>| 3508828 | &nbsp;&nbsp; 3528447 |
| &nbsp;&nbsp;&nbsp; Series 2024-H5, Class A1, 5.85%, <br> 08/26/2069<sup>(c)</sup><br>| 8252140 | &nbsp;&nbsp; 8293744 |
| &nbsp;&nbsp;&nbsp; CWABS, Inc. Asset-Backed Ctfs. Trust, <br> Series 2004-4, Class M1, 5.19% (1 mo. <br> Term SOFR + 0.83%), 07/25/2034<sup>(b)</sup><br>| 160637 | &nbsp;&nbsp; 167592 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, <br> Series 2021-2, Class A1, 0.90%, <br> 04/25/2066<sup>(c)(f)</sup><br>| 3792645 | &nbsp;&nbsp; 3342312 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Dell Equipment Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.39%, <br> 03/22/2030<sup>(c)</sup><br>| $2750000 | &nbsp;&nbsp; $2768407 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.61%, <br> 02/24/2031<sup>(c)</sup><br>| 2970000 | &nbsp;&nbsp; 2987089 |
| &nbsp;&nbsp;&nbsp; DLLST LLC, Series 2024-1A, Class A3, <br> 5.05%, 08/20/2027<sup>(c)</sup><br>| 2730000 | &nbsp;&nbsp; 2738230 |
| &nbsp;&nbsp;&nbsp; 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>| 156501 | &nbsp;&nbsp; 156577 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(c)(f)</sup><br>| 752530 | &nbsp;&nbsp; 712783 |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.18%, <br> 10/25/2065<sup>(c)(f)</sup><br>| 206505 | &nbsp;&nbsp; 193322 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class A2, 6.40%, <br> 03/20/2030<sup>(c)</sup><br>| 4458034 | &nbsp;&nbsp; 4520124 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.23%, <br> 03/20/2030<sup>(c)</sup><br>| 2046852 | &nbsp;&nbsp; 2059595 |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A2, 5.31%, <br> 04/20/2027<sup>(c)</sup><br>| 2685198 | &nbsp;&nbsp; 2695577 |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.69%, <br> 07/20/2027<sup>(c)</sup><br>| 4125000 | &nbsp;&nbsp; 4129423 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, 4.51%, <br> 02/22/2028<sup>(c)</sup><br>| 4500000 | &nbsp;&nbsp; 4501981 |
| &nbsp;&nbsp;&nbsp; First National Master Note Trust, <br> Series 2024-1, Class A, 5.34%, <br> 05/15/2030<br>| 3870000 | &nbsp;&nbsp; 3935716 |
| &nbsp;&nbsp;&nbsp; FS KKR MM CLO 1 LLC, Series 2019-1A, <br> Class A1R, 6.43% (3 mo. Term SOFR + <br> 2.11%), 01/15/2031<sup>(b)(c)</sup><br>| 1601337 | &nbsp;&nbsp; 1603290 |
| &nbsp;&nbsp;&nbsp; GCAT Trust, Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(c)</sup><br>| 8197663 | &nbsp;&nbsp; 8220092 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, <br> Series 2023-1, Class A2, 5.49% (30 Day <br> Average SOFR + 1.15%), <br> 06/15/2028<sup>(b)(c)</sup><br>| 15000000 | &nbsp;&nbsp; 15098193 |
| &nbsp;&nbsp;&nbsp; GreatAmerica Leasing Receivables <br> Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 5.28%, <br> 03/15/2027<sup>(c)</sup><br>| 2258609 | &nbsp;&nbsp; 2266691 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 4.52%, <br> 10/15/2027<sup>(c)</sup><br>| 3150000 | &nbsp;&nbsp; 3149061 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 1.38%, <br> 09/27/2060<sup>(c)(f)</sup><br>| 1104798 | &nbsp;&nbsp; 1040412 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 6.09% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(c)</sup><br>| 4645000 | &nbsp;&nbsp; 4647322 |
| &nbsp;&nbsp;&nbsp; Series 2025-PJ1, Class A7, 6.00%, <br> 06/25/2055<sup>(c)(f)</sup><br>| 8143442 | &nbsp;&nbsp; 8172695 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-B, Class A2, 4.62%, <br> 08/16/2027<br>| 2095193 | &nbsp;&nbsp; 2095315 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust, Series 2024-2A, <br> Class A2, 5.50%, 10/20/2031<sup>(c)</sup><br>| 3322145 | &nbsp;&nbsp; 3327552 |
| &nbsp;&nbsp;&nbsp; HSI Asset Securitization Corp. Trust, <br> Series 2006-OPT2, Class M2, 5.05% (1 <br> mo. Term SOFR + 0.70%), <br> 01/25/2036<sup>(b)</sup><br>| 136014 | &nbsp;&nbsp; 135334 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A2B, 4.84% <br> (30 Day Average SOFR + 0.50%), <br> 03/15/2027<sup>(b)(c)</sup><br>| $3912226 | &nbsp;&nbsp; $3917014 |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class A3, 4.53%, <br> 04/17/2028<sup>(c)</sup><br>| 3800000 | &nbsp;&nbsp; 3811647 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, <br> Series 2025-A, Class A2B, 4.68% <br> (30 Day Average SOFR + 0.34%), <br> 12/15/2027<sup>(b)</sup><br>| 9318000 | &nbsp;&nbsp; 9322165 |
| J.P. Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV1, Class A4, 6.00%, <br> 04/25/2055<sup>(c)(f)</sup><br>| 6844217 | &nbsp;&nbsp; 6895287 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.50%, <br> 11/25/2065<sup>(c)(f)</sup><br>| 10000000 | &nbsp;&nbsp; 10018965 |
| &nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series 2025-A, <br> Class A2B, 4.63% (30 Day Average <br> SOFR + 0.29%), 03/15/2028<sup>(b)</sup><br>| 5300000 | &nbsp;&nbsp; 5299172 |
| &nbsp;&nbsp;&nbsp; KKR CLO 21 Ltd. (Cayman Islands), <br> Series A, 5.58% (3 mo. Term SOFR + <br> 1.26%), 04/15/2031<sup>(b)(c)</sup><br>| 628925 | &nbsp;&nbsp; 629361 |
| &nbsp;&nbsp;&nbsp; M&T Equipment (2025-LEAF1) LLC, <br> Series 2025-1A, Class A2, 4.70%, <br> 12/16/2027<sup>(c)</sup><br>| 4750000 | &nbsp;&nbsp; 4758673 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XLII Ltd. (Cayman <br> Islands), Series 2024-13A, Class AR, <br> 5.47% (3 mo. Term SOFR + 1.15%), <br> 11/21/2030<sup>(b)(c)</sup><br>| 1554763 | &nbsp;&nbsp; 1556400 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, <br> Series 2024-A, Class A2A, 5.44%, <br> 02/16/2027<br>| 2868320 | &nbsp;&nbsp; 2874477 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class A1, 7.28%, <br> 09/25/2068<sup>(c)</sup><br>| 5490822 | &nbsp;&nbsp; 5562218 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 5.04%, <br> 07/25/2069<sup>(c)(f)</sup><br>| 7691009 | &nbsp;&nbsp; 7630584 |
| &nbsp;&nbsp;&nbsp; Series 2025-DSC2, Class A1, 5.44%, <br> 07/25/2070<sup>(c)</sup><br>| 6000000 | &nbsp;&nbsp; 6002728 |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/2069<sup>(c)(f)</sup><br>| 9495198 | &nbsp;&nbsp; 9523643 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, <br> 07/15/2069<sup>(c)</sup><br>| 1134400 | &nbsp;&nbsp; 1058359 |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, <br> 02/18/2070<sup>(c)</sup><br>| 2646258 | &nbsp;&nbsp; 2336854 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-5A, Class A1, 5.97% (1 mo. <br> Term SOFR + 1.61%), 06/25/2057<sup>(b)(c)</sup><br>| 191679 | &nbsp;&nbsp; 193910 |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, 2.49%, <br> 09/25/2059<sup>(c)(f)</sup><br>| 1182714 | &nbsp;&nbsp; 1127580 |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.46%, <br> 01/26/2060<sup>(c)(f)</sup><br>| 913864 | &nbsp;&nbsp; 860086 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM12, Class A1, 5.48%, <br> 07/25/2064<sup>(c)</sup><br>| 5008868 | &nbsp;&nbsp; 4997904 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM18, Class A1, 5.41%, <br> 10/25/2064<sup>(c)(f)</sup><br>| 4882816 | &nbsp;&nbsp; 4869137 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class A1, 6.45%, <br> 02/25/2064<sup>(c)</sup><br>| 3839742 | &nbsp;&nbsp; 3880045 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners XVII Ltd. <br> (Cayman Islands), Series 2013-1A, <br> Class A1R2, 5.58% (3 mo. Term SOFR + <br> 1.26%), 01/25/2031<sup>(b)(c)</sup><br>| $468022 | &nbsp;&nbsp; $468452 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, 01/25/2060<sup>(c)(f)</sup><br>| 3374455 | &nbsp;&nbsp; 3406127 |
| Porsche Innovative Lease Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2A, 4.84%, <br> 01/20/2027<sup>(c)</sup><br>| 4182158 | &nbsp;&nbsp; 4184380 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2B, 4.79% <br> (30 Day Average SOFR + 0.44%), <br> 12/21/2026<sup>(b)(c)</sup><br>| 2544860 | &nbsp;&nbsp; 2545914 |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, 11/25/2058<sup>(c)</sup><br>| 5156067 | &nbsp;&nbsp; 5224576 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(c)(f)</sup><br>| 161519 | &nbsp;&nbsp; 159991 |
| SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 6.51%, <br> 04/20/2027<sup>(c)</sup><br>| 7326826 | &nbsp;&nbsp; 7357631 |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, <br> 02/22/2028<sup>(c)</sup><br>| 2000000 | &nbsp;&nbsp; 2001109 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(c)(f)</sup><br>| 167947 | &nbsp;&nbsp; 159788 |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 1.03%, <br> 11/25/2055<sup>(c)(f)</sup><br>| 1327058 | &nbsp;&nbsp; 1253419 |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, <br> 05/25/2065<sup>(c)(f)</sup><br>| 1603867 | &nbsp;&nbsp; 1499564 |
| Synchrony Card Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-A2, Class A, 5.74%, <br> 10/15/2029<br>| 8500000 | &nbsp;&nbsp; 8628496 |
| &nbsp;&nbsp;&nbsp; Series 2024-A1, Class A, 5.04%, <br> 03/15/2030<br>| 10000000 | &nbsp;&nbsp; 10105174 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2025-B, Class A2A, 4.46%, <br> 03/15/2028<br>| 8300000 | &nbsp;&nbsp; 8302868 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, 6.79%, <br> 10/25/2067<sup>(c)</sup><br>| 5819235 | &nbsp;&nbsp; 5813400 |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class A1, 7.07%, <br> 10/25/2068<sup>(c)</sup><br>| 6420792 | &nbsp;&nbsp; 6507943 |
| &nbsp;&nbsp;&nbsp; Series 2023-INV2, Class A1, 6.44%, <br> 08/25/2068<sup>(c)</sup><br>| 6207318 | &nbsp;&nbsp; 6238042 |
| &nbsp;&nbsp;&nbsp; Visio Trust, Series 2020-1R, Class A1, <br> 1.31%, 11/25/2055<sup>(c)</sup><br>| 1161879 | &nbsp;&nbsp; 1112525 |
| &nbsp;&nbsp;&nbsp; Volvo Financial Equipment LLC, <br> Series 2025-1A, Class A2, 4.41%, <br> 11/15/2027<sup>(c)</sup><br>| 3780000 | &nbsp;&nbsp; 3778102 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2, 4.65%, <br> 02/15/2028<sup>(c)</sup><br>| 6450000 | &nbsp;&nbsp; 6457128 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.18% (1 mo. <br> Term SOFR + 0.83%), 02/18/2039<sup>(b)(c)</sup><br>| 3714605 | &nbsp;&nbsp; 3722210 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.35% (1 mo. <br> Term SOFR + 1.00%), 06/21/2039<sup>(b)(c)</sup><br>| 5599323 | &nbsp;&nbsp; 5625457 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, 4.57%, <br> 01/18/2040<sup>(c)</sup><br>| 8250000 | &nbsp;&nbsp; 8268435 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1, 4.41%, <br> 05/18/2040<sup>(c)</sup><br>| 15000000 | &nbsp;&nbsp; 14988868 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2025-B, Class A2A, 4.38%, <br> 08/15/2028<br>| $3000000 | &nbsp;&nbsp; $2998763 |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A2B, 4.73% (30 Day Average <br> SOFR + 0.39%), 12/15/2027<sup>(b)</sup><br>| 2320000 | &nbsp;&nbsp; 2322386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $396,886,367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $396,886,367) | &nbsp;&nbsp; 396481471 |
|  | **Shares** |  |
| **Exchange-Traded Funds-0.25%** | **Exchange-Traded Funds-0.25%** | **Exchange-Traded Funds-0.25%** |
| &nbsp;&nbsp;&nbsp; Invesco AAA CLO Floating Rate <br> Note ETF<sup>(e)(g)</sup> <br>(Cost $7,059,851)<br>| 274672 | &nbsp;&nbsp; 7023363 |
|  | **Principal**<br> **Amount** |  |
| **Commercial Paper-21.66%**<sup>(h)</sup>  | **Commercial Paper-21.66%**<sup>(h)</sup>  | **Commercial Paper-21.66%**<sup>(h)</sup>  |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 08/05/2025<sup>(c)</sup> | $8000000 | &nbsp;&nbsp; 7994784 |
| &nbsp;&nbsp;&nbsp; 4.79%, 08/14/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14972310 |
| BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.69%, 08/25/2025<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 9968230 |
| &nbsp;&nbsp;&nbsp; 4.81%, 10/21/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14842665 |
| Boston Properties L.P. |  |  |
| &nbsp;&nbsp;&nbsp; 4.71%, 08/07/2025<sup>(c)</sup> | 9500000 | &nbsp;&nbsp; 9491555 |
| &nbsp;&nbsp;&nbsp; 4.71%, 08/22/2025<sup>(c)</sup> | 10500000 | &nbsp;&nbsp; 10470411 |
| Broadcom, Inc., 4.57%, 10/21/2025<sup>(c)</sup> | 3000000 | &nbsp;&nbsp; 2968398 |
| &nbsp;&nbsp;&nbsp; Brookfield BRP Holdings Canada, Inc., <br> 4.78%, 09/12/2025<br>| 10000000 | &nbsp;&nbsp; 9945360 |
| &nbsp;&nbsp;&nbsp; Brookfield Corporate Treasury Ltd., <br> 4.70%, 08/14/2025<sup>(c)</sup><br>| 15000000 | &nbsp;&nbsp; 14972565 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Holdings Canada, <br> Inc., 4.93%, 11/18/2025<br>| 15000000 | &nbsp;&nbsp; 14779530 |
| Brunswick Corp., 5.11%, 08/07/2025<sup>(c)</sup> | 12500000 | &nbsp;&nbsp; 12488041 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., 4.93%, <br> 08/25/2025<sup>(c)</sup><br>| 15000000 | &nbsp;&nbsp; 14950665 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), 4.57%, <br> 08/26/2025<sup>(c)</sup><br>| 9600000 | &nbsp;&nbsp; 9569933 |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.68%, 08/21/2025 | 25000000 | &nbsp;&nbsp; 24928125 |
| &nbsp;&nbsp;&nbsp; Series A, 4.67%, 09/08/2025 | 12625000 | &nbsp;&nbsp; 12556976 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.06%, 08/05/2025<sup>(c)</sup> | 17000000 | &nbsp;&nbsp; 16988287 |
| &nbsp;&nbsp;&nbsp; 5.04%, 08/26/2025<sup>(c)</sup> | 10860000 | &nbsp;&nbsp; 10820752 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.94%, 08/04/2025<sup>(c)</sup> | 12000000 | &nbsp;&nbsp; 11993568 |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/05/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14989935 |
| &nbsp;&nbsp;&nbsp; 4.82%, 08/12/2025<sup>(c)</sup> | 5000000 | &nbsp;&nbsp; 4991850 |
| &nbsp;&nbsp;&nbsp; 5.04%, 08/25/2025<sup>(c)</sup> | 20000000 | &nbsp;&nbsp; 19930920 |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp., 4.67%, <br> 08/27/2025<sup>(c)</sup><br>| 17000000 | &nbsp;&nbsp; 16941537 |
| &nbsp;&nbsp;&nbsp; Eversource Energy, 4.68%, <br> 08/05/2025<sup>(c)</sup><br>| 19000000 | &nbsp;&nbsp; 18987802 |
| Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/11/2025<sup>(c)</sup> | 15000000 | &nbsp;&nbsp; 14979090 |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/19/2025<sup>(c)</sup> | 2501000 | &nbsp;&nbsp; 2494945 |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/20/2025<sup>(c)</sup> | 9289000 | &nbsp;&nbsp; 9265313 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, 4.64%, <br> 08/29/2025<sup>(c)</sup><br>| 12000000 | &nbsp;&nbsp; 11955828 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., 4.88%, <br> 08/01/2025<br>| 6200000 | &nbsp;&nbsp; 6199158 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| Harley-Davidson Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.18%, 08/01/2025<sup>(c)</sup> | $| 8000000 | &nbsp;&nbsp; $7998968 |
| &nbsp;&nbsp;&nbsp; 5.08%, 08/08/2025<sup>(c)</sup> |  | 17000000 | &nbsp;&nbsp; 16982439 |
| &nbsp;&nbsp;&nbsp; 4.93%–4.97%, 08/12/2025<sup>(c)</sup> |  | 18500000 | &nbsp;&nbsp; 18471177 |
| &nbsp;&nbsp;&nbsp; 5.17%, 09/03/2025<sup>(c)</sup> |  | 10000000 | &nbsp;&nbsp; 9955350 |
| &nbsp;&nbsp;&nbsp; 5.04%, 09/04/2025<sup>(c)</sup> |  | 1500000 | &nbsp;&nbsp; 1493105 |
| HCA, Inc., 4.98%, 08/06/2025<sup>(c)</sup> |  | 13000000 | &nbsp;&nbsp; 12989548 |
| HSBC USA, Inc., 4.85%, 05/15/2026<sup>(c)</sup> |  | 9250000 | &nbsp;&nbsp; 9259902 |
| Jabil, Inc., 4.85%, 08/06/2025<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14987310 |
| National Fuel Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 08/04/2025 |  | 20000000 | &nbsp;&nbsp; 19989280 |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/14/2025 |  | 10500000 | &nbsp;&nbsp; 10480165 |
| ONEOK, Inc., 4.63%, 08/05/2025<sup>(c)</sup> |  | 7000000 | &nbsp;&nbsp; 6995457 |
| Phillips 66, 4.62%–4.62%, 08/22/2025<sup>(c)</sup> |  | 11925000 | &nbsp;&nbsp; 11891395 |
| Sonoco Products Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.93%–5.04%, 08/01/2025 |  | 24300000 | &nbsp;&nbsp; 24296671 |
| &nbsp;&nbsp;&nbsp; 4.98%, 08/15/2025 |  | 3800000 | &nbsp;&nbsp; 3792085 |
| TELUS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/06/2025<sup>(c)</sup> |  | 14000000 | &nbsp;&nbsp; 13988562 |
| &nbsp;&nbsp;&nbsp; 4.78%, 08/26/2025<sup>(c)</sup> |  | 12000000 | &nbsp;&nbsp; 11956860 |
| &nbsp;&nbsp;&nbsp; 5.01%, 09/05/2025<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14925060 |
| White Plains Capital Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/21/2025<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14841030 |
| &nbsp;&nbsp;&nbsp; 4.61%, 01/06/2026<sup>(c)</sup> |  | 15000000 | &nbsp;&nbsp; 14693055 |
| WPP CP LLC, 4.64%, 08/21/2025<sup>(c)</sup> |  | 8500000 | &nbsp;&nbsp; 8477297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper <br>(Cost $593,979,810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper <br>(Cost $593,979,810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper <br>(Cost $593,979,810) | &nbsp;&nbsp; 593903249 |
| **Certificates of Deposit-1.84%** | **Certificates of Deposit-1.84%** | **Certificates of Deposit-1.84%** | **Certificates of Deposit-1.84%** |
| **Diversified Banks-1.84%** | **Diversified Banks-1.84%** | **Diversified Banks-1.84%** | **Diversified Banks-1.84%** |
| &nbsp;&nbsp;&nbsp; Natixis S.A. (France), 4.99% (SOFR + <br> 0.60%), 08/04/2025<sup>(b)</sup><br>|  | 10000000 | &nbsp;&nbsp; 10000443 |
| Intesa Sanpaolo S.p.A. (Italy) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%01/07/2026 |  | 10000000 | &nbsp;&nbsp; 10009620 |
| &nbsp;&nbsp;&nbsp; 5.39% (SOFR + 1.00%), 10/16/2026<sup>(b)</sup> |  | 15500000 | &nbsp;&nbsp; 15562442 |
| &nbsp;&nbsp;&nbsp; 5.03% (SOFR + 0.70%), 07/17/2026<sup>(b)</sup> |  | 15000000 | &nbsp;&nbsp; 15009832 |
|  |  |  | &nbsp;&nbsp; 50582337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit <br>(Cost $50,500,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit <br>(Cost $50,500,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit <br>(Cost $50,500,000) | &nbsp;&nbsp; 50582337 |
|  | **Repurchase**<br> **Amount** | **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-1.09%**<sup>(i)</sup>  | **Repurchase Agreements-1.09%**<sup>(i)</sup>  | **Repurchase Agreements-1.09%**<sup>(i)</sup>  | **Repurchase Agreements-1.09%**<sup>(i)</sup>  |
| &nbsp;&nbsp;&nbsp; CF Secured LLC, joint open agreement <br> dated 02/07/2025 (collateralized by a <br> U.S. government sponsored agency <br> obligation, agency and non-agency <br> mortgage-backed securities and agency <br> and non-agency asset-backed securities <br> valued at $26,831,019; 0.00% - 6.75%; <br> 12/20/2034 - 11/15/2068), 5.08%, <br> 08/01/2025<sup>(j)</sup><br>|  | 10043839 | &nbsp;&nbsp; 10000000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Repurchase**<br> **Amount** | **Repurchase**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc., joint <br> term agreement dated 07/16/2025, <br> aggregate maturing value of <br> $30,004,233 (collateralized by <br> non-agency asset-backed securities and <br> non-agency mortgage-backed securities <br> valued at $33,000,000; 0.00% - <br> 12.36%; 04/15/2031 - 03/25/2070), <br> 5.08%, 08/01/2025<sup>(k)</sup><br>| $| 10001411 | &nbsp;&nbsp; $10000000 |
| &nbsp;&nbsp;&nbsp; Santander US Capital Markets LLC, joint <br> term agreement dated 07/07/2025, <br> aggregate maturing value of <br> $30,004,183 (collateralized by <br> non-agency asset-backed securities and <br> non-agency mortgage-backed securities <br> valued at $36,110,044; 0.00% - 6.64%; <br> 09/15/2027 - 10/25/2046), 5.03%, <br> 08/01/2025<sup>(k)</sup><br>|  | 10001394 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements <br>(Cost $30,000,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements <br>(Cost $30,000,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements <br>(Cost $30,000,000) | &nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $2,740,811,278) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $2,740,811,278) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.15% <br>(Cost $2,740,811,278) | &nbsp;&nbsp; 2746791994 |
|  | **Shares** | **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** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.95%** | **Money Market Funds-0.95%** | **Money Market Funds-0.95%** | **Money Market Funds-0.95%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(g)(l)(m)</sup><br>|  | 7200095 | &nbsp;&nbsp; 7200095 |
| Invesco Private Prime Fund, 4.46%<sup>(g)(l)(m)</sup> |  | 18751207 | &nbsp;&nbsp; 18754957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $25,955,052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $25,955,052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $25,955,052) | &nbsp;&nbsp; 25955052 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.10% <br>(Cost $2,766,766,330) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.10% <br>(Cost $2,766,766,330) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.10% <br>(Cost $2,766,766,330) | &nbsp;&nbsp; 2772747046 |
| OTHER ASSETS LESS LIABILITIES-(1.10)% | OTHER ASSETS LESS LIABILITIES-(1.10)% | OTHER ASSETS LESS LIABILITIES-(1.10)% | &nbsp;&nbsp; (30192362)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2742554684 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

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

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $1,260,042,124, which represented 45.94% 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 July 31, 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 July 31, 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 nine months ended July 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| &nbsp;&nbsp; Invesco AAA CLO Floating <br> Rate Note ETF<br>| &nbsp;&nbsp;&nbsp; $3053540 | &nbsp;&nbsp;&nbsp; $4000770 | &nbsp;&nbsp;&nbsp; $(3593)<br>| &nbsp;&nbsp;&nbsp; $(30947)<br>| &nbsp;&nbsp;&nbsp; $3593 | &nbsp;&nbsp;&nbsp; $7023363 | &nbsp;&nbsp;&nbsp; $273237 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 3163640 | &nbsp;&nbsp;&nbsp; 69751527 | &nbsp;&nbsp;&nbsp; (65715072)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7200095 | &nbsp;&nbsp;&nbsp; 135,442<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 8238473 | &nbsp;&nbsp;&nbsp; 162184484 | &nbsp;&nbsp;&nbsp; (151666309)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1691)<br>| &nbsp;&nbsp;&nbsp; 18754957 | &nbsp;&nbsp;&nbsp; 356,320<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $14455653 | &nbsp;&nbsp;&nbsp; $235936781 | &nbsp;&nbsp;&nbsp; $(217384974)<br>| &nbsp;&nbsp;&nbsp; $(30947)<br>| &nbsp;&nbsp;&nbsp; $1902 | &nbsp;&nbsp;&nbsp; $32978415 | &nbsp;&nbsp;&nbsp; $764999 |

---

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

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

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

<sup>(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. 

<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 July 31, 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. 

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

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

------

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

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

July 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-38.60%** | **U.S. Dollar Denominated Bonds & Notes-38.60%** | **U.S. Dollar Denominated Bonds & Notes-38.60%** |
| **Asset Management & Custody Banks-0.02%** | **Asset Management & Custody Banks-0.02%** | **Asset Management & Custody Banks-0.02%** |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), <br> 5.18% (SOFR + 0.83%), <br> 07/21/2028<sup>(b)</sup><br>| $125000 | &nbsp;&nbsp; $125414 |
| &nbsp;&nbsp;&nbsp; State Street Corp., 5.20% (SOFR + <br> 0.85%), 08/03/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75342 |
|  |  | &nbsp;&nbsp; 200756 |
| **Automobile Manufacturers-5.07%** | **Automobile Manufacturers-5.07%** | **Automobile Manufacturers-5.07%** |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany), 5.26% <br> (SOFR + 0.92%), 08/13/2027<sup>(b)(c)</sup><br>| 150000 | &nbsp;&nbsp; 150392 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC <br> (Germany)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.32% (SOFR + 0.96%), <br> 09/25/2027<sup>(b)(c)</sup><br>| 4250000 | &nbsp;&nbsp; 4263003 |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.84%), <br> 01/13/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4005181 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (SOFR + 2.95%), <br> 03/06/2026<sup>(b)</sup><br>| 5025000 | &nbsp;&nbsp; 5076907 |
| &nbsp;&nbsp;&nbsp; 5.80% (SOFR + 1.45%), <br> 11/05/2026<sup>(b)</sup><br>| 7625000 | &nbsp;&nbsp; 7593810 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp; 5.85% (SOFR + 1.50%), <br> 01/08/2027<sup>(b)(c)</sup><br>| 4700000 | &nbsp;&nbsp; 4746311 |
| &nbsp;&nbsp;&nbsp; 5.40% (SOFR + 1.04%), <br> 03/19/2027<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4009876 |
| &nbsp;&nbsp;&nbsp; 5.35% (SOFR + 0.99%), <br> 03/25/2027<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5008631 |
| &nbsp;&nbsp;&nbsp; 5.40% (SOFR + 1.04%), <br> 06/24/2027<sup>(b)(c)</sup><br>| 5225000 | &nbsp;&nbsp; 5236672 |
| &nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.92%), <br> 01/07/2028<sup>(b)(c)</sup><br>| 3000000 | &nbsp;&nbsp; 2993545 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 5.01% (SOFR <br> + 0.65%), 03/19/2027<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75160 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC (Germany)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.83%), <br> 03/20/2026<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4003865 |
| &nbsp;&nbsp;&nbsp; 5.40% (SOFR + 1.06%), <br> 08/14/2026<sup>(b)(c)</sup><br>| 6700000 | &nbsp;&nbsp; 6721412 |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.06%), <br> 03/25/2027<sup>(b)(c)</sup><br>| 8000000 | &nbsp;&nbsp; 8004640 |
|  |  | &nbsp;&nbsp; 61889405 |
| **Commercial & Residential Mortgage Finance-0.74%** | **Commercial & Residential Mortgage Finance-0.74%** | **Commercial & Residential Mortgage Finance-0.74%** |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63% (SOFR + 1.29%), <br> 02/16/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4033235 |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.07%), <br> 07/14/2029<sup>(b)(c)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5011802 |
|  |  | &nbsp;&nbsp; 9045037 |
| **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** | **Construction Machinery & Heavy Transportation Equipment-0.01%** |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., <br> 4.86% (SOFR + 0.52%), <br> 05/14/2027<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75137 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Consumer Finance-2.60%** | **Consumer Finance-2.60%** | **Consumer Finance-2.60%** |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.10% (SOFR + 0.76%), <br> 02/13/2026<sup>(b)</sup><br>| $125000 | &nbsp;&nbsp; $125244 |
| &nbsp;&nbsp;&nbsp; 5.71% (SOFR + 1.35%), <br> 10/30/2026<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp; 100392 |
| &nbsp;&nbsp;&nbsp; 5.33% (SOFR + 0.97%), <br> 07/28/2027<sup>(b)</sup><br>| 4294000 | &nbsp;&nbsp; 4311734 |
| &nbsp;&nbsp;&nbsp; 5.29% (SOFR + 0.93%), <br> 07/26/2028<sup>(b)</sup><br>| 4075000 | &nbsp;&nbsp; 4104406 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.39% (SOFR + 1.04%), <br> 02/26/2027<sup>(b)</sup><br>| 7597000 | &nbsp;&nbsp; 7598651 |
| &nbsp;&nbsp;&nbsp; 5.69% (SOFR + 1.35%), <br> 05/08/2027<sup>(b)</sup><br>| 6500000 | &nbsp;&nbsp; 6525930 |
| &nbsp;&nbsp;&nbsp; 5.40% (SOFR + 1.05%), <br> 07/15/2027<sup>(b)</sup><br>| 4000000 | &nbsp;&nbsp; 3993614 |
| &nbsp;&nbsp;&nbsp; 5.53% (SOFR + 1.17%), <br> 04/04/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 4985707 |
|  |  | &nbsp;&nbsp; 31745678 |
| **Diversified Banks-18.98%** | **Diversified Banks-18.98%** | **Diversified Banks-18.98%** |
| ABN AMRO Bank N.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp; 6.14% (SOFR + 1.78%), <br> 09/18/2027<sup>(b)(c)</sup><br>| 7000000 | &nbsp;&nbsp; 7086308 |
| &nbsp;&nbsp;&nbsp; 5.35% (SOFR + 1.00%), <br> 12/03/2028<sup>(b)(c)</sup><br>| 7600000 | &nbsp;&nbsp; 7613059 |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp; 5.73% (SOFR + 1.38%), <br> 03/14/2028<sup>(b)</sup><br>| 1200000 | &nbsp;&nbsp; 1207562 |
| &nbsp;&nbsp;&nbsp; 5.47% (SOFR + 1.12%), <br> 07/15/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5044270 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.34% (3 mo. Term SOFR + 1.02%), <br> 09/15/2026<sup>(b)(d)</sup><br>| 2706000 | &nbsp;&nbsp; 2708508 |
| &nbsp;&nbsp;&nbsp; 5.33% (SOFR + 0.97%), <br> 07/22/2027<sup>(b)(d)</sup><br>| 7114000 | &nbsp;&nbsp; 7150146 |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.05%), <br> 02/04/2028<sup>(b)</sup><br>| 1685000 | &nbsp;&nbsp; 1701458 |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.83%), <br> 01/24/2029<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200361 |
| &nbsp;&nbsp;&nbsp; 5.45% (SOFR + 1.11%), <br> 05/09/2029<sup>(b)(d)</sup><br>| 1500000 | &nbsp;&nbsp; 1512095 |
| Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.51% (SOFR + 1.16%), <br> 12/11/2026<sup>(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3028906 |
| &nbsp;&nbsp;&nbsp; 5.22% (SOFR + 0.86%), <br> 01/27/2029<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 125199 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% 06/12/2028<sup>(d)</sup> | 2500000 | &nbsp;&nbsp; 2566241 |
| &nbsp;&nbsp;&nbsp; 5.23% (SOFR + 0.89%), <br> 02/14/2029<sup>(b)</sup><br>| 5625000 | &nbsp;&nbsp; 5635326 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel <br> (France), 5.48% (SOFR + 1.13%), <br> 01/23/2027<sup>(b)(c)</sup><br>| 75000 | &nbsp;&nbsp; 75538 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel S.A. <br> (France), 5.58% (SOFR + 1.23%), <br> 01/22/2030<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5031494 |
| Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 6.23% (SOFR + 1.88%), <br> 09/13/2027<sup>(b)</sup><br>| 2750000 | &nbsp;&nbsp; 2789898 |
| &nbsp;&nbsp;&nbsp; 5.84% (SOFR + 1.49%), <br> 03/12/2028<sup>(b)(d)</sup><br>| 6500000 | &nbsp;&nbsp; 6555349 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. (France), 5.80% (SOFR <br> + 1.43%), 05/09/2029<sup>(b)(c)</sup><br>| $6250000 | &nbsp;&nbsp; $6322963 |
| &nbsp;&nbsp;&nbsp; BPCE S.A. (France), 6.33% (SOFR + <br> 1.98%), 10/19/2027<sup>(b)(c)</sup><br>| 6250000 | &nbsp;&nbsp; 6350296 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce <br> (Canada)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30% (SOFR + 0.94%), <br> 06/28/2027<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 251959 |
| &nbsp;&nbsp;&nbsp; 5.07% (SOFR + 0.72%), <br> 01/13/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5008915 |
| &nbsp;&nbsp;&nbsp; 5.39% (SOFR + 1.03%), <br> 03/30/2029<sup>(b)</sup><br>| 4000000 | &nbsp;&nbsp; 4020082 |
| &nbsp;&nbsp;&nbsp; Citibank N.A., 5.41% (SOFR + 1.06%), <br> 12/04/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75607 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.12% (SOFR + 0.77%), <br> 06/09/2027<sup>(b)</sup><br>| 975000 | &nbsp;&nbsp; 976274 |
| &nbsp;&nbsp;&nbsp; 5.63% (SOFR + 1.28%), <br> 02/24/2028<sup>(b)</sup><br>| 6077000 | &nbsp;&nbsp; 6133510 |
| &nbsp;&nbsp;&nbsp; 5.22% (SOFR + 0.87%), <br> 03/04/2029<sup>(b)</sup><br>| 3274000 | &nbsp;&nbsp; 3281369 |
| &nbsp;&nbsp;&nbsp; 5.81% (SOFR + 1.46%), <br> 05/07/2031<sup>(b)</sup><br>| 4500000 | &nbsp;&nbsp; 4550574 |
| &nbsp;&nbsp;&nbsp; Credit Agricole S.A. (France), 5.56% <br> (SOFR + 1.21%), 09/11/2028<sup>(b)(c)</sup><br>| 75000 | &nbsp;&nbsp; 75549 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank N.A., 5.17% (SOFR + <br> 0.81%), 01/28/2028<sup>(b)</sup><br>| 2634000 | &nbsp;&nbsp; 2635612 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp; 5.97% (3 mo. Term SOFR + 1.64%), <br> 09/12/2026<sup>(b)</sup><br>| 75000 | &nbsp;&nbsp; 75113 |
| &nbsp;&nbsp;&nbsp; 5.91% (SOFR + 1.57%), <br> 08/14/2027<sup>(b)</sup><br>| 2500000 | &nbsp;&nbsp; 2526507 |
| &nbsp;&nbsp;&nbsp; 5.38% (SOFR + 1.03%), <br> 03/03/2029<sup>(b)</sup><br>| 3636000 | &nbsp;&nbsp; 3643986 |
| &nbsp;&nbsp;&nbsp; 5.63% (SOFR + 1.29%), <br> 11/19/2030<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5001102 |
| &nbsp;&nbsp;&nbsp; Huntington National Bank (The), 5.07% <br> (SOFR + 0.72%), 04/12/2028<sup>(b)</sup><br>| 3103000 | &nbsp;&nbsp; 3103353 |
| ING Groep N.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp; 5.91% (SOFR + 1.56%), <br> 09/11/2027<sup>(b)</sup><br>| 6575000 | &nbsp;&nbsp; 6641129 |
| &nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.01%), <br> 03/25/2029<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5024151 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.24% (SOFR + 0.89%), <br> 04/22/2027<sup>(b)(d)</sup><br>| 250000 | &nbsp;&nbsp; 250752 |
| &nbsp;&nbsp;&nbsp; 5.55% (SOFR + 1.20%), <br> 01/23/2028<sup>(b)</sup><br>| 1667000 | &nbsp;&nbsp; 1682280 |
| &nbsp;&nbsp;&nbsp; 5.53% (SOFR + 1.18%), <br> 02/24/2028<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3534176 |
| &nbsp;&nbsp;&nbsp; 5.27% (SOFR + 0.92%), <br> 04/22/2028<sup>(b)(d)</sup><br>| 7500000 | &nbsp;&nbsp; 7536829 |
| &nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.93%), <br> 07/22/2028<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5031979 |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.80%), <br> 01/24/2029<sup>(b)(d)</sup><br>| 5200000 | &nbsp;&nbsp; 5210632 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.90% (SOFR + 1.56%), <br> 08/07/2027<sup>(b)</sup><br>| $3158000 | &nbsp;&nbsp; $3188109 |
| &nbsp;&nbsp;&nbsp; 5.94% (SOFR + 1.58%), <br> 01/05/2028<sup>(b)</sup><br>| 4575000 | &nbsp;&nbsp; 4617993 |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.06%), <br> 11/26/2028<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 125712 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 5.83% (SOFR + 1.48%), <br> 04/24/2031<sup>(b)</sup><br>| 1246000 | &nbsp;&nbsp; 1267057 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), <br> 5.42% (SOFR + 1.08%), <br> 05/13/2031<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5011667 |
| Morgan Stanley Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.52% (SOFR + 1.17%), <br> 10/30/2026<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 176610 |
| &nbsp;&nbsp;&nbsp; 5.43% (SOFR + 1.08%), <br> 01/14/2028<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp; 251800 |
| &nbsp;&nbsp;&nbsp; 5.22% (SOFR + 0.87%), <br> 05/26/2028<sup>(b)</sup><br>| 3200000 | &nbsp;&nbsp; 3214967 |
| &nbsp;&nbsp;&nbsp; 5.29% (SOFR + 0.94%), <br> 07/14/2028<sup>(b)(d)</sup><br>| 5000000 | &nbsp;&nbsp; 5030426 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom), <br> 5.64% (SOFR + 1.30%), <br> 11/15/2028<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3531031 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada), 5.21% <br> (SOFR + 0.86%), 10/18/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200894 |
| &nbsp;&nbsp;&nbsp; Societe Generale (France), 5.77% (SOFR <br> + 1.42%), 05/22/2029<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4018269 |
| Societe Generale S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp; 5.44% (SOFR + 1.10%), <br> 02/19/2027<sup>(b)(c)</sup><br>| 2000000 | &nbsp;&nbsp; 2004149 |
| &nbsp;&nbsp;&nbsp; 6.01% (SOFR + 1.66%), <br> 01/19/2028<sup>(b)(c)</sup><br>| 5575000 | &nbsp;&nbsp; 5621463 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United <br> Kingdom), 5.01% (SOFR + 0.65%), <br> 10/08/2026<sup>(b)</sup><br>| 3000000 | &nbsp;&nbsp; 3009332 |
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC (United <br> Kingdom)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.37% (SOFR + 2.03%), <br> 02/08/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4075136 |
| &nbsp;&nbsp;&nbsp; 5.51% (SOFR + 1.17%), <br> 05/14/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4018180 |
| &nbsp;&nbsp;&nbsp; 5.59% (SOFR + 1.24%), <br> 01/21/2029<sup>(b)(c)</sup><br>| 3500000 | &nbsp;&nbsp; 3523339 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan), <br> 5.33% (SOFR + 0.98%), <br> 09/10/2027<sup>(b)(c)</sup><br>| 125000 | &nbsp;&nbsp; 126303 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden), <br> 5.01% (SOFR + 0.66%), <br> 05/28/2027<sup>(b)(c)</sup><br>| 5475000 | &nbsp;&nbsp; 5493646 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), <br> 5.43% (SOFR + 1.08%), <br> 07/17/2026<sup>(b)</sup><br>| 1914000 | &nbsp;&nbsp; 1927414 |
| &nbsp;&nbsp;&nbsp; U.S. Bank N.A., 5.25% (SOFR + 0.91%), <br> 05/15/2028<sup>(b)</sup><br>| 7500000 | &nbsp;&nbsp; 7542000 |
| &nbsp;&nbsp;&nbsp; USB Realty Corp., 5.73% (3 mo. Term <br> SOFR + 1.41%)<sup>(b)(c)(e)</sup><br>| 1100000 | &nbsp;&nbsp; 884451 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% (SOFR + 0.78%), <br> 01/24/2028<sup>(b)(d)</sup><br>| $| 5596000 | &nbsp;&nbsp; $5606235 |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.07%), <br> 04/22/2028<sup>(b)(d)</sup><br>|  | 7075000 | &nbsp;&nbsp; 7123446 |
| &nbsp;&nbsp;&nbsp; 5.72% (SOFR + 1.37%), <br> 04/23/2029<sup>(b)(d)</sup><br>|  | 1250000 | &nbsp;&nbsp; 1268195 |
|  |  |  | &nbsp;&nbsp; 231834241 |
| **Diversified Capital Markets-1.29%** | **Diversified Capital Markets-1.29%** | **Diversified Capital Markets-1.29%** | **Diversified Capital Markets-1.29%** |
| Deutsche Bank AG (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.56% (SOFR + 1.22%), <br> 11/16/2027<sup>(b)</sup><br>|  | 4050000 | &nbsp;&nbsp; 4059379 |
| &nbsp;&nbsp;&nbsp; 5.56% (SOFR + 1.21%), <br> 01/10/2029<sup>(b)</sup><br>|  | 6597000 | &nbsp;&nbsp; 6623531 |
| &nbsp;&nbsp;&nbsp; 5.65% (SOFR + 1.30%), <br> 08/04/2031<sup>(b)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5002565 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia), 5.28% <br> (SOFR + 0.92%), 09/23/2027<sup>(b)(c)</sup><br>|  | 75000 | &nbsp;&nbsp; 75162 |
|  |  |  | &nbsp;&nbsp; 15760637 |
| **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** | **Diversified Financial Services-0.13%** |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc., 4.90%, <br> 04/03/2028<sup>(d)</sup><br>|  | 1629000 | &nbsp;&nbsp; 1638625 |
| **Diversified Metals & Mining-1.00%** | **Diversified Metals & Mining-1.00%** | **Diversified Metals & Mining-1.00%** | **Diversified Metals & Mining-1.00%** |
| Glencore Funding LLC (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.11% (SOFR + 0.75%), <br> 10/01/2026<sup>(b)(c)</sup><br>|  | 3214000 | &nbsp;&nbsp; 3217908 |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(c)</sup><br>|  | 6223000 | &nbsp;&nbsp; 6253392 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance (USA) PLC (Australia), <br> 5.19% (SOFR + 0.84%), <br> 03/14/2028<sup>(b)(d)</sup><br>|  | 2716000 | &nbsp;&nbsp; 2737292 |
|  |  |  | &nbsp;&nbsp; 12208592 |
| **Electric Utilities-1.32%** | **Electric Utilities-1.32%** | **Electric Utilities-1.32%** | **Electric Utilities-1.32%** |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc., 4.86% (SOFR + 0.52%), <br> 11/18/2027<sup>(b)(d)</sup><br>|  | 1324000 | &nbsp;&nbsp; 1326547 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., 4.63% (SOFR + <br> 0.28%), 09/15/2026<sup>(b)</sup><br>|  | 3679000 | &nbsp;&nbsp; 3679233 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.80%), <br> 02/05/2027<sup>(b)(d)</sup><br>|  | 5000000 | &nbsp;&nbsp; 5020226 |
| &nbsp;&nbsp;&nbsp; 5.17% (SOFR + 0.82%), <br> 09/16/2027<sup>(b)(d)</sup><br>|  | 4000000 | &nbsp;&nbsp; 4016300 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 5.30% (SOFR <br> + 0.95%), 09/04/2025<sup>(b)</sup><br>|  | 1900000 | &nbsp;&nbsp; 1900390 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp., 5.17% <br> (SOFR + 0.82%), 06/10/2026<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 200620 |
|  |  |  | &nbsp;&nbsp; 16143316 |
| **Integrated Telecommunication Services-0.19%** | **Integrated Telecommunication Services-0.19%** | **Integrated Telecommunication Services-0.19%** | **Integrated Telecommunication Services-0.19%** |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp. (Japan), 5.43% (SOFR <br> + 1.08%), 07/16/2028<sup>(b)(c)(d)</sup><br>|  | 2333000 | &nbsp;&nbsp; 2356037 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage-1.92%** | **Investment Banking & Brokerage-1.92%** | **Investment Banking & Brokerage-1.92%** |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.07%), <br> 08/10/2026<sup>(b)</sup><br>| $75000 | &nbsp;&nbsp; $75059 |
| &nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.81%), <br> 03/09/2027<sup>(b)</sup><br>| 2460000 | &nbsp;&nbsp; 2466185 |
| &nbsp;&nbsp;&nbsp; 5.17% (SOFR + 0.82%), <br> 09/10/2027<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3505650 |
| &nbsp;&nbsp;&nbsp; 5.27% (SOFR + 0.92%), <br> 10/21/2027<sup>(b)</sup><br>| 125000 | &nbsp;&nbsp; 125624 |
| &nbsp;&nbsp;&nbsp; 6.33% (3 mo. Term SOFR + 2.01%), <br> 10/28/2027<sup>(b)</sup><br>| 1220000 | &nbsp;&nbsp; 1242343 |
| &nbsp;&nbsp;&nbsp; 6.20% (SOFR + 1.85%), <br> 03/15/2028<sup>(b)</sup><br>| 3500000 | &nbsp;&nbsp; 3562273 |
| &nbsp;&nbsp;&nbsp; 5.64% (SOFR + 1.29%), <br> 04/23/2028<sup>(b)(d)</sup><br>| 1308000 | &nbsp;&nbsp; 1319884 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.02%), <br> 04/13/2028<sup>(b)</sup><br>| 7500000 | &nbsp;&nbsp; 7540987 |
| &nbsp;&nbsp;&nbsp; 5.73% (SOFR + 1.38%), <br> 04/12/2029<sup>(b)(d)</sup><br>| 3500000 | &nbsp;&nbsp; 3551243 |
|  |  | &nbsp;&nbsp; 23389248 |
| **Life & Health Insurance-3.77%** | **Life & Health Insurance-3.77%** | **Life & Health Insurance-3.77%** |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.85%), <br> 05/08/2026<sup>(b)(c)</sup><br>| 6775000 | &nbsp;&nbsp; 6792912 |
| &nbsp;&nbsp;&nbsp; 5.38% (SOFR + 1.03%), <br> 08/27/2026<sup>(b)(c)</sup><br>| 6000000 | &nbsp;&nbsp; 6034432 |
| &nbsp;&nbsp;&nbsp; 5.57% (SOFR + 1.21%), <br> 03/25/2027<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5043565 |
| &nbsp;&nbsp;&nbsp; 5.30% (SOFR + 0.95%), <br> 03/06/2028<sup>(b)(c)</sup><br>| 3000000 | &nbsp;&nbsp; 3015117 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp; 5.66% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(c)</sup><br>| 4320000 | &nbsp;&nbsp; 4350459 |
| &nbsp;&nbsp;&nbsp; 5.11% (SOFR + 0.75%), <br> 01/07/2028<sup>(b)(c)</sup><br>| 7000000 | &nbsp;&nbsp; 6989741 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, <br> 5.32% (SOFR + 0.97%), <br> 01/14/2028<sup>(b)(c)</sup><br>| 5000000 | &nbsp;&nbsp; 5022499 |
| MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% (SOFR + 0.77%), <br> 01/29/2027<sup>(b)(c)</sup><br>| 1000000 | &nbsp;&nbsp; 1005659 |
| &nbsp;&nbsp;&nbsp; 5.09% (SOFR + 0.74%), <br> 04/09/2027<sup>(b)(c)</sup><br>| 2500000 | &nbsp;&nbsp; 2512976 |
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II, 5.41% <br> (SOFR + 1.05%), 07/28/2026<sup>(b)(c)</sup><br>| 2265000 | &nbsp;&nbsp; 2281172 |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, 5.05% <br> (SOFR + 0.70%), 04/10/2026<sup>(b)(c)</sup><br>| 3000000 | &nbsp;&nbsp; 3005552 |
|  |  | &nbsp;&nbsp; 46054084 |
| **Regional Banks-0.62%** | **Regional Banks-0.62%** | **Regional Banks-0.62%** |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., 5.97% <br> (SOFR + 1.61%), 03/20/2029<sup>(b)(d)</sup><br>| 7500000 | &nbsp;&nbsp; 7586171 |
| **Soft Drinks & Non-alcoholic Beverages-0.90%** | **Soft Drinks & Non-alcoholic Beverages-0.90%** | **Soft Drinks & Non-alcoholic Beverages-0.90%** |
| Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.93% (SOFR + 0.58%), <br> 11/15/2026<sup>(b)</sup><br>| 6000000 | &nbsp;&nbsp; 6015340 |
| &nbsp;&nbsp;&nbsp; 5.23% (SOFR + 0.88%), <br> 03/15/2027<sup>(b)</sup><br>| 5000000 | &nbsp;&nbsp; 5030459 |
|  |  | &nbsp;&nbsp; 11045799 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** | **Transaction & Payment Processing Services-0.04%** |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 5.02% (SOFR + <br> 0.67%), 03/06/2028<sup>(b)</sup><br>| $500000 | &nbsp;&nbsp; $502345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $469,152,045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $469,152,045) | &nbsp;&nbsp; 471475108 |
| **U.S. Treasury Securities-21.40%** | **U.S. Treasury Securities-21.40%** | **U.S. Treasury Securities-21.40%** |
| **U.S. Treasury Floating Rate Notes-21.40%** | **U.S. Treasury Floating Rate Notes-21.40%** | **U.S. Treasury Floating Rate Notes-21.40%** |
| &nbsp;&nbsp;&nbsp; 4.41% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.21%), <br> 10/31/2026<sup>(b)</sup><br>| 97125000 | &nbsp;&nbsp; 97236927 |
| &nbsp;&nbsp;&nbsp; 4.31% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.10%), <br> 01/31/2027<sup>(b)</sup><br>| 121100000 | &nbsp;&nbsp; 121085121 |
| &nbsp;&nbsp;&nbsp; 4.37% (3 mo. U.S. Treasury Bill Money <br> Market Yield Rate + 0.16%), <br> 04/30/2027<sup>(b)</sup><br>| 43100000 | &nbsp;&nbsp; 43129079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $261,413,731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $261,413,731) | &nbsp;&nbsp; 261451127 |
| **Asset-Backed Securities-16.42%** | **Asset-Backed Securities-16.42%** | **Asset-Backed Securities-16.42%** |
| &nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Trust, <br> Series 2004-2, Class 6A1, 0.71%, <br> 02/25/2035<sup>(f)</sup><br>| 8105 | &nbsp;&nbsp; 8066 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables <br> XIII LLC, Series 2024-1A, Class A2, <br> 5.38%, 01/21/2031<sup>(c)</sup><br>| 2278386 | &nbsp;&nbsp; 2296875 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, 5.57%, <br> 04/25/2070<sup>(c)</sup><br>| 3875264 | &nbsp;&nbsp; 3874367 |
| &nbsp;&nbsp;&nbsp; Series 2025-HB1, Class A1, 6.15% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(b)(c)</sup><br>| 1572780 | &nbsp;&nbsp; 1586234 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding (AESOP) <br> LLC, Series 2020-2A, Class C, 4.25%, <br> 02/20/2027<sup>(c)</sup><br>| 1300000 | &nbsp;&nbsp; 1293424 |
| &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities <br> Trust, Series 2022-DKLX, Class A, <br> 5.49% (1 mo. Term SOFR + 1.15%), <br> 01/15/2039<sup>(b)(c)</sup><br>| 906906 | &nbsp;&nbsp; 905062 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series 2019-<br> BWAY, Class B, 5.77% (1 mo. Term <br> SOFR + 1.42%), 11/15/2034<sup>(b)(c)</sup><br>| 3250000 | &nbsp;&nbsp; 170625 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-7, Class 6A, 6.13%, <br> 10/25/2033<sup>(f)</sup><br>| 61402 | &nbsp;&nbsp; 59391 |
| &nbsp;&nbsp;&nbsp; Series 2003-8, Class 4A1, 6.73%, <br> 01/25/2034<sup>(f)</sup><br>| 99395 | &nbsp;&nbsp; 99467 |
| &nbsp;&nbsp;&nbsp; BIG Commercial Mortgage Trust, <br> Series 2022, Class A, 5.68% (1 mo. <br> Term SOFR + 1.34%), <br> 02/15/2039<sup>(b)(c)</sup><br>| 1432263 | &nbsp;&nbsp; 1429913 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, <br> Series 2025-NQM3, Class A1, 5.57%, <br> 03/25/2065<sup>(c)</sup><br>| 5463356 | &nbsp;&nbsp; 5474120 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B, 5.71% (1 <br> mo. Term SOFR + 1.36%), <br> 11/15/2038<sup>(b)(c)</sup><br>| 3429194 | &nbsp;&nbsp; 3426467 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, 5.16% (1 <br> mo. Term SOFR + 0.81%), <br> 09/15/2036<sup>(b)(c)</sup><br>| $678180 | &nbsp;&nbsp; $677090 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, 5.41% (1 <br> mo. Term SOFR + 1.06%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 3151377 | &nbsp;&nbsp; 3140752 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, 5.56% (1 <br> mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 3875313 | &nbsp;&nbsp; 3861220 |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 6.11% (1 <br> mo. Term SOFR + 1.76%), <br> 09/15/2036<sup>(b)(c)</sup><br>| 1211035 | &nbsp;&nbsp; 1207965 |
| &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-LGCY, Class B, <br> 5.31% (1 mo. Term SOFR + 0.97%), <br> 10/15/2036<sup>(b)(c)</sup><br>| 3630000 | &nbsp;&nbsp; 3622167 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series 2024-<br> 1, Class C, 5.47%, 08/15/2029<br>| 2000000 | &nbsp;&nbsp; 2031265 |
| &nbsp;&nbsp;&nbsp; Carmax Select Receivables Trust, <br> Series 2024-A, Class C, 5.62%, <br> 01/15/2030<br>| 1400000 | &nbsp;&nbsp; 1419439 |
| &nbsp;&nbsp;&nbsp; CCG Receivables Trust, Series 2023-2, <br> Class A2, 6.28%, 04/14/2032<sup>(c)</sup><br>| 1524764 | &nbsp;&nbsp; 1540131 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A11, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 05/25/2055<sup>(b)(c)</sup><br>| 3281856 | &nbsp;&nbsp; 3277366 |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A11, 5.65% <br> (30 Day Average SOFR + 1.30%), <br> 06/25/2055<sup>(b)(c)</sup><br>| 3637739 | &nbsp;&nbsp; 3639956 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A11, 5.55% <br> (30 Day Average SOFR + 1.20%), <br> 11/25/2055<sup>(b)(c)</sup><br>| 4557201 | &nbsp;&nbsp; 4543110 |
| &nbsp;&nbsp;&nbsp; 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)(c)</sup><br>| 3546466 | &nbsp;&nbsp; 3562859 |
| &nbsp;&nbsp;&nbsp; CLI Funding VI LLC, Series 2020-3A, <br> Class A, 2.07%, 10/18/2045<sup>(c)</sup><br>| 2123250 | &nbsp;&nbsp; 1973297 |
| Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-BGS, Class A2, 5.12% (1 <br> mo. Term SOFR + 0.76%), <br> 09/25/2042<sup>(b)(c)</sup><br>| 98838 | &nbsp;&nbsp; 97351 |
| &nbsp;&nbsp;&nbsp; Series 2018-AGS, Class A2, 4.97% (1 <br> mo. Term SOFR + 0.61%), <br> 02/25/2044<sup>(b)(c)</sup><br>| 194553 | &nbsp;&nbsp; 192339 |
| &nbsp;&nbsp;&nbsp; Series 2018-CGS, Class A2, 5.27% (1 <br> mo. Term SOFR + 0.91%), <br> 02/25/2046<sup>(b)(c)</sup><br>| 417475 | &nbsp;&nbsp; 413416 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-D, Class C, 7.17%, <br> 01/15/2030<sup>(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4064706 |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class C, 4.76%, <br> 01/15/2031<sup>(c)</sup><br>| 1558000 | &nbsp;&nbsp; 1552934 |
| &nbsp;&nbsp;&nbsp; Cross 2024-H7 Mortgage Trust, <br> Series 2024-H7, Class A1, 5.59%, <br> 11/25/2069<sup>(c)(f)</sup><br>| 4318429 | &nbsp;&nbsp; 4321917 |
| &nbsp;&nbsp;&nbsp; Edsouth Indenture No. 9 LLC, <br> Series 2015-1, Class A, 5.26% (30 Day <br> Average SOFR + 0.91%), <br> 10/25/2056<sup>(b)(c)</sup><br>| 219310 | &nbsp;&nbsp; 218158 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.84% (1 <br> mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(b)(c)</sup><br>| $4288639 | &nbsp;&nbsp; $4295607 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, <br> Series 2024-B, Class B, 5.18%, <br> 02/15/2028<br>| 5000000 | &nbsp;&nbsp; 5036832 |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust A, Series 2023-1, Class A2, <br> 5.59% (30 Day Average SOFR + <br> 1.25%), 05/15/2028<sup>(b)(c)</sup><br>| 2500000 | &nbsp;&nbsp; 2514435 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, <br> Series 2023-1, Class A2, 5.49% <br> (30 Day Average SOFR + 1.15%), <br> 06/15/2028<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4026185 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class A1, 5.95% <br> (30 Day Average SOFR + 1.60%), <br> 08/25/2054<sup>(b)(c)</sup><br>| 1058169 | &nbsp;&nbsp; 1061255 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 6.09% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(b)(c)</sup><br>| 2900000 | &nbsp;&nbsp; 2901450 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust, Series 2023-2A, <br> Class D, 6.97%, 07/21/2031<sup>(c)</sup><br>| 1500000 | &nbsp;&nbsp; 1523637 |
| J.P. Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A11, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 04/25/2055<sup>(b)(c)</sup><br>| 2563511 | &nbsp;&nbsp; 2560799 |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class A11, 5.70% <br> (30 Day Average SOFR + 1.35%), <br> 02/25/2055<sup>(b)(c)</sup><br>| 2250660 | &nbsp;&nbsp; 2256536 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2018-PHH, <br> Class B, 5.85% (1 mo. Term SOFR + <br> 1.51%), 06/15/2035<sup>(b)(c)</sup><br>| 2385000 | &nbsp;&nbsp; 1771105 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-6, Class A11, 5.37% (1 <br> mo. Term SOFR + 1.01%), <br> 12/25/2049<sup>(b)(c)</sup><br>| 40453 | &nbsp;&nbsp; 38648 |
| &nbsp;&nbsp;&nbsp; Series 2019-INV2, Class A1, 5.37% (1 <br> mo. Term SOFR + 1.01%), <br> 02/25/2050<sup>(b)(c)</sup><br>| 153787 | &nbsp;&nbsp; 146821 |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A11, 5.47% <br> (1 mo. Term SOFR + 1.11%), <br> 05/25/2050<sup>(b)(c)</sup><br>| 68146 | &nbsp;&nbsp; 65149 |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV3, Class A1, 5.32% (1 <br> mo. Term SOFR + 0.96%), <br> 03/25/2050<sup>(b)(c)</sup><br>| 8628 | &nbsp;&nbsp; 8600 |
| &nbsp;&nbsp;&nbsp; Series 2020-8, Class A11, 5.21% <br> (30 Day Average SOFR + 0.90%), <br> 03/25/2051<sup>(b)(c)</sup><br>| 173328 | &nbsp;&nbsp; 163636 |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV1, Class A11, 5.43% <br> (1 mo. Term SOFR + 1.11%), <br> 06/25/2050<sup>(b)(c)</sup><br>| 4851 | &nbsp;&nbsp; 4832 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A11, 4.96% <br> (30 Day Average SOFR + 0.65%), <br> 06/25/2051<sup>(b)(c)</sup><br>| 549059 | &nbsp;&nbsp; 511012 |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A11, 5.60% <br> (30 Day Average SOFR + 1.25%), <br> 11/25/2054<sup>(b)(c)</sup><br>| 4359667 | &nbsp;&nbsp; 4353665 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; MED Commercial Mortgage Trust, <br> Series 2024-MOB, Class A, 5.93% (1 <br> mo. Term SOFR + 1.59%), <br> 05/15/2041<sup>(b)(c)</sup><br>| $5000000 | &nbsp;&nbsp; $4986666 |
| &nbsp;&nbsp;&nbsp; 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)(c)</sup><br>| 2633871 | &nbsp;&nbsp; 2457440 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC, <br> Series 2023-1A, Class A, 7.21%, <br> 05/20/2036<sup>(c)</sup><br>| 1180145 | &nbsp;&nbsp; 1188103 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-F, Class A1, 5.11% (1 mo. <br> Term SOFR + 0.75%), 10/25/2028<sup>(b)</sup><br>| 24306 | &nbsp;&nbsp; 23691 |
| &nbsp;&nbsp;&nbsp; Series 2005-A2, Class A5, 5.49%, <br> 02/25/2035<sup>(f)</sup><br>| 35289 | &nbsp;&nbsp; 33498 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, <br> Series 2021-MHC, Class B, 5.56% (1 <br> mo. Term SOFR + 1.22%), <br> 04/15/2038<sup>(b)(c)</sup><br>| 2800000 | &nbsp;&nbsp; 2806504 |
| &nbsp;&nbsp;&nbsp; MHP, Series 2021-STOR, Class C, 5.51% <br> (1 mo. Term SOFR + 1.16%), <br> 07/15/2038<sup>(b)(c)</sup><br>| 4353000 | &nbsp;&nbsp; 4354272 |
| &nbsp;&nbsp;&nbsp; MHP Commercial Mortgage Trust, <br> Series 2021-STOR, Class B, 5.36% (1 <br> mo. Term SOFR + 1.01%), <br> 07/15/2038<sup>(b)(c)</sup><br>| 2500000 | &nbsp;&nbsp; 2500636 |
| &nbsp;&nbsp;&nbsp; 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)(c)</sup><br>| 3646856 | &nbsp;&nbsp; 3643763 |
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan <br> Trust, Series 2019-D, Class A2B, <br> 5.51% (1 mo. Term SOFR + 1.16%), <br> 12/15/2059<sup>(b)(c)</sup><br>| 1553570 | &nbsp;&nbsp; 1547659 |
| Navient Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1B, 5.06% <br> (30 Day Average SOFR + 0.71%), <br> 12/26/2069<sup>(b)(c)</sup><br>| 3845802 | &nbsp;&nbsp; 3825073 |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1B, 5.01% <br> (30 Day Average SOFR + 0.66%), <br> 02/25/2070<sup>(b)(c)</sup><br>| 1026025 | &nbsp;&nbsp; 1013188 |
| &nbsp;&nbsp;&nbsp; Navistar Financial Dealer Note Master <br> Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 5.79%, <br> 04/25/2029<sup>(c)</sup><br>| 2080000 | &nbsp;&nbsp; 2093144 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 6.13%, <br> 04/25/2029<sup>(c)</sup><br>| 850000 | &nbsp;&nbsp; 854209 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A7, 5.18% <br> (SOFR90A + 0.84%), 01/26/2037<sup>(b)(c)</sup><br>| 3661885 | &nbsp;&nbsp; 3595630 |
| &nbsp;&nbsp;&nbsp; Series 2014-3A, Class A, 5.04% <br> (30 Day Average SOFR + 0.69%), <br> 06/25/2041<sup>(b)(c)</sup><br>| 506643 | &nbsp;&nbsp; 504930 |
| &nbsp;&nbsp;&nbsp; Series 2020-5A, Class A, 5.35% (1 mo. <br> Term SOFR + 0.99%), <br> 10/25/2068<sup>(b)(c)</sup><br>| 3052751 | &nbsp;&nbsp; 3040213 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A2, 5.50% (1 mo. <br> Term SOFR + 1.14%), <br> 04/20/2062<sup>(b)(c)</sup><br>| 2680000 | &nbsp;&nbsp; 2678647 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust 2025-A, <br> Series 2025-AA, Class A1B, 5.44% <br> (30 Day Average SOFR + 1.10%), <br> 03/15/2057<sup>(b)(c)</sup><br>| $1457501 | &nbsp;&nbsp; $1451174 |
| &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust, <br> Series 2024-1A, Class A1, 5.24% <br> (30 Day Average SOFR + 0.90%), <br> 03/15/2029<sup>(b)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4025165 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-EXP2, Class 2A2, 5.42% <br> (1 mo. Term SOFR + 1.06%), <br> 07/25/2058<sup>(b)(c)</sup><br>| 7753 | &nbsp;&nbsp; 7758 |
| &nbsp;&nbsp;&nbsp; Series 2019-EXP1, Class 2A1B, 5.38% <br> (1 mo. Term SOFR + 1.06%), <br> 01/25/2059<sup>(b)(c)</sup><br>| 352617 | &nbsp;&nbsp; 352735 |
| &nbsp;&nbsp;&nbsp; Series 2019-EXP1, Class 2A2, 5.58% <br> (1 mo. Term SOFR + 1.26%), <br> 01/25/2059<sup>(b)(c)</sup><br>| 35262 | &nbsp;&nbsp; 35422 |
| &nbsp;&nbsp;&nbsp; Series 2019-EXP2, Class 2A2, 5.63% <br> (1 mo. Term SOFR + 1.31%), <br> 06/25/2059<sup>(b)(c)</sup><br>| 100946 | &nbsp;&nbsp; 99891 |
| &nbsp;&nbsp;&nbsp; Series 2019-INV2, Class A11, 5.38% <br> (1 mo. Term SOFR + 1.06%), <br> 05/27/2049<sup>(b)(c)</sup><br>| 2421478 | &nbsp;&nbsp; 2328559 |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP1, Class 2A2, 5.42% <br> (1 mo. Term SOFR + 1.06%), <br> 02/25/2060<sup>(b)(c)</sup><br>| 198478 | &nbsp;&nbsp; 196225 |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP3, Class 2A2, 5.67% <br> (1 mo. Term SOFR + 1.31%), <br> 01/25/2060<sup>(b)(c)</sup><br>| 181470 | &nbsp;&nbsp; 181008 |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A11, 5.33% <br> (1 mo. Term SOFR + 1.01%), <br> 12/25/2049<sup>(b)(c)</sup><br>| 165096 | &nbsp;&nbsp; 156840 |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.99%, <br> 01/25/2064<sup>(c)</sup><br>| 669143 | &nbsp;&nbsp; 672318 |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 5.95% <br> (30 Day Average SOFR + 1.60%), <br> 02/25/2055<sup>(b)(c)</sup><br>| 2425448 | &nbsp;&nbsp; 2435888 |
| &nbsp;&nbsp;&nbsp; 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)(c)</sup><br>| 4000000 | &nbsp;&nbsp; 4067918 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-B, Class A2B, 5.46% (1 <br> mo. Term SOFR + 1.11%), <br> 06/15/2037<sup>(b)(c)</sup><br>| 973550 | &nbsp;&nbsp; 974494 |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, 5.29% (1 <br> mo. Term SOFR + 0.94%), <br> 09/15/2037<sup>(b)(c)</sup><br>| 650088 | &nbsp;&nbsp; 649851 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A2, 5.19% (1 <br> mo. Term SOFR + 0.84%), <br> 01/15/2053<sup>(b)(c)</sup><br>| 2286823 | &nbsp;&nbsp; 2262545 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class A1B, 5.79% <br> (30 Day Average SOFR + 1.45%), <br> 02/16/2055<sup>(b)(c)</sup><br>| 1701867 | &nbsp;&nbsp; 1719165 |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class A1B, 6.19% <br> (30 Day Average SOFR + 1.85%), <br> 05/16/2050<sup>(b)(c)</sup><br>| 1651492 | &nbsp;&nbsp; 1667340 |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A1B, 5.89% <br> (30 Day Average SOFR + 1.55%), <br> 11/15/2052<sup>(b)(c)</sup><br>| 1377833 | &nbsp;&nbsp; 1392557 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A1B, 5.44% <br> (30 Day Average SOFR + 1.10%), <br> 07/15/2053<sup>(b)(c)</sup><br>| $| 3517173 | &nbsp;&nbsp; $3525339 |
| &nbsp;&nbsp;&nbsp; Series 2024-F, Class A1B, 5.34% <br> (30 Day Average SOFR + 1.00%), <br> 03/16/2054<sup>(b)(c)</sup><br>|  | 6763810 | &nbsp;&nbsp; 6748715 |
| &nbsp;&nbsp;&nbsp; SMRT, Series 2022-MINI, Class B, 5.69% <br> (1 mo. Term SOFR + 1.35%), <br> 01/15/2039<sup>(b)(c)</sup><br>|  | 4655000 | &nbsp;&nbsp; 4631623 |
| &nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-PALM, Class A, <br> 5.05% (1 mo. Term SOFR + 0.70%), <br> 10/15/2034<sup>(b)(c)</sup><br>|  | 3015000 | &nbsp;&nbsp; 3003667 |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, Series 2023-A, <br> Class B, 6.41%, 07/20/2027<sup>(c)</sup><br>|  | 3500000 | &nbsp;&nbsp; 3511373 |
| &nbsp;&nbsp;&nbsp; Textainer Marine Containers VII Ltd. <br> (China), Series 2020-1A, Class A, <br> 2.73%, 08/21/2045<sup>(c)</sup><br>|  | 1764986 | &nbsp;&nbsp; 1684319 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Ctfs. <br> Trust, Series 2004-AR3, Class A2, <br> 4.52%, 06/25/2034<sup>(f)</sup><br>|  | 36076 | &nbsp;&nbsp; 33805 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, <br> Series 2016-NXS5, Class A6FL, 6.01% <br> (1 mo. Term SOFR + 1.66%), <br> 01/15/2059<sup>(b)(c)</sup><br>|  | 2500000 | &nbsp;&nbsp; 2495372 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-4A, Class C, 6.64%, <br> 11/15/2028<sup>(c)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3068449 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, <br> Series 2025-1A, Class A1, 4.57%, <br> 01/18/2040<sup>(c)</sup><br>|  | 6750000 | &nbsp;&nbsp; 6765083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $203,326,598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $203,326,598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $203,326,598) | &nbsp;&nbsp; 200513517 |
| **Agency Credit Risk Transfer Notes-14.94%** | **Agency Credit Risk Transfer Notes-14.94%** | **Agency Credit Risk Transfer Notes-14.94%** | **Agency Credit Risk Transfer Notes-14.94%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Connecticut Avenue <br> Securities<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M1, 5.20% <br> (30 Day Average SOFR + 0.85%), <br> 12/25/2041<sup>(b)(c)(g)</sup><br>|  | 700210 | &nbsp;&nbsp; 699845 |
| &nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 5.35% <br> (30 Day Average SOFR + 1.00%), <br> 12/25/2041<sup>(b)(c)(g)</sup><br>|  | 940712 | &nbsp;&nbsp; 940822 |
| &nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 6.25% <br> (30 Day Average SOFR + 1.90%), <br> 12/25/2041<sup>(b)(c)(g)</sup><br>|  | 4994000 | &nbsp;&nbsp; 5050668 |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1, 5.55% <br> (30 Day Average SOFR + 1.20%), <br> 01/25/2042<sup>(b)(c)(g)</sup><br>|  | 476690 | &nbsp;&nbsp; 476872 |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 7.35% <br> (30 Day Average SOFR + 3.00%), <br> 01/25/2042<sup>(b)(c)(g)</sup><br>|  | 4000000 | &nbsp;&nbsp; 4099002 |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.45% <br> (30 Day Average SOFR + 3.10%), <br> 03/25/2042<sup>(b)(c)(g)</sup><br>|  | 4510000 | &nbsp;&nbsp; 4651670 |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1, 6.25% <br> (30 Day Average SOFR + 1.90%), <br> 04/25/2042<sup>(b)(c)(g)</sup><br>|  | 777638 | &nbsp;&nbsp; 780854 |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, 7.35% <br> (30 Day Average SOFR + 3.00%), <br> 04/25/2042<sup>(b)(c)(g)</sup><br>|  | 1750000 | &nbsp;&nbsp; 1795290 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1, 7.10% <br> (30 Day Average SOFR + 2.75%), <br> 05/25/2042<sup>(b)(c)(g)</sup><br>| $754770 | &nbsp;&nbsp; $771071 |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1, 7.30% <br> (30 Day Average SOFR + 2.95%), <br> 06/25/2042<sup>(b)(c)(g)</sup><br>| 2089390 | &nbsp;&nbsp; 2141038 |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1, 6.90% <br> (30 Day Average SOFR + 2.55%), <br> 07/25/2042<sup>(b)(c)(g)</sup><br>| 3971096 | &nbsp;&nbsp; 4067336 |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 6.75% <br> (30 Day Average SOFR + 2.40%), <br> 12/25/2042<sup>(b)(c)(g)</sup><br>| 3886323 | &nbsp;&nbsp; 3973335 |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2, 8.10% <br> (30 Day Average SOFR + 3.75%), <br> 12/25/2042<sup>(b)(c)(g)</sup><br>| 1225000 | &nbsp;&nbsp; 1294681 |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 6.65% <br> (30 Day Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(c)(g)</sup><br>| 2565076 | &nbsp;&nbsp; 2624896 |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, 7.70% <br> (30 Day Average SOFR + 3.35%), <br> 01/25/2043<sup>(b)(c)(g)</sup><br>| 700000 | &nbsp;&nbsp; 732370 |
| &nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M1, 6.85% <br> (30 Day Average SOFR + 2.50%), <br> 04/25/2043<sup>(b)(c)(g)</sup><br>| 2355721 | &nbsp;&nbsp; 2388624 |
| &nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2, 8.25% <br> (30 Day Average SOFR + 3.90%), <br> 04/25/2043<sup>(b)(c)(g)</sup><br>| 4046476 | &nbsp;&nbsp; 4305621 |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1, 6.65% <br> (30 Day Average SOFR + 2.30%), <br> 05/25/2043<sup>(b)(c)(g)</sup><br>| 6068878 | &nbsp;&nbsp; 6193093 |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.90% <br> (30 Day Average SOFR + 3.55%), <br> 05/25/2043<sup>(b)(c)(g)</sup><br>| 4000000 | &nbsp;&nbsp; 4234050 |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M1, 6.25% <br> (30 Day Average SOFR + 1.90%), <br> 06/25/2043<sup>(b)(c)(g)</sup><br>| 1028068 | &nbsp;&nbsp; 1038610 |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 7.45% <br> (30 Day Average SOFR + 3.10%), <br> 06/25/2043<sup>(b)(c)(g)</sup><br>| 1100000 | &nbsp;&nbsp; 1150788 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M1, 6.05% <br> (30 Day Average SOFR + 1.70%), <br> 07/25/2043<sup>(b)(c)(g)</sup><br>| 1106767 | &nbsp;&nbsp; 1113607 |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 7.05% <br> (30 Day Average SOFR + 2.70%), <br> 07/25/2043<sup>(b)(c)(g)</sup><br>| 5180000 | &nbsp;&nbsp; 5360754 |
| &nbsp;&nbsp;&nbsp; Series 2023-R07, Class 2M2, 7.60% <br> (30 Day Average SOFR + 3.25%), <br> 09/25/2043<sup>(b)(c)(g)</sup><br>| 2500000 | &nbsp;&nbsp; 2606089 |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 5.85% <br> (30 Day Average SOFR + 1.50%), <br> 10/25/2043<sup>(b)(c)(g)</sup><br>| 949356 | &nbsp;&nbsp; 952906 |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, 6.85% <br> (30 Day Average SOFR + 2.50%), <br> 10/25/2043<sup>(b)(c)(g)</sup><br>| 780000 | &nbsp;&nbsp; 803428 |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M2, 6.30% <br> (30 Day Average SOFR + 1.95%), <br> 03/25/2044<sup>(b)(c)(g)</sup><br>| 4500000 | &nbsp;&nbsp; 4543509 |
| &nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M1, 5.45% <br> (30 Day Average SOFR + 1.10%), <br> 05/25/2044<sup>(b)(c)(g)</sup><br>| 1096738 | &nbsp;&nbsp; 1097149 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M1, 5.50% <br> (30 Day Average SOFR + 1.15%), <br> 02/25/2045<sup>(b)(c)(g)</sup><br>| $2450551 | &nbsp;&nbsp; $2452873 |
| &nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2M2, 6.60% <br> (30 Day Average SOFR + 2.25%), <br> 03/25/2045<sup>(b)(c)(g)</sup><br>| 1000000 | &nbsp;&nbsp; 1019900 |
| &nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1M1, 5.55% <br> (30 Day Average SOFR + 1.20%), <br> 05/25/2045<sup>(b)(c)(g)</sup><br>| 2819423 | &nbsp;&nbsp; 2827737 |
| &nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 5.32% <br> (30 Day Average SOFR + 1.00%), <br> 07/25/2045<sup>(b)(c)(g)</sup><br>| 3399000 | &nbsp;&nbsp; 3410684 |
| &nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2M1, 5.52% <br> (30 Day Average SOFR + 1.20%), <br> 07/25/2045<sup>(b)(c)(g)</sup><br>| 5000000 | &nbsp;&nbsp; 5015625 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2, STACR<sup>®</sup>, <br> 6.00% (30 Day Average SOFR + <br> 1.65%), 01/25/2034<sup>(b)(c)(h)</sup><br>| 1328958 | &nbsp;&nbsp; 1334194 |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2, STACR<sup>®</sup>, <br> 5.85% (30 Day Average SOFR + <br> 1.50%), 10/25/2041<sup>(b)(c)(h)</sup><br>| 5000897 | &nbsp;&nbsp; 5024825 |
| &nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M1, STACR<sup>®</sup>, <br> 5.30% (30 Day Average SOFR + <br> 0.95%), 12/25/2041<sup>(b)(c)(h)</sup><br>| 6253901 | &nbsp;&nbsp; 6253177 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A, <br> STACR<sup>®</sup>, 5.65% (30 Day Average <br> SOFR + 1.30%), 02/25/2042<sup>(b)(c)(h)</sup><br>| 705109 | &nbsp;&nbsp; 706520 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 7.25% (30 Day Average <br> SOFR + 2.90%), 04/25/2042<sup>(b)(c)(h)</sup><br>| 4730000 | &nbsp;&nbsp; 4876043 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1, STACR<sup>®</sup>, <br> 7.70% (30 Day Average SOFR + <br> 3.35%), 05/25/2042<sup>(b)(c)(h)</sup><br>| 2500000 | &nbsp;&nbsp; 2601701 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1A, <br> STACR<sup>®</sup>, 7.30% (30 Day Average <br> SOFR + 2.95%), 06/25/2042<sup>(b)(c)(h)</sup><br>| 4004524 | &nbsp;&nbsp; 4094468 |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1, STACR<sup>®</sup>, <br> 8.05% (30 Day Average SOFR + <br> 3.70%), 09/25/2042<sup>(b)(c)(h)</sup><br>| 2750000 | &nbsp;&nbsp; 2891009 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1A, <br> STACR<sup>®</sup>, 6.45% (30 Day Average <br> SOFR + 2.10%), 03/25/2042<sup>(b)(c)(h)</sup><br>| 850076 | &nbsp;&nbsp; 854876 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1A, <br> STACR<sup>®</sup>, 7.00% (30 Day Average <br> SOFR + 2.65%), 07/25/2042<sup>(b)(c)(h)</sup><br>| 912646 | &nbsp;&nbsp; 934228 |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, <br> STACR®, 6.65% (30 Day Average <br> SOFR + 2.30%), 08/25/2042<sup>(b)(c)(h)</sup><br>| 2998195 | &nbsp;&nbsp; 3054826 |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1, STACR<sup>®</sup>, <br> 7.45% (30 Day Average SOFR + <br> 3.10%), 03/25/2043<sup>(b)(c)(h)</sup><br>| 7125000 | &nbsp;&nbsp; 7449561 |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1, STACR®, <br> 6.45% (30 Day Average SOFR + <br> 2.10%), 03/25/2043<sup>(b)(c)(h)</sup><br>| 2112337 | &nbsp;&nbsp; 2146992 |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1, STACR<sup>®</sup>, <br> 6.45% (30 Day Average SOFR + <br> 2.10%), 04/25/2043<sup>(b)(c)(h)</sup><br>| 4762892 | &nbsp;&nbsp; 4845787 |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1, STACR<sup>®</sup>, <br> 7.60% (30 Day Average SOFR + <br> 3.25%), 04/25/2043<sup>(b)(c)(h)</sup><br>| 2700000 | &nbsp;&nbsp; 2830265 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1, STACR<sup>®</sup>, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 05/25/2043<sup>(b)(c)(h)</sup><br>| $| 3448023 | &nbsp;&nbsp; $3484420 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1, STACR<sup>®</sup>, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 06/25/2043<sup>(b)(c)(h)</sup><br>|  | 690850 | &nbsp;&nbsp; 694841 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1, STACR<sup>®</sup>, <br> 7.70% (30 Day Average SOFR + <br> 3.35%), 06/25/2043<sup>(b)(c)(h)</sup><br>|  | 2500000 | &nbsp;&nbsp; 2611937 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class M2, STACR<sup>®</sup>, <br> 6.20% (30 Day Average SOFR + <br> 1.85%), 11/25/2043<sup>(b)(c)(h)</sup><br>|  | 950689 | &nbsp;&nbsp; 958674 |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class M2, STACR®, <br> 7.70% (30 Day Average SOFR + <br> 3.35%), 11/25/2043<sup>(b)(c)(h)</sup><br>|  | 6000000 | &nbsp;&nbsp; 6334558 |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class A1, STACR<sup>®</sup>, <br> 5.60% (30 Day Average SOFR + <br> 1.25%), 05/25/2044<sup>(b)(c)(h)</sup><br>|  | 2714408 | &nbsp;&nbsp; 2727159 |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class M1, STACR<sup>®</sup>, <br> 5.55% (30 Day Average SOFR + <br> 1.20%), 05/25/2044<sup>(b)(c)(h)</sup><br>|  | 4216181 | &nbsp;&nbsp; 4229049 |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class A1, STACR<sup>®</sup>, <br> 5.40% (30 Day Average SOFR + <br> 1.05%), 10/25/2044<sup>(b)(c)(h)</sup><br>|  | 781250 | &nbsp;&nbsp; 781905 |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class A1, STACR<sup>®</sup>, <br> 5.60% (30 Day Average SOFR + <br> 1.25%), 03/25/2044<sup>(b)(c)(h)</sup><br>|  | 9770261 | &nbsp;&nbsp; 9803814 |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M2, STACR<sup>®</sup>, <br> 6.35% (30 Day Average SOFR + <br> 2.00%), 03/25/2044<sup>(b)(c)(h)</sup><br>|  | 3000000 | &nbsp;&nbsp; 3041890 |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M1, STACR<sup>®</sup>, <br> 5.55% (30 Day Average SOFR + <br> 1.20%), 08/25/2044<sup>(b)(c)(h)</sup><br>|  | 1752559 | &nbsp;&nbsp; 1754325 |
| &nbsp;&nbsp;&nbsp; Series 2025-DNA1, Class A1, STACR<sup>®</sup>, <br> 5.30% (30 Day Average SOFR + <br> 0.95%), 01/25/2045<sup>(b)(c)(h)</sup><br>|  | 1843750 | &nbsp;&nbsp; 1845938 |
| &nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class A1, STACR<sup>®</sup>, <br> 5.45% (30 Day Average SOFR + <br> 1.10%), 05/25/2045<sup>(b)(c)(h)</sup><br>|  | 1424500 | &nbsp;&nbsp; 1426658 |
| &nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class M1, STACR<sup>®</sup>, <br> 5.55% (30 Day Average SOFR + <br> 1.20%), 05/25/2045<sup>(b)(c)(h)</sup><br>|  | 2284791 | &nbsp;&nbsp; 2289047 |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class A1, STACR<sup>®</sup>, <br> 5.30% (30 Day Average SOFR + <br> 0.95%), 02/25/2045<sup>(b)(c)(h)</sup><br>|  | 1937500 | &nbsp;&nbsp; 1937201 |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, STACR<sup>®</sup>, <br> 5.50% (30 Day Average SOFR + <br> 1.15%), 02/25/2045<sup>(b)(c)(h)</sup><br>|  | 4113077 | &nbsp;&nbsp; 4118044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $180,382,836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $180,382,836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes <br>(Cost $180,382,836) | &nbsp;&nbsp; 182552729 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.43%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.43%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.43%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br>**Securities-7.43%** |
| **Collateralized Mortgage Obligations-6.35%** | **Collateralized Mortgage Obligations-6.35%** | **Collateralized Mortgage Obligations-6.35%** | **Collateralized Mortgage Obligations-6.35%** |
| Fannie Mae REMICs |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.76% (30 Day Average SOFR + <br> 0.41%), 04/25/2035<sup>(b)</sup><br>|  | 69952 | &nbsp;&nbsp; 69923 |
| &nbsp;&nbsp;&nbsp; 4.75%, (30 Day Average SOFR + <br> 0.43%), 01/25/45 to 12/25/47<sup>(b)</sup><br>|  | 477681 | &nbsp;&nbsp; 468776 |
| &nbsp;&nbsp;&nbsp; 4.96% (30 Day Average SOFR + <br> 0.61%), 05/25/2046<sup>(b)</sup><br>|  | 176641 | &nbsp;&nbsp; 173831 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** |
| &nbsp;&nbsp;&nbsp; 4.73% (30 Day Average SOFR + <br> 0.41%), 09/25/2047<sup>(b)</sup><br>| $| 410454 | &nbsp;&nbsp; $405609 |
| &nbsp;&nbsp;&nbsp; 5.45%, (30 Day Average SOFR + <br> 1.10%), 07/25/54 to 02/25/55<sup>(b)</sup><br>|  | 9283547 | &nbsp;&nbsp; 9288631 |
| &nbsp;&nbsp;&nbsp; 5.55% (30 Day Average SOFR + <br> 1.20%), 07/25/2054<sup>(b)</sup><br>|  | 4639101 | &nbsp;&nbsp; 4653496 |
| &nbsp;&nbsp;&nbsp; 5.50%, (30 Day Average SOFR + <br> 1.15%), 10/25/54 to 01/25/55<sup>(b)</sup><br>|  | 11550314 | &nbsp;&nbsp; 11533074 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass-Through Ctfs.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series KF151, Class AS, 4.83% <br> (30 Day Average SOFR + 0.51%), <br> 12/25/2032<sup>(b)</sup><br>|  | 803152 | &nbsp;&nbsp; 805884 |
| &nbsp;&nbsp;&nbsp; Series KF158, Class AS, 5.04% (30 Day <br> Average SOFR + 0.72%), <br> 07/25/2033<sup>(b)</sup><br>|  | 4343349 | &nbsp;&nbsp; 4362349 |
| &nbsp;&nbsp;&nbsp; Series KF35, Class A, 4.82% (30 Day <br> Average SOFR + 0.50%), <br> 10/25/2025<sup>(b)</sup><br>|  | 647279 | &nbsp;&nbsp; 647179 |
| &nbsp;&nbsp;&nbsp; Series KF65, Class A, 4.95% (30 Day <br> Average SOFR + 0.63%), <br> 07/25/2029<sup>(b)</sup><br>|  | 1444651 | &nbsp;&nbsp; 1445730 |
| &nbsp;&nbsp;&nbsp; Series KF81, Class AS, 4.72% (30 Day <br> Average SOFR + 0.40%), <br> 06/25/2027<sup>(b)</sup><br>|  | 619391 | &nbsp;&nbsp; 618598 |
| Freddie Mac REMICs |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.78% (30 Day Average SOFR + <br> 0.46%), 09/15/2038<sup>(b)</sup><br>|  | 359210 | &nbsp;&nbsp; 354619 |
| &nbsp;&nbsp;&nbsp; 4.88% (30 Day Average SOFR + <br> 0.56%), 09/15/2040<sup>(b)</sup><br>|  | 315599 | &nbsp;&nbsp; 309014 |
| &nbsp;&nbsp;&nbsp; 4.95% (30 Day Average SOFR + <br> 0.61%), 06/15/2041<sup>(b)</sup><br>|  | 118306 | &nbsp;&nbsp; 117588 |
| &nbsp;&nbsp;&nbsp; 4.75% (30 Day Average SOFR + <br> 0.43%), 08/15/2043<sup>(b)</sup><br>|  | 387021 | &nbsp;&nbsp; 383809 |
| &nbsp;&nbsp;&nbsp; 4.80% (30 Day Average SOFR + <br> 0.46%), 01/15/2048<sup>(b)</sup><br>|  | 2045959 | &nbsp;&nbsp; 1976633 |
| &nbsp;&nbsp;&nbsp; 5.45% (30 Day Average SOFR + <br> 1.10%), 07/25/2054<sup>(b)</sup><br>|  | 7500000 | &nbsp;&nbsp; 7494673 |
| &nbsp;&nbsp;&nbsp; 5.40% (30 Day Average SOFR + <br> 1.05%), 10/25/2054<sup>(b)</sup><br>|  | 6913572 | &nbsp;&nbsp; 6903612 |
| &nbsp;&nbsp;&nbsp; 5.50% (30 Day Average SOFR + <br> 1.15%), 11/25/2054<sup>(b)</sup><br>|  | 6504412 | &nbsp;&nbsp; 6464710 |
| &nbsp;&nbsp;&nbsp; 5.25% (30 Day Average SOFR + <br> 0.90%), 02/25/2055<sup>(b)</sup><br>|  | 4609666 | &nbsp;&nbsp; 4568170 |
| &nbsp;&nbsp;&nbsp; 5.55% (30 Day Average SOFR + <br> 1.20%), 04/25/2055<sup>(b)</sup><br>|  | 6584194 | &nbsp;&nbsp; 6557025 |
| &nbsp;&nbsp;&nbsp; 5.85% (30 Day Average SOFR + <br> 1.50%), 04/25/2055<sup>(b)</sup><br>|  | 8037176 | &nbsp;&nbsp; 7999056 |
|  |  |  | &nbsp;&nbsp; 77601989 |
| **Federal Home Loan Mortgage Corp. (FHLMC)-0.66%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.66%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.66%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.66%** |
| &nbsp;&nbsp;&nbsp; ARM, 6.49% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.55%), <br> 06/01/2037<sup>(b)</sup><br>|  | 105168 | &nbsp;&nbsp; 107505 |
| &nbsp;&nbsp;&nbsp; ARM, 6.90% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.73%), <br> 11/01/2038<sup>(b)</sup><br>|  | 192264 | &nbsp;&nbsp; 198042 |
| &nbsp;&nbsp;&nbsp; ARM, 6.76% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.72%), <br> 03/01/2043<sup>(b)</sup><br>|  | 151637 | &nbsp;&nbsp; 157556 |

---

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

------

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

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)-(continued)** |
| &nbsp;&nbsp;&nbsp; ARM, 6.85% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.76%), <br> 11/01/2047<sup>(b)</sup><br>| $| 2617798 | &nbsp;&nbsp; $2718541 |
| &nbsp;&nbsp;&nbsp; ARM, 5.45% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.16%), 11/01/2048<sup>(b)</sup><br>|  | 2347583 | &nbsp;&nbsp; 2404570 |
| &nbsp;&nbsp;&nbsp; ARM, 6.67% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.63%), <br> 01/01/2049<sup>(b)</sup><br>|  | 2378967 | &nbsp;&nbsp; 2454537 |
|  |  |  | &nbsp;&nbsp; 8040751 |
| **Federal National Mortgage Association (FNMA)-0.21%** | **Federal National Mortgage Association (FNMA)-0.21%** | **Federal National Mortgage Association (FNMA)-0.21%** | **Federal National Mortgage Association (FNMA)-0.21%** |
| &nbsp;&nbsp;&nbsp; ARM, 6.64% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.64%), <br> 02/01/2035<sup>(b)</sup><br>|  | 39789 | &nbsp;&nbsp; 40606 |
| &nbsp;&nbsp;&nbsp; ARM, 6.15% (6 mo. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.57%), <br> 07/01/2035<sup>(b)</sup><br>|  | 23731 | &nbsp;&nbsp; 24391 |
| &nbsp;&nbsp;&nbsp; ARM, 6.57% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.41%), 07/01/2035<sup>(b)</sup><br>|  | 384184 | &nbsp;&nbsp; 395257 |
| &nbsp;&nbsp;&nbsp; ARM, 7.16% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.66%), <br> 10/01/2036<sup>(b)</sup><br>|  | 77668 | &nbsp;&nbsp; 79497 |
| &nbsp;&nbsp;&nbsp; ARM, 6.75% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.75%), <br> 03/01/2037<sup>(b)</sup><br>|  | 126087 | &nbsp;&nbsp; 129262 |
| &nbsp;&nbsp;&nbsp; ARM, 6.40% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.52%), <br> 11/01/2037<sup>(b)</sup><br>|  | 43627 | &nbsp;&nbsp; 44255 |
| &nbsp;&nbsp;&nbsp; ARM, 6.75% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.58%), <br> 04/01/2045<sup>(b)</sup><br>|  | 1788871 | &nbsp;&nbsp; 1848176 |
|  |  |  | &nbsp;&nbsp; 2561444 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)-0.21%** | **Government National Mortgage Association (GNMA)-0.21%** | **Government National Mortgage Association (GNMA)-0.21%** |
| &nbsp;&nbsp;&nbsp; ARM, 5.20% (1 yr. U.S. Treasury Yield <br> Curve Rate + 1.50%), 08/20/2049<sup>(b)</sup><br>| $2529385 | &nbsp;&nbsp; $2572825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $90,672,466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-<br> Backed Securities <br>(Cost $90,672,466) | &nbsp;&nbsp; 90777009 |
|  | **Shares** |  |
| **Money Market Funds-1.28%** | **Money Market Funds-1.28%** | **Money Market Funds-1.28%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(i)(j)</sup> <br>(Cost $15,659,000)<br>| 15659000 | &nbsp;&nbsp; 15659000 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.07% <br>(Cost $1,220,606,676) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.07% <br>(Cost $1,220,606,676) | &nbsp;&nbsp; 1222428490 |
| **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-2.41%** | **Money Market Funds-2.41%** | **Money Market Funds-2.41%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(i)(j)(k)</sup><br>| 8170220 | &nbsp;&nbsp; 8170220 |
| Invesco Private Prime Fund, 4.46%<sup>(i)(j)(k)</sup> | 21252612 | &nbsp;&nbsp; 21256863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $29,427,083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $29,427,083) | &nbsp;&nbsp; 29427083 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.48% <br>(Cost $1,250,033,759) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.48% <br>(Cost $1,250,033,759) | &nbsp;&nbsp; 1251855573 |
| OTHER ASSETS LESS LIABILITIES-(2.48)% | OTHER ASSETS LESS LIABILITIES-(2.48)% | &nbsp;&nbsp; (30318150)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1221537423 |

---

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

---

| | |
|:---|:---|
| 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 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $552,786,083, which represented 45.25% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <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 July 31, 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 nine months ended July 31, 2025.<br>|

---

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

------

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

July 31, 2025

*(Unaudited)*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $10381524 | &nbsp;&nbsp;&nbsp; $243959770 | &nbsp;&nbsp;&nbsp; $(238682294)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $15659000 | &nbsp;&nbsp;&nbsp; $399867 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 12816702 | &nbsp;&nbsp;&nbsp; 83998290 | &nbsp;&nbsp;&nbsp; (88644772)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8170220 | &nbsp;&nbsp;&nbsp; 345,812<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 32769399 | &nbsp;&nbsp;&nbsp; 195191492 | &nbsp;&nbsp;&nbsp; (206701336)<br>| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; (4716)<br>| &nbsp;&nbsp;&nbsp; 21256863 | &nbsp;&nbsp;&nbsp; 919,514<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $55967625 | &nbsp;&nbsp;&nbsp; $523149552 | &nbsp;&nbsp;&nbsp; $(534028402)<br>| &nbsp;&nbsp;&nbsp; $2024 | &nbsp;&nbsp;&nbsp; $(4716)<br>| &nbsp;&nbsp;&nbsp; $45086083 | &nbsp;&nbsp;&nbsp; $1665193 |

---

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

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

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

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

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

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

------

**Notes to Quarterly Schedules of Portfolio Holdings**

July 31, 2025

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of July 31, 2025, for each Fund (except for Invesco Comstock Contrarian ETF and Invesco QQQ Hedged Advantage ETF). As of July 31, 2025, all of the securities in Invesco Comstock Contrarian ETF and Invesco QQQ Hedged Advantage 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** |
| &nbsp;&nbsp; Invesco AAA CLO Floating Rate Note ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $336040866 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $336040866 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 13037105 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13037105 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $13037105 | &nbsp;&nbsp;&nbsp; $336040866 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $349077971 |
| &nbsp;&nbsp; Invesco Active U.S. Real Estate ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $54206173 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $54206173 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 130714 | &nbsp;&nbsp;&nbsp; 3529522 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3660236 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $54336887 | &nbsp;&nbsp;&nbsp; $3529522 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $57866409 |
| &nbsp;&nbsp; Invesco Core Fixed Income ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $6474253 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $6474253 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5392229 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5392229 |
| &nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5312652 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5312652 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2871624 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2871624 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 622893 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 622893 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 622893 | &nbsp;&nbsp;&nbsp; 20050758 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20673651 |
| **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 1969 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1969 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; (5416)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5416)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp; (3447)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3447)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp; $619446 | &nbsp;&nbsp;&nbsp; $20050758 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $20670204 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco Global Equity Net Zero ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $86661311 | &nbsp;&nbsp;&nbsp; $36338503 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $122999814 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 89313 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 89313 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $86750624 | &nbsp;&nbsp;&nbsp; $36338503 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $123089127 |
| &nbsp;&nbsp; Invesco High Yield Bond Factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $78999117 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $78999117 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 165567 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 165567 |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 920 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 814891 | &nbsp;&nbsp;&nbsp; 19295750 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20110641 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 814891 | &nbsp;&nbsp;&nbsp; 98461354 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 99276245 |
| **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 46076 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 46076 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (80)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp; 45996 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 45996 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $860887 | &nbsp;&nbsp;&nbsp; $98461354 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $99322241 |
| &nbsp;&nbsp; Invesco High Yield Select ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7319157 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7319157 |
| &nbsp;&nbsp;&nbsp; Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 458077 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 458077 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 184129 | &nbsp;&nbsp;&nbsp; 621204 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 805333 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 184129 | &nbsp;&nbsp;&nbsp; 8398438 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8582567 |
| **Other Investments - Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7377 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7377 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $184129 | &nbsp;&nbsp;&nbsp; $8405815 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $8589944 |
| &nbsp;&nbsp; Invesco International Growth Focus ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $1239813 | &nbsp;&nbsp;&nbsp; $3681988 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4921801 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 7039 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7039 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $1246852 | &nbsp;&nbsp;&nbsp; $3681988 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $4928840 |
| &nbsp;&nbsp; Invesco MSCI EAFE Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $2149159 | &nbsp;&nbsp;&nbsp; $123495214 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $125644373 |
| &nbsp;&nbsp;&nbsp; Equity Linked Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7313714 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7313714 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 28995056 | &nbsp;&nbsp;&nbsp; 2551154 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 31546210 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $31144215 | &nbsp;&nbsp;&nbsp; $133360082 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $164504297 |
| &nbsp;&nbsp; Invesco QQQ Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $232980378 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $232980378 |
| &nbsp;&nbsp;&nbsp; Equity Linked Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13591992 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13591992 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 58362792 | &nbsp;&nbsp;&nbsp; 4837457 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 63200249 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $291343170 | &nbsp;&nbsp;&nbsp; $18429449 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $309772619 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Downside Hedged ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $61675933 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $61675933 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 22269919 | &nbsp;&nbsp;&nbsp; 1053388 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 23323307 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 83945852 | &nbsp;&nbsp;&nbsp; 1053388 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 84999240 |
| **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 651196 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 651196 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; (94741)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (94741)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp; 556455 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 556455 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $84502307 | &nbsp;&nbsp;&nbsp; $1053388 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $85555695 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco S&P 500 Equal Weight Income Advantage ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $312812370 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $312812370 |
| &nbsp;&nbsp;&nbsp; Equity Linked Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 21121401 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 21121401 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 80490291 | &nbsp;&nbsp;&nbsp; 25097889 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 105588180 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $393302661 | &nbsp;&nbsp;&nbsp; $46219290 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $439521951 |
| &nbsp;&nbsp; Invesco Short Duration Total Return Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7262825 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7262825 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2305108 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2305108 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 355002 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 355002 |
| &nbsp;&nbsp;&nbsp; Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 68390 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 68390 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp; 29293 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 29293 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 93360 | &nbsp;&nbsp;&nbsp; 597911 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 691271 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 122653 | &nbsp;&nbsp;&nbsp; 10589236 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 10711889 |
| **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 355 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; (10004)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (10004)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp; (9649)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (9649)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp; $113004 | &nbsp;&nbsp;&nbsp; $10589236 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $10702240 |
| &nbsp;&nbsp; Invesco SteelPath MLP & Energy Infrastructure ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $24270557 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $24270557 |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships & Related Entities | &nbsp;&nbsp;&nbsp; 10467039 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 10467039 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 468097 | &nbsp;&nbsp;&nbsp; 381330 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 849427 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $35205693 | &nbsp;&nbsp;&nbsp; $381330 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $35587023 |
| &nbsp;&nbsp; Invesco Top QQQ ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $14940373 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $14940373 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 15561296 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 15561296 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 30501669 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30501669 |
| **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swap Agreements | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2499062 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2499062 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $30501669 | &nbsp;&nbsp;&nbsp; $2499062 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $33000731 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco Total Return Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $993274470 | &nbsp;&nbsp;&nbsp; $2906817 | &nbsp;&nbsp;&nbsp; $996181287 |
| &nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 659473615 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 659473615 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 526782634 | &nbsp;&nbsp;&nbsp; 2725322 | &nbsp;&nbsp;&nbsp; 529507956 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 239004470 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 239004470 |
| &nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20278143 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 20278143 |
| &nbsp;&nbsp;&nbsp; Municipal Obligations | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11736883 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11736883 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp; 6292125 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6292125 |
| &nbsp;&nbsp;&nbsp; Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3817826 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3817826 |
| &nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2469624 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2469624 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 2374781 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2374781 |
| &nbsp;&nbsp;&nbsp; Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1211338 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1211338 |
| &nbsp;&nbsp;&nbsp; Options Purchased | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 822240 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 822240 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 155511124 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 155511124 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 8666906 | &nbsp;&nbsp;&nbsp; 2614382367 | &nbsp;&nbsp;&nbsp; 5632139 | &nbsp;&nbsp;&nbsp; 2628681412 |
| **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 388037 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 388037 |
| &nbsp;&nbsp;&nbsp; Investments Matured | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 14000 |
| &nbsp;&nbsp;&nbsp; Swap Agreements | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5794 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5794 |
|  | &nbsp;&nbsp;&nbsp; 388037 | &nbsp;&nbsp;&nbsp; 19794 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 407831 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1173)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1173)<br>|
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; (2827377)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2827377)<br>|
|  | &nbsp;&nbsp;&nbsp; (2827377)<br>| &nbsp;&nbsp;&nbsp; (1173)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2828550)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp; (2439340)<br>| &nbsp;&nbsp;&nbsp; 18621 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2420719)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp; $6227566 | &nbsp;&nbsp;&nbsp; $2614400988 | &nbsp;&nbsp;&nbsp; $5632139 | &nbsp;&nbsp;&nbsp; $2626260693 |
| &nbsp;&nbsp; Invesco Ultra Short Duration ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1668801574 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1668801574 |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 593903249 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 593903249 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 396481471 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 396481471 |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 50582337 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 50582337 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 7023363 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7023363 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 25955052 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 25955052 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $7023363 | &nbsp;&nbsp;&nbsp; $2765723683 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2772747046 |
| &nbsp;&nbsp; Invesco Variable Rate Investment Grade ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $471475108 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $471475108 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 261451127 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 261451127 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 200513517 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 200513517 |
| &nbsp;&nbsp;&nbsp; Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 182552729 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 182552729 |
| &nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 90777009 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 90777009 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 15659000 | &nbsp;&nbsp;&nbsp; 29427083 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 45086083 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $15659000 | &nbsp;&nbsp;&nbsp; $1236196573 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1251855573 |

---

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

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-22148

- **c. CIK number of Registrant:** 0001418144

- **d. LEI of Registrant:** 549300S7YWBLZ3UGI217

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

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

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

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

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

- **a. Name of Series:** Invesco Global Equity Net Zero ETF

- **b. EDGAR series identifier (if any):** S000093577

- **c. LEI of Series:** 254900MGM78GKBMR8I12

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

- **a. Date of fiscal year-end:** 2025-10-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $132147129.38

**Total Liabilities:** $9171826.34

**Net Assets:** $122975303.04

**Cash Not Reported:** $2938.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261965 |  |  | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  |  |  |
| Month 3  | $12223.63                | $999155.00                                 |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Deutsche Bank AG                                       | Deutsche Bank AG                                           | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |      7839 | NS      | $258947.55    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co.                              | Central Japan Railway Co.                                  | CUSIP: N/A<br>LEI: 353800YAR3OVUITHTG64       | Long             | EC               | CORP              | JP        |     10289 | NS      | $240345.16    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Clicks Group Ltd.                                      | Clicks Group Ltd.                                          | CUSIP: S17249111<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |      4211 | NS      | $88853.87     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| United Integrated Services Co., Ltd.                   | United Integrated Services Co., Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      4641 | NS      | $121845.82    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Polska Kasa Opieki S.A.                           | Bank Polska Kasa Opieki S.A.                               | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      1586 | NS      | $86437.73     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                              | Shell PLC                                                  | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      9016 | NS      | $324635.62    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic PLC                                          | Medtronic PLC                                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      2306 | NS      | $208093.44    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Manulife Financial Corp.                               | Manulife Financial Corp.                                   | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |      5352 | NS      | $165954.39    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Post Insurance Co., Ltd.                         | Japan Post Insurance Co., Ltd.                             | CUSIP: N/A<br>LEI: 54930042SK2Z708BA841       | Long             | EC               | CORP              | JP        |      3744 | NS      | $96057.96     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peet's N.V.                                        | JDE Peet's N.V.                                            | CUSIP: N/A<br>LEI: 724500EHG519SE5ZRT89       | Long             | EC               | CORP              | NL        |      3773 | NS      | $112217.15    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd.                                     | Computershare Ltd.                                         | CUSIP: N/A<br>LEI: 21380085HOKTMGLV9G93       | Long             | EC               | CORP              | AU        |      6564 | NS      | $177028.97    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group, Inc.                      | Sumitomo Mitsui Trust Group, Inc.                          | CUSIP: N/A<br>LEI: 353800P843RLCDBLNT17       | Long             | EC               | CORP              | JP        |      3918 | NS      | $102917.61    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Adobe Inc.                                             | Adobe Inc.                                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1027 | NS      | $367347.63    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                          | Samsung Electronics Co., Ltd., Preference Shares           | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |      2246 | NS      | $92477.85     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Clorox Co. (The)                                       | Clorox Co. (The)                                           | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       686 | NS      | $86134.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal                                          | ArcelorMittal                                              | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |      2644 | NS      | $82671.85     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| United Airlines Holdings, Inc.                         | United Airlines Holdings, Inc.                             | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      3234 | NS      | $285594.54    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek Microelectronics Corp.                         | Novatek Microelectronics Corp.                             | CUSIP: Y64153102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      4886 | NS      | $77216.78     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                  | Sumitomo Mitsui Financial Group, Inc.                      | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |      3528 | NS      | $89179.85     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC Hong Kong (Holdings) Ltd.                          | BOC Hong Kong (Holdings) Ltd.                              | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               | CORP              | HK        |     30223 | NS      | $135709.08    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Empire Co. Ltd.                                        | Empire Co. Ltd., Class A                                   | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |      2352 | NS      | $93872.45     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash, Inc.                                         | DoorDash, Inc., Class A                                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      1048 | NS      | $262262.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne, Inc.                                         | Teradyne, Inc.                                             | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |       924 | NS      | $99265.32     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                               | Willis Towers Watson PLC                                   | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |       276 | NS      | $87163.56     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp.                                | Accton Technology Corp.                                    | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |      5230 | NS      | $154463.93    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre                                              | Klepierre                                                  | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |      2254 | NS      | $86292.22     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                       | CVS Health Corp.                                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      3544 | NS      | $220082.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                                     | Ralph Lauren Corp.                                         | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       847 | NS      | $253041.25    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                     | Smith & Nephew PLC                                         | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |      5780 | NS      | $88516.17     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Ufj Financial Group, Inc.                   | Mitsubishi Ufj Financial Group, Inc.                       | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     12542 | NS      | $173213.81    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                    | Cisco Systems, Inc.                                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     12272 | NS      | $835477.76    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast, Inc.                                            | Toast, Inc., Class A                                       | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      1960 | NS      | $95726.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                                 | Standard Chartered PLC                                     | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |      8133 | NS      | $146098.28    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                            | Aker BP ASA                                                | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |      4312 | NS      | $104188.21    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Evonik Industries AG                                   | Evonik Industries AG                                       | CUSIP: N/A<br>LEI: 41GUOJQTALQHLF39XJ34       | Long             | EC               | CORP              | DE        |      4116 | NS      | $81975.80     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                         | Citigroup Inc.                                             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      6896 | NS      | $646155.20    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                                    | Valero Energy Corp.                                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1043 | NS      | $143214.33    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA                                                    | AXA                                                        | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |      3834 | NS      | $186761.03    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton                       | LVMH Moet Hennessy Louis Vuitton                           | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |       177 | NS      | $95294.70     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                            | Reckitt Benckiser Group PLC                                | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |      1877 | NS      | $140960.94    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly and Co.                                      | Eli Lilly and Co.                                          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       993 | NS      | $734889.51    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                          | Chevron Corp.                                              | CUSIP: 166764100<br>LEI: LJOF0JWZSCIUPEC3LQ45 | Long             | EC               | CORP              | US        |      3151 | NS      | $477817.64    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                    | Bank of New York Mellon Corp. (The)                        | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      5406 | NS      | $548438.70    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                                       | Salesforce, Inc.                                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2233 | NS      | $576850.89    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp.                                     | Suzuki Motor Corp.                                         | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |      7642 | NS      | $84137.21     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7258 | NS      | $585212.54    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                              | KLA Corp.                                                  | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       490 | NS      | $430724.70    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp.                                          | Moody's Corp.                                              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       171 | NS      | $88189.83     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc.                          | Thermo Fisher Scientific Inc.                              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       196 | NS      | $91665.28     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc.                                       | Lundin Gold Inc.                                           | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |      1862 | NS      | $86369.43     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                                   | American Express Co.                                       | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1015 | NS      | $303799.65    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                              | Flutter Entertainment PLC                                  | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |       294 | NS      | $88864.44     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co. (The)                                       | Mosaic Co. (The)                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      2238 | NS      | $80590.38     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corp.                              | Mitsubishi Electric Corp.                                  | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |      4408 | NS      | $99346.75     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                                 | Trane Technologies PLC                                     | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       963 | NS      | $421871.04    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                          | Netflix, Inc.                                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       683 | NS      | $791870.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co.                                                 | 3M Co.                                                     | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      2016 | NS      | $300827.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon AB                                             | Hexagon AB, Class B                                        | CUSIP: N/A<br>LEI: 549300WJFW6ILNI4TA80       | Long             | EC               | CORP              | SE        |      8524 | NS      | $93945.02     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                              | adidas AG                                                  | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |       522 | NS      | $100062.27    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Malayan Banking Bhd.                                   | Malayan Banking Bhd.                                       | CUSIP: Y54671105<br>LEI: 5493004OT3TOY404V310 | Long             | EC               | CORP              | MY        |     37529 | NS      | $82542.04     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Consolidated Edison, Inc.                              | Consolidated Edison, Inc.                                  | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       881 | NS      | $91183.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                   | JPMorgan Chase & Co.                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4067 | NS      | $1204808.08   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores, Inc.                                      | Ross Stores, Inc.                                          | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       783 | NS      | $106910.82    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Renesas Electronics Corp.                              | Renesas Electronics Corp.                                  | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |      6662 | NS      | $81194.54     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ASUSTeK Computer Inc.                                  | ASUSTeK Computer Inc.                                      | CUSIP: Y04327105<br>LEI: 254900B3WB4OGRB7HM13 | Long             | EC               | CORP              | TW        |      4180 | NS      | $91756.96     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                  | Elevance Health, Inc.                                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       294 | NS      | $83225.52     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                                  | Western Digital Corp.                                      | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      2057 | NS      | $161865.33    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| InPost S.A.                                            | InPost S.A.                                                | CUSIP: L5125Z108<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |      5683 | NS      | $81862.87     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Corp.                                         | SoftBank Corp.                                             | CUSIP: N/A<br>LEI: 353800M1YCTS9JRBJ535       | Long             | EC               | CORP              | JP        |    147781 | NS      | $213952.20    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc.                                              | AT&T Inc.                                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     18816 | NS      | $515746.56    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                           | Cummins Inc.                                               | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       490 | NS      | $180133.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                                       | McDonald's Corp.                                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1134 | NS      | $340279.38    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                              | EQT Corp.                                                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      2262 | NS      | $121582.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings, Inc.                               | Yum China Holdings, Inc.                                   | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      1775 | NS      | $82857.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp.                                        | Atlassian Corp., Class A                                   | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |       560 | NS      | $107396.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Schindler Holding AG                                   | Schindler Holding AG, PC                                   | CUSIP: H7258G209<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |       328 | NS      | $118645.80    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Crown Holdings, Inc.                                   | Crown Holdings, Inc.                                       | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |      2875 | NS      | $285660.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.                        | Universal Health Services, Inc., Class B                   | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       460 | NS      | $76567.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrovial SE                                           | Ferrovial SE                                               | CUSIP: N/A<br>LEI: 72450022R2ZFL41Y6I04       | Long             | EC               | CORP              | NL        |      1861 | NS      | $95680.47     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                      | Duke Energy Corp.                                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       735 | NS      | $89405.40     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.               | Grupo Financiero Banorte, S.A.B. de C.V., Class O          | CUSIP: P49501201<br>LEI: 549300QTVYRPFHS0J362 | Long             | EC               | CORP              | MX        |     14013 | NS      | $125122.32    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree, Inc.                                      | Dollar Tree, Inc.                                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      1219 | NS      | $138417.45    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev S.A.                                             | Ambev S.A., ADR                                            | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     35572 | NS      | $77546.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| George Weston Ltd.                                     | George Weston Ltd.                                         | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |       431 | NS      | $82078.76     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Corp. of Canada                                  | Power Corp. of Canada                                      | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |      2254 | NS      | $91037.11     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia OYJ                                              | Nokia OYJ                                                  | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |     46158 | NS      | $188662.20    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                      | Exxon Mobil Corp.                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      6595 | NS      | $736265.80    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ajinomoto Co., Inc.                                    | Ajinomoto Co., Inc.                                        | CUSIP: N/A<br>LEI: 353800UT0TLROREPIC92       | Long             | EC               | CORP              | JP        |      3232 | NS      | $85680.51     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co., Ltd.                                     | Mitsui & Co., Ltd.                                         | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |      4212 | NS      | $85915.95     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Corteva, Inc.                                          | Corteva, Inc.                                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      2687 | NS      | $193813.31    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                                | DSV A/S                                                    | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |       353 | NS      | $79355.58     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                           | Komatsu Ltd.                                               | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |      3598 | NS      | $116154.94    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesla, Inc.                                            | Tesla, Inc.                                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      4198 | NS      | $1294117.46   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp                                           | U.S. Bancorp                                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      4703 | NS      | $211446.88    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kone OYJ                                               | Kone OYJ, Class B                                          | CUSIP: N/A<br>LEI: 2138001CNF45JP5XZK38       | Long             | EC               | CORP              | FI        |      1307 | NS      | $80496.52     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                     | Anglo American PLC                                         | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |      2842 | NS      | $80132.06     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ovintiv Inc.                                           | Ovintiv Inc.                                               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      2054 | NS      | $84583.72     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AltaGas Ltd.                                           | AltaGas Ltd.                                               | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |      3037 | NS      | $89865.59     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                         | Takeda Pharmaceutical Co. Ltd.                             | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |      2801 | NS      | $77098.82     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                       | Smiths Group PLC                                           | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               | CORP              | GB        |      4867 | NS      | $151069.38    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.              | Contemporary Amperex Technology Co., Ltd.                  | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |      2833 | NS      | $146594.22    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                              | Hana Financial Group Inc.                                  | CUSIP: Y29975102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1273 | NS      | $77830.08     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp.                                    | Toyota Tsusho Corp.                                        | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |      5193 | NS      | $119256.13    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                     | Toyota Motor Corp.                                         | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |      5191 | NS      | $92522.61     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                           | Nasdaq, Inc.                                               | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      3482 | NS      | $335038.04    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp.                                            | Nucor Corp.                                                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       612 | NS      | $87558.84     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group, Inc.                                       | CBRE Group, Inc., Class A                                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       611 | NS      | $95157.14     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                 | Intesa Sanpaolo S.p.A.                                     | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               | CORP              | IT        |     47431 | NS      | $286623.46    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski S.A.          | Powszechna Kasa Oszczednosci Bank Polski S.A.              | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |      4015 | NS      | $88233.48     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Corp.                                     | State Street Corp.                                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      2690 | NS      | $300607.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                             | Itau Unibanco Holding S.A., ADR                            | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |     20089 | NS      | $125958.03    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co., Ltd.                   | Hon Hai Precision Industry Co., Ltd.                       | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |     18779 | NS      | $110429.63    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| eBay Inc.                                              | eBay Inc.                                                  | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      4326 | NS      | $396910.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                                  | Walt Disney Co. (The)                                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5390 | NS      | $642002.90    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp.                                      | Samsung C&T Corp.                                          | CUSIP: Y7T71K106<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |       797 | NS      | $96153.98     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                               | Bristol-Myers Squibb Co.                                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      8525 | NS      | $369217.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexi S.p.A.                                            | Nexi S.p.A.                                                | CUSIP: N/A<br>LEI: 5493000P70CQRQG8SN85       | Long             | EC               | CORP              | IT        |     14110 | NS      | $80808.01     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions, Inc.                   | Broadridge Financial Solutions, Inc.                       | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       360 | NS      | $89103.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Daifuku Co., Ltd.                                      | Daifuku Co., Ltd.                                          | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |      3526 | NS      | $89445.88     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ServiceNow, Inc.                                       | ServiceNow, Inc.                                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       411 | NS      | $387622.32    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                       | Deutsche Post AG                                           | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |      2138 | NS      | $96075.92     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Gartner, Inc.                                          | Gartner, Inc.                                              | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       214 | NS      | $72471.10     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | HD Korea Shipbuilding & Offshore Engineering Co., Ltd.     | CUSIP: Y3838M106<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |       366 | NS      | $94055.48     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC                     | Johnson Controls International PLC                         | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      4944 | NS      | $519120.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife, Inc.                                          | MetLife, Inc.                                              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      3670 | NS      | $278736.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts, Inc.                            | Host Hotels & Resorts, Inc.                                | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      5292 | NS      | $83190.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co., Ltd.                                | Weichai Power Co., Ltd., H Shares                          | CUSIP: Y9531A109<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |     43778 | NS      | $92803.52     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc.                                    | Cenovus Energy Inc.                                        | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      5879 | NS      | $89680.74     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Compal Electronics, Inc.                               | Compal Electronics, Inc.                                   | CUSIP: Y16907100<br>LEI: 529900ZPKWFDL21LW166 | Long             | EC               | CORP              | TW        |     87565 | NS      | $85691.40     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                                 | Yara International ASA                                     | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |      2351 | NS      | $87291.85     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| EMCOR Group, Inc.                                      | EMCOR Group, Inc.                                          | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       353 | NS      | $221503.97    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb, Inc.                                           | Airbnb, Inc., Class A                                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       882 | NS      | $116785.62    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                                  | Gilead Sciences, Inc.                                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      3392 | NS      | $380887.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd.                                         | Fortescue Ltd.                                             | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |      9209 | NS      | $104387.61    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co.                              | Molson Coors Beverage Co., Class B                         | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      1862 | NS      | $90716.64     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                | UnitedHealth Group Inc.                                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       962 | NS      | $240076.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc.                                            | Acuity Inc.                                                | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       344 | NS      | $107104.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                                       | Sony Group Corp.                                           | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     10707 | NS      | $258060.81    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                               | Svenska Handelsbanken AB, Class A                          | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |      8328 | NS      | $101777.69    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co.                                  | Colgate-Palmolive Co.                                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      2449 | NS      | $205348.65    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Orkla ASA                                              | Orkla ASA                                                  | CUSIP: N/A<br>LEI: 549300PZS8G8RG6RVZ52       | Long             | EC               | CORP              | NO        |      9505 | NS      | $100394.33    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Okta, Inc.                                             | Okta, Inc.                                                 | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      1118 | NS      | $109340.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                              | Linde PLC                                                  | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       471 | NS      | $216782.46    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                     | Suncor Energy Inc.                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      5879 | NS      | $232387.51    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc.                                             | Aflac Inc.                                                 | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       828 | NS      | $82270.08     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                         | ConocoPhillips                                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      3136 | NS      | $298986.24    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                            | Marsh & McLennan Cos., Inc.                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       882 | NS      | $175694.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                   | Hartford Insurance Group, Inc. (The)                       | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1176 | NS      | $146282.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia (The)                              | Bank of Nova Scotia (The)                                  | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |      2351 | NS      | $131090.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                            | Keysight Technologies, Inc.                                | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      1046 | NS      | $171449.86    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc.                                   | Global Payments Inc.                                       | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      1666 | NS      | $133196.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                          | Alphabet Inc., Class A                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      8172 | NS      | $1568206.80   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz S.A.                                | Rede D'Or Sao Luiz S.A.                                    | CUSIP: P79942101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     13448 | NS      | $78066.64     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Post Holdings Co., Ltd.                          | Japan Post Holdings Co., Ltd.                              | CUSIP: J2800D109<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |     16954 | NS      | $157323.61    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                       | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     13922 | NS      | $3259279.42   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                           | Oracle Corp.                                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1960 | NS      | $497389.20    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                                | Boston Scientific Corp.                                    | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      4317 | NS      | $452939.64    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Ltd.                                         | Rio Tinto Ltd.                                             | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        |      1981 | NS      | $141147.79    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                            | AbbVie Inc.                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2576 | NS      | $486915.52    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                      | ASML Holding N.V.                                          | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       769 | NS      | $534538.39    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Palo Alto Networks, Inc.                               | Palo Alto Networks, Inc.                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       757 | NS      | $131415.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp.                                   | Northern Trust Corp.                                       | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      1604 | NS      | $208520.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal                                                | L'Oreal                                                    | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |       503 | NS      | $223222.66    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Amdocs Ltd.                                            | Amdocs Ltd.                                                | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |       920 | NS      | $78531.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                               | Lululemon Athletica Inc.                                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       549 | NS      | $110090.97    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth Bank of Australia                         | Commonwealth Bank of Australia                             | CUSIP: Q26915100<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |      1596 | NS      | $181531.56    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp., Class A                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      9847 | NS      | $327215.81    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                         | Prudential PLC                                             | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |      8330 | NS      | $105892.05    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Autodesk, Inc.                                         | Autodesk, Inc.                                             | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       523 | NS      | $158526.53    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions, Inc.                               | Motorola Solutions, Inc.                                   | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       235 | NS      | $103160.30    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                                   | Emerson Electric Co.                                       | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      1862 | NS      | $270939.62    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co. (The)                               | New York Times Co. (The), Class A                          | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      1492 | NS      | $77419.88     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc.                                              | Visa Inc., Class A                                         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2910 | NS      | $1005317.70   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                                   | TJX Cos., Inc. (The)                                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      3262 | NS      | $406216.86    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE                                     | Teleperformance SE                                         | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |       829 | NS      | $81057.45     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico, S.A.B. de C.V.                           | Grupo Mexico, S.A.B. de C.V., Class B                      | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |     16364 | NS      | $102632.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday, Inc.                                          | Workday, Inc., Class A                                     | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       882 | NS      | $202313.16    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                            | Pentair PLC                                                | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |      1519 | NS      | $155241.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.                 | Check Point Software Technologies Ltd.                     | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |       373 | NS      | $69452.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                                          | Newmont Corp.                                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      1870 | NS      | $116127.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co. Ltd.                           | Harmony Gold Mining Co. Ltd., ADR                          | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |      6171 | NS      | $83061.66     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                            | Novartis AG                                                | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      6213 | NS      | $707754.69    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                          | Enbridge Inc.                                              | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |      5978 | NS      | $271324.36    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                             | Siemens AG                                                 | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      1645 | NS      | $420217.14    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Coherent Corp.                                         | Coherent Corp.                                             | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |       926 | NS      | $99637.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| St. James's Place PLC                                  | St. James's Place PLC                                      | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |      5387 | NS      | $92904.67     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Pegatron Corp.                                         | Pegatron Corp.                                             | CUSIP: Y6784J100<br>LEI: 529900M87JQS8TUO0L66 | Long             | EC               | CORP              | TW        |     32318 | NS      | $86036.02     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                                | CRH PLC                                                    | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |       903 | NS      | $86191.35     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                                   | Allstate Corp. (The)                                       | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1078 | NS      | $219103.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                                | GSK PLC                                                    | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |      9111 | NS      | $167930.46    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cadence Design Systems, Inc.                           | Cadence Design Systems, Inc.                               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       265 | NS      | $96611.05     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc.                                                | HP Inc.                                                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      3331 | NS      | $82608.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                        | Koninklijke Ahold Delhaize N.V.                            | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |      2055 | NS      | $81403.50     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd.                                           | Naspers Ltd.                                               | CUSIP: S53435111<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |       490 | NS      | $152373.02    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc.                                          | Broadcom Inc.                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1981 | NS      | $581819.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd.                                          | Brambles Ltd.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |      5682 | NS      | $87093.82     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics, Inc.                                | Delta Electronics, Inc.                                    | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |      8340 | NS      | $157109.84    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd.                                         | BHP Group Ltd.                                             | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |     16500 | NS      | $417489.61    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle S.A.                                            | Nestle S.A.                                                | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      2970 | NS      | $259573.84    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimizu Corp.                                          | Shimizu Corp.                                              | CUSIP: J72445117<br>LEI: 353800BRAE0QFP3ZLY22 | Long             | EC               | CORP              | JP        |     12838 | NS      | $142507.22    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                      | HSBC Holdings PLC                                          | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     34202 | NS      | $417534.17    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd.                                          | WH Group Ltd.                                              | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | KY        |     89650 | NS      | $89752.05     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd.                                | Singapore Exchange Ltd.                                    | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |      7056 | NS      | $86587.90     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TUI AG                                                 | TUI AG                                                     | CUSIP: N/A<br>LEI: 529900SL2WSPV293B552       | Long             | EC               | CORP              | DE        |      9505 | NS      | $86006.44     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ase Technology Holding Co., Ltd.                       | Ase Technology Holding Co., Ltd.                           | CUSIP: Y0249T100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |     17719 | NS      | $85926.33     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Coles Group Ltd.                                       | Coles Group Ltd.                                           | CUSIP: N/A<br>LEI: 549300OHQRG2HN8LZ793       | Long             | EC               | CORP              | AU        |      6368 | NS      | $84941.67     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro S.A. PETROBRAS                     | Petroleo Brasileiro S.A. PETROBRAS, ADR                    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |      6564 | NS      | $83625.36     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| West Japan Railway Co.                                 | West Japan Railway Co.                                     | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               | CORP              | JP        |      8524 | NS      | $187004.74    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Rockwell Automation, Inc.                              | Rockwell Automation, Inc.                                  | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |       490 | NS      | $172337.90    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Seven & I Holdings Co., Ltd.                           | Seven & I Holdings Co., Ltd.                               | CUSIP: N/A<br>LEI: 52990037G8JRM3TWGY86       | Long             | EC               | CORP              | JP        |      6369 | NS      | $84133.93     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Automatic Data Processing, Inc.                        | Automatic Data Processing, Inc.                            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1118 | NS      | $346021.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                                     | Lam Research Corp.                                         | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      4555 | NS      | $431996.20    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Ltd.                                         | Discovery Ltd.                                             | CUSIP: S2192Y109<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |      6955 | NS      | $83084.49     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Geely Automobile Holdings Ltd.                         | Geely Automobile Holdings Ltd.                             | CUSIP: G3777B103<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | KY        |     71936 | NS      | $161353.75    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| United Utilities Group PLC                             | United Utilities Group PLC                                 | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |      5781 | NS      | $86474.41     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                    | Expedia Group, Inc.                                        | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      1789 | NS      | $322413.58    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                      | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       490 | NS      | $131986.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                              | Aptiv PLC                                                  | CUSIP: G3265R107<br>LEI: 254900HTTDFIJZ32GX53 | Long             | EC               | CORP              | JE        |      1470 | NS      | $100900.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                                       | Baker Hughes Co., Class A                                  | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |      2155 | NS      | $97082.75     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASICS Corp.                                            | ASICS Corp.                                                | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |      3332 | NS      | $78491.73     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V.        | Grupo Aeroportuario del Sureste, S.A.B. de C.V., ADR       | CUSIP: 40051E202<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |       276 | NS      | $83713.56     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aisin Corp.                                            | Aisin Corp.                                                | CUSIP: N/A<br>LEI: 3538004IOK08PDY6I723       | Long             | EC               | CORP              | JP        |      6955 | NS      | $96313.04     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd.                                    | Teck Resources Ltd., Class B                               | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      2144 | NS      | $69675.54     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC                                      | NatWest Group PLC                                          | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     32536 | NS      | $226313.24    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                              | Williams Cos., Inc. (The)                                  | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      1968 | NS      | $117981.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fast Retailing Co., Ltd.                               | Fast Retailing Co., Ltd.                                   | CUSIP: J1346E100<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |       294 | NS      | $89860.49     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Arthur J. Gallagher & Co.                              | Arthur J. Gallagher & Co.                                  | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       294 | NS      | $84451.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                                    | Coca-Cola Co. (The)                                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      3747 | NS      | $254383.83    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Xero Ltd.                                              | Xero Ltd.                                                  | CUSIP: N/A<br>LEI: 254900UG5D8YST164N14       | Long             | EC               | CORP              | NZ        |       784 | NS      | $90454.54     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | Morgan Stanley                                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      4424 | NS      | $630243.04    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                        | Seagate Technology Holdings PLC                            | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |       847 | NS      | $132987.47    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank, S.A.                                        | CaixaBank, S.A.                                            | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     12247 | NS      | $115561.88    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                                | Aon PLC, Class A                                           | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       392 | NS      | $139438.32    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Moncler S.p.A.                                         | Moncler S.p.A.                                             | CUSIP: N/A<br>LEI: 815600EBD7FB00525B20       | Long             | EC               | CORP              | IT        |      1382 | NS      | $73922.08     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                            | BNP Paribas                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |      1411 | NS      | $129030.26    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                    | Union Pacific Corp.                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      1666 | NS      | $369802.02    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                                      | T-Mobile US, Inc.                                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      1122 | NS      | $267496.02    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials, Inc.                                | Applied Materials, Inc.                                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      2196 | NS      | $395411.76    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                                 | BP PLC                                                     | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     16462 | NS      | $88421.45     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                                         | AIA Group Ltd.                                             | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     12921 | NS      | $120477.63    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                            | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1030 | NS      | $745297.70    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                          | Equinix, Inc.                                              | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       110 | NS      | $86368.70     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Poste Italiane S.p.A.                                  | Poste Italiane S.p.A.                                      | CUSIP: N/A<br>LEI: 815600354DEDBD0BA991       | Long             | EC               | CORP              | IT        |     18031 | NS      | $390702.08    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Corp.                                           | Vistra Corp.                                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       730 | NS      | $152234.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander S.A.                                   | Banco Santander S.A.                                       | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |     42137 | NS      | $363052.94    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen K.K.                                      | Nippon Yusen K.K.                                          | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |      3626 | NS      | $127420.80    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                       | NRG Energy, Inc.                                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      2686 | NS      | $449099.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                          | Alphabet Inc., Class C                                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7789 | NS      | $1502186.54   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                      | Tyson Foods, Inc., Class A                                 | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      2939 | NS      | $153709.70    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc.                                           | Walmart Inc.                                               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      6904 | NS      | $676453.92    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Woolworths Group Ltd.                                  | Woolworths Group Ltd.                                      | CUSIP: N/A<br>LEI: QNWEWQBS7HP85QHXQL92       | Long             | EC               | CORP              | AU        |      4309 | NS      | $87152.97     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                                          | Accenture PLC, Class A                                     | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      1139 | NS      | $304226.90    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex, Inc.                                          | Paychex, Inc.                                              | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1023 | NS      | $147649.59    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Catcher Technology Co., Ltd.                           | Catcher Technology Co., Ltd.                               | CUSIP: Y1148A101<br>LEI: 5299006PRSCU66N5JF55 | Long             | EC               | CORP              | TW        |     11941 | NS      | $84328.83     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                           | NVIDIA Corp.                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     26681 | NS      | $4745749.47   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. PETROBRAS                     | Petroleo Brasileiro S.A. PETROBRAS, Preference Shares      | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |     14386 | NS      | $83871.55     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chugai Pharmaceutical Co., Ltd.                        | Chugai Pharmaceutical Co., Ltd.                            | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |      1861 | NS      | $89391.46     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergreen Marine Corp. Taiwan Ltd.                     | Evergreen Marine Corp. Taiwan Ltd.                         | CUSIP: Y23632105<br>LEI: 254900EIJA0A39C5SO15 | Long             | EC               | CORP              | TW        |     20253 | NS      | $133647.41    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                           | ITOCHU Corp.                                               | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |      1764 | NS      | $92713.94     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                                   | Electronic Arts Inc.                                       | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       882 | NS      | $134496.18    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.                     | American International Group, Inc.                         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      3464 | NS      | $268910.32    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                                          | Stryker Corp.                                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       657 | NS      | $258023.61    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi, Ltd.                                          | Hitachi, Ltd.                                              | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |      4506 | NS      | $138165.99    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc.                                          | SK hynix Inc.                                              | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      1304 | NS      | $252736.02    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                                  | PayPal Holdings, Inc.                                      | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      3947 | NS      | $271395.72    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     15470 | NS      | $731266.90    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                                     | General Motors Co.                                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      4507 | NS      | $240403.38    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                                 | Sanofi                                                     | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |      1292 | NS      | $116324.32    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                   | Macquarie Group Ltd.                                       | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |       719 | NS      | $99756.97     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                      | Merck & Co., Inc.                                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      3635 | NS      | $283966.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                                | Aramark                                                    | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |      1963 | NS      | $83545.28     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd.                                     | Bank of China Ltd., H Shares                               | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | CN        |    143872 | NS      | $83044.86     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Bouygues                                               | Bouygues                                                   | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |      4899 | NS      | $202316.24    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                             | Alibaba Group Holding Ltd.                                 | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     22518 | NS      | $338553.15    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CCL Industries Inc.                                    | CCL Industries Inc., Class B                               | CUSIP: 124900309<br>LEI: 549300TD3EMSRRC0YH75 | Long             | EC               | CORP              | CA        |      1469 | NS      | $82292.90     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Yang Ming Marine Transport Corp.                       | Yang Ming Marine Transport Corp.                           | CUSIP: Y9729D105<br>LEI: 254900WG2ACWNVSP6E13 | Long             | EC               | CORP              | TW        |     34418 | NS      | $69824.24     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HubSpot, Inc.                                          | HubSpot, Inc.                                              | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       163 | NS      | $84702.95     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                           | Royal Caribbean Cruises Ltd.                               | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       641 | NS      | $203754.67    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software, Inc.                               | Guidewire Software, Inc.                                   | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |       368 | NS      | $83248.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Co., Ltd.                            | Mitsubishi Estate Co., Ltd.                                | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |      4703 | NS      | $88230.01     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                  | Freeport-McMoRan Inc.                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      3631 | NS      | $146111.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kddi Corp.                                             | Kddi Corp.                                                 | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |      9405 | NS      | $154664.07    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Orient Overseas (International) Ltd.                   | Orient Overseas (International) Ltd.                       | CUSIP: G67749153<br>LEI: 529900DQ426GJO276W95 | Long             | EC               | CORP              | BM        |      5210 | NS      | $93739.82     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                           | Barclays PLC                                               | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |     25186 | NS      | $123361.44    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Cintas Corp.                                           | Cintas Corp.                                               | CUSIP: 172908105<br>LEI: 549300E27V6N4OJCJ944 | Long             | EC               | CORP              | US        |       447 | NS      | $99479.85     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                         | Credicorp Ltd.                                             | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |       373 | NS      | $88401.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hongkong Land Holdings Ltd.                            | Hongkong Land Holdings Ltd.                                | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |     13914 | NS      | $84050.76     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Turk Hava Yollari AO                                   | Turk Hava Yollari AO                                       | CUSIP: M8926R100<br>LEI: 789000EV8M3BL7ZPFB03 | Long             | EC               | CORP              | TR        |     19990 | NS      | $141528.16    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt.                                         | OTP Bank Nyrt.                                             | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      1077 | NS      | $87711.03     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                                      | Siemens Energy AG, Class A                                 | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |      1874 | NS      | $217606.41    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| YUM! Brands, Inc.                                      | YUM! Brands, Inc.                                          | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       559 | NS      | $80579.85     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                                     | Deutsche Boerse AG                                         | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |       565 | NS      | $163983.92    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                   | Meta Platforms, Inc., Class A                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3234 | NS      | $2501304.96   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet, Inc.                                         | Fortinet, Inc.                                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      2093 | NS      | $209090.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                          | PepsiCo, Inc.                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1492 | NS      | $205776.64    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                         | ING Groep N.V.                                             | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |      3821 | NS      | $89311.55     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                           | Mondelez International, Inc., Class A                      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      1469 | NS      | $95029.61     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev S.A./N.V.                         | Anheuser-Busch InBev S.A./N.V.                             | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               | CORP              | BE        |      7350 | NS      | $423811.86    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Thomson Reuters Corp.                                  | Thomson Reuters Corp.                                      | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |       882 | NS      | $177401.58    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                                  | Regency Centers Corp.                                      | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |      1214 | NS      | $86679.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                        | Nordea Bank Abp                                            | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |      5782 | NS      | $84617.43     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                            | Fanuc Corp.                                                | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               | CORP              | JP        |      3527 | NS      | $98379.94     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Skanska AB                                             | Skanska AB, Class B                                        | CUSIP: N/A<br>LEI: 549300UINV5RINHGMG07       | Long             | EC               | CORP              | SE        |      3722 | NS      | $87083.18     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                            | Ecolab Inc.                                                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       413 | NS      | $108106.88    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                   | Edison International                                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      2548 | NS      | $132801.76    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology S.A.                                | Spotify Technology S.A.                                    | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |       233 | NS      | $145983.82    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd.                                      | Imperial Oil Ltd.                                          | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      1106 | NS      | $92420.66     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                                            | FedEx Corp.                                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       741 | NS      | $165606.09    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                                  | Schneider Electric SE                                      | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |       412 | NS      | $106935.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Koc Holding A.S.                                       | Koc Holding A.S.                                           | CUSIP: M63751107<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |     22148 | NS      | $97574.59     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Gas Co., Ltd.                                    | Tokyo Gas Co., Ltd.                                        | CUSIP: N/A<br>LEI: 353800678EIJLOQSWZ83       | Long             | EC               | CORP              | JP        |      4285 | NS      | $143789.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Assicurazioni Generali S.p.A.                          | Assicurazioni Generali S.p.A.                              | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | EC               | CORP              | IT        |      5684 | NS      | $212668.81    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Dover Corp.                                            | Dover Corp.                                                | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |       454 | NS      | $82237.56     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                                  | Parker-Hannifin Corp.                                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       452 | NS      | $330818.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Wistron Corp.                                          | Wistron Corp.                                              | CUSIP: Y96738102<br>LEI: 254900DIEONKUALBFM06 | Long             | EC               | CORP              | TW        |     20869 | NS      | $84933.97     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                      | Lowe's Cos., Inc.                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1439 | NS      | $321717.23    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                                           | DNB Bank ASA                                               | CUSIP: R1R15X100<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |     12249 | NS      | $311258.92    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                            | Equinor ASA                                                | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     11368 | NS      | $293300.13    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena S.M.E. S.A.                                       | Aena S.M.E. S.A.                                           | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     11119 | NS      | $300292.95    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Montreal                                       | Bank of Montreal                                           | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |      1129 | NS      | $124891.87    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                                 | Verisk Analytics, Inc.                                     | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |       536 | NS      | $149388.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                             | Amgen Inc.                                                 | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       882 | NS      | $260278.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                           | CF Industries Holdings, Inc.                               | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1862 | NS      | $172849.46    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                           | Exelon Corp.                                               | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      4289 | NS      | $192747.66    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges and Clearing Ltd.                  | Hong Kong Exchanges and Clearing Ltd.                      | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |      2814 | NS      | $152290.34    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen AG                                          | Volkswagen AG, Preference Shares                           | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |      1078 | NS      | $113052.90    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc.                                | KB Financial Group Inc.                                    | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      1224 | NS      | $97244.63     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                           | Mizuho Financial Group, Inc.                               | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |      5977 | NS      | $175670.64    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd.                                           | Infosys Ltd., ADR                                          | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     28394 | NS      | $474747.68    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc.                                        | S&P Global Inc.                                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       477 | NS      | $262874.70    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services, Inc.           | Fidelity National Information Services, Inc.               | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      1810 | NS      | $143732.10    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                                            | Pandora A/S                                                | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |       562 | NS      | $93081.20     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings, Inc.                                   | Sompo Holdings, Inc.                                       | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |      5640 | NS      | $166644.03    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus N.V.                                            | Prosus N.V.                                                | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |      2842 | NS      | $162828.18    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp.                               | Panasonic Holdings Corp.                                   | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |     18326 | NS      | $173702.83    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| A.P. Moller - Maersk A/S                               | A.P. Moller - Maersk A/S, Class B                          | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        59 | NS      | $116884.42    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Tripod Technology Corp.                                | Tripod Technology Corp.                                    | CUSIP: Y8974X105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     10419 | NS      | $96972.97     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC (The)                      | Berkeley Group Holdings PLC (The)                          | CUSIP: G1191G153<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |      1763 | NS      | $84959.31     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                              | Halma PLC                                                  | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |      3528 | NS      | $151266.59    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.                     | Wal-Mart de Mexico, S.A.B. de C.V., Series V               | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     31161 | NS      | $92034.06     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WSP Global Inc.                                        | WSP Global Inc.                                            | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |       715 | NS      | $147545.84    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc.                             | Palantir Technologies Inc., Class A                        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      3268 | NS      | $517487.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                                | Progressive Corp. (The)                                    | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1520 | NS      | $367900.80    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd.                                    | Tokyo Electron Ltd.                                        | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |       904 | NS      | $144008.14    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Williams-Sonoma, Inc.                                  | Williams-Sonoma, Inc.                                      | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      1053 | NS      | $196963.65    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                             | Procter & Gamble Co. (The)                                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      3491 | NS      | $525290.77    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas, Inc.                                           | Ventas, Inc.                                               | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      1372 | NS      | $92170.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| China Airlines, Ltd.                                   | China Airlines, Ltd.                                       | CUSIP: Y1374F105<br>LEI: 25490032B2A0G6D0JP27 | Long             | EC               | CORP              | TW        |    114664 | NS      | $78572.15     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone                                                 | Danone                                                     | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      1763 | NS      | $144702.06    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd.                                      | Lenovo Group Ltd.                                          | CUSIP: Y5257Y107<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |     68836 | NS      | $88264.97     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                         | Kingfisher PLC                                             | CUSIP: N/A<br>LEI: 213800KBMEV7I92FY281       | Long             | EC               | CORP              | GB        |     22341 | NS      | $79602.70     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| King Slide Works Co., Ltd.                             | King Slide Works Co., Ltd.                                 | CUSIP: Y4771C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      1050 | NS      | $92452.11     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                         | Continental AG                                             | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |      1384 | NS      | $118555.43    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                          | MediaTek Inc.                                              | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      5220 | NS      | $236385.47    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Corp.                                            | Tokyu Corp.                                                | CUSIP: N/A<br>LEI: 3538005PGNIBTZYXAE45       | Long             | EC               | CORP              | JP        |      7447 | NS      | $83998.69     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc.                                  | Howmet Aerospace Inc.                                      | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      1402 | NS      | $252037.54    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.                                       | UniCredit S.p.A.                                           | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |      2155 | NS      | $159017.13    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie                                                  | Engie                                                      | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |     10192 | NS      | $229770.80    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                  | Cardinal Health, Inc.                                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2130 | NS      | $330618.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                                         | Rheinmetall AG                                             | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |        50 | NS      | $99265.50     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                   | Credit Agricole S.A.                                       | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               | CORP              | FR        |      4604 | NS      | $84983.24     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc.                                  | Booking Holdings Inc.                                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       124 | NS      | $682503.44    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                        | ICICI Bank Ltd., ADR                                       | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     24084 | NS      | $811630.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui Chemical Co., Ltd.                             | Sekisui Chemical Co., Ltd.                                 | CUSIP: N/A<br>LEI: 529900KQIVT7NWFNMI70       | Long             | EC               | CORP              | JP        |      4995 | NS      | $86814.51     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraft Heinz Co. (The)                                  | Kraft Heinz Co. (The)                                      | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      3430 | NS      | $94187.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign, Inc.                                         | DocuSign, Inc.                                             | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |      2984 | NS      | $225709.76    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage, Inc.                                     | Pure Storage, Inc., Class A                                | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      1472 | NS      | $87613.44     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp.                                        | Advantest Corp.                                            | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |      1392 | NS      | $92754.40     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Lite-On Technology Corp.                               | Lite-On Technology Corp.                                   | CUSIP: Y5313K109<br>LEI: 2549005GU1PQ73SZBT32 | Long             | EC               | CORP              | TW        |     21899 | NS      | $86577.61     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                                  | AECOM                                                      | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      1522 | NS      | $171590.28    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                           | Fastenal Co.                                               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      2335 | NS      | $107713.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina, Inc.                                         | Illumina, Inc.                                             | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       881 | NS      | $90487.51     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank (The)                            | Toronto-Dominion Bank (The)                                | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |      5487 | NS      | $400526.59    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesfarmers Ltd.                                        | Wesfarmers Ltd.                                            | CUSIP: Q95870103<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |      1568 | NS      | $85929.06     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlisle Cos. Inc.                                     | Carlisle Cos. Inc.                                         | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       214 | NS      | $75907.94     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext N.V.                                          | Euronext N.V.                                              | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |       649 | NS      | $104918.84    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                           | GEA Group AG                                               | CUSIP: N/A<br>LEI: 549300PHUU0ZZWO8EO07       | Long             | EC               | CORP              | DE        |      1274 | NS      | $91780.45     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Var Energi ASA                                         | Var Energi ASA                                             | CUSIP: N/A<br>LEI: 549300LIVN3FFOJN2K47       | Long             | EC               | CORP              | NO        |     25870 | NS      | $89003.54     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co. Ltd.                                           | BYD Co. Ltd., H Shares                                     | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      7820 | NS      | $114178.71    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV AG                                                 | OMV AG                                                     | CUSIP: N/A<br>LEI: 549300V62YJ9HTLRI486       | Long             | EC               | CORP              | AT        |      2253 | NS      | $115078.57    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| IQVIA Holdings Inc.                                    | IQVIA Holdings Inc.                                        | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       520 | NS      | $96647.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                        | AstraZeneca PLC                                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      1389 | NS      | $203057.96    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                 | Truist Financial Corp.                                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      1843 | NS      | $80557.53     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Co.                               | Saudi Arabian Mining Co.                                   | CUSIP: N/A<br>LEI: 254900R4HAVLB4GY9713       | Long             | EC               | CORP              | SA        |      5977 | NS      | $82635.32     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Domino's Pizza, Inc.                                   | Domino's Pizza, Inc.                                       | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       221 | NS      | $102369.41    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                             | Apple Inc.                                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     21299 | NS      | $4421033.43   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets, Inc.                              | Cboe Global Markets, Inc.                                  | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       368 | NS      | $88702.72     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group, Inc.                        | Principal Financial Group, Inc.                            | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |      1027 | NS      | $79931.41     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                                        | J Sainsbury PLC                                            | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |     22343 | NS      | $89523.32     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group Ltd.                            | Zurich Insurance Group Ltd.                                | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |       190 | NS      | $129632.19    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp.                                           | Subaru Corp.                                               | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |      5096 | NS      | $93935.10     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger N.V.                                      | Schlumberger N.V.                                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      2841 | NS      | $96025.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eiffage                                                | Eiffage                                                    | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |      1764 | NS      | $237486.54    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKE, Inc.                                             | NIKE, Inc., Class B                                        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      1202 | NS      | $89777.38     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp.                                  | Southern Copper Corp.                                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       828 | NS      | $77964.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AEON Co., Ltd.                                         | AEON Co., Ltd.                                             | CUSIP: N/A<br>LEI: 5299009MXFL34SA71416       | Long             | EC               | CORP              | JP        |      4275 | NS      | $136832.47    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Express Holdings, Inc.                          | Nippon Express Holdings, Inc., Class H                     | CUSIP: J53377107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6663 | NS      | $146662.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corp.                                         | Carnival Corp.                                             | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     10485 | NS      | $312138.45    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                                   | Analog Devices, Inc.                                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1710 | NS      | $384117.30    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Orica Ltd.                                             | Orica Ltd.                                                 | CUSIP: Q7160T109<br>LEI: 5493008IHK1CVI000P92 | Long             | EC               | CORP              | AU        |      6662 | NS      | $91146.57     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| United Microelectronics Corp.                          | United Microelectronics Corp.                              | CUSIP: Y92370108<br>LEI: 391200YJCAGH9LF96P73 | Long             | EC               | CORP              | TW        |     57337 | NS      | $79450.32     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                                       | Mitsubishi Corp.                                           | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |      9505 | NS      | $187850.79    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                  | Westpac Banking Corp.                                      | CUSIP: N/A<br>LEI: EN5TNI6CI43VEPAMHL14       | Long             | EC               | CORP              | AU        |      3920 | NS      | $84791.40     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                        | Danske Bank A/S                                            | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               | CORP              | DK        |      4899 | NS      | $194973.57    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegion PLC                                           | Allegion PLC                                               | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |       997 | NS      | $165422.24    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ISS A/S                                                | ISS A/S                                                    | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |      2940 | NS      | $84785.21     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp. PLC                                        | Eaton Corp. PLC                                            | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       517 | NS      | $198900.24    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                                     | Best Buy Co., Inc.                                         | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      1687 | NS      | $109756.22    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                 | SAP SE                                                     | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       882 | NS      | $252953.48    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp.                                         | Sumitomo Corp.                                             | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |      8851 | NS      | $226688.06    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Stantec Inc.                                           | Stantec Inc.                                               | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |      1521 | NS      | $166627.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp.                                       | Brookfield Corp.                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      2956 | NS      | $198435.04    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                            | United Parcel Service, Inc., Class B                       | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      2299 | NS      | $198081.84    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc.                                        | Mastercard Inc., Class A                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1535 | NS      | $869531.45    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sbi Holdings, Inc.                                     | Sbi Holdings, Inc.                                         | CUSIP: J6991H100<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |      2636 | NS      | $98120.22     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                             | Allianz SE                                                 | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |       392 | NS      | $155364.59    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi HC Capital Inc.                             | Mitsubishi HC Capital Inc.                                 | CUSIP: N/A<br>LEI: 353800MZ3QX9RLMH7B09       | Long             | EC               | CORP              | JP        |     16363 | NS      | $121194.41    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Canon Inc.                                             | Canon Inc.                                                 | CUSIP: N/A<br>LEI: 529900JH1GSC035SSP77       | Long             | EC               | CORP              | JP        |      3135 | NS      | $89222.74     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                                     | Grab Holdings Ltd., Class A                                | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |     18815 | NS      | $92005.35     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK, Inc.                                           | AMETEK, Inc.                                               | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1227 | NS      | $226810.95    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                            | Verizon Communications Inc.                                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      6271 | NS      | $268147.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc.                                 | Dell Technologies Inc., Class C                            | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       686 | NS      | $91025.34     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                                        | Iberdrola, S.A.                                            | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |     15091 | NS      | $266023.28    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Portfolio                  | Invesco Government & Agency Portfolio, Institutional Class | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |     89313 | NS      | $89313.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Life Group, Inc.                               | Daiichi Life Group, Inc.                                   | CUSIP: N/A<br>LEI: 549300ZUFXI7JXZVTZ25       | Long             | EC               | CORP              | JP        |     19403 | NS      | $153831.21    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                     | Canadian Imperial Bank of Commerce                         | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |      4531 | NS      | $324548.79    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                               | Infineon Technologies AG                                   | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |      4115 | NS      | $162124.80    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken N.V.                                          | Heineken N.V.                                              | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |      1078 | NS      | $84862.51     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                       | Roche Holding AG                                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      1545 | NS      | $482271.58    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries, Ltd.                      | Mitsubishi Heavy Industries, Ltd.                          | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |      3724 | NS      | $89095.90     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Edwards Lifesciences Corp.                             | Edwards Lifesciences Corp.                                 | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      1108 | NS      | $87875.48     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Weir Group PLC (The)                                   | Weir Group PLC (The)                                       | CUSIP: G95248137<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |      2644 | NS      | $93076.07     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                        | Starbucks Corp.                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |       901 | NS      | $80333.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp.                                    | Franco-Nevada Corp.                                        | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |       540 | NS      | $86209.40     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co., Ltd.                                   | Shionogi & Co., Ltd.                                       | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |      6955 | NS      | $116553.37    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Screen Holdings Co., Ltd.                              | Screen Holdings Co., Ltd.                                  | CUSIP: N/A<br>LEI: 353800ND89FTQ9XQ0R07       | Long             | EC               | CORP              | JP        |      1392 | NS      | $108809.85    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                           | Unilever PLC                                               | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      1862 | NS      | $108255.05    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                      | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      5105 | NS      | $840997.70    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd./Mines Agnico Eagle Limitee     | Agnico Eagle Mines Ltd./Mines Agnico Eagle Limitee         | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      1132 | NS      | $140837.81    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co. Ltd.                           | China Mengniu Dairy Co. Ltd.                               | CUSIP: G21096105<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |     42748 | NS      | $88959.25     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                             | Phoenix Group Holdings PLC                                 | CUSIP: N/A<br>LEI: 2138001P49OLAEU33T68       | Long             | EC               | CORP              | GB        |      9993 | NS      | $87568.23     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CrowdStrike Holdings, Inc.                             | CrowdStrike Holdings, Inc., Class A                        | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       209 | NS      | $95005.13     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Chemical Group Corp.                        | Mitsubishi Chemical Group Corp.                            | CUSIP: N/A<br>LEI: 353800YNKX4RQUGAR072       | Long             | EC               | CORP              | JP        |     16366 | NS      | $89322.56     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co., Ltd.                          | Samsung Electronics Co., Ltd.                              | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      6272 | NS      | $319646.05    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                                         | Commerzbank AG                                             | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |      2548 | NS      | $93187.82     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                            | Pfizer Inc.                                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     12347 | NS      | $287561.63    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                    | EOG Resources, Inc.                                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      3093 | NS      | $371221.86    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel Ltd.                                            | Keppel Ltd.                                                | CUSIP: N/A<br>LEI: 254900SQ7IPDOY6IDW33       | Long             | EC               | CORP              | SG        |     14305 | NS      | $93012.56     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TD SYNNEX Corp.                                        | TD SYNNEX Corp.                                            | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       606 | NS      | $87500.34     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                                         | AutoZone, Inc.                                             | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        35 | NS      | $131893.30    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN Group Ltd.                                         | MTN Group Ltd.                                             | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |     10777 | NS      | $91250.97     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                      | Cigna Group (The)                                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       459 | NS      | $122727.42    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp.                                            | Intel Corp.                                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      4408 | NS      | $87278.40     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp.                                        | TC Energy Corp.                                            | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |      2842 | NS      | $135999.94    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                          | Rio Tinto PLC                                              | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |      4508 | NS      | $269043.05    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ResMed Inc.                                            | ResMed Inc.                                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       465 | NS      | $126452.10    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Konecranes OYJ                                         | Konecranes OYJ                                             | CUSIP: X4550J108<br>LEI: 549300EF0CDEQZBMA096 | Long             | EC               | CORP              | FI        |      1078 | NS      | $90095.79     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                    | Deutsche Telekom AG                                        | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |      2825 | NS      | $101618.69    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co., Ltd.                                | Hyundai Mobis Co., Ltd.                                    | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |       392 | NS      | $82719.76     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp.                                  | Las Vegas Sands Corp.                                      | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      1878 | NS      | $98407.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                   | Steel Dynamics, Inc.                                       | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       629 | NS      | $80235.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CTBC Financial Holding Co., Ltd.                       | CTBC Financial Holding Co., Ltd.                           | CUSIP: Y15093100<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |     56297 | NS      | $77357.55     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Alpha Bank S.A.                                        | Alpha Bank S.A.                                            | CUSIP: X0085P163<br>LEI: 213800DBQIB6VBNU5C64 | Long             | EC               | CORP              | GR        |     22441 | NS      | $84246.28     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp.                                         | Marubeni Corp.                                             | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |      6760 | NS      | $138683.05    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| E. Sun Financial Holding Co., Ltd.                     | E. Sun Financial Holding Co., Ltd.                         | CUSIP: Y23469102<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |     90573 | NS      | $96867.30     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank N.V.                                     | ABN AMRO Bank N.V., CVA                                    | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |      5290 | NS      | $153374.75    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                  | Saudi Arabian Oil Co.                                      | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |     42921 | NS      | $277726.94    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ASELSAN Elektronik Sanayi ve Ticaret A.S.              | ASELSAN Elektronik Sanayi ve Ticaret A.S.                  | CUSIP: N/A<br>LEI: 7890008XT4M710MU8714       | Long             | EC               | CORP              | TR        |     22540 | NS      | $103672.07    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                | Uber Technologies, Inc.                                    | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      4900 | NS      | $429975.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kajima Corp.                                           | Kajima Corp.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      3331 | NS      | $83612.86     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Re AG                                            | Swiss Re AG                                                | CUSIP: H8431B109<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |       490 | NS      | $87732.28     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                        | Microsoft Corp.                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9870 | NS      | $5265645.00   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc.                                   | Hudbay Minerals Inc.                                       | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |      7840 | NS      | $72924.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.                  | International Business Machines Corp.                      | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1502 | NS      | $380231.30    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group PLC                               | Lloyds Banking Group PLC                                   | CUSIP: G5533W248<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |     83299 | NS      | $85593.46     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                         | DTE Energy Co.                                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       647 | NS      | $89551.27     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                                        | GE Vernova Inc.                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       461 | NS      | $304393.69    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria S.A.                   | Banco Bilbao Vizcaya Argentaria S.A.                       | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |      9112 | NS      | $152418.56    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| MS & Ad Insurance Group Holdings, Inc.                 | MS & Ad Insurance Group Holdings, Inc.                     | CUSIP: J4687C105<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |      4603 | NS      | $98547.39     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                               | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |      4212 | NS      | $156573.41    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| NiSource Inc.                                          | NiSource Inc.                                              | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      2547 | NS      | $108120.15    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                              | O'Reilly Automotive, Inc.                                  | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      1900 | NS      | $186808.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                            | Zoetis Inc.                                                | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      1372 | NS      | $200023.88    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd.                                               | ABB Ltd.                                                   | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      4048 | NS      | $264391.87    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Co. of China, Ltd.           | Ping An Insurance (Group) Co. of China, Ltd., H Shares     | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     13544 | NS      | $92984.49     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                  | Delta Air Lines, Inc.                                      | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      1670 | NS      | $88860.70     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NKT A/S                                                | NKT A/S                                                    | CUSIP: K7037A107<br>LEI: 529900197LKWCEQ0NL18 | Long             | EC               | CORP              | DK        |      1077 | NS      | $95050.44     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.            | Taiwan Semiconductor Manufacturing Co. Ltd., ADR           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      5751 | NS      | $1389556.62   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd.                               | QBE Insurance Group Ltd.                                   | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |     21067 | NS      | $313096.14    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                         | Citizens Financial Group, Inc.                             | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      1774 | NS      | $84655.28     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd.                              | ANTA Sports Products Ltd.                                  | CUSIP: G04011105<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |      7504 | NS      | $86131.57     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                      | Compass Group PLC                                          | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |      4114 | NS      | $144859.45    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                                | DuPont de Nemours, Inc.                                    | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      1175 | NS      | $84482.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)                             | Travelers Cos., Inc. (The)                                 | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       763 | NS      | $198563.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ACS Actividades de Construccion y Servicios S.A.       | ACS Actividades de Construccion y Servicios S.A.           | CUSIP: E7813W163<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |      3430 | NS      | $237415.77    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                              | First Abu Dhabi Bank PJSC                                  | CUSIP: M7080Z114<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |     18717 | NS      | $91564.19     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors N.V.                                | NXP Semiconductors N.V.                                    | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       368 | NS      | $78667.36     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                             | Occidental Petroleum Corp.                                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      2648 | NS      | $116353.12    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.                           | Stanley Black & Decker, Inc.                               | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      1193 | NS      | $80706.45     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd.                                       | Gold Fields Ltd., ADR                                      | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      3722 | NS      | $90667.92     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandai Namco Holdings Inc.                             | Bandai Namco Holdings Inc.                                 | CUSIP: N/A<br>LEI: 3538008EFEM34VRJDQ95       | Long             | EC               | CORP              | JP        |      2744 | NS      | $88912.35     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Gamuda Bhd.                                            | Gamuda Bhd.                                                | CUSIP: Y2679X106<br>LEI: 254900RW4N94L9KA9137 | Long             | EC               | CORP              | MY        |     74332 | NS      | $89718.46     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci S.A.                                             | Vinci S.A.                                                 | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |      2991 | NS      | $416696.26    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                                    | Erste Group Bank AG                                        | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |      1012 | NS      | $92812.99     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LY Corp.                                               | LY Corp.                                                   | CUSIP: N/A<br>LEI: 52990078MD2OL792YM35       | Long             | EC               | CORP              | JP        |     30574 | NS      | $111979.53    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Devon Energy Corp.                                     | Devon Energy Corp.                                         | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      3695 | NS      | $122747.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                             | TransUnion                                                 | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |       922 | NS      | $87765.18     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp.                                            | Inpex Corp.                                                | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |      6173 | NS      | $88074.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Jabil Inc.                                             | Jabil Inc.                                                 | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1078 | NS      | $240577.26    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                             | Ameriprise Financial, Inc.                                 | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       262 | NS      | $135765.78    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp.                                           | Xiaomi Corp., B Shares                                     | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |     37740 | NS      | $253912.90    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| U C B S.A.                                             | U C B S.A.                                                 | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |       429 | NS      | $92443.45     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                          | QUALCOMM Inc.                                              | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3680 | NS      | $540076.80    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                                              | Tesco PLC                                                  | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |     35963 | NS      | $202468.51    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                              | Kia Corp.                                                  | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      1176 | NS      | $86048.85     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel S.p.A.                                            | Enel S.p.A.                                                | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |     20871 | NS      | $184586.93    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                | Fresenius SE & Co. KGaA                                    | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |      1763 | NS      | $84396.26     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                       | Novo Nordisk A/S, Class B                                  | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |      2861 | NS      | $133485.94    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                           | Zimmer Biomet Holdings, Inc.                               | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       915 | NS      | $83859.75     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Industry Co., Ltd.                         | Daiwa House Industry Co., Ltd.                             | CUSIP: N/A<br>LEI: 353800K9WXR9XRZJZI46       | Long             | EC               | CORP              | JP        |      2645 | NS      | $87623.38     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                  | Tencent Holdings Ltd.                                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      8135 | NS      | $569549.57    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| First Financial Holding Co., Ltd.                      | First Financial Holding Co., Ltd.                          | CUSIP: Y2518F100<br>LEI: 529900BC1U046Q2GUZ64 | Long             | EC               | CORP              | TW        |    138662 | NS      | $136975.07    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp.                            | Realtek Semiconductor Corp.                                | CUSIP: Y7220N101<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |      6840 | NS      | $130786.77    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Xylem Inc.                                             | Xylem Inc.                                                 | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |       646 | NS      | $93424.52     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                              | Flex Ltd.                                                  | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |      3528 | NS      | $175941.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain                                    | Cie de Saint-Gobain                                        | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |      1391 | NS      | $160040.05    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                              | Fresenius Medical Care AG                                  | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |      1765 | NS      | $89786.19     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ORLEN S.A.                                             | ORLEN S.A.                                                 | CUSIP: X6922W204<br>LEI: 259400VVMM70CQREJT74 | Long             | EC               | CORP              | PL        |      5586 | NS      | $124843.28    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings, Inc.                            | Tokio Marine Holdings, Inc.                                | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |      2149 | NS      | $86463.51     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Micron Technology, Inc.                                | Micron Technology, Inc.                                    | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      3340 | NS      | $364527.60    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.                   | Cognizant Technology Solutions Corp., Class A              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      1611 | NS      | $115605.36    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc.                                            | Intuit Inc.                                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       730 | NS      | $573144.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                                               | Bayer AG                                                   | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |      2617 | NS      | $81632.27     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc.                                           | Shopify Inc., Class A                                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      1371 | NS      | $167955.06    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President