# EDGAR Filing Document

**Accession Number:** 0001418144
**File Stem:** 0001752724-23-075882
**Filing Date:** 2023-3
**Character Count:** 396349
**Document Hash:** 0f9b2af3acf8c21a4bb033c1edb06722
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075882.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075882

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001418144
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22148
- **FILM NUMBER:** 23785645

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Powershares Actively Managed Exchange-Traded Fund Trust
- **DATE OF NAME CHANGE:** 20071109

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value** |
|  **Asset-Backed Securities-99.54%** | **Asset-Backed Securities-99.54%** | **Asset-Backed Securities-99.54%** |
|  ABPCI Direct Lending Fund IX LLC (Cayman Islands), Series 2020-9A, Class A1R, 6.22% (3 mo. USD LIBOR + 1.40%), 11/18/2031<sup>(a)(b)</sup> | $500000 | $492715 |
|  AGL CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 5.97% (3 mo. USD LIBOR + 1.15%), 12/02/2034<sup>(a)(b)</sup> | 1500000 | 1480965 |
|  Aimco CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 5.80% (3 mo. USD LIBOR + 0.99%), 04/20/2034<sup>(a)(b)</sup>  | 1500000 | 1472305 |
|  Ballyrock CLO Ltd. (Cayman Islands)<br>Series 2018-1A, Class A1, 5.81% (3 mo. USD LIBOR + 1.00%), 04/20/2031<sup>(a)(b)</sup> | 1250000 | 1239860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1AR, 5.68%<br>(3 mo. USD LIBOR + 1.00%),<br>11/20/2030<sup>(a)(b)</sup> | 500000 | 497056 |
|  Benefit Street Partners CLO III Ltd. (Cayman Islands), Series 2013-IIIA, Class A2R2, 6.46% (3 mo. USD LIBOR + 1.65%), 07/20/2029<sup>(a)(b)</sup> | 850000 | 843015 |
|  Benefit Street Partners CLO XI (Cayman Islands), Series 2017-11A, Class A2R, 6.29% (3 mo. USD LIBOR + 1.50%), 04/15/2029<sup>(a)(b)</sup> | 1000000 | 980300 |
|  Benefit Street Partners CLO XII Ltd. (Cayman Islands), Series 2017-12A, Class A1R, 5.74% (3 mo. USD LIBOR + 0.95%), 10/15/2030<sup>(a)(b)</sup> | 494228 | 489170 |
|  Benefit Street Partners CLO XXII Ltd. (Cayman Islands), Series 2020-22A, Class AR, 5.99% (3 mo. Term SOFR + 1.35%), 04/20/2035<sup>(a)(b)</sup> | 1645000 | 1611419 |
|  Buckhorn Park CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 5.92% (3 mo. USD LIBOR + 1.12%), 07/18/2034<sup>(a)(b)</sup> | 1325000 | 1310250 |
|  Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1RR, 5.60% (3 mo. USD LIBOR + 0.95%), 08/14/2030<sup>(a)(b)</sup> | 741519 | 736193 |
|  Cedar Funding IV CLO Ltd. (Cayman Islands), Series 2014-4A, Class ARR, 5.98% (3 mo. USD LIBOR + 1.16%), 07/23/2034<sup>(a)(b)</sup> | 1000000 | 980844 |
|  Cedar Funding XI CLO Ltd. (Cayman Islands), Series 2019-11A, Class A1R, 5.79% (3 mo. USD LIBOR + 1.05%), 05/29/2032<sup>(a)(b)</sup> | 1500000 | 1485802 |
|  CIFC Funding Ltd. (Cayman Islands), Series 2020-2A, Class AR, 5.98% (3 mo. USD LIBOR + 1.17%), 10/20/2034<sup>(a)(b)</sup> | 455000 | 450707 |
|  Dewolf Park CLO Ltd. (Cayman Islands), Series 2017-1A, Class AR, 5.71% (3 mo. USD LIBOR + 0.92%), 10/15/2030<sup>(a)(b)</sup> | 1000000 | 991266 |
|  Galaxy Xxviii CLO Ltd. (Cayman Islands), Series 2018-28A, Class A2, 6.09% (3 mo. USD LIBOR + 1.30%), 07/15/2031<sup>(a)(b)</sup> | 750000 | 746535 |
|  GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030<sup>(a)(b)</sup> | 900000 | 893588 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** |
|  Golub Capital Partners CLO 25M Ltd. (Cayman Islands), Series 2015-25A, Class AR, 5.91% (3 mo. USD LIBOR + 1.38%), 05/05/2030<sup>(a)(b)</sup> | $| 1497951 | $1487012 |
|  Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 6.53% (3 mo. USD LIBOR + 1.72%), 10/20/2031<sup>(a)(b)</sup> . |  | 1250000 | 1241014 |
|  Madison Park Funding XXXVII Ltd. (Cayman Islands), Series 2019-37A, Class AR, 5.86% (3 mo. USD LIBOR + 1.07%), 07/15/2033<sup>(a)(b)</sup> |  | 1340000 | 1327578 |
|  Mariner CLO LLC (Cayman Islands), Series 2016-3A, Class BR2, 6.32% (3 mo. USD LIBOR + 1.50%), 07/23/2029<sup>(a)(b)</sup> |  | 1000000 | 983032 |
|  Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1A4, 5.81% (3 mo. USD LIBOR + 1.13%), 05/21/2034<sup>(a)(b)</sup> |  | 500000 | 494415 |
|  Rad CLO 5 Ltd. (Cayman Islands), Series 2019- 5A, Class BR, 6.52% (3 mo. USD LIBOR + 1.70%), 07/24/2032<sup>(a)(b)</sup> |  | 2000000 | 1964656 |
|  RR 1 LLC (Cayman Islands), Series 2017-1A, Class A1AB, 5.94% (3 mo. USD LIBOR + 1.15%), 07/15/2035<sup>(a)(b)</sup> |  | 1310000 | 1295781 |
|  RR 14 Ltd. (Cayman Islands), Series 2021-14A, Class A1, 5.91% (3 mo. USD LIBOR + 1.12%), 04/15/2036<sup>(a)(b)</sup> |  | 500000 | 492395 |
|  Signal Peak CLO 1 Ltd. (Cayman Islands), Series 2014-1A, Class AR3, 5.95% (3 mo. USD LIBOR + 1.16%), 04/17/2034<sup>(a)(b)</sup> |  | 1500000 | 1483872 |
|  Symphony CLO XV Ltd. (Cayman Islands), Series 2014-15A, Class AR3, 5.87% (3 mo. USD LIBOR + 1.08%), 01/17/2032<sup>(a)(b)</sup> |  | 1000000 | 987339 |
|  Symphony CLO XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 5.94% (3 mo. USD LIBOR + 1.15%), 10/15/2031<sup>(a)(b)</sup> |  | 500000 | 494733 |
|  Thompson Park CLO Ltd. (Cayman Islands), Series 2021-1A, Class A1, 5.79% (3 mo. USD LIBOR + 1.00%), 04/15/2034<sup>(a)(b)</sup> |  | 1365000 | 1342603 |
|  Total Asset-Backed Securities<br>(Cost $29,996,414) |  |  | 30296420 |
|  | **Shares** | **Shares** |  |
|  **Money Market Funds-0.11%** |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(c)(d)</sup><br>(Cost $33,984) |  | 33984 | 33984 |
|  TOTAL INVESTMENTS IN SECURITIES-99.65%<br>(Cost $30,030,398) | TOTAL INVESTMENTS IN SECURITIES-99.65%<br>(Cost $30,030,398) | TOTAL INVESTMENTS IN SECURITIES-99.65%<br>(Cost $30,030,398) | 30330404 |
|  OTHER ASSETS LESS LIABILITIES-0.35% | OTHER ASSETS LESS LIABILITIES-0.35% | OTHER ASSETS LESS LIABILITIES-0.35% | 108030 |
|  NET ASSETS-100.00% |  |  | $30438434 |

---

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

------

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

January 31, 2023

*(Unaudited)*

Investment Abbreviations:

BR -Bearer Shares

CLO -Collateralized Loan Obligation

LIBOR -London Interbank Offered Rate

SOFR -Secured Overnight Financing Rate

USD -U.S. Dollar

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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $30,296,420, which represented 99.53% of the Fund's Net Assets. 

<sup>(b)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

<sup>(c)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the period ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2022** | **Purchases**<br> **at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $2598512 | $(2564528) | $- | $- | $33984 | $1065 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
|  **Apartments-9.58%** |  |  |
|  Apartment Income REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38546 | $1474770 |
|  AvalonBay Communities, Inc. | 8313 | 1475059 |
|  Camden Property Trust | 11830 | 1457574 |
|  Equity Residential | 23019 | 1465159 |
|  Essex Property Trust, Inc. | 6385 | 1443457 |
|  Independence Realty Trust, Inc.<sup>(b)</sup> | 78570 | 1479473 |
|  Mid-America Apartment Communities, Inc. | 8726 | 1454799 |
|  UDR, Inc. | 34755 | 1480215 |
|  Veris Residential, Inc.<sup>(c)</sup> | 83059 | 1436921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13167427 |
|  **Data Centers-8.46%** |  |  |
|  Digital Realty Trust, Inc. | 52118 | 5973765 |
|  Equinix, Inc. | 7652 | 5648171 |
|  |  | 11621936 |
|  Diversified-3.35% |  |  |
|  Elme Communities<sup>(b)</sup> | 75754 | 1454477 |
|  JBG SMITH Properties | 57101 | 1150014 |
|  Vornado Realty Trust | 34470 | 840723 |
|  W.P. Carey, Inc.<sup>(b)</sup> | 13496 | 1154313 |
|  |  | 4599527 |
|  **Free Standing-5.83%** |  |  |
|  Agree Realty Corp. | 14969 | 1117137 |
|  Essential Properties Realty Trust, Inc. | 45809 | 1167213 |
|  Four Corners Property Trust, Inc. | 39675 | 1141053 |
|  National Retail Properties, Inc. | 23549 | 1115045 |
|  NETSTREIT Corp.<sup>(b)</sup> | 57173 | 1150893 |
|  Realty Income Corp. | 16922 | 1147819 |
|  Spirit Realty Capital, Inc. | 26540 | 1164575 |
|  |  | 8003735 |
|  **Health Care-7.29%** |  |  |
|  CareTrust REIT, Inc. | 70589 | 1462604 |
|  Healthcare Realty Trust, Inc. | 65941 | 1419710 |
|  Healthpeak Properties, Inc. | 50339 | 1383316 |
|  National Health Investors, Inc. | 24690 | 1452513 |
|  Physicians Realty Trust | 89761 | 1423609 |
|  Ventas, Inc. | 27795 | 1440059 |
|  Welltower, Inc. | 19138 | 1436115 |
|  |  | 10017926 |
|  **Industrial-13.60%** |  |  |
|  Americold Realty Trust, Inc. | 71749 | 2253636 |
|  EastGroup Properties, Inc. | 13898 | 2338338 |
|  First Industrial Realty Trust, Inc. | 43806 | 2337050 |
|  Plymouth Industrial REIT, Inc.<sup>(b)</sup> | 107039 | 2395533 |
|  Prologis, Inc. | 18353 | 2372676 |
|  Rexford Industrial Realty, Inc. | 37963 | 2409512 |
|  STAG Industrial, Inc. | 63936 | 2276122 |
|  Terreno Realty Corp.<sup>(b)</sup> | 35663 | 2297767 |
|  |  | 18680634 |
|  **Infrastructure REITs-16.33%** |  |  |
|  American Tower Corp. | 33098 | 7393762 |
|  Crown Castle, Inc. | 51078 | 7565163 |
|  SBA Communications Corp., Class A | 25136 | 7478714 |
|  |  | 22437639 |
|  **Lodging Resorts-2.71%** |  |  |
|  Apple Hospitality REIT, Inc. | 25340 | 449278 |
|  DiamondRock Hospitality Co. | 48250 | 464648 |
|  Host Hotels & Resorts, Inc. | 24564 | 463031 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Lodging Resorts-(continued)** |  |  |
|  Pebblebrook Hotel Trust<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29867 | $489819 |
|  RLJ Lodging Trust | 37076 | 466045 |
|  Ryman Hospitality Properties, Inc. | 4883 | 453582 |
|  Summit Hotel Properties, Inc. | 55491 | 472783 |
|  Sunstone Hotel Investors, Inc.<sup>(b)</sup> | 41827 | 459679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718865 |
|  **Manufactured Homes-3.21%** |  |  |
|  Equity LifeStyle Properties, Inc. | 20700 | 1485846 |
|  Sun Communities, Inc. | 9370 | 1469778 |
|  UMH Properties, Inc. | 81128 | 1453814 |
|  |  | 4409438 |
|  **Office-3.04%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 5165 | 830222 |
|  Corporate Office Properties Trust | 28706 | 805777 |
|  Cousins Properties, Inc.<sup>(b)</sup> | 30928 | 848046 |
|  Kilroy Realty Corp. | 19819 | 813372 |
|  Orion Office REIT, Inc.<sup>(b)</sup> | 90892 | 877108 |
|  |  | 4174525 |
|  **Regional Malls-0.83%** |  |  |
|  Simon Property Group, Inc. | 8920 | 1145863 |
|  **Self Storage-8.02%** |  |  |
|  CubeSmart | 49616 | 2271917 |
|  Extra Space Storage, Inc. | 13628 | 2150907 |
|  Life Storage, Inc. | 20379 | 2201747 |
|  National Storage Affiliates Trust | 54646 | 2229557 |
|  Public Storage | 7116 | 2165683 |
|  |  | 11019811 |
|  **Shopping Centers-7.53%** |  |  |
|  Acadia Realty Trust | 74370 | 1154966 |
|  Brixmor Property Group, Inc. | 50338 | 1184453 |
|  Federal Realty Investment Trust | 10261 | 1144410 |
|  Kimco Realty Corp. | 52460 | 1178252 |
|  Phillips Edison & Co., Inc.<sup>(b)</sup> | 33225 | 1113702 |
|  Regency Centers Corp. | 16975 | 1131044 |
|  Retail Opportunity Investments Corp. | 72400 | 1146092 |
|  SITE Centers Corp.<sup>(b)</sup> | 84722 | 1156455 |
|  Urban Edge Properties<sup>(b)</sup> | 72260 | 1138095 |
|  |  | 10347469 |
|  **Single Family Homes-2.13%** |  |  |
|  American Homes 4 Rent, Class A | 42988 | 1474059 |
|  Invitation Homes, Inc. | 44709 | 1453042 |
|  |  | 2927101 |
|  **Specialty-5.06%** |  |  |
|  Gaming and Leisure Properties, Inc. | 31731 | 1699512 |
|  Lamar Advertising Co., Class A | 16497 | 1757590 |
|  Outfront Media, Inc. | 88181 | 1754802 |
|  VICI Properties, Inc. | 50808 | 1736618 |
|  |  | 6948522 |
|  **Timber REITs-3.01%** |  |  |
|  PotlatchDeltic Corp. | 28904 | 1414851 |
|  Rayonier, Inc. | 36676 | 1334640 |
|  Weyerhaeuser Co. | 40294 | 1387322 |
|  |  | 4136813 |
|  TOTAL INVESTMENTS IN SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (excluding investments purchased with cash collateral from securities on loan)-99.98%<br>(Cost $141,285,873) | &nbsp;&nbsp;&nbsp;&nbsp; (excluding investments purchased with cash collateral from securities on loan)-99.98%<br>(Cost $141,285,873) | 137357231 |

---

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

------

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

January 31, 2023

*(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-9.20%** | **Money Market Funds-9.20%** |  |
|  Invesco Private Government Fund,<br>4.36%<sup>(d)(e)(f)</sup> | 3540809 | $3540809 |
|  Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup> | 9103764 | 9106495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $12,647,383) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $12,647,383) | 12647304 |
|  TOTAL INVESTMENTS IN SECURITIES-109.18%<br>(Cost $153,933,256) | TOTAL INVESTMENTS IN SECURITIES-109.18%<br>(Cost $153,933,256) | 150004535 |
|  OTHER ASSETS LESS LIABILITIES-(9.18)% | OTHER ASSETS LESS LIABILITIES-(9.18)% | (12617769) |
|  NET ASSETS-100.00% |  | $137386766 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 Index, which is exclusively owned by NAREIT. 

<sup>(b)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases<br>at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments in Affiliated Money**<br> **Market Funds:** | **Investments in Affiliated Money**<br> **Market Funds:** | **Investments in Affiliated Money**<br> **Market Funds:** |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $1001735 | $(1001735) | $- | $- | $- | $613 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1689902 | 8652727 | (6801820) |  |  | 3540809 | 23108 \* |
| Invesco Private Prime Fund | 4344289 | 20435603 | (15675676) | (155) | 2434 | 9106495 | 65450 \* |
|  Total | $6034191 | $30090065 | $(23479231) | $(155) | $2434 | $12647304 | $89171 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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

**Invesco Balanced Multi-Asset Allocation ETF (PSMB)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 103.32%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net<br>Assets<br>01/31/23** | **Value<br>10/31/22** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Dividend<br>Income** | **Shares<br>01/31/23** | **Value<br>01/31/23** |
|  **Domestic Equity Funds-47.27%** |  |  |  |  |  |  |  |  |  |
|  Invesco Preferred ETF |  | $714131 | $- | $(709086) | $163225 | $(168270) | $- |  | $- |
|  Invesco RAFI™ Strategic US ETF<sup>(b)</sup> | 12.83% | 4272279 | 1427368 | (953848) | 237205 | 47781 | 19516 | 130365 | 5030785 |
|  Invesco RAFI™ Strategic US Small Company ETF | 3.07% | 1122628 | 275032 | (303847) | 43850 | 67243 | 5044 | 32742 | 1204906 |
|  Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 8.75% | 3122082 | 739702 | (771233) | 319324 | 22209 | 15230 | 72468 | 3432084 |
|  Invesco S&P 500<sup>®</sup> Low Volatility ETF | 4.50% | 1671549 | 434957 | (396491) | 31787 | 23140 | 9711 | 27655 | 1764942 |
|  Invesco S&P 500<sup>®</sup> Pure Growth ETF | 13.05% | 4887778 | 1293503 | (1120711) | 53376 | 1082 | 13152 | 32528 | 5115028 |
|  Invesco S&P MidCap Low Volatility ETF | 3.06% | 1121324 | 264460 | (258139) | 57869 | 12430 | 4804 | 21457 | 1197944 |
|  Invesco S&P SmallCap Low Volatility ETF<sup>(b)</sup> | 2.01% | 755166 | 205317 | (189350) | (2811) | 20463 | 2580 | 16843 | 788785 |
|  Total Domestic Equity Funds |  | 17666937 | 4640339 | (4702705) | 903825 | 26078 | 70037 |  | 18534474 |
|  **Fixed Income Funds-39.50%** |  |  |  |  |  |  |  |  |  |
|  Invesco 1-30 Laddered Treasury ETF | 11.39% | 4306541 | 1062669 | (1206739) | 369565 | (67516) | 26121 | 149016 | 4464520 |
|  Invesco Emerging Markets Sovereign Debt ETF<sup>(b)</sup> | 1.95% | 789280 | 160176 | (303524) | 181820 | (62892) | 12683 | 38944 | 764860 |
|  Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF | 5.43% | 1435080 | 1061043 | (452034) | 80647 | 5744 | 19919 | 121050 | 2130480 |
|  Invesco Investment Grade Defensive ETF | 2.07% | 674361 | 284148 | (171065) | 23053 | 1558 | 5614 | 33556 | 812055 |
|  Invesco Investment Grade Value ETF | 1.19% | 357531 | 182397 | (105300) | 29793 | 1227 | 4450 | 19891 | 465648 |
|  Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | 3.95% | 1416679 | 456464 | (321743) | (101) | 15708 |  | 63116 | 1550281 |
|  Invesco Senior Loan ETF<sup>(b)</sup> | 2.47% | 888991 | 251213 | (190906) | 17345 | 1567 | 20693 | 45865 | 968210 |
|  Invesco Taxable Municipal Bond ETF<sup>(b)</sup> | 4.63% | 1925641 | 400954 | (659860) | 224402 | (74788) | 16552 | 67397 | 1816349 |
|  Invesco Variable Rate Investment Grade ETF | 6.42% | 1758639 | 1239519 | (512734) | 29922 | 2286 | 32498 | 101191 | 2517632 |
|  Total Fixed Income Funds |  | 13552743 | 5098583 | (3923905) | 956446 | (177106) | 138530 |  | 15490035 |
|  **Foreign Equity Funds-13.22%** |  |  |  |  |  |  |  |  |  |
|  Invesco RAFI™ Strategic Developed ex-US ETF | 3.44% | 1613947 | 274055 | (771732) | 307688 | (76644) | 4174 | 46133 | 1347314 |
|  Invesco RAFI™ Strategic Emerging Markets ETF | 2.73% | 914573 | 306046 | (479407) | 360914 | (30452) | 4039 | 42838 | 1071674 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 2.72% | 974070 | 240413 | (271140) | 118719 | 3274 | 4650 | 44426 | 1065336 |
|  Invesco S&P International Developed Low Volatility ETF | 4.33% | 1572867 | 349053 | (420520) | 196776 | 1872 | 10858 | 60716 | 1700048 |
|  Total Foreign Equity Funds |  | 5075457 | 1169567 | (1942799) | 984097 | (101950) | 23721 |  | 5184372 |

---

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

------

**Invesco Balanced Multi-Asset Allocation ETF (PSMB)–(continued)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 103.32%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net**<br>**Assets**<br>**01/31/23** | **Value**<br>**10/31/22** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation<br>(Depreciation)** | **Realized**<br>**Gain**<br>**(Loss)** | **Dividend<br>Income** | **Shares<br>01/31/23** | **Value<br>01/31/23** |
|  **Money Market Funds-0.00%** |  |  |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30% |  | $1204 | $198163 | $(199367) | $- | $- | $106 |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.99%<br>(Cost $40,365,808) | 99.99% | 36296341 | 11106652 | (10768776) | 2844368 | (252978) | 232394 |  | 39208881 |
| **Investments Purchased with Cash Collateral from Securities on Loan** |  |  |  |  |  |  |  |  |  |
|  **Money Market Funds-3.33%** |  |  |  |  |  |  |  |  |  |
|  Invesco Private Government Fund, 4.36%<sup>(c)(d)</sup> | 0.93% | 250046 | 3787205 | (3672394) |  |  | 4573 \* | 364857 | 364857 |
|  Invesco Private Prime Fund, 4.59%<sup>(c)(d)</sup> | 2.40% | 643159 | 9795508 | (9500331) | (5) | 469 | 12618 \* | 938518 | 938800 |
| Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,303,657) | 3.33% | 893205 | 13582713 | (13172725) | (5) | 469 | 17191 |  | 1303657 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $41,669,465) | 103.32% | $37189546 | $24689365 | $(23941501) | $2844363 | $(252509)<sup>(e)</sup> | $249585 |  | $40512538 |
| OTHER ASSETS LESS LIABILITIES | (3.32)% |  |  |  |  |  |  |  | (1300295) |
|  NET ASSETS | 100.00% |  |  |  |  |  |  |  | $39212243 |

---

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund's investment adviser.

<sup>(b)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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.

<sup>(e)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
|  Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | $16726 |

---

\* 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.

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 Conservative Multi-Asset Allocation ETF (PSMC)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 105.56%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net**<br>**Assets**<br>**01/31/23** |<br>**Value**<br>**10/31/22** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Realized**<br>**Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** |<br>**Shares**<br>**01/31/23** |<br>**Value**<br>**01/31/23** |
|  **Domestic Equity Funds-15.57%** |  |  |  |  |  |  |  |  |  |
|  Invesco Preferred ETF |  | $419303 | $- | $(416341) | $131706 | $(134668) | $- |  | $- |
|  Invesco RAFI™ Strategic US ETF . | 2.86% | 344513 | 112350 | (58251) | 24311 | 1297 | 1688 | 10993 | 424220 |
|  Invesco RAFI™ Strategic US Small Company ETF | 1.76% | 213438 | 70263 | (48000) | 25549 | (1184) | 1117 | 7067 | 260066 |
|  Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 3.11% | 369713 | 120920 | (76319) | 46612 | 550 | 2101 | 9744 | 461476 |
|  Invesco S&P 500<sup>®</sup> Low Volatility ETF | 3.03% | 373898 | 117859 | (60002) | 15375 | 1269 | 2512 | 7026 | 448399 |
|  Invesco S&P 500<sup>®</sup> Pure Growth ETF | 4.81% | 599162 | 205273 | (103273) | 15097 | (4074) | 1878 | 4529 | 712185 |
|  Total Domestic Equity Funds |  | 2320027 | 626665 | (762186) | 258650 | (136810) | 9296 |  | 2306346 |
|  **Fixed Income Funds-79.66%** | **Fixed Income Funds-79.66%** |  |  |  |  |  |  |  |  |
|  Invesco 1-30 Laddered Treasury ETF | 13.48% | 1625547 | 508998 | (281981) | 157009 | (12919) | 11908 | 66644 | 1996654 |
|  Invesco Emerging Markets Sovereign Debt ETF | 3.94% | 421311 | 195128 | (121526) | 107447 | (19464) | 9865 | 29679 | 582896 |
|  Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF | 14.55% | 1564878 | 738191 | (241272) | 88716 | 4009 | 20513 | 122416 | 2154522 |
|  Invesco Investment Grade Defensive ETF | 4.68% | 464443 | 282542 | (76111) | 20406 | 1251 | 4850 | 28617 | 692531 |
|  Invesco Investment Grade Value ETF | 2.59% | 251942 | 155908 | (50128) | 26832 | (326) | 3738 | 16413 | 384228 |
|  Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | 6.78% | 802101 | 310210 | (107250) | (524) | 10710 |  | 40881 | 1004135 |
|  Invesco Senior Loan ETF<sup>(b)</sup> | 5.58% | 626366 | 272038 | (87573) | 14882 | 364 | 17989 | 39132 | 826077 |
|  Invesco Taxable Municipal Bond ETF | 14.61% | 1974209 | 520308 | (516423) | 266576 | (80585) | 20099 | 80300 | 2164085 |
|  Invesco Variable Rate Investment Grade ETF | 13.45% | 1416142 | 760891 | (211516) | 25231 | 1369 | 26140 | 80069 | 1992117 |
|  Total Fixed Income Funds |  | 9146939 | 3744214 | (1693780) | 706575 | (95591) | 115102 |  | 11797245 |
|  **Foreign Equity Funds-4.75%** |  |  |  |  |  |  |  |  |  |
|  Invesco RAFI™ Strategic Developed ex-US ETF | 1.76% | 212963 | 65373 | (61844) | 45503 | (1691) | 827 | 8913 | 260304 |
|  Invesco RAFI™ Strategic Emerging Markets ETF | 1.13% | 126029 | 50743 | (60453) | 60693 | (9299) | 648 | 6704 | 167713 |
|  Invesco S&P International Developed Low Volatility ETF | 1.86% | 224439 | 67162 | (48721) | 33940 | (1384) | 1805 | 9837 | 275436 |
|  Total Foreign Equity Funds |  | 563431 | 183278 | (171018) | 140136 | (12374) | 3280 |  | 703453 |
|  **Money Market Funds-0.00%** |  |  |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30% |  |  | 123820 | (123820) |  |  | 34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN<br>AFFILIATED ISSUERS<br>(excluding investments purchased with cash collateral from securities on loan)-99.98%<br>(Cost $15,816,864) | 99.98% | 12030397 | 4677977 | (2750804) | 1105361 | (244775) | 127712 |  | 14807044 |

---

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

------

**Invesco Conservative Multi-Asset Allocation ETF (PSMC)–(continued)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 105.56%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net**<br>**Assets**<br>**01/31/23** |<br>**Value**<br>**10/31/22** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Realized**<br>**Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** |<br>**Shares**<br>**01/31/23** |<br>**Value**<br>**01/31/23** |
| **Investments Purchased with Cash Collateral from Securities on Loan** |  |  |  |  |  |  |  |  |  |
|  **Money Market Funds-5.58%** |  |  |  |  |  |  |  |  |  |
|  Invesco Private Government Fund, 4.36%<sup>(c)(d)</sup> | 1.56% | $297696 | $3055609 | $(3121832) | $- | $- | $3744 \* | 231473 | $231473 |
|  Invesco Private Prime Fund, 4.59%<sup>(c)(d)</sup> | 4.02% | 765328 | 7117011 | (7287021) | (57) | 193 | 10096 \* | 595275 | 595454 |
| Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $826,976) | 5.58% | 1063024 | 10172620 | (10408853) | (57) | 193 | 13840 |  | 826927 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN AFFILIATED ISSUERS<br>(Cost $16,643,840) | 105.56% | $13093421 | $14850597 | $(13159657) | $1105304 | $(244582)<sup>(e)</sup> | $141552 |  | $15633971 |
| OTHER ASSETS LESS LIABILITIES | (5.56)% |  |  |  |  |  |  |  | (823274) |
|  NET ASSETS | 100.00% |  |  |  |  |  |  |  | $14810697 |

---

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund's investment adviser.

<sup>(b)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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.

<sup>(e)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
|  Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | $11112 |

---

\* 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.

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 Growth Multi-Asset Allocation ETF (PSMG)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 102.19%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net<br>Assets<br>01/31/23** | **Value<br>10/31/22** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Dividend<br>Income** | **Shares<br>01/31/23** | **Value<br>01/31/23** |
|  **Domestic Equity Funds-62.33%** | **Domestic Equity Funds-62.33%** |  |  |  |  |  |  |  |  |
|  Invesco RAFI™ Strategic US ETF | 16.10% | $3940718 | $2451443 | $(1355194) | $147080 | $90126 | $23740 | 136672 | $5274173 |
|  Invesco RAFI™ Strategic US Small Company ETF | 4.42% | 1168776 | 609781 | (447088) | 6849 | 109578 | 7039 | 39345 | 1447896 |
|  Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 11.75% | 3017007 | 1592138 | (1108359) | 287395 | 60671 | 19821 | 81268 | 3848852 |
|  Invesco S&P 500<sup>®</sup> Low Volatility ETF<sup>(b)</sup> | 8.85% | 2350442 | 1299555 | (827795) | 24569 | 52061 | 15676 | 45422 | 2898832 |
|  Invesco S&P 500<sup>®</sup> Pure Growth ETF | 14.94% | 4069875 | 2208412 | (1354217) | (28750) | (2329) | 14589 | 31116 | 4892991 |
|  Invesco S&P MidCap Low Volatility ETF | 3.66% | 964080 | 497320 | (323737) | 30768 | 28899 | 5548 | 21446 | 1197330 |
|  Invesco S&P SmallCap Low Volatility ETF | 2.61% | 703585 | 388671 | (249249) | (20408) | 32218 | 3232 | 18253 | 854817 |
|  Total Domestic Equity Funds |  | 16214483 | 9047320 | (5665639) | 447503 | 371224 | 89645 |  | 20414891 |
|  **Fixed Income Funds-19.79%** | **Fixed Income Funds-19.79%** |  |  |  |  |  |  |  |  |
|  Invesco 1-30 Laddered Treasury ETF | 8.92% | 2345842 | 1327908 | (924193) | 194374 | (21513) | 17020 | 97544 | 2922418 |
|  Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF | 2.38% | 518752 | 454374 | (225394) | 26443 | 3217 | 7135 | 44170 | 777392 |
|  Invesco Investment Grade Defensive ETF | 2.07% | 514282 | 339837 | (194114) | 17572 | 894 | 4659 | 28036 | 678471 |
|  Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | 1.97% | 512333 | 316188 | (180409) | (745) | 5876 |  | 26268 | 645205 |
|  Invesco Senior Loan ETF<sup>(b)</sup> | 1.48% | 387174 | 221236 | (132073) | 7488 | 1241 | 10550 | 22978 | 485066 |
|  Invesco Taxable Municipal Bond ETF | 0.99% | 388515 | 140366 | (228732) | 59258 | (34659) | 2892 | 12050 | 324748 |
|  Invesco Variable Rate Investment Grade ETF | 1.98% | 510935 | 306836 | (180170) | 8023 | 1007 | 8329 | 25990 | 646631 |
|  Total Fixed Income Funds |  | 5177833 | 3106745 | (2065085) | 312413 | (43937) | 50585 |  | 6479931 |
|  **Foreign Equity Funds-17.88%** | **Foreign Equity Funds-17.88%** |  |  |  |  |  |  |  |  |
|  Invesco RAFI™ Strategic Developed ex-US ETF | 4.94% | 1560422 | 644474 | (836385) | 282615 | (34337) | 5760 | 55360 | 1616789 |
|  Invesco RAFI™ Strategic Emerging Markets ETF | 3.40% | 867403 | 494705 | (574822) | 351931 | (24314) | 4854 | 44566 | 1114903 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 3.78% | 1000061 | 510438 | (406403) | 117185 | 17334 | 6258 | 51652 | 1238615 |
|  Invesco S&P International Developed Low Volatility ETF | 5.76% | 1529574 | 751688 | (589707) | 190334 | 4387 | 13928 | 67367 | 1886276 |
|  Total Foreign Equity Funds |  | 4957460 | 2401305 | (2407317) | 942065 | (36930) | 30800 |  | 5856583 |
|  **Money Market Funds-0.00%** |  |  |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30% |  |  | 167076 | (167076) |  |  | 168 |  |  |
|  TOTAL INVESTMENTS IN AFFILIATED ISSUERS<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $33,064,876) | 100.00% | 26349776 | 14722446 | (10305117) | 1701981 | 290357 | 171198 |  | 32751405 |

---

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

------

**Invesco Growth Multi-Asset Allocation ETF (PSMG)–(continued)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 102.19%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net**<br>**Assets**<br>**01/31/23** |<br>**Value**<br>**10/31/22** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Realized**<br>**Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** |<br>**Shares**<br>**01/31/23** |<br>**Value**<br>**01/31/23** |
| **Investments Purchased with Cash Collateral from Securities on Loan** |  |  |  |  |  |  |  |  |  |
|  **Money Market Funds-2.19%** | **Money Market Funds-2.19%** |  |  |  |  |  |  |  |  |
|  Invesco Private Government Fund, 4.36%<sup>(c)(d)</sup> | 0.61% | $149010 | $1850022 | $(1797975) | $- | $- | $3313 \* | 201057 | $201057 |
|  Invesco Private Prime Fund,<br>4.59%<sup>(c)(d)</sup> | 1.58% | 348025 | 4776833 | (4607978) | (33) | 247 | 9032 \* | 516939 | 517094 |
| Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $718,151) | 2.19% | 497035 | 6626855 | (6405953) | (33) | 247 | 12345 |  | 718151 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN AFFILIATED ISSUERS<br>(Cost $33,783,027) | 102.19% | $26846811 | $21349301 | $(16711070) | $1701948 | $290604 <sup>(e)</sup> | $183543 |  | $33469556 |
| OTHER ASSETS LESS LIABILITIES | (2.19)% |  |  |  |  |  |  |  | (717421) |
|  NET ASSETS | 100.00% |  |  |  |  |  |  |  | $32752135 |

---

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund's investment adviser.

<sup>(b)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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.

<sup>(e)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
|  Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | $8038 |

---

\* 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.

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 Bond Factor ETF (IHYF)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes-97.05%** | **U.S. Dollar Denominated Bonds & Notes-97.05%** | **U.S. Dollar Denominated Bonds & Notes-97.05%** |
|  **Advertising-0.30%** |  |  |
|  Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;126000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95933 |
|  **Aerospace & Defense-2.02%** |  |  |
|  Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2024 | 51000 | 50805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/2025<sup>(c)</sup> | 115000 | 118590 |
|  Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027<sup>(b)(c)</sup> | 200000 | 194762 |
|  TransDigm, Inc., 6.25%, 03/15/2026<sup>(b)</sup> | 274000 | 274213 |
|  |  | 638370 |
|  **Airlines-2.03%** |  |  |
|  American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16-1, Class A, 4.10%, 01/15/2028 | 25552 | 22045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 3.70%, 04/01/2028 | 11515 | 10224 |
|  American Airlines, Inc., 11.75%, 07/15/2025<sup>(b)</sup> | 127000 | 141498 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(b)</sup> | 140000 | 137404 |
|  Delta Air Lines, Inc., 7.38%, 01/15/2026<sup>(c)</sup> | 138000 | 143817 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026<sup>(b)</sup> | 102000 | 97537 |
|  United Airlines, Inc., 4.38%, 04/15/2026<sup>(b)</sup> | 94000 | 89349 |
|  |  | 641874 |
|  **Alternative Carriers-1.01%** |  |  |
|  Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2027<sup>(b)</sup> | 91000 | 76867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029<sup>(b)</sup> | 51000 | 34362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/2042 | 75000 | 49951 |
|  Qwest Corp., 7.25%, 09/15/2025 | 77000 | 77206 |
|  Zayo Group Holdings, Inc., 4.00%, 03/01/2027<sup>(b)</sup> | 100000 | 79654 |
|  |  | 318040 |
|  **Aluminum-0.49%** |  |  |
|  Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(b)</sup>  | 185000 | 156677 |
|  **Apparel Retail-0.57%** |  |  |
|  Foot Locker, Inc., 4.00%, 10/01/2029<sup>(b)</sup> | 67000 | 56728 |
|  Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 161000 | 123791 |
|  |  | 180519 |
|  **Apparel, Accessories & Luxury Goods-0.85%** | **Apparel, Accessories & Luxury Goods-0.85%** |  |
|  G-III Apparel Group Ltd., 7.88%, 08/15/2025<sup>(b)</sup> | 88000 | 83711 |
|  Hanesbrands, Inc., 4.88%, 05/15/2026<sup>(b)</sup> | 81000 | 75517 |
|  Under Armour, Inc., 3.25%, 06/15/2026 | 122000 | 110953 |
|  |  | 270181 |
|  **Application Software-0.92%** |  |  |
|  Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029<sup>(b)</sup> | 50000 | 43946 |
|  Open Text Corp. (Canada), 3.88%, 12/01/2029<sup>(b)</sup> | 191000 | 159090 |
|  Open Text Holdings, Inc., 4.13%, 02/15/2030<sup>(b)</sup> | 103000 | 86868 |
|  |  | 289904 |
|  **Auto Parts & Equipment-1.26%** |  |  |
|  Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027<sup>(b)</sup> | 37000 | 36904 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Auto Parts & Equipment-(continued)** |  |  |
|  IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029<sup>(b)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175252 |
|  ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025<sup>(b)</sup> | 192000 | 185409 |
|  |  | 397565 |
|  **Automobile Manufacturers-2.74%** |  |  |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/2025 | 200000 | 196779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025 | 200000 | 191247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 200000 | 186566 |
|  Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025<sup>(b)</sup> | 200000 | 197285 |
|  PM General Purchaser LLC, 9.50%, 10/01/2028<sup>(b)</sup> | 123000 | 94281 |
|  |  | 866158 |
|  **Automotive Retail-0.36%** |  |  |
|  Penske Automotive Group, Inc., 3.50%, 09/01/2025<sup>(c)</sup> | 120000 | 113781 |
|  **Broadcasting-2.34%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2024 | 55000 | 52863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/2025<sup>(c)</sup> | 72000 | 61670 |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/2026<sup>(c)</sup> | 72000 | 68877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/2027<sup>(c)</sup> | 45000 | 40399 |
|  Liberty Interactive LLC, 8.25%, 02/01/2030 | 79000 | 37718 |
|  Paramount Global, 6.38%, 03/30/2062<sup>(c)(e)</sup> | 118000 | 103101 |
|  Scripps Escrow II, Inc., 5.38%, 01/15/2031<sup>(b)</sup> | 160000 | 129320 |
|  TEGNA, Inc., 4.75%, 03/15/2026<sup>(b)</sup> | 50000 | 48539 |
|  Univision Communications, Inc., 5.13%, 02/15/2025<sup>(b)(c)</sup> | 73000 | 71207 |
|  Urban One, Inc., 7.38%, 02/01/2028<sup>(b)</sup> | 67000 | 61026 |
|  Videotron Ltd. (Canada), 5.13%, 04/15/2027<sup>(b)</sup> | 69000 | 66323 |
|  |  | 741043 |
|  **Building Products-2.13%** |  |  |
|  Builders FirstSource, Inc., 4.25%, 02/01/2032<sup>(b)</sup> | 194000 | 167194 |
|  Cornerstone Building Brands, Inc., 6.13%, 01/15/2029<sup>(b)</sup> | 89000 | 66780 |
|  Masonite International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028<sup>(b)</sup> | 100000 | 93713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2030<sup>(b)</sup> | 90000 | 74390 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027<sup>(b)</sup> | 41000 | 38907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(b)</sup> | 80000 | 75069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030<sup>(b)</sup> | 108000 | 92445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031<sup>(b)</sup> | 81000 | 64434 |
|  |  | 672932 |
|  **Cable & Satellite-5.45%** |  |  |
|  Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029, (Acquired 07/05/2022; Cost $162,841)<sup>(b)(f)</sup> | 200000 | 168252 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026<sup>(b)</sup> | 88000 | 86572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(b)</sup> | 96000 | 91604 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Cable & Satellite-(continued)** |  |  |  |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2024<sup>(c)</sup> | $| 69000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | 346536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030<sup>(b)</sup> |  | 200000 | 118494 |
|  DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027<sup>(b)</sup> |  | 240000 | 217747 |
|  DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 |  | 184000 | 149679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(b)</sup> |  | 79000 | 68236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 |  | 176000 | 126681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 |  | 119000 | 75863 |
|  Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028<sup>(b)</sup> |  | 40000 | 20893 |
|  Telenet Finance Luxembourg Notes S.a.r.l. (Belgium), 5.50%, 03/01/2028<sup>(b)</sup> |  | 200000 | 186900 |
|  |  |  | 1725077 |
|  **Casinos & Gaming-3.48%** |  |  |  |
|  Affinity Gaming, 6.88%, 12/15/2027<sup>(b)</sup> |  | 187000 | 167682 |
|  Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/2027<sup>(b)</sup> |  | 101000 | 102625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029<sup>(b)</sup> |  | 45000 | 38538 |
|  Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025<sup>(b)(c)</sup> |  | 118000 | 118158 |
|  Las Vegas Sands Corp., 2.90%, 06/25/2025<sup>(c)</sup>  |  | 200000 | 187352 |
|  Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029<sup>(b)</sup> |  | 200000 | 172100 |
|  MGM Resorts International, 6.75%, 05/01/2025 |  | 36000 | 36306 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031<sup>(b)</sup> |  | 234000 | 163550 |
|  Sabre GLBL, Inc., 7.38%, 09/01/2025<sup>(b)</sup> |  | 117000 | 114918 |
|  |  |  | 1101229 |
|  **Coal & Consumable Fuels-0.41%** |  |  |  |
|  Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026<sup>(b)</sup> |  | 140000 | 130837 |
|  **Commodity Chemicals-0.72%** |  |  |  |
|  Koppers, Inc., 6.00%, 02/15/2025<sup>(b)</sup> |  | 112000 | 110432 |
|  Methanex Corp. (Canada), 5.25%, 12/15/2029 |  | 127000 | 116934 |
|  |  |  | 227366 |
|  **Communications Equipment-0.36%** |  |  |  |
|  CommScope Technologies LLC, 6.00%, 06/15/2025<sup>(b)(c)</sup> |  | 40000 | 37927 |
|  Hughes Satellite Systems Corp., 6.63%, 08/01/2026<sup>(c)</sup> |  | 79000 | 76509 |
|  |  |  | 114436 |
|  **Construction & Engineering-0.15%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM, 5.13%, 03/15/2027 |  | 48000 | 47213 |
|  **Construction Machinery & Heavy Trucks-0.43%** | **Construction Machinery & Heavy Trucks-0.43%** | **Construction Machinery & Heavy Trucks-0.43%** |  |
|  Manitowoc Co., Inc. (The), 9.00%, 04/01/2026<sup>(b)(c)</sup> |  | 40000 | 39406 |
|  Trinity Industries, Inc., 4.55%, 10/01/2024 |  | 100000 | 96675 |
|  |  |  | 136081 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Construction Materials-0.45%** |  |  |  |
|  Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(b)(c)</sup> | $| 70000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65905 |
|  Eco Material Technologies, Inc., 7.88%, 01/31/2027<sup>(b)</sup> |  | 78000 | 75146 |
|  |  |  | 141051 |
|  **Consumer Finance-3.14%** |  |  |  |
|  Ally Financial, Inc., 5.75%, 11/20/2025<sup>(c)</sup> |  | 92000 | 91492 |
|  ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024<sup>(b)</sup> |  | 200000 | 197000 |
|  Credit Acceptance Corp., 5.13%, 12/31/2024<sup>(b)</sup> |  | 80000 | 74944 |
|  Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/2024 |  | 127000 | 126838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027<sup>(c)</sup> |  | 116000 | 106017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/2033 |  | 62000 | 48150 |
|  OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2025<sup>(c)</sup> |  | 72000 | 71871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;140000 | 139286 |
|  PRA Group, Inc., 7.38%, 09/01/2025<sup>(b)</sup> |  | 140000 | 139013 |
|  |  |  | 994611 |
|  **Data Processing & Outsourced Services-0.12%** | **Data Processing & Outsourced Services-0.12%** | **Data Processing & Outsourced Services-0.12%** |  |
|  Block, Inc., 2.75%, 06/01/2026 |  | 43000 | 39134 |
|  **Department Stores-1.09%** |  |  |  |
|  Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(b)</sup> |  | 121000 | 112674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2032<sup>(b)</sup> |  | 93000 | 83379 |
|  Nordstrom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/2030<sup>(c)</sup> |  | 94000 | 75544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2031<sup>(c)</sup> |  | 96000 | 72224 |
|  |  |  | 343821 |
|  **Diversified Banks-1.14%** |  |  |  |
|  Commerzbank AG (Germany), 8.13%, 09/19/2023<sup>(b)</sup> |  | 200000 | 201863 |
|  Intesa Sanpaolo S.p.A. (Italy), 4.20%, 06/01/2032<sup>(b)(e)</sup> |  | 200000 | 159322 |
|  |  |  | 361185 |
|  **Diversified Chemicals-0.18%** |  |  |  |
|  Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029<sup>(b)(c)</sup> |  | 78000 | 56308 |
|  **Diversified Metals & Mining-0.76%** |  |  |  |
|  Mineral Resources Ltd. (Australia) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/2027<sup>(b)</sup> |  | 86000 | 86759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030<sup>(b)</sup> |  | 148000 | 153100 |
|  |  |  | 239859 |
|  **Diversified Real Estate Activities-0.14%** |  |  |  |
|  Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025<sup>(b)</sup> |  | 51000 | 45910 |
|  **Diversified REITs-0.58%** |  |  |  |
|  HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026<sup>(b)</sup> |  | 82000 | 72879 |
|  Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025<sup>(b)</sup> |  | 113000 | 111663 |
|  |  |  | 184542 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Diversified Support Services-0.80%** | **Diversified Support Services-0.80%** |  |
|  MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2028<sup>(b)</sup> | $81000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2028<sup>(b)(c)</sup> | 87000 | 63311 |
|  Neptune Bidco US, Inc., 9.29%, 04/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127000 | 123636 |
|  |  | 254298 |
|  **Drug Retail-0.28%** |  |  |
|  Rite Aid Corp., 8.00%, 11/15/2026<sup>(b)</sup> | 160000 | 89426 |
|  **Education Services-0.36%** |  |  |
|  Grand Canyon University, 4.13%, 10/01/2024 | 118000 | 112461 |
|  **Electric Utilities-1.66%** |  |  |
|  Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025<sup>(b)</sup> | 200000 | 195264 |
|  Midland Cogeneration Venture L.P., 6.00%, 03/15/2025<sup>(b)</sup> | 70650 | 72240 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029<sup>(b)</sup> | 83000 | 75010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031<sup>(b)</sup> | 87000 | 69039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2032<sup>(b)</sup> | 144000 | 112301 |
|  |  | 523854 |
|  **Electrical Components & Equipment-0.71%** | **Electrical Components & Equipment-0.71%** |  |
|  Sensata Technologies B.V., 5.00%, 10/01/2025<sup>(b)</sup> | 109000 | 107935 |
|  WESCO Distribution, Inc., 7.13%, 06/15/2025<sup>(b)</sup> | 114000 | 115968 |
|  |  | 223903 |
|  **Electronic Components-0.42%** |  |  |
|  Likewize Corp., 9.75%, 10/15/2025<sup>(b)</sup> | 141000 | 132744 |
|  **Environmental & Facilities Services-0.46%** |  |  |
|  GFL Environmental, Inc. (Canada), 4.25%, 06/01/2025<sup>(b)</sup> | 123000 | 118749 |
|  Stericycle, Inc., 5.38%, 07/15/2024<sup>(b)</sup> | 28000 | 27760 |
|  |  | 146509 |
|  **Financial Exchanges & Data-0.39%** |  |  |
|  Coinbase Global, Inc., 3.38%, 10/01/2028<sup>(b)</sup> | 189000 | 122198 |
|  **Food Distributors-0.71%** |  |  |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028<sup>(b)</sup> | 224000 | 173038 |
|  US Foods, Inc., 6.25%, 04/15/2025<sup>(b)</sup> | 50000 | 50153 |
|  |  | 223191 |
|  **Food Retail-0.19%** |  |  |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 4.63%, 01/15/2027<sup>(b)</sup> | 64000 | 60769 |
|  **Footwear-0.47%** |  |  |
|  Abercrombie & Fitch Management Co., 8.75%, 07/15/2025<sup>(b)(c)</sup> | 147000 | 148645 |
|  **Gas Utilities-0.94%** |  |  |
|  AmeriGas Partners L.P./AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/2024 | 122000 | 120323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/2026 | 60000 | 58118 |
|  Crescent Energy Finance LLC, 7.25%, 05/01/2026<sup>(b)</sup> | 60000 | 57682 |
|  Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029<sup>(b)</sup> | 75000 | 62532 |
|  |  | 298655 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Health Care Equipment-0.30%** |  |  |
|  Varex Imaging Corp., 7.88%, 10/15/2027<sup>(b)</sup> | $96000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95612 |
|  **Health Care Facilities-0.99%** |  |  |
|  Legacy LifePoint Health LLC, 6.75%, 04/15/2025<sup>(b)</sup> | 95000 | 92758 |
|  RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026<sup>(b)</sup> | 26000 | 22839 |
|  Tenet Healthcare Corp., 4.88%, 01/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;204000 | 198925 |
|  |  | 314522 |
|  **Health Care REITs-0.55%** |  |  |
|  Diversified Healthcare Trust, 9.75%, 06/15/2025 | 73000 | 71327 |
|  MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029 | 131000 | 102016 |
|  |  | 173343 |
|  **Health Care Services-2.19%** |  |  |
|  Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026<sup>(b)</sup> | 126000 | 121801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029<sup>(b)</sup> | 160000 | 140650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029<sup>(b)</sup> | 102000 | 64673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2030<sup>(b)</sup> | 84000 | 50612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(b)</sup> | 83000 | 67080 |
|  Global Medical Response, Inc., 6.50%, 10/01/2025<sup>(b)</sup> | 10000 | 7047 |
|  Prime Healthcare Services, Inc., 7.25%, 11/01/2025<sup>(b)</sup> | 75000 | 66165 |
|  US Acute Care Solutions LLC, 6.38%, 03/01/2026<sup>(b)</sup> | 192000 | 173962 |
|  |  | 691990 |
|  **Health Care Technology-0.35%** |  |  |
|  AthenaHealth Group, Inc., 6.50%, 02/15/2030<sup>(b)</sup> | 135000 | 112020 |
|  **Home Furnishings-0.49%** |  |  |
|  Tempur Sealy International, Inc., 3.88%, 10/15/2031<sup>(b)</sup> | 187000 | 154306 |
|  **Home Improvement Retail-0.72%** |  |  |
|  JELD-WEN, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2025<sup>(b)</sup> | 81000 | 71797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027<sup>(b)(c)</sup> | 60000 | 49104 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026<sup>(b)</sup> | 117000 | 105421 |
|  |  | 226322 |
|  **Homebuilding-1.55%** |  |  |
|  LGI Homes, Inc., 4.00%, 07/15/2029<sup>(b)</sup> | 202000 | 163908 |
|  New Home Co., Inc. (The), 7.25%, 10/15/2025<sup>(b)</sup> | 80000 | 69639 |
|  Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028 | 78000 | 69601 |
|  Taylor Morrison Communities, Inc., 5.75%, 01/15/2028<sup>(b)</sup> | 80000 | 77690 |
|  Tri Pointe Homes, Inc., 5.25%, 06/01/2027 | 118000 | 111144 |
|  |  | 491982 |
|  **Homefurnishing Retail-0.02%** |  |  |
|  Bed Bath & Beyond, Inc., 3.75%, 08/01/2024 | 97000 | 5627 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Hotel & Resort REITs-0.57%** |  |  |  |  |
|  Service Properties Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2025 | $| 19000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 |  | 124060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2027 |  | 49000 |  | 40153 |
|  |  |  |  | 181432 |
|  **Hotels, Resorts & Cruise Lines-2.74%** |  |  |  |  |
|  Carnival Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(b)</sup> |  | 282000 |  | 234458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2029<sup>(b)</sup> |  | 200000 |  | 158251 |
|  Royal Caribbean Cruises Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/2027<sup>(b)</sup> |  | 99000 |  | 105187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(b)</sup> |  | 138000 |  | 118862 |
|  Six Flags Theme Parks, Inc., 7.00%, 07/01/2025<sup>(b)</sup> |  | 66000 |  | 66799 |
|  Travel + Leisure Co., Series J, 6.00%, 04/01/2027 |  | 188000 |  | 184685 |
|  |  |  |  | 868242 |
|  **Housewares & Specialties-0.55%** |  |  |  |  |
|  Newell Brands, Inc., 4.45%, 04/01/2026 |  | 183000 |  | 174064 |
|  **Independent Power Producers & Energy Traders-0.61%** | **Independent Power Producers & Energy Traders-0.61%** | **Independent Power Producers & Energy Traders-0.61%** | **Independent Power Producers & Energy Traders-0.61%** | **Independent Power Producers & Energy Traders-0.61%** |
|  EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030<sup>(b)</sup> |  | 270000 |  | 193151 |
|  **Industrial Machinery-0.35%** |  |  |  |  |
|  CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025<sup>(b)</sup> |  | 57000 |  | 52012 |
|  JPW Industries Holding Corp., 9.00%, 10/01/2024<sup>(b)</sup> |  | 65000 |  | 58090 |
|  |  |  |  | 110102 |
|  **Integrated Oil & Gas-0.84%** |  |  |  |  |
|  Occidental Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2025<sup>(c)</sup> |  | 134000 |  | 135794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/2026. |  | 129000 |  | 130449 |
|  |  |  |  | 266243 |
|  **Integrated Telecommunication Services-2.20%** | **Integrated Telecommunication Services-2.20%** | **Integrated Telecommunication Services-2.20%** |  |  |
|  Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026<sup>(b)</sup> |  | 200000 |  | 191496 |
|  Consolidated Communications, Inc., 6.50%, 10/01/2028<sup>(b)</sup> |  | 53000 |  | 43308 |
|  Frontier North, Inc., Series G, 6.73%, 02/15/2028 |  | 154000 |  | 142341 |
|  Ligado Networks LLC, 15.50% PIK Rate, 0.00% Cash Rate, 11/01/2023<sup>(b)(d)</sup> |  | 36508 |  | 12687 |
|  Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024<sup>(b)</sup> |  | 200000 |  | 194271 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028<sup>(b)(c)</sup> |  | 140000 |  | 113534 |
|  |  |  |  | 697637 |
|  **Interactive Media & Services-0.34%** |  |  |  |  |
|  Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026<sup>(b)(c)</sup> |  | 37000 |  | 30934 |
|  Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026<sup>(b)</sup> |  | 101000 |  | 1515 |
|  Millennium Escrow Corp., 6.63%, 08/01/2026<sup>(b)</sup> |  | 72000 |  | 50189 |
|  TripAdvisor, Inc., 7.00%, 07/15/2025<sup>(b)</sup> |  | 24000 |  | 24125 |
|  |  |  |  | 106763 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Internet & Direct Marketing Retail-0.55%** |  |  |
|  Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026<sup>(b)</sup> | $79000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39626 |
|  QVC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | 94913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/2034 | 68000 | 40038 |
|  |  | 174577 |
|  **Internet Services & Infrastructure-0.13%** |  |  |
|  Cogent Communications Group, Inc., 3.50%, 05/01/2026<sup>(b)</sup> | 43000 | 39864 |
|  **Investment Banking & Brokerage-0.56%** |  |  |
|  FS Energy and Power Fund, 7.50%, 08/15/2023<sup>(b)</sup> | 47000 | 46890 |
|  NFP Corp., 6.88%, 08/15/2028<sup>(b)</sup> | 119000 | 103043 |
|  StoneX Group, Inc., 8.63%, 06/15/2025<sup>(b)</sup> | 26000 | 26165 |
|  |  | 176098 |
|  **IT Consulting & Other Services-0.12%** |  |  |
|  Unisys Corp., 6.88%, 11/01/2027<sup>(b)</sup> | 49000 | 37187 |
|  **Leisure Facilities-0.80%** |  |  |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028<sup>(b)(c)</sup> | 125000 | 135184 |
|  Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025<sup>(b)</sup> | 48000 | 47703 |
|  Vail Resorts, Inc., 6.25%, 05/15/2025<sup>(b)</sup> | 70000 | 70416 |
|  |  | 253303 |
|  **Leisure Products-0.11%** |  |  |
|  Vista Outdoor, Inc., 4.50%, 03/15/2029<sup>(b)</sup> | 42000 | 34073 |
|  **Marine-0.92%** |  |  |
|  NCL Corp. Ltd., 5.88%, 03/15/2026<sup>(b)(c)</sup> | 161000 | 139465 |
|  Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029<sup>(b)</sup> | 81000 | 61659 |
|  Teekay Offshore Partners L.P./Teekay Offshore Finance Corp., 8.50%, 07/15/2023 | 107000 | 89624 |
|  |  | 290748 |
|  **Metal & Glass Containers-1.17%** |  |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025<sup>(b)</sup> | 200000 | 195789 |
|  Ball Corp., 4.88%, 03/15/2026 | 73000 | 71996 |
|  Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028<sup>(b)</sup> | 49000 | 43406 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/2024<sup>(b)</sup> | 30000 | 30714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/15/2025<sup>(b)</sup> | 28000 | 27371 |
|  |  | 369276 |
|  **Mortgage REITs-0.45%** |  |  |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025<sup>(b)</sup> | 82000 | 79016 |
|  Starwood Property Trust, Inc., 5.50%, 11/01/2023<sup>(b)</sup> | 63000 | 62669 |
|  |  | 141685 |
|  **Movies & Entertainment-1.89%** |  |  |
|  Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025<sup>(b)</sup> | 200000 | 193248 |
|  Cinemark USA, Inc., 8.75%, 05/01/2025<sup>(b)</sup> | 145000 | 147837 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Movies & Entertainment-(continued)** | **Movies & Entertainment-(continued)** |  |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029<sup>(b)</sup> | $60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39085 |
|  Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2025 | 72000 | 73130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029<sup>(b)(c)</sup> | 68000 | 69058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2030<sup>(b)(c)</sup> | 75000 | 74154 |
|  |  | 596512 |
|  **Multi-Utilities-0.30%** |  |  |
|  Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114000 | 96470 |
|  **Office REITs-0.36%** |  |  |
|  Office Properties Income Trust, 4.50%, 02/01/2025<sup>(c)</sup> | 124000 | 115418 |
|  **Office Services & Supplies-0.86%** |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/2029<sup>(b)</sup> | 171000 | 148119 |
|  Pitney Bowes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2027<sup>(b)</sup> | 78000 | 65515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/2029<sup>(b)</sup> | 75000 | 59165 |
|  |  | 272799 |
|  **Oil & Gas Drilling-1.08%** |  |  |
|  Harvest Midstream I L.P., 7.50%, 09/01/2028<sup>(b)</sup> | 84000 | 82749 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/2025<sup>(b)</sup> | 118000 | 111771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/2038<sup>(b)</sup> | 62000 | 57439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2040<sup>(b)</sup> | 104000 | 88280 |
|  |  | 340239 |
|  **Oil & Gas Equipment & Services-0.56%** |  |  |
|  Oceaneering International, Inc., 4.65%, 11/15/2024 | 92000 | 89345 |
|  USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026 | 90000 | 88451 |
|  |  | 177796 |
|  **Oil & Gas Exploration & Production-3.70%** |  |  |
|  Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(b)</sup> | 141000 | 121078 |
|  CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025<sup>(b)</sup> | 119000 | 116170 |
|  Hilcorp Energy I L.P./Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2028<sup>(b)</sup> | 185000 | 177917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(b)</sup> | 75000 | 69812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031<sup>(b)</sup> | 58000 | 53850 |
|  Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2026<sup>(b)</sup> | 57000 | 52735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/2027<sup>(b)</sup> | 46000 | 44481 |
|  Murphy Oil Corp., 6.13%, 12/01/2042 | 90000 | 74025 |
|  PDC Energy, Inc., 6.13%, 09/15/2024 | 77000 | 76645 |
|  Southwestern Energy Co., 5.70%, 01/23/2025 | 88000 | 87353 |
|  Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026<sup>(b)</sup> | 39000 | 33301 |
|  Vital Energy, Inc., 10.13%, 01/15/2028<sup>(c)</sup> | 100000 | 99628 |
|  WPX Energy, Inc., 5.25%, 09/15/2024 | 161000 | 162420 |
|  |  | 1169415 |
|  **Oil & Gas Refining & Marketing-1.59%** |  |  |
|  CVR Energy, Inc., 5.25%, 02/15/2025<sup>(b)(c)</sup> | 105000 | 101438 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** |  |
|  EnLink Midstream Partners L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/2025 | $28000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/2026 | 118000 | 114551 |
|  NuStar Logistics L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 | 70000 | 68630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/2027 | 65000 | 62471 |
|  Parkland Corp. (Canada), 4.63%, 05/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109000 | 93836 |
|  PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028<sup>(c)</sup> | 36000 | 33992 |
|  |  | 501927 |
|  **Oil & Gas Storage & Transportation-4.50%** |  |  |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025<sup>(b)</sup> | 54000 | 54916 |
|  Buckeye Partners L.P., 4.13%, 03/01/2025<sup>(b)</sup> | 110000 | 104617 |
|  Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029<sup>(b)</sup> | 51000 | 48446 |
|  EQM Midstream Partners L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2024 | 118000 | 114294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2027<sup>(b)</sup> | 63000 | 63076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2028 | 62000 | 57268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030<sup>(b)</sup> | 37000 | 37001 |
|  Genesis Energy L.P./Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 | 112000 | 110729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 | 58000 | 56155 |
|  ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> | 92000 | 80061 |
|  New Fortress Energy, Inc., 6.75%, 09/15/2025<sup>(b)</sup> | 132000 | 126481 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026<sup>(b)</sup> | 144000 | 136955 |
|  Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026<sup>(b)</sup> | 73000 | 70201 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026<sup>(b)</sup> | 104000 | 101400 |
|  Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2027<sup>(b)</sup> | 51000 | 48434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(b)</sup> | 55000 | 50705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030<sup>(b)</sup> | 138000 | 125858 |
|  Western Midstream Operating L.P., 3.35%, 02/01/2025 | 40000 | 38246 |
|  |  | 1424843 |
|  **Other Diversified Financial Services-3.54%** |  |  |
|  AG Issuer LLC, 6.25%, 03/01/2028<sup>(b)</sup> | 92000 | 87032 |
|  Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027<sup>(b)</sup> | 200000 | 170500 |
|  Midcap Financial Issuer Trust, 5.63%, 01/15/2030<sup>(b)</sup> | 209000 | 169041 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/16/2029<sup>(b)</sup> | 200000 | 163386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/06/2031<sup>(b)</sup> | 200000 | 154772 |
|  Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%,<br>03/01/2030<sup>(b)(c)</sup> | 163000 | 145396 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Other Diversified Financial Services-(continued)** | **Other Diversified Financial Services-(continued)** | **Other Diversified Financial Services-(continued)** |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;121000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027<sup>(b)</sup> | 47000 | 42260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029<sup>(b)</sup> | 85000 | 73215 |
|  |  | 1118958 |
|  **Packaged Foods & Meats-0.76%** |  |  |
|  FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026<sup>(b)</sup> | 232000 | 218140 |
|  TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 28000 | 23387 |
|  |  | 241527 |
|  **Paper Packaging-0.38%** |  |  |
|  Berry Global, Inc., 4.50%, 02/15/2026<sup>(b)</sup> | 82000 | 79663 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026 | 43000 | 42064 |
|  |  | 121727 |
|  **Paper Products-0.56%** |  |  |
|  Domtar Corp., 6.75%, 10/01/2028<sup>(b)</sup> | 116000 | 106776 |
|  Glatfelter Corp., 4.75%, 11/15/2029<sup>(b)</sup> | 101000 | 70831 |
|  |  | 177607 |
|  **Personal Products-0.42%** |  |  |
|  Coty, Inc., 5.00%, 04/15/2026<sup>(b)</sup> | 44000 | 42176 |
|  Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025<sup>(b)</sup> | 95000 | 89242 |
|  |  | 131418 |
|  **Pharmaceuticals-1.47%** |  |  |
|  1375209 BC Ltd. (Canada), 9.00%, 01/30/2028<sup>(b)</sup> | 79000 | 78803 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2025<sup>(b)</sup> | 137000 | 116686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/2027<sup>(b)</sup> | 35000 | 23928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028<sup>(b)</sup> | 127000 | 81806 |
|  Elanco Animal Health, Inc., 6.40%, 08/28/2028 | 61000 | 59853 |
|  Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028<sup>(b)(g)(h)</sup> | 36000 | 2252 |
|  HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029<sup>(b)</sup> | 99000 | 72530 |
|  P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025<sup>(b)</sup> | 34000 | 27729 |
|  |  | 463587 |
|  **Publishing-0.13%** |  |  |
|  Gannett Holdings LLC, 6.00%, 11/01/2026<sup>(b)</sup> | 52000 | 40288 |
|  **Real Estate Services-0.19%** |  |  |
|  Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030<sup>(b)</sup> | 80000 | 60093 |
|  **Reinsurance-0.99%** |  |  |
|  Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2040<sup>(e)</sup> | 65000 | 58328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2042<sup>(e)</sup> | 136000 | 112350 |
|  Global Atlantic Fin Co., 4.70%,<br>10/15/2051<sup>(b)(e)</sup> | 165000 | 142276 |
|  |  | 312954 |
|  **Renewable Electricity-0.33%** |  |  |
|  Sunnova Energy Corp., 5.88%,<br>09/01/2026<sup>(b)(c)</sup> | 115000 | 103663 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Restaurants-0.57%** |  |  |
|  Aramark Services, Inc., 6.38%, 05/01/2025<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;131000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131193 |
|  Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025<sup>(b)</sup> | 52000 | 48160 |
|  |  | 179353 |
|  **Retail REITs-0.71%** |  |  |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2026<sup>(b)</sup> | 68000 | 64783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2027<sup>(b)</sup> | 83000 | 72987 |
|  Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028<sup>(b)</sup> | 116000 | 88279 |
|  |  | 226049 |
|  **Security & Alarm Services-0.80%** |  |  |
|  CoreCivic, Inc., 4.75%, 10/15/2027 | 153000 | 134668 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026<sup>(b)</sup> | 120000 | 117754 |
|  |  | 252422 |
|  **Specialized REITs-0.52%** |  |  |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031<sup>(b)</sup> | 72000 | 61792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2032<sup>(b)</sup> | 39000 | 35140 |
|  SBA Communications Corp., 3.88%, 02/15/2027 | 74000 | 68451 |
|  |  | 165383 |
|  **Specialty Chemicals-1.06%** |  |  |
|  Avient Corp., 5.75%, 05/15/2025<sup>(b)</sup> | 149000 | 147632 |
|  Rayonier A.M. Products, Inc., 7.63%, 01/15/2026<sup>(b)</sup> | 121000 | 113287 |
|  WR Grace Holdings LLC, 5.63%, 08/15/2029<sup>(b)</sup> | 90000 | 75240 |
|  |  | 336159 |
|  **Specialty Stores-1.39%** |  |  |
|  Bath & Body Works, Inc., 9.38%, 07/01/2025<sup>(b)</sup> | 66000 | 70713 |
|  LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026<sup>(b)</sup> | 111000 | 101428 |
|  Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025 | 117000 | 115399 |
|  Staples, Inc., 7.50%, 04/15/2026<sup>(b)</sup> | 170000 | 151289 |
|  |  | 438829 |
|  **Steel-0.93%** |  |  |
|  Cleveland-Cliffs, Inc., 6.75%, 03/15/2026<sup>(b)</sup> | 106000 | 107858 |
|  Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024<sup>(b)</sup> | 102000 | 97179 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(b)</sup> | 100000 | 88110 |
|  |  | 293147 |
|  **Systems Software-0.70%** |  |  |
|  Gen Digital, Inc., 5.00%, 04/15/2025<sup>(b)</sup> | 53000 | 52002 |
|  McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> | 69000 | 57411 |
|  Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025<sup>(b)</sup> | 171000 | 113032 |
|  |  | 222445 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Technology Hardware, Storage & Peripherals-1.27%** | **Technology Hardware, Storage & Peripherals-1.27%** | **Technology Hardware, Storage & Peripherals-1.27%** |
|  Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031 | 32000 | 26917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032<sup>(b)</sup> | 151135 | 171337 |
|  Xerox Corp., 6.75%, 12/15/2039 | 78000 | 60959 |
|  Xerox Holdings Corp., 5.00%,<br>08/15/2025<sup>(b)(c)</sup> | 57000 | 53093 |
|  |  | 401056 |
|  **Thrifts & Mortgage Finance-0.50%** | **Thrifts & Mortgage Finance-0.50%** |  |
|  Enact Holdings, Inc., 6.50%, 08/15/2025<sup>(b)</sup> | 78000 | 76920 |
|  NMI Holdings, Inc., 7.38%, 06/01/2025<sup>(b)</sup> | 81000 | 82006 |
|  |  | 158926 |
|  **Tires & Rubber-0.29%** |  |  |
|  FXI Holdings, Inc., 12.25%, 11/15/2026<sup>(b)</sup> | 101000 | 91531 |
|  **Tobacco-0.29%** |  |  |
|  Vector Group Ltd., 5.75%, 02/01/2029<sup>(b)</sup> | 106000 | 92592 |
|  **Trading Companies & Distributors-0.23%** | **Trading Companies & Distributors-0.23%** |  |
|  Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025<sup>(b)</sup> | 74000 | 71724 |
|  **Wireless Telecommunication Services-1.00%** | **Wireless Telecommunication Services-1.00%** |  |
|  Sprint LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2024 | 108000 | 110431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/2025 | 199000 | 206821 |
|  |  | 317252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $32,621,062) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $32,621,062) | 30702568 |
|  **U.S. Treasury Securities-0.36%** | **U.S. Treasury Securities-0.36%** |  |
|  **U.S. Treasury Bills-0.36%** | **U.S. Treasury Bills-0.36%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 05/11/2023<sup>(i)(j)</sup><br> (Cost $113,600) | 115000 | 113562 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.57%** | **Money Market Funds-0.57%** |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(k)(l)</sup><br>(Cost $180,161) | 180161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180161 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-97.98%<br>(Cost $32,914,823) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-97.98%<br>(Cost $32,914,823) | 30996291 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
|  **Money Market Funds-10.90%** | **Money Market Funds-10.90%** |  |
|  Invesco Private Government Fund,<br>4.36%<sup>(k)(l)(m)</sup> | 965601 | 965601 |
|  Invesco Private Prime Fund, 4.59%<sup>(k)(l)(m)</sup> | 2482585 | 2483330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,448,785) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,448,785) | 3448931 |
|  TOTAL INVESTMENTS IN SECURITIES-108.88%<br>(Cost $36,363,608) | TOTAL INVESTMENTS IN SECURITIES-108.88%<br>(Cost $36,363,608) | 34445222 |
|  OTHER ASSETS LESS LIABILITIES-(8.88)% | OTHER ASSETS LESS LIABILITIES-(8.88)% | (2808785) |
|  NET ASSETS-100.00% |  | $31636437 |

---

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

------

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

January 31, 2023

*(Unaudited)*

Investment Abbreviations:

PIK -Pay-in-Kind

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

<sup>(b)</sup> 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 January 31, 2023 was $22,465,102, which represented 71.01% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at January 31, 2023.

<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> Restricted security. The value of this security at January 31, 2023 represented less than 1% of the Fund's Net Assets. 

<sup>(g)</sup> The borrower has filed for protection in federal bankruptcy court.

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at January 31, 2023 was $2,252, which represented less than 1% of the Fund's Net Assets. 

<sup>(i)</sup> $113,562 was pledged as collateral to cover margin requirements for open futures contracts. 

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

<sup>(k)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $302214 | $2595080 | $(2717133) | $- | $- | $180161 | $2603 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 745329 | 1352500 | (1132228) |  |  | 965601 | 7907 \* |
| Invesco Private Prime Fund | 1916067 | 3281936 | (2715268) | 193 | 402 | 2483330 | 21687 \* |
| Total | $2963610 | $7229516 | $(6564629) | $193 | $402 | $3629092 | $32197 |

---

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

<sup>(l)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Interest Rate Risk** |  |  |  |  |  |
|  U.S. Treasury 10 Year Notes | 17 | March-2023 | $1946766 | $25512 | $25512 |
|  U.S. Treasury 10 Year Ultra Bonds | 4 | March-2023 | 484813 | 6922 | 6922 |
|  U.S. Treasury Ultra Bonds | 1 | March-2023 | 141750 | 7295 | 7295 |
|  U.S. Treasury Long Bonds | 2 | March-2023 | 259750 | 8399 | 8399 |
|  U.S. Treasury 5 Year Notes | 9 | March-2023 | 983180 | 5281 | 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Long Futures Contracts |  |  |  | 53409 | 53409 |
|  **<u>Short Futures Contracts</u>** |  |  |  |  |  |
|  **Interest Rate Risk** |  |  |  |  |  |
|  U.S. Treasury 2 Year Notes | 13 | March-2023 | (2673430) | (5493) | (5493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $47916 | $47916 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** | **Open Centrally Cleared Credit Default Swap Agreements<sup>(a)</sup>** |
| **Reference Entity** | **Buy/Sell<br>Protection** | **(Pay)/<br>Receive<br>Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity Date** | **Implied<br>Credit<br>Spread<sup>(b)</sup>** | **Notional<br>Value** | **Upfront<br>Payments<br>Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |
| Markit CDX North America High Yield Index, Series 38, Version 2 | Sell | 5.00% | Quarterly | 06/20/2027 | 3.9300% | USD 267,300 | $838 | $10629 | $9791 |
| Markit CDX North America High Yield Index, Series 39, Version 1 | Sell | 5.00 | Quarterly | 12/20/2027 | 4.3207 | USD 636,000 | 2226 | 17511 | 15285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal Appreciation |  |  |  |  |  |  | 3064 | 28140 | 25076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Credit Default Swap Agreements |  | $3064 | $28140 | $25076 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $71,565 cash held with the broker. 

<sup>(b)</sup> Implied credit spreads represent the current level, as of January 31, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes-96.57%** | **U.S. Dollar Denominated Bonds & Notes-96.57%** | **U.S. Dollar Denominated Bonds & Notes-96.57%** |
|  **Advertising-1.24%** |  |  |
|  Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027<sup>(b)</sup> | $85000 | $77201 |
|  Lamar Media Corp., 3.63%, 01/15/2031 | 57000 | 48476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125677 |
|  **Aerospace & Defense-0.79%** |  |  |
|  TransDigm, Inc., 6.25%, 03/15/2026<sup>(b)</sup> | 80000 | 80062 |
|  **Airlines-1.97%** |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(b)</sup> | 152000 | 149182 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025<sup>(b)</sup> | 51000 | 50405 |
|  |  | 199587 |
|  **Alternative Carriers-0.51%** |  |  |
|  Lumen Technologies, Inc., 4.00%, 02/15/2027<sup>(b)</sup> | 61000 | 51526 |
|  **Aluminum-0.49%** |  |  |
|  Novelis Corp., 3.25%, 11/15/2026<sup>(b)</sup> | 55000 | 49867 |
|  **Apparel Retail-0.51%** |  |  |
|  Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup> | 67000 | 51516 |
|  **Apparel, Accessories & Luxury Goods-0.49%** | **Apparel, Accessories & Luxury Goods-0.49%** |  |
|  Kontoor Brands, Inc., 4.13%, 11/15/2029<sup>(b)</sup> | 57000 | 49373 |
|  **Application Software-1.08%** |  |  |
|  SS&C Technologies, Inc., 5.50%, 09/30/2027<sup>(b)</sup> | 113000 | 108811 |
|  **Auto Parts & Equipment-2.00%** |  |  |
|  Clarios Global L.P., 6.75%, 05/15/2025<sup>(b)</sup> | 100000 | 100722 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(b)</sup> | 113000 | 101636 |
|  |  | 202358 |
|  **Automobile Manufacturers-4.92%** |  |  |
|  Allison Transmission, Inc., 3.75%, 01/30/2031<sup>(b)</sup> | 172000 | 145718 |
|  Ford Motor Credit Co. LLC, 4.95%, 05/28/2027 | 250000 | 238892 |
|  J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026<sup>(b)</sup> | 114000 | 112734 |
|  |  | 497344 |
|  **Automotive Retail-4.21%** |  |  |
|  Asbury Automotive Group, Inc., 4.50%, 03/01/2028 | 100000 | 90510 |
|  Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(b)</sup> | 100000 | 88077 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/2029<sup>(b)</sup> | 91000 | 75237 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027<sup>(b)</sup> | 31000 | 28866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/2029<sup>(b)</sup> | 85000 | 72343 |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(b)</sup> | 85000 | 70754 |
|  |  | 425787 |
|  **Broadcasting-1.03%** |  |  |
|  Gray Television, Inc., 5.88%, 07/15/2026<sup>(b)</sup> | 114000 | 104591 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **Cable & Satellite-9.19%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026<sup>(b)</sup> | $114000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(b)</sup> | 168000 | 160307 |
|  CSC Holdings LLC, 6.50%, 02/01/2029<sup>(b)</sup> | 200000 | 173268 |
|  DISH DBS Corp., 5.13%, 06/01/2029 | 84000 | 53550 |
|  Sirius XM Radio, Inc., 3.13%, 09/01/2026<sup>(b)</sup> | 81000 | 73025 |
|  Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029<sup>(b)</sup> | 200000 | 185799 |
|  VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032<sup>(b)</sup> | 200000 | 171498 |
|  |  | 929597 |
|  **Casinos & Gaming-2.28%** |  |  |
|  CCM Merger, Inc., 6.38%, 05/01/2026<sup>(b)</sup> | 75000 | 72645 |
|  Everi Holdings, Inc., 5.00%, 07/15/2029<sup>(b)</sup> | 57000 | 51652 |
|  Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026<sup>(b)</sup> | 58000 | 55175 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2025<sup>(b)</sup> | 19000 | 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2029<sup>(b)</sup> | 36000 | 32175 |
|  |  | 230750 |
|  **Commodity Chemicals-1.03%** |  |  |
|  Mativ Holdings, Inc., 6.88%, 10/01/2026<sup>(b)</sup> | 112000 | 103753 |
|  **Construction & Engineering-1.72%** |  |  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(b)</sup> | 33000 | 27853 |
|  Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027<sup>(b)</sup> | 150000 | 146427 |
|  |  | 174280 |
|  **Consumer Finance-1.81%** |  |  |
|  FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/2028<sup>(b)</sup> | 33000 | 29692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/01/2030<sup>(b)</sup> | 75000 | 68721 |
|  OneMain Finance Corp., 6.13%, 03/15/2024 | 85000 | 84379 |
|  |  | 182792 |
|  **Department Stores-1.28%** |  |  |
|  Macy's Retail Holdings LLC, 6.13%, 03/15/2032<sup>(b)</sup> | 144000 | 129103 |
|  **Diversified Metals & Mining-1.00%** |  |  |
|  Hudbay Minerals, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2026<sup>(b)</sup> | 22000 | 20298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2029<sup>(b)</sup> | 87000 | 80447 |
|  |  | 100745 |
|  **Diversified Support Services-1.25%** |  |  |
|  Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025<sup>(b)</sup> | 128000 | 126554 |
|  **Electric Utilities-1.21%** |  |  |
|  NRG Energy, Inc., 4.45%, 06/15/2029<sup>(b)</sup> | 25000 | 22904 |
|  Vistra Operations Co. LLC, 4.38%, 05/01/2029<sup>(b)</sup> | 113000 | 99533 |
|  |  | 122437 |
|  **Electrical Components & Equipment-0.92%** |  |  |
|  EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> | 100000 | 92480 |
|  **Electronic Components-0.84%** |  |  |
|  Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(b)</sup> | 100000 | 85019 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** | **Value** |
|  **Food Distributors-1.58%** |  |  |  |  |
|  American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028<sup>(b)</sup> | $| 115000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104899 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(b)</sup> |  | 57000 |  | 55079 |
|  |  |  |  | 159978 |
|  **Gold-0.36%** |  |  |  |  |
|  New Gold, Inc. (Canada), 7.50%, 07/15/2027<sup>(b)</sup> |  | 39000 |  | 36248 |
|  **Health Care Facilities-2.65%** |  |  |  |  |
|  Encompass Health Corp., 4.50%, 02/01/2028 |  | 56000 |  | 52352 |
|  HCA, Inc., 3.50%, 09/01/2030 |  | 56000 |  | 50227 |
|  Tenet Healthcare Corp., 4.88%, 01/01/2026 |  | 170000 |  | 165771 |
|  |  |  |  | 268350 |
|  **Health Care REITs-1.73%** |  |  |  |  |
|  CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028<sup>(b)</sup> |  | 56000 |  | 50207 |
|  Diversified Healthcare Trust, 4.38%, 03/01/2031 |  | 114000 |  | 77373 |
|  MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031 |  | 68000 |  | 47695 |
|  |  |  |  | 175275 |
|  **Health Care Services-2.35%** |  |  |  |  |
|  Community Health Systems, Inc., 4.75%, 02/15/2031<sup>(b)</sup> |  | 100000 |  | 76647 |
|  DaVita, Inc., 3.75%, 02/15/2031<sup>(b)</sup> |  | 64000 |  | 49843 |
|  Select Medical Corp., 6.25%, 08/15/2026<sup>(b)</sup> |  | 114000 |  | 111485 |
|  |  |  |  | 237975 |
|  **Health Care Supplies-0.74%** |  |  |  |  |
|  Medline Borrower L.P., 3.88%, 04/01/2029<sup>(b)</sup> |  | 87000 |  | 74493 |
|  **Hotel & Resort REITs-1.51%** |  |  |  |  |
|  Service Properties Trust, 5.50%, 12/15/2027 |  | 172000 |  | 152602 |
|  **Hotels, Resorts & Cruise Lines-1.79%** |  |  |  |  |
|  Carnival Corp., 4.00%, 08/01/2028<sup>(b)</sup> |  | 58000 |  | 50202 |
|  IRB Holding Corp., 7.00%, 06/15/2025<sup>(b)</sup> |  | 56000 |  | 56265 |
|  Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026<sup>(b)</sup> |  | 86000 |  | 74726 |
|  |  |  |  | 181193 |
|  **Household Products-0.50%** |  |  |  |  |
|  Prestige Brands, Inc., 3.75%, 04/01/2031<sup>(b)</sup> |  | 59000 |  | 50178 |
|  **Independent Power Producers & Energy Traders-1.89%** | **Independent Power Producers & Energy Traders-1.89%** | **Independent Power Producers & Energy Traders-1.89%** | **Independent Power Producers & Energy Traders-1.89%** | **Independent Power Producers & Energy Traders-1.89%** |
|  Calpine Corp., 3.75%, 03/01/2031<sup>(b)</sup> |  | 60000 |  | 50101 |
|  Clearway Energy Operating LLC, 4.75%, 03/15/2028<sup>(b)</sup> |  | 56000 |  | 52893 |
|  TransAlta Corp. (Canada), 7.75%, 11/15/2029 |  | 86000 |  | 88541 |
|  |  |  |  | 191535 |
|  **Industrial Machinery-1.76%** |  |  |  |  |
|  EnPro Industries, Inc., 5.75%, 10/15/2026 |  | 114000 |  | 111824 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(b)</sup> |  | 73000 |  | 65869 |
|  |  |  |  | 177693 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** |
|  **Integrated Oil & Gas-0.73%** |  |  |  |
|  Occidental Petroleum Corp., 5.55%, 03/15/2026 | $| 73000 | $73820 |
|  **Integrated Telecommunication Services-2.47%** | **Integrated Telecommunication Services-2.47%** | **Integrated Telecommunication Services-2.47%** |  |
|  Altice France S.A. (France), 8.13%, 02/01/2027<sup>(b)</sup> |  | 200000 | 187744 |
|  Level 3 Financing, Inc., 3.75%, 07/15/2029<sup>(b)</sup> |  | 84000 | 61512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249256 |
|  **Interactive Media & Services-1.05%** |  |  |  |
|  Match Group Holdings II LLC, 4.63%, 06/01/2028<sup>(b)</sup> |  | 115000 | 105902 |
|  **Internet Services & Infrastructure-0.56%** |  |  |  |
|  Cogent Communications Group, Inc., 7.00%, 06/15/2027<sup>(b)</sup> |  | 57000 | 56492 |
|  **IT Consulting & Other Services-0.50%** |  |  |  |
|  Gartner, Inc., 3.75%, 10/01/2030<sup>(b)</sup> |  | 57000 | 50593 |
|  **Leisure Facilities-1.72%** |  |  |  |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028<sup>(b)</sup> |  | 141000 | 152488 |
|  VOC Escrow Ltd., 5.00%, 02/15/2028<sup>(b)</sup> |  | 24000 | 21140 |
|  |  |  | 173628 |
|  **Managed Health Care-0.50%** |  |  |  |
|  Centene Corp., 4.25%, 12/15/2027 |  | 53000 | 50904 |
|  **Marine-0.49%** |  |  |  |
|  NCL Corp. Ltd., 5.88%, 02/15/2027<sup>(b)</sup> |  | 53000 | 49350 |
|  **Movies & Entertainment-0.46%** |  |  |  |
|  WMG Acquisition Corp., 3.00%, 02/15/2031<sup>(b)</sup> |  | 56000 | 46514 |
|  **Oil & Gas Drilling-4.98%** |  |  |  |
|  Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028<sup>(b)</sup> |  | 114000 | 104723 |
|  Nabors Industries, Inc., 7.38%, 05/15/2027<sup>(b)</sup> |  | 56000 | 56147 |
|  Precision Drilling Corp. (Canada), 6.88%, 01/15/2029<sup>(b)</sup> |  | 57000 | 54970 |
|  Rockies Express Pipeline LLC, 6.88%, 04/15/2040<sup>(b)</sup> |  | 171000 | 145153 |
|  Transocean, Inc., 8.75%, 02/15/2030<sup>(b)</sup> |  | 25000 | 25809 |
|  Valaris Ltd., 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028<sup>(b)(c)</sup> |  | 115000 | 116518 |
|  |  |  | 503320 |
|  **Oil & Gas Equipment & Services-3.37%** |  |  |  |
|  Enerflex Ltd. (Canada), 9.00%, 10/15/2027<sup>(b)</sup> |  | 114000 | 116264 |
|  USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 |  | 114000 | 110737 |
|  Weatherford International Ltd., 8.63%, 04/30/2030<sup>(b)</sup> |  | 113000 | 114206 |
|  |  |  | 341207 |
|  **Oil & Gas Exploration & Production-6.20%** |  |  |  |
|  Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026<sup>(b)</sup> |  | 172000 | 171370 |
|  Callon Petroleum Co., 8.00%, 08/01/2028<sup>(b)</sup> |  | 114000 | 114141 |
|  Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(b)</sup> |  | 56000 | 48088 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** |
|  **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** | **Oil & Gas Exploration & Production-(continued)** |  |
|  Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028<sup>(b)</sup> | $| 172000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165415 |
|  SM Energy Co., 6.63%, 01/15/2027 |  | 51000 | 49621 |
|  Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026<sup>(b)</sup> |  | 30000 | 25616 |
|  Transocean Titan Financing Ltd., 8.38%, 02/01/2028<sup>(b)</sup> |  | 51000 | 52993 |
|  |  |  | 627244 |
|  **Oil & Gas Refining & Marketing-0.50%** | **Oil & Gas Refining & Marketing-0.50%** | **Oil & Gas Refining & Marketing-0.50%** |  |
|  Parkland Corp. (Canada), 4.50%, 10/01/2029<sup>(b)</sup> |  | 59000 | 50690 |
|  **Oil & Gas Storage & Transportation-2.94%** | **Oil & Gas Storage & Transportation-2.94%** | **Oil & Gas Storage & Transportation-2.94%** |  |
|  Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 8.00%, 04/01/2029<sup>(b)</sup> |  | 86000 | 87391 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028 |  | 114000 | 110374 |
|  Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027<sup>(b)</sup> |  | 100000 | 98987 |
|  |  |  | 296752 |
|  **Other Diversified Financial Services-1.50%** | **Other Diversified Financial Services-1.50%** | **Other Diversified Financial Services-1.50%** |  |
|  Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029<sup>(b)</sup> |  | 56000 | 50070 |
|  Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(b)</sup> |  | 114000 | 101688 |
|  |  |  | 151758 |
|  **Pharmaceuticals-0.79%** |  |  |  |
|  Bausch Health Cos., Inc., 4.88%, 06/01/2028<sup>(b)</sup> |  | 124000 | 79873 |
|  **Research & Consulting Services-0.50%** | **Research & Consulting Services-0.50%** | **Research & Consulting Services-0.50%** |  |
|  Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029<sup>(b)</sup> |  | 57000 | 50547 |
|  **Restaurants-1.98%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029<sup>(b)</sup> |  | 86000 | 75361 |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(b)</sup> |  | 86000 | 74086 |
|  Yum! Brands, Inc., 5.38%, 04/01/2032 |  | 53000 | 50352 |
|  |  |  | 199799 |
|  **Retail REITs-0.81%** |  |  |  |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026<sup>(b)</sup> |  | 86000 | 82243 |
|  **Semiconductor Equipment-0.53%** |  |  |  |
|  Entegris Escrow Corp., 4.75%, 04/15/2029<sup>(b)</sup> |  | 57000 | 53506 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **Specialized Consumer Services-0.70%** | **Specialized Consumer Services-0.70%** |  |
|  Carriage Services, Inc., 4.25%, 05/15/2029<sup>(b)</sup> | $86000 | $70874 |
|  **Specialized REITs-0.50%** |  |  |
|  SBA Communications Corp., 3.88%, 02/15/2027 | 55000 | 50876 |
|  **Specialty Chemicals-0.27%** |  |  |
|  Rayonier A.M. Products, Inc., 7.63%, 01/15/2026<sup>(b)</sup> | 29000 | 27152 |
|  **Steel-0.99%** |  |  |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(b)</sup>  | 114000 | 100445 |
|  **Systems Software-1.19%** |  |  |
|  Camelot Finance S.A., 4.50%, 11/01/2026<sup>(b)</sup>  | 75000 | 71433 |
|  Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 | 57000 | 48977 |
|  |  | 120410 |
|  **Trading Companies & Distributors-1.25%** | **Trading Companies & Distributors-1.25%** |  |
|  Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025<sup>(b)</sup> | 28000 | 27139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2028<sup>(b)</sup> | 113000 | 99598 |
|  |  | 126737 |
|  **Wireless Telecommunication Services-0.46%** | **Wireless Telecommunication Services-0.46%** |  |
|  Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081<sup>(d)</sup> | 57000 | 46221 |
|  Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $9,686,370) | Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $9,686,370) | &nbsp;&nbsp;&nbsp;&nbsp;9765642 |
|  **Non-U.S. Dollar Denominated Bonds & Notes-1.51%<sup>(e)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes-1.51%<sup>(e)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes-1.51%<sup>(e)</sup>** |
|  **Integrated Telecommunication Services-1.51%** | **Integrated Telecommunication Services-1.51%** |  |
|  Iliad Holding S.A.S. (France), 5.63%, 10/15/2028<sup>(b)</sup><br>(Cost $149,158) | EUR150,000 | 152319 |
|  | **Shares** |  |
|  **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(f)(g)</sup><br>(Cost $6,170) | 6170 | 6170 |
|  TOTAL INVESTMENTS IN SECURITIES-98.14%<br>(Cost $9,841,698) | TOTAL INVESTMENTS IN SECURITIES-98.14%<br>(Cost $9,841,698) | 9924131 |
|  OTHER ASSETS LESS LIABILITIES-1.86% | OTHER ASSETS LESS LIABILITIES-1.86% | 187797 |
|  NET ASSETS-100.00% |  | $10111928 |

---

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

------

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

January 31, 2023

*(Unaudited)*

Investment Abbreviations:

EUR -Euro

PIK -Pay-in-Kind

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

<sup>(b)</sup> 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 January 31, 2023 was $8,063,887, which represented 79.75% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(d)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(e)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated. 

<sup>(f)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the period ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $515951 | $(509781) | $- | $- | $6170 | $407 |

---

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

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 Moderately Conservative Multi-Asset Allocation ETF (PSMM)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 104.08%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net**<br>**Assets**<br>**01/31/23** |<br>**Value**<br>**10/31/22** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Realized**<br>**Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** |<br>**Shares**<br>**01/31/23** |<br>**Value**<br>**01/31/23** |
|  **Domestic Equity Funds-31.84%** |  |  |  |  |  |  |  |  |  |
|  Invesco Preferred ETF |  | $645285 | $- | $(640727) | $178994 | $(183552) | $- |  | $- |
|  Invesco RAFI™ Strategic US ETF | 9.36% | 1806329 | 819428 | (332783) | 112899 | 8240 | 9921 | 62558 | 2414113 |
|  Invesco RAFI™ Strategic US Small Company ETF | 2.04% | 446096 | 135579 | (98890) | 44703 | (401) | 2338 | 14323 | 527087 |
|  Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 5.65% | 1204682 | 360622 | (246038) | 129514 | 6782 | 6850 | 30734 | 1455562 |
|  Invesco S&P 500<sup>®</sup> Low Volatility ETF | 3.02% | 661482 | 208173 | (113307) | 18356 | 4474 | 4273 | 12209 | 779178 |
|  Invesco S&P 500<sup>®</sup> Pure Growth ETF | 8.76% | 1970702 | 619518 | (338151) | 16165 | (10124) | 6157 | 14360 | 2258110 |
|  Invesco S&P MidCap Low Volatility ETF | 3.01% | 657007 | 191554 | (115069) | 38389 | 3821 | 3283 | 13894 | 775702 |
|  Total Domestic Equity Funds |  | 7391583 | 2334874 | (1884965) | 539020 | (170760) | 32822 |  | 8209752 |
|  **Fixed Income Funds-59.64%** |  |  |  |  |  |  |  |  |  |
|  Invesco 1-30 Laddered Treasury ETF | 12.46% | 2769527 | 841161 | (602000) | 243884 | (38972) | 18824 | 107263 | 3213600 |
|  Invesco Emerging Markets Sovereign Debt ETF<sup>(b)</sup> | 2.86% | 546048 | 251535 | (163151) | 123391 | (21185) | 12152 | 37507 | 736638 |
|  Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF | 8.95% | 1724569 | 813564 | (320847) | 86744 | 3488 | 21520 | 131109 | 2307518 |
|  Invesco Investment Grade Defensive ETF<sup>(b)</sup> | 3.17% | 554173 | 353272 | (112083) | 22416 | 763 | 5651 | 33824 | 818541 |
|  Invesco Investment Grade Value ETF | 1.79% | 300603 | 205183 | (72530) | 29588 | (614) | 4424 | 19745 | 462230 |
|  Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | 5.94% | 1233041 | 506879 | (222078) | (1105) | 33075 |  | 62387 | 1532374 |
|  Invesco Senior Loan ETF<sup>(b)</sup> | 3.97% | 835617 | 296705 | (126000) | 16968 | 862 | 22077 | 48515 | 1024152 |
|  Invesco Taxable Municipal Bond ETF | 11.56% | 2790669 | 741856 | (783840) | 338544 | (107233) | 26966 | 110575 | 2979996 |
|  Invesco Variable Rate Investment Grade ETF | 8.94% | 1484268 | 1090851 | (300318) | 27575 | 1512 | 29803 | 92600 | 2303888 |
|  Total Fixed Income Funds |  | 12238515 | 5101006 | (2702847) | 888005 | (128304) | 141417 |  | 15378937 |
|  **Foreign Equity Funds-8.49%** |  |  |  |  |  |  |  |  |  |
|  Invesco RAFI™ Strategic Developed ex-US ETF | 2.00% | 653364 | 120248 | (339727) | 141267 | (57931) | 1681 | 17710 | 517221 |
|  Invesco RAFI™ Strategic Emerging Markets ETF | 1.81% | 380586 | 127572 | (178101) | 161367 | (24834) | 1855 | 18651 | 466590 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 1.83% | 399297 | 111307 | (90096) | 51141 | (106) | 2174 | 19664 | 471543 |
|  Invesco S&P International Developed Low Volatility ETF | 2.85% | 623946 | 169821 | (140287) | 83482 | (3138) | 4946 | 26208 | 733824 |
|  Total Foreign Equity Funds |  | 2057193 | 528948 | (748211) | 437257 | (86009) | 10656 |  | 2189178 |
|  **Money Market Funds-0.00%** |  |  |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30% |  |  | 273042 | (273042) |  |  | 133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN<br>AFFILIATED ISSUERS<br>(excluding investments purchased with cash collateral from securities on loan)-99.97%<br>(Cost $27,178,318) | 99.97% | 21687291 | 8237870 | (5609065) | 1864282 | (385073) | 185028 |  | 25777867 |

---

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

------

**Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)–(continued)** 

January 31, 2023

*(Unaudited)*

**Schedule of Investments in Affiliated Issuers- 104.08%<sup>(a)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% of**<br>**Net**<br>**Assets**<br>**01/31/23** |<br>**Value**<br>**10/31/22** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Realized**<br>**Gain**<br>**(Loss)** |<br>**Dividend**<br>**Income** |<br>**Shares**<br>**01/31/23** |<br>**Value**<br>**01/31/23** |
| **Investments Purchased with Cash Collateral from Securities on Loan** |  |  |  |  |  |  |  |  |  |
|  **Money Market Funds-4.11%** | **Money Market Funds-4.11%** |  |  |  |  |  |  |  |  |
|  Invesco Private Government Fund, 4.36%<sup>(c)(d)</sup> | 1.15% | $687118 | $3985370 | $(4375663) | $- | $- | $5075 \* | 296825 | $296825 |
|  Invesco Private Prime Fund, 4.59%<sup>(c)(d)</sup> | 2.96% | 1766587 | 8484963 | (9488509) | (67) | 444 | 13866 \* | 763189 | 763418 |
| Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,060,247) | 4.11% | 2453705 | 12470333 | (13864172) | (67) | 444 | 18941 |  | 1060243 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN AFFILIATED ISSUERS<br>(Cost $28,238,565) | 104.08% | $24140996 | $20708203 | $(19473237) | $1864215 | $(384629)<sup>(e)</sup> | $203969 |  | $26838110 |
| OTHER ASSETS LESS LIABILITIES | (4.08)% |  |  |  |  |  |  |  | (1052605) |
|  NET ASSETS | 100.00% |  |  |  |  |  |  |  | $25785505 |

---

Investment Abbreviations:

ETF- Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund's investment adviser.

<sup>(b)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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.

<sup>(e)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco PureBeta<sup>SM</sup> 0-5 Yr US TIPS ETF | $17438 |

---

\* 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.

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)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-82.55%** | **Common Stocks & Other Equity Interests-82.55%** | **Common Stocks & Other Equity Interests-82.55%** |
|  **Communication Services-6.46%** |  |  |
|  Activision Blizzard, Inc. | 4248 | $325269 |
|  Alphabet, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521175 |
|  Alphabet, Inc., Class C<sup>(b)</sup> | 31580 | 3153895 |
|  AT&T, Inc. | 42508 | 865888 |
|  Charter Communications, Inc., Class A<sup>(b)(c)</sup> | 641 | 246343 |
|  Comcast Corp., Class A | 25730 | 1012475 |
|  DISH Network Corp., Class A<sup>(b)(c)</sup> | 1614 | 23225 |
|  Electronic Arts, Inc. | 1564 | 201256 |
|  Fox Corp., Class A<sup>(c)</sup> | 1943 | 65945 |
|  Fox Corp., Class B | 895 | 28372 |
|  Interpublic Group of Cos., Inc. (The)<sup>(c)</sup> | 2317 | 84478 |
|  Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 917 | 73809 |
|  Lumen Technologies, Inc.<sup>(c)</sup> | 6114 | 32098 |
|  Match Group, Inc.<sup>(b)</sup> | 1794 | 97091 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 13412 | 1997986 |
|  Netflix, Inc.<sup>(b)</sup> | 2654 | 939144 |
|  News Corp., Class A | 2456 | 49759 |
|  News Corp., Class B | 757 | 15473 |
|  Omnicom Group, Inc. | 1216 | 104564 |
|  Paramount Global, Class B<sup>(c)</sup> | 3244 | 75131 |
|  Take-Two Interactive Software, Inc.<sup>(b)(c)</sup> | 941 | 106549 |
|  T-Mobile US, Inc.<sup>(b)</sup> | 3562 | 531842 |
|  Verizon Communications, Inc. | 25049 | 1041287 |
|  Walt Disney Co. (The)<sup>(b)</sup> | 10873 | 1179612 |
|  Warner Bros Discovery, Inc.<sup>(b)</sup> | 13180 | 195328 |
|  |  | 15967994 |
|  **Consumer Discretionary-8.77%** |  |  |
|  Advance Auto Parts, Inc. | 386 | 58780 |
|  Amazon.com, Inc.<sup>(b)</sup> | 52936 | 5459290 |
|  Aptiv PLC<sup>(b)(c)</sup> | 1616 | 182753 |
|  AutoZone, Inc.<sup>(b)</sup> | 113 | 275590 |
|  Bath & Body Works, Inc. | 1467 | 67497 |
|  Best Buy Co., Inc.<sup>(c)</sup> | 1195 | 106020 |
|  Booking Holdings, Inc.<sup>(b)</sup> | 231 | 562277 |
|  BorgWarner, Inc.<sup>(c)</sup> | 1504 | 71109 |
|  Caesars Entertainment, Inc.<sup>(b)</sup> | 1378 | 71739 |
|  CarMax, Inc.<sup>(b)(c)</sup> | 1015 | 71507 |
|  Carnival Corp.<sup>(b)(c)</sup> | 6432 | 69594 |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 165 | 271653 |
|  D.R. Horton, Inc. | 1867 | 184254 |
|  Darden Restaurants, Inc. | 730 | 108018 |
|  Dollar General Corp. | 1345 | 314192 |
|  Dollar Tree, Inc.<sup>(b)</sup> | 1256 | 188626 |
|  Domino's Pizza, Inc.<sup>(c)</sup> | 227 | 80131 |
|  eBay, Inc. | 3237 | 160232 |
|  Etsy, Inc.<sup>(b)</sup> | 750 | 103185 |
|  Expedia Group, Inc.<sup>(b)</sup> | 898 | 102641 |
|  Ford Motor Co. | 23557 | 318255 |
|  Garmin Ltd. | 915 | 90475 |
|  General Motors Co. | 8474 | 333198 |
|  Genuine Parts Co. | 841 | 141137 |
|  Hasbro, Inc. | 834 | 49348 |
|  Hilton Worldwide Holdings, Inc. | 1613 | 234030 |
|  Home Depot, Inc. (The) | 6106 | 1979382 |
|  Las Vegas Sands Corp.<sup>(b)</sup> | 1960 | 115640 |
|  Lennar Corp., Class A | 1520 | 155648 |
|  LKQ Corp. | 1514 | 89265 |
|  Lowe's Cos., Inc. | 3702 | 770942 |
|  Marriott International, Inc., Class A | 1605 | 279559 |
|  McDonald's Corp. | 4368 | 1168003 |
|  MGM Resorts International | 2047 | 84766 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** |  |  |
|  Mohawk Industries, Inc.<sup>(b)</sup> | 339 | $40700 |
|  Newell Brands, Inc.<sup>(c)</sup> | 2417 | 38575 |
|  NIKE, Inc., Class B | 7513 | 956630 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup> | 2707 | 41174 |
|  NVR, Inc.<sup>(b)</sup> | 19 | 100130 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 373 | 295547 |
|  Pool Corp.<sup>(c)</sup> | 233 | 89847 |
|  PulteGroup, Inc.<sup>(c)</sup> | 1463 | 83230 |
|  Ralph Lauren Corp.<sup>(c)</sup> | 264 | 32696 |
|  Ross Stores, Inc. | 2070 | 244653 |
|  Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 1410 | 91565 |
|  Starbucks Corp. | 6846 | 747173 |
|  Tapestry, Inc.<sup>(c)</sup> | 1548 | 70542 |
|  Target Corp. | 2745 | 472524 |
|  Tesla, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773079 |
|  TJX Cos., Inc. (The) | 6925 | 566881 |
|  Tractor Supply Co. | 659 | 150245 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 306 | 157272 |
|  VF Corp. | 2121 | 65624 |
|  Whirlpool Corp.<sup>(c)</sup> | 350 | 54457 |
|  Wynn Resorts Ltd.<sup>(b)</sup> | 662 | 68610 |
|  Yum! Brands, Inc. | 1680 | 219257 |
|  |  | 21679147 |
|  **Consumer Staples-5.53%** |  |  |
|  Altria Group, Inc. | 10689 | 481433 |
|  Archer-Daniels-Midland Co. | 3276 | 271417 |
|  Brown-Forman Corp., Class B | 1174 | 78165 |
|  Campbell Soup Co.<sup>(c)</sup> | 1290 | 66990 |
|  Church & Dwight Co., Inc. | 1455 | 117651 |
|  Clorox Co. (The) | 736 | 106492 |
|  Coca-Cola Co. (The) | 23214 | 1423482 |
|  Colgate-Palmolive Co. | 4982 | 371308 |
|  Conagra Brands, Inc. | 2858 | 106289 |
|  Constellation Brands, Inc., Class A | 968 | 224111 |
|  Costco Wholesale Corp. | 2640 | 1349410 |
|  Estee Lauder Cos., Inc. (The), Class A | 1379 | 382093 |
|  General Mills, Inc. | 3540 | 277394 |
|  Hershey Co. (The) | 877 | 196974 |
|  Hormel Foods Corp. | 1859 | 84231 |
|  JM Smucker Co. (The) | 636 | 97181 |
|  Kellogg Co. | 1527 | 104722 |
|  Keurig Dr Pepper, Inc. | 5068 | 178799 |
|  Kimberly-Clark Corp. | 2013 | 261710 |
|  Kraft Heinz Co. (The) | 4749 | 192477 |
|  Kroger Co. (The) | 3885 | 173387 |
|  Lamb Weston Holdings, Inc. | 858 | 85706 |
|  McCormick & Co., Inc. | 1495 | 112304 |
|  Molson Coors Beverage Co., Class B<sup>(c)</sup> | 1208 | 63517 |
|  Mondelez International, Inc., Class A | 8145 | 533009 |
|  Monster Beverage Corp.<sup>(b)(c)</sup> | 2272 | 236470 |
|  PepsiCo, Inc. | 8217 | 1405271 |
|  Philip Morris International, Inc. | 9246 | 963803 |
|  Procter & Gamble Co. (The) | 14134 | 2012399 |
|  Sysco Corp. | 3023 | 234162 |
|  Tyson Foods, Inc., Class A | 1727 | 113550 |
|  Walgreens Boots Alliance, Inc. | 4281 | 157798 |
|  Walmart, Inc. | 8418 | 1211098 |
|  |  | 13674803 |
|  **Energy-4.17%** |  |  |
|  APA Corp. | 1918 | 85025 |
|  Baker Hughes Co., Class A | 5973 | 189583 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy-(continued)** |  |  |
|  Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10610 | $1846352 |
|  ConocoPhillips | 7432 | 905738 |
|  Coterra Energy, Inc. | 4703 | 117716 |
|  Devon Energy Corp. | 3899 | 246573 |
|  Diamondback Energy, Inc.<sup>(c)</sup> | 1050 | 153426 |
|  EOG Resources, Inc. | 3503 | 463272 |
|  EQT Corp. | 2358 | 77036 |
|  Exxon Mobil Corp. | 24563 | 2849554 |
|  Halliburton Co. | 5416 | 223247 |
|  Hess Corp. | 1655 | 248515 |
|  Kinder Morgan, Inc. | 11798 | 215903 |
|  Marathon Oil Corp. | 3788 | 104056 |
|  Marathon Petroleum Corp. | 2795 | 359213 |
|  Occidental Petroleum Corp. | 4337 | 280994 |
|  ONEOK, Inc. | 2666 | 182568 |
|  Phillips 66 | 2819 | 282661 |
|  Pioneer Natural Resources Co. | 1417 | 326406 |
|  Schlumberger Ltd. | 8457 | 481880 |
|  Targa Resources Corp. | 1350 | 101277 |
|  Valero Energy Corp. | 2299 | 321929 |
|  Williams Cos., Inc. (The) | 7265 | 234224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10297148 |
|  **Financials-9.67%** |  |  |
|  Aflac, Inc. | 3375 | 248063 |
|  Allstate Corp. (The) | 1582 | 203240 |
|  American Express Co. | 3565 | 623625 |
|  American International Group, Inc. | 4431 | 280128 |
|  Ameriprise Financial, Inc. | 635 | 222326 |
|  Aon PLC, Class A | 1234 | 393251 |
|  Arch Capital Group Ltd.<sup>(b)</sup> | 2206 | 141956 |
|  Arthur J. Gallagher & Co. | 1258 | 246216 |
|  Assurant, Inc. | 339 | 44948 |
|  Bank of America Corp. | 41628 | 1476961 |
|  Bank of New York Mellon Corp. (The) | 4387 | 221851 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 10746 | 3347594 |
|  BlackRock, Inc. | 896 | 680252 |
|  Brown & Brown, Inc. | 1402 | 82101 |
|  Capital One Financial Corp. | 2277 | 270963 |
|  Cboe Global Markets, Inc. | 681 | 83681 |
|  Charles Schwab Corp. (The) | 9097 | 704290 |
|  Chubb Ltd. | 2476 | 563265 |
|  Cincinnati Financial Corp. | 938 | 106135 |
|  Citigroup, Inc. | 11552 | 603245 |
|  Citizens Financial Group, Inc. | 2937 | 127231 |
|  CME Group, Inc., Class A | 2146 | 379112 |
|  Comerica, Inc. | 841 | 61654 |
|  Discover Financial Services | 1630 | 190270 |
|  Everest Re Group Ltd. | 252 | 88122 |
|  FactSet Research Systems, Inc. | 227 | 96007 |
|  Fifth Third Bancorp | 4094 | 148571 |
|  First Republic Bank | 1091 | 153700 |
|  Franklin Resources, Inc. | 1825 | 56940 |
|  Globe Life, Inc. | 581 | 70214 |
|  Goldman Sachs Group, Inc. (The) | 2020 | 738936 |
|  Hartford Financial Services Group, Inc. (The) | 1897 | 147226 |
|  Huntington Bancshares, Inc. | 8605 | 130538 |
|  Intercontinental Exchange, Inc. | 3331 | 358249 |
|  Invesco Ltd.<sup>(d)</sup> | 2921 | 54068 |
|  JPMorgan Chase & Co. | 17495 | 2448600 |
|  KeyCorp | 5565 | 106792 |
|  Lincoln National Corp. | 989 | 35040 |
|  Loews Corp. | 1266 | 77834 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  M&T Bank Corp. | 1030 | $160680 |
|  MarketAxess Holdings, Inc. | 242 | 88052 |
|  Marsh & McLennan Cos., Inc. | 2958 | 517384 |
|  MetLife, Inc. | 3931 | 287042 |
|  Moody's Corp. | 940 | 303385 |
|  Morgan Stanley | 7863 | 765306 |
|  MSCI, Inc. | 477 | 253554 |
|  Nasdaq, Inc. | 2022 | 121704 |
|  Northern Trust Corp. | 1243 | 120534 |
|  PNC Financial Services Group, Inc. (The) | 2406 | 398025 |
|  Principal Financial Group, Inc. | 1357 | 125590 |
|  Progressive Corp. (The) | 3490 | 475861 |
|  Prudential Financial, Inc. | 2195 | 230343 |
|  Raymond James Financial, Inc. | 1155 | 130249 |
|  Regions Financial Corp. | 5573 | 131188 |
|  S&P Global, Inc. | 1986 | 744631 |
|  Signature Bank | 404 | 52096 |
|  State Street Corp. | 2189 | 199921 |
|  SVB Financial Group<sup>(b)</sup> | 353 | 106761 |
|  Synchrony Financial | 2687 | 98694 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 1333 | 155255 |
|  Travelers Cos., Inc. (The) | 1398 | 267186 |
|  Truist Financial Corp. | 7913 | 390823 |
|  U.S. Bancorp | 8064 | 401587 |
|  W.R. Berkley Corp. | 1219 | 85501 |
|  Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22727 | 1065214 |
|  Willis Towers Watson PLC | 646 | 164207 |
|  Zions Bancorporation N.A. | 961 | 51087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23905055 |
|  **Health Care-12.09%** |  |  |
|  Abbott Laboratories | 10399 | 1149610 |
|  AbbVie, Inc. | 10548 | 1558467 |
|  Agilent Technologies, Inc. | 1766 | 268573 |
|  Align Technology, Inc.<sup>(b)</sup> | 433 | 116793 |
|  AmerisourceBergen Corp.<sup>(c)</sup> | 966 | 163215 |
|  Amgen, Inc. | 3182 | 803137 |
|  Baxter International, Inc. | 3007 | 137390 |
|  Becton, Dickinson and Co. | 1701 | 429026 |
|  Biogen, Inc.<sup>(b)</sup> | 859 | 249883 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup> | 138 | 64510 |
|  Bio-Techne Corp. | 1008 | 80297 |
|  Boston Scientific Corp.<sup>(b)</sup> | 8543 | 395114 |
|  Bristol-Myers Squibb Co. | 12681 | 921275 |
|  Cardinal Health, Inc. | 1563 | 120742 |
|  Catalent, Inc.<sup>(b)</sup> | 1156 | 61904 |
|  Centene Corp.<sup>(b)</sup> | 3377 | 257463 |
|  Charles River Laboratories International,<br>Inc.<sup>(b)(c)</sup> | 327 | 79543 |
|  Cigna Corp. | 1824 | 577606 |
|  Cooper Cos., Inc. (The) | 294 | 102585 |
|  CVS Health Corp. | 7837 | 691380 |
|  Danaher Corp. | 3908 | 1033197 |
|  DaVita, Inc.<sup>(b)</sup> | 353 | 29084 |
|  DENTSPLY SIRONA, Inc. | 1380 | 50825 |
|  DexCom, Inc.<sup>(b)</sup> | 2304 | 246735 |
|  Edwards Lifesciences Corp.<sup>(b)</sup> | 3688 | 282870 |
|  Elevance Health, Inc. | 1424 | 711986 |
|  Eli Lilly and Co. | 4704 | 1618882 |
|  GE HealthCare Technologies, Inc.<sup>(b)</sup> | 2172 | 150997 |
|  Gilead Sciences, Inc. | 7481 | 627955 |
|  HCA Healthcare, Inc. | 1265 | 322664 |
|  Henry Schein, Inc.<sup>(b)</sup> | 871 | 75037 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Hologic, Inc.<sup>(b)</sup> | 1489 | $121160 |
|  Humana, Inc. | 755 | 386334 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup> | 494 | 237367 |
|  Illumina, Inc.<sup>(b)</sup> | 938 | 200920 |
|  Incyte Corp.<sup>(b)</sup> | 1101 | 93739 |
|  Intuitive Surgical, Inc.<sup>(b)</sup> | 2108 | 517915 |
|  IQVIA Holdings, Inc.<sup>(b)(c)</sup> | 1108 | 254186 |
|  Johnson & Johnson | 15594 | 2548372 |
|  Laboratory Corp. of America Holdings | 528 | 133119 |
|  McKesson Corp. | 846 | 320363 |
|  Medtronic PLC | 7928 | 663494 |
|  Merck & Co., Inc. | 15122 | 1624254 |
|  Mettler-Toledo International, Inc.<sup>(b)</sup> | 133 | 203878 |
|  Moderna, Inc.<sup>(b)</sup> | 1971 | 347014 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 348 | 108517 |
|  Organon & Co. | 1634 | 49232 |
|  PerkinElmer, Inc. | 753 | 103560 |
|  Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33480 | 1478477 |
|  Quest Diagnostics, Inc. | 679 | 100818 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 639 | 484662 |
|  ResMed, Inc. | 874 | 199595 |
|  STERIS PLC | 595 | 122873 |
|  Stryker Corp. | 2009 | 509904 |
|  Teleflex, Inc. | 301 | 73269 |
|  Thermo Fisher Scientific, Inc. | 2339 | 1334002 |
|  UnitedHealth Group, Inc. | 5573 | 2781986 |
|  Universal Health Services, Inc., Class B | 412 | 61063 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1531 | 494666 |
|  Viatris, Inc. | 7233 | 87953 |
|  Waters Corp.<sup>(b)</sup> | 354 | 116317 |
|  West Pharmaceutical Services, Inc. | 442 | 117395 |
|  Zimmer Biomet Holdings, Inc. | 1252 | 159430 |
|  Zoetis, Inc. | 2780 | 460062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29874641 |
|  **Industrials-6.93%** |  |  |
|  3M Co. | 3297 | 379419 |
|  A.O. Smith Corp. | 815 | 55175 |
|  Alaska Air Group, Inc.<sup>(b)</sup> | 815 | 41842 |
|  Allegion PLC | 564 | 66298 |
|  American Airlines Group, Inc.<sup>(b)(c)</sup> | 4174 | 67368 |
|  AMETEK, Inc. | 1370 | 198540 |
|  Boeing Co. (The)<sup>(b)</sup> | 3341 | 711633 |
|  C.H. Robinson Worldwide, Inc. | 756 | 75729 |
|  Carrier Global Corp. | 4988 | 227104 |
|  Caterpillar, Inc. | 3104 | 783108 |
|  Cintas Corp. | 515 | 228526 |
|  Copart, Inc.<sup>(b)</sup> | 2556 | 170255 |
|  CoStar Group, Inc.<sup>(b)</sup> | 2426 | 188985 |
|  CSX Corp. | 12540 | 387737 |
|  Cummins, Inc. | 841 | 209863 |
|  Deere & Co. | 1638 | 692612 |
|  Delta Air Lines, Inc.<sup>(b)</sup> | 3824 | 149518 |
|  Dover Corp. | 837 | 127082 |
|  Eaton Corp. PLC | 2372 | 384762 |
|  Emerson Electric Co. | 3527 | 318206 |
|  Equifax, Inc.<sup>(c)</sup> | 730 | 162206 |
|  Expeditors International of Washington, Inc. | 949 | 102634 |
|  Fastenal Co. | 3416 | 172679 |
|  FedEx Corp. | 1428 | 276832 |
|  Fortive Corp. | 2110 | 143543 |
|  Generac Holdings, Inc.<sup>(b)(c)</sup> | 407 | 49084 |
|  General Dynamics Corp. | 1343 | 313000 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  General Electric Co. | 6517 | $524488 |
|  Honeywell International, Inc. | 4010 | 836005 |
|  Howmet Aerospace, Inc. | 2196 | 89355 |
|  Huntington Ingalls Industries, Inc. | 256 | 56458 |
|  IDEX Corp. | 450 | 107856 |
|  Illinois Tool Works, Inc. | 1667 | 393479 |
|  Ingersoll Rand, Inc. | 2415 | 135240 |
|  J.B. Hunt Transport Services, Inc. | 494 | 93391 |
|  Jacobs Solutions, Inc. | 761 | 94022 |
|  Johnson Controls International PLC | 4108 | 285794 |
|  L3Harris Technologies, Inc. | 1136 | 244035 |
|  Leidos Holdings, Inc. | 878 | 86781 |
|  Lockheed Martin Corp. | 1391 | 644395 |
|  Masco Corp.<sup>(c)</sup> | 1449 | 77087 |
|  Nordson Corp. | 345 | 83938 |
|  Norfolk Southern Corp. | 1381 | 339464 |
|  Northrop Grumman Corp. | 863 | 386658 |
|  Old Dominion Freight Line, Inc. | 540 | 179950 |
|  Otis Worldwide Corp. | 2485 | 204342 |
|  PACCAR, Inc. | 2074 | 226709 |
|  Parker-Hannifin Corp. | 766 | 249716 |
|  Pentair PLC | 1057 | 58537 |
|  Quanta Services, Inc. | 852 | 129666 |
|  Raytheon Technologies Corp. | 8768 | 875485 |
|  Republic Services, Inc. | 1225 | 152904 |
|  Robert Half International, Inc.<sup>(c)</sup> | 697 | 58520 |
|  Rockwell Automation, Inc. | 685 | 193191 |
|  Rollins, Inc. | 1487 | 54127 |
|  Snap-on, Inc.<sup>(c)</sup> | 341 | 84817 |
|  Southwest Airlines Co. | 3541 | 126662 |
|  Stanley Black & Decker, Inc.<sup>(c)</sup> | 950 | 84844 |
|  Textron, Inc. | 1245 | 90698 |
|  Trane Technologies PLC. | 1374 | 246111 |
|  TransDigm Group, Inc. | 308 | 221067 |
|  Union Pacific Corp. | 3667 | 748765 |
|  United Airlines Holdings, Inc.<sup>(b)</sup> | 1950 | 95472 |
|  United Parcel Service, Inc., Class B | 4353 | 806306 |
|  United Rentals, Inc.<sup>(b)</sup> | 413 | 182112 |
|  Verisk Analytics, Inc. | 933 | 169610 |
|  W.W. Grainger, Inc. | 268 | 157981 |
|  Wabtec Corp. | 1085 | 112634 |
|  Waste Management, Inc. | 2228 | 344738 |
|  Xylem, Inc. | 1075 | 111811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17128961 |
|  **Information Technology-21.86%** |  |  |
|  Accenture PLC, Class A | 3758 | 1048670 |
|  Adobe, Inc.<sup>(b)</sup> | 2773 | 1026953 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 9617 | 722718 |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 938 | 83435 |
|  Amphenol Corp., Class A | 3549 | 283104 |
|  Analog Devices, Inc. | 3068 | 526070 |
|  ANSYS, Inc.<sup>(b)</sup> | 520 | 138507 |
|  Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89448 | 12906452 |
|  Applied Materials, Inc. | 5131 | 572055 |
|  Arista Networks, Inc.<sup>(b)</sup> | 1476 | 186005 |
|  Autodesk, Inc.<sup>(b)</sup> | 1287 | 276911 |
|  Automatic Data Processing, Inc. | 2474 | 558654 |
|  Broadcom, Inc. | 2416 | 1413384 |
|  Broadridge Financial Solutions, Inc.<sup>(c)</sup> | 702 | 105553 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 1636 | 299110 |
|  CDW Corp. | 808 | 158392 |
|  Ceridian HCM Holding, Inc.<sup>(b)(c)</sup> | 987 | 71340 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  Cisco Systems, Inc. | 24489 | $1191880 |
|  Cognizant Technology Solutions Corp., Class A | 3065 | 204589 |
|  Corning, Inc. | 4540 | 157129 |
|  DXC Technology Co.<sup>(b)</sup> | 1478 | 42463 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 811 | 179539 |
|  EPAM Systems, Inc.<sup>(b)</sup> | 343 | 114099 |
|  F5, Inc.<sup>(b)</sup> | 384 | 56701 |
|  Fidelity National Information Services, Inc. | 3539 | 265567 |
|  First Solar, Inc.<sup>(b)</sup> | 591 | 104962 |
|  Fiserv, Inc.<sup>(b)</sup> | 3788 | 404104 |
|  FleetCor Technologies, Inc.<sup>(b)</sup> | 440 | 91876 |
|  Fortinet, Inc.<sup>(b)</sup> | 3867 | 202399 |
|  Gartner, Inc.<sup>(b)</sup> | 471 | 159264 |
|  Gen Digital, Inc. | 3724 | 85689 |
|  Global Payments, Inc. | 1613 | 181817 |
|  Hewlett Packard Enterprise Co. | 7674 | 123782 |
|  HP, Inc. | 5280 | 153859 |
|  Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24615 | 695620 |
|  International Business Machines Corp. | 5393 | 726599 |
|  Intuit, Inc. | 1681 | 710508 |
|  Jack Henry & Associates, Inc.<sup>(c)</sup> | 469 | 84462 |
|  Juniper Networks, Inc. | 2085 | 67345 |
|  Keysight Technologies, Inc.<sup>(b)(c)</sup> | 1066 | 191187 |
|  KLA Corp. | 845 | 331646 |
|  Lam Research Corp. | 813 | 406581 |
|  Mastercard, Inc., Class A | 5063 | 1876348 |
|  Microchip Technology, Inc. | 3280 | 254594 |
|  Micron Technology, Inc. | 6484 | 390985 |
|  Microsoft Corp. | 44581 | 11047618 |
|  Monolithic Power Systems, Inc. | 266 | 113465 |
|  Motorola Solutions, Inc. | 997 | 256239 |
|  NetApp, Inc. | 1296 | 85834 |
|  NVIDIA Corp. | 14851 | 2901440 |
|  NXP Semiconductors N.V. (China) | 1546 | 284943 |
|  ON Semiconductor Corp.<sup>(b)</sup> | 2579 | 189428 |
|  Oracle Corp. | 9166 | 810824 |
|  Paychex, Inc. | 1913 | 221640 |
|  Paycom Software, Inc.<sup>(b)</sup> | 290 | 93943 |
|  PayPal Holdings, Inc.<sup>(b)</sup> | 6800 | 554132 |
|  PTC, Inc.<sup>(b)</sup> | 679 | 91583 |
|  Qorvo, Inc.<sup>(b)</sup> | 651 | 70738 |
|  QUALCOMM, Inc. | 6686 | 890642 |
|  Roper Technologies, Inc. | 633 | 270133 |
|  salesforce.com, inc.<sup>(b)</sup> | 5964 | 1001773 |
|  Seagate Technology Holdings PLC | 1233 | 83573 |
|  ServiceNow, Inc.<sup>(b)</sup> | 1205 | 548432 |
|  Skyworks Solutions, Inc. | 957 | 104954 |
|  SolarEdge Technologies, Inc.<sup>(b)</sup> | 333 | 106270 |
|  Synopsys, Inc.<sup>(b)</sup> | 912 | 322620 |
|  TE Connectivity Ltd. | 1897 | 241204 |
|  Teledyne Technologies, Inc.<sup>(b)</sup> | 280 | 118793 |
|  Teradyne, Inc. | 929 | 94479 |
|  Texas Instruments, Inc. | 5413 | 959238 |
|  Trimble, Inc.<sup>(b)</sup> | 1584 | 91967 |
|  Tyler Technologies, Inc.<sup>(b)</sup> | 267 | 86180 |
|  VeriSign, Inc.<sup>(b)</sup> | 550 | 119927 |
|  Visa, Inc., Class A<sup>(c)</sup> | 9752 | 2245008 |
|  Western Digital Corp.<sup>(b)</sup> | 2040 | 89658 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup> | 308 | 97383 |
|  |  | 54026968 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-2.32%** |  |  |
|  Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | $424035 |
|  Albemarle Corp. | 699 | 196733 |
|  Amcor PLC | 8881 | 107105 |
|  Avery Dennison Corp. | 483 | 91499 |
|  Ball Corp.<sup>(c)</sup> | 1872 | 109025 |
|  Celanese Corp. | 641 | 78971 |
|  CF Industries Holdings, Inc. | 1170 | 99099 |
|  Corteva, Inc. | 4261 | 274621 |
|  Dow, Inc. | 4197 | 249092 |
|  DuPont de Nemours, Inc.<sup>(c)</sup> | 2963 | 219114 |
|  Eastman Chemical Co. | 771 | 67979 |
|  Ecolab, Inc. | 1478 | 228839 |
|  FMC Corp. | 751 | 99981 |
|  Freeport-McMoRan, Inc. | 8525 | 380385 |
|  International Flavors & Fragrances, Inc. | 1521 | 171052 |
|  International Paper Co. | 2284 | 95517 |
|  Linde PLC (United Kingdom) | 2949 | 975942 |
|  LyondellBasell Industries N.V., Class A | 1515 | 146485 |
|  Martin Marietta Materials, Inc. | 370 | 133067 |
|  Mosaic Co. (The) | 2031 | 100616 |
|  Newmont Corp. | 4734 | 250571 |
|  Nucor Corp. | 1530 | 258600 |
|  Packaging Corp. of America | 594 | 84764 |
|  PPG Industries, Inc.<sup>(c)</sup> | 1402 | 182737 |
|  Sealed Air Corp. | 929 | 50872 |
|  Sherwin-Williams Co. (The) | 1407 | 332882 |
|  Steel Dynamics, Inc. | 995 | 120037 |
|  Vulcan Materials Co. | 793 | 145381 |
|  WestRock Co. | 1633 | 64079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739080 |
|  **Real Estate-2.32%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 891 | 143219 |
|  American Tower Corp. | 2777 | 620354 |
|  AvalonBay Communities, Inc. | 834 | 147985 |
|  Boston Properties, Inc. | 916 | 68279 |
|  Camden Property Trust | 684 | 84276 |
|  CBRE Group, Inc., Class A<sup>(b)</sup> | 1884 | 161101 |
|  Crown Castle, Inc. | 2583 | 382568 |
|  Digital Realty Trust, Inc. | 1715 | 196573 |
|  Equinix, Inc. | 552 | 407448 |
|  Equity Residential | 2029 | 129146 |
|  Essex Property Trust, Inc. | 386 | 87263 |
|  Extra Space Storage, Inc. | 799 | 126106 |
|  Federal Realty Investment Trust | 469 | 52307 |
|  Healthpeak Properties, Inc. | 3206 | 88101 |
|  Host Hotels & Resorts, Inc.<sup>(c)</sup> | 4593 | 86578 |
|  Invitation Homes, Inc. | 3464 | 112580 |
|  Iron Mountain, Inc.<sup>(c)</sup> | 1734 | 94642 |
|  Kimco Realty Corp. | 3972 | 89211 |
|  Mid-America Apartment Communities, Inc. | 689 | 114870 |
|  Prologis, Inc. | 5506 | 711816 |
|  Public Storage | 943 | 286993 |
|  Realty Income Corp. | 3741 | 253752 |
|  Regency Centers Corp. | 989 | 65897 |
|  SBA Communications Corp., Class A | 644 | 191609 |
|  Simon Property Group, Inc. | 1950 | 250497 |
|  UDR, Inc. | 1966 | 83732 |
|  Ventas, Inc. | 2384 | 123515 |
|  VICI Properties, Inc. | 5744 | 196330 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-(continued)** |  |  |
|  Welltower, Inc. | 2818 | $211463 |
|  Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389 | 151113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719324 |
|  **Utilities-2.43%** |  |  |
|  AES Corp. (The) | 3984 | 109201 |
|  Alliant Energy Corp. | 1612 | 87096 |
|  Ameren Corp. | 1542 | 133954 |
|  American Electric Power Co., Inc. | 3065 | 287987 |
|  American Water Works Co., Inc. | 1084 | 169635 |
|  Atmos Energy Corp. | 834 | 98028 |
|  CenterPoint Energy, Inc. | 3755 | 113101 |
|  CMS Energy Corp. | 1731 | 109382 |
|  Consolidated Edison, Inc. | 2117 | 201771 |
|  Constellation Energy Corp. | 1950 | 166452 |
|  Dominion Energy, Inc. | 4970 | 316291 |
|  DTE Energy Co. | 1156 | 134524 |
|  Duke Energy Corp. | 4593 | 470553 |
|  Edison International | 2278 | 156954 |
|  Entergy Corp. | 1214 | 131452 |
|  Evergy, Inc. | 1474 | 92346 |
|  Eversource Energy | 2077 | 170999 |
|  Exelon Corp. | 5927 | 250060 |
|  FirstEnergy Corp. | 3240 | 132678 |
|  NextEra Energy, Inc. | 11852 | 884515 |
|  NiSource, Inc. | 2609 | 72400 |
|  NRG Energy, Inc. | 1480 | 50646 |
|  PG&E Corp.<sup>(b)</sup> | 9603 | 152688 |
|  Pinnacle West Capital Corp. | 727 | 54198 |
|  PPL Corp. | 4392 | 130003 |
|  Public Service Enterprise Group, Inc. | 2976 | 184304 |
|  Sempra Energy | 1875 | 300619 |
|  Southern Co. (The) | 6493 | 439446 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-(continued)** |  |  |
|  WEC Energy Group, Inc. | 1881 | $176795 |
|  Xcel Energy, Inc. | 3264 | 224465 |
|  |  | 6002543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $192,408,965) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $192,408,965) | 204015664 |
|  **Money Market Funds-3.85%** | **Money Market Funds-3.85%** |  |
|  Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.29%<sup>(d)(e)</sup><br>(Cost $9,516,396) | 9516396 | 9516396 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-86.40%<br>(Cost $201,925,361) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-86.40%<br>(Cost $201,925,361) | 213532060 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-2.39%** | **Money Market Funds-2.39%** |  |
|  Invesco Private Government Fund,<br>4.36%<sup>(d)(e)(f)</sup> | 1648248 | 1648248 |
|  Invesco Private Prime Fund, 4.59%<sup>(d)(e)(f)</sup> | 4238046 | 4239317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $5,887,661) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $5,887,661) | 5887565 |
|  TOTAL INVESTMENTS IN SECURITIES-88.79%<br>(Cost $207,813,022) | TOTAL INVESTMENTS IN SECURITIES-88.79%<br>(Cost $207,813,022) | 219419625 |
|  OTHER ASSETS LESS LIABILITIES-11.21% | OTHER ASSETS LESS LIABILITIES-11.21% | 27716237 |
|  NET ASSETS-100.00%. |  | $247135862 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
|  Invesco Ltd. | $40950 | $169004 | $(151146) | $2223 | $(6963) | $54068 | $- |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | 56456197 | 420817493 | (477273690) |  |  |  | 384369 |
| Invesco Premier U.S. Government Money Portfolio, Institutional Class |  | 240342957 | (230826561) |  |  | 9516396 | 276598 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $1372606 | $11940350 | $(11664708) | $- | $- | $1648248 | $19507 \* |
| Invesco Private Prime Fund | 3328929 | 31431849 | (30523365) | (291) | 2195 | 4239317 | 53337 \* |
|  Total | $61198682 | $704701653 | $(750439470) | $1932 | $(4768) | $15458029 | $733811 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Equity Risk** |  |  |  |  |  |
| CBOE Volatility Index | 154 | February-2023 | $3006958 | $(204275) | $(204275) |
| CBOE Volatility Index | 154 | March-2023 | 3154012 | (72430) | (72430) |
| E-Mini S&P 500 Index | 181 | March-2023 | 37014500 | 517573 | 517573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  | $240868 | $240868 |

---

<sup>(a)</sup> Futures contracts collateralized by $21,510,651 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 Short Duration Bond ETF (ISDB)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes-71.40%** | **U.S. Dollar Denominated Bonds & Notes-71.40%** | **U.S. Dollar Denominated Bonds & Notes-71.40%** |
|  **Aerospace & Defense-0.49%** |  |  |
|  Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025 | $50000 | $48517 |
|  Lockheed Martin Corp., 4.95%, 10/15/2025 | 1000 | 1016 |
|  |  | 49533 |
|  **Agricultural & Farm Machinery-1.50%** |  |  |
|  Cargill, Inc., 4.88%, 10/10/2025<sup>(b)</sup> | 50000 | 50342 |
|  CNH Industrial Capital LLC, 5.45%, 10/14/2025 | 50000 | 50846 |
|  John Deere Capital Corp., 4.55%, 10/11/2024 | 50000 | 50074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151262 |
|  **Airlines-0.90%** |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025<sup>(b)</sup> | 92000 | 90928 |
|  **Asset Management & Custody Banks-0.12%** | **Asset Management & Custody Banks-0.12%** |  |
|  State Street Corp., 4.86%, 01/26/2026<sup>(c)</sup> | 12000 | 12047 |
|  **Auto Parts & Equipment-0.21%** |  |  |
|  American Honda Finance Corp., 4.75%, 01/12/2026 | 21000 | 21181 |
|  **Automobile Manufacturers-4.34%** |  |  |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/2025 | 200000 | 185702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (SOFR + 2.95%), 03/06/2026<sup>(d)</sup> | 200000 | 201834 |
|  PACCAR Financial Corp., 4.95%, 10/03/2025 | 50000 | 50656 |
|  |  | 438192 |
|  **Automotive Retail-0.45%** |  |  |
|  Asbury Automotive Group, Inc., 4.50%, 03/01/2028 | 50000 | 45255 |
|  **Cable & Satellite-0.98%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026<sup>(b)</sup> | 100000 | 98377 |
|  **Construction Machinery & Heavy Trucks-0.50%** | **Construction Machinery & Heavy Trucks-0.50%** |  |
|  Caterpillar Financial Services Corp., 4.90%, 01/17/2025 | 50000 | 50545 |
|  **Consumer Electronics-0.38%** |  |  |
|  Tyco Electronics Group S.A., 4.50%, 02/13/2026 | 38000 | 38067 |
|  **Consumer Finance-0.49%** |  |  |
|  Capital One Financial Corp., 5.93% (SOFR + 1.35%), 05/09/2025<sup>(d)</sup> | 50000 | 49718 |
|  **Data Processing & Outsourced Services-0.94%** | **Data Processing & Outsourced Services-0.94%** |  |
|  Block, Inc., 2.75%, 06/01/2026 | 50000 | 45505 |
|  Fidelity National Information Services, Inc., 4.50%, 07/15/2025 | 50000 | 49510 |
|  |  | 95015 |
|  **Diversified Banks-18.28%** |  |  |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/2025<sup>(c)</sup> | 100000 | 98229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/20/2027<sup>(c)</sup> | 58000 | 58236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 5.20%<sup>(c)(e)</sup> | 50000 | 49540 |
|  Barclays PLC (United Kingdom), 7.33%, 11/02/2026<sup>(c)</sup> | 200000 | 210046 |
|  BPCE S.A. (France), 5.98%, 01/18/2027<sup>(b)(c)</sup> | 250000 | 253278 |
|  Citigroup, Inc., 5.61%, 09/29/2026<sup>(c)</sup> | 100000 | 101639 |
|  Credit Suisse AG (Switzerland), 7.95%, 01/09/2025 | 250000 | 256198 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** |
|  **Diversified Banks-(continued)** |  |  |  |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/15/2025<sup>(c)</sup> | $| 100000 | $100845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, 7.39% (3 mo. USD LIBOR + 2.58%)<sup>(d)(e)</sup> |  | 100000 | 99625 |
|  Manufacturers & Traders Trust Co., 4.65%, 01/27/2026 |  | 100000 | 99853 |
|  NatWest Group PLC (United Kingdom), 7.47%, 11/10/2026<sup>(c)</sup> |  | 200000 | 211634 |
|  Societe Generale S.A. (France), 6.45%, 01/12/2027<sup>(b)(c)</sup> |  | 200000 | 205340 |
|  Wells Fargo & Co., 4.54%, 08/15/2026<sup>(c)</sup> |  | 100000 | 99064 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1843527 |
|  **Diversified Capital Markets-2.01%** |  |  |  |
|  UBS Group AG (Switzerland), 5.71%, 01/12/2027<sup>(b)(c)</sup> |  | 200000 | 202647 |
|  **Diversified Chemicals-0.50%** |  |  |  |
|  Celanese US Holdings LLC, 6.05%, 03/15/2025 |  | 50000 | 50404 |
|  **Diversified REITs-0.50%** |  |  |  |
|  VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024<sup>(b)</sup> |  | 50000 | 49957 |
|  **Diversified Support Services-0.49%** |  |  |  |
|  Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025<sup>(b)</sup> |  | 50000 | 49435 |
|  **Electric Utilities-2.01%** |  |  |  |
|  Duke Energy Corp., 5.00%, 12/08/2025 |  | 100000 | 100772 |
|  National Rural Utilities Cooperative Finance Corp., 5.45%, 10/30/2025 |  | 50000 | 51008 |
|  Wisconsin Public Service Corp., 5.35%, 11/10/2025 |  | 50000 | 50902 |
|  |  |  | 202682 |
|  **Electrical Components & Equipment-0.87%** | **Electrical Components & Equipment-0.87%** | **Electrical Components & Equipment-0.87%** |  |
|  Regal Rexnord Corp., 6.05%, 02/15/2026<sup>(b)</sup> |  | 86000 | 87429 |
|  **Hotels, Resorts & Cruise Lines-0.50%** |  |  |  |
|  Hyatt Hotels Corp., 5.63%, 04/23/2025 |  | 50000 | 50489 |
|  **Integrated Oil & Gas-1.97%** |  |  |  |
|  BP Capital Markets PLC (United Kingdom), 4.38%<sup>(c)(e)</sup> |  | 50000 | 48363 |
|  Occidental Petroleum Corp., 5.50%, 12/01/2025 |  | 50000 | 50396 |
|  Petroleos Mexicanos (Mexico), 6.88%, 10/16/2025 |  | 100000 | 100277 |
|  |  |  | 199036 |
|  **Investment Banking & Brokerage-0.98%** | **Investment Banking & Brokerage-0.98%** | **Investment Banking & Brokerage-0.98%** |  |
|  Morgan Stanley, 4.68%, 07/17/2026<sup>(c)</sup> |  | 100000 | 99194 |
|  **IT Consulting & Other Services-0.99%** |  |  |  |
|  International Business Machines Corp., 4.50%, 02/06/2026 |  | 100000 | 100149 |
|  **Life & Health Insurance-1.52%** |  |  |  |
|  Protective Life Global Funding, 5.37%, 01/06/2026<sup>(b)</sup> |  | 150000 | 152810 |
|  **Managed Health Care-0.52%** |  |  |  |
|  Elevance Health, Inc., 5.35%, 10/15/2025 |  | 50000 | 50826 |
|  UnitedHealth Group, Inc., 5.15%, 10/15/2025 |  | 2000 | 2040 |
|  |  |  | 52866 |

---

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

------

**Invesco Short Duration Bond ETF (ISDB)–(continued)** 

January 31, 2023

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** |
|  **Multi-Utilities-1.36%** |  |  |  |
|  WEC Energy Group, Inc., 4.75%, 01/09/2026 | $| 137000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137377 |
|  **Office REITs-0.96%** | **Office REITs-0.96%** | **Office REITs-0.96%** |  |
|  Brandywine Operating Partnership L.P., 4.10%, 10/01/2024 |  | 100000 | 96744 |
|  **Oil & Gas Exploration & Production-0.95%** | **Oil & Gas Exploration & Production-0.95%** | **Oil & Gas Exploration & Production-0.95%** |  |
|  Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026 |  | 100000 | 95713 |
|  **Oil & Gas Storage & Transportation-6.72%** | **Oil & Gas Storage & Transportation-6.72%** | **Oil & Gas Storage & Transportation-6.72%** |  |
|  Energy Transfer L.P., 4.50%, 04/15/2024 |  | 200000 | 198397 |
|  Enterprise Products Operating LLC, 5.05%, 01/10/2026 |  | 27000 | 27402 |
|  Kinder Morgan, Inc., 5.63%, 11/15/2023<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 100219 |
|  MPLX L.P., 4.88%, 12/01/2024 |  | 100000 | 99847 |
|  ONEOK, Inc., 5.85%, 01/15/2026 |  | 50000 | 51253 |
|  Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024 |  | 200000 | 201193 |
|  |  |  | 678311 |
|  **Other Diversified Financial Services-3.46%** | **Other Diversified Financial Services-3.46%** | **Other Diversified Financial Services-3.46%** |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.13%, 07/03/2023 |  | 150000 | 149147 |
|  OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026<sup>(b)</sup> |  | 200000 | 200307 |
|  |  |  | 349454 |
|  **Packaged Foods & Meats-0.50%** | **Packaged Foods & Meats-0.50%** | **Packaged Foods & Meats-0.50%** |  |
|  General Mills, Inc., 5.24%, 11/18/2025 |  | 50000 | 50270 |
|  **Paper Packaging-0.46%** |  |  |  |
|  Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026<sup>(b)</sup> |  | 50000 | 46816 |
|  **Pharmaceuticals-0.51%** |  |  |  |
|  Zoetis, Inc., 5.40%, 11/14/2025 |  | 50000 | 51141 |
|  **Regional Banks-1.00%** |  |  |  |
|  PNC Financial Services Group, Inc. (The), 5.67%, 10/28/2025<sup>(c)</sup> |  | 50000 | 50684 |
|  Synovus Financial Corp., 5.20%, 08/11/2025 |  | 50000 | 49994 |
|  |  |  | 100678 |
|  **Retail REITs-1.36%** |  |  |  |
|  Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/06/2024 |  | 100000 | 99606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/13/2026 |  | 37000 | 37106 |
|  |  |  | 136712 |
|  **Semiconductors-1.92%** |  |  |  |
|  Broadcom, Inc., 3.46%, 09/15/2026 |  | 150000 | 143464 |
|  Marvell Technology, Inc., 4.20%, 06/22/2023 |  | 50000 | 49775 |
|  |  |  | 193239 |
|  **Sovereign Debt-1.32%** |  |  |  |
|  Romanian Government International Bond (Romania), 6.63%, 02/17/2028<sup>(b)</sup> |  | 128000 | 132909 |
|  **Specialized Finance-0.46%** |  |  |  |
|  Blackstone Private Credit Fund, 1.75%, 09/15/2024 |  | 50000 | 46723 |
|  **Specialized REITs-0.46%** |  |  |  |
|  SBA Communications Corp., 3.88%, 02/15/2027 |  | 50000 | 46251 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** | **Value** |
|  **Specialty Chemicals-1.96%** |  |  |  |
|  Sasol Financing USA LLC (South Africa), 5.88%, 03/27/2024 | 200000 | $| 198177 |
|  **Systems Software-1.53%** |  |  |  |
|  Oracle Corp., 5.80%, 11/10/2025 | 150000 |  | 154269 |
|  **Tobacco-1.00%** |  |  |  |
|  Philip Morris International, Inc., 5.13%, 11/15/2024 | 100000 |  | 100731 |
|  **Trading Companies & Distributors-0.47%** | **Trading Companies & Distributors-0.47%** |  |  |
|  Air Lease Corp., 3.38%, 07/01/2025 | 50000 |  | 47831 |
|  **Trucking-0.97%** |  |  |  |
|  Penske Truck Leasing Co. L.P./PTL Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/10/2025<sup>(b)</sup> | 50000 |  | 48595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/2027<sup>(b)</sup> | 50000 |  | 48827 |
|  |  |  | 97422 |
|  **Wireless Telecommunication Services-1.59%** | **Wireless Telecommunication Services-1.59%** |  |  |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025<sup>(b)</sup> | 112500 |  | 111631 |
|  T-Mobile USA, Inc., 3.50%, 04/15/2025 | 50000 |  | 48573 |
|  |  |  | 160204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $7,153,388) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $7,153,388) |  | &nbsp;&nbsp;&nbsp;&nbsp;7201717 |
|  **U.S. Treasury Securities-21.42%** | **U.S. Treasury Securities-21.42%** | **U.S. Treasury Securities-21.42%** | **U.S. Treasury Securities-21.42%** |
|  **U.S. Treasury Bills-0.21%<sup>(f)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53%-4.55%, 05/11/2023<sup>(g)</sup> | 21000 |  | 20737 |
|  **U.S. Treasury Notes-21.21%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/2025 | 2102000 |  | 2099783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2028 | 40000 |  | 39825 |
|  |  |  | 2139608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $2,157,031) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $2,157,031) |  | 2160345 |
|  **Asset-Backed Securities-4.89%** | **Asset-Backed Securities-4.89%** | **Asset-Backed Securities-4.89%** | **Asset-Backed Securities-4.89%** |
|  Avis Budget Rental Car Funding (AESOP) LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 4.62%, 02/20/2027<sup>(b)</sup> | 100000 |  | 98972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 5.20%, 10/20/2027<sup>(b)</sup> | 100000 |  | 100605 |
|  Eaton Vance CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 5.89% (3 mo. USD LIBOR + 1.10%), 04/15/2031<sup>(b)(d)</sup> | 100000 |  | 99180 |
|  OBX Trust, Series 2023-NQM1, Class A1, 6.12%, 11/25/2062<sup>(b)(h)</sup> | 100000 |  | 100781 |
|  Verus Securitization Trust, Series 2021-R3, Class A1, 1.02%, 04/25/2064<sup>(b)(h)</sup> | 104066 |  | 94014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $488,467) | &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $488,467) |  | 493552 |
|  | **Shares** |  |  |
|  **Preferred Stocks-0.49%** | **Preferred Stocks-0.49%** |  |  |
|  **Investment Banking & Brokerage-0.49%** | **Investment Banking & Brokerage-0.49%** |  |  |
|  Goldman Sachs Group, Inc. (The), Series P, Pfd., 7.47% (3 mo. USD LIBOR +<br>2.87%)<sup>(d)</sup><br>(Cost $48,600) | 50000 |  | 49790 |

---

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

------

**Invesco Short Duration Bond ETF (ISDB)–(continued)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-4.17%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(i)(j)</sup><br>(Cost $420,701) | 420701 | $420701 |
|  TOTAL INVESTMENTS IN SECURITIES-102.37%<br>(Cost $10,268,187) | TOTAL INVESTMENTS IN SECURITIES-102.37%<br>(Cost $10,268,187) | 10326105 |
|  OTHER ASSETS LESS LIABILITIES-(2.37)% | OTHER ASSETS LESS LIABILITIES-(2.37)% | (238917) |
|  NET ASSETS-100.00% |  | $10087188 |

---

Investment Abbreviations:

CLO -Collateralized Loan Obligation

LIBOR -London Interbank Offered Rate

Pfd. -Preferred

REIT -Real Estate Investment Trust

SOFR -Secured Overnight Financing Rate

USD -U.S. Dollar

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

<sup>(b)</sup> 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 January 31, 2023 was $2,423,399, which represented 24.02% of the Fund's Net Assets. 

<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 January 31, 2023.

<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> $20,737 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 is the rate in effect on January 31, 2023.

<sup>(i)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the period ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $3223436 | $(2802735) | $- | $- | $420701 | $2243 |

---

<sup>(j)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | 9 | March-2023 | $1850836 | $(3529) | $(3529) |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | 9 | March-2023 | (983180) | 381 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $(3148) | $(3148) |

---

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 Total Return Bond ETF (GTO)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes-46.69%** | **U.S. Dollar Denominated Bonds & Notes-46.69%** | **U.S. Dollar Denominated Bonds & Notes-46.69%** |
|  **Advertising-0.05%** |  |  |
|  Lamar Media Corp., 3.75%, 02/15/2028<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518000 | $470925 |
|  **Aerospace & Defense-0.26%** |  |  |
|  Boeing Co. (The), 2.20%, 02/04/2026 | 124000 | 114691 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/2027<sup>(b)</sup> | 651000 | 676031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/2053 | 173000 | 158621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2054 | 473000 | 537912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/2062 | 212000 | 194903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 | 473000 | 554684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236842 |
|  **Agricultural & Farm Machinery-0.12%** | **Agricultural & Farm Machinery-0.12%** |  |
|  Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/2032<sup>(c)</sup> | 325000 | 312994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/11/2032<sup>(c)</sup> | 478000 | 498887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/2052<sup>(c)</sup> | 214000 | 202366 |
|  |  | 1014247 |
|  **Airlines-0.51%** |  |  |
|  American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.88%, 07/11/2034 | 648143 | 535935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 07/11/2030 | 2235655 | 1889287 |
|  British Airways Pass-Through Trust (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, 3.35%, 06/15/2029<sup>(c)</sup> | 176107 | 153901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.30%, 12/15/2032<sup>(c)</sup> | 114884 | 100940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.90%, 03/15/2035<sup>(c)</sup> | 991893 | 818713 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025<sup>(c)</sup> | 456662 | 451338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(c)</sup> | 317295 | 309328 |
|  United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027 | 214287 | 217139 |
|  |  | 4476581 |
|  **Apparel Retail-0.01%** |  |  |
|  Ross Stores, Inc., 3.38%, 09/15/2024 | 126000 | 122905 |
|  **Application Software-0.08%** |  |  |
|  Open Text Corp. (Canada), 6.90%, 12/01/2027<sup>(c)</sup> | 255000 | 261330 |
|  salesforce.com, Inc., 2.90%, 07/15/2051 | 213000 | 152471 |
|  Workday, Inc., 3.70%, 04/01/2029 | 289000 | 272262 |
|  |  | 686063 |
|  **Asset Management & Custody Banks-0.71%** | **Asset Management & Custody Banks-0.71%** |  |
|  Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/2025 | 33000 | 31871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/13/2032 | 240000 | 240659 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 02/01/2029<sup>(d)</sup> | 1288000 | 1287623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/2030<sup>(d)</sup> | 226000 | 225002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/2033<sup>(d)</sup> | 694000 | 752170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 02/01/2034<sup>(d)</sup> | 833000 | 830140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.75%<sup>(d)(e)</sup> | 519000 | 452205 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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)** |
|  Blackstone Secured Lending Fund, 2.13%, 02/15/2027 | $| 771000 | $653936 |
|  Northern Trust Corp., 6.13%, 11/02/2032 |  | 787000 | 865901 |
|  State Street Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 11/04/2028<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | 285872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 08/04/2033<sup>(d)</sup> |  | 163000 | 155478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 01/26/2034<sup>(d)</sup> |  | 474000 | 476802 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6257659 |
|  **Auto Parts & Equipment-0.37%** |  |  |  |
|  American Honda Finance Corp., 4.70%, 01/12/2028 |  | 1396000 | 1410266 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028<sup>(c)</sup> |  | 1225000 | 1078090 |
|  Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031<sup>(c)</sup> |  | 955000 | 771950 |
|  |  |  | 3260306 |
|  **Automobile Manufacturers-1.19%** | **Automobile Manufacturers-1.19%** | **Automobile Manufacturers-1.19%** |  |
|  BMW US Capital LLC (Germany), 3.70%, 04/01/2032<sup>(b)(c)</sup> |  | 177000 | 164444 |
|  Ford Motor Co., 6.10%, 08/19/2032<sup>(b)</sup>  |  | 1839000 | 1806741 |
|  Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 |  | 2541000 | 2271451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 1305000 | 1371881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 |  | 962000 | 1010947 |
|  General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/2025 |  | 163000 | 158386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027<sup>(b)</sup> |  | 470000 | 465875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/2029 |  | 418000 | 391165 |
|  Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/07/2025<sup>(b)(c)</sup> |  | 45000 | 45478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2028<sup>(b)(c)</sup> |  | 153000 | 129754 |
|  Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026<sup>(c)</sup> |  | 201000 | 173728 |
|  PACCAR Financial Corp., 4.60%, 01/10/2028 |  | 478000 | 484996 |
|  Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/12/2028<sup>(b)</sup> |  | 815000 | 823667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/12/2033<sup>(b)</sup> |  | 299000 | 304162 |
|  Volkswagen Group of America Finance LLC (Germany), 4.60%, 06/08/2029<sup>(c)</sup> |  | 864000 | 847137 |
|  |  |  | 10449812 |
|  **Automotive Retail-0.37%** |  |  |  |
|  AutoZone, Inc., 4.75%, 08/01/2032 |  | 429000 | 429498 |
|  Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(b)(c)</sup> |  | 2262000 | 1925166 |
|  Sonic Automotive, Inc., 4.88%, 11/15/2031<sup>(c)</sup> |  | 1069000 | 855200 |
|  |  |  | 3209864 |
|  **Broadcasting-0.00%** |  |  |  |
|  Fox Corp., 4.71%, 01/25/2029 |  | 41000 | 40559 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Value** |
|  **Building Products-0.03%** |  |  |  |
|  HP Communities LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 03/15/2046<sup>(c)</sup> | $| 150000 | $151745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 09/15/2053<sup>(c)</sup> |  | 100000 | 89898 |
|  Masco Corp., 2.00%, 02/15/2031<sup>(b)</sup> |  | 34000 | 27554 |
|  |  |  | 269197 |
|  **Cable & Satellite-0.55%** |  |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(b)(c)</sup> |  | 1604000 | 1549697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031<sup>(c)</sup> |  | 942000 | 944944 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/2029 |  | 42000 | 40962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 |  | 182000 | 126797 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028 |  | 17000 | 16856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1227000 | 1321998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/2039 |  | 88000 | 73281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/2050 |  | 66000 | 52369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/2051 |  | 33000 | 22934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 |  | 7000 | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/2063 |  | 6000 | 4033 |
|  Cox Communications, Inc., 2.95%, 10/01/2050<sup>(c)</sup> |  | 31000 | 20370 |
|  Sirius XM Radio, Inc., 3.88%, 09/01/2031<sup>(c)</sup> |  | 759000 | 626653 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805791 |
|  **Casinos & Gaming-0.02%** |  |  |  |
|  MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024<sup>(b)(c)</sup> |  | 218000 | 211961 |
|  **Construction Machinery & Heavy Trucks-0.14%** | **Construction Machinery & Heavy Trucks-0.14%** | **Construction Machinery & Heavy Trucks-0.14%** |  |
|  Daimler Trucks Finance North America LLC (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/07/2027<sup>(c)</sup> |  | 766000 | 735327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/19/2028<sup>(b)(c)</sup> |  | 504000 | 509123 |
|  |  |  | 1244450 |
|  **Consumer Finance-0.58%** |  |  |  |
|  American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/2027 |  | 232000 | 215289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/2033<sup>(d)</sup> |  | 460000 | 456460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 08/03/2033<sup>(d)</sup> |  | 688000 | 668465 |
|  OneMain Finance Corp., 3.88%, 09/15/2028 |  | 1014000 | 853028 |
|  Synchrony Financial, 7.25%, 02/02/2033 |  | 2879000 | 2885730 |
|  |  |  | 5078972 |
|  **Copper-0.08%** |  |  |  |
|  PT Freeport Indonesia (Indonesia), 5.32%, 04/14/2032<sup>(c)</sup> |  | 716000 | 683867 |
|  **Data Processing & Outsourced Services-0.15%** | **Data Processing & Outsourced Services-0.15%** | **Data Processing & Outsourced Services-0.15%** |  |
|  Clarivate Science Holdings Corp., 3.88%, 07/01/2028<sup>(c)</sup> |  | 976000 | 872156 |
|  Fidelity National Information Services, Inc., 3.10%, 03/01/2041 |  | 35000 | 26213 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
|  **Data Processing & Outsourced Services-(continued)** | **Data Processing & Outsourced Services-(continued)** | **Data Processing & Outsourced Services-(continued)** |
|  PayPal Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/2029<sup>(b)</sup> | $7000 | $6306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/2052<sup>(b)</sup> | 432000 | 421174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325849 |
|  **Distributors-0.04%** |  |  |
|  Genuine Parts Co., 2.75%, 02/01/2032 | 375000 | 312784 |
|  **Diversified Banks-9.70%** |  |  |
|  Africa Finance Corp. (Supranational), 4.38%, 04/17/2026<sup>(c)</sup> | 280000 | 267344 |
|  African Export-Import Bank (The) (Supranational) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/17/2026<sup>(c)</sup> | 398000 | 361883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/17/2031<sup>(c)</sup> | 500000 | 426603 |
|  Australia and New Zealand Banking Group Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.74%, 12/08/2032<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1421000 | 1511200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(c)(d)(e)</sup> | 1240000 | 1251575 |
|  Banco do Brasil S.A. (Brazil), 3.25%, 09/30/2026<sup>(c)</sup> | 624000 | 576429 |
|  Bank of America Corp. 5.62% (SOFR + 1.05%), 02/04/2028<sup>(f)</sup> | 791000 | 779465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/2028<sup>(d)</sup> | 550000 | 538121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/2028<sup>(d)</sup> | 656000 | 657511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/2032<sup>(d)</sup> | 163000 | 137722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/2032<sup>(d)</sup> | 149000 | 123312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/2033<sup>(d)</sup> | 191000 | 162991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/2033<sup>(d)</sup> | 673000 | 650954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/2033<sup>(b)(d)</sup> | 899000 | 899249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/2036<sup>(d)</sup> | 217000 | 169521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/08/2037<sup>(d)</sup> | 213000 | 185880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 6.13%<sup>(b)(d)(e)</sup> | 1453000 | 1458086 |
|  Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082<sup>(d)</sup> | 1464000 | 1559848 |
|  Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/2033<sup>(d)</sup> | 1366000 | 1540620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%<sup>(d)(e)</sup> | 1692000 | 1703252 |
|  BNP Paribas S.A. (France), 1.32%, 01/13/2027<sup>(c)(d)</sup> | 431000 | 386654 |
|  BPCE S.A. (France), 5.98%,<br>01/18/2027<sup>(b)(c)(d)</sup> | 1606000 | 1627057 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% (SOFR + 0.69%), 01/25/2026<sup>(f)</sup> | 231000 | 228413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/2028<sup>(d)</sup> | 389000 | 385150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/2030<sup>(d)</sup> | 66000 | 62131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/2031<sup>(d)</sup> | 57000 | 48405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/2033<sup>(d)</sup> | 415000 | 376310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/2033<sup>(d)</sup> | 445000 | 439818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(b)(d)(e)</sup> | 1432000 | 1310853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 8.87% (3 mo. USD LIBOR + 4.07%)<sup>(e)(f)</sup> | 248000 | 250604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 5.95%<sup>(d)(e)</sup> | 330000 | 322006 |
|  Cooperatieve Rabobank U.A. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/06/2028<sup>(c)(d)</sup> | 652000 | 618538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 08/22/2028<sup>(c)(d)</sup> | 1191000 | 1180019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 04/06/2033<sup>(b)(c)(d)</sup> | 584000 | 523773 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
|  **Diversified Banks-(continued)** |  |  |
|  Corp. Andina de Fomento (Supranational), 1.25%, 10/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;2769000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576834 |
|  Credit Suisse AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 01/09/2025 | 1910000 | 1957354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/2027 | 1619000 | 1536817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/15/2028 | 2317000 | 2433062 |
|  Federation des caisses Desjardins du Quebec (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 01/23/2026<sup>(c)(d)</sup> | 446000 | 448027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/23/2027<sup>(b)(c)</sup> | 1818000 | 1799155 |
|  HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (SOFR + 1.43%), 03/10/2026<sup>(f)</sup> | 999000 | 998274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028<sup>(d)</sup> | 1260000 | 1266788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/2033<sup>(d)</sup> | 1519000 | 1518379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/2033<sup>(b)(d)</sup> | 1496000 | 1717986 |
|  ING Groep N.V. (Netherlands), 5.48% (SOFR + 1.01%), 04/01/2027<sup>(f)</sup> | 885000 | 859301 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71% (3 mo. USD LIBOR + 0.89%), 07/23/2024<sup>(f)</sup> | 52000 | 52144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/2028<sup>(d)</sup> | 546000 | 535423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/2028<sup>(d)</sup> | 700000 | 700240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/2030<sup>(d)</sup> | 66000 | 61531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/2033<sup>(d)</sup> | 104000 | 89224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/2033<sup>(d)</sup> | 486000 | 472209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/2033<sup>(b)(d)</sup> | 1073000 | 1069824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/2033<sup>(b)(d)</sup> | 1699000 | 1754570 |
|  KeyBank N.A., 4.90%, 08/08/2032 | 1728000 | 1689786 |
|  Macquarie Bank Ltd. (Australia), 6.80%, 01/18/2033<sup>(c)</sup> | 1162000 | 1206431 |
|  Manufacturers & Traders Trust Co., 4.70%, 01/27/2028 | 1553000 | 1550685 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/2027<sup>(b)(d)</sup> | 423000 | 373058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/2028<sup>(b)(d)</sup> | 1079000 | 1080568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/20/2033<sup>(d)</sup> | 1206000 | 1212494 |
|  Mizuho Financial Group, Inc. (Japan), 5.67%, 09/13/2033<sup>(b)(d)</sup> | 1480000 | 1530545 |
|  Multibank Inc. (Panama), 7.75%, 02/03/2028<sup>(c)</sup> | 1152000 | 1169556 |
|  National Australia Bank Ltd. (Australia), 6.43%, 01/12/2033<sup>(c)</sup> | 1474000 | 1533920 |
|  National Securities Clearing Corp., 5.10%, 11/21/2027<sup>(c)</sup> | 1359000 | 1390682 |
|  Nordea Bank Abp (Finland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/22/2025<sup>(c)</sup> | 1408000 | 1407617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/22/2027<sup>(c)</sup> | 858000 | 877665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>(c)(d)(e)</sup> | 859000 | 851484 |
|  Royal Bank of Canada (Canada) 5.26% (SOFR + 0.71%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 01/21/2027<sup>(f)</sup> | 772000 | 754774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 1471000 | 1494509 |
|  Societe Generale S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 01/10/2034<sup>(c)(d)</sup> | 1308000 | 1399563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.37%, 01/10/2053<sup>(c)</sup> | 2126000 | 2308248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%<sup>(b)(c)(d)(e)</sup> | 881000 | 948176 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
|  **Diversified Banks-(continued)** |  |  |
|  Standard Chartered PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/29/2032<sup>(b)(c)(d)</sup> | $810000 | $662697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%<sup>(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1362000 | 1169822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%<sup>(b)(c)(d)(e)</sup> | 2174000 | 2185566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%<sup>(b)(c)(d)(e)</sup> | 2112000 | 2170080 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/2030 | 594000 | 491532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/2030 | 97000 | 77790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 01/13/2033 | 891000 | 943225 |
|  Swedbank AB (Sweden), 5.34%, 09/20/2027<sup>(c)</sup> | 1031000 | 1043996 |
|  Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082<sup>(d)</sup> | 1522000 | 1619028 |
|  U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/2028<sup>(b)(d)</sup> | 697000 | 696307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/2033<sup>(d)</sup> | 569000 | 567060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/2033<sup>(d)</sup> | 1099000 | 1181277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 02/01/2034<sup>(d)</sup> | 2501000 | 2489214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/2036<sup>(d)</sup> | 806000 | 644823 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/2028<sup>(d)</sup> | 206000 | 196004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/2028<sup>(d)</sup> | 402000 | 401352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/2029 | 80000 | 77733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/2033<sup>(b)(d)</sup> | 397000 | 395744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/2053<sup>(d)</sup> | 597000 | 557978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84919428 |
|  **Diversified Capital Markets-1.33%** |  |  |
|  Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 08/11/2028<sup>(c)(d)</sup> | 1665000 | 1611307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 08/12/2033<sup>(c)(d)</sup> | 1843000 | 1770965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.02%, 11/15/2033<sup>(c)(d)</sup> | 1572000 | 1767471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<sup>(b)(c)(d)(e)</sup> | 810000 | 543712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%<sup>(c)(d)(e)</sup> | 492000 | 346860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(c)(d)(e)</sup> | 471000 | 354428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%<sup>(c)(d)(e)</sup> | 631000 | 585730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%<sup>(b)(c)(d)(e)</sup> | 1581000 | 1537522 |
|  OWL Rock Core Income Corp., 4.70%, 02/08/2027<sup>(b)</sup> | 275000 | 251847 |
|  UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/12/2027<sup>(b)(c)(d)</sup> | 491000 | 497497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/12/2028<sup>(c)(d)</sup> | 916000 | 900927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 01/12/2034<sup>(c)(d)</sup> | 1383000 | 1457768 |
|  |  | 11626034 |
|  **Diversified Chemicals-0.21%** |  |  |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/2024 | 893000 | 898377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 | 954000 | 961706 |
|  |  | 1860083 |
|  **Diversified Metals & Mining-0.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile (Chile), 5.13%, 02/02/2033<sup>(c)</sup> | 674000 | 678710 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031<sup>(b)(c)</sup> | 746000 | 657472 |
|  |  | 1336182 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Value** |
|  **Diversified REITs-0.25%** |  |  |  |
|  Atlantic Marine Corps Communities LLC, 5.34%, 12/01/2050<sup>(c)</sup> | $| 92337 | $87353 |
|  CubeSmart L.P., 2.25%, 12/15/2028 |  | 57000 | 48943 |
|  Fort Benning Family Communities LLC, 5.81%, 01/15/2051<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 180760 |
|  Trust Fibra Uno (Mexico), 4.87%, 01/15/2030<sup>(c)</sup> |  | 880000 | 809063 |
|  VICI Properties L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 |  | 547000 | 530375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2030<sup>(b)</sup> |  | 547000 | 529709 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186203 |
|  **Diversified Support Services-0.08%** | **Diversified Support Services-0.08%** | **Diversified Support Services-0.08%** |  |
|  Atento Luxco 1 S.A. (Brazil), 8.00%, 02/10/2026<sup>(c)</sup> |  | 1305000 | 713835 |
|  **Education Services-0.22%** |  |  |  |
|  Grand Canyon University, 3.25%, 10/01/2023 |  | 1235000 | 1219562 |
|  Johns Hopkins University (The), Series A, 4.71%, 07/01/2032<sup>(b)</sup> |  | 703000 | 728059 |
|  |  |  | 1947621 |
|  **Electric Utilities-2.26%** |  |  |  |
|  AEP Texas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 |  | 265000 | 264221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2052 |  | 311000 | 317905 |
|  Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051<sup>(c)</sup> |  | 971446 | 780192 |
|  American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2027<sup>(b)</sup> |  | 628000 | 655853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032<sup>(b)</sup> |  | 489000 | 526166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2062<sup>(d)</sup> |  | 735000 | 630771 |
|  Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049 |  | 49000 | 37306 |
|  Connecticut Light and Power Co. (The), 5.25%, 01/15/2053 |  | 559000 | 599380 |
|  Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/2052 |  | 287000 | 333705 |
|  Duke Energy Carolinas LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2033 |  | 1134000 | 1165093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/2053 |  | 1023000 | 1082339 |
|  Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 |  | 357000 | 363066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2028<sup>(b)</sup> |  | 352000 | 347053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 |  | 819000 | 784146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2082<sup>(d)</sup> |  | 230000 | 188038 |
|  Enel Finance America LLC (Italy), 7.10%, 10/14/2027<sup>(c)</sup> |  | 533000 | 571630 |
|  Enel Finance International N.V. (Italy), 6.80%, 10/14/2025<sup>(c)</sup> |  | 1072000 | 1111415 |
|  Interconexion Electrica S.A. ESP (Colombia), 3.83%, 11/26/2033<sup>(c)</sup> |  | 439000 | 367764 |
|  Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027<sup>(c)</sup> |  | 4464000 | 4311108 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/2032 |  | 206000 | 177129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2033<sup>(b)</sup> |  | 460000 | 496591 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 |  | 754000 | 755604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032<sup>(b)</sup> |  | 236000 | 240189 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Value** |
|  **Electric Utilities-(continued)** |  |  |  |
|  PacifiCorp, 5.35%, 12/01/2053 | $| &nbsp;&nbsp;&nbsp;&nbsp;2211000 | $2364417 |
|  Southern Co. (The), 5.70%, 10/15/2032 |  | 504000 | 537873 |
|  Tampa Electric Co., 5.00%, 07/15/2052 |  | 276000 | 272349 |
|  Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/2027 |  | 189000 | 184390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/2052 |  | 389000 | 365856 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19831549 |
|  **Electrical Components & Equipment-0.98%** | **Electrical Components & Equipment-0.98%** | **Electrical Components & Equipment-0.98%** |  |
|  CenterPoint Energy Houston Electric LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AI, 4.45%, 10/01/2032 |  | 849000 | 851667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/2052 |  | 642000 | 649002 |
|  Regal Rexnord Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028<sup>(c)</sup> |  | 1500000 | 1523610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030<sup>(c)</sup> |  | 581000 | 592895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033<sup>(c)</sup> |  | 2553000 | 2620274 |
|  Sensata Technologies B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029<sup>(c)</sup> |  | 2179000 | 1959084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2030<sup>(c)</sup> |  | 411000 | 403805 |
|  |  |  | 8600337 |
|  **Electronic Components-0.01%** |  |  |  |
|  Corning, Inc., 5.45%, 11/15/2079 |  | 58000 | 55768 |
|  **Electronic Equipment & Instruments-0.02%** | **Electronic Equipment & Instruments-0.02%** | **Electronic Equipment & Instruments-0.02%** |  |
|  Vontier Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/2028 |  | 95000 | 78416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2031 |  | 97000 | 75242 |
|  |  |  | 153658 |
|  **Environmental & Facilities Services-0.13%** | **Environmental & Facilities Services-0.13%** | **Environmental & Facilities Services-0.13%** |  |
|  Clean Harbors, Inc., 6.38%, 02/01/2031<sup>(c)</sup> |  | 639000 | 651684 |
|  GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028<sup>(b)(c)</sup> |  | 509000 | 454583 |
|  |  |  | 1106267 |
|  **Financial Exchanges & Data-0.49%** | **Financial Exchanges & Data-0.49%** | **Financial Exchanges & Data-0.49%** |  |
|  B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031<sup>(c)</sup> |  | 1382000 | 1214432 |
|  Cboe Global Markets, Inc., 3.00%, 03/16/2032 |  | 562000 | 490660 |
|  Intercontinental Exchange, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2027 |  | 382000 | 377344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/2029 |  | 293000 | 290838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/2033<sup>(b)</sup> |  | 376000 | 373752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/2052 |  | 518000 | 514157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/2062 |  | 392000 | 393138 |
|  Moody's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/2032 |  | 200000 | 194310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/2052 |  | 206000 | 169331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/2061 |  | 381000 | 259109 |
|  S&P Global, Inc., 1.25%, 08/15/2030<sup>(b)</sup> |  | 27000 | 21555 |
|  |  |  | 4298626 |
|  **Food Distributors-0.09%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029<sup>(c)</sup> |  | 884000 | 754538 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** | **Value** |
|  **General Merchandise Stores-0.52%** | **General Merchandise Stores-0.52%** |  |  |
|  Dollar General Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/2027 | $341000 | $| 341178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032<sup>(b)</sup> | 300000 |  | 304622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2052 | 596000 |  | 624183 |
|  Target Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2032<sup>(b)</sup> | 783000 |  | 790543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1545000 |  | 1545362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/15/2053 | 964000 |  | 975401 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581289 |
|  **Health Care Equipment-0.17%** |  |  |  |
|  Alcon Finance Corp. (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/06/2032<sup>(b)(c)</sup> | 798000 |  | 836013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/06/2052<sup>(c)</sup> | 636000 |  | 688925 |
|  |  |  | 1524938 |
|  **Health Care Facilities-0.08%** |  |  |  |
|  Tenet Healthcare Corp., 6.13%, 06/15/2030<sup>(c)</sup> | 675000 |  | 656016 |
|  **Health Care REITs-0.00%** |  |  |  |
|  Healthcare Realty Holdings L.P., 2.00%, 03/15/2031 | 33000 |  | 26069 |
|  **Health Care Services-0.35%** |  |  |  |
|  Piedmont Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 01/01/2052 | 2000000 |  | 1321116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2032, 2.04%, 01/01/2032 | 1275000 |  | 1025181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/2042 | 1000000 |  | 728293 |
|  |  |  | 3074590 |
|  **Highways & Railtracks-0.04%** |  |  |  |
|  TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036<sup>(c)</sup> | 369554 |  | 305806 |
|  **Home Improvement Retail-0.49%** |  |  |  |
|  Home Depot, Inc. (The), 4.95%, 09/15/2052<sup>(b)</sup> | 433000 |  | 446639 |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033<sup>(b)</sup> | 1593000 |  | 1615035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053<sup>(b)</sup> | 1190000 |  | 1229721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 | 994000 |  | 1034519 |
|  |  |  | 4325914 |
|  **Homebuilding-0.11%** |  |  |  |
|  Lennar Corp., 4.75%, 11/29/2027<sup>(b)</sup> | 464000 |  | 458063 |
|  M.D.C. Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/2030 | 156000 |  | 133315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 08/06/2061 | 546000 |  | 330279 |
|  |  |  | 921657 |
|  **Household Products-0.03%** |  |  |  |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027 | 282000 |  | 273476 |
|  **Hypermarkets & Super Centers-0.13%** | **Hypermarkets & Super Centers-0.13%** |  |  |
|  Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/2032<sup>(b)</sup> | 558000 |  | 559443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/2052 | 582000 |  | 585864 |
|  |  |  | 1145307 |
|  **Independent Power Producers & Energy Traders-0.26%** | **Independent Power Producers & Energy Traders-0.26%** | **Independent Power Producers & Energy Traders-0.26%** | **Independent Power Producers & Energy Traders-0.26%** |
|  AES Corp. (The), 2.45%, 01/15/2031 . | 54000 |  | 44688 |
|  Calpine Corp., 3.75%, 03/01/2031<sup>(c)</sup> | 833000 |  | 695566 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Value** |
|  **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** | **Independent Power Producers & Energy Traders-(continued)** |
|  EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1137000 | $813378 |
|  Vistra Corp., 7.00%<sup>(c)(d)(e)</sup> |  | 796000 | 745323 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298955 |
|  **Industrial Conglomerates-0.33%** | **Industrial Conglomerates-0.33%** | **Industrial Conglomerates-0.33%** |  |
|  Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026<sup>(c)</sup> |  | 931000 | 858056 |
|  Honeywell International, Inc., 5.00%, 02/15/2033 |  | 1918000 | 2021282 |
|  |  |  | 2879338 |
|  **Insurance Brokers-0.04%** |  |  |  |
|  Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052 |  | 320000 | 386129 |
|  **Integrated Oil & Gas-0.83%** |  |  |  |
|  BP Capital Markets America, Inc., 3.06%, 06/17/2041 |  | 173000 | 138165 |
|  BP Capital Markets PLC (United Kingdom), 4.38%<sup>(d)(e)</sup> |  | 182000 | 176040 |
|  Ecopetrol S.A. (Colombia), 8.88%, 01/13/2033<sup>(b)</sup> |  | 2530000 | 2598727 |
|  Gray Oak Pipeline LLC, 2.60%, 10/15/2025<sup>(c)</sup> |  | 143000 | 131125 |
|  Petroleos Mexicanos (Mexico) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 |  | 2074000 | 2022298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 |  | 1323000 | 1099989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/07/2033<sup>(c)</sup> |  | 915000 | 893955 |
|  Shell International Finance B.V. (Netherlands), 3.00%, 11/26/2051 |  | 277000 | 204042 |
|  |  |  | 7264341 |
|  **Integrated Telecommunication Services-0.49%** | **Integrated Telecommunication Services-0.49%** | **Integrated Telecommunication Services-0.49%** |  |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD LIBOR + 1.18%), 06/12/2024<sup>(f)</sup> |  | 18000 | 18195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 |  | 33000 | 24191 |
|  British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081<sup>(c)(d)</sup> |  | 1870000 | 1675885 |
|  IHS Holding Ltd. (Nigeria) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/29/2026<sup>(c)</sup> |  | 771000 | 654579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/29/2028<sup>(c)</sup> |  | 586000 | 481803 |
|  Level 3 Financing, Inc., 3.75%, 07/15/2029<sup>(c)</sup> |  | 846000 | 619517 |
|  Sitios Latinoamerica S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032<sup>(c)</sup> |  | 789000 | 736674 |
|  Verizon Communications, Inc., 3.88%, 02/08/2029 |  | 35000 | 33722 |
|  |  |  | 4244566 |
|  **Interactive Home Entertainment-0.17%** | **Interactive Home Entertainment-0.17%** | **Interactive Home Entertainment-0.17%** |  |
|  Roblox Corp., 3.88%, 05/01/2030<sup>(b)(c)</sup>  |  | 1712000 | 1447924 |
|  **Interactive Media & Services-0.26%** | **Interactive Media & Services-0.26%** | **Interactive Media & Services-0.26%** |  |
|  Match Group Holdings II LLC, 5.63%, 02/15/2029<sup>(b)(c)</sup> |  | 321000 | 302140 |
|  Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/2032 |  | 380000 | 353505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/2052 |  | 895000 | 782784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/2062 |  | 917000 | 805276 |
|  |  |  | 2243705 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
|  **Internet & Direct Marketing Retail-0.09%** | **Internet & Direct Marketing Retail-0.09%** | **Internet & Direct Marketing Retail-0.09%** |
|  Prosus N.V. (China), 3.26%, 01/19/2027<sup>(c)</sup> | $875000 | $794902 |
|  **Internet Services & Infrastructure-0.08%** | **Internet Services & Infrastructure-0.08%** | **Internet Services & Infrastructure-0.08%** |
|  Twilio, Inc., 3.88%, 03/15/2031<sup>(b)</sup> | 714000 | 590294 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029<sup>(c)</sup> | 152000 | 131303 |
|  |  | 721597 |
|  **Investment Banking & Brokerage-1.10%** | **Investment Banking & Brokerage-1.10%** | **Investment Banking & Brokerage-1.10%** |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.05%), 03/03/2027<sup>(f)</sup> | 648000 | 644289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/2032<sup>(b)</sup> | 217000 | 192496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.00%<sup>(b)(d)(e)</sup> | 446000 | 431505 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (SOFR + 0.58%), 03/08/2024<sup>(f)</sup> | 323000 | 322563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (SOFR + 0.70%), 01/24/2025<sup>(f)</sup> | 604000 | 600891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (SOFR + 0.79%), 12/09/2026<sup>(f)</sup> | 258000 | 250926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.81%), 03/09/2027<sup>(f)</sup> | 454000 | 442009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% (SOFR + 0.92%), 10/21/2027<sup>(f)</sup> | 902000 | 877373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.12%), 02/24/2028<sup>(f)</sup> | 222000 | 217736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/2028<sup>(d)</sup> | 457000 | 435419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/2028<sup>(b)(d)</sup> | 406000 | 399236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/2032<sup>(d)</sup> | 39000 | 32608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/2032<sup>(d)</sup> | 177000 | 146172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/2042<sup>(d)</sup> | 43000 | 33752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/2043<sup>(d)</sup> | 156000 | 125666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 4.13%<sup>(b)(d)(e)</sup> | 746000 | 664484 |
|  JAB Holdings B.V. (Austria), 4.50%, 04/08/2052<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2856000 | 2132112 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18% (SOFR + 0.63%), 01/24/2025<sup>(f)</sup> | 329000 | 327241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 02/01/2029<sup>(b)(d)</sup> | 721000 | 729406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/19/2038<sup>(d)</sup> | 580000 | 593317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/2042<sup>(d)</sup> | 31000 | 24802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9624003 |
|  **IT Consulting & Other Services-0.02%** | **IT Consulting & Other Services-0.02%** | **IT Consulting & Other Services-0.02%** |
|  DXC Technology Co., 2.38%, 09/15/2028<sup>(b)</sup> | 177000 | 152578 |
|  **Leisure Products-0.19%** |  |  |
|  Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/15/2032<sup>(b)</sup> | 398000 | 344661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/01/2052 | 1770000 | 1328231 |
|  |  | 1672892 |
|  **Life & Health Insurance-2.19%** |  |  |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/2027 | 147000 | 145187 |
|  Athene Global Funding, 1.45%, 01/08/2026<sup>(c)</sup> | 85000 | 75724 |
|  Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/03/2030 | 60000 | 61960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/2052 | 219000 | 147616 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Value** | **Value** |
|  **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** | **Life & Health Insurance-(continued)** |
|  Delaware Life Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-1, 2.66%, 06/29/2026<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;4125000 | $| 3761069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22-1, 3.31%, 03/10/2025<sup>(c)</sup> |  | 2375000 |  | 2253281 |
|  F&G Annuities & Life, Inc., 7.40%, 01/13/2028<sup>(c)</sup> |  | 1236000 |  | 1267644 |
|  F&G Global Funding, 0.90%, 09/20/2024<sup>(c)</sup> |  | 359000 |  | 332018 |
|  GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/06/2027<sup>(c)</sup> |  | 412000 |  | 370509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/06/2032<sup>(c)</sup> |  | 587000 |  | 481654 |
|  Lincoln National Corp., Series C,<br>9.25%<sup>(b)(d)(e)</sup> |  | 616000 |  | 682220 |
|  MAG Mutual Holding Co., 4.75%, 04/30/2041<sup>(g)</sup> |  | 3179000 |  | 2636949 |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/08/2038<sup>(c)</sup> |  | 350000 |  | 423103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2052 |  | 235000 |  | 238703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2054 |  | 1833000 |  | 1909519 |
|  Nationwide Financial Services, Inc., 3.90%, 11/30/2049<sup>(c)</sup> |  | 22000 |  | 17007 |
|  New York Life Global Funding, 4.55%, 01/28/2033<sup>(c)</sup> |  | 1495000 |  | 1500441 |
|  Pacific Life Global Funding II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.80%), 03/30/2025<sup>(c)(f)</sup> |  | 1518000 |  | 1502244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (SOFR + 0.62%), 06/04/2026<sup>(c)(f)</sup> |  | 626000 |  | 603465 |
|  Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061<sup>(c)</sup> |  | 49000 |  | 34884 |
|  Prudential Financial, Inc., 6.00%, 09/01/2052<sup>(b)(d)</sup> |  | 774000 |  | 773122 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19218319 |
|  **Life Sciences Tools & Services-0.02%** | **Life Sciences Tools & Services-0.02%** | **Life Sciences Tools & Services-0.02%** | **Life Sciences Tools & Services-0.02%** | **Life Sciences Tools & Services-0.02%** |
|  Illumina, Inc., 2.55%, 03/23/2031 |  | 193000 |  | 160142 |
|  **Managed Health Care-1.04%** |  |  |  |  |
|  Centene Corp., 2.50%, 03/01/2031<sup>(b)</sup>  |  | 1185000 |  | 970429 |
|  Kaiser Foundation Hospitals |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/2041 |  | 1760000 |  | 1360933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/2051 |  | 2180000 |  | 1623897 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2027<sup>(b)</sup> |  | 241000 |  | 237122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028 |  | 895000 |  | 933434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2029 |  | 999000 |  | 980332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030 |  | 1522000 |  | 1601068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033<sup>(b)</sup> |  | 1310000 |  | 1397163 |
|  |  |  |  | 9104378 |
|  **Movies & Entertainment-0.40%** |  |  |  |  |
|  Warnermedia Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042<sup>(c)</sup> |  | 1009000 |  | 862684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052<sup>(c)</sup> |  | 733000 |  | 609779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/2062<sup>(c)</sup> |  | 1102000 |  | 918765 |
|  WMG Acquisition Corp., 3.00%, 02/15/2031<sup>(b)(c)</sup> |  | 1333000 |  | 1107210 |
|  |  |  |  | 3498438 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** |
|  **Multi-line Insurance-0.08%** |  |  |  |
|  Boardwalk Pipelines L.P., 3.60%, 09/01/2032 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375947 |
|  Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052<sup>(c)</sup> |  | 328000 | 349079 |
|  |  |  | 725026 |
|  **Multi-Utilities-0.72%** |  |  |  |
|  Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082<sup>(d)</sup> |  | 3583000 | 3032042 |
|  Ameren Illinois Co., 5.90%, 12/01/2052<sup>(b)</sup> |  | 341000 | 397251 |
|  Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2032<sup>(b)</sup> |  | 1517000 | 1562225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/2030 |  | 28000 | 25545 |
|  WEC Energy Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/2027 |  | 635000 | 649484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 |  | 590000 | 593276 |
|  |  |  | 6259823 |
|  **Office REITs-0.23%** |  |  |  |
|  Boston Properties L.P., 3.25%, 01/30/2031 |  | 22000 | 18934 |
|  Brandywine Operating Partnership L.P., 7.55%, 03/15/2028 |  | 1197000 | 1202934 |
|  Office Properties Income Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2024 |  | 602000 | 584408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/2027 |  | 251000 | 193083 |
|  |  |  | 1999359 |
|  **Oil & Gas Equipment & Services-0.16%** |  |  |  |
|  Enerflex Ltd. (Canada), 9.00%, 10/15/2027<sup>(c)</sup> |  | 728000 | 742458 |
|  Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026<sup>(b)(c)</sup> |  | 1052000 | 675398 |
|  |  |  | 1417856 |
|  **Oil & Gas Exploration & Production-1.00%** | **Oil & Gas Exploration & Production-1.00%** | **Oil & Gas Exploration & Production-1.00%** |  |
|  Apache Corp., 7.75%, 12/15/2029 |  | 682000 | 726111 |
|  CNX Resources Corp., 7.38%, 01/15/2031<sup>(b)(c)</sup> |  | 498000 | 484925 |
|  Diamondback Energy, Inc., 6.25%, 03/15/2053 |  | 1779000 | 1863698 |
|  EQT Corp., 5.70%, 04/01/2028 |  | 361000 | 365625 |
|  Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.94%, 09/30/2040<sup>(c)</sup> |  | 1726223 | 1415128 |
|  Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030 |  | 460000 | 468045 |
|  Murphy Oil Corp., 6.38%, 07/15/2028<sup>(b)</sup> |  | 592000 | 586105 |
|  Rockcliff Energy II LLC, 5.50%, 10/15/2029<sup>(c)</sup> |  | 1058000 | 1007888 |
|  Transocean Titan Financing Ltd., 8.38%, 02/01/2028<sup>(c)</sup> |  | 740000 | 768912 |
|  Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028<sup>(c)</sup> |  | 1278000 | 1078670 |
|  |  |  | 8765107 |
|  **Oil & Gas Storage & Transportation-1.39%** | **Oil & Gas Storage & Transportation-1.39%** | **Oil & Gas Storage & Transportation-1.39%** |  |
|  El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 |  | 230000 | 269351 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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)** |
|  Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% (SOFR + 0.63%), 02/16/2024<sup>(f)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1122000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/2083<sup>(b)(d)</sup> |  | 1044000 | 1046311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/2083<sup>(d)</sup> |  | 792000 | 817576 |
|  Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2027 |  | 432000 | 438770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 |  | 238000 | 242180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 |  | 573000 | 589580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2048 |  | 6000 | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, 5.80%, 06/15/2038 |  | 6000 | 5918 |
|  Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/2031 |  | 351000 | 405503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033<sup>(b)</sup> |  | 591000 | 571786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/2033 |  | 1603000 | 1599069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/2052<sup>(b)</sup> |  | 1241000 | 1192321 |
|  Kinetik Holdings L.P., 5.88%, 06/15/2030<sup>(c)</sup> |  | 274000 | 260666 |
|  MPLX L.P., 4.95%, 03/14/2052<sup>(b)</sup> |  | 631000 | 560173 |
|  NGPL PipeCo LLC, 7.77%, 12/15/2037<sup>(c)</sup> |  | 407000 | 457429 |
|  ONEOK, Inc., 6.10%, 11/15/2032<sup>(b)</sup> |  | 427000 | 449432 |
|  Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 |  | 446000 | 448686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2052 |  | 506000 | 514003 |
|  Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033<sup>(c)</sup> |  | 1125000 | 957094 |
|  Williams Cos., Inc. (The), 2.60%, 03/15/2031 |  | 245000 | 207568 |
|  |  |  | 12157565 |
|  **Other Diversified Financial Services-0.92%** | **Other Diversified Financial Services-0.92%** | **Other Diversified Financial Services-0.92%** |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 |  | 442000 | 439620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/2026 |  | 408000 | 366906 |
|  AMC East Communities LLC, 6.01%, 01/15/2053<sup>(c)</sup> |  | 184755 | 182558 |
|  Avolon Holdings Funding Ltd. (Ireland), 4.25%, 04/15/2026<sup>(c)</sup> |  | 54000 | 51308 |
|  Corebridge Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/2052<sup>(c)</sup> |  | 203000 | 174120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/2052<sup>(b)(c)(d)</sup> |  | 1041000 | 1037024 |
|  Jackson Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 06/08/2027<sup>(b)</sup> |  | 336000 | 340131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 06/08/2032<sup>(b)</sup> |  | 386000 | 381447 |
|  Mid-Atlantic Military Family Communities LLC, 5.30%, 08/01/2050<sup>(c)</sup> |  | 219955 | 193390 |
|  OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026<sup>(c)</sup> |  | 1730000 | 1732658 |
|  Pacific Beacon LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2026<sup>(c)</sup> |  | 51126 | 51530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 07/15/2036<sup>(c)</sup> |  | 500000 | 493720 |
|  Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2030<sup>(c)</sup> |  | 1000000 | 798475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/2031<sup>(c)</sup> |  | 2300000 | 1781419 |
|  |  |  | 8024306 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **Packaged Foods & Meats-0.26%** |  |  |
|  JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.63%, 01/15/2032<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451796 |
|  Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031<sup>(c)</sup> | 2130000 | 1807134 |
|  |  | 2258930 |
|  **Paper Packaging-0.05%** |  |  |
|  Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026<sup>(c)</sup> | 290000 | 282828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/2027 | 192000 | 168061 |
|  |  | 450889 |
|  **Pharmaceuticals-0.04%** |  |  |
|  Mayo Clinic, Series 2021, 3.20%, 11/15/2061 | 489000 | 355837 |
|  **Property & Casualty Insurance-0.10%** |  |  |
|  Fairfax Financial Holdings Ltd. (Canada), 3.38%, 03/03/2031 | 250000 | 213092 |
|  First American Financial Corp., 4.30%, 02/01/2023 | 37000 | 37000 |
|  Liberty Mutual Group, Inc., 5.50%, 06/15/2052<sup>(c)</sup> | 540000 | 537385 |
|  Progressive Corp. (The), 2.50%, 03/15/2027 | 133000 | 124281 |
|  |  | 911758 |
|  **Railroads-0.76%** |  |  |
|  Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115 | 419000 | 461134 |
|  CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/2037 | 1098000 | 1224374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2052<sup>(b)</sup> | 899000 | 835877 |
|  Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061<sup>(c)</sup> | 663000 | 474537 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/2033<sup>(b)</sup> | 1183000 | 1193942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/2052<sup>(b)</sup> | 1166000 | 1194626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/20/2063 | 1195000 | 1239074 |
|  |  | 6623564 |
|  **Real Estate Development-0.36%** |  |  |
|  Agile Group Holdings Ltd. (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/02/2025<sup>(c)</sup> | 208000 | 131075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/21/2025<sup>(c)</sup> | 874000 | 542366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/13/2025<sup>(c)</sup> | 488000 | 286884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/17/2026<sup>(c)</sup> | 425000 | 242293 |
|  Essential Properties L.P., 2.95%, 07/15/2031 | 123000 | 93574 |
|  Greentown China Holdings Ltd. (China), 4.70%, 04/29/2025<sup>(c)</sup> | 962000 | 899470 |
|  Logan Group Co. Ltd. (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/12/2025<sup>(b)(c)</sup> | 725000 | 217518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/13/2028<sup>(c)</sup> | 250000 | 75631 |
|  Piedmont Operating Partnership L.P., 3.15%, 08/15/2030 | 33000 | 25965 |
|  Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024<sup>(c)</sup>  | 730000 | 633283 |
|  |  | 3148059 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **Regional Banks-2.05%** |  |  |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/06/2030 | 33000 | 28100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 05/21/2037<sup>(d)</sup> | 748000 | 721425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.00%<sup>(d)(e)</sup> | 1481000 | 1286876 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/2027 | 21000 | 19381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/2028<sup>(b)(d)</sup> | 738000 | 781387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/2030<sup>(d)</sup> | 855000 | 845685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/25/2033<sup>(d)</sup> | 290000 | 274372 |
|  Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 08/04/2028<sup>(d)</sup> | 315000 | 307032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 08/15/2036<sup>(d)</sup> | 111000 | 83898 |
|  KeyCorp, 4.79%, 06/01/2033<sup>(b)(d)</sup> | 286000 | 280120 |
|  M&T Bank Corp., 5.05%, 01/27/2034<sup>(b)(d)</sup> | 1099000 | 1097039 |
|  PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/06/2033<sup>(b)(d)</sup> | 1001000 | 968917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/2033<sup>(d)</sup> | 866000 | 936780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 01/24/2034<sup>(d)</sup> | 1193000 | 1204316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 6.00%<sup>(b)(d)(e)</sup> | 907000 | 904642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 6.20%<sup>(b)(d)(e)</sup> | 1228000 | 1231438 |
|  SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.25%<sup>(d)(e)</sup> | 2008000 | 1608207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.70%<sup>(d)(e)</sup> | 1348000 | 1037960 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/2028<sup>(b)(d)</sup> | 352000 | 344489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 01/26/2029<sup>(d)</sup> | 1179000 | 1186209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/2033<sup>(d)</sup> | 1545000 | 1519677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/2033<sup>(b)(d)</sup> | 854000 | 931319 |
|  |  | 17944778 |
|  **Reinsurance-0.17%** |  |  |
|  Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/2029<sup>(c)</sup> | 97000 | 84031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/2051<sup>(c)(d)</sup> | 1648000 | 1421031 |
|  |  | 1505062 |
|  **Renewable Electricity-0.03%** |  |  |
|  NSTAR Electric Co., 4.55%, 06/01/2052 | 312000 | 301054 |
|  **Residential REITs-0.08%** |  |  |
|  American Homes 4 Rent L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/2031 | 29000 | 23695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/2032<sup>(b)</sup> | 276000 | 245586 |
|  AvalonBay Communities, Inc., 5.00%, 02/15/2033<sup>(b)</sup> | 300000 | 311960 |
|  Mid-America Apartments L.P., 2.88%, 09/15/2051 | 31000 | 21653 |
|  Spirit Realty L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/15/2028 | 39000 | 32663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/2032 | 38000 | 29524 |
|  Sun Communities Operating L.P., 2.70%, 07/15/2031 | 34000 | 28020 |
|  |  | 693101 |
|  **Restaurants-0.35%** |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030<sup>(c)</sup> | 746000 | 636006 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **Restaurants-(continued)** |  |  |
|  Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1363000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339597 |
|  McDonald's Corp., 5.15%, 09/09/2052<sup>(b)</sup> | 1055000 | 1086816 |
|  |  | 3062419 |
|  **Retail REITs-0.12%** |  |  |
|  Agree L.P., 2.00%, 06/15/2028 | 44000 | 37566 |
|  Kimco Realty OP LLC, 2.70%, 10/01/2030 | 29000 | 24675 |
|  Kite Realty Group Trust, 4.75%, 09/15/2030 | 59000 | 54412 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/2028 | 33000 | 29245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/2030 | 289000 | 289680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032<sup>(b)</sup> | 595000 | 631493 |
|  |  | 1067071 |
|  **Semiconductor Equipment-0.09%** |  |  |
|  Entegris Escrow Corp., 5.95%, 06/15/2030<sup>(c)</sup> | 855000 | 822108 |
|  **Semiconductors-0.21%** |  |  |
|  Broadcom, Inc., 3.19%, 11/15/2036<sup>(c)</sup>  | 60000 | 45925 |
|  Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 02/06/2026 | 6000 | 6021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/2027 | 21000 | 20484 |
|  SK hynix, Inc. (South Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/17/2026<sup>(b)(c)</sup> | 1080000 | 1091888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/17/2033<sup>(b)(c)</sup> | 668000 | 678047 |
|  Skyworks Solutions, Inc., 1.80%, 06/01/2026 | 25000 | 22361 |
|  |  | 1864726 |
|  **Soft Drinks-0.26%** |  |  |
|  Coca-Cola Icecek A.S. (Turkey), 4.50%, 01/20/2029<sup>(c)</sup> | 2623000 | 2302260 |
|  **Sovereign Debt-2.80%** |  |  |
|  Airport Authority (Hong Kong) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/12/2033<sup>(c)</sup> | 870000 | 904596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/12/2052<sup>(c)</sup> | 1670000 | 1295085 |
|  Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029<sup>(c)</sup> | 2993000 | 2718300 |
|  Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032<sup>(c)</sup> | 892000 | 897827 |
|  Colombia Government International Bond (Colombia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/20/2033<sup>(b)</sup> | 939000 | 963266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/02/2034 | 650000 | 643147 |
|  Dominican Republic International Bond (Dominican Republic) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 02/03/2031<sup>(c)</sup> | 520000 | 520000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/21/2041<sup>(c)</sup> | 241000 | 193786 |
|  Egypt Government International Bond (Egypt), 5.88%, 02/16/2031<sup>(c)</sup> | 382000 | 273470 |
|  Ghana Government International Bond (Ghana), 7.75%, 04/07/2029<sup>(c)</sup> | 1119000 | 421494 |
|  Indonesia Government International Bond (Indonesia), 4.55%, 01/11/2028 | 1335000 | 1336059 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **Sovereign Debt-(continued)** |  |  |
|  Israel Government International Bond (Israel), 4.50%, 01/17/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;1205000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212134 |
|  Mexico Government International Bond (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/09/2035 | 620000 | 659554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/12/2052 | 1992000 | 1561294 |
|  Oman Government International Bond (Oman), 6.25%, 01/25/2031<sup>(c)</sup> | 795000 | 824844 |
|  Paraguay Government International Bond (Paraguay), 5.40%, 03/30/2050<sup>(c)</sup> | 1200000 | 1073863 |
|  Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051<sup>(c)</sup> | 1886000 | 1474310 |
|  Philippine Government International Bond (Philippines) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/17/2028 | 561000 | 566636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/17/2033 | 737000 | 749779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/17/2048 | 684000 | 714948 |
|  Qatar Government International Bond (Qatar), 3.38%, 03/14/2024<sup>(c)</sup> | 200000 | 197049 |
|  Romanian Government International Bond (Romania) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/17/2028<sup>(c)</sup> | 932000 | 967742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/17/2033<sup>(c)</sup> | 1258000 | 1330335 |
|  Saudi Government International Bond (Saudi Arabia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/18/2028<sup>(c)</sup> | 625000 | 633938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/18/2033<sup>(c)</sup> | 1150000 | 1172281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/18/2053<sup>(b)(c)</sup> | 1227000 | 1171564 |
|  |  | 24477301 |
|  **Specialized Consumer Services-0.08%** |  |  |
|  Ashtead Capital, Inc. (United Kingdom), 5.55%, 05/30/2033<sup>(c)</sup> | 660000 | 662938 |
|  **Specialized Finance-0.48%** |  |  |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/2024 | 227000 | 212124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/2025<sup>(b)(c)</sup> | 618000 | 626970 |
|  IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027<sup>(c)(g)</sup> | 2746000 | 2746000 |
|  Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025<sup>(b)(c)</sup> | 666000 | 643177 |
|  |  | 4228271 |
|  **Specialized REITs-0.50%** |  |  |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2031 | 125000 | 105504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032<sup>(b)</sup> | 170000 | 157682 |
|  Crown Castle, Inc., 5.00%, 01/11/2028<sup>(b)</sup> | 561000 | 567873 |
|  EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/2026 | 178000 | 166387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2031 | 212000 | 164103 |
|  Prologis L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2029 | 183000 | 164751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2033<sup>(b)</sup> | 1162000 | 1172282 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 | 1190000 | 1100775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029<sup>(b)</sup> | 892000 | 756806 |
|  |  | 4356163 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** | **Value** |
|  **Specialty Chemicals-0.68%** |  |  |  |  |
|  Braskem Idesa S.A.P.I. (Mexico) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 02/20/2032<sup>(c)</sup> |  | 1647000 |  | 1222206 |
|  Sasol Financing USA LLC (South Africa) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/18/2026 |  | 1785000 |  | 1644868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/18/2031<sup>(b)</sup> |  | 3250000 |  | 2839655 |
|  |  |  |  | 5945604 |
|  **Steel-0.30%** |  |  |  |  |
|  ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027<sup>(b)</sup> |  | 1164000 |  | 1216623 |
|  POSCO (South Korea) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/17/2026<sup>(c)</sup> |  | 774000 |  | 785854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/17/2028<sup>(b)(c)</sup> |  | 639000 |  | 659864 |
|  |  |  |  | 2662341 |
|  **Systems Software-0.48%** |  |  |  |  |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032<sup>(b)</sup> |  | 2674000 |  | 2908920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 1117000 |  | 1293987 |
|  |  |  |  | 4202907 |
|  **Technology Hardware, Storage & Peripherals-0.07%** | **Technology Hardware, Storage & Peripherals-0.07%** | **Technology Hardware, Storage & Peripherals-0.07%** | **Technology Hardware, Storage & Peripherals-0.07%** | **Technology Hardware, Storage & Peripherals-0.07%** |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/2032<sup>(b)</sup> |  | 562000 |  | 525526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/2061 |  | 182000 |  | 125062 |
|  |  |  |  | 650588 |
|  **Tobacco-0.08%** |  |  |  |  |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/17/2029 |  | 358000 |  | 374109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032<sup>(b)</sup> |  | 295000 |  | 310491 |
|  |  |  |  | 684600 |
|  **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027 |  | 826000 |  | 843525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/01/2028<sup>(b)</sup> |  | 1592000 |  | 1590192 |
|  Aircastle Ltd., 4.40%, 09/25/2023 |  | 40000 |  | 39660 |
|  GATX Corp., 4.90%, 03/15/2033<sup>(b)</sup> |  | 668000 |  | 656192 |
|  |  |  |  | 3129569 |
|  **Trucking-0.40%** | **Trucking-0.40%** | **Trucking-0.40%** |  |  |
|  Aviation Capital Group LLC, 4.13%, 08/01/2025<sup>(c)</sup> |  | 11000 |  | 10394 |
|  Penske Truck Leasing Co. L.P./PTL Finance Corp., 5.70%, 02/01/2028<sup>(c)</sup> |  | 779000 |  | 799060 |
|  Ryder System, Inc., 4.30%, 06/15/2027 |  | 195000 |  | 190930 |
|  Triton Container International Ltd. (Bermuda) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/2026<sup>(c)</sup> |  | 742000 |  | 657993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/2031<sup>(c)</sup> |  | 2283000 |  | 1837794 |
|  |  |  |  | 3496171 |
|  **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** | **Wireless Telecommunication Services-0.42%** |
|  Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052<sup>(c)</sup> |  | 613000 |  | 515818 |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 |  | 226000 |  | 209785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/2026 |  | 230000 |  | 213847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 |  | 432000 |  | 315748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 |  | 498000 |  | 520140 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** |
|  **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** |
|  VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389200 |
|  Vodafone Group PLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/2081<sup>(d)</sup> |  | 882000 | 715214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/04/2081<sup>(d)</sup> |  | 1011000 | 778364 |
|  |  |  | 3658116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $432,131,351) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $432,131,351) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $432,131,351) | 408911259 |
|  **U.S. Treasury Securities-21.91%** | **U.S. Treasury Securities-21.91%** | **U.S. Treasury Securities-21.91%** |  |
|  **U.S. Treasury Bills-0.34%<sup>(h)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/09/2023<sup>(i)</sup> |  | 654000 | 651081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%-4.55%, 05/11/2023<sup>(i)</sup> |  | 2338000 | 2308762 |
|  |  |  | 2959843 |
|  **U.S. Treasury Bonds-6.05%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 |  | 1677000 | 1733337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 |  | 57959800 | 51298951 |
|  |  |  | 53032288 |
|  **U.S. Treasury Notes-15.52%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/2025 |  | 2755000 | 2752094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 |  | 1400200 | 1400200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2028 |  | 58239500 | 57984702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2030 |  | 7429300 | 7403762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 |  | 63050900 | 66341369 |
|  |  |  | 135882127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $190,952,805) |  |  | 191874258 |
|  **Asset-Backed Securities-21.69%** | **Asset-Backed Securities-21.69%** | **Asset-Backed Securities-21.69%** |  |
|  AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038<sup>(c)</sup> |  | 4460000 | 3892329 |
|  Angel Oak Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, 12/25/2059<sup>(c)(j)</sup> |  | 80491 | 76682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, 04/25/2065<sup>(c)(j)</sup> |  | 269859 | 250134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.37%, 05/25/2065<sup>(c)(j)</sup> |  | 314683 | 289911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 05/25/2066<sup>(c)(j)</sup> |  | 1309791 | 1120566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, 12/25/2066<sup>(c)(k)</sup> |  | 2736544 | 2513966 |
|  Avis Budget Rental Car Funding (AESOP) LLC, Series 2023-1A, Class A, 5.25%, 04/20/2029<sup>(c)</sup> |  | 718000 | 726919 |
|  Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR2, 6.00% (3 mo. USD LIBOR + 1.18%), 07/25/2034<sup>(c)(f)</sup> |  | 3000000 | 2958210 |
|  Bayview MSR Opportunity Master Fund Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 3.00%, 10/25/2051<sup>(c)(j)</sup> |  | 1776451 | 1546496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A4, 2.50%, 10/25/2051<sup>(c)(j)</sup> |  | 1776451 | 1491336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A8, 2.50%, 10/25/2051<sup>(c)(j)</sup> |  | 1681602 | 1501614 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 3.00%, 11/25/2051<sup>(c)(j)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1989386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A2, 2.50%, 11/25/2051<sup>(c)(j)</sup> | 2427500 | 2037893 |
|  Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 4.65% (1 mo. USD LIBOR + 0.14%), 11/25/2036<sup>(f)</sup> | 139208 | 134946 |
|  Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3, Class C, 4.53%, 04/10/2051<sup>(j)</sup> | 2500000 | 2153923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class C, 3.77%, 12/15/2062<sup>(j)</sup> | 930000 | 739630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15, Class B, 3.56%, 12/15/2072 | 2000000 | 1706038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class C, 4.97%, 03/15/2052<sup>(j)</sup> | 3369000 | 2703189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class C, 3.37%, 03/15/2053<sup>(j)</sup> | 3000000 | 2308680 |
|  BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 0.97%, 03/25/2060<sup>(c)(j)</sup> | 401782 | 381550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A2, 1.28%, 03/25/2060<sup>(c)(j)</sup> | 1319430 | 1254188 |
|  BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, 5.56% (1 mo. USD LIBOR + 1.10%), 09/15/2036<sup>(c)(f)</sup> | 3005000 | 2887282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2036<sup>(c)(f)</sup> | 8799000 | 8473854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class B, 5.46% (1 mo. USD LIBOR + 1.00%), 10/15/2038<sup>(c)(f)</sup> | 732105 | 706303 |
|  BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class B, 5.44% (1 mo. USD LIBOR + 0.86%), 10/15/2036<sup>(c)(f)</sup> | 10000000 | 9619355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 5.48% (1 mo. Term SOFR + 1.00%),<br>01/15/2039<sup>(c)(f)</sup> | 2085000 | 2043533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, 5.86% (1 mo. Term SOFR + 1.30%),<br>01/15/2039<sup>(c)(f)</sup> | 1285000 | 1253259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 6.08% (1 mo. Term SOFR + 1.60%),<br>01/15/2039<sup>(c)(f)</sup> | 690000 | 670666 |
|  Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049<sup>(c)(j)</sup> | 90571 | 82904 |
|  CIFC Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R2, 5.99% (3 mo. USD LIBOR + 1.20%), 10/17/2031<sup>(c)(f)</sup> | 1281000 | 1273592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class ARR, 5.90% (3 mo. USD LIBOR + 1.08%), 10/21/2031<sup>(c)(f)</sup> | 957000 | 945049 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11, Class D, 4.38%, 04/10/2046<sup>(c)(j)</sup> | 1650000 | 1611523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC23, Class B, 4.18%, 07/10/2047<sup>(j)</sup> | 184000 | 175917 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  Citigroup Mortgage Loan Trust, Inc., Series 2021-INV3, Class A3, 2.50%, 05/25/2051<sup>(c)(j)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1817349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525670 |
|  COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.85%, 03/25/2065<sup>(c)(j)</sup> | 21009 | 20688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, 12/27/2066<sup>(c)(j)</sup> | 1560764 | 1404879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 2.99%, 02/25/2067<sup>(c)(k)</sup> | 1661649 | 1544129 |
|  Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065<sup>(c)(k)</sup> | 74525 | 72983 |
|  Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.81%, 05/25/2065<sup>(c)(j)</sup> | 542618 | 464870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.18%, 02/25/2066<sup>(c)(j)</sup> | 278484 | 240833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067<sup>(c)(j)</sup> | 2207849 | 2067268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067<sup>(c)(j)</sup> | 1160000 | 1013261 |
|  CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053 | 1459000 | 1257657 |
|  Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049<sup>(c)</sup> | 1940000 | 1752323 |
|  Dryden 93 CLO Ltd. (Cayman Islands), Series 2021-93A, Class A1A, 5.87% (3 mo. USD LIBOR + 1.08%),<br>01/15/2034<sup>(c)(f)</sup> | 532495 | 524933 |
|  DT Auto Owner Trust, Series 2019-3A, Class D, 2.96%, 04/15/2025<sup>(c)</sup> | 152615 | 150635 |
|  Ellington Financial Mortgage Trust Series 2019-2, Class A1, 2.74%, 11/25/2059<sup>(c)(j)</sup> | 218038 | 206463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.01%, 05/25/2065<sup>(c)(j)</sup> | 33842 | 32826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.80%, 02/25/2066<sup>(c)(j)</sup> | 324588 | 272193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, 01/25/2067<sup>(c)(j)</sup> | 1456365 | 1282799 |
|  Extended Stay America Trust, Series 2021-ESH, Class B, 5.84% (1 mo. USD LIBOR + 1.38%), 07/15/2038<sup>(c)(f)</sup> | 678454 | 664240 |
|  Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11IN, Class A6, 3.70%, 11/25/2051<sup>(c)(j)</sup> | 3041181 | 2702503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8INV, Class A6, 2.50%, 09/25/2051<sup>(c)(j)</sup> | 1203984 | 1071519 |
|  FREMF Mortgage Trust, Series 2013- K29, Class X2A, IO, 0.13%, 05/25/2046<sup>(c)(l)</sup> | 2082518 | 21 |
|  GCAT Trust, Series 2019-NQM3, Class A1, 2.69%, 11/25/2059<sup>(c)(j)</sup> | 299585 | 284288 |
|  GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2021-9A, Class A, 5.88% (3 mo. USD LIBOR + 1.07%), 01/20/2033<sup>(c)(f)</sup> | 4000000 | 3952680 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030<sup>(c)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2362000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345173 |
|  GoldenTree Loan Management US CLO 5 Ltd. (Cayman Islands), Series 2019-5A, Class AR, 5.88% (3 mo. USD LIBOR + 1.07%), 10/20/2032<sup>(c)(f)</sup> | 5000000 | 4947055 |
|  Golub Capital Partners CLO 40(A) Ltd. (Cayman Islands), Series 2019-40A, Class AR, 5.91% (3 mo. USD LIBOR + 1.09%), 01/25/2032<sup>(c)(f)</sup> | 8000000 | 7891896 |
|  GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC14, Class B, 4.70%, 08/10/2046<sup>(c)(j)</sup> | 325000 | 316018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A5, 2.91%, 02/13/2053 | 1560000 | 1400526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5, 2.38%, 05/12/2053 | 1530000 | 1318205 |
|  GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051<sup>(c)(j)</sup> | 4203538 | 3741561 |
|  Hertz Vehicle Financing III L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.68%, 12/27/2027<sup>(c)</sup> | 539000 | 477669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.12%, 12/27/2027<sup>(c)</sup> | 286000 | 252017 |
|  Hertz Vehicle Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.21%, 12/26/2025<sup>(c)</sup> | 394000 | 366888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.56%, 12/26/2025<sup>(c)</sup> | 175000 | 162225 |
|  IP Lending III Ltd. (Cayman Islands), Series 2022-3A, Class SNR, 3.38%, 11/02/2026<sup>(c)(g)</sup> | 1474000 | 1345320 |
|  JP Morgan Mortgage Trust, Series 2021-LTV2, Class A1, 2.52%, 05/25/2052<sup>(c)(j)</sup> | 2469372 | 2073815 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C, 3.72%, 05/13/2053<sup>(j)</sup> | 2908000 | 2225755 |
|  KKR CLO 30 Ltd. (Cayman Islands), Series 30A, Class A1R, 5.81% (3 mo. USD LIBOR + 1.02%), 10/17/2031<sup>(c)(f)</sup> | 5000000 | 4951625 |
|  Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class B, 5.34% (1 mo. USD LIBOR + 0.88%), 03/15/2038<sup>(c)(f)</sup> | 1213968 | 1177610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class C, 5.56% (1 mo. USD LIBOR + 1.10%), 03/15/2038<sup>(c)(f)</sup> | 491485 | 475025 |
|  Med Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class A, 5.41% (1 mo. USD LIBOR + 0.95%), 11/15/2038<sup>(c)(f)</sup> | 1355972 | 1323921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class B, 6.04% (1 mo. USD LIBOR + 1.45%), 11/15/2038<sup>(c)(f)</sup> | 2197472 | 2146391 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  Mello Mortgage Capital Acceptance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A4, 2.50%, 08/25/2051<sup>(c)(j)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A4, 2.50%, 10/25/2051<sup>(c)(j)</sup> | 1140733 | 1013697 |
|  MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AEI1, Class A3, 2.50%, 08/25/2051<sup>(c)(j)</sup> | 1340728 | 1125545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AEI1, Class A4, 2.50%, 08/25/2051<sup>(c)(j)</sup> | 1616011 | 1436985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A1, 1.91%, 11/25/2056<sup>(c)(j)</sup> | 4442956 | 3767415 |
|  MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 5.49% (1 mo. USD LIBOR + 0.90%), 07/15/2038<sup>(c)(f)</sup> | 615000 | 593834 |
|  MMAF Equipment Finance LLC, Series 2020-A, Class A5, 1.56%, 10/09/2042<sup>(c)</sup> | 1500000 | 1334019 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.52%, 10/15/2048<sup>(j)</sup> | 1032000 | 970620 |
|  Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/2052 | 1580000 | 1390267 |
|  Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman Islands), Series 2021-40A, Class A, 5.85% (3 mo. USD LIBOR + 1.06%), 04/16/2033<sup>(c)(f)</sup> | 1023000 | 1012850 |
|  New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, 2.49%, 09/25/2059<sup>(c)(j)</sup> | 169534 | 158893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.46%, 01/26/2060<sup>(c)(j)</sup> | 551192 | 511871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 3.08%, 03/27/2062<sup>(c)(j)</sup> | 1546988 | 1431301 |
|  OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.31%, 11/25/2061<sup>(c)(j)</sup> | 1809600 | 1603303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 2.95%, 01/25/2062<sup>(c)(j)</sup> | 2370066 | 2133275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062<sup>(c)(k)</sup> | 1528065 | 1411998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062<sup>(c)(k)</sup> | 1415000 | 1209533 |
|  Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051<sup>(c)(j)</sup> | 1217812 | 1085709 |
|  OCP CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class A1AR, 5.75% (3 mo. USD LIBOR + 0.96%),<br>07/15/2030<sup>(c)(f)</sup> | 3000000 | 2974371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%),<br>01/17/2032<sup>(c)(f)</sup> | 1730000 | 1716089 |
|  Octagon Investment Partners 31 LLC (Cayman Islands), Series 2017-1A, Class AR, 5.86% (3 mo. USD LIBOR + 1.05%), 07/20/2030<sup>(c)(f)</sup> | 3879915 | 3852446 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  Octagon Investment Partners 49 Ltd. (Cayman Islands), Series 2020-5A, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%), 01/15/2033<sup>(c)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;3000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981040 |
|  One Bryant Park Trust, Series 2019- OBP, Class A, 2.52%, 09/15/2054<sup>(c)</sup> | 457000 | 388230 |
|  Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061<sup>(c)(j)</sup> | 1981783 | 1668102 |
|  PPM CLO 3 Ltd. (United Kingdom), Series 2019-3A, Class AR, 5.88% (3 mo. USD LIBOR + 1.09%), 04/17/2034<sup>(c)(f)</sup> | 250000 | 243259 |
|  Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037<sup>(c)</sup> | 868438 | 809839 |
|  Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 5.72% (3 mo. USD LIBOR + 1.04%), 02/20/2030<sup>(c)(f)</sup> | 637638 | 634605 |
|  Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, 2.63%, 09/25/2059<sup>(c)(j)</sup> | 17037 | 16718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.38%, 01/26/2060<sup>(c)(j)</sup> | 57698 | 55464 |
|  SG Residential Mortgage Trust, Series 2022-1, Class A1, 3.17%,<br>03/27/2062<sup>(c)(j)</sup> | 2709542 | 2513314 |
|  Sonic Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2I, 3.85%, 01/20/2050<sup>(c)</sup> | 1588657 | 1473875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.19%, 08/20/2051<sup>(c)</sup> | 1815467 | 1503218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, 2.64%, 08/20/2051<sup>(c)</sup> | 1854933 | 1448980 |
|  STAR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 1.22%, 05/25/2065<sup>(c)(j)</sup> | 1056841 | 946381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class B, 5.21% (1 mo. USD LIBOR + 0.75%), 04/17/2038<sup>(c)(f)</sup> | 475000 | 464267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class C, 5.51% (1 mo. USD LIBOR + 1.05%), 04/17/2038<sup>(c)(f)</sup> | 1125000 | 1098607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class D, 5.76% (1 mo. USD LIBOR + 1.30%), 04/17/2038<sup>(c)(f)</sup> | 1665000 | 1609565 |
|  Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, 02/25/2050<sup>(c)(j)</sup> | 15395 | 14871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 1.03%, 11/25/2055<sup>(c)(j)</sup> | 639096 | 568977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, 11/25/2066<sup>(c)(j)</sup> | 2584785 | 2222738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.45%, 12/25/2066<sup>(c)(j)</sup> | 1931595 | 1676953 |
|  Store Master Funding I-VII, Series 2016-1A, Class A2, 4.32%, 10/20/2046<sup>(c)</sup> | 444215 | 415507 |
|  Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 05/25/2046<sup>(c)</sup> | 141750 | 139948 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** | **Value** |
|  Textainer Marine Containers VII Ltd. (China), Series 2021-2A, Class A, 2.23%, 04/20/2046<sup>(c)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1384600 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219714 |
|  Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039<sup>(c)</sup> |  | 1070781 |  | 922239 |
|  Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 0.33%, 03/25/2060<sup>(c)(j)</sup> |  | 43122 |  | 41621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1B, 1.32%, 01/25/2066<sup>(c)(j)</sup> |  | 1077100 |  | 896464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 1.03%, 02/25/2066<sup>(c)(j)</sup> |  | 1387660 |  | 1210172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.83%, 10/25/2066<sup>(c)(j)</sup> |  | 1940446 |  | 1690902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 0.82%, 10/25/2063<sup>(c)(j)</sup> |  | 918691 |  | 834224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, 01/25/2067<sup>(c)(k)</sup> |  | 1510729 |  | 1365182 |
|  Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055<sup>(c)</sup> |  | 234014 |  | 213459 |
|  Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA, IO, 1.42%, 01/15/2059<sup>(m)</sup> |  | 1433861 |  | 44984 |
|  Wendy's Funding LLC, Series 2019-1A, Class A2II, 4.08%, 06/15/2049<sup>(c)</sup> |  | 455000 |  | 424902 |
|  WFRBS Commercial Mortgage Trust, Series 2014-C23, Class B, 4.39%, 10/15/2057<sup>(j)</sup> |  | 307000 |  | 293494 |
|  Zaxby's Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051<sup>(c)</sup> |  | 4235500 |  | 3598332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $209,630,819) |  |  |  | 189973767 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-19.30%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-19.30%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-19.30%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-19.30%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-19.30%** |
|  **Collateralized Mortgage Obligations-0.55%** | **Collateralized Mortgage Obligations-0.55%** | **Collateralized Mortgage Obligations-0.55%** |  |  |
|  Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1, 5.25%, 11/25/2055<sup>(c)(j)</sup> |  | 915796 |  | 919230 |
|  Freddie Mac Multifamily Structured Pass-Through Ctfs. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-K035, Class X1, IO, 0.32%, 08/25/2023<sup>(m)</sup> |  | 7468545 |  | 10657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-K036, Class X1, IO, 0.77%, 10/25/2023<sup>(m)</sup> |  | 5368991 |  | 18527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-K037, Class X1, IO, 0.91%, 01/25/2024<sup>(m)</sup> |  | 5807343 |  | 37126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-K042, Class X1, IO, 1.02%, 12/25/2024<sup>(m)</sup> |  | 4115325 |  | 66149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K066, Class AM, 3.20%, 06/25/2027 |  | 250000 |  | 240110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class AFX, 3.00%, 10/25/2027 |  | 1000000 |  | 950126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K074, Class AM, 3.60%, 02/25/2028 |  | 1000000 |  | 977598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K154, Class A3, 3.46%, 11/25/2032 |  | 1000000 |  | 952264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K038, Class X1, IO, 1.08%, 03/25/2024<sup>(m)</sup> |  | 3835851 |  | 33831 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** | **Value** |
|  **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** | **Collateralized Mortgage Obligations-(continued)** |
|  Seasoned Credit Risk Transfer Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class HT, 3.25%, 07/25/2056<sup>(k)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272033 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class HT, 3.25%, 06/25/2057<sup>(k)</sup> |  | 417694 |  | 388009 |
|  |  |  |  | 4843851 |
|  **Federal Home Loan Mortgage Corp. (FHLMC)-0.33%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.33%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.33%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.33%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.33%** |
|  0.00%, 12/14/2029<sup>(n)</sup> |  | 150000 |  | 115710 |
|  3.55%, 10/01/2033 |  | 467421 |  | 445041 |
|  3.00%, 10/01/2034 |  | 263549 |  | 253510 |
|  4.00%, 11/01/2048 to 07/01/2049 |  | 278077 |  | 272981 |
|  3.50%, 08/01/2049 |  | 1842024 |  | 1755083 |
|  |  |  |  | 2842325 |
|  **Federal National Mortgage Association (FNMA)-17.21%** | **Federal National Mortgage Association (FNMA)-17.21%** | **Federal National Mortgage Association (FNMA)-17.21%** | **Federal National Mortgage Association (FNMA)-17.21%** | **Federal National Mortgage Association (FNMA)-17.21%** |
|  2.82%, 10/01/2029 |  | 489351 |  | 455998 |
|  2.90%, 11/01/2029 |  | 498582 |  | 463838 |
|  3.08%, 10/01/2032 |  | 750000 |  | 698353 |
|  3.31%, 01/01/2033 |  | 1000000 |  | 951425 |
|  2.50%, 10/01/2034 to 12/01/2034 |  | 2329789 |  | 2192389 |
|  3.50%, 05/01/2047 to 06/01/2047 |  | 1716474 |  | 1643566 |
|  4.00%, 11/01/2047 |  | 78159 |  | 77007 |
|  3.00%, 09/01/2049 to 10/01/2049 |  | 3181283 |  | 2942935 |
|  TBA, 1.50%, 02/01/2038<sup>(o)</sup> |  | 8760000 |  | 7765945 |
|  TBA, 2.00%, 02/01/2038 to 02/01/2053<sup>(o)</sup> |  | 30491850 |  | 25960859 |
|  TBA, 2.50%, 02/01/2053<sup>(o)</sup> |  | 17400000 |  | 15241818 |
|  TBA, 3.50%, 02/01/2053<sup>(o)</sup> |  | 22000000 |  | 20637429 |
|  TBA, 4.00%, 02/01/2053<sup>(o)</sup> |  | 9249000 |  | 8933956 |
|  TBA, 4.50%, 02/01/2053<sup>(o)</sup> |  | 9249000 |  | 9136278 |
|  TBA, 5.00%, 02/01/2053<sup>(o)</sup> |  | 23000000 |  | 23091641 |
|  TBA, 5.50%, 02/01/2053<sup>(o)</sup> |  | 30000000 |  | 30494531 |
|  |  |  |  | 150687968 |
|  **Government National Mortgage Association (GNMA)-1.21%** | **Government National Mortgage Association (GNMA)-1.21%** | **Government National Mortgage Association (GNMA)-1.21%** | **Government National Mortgage Association (GNMA)-1.21%** | **Government National Mortgage Association (GNMA)-1.21%** |
|  4.00%, 07/20/2049 |  | 47208 |  | 46005 |
|  TBA, 2.00%, 02/01/2053<sup>(o)</sup> |  | 6645000 |  | 5745070 |
|  TBA, 2.50%, 02/01/2053<sup>(o)</sup> |  | 5400000 |  | 4815438 |
|  |  |  |  | 10606513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $167,991,631) |  |  |  | 168980657 |
|  **Agency Credit Risk Transfer Notes-0.74%** | **Agency Credit Risk Transfer Notes-0.74%** | **Agency Credit Risk Transfer Notes-0.74%** | **Agency Credit Risk Transfer Notes-0.74%** | **Agency Credit Risk Transfer Notes-0.74%** |
|  Fannie Mae Connecticut Avenue Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R03, Class 1M2, 6.66% (1 mo. USD LIBOR + 2.15%), 09/25/2031<sup>(c)(f)(p)</sup> |  | 10149 |  | 10151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R06, Class 2M2, 6.61% (1 mo. USD LIBOR + 2.10%), 09/25/2039<sup>(c)(f)(p)</sup> |  | 1615 |  | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M1, 6.41% (30 Day Average SOFR + 2.10%), 03/25/2042<sup>(c)(f)(p)</sup> |  | 2330660 |  | 2343760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M1, 6.31% (30 Day Average SOFR + 2.00%), 03/25/2042<sup>(c)(f)(p)</sup> |  | 1159536 |  | 1162982 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** | **Value** |
|  Freddie Mac |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2,<br>STACR<sup>®</sup>, 7.11% (30 Day Average SOFR + 2.80%), 10/25/2050<sup>(c)(f)(q)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361277 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A, STACR<sup>®</sup>, 6.31% (30 Day Average SOFR + 2.00%), 04/25/2042<sup>(c)(f)(q)</sup> |  | 1655212 |  | 1660996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1,<br>STACR<sup>®</sup>, 6.61% (30 Day Average SOFR + 2.30%), 08/25/2042<sup>(c)(f)(q)</sup> |  | 971988 |  | 972009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes (Cost $6,491,057) |  |  |  | 6516261 |
|  **Municipal Obligations-0.40%** |  |  |  |  |
|  California (State of) Health Facilities Financing Authority (Social Bonds) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, RB, 4.19%, 06/01/2037 |  | 735000 |  | 705161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, RB, 4.35%, 06/01/2041 |  | 590000 |  | 562630 |
|  California State University |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB, 2.72%, 11/01/2052 |  | 695000 |  | 505269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 B, Ref. RB, 2.94%, 11/01/2052 |  | 1040000 |  | 767163 |
|  Illinois (State of), Series 2010-1, GO Bonds, (INS - AGM), 6.63%, 02/01/2035<sup>(r)</sup> |  | 200000 |  | 214638 |
|  Los Angeles (City of), CA Department of Water & Power, Series 2010, RB, 6.57%, 07/01/2045 |  | 255000 |  | 318695 |
|  Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 |  | 580000 |  | 438306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations<sup>(s)</sup><br>(Cost $4,227,623) | &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations<sup>(s)</sup><br>(Cost $4,227,623) | &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Obligations<sup>(s)</sup><br>(Cost $4,227,623) |  | 3511862 |
|  | **Shares** | **Shares** |  |  |
|  **Preferred Stocks-0.33%** |  |  |  |  |
|  **Diversified Banks-0.24%** |  |  |  |  |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, Pfd., 5.00%<sup>(b)(d)</sup> |  | 1196000 |  | 1145170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, Pfd., 4.00%<sup>(d)</sup> |  | 691000 |  | 641000 |
|  Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% |  | 232 |  | 291854 |
|  |  |  |  | 2078024 |
|  **Integrated Telecommunication Services-0.06%** | **Integrated Telecommunication Services-0.06%** | **Integrated Telecommunication Services-0.06%** | **Integrated Telecommunication Services-0.06%** | **Integrated Telecommunication Services-0.06%** |
|  AT&T, Inc., Series B, Pfd., 2.88%<sup>(d)</sup> |  | 500000 |  | 502233 |
|  **Life & Health Insurance-0.00%** |  |  |  |  |
|  MetLife, Inc., Series G, Pfd., 3.85%<sup>(b)(d)</sup> |  | 42000 |  | 40077 |
|  **Other Diversified Financial Services-0.03%** | **Other Diversified Financial Services-0.03%** | **Other Diversified Financial Services-0.03%** |  |  |
|  Equitable Holdings, Inc., Series B, Pfd., 4.95%<sup>(b)(d)</sup> |  | 269000 |  | 261571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $3,048,242) | &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $3,048,242) | &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $3,048,242) |  | 2881905 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **U.S. Government Sponsored Agency Securities-0.30%** | **U.S. Government Sponsored Agency Securities-0.30%** | **U.S. Government Sponsored Agency Securities-0.30%** |
|  Fannie Mae STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/2029<sup>(n)</sup> | $450000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/2030<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | 1007897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/15/2030<sup>(n)</sup> | 850000 | 641189 |
|  Freddie Mac STRIPS, 0.00%, 09/15/2030<sup>(n)</sup> | 350000 | 265350 |
|  Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/2056 | 100000 | 113163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2065 | 250000 | 235222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Securities (Cost $2,476,786) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Securities (Cost $2,476,786) | 2621154 |
|  **Non-U.S. Dollar Denominated Bonds & Notes-0.03%<sup>(t)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes-0.03%<sup>(t)</sup>** | **Non-U.S. Dollar Denominated Bonds & Notes-0.03%<sup>(t)</sup>** |
|  **Sovereign Debt-0.03%** |  |  |
|  Dominican Republic International Bond (Dominican Republic), 13.63%, 02/03/2033<sup>(c)</sup> | DOP 9,750,000 | 171806 |
|  Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032<sup>(c)(u)</sup> | EUR 309,000 | 64467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $514,039) | &nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $514,039) | 236273 |
|  | **Shares** |  |
|  **Common Stocks & Other Equity Interests-0.00%** | **Common Stocks & Other Equity Interests-0.00%** | **Common Stocks & Other Equity Interests-0.00%** |
|  **Agricultural Products-0.00%** |  |  |
|  Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032<sup>(g)(v)</sup><br>(Cost $0) | 14 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Options Purchased-0.07%**<br>(Cost $637,351)<sup>†</sup> | **Options Purchased-0.07%**<br>(Cost $637,351)<sup>†</sup> | 656775 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-111.46%<br>(Cost $1,018,101,704) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-111.46%<br>(Cost $1,018,101,704) | 976164171 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-9.34%** | **Money Market Funds-9.34%** |  |
|  Invesco Private Government Fund,<br>4.36%<sup>(w)(x)(y)</sup> | 22896391 | $22896391 |
|  Invesco Private Prime Fund, 4.59%<sup>(w)(x)(y)</sup> | 58870882 | 58888542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $81,780,516) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $81,780,516) | 81784933 |
|  TOTAL INVESTMENTS IN SECURITIES-120.80%<br>(Cost $1,099,882,220) | TOTAL INVESTMENTS IN SECURITIES-120.80%<br>(Cost $1,099,882,220) | 1057949104 |
|  OTHER ASSETS LESS LIABILITIES-(20.80)% | OTHER ASSETS LESS LIABILITIES-(20.80)% | (182196264) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $875752840 |

---

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

------

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

January 31, 2023

*(Unaudited)*

Investment Abbreviations:

AGM -Assured Guaranty Municipal Corp.

CLO -Collateralized Loan Obligation

Conv. -Convertible

Ctfs. -Certificates

DOP -Dominican Republic Peso

---

| | |
|:---|:---|
| EUR | -Euro  |

---

GO -General Obligation

INS -Insurer

IO -Interest Only

LIBOR -London Interbank Offered Rate

Pfd. -Preferred

RB -Revenue Bonds

Ref. -Refunding

REIT -Real Estate Investment Trust

SOFR -Secured Overnight Financing Rate

STACR<sup>®</sup> -Structured Agency Credit Risk

STRIPS -Separately Traded Registered Interest and Principal Security

TBA -To Be Announced

USD -U.S. Dollar

Wts. -Warrants

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

<sup>(b)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(c)</sup> 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 January 31, 2023 was $346,726,391, which represented 39.59% of the Fund's Net Assets. 

<sup>(d)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 1.

<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> $2,959,843 was pledged as collateral to cover margin requirements for open futures contracts. 

<sup>(j)</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 is the rate in effect on January 31, 2023.

<sup>(k</sup><sup>)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(l)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. 

<sup>(m)</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 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 January 31, 2023. 

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

<sup>(o)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.

<sup>(p)</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 large and diverse reference pool. 

<sup>(q)</sup> Principal payments are determined by the delinquency and principal payment experience on the STACR<sup>®</sup> reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR<sup>®</sup> debt notes.

<sup>(r)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(s)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. 

<sup>(t)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated. 

<sup>(u)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at January 31, 2023 represented less than 1% of the Fund's Net Assets. 

<sup>(v)</sup> Non-income producing security.

<sup>(w)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**October 31, 2022** | **Purchases**<br>**at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
|  Invesco Private Government Fund | $23693081 | $42317728 | $(43114418) | $- | $- | $22896391 | $256173 \* |
|  Invesco Private Prime Fund | 59702935 | 100960111 | (101796282) | 5052 | 16726 | 58888542 | 707635 \* |
|  Total | $83396016 | $143277839 | $(144910700) | $5052 | $16726 | $81784933 | $963808 |

---

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

<sup>(x)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<sup>(y)</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 table below details options purchased.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | **Type of**<br>**Contract** | **Expiration Date** | **Number of<br>Contracts** | **Exercise<br>Price** | **Notional<br>Value\*** | **Value** |
| **Equity Risk** |  |  |  |  |  |  |
|  S&P 500 Index | Call | 07/21/2023 | 35 | $4150 | $14525000 | $656775 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise<br>Price** | **Notional<br>Value\*** | **Value** |
| **Equity Risk** |  |  |  |  |  |  |
|  S&P 500 Index | Call | 07/21/2023 | 13 | $4400 | $(5720000) | $(92040) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Expiration<br>Month** | **Notional<br>Value** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Interest Rate Risk** |  |  |  |  |  |
|  U.S. Treasury 2 Year Notes | 146 | March-2023 | $30024672 | $121758 | $121758 |
|  U.S. Treasury Long Bonds | 196 | March-2023 | 25455500 | 721717 | 721717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Long Futures Contracts |  |  |  | 843475 | 843475 |
| **<u>Short Futures Contracts</u>** |  |  |  |  |  |
| **Interest Rate Risk** |  |  |  |  |  |
|  U.S. Treasury 5 Year Notes | 163 | March-2023 | (17806477) | (49478) | (49478) |
|  U.S. Treasury 10 Year Notes | 562 | March-2023 | (64357781) | (512607) | (512607) |
|  U.S. Treasury 10 Year Ultra Notes | 542 | March-2023 | (65692094) | (1212180) | (1212180) |
|  U.S. Treasury Ultra Bonds | 14 | March-2023 | (1984500) | (3525) | (3525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal-Short Futures Contracts |  |  |  | (1777790) | (1777790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $(934315) | $(934315) |

---

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)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes-43.69%** | **U.S. Dollar Denominated Bonds & Notes-43.69%** | **U.S. Dollar Denominated Bonds & Notes-43.69%** |
|  **Aerospace & Defense-0.68%** |  |  |
|  Boeing Co. (The), 1.17%, 02/04/2023 | $2046000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045657 |
|  L3Harris Technologies, Inc., 3.85%, 06/15/2023 | 12000000 | 11947953 |
|  |  | 13993610 |
|  **Agricultural & Farm Machinery-0.13%** |  |  |
|  John Deere Capital Corp., 1.20%, 04/06/2023 | 2687000 | 2670336 |
|  **Application Software-0.24%** |  |  |
|  Intuit, Inc., 0.65%, 07/15/2023 | 5000000 | 4904112 |
|  **Asset Management & Custody Banks-0.35%** | **Asset Management & Custody Banks-0.35%** |  |
|  Ares Capital Corp., 3.50%, 02/10/2023 | 7250000 | 7246548 |
|  **Automobile Manufacturers-5.40%** | **Automobile Manufacturers-5.40%** |  |
|  BMW US Capital LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/2023<sup>(b)</sup> | 10000000 | 9982625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/12/2024<sup>(b)</sup> | 11111000 | 10475920 |
|  General Motors Financial Co., Inc., 1.20%, 10/15/2024 | 8824000 | 8248594 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/10/2023<sup>(b)</sup> | 11205000 | 11196358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/18/2023<sup>(b)</sup> | 12730000 | 12413511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/17/2024<sup>(b)</sup> | 8721000 | 8148311 |
|  Mercedes-Benz Finance North America LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/2023<sup>(b)(c)</sup> | 21462000 | 21448267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/27/2024<sup>(b)</sup> | 11250000 | 11407702 |
|  Toyota Motor Credit Corp., 4.80%, 01/10/2025 | 6154000 | 6178268 |
|  Volkswagen Group of America Finance LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/12/2023<sup>(b)</sup> | 5091000 | 5065810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/22/2023<sup>(b)</sup> | 7000000 | 6756004 |
|  |  | 111321370 |
|  **Consumer Finance-0.92%** |  |  |
|  Ally Financial, Inc., 1.45%, 10/02/2023 | 5309000 | 5184614 |
|  Capital One Financial Corp., 2.60%, 05/11/2023 | 13823000 | 13741872 |
|  |  | 18926486 |
|  **Data Processing & Outsourced Services-0.64%** | **Data Processing & Outsourced Services-0.64%** |  |
|  Fidelity National Information Services, Inc., 0.38%, 03/01/2023 | 3571000 | 3559652 |
|  PayPal Holdings, Inc., 1.35%, 06/01/2023<sup>(c)</sup> | 9688000 | 9576154 |
|  |  | 13135806 |
|  **Department Stores-0.70%** | **Department Stores-0.70%** |  |
|  7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/10/2023<sup>(b)</sup> | 5882000 | 5875852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 02/10/2024<sup>(b)</sup> | 9000000 | 8606617 |
|  |  | 14482469 |
|  **Diversified Banks-12.37%** | **Diversified Banks-12.37%** |  |
|  Banco Santander S.A. (Spain), 3.89%, 05/24/2024 | 17000000 | 16752827 |
|  Bank of Montreal (Canada), 4.98% (SOFR + 0.71%), 03/08/2024<sup>(d)</sup> | 13043000 | 13065621 |
|  Bank of Nova Scotia (The) (Canada), 1.95%, 02/01/2023<sup>(c)</sup> | 25000000 | 25000000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Diversified Banks-(continued)** |  |  |  |
|  Banque Federative du Credit Mutuel S.A. (France), 0.65%, 02/27/2024<sup>(b)</sup> | $| 7955000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599044 |
|  BPCE S.A. (France), 5.15%, 07/21/2024<sup>(b)</sup> |  | 5040000 | 4988042 |
|  Canadian Imperial Bank of Commerce (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/22/2023 |  | 15000000 | 14749109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 06/23/2023<sup>(c)</sup> |  | 17045000 | 16777367 |
|  Commonwealth Bank of Australia (Australia), 5.08%, 01/10/2025<sup>(c)</sup> |  | 10000000 | 10081187 |
|  Cooperatieve Rabobank U.A. (Netherlands), 5.00%, 01/13/2025 |  | 19762000 | 19891514 |
|  Credit Suisse AG (Switzerland), 1.00%, 05/05/2023 |  | 13636000 | 13473861 |
|  Discover Bank, 3.35%, 02/06/2023 |  | 25000000 | 24995941 |
|  JPMorgan Chase & Co., 0.65%, 09/16/2024<sup>(e)</sup> |  | 13500000 | 13122334 |
|  Lloyds Banking Group PLC (United Kingdom), 4.05%, 08/16/2023 |  | 16883000 | 16792436 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), 3.46%, 03/02/2023 |  | 11785000 | 11774252 |
|  National Bank of Canada (Canada), 2.10%, 02/01/2023 |  | 25000000 | 25000000 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), 0.51%, 01/12/2024 |  | 1364000 | 1306730 |
|  Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/12/2023<sup>(b)</sup> |  | 11102000 | 10817280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/10/2025<sup>(b)</sup> |  | 5122000 | 4858443 |
|  UBS AG (Switzerland), 0.70%, 08/09/2024<sup>(b)</sup> |  | 4288000 | 4023929 |
|  |  |  | 255069917 |
|  **Diversified Capital Markets-0.32%** | **Diversified Capital Markets-0.32%** | **Diversified Capital Markets-0.32%** |  |
|  Macquarie Group Ltd. (Australia), 1.20%, 10/14/2025<sup>(b)(e)</sup> |  | 7143000 | 6618838 |
|  **Electric Utilities-2.24%** | **Electric Utilities-2.24%** | **Electric Utilities-2.24%** |  |
|  American Electric Power Co., Inc., Series M, 0.75%, 11/01/2023 |  | 3797000 | 3680402 |
|  Florida Power & Light Co., 4.83% (SOFR + 0.25%), 05/10/2023<sup>(d)</sup> |  | 13043000 | 13030214 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (SOFR + 0.54%), 03/01/2023<sup>(d)</sup> |  | 3704000 | 3704147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/2024 |  | 7895000 | 7829876 |
|  Southern Co. (The), Series 2021, 4.95% (SOFR + 0.37%), 05/10/2023<sup>(d)</sup> |  | 10526000 | 10518324 |
|  Tampa Electric Co., 3.88%, 07/12/2024 |  | 3188000 | 3130864 |
|  Xcel Energy, Inc., 0.50%, 10/15/2023 |  | 4372000 | 4244038 |
|  |  |  | 46137865 |
|  **Fertilizers & Agricultural Chemicals-0.25%** | **Fertilizers & Agricultural Chemicals-0.25%** | **Fertilizers & Agricultural Chemicals-0.25%** |  |
|  Nutrien Ltd. (Canada), 1.90%, 05/13/2023 |  | 5300000 | 5253369 |
|  **Gas Utilities-0.88%** |  |  |  |
|  Atmos Energy Corp., 5.10% (3 mo. USD LIBOR + 0.38%), 03/09/2023<sup>(d)</sup> |  | 9756000 | 9755690 |
|  CenterPoint Energy Resources Corp., 5.28% (3 mo. USD LIBOR + 0.50%), 03/02/2023<sup>(d)</sup> |  | 8333000 | 8335314 |
|  |  |  | 18091004 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Health Care Distributors-0.22%** |  |  |
|  AmerisourceBergen Corp., 0.74%, 03/15/2023 | 4588000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565742 |
|  **Integrated Telecommunication Services-0.99%** | **Integrated Telecommunication Services-0.99%** |  |
|  AT&T, Inc., 5.11% (SOFR + 0.64%), 03/25/2024<sup>(d)</sup> | 9917000 | 9917544 |
|  Verizon Communications, Inc., 4.82% (SOFR + 0.50%), 03/22/2024<sup>(d)</sup> | 10417000 | 10396277 |
|  |  | 20313821 |
|  **Investment Banking & Brokerage-2.10%** | **Investment Banking & Brokerage-2.10%** |  |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2024 | 14085000 | 13808239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/2024 | 4165000 | 4227542 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% (SOFR + 0.47%), 11/10/2023<sup>(d)</sup> | 6000000 | 5998607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18% (SOFR + 0.63%), 01/24/2025<sup>(d)</sup> | 7228000 | 7189351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/2025<sup>(e)</sup> | 12230000 | 12011512 |
|  |  | 43235251 |
|  **Life & Health Insurance-5.89%** | **Life & Health Insurance-5.89%** |  |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/26/2023<sup>(b)</sup> | 17500000 | 17380059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/08/2024<sup>(b)</sup> | 5000000 | 4796310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 03/08/2024<sup>(b)</sup> | 10173000 | 9814607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.70%),<br>05/24/2024<sup>(b)(d)</sup> | 9750000 | 9668510 |
|  Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/28/2023<sup>(b)</sup> | 3255000 | 3196373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/2025<sup>(b)</sup> | 12727000 | 11827588 |
|  GA Global Funding Trust, 0.80%, 09/13/2024<sup>(b)</sup> | 10909000 | 10087308 |
|  Jackson National Life Global Funding, 5.50%, 01/09/2026<sup>(b)</sup> | 16667000 | 16906354 |
|  MassMutual Global Funding II, 4.68% (SOFR + 0.36%), 04/12/2024<sup>(b)(d)</sup> | 15022000 | 15013469 |
|  New York Life Global Funding, 1.10%, 05/05/2023<sup>(b)(c)</sup> | 3243000 | 3212530 |
|  Principal Life Global Funding II, 4.77% (SOFR + 0.45%), 04/12/2024<sup>(b)(d)</sup> | 5882000 | 5858803 |
|  Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/13/2023<sup>(b)</sup> | 3192000 | 3097227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 01/06/2026<sup>(b)</sup> | 10339000 | 10532701 |
|  |  | 121391839 |
|  **Life Sciences Tools & Services-0.62%** | **Life Sciences Tools & Services-0.62%** |  |
|  Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023 | 13208000 | 12835163 |
|  **Managed Health Care-0.14%** | **Managed Health Care-0.14%** |  |
|  Humana, Inc., 0.65%, 08/03/2023 | 2917000 | 2852687 |
|  **Multi-line Insurance-0.85%** | **Multi-line Insurance-0.85%** |  |
|  Metropolitan Life Global Funding I, 5.00%, 01/06/2026<sup>(b)</sup> | 17241000 | 17474815 |
|  **Multi-Utilities-0.37%** | **Multi-Utilities-0.37%** |  |
|  Dominion Energy, Inc., Series D, 5.30% (3 mo. USD LIBOR + 0.53%), 09/15/2023<sup>(d)</sup> | 7692000 | 7702628 |
|  **Oil & Gas Exploration & Production-0.17%** | **Oil & Gas Exploration & Production-0.17%** |  |
|  Pioneer Natural Resources Co., 0.55%, 05/15/2023 | 3509000 | 3466076 |
|  **Oil & Gas Refining & Marketing-0.29%** | **Oil & Gas Refining & Marketing-0.29%** |  |
|  Phillips 66, 0.90%, 02/15/2024 | 6250000 | 5992113 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** | **Value** |
|  **Oil & Gas Storage & Transportation-1.88%** | **Oil & Gas Storage & Transportation-1.88%** |  |  |
|  Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.40%), 02/17/2023<sup>(d)</sup> | $3571000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2023 | 15000000 |  | 14896457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% (SOFR + 0.63%), 02/16/2024<sup>(d)</sup> | 4606000 |  | 4590603 |
|  Enterprise Products Operating LLC, 3.35%, 03/15/2023 | 3650000 |  | 3643672 |
|  Kinder Morgan, Inc., 5.63%, 11/15/2023<sup>(b)</sup> | 12000000 |  | 12026260 |
|  |  |  | 38727875 |
|  **Other Diversified Financial Services-0.35%** | **Other Diversified Financial Services-0.35%** |  |  |
|  Corebridge Global Funding, 0.80%, 07/07/2023<sup>(b)</sup> | 7317000 |  | 7187314 |
|  **Packaged Foods & Meats-0.20%** | **Packaged Foods & Meats-0.20%** |  |  |
|  Conagra Brands, Inc., 0.50%, 08/11/2023 | 4327000 |  | 4225231 |
|  **Pharmaceuticals-0.59%** | **Pharmaceuticals-0.59%** |  |  |
|  Bristol-Myers Squibb Co., 0.54%, 11/13/2023 | 12500000 |  | 12091774 |
|  **Real Estate Development-0.34%** | **Real Estate Development-0.34%** |  |  |
|  Piedmont Operating Partnership L.P., 3.40%, 06/01/2023 | 7000000 |  | 6956973 |
|  **Regional Banks-0.36%** |  |  |  |
|  ANZ New Zealand (Int'l) Ltd. (New Zealand), 4.77% (SOFR + 0.60%), 02/18/2025<sup>(b)(d)</sup> | 7500000 |  | 7483022 |
|  **Restaurants-0.31%** |  |  |  |
|  Starbucks Corp., 4.55% (SOFR + 0.42%), 02/14/2024<sup>(d)</sup> | 6318000 |  | 6303542 |
|  **Retail REITs-0.18%** |  |  |  |
|  Realty Income Corp., 5.05%, 01/13/2026 | 3687000 |  | 3697553 |
|  **Specialized Finance-0.57%** |  |  |  |
|  Blackstone Private Credit Fund, 2.70%, 01/15/2025 | 12645000 |  | 11841860 |
|  **Specialized REITs-0.56%** |  |  |  |
|  Crown Castle, Inc., 3.15%, 07/15/2023 | 11626000 |  | 11538808 |
|  **Specialty Chemicals-0.23%** |  |  |  |
|  Sherwin-Williams Co. (The), 4.05%, 08/08/2024 | 4808000 |  | 4754730 |
|  **Systems Software-0.38%** |  |  |  |
|  VMware, Inc., 0.60%, 08/15/2023 | 8064000 |  | 7881684 |
|  **Technology Hardware, Storage & Peripherals-0.34%** | **Technology Hardware, Storage & Peripherals-0.34%** | **Technology Hardware, Storage & Peripherals-0.34%** | **Technology Hardware, Storage & Peripherals-0.34%** |
|  Apple, Inc., 0.75%, 05/11/2023 | 7143000 |  | 7065693 |
|  **Trading Companies & Distributors-0.64%** | **Trading Companies & Distributors-0.64%** |  |  |
|  Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/2023 | 7000000 |  | 6914969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/18/2024 | 6650000 |  | 6197774 |
|  |  |  | 13112743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $912,423,275) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $912,423,275) |  | 900550667 |
|  **Asset-Backed Securities-13.58%** | **Asset-Backed Securities-13.58%** | **Asset-Backed Securities-13.58%** | **Asset-Backed Securities-13.58%** |
|  ABPCI Direct Lending Fund CLO II LLC (Cayman Islands), Series 2017-1A, Class A1R, 6.41% (3 mo. USD LIBOR + 1.60%), 04/20/2032<sup>(b)(d)</sup> | 2000000 |  | 1966544 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.16%, 12/25/2059<sup>(b)(f)</sup> | $1344286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.37%, 05/25/2065<sup>(b)(f)</sup> | 2363905 | 2177822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 05/25/2066<sup>(b)(f)</sup> | 6546227 | 5600495 |
|  Angel Oak Mortgage Trust I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, 3.92%, 11/25/2048<sup>(b)(f)</sup> | 45773 | 45581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, 2.99%, 07/26/2049<sup>(b)(f)</sup> | 108365 | 107767 |
|  Atrium XIII (Cayman Islands), Series 13A, Class A1, 6.00% (3 mo. USD LIBOR + 1.18%), 11/21/2030<sup>(b)(d)</sup> | 2985427 | 2971721 |
|  Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 4.65% (1 mo. USD LIBOR + 0.14%), 11/25/2036<sup>(d)</sup> | 835247 | 809672 |
|  BINOM Securitization Trust, Series 2021- INV1, Class A1, 2.03%, 06/25/2056<sup>(b)(f)</sup> | 4286573 | 3850628 |
|  BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060<sup>(b)(f)</sup> | 2995376 | 2844540 |
|  CBAM Ltd. (Cayman Islands), Series 2018- 5A, Class A, 5.81% (3 mo. USD LIBOR + 1.02%), 04/17/2031<sup>(b)(d)</sup> | 6250000 | 6179675 |
|  CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 5.86% (1 mo. USD LIBOR + 1.35%), 10/25/2037<sup>(b)(d)</sup> | 299555 | 298441 |
|  COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2R, Class A1, 1.33%, 10/26/2065<sup>(b)(f)</sup> | 2033501 | 1847933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.40%, 10/25/2066<sup>(b)(f)</sup> | 12661420 | 10592205 |
|  Countrywide Asset-Backed Ctfs. Trust, Series 2006-6, Class 1A1, 4.85% (1 mo. USD LIBOR + 0.34%), 09/25/2036<sup>(d)</sup> | 13916 | 13908 |
|  CSMC Trust, Series 2014-2R, Class 27A1, 3.70% (1 mo. USD LIBOR + 0.20%), 02/27/2046<sup>(b)(d)</sup> | 41037 | 40587 |
|  CWABS, Inc. Asset-Backed Ctfs. Trust, Series 2004-4, Class M1, 5.23% (1 mo. USD LIBOR + 0.72%), 07/25/2034<sup>(d)</sup> | 682756 | 671543 |
|  Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066<sup>(b)(f)</sup> | 5714414 | 4985256 |
|  Dryden 30 Senior Loan Fund (Cayman Islands), Series 2013-30A, Class AR, 5.43% (3 mo. USD LIBOR + 0.82%), 11/15/2028<sup>(b)(d)</sup> | 12611326 | 12531497 |
|  Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 2.74%, 11/25/2059<sup>(b)(f)</sup> | 1570682 | 1487294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.18%, 10/25/2065<sup>(b)(f)</sup> | 364045 | 331368 |
|  FS KKR MM CLO 1 LLC, Series 2019-1A, Class A1R, 6.64% (3 mo. USD LIBOR + 1.85%), 01/15/2031<sup>(b)(d)</sup> | 9000000 | 8924085 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030<sup>(b)(d)</sup> | $10000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928760 |
|  GoldenTree Loan Opportunities IX Ltd. (Cayman Islands), Series 2014-9A, Class AR2, 5.91% (3 mo. USD LIBOR + 1.11%), 10/29/2029<sup>(b)(d)</sup> | 9693067 | 9655536 |
|  Golub Capital Partners CLO 34(M) Ltd. (Cayman Islands), Series 2017-34A, Class AR2, 5.98% (3 mo. USD LIBOR + 1.45%), 03/14/2031<sup>(b)(d)</sup> | 14000000 | 13821752 |
|  Golub Capital Partners CLO 36(M) Ltd. (Cayman Islands), Series 2018-36A, Class A, 5.83% (3 mo. USD LIBOR + 1.30%), 02/05/2031<sup>(b)(d)</sup> | 5000000 | 4937510 |
|  Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 6.53% (3 mo. USD LIBOR + 1.72%), 10/20/2031<sup>(b)(d)</sup> | 5000000 | 4964055 |
|  Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 6.21% (3 mo. USD LIBOR + 1.68%), 05/05/2032<sup>(b)(d)</sup> | 10000000 | 9861530 |
|  GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, 09/27/2060<sup>(b)(f)</sup> | 2010520 | 1851407 |
|  HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 5.09% (1 mo. USD LIBOR + 0.59%), 01/25/2036<sup>(d)</sup> | 875471 | 853676 |
|  JP Morgan Mortgage Trust, Series 2021- LTV2, Class A1, 2.52%, 05/25/2052<sup>(b)(f)</sup> | 9748457 | 8186898 |
|  KKR CLO 21 Ltd. (Cayman Islands), Series A, 5.65% (3 mo. USD LIBOR + 1.00%), 04/15/2031<sup>(b)(d)</sup> | 2000000 | 1978296 |
|  Nationstar Home Equity Loan Trust, Series 2007-B, Class 1AV1, 4.73% (1 mo. USD LIBOR + 0.22%), 04/25/2037<sup>(d)</sup> | 490412 | 487418 |
|  Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(b)</sup> | 2238471 | 2022349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070<sup>(b)</sup> | 4010003 | 3434090 |
|  Neuberger Berman CLO XIV Ltd. (Cayman Islands), Series 2013-14A, Class AR2, 5.83% (3 mo. USD LIBOR + 1.03%), 01/28/2030<sup>(b)(d)</sup> | 9589083 | 9534923 |
|  Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman Islands), Series 2017-25A, Class AR, 5.72% (3 mo. USD LIBOR + 0.93%), 10/18/2029<sup>(b)(d)</sup> | 9750000 | 9677811 |
|  New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class A1, 6.01% (1 mo. USD LIBOR + 1.50%), 06/25/2057<sup>(b)(d)</sup> | 323986 | 319746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, 2.49%, 09/25/2059<sup>(b)(f)</sup> | 2034409 | 1906718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.46%, 01/26/2060<sup>(b)(f)</sup> | 1320565 | 1226357 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-EXP1, Class 2A1, 5.36% (1 mo. USD LIBOR + 0.85%), 04/25/2048<sup>(b)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;177047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.10%, 05/25/2061<sup>(b)(f)</sup> | 9614560 | 7758485 |
|  OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 5.93% (3 mo. USD LIBOR + 1.12%), 07/20/2029<sup>(b)(d)</sup> | 6033094 | 6001637 |
|  Octagon Investment Partners XVII Ltd. (Cayman Islands), Series 2013-1A, Class A1R2, 5.82% (3 mo. USD LIBOR + 1.00%), 01/25/2031<sup>(b)(d)</sup> | 5000000 | 4963880 |
|  Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 5.72% (3 mo. USD LIBOR + 1.04%), 02/20/2030<sup>(b)(d)</sup> | 9363266 | 9318725 |
|  Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, 2.63%, 09/25/2059<sup>(b)(f)</sup> | 1059278 | 1039484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.38%, 01/26/2060<sup>(b)(f)</sup> | 1220815 | 1173547 |
|  STAR Trust, Series 2021-SFR1, Class A, 5.06% (1 mo. USD LIBOR + 0.60%), 04/17/2038<sup>(b)(d)</sup> | 19739680 | 19318733 |
|  Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.28%, 02/25/2050<sup>(b)(f)</sup> | 254428 | 245763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 1.03%, 11/25/2055<sup>(b)(f)</sup> | 3198281 | 2847382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065<sup>(b)(f)</sup> | 3180272 | 2972842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.16%, 08/25/2056<sup>(b)(f)</sup> | 9551903 | 8067353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, 11/25/2066<sup>(b)(f)</sup> | 10280883 | 8840853 |
|  Stratus CLO Ltd. (Cayman Islands), Series 2021-2A, Class A, 5.71% (3 mo. USD LIBOR + 0.90%), 12/28/2029<sup>(b)(d)</sup>  | 10243452 | 10163000 |
|  TICP CLO II-2 Ltd. (Cayman Islands), Series 2018-IIA, Class A1, 5.08% (3 mo. USD LIBOR + 0.84%), 04/20/2028<sup>(b)(d)</sup>  | 1770045 | 1763820 |
|  TRK Trust, Series 2021-INV1, Class A1, 1.15%, 07/25/2056<sup>(b)(f)</sup> | 7123877 | 6222017 |
|  Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.42%, 01/25/2060<sup>(b)(g)</sup> | 1511741 | 1441827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5, Class A1, 1.22%, 05/25/2065<sup>(b)(g)</sup> | 3354143 | 3094884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 0.94%, 07/25/2066<sup>(b)(f)</sup> | 10498532 | 8662612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, 6.79%, 10/25/2067<sup>(b)(g)</sup> | 8837348 | 9024193 |
|  Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055<sup>(b)</sup> | 2908460 | 2652987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $297,627,669) |  | 279957455 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** | **Value** |
|  **U.S. Treasury Securities-1.88%** | **U.S. Treasury Securities-1.88%** |  |  |
|  **U.S. Treasury Bills-1.88%** | **U.S. Treasury Bills-1.88%** |  |  |
|  4.12%–4.37%, 10/05/2023<sup>(h)</sup><br>(Cost $38,872,184) | $40000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38768907 |
|  **Variable Rate Senior Loan Interests-0.06%<sup>(i)(j)</sup>** | **Variable Rate Senior Loan Interests-0.06%<sup>(i)(j)</sup>** | **Variable Rate Senior Loan Interests-0.06%<sup>(i)(j)</sup>** | **Variable Rate Senior Loan Interests-0.06%<sup>(i)(j)</sup>** |
|  **Aerospace & Defense-0.06%** | **Aerospace & Defense-0.06%** |  |  |
|  Fly Funding II S.a.r.l. (India), Term Loan B, 4.62% (3 mo. USD LIBOR + 1.75%), 08/09/2025<br>(Cost $1,545,886) | 1549414 |  | 1345860 |
|  **Commercial Paper-37.55%<sup>(h)</sup>** | **Commercial Paper-37.55%<sup>(h)</sup>** |  |  |
|  Arrow Electronics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 02/16/2023<sup>(b)</sup> | 30000000 |  | 29932400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/21/2023<sup>(b)</sup> | 5000000 |  | 4984857 |
|  AutoNation, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 02/02/2023<sup>(b)</sup> | 19200000 |  | 19194814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 02/06/2023<sup>(b)</sup> | 8300000 |  | 8293117 |
|  Barclays Capital, Inc., 1.06%, 02/02/2023 | 36900000 |  | 36891054 |
|  Brookfield Infrastructure Holdings Canada Inc., 5.05%, 03/02/2023 | 10000000 |  | 9960042 |
|  Conagra Brands, Inc., 5.17%, 02/28/2023<sup>(b)</sup> | 10000000 |  | 9960341 |
|  Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%–5.04%, 02/06/2023<sup>(b)</sup> | 17500000 |  | 17485487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/13/2023<sup>(b)</sup> | 15000000 |  | 14972803 |
|  Constellation Energy Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 02/10/2023<sup>(b)</sup> | 11000000 |  | 10984053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 02/14/2023<sup>(b)</sup> | 12500000 |  | 12474474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 02/22/2023<sup>(b)</sup> | 20000000 |  | 19935577 |
|  Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/02/2023<sup>(b)</sup> | 8500000 |  | 8497705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 02/14/2023<sup>(b)</sup> | 3000000 |  | 2994162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%–5.33%, 02/23/2023<sup>(b)</sup> | 14180000 |  | 14134558 |
|  Dollarama, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 02/10/2023<sup>(b)</sup> | 5800000 |  | 5792407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 02/17/2023<sup>(b)</sup> | 14000000 |  | 13968723 |
|  E.ON SE, 4.87%, 02/13/2023<sup>(b)</sup> | 15000000 |  | 14974428 |
|  Electricite de France S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 02/06/2023<sup>(b)</sup> | 22500000 |  | 22482529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 02/09/2023<sup>(b)</sup> | 7000000 |  | 6991792 |
|  Enel Finance America LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/17/2023<sup>(b)</sup> | 15000000 |  | 14823870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/06/2023<sup>(b)</sup> | 15000000 |  | 14460087 |
|  Energy Transfer L.P., 5.00%, 02/01/2023 | 10000000 |  | 9998657 |
|  ENGIE S.A., 4.43%, 02/03/2023<sup>(b)</sup> | 3500000 |  | 3498692 |
|  Fidelity National Information Services, Inc., 4.87%, 02/27/2023<sup>(b)</sup> | 28000000 |  | 27900838 |
|  Fiserv, Inc., 4.68%, 02/02/2023<sup>(b)</sup> | 20000000 |  | 19994912 |
|  General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 04/12/2023<sup>(b)</sup> | 10000000 |  | 9896024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 06/06/2023<sup>(b)</sup> | 12500000 |  | 12257844 |
|  Harley-Davidson Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 02/02/2023<sup>(b)</sup> | 4700000 |  | 4698783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 02/16/2023<sup>(b)</sup> | 7500000 |  | 7483820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03%–5.22%, 02/21/2023<sup>(b)</sup> | 16000000 |  | 15954341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53%–5.53%, 04/19/2023<sup>(b)</sup> | 15000000 |  | 14830317 |
|  HSBC USA, Inc., 4.91% (SOFR + 0.35%), 02/10/2023<sup>(d)</sup> | 14000000 |  | 14000815 |
|  Humana, Inc., 4.87%, 02/08/2023<sup>(b)</sup> | 3500000 |  | 3496261 |
|  Jabil, Inc., 5.24%–5.24%, 02/13/2023<sup>(b)</sup> | 42000000 |  | 41921088 |
|  Leidos Inc., 4.91%–4.91%, 02/02/2023<sup>(b)</sup> | 24500000 |  | 24493262 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Macquarie Bank Ltd., 4.91% (SOFR + 0.60%), 03/02/2023<sup>(b)(d)</sup> | $| 20000000 | $| 20007190 |
|  Mitsubishi HC Capital America, Inc., 4.87%, 02/21/2023 |  | 20000000 |  | 19944093 |
|  Mitsubishi HC Finance America LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 02/06/2023 |  | 15000000 |  | 14988310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 02/08/2023 |  | 5000000 |  | 4994769 |
|  Nutrien Financial US LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 02/13/2023<sup>(b)</sup> |  | 10000000 |  | 9982952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 02/14/2023<sup>(b)</sup> |  | 10000000 |  | 9981633 |
|  Oglethorpe Power Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 02/06/2023<sup>(b)</sup> |  | 10000000 |  | 9992015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 02/27/2023<sup>(b)</sup> |  | 12000000 |  | 11955720 |
|  Oracle Corp., 4.71%, 02/16/2023<sup>(b)</sup> |  | 10000000 |  | 9979080 |
|  Regatta Funding Co. LLC, 2.84%, 05/16/2023<sup>(b)</sup> |  | 10000000 |  | 9860729 |
|  Societe Generale S.A., 5.60%, 11/14/2023<sup>(b)</sup> |  | 15000000 |  | 14397300 |
|  VF Corp., 4.89%, 03/02/2023<sup>(b)</sup> |  | 18500000 |  | 18429006 |
|  Vulcan Materials Co., 4.69%, 02/07/2023<sup>(b)</sup> |  | 10000000 |  | 9990560 |
|  Walgreens Boots Alliance, Inc., 5.03%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 02/06/2023<sup>(b)</sup> |  | 7000000 |  | 6994428 |
|  WGL Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 02/07/2023<sup>(b)</sup> |  | 5000000 |  | 4995562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 02/08/2023<sup>(b)</sup> |  | 10000000 |  | 9989851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 02/13/2023<sup>(b)</sup> |  | 13500000 |  | 13477692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 02/16/2023<sup>(b)</sup> |  | 10000000 |  | 9979640 |
|  White Plains Capital Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 02/01/2023<sup>(b)</sup> |  | 20000000 |  | 19997494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/18/2023<sup>(b)</sup> |  | 20000000 |  | 19515973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper<br>(Cost $774,196,171) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper<br>(Cost $774,196,171) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper<br>(Cost $774,196,171) |  | &nbsp;&nbsp;&nbsp;&nbsp;774068931 |
|  | **Repurchase<br>Amount** | **Repurchase<br>Amount** |  |  |
|  **Repurchase Agreements-3.88%<sup>(k)</sup>** | **Repurchase Agreements-3.88%<sup>(k)</sup>** | **Repurchase Agreements-3.88%<sup>(k)</sup>** | **Repurchase Agreements-3.88%<sup>(k)</sup>** | **Repurchase Agreements-3.88%<sup>(k)</sup>** |
|  Citigroup Global Markets, Inc., joint term agreement dated 10/19/2022, aggregate maturing value of $264,052,768 (collateralized by non-agency mortgage-backed securities valued at $289,341,637; 0.00% - 8.71%; 06/15/2026 - 04/01/2069), 4.97%, 02/01/2023<sup>(l)</sup> |  | 50200146 |  | 50000000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Repurchase<br>Amount** | **Repurchase<br>Amount** | **Value** |
|  J.P. Morgan Securities LLC, joint open agreement dated 06/11/2021 (collateralized by corporate obligations valued at $82,500,000; 2.40% - 13.38%; 02/15/2023 - 06/03/2050), 4.62%, 02/01/2023<sup>(m)</sup> | $| 30111658 | $30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements<br>(Cost $80,000,000) | &nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements<br>(Cost $80,000,000) | &nbsp;&nbsp;&nbsp;&nbsp; Total Repurchase Agreements<br>(Cost $80,000,000) | 80000000 |
|  | **Principal<br>Amount** | **Principal<br>Amount** |  |
|  **Certificate of Deposit-0.13%** |  |  |  |
|  **Diversified Banks-0.13%** |  |  |  |
|  Sumitomo Mitsui Banking Corp. (Japan), 3.00%, 07/03/2023<br>(Cost $2,700,000) |  | 2700000 | 2677697 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.77%<br>(Cost $2,107,365,185) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.77%<br>(Cost $2,107,365,185) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.77%<br>(Cost $2,107,365,185) | 2077369517 |
|  | **Shares** | **Shares** |  |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-0.15%** | **Money Market Funds-0.15%** | **Money Market Funds-0.15%** |  |
|  Invesco Private Government Fund, 4.36%<sup>(n)(o)(p)</sup> |  | 838775 | 838775 |
|  Invesco Private Prime Fund,<br>4.59%<sup>(n)(o)(p)</sup>  |  | 2156602 | 2157249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,996,024) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,996,024) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,996,024) | 2996024 |
|  TOTAL INVESTMENTS IN SECURITIES-100.92%<br>(Cost $2,110,361,209) | TOTAL INVESTMENTS IN SECURITIES-100.92%<br>(Cost $2,110,361,209) | TOTAL INVESTMENTS IN SECURITIES-100.92%<br>(Cost $2,110,361,209) | 2080365541 |
|  OTHER ASSETS LESS LIABILITIES-(0.92)% | OTHER ASSETS LESS LIABILITIES-(0.92)% | OTHER ASSETS LESS LIABILITIES-(0.92)% | (18998788) |
|  NET ASSETS-100.00% |  |  | $2061366753 |

---

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

------

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

January 31, 2023

*(Unaudited)*

Investment Abbreviations:

---

| |
|:---|
|  CLO - Collateralized Loan Obligation |
|  Ctfs. - Certificates |
|  LIBOR - London Interbank Offered Rate |
|  REIT -Real Estate Investment Trust |
|  SOFR -Secured Overnight Financing Rate |
|  USD - U.S. Dollar |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

<sup>(b)</sup> 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 January 31, 2023 was $1,256,258,232, which represented 60.94% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(d)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

<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> 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 is the rate in effect on January 31, 2023.

<sup>(g)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<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> 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 borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity 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 life of three to five years. 

<sup>(j)</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 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 LIBOR, on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(k)</sup> Principal amount equals value at period end. 

<sup>(l)</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>(m)</sup> Either party may terminate the agreement upon demand. Interest rates, 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>(n)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized**<br> **Gain** | **Value**<br> **January 31, 2023** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | $546142 | $6069200 | $(5776567) | $- | $- | $838775 | $8358 \* |
|  Invesco Private Prime Fund | 1404000 | 9643771 | (8890655) |  | 133 | 2157249 | 22451 \* |
|  Total | $1950142 | $15712971 | $(14667222) | $- | $133 | $2996024 | $30809 |

---

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

<sup>(o)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

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

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)** 

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **U.S. Dollar Denominated Bonds & Notes-46.51%** | **U.S. Dollar Denominated Bonds & Notes-46.51%** | **U.S. Dollar Denominated Bonds & Notes-46.51%** |
|  **Agricultural & Farm Machinery-0.12%** |  |  |
|  John Deere Capital Corp., 4.87% (SOFR + 0.56%), 03/07/2025<sup>(b)(c)</sup> | $678000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677891 |
|  **Auto Parts & Equipment-0.36%** |  |  |
|  American Honda Finance Corp., 5.23% (3 mo. USD LIBOR + 0.37%), 05/10/2023<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | 2000916 |
|  **Automobile Manufacturers-2.63%** |  |  |
|  BMW US Capital LLC (Germany), 5.32% (SOFR + 0.84%), 04/01/2025<sup>(c)(d)</sup> | 897000 | 895112 |
|  Ford Motor Credit Co. LLC, 7.40% (SOFR + 2.95%), 03/06/2026<sup>(c)</sup> | 3000000 | 3027512 |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (SOFR + 0.76%), 03/08/2024<sup>(c)</sup> | 1154000 | 1146065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (SOFR + 1.30%), 04/07/2025<sup>(c)</sup> | 2500000 | 2480159 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% (SOFR + 0.26%),<br>06/18/2024<sup>(b)(c)</sup> | 3000000 | 2993331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (SOFR + 0.56%), 01/10/2025<sup>(c)</sup> | 2500000 | 2502530 |
|  Volkswagen Group of America Finance LLC (Germany), 5.29% (SOFR + 0.95%), 06/07/2024<sup>(c)(d)</sup> | 1667000 | 1665788 |
|  |  | 14710497 |
|  **Construction Machinery & Heavy Trucks-1.16%** | **Construction Machinery & Heavy Trucks-1.16%** | **Construction Machinery & Heavy Trucks-1.16%** |
|  Daimler Trucks Finance North America LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% (SOFR + 1.00%),<br>04/05/2024<sup>(c)(d)</sup>  | 3500000 | 3501861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (SOFR + 0.75%),<br>12/13/2024<sup>(c)(d)</sup>  | 3000000 | 2983063 |
|  |  | 6484924 |
|  **Consumer Finance-1.60%** |  |  |
|  American Express Co., 4.80% (SOFR + 0.23%), 11/03/2023<sup>(c)</sup> | 2500000 | 2496916 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% (SOFR + 0.69%),<br>12/06/2024<sup>(b)(c)</sup>  | 3000000 | 2970895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93% (SOFR + 1.35%),<br>05/09/2025<sup>(b)(c)</sup>  | 3499000 | 3479256 |
|  |  | 8947067 |
|  **Diversified Banks-18.07%** |  |  |
|  Banco Santander S.A. (Spain), 5.82% (SOFR + 1.24%), 05/24/2024<sup>(c)</sup> | 2600000 | 2608253 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% (3 mo. USD LIBOR + 0.79%), 03/05/2024<sup>(c)</sup> | 3750000 | 3751534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.73%), 10/24/2024<sup>(c)</sup> | 2000000 | 2000395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% (SOFR + 1.10%),<br>04/25/2025<sup>(b)(c)</sup>  | 3500000 | 3507605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (3 mo. USD LIBOR + 0.77%), 02/05/2026<sup>(c)</sup> | 1042000 | 1040639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% (3 mo. USD LIBOR + 0.76%), 09/15/2026<sup>(b)(c)</sup> | 2696000 | 2663786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (SOFR + 1.05%), 02/04/2028<sup>(c)</sup> | 1685000 | 1660429 |
|  Bank of Nova Scotia (The) (Canada), 4.86% (SOFR + 0.55%), 03/02/2026<sup>(c)</sup> | 2500000 | 2459134 |
|  Barclays PLC (United Kingdom), 6.25% (3 mo. USD LIBOR + 1.38%), 05/16/2024<sup>(c)</sup>  | 3000000 | 3005219 |
|  Canadian Imperial Bank of Commerce (Canada), 5.25% (SOFR + 0.80%), 03/17/2023<sup>(c)</sup> | 3000000 | 3001998 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
|  **Diversified Banks-(continued)** |  |  |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD LIBOR + 1.02%), 06/01/2024<sup>(c)</sup> | $4010000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23% (SOFR + 0.67%), 05/01/2025<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | 2477861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (SOFR + 1.37%), 05/24/2025<sup>(c)</sup> | 3000000 | 3010004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (3 mo. USD LIBOR + 1.25%), 07/01/2026<sup>(c)</sup> | 1882000 | 1905625 |
|  Commonwealth Bank of Australia (Australia), 4.94% (SOFR + 0.52%), 06/15/2026<sup>(b)(c)(d)</sup> | 3000000 | 2968751 |
|  HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (SOFR + 1.43%),<br>03/10/2026<sup>(b)(c)</sup> | 3500000 | 3497457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12% (3 mo. USD LIBOR + 1.38%), 09/12/2026<sup>(c)</sup> | 3000000 | 2963861 |
|  ING Groep N.V. (Netherlands) | ING Groep N.V. (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (3 mo. USD LIBOR + 1.00%), 10/02/2023<sup>(c)</sup> | 4950000 | 4966228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% (SOFR + 1.64%),<br>03/28/2026<sup>(b)(c)</sup>  | 2500000 | 2505746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% (SOFR + 1.01%),<br>04/01/2027<sup>(b)(c)</sup>  | 2999000 | 2911913 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (SOFR + 0.54%), 06/01/2025<sup>(c)</sup> | 4000000 | 3967398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98% (SOFR + 0.60%), 12/10/2025<sup>(c)</sup> | 3000000 | 2964222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (SOFR + 1.32%), 04/26/2026<sup>(c)</sup> | 2400000 | 2411563 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), 6.17% (SOFR + 1.65%), 07/18/2025<sup>(b)(c)</sup>  | 2500000 | 2512027 |
|  NatWest Group PLC (United Kingdom), 6.27% (3 mo. USD LIBOR + 1.55%), 06/25/2024<sup>(b)(c)</sup> | 4000000 | 4011222 |
|  NatWest Markets PLC (United Kingdom), 5.11% (SOFR + 0.53%),<br>08/12/2024<sup>(c)(d)</sup> . | 571000 | 566325 |
|  Nordea Bank Abp (Finland), 5.67% (3 mo. USD LIBOR + 0.94%), 08/30/2023<sup>(c)(d)</sup> | 2987000 | 2995119 |
|  Royal Bank of Canada (Canada), 5.36% (SOFR + 0.84%), 04/14/2025<sup>(c)</sup> | 4000000 | 4003046 |
|  Societe Generale S.A. (France), 5.59% (SOFR + 1.05%), 01/21/2026<sup>(c)(d)</sup> | 3000000 | 2946698 |
|  Standard Chartered PLC (United Kingdom), 6.22% (SOFR + 1.74%), 03/30/2026<sup>(c)(d)</sup>  | 3108000 | 3105741 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), 5.94% (SOFR + 1.43%), 01/13/2026<sup>(b)(c)</sup> | 2000000 | 2012559 |
|  Swedbank AB (Sweden), 5.39% (SOFR + 0.91%), 04/04/2025<sup>(c)(d)</sup> | 4615000 | 4601270 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% (SOFR + 0.73%), 03/09/2023<sup>(c)</sup> | 2000000 | 2001301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (SOFR + 0.20%), 01/17/2024<sup>(c)</sup> | 3000000 | 2992697 |
|  USB Realty Corp., 5.98% (3 mo. USD LIBOR + 1.15%)<sup>(c)(d)(e)</sup> | 1100000 | 867011 |
|  Wells Fargo & Co., 5.87% (SOFR + 1.32%), 04/25/2026<sup>(c)</sup> | 2000000 | 2009270 |
|  |  | 100893105 |
|  **Electric Utilities-2.44%** |  |  |
|  American Electric Power Co., Inc., Series A, 5.29% (3 mo. USD LIBOR + 0.48%), 11/01/2023<sup>(c)</sup> | 3000000 | 2988681 |
|  Eversource Energy, Series T, 4.82% (SOFR + 0.25%), 08/15/2023<sup>(c)</sup> | 3000000 | 2993820 |
|  Florida Power & Light Co., 4.83% (SOFR + 0.25%), 05/10/2023<sup>(c)</sup> | 1478000 | 1476551 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Principal <br>Amount** | **Value** | **Value** |
|  **Electric Utilities-(continued)** |  |  |  |  |
|  NextEra Energy Capital Holdings, Inc., 5.47% (SOFR + 1.02%),<br>03/21/2024<sup>(b)(c)</sup> | $| 4850000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845442 |
|  Southern Co. (The), Series 2021, 4.95% (SOFR + 0.37%), 05/10/2023<sup>(c)</sup> |  | 1316000 |  | 1315040 |
|  |  |  |  | 13619534 |
|  **Gas Utilities-0.58%** |  |  |  |  |
|  CenterPoint Energy Resources Corp., 5.28% (3 mo. USD LIBOR + 0.50%), 03/02/2023<sup>(c)</sup> |  | 3250000 |  | 3250902 |
|  **Health Care Equipment-0.53%** |  |  |  |  |
|  Baxter International, Inc., 4.57% (SOFR + 0.26%), 12/01/2023<sup>(c)</sup> |  | 3000000 |  | 2982379 |
|  **Health Care Services-1.20%** | **Health Care Services-1.20%** | **Health Care Services-1.20%** |  |  |
|  Cigna Corp., 5.68% (3 mo. USD LIBOR + 0.89%), 07/15/2023<sup>(c)</sup> |  | 4543000 |  | 4554529 |
|  Roche Holdings, Inc., 4.57% (SOFR + 0.24%), 03/05/2024<sup>(c)(d)</sup> |  | 2161000 |  | 2156877 |
|  |  |  |  | 6711406 |
|  **Integrated Telecommunication Services-2.28%** | **Integrated Telecommunication Services-2.28%** | **Integrated Telecommunication Services-2.28%** | **Integrated Telecommunication Services-2.28%** | **Integrated Telecommunication Services-2.28%** |
|  AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (3 mo. USD LIBOR + 0.89%), 02/15/2023<sup>(c)</sup> |  | 2669000 |  | 2669791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD LIBOR + 1.18%), 06/12/2024<sup>(c)</sup> |  | 3832000 |  | 3873487 |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96% (3 mo. USD LIBOR + 1.10%), 05/15/2025<sup>(c)</sup> |  | 4127000 |  | 4184626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23% (SOFR + 0.79%), 03/20/2026<sup>(c)</sup> |  | 2000000 |  | 1994105 |
|  |  |  |  | 12722009 |
|  **Investment Banking & Brokerage-3.59%** | **Investment Banking & Brokerage-3.59%** | **Investment Banking & Brokerage-3.59%** |  |  |
|  Charles Schwab Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% (SOFR + 0.52%), 05/13/2026<sup>(c)</sup> |  | 4303000 |  | 4203096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (SOFR + 1.05%),<br>03/03/2027<sup>(b)(c)</sup>  |  | 4000000 |  | 3977096 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% (3 mo. USD LIBOR + 0.75%), 02/23/2023<sup>(c)</sup> |  | 3000000 |  | 3001151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (SOFR + 0.58%), 03/08/2024<sup>(c)</sup> |  | 2069000 |  | 2066201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (SOFR + 0.70%),<br>01/24/2025<sup>(b)(c)</sup>  |  | 2535000 |  | 2521952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD LIBOR + 1.75%), 10/28/2027<sup>(c)</sup> |  | 1220000 |  | 1256861 |
|  Morgan Stanley, 5.70% (SOFR + 1.17%), 04/17/2025<sup>(c)</sup> |  | 3000000 |  | 3008572 |
|  |  |  |  | 20034929 |
|  **Life & Health Insurance-4.56%** |  |  |  |  |
|  Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.70%),<br>05/24/2024<sup>(c)(d)</sup>  |  | 5000000 |  | 4958211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (SOFR + 0.72%),<br>01/07/2025<sup>(c)(d)</sup>  |  | 3500000 |  | 3409138 |
|  Equitable Financial Life Global Funding, 4.89% (SOFR + 0.39%),<br>04/06/2023<sup>(b)(c)(d)</sup> |  | 2500000 |  | 2500320 |
|  GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% (SOFR + 0.50%),<br>09/13/2024<sup>(c)(d)</sup>  |  | 4000000 |  | 3899468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (SOFR + 1.36%),<br>04/11/2025<sup>(c)(d)</sup>  |  | 4000000 |  | 3933889 |
|  New York Life Global Funding, 4.85% (SOFR + 0.48%), 06/09/2026<sup>(c)(d)</sup> |  | 4000000 |  | 3882794 |
|  Pacific Life Global Funding II, 4.95% (SOFR + 0.62%), 06/04/2026<sup>(c)(d)</sup> |  | 3000000 |  | 2892005 |
|  |  |  |  | 25475825 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** | **Value** |
|  **Life Sciences Tools & Services-0.98%** | **Life Sciences Tools & Services-0.98%** |  |  |
|  Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (SOFR + 0.35%), 04/18/2023<sup>(c)</sup> | $3000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% (SOFR + 0.39%),<br>10/18/2023<sup>(b)(c)</sup>  | 2500000 |  | 2495657 |
|  |  |  | 5495551 |
|  **Movies & Entertainment-0.54%** |  |  |  |
|  Warnermedia Holdings, Inc., 6.20% (SOFR + 1.78%), 03/15/2024<sup>(c)(d)</sup> | 3000000 |  | 3009542 |
|  **Multi-line Insurance-0.49%** |  |  |  |
|  Metropolitan Life Global Funding I, 4.82% (SOFR + 0.32%), 01/07/2024<sup>(c)(d)</sup> | 2750000 |  | 2744416 |
|  **Multi-Utilities-0.43%** |  |  |  |
|  CenterPoint Energy, Inc., 5.23% (SOFR + 0.65%), 05/13/2024<sup>(c)</sup> | 1639000 |  | 1620580 |
|  Dominion Energy, Inc., Series D, 5.30% (3 mo. USD LIBOR + 0.53%), 09/15/2023<sup>(c)</sup>  | 769000 |  | 770062 |
|  |  |  | 2390642 |
|  **Oil & Gas Storage & Transportation-0.27%** | **Oil & Gas Storage & Transportation-0.27%** |  |  |
|  Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.40%), 02/17/2023<sup>(c)</sup> | 357000 |  | 356988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% (SOFR + 0.63%), 02/16/2024<sup>(c)</sup> | 1152000 |  | 1148149 |
|  |  |  | 1505137 |
|  **Other Diversified Financial Services-0.54%** | **Other Diversified Financial Services-0.54%** | **Other Diversified Financial Services-0.54%** | **Other Diversified Financial Services-0.54%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.15% (SOFR + 0.68%), 09/29/2023<sup>(c)</sup> | 3000000 |  | 2983113 |
|  **Packaged Foods & Meats-0.71%** |  |  |  |
|  General Mills, Inc., 5.84% (3 mo. USD LIBOR + 1.01%), 10/17/2023<sup>(c)</sup> | 3937000 |  | 3954009 |
|  **Pharmaceuticals-1.18%** |  |  |  |
|  Bayer US Finance II LLC (Germany), 5.78% (3 mo. USD LIBOR + 1.01%), 12/15/2023<sup>(c)(d)</sup> | 4105000 |  | 4115729 |
|  GSK Consumer Healthcare Capital US LLC, 5.35% (SOFR + 0.89%), 03/24/2024<sup>(b)(c)</sup>  | 2500000 |  | 2495280 |
|  |  |  | 6611009 |
|  **Regional Banks-1.01%** |  |  |  |
|  M&T Bank Corp., 5.50% (3 mo. USD LIBOR + 0.68%), 07/26/2023<sup>(c)</sup> | 2940000 |  | 2941038 |
|  Truist Financial Corp., 4.77% (SOFR + 0.40%), 06/09/2025<sup>(c)</sup> | 2702000 |  | 2670501 |
|  |  |  | 5611539 |
|  **Thrifts & Mortgage Finance-0.69%** | **Thrifts & Mortgage Finance-0.69%** |  |  |
|  Nationwide Building Society (United Kingdom), 5.86% (SOFR + 1.29%), 02/16/2028<sup>(c)(d)</sup> | 4000000 |  | 3849531 |
|  **Trading Companies & Distributors-0.55%** | **Trading Companies & Distributors-0.55%** |  |  |
|  BOC Aviation Ltd. (Singapore), 5.85% (3 mo. USD LIBOR + 1.13%), 09/26/2023<sup>(c)(d)</sup> | 3082000 |  | 3081999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $260,835,998) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $260,835,998) |  | 259747872 |
|  **Agency Credit Risk Transfer Notes-17.27%** | **Agency Credit Risk Transfer Notes-17.27%** | **Agency Credit Risk Transfer Notes-17.27%** | **Agency Credit Risk Transfer Notes-17.27%** |
|  Fannie Mae Connecticut Avenue Securities Series 2019-R01, Class 2M2, 6.96% (1 mo. USD LIBOR + 2.45%), 07/25/2031<sup>(c)(d)(f)</sup> | 601843 |  | 602738 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R02, Class 1M2, 6.81% (1 mo. USD LIBOR + 2.30%), 08/25/2031<sup>(c)(d)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;512019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M1, 5.06% (30 Day Average SOFR + 0.75%), 10/25/2041<sup>(c)(d)(f)</sup> | 1141119 | 1136315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M1, 5.16% (30 Day Average SOFR + 0.85%), 12/25/2041<sup>(c)(d)(f)</sup> | 3458094 | 3422528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 5.31% (30 Day Average SOFR + 1.00%), 12/25/2041<sup>(c)(d)(f)</sup> | 1270230 | 1255780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 6.21% (30 Day Average SOFR + 1.90%), 12/25/2041<sup>(c)(d)(f)</sup> | 1000000 | 975665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1, 5.51% (30 Day Average SOFR + 1.20%), 01/25/2042<sup>(c)(d)(f)</sup> | 2859956 | 2833025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 7.31% (30 Day Average SOFR + 3.00%), 01/25/2042<sup>(c)(d)(f)</sup> | 2000000 | 1947093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M1, 6.41% (30 Day Average SOFR + 2.10%), 03/25/2042<sup>(c)(d)(f)</sup> | 1691799 | 1701308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2, 7.81% (30 Day Average SOFR + 3.50%), 03/25/2042<sup>(c)(d)(f)</sup> | 4250000 | 4314054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M1, 6.31% (30 Day Average SOFR + 2.00%), 03/25/2042<sup>(c)(d)(f)</sup> | 2401897 | 2409034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.41% (30 Day Average SOFR + 3.10%), 03/25/2042<sup>(c)(d)(f)</sup> | 3400000 | 3416903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1, 6.21% (30 Day Average SOFR + 1.90%), 04/25/2042<sup>(c)(d)(f)</sup> | 2920744 | 2917958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, 7.31% (30 Day Average SOFR + 3.00%), 04/25/2042<sup>(c)(d)(f)</sup> | 1750000 | 1722886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1, 7.06% (30 Day Average SOFR + 2.75%), 05/25/2042<sup>(c)(d)(f)</sup> | 1387951 | 1411295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2, 8.16% (30 Day Average SOFR + 3.85%), 05/25/2042<sup>(c)(d)(f)</sup> | 1250000 | 1293062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1, 7.26% (30 Day Average SOFR + 2.95%), 06/25/2042<sup>(c)(d)(f)</sup> | 3484670 | 3558425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, 8.96% (30 Day Average SOFR + 4.65%), 06/25/2042<sup>(c)(d)(f)</sup> | 600000 | 637082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1, 6.86% (30 Day Average SOFR + 2.55%), 07/25/2042<sup>(c)(d)(f)</sup> | 2891466 | 2924446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.91% (30 Day Average SOFR + 3.60%), 07/25/2042<sup>(c)(d)(f)</sup> | 1500000 | 1533926 |
|  Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2,<br>STACR<sup>®</sup>, 7.11% (30 Day Average SOFR + 2.80%), 10/25/2050<sup>(c)(d)(g)</sup> | 1119883 | 1130640 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class M1,<br>STACR<sup>®</sup>, 5.11% (30 Day Average SOFR + 0.80%), 08/25/2033<sup>(c)(d)(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;177178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class M2,<br>STACR<sup>®</sup>, 6.61% (30 Day Average SOFR + 2.30%), 08/25/2033<sup>(c)(d)(g)</sup> | 4820000 | 4844256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class M1,<br>STACR<sup>®</sup>, 5.06% (30 Day Average SOFR + 0.75%), 10/25/2033<sup>(c)(d)(g)</sup> | 1229499 | 1222149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class M2,<br>STACR<sup>®</sup>, 6.41% (30 Day Average SOFR + 2.10%), 10/25/2033<sup>(c)(d)(g)</sup> | 3125000 | 3111079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2,<br>STACR<sup>®</sup>, 5.96% (30 Day Average SOFR + 1.65%), 01/25/2034<sup>(c)(d)(g)</sup> | 3388750 | 3354231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2,<br>STACR<sup>®</sup>, 5.81% (30 Day Average SOFR + 1.50%), 10/25/2041<sup>(c)(d)(g)</sup> | 5571181 | 5340717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class M1,<br>STACR<sup>®</sup>, 5.01% (30 Day Average SOFR + 0.70%), 08/25/2033<sup>(c)(d)(g)</sup> | 171208 | 170955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class M1,<br>STACR<sup>®</sup>, 5.16% (30 Day Average SOFR + 0.85%), 09/25/2041<sup>(c)(d)(g)</sup> | 2604188 | 2514922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2,<br>STACR<sup>®</sup>, 6.21% (1 mo. USD LIBOR + 1.70%), 01/25/2050<sup>(c)(d)(g)</sup> | 426983 | 426071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A,<br>STACR<sup>®</sup>, 5.61% (30 Day Average SOFR + 1.30%), 02/25/2042<sup>(c)(d)(g)</sup> | 2210652 | 2196527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B,<br>STACR<sup>®</sup>, 6.71% (30 Day Average SOFR + 2.40%), 02/25/2042<sup>(c)(d)(g)</sup> | 4250000 | 4178178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A,<br>STACR<sup>®</sup>, 6.31% (30 Day Average SOFR + 2.00%), 04/25/2042<sup>(c)(d)(g)</sup> | 3318639 | 3330235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B,<br>STACR<sup>®</sup>, 7.21% (30 Day Average SOFR + 2.90%), 04/25/2042<sup>(c)(d)(g)</sup> | 4500000 | 4520250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1A,<br>STACR<sup>®</sup>, 6.51% (30 Day Average SOFR + 2.20%), 05/25/2042<sup>(c)(d)(g)</sup> | 2544674 | 2563024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B,<br>STACR<sup>®</sup>, 7.66% (30 Day Average SOFR + 3.35%), 05/25/2042<sup>(c)(d)(g)</sup> | 1500000 | 1528831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1A,<br>STACR<sup>®</sup>, 7.26% (30 Day Average SOFR + 2.95%), 06/25/2042<sup>(c)(d)(g)</sup> | 1964207 | 2011828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B,<br>STACR<sup>®</sup>, 8.81% (30 Day Average SOFR + 4.50%), 06/25/2042<sup>(c)(d)(g)</sup> | 1500000 | 1594308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1A,<br>STACR<sup>®</sup>, 6.41% (30 Day Average SOFR + 2.10%), 03/25/2042<sup>(c)(d)(g)</sup> | 2552351 | 2556426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B,<br>STACR<sup>®</sup>, 7.81% (30 Day Average SOFR + 3.50%), 03/25/2042<sup>(c)(d)(g)</sup> | 2000000 | 2008911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1,<br>STACR<sup>®</sup>, 8.31% (30 Day Average SOFR + 4.00%), 07/25/2042<sup>(c)(d)(g)</sup> | 1500000 | 1532388 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Principal** | | |
|  | **Amount** | **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1A, STACR<sup>®</sup>, 6.96% (30 Day Average SOFR + 2.65%), 07/25/2042<sup>(c)(d)(g)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1659505 | $| 1685088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, STACR<sup>®</sup>, 6.61% (30 Day Average SOFR + 2.30%), 08/25/2042<sup>(c)(d)(g)</sup> |  | 787073 |  | 787091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1, STACR<sup>®</sup>, 7.86% (30 Day Average SOFR + 3.55%), 08/25/2042<sup>(c)(d)(g)</sup> |  | 3130000 |  | 3138912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $96,360,557) | &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $96,360,557) | &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Credit Risk Transfer Notes<br>(Cost $96,360,557) |  | &nbsp;&nbsp;&nbsp;&nbsp;96449526 |
|  **Asset-Backed Securities-16.63%** | **Asset-Backed Securities-16.63%** | **Asset-Backed Securities-16.63%** | **Asset-Backed Securities-16.63%** | **Asset-Backed Securities-16.63%** |
|  Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035<sup>(h)</sup> |  | 81775 |  | 80300 |
|  BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class B, 5.94% (1 mo. USD LIBOR + 1.35%), 04/15/2036<sup>(c)(d)</sup> |  | 4000000 |  | 3922052 |
|  BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 5.99% (1 mo. Term SOFR + 1.42%), 11/15/2034<sup>(c)(d)</sup> |  | 3250000 |  | 2965093 |
|  Bear Stearns Adjustable Rate Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-7, Class 6A, 3.84%, 10/25/2033<sup>(h)</sup> |  | 125429 |  | 118070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8, Class 4A1, 4.08%, 01/25/2034<sup>(h)</sup> |  | 123924 |  | 120574 |
|  BX Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VKNG, Class A, 5.61% (1 mo. Term SOFR + 1.04%), 10/15/2037<sup>(c)(d)</sup> |  | 1192676 |  | 1176973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B, 5.84% (1 mo. USD LIBOR + 1.25%), 11/15/2038<sup>(c)(d)</sup> |  | 4000000 |  | 3902751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VINO, Class B, 5.44% (1 mo. USD LIBOR + 0.85%), 05/15/2038<sup>(c)(d)</sup> |  | 2350000 |  | 2265267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, 5.54% (1 mo. USD LIBOR + 0.95%), 09/15/2036<sup>(c)(d)</sup> |  | 2000000 |  | 1933081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2036<sup>(c)(d)</sup> |  | 1250000 |  | 1203809 |
|  BX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class B, 5.44% (1 mo. USD LIBOR + 0.86%), 10/15/2036<sup>(c)(d)</sup> |  | 3630000 |  | 3491826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-IND, Class C, 6.85% (1 mo. Term SOFR + 2.29%), 04/15/2037<sup>(c)(d)</sup> |  | 3267553 |  | 3211846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class B, 5.86% (1 mo. Term SOFR + 1.30%), 01/15/2039<sup>(c)(d)</sup> |  | 1000000 |  | 975299 |
|  Chesapeake Funding II LLC (Canada), Series 2019-2A, Class C, 2.27%, 09/15/2031<sup>(d)</sup> |  | 400000 |  | 397903 |
|  COMM Mortgage Trust, Series 2019-521F, Class C, 5.89% (1 mo. USD LIBOR + 1.30%), 06/15/2034<sup>(c)(d)</sup> |  | 4000000 |  | 3451760 |
|  Commonbond Student Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BGS, Class A2, 5.16% (1 mo. USD LIBOR + 0.65%), 09/25/2042<sup>(c)(d)</sup> |  | 330361 |  | 323508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AGS, Class A2, 5.01% (1 mo. USD LIBOR + 0.50%), 02/25/2044<sup>(c)(d)</sup> |  | 595505 |  | 578276 |
|  DBCG Mortgage Trust, Series 2017-BBG, Class C, 5.59% (1 mo. USD LIBOR + 1.00%), 06/15/2034<sup>(c)(d)</sup> |  | 3750000 |  | 3640572 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** |<br>**Value** |
|  Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 5.31% (1 mo. USD LIBOR + 0.80%), 10/25/2056<sup>(c)(d)</sup> | $387325 | $380327 |
|  Fannie Mae Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 6.71% (30 Day Average SOFR + 2.40%), 12/25/2042<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1485345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2, 8.06% (30 Day Average SOFR + 3.75%), 12/25/2042<sup>(c)(d)</sup> | 1225000 | 1245499 |
|  Great Wolf Trust, Series 2019-WOLF, Class B, 6.01% (1 mo. Term SOFR + 1.45%), 12/15/2036<sup>(c)(d)</sup> | 3384000 | 3303127 |
|  GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR, Class A, 5.74% (1 mo. USD LIBOR + 1.15%), 07/15/2031<sup>(c)(d)</sup> | 3000000 | 2867366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ROSS, Class A, 5.74% (1 mo. USD LIBOR + 1.15%),<br>05/15/2026<sup>(c)(d)</sup> | 2500000 | 2360281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SHIP, Class B, 5.99% (1 mo. Term SOFR + 1.42%), 08/15/2036<sup>(c)(d)</sup> | 3000000 | 2985434 |
|  Home Equity Asset Trust, Series 2004-5, Class M2, 5.45% (1 mo. USD LIBOR + 0.95%), 11/25/2034<sup>(c)</sup> | 1106896 | 1097266 |
|  Invitation Homes Trust, Series 2018-SFR4, Class C, 6.00% (1 mo. USD LIBOR + 1.40%), 01/17/2038<sup>(c)(d)</sup> | 2999862 | 2969773 |
|  J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class B, 6.05% (1 mo. USD LIBOR + 1.46%), 06/15/2035<sup>(c)(d)</sup> | 2385000 | 2181021 |
|  JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class A11, 5.29% (1 mo. USD LIBOR + 0.90%), 12/25/2049<sup>(c)(d)</sup> | 78104 | 74431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV2, Class A1, 5.29% (1 mo. USD LIBOR + 0.90%),<br>02/25/2050<sup>(c)(d)</sup> | 209784 | 196884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A11, 5.39% (1 mo. USD LIBOR + 1.00%), 05/25/2050<sup>(c)(d)</sup> | 97448 | 90131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LTV3, Class A1, 5.24% (1 mo. USD LIBOR + 0.85%), 03/25/2050<sup>(c)(d)</sup> | 41029 | 40856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8, Class A11, 4.83% (30 Day Average SOFR + 0.90%), 03/25/2051<sup>(c)(d)</sup> | 224211 | 211504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV1, Class A11, 5.39% (1 mo. USD LIBOR + 1.00%), 06/25/2050<sup>(c)(d)</sup> | 18430 | 18199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A11, 4.58% (30 Day Average SOFR + 0.65%), 06/25/2051<sup>(c)(d)</sup> | 650510 | 601915 |
|  Med Trust, Series 2021-MDLN, Class B, 6.04% (1 mo. USD LIBOR + 1.45%), 11/15/2038<sup>(c)(d)</sup> | 2991114 | 2921585 |
|  Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A1, 4.88% (30 Day Average SOFR + 0.95%), 08/25/2051<sup>(c)(d)</sup> | 3074678 | 2882594 |
|  Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-F, Class A1, 5.15% (1 mo. USD LIBOR + 0.64%), 10/25/2028<sup>(c)</sup> | 68510 | 64182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A2, Class A5, 2.16%, 02/25/2035<sup>(h)</sup> | 46636 | 43890 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** |<br> **Value** |
|  MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 5.49% (1 mo. USD LIBOR + 0.90%), 07/15/2038<sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2500000 | $2413959 |
|  NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 09/15/2053<sup>(d)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936659 |
|  OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-EXP1, Class 2A1, 5.36% (1 mo. USD LIBOR + 0.85%), 04/25/2048<sup>(c)(d)</sup> | 185282 | 183512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-EXP2, Class 2A2, 5.46% (1 mo. USD LIBOR + 0.95%), 07/25/2058<sup>(c)(d)</sup> | 289286 | 284206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP1, Class 2A2, 5.18% (1 mo. USD LIBOR + 1.15%), 01/25/2059<sup>(c)(d)</sup> | 172570 | 168497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP2, Class 2A2, 5.17% (1 mo. USD LIBOR + 1.20%), 06/25/2059<sup>(c)(d)</sup> | 256796 | 248648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP1, Class 2A2, 5.46% (1 mo. USD LIBOR + 0.95%), 02/25/2060<sup>(c)(d)</sup> | 354462 | 330738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP3, Class 2A2, 5.71% (1 mo. USD LIBOR + 1.20%), 01/25/2060<sup>(c)(d)</sup> | 480327 | 470946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A11, 5.29% (1 mo. USD LIBOR + 0.90%), 12/25/2049<sup>(c)(d)</sup> | 221685 | 204774 |
|  RLGH Trust, Series 2021-TROT, Class B, 5.75% (1 mo. USD LIBOR + 1.16%), 04/15/2036<sup>(c)(d)</sup> | 3000000 | 2925843 |
|  SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2B, 5.59% (1 mo. USD LIBOR + 1.00%), 06/15/2037<sup>(c)(d)</sup> | 2297936 | 2256752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, 5.42% (1 mo. USD LIBOR + 0.83%), 09/15/2037<sup>(c)(d)</sup> | 1355438 | 1327841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A2, 5.32% (1 mo. USD LIBOR + 0.73%), 01/15/2053<sup>(c)(d)</sup> | 3840124 | 3731472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A1B, 6.25% (30 Day Average SOFR + 1.85%), 05/16/2050<sup>(c)(d)</sup> | 2690483 | 2695705 |
|  SMRT, Series 2022-MINI, Class B, 5.91% (1 mo. Term SOFR + 1.35%), 01/15/2039<sup>(c)(d)</sup> | 4655000 | 4540814 |
|  STAR Trust, Series 2022-SFR3, Class B, 6.51% (1 mo. Term SOFR + 1.95%), 05/17/2024<sup>(c)(d)</sup> | 5000000 | 4930056 |
|  WaMu Mortgage Pass-Through Ctfs. Trust, Series 2004-AR3, Class A2, 3.10%, 06/25/2034<sup>(h)</sup> | 52005 | 48204 |
|  Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6FL, 6.01% (1 mo. USD LIBOR + 1.55%), 01/15/2059<sup>(c)(d)</sup> | 2500000 | 2428623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $95,252,786) | &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $95,252,786) | 92914399 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** | **Value** |
|  **U.S. Treasury Securities-16.03%** | **U.S. Treasury Securities-16.03%** |  |  |
|  **U.S. Treasury Floating Rate Notes-16.03%** | **U.S. Treasury Floating Rate Notes-16.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%), 07/31/2024<sup>(c)</sup> | $16000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;15995561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%), 10/31/2024<sup>(c)</sup> | 73500000 |  | 73529734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $89,416,485) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities<br>(Cost $89,416,485) |  | 89525295 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-2.94%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-2.94%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-2.94%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-2.94%** |
|  **Collateralized Mortgage Obligations-2.59%** | **Collateralized Mortgage Obligations-2.59%** |  |  |
|  Fannie Mae REMICs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (1 mo. USD LIBOR + 0.30%), 04/25/2035<sup>(c)</sup> | 1204582 |  | 1200767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (1 mo. USD LIBOR + 0.35%), 09/25/2041<sup>(c)</sup> | 1801 |  | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% (1 mo. USD LIBOR + 0.32%), 01/25/2045<sup>(c)</sup> | 653640 |  | 628909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (1 mo. USD LIBOR + 0.50%), 05/25/2046<sup>(c)</sup> | 238888 |  | 234388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% (1 mo. USD LIBOR + 0.30%), 09/25/2047<sup>(c)</sup> | 638908 |  | 625568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94% (1 mo. USD LIBOR + 0.32%), 12/25/2047<sup>(c)</sup> | 237575 |  | 232972 |
|  Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN2, Class M1, 6.11% (30 Day Average SOFR + 1.80%), 07/25/2041<sup>(c)(d)</sup> | 3557027 |  | 3285128 |
|  Freddie Mac Multifamily Structured Pass-Through Ctfs. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KF35, Class A, 4.74% (1 mo. USD LIBOR + 0.35%), 08/25/2024<sup>(c)</sup> | 84332 |  | 84052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KF35, Class A, 4.78% (1 mo. USD LIBOR + 0.39%), 10/25/2025<sup>(c)</sup> | 981575 |  | 971213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KF81, Class AS, 4.46% (30 Day Average SOFR + 0.40%), 06/25/2027<sup>(c)</sup> | 1587641 |  | 1572971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q008, Class A, 4.78% (1 mo. USD LIBOR + 0.39%), 10/25/2045<sup>(c)</sup> | 889701 |  | 881808 |
|  Freddie Mac REMICs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% (1 mo. USD LIBOR + 0.35%), 09/15/2038<sup>(c)</sup> | 668449 |  | 664435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% (1 mo. USD LIBOR + 0.45%), 09/15/2040<sup>(c)</sup> | 546710 |  | 536658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% (1 mo. USD LIBOR + 0.50%), 06/15/2041<sup>(c)</sup> | 167573 |  | 165485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44% (1 mo. USD LIBOR + 0.32%), 08/15/2043<sup>(c)</sup> | 656090 |  | 645728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% (1 mo. USD LIBOR + 0.35%), 01/15/2048<sup>(c)</sup> | 2806004 |  | 2721415 |
|  |  |  | 14453297 |
|  **Federal Home Loan Mortgage Corp. (FHLMC)-0.14%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.14%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.14%** | **Federal Home Loan Mortgage Corp. (FHLMC)-0.14%** |
|  ARM, 2.80% (1 yr. USD LIBOR + 1.62%), 06/01/2037<sup>(c)</sup> | 271701 |  | 273772 |
|  ARM, 3.68% (1 yr. USD LIBOR + 1.74%), 11/01/2038<sup>(c)</sup> | 271446 |  | 276555 |
|  ARM, 3.44% (1 yr. USD LIBOR + 1.73%), 03/01/2043<sup>(c)</sup> | 248607 |  | 251200 |
|  |  |  | 801527 |

---

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

------

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

January 31, 2023

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** |<br> **Value** |
|  **Federal National Mortgage Association (FNMA)-0.21%** | **Federal National Mortgage Association (FNMA)-0.21%** | **Federal National Mortgage Association (FNMA)-0.21%** |
|  ARM, 4.02% (1 yr. USD LIBOR + 1.64%), 02/01/2035<sup>(c)</sup> | $47617 | $46810 |
|  ARM, 4.23% (1 yr. U.S. Treasury Yield Curve Rate + 2.34%), 07/01/2035<sup>(c)</sup> | 643516 | 660958 |
|  ARM, 5.53% (6 mo. USD LIBOR + 1.57%), 07/01/2035<sup>(c)</sup> | 41832 | 42355 |
|  ARM, 3.97% (1 yr. USD LIBOR + 1.72%), 10/01/2036<sup>(c)</sup> | 131683 | 132757 |
|  ARM, 2.53% (1 yr. USD LIBOR + 1.78%), 03/01/2037<sup>(c)</sup> | 193860 | 191320 |
|  ARM, 3.47% (1 yr. USD LIBOR + 1.53%), 11/01/2037<sup>(c)</sup> | 109710 | 109727 |
|  |  | 1183927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage- Backed Securities<br>(Cost $16,982,863) | &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Sponsored Agency Mortgage- Backed Securities<br>(Cost $16,982,863) | &nbsp;&nbsp;&nbsp;&nbsp;16438751 |
|  | **Shares** |  |
|  **Money Market Funds-0.25%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 4.30%<sup>(i)(j)</sup><br>(Cost $1,387,309) | &nbsp;&nbsp;&nbsp;&nbsp;1387309 | 1387309 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.63%<br>(Cost $560,235,998) |  | 556463152 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-4.40%** | **Money Market Funds-4.40%** | **Money Market Funds-4.40%** |
|  Invesco Private Government Fund,<br>4.36%<sup>(i)(j)(k)</sup> | 6875010 | $6875010 |
|  Invesco Private Prime Fund, 4.59%<sup>(i)(j)(k)</sup> | 17676985 | 17682288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $24,556,893) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $24,556,893) | 24557298 |
|  TOTAL INVESTMENTS IN SECURITIES-104.03%<br>(Cost $584,792,891) | TOTAL INVESTMENTS IN SECURITIES-104.03%<br>(Cost $584,792,891) | 581020450 |
|  OTHER ASSETS LESS LIABILITIES-(4.03)% | OTHER ASSETS LESS LIABILITIES-(4.03)% | (22510013) |
|  NET ASSETS-100.00%. |  | $558510437 |

---

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

------

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

January 31, 2023

*(Unaudited)*

Investment Abbreviations:

ARM -Adjustable Rate Mortgage

Ctfs. -Certificates

LIBOR -London Interbank Offered Rate

REMICs -Real Estate Mortgage Investment Conduits

SOFR -Secured Overnight Financing Rate

STACR<sup>®</sup> -Structured Agency Credit Risk

USD -U.S. Dollar

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.

<sup>(b)</sup> All or a portion of this security was out on loan at January 31, 2023.

<sup>(c)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023.

<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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2023 was $262,607,225, which represented 47.02% of the Fund's Net Assets. 

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</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 large and diverse reference pool. 

<sup>(g)</sup> Principal payments are determined by the delinquency and principal payment experience on the STACR<sup>®</sup> reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR<sup>®</sup> debt notes.

<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 is the rate in effect on January 31, 2023.

<sup>(i)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2023. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>October 31, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>January 31, 2023** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $1075009 | $49820745 | $(49508445) | $- | $- | $1387309 | $34080 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 5473023 | 16664393 | (15262406) |  |  | 6875010 | 64510 \* |
| Invesco Private Prime Fund | 14069884 | 42013221 | (38405847) | (216) | 5246 | 17682288 | 176661 \* |
| Total | $20617916 | $108498359 | $(103176698) | $(216) | $5246 | $25944607 | $275251 |

---

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

<sup>(j)</sup> The rate shown is the 7-day SEC standardized yield as of January 31, 2023.

<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** 

January 31, 2023

*(Unaudited)*

**NOTE 1–Additional Valuation Information** 

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

---

| | |
|:---|:---|
| Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

---

The following is a summary of the tiered valuation input levels, as of January 31, 2023, for each Fund (except for Ultra Short Duration ETF). As of January 31, 2023, all of the securities in Ultra Short Duration ETF were valued based on Level 2 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** |
|  Invesco AAA CLO Floating Rate Note ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $- | $30296420 | $- | $30296420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 33984 |  |  | 33984 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $33984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30296420 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30330404 |
|  Invesco Active U.S. Real Estate ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $137357231 | $- | $- | $137357231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 12647304 |  | 12647304 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $137357231 | $12647304 | $- | $150004535 |
|  Invesco Balanced Multi-Asset Allocation ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers | $39208881 | $- | $- | $39208881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 1303657 |  | 1303657 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $39208881 | $1303657 | $- | $40512538 |
|  Invesco Conservative Multi-Asset Allocation ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers | $14807044 | $- | $- | $14807044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 826927 |  | 826927 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $14807044 | $826927 | $- | $15633971 |
|  Invesco Growth Multi-Asset Allocation ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers | $32751405 | $- | $- | $32751405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 718151 |  | 718151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $32751405 | $718151 | $- | $33469556 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Invesco High Yield Bond Factor ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30702568 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30702568 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 113562 |  | 113562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 180161 | 3448931 |  | 3629092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | 180161 | 34265061 |  | 34445222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 53409 |  |  | 53409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 25076 |  | 25076 |
|  | 53409 | 25076 |  | 78485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (5493) |  |  | (5493) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Other Investments** | 47916 | 25076 |  | 72992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $228077 | $34290137 | $- | $34518214 |
|  Invesco High Yield Select ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $9765642 | $- | $9765642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Dollar Denominated Bonds & Notes |  | 152319 |  | 152319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6170 |  |  | 6170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $6170 | $9917961 | $- | $9924131 |
|  Invesco Moderately Conservative Multi-Asset Allocation ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers | $25777867 | $- | $- | $25777867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 1060243 |  | 1060243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $25777867 | $1060243 | $- | $26838110 |
|  Invesco S&P 500<sup>®</sup> Downside Hedged ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $204015664 | $- | $- | $204015664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 9516396 | 5887565 |  | 15403961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | 213532060 | 5887565 |  | 219419625 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 517573 |  |  | 517573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (276705) |  |  | (276705) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Other Investments** | 240868 |  |  | 240868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $213772928 | $5887565 | $- | $219660493 |
|  Invesco Short Duration Bond ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $7201717 | $- | $7201717 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 2160345 |  | 2160345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 493552 |  | 493552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 49790 |  | 49790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 420701 |  |  | 420701 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | 420701 | 9905404 |  | 10326105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 381 |  |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (3529) |  |  | (3529) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Other Investments** | (3148) |  |  | (3148) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $417553 | $9905404 | $- | $10322957 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Total Return Bond ETF |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $403528310 | $5382949 | $408911259 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 191874258 |  | 191874258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 188628447 | 1345320 | 189973767 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 168980657 |  | 168980657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Credit Risk Transfer Notes |  | 6516261 |  | 6516261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Obligations |  | 3511862 |  | 3511862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 291854 | 2590051 |  | 2881905 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 2621154 |  | 2621154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | 656775 |  |  | 656775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Dollar Denominated Bonds & Notes |  | 236273 |  | 236273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 81784933 |  | 81784933 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | 948629 | 1050272206 | 6728269 | 1057949104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 843475 |  |  | 843475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments Matured |  | 193019 |  | 193019 |
|  | 843475 | 193019 |  | 1036494 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Liabilities\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (1777790) |  |  | (1777790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (92040) |  |  | (92040) |
|  | (1869830) |  |  | (1869830) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp;(1026355) | 193019 |  | (833336) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $(77726) | $1050465225 | $6728269 | $1057115768 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Variable Rate Investment Grade ETF |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | $- | $259747872 | $- | $259747872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Credit Risk Transfer Notes |  | 96449526 |  | 96449526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 92914399 |  | 92914399 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 89525295 |  | 89525295 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Mortgage-Backed Securities |  | 16438751 |  | 16438751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1387309 | 24557298 |  | 25944607 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1387309 | $579633141 | $- | $581020450 |

---

\* 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 Active U.S. Real Estate ETF

- **b. EDGAR series identifier (if any):** S000023365

- **c. LEI of Series:** 549300M1KD1I4FYA4C29

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

- **a. Date of fiscal year-end:** 2023-10-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $151035573.70

**Total Liabilities:** $12688061.13

**Net Assets:** $138347512.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000068414 | 5.81%                | -5.07%               | 10.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2330286.20             | $9006086.10                                |
| Month 2  | $-515984.39              | $-7523044.06                               |
| Month 3  | $866338.07               | $12513407.48                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Host Hotels & Resorts, Inc.             | Host Hotels & Resorts, Inc.             | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     24736 | NS      | $466273.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp.                      | Agree Realty Corp.                      | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     15074 | NS      | $1124972.62   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporate Office Properties Trust       | Corporate Office Properties Trust       | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     28907 | NS      | $811419.49    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                               | CubeSmart                               | CUSIP: 229663109<br>LEI: 549300MPHKO3I3FJRA97 | Long             | EC               | CORP              | US        |     49963 | NS      | $2287805.77   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties, Inc.       | Equity LifeStyle Properties, Inc.       | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     20845 | NS      | $1496254.10   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.              | Essex Property Trust, Inc.              | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      6430 | NS      | $1453630.10   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc. | Mid-America Apartment Communities, Inc. | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      8787 | NS      | $1464968.64   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co.             | DiamondRock Hospitality Co.             | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     48587 | NS      | $467892.81    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| W.P. Carey Inc.                         | W.P. Carey Inc.                         | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     13590 | NS      | $1162352.70   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| SBA Communications Corp.                | SBA Communications Corp., Class A       | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     25312 | NS      | $7531079.36   | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT, Inc.            | Apple Hospitality REIT, Inc.            | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     25517 | NS      | $452416.41    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital, Inc.             | Spirit Realty Capital, Inc.             | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |     26726 | NS      | $1172736.88   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                        | Elme Communities                        | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     76284 | NS      | $1464652.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| OUTFRONT Media Inc.                     | OUTFRONT Media Inc.                     | CUSIP: 69007J106<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |     88798 | NS      | $1767080.20   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties, Inc.     | Gaming and Leisure Properties, Inc.     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     31953 | NS      | $1711402.68   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                   | Sun Communities, Inc.                   | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      9436 | NS      | $1480130.96   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage, Inc.                      | Life Storage, Inc.                      | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |     20522 | NS      | $2217196.88   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors, Inc.         | National Health Investors, Inc.         | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |     24863 | NS      | $1462690.29   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust, Inc.              | Digital Realty Trust, Inc.              | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     52482 | NS      | $6015486.84   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                   | Camden Property Trust                   | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     11913 | NS      | $1467800.73   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                   | American Homes 4 Rent, Class A          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     43289 | NS      | $1484379.81   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.              | Eastgroup Properties, Inc.              | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     13995 | NS      | $2354658.75   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust         | Federal Realty Investment Trust         | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Long             | EC               | CORP              | US        |     10333 | NS      | $1152439.49   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Office REIT Inc.                  | Orion Office REIT Inc.                  | CUSIP: 68629Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91528 | NS      | $883245.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Simon Property Group, Inc.              | Simon Property Group, Inc.              | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      8982 | NS      | $1153827.72   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust, Inc. | Essential Properties Realty Trust, Inc. | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     46129 | NS      | $1175366.92   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR, Inc.                               | UDR, Inc.                               | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     34998 | NS      | $1490564.82   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co.                        | Weyerhaeuser Co.                        | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     40576 | NS      | $1397031.68   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                   | Regency Centers Corp.                   | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     17094 | NS      | $1138973.22   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas, Inc.                            | Ventas, Inc.                            | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     27989 | NS      | $1450110.09   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp.                      | Kimco Realty Corp.                      | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |     52827 | NS      | $1186494.42   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO PRIVATE GOVERNMENT FUND         | INVESCO PRIVATE GOVERNMENT FUND         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   3540809 | NS      | $3540809.25   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Cousins Properties Inc.                 | Cousins Properties Inc.                 | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     31144 | NS      | $853968.48    | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Kilroy Realty Corp.                     | Kilroy Realty Corp.                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     19958 | NS      | $819076.32    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp.                     | Realty Income Corp.                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     17040 | NS      | $1155823.20   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust, Inc.       | Four Corners Property Trust, Inc.       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     39952 | NS      | $1149019.52   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                   | Invitation Homes Inc.                   | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     45022 | NS      | $1463215.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors, Inc.          | Sunstone Hotel Investors, Inc.          | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     42119 | NS      | $462887.81    | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Pebblebrook Hotel Trust                 | Pebblebrook Hotel Trust                 | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |     30076 | NS      | $493246.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Urban Edge Properties                   | Urban Edge Properties                   | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72765 | NS      | $1146048.75   | 0.83%             |  |  |  | No            |                  1 | On Loan: —       |
| Alexandria Real Estate Equities, Inc.   | Alexandria Real Estate Equities, Inc.   | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      5201 | NS      | $836008.74    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.     | First Industrial Realty Trust, Inc.     | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44112 | NS      | $2353375.20   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                     | Acadia Realty Trust                     | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74890 | NS      | $1163041.70   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Netstreit Corp.                         | Netstreit Corp.                         | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     57573 | NS      | $1158944.49   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| INVESCO PRIVATE PRIME FUND              | INVESCO PRIVATE PRIME FUND              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   9103764 | NS      | $9106494.56   | 6.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty, Inc.         | Rexford Industrial Realty, Inc.         | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     38228 | NS      | $2426331.16   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Physicians Realty Trust                 | Physicians Realty Trust                 | CUSIP: 71943U104<br>LEI: 549300ITOVH0OY7PZC34 | Long             | EC               | CORP              | US        |     90389 | NS      | $1433569.54   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust, Inc.         | Independence Realty Trust, Inc.         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     79119 | NS      | $1489810.77   | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| UMH Properties, Inc.                    | UMH Properties, Inc.                    | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     81695 | NS      | $1463974.40   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                       | Crown Castle Inc.                       | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     51435 | NS      | $7618037.85   | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Retail Opportunity Investments Corp.    | Retail Opportunity Investments Corp.    | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72906 | NS      | $1154101.98   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc.                          | Welltower Inc.                          | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |     19272 | NS      | $1446170.88   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp.             | Apartment Income REIT Corp.             | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38816 | NS      | $1485100.16   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.             | AvalonBay Communities, Inc.             | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      8371 | NS      | $1485350.24   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc.                    | VICI Properties Inc.                    | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     51163 | NS      | $1748751.34   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust, Inc.            | Americold Realty Trust, Inc.            | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |     72251 | NS      | $2269403.91   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp.                    | Terreno Realty Corp.                    | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35912 | NS      | $2313810.16   | 1.67%             |  |  |  | No            |                  1 | On Loan: —       |
| National Retail Properties, Inc.        | National Retail Properties, Inc.        | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     23714 | NS      | $1122857.90   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                          | Public Storage                          | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |      7166 | NS      | $2180900.44   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                          | Prologis, Inc.                          | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     18481 | NS      | $2389223.68   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties, Inc.      | Ryman Hospitality Properties, Inc.      | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      4917 | NS      | $456740.13    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc.                           | Rayonier Inc.                           | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     36932 | NS      | $1343955.48   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc.            | Healthcare Realty Trust Inc.            | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     66402 | NS      | $1429635.06   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                      | Equity Residential                      | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     23180 | NS      | $1475407.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                    | Vornado Realty Trust                    | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34711 | NS      | $846601.29    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                    | JBG SMITH Properties                    | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57500 | NS      | $1158050.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.           | Summit Hotel Properties, Inc.           | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |     55879 | NS      | $476089.08    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential, Inc.                 | Veris Residential, Inc.                 | CUSIP: 554489104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83640 | NS      | $1446972.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                   | STAG Industrial, Inc.                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     64383 | NS      | $2292034.80   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co., Inc.             | Phillips Edison & Co., Inc.             | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     33457 | NS      | $1121478.64   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Healthpeak Properties, Inc.             | Healthpeak Properties, Inc.             | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |     50691 | NS      | $1392988.68   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                    | American Tower Corp.                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     33329 | NS      | $7445365.31   | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                       | RLJ Lodging Trust                       | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37335 | NS      | $469300.95    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc.             | Brixmor Property Group Inc.             | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     50690 | NS      | $1192735.70   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp.                      | SITE Centers Corp.                      | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |     85314 | NS      | $1164536.10   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Extra Space Storage Inc.                | Extra Space Storage Inc.                | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13723 | NS      | $2165901.09   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co.                   | Lamar Advertising Co., Class A          | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     16612 | NS      | $1769842.48   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust       | National Storage Affiliates Trust       | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55028 | NS      | $2245142.40   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT, Inc.                    | CareTrust REIT, Inc.                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     71083 | NS      | $1472839.76   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp.                    | PotlatchDeltic Corp.                    | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     29106 | NS      | $1424738.70   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                           | Equinix, Inc.                           | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      7706 | NS      | $5688029.78   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT, Inc.          | Plymouth Industrial REIT, Inc.          | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107788 | NS      | $2412295.44   | 1.74%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

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

**Signature:** Sheri Morris

**Name of Signer:** Sheri Morris

**Title:** Vice President